SEP ACCT VA K EXECANNUITY OF ALLMERICA FIN LFE INS & ANN CO, 485BPOS, 2000-07-28

SEP ACCT VA K EXECANNUITY OF ALLMERICA FIN LFE INS & ANN CO
485BPOS, 2000-07-28

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<PAGE>

File Nos. 33-39702
811-6293

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-4

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

Post-Effective Amendment No. 18

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 46

SEPARATE ACCOUNT VA-K OF ALLMERICA FINANCIAL LIFE INSURANCE
AND ANNUITY COMPANY
(Exact Name of Registrant)

ALLMERICA FINANCIAL LIFE INSURANCE AND ANNUITY COMPANY
(Name of Depositor)
440 Lincoln Street
Worcester, MA 01653
(Address of Depositor's Principal Executive Offices)
(508) 855-1000
(Depositor's Telephone Number, including Area Code)

Charles F. Cronin, Secretary
Allmerica Financial Life Insurance and Annuity Company
440 Lincoln Street
Worcester, MA 01653
(Name and Address of Agent for Service of Process)

It is proposed that this filing will become effective:

immediately upon filing pursuant to paragraph (b) of Rule 485
------
X on August 1, 2000 pursuant to paragraph (b) of Rule 485
------
60 days after filing pursuant to paragraph (a)(1) of Rule 485
------
on (date) pursuant to paragraph (a)(1) of Rule 485
------
this post-effective amendment designates a new effective date
------ for a previously filed post-effective amendment

VARIABLE ANNUITY CONTRACTS

Pursuant to Reg. Section 270.24f-2 of the Investment Company Act of 1940 ("the
1940 Act"), Registrant hereby declares that an indefinite amount of its
securities is being registered under the Securities Act of 1933 ("the 1933
Act"). The Rule 24f-2 Notice for the issuer's fiscal year ended December 31,
1999 was filed on or before March 30, 2000.

<PAGE>

This Post-Effective Amendment No. 18 under the Securities Act of 1933 is being
filed for the purposes of adding a supplement to the Allmerica Advantage and
ExecAnnuity Plus Prospectuses and Statement of Additional Information of
Separate Account VA-K of Allmerica Financial Life Insurance and Annuity Company
dated May 1, 2000 and to generally update corporate information for the Company
and the Registrant in Part C. All other pertinent information regarding this
Registration Statement including the Prospectuses and Statement of Additional
Information was previously filed in Registrant's Post-Effective Amendment No.
17 on April 21, 2000, and is incorporated by reference herein.

CROSS REFERENCE SHEET SHOWING LOCATION IN PROSPECTUSES OF
ITEMS CALLED FOR BY FORM N-4

FORM N-4 ITEM NO. CAPTION IN PROSPECTUSES
----------------- -----------------------
<S> <C>
1...................Cover Page

2...................Special Terms

3...................Prospectus A: Summary of Fees and Expenses; Summary of the Policy Features
....................Prospectus B: Summary of Fees and Expenses; Summary of the Contract Features

4 ..................Condensed Financial Information; Performance Information

5 Prospectus A: Description of the Companies, the Separate Account and the
Underlying Investment Companies
Prospectus B: Description of the Companies, the Variable Accounts and the
Underlying Investment Companies

6...................Charges and Deductions

7...................Prospectus A: The Variable Annuity Policies
Prospectus B: Description of the Contract

8...................Prospectus A: The Variable Annuity Policies
Prospectus B: Electing the Form of Annuity and the Annuity Date; Description of
Variable Annuity Payout Options; Annuity Benefit Payments

9...................Death Benefit

10..................Prospectus A: Purchase Payments; Computation of Policy Values and Annuity
Payments
Prospectus B: Payments; Computation of Values; Distribution

11..................Prospectus A: Surrender; Partial Redemption
Prospectus B: Surrender; Withdrawals; Charge for Surrender and Withdrawal;
Withdrawal Without Surrender Charge; Texas Optional Retirement Program

12..................Federal Tax Considerations

13..................Legal Matters

14..................Statement of Additional Information - Table of Contents

<PAGE>

FORM N-4 ITEM NO. CAPTION IN THE STATEMENTS OF ADDITIONAL INFORMATION
----------------- ---------------------------------------------------
<S> <C>
15..................Cover Page

16..................Table of Contents

17..................General Information and History

18..................Services

19..................Underwriters

20..................Underwriters

21..................Performance Information

22..................Annuity Benefit Payments

23..................Financial Statements
</TABLE>

<PAGE>

SEPARATE ACCOUNT VA-K
(EXECANNUITY PLUS '93 AND EXECANNUITY PLUS '91)

ALLMERICA FINANCIAL LIFE INSURANCE AND ANNUITY COMPANY
FIRST ALLMERICA FINANCIAL LIFE INSURANCE COMPANY

SUPPLEMENT DATED AUGUST 1, 2000 TO PROSPECTUS DATED MAY 1, 2000

***

Allmerica Investment Trust is referred to throughout the prospectus as "the
Trust." Wherever this term is used to refer to Allmerica Investment Trust it
shall hereby be replaced by "AIT."

***

The third paragraph of the first page of the prospectus is being replaced in its
entirety with the following:

The Separate Account, known as Separate Account VA-K, is subdivided into
Sub-Accounts. Each Sub-Account offered as an investment option invests
exclusively in shares of one of the following funds:

<TABLE>
<S><C>
ALLMERICA INVESTMENT TRUST FIDELITY VARIABLE INSURANCE PRODUCTS FUND
-------------------------- -----------------------------------------
AIT Core Equity Fund Fidelity VIP Equity-Income Portfolio
AIT Equity Index Fund Fidelity VIP Growth Portfolio
AIT Government Bond Fund Fidelity VIP High Income Portfolio
AIT Money Market Fund Fidelity VIP Overseas Portfolio
AIT Select Aggressive Growth Fund FIDELITY VARIABLE INSURANCE PRODUCTS FUND II
AIT Select Capital Appreciation Fund --------------------------------------------
AIT Select Emerging Markets Fund Fidelity VIP II Asset Manager Portfolio
AIT Select Growth Fund FIDELITY VARIABLE INSURANCE PRODUCTS FUND III
AIT Select Growth and Income Fund ---------------------------------------------
AIT Select International Equity Fund (SERVICE CLASS 2)
AIT Select Investment Grade Income Fun -----------------
AIT Select Strategic Growth Fund Fidelity VIP III Growth Opportunities Portfolio
AIT Select Value Opportunity Fund FRANKLIN TEMPLETON VARIABLE INSURANCE
AIM VARIABLE INSURANCE FUNDS -------------------------------------
---------------------------- PRODUCTS TRUST (CLASS 2)
AIM V.I. Aggressive Growth Fund ------------------------
AIM V.I. Value Fund Franklin Natural Resources Securities Fund
ALLIANCE VARIABLE PRODUCTS SERIES Franklin Small Cap Fund
--------------------------------- INVESCO VARIABLE INVESTMENT FUNDS, INC.
FUND, INC. (CLASS B) ---------------------------------------
--------------------- INVESCO VIF Health Sciences Fund
Alliance Growth and Income Portfolio JANUS ASPEN SERIES (SERVICE SHARES)
Alliance Premier Growth Portfolio -----------------------------------
DELAWARE GROUP PREMIUM FUND Janus Aspen Growth Portfolio
---------------------------- Janus Aspen Growth and Income Portfolio
(SERVICE CLASS) KEMPER VARIABLE SERIES
--------------- ----------------------
DGPF Growth Opportunities Series KVS Dreman Financial Services Portfolio
DELAWARE GROUP PREMIUM FUND Kemper Technology Growth Portfolio
--------------------------- PIONEER VARIABLE CONTRACTS TRUST (CLASS II)
DGPF International Equity Series -------------------------------------------
Pioneer Emerging Markets VCT Portfolio
Pioneer Real Estate Growth VCT Portfolio
T. ROWE PRICE INTERNATIONAL SERIES, INC.
----------------------------------------
T. Rowe Price International Stock Portfolio
</TABLE>

<PAGE>

***

The fifth line in the Table of Contents is replaced in its entirety by the
following:

DESCRIPTION OF THE COMPANY, THE VARIABLE ACCOUNT, AND THE UNDERLYING
INVESTMENT COMPANIES

***

Under the SPECIAL TERMS section of the prospectus, the definitions of the terms
Sub-Account and Underlying Fund (Funds) are replaced in their entirety with the
following:

SUB-ACCOUNT: a subdivision of the Separate Account investing exclusively in the
shares of a corresponding fund of Allmerica Investment Trust ("AIT"), a
corresponding fund of AIM Variable Insurance Funds ("AVIF"), a corresponding
portfolio of Alliance Variable Products Series Fund, Inc. ("Alliance"), a
corresponding series of Delaware Group Premium Fund ("DGPF"), a corresponding
portfolio of the Fidelity Variable Insurance Products Fund ("Fidelity VIP"), a
corresponding portfolio of Fidelity Variable Insurance Products Fund II
("Fidelity VIP II"), a corresponding portfolio of Fidelity Variable Insurance
Products Fund III ("Fidelity VIP III"), a corresponding fund of Franklin
Templeton Variable Insurance Products Trust ("FT VIP"), a corresponding fund of
INVESCO Variable Investment Funds, Inc. (INVESCO VIF"), a corresponding
portfolio of Janus Aspen Series ("Janus Aspen"), a corresponding portfolio of
Kemper Variable Series ("KVS"), a corresponding portfolio of Pioneer Variable
Contracts Trust ("Pioneer VCT") or a corresponding portfolio of T. Rowe Price
International Series, Inc. ("T. Rowe Price").

UNDERLYING FUND (OR FUNDS): an investment portfolio of AIT, AVIF, Alliance,
DGPF, Fidelity VIP, Fidelity VIP II, Fidelity VIP III, FT VIP, INVESCO VIF,
Janus Aspen, KVS, Pioneer VCT or T. Rowe Price in which a Sub-Account invests.

***

Under the SUMMARY OF FEES AND EXPENSES, the sections entitled (3) Annual
Underlying Funds Expenses and EXPENSE EXAMPLES are replaced in their entirety
with the following:

(3) ANNUAL UNDERLYING FUND EXPENSES:
------------------------------------

Total expenses of the Underlying Funds are not fixed or specified under the
terms of the Policy and will vary from year to year. The levels of fees and
expenses also vary among the Underlying Funds. The following table shows the
expenses of the Underlying Funds as a percentage of average net assets for
the year ended December 31, 1999, as adjusted for any material changes.

<PAGE>

<TABLE>
<CAPTION>
TOTAL FUND
MANAGEMENT OTHER EXPENSES EXPENSES
FEE (AFTER ANY (AFTER ANY (AFTER ANY
VOLUNTARY WAIVERS/REIM- WAIVERS/REIM-
UNDERLYING FUND WAIVERS) 12b-1 FEES BURSEMENTS) BURSEMENTS)
--------------- -------- ---------- ----------- -----------
<S> <C> <C> <C> <C>
AIT Select Aggressive Growth Fund ................ 0.81%* -- 0.06% 0.87%(1)(2)*
AIT Select Capital Appreciation Fund ............. 0.90%* -- 0.07% 0.97%(1)*
AIT Select Emerging Markets Fund ................. 1.35% -- 0.57% 1.92%(1)(2)
AIT Select Growth Fund ........................... 0.78% -- 0.05% 0.83%(1)(2)
AIT Select Growth and Income Fund ................ 0.67% -- 0.07% 0.74%(1)(2)
AIT Select International Equity Fund ............. 0.89% -- 0.13% 1.02%(1)(2)
AIT Select Investment Grade Income Fund .......... 0.43% -- 0.07% 0.50%(1)
AIT Select Strategic Growth Fund ................. 0.85% -- 0.35% 1.20%(1)(2)
AIT Select Value Opportunity Fund ................ 0.90% -- 0.07% 0.97%(1)(2)
AIM V.I. Aggressive Growth Fund .................. 0.00% -- 1.19% 1.19%(3)
AIM V.I. Value Fund .............................. 0.61% -- 0.15% 0.76%
Alliance Growth and Income Portfolio
(Class B) ........................................ 0.63% 0.25% 0.09% 0.97%
Alliance Premier Growth Portfolio
(Class B) ........................................ 1.00% 0.25% 0.04% 1.29%
DGPF Growth Opportunities Series
(Service Class) .................................. 0.75% 0.15% 0.07% 0.97%(4)
DGPF International Equity Series ................. 0.83% -- 0.12% 0.95%(5)
Fidelity VIP Equity-Income Portfolio ............. 0.48% -- 0.09% 0.57%(6)
Fidelity VIP Growth Portfolio .................... 0.58% -- 0.08% 0.66%(6)
Fidelity VIP High Income Portfolio ............... 0.58% -- 0.11% 0.69%
Fidelity VIP Overseas Portfolio .................. 0.73% -- 0.18% 0.91%(6)
Fidelity VIP II Asset Manager Portfolio .......... 0.53% -- 0.10% 0.63%(6)
Fidelity VIP III Growth Opportunities
Portfolio (Service Class 2)....................... 0.58% 0.25% 0.13% 0.96%(7)
Franklin Natural Resources Securities
Fund (Class 2).................................... 0.62% 0.25% 0.04% 0.91%(8)
Franklin Small Cap Fund (Class 2) ................ 0.55% 0.25% 0.27% 1.07%(8)(9)
INVESCO VIF Health Sciences Fund ................. 0.75% -- 0.73% 1.48%(10)
Janus Aspen Growth Portfolio (Service Shares) .... 0.65% 0.25% 0.02% 0.92%(11)
Janus Aspen Growth and Income Portfolio
(Service Shares) ................................. 0.65% 0.25% 0.40% 1.30%(11)
KVS Dreman Financial Services Portfolio .......... 0.70% -- 0.29% 0.99%(12)
Kemper Technology Growth Portfolio ............... 0.51% -- 0.44% 0.95%(12)(13)
Pioneer Emerging Markets VCT Portfolio
(Class II) ....................................... 0.00% 0.25% 1.88% 2.13%(14)(15)
Pioneer Real Estate Growth VCT Portfolio
(Class II) ....................................... 0.85% 0.25% 0.30% 1.40%(14)(15)
T. Rowe Price International Stock Portfolio ...... 1.05% -- 0.00% 1.05%
</TABLE>

* Effective September 1, 1999, the management fee rates for the Select
Aggressive Growth Fund and Select Capital Appreciation Fund were revised. The
Management Fee and Total Fund Expense ratios shown in the table above have been
adjusted to assume that the revised rates took effect January 1, 1999.

(1) Until further notice, Allmerica Financial Investment Management Services,
Inc. ("AFIMS") has declared a voluntary expense limitation of 1.50% of average
net assets for Select International Equity Fund, 1.35% for Select Aggressive
Growth Fund and Select Capital Appreciation Fund, 1.25% for Select Value
Opportunity Fund, 1.20% for Select Growth Fund and Core Equity Fund, 1.10% for
Select Growth and Income Fund, 1.00% for Select Investment Grade Income Fund and
Government Bond Fund, and 0.60% for Equity Index Fund and Money Market Fund. The
total operating expenses of these Funds of AIT were less than their respective
expense limitations throughout 1999.

<PAGE>

Until further notice, AFIMS has declared a voluntary expense limitation of 1.20%
of average daily net assets for the Select Strategic Growth Fund. In addition,
AFIMS has agreed to voluntarily waive its management fee to the extent that
expenses of the Select Emerging Markets Fund exceed 2.00% of the Fund's average
daily net assets, except that such waiver shall not exceed the net amount of
management fees earned by AFIMS from the Fund after subtracting fees paid by
AFIMS to a sub-advisor.

Until further notice, the Select Value Opportunity Fund's management fee rate
has been voluntarily limited to an annual rate of 0.90% of average daily net
assets, and total expenses are limited to 1.25% of average daily net assets.

The declaration of a voluntary management fee or expense limitation in any year
does not bind AFIMS to declare future expense limitations with respect to these
Funds. These limitations may be terminated at any time.

(2) These Funds have entered into agreements with brokers whereby the brokers
rebate a portion of commissions. These amounts have been treated as reductions
of expenses. Including these reductions to the operating expenses, total annual
fund operating expenses were 1.88% for the Select Emerging Markets Fund, 1.01%
for Select International Equity Fund, 0.84% for Select Aggressive Growth Fund,
0.88% for Select Value Opportunity Fund, 0.81% for Select Growth Fund, 1.17% for
Select Strategic Growth Fund, 0.45% for Core Equity Fund, and 0.73% for Select
Growth and Income Fund.

(3) Had there been no fee waivers or expense reimbursements, the Management Fee,
Other Expenses and Total Fund Expenses of the AIM V.I. Aggressive Growth Fund
would have been 0.80%, 1.62% and 2.42%, respectively.

(4) Service Class inception is May 1, 2000. Fees and Expenses shown are based on
those for the Standard Class. The investment advisor for the DGPF Growth
Opportunities Series is Delaware Management Company ("Delaware Management").
Effective May 1, 2000 through October 31, 2000, the investment advisor has
voluntarily agreed to waive its management fee and reimburse the Series for
expenses to the extent that total expenses, exclusive of 12b-1 fees, will not
exceed 0.85%. The declaration of a voluntary expense limitation does not bind
Delaware Management to declare future expense limitations with respect to this
Series.

(5) The investment adviser for the DGPF International Equity Series is Delaware
International Advisers Ltd. ("Delaware International"). Effective May 1, 2000
through October 31, 2000, Delaware International has agreed voluntarily to waive
its management fee and reimburse the Series for expenses to the extent that
total expenses will not exceed 0.95%. This limitation replaces a prior
limitation of 0.95% that expired on April 30, 2000. The fee ratios shown above
have been restated, if necessary, to reflect the new voluntary limitation which
took effect on May 1, 2000. The declaration of a voluntary expense limitation
does not bind Delaware International to declare future expense limitations with
respect to this Series. For the fiscal year ended December 31, 1999, before
waiver and/or reimbursement by Delaware International, total fund expenses as a
percentage of average daily net assets were 0.97%.

(6) A portion of the brokerage commissions that certain funds paid was used to
reduce fund expenses. In addition, through arrangements with certain funds', or
Fidelity Management & Research Company on behalf of certain funds', custodian
credits realized as a result of uninvested cash balances were used to reduce a
portion of the fund's expenses. Including these reductions, total operating
expenses presented in the table would have been 0.87% for the Fidelity VIP
Overseas Portfolio; 0.65% for the Fidelity VIP Growth Portfolio; 0.56% for the
Fidelity VIP Equity-Income Portfolio and 0.62% for the Fidelity VIP II Asset
Manager Portfolio.

(7) Service Class 2 expenses are based on the estimated expenses for the first
year.

<PAGE>

(8) The Funds' Class 2 distribution plan or "rule 12b-1 plan" is described in
the Funds' prospectus. The fund administration fee of the Franklin Natural
Resources Securities Fund is paid indirectly through the management fee. The
Franklin Small Cap Fund pays for similar services directly.

(9) On 2/8/00, a merger and reorganization was approved that combined the assets
of the Franklin Small Cap Fund with a similar fund of the Templeton Variable
Products Series Fund, effective 5/1/00. On 2/8/00, fund shareholders approved
new management fees, which apply to the combined fund effective 5/1/00. The
table shows restated total expenses based on the new fees and assets of the fund
as of 12/31/99, and not the assets of the combined fund. However, if the table
reflected both the new fees and the combined assets, the fund's expenses after
5/1/00 would be estimated to be the same.

(10) The Fund's actual Total Annual Fund Operating Expenses were lower than the
figures shown because its custodian fees were reduced under an expense offset
arrangement. Including the reduction for the expense offset arrangement and
voluntary expense waiver, the Fund's Management Fees, Other Expenses and Total
Fund Expenses would have been 0.75%, 0.50% and 1.25% respectively. Certain
expenses of the Fund were absorbed voluntarily by INVESCO in order to ensure
that expenses for the Fund did not exceed 1.25% of the Fund's average net
expenses pursuant to a commitment between the Fund and INVESCO. This commitment
may be changed at any time following consultation with the board of directors.
The Fund's Management Fees, Other Expenses and Total Fund Expenses for the
fiscal year ended December 31, 1999, excluding any voluntary expense waiver and
expense offset arrangements, would have been 0.75%, 2.11% and 2.86%
respectively.

(11) Expenses are based on the estimated expenses that the new Service Shares
Class of each Portfolio expects to incur in its initial fiscal year.

(12) Pursuant to their respective agreements with KVS, the investment manager
and the accounting agent have agreed, for the one year period commencing on May
1, 2000, to limit their respective fees and to reimburse other expenses to the
extent necessary to limit total operating expenses of the KVS Dreman Financial
Services and the Kemper Technology Growth Portfolios to the amounts set forth in
the Total Fund Expenses column of the table above. Without taking into effect
these expense caps, for the KVS Dreman Financial Services and the Kemper
Technology Growth Portfolios of KVS, management fees are estimated to be 0.75%
and 0.75%, respectively. Other expenses are estimated to be 0.44% and 0.29%,
respectively; and total operating expenses would have been 1.19% and 1.04%,
respectively.

(13) The Kemper Technology Growth Portfolio commenced operations on May 1, 1999,
therefore "other expenses" are annualized. Actual expenses may be greater or
less than shown.

(14) Class II shares of the Pioneer Emerging Markets VCT Portfolio and Pioneer
Real Estate Growth VCT Portfolio commenced operations on May 1, 2000; therefore,
expenses shown are estimated and annualized.

(15) Fees and expenses reflect waivers/reimbursements currently applicable to
the portfolios. As of May 1, 2000, Pioneer Investment Management, Inc. has
agreed voluntarily to limit its management fee and, if necessary, to limit other
operating expenses of Class I shares of the Pioneer Emerging Markets VCT
Portfolio and the Pioneer Real Estate Growth VCT Portfolio to 1.75% and 1.25%,
respectively, of the average daily net assets attributable to Class I shares.
The portion of portfolio expenses attributable to Class II shares will be
reduced only to the extent such expenses are reduced for Class I shares. This
agreement is voluntary and temporary and may be revised or terminated at any
time.

The Underlying Fund information above was provided by the Underlying Funds and
was not independently verified by the Company.

<PAGE>

EXPENSE EXAMPLES: The following examples demonstrate the cumulative expenses,
which an Owner of ExecAnnuity '93 (A3021-93) would pay at 1-year, 3-year, 5-year
and 10-year intervals under certain contingencies. Each example assumes a $1,000
investment in a Sub-Account and a 5% annual return on assets and assumes that
the Underlying Fund expenses listed above remain the same in each of the 1, 3, 5
and 10-year intervals. As required by rules of the Securities and Exchange
Commission (the "SEC"), the Policy fee is reflected in the examples by a method
designed to show the "average" impact of the Policy fee on an investment in the
Separate Account. The total Policy fees collected under the Policies by the
Company are divided by the total average net assets attributable to the
Policies. The resulting percentage is 0.05%, and the amount of the Policy fee is
assumed to be $0.50 in the examples. The Policy fee is only deducted when the
Accumulated Value is less than $50,000. Lower costs apply to Policies issued and
maintained as part of a 401(k) plan. Because the expenses of the Underlying
Funds differ, separate examples are used to illustrate the expenses incurred by
an Owner on an investment in the various Sub-Accounts. Owners of ExecAnnuity '91
(A3018-91 and A3018-94) should review the expenses examples in Appendix B.)

THESE EXAMPLES SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN.

(1)(a) If, at the end of the applicable time period, you surrender your Policy
or annuitize* under any period certain option, you would pay the following
expenses on a $1,000 investment, assuming a 5% annual return on assets and no
Rider:**

<TABLE>
<CAPTION>
WITH SURRENDER CHARGE 1 YEAR 3 YEARS 5 YEARS 10 YEARS
--------------------- ------ ------- ------- --------
<S> <C> <C> <C> <C>
AIT Core Equity Fund.............................................. $94 $131 $157 $231
AIT Equity Index Fund............................................. $93 $127 $150 $217
AIT Government Bond Fund.......................................... $96 $135 $164 $245
AIT Money Market Fund............................................. $92 $126 $147 $211
AIT Select Aggressive Growth Fund................................. $98 $142 $177 $271
AIT Select Capital Appreciation Fund.............................. $99 $145 $182 $281
AIT Select Emerging Markets Fund.................................. $108 $171 $227 $370
AIT Select Growth Fund............................................ $98 $141 $175 $267
AIT Select Growth and Income Fund................................. $97 $138 $170 $257
AIT Select International Equity Fund.............................. $99 $146 $184 $286
AIT Select Investment Grade Income Fund........................... $94 $132 $158 $233
AIT Select Strategic Growth Fund.................................. $101 $151 $193 $303
AIT Select Value Opportunity Fund................................. $99 $145 $182 $281
AIM V.I. Aggressive Growth Fund .................................. $101 $151 $192 $302
AIM V.I. Value Fund .............................................. $97 $139 $171 $260
Alliance Growth and Income Portfolio ............................. $99 $145 $182 $281
Alliance Premier Growth Portfolio ................................ $102 $154 $197 $312
DGPF Growth Opportunities Series ................................. $99 $145 $182 $281
DGPF International Equity Series ................................. $99 $144 $181 $279
Fidelity VIP Equity-Income Portfolio.............................. $95 $134 $161 $240
Fidelity VIP Growth Portfolio..................................... $96 $136 $166 $249
Fidelity VIP High Income Portfolio................................ $96 $137 $167 $252
Fidelity VIP Overseas Portfolio................................... $98 $143 $179 $275
Fidelity VIP II Asset Manager Portfolio........................... $96 $135 $164 $246
Fidelity VIP III Growth Opportunities Portfolio................... $99 $145 $181 $280
Franklin Natural Resources Securities Fund........................ $98 $143 $179 $275
Franklin Small Cap Fund........................................... $100 $148 $187 $290
INVESCO VIF Health Sciences Fund.................................. $104 $159 $206 $330
Janus Aspen Growth Portfolio...................................... $98 $143 $179 $276
Janus Aspen Growth and Income Portfolio........................... $102 $154 $198 $313
KVS Dreman Financial Services Portfolio........................... $99 $145 $183 $283
Kemper Technology Growth Portfolio................................ $99 $144 $181 $279
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
WITH SURRENDER CHARGE 1 YEAR 3 YEARS 5 YEARS 10 YEARS
--------------------- ------ ------- ------- --------
<S> <C> <C> <C> <C>
Pioneer Emerging Markets VCT Portfolio............................ $110 $177 $236 $389
Pioneer Real Estate Growth VCT Portfolio.......................... $103 $157 $203 $322
T. Rowe Price International Stock Portfolio....................... $100 $147 $186 $289
</TABLE>

(1)(b) If, at the end of the applicable time period, you surrender your Policy
or annuitize* under any period certain option, you would pay the following
expenses on a $1,000 investment, assuming a 5% annual return on assets and
election of the Minimum Guaranteed Annuity Payout (M-GAP) Rider** with a
ten-year waiting period:

<TABLE>
<CAPTION>
WITH SURRENDER CHARGE 1 YEAR 3 YEARS 5 YEARS 10 YEARS
--------------------- ------ ------- ------- --------
<S> <C> <C> <C> <C>
AIT Core Equity Fund............................................. $97 $138 $169 $256
AIT Equity Index Fund............................................ $95 $134 $163 $243
AIT Government Bond Fund......................................... $98 $142 $177 $271
AIT Money Market Fund............................................ $95 $133 $160 $237
AIT Select Aggressive Growth Fund................................ $100 $149 $189 $295
AIT Select Capital Appreciation Fund............................. $101 $152 $194 $305
AIT Select Emerging Markets Fund................................. $110 $178 $238 $392
AIT Select Growth Fund........................................... $100 $148 $187 $291
AIT Select Growth and Income Fund................................ $99 $145 $183 $283
AIT Select International Equity Fund............................. $102 $153 $196 $310
AIT Select Investment Grade Income Fund.......................... $97 $139 $170 $258
AIT Select Strategic Growth Fund................................. $103 $158 $205 $327
AIT Select Value Opportunity Fund................................ $101 $152 $194 $305
AIM V.I. Aggressive Growth Fund ................................. $103 $158 $205 $326
AIM V.I. Value Fund ............................................. $99 $146 $184 $285
Alliance Growth and Income Portfolio............................. $101 $152 $194 $305
Alliance Premier Growth Portfolio ............................... $104 $161 $209 $336
DGPF Growth Opportunities Series ................................ $101 $152 $194 $305
DGPF International Equity Series ................................ $101 $151 $193 $303
Fidelity VIP Equity-Income Portfolio............................. $97 $141 $174 $266
Fidelity VIP Growth Portfolio.................................... $98 $143 $179 $275
Fidelity VIP High Income Portfolio.............................. $99 $144 $180 $278
Fidelity VIP Overseas Portfolio.................................. $101 $150 $191 $299
Fidelity VIP II Asset Manager Portfolio.......................... $98 $142 $177 $272
Fidelity VIP III Growth Opportunities Portfolio.................. $101 $152 $193 $304
Franklin Natural Resources Securities Fund....................... $101 $150 $191 $299
Franklin Small Cap Fund.......................................... $102 $155 $199 $315
INVESCO VIF Health Sciences Fund................................. $106 $166 $218 $353
Janus Aspen Growth Portfolio..................................... $101 $150 $191 $300
Janus Aspen Growth and Income Portfolio.......................... $104 $161 $210 $336
KVS Dreman Financial Services Portfolio.......................... $101 $152 $195 $307
Kemper Technology Growth Portfolio............................... $101 $151 $193 $303
Pioneer Emerging Markets VCT Portfolio........................... $112 $184 $247 $410
Pioneer Real Estate Growth VCT Portfolio......................... $105 $164 $214 $346
T. Rowe Price International Stock Portfolio...................... $102 $154 $198 $313
</TABLE>

(2)(a) If, at the end of the applicable time period, you annuitize* under a life
option or if you do NOT surrender or annuitize the Policy, you would pay the
following expenses on a $1,000 investment, assuming a 5% annual return on
assets and no Rider.**

7
<PAGE>

<TABLE>
<CAPTION>
WITHOUT SURRENDER CHARGE 1 YEAR 3 YEARS 5 YEARS 10 YEARS
------------------------ ------ ------- ------- --------
<S> <C> <C> <C> <C>
AIT Select Capital Appreciation Fund............................ $25 $77 $132 $281
AIT Select Emerging Markets Fund................................ $34 $105 $178 $370
AIT Select Growth Fund.......................................... $24 $73 $125 $267
AIT Select Growth and Income Fund............................... $23 $70 $120 $257
AIT Select International Equity Fund............................ $26 $78 $134 $286
AIT Select Investment Grade Income Fund ........................ $20 $63 $108 $233
AIT Select Strategic Growth Fund................................ $27 $84 $143 $303
AIT Select Value Opportunity Fund............................... $25 $77 $132 $281
AIM V.I. Aggressive Growth Fund ................................ $27 $84 $142 $302
AIM V.I. Value Fund ............................................ $23 $71 $121 $260
Alliance Growth and Income Portfolio............................ $25 $77 $132 $281
Alliance Premier Growth Portfolio .............................. $28 $87 $147 $312
DGPF Growth Opportunities Series ............................... $25 $77 $132 $281
DGPF International Equity Series ............................... $25 $76 $131 $279
Fidelity VIP Equity-Income Portfolio............................ $21 $65 $111 $240
Fidelity VIP Growth Portfolio................................... $22 $68 $116 $249
Fidelity VIP High Income Portfolio.............................. $22 $69 $117 $252
Fidelity VIP Overseas Portfolio................................. $24 $75 $129 $275
Fidelity VIP II Asset Manager Portfolio......................... $22 $67 $114 $246
Fidelity VIP III Growth Opportunities Portfolio................. $25 $77 $131 $280
Franklin Natural Resources Securities Fund...................... $24 $75 $129 $275
Franklin Small Cap Fund......................................... $26 $80 $137 $290
INVESCO VIF Health Sciences Fund................................ $30 $92 $157 $330
Janus Aspen Growth Portfolio.................................... $25 $75 $129 $276
Janus Aspen Growth and Income Portfolio......................... $28 $87 $148 $313
KVS Dreman Financial Services Portfolio......................... $25 $78 $133 $283
Kemper Technology Growth Portfolio.............................. $25 $76 $131 $279
Pioneer Emerging Markets VCT Portfolio.......................... $37 $111 $188 $389
Pioneer Real Estate Growth VCT Portfolio........................ $29 $90 $153 $322
T. Rowe Price International Stock Portfolio..................... $26 $79 $136 $289
</TABLE>

(2)(b) If, at the end of the applicable time period, you annuitize* under a life
option or if you do NOT surrender or annuitize the Policy, you would pay the
following expenses on a $1,000 investment, assuming a 5% annual return on
assets and election of a Minimum Guaranteed Annuity Payout (M-GAP) Rider**
with a ten-year waiting period:

<TABLE>
<CAPTION>
WITHOUT SURRENDER CHARGE 1 YEAR 3 YEARS 5 YEARS 10 YEARS
------------------------ ------ ------- ------- --------
<S> <C> <C> <C> <C>
AIT Core Equity Fund............................................. $23 $70 $119 $256
AIT Equity Index Fund............................................ $21 $66 $113 $243
AIT Government Bond Fund......................................... $24 $74 $127 $271
AIT Money Market Fund............................................ $21 $64 $110 $237
AIT Select Aggressive Growth Fund................................ $27 $81 $139 $295
AIT Select Capital Appreciation Fund............................. $28 $84 $144 $305
AIT Select Emerging Markets Fund................................. $37 $112 $190 $392
AIT Select Growth Fund........................................... $26 $80 $137 $291
AIT Select Growth and Income Fund................................ $25 $78 $133 $283
AIT Select International Equity Fund............................. $28 $86 $146 $310
AIT Select Investment Grade Income Fund.......................... $23 $70 $120 $258
AIT Select Strategic Growth Fund................................. $30 $91 $155 $327
AIT Select Value Opportunity Fund................................ $28 $84 $144 $305
AIM V.I. Aggressive Growth Fund ................................. $30 $91 $155 $326
AIM V.I. Value Fund ............................................. $25 $78 $134 $285
Alliance Growth and Income Portfolio............................. $28 $84 $144 $305
Alliance Premier Growth Portfolio ............................... $31 $94 $160 $336
DGPF Growth Opportunities Series ................................ $28 $84 $144 $305
DGPF International Equity Series ................................ $27 $84 $143 $303
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
WITHOUT SURRENDER CHARGE 1 YEAR 3 YEARS 5 YEARS 10 YEARS
------------------------ ------ ------- ------- --------
<S> <C> <C> <C> <C>
Fidelity VIP Equity-Income Portfolio............................. $24 $72 $124 $266
Fidelity VIP Growth Portfolio.................................... $24 $75 $129 $275
Fidelity VIP High Income Portfolio.............................. $25 $76 $130 $278
Fidelity VIP Overseas Portfolio.................................. $27 $83 $141 $299
Fidelity VIP II Asset Manager Portfolio.......................... $24 $74 $127 $272
Fidelity VIP III Growth Opportunities Portfolio.................. $27 $84 $143 $304
Franklin Natural Resources Securities Fund....................... $27 $83 $141 $299
Franklin Small Cap Fund.......................................... $29 $87 $149 $315
INVESCO VIF Health Sciences Fund................................. $33 $99 $169 $353
Janus Aspen Growth Portfolio..................................... $27 $83 $141 $300
Janus Aspen Growth and Income Portfolio.......................... $31 $94 $160 $336
KVS Dreman Financial Services Portfolio.......................... $28 $85 $145 $307
Kemper Technology Growth Portfolio............................... $27 $84 $143 $303
Pioneer Emerging Markets VCT Portfolio........................... $39 $118 $200 $410
Pioneer Real Estate Growth VCT Portfolio......................... $32 $97 $165 $346
T. Rowe Price International Stock Portfolio...................... $28 $87 $148 $313
</TABLE>

* The Policy fee is not deducted after annuitization. No surrender charges are
deducted at or after annuitization under any of the available annuity payout
options.

**If the Minimum Guaranteed Annuity Payout (M-GAP) Rider is exercised, you may
only annuitize under a fixed annuity payout option involving a life contingency
at the Company's guaranteed fixed annuity option rates listed under the Annuity
Option Tables in your Policy.

***

The first sentence of INVESTMENT OPTIONS under SUMMARY OF THE POLICY FEATURES is
replaced in its entirety by the following:

Purchase payments may be allocated among the variable Sub-Accounts available
under the Policies (you may request allocations up to seventeen variable
Sub-Accounts, in addition to the AIT Money Market Fund, at one time) and a fixed
account ("General Account") of the Company (together "investment options").

The fourth sentence of INVESTMENT OPTIONS under SUMMARY OF THE POLICY FEATURES
is replaced in its entirety by the following:

For more information about the Separate Account and the Company, see DESCRIPTION
OF THE COMPANY, THE SEPARATE ACCOUNT, AND THE UNDERLYING INVESTMENT COMPANIES.

***

The first and second paragraphs of INVESTMENT IN THE SUB-ACCOUNT under SUMMARY
OF THE POLICY FEATURES are replaced in their entirety by the following:

Each Sub-Account available under the Policies invests its assets without sales
charge in a corresponding investment series. You may request allocations up to
seventeen variable Sub-Accounts (in addition to the AIT Money Market Fund) at
one time.

VARIABLE ACCOUNT: Subject to the seventeen fund limit, you have a choice of
investing in the following thirty-five Underlying Funds:

<PAGE>

<TABLE>
<S><C>
ALLMERICA INVESTMENT TRUST FIDELITY VARIABLE INSURANCE PRODUCTS FUND
AIT Core Equity Fund Fidelity VIP Equity-Income Portfolio
AIT Equity Index Fund Fidelity VIP Growth Portfolio
AIT Government Bond Fund Fidelity VIP High Income Portfolio
AIT Money Market Fund Fidelity VIP Overseas Portfolio
AIT Select Aggressive Growth Fund FIDELITY VARIABLE INSURANCE PRODUCTS FUND II
AIT Select Capital Appreciation Fund Fidelity VIP II Asset Manager Portfolio
AIT Select Emerging Markets Fund FIDELITY VARIABLE INSURANCE PRODUCTS FUND III
AIT Select Growth Fund Fidelity VIP III Growth Opportunities Portfolio
AIT Select Growth and Income Fund FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS
AIT Select International Equity Fund TRUST
AIT Select Investment Grade Income Fund Franklin Natural Resources Securities Fund
AIT Select Strategic Growth Fund Franklin Small Cap Fund
AIT Select Value Opportunity Fund INVESCO VARIABLE INVESTMENT FUNDS, INC.
AIM VARIABLE INSURANCE FUNDS INVESCO VIF Health Sciences Fund
AIM V.I. Aggressive Growth Fund JANUS ASPEN SERIES
AIM V.I. Value Fund Janus Aspen Growth Portfolio
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC. Janus Aspen Growth and Income Portfolio
Alliance Growth and Income Portfolio KEMPER VARIABLE SERIES
Alliance Premier Growth Portfolio KVS Dreman Financial Services Portfolio
DELAWARE GROUP PREMIUM FUND Kemper Technology Growth Portfolio
DGPF Growth Opportunities Series PIONEER VARIABLE CONTRACTS TRUST
DGPF International Equity Series Pioneer Emerging Markets VCT Portfolio
Pioneer Real Estate Growth VCT Portfolio
T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio
</TABLE>

Each Underlying Fund operates pursuant to different investment objectives and
this range of investment options enables you to allocate your money among the
Underlying Funds to meet your particular investment needs. For a more detailed
description of the Underlying Funds, see INVESTMENT OBJECTIVES AND POLICIES.

There can be no assurance that the investment objectives of the Underlying Funds
can be achieved or that the value of the Policy will equal or exceed the
aggregate amount of the purchase payments made under the Policy. For more
information about the investments of the Underlying Funds, see DESCRIPTION OF
THE COMPANY, THE SEPARATE ACCOUNT AND THE UNDERLYING INVESTMENT COMPANIES. The
accompanying prospectuses of the Underlying Investment Companies describe the
investment objectives and risks of each of the Underlying Funds.

***

<PAGE>

PERFORMANCE TABLES
ALLMERICA FINANCIAL LIFE INSURANCE AND ANNUITY COMPANY
EXECANNUITY PLUS '91 AND '93

TABLE 1A
AVERAGE ANNUAL TOTAL RETURNS OF SUB-ACCOUNT
FOR PERIODS ENDING DECEMBER 31, 1999
SINCE INCEPTION OF SUB-ACCOUNT
(ASSUMING COMPLETE WITHDRAWAL OF THE INVESTMENT)

<TABLE>
<CAPTION>
SUB-ACCOUNT FOR YEAR SINCE
INCEPTION ENDED INCEPTION OF
SUB-ACCOUNT INVESTING IN UNDERLYING FUND DATE 12/31/99 5 YEARS SUB-ACCOUNT
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIT Core Equity Fund................................. 9/4/91 19.18% 22.83% 16.00%
AIT Equity Index Fund................................ 9/4/91 10.48% 25.46% 17.52%
AIT Government Bond Fund............................. 9/8/91 -8.37% 3.83% 4.45%
AIT Money Market Fund................................ 9/9/91 -3.84% 3.05% 3.15%
AIT Select Aggressive Growth Fund.................... 9/16/92 28.38% 20.92% 18.16%
AIT Select Capital Appreciation Fund................. 4/30/95 15.41% N/A 19.01%
AIT Select Emerging Markets Fund..................... N/A* N/A* N/A* N/A*
AIT Select Growth Fund............................... 9/16/92 19.73% 26.74% 18.13%
AIT Select Growth and Income Fund.................... 9/16/92 8.54% 19.36% 14.05%
AIT Select International Equity Fund................. 5/3/94 21.61% 16.17% 13.29%
AIT Select Investment Grade Income Fund.............. 9/5/91 -9.53% 4.94% 5.55%
AIT Select Strategic Growth Fund..................... N/A* N/A* N/A* N/A*
AIT Select Value Opportunity Fund.................... 5/2/93 -13.01% 11.14% 9.62%
AIM V.I. Aggressive Growth Fund...................... N/A* N/A* N/A* N/A*
AIM V.I. Value Fund.................................. N/A* N/A* N/A* N/A*
Alliance Growth and Income Portfolio................. N/A* N/A* N/A* N/A*
Alliance Premier Growth Portfolio.................... N/A* N/A* N/A* N/A*
DGPF Growth Opportunities Series..................... N/A* N/A* N/A* N/A*
DGPF International Equity Series..................... 5/6/93 5.96% 10.85% 10.46%
Fidelity VIP Equity-Income Portfolio................. 9/5/91 -3.07% 16.13% 14.97%
Fidelity VIP Growth Portfolio........................ 9/5/91 27.14% 27.28% 20.66%
Fidelity VIP High Income Portfolio................... 9/24/91 -1.23% 8.44% 10.34%
Fidelity VIP Overseas Portfolio...................... 9/5/91 32.44% 15.01% 11.74%
Fidelity VIP II Asset Manager Portfolio.............. 5/4/94 1.53% 13.33% 11.31%
Fidelity VIP III Growth Opportunities Portfolio...... N/A* N/A* N/A* N/A*
Franklin Natural Resources Securities Fund........... N/A* N/A* N/A* N/A*
Franklin Small Cap Fund.............................. N/A* N/A* N/A* N/A*
INVESCO VIF Health Sciences Fund..................... N/A* N/A* N/A* N/A*
Janus Aspen Growth Portfolio......................... N/A* N/A* N/A* N/A*
Janus Aspen Growth and Income Portfolio.............. N/A* N/A* N/A* N/A*
KVS Dreman Financial Services Portfolio............. N/A* N/A* N/A* N/A*
Kemper Technology Growth Portfolio................... N/A* N/A* N/A* N/A*
Pioneer Emerging Markets VCT Portfolio............... N/A* N/A* N/A* N/A*
Pioneer Real Estate Growth VCT Portfolio............. N/A* N/A* N/A* N/A*
T. Rowe Price International Stock Portfolio.......... 5/1/95 23.29% N/A 13.12%
</TABLE>

*This is a new Sub-Account so there are no historical figures for this
Sub-Account.

<PAGE>

TABLE 1B
SUPPLEMENTAL AVERAGE ANNUAL TOTAL RETURNS OF SUB-ACCOUNT
FOR PERIODS ENDING DECEMBER 31, 1999
SINCE INCEPTION OF SUB-ACCOUNT
(ASSUMING NO WITHDRAWAL OF THE INVESTMENT AND NO POLICY FEE)

SUB-ACCOUNT FOR YEAR SINCE
INCEPTION ENDED INCEPTION OF
SUB-ACCOUNT INVESTING IN UNDERLYING FUND DATE 12/31/99 5 YEARS SUB-ACCOUNT
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIT Core Equity Fund............................... 9/4/91 27.46% 23.46% 16.25%
AIT Equity Index Fund.............................. 9/4/91 18.67% 25.96% 17.67%
AIT Government Bond Fund........................... 9/8/91 -1.22% 4.71% 4.58%
AIT Money Market Fund.............................. 9/9/91 3.66% 3.96% 3.29%
AIT Select Aggressive Growth Fund.................. 9/16/92 36.65% 21.57% 18.44%
AIT Select Capital Appreciation Fund............... 4/30/95 23.55% N/A 19.67%
AIT Select Emerging Markets Fund................... N/A* N/A* N/A* N/A*
AIT Select Growth Fund............................. 9/16/92 27.92% 27.23% 18.36%
AIT Select Growth and Income Fund.................. 9/16/92 16.71% 19.96% 14.30%
AIT Select International Equity Fund............... 5/3/94 29.81% 16.86% 13.84%
AIT Select Investment Grade Income Fund............ 9/5/91 -2.41% 5.85% 5.73%
AIT Select Strategic Growth Fund................... N/A* N/A* N/A* N/A*
AIT Select Value Opportunity Fund.................. 5/2/93 -6.08% 11.91% 10.01%
AIM V.I. Aggressive Growth Fund.................... N/A* N/A* N/A* N/A*
AIM V.I. Value Fund................................ N/A* N/A* N/A* N/A*
Alliance Growth and Income Portfolio............... N/A* N/A* N/A* N/A*
Alliance Premier Growth Portfolio.................. N/A* N/A* N/A* N/A*
DGPF Growth Opportunities Series................... N/A* N/A* N/A* N/A*
DGPF International Equity Series................... 5/6/93 14.08% 11.61% 10.81%
Fidelity VIP Equity-Income Portfolio............... 9/5/91 4.79% 16.92% 15.24%
Fidelity VIP Growth Portfolio...................... 9/5/91 35.45% 27.89% 20.92%
Fidelity VIP High Income Portfolio................. 9/24/91 6.59% 9.28% 10.50%
Fidelity VIP Overseas Portfolio.................... 9/5/91 40.56% 15.69% 11.91%
Fidelity VIP II Asset Manager Portfolio............ 5/4/94 9.48% 13.98% 11.79%
Fidelity VIP III Growth Opportunities Portfolio.... N/A* N/A* N/A* N/A*
Franklin Natural Resources Securities Fund......... N/A* N/A* N/A* N/A*
Franklin Small Cap Fund............................ N/A* N/A* N/A* N/A*
INVESCO VIF Health Sciences Fund................... N/A* N/A* N/A* N/A*
Janus Aspen Growth Portfolio....................... N/A* N/A* N/A* N/A*
Janus Aspen Growth and Income Portfolio............ N/A* N/A* N/A* N/A*
KVS Dreman Financial Services Portfolio........... N/A* N/A* N/A* N/A*
Kemper Technology Growth Portfolio................. N/A* N/A* N/A* N/A*
Pioneer Emerging Markets VCT Portfolio............. N/A* N/A* N/A* N/A*
Pioneer Real Estate Growth VCT Portfolio........... N/A* N/A* N/A* N/A*
T. Rowe Price International Stock Portfolio........ 5/1/95 31.39% N/A 13.88%
</TABLE>

*This is a new Sub-Account so there are no historical figures for this
Sub-Account.

<PAGE>

TABLE 2A
AVERAGE ANNUAL TOTAL RETURNS OF SUB-ACCOUNT
FOR PERIODS ENDING DECEMBER 31, 1999
SINCE INCEPTION OF UNDERLYING FUND
(ASSUMING COMPLETE WITHDRAWAL OF THE INVESTMENT)

<TABLE>
<CAPTION> 10 YEARS OR
UNDERLYING FOR YEAR SINCE
FUND ENDED INCEPTION
SUB-ACCOUNT INVESTING IN UNDERLYING FUND INCEPTION DATE 12/31/99 5 YEARS IF LESS
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIT Core Equity Fund................................. 4/29/85 19.18% 22.83% 15.50%
AIT Equity Index Fund................................ 9/28/90 10.48% 25.46% 18.85%
AIT Government Bond Fund............................. 8/26/91 -8.37% 3.83% 4.27%
AIT Money Market Fund................................ 4/29/85 -3.84% 3.05% 3.70%
AIT Select Aggressive Growth Fund.................... 8/21/92 28.38% 20.92% 18.71%
AIT Select Capital Appreciation Fund................. 4/28/95 15.41% N/A 19.01%
AIT Select Emerging Markets Fund..................... 2/20/98 55.33% N/A 9.64%
AIT Select Growth Fund............................... 8/21/92 19.73% 26.74% 18.62%
AIT Select Growth and Income Fund.................... 8/21/92 8.54% 19.36% 14.01%
AIT Select International Equity Fund................. 5/2/94 21.61% 16.17% 13.28%
AIT Select Investment Grade Income Fund.............. 4/29/85 -9.53% 4.94% 6.06%
AIT Select Strategic Growth Fund..................... 2/20/98 6.37% N/A 1.13%
AIT Select Value Opportunity Fund.................... 4/30/93 -13.01% 11.14% 9.61%
AIM V.I. Aggressive Growth Fund...................... 5/1/98 34.56% N/A 17.65%
AIM V.I. Value Fund.................................. 5/5/93 20.01% 24.97% 20.97%
Alliance Growth and Income Portfolio................. 1/14/91 1.85% 21.65% 13.70%
Alliance Premier Growth Portfolio.................... 6/26/92 22.39% 33.74% 24.27%
DGPF Growth Opportunities Series..................... 7/12/91 52.56% 24.69% 14.70%
DGPF International Equity Series..................... 10/29/92 5.96% 10.85% 9.91%
Fidelity VIP Equity-Income Portfolio................. 10/9/86 -3.07% 16.13% 12.61%
Fidelity VIP Growth Portfolio........................ 10/9/86 27.14% 27.28% 18.00%
Fidelity VIP High Income Portfolio................... 9/19/85 -1.23% 8.44% 10.74%
Fidelity VIP Overseas Portfolio...................... 1/28/87 32.44% 15.01% 9.72%
Fidelity VIP II Asset Manager Portfolio.............. 9/6/89 1.53% 13.33% 11.49%
Fidelity VIP III Growth Opportunities Portfolio...... 1/3/95 -4.64% N/A 19.15%
Franklin Natural Resources Securities Fund........... 1/24/89 21.98% -5.70% -1.34%
Franklin Small Cap Fund.............................. 11/1/95 85.58% N/A 27.08%
INVESCO VIF Health Sciences Fund..................... 5/22/97 -4.67% N/A 11.45%
Janus Aspen Growth Portfolio......................... 9/13/93 33.91% 27.62% 22.04%
Janus Aspen Growth and Income Portfolio.............. 5/1/98 63.51% N/A 48.98%
KVS Dreman Financial Services Portfolio............. 5/4/98 -13.17% N/A -10.18%
Kemper Technology Growth Portfolio................... 5/3/99 N/A N/A 67.11%
Pioneer Emerging Markets VCT Portfolio............... 10/30/98 68.14% N/A 60.62%
Pioneer Real Estate Growth VCT Portfolio............. 10/30/98 -12.60% N/A 5.83%
T. Rowe Price International Stock Portfolio.......... 3/31/94 23.29% 12.88% 11.33%
</TABLE>

<PAGE>

TABLE 2B
SUPPLEMENTAL AVERAGE ANNUAL TOTAL RETURNS OF SUB-ACCOUNT
FOR PERIODS ENDING DECEMBER 31, 1999
SINCE INCEPTION OF UNDERLYING FUND
(ASSUMING NO WITHDRAWAL OF THE INVESTMENT AND NO POLICY FEE)

<TABLE>
<CAPTION>
10 YEARS OR
UNDERLYING FOR YEAR SINCE
FUND ENDED INCEPTION
SUB-ACCOUNT INVESTING IN UNDERLYING FUND INCEPTION DATE 12/31/99 5 YEARS IF LESS
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIT Core Equity Fund............................... 4/29/85 27.46% 23.46% 15.68%
AIT Equity Index Fund.............................. 9/28/90 18.67% 25.96% 18.95%
AIT Government Bond Fund........................... 8/26/91 -1.22% 4.71% 4.40%
AIT Money Market Fund.............................. 4/29/85 3.66% 3.96% 3.73%
AIT Select Aggressive Growth Fund.................. 8/21/92 36.65% 21.57% 18.98%
AIT Select Capital Appreciation Fund............... 4/28/95 23.55% N/A 19.67%
AIT Select Emerging Markets Fund................... 2/20/98 63.34% N/A 13.57%
AIT Select Growth Fund............................. 8/21/92 27.92% 27.23% 18.84%
AIT Select Growth and Income Fund.................. 8/21/92 16.71% 19.96% 14.26%
AIT Select International Equity Fund............... 5/2/94 29.81% 16.86% 13.83%
AIT Select Investment Grade Income Fund ........... 4/29/85 -2.41% 5.85% 6.15%
AIT Select Strategic Growth Fund................... 2/20/98 14.38% N/A 5.29%
AIT Select Value Opportunity Fund.................. 4/30/93 -6.08% 11.91% 10.00%
AIM V.I. Aggressive Growth Fund.................... 5/1/98 42.57% N/A 21.92%
AIM V.I. Value Fund................................ 5/5/93 28.02% 25.39% 21.18%
Alliance Growth and Income Portfolio............... 1/14/91 9.75% 22.11% 13.79%
Alliance Premier Growth Portfolio.................. 6/26/92 30.39% 34.06% 24.37%
DGPF Growth Opportunities Series................... 7/12/91 60.56% 25.11% 14.79%
DGPF International Equity Series................... 10/29/92 14.08% 11.61% 10.17%
Fidelity VIP Equity-Income Portfolio............... 10/9/86 4.79% 16.92% 12.86%
Fidelity VIP Growth Portfolio...................... 10/9/86 35.45% 27.89% 18.24%
Fidelity VIP High Income Portfolio................. 9/19/85 6.59% 9.28% 10.83%
Fidelity VIP Overseas Portfolio.................... 1/28/87 40.56% 15.69% 9.84%
Fidelity VIP II Asset Manager Portfolio............ 9/6/89 9.48% 13.98% 11.53%
Fidelity VIP III Growth Opportunities Portfolio.... 1/3/95 2.76% N/A 19.75%
Franklin Natural Resources Securities Fund......... 1/24/89 29.99% -4.82% -1.33%
Franklin Small Cap Fund............................ 11/1/95 93.59% N/A 27.76%
INVESCO VIF Health Sciences Fund................... 5/22/97 3.34% N/A 19.46%
Janus Aspen Growth Portfolio....................... 9/13/93 41.92% 28.00% 22.26%
Janus Aspen Growth and Income Portfolio............ 5/1/98 71.52% N/A 52.63%
KVS Dreman Financial Services Portfolio ........... 5/4/98 -6.43% N/A -6.04%
Kemper Technology Growth Portfolio................. 5/3/99 N/A N/A 75.12%
Pioneer Emerging Markets VCT Portfolio............. 10/30/98 76.15% N/A 66.92%
Pioneer Real Estate Growth VCT Portfolio........... 10/30/98 -5.81% N/A 6.81%
T. Rowe Price International Stock Portfolio........ 3/31/94 31.39% 13.56% 11.82%
</TABLE>

***

The section entitled DESCRIPTION OF THE COMPANY, THE SEPARATE ACCOUNT, THE
TRUST, FIDELITY VIP, FIDELITY VIP II, T. ROWE PRICE AND DGPF has been retitled
and will read as follows:

DESCRIPTION OF THE COMPANY, THE SEPARATE ACCOUNT AND THE UNDERLYING INVESTMENT
COMPANIES

<PAGE>

***

The description of the underlying investment companies under the DESCRIPTION OF
THE COMPANY, THE SEPARATE ACCOUNT AND THE UNDERLYING INVESTMENT COMPANIES is
replaced in its entirety with the following:

THE UNDERLYING INVESTMENT COMPANIES

ALLMERICA INVESTMENT TRUST. Allmerica Investment Trust ("AIT") is an open-end,
diversified, management investment company registered with the SEC under the
1940 Act. AIT was established as a Massachusetts business trust on October 11,
1984, for the purpose of providing a vehicle for the investment of assets of
various separate accounts established by the Company or other affiliated
insurance companies. Thirteen investment portfolios of the AIT currently are
available under the Policy, each issuing a series of shares: Core Equity Fund,
Equity Index Fund, Government Bond Fund, Money Market Fund, Select Aggressive
Growth Fund, Select Capital Appreciation Fund, Select Emerging Markets Fund,
Select Growth Fund, Select Growth and Income Fund, Select International Equity
Fund, Select Investment Grade Income Fund, Select Strategic Growth Fund, and the
Select Value Opportunity Fund. The assets of each Fund are held separate from
the assets of the other Funds. Each Fund operates as a separate investment
vehicle and the income or losses of one Fund have no effect on the investment
performance of another Fund. Shares of AIT are not offered to the general public
but solely to such variable accounts.

The trustees have overall responsibility for the supervision of the affairs of
AIT. The Trustees have entered into a management agreement ("Management
Agreement") with Allmerica Financial Investment Management Services, Inc.
("AFIMS"), a wholly owned subsidiary of Allmerica Financial, to handle the
day-to-day affairs of AIT. AFIMS, subject to Trustee review, is responsible for
the general management of the Funds. AFIMS also performs certain administrative
and management services for AIT, furnishes to AIT all necessary office space,
facilities and equipment and pays the compensation, if any, of officers and
Trustees who are affiliated with AFIMS.

AFIMS has entered into agreements with other investment advisers
("Sub-Advisers") under which each Sub-Adviser manages the investments of one or
more of the Funds of AIT. Under each Sub-Adviser agreement, the Sub-Adviser is
authorized to engage in portfolio transactions on behalf of the Fund, subject to
AFIMS and the Trustees instructions. AFIMS is solely responsible for the payment
of all fees for investment management services to the Sub-Advisers. The
Sub-Advisers, other than Allmerica Asset Management, Inc., are not affiliated
with the Company or AIT.

Other than expenses specifically assumed by AFIMS under the Management
Agreement, AIT bears all expenses incurred in its operation including fees and
expenses associated with the registration and qualification of AIT's shares
under the Securities Act of 1933, other fees payable to the SEC, independent
public accountant fees, legal and custodian fees, association membership dues,
taxes, interest, insurance premiums, brokerage commissions, fees and expenses of
the Trustees who are not affiliated with AFIMS, expenses for proxies,
prospectuses, reports to shareholders and other expenses.

AIM VARIABLE INSURANCE FUNDS. AIM Variable Insurance Funds ("AVIF"), an
open-end, series, management investment company, was organized as a Maryland
corporation on January 22, 1993, changed to a Delaware business trust on May 1,
2000, and is registered with the SEC under the 1940 Act. The investment advisor
for the AIM V.I. Aggressive Growth Fund and the AIM V.I. Value Fund is A I M
Advisors, Inc. ("AIM"). AIM was organized in 1976, and, together with its
subsidiaries, manages or advises over 120 investment company portfolios
encompassing a broad range of investment objectives.

<PAGE>

ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC. Alliance Variable Products Series
Fund, Inc. ("Alliance") is registered with the SEC as an open-end, management
investment company under the 1940 Act. Two of its separate investment portfolios
are currently available under the Policy: the Alliance Growth and Income
Portfolio and the Alliance Premier Growth Portfolio. Alliance Capital
Management, L.P. ("Alliance Capital") serves as the investment adviser to
Alliance. Alliance Capital Management Corporation, the sole general partner of
Alliance Capital, is an indirect wholly owned subsidiary of The Equitable Life
Assurance Society of the United States, which is in turn a wholly owned
subsidiary of the Equitable Companies Incorporated, a holding company which is
controlled by AXA, a French insurance holding company.

DELAWARE GROUP PREMIUM FUND. Delaware Group Premium Fund ("DGPF"), previously a
Maryland Corporation organized on February 19, 1987 and reorganized as a
Delaware business trust on December 15, 1999, is an open-end management
investment company registered with the SEC under the 1940 Act. Delaware
Management Company, a series of Delaware Management Business Trust ("Delaware
Management") is the investment adviser for the DGPF Growth Opportunities Series.
The investment advisor for the DGPF International Equity Series is Delaware
International Advisers Ltd. ("Delaware International").

FIDELITY VARIABLE INSURANCE PRODUCTS FUND. Fidelity Variable Insurance Products
Fund ("Fidelity VIP"), managed by Fidelity Management & Research Company
("FMR"), is an open-end, diversified, management investment company organized as
a Massachusetts business trust on November 13, 1981 and registered with the SEC
under the 1940 Act. Four of its investment portfolios are available under the
Policy: Fidelity VIP Equity-Income Portfolio, Fidelity VIP Growth Portfolio,
Fidelity VIP High Income Portfolio and Fidelity VIP Overseas Portfolio.

Various Fidelity companies perform certain activities required to operate
Fidelity VIP. FMR is one of America's largest investment management
organizations, and has its principal business address at 82 Devonshire Street,
Boston, Massachusetts. It is composed of a number of different companies which
provide a variety of financial services and products. FMR is the original
Fidelity Company, founded in 1946. It provides a number of mutual funds and
other clients with investment research and portfolio management services. As
part of their operating expenses, the portfolios of Fidelity VIP pay a monthly
investment management fee to FMR for managing investment and business affairs.
The prospectus of Fidelity VIP contains additional information concerning the
portfolios, including information about additional expenses paid by the
portfolios, and should be read in conjunction with this Prospectus.

FIDELITY VARIABLE INSURANCE PRODUCTS FUND II. Fidelity Variable Insurance
Products Fund II ("Fidelity VIP II"), managed by FMR (see discussion above), is
an open-end, diversified management investment company organized as a
Massachusetts business trust on March 21, 1988, and registered with the SEC
under the 1940 Act. One of its investment portfolios is available under the
Policy: the Fidelity VIP II Asset Manager Portfolio.

FIDELITY VARIABLE INSURANCE PRODUCTS FUND III. Fidelity Variable Insurance
Products Fund III ("Fidelity VIP III"), managed by FMR (see discussion above) is
an open-end, diversified management investment company registered with the SEC
under the 1940 Act. One of its investment portfolios is available under the
Policy: the Fidelity VIP III Growth Opportunities Portfolio.

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST. Franklin Templeton
Variable Insurance Products Trust ("FT VIP") and the funds' investment managers
and their affiliates manage over $224 billion in assets (as of December 31,
1999). The investment adviser to the Franklin Natural Resources Securities Fund
and the Franklin Small Cap Fund is Franklin Advisers, Inc.

INVESCO VARIABLE INVESTMENT FUNDS, INC. INVESCO Variable Investment Funds, Inc.
("INVESCO VIF") is an open-end, diversified, no-load management investment
company which was

<PAGE>

incorporated under the laws of Maryland on August 19, 1993. The investment
adviser to the INVESCO VIF Health Sciences Fund is INVESCO Funds Group, Inc.

JANUS ASPEN SERIES. Janus Aspen Series ("Janus Aspen") is an open-end,
management investment company registered with the SEC. It was organized as a
Delaware business trust on May 20, 1993. Janus Capital is the investment adviser
of Janus Aspen. Two of its investment portfolios are available under the Policy:
Janus Aspen Growth Portfolio, and Janus Aspen Growth and Income Portfolio.

KEMPER VARIABLE SERIES. Kemper Variable Series ("KVS"), is a series-type mutual
fund registered with the SEC as an open-end, management investment company. The
KVS Dreman Financial Services Portfolio and the Kemper Technology Growth
Portfolio are offered under the Policy. Scudder Kemper Investments, Inc. serves
as the investment adviser of KVS.

PIONEER VARIABLE CONTRACTS TRUST. Pioneer Variable Contracts Trust ("Pioneer
VCT") is an open-end, management investment company registered with the SEC
under the 1940 Act. Pioneer Investment Management, Inc. ("Pioneer") is the
investment adviser to the Pioneer Emerging Markets VCT Portfolio and the Pioneer
Real Estate Growth VCT Portfolio which are offered under the Policy. Pioneer is
a wholly owned subsidiary of The Pioneer Group, Inc. ("PGI"). PGI, established
in 1928, is one of America's oldest investment managers.

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Series,
Inc. ("T. Rowe Price"), managed by Rowe Price-Fleming International, Inc.
("Price-Fleming"), is an open-end, diversified, management investment company
organized as a Maryland corporation in 1994 and registered with the SEC under
the 1940 Act. Price-Fleming, founded in 1979 as a joint venture between T. Rowe
Price Associates, Inc. and Robert Fleming Holdings, Limited, is one the largest
no-load international mutual fund asset managers with approximately $42.5
billion (as of December 31, 1999) under management in its offices in Baltimore,
London, Tokyo, Hong Kong, Singapore and Buenos Aires. One of its investment
portfolios is available under the Policy: the T. Rowe Price International Stock
Portfolio.

***

The INVESTMENT OBJECTIVES AND POLICIES section of the prospectus is replaced in
its entirety by the following:

INVESTMENT OBJECTIVES AND POLICIES

A summary of investment objectives of each of the Underlying Funds is set forth
below. MORE DETAILED INFORMATION REGARDING THE INVESTMENT OBJECTIVES,
RESTRICTIONS AND RISKS, EXPENSES PAID BY THE UNDERLYING FUNDS, AND OTHER
RELEVANT INFORMATION REGARDING THE UNDERLYING INVESTMENT COMPANIES MAY BE FOUND
IN THEIR RESPECTIVE PROSPECTUSES, WHICH ACCOMPANY THIS PROSPECTUS. PLEASE READ
THEM CAREFULLY BEFORE INVESTING. The Statements of Additional Information
("SAI") of the Underlying Funds are available upon request. There can be no
assurance that the investment objectives of the Underlying Funds can be achieved
or that the value of the Policy will equal or exceed the aggregate amount of the
purchase payments made under the Policy.

AIT CORE EQUITY FUND -- seeks long-term growth of capital. Realization of
current investment income, if any, is incidental to this objective. The Core
Equity Fund is invested in common stocks and securities convertible into common
stocks that are believed to represent significant underlying value in relation
to current market prices.

AIT EQUITY INDEX FUND -- seeks to provide investment results that correspond to
the aggregate price and yield performance of a representative selection of
United States publicly traded common

<PAGE>

stocks. The Equity Index Fund seeks to achieve its objective by attempting to
replicate the aggregate price and yield performance of the Standard & Poor's
Composite Index of 500 Stocks.

AIT GOVERNMENT BOND FUND -- seeks high income, preservation of capital and
maintenance of liquidity, primarily through investments in debt instruments
issued or guaranteed by the U.S. Government or its agencies or
instrumentalities, and in related options, futures and repurchase agreements.

AIT MONEY MARKET FUND -- seeks maximum current income consistent with the
preservation of capital and liquidity. The Money Market Fund is invested in a
diversified portfolio of high-quality, short-term money market instruments.

AIT SELECT AGGRESSIVE GROWTH FUND - seeks above-average capital appreciation by
investing primarily in common stocks of companies which are believed to have
significant potential for capital appreciation.

AIT SELECT CAPITAL APPRECIATION FUND - seeks long-term growth of capital.
Realization of income is not a significant investment consideration and any
income realized on the Fund's investments will be incidental to its primary
objective. The Fund will invest primarily in common stock of industries and
companies which are experiencing favorable demand for their products and
services, and which operate in a favorable competitive environment and
regulatory climate.

AIT SELECT EMERGING MARKETS FUND - seeks long-term growth of capital by
investing in the world's emerging markets.

AIT SELECT GROWTH FUND - seeks to achieve growth of capital by investing in a
diversified portfolio consisting primarily of common stocks selected on the
basis of their long-term growth potential.

AIT SELECT GROWTH AND INCOME FUND - seeks a combination of long-term growth of
capital and current income. The Fund will invest primarily in dividend-paying
common stocks and securities convertible into common stocks.

AIT SELECT INTERNATIONAL EQUITY FUND - seeks maximum long-term total return
(capital appreciation and income). The Fund will invest primarily in common
stocks of established non-U.S. companies.

AIT SELECT INVESTMENT GRADE INCOME FUND -- seeks as high a level of total return
(including both income and capital appreciation) as is consistent with prudent
investment management. The Select Investment Grade Income Fund is invested in a
diversified portfolio of fixed income securities.

AIT SELECT STRATEGIC GROWTH FUND - seeks long-term growth of capital by
investing primarily in common stocks of established companies.

AIT SELECT VALUE OPPORTUNITY FUND - seeks long-term growth of capital by
investing principally in diversified portfolio of common stocks of small and
mid-size companies whose securities at the time of purchase are considered by
the Sub-Adviser to be undervalued.

AIM V.I. AGGRESSIVE GROWTH FUND - seeks to achieve long-term growth of capital
by investing primarily in common stocks, convertible bonds, convertible
preferred stocks and warrants of small and medium sized companies.

AIM V.I. VALUE FUND - seeks to achieve long-term growth of capital by investing
primarily in equity securities judged by the Fund's investment advisor to be
undervalued relative to the investment advisor's appraisal of the current or
projected earnings of the companies issuing the securities, or relative to
current market values of assets owned by companies issuing the securities or
relative to the equity market generally. Income is a secondary objective.

<PAGE>

ALLIANCE GROWTH AND INCOME PORTFOLIO (CLASS B) - seeks reasonable current income
and reasonable opportunity for appreciation through investments primarily in
dividend paying common stocks of good quality. The Portfolio invests primarily
in stock of large, well established "blue chip" companies, fixed income and
convertible securities, and securities of foreign issuers.

ALLIANCE PREMIER GROWTH PORTFOLIO (CLASS B) - seeks growth of capital by
pursuing aggressive investment policies. The Portfolio invests primarily in
equity securities in a small number (40-50) of intensely researched U.S.
companies.

DGPF GROWTH OPPORTUNITIES SERIES (SERVICE CLASS) - seeks long-term capital
appreciation by investing its assets in a diversified portfolio of securities
exhibiting the potential for significant growth.

DGPF INTERNATIONAL EQUITY SERIES - seeks long-term growth without undue risk to
principal by investing primarily in equity securities of foreign issuers
providing the potential for capital appreciation and income.

FIDELITY VIP EQUITY-INCOME PORTFOLIO - seeks reasonable income by investing
primarily in income-producing equity securities. In choosing these securities,
the Portfolio also will consider the potential for capital appreciation. The
Portfolio's goal is to achieve a yield which exceeds the composite yield on the
securities comprising the S&P 500.

FIDELITY VIP GROWTH PORTFOLIO - seeks to achieve capital appreciation. The
Portfolio normally purchases common stocks, although its investments are not
restricted to any one type of security. Capital appreciation also may be found
in other types of securities, including bonds and preferred stocks.

FIDELITY VIP HIGH INCOME PORTFOLIO - seeks to obtain a high level of current
income by investing primarily in high-yielding, lower-rated fixed-income
securities (commonly referred to as "junk bonds"), while also considering growth
of capital. These securities are often considered to be speculative and involve
greater risk of default or price changes than securities assigned a high quality
rating. For more information about these lower-rated securities, see the
Fidelity VIP prospectus.

FIDELITY VIP OVERSEAS PORTFOLIO - seeks long-term growth of capital primarily
through investments in foreign securities and provides a means for aggressive
investors to diversify their own portfolios by participating in companies and
economies outside of the United States.

FIDELITY VIP II ASSET MANAGER PORTFOLIO - seeks high total return with reduced
risk over the long term by allocating its assets among domestic and foreign
stocks, bonds and short-term money market instruments.

FIDELITY VIP III GROWTH OPPORTUNITIES PORTFOLIO (SERVICE CLASS 2) - seeks to
provide capital growth by primarily investing in common stocks of domestic and
foreign issuers. The Portfolio may also invest in other types of securities
including bonds.

FRANKLIN NATURAL RESOURCES SECURITIES FUND (CLASS 2) - seeks capital
appreciation. The secondary goal is to provide current income. The Fund invests
primarily in equity securities of companies principally engaged in the natural
resources sector.

FRANKLIN SMALL CAP FUND (CLASS 2) - seeks capital growth. The Fund invests
primarily in equity securities of small cap U.S. companies.

INVESCO VIF HEALTH SCIENCES FUND - seeks to make an investment grow. The fund is
aggressively managed and invests primarily in equity securities of companies
that develop, produce or distribute products or services related to health care.

<PAGE>

JANUS ASPEN GROWTH PORTFOLIO (SERVICE SHARES) - seeks long-term growth of
capital in a manner consistent with the preservation of capital. The Portfolio
invests primarily in common stocks of larger, more established companies
selected for their growth potential.

JANUS ASPEN GROWTH AND INCOME PORTFOLIO (SERVICE SHARES) - seeks long-term
capital growth and income. The Portfolio normally emphasizes investments in
common stocks.

KVS DREMAN FINANCIAL SERVICES PORTFOLIO - seeks long-term capital appreciation
by investing primarily in common stocks and other equity securities of companies
in the financial services industry believed by the Portfolio's investment
manager to be undervalued.

KEMPER TECHNOLOGY GROWTH PORTFOLIO - seeks growth of capital.

PIONEER EMERGING MARKETS VCT PORTFOLIO (CLASS II) - seeks to invest in
securities of emerging market issuers for long-term growth of capital.

PIONEER REAL ESTATE GROWTH VCT PORTFOLIO (CLASS II) - seeks to invest primarily
in REITs and other real estate industry companies for long-term growth of
capital. Current income is the portfolio's secondary investment objective.

T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO - seeks long-term growth of capital
through investments primarily in common stocks of established, non-U.S.
companies.

CERTAIN UNDERLYING FUNDS HAVE INVESTMENT OBJECTIVES AND/OR POLICIES SIMILAR TO
THOSE OF OTHER UNDERLYING FUNDS. THEREFORE, TO CHOOSE SUB-ACCOUNTS WHICH BEST
MEET INDIVIDUAL NEEDS AND OBJECTIVES, CAREFULLY READ THE UNDERLYING FUND
PROSPECTUSES.

If there is a material change in the investment policy of a Sub-Account or the
Fund in which it invests, the Owner will be notified of the change. If the Owner
has Accumulated Value allocated to that Fund, he or she may have the Accumulated
Value reallocated without charge to another Fund or to the Fixed Account, where
available, on written request received by the Company within sixty (60) days of
the later of (1) the effective date of such change in the investment policy, or
(2) the receipt of the notice of the Owner's right to transfer.

***

The first sentence of the third paragraph of "A. Payments" under THE VARIABLE
ANNUITY POLICIES is replaced by the following:

Generally, unless otherwise requested, all payments will be allocated among
investment options in the same proportion that the initial net payment is
allocated (you may request allocations up to seventeen variable Sub-Accounts,
in addition to the AIT Money Market Fund, at one time) or, if subsequently
changed, according to the most recent allocation instructions.

***

<PAGE>

The section of APPENDIX B that is denoted by the number 7 is replaced in its
entirety by the following:

7. Because of the differences in the amount of the Free Withdrawal (see 4.
above), the following expense examples apply to Owners of A3018-91 and should be
referred to rather than examples (1)(a) and (1)(b) on page 8 of this Prospectus:

(1)(a) If, at the end of the applicable time period, you surrender your Policy
or annuitize under any period certain option, you would pay the following
expenses on a $1,000 investment, assuming a 5% annual return on assets and no
Rider:

<TABLE>
<CAPTION>
WITH SURRENDER CHARGE 1 YEAR 3 YEARS 5 YEARS 10 YEARS
--------------------- ------ ------- ------- --------
<S> <C> <C> <C> <C>
AIT Core Equity Fund.............................................. $92 $125 $151 $231
AIT Equity Index Fund............................................. $91 $121 $144 $217
AIT Government Bond Fund.......................................... $94 $129 $158 $245
AIT Money Market Fund............................................. $90 $119 $141 $211
AIT Select Aggressive Growth Fund................................. $96 $137 $171 $271
AIT Select Capital Appreciation Fund.............................. $97 $140 $176 $281
AIT Select Emerging Markets Fund.................................. $106 $168 $223 $370
AIT Select Growth Fund............................................ $96 $135 $169 $267
AIT Select Growth and Income Fund................................. $95 $133 $164 $257
AIT Select International Equity Fund.............................. $98 $141 $179 $286
AIT Select Investment Grade Income Fund........................... $92 $125 $152 $233
AIT Select Strategic Growth Fund.................................. $99 $147 $188 $303
AIT Select Value Opportunity Fund................................. $97 $140 $176 $281
AIM V.I. Aggressive Growth Fund .................................. $99 $146 $187 $302
AIM V.I. Value Fund .............................................. $95 $133 $165 $260
Alliance Growth and Income Portfolio ............................. $97 $140 $176 $281
Alliance Premier Growth Portfolio ................................ $100 $149 $192 $312
DGPF Growth Opportunities Series ................................. $97 $140 $176 $281
DGPF International Equity Series ................................. $97 $139 $175 $279
Fidelity VIP Equity-Income Portfolio.............................. $93 $127 $156 $240
Fidelity VIP Growth Portfolio..................................... $94 $130 $160 $249
Fidelity VIP High Income Portfolio............................... $94 $131 $162 $252
Fidelity VIP Overseas Portfolio................................... $96 $138 $173 $275
Fidelity VIP II Asset Manager Portfolio........................... $94 $129 $159 $246
Fidelity VIP III Growth Opportunities Portfolio................... $97 $139 $176 $280
Franklin Natural Resources Securities Fund........................ $96 $138 $173 $275
Franklin Small Cap Fund........................................... $98 $143 $181 $290
INVESCO VIF Health Sciences Fund.................................. $102 $155 $201 $330
Janus Aspen Growth Portfolio...................................... $97 $138 $174 $276
Janus Aspen Growth and Income Portfolio........................... $100 $149 $192 $313
KVS Dreman Financial Services Portfolio........................... $97 $140 $177 $283
Kemper Technology Growth Portfolio................................ $97 $139 $175 $279
Pioneer Emerging Markets VCT Portfolio............................ $109 $174 $233 $389
Pioneer Real Estate Growth VCT Portfolio.......................... $101 $152 $197 $322
T. Rowe Price International Stock Portfolio....................... $98 $142 $180 $289
</TABLE>

(1)(b) If, at the end of the applicable time period, you surrender your Policy
or annuitize under any period certain option, you would pay the following
expenses on a $1,000 investment, assuming a 5% annual return on assets and
election of the Minimum Guaranteed Annuity Payout (M-GAP) Rider with a ten-year
waiting period:

<PAGE>

<TABLE>
<CAPTION>
WITH SURRENDER CHARGE 1 YEAR 3 YEARS 5 YEARS 10 YEARS
--------------------- ------ ------- ------- --------
<S> <C> <C> <C> <C>
AIT Core Equity Fund............................................. $95 $132 $164 $256
AIT Equity Index Fund............................................ $93 $128 $157 $243
AIT Government Bond Fund......................................... $96 $137 $171 $271
AIT Money Market Fund............................................ $93 $127 $154 $237
AIT Select Aggressive Growth Fund................................ $99 $144 $184 $295
AIT Select Capital Appreciation Fund............................. $100 $147 $188 $305
AIT Select Emerging Markets Fund................................. $109 $175 $234 $392
AIT Select Growth Fund........................................... $98 $143 $182 $291
AIT Select Growth and Income Fund................................ $97 $140 $177 $283
AIT Select International Equity Fund............................. $100 $149 $191 $310
AIT Select Investment Grade Income Fund.......................... $95 $133 $165 $258
AIT Select Strategic Growth Fund................................. $102 $154 $200 $327
AIT Select Value Opportunity Fund................................ $100 $147 $188 $305
AIM V.I. Aggressive Growth Fund ................................. $102 $154 $199 $326
AIM V.I. Value Fund ............................................. $97 $141 $178 $285
Alliance Growth and Income Portfolio............................. $100 $147 $188 $305
Alliance Premier Growth Portfolio ............................... $103 $157 $204 $336
DGPF Growth Opportunities Series ................................ $100 $147 $188 $305
DGPF International Equity Series ................................ $99 $147 $188 $303
Fidelity VIP Equity-Income Portfolio............................. $96 $135 $168 $266
Fidelity VIP Growth Portfolio.................................... $96 $138 $173 $275
Fidelity VIP High Income Portfolio............................... $97 $139 $175 $278
Fidelity VIP Overseas Portfolio.................................. $99 $145 $186 $299
Fidelity VIP II Asset Manager Portfolio.......................... $96 $137 $171 $272
Fidelity VIP III Growth Opportunities Portfolio.................. $99 $147 $188 $304
Franklin Natural Resources Securities Fund....................... $99 $145 $186 $299
Franklin Small Cap Fund.......................................... $101 $150 $193 $315
INVESCO VIF Health Sciences Fund................................. $105 $162 $213 $353
Janus Aspen Growth Portfolio..................................... $99 $146 $186 $300
Janus Aspen Growth and Income Portfolio.......................... $103 $157 $205 $336
KVS Dreman Financial Services Portfolio.......................... $100 $148 $189 $307
Kemper Technology Growth Portfolio............................... $99 $147 $188 $303
Pioneer Emerging Markets VCT Portfolio........................... $111 $181 $244 $410
Pioneer Real Estate Growth VCT Portfolio......................... $104 $160 $210 $346
T. Rowe Price International Stock Portfolio...................... $100 $149 $192 $313
</TABLE>

***

<PAGE>

The Performance Tables found in APPENDIX B are replaced in their entirety by the
following:

PERFORMANCE TABLES
FIRST ALLMERICA FINANCIAL LIFE INSURANCE COMPANY
EXECANNUITY PLUS '91 (ISSUED ON FORM A3018-94)

TABLE 1A
AVERAGE ANNUAL TOTAL RETURNS OF SUB-ACCOUNT
FOR PERIODS ENDING DECEMBER 31, 1999
SINCE INCEPTION OF SUB-ACCOUNT
(ASSUMING COMPLETE WITHDRAWAL OF THE INVESTMENT)

<TABLE>
<CAPTION>
SUB-ACCOUNT FOR YEAR SINCE
INCEPTION ENDED INCEPTION OF
SUB-ACCOUNT INVESTING IN UNDERLYING FUND DATE 12/31/99 5 YEARS SUB-ACCOUNT
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIT Core Equity Fund................................. 4/20/94 19.24% 22.88% 20.66%
AIT Equity Index Fund................................ 4/21/94 10.48% 25.47% 22.83%
AIT Government Bond Fund............................. 4/20/94 -8.36% 3.84% 3.48%
AIT Money Market Fund................................ 4/10/94 -3.85% 3.03% 3.15%
AIT Select Aggressive Growth Fund.................... 4/20/94 28.37% 20.91% 18.65%
AIT Select Capital Appreciation Fund................. 4/30/95 15.40% N/A 18.99%
AIT Select Emerging Markets Fund..................... N/A* N/A* N/A* N/A*
AIT Select Growth Fund............................... 4/20/94 19.70% 26.72% 24.36%
AIT Select Growth and Income Fund.................... 4/20/94 8.55% 19.36% 17.48%
AIT Select International Equity Fund................. 5/3/94 21.61% 16.17% 13.29%
AIT Select Investment Grade Income Fund.............. 4/21/94 -9.49% 4.99% 4.31%
AIT Select Strategic Growth Fund..................... N/A* N/A* N/A* N/A*
AIT Select Value Opportunity Fund.................... 4/20/94 -13.03% 11.13% 9.30%
AIM V.I. Aggressive Growth Fund...................... N/A* N/A* N/A* N/A*
AIM V.I. Value Fund.................................. N/A* N/A* N/A* N/A*
Alliance Growth and Income Portfolio................. N/A* N/A* N/A* N/A*
Alliance Premier Growth Portfolio.................... N/A* N/A* N/A* N/A*
DGPF Growth Opportunities Series..................... N/A* N/A* N/A* N/A*
DGPF International Equity Series..................... 4/20/94 5.97% 10.87% 9.44%
Fidelity VIP Equity-Income Portfolio................. 4/20/94 -3.05% 16.14% 15.54%
Fidelity VIP Growth Portfolio........................ 4/20/94 27.14% 27.27% 25.15%
Fidelity VIP High Income Portfolio................... 4/20/94 -1.27% 8.41% 7.35%
Fidelity VIP Overseas Portfolio...................... 4/20/94 32.45% 15.02% 12.70%
Fidelity VIP II Asset Manager Portfolio.............. 5/11/94 1.54% 13.32% 11.53%
Fidelity VIP III Growth Opportunities Portfolio...... N/A* N/A* N/A* N/A*
Franklin Natural Resources Securities Fund........... N/A* N/A* N/A* N/A*
Franklin Small Cap Fund.............................. N/A* N/A* N/A* N/A*
INVESCO VIF Health Sciences Fund..................... N/A* N/A* N/A* N/A*
Janus Aspen Growth Portfolio......................... N/A* N/A* N/A* N/A*
Janus Aspen Growth and Income Portfolio.............. N/A* N/A* N/A* N/A*
KVS Dreman Financial Services Portfolio............. N/A* N/A* N/A* N/A*
Kemper Technology Growth Portfolio................... N/A* N/A* N/A* N/A*
Pioneer Emerging Markets VCT Portfolio............... N/A* N/A* N/A* N/A*
Pioneer Real Estate Growth VCT Portfolio............. N/A* N/A* N/A* N/A*
T. Rowe Price International Stock Portfolio.......... 5/1/95 23.26% N/A 13.09%
</TABLE>

*This is a new Sub-Account so there are no historical figures for this
Sub-Account.

<PAGE>

TABLE 1B
SUPPLEMENTAL AVERAGE ANNUAL TOTAL RETURNS OF SUB-ACCOUNT
FOR PERIODS ENDING DECEMBER 31, 1999
SINCE INCEPTION OF SUB-ACCOUNT
(ASSUMING NO WITHDRAWAL OF THE INVESTMENT AND NO POLICY FEES)

<TABLE>
<CAPTION>
SUB-ACCOUNT FOR YEAR SINCE
INCEPTION ENDED INCEPTION OF
SUB-ACCOUNT INVESTING IN UNDERLYING FUND DATE 12/31/99 5 YEARS SUB-ACCOUNT
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIT Core Equity Fund................................. 4/20/94 27.46% 23.46% 21.10%
AIT Equity Index Fund................................ 4/21/94 18.67% 25.96% 23.20%
AIT Government Bond Fund............................. 4/20/94 -1.22% 4.71% 4.10%
AIT Money Market Fund................................ 4/10/94 3.66% 3.96% 3.81%
AIT Select Aggressive Growth Fund.................... 4/20/94 36.65% 21.57% 19.18%
AIT Select Capital Appreciation Fund................. 4/30/95 23.55% N/A 19.67%
AIT Select Emerging Markets Fund..................... N/A* N/A* N/A* N/A*
AIT Select Growth Fund............................... 4/20/94 27.92% 27.23% 24.74%
AIT Select Growth and Income Fund.................... 4/20/94 16.71% 19.96% 17.93%
AIT Select International Equity Fund................. 5/3/94 29.81% 16.86% 13.84%
AIT Select Investment Grade Income Fund.............. 4/21/94 -2.41% 5.85% 4.94%
AIT Select Strategic Growth Fund..................... N/A* N/A* N/A* N/A*
AIT Select Value Opportunity Fund.................... 4/20/94 -6.08% 11.91% 9.90%
AIM V.I. Aggressive Growth Fund...................... N/A* N/A* N/A* N/A*
AIM V.I. Value Fund.................................. N/A* N/A* N/A* N/A*
Alliance Growth and Income Portfolio................. N/A* N/A* N/A* N/A*
Alliance Premier Growth Portfolio.................... N/A* N/A* N/A* N/A*
DGPF Growth Opportunities Series..................... N/A* N/A* N/A* N/A*
DGPF International Equity Series..................... 4/20/94 14.08% 11.61% 9.99%
Fidelity VIP Equity-Income Portfolio................. 4/20/94 4.79% 16.92% 16.13%
Fidelity VIP Growth Portfolio........................ 4/20/94 35.45% 27.89% 25.65%
Fidelity VIP High Income Portfolio................... 4/20/94 6.59% 9.28% 8.01%
Fidelity VIP Overseas Portfolio...................... 4/20/94 40.56% 15.69% 13.21%
Fidelity VIP II Asset Manager Portfolio.............. 5/11/94 9.48% 13.98% 12.01%
Fidelity VIP III Growth Opportunities Portfolio...... N/A* N/A* N/A* N/A*
Franklin Natural Resources Securities Fund........... N/A* N/A* N/A* N/A*
Franklin Small Cap Fund.............................. N/A* N/A* N/A* N/A*
INVESCO VIF Health Sciences Fund..................... N/A* N/A* N/A* N/A*
Janus Aspen Growth Portfolio......................... N/A* N/A* N/A* N/A*
Janus Aspen Growth and Income Portfolio.............. N/A* N/A* N/A* N/A*
KVS Dreman Financial Services Portfolio............. N/A* N/A* N/A* N/A*
Kemper Technology Growth Portfolio................... N/A* N/A* N/A* N/A*
Pioneer Emerging Markets VCT Portfolio............... N/A* N/A* N/A* N/A*
Pioneer Real Estate Growth VCT Portfolio............. N/A* N/A* N/A* N/A*
T. Rowe Price International Stock Portfolio.......... 5/1/95 31.39% N/A 13.87%
</TABLE>

*This is a new Sub-Account so there are no historical figures for this
Sub-Account.

<PAGE>

TABLE 2A
AVERAGE ANNUAL TOTAL RETURNS OF SUB-ACCOUNT
FOR PERIODS ENDING DECEMBER 31, 1999
SINCE INCEPTION OF UNDERLYING FUND
(ASSUMING COMPLETE WITHDRAWAL OF THE INVESTMENT)

<TABLE>
<CAPTION>
UNDERLYING 10 YEARS OR
FUND FOR YEAR SINCE
INCEPTION ENDED INCEPTION
SUB-ACCOUNT INVESTING IN UNDERLYING FUND DATE 12/31/99 5 YEARS IF LESS
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIT Core Equity Fund............................... 4/29/85 19.24% 22.88% 15.50%
AIT Equity Index Fund.............................. 9/28/90 10.48% 25.47% 18.85%
AIT Government Bond Fund........................... 8/26/91 -8.36% 3.84% 4.58%
AIT Money Market Fund.............................. 4/29/85 -3.85% 3.03% 3.67%
AIT Select Aggressive Growth Fund.................. 8/21/92 28.37% 20.91% 18.69%
AIT Select Capital Appreciation Fund............... 4/28/95 15.40% N/A 18.99%
AIT Select Emerging Markets Fund................... 2/20/98 55.33% N/A 9.64%
AIT Select Growth Fund............................. 8/21/92 19.70% 26.72% 18.60%
AIT Select Growth and Income Fund.................. 8/21/92 8.55% 19.36% 14.01%
AIT Select International Equity Fund............... 5/2/94 21.61% 16.17% 13.28%
AIT Select Investment Grade Income Fund............ 4/29/85 -9.49% 4.99% 6.10%
AIT Select Strategic Growth Fund................... 2/20/98 6.37% N/A 1.13%
AIT Select Value Opportunity Fund.................. 4/30/93 -13.03% 11.13% 9.58%
AIM V.I. Aggressive Growth Fund.................... 5/1/98 34.56% N/A 17.65%
AIM V.I. Value Fund................................ 5/5/93 20.01% 24.97% 20.97%
Alliance Growth and Income Portfolio............... 1/14/91 1.85% 21.65% 13.70%
Alliance Premier Growth Portfolio.................. 6/26/92 22.39% 33.74% 24.27%
DGPF Growth Opportunities Series................... 7/12/91 52.56% 24.69% 14.70%
DGPF International Equity Series................... 10/29/92 5.97% 10.87% 10.26%
Fidelity VIP Equity-Income Portfolio............... 10/9/86 -3.05% 16.14% 12.71%
Fidelity VIP Growth Portfolio...................... 10/9/86 27.14% 27.27% 17.98%
Fidelity VIP High Income Portfolio................. 9/19/85 -1.27% 8.41% 10.71%
Fidelity VIP Overseas Portfolio.................... 1/28/87 32.45% 15.02% 9.73%
Fidelity VIP II Asset Manager Portfolio............ 9/6/89 1.54% 13.32% 11.48%
Fidelity VIP III Growth Opportunities Portfolio.... 1/3/95 -4.64% N/A 19.15%
Franklin Natural Resources Securities Fund......... 1/24/89 21.98% -5.70% -1.34%
Franklin Small Cap Fund............................ 11/1/95 85.58% N/A 27.08%
INVESCO VIF Health Sciences Fund................... 5/22/97 -4.67% N/A 11.45%
Janus Aspen Growth Portfolio....................... 9/13/93 33.91% 27.62% 22.04%
Janus Aspen Growth and Income Portfolio............ 5/1/98 63.51% N/A 48.98%
KVS Dreman Financial Services Portfolio........... 5/4/98 -13.17% N/A -10.18%
Kemper Technology Growth Portfolio................. 5/3/99 N/A N/A 67.11%
Pioneer Emerging Markets VCT Portfolio............. 10/30/98 68.14% N/A 60.62%
Pioneer Real Estate Growth VCT Portfolio........... 10/30/98 -12.60% N/A 5.83%
T. Rowe Price International Stock Portfolio........ 3/31/94 23.26% 12.85% 11.30%
</TABLE>

<PAGE>

TABLE 2B
SUPPLEMENTAL AVERAGE ANNUAL TOTAL RETURNS OF SUB-ACCOUNT
FOR PERIODS ENDING DECEMBER 31, 1999
SINCE INCEPTION OF UNDERLYING FUND
(ASSUMING NO WITHDRAWAL OF THE INVESTMENT AND NO POLICY FEES)

<TABLE>
<CAPTION>
UNDERLYING 10 YEARS OR
FUND FOR YEAR SINCE
INCEPTION ENDED INCEPTION
SUB-ACCOUNT INVESTING IN UNDERLYING FUND DATE 12/31/99 5 YEARS IF LESS
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIT Core Equity Fund............................... 4/29/85 27.46% 23.46% 15.64%
AIT Equity Index Fund.............................. 9/28/90 18.67% 25.96% 18.94%
AIT Government Bond Fund........................... 8/26/91 -1.22% 4.71% 4.69%
AIT Money Market Fund.............................. 4/29/85 3.66% 3.96% 3.73%
AIT Select Aggressive Growth Fund.................. 8/21/92 36.65% 21.57% 18.97%
AIT Select Capital Appreciation Fund............... 4/28/95 23.55% N/A 19.67%
AIT Select Emerging Markets Fund................... 2/20/98 63.34% N/A 13.57%
AIT Select Growth Fund............................. 8/21/92 27.92% 27.23% 18.83%
AIT Select Growth and Income Fund.................. 8/21/92 16.71% 19.96% 14.25%
AIT Select International Equity Fund............... 5/2/94 29.81% 16.86% 13.83%
AIT Select Investment Grade Income Fund............ 4/29/85 -2.41% 5.85% 6.15%
AIT Select Strategic Growth Fund................... 2/20/98 14.38% N/A 5.29%
AIT Select Value Opportunity Fund.................. 4/30/93 -6.08% 11.91% 9.98%
AIM V.I. Aggressive Growth Fund.................... 5/1/98 42.57% N/A 21.92%
AIM V.I. Value Fund................................ 5/5/93 28.02% 25.39% 21.18%
Alliance Growth and Income Portfolio............... 1/14/91 9.75% 22.11% 13.79%
Alliance Premier Growth Portfolio.................. 6/26/92 30.39% 34.06% 24.37%
DGPF Growth Opportunities Series................... 7/12/91 60.56% 25.11% 14.79%
DGPF International Equity Series................... 10/29/92 14.08% 11.61% 10.50%
Fidelity VIP Equity-Income Portfolio............... 10/9/86 4.79% 16.92% 12.95%
Fidelity VIP Growth Portfolio...................... 10/9/86 35.45% 27.89% 18.23%
Fidelity VIP High Income Portfolio................. 9/19/85 6.59% 9.28% 10.83%
Fidelity VIP Overseas Portfolio.................... 1/28/87 40.56% 15.69% 9.84%
Fidelity VIP II Asset Manager Portfolio............ 9/6/89 9.48% 13.98% 11.53%
Fidelity VIP III Growth Opportunities Portfolio.... 1/3/95 2.76% N/A 19.75%
Franklin Natural Resources Securities Fund......... 1/24/89 29.99% -4.82% -1.33%
Franklin Small Cap Fund............................ 11/1/95 93.59% N/A 27.76%
INVESCO VIF Health Sciences Fund................... 5/22/97 3.34% N/A 19.46%
Janus Aspen Growth Portfolio....................... 9/13/93 41.92% 28.00% 22.26%
Janus Aspen Growth and Income Portfolio............ 5/1/98 71.52% N/A 52.63%
KVS Dreman Financial Services Portfolio........... 5/4/98 -6.43% N/A -6.04%
Kemper Technology Growth Portfolio................. 5/3/99 N/A N/A 75.12%
Pioneer Emerging Markets VCT Portfolio............. 10/30/98 76.15% N/A 66.92%
Pioneer Real Estate Growth VCT Portfolio........... 10/30/98 -5.81% N/A 6.81%
T. Rowe Price International Stock Portfolio........ 3/31/94 31.39% 13.56% 11.82%
</TABLE>

***

SUPPLEMENT DATED AUGUST 1, 2000

<PAGE>

SEPARATE ACCOUNT VA-K
(ALLMERICA ADVANTAGE)

ALLMERICA FINANCIAL LIFE INSURANCE AND ANNUITY COMPANY
FIRST ALLMERICA FINANCIAL LIFE INSURANCE COMPANY

SUPPLEMENT DATED AUGUST 1, 2000 TO PROSPECTUS DATED MAY 1, 2000

***

Allmerica Investment Trust is referred to throughout the prospectus as "the
Trust." Wherever this term is used to refer to Allmerica Investment Trust it
shall hereby be replaced by "AIT."

***

The second paragraph of the first page of the prospectus is being replaced in
its entirety with the following:

The Variable Account, known as Separate Account VA-K, is subdivided into
Sub-Accounts. Each Sub-Account offered as an investment option invests
exclusively in shares of one of the following funds:

<TABLE>
<S><C>
ALLMERICA INVESTMENT TRUST FIDELITY VARIABLE INSURANCE PRODUCTS FUND
-------------------------- -----------------------------------------
AIT Core Equity Fund Fidelity VIP Equity-Income Portfolio
AIT Equity Index Fund Fidelity VIP Growth Portfolio
AIT Government Bond Fund Fidelity VIP High Income Portfolio
AIT Money Market Fund Fidelity VIP Overseas Portfolio
AIT Select Aggressive Growth Fund FIDELITY VARIABLE INSURANCE PRODUCTS FUND II
AIT Select Capital Appreciation Fund --------------------------------------------
AIT Select Emerging Markets Fund Fidelity VIP II Asset Manager Portfolio
AIT Select Growth Fund FIDELITY VARIABLE INSURANCE PRODUCTS FUND III
AIT Select Growth and Income Fund ---------------------------------------------
AIT Select International Equity Fund (SERVICE CLASS 2)
AIT Select Investment Grade Income Fund ------------------
AIT Select Strategic Growth Fund Fidelity VIP III Growth Opportunities Portfolio
AIT Select Value Opportunity Fund FRANKLIN TEMPLETON VARIABLE INSURANCE
AIM VARIABLE INSURANCE FUNDS -------------------------------------
---------------------------- PRODUCTS TRUST (CLASS 2)
AIM V.I. Aggressive Growth Fund ------------------------
AIM V.I. Value Fund Franklin Natural Resources Securities Fund
ALLIANCE VARIABLE PRODUCTS SERIES Franklin Small Cap Fund
--------------------------------- INVESCO VARIABLE INVESTMENT FUNDS, INC.
FUND, INC. (CLASS B) ---------------------------------------
--------------------- INVESCO VIF Health Sciences Fund
Alliance Growth and Income Portfolio JANUS ASPEN SERIES (SERVICE SHARES)
Alliance Premier Growth Portfolio -----------------------------------
DELAWARE GROUP PREMIUM FUND Janus Aspen Growth Portfolio
---------------------------- Janus Aspen Growth and Income Portfolio
(SERVICE CLASS) KEMPER VARIABLE SERIES
--------------- ----------------------
DGPF Growth Opportunities Series KVS Dreman Financial Services Portfolio
DELAWARE GROUP PREMIUM FUND Kemper Technology Growth Portfolio
--------------------------- PIONEER VARIABLE CONTRACTS TRUST (CLASS II)
DGPF International Equity Series -------------------------------------------
Pioneer Emerging Markets VCT Portfolio
Pioneer Real Estate Growth VCT Portfolio
T. ROWE PRICE INTERNATIONAL SERIES, INC.
----------------------------------------
T. Rowe Price International Stock Portfolio
</TABLE>
***

1
<PAGE>

***

The third line in the Table of Contents is replaced in its entirety by the
following:

DESCRIPTION OF THE COMPANIES, THE VARIABLE ACCOUNTS, AND THE UNDERLYING
INVESTMENT COMPANIES

***

Under the SPECIAL TERMS section of the prospectus, the definitions of the terms
Sub-Account and Underlying Fund (Funds) are replaced in their entirety with the
following:

SUB-ACCOUNT: a subdivision of the Variable Account investing exclusively in the
shares of a corresponding fund of Allmerica Investment Trust ("AIT"), a
corresponding fund of AIM Variable Insurance Funds ("AVIF"), a corresponding
portfolio of Alliance Variable Products Series Fund, Inc. ("Alliance"), a
corresponding series of Delaware Group Premium Fund ("DGPF"), a corresponding
portfolio of the Fidelity Variable Insurance Products Fund ("Fidelity VIP"), a
corresponding portfolio of Fidelity Variable Insurance Products Fund II
("Fidelity VIP II"), a corresponding portfolio of Fidelity Variable Insurance
Products Fund III ("Fidelity VIP III"), a corresponding fund of Franklin
Templeton Variable Insurance Products Trust ("FT VIP"), a corresponding fund of
INVESCO Variable Investment Funds, Inc. (INVESCO VIF"), a corresponding
portfolio of Janus Aspen Series ("Janus Aspen"), a corresponding portfolio of
Kemper Variable Series ("KVS"), a corresponding portfolio of Pioneer Variable
Contracts Trust ("Pioneer VCT") or a corresponding portfolio of T. Rowe Price
International Series, Inc. ("T. Rowe Price").

***

Under the SUMMARY OF FEES AND EXPENSES, the sections entitled (3) Annual
Underlying Funds Expenses and EXPENSE EXAMPLES are replaced in their entirety
with the following:

(3) ANNUAL UNDERLYING FUND EXPENSES: Total expenses of the Underlying Funds are
not fixed or specified under the terms of the Contract and will vary from year
to year. The levels of fees and expenses also vary among the Underlying Funds.
The following table shows the expenses of the Underlying Funds as a percentage
of average net assets for the year ended December 31, 1999, as adjusted for any
material changes.

2
<PAGE>

<TABLE>
<S> <C> <C> <C> <C>
AIT Select Capital Appreciation Fund............. 0.90%* - 0.07% 0.97%(1)*
AIT Select Emerging Markets Fund................. 1.35% - 0.57% 1.92%(1)(2)
AIT Select Growth Fund........................... 0.78% - 0.05% 0.83%(1)(2)
AIT Select Growth and Income Fund................ 0.67% - 0.07% 0.74%(1)(2)
AIT Select International Equity Fund............. 0.89% - 0.13% 1.02%(1)(2)
AIT Select Investment Grade Income Fund ......... 0.43% - 0.07% 0.50%(1)
AIT Select Strategic Growth Fund................. 0.85% - 0.35% 1.20%(1)(2)
AIT Select Value Opportunity Fund................ 0.90% - 0.07% 0.97%(1)(2)
AIM V.I. Aggressive Growth Fund ................. 0.00% - 1.19% 1.19%(3)
AIM V.I. Value Fund ............................. 0.61% - 0.15% 0.76%
Alliance Growth and Income Portfolio (Class B)... 0.63% 0.25% 0.09% 0.97%
Alliance Premier Growth Portfolio (Class B)...... 1.00% 0.25% 0.04% 1.29%
DGPF Growth Opportunities Series (Service Class). 0.75% 0.15% 0.07% 0.97%(4)
DGPF International Equity Series ................ 0.83% - 0.12% 0.95%(5)
Fidelity VIP Equity-Income Portfolio ............ 0.48% - 0.09% 0.57%(6)
Fidelity VIP Growth Portfolio ................... 0.58% - 0.08% 0.66%(6)
Fidelity VIP High Income Portfolio .............. 0.58% - 0.11% 0.69%
Fidelity VIP Overseas Portfolio ................. 0.73% - 0.18% 0.91%(6)
Fidelity VIP II Asset Manager Portfolio ......... 0.53% - 0.10% 0.63%(6)
Fidelity VIP III Growth Opportunities Portfolio
(Service Class 2) ............................... 0.58% 0.25% 0.13% 0.96%(7)
Franklin Natural Resources Securities Fund
(Class 2) ....................................... 0.62% 0.25% 0.04% 0.91%(8)
Franklin Small Cap Fund (Class 2) ............... 0.55% 0.25% 0.27% 1.07%(8)(9)
INVESCO VIF Health Sciences Fund ................ 0.75% - 0.73% 1.48%(10)
Janus Aspen Growth Portfolio (Service Shares).... 0.65% 0.25% 0.02% 0.92%(11)
Janus Aspen Growth and Income Portfolio
(Service Shares) ................................ 0.65% 0.25% 0.40% 1.30%(11)
KVS Dreman Financial Services Portfolio ......... 0.70% - 0.29% 0.99%(12)
Kemper Technology Growth Portfolio .............. 0.51% - 0.44% 0.95%(12)(13)
Pioneer Emerging Markets VCT Portfolio
(Class II) ...................................... 0.00% 0.25% 1.88% 2.13%(14)(15)
Pioneer Real Estate Growth VCT Portfolio
(Class II) ...................................... 0.85% 0.25% 0.30% 1.40%(14)(15)
T. Rowe Price International Stock Portfolio ..... 1.05% - 0.00% 1.05%
</TABLE>

(1) Until further notice, Allmerica Financial Investment Management Services,
Inc. ("AFIMS") has declared a voluntary expense limitation of 1.50% of average
net assets for Select International Equity Fund, 1.35% for Select Aggressive
Growth Fund and Select Capital Appreciation Fund, 1.25% for Select Value
Opportunity Fund, 1.20% for Select Growth Fund and Core Equity Fund, 1.10% for
Select Growth and Income Fund, 1.00% for Select Investment Grade Income Fund and
Government Bond Fund, and 0.60% for Equity Index Fund and Money Market Fund. The
total operating expenses of these Funds of the Trust were less than their
respective expense limitations throughout 1999.

Until further notice, AFIMS has declared a voluntary expense limitation of 1.20%
of average daily net assets for the Select Strategic Growth Fund. In addition,
AFIMS has agreed to voluntarily

3
<PAGE>

waive its management fee to the extent that expenses of the Select Emerging
Markets Fund exceed 2.00% of the Fund's average daily net assets, except that
such waiver shall not exceed the net amount of management fees earned by AFIMS
from the Fund after subtracting fees paid by AFIMS to a sub-advisor.

(7) Service Class 2 expenses are based on the estimated expenses for the first
year.

4
<PAGE>

(11) Expenses are based on the estimated expenses that the new Service Shares
Class of each Portfolio expects to incur in its initial fiscal year.

(13) The Kemper Technology Growth Portfolio commenced operations on May 1, 1999,
therefore "other expenses" are annualized. Actual expenses may be greater or
less than shown.

The Underlying Fund information above was provided by the Underlying Funds and
was not independently verified by the Company.

5
<PAGE>

EXPENSE EXAMPLES: The following examples demonstrate the cumulative expenses
which an Owner would pay at 1-year, 3-year, 5-year and 10-year intervals under
certain contingencies. Each example assumes a $1,000 investment in a Sub-Account
and a 5% annual return on assets and assumes that the Underlying Fund expenses
listed above remain the same in each of the 1, 3, 5 and 10-year intervals. As
required by rules of the Securities and Exchange Commission (the "SEC"), the
Contract fee is reflected in the examples by a method designed to show the
"average" impact of the Contract Fee on an investment in the Variable Account.
The total Contract fees collected under the Contracts by the Company are divided
by the total average net assets attributable to the Contracts. The resulting
percentage is 0.05%, and the amount of the Contract fee is assumed to be $0.50
in the examples. The Contract fee is only deducted when the Accumulated Value is
less than $50,000. Lower costs apply to Contracts issued and maintained as part
of a 401(k) plan. Because the expenses of the Underlying Funds differ, separate
examples are used to illustrate the expenses incurred by an Owner on an
investment in the various Sub-Accounts.

THESE EXAMPLES SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN.

(1)(a) If, at the end of the applicable time period, you surrender your Contract
or annuitize* under any commutable period certain option or a noncommutable
fixed period certain option of less than ten years, you would pay the following
expenses on a $1,000 investment, assuming a 5% annual return on assets and no
Riders:**

<TABLE>
<CAPTION>
WITH SURRENDER CHARGE 1 YEAR 3 YEARS 5 YEARS 10 YEARS
--------------------- ------ ------- ------- --------
<S> <C> <C> <C> <C>
AIT Core Equity Fund.............................................. $94 $131 $157 $231
AIT Equity Index Fund............................................. $93 $127 $150 $217
AIT Government Bond Fund.......................................... $96 $135 $164 $245
AIT Money Market Fund............................................. $92 $126 $147 $211
AIT Select Aggressive Growth Fund................................. $98 $142 $177 $271
AIT Select Capital Appreciation Fund.............................. $99 $145 $182 $281
AIT Select Emerging Markets Fund.................................. $108 $171 $227 $370
AIT Select Growth Fund............................................ $98 $141 $175 $267
AIT Select Growth and Income Fund................................. $97 $138 $170 $257
AIT Select International Equity Fund.............................. $99 $146 $184 $286
AIT Select Investment Grade Income Fund........................... $94 $132 $158 $233
AIT Select Strategic Growth Fund.................................. $101 $151 $193 $303
AIT Select Value Opportunity Fund................................. $99 $145 $182 $281
AIM V.I. Aggressive Growth Fund................................... $101 $151 $192 $302
AIM V.I. Value Fund .............................................. $97 $139 $171 $260
Alliance Growth and Income Portfolio.............................. $99 $145 $182 $281
Alliance Premier Growth Portfolio................................. $102 $154 $197 $312
DGPF Growth Opportunities Series.................................. $99 $145 $182 $281
DGPF International Equity Series.................................. $90 $117 $132 $179
Fidelity VIP Equity-Income Portfolio.............................. $90 $117 $132 $179
Fidelity VIP Growth Portfolio..................................... $96 $136 $166 $249
Fidelity VIP High Income Portfolio................................ $96 $137 $167 $252
Fidelity VIP Overseas Portfolio................................... $98 $143 $179 $275
Fidelity VIP II Asset Manager Portfolio........................... $96 $135 $164 $246
Fidelity VIP III Growth Opportunities Portfolio................... $99 $145 $181 $280
Franklin Natural Resources Securities Fund........................ $98 $143 $179 $275
Franklin Small Cap Fund........................................... $100 $148 $187 $290
INVESCO VIF Health Sciences Fund.................................. $104 $159 $206 $330
Janus Aspen Growth Portfolio...................................... $98 $143 $179 $276
Janus Aspen Growth and Income Portfolio........................... $102 $154 $198 $313
KVS Dreman Financial Services Portfolio........................... $99 $145 $183 $283
Kemper Technology Growth Portfolio................................ $99 $144 $181 $279
Pioneer Emerging Markets VCT Portfolio............................ $110 $177 $236 $389
</TABLE>

6
<PAGE>

<TABLE>
<S> <C> <C> <C> <C>
Pioneer Real Estate Growth VCT Portfolio.......................... $103 $157 $203 $322
T. Rowe Price International Stock Portfolio....................... $100 $147 $186 $289
</TABLE>

(1)(b) If, at the end of the applicable time period, you surrender your Contract
or annuitize* under any commutable period certain option or a noncommutable
fixed period certain option of less than ten years, you would pay the following
expenses on a $1,000 investment, assuming a 5% annual return on assets and
election of the Minimum Guaranteed Annuity Payout Rider** with a ten-year
waiting period:

<TABLE>
<CAPTION>
WITH SURRENDER CHARGE 1 YEAR 3 YEARS 5 YEARS 10 YEARS
--------------------- ------ ------- ------- --------
<S> <C> <C> <C> <C>
AIT Core Equity Fund............................................. $97 $138 $169 $256
AIT Equity Index Fund............................................ $95 $134 $163 $243
AIT Government Bond Fund......................................... $98 $142 $177 $271
AIT Money Market Fund............................................ $95 $133 $160 $237
AIT Select Aggressive Growth Fund................................ $100 $149 $189 $295
AIT Select Capital Appreciation Fund............................. $101 $152 $194 $305
AIT Select Emerging Markets Fund................................. $110 $178 $238 $392
AIT Select Growth Fund........................................... $100 $148 $187 $291
AIT Select Growth and Income Fund................................ $99 $145 $183 $283
AIT Select International Equity Fund............................. $102 $153 $196 $310
AIT Select Investment Grade Income Fund.......................... $97 $139 $170 $258
AIT Select Strategic Growth Fund................................. $103 $158 $205 $327
AIT Select Value Opportunity Fund................................ $101 $152 $194 $305
AIM V.I. Aggressive Growth Fund.................................. $103 $158 $205 $326
AIM V.I. Value Fund ............................................ $99 $146 $184 $285
Alliance Growth and Income Portfolio............................. $101 $152 $194 $305
Alliance Premier Growth Portfolio................................ $104 $161 $209 $336
DGPF Growth Opportunities Series................................. $101 $152 $194 $305
DGPF International Equity Series................................. $92 $124 $145 $206
Fidelity VIP Equity-Income Portfolio............................. $92 $124 $145 $206
Fidelity VIP Growth Portfolio.................................... $98 $143 $179 $275
Fidelity VIP High Income Portfolio............................... $99 $144 $180 $278
Fidelity VIP Overseas Portfolio.................................. $101 $150 $191 $299
Fidelity VIP II Asset Manager Portfolio.......................... $98 $142 $177 $272
Fidelity VIP III Growth Opportunities Portfolio.................. $101 $152 $193 $304
Franklin Natural Resources Securities Fund....................... $101 $150 $191 $299
Franklin Small Cap Fund.......................................... $102 $155 $199 $315
INVESCO VIF Health Sciences Fund................................. $106 $166 $218 $353
Janus Aspen Growth Portfolio..................................... $101 $150 $191 $300
Janus Aspen Growth and Income Portfolio.......................... $104 $161 $210 $336
KVS Dreman Financial Services Portfolio.......................... $101 $152 $195 $307
Kemper Technology Growth Portfolio............................... $101 $151 $193 $303
Pioneer Emerging Markets VCT Portfolio........................... $112 $184 $247 $410
Pioneer Real Estate Growth VCT Portfolio......................... $105 $164 $214 $346
T. Rowe Price International Stock Portfolio...................... $102 $154 $198 $313
</TABLE>

(2)(a) If, at the end of the applicable time period, you annuitize* under a life
option or any noncommutable fixed period certain option of ten years or more, or
if you do NOT surrender or annuitize your Contract, you would pay the following
expenses on a $1,000 investment, assuming a 5% annual return on assets and no
Riders.**

<PAGE>

<TABLE>
<S> <C> <C> <C> <C>
AIT Select Aggressive Growth Fund............................... $24 $74 $127 $271
AIT Select Capital Appreciation Fund............................ $25 $77 $132 $281
AIT Select Emerging Markets Fund................................ $34 $105 $178 $370
AIT Select Growth Fund.......................................... $24 $73 $125 $267
AIT Select Growth and Income Fund............................... $23 $70 $120 $257
AIT Select International Equity Fund............................ $26 $78 $134 $286
AIT Select Investment Grade Income Fund......................... $20 $63 $108 $233
AIT Select Strategic Growth Fund................................ $27 $84 $143 $303
AIT Select Value Opportunity Fund............................... $25 $77 $132 $281
AIM V.I. Aggressive Growth Fund................................. $27 $84 $142 $302
AIM V.I. Value Fund ............................................ $23 $71 $121 $260
Alliance Growth and Income Portfolio............................ $25 $77 $132 $281
Alliance Premier Growth Portfolio............................... $28 $87 $147 $312
DGPF Growth Opportunities Series................................ $25 $77 $132 $281
DGPF International Equity Series................................ $15 $47 $82 $179
Fidelity VIP Equity-Income Portfolio............................ $15 $47 $82 $179
Fidelity VIP Growth Portfolio................................... $22 $68 $116 $249
Fidelity VIP High Income Portfolio.............................. $22 $69 $117 $252
Fidelity VIP Overseas Portfolio................................. $24 $75 $129 $275
Fidelity VIP II Asset Manager Portfolio......................... $22 $67 $114 $246
Fidelity VIP III Growth Opportunities Portfolio................. $25 $77 $131 $280
Franklin Natural Resources Securities Fund...................... $24 $75 $129 $275
Franklin Small Cap Fund......................................... $26 $80 $137 $290
INVESCO VIF Health Sciences Fund................................ $30 $92 $157 $330
Janus Aspen Growth Portfolio.................................... $25 $75 $129 $276
Janus Aspen Growth and Income Portfolio......................... $28 $87 $148 $313
KVS Dreman Financial Services Portfolio......................... $25 $78 $133 $283
Kemper Technology Growth Portfolio.............................. $25 $76 $131 $279
Pioneer Emerging Markets VCT Portfolio.......................... $37 $111 $188 $389
Pioneer Real Estate Growth VCT Portfolio........................ $29 $90 $153 $322
T. Rowe Price International Stock Portfolio..................... $26 $79 $136 $289
</TABLE>

(2)(b) If, at the end of the applicable time period, you annuitize* under a life
option or any noncommutable fixed period certain option of ten years or more, or
if you do NOT surrender or annuitize your Contract, you would pay the following
expenses on a $1,000 investment, assuming a 5% annual return on assets and
election of a Minimum Guaranteed Annuity Payout Rider** with a ten-year waiting
period:

<TABLE>
<CAPTION>
WITHOUT SURRENDER CHARGE 1 YEAR 3 YEARS 5 YEARS 10 YEARS
------------------------ ------ ------- ------- --------
<S> <C> <C> <C> <C>
AIT Core Equity Fund............................................. $23 $70 $119 $256
AIT Equity Index Fund............................................ $21 $66 $113 $243
AIT Government Bond Fund......................................... $24 $74 $127 $271
AIT Money Market Fund............................................ $21 $64 $110 $237
AIT Select Aggressive Growth Fund................................ $27 $81 $139 $295
AIT Select Capital Appreciation Fund............................. $28 $84 $144 $305
AIT Select Emerging Markets Fund................................. $37 $112 $190 $392
AIT Select Growth Fund........................................... $26 $80 $137 $291
AIT Select Growth and Income Fund................................ $25 $78 $133 $283
AIT Select International Equity Fund............................. $28 $86 $146 $310
AIT Select Investment Grade Income Fund ......................... $23 $70 $120 $258
AIT Select Strategic Growth Fund................................. $30 $91 $155 $327
AIT Select Value Opportunity Fund................................ $28 $84 $144 $305
AIM V.I. Aggressive Growth Fund................................. $30 $91 $155 $326
AIM V.I. Value Fund .......................................... $25 $78 $134 $285
Alliance Growth and Income Portfolio............................. $28 $84 $144 $305
Alliance Premier Growth Portfolio............................... $31 $94 $160 $336
</TABLE>

8
<PAGE>

<TABLE>
<S> <C> <C> <C> <C>
DGPF Growth Opportunities Series................................ $28 $84 $144 $305
DGPF International Equity Series................................ $18 $55 $95 $206
Fidelity VIP Equity-Income Portfolio............................. $18 $55 $95 $206
Fidelity VIP Growth Portfolio.................................... $24 $75 $129 $275
Fidelity VIP High Income Portfolio.............................. $25 $76 $130 $278
Fidelity VIP Overseas Portfolio.................................. $27 $83 $141 $299
Fidelity VIP II Asset Manager Portfolio.......................... $24 $74 $127 $272
Fidelity VIP III Growth Opportunities Portfolio.................. $27 $84 $143 $304
Franklin Natural Resources Securities Fund....................... $27 $83 $141 $299
Franklin Small Cap Fund.......................................... $29 $87 $149 $315
INVESCO VIF Health Sciences Fund................................. $33 $99 $169 $353
Janus Aspen Growth Portfolio..................................... $27 $83 $141 $300
Janus Aspen Growth and Income Portfolio.......................... $31 $94 $160 $336
KVS Dreman Financial Services Portfolio.......................... $28 $85 $145 $307
Kemper Technology Growth Portfolio............................... $27 $84 $143 $303
Pioneer Emerging Markets VCT Portfolio........................... $39 $118 $200 $410
Pioneer Real Estate Growth VCT Portfolio......................... $32 $97 $165 $346
T. Rowe Price International Stock Portfolio...................... $28 $87 $148 $313
</TABLE>

* The Contract fee is not deducted after annuitization. No surrender charges are
deducted at or after annuitization under any of the available annuity payout
options.

***

WHAT ARE MY INVESTMENT CHOICES? is replaced in its entirety by the following:

You may allocate payments among the Sub-Accounts investing in the Funds, the
Guarantee Period Accounts, and the Fixed Account. You may request allocations
up to seventeen variable Sub-Accounts (in addition to the AIT Money Market
Fund) at one time.

VARIABLE ACCOUNT. Subject to the seventeen fund limit, you have the choice of
investing in the following thirty-five Underlying Funds:

9
<PAGE>

<TABLE>
<S><C>
AIM V.I. Value Fund Janus Aspen Growth Portfolio
ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC. Janus Aspen Growth and Income Portfolio
Alliance Growth and Income Portfolio KEMPER VARIABLE SERIES
Alliance Premier Growth Portfolio KVS Dreman Financial Services Portfolio
DELAWARE GROUP PREMIUM FUND Kemper Technology Growth Portfolio
DGPF Growth Opportunities Series PIONEER VARIABLE CONTRACTS TRUST
DGPF International Equity Series Pioneer Emerging Markets VCT Portfolio
Pioneer Real Estate Growth VCT Portfolio
T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. Rowe Price International Stock Portfolio
</TABLE>

***

After the second sentence of the first paragraph of WHAT ARE MY INVESTMENT
OPTIONS? under the SUMMARY OF CONTRACT FEATURES the following will be added:

As of the date of this Prospectus, you may request allocations up to seventeen
variable Sub-Accounts at one time, in addition to the AIT Money Market Fund,
prior to the Annuity Date.

***

The section entitled DESCRIPTION OF THE COMPANIES, THE VARIABLE ACCOUNTS, THE
TRUST, FIDELITY VIP, FIDELITY VIP II, T. ROWE PRICE AND DGPF has been retitled
and will read as follows:

DESCRIPTION OF THE COMPANIES, THE VARIABLE ACCOUNTS AND THE UNDERLYING
INVESTMENT COMPANIES

***

The description of the underlying investment companies under the DESCRIPTION OF
THE COMPANIES, THE VARIABLE ACCOUNTS AND THE UNDERLYING INVESTMENT COMPANIES is
replaced in its entirety with the following:

THE UNDERLYING INVESTMENT COMPANIES

10
<PAGE>

Income Fund, Select International Equity Fund, Select Investment Grade Income
Fund, Select Strategic Growth Fund, and the Select Value Opportunity Fund. The
assets of each Fund are held separate from the assets of the other Funds. Each
Fund operates as a separate investment vehicle and the income or losses of one
Fund have no effect on the investment performance of another Fund. Shares of AIT
are not offered to the general public but solely to such variable accounts.

AFIMS has entered into agreements with other investment advisers
("Sub-Advisers") under which each Sub-Adviser manages the investments of one or
more of the Funds of the AIT. Under each Sub-Adviser agreement, the Sub-Adviser
is authorized to engage in portfolio transactions on behalf of the Fund, subject
to AFIMS and the Trustees instructions. AFIMS is solely responsible for the
payment of all fees for investment management services to the Sub-Advisers. The
Sub-Advisers, other than Allmerica Asset Management, Inc., are not affiliated
with the Company or AIT.

ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC. Alliance Variable Products Series
Fund, Inc. ("Alliance") is registered with the SEC as an open-end, management
investment company under the 1940 Act. Two of its separate investment portfolios
are currently available under the Contract: the Alliance Growth and Income
Portfolio and the Alliance Premier Growth Portfolio. Alliance Capital
Management, L.P. ("Alliance Capital") serves as the investment adviser to
Alliance. Alliance Capital Management Corporation, the sole general partner of
Alliance Capital, is an indirect wholly owned subsidiary of The Equitable Life
Assurance Society of the United States, which is in turn a wholly owned
subsidiary of the Equitable Companies Incorporated, a holding company which is
controlled by AXA, a French insurance holding company.

11
<PAGE>

FIDELITY VARIABLE INSURANCE PRODUCTS FUND. Fidelity Variable Insurance Products
Fund ("Fidelity VIP"), managed by Fidelity Management & Research Company
("FMR"), is an open-end, diversified, management investment company organized as
a Massachusetts business trust on November 13, 1981 and registered with the SEC
under the 1940 Act. Four of its investment portfolios are available under the
Contract: Fidelity VIP Equity-Income Portfolio, Fidelity VIP Growth Portfolio,
Fidelity VIP High Income Portfolio and Fidelity VIP Overseas Portfolio.

FIDELITY VARIABLE INSURANCE PRODUCTS FUND II. Fidelity Variable Insurance
Products Fund II ("Fidelity VIP II"), managed by FMR (see discussion above), is
an open-end, diversified management investment company organized as a
Massachusetts business trust on March 21, 1988, and registered with the SEC
under the 1940 Act. One of its investment portfolios is available under the
Contract: the Fidelity VIP II Asset Manager Portfolio.

FIDELITY VARIABLE INSURANCE PRODUCTS FUND III. Fidelity Variable Insurance
Products Fund III ("Fidelity VIP III"), managed by FMR (see discussion above) is
an open-end, diversified management investment company registered with the SEC
under the 1940 Act. One of its investment portfolios is available under the
Contract: the Fidelity VIP III Growth Opportunities Portfolio.

INVESCO VARIABLE INVESTMENT FUNDS, INC. INVESCO Variable Investment Funds, Inc.
("INVESCO VIF") is an open-end, diversified, no-load management investment
company which was incorporated under the laws of Maryland on August 19, 1993.
The investment adviser to the INVESCO VIF Health Sciences Fund is INVESCO Funds
Group, Inc.

JANUS ASPEN SERIES. Janus Aspen Series ("Janus Aspen") is an open-end,
management investment company registered with the SEC. It was organized as a
Delaware business trust on May 20, 1993. Janus Capital is the investment adviser
of Janus Aspen. Two of its investment portfolios are available under the
Contract: Janus Aspen Growth Portfolio, and Janus Aspen Growth and Income
Portfolio.

KEMPER VARIABLE SERIES. Kemper Variable Series ("KVS"), is a series-type mutual
fund registered with the SEC as an open-end, management investment company. The
KVS Dreman Financial Services Portfolio and the Kemper Technology Growth
Portfolio are offered under the Contract. Scudder Kemper Investments, Inc.
serves as the investment adviser of KVS.

12
<PAGE>

the Contract. Pioneer is a wholly owned subsidiary of The Pioneer Group, Inc.
("PGI"). PGI, established in 1928, is one of America's oldest investment
managers.

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Series,
Inc. ("T. Rowe Price"), managed by Rowe Price-Fleming International, Inc.
("Price-Fleming"), is an open-end, diversified, management investment company
organized as a Maryland corporation in 1994 and registered with the SEC under
the 1940 Act. Price-Fleming, founded in 1979 as a joint venture between T. Rowe
Price Associates, Inc. and Robert Fleming Holdings, Limited, is one the largest
no-load international mutual fund asset managers with approximately $42.5
billion (as of December 31, 1999) under management in its offices in Baltimore,
London, Tokyo, Hong Kong, Singapore and Buenos Aires. One of its investment
portfolios is available under the Contract: the T. Rowe Price International
Stock Portfolio.

***

The INVESTMENT OBJECTIVES AND POLICIES section of the prospectus is replaced in
its entirety by the following:

INVESTMENT OBJECTIVES AND POLICIES

A summary of investment objectives of each of the Underlying Funds is set forth
below. MORE DETAILED INFORMATION REGARDING THE INVESTMENT OBJECTIVES,
RESTRICTIONS AND RISKS, EXPENSES PAID BY THE UNDERLYING FUNDS, AND OTHER
RELEVANT INFORMATION REGARDING THE UNDERLYING INVESTMENT COMPANIES MAY BE FOUND
IN THEIR RESPECTIVE PROSPECTUSES, WHICH ACCOMPANY THIS PROSPECTUS. PLEASE READ
THEM CAREFULLY BEFORE INVESTING. The Statements of Additional Information
("SAI") of the Underlying Funds are available upon request. There can be no
assurance that the investment objectives of the Underlying Funds can be achieved
or that the value of the Contract will equal or exceed the aggregate amount of
the purchase payments made under the Contract.

AIT EQUITY INDEX FUND -- seeks to provide investment results that correspond to
the aggregate price and yield performance of a representative selection of
United States publicly traded common stocks. The Equity Index Fund seeks to
achieve its objective by attempting to replicate the aggregate price and yield
performance of the Standard & Poor's Composite Index of 500 Stocks.

13
<PAGE>

AIT SELECT EMERGING MARKETS FUND - seeks long-term growth of capital by
investing in the world's emerging markets.

AIT SELECT GROWTH FUND - seeks to achieve growth of capital by investing in a
diversified portfolio consisting primarily of common stocks selected on the
basis of their long-term growth potential.

AIT SELECT INTERNATIONAL EQUITY FUND - seeks maximum long-term total return
(capital appreciation and income). The Fund will invest primarily in common
stocks of established non-U.S. companies.

AIT SELECT STRATEGIC GROWTH FUND - seeks long-term growth of capital by
investing primarily in common stocks of established companies.

14
<PAGE>

FRANKLIN SMALL CAP FUND (CLASS 2) - seeks capital growth. The Fund invests
primarily in equity securities of small cap U.S. companies.

JANUS ASPEN GROWTH AND INCOME PORTFOLIO (SERVICE SHARES) - seeks long-term
capital growth and income. The Portfolio normally emphasizes investments in
common stocks.

KEMPER TECHNOLOGY GROWTH PORTFOLIO - seeks growth of capital.

PIONEER EMERGING MARKETS VCT PORTFOLIO (CLASS II) - seeks to invest in
securities of emerging market issuers for long-term growth of capital.

15
<PAGE>

T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO - seeks long-term growth of capital
through investments primarily in common stocks of established, non-U.S.
companies.

***

The third sentence of the second paragraph of "A. Payments" under DESCRIPTION OF
THE CONTRACT is replaced by the following:

The initial net payment is credited to the Contract and allocated among the
requested investment options (you may request allocations up to seventeen
variable Sub-Accounts, in addition to the AIT Money Market Fund, at one time)
as of the date that all issue requirements are properly met.

***

The Performance Tables found in APPENDIX B and APPENDIX C are replaced in their
entirety by the following:

16
<PAGE>

APPENDIX B
PERFORMANCE TABLES
ALLMERICA FINANCIAL LIFE INSURANCE AND ANNUITY COMPANY

TABLE 1A
AVERAGE ANNUAL TOTAL RETURNS OF SUB-ACCOUNT
FOR PERIODS ENDING DECEMBER 31, 1999
SINCE INCEPTION OF SUB-ACCOUNT
(ASSUMING COMPLETE WITHDRAWAL OF THE INVESTMENT)

<TABLE>
<CAPTION>
SUB-ACCOUNT FOR YEAR SINCE
INCEPTION ENDED INCEPTION OF
SUB-ACCOUNT INVESTING IN UNDERLYING FUND DATE 12/31/99 5 YEARS SUB-ACCOUNT
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIT Core Equity Fund................................ 9/4/91 19.18% 22.83% 16.00%
AIT Equity Index Fund................................ 9/4/91 10.48% 25.46% 17.52%
AIT Government Bond Fund............................. 9/8/91 -8.37% 3.83% 4.45%
AIT Money Market Fund................................ 9/9/91 -3.84% 3.05% 3.15%
AIT Select Aggressive Growth Fund.................... 9/16/92 28.38% 20.92% 18.16%
AIT Select Capital Appreciation Fund................. 4/30/95 15.41% N/A 19.01%
AIT Select Emerging Markets Fund..................... N/A* N/A* N/A* N/A*
AIT Select Growth Fund............................... 9/16/92 19.73% 26.74% 18.13%
AIT Select Growth and Income Fund.................... 9/16/92 8.54% 19.36% 14.05%
AIT Select International Equity Fund................. 5/3/94 21.61% 16.17% 13.29%
AIT Select Investment Grade Income Fund.............. 9/5/91 -9.53% 4.94% 5.55%
AIT Select Strategic Growth Fund..................... N/A* N/A* N/A* N/A*
AIT Select Value Opportunity Fund.................... 5/2/93 -13.01% 11.14% 9.62%
AIM V.I. Aggressive Growth Fund...................... N/A* N/A* N/A* N/A*
AIM V.I. Value Fund.................................. N/A* N/A* N/A* N/A*
Alliance Growth and Income Portfolio................. N/A* N/A* N/A* N/A*
Alliance Premier Growth Portfolio.................... N/A* N/A* N/A* N/A*
DGPF Growth Opportunities Series..................... N/A* N/A* N/A* N/A*
DGPF International Equity Series..................... 5/6/93 5.96% 10.85% 10.46%
Fidelity VIP Equity-Income Portfolio................. 9/5/91 -3.07% 16.13% 14.97%
Fidelity VIP Growth Portfolio........................ 9/5/91 27.14% 27.28% 20.66%
Fidelity VIP High Income Portfolio................... 9/24/91 -1.23% 8.44% 10.34%
Fidelity VIP Overseas Portfolio...................... 9/5/91 32.44% 15.01% 11.74%
Fidelity VIP II Asset Manager Portfolio.............. 5/4/94 1.53% 13.33% 11.31%
Fidelity VIP III Growth Opportunities Portfolio...... N/A* N/A* N/A* N/A*
Franklin Natural Resources Securities Fund........... N/A* N/A* N/A* N/A*
Franklin Small Cap Fund.............................. N/A* N/A* N/A* N/A*
INVESCO VIF Health Sciences Fund..................... N/A* N/A* N/A* N/A*
Janus Aspen Growth Portfolio......................... N/A* N/A* N/A* N/A*
Janus Aspen Growth and Income Portfolio.............. N/A* N/A* N/A* N/A*
KVS Dreman Financial Services Portfolio............. N/A* N/A* N/A* N/A*
Kemper Technology Growth Portfolio................... N/A* N/A* N/A* N/A*
Pioneer Emerging Markets VCT Portfolio............... N/A* N/A* N/A* N/A*
Pioneer Real Estate Growth VCT Portfolio............. N/A* N/A* N/A* N/A*
T. Rowe Price International Stock Portfolio.......... 5/1/95 23.29% N/A 13.12%
</TABLE>

*This is a new Sub-Account so there are no historical figures for this
Sub-Account.

17
<PAGE>

TABLE 1B
SUPPLEMENTAL AVERAGE ANNUAL TOTAL RETURNS OF SUB-ACCOUNT
FOR PERIODS ENDING DECEMBER 31, 1999
SINCE INCEPTION OF SUB-ACCOUNT
(ASSUMING NO WITHDRAWAL OF THE INVESTMENT AND NO CONTRACT FEES)

<TABLE>
<CAPTION>
SUB-ACCOUNT FOR YEAR SINCE
INCEPTION ENDED INCEPTION OF
SUB-ACCOUNT INVESTING IN UNDERLYING FUND DATE 12/31/99 5 YEARS SUB-ACCOUNT
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIT Core Equity Fund............................... 9/4/91 27.46% 23.46% 16.25%
AIT Equity Index Fund.............................. 9/4/91 18.67% 25.96% 17.67%
AIT Government Bond Fund........................... 9/8/91 -1.22% 4.71% 4.58%
AIT Money Market Fund.............................. 9/9/91 3.66% 3.96% 3.29%
AIT Select Aggressive Growth Fund.................. 9/16/92 36.65% 21.57% 18.44%
AIT Select Capital Appreciation Fund............... 4/30/95 23.55% N/A 19.67%
AIT Select Emerging Markets Fund................... N/A* N/A* N/A* N/A*
AIT Select Growth Fund............................. 9/16/92 27.92% 27.23% 18.36%
AIT Select Growth and Income Fund.................. 9/16/92 16.71% 19.96% 14.30%
AIT Select International Equity Fund............... 5/3/94 29.81% 16.86% 13.84%
AIT Select Investment Grade Income Fund............ 9/5/91 -2.41% 5.85% 5.73%
AIT Select Strategic Growth Fund................... N/A* N/A* N/A* N/A*
AIT Select Value Opportunity Fund.................. 5/2/93 -6.08% 11.91% 10.01%
AIM V.I. Aggressive Growth Fund.................... N/A* N/A* N/A* N/A*
AIM V.I. Value Fund................................ N/A* N/A* N/A* N/A*
Alliance Growth and Income Portfolio............... N/A* N/A* N/A* N/A*
Alliance Premier Growth Portfolio.................. N/A* N/A* N/A* N/A*
DGPF Growth Opportunities Series................... N/A* N/A* N/A* N/A*
DGPF International Equity Series................... 5/6/93 14.08% 11.61% 10.81%
Fidelity VIP Equity-Income Portfolio............... 9/5/91 4.79% 16.92% 15.24%
Fidelity VIP Growth Portfolio...................... 9/5/91 35.45% 27.89% 20.92%
Fidelity VIP High Income Portfolio................. 9/24/91 6.59% 9.28% 10.50%
Fidelity VIP Overseas Portfolio.................... 9/5/91 40.56% 15.69% 11.91%
Fidelity VIP II Asset Manager Portfolio............ 5/4/94 9.48% 13.98% 11.79%
Fidelity VIP III Growth Opportunities Portfolio.... N/A* N/A* N/A* N/A*
Franklin Natural Resources Securities Fund......... N/A* N/A* N/A* N/A*
Franklin Small Cap Fund............................ N/A* N/A* N/A* N/A*
INVESCO VIF Health Sciences Fund................... N/A* N/A* N/A* N/A*
Janus Aspen Growth Portfolio....................... N/A* N/A* N/A* N/A*
Janus Aspen Growth and Income Portfolio............ N/A* N/A* N/A* N/A*
KVS Dreman Financial Services Portfolio........... N/A* N/A* N/A* N/A*
Kemper Technology Growth Portfolio................. N/A* N/A* N/A* N/A*
Pioneer Emerging Markets VCT Portfolio............. N/A* N/A* N/A* N/A*
Pioneer Real Estate Growth VCT Portfolio........... N/A* N/A* N/A* N/A*
T. Rowe Price International Stock Portfolio........ 5/1/95 31.39% N/A 13.88%
</TABLE>

*This is a new Sub-Account so there are no historical figures for this
Sub-Account.

18
<PAGE>

TABLE 2A
AVERAGE ANNUAL TOTAL RETURNS OF SUB-ACCOUNT
FOR PERIODS ENDING DECEMBER 31, 1999
SINCE INCEPTION OF UNDERLYING FUND
(ASSUMING COMPLETE WITHDRAWAL OF THE INVESTMENT)

<TABLE>
<CAPTION> 10 YEARS OR
UNDERLYING FOR YEAR SINCE
FUND ENDED INCEPTION
SUB-ACCOUNT INVESTING IN UNDERLYING FUND INCEPTION DATE 12/31/99 5 YEARS IF LESS
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIT Core Equity Fund................................ 4/29/85 19.18% 22.83% 15.50%
AIT Equity Index Fund............................... 9/28/90 10.48% 25.46% 18.85%
AIT Government Bond Fund............................ 8/26/91 -8.37% 3.83% 4.27%
AIT Money Market Fund............................... 4/29/85 -3.84% 3.05% 3.70%
AIT Select Aggressive Growth Fund................... 8/21/92 28.38% 20.92% 18.71%
AIT Select Capital Appreciation Fund................ 4/28/95 15.41% N/A 19.01%
AIT Select Emerging Markets Fund.................... 2/20/98 55.33% N/A 9.64%
AIT Select Growth Fund.............................. 8/21/92 19.73% 26.74% 18.62%
AIT Select Growth and Income Fund................... 8/21/92 8.54% 19.36% 14.01%
AIT Select International Equity Fund................ 5/2/94 21.61% 16.17% 13.28%
AIT Select Investment Grade Income Fund............. 4/29/85 -9.53% 4.94% 6.06%
AIT Select Strategic Growth Fund.................... 2/20/98 6.37% N/A 1.13%
AIT Select Value Opportunity Fund................... 4/30/93 -13.01% 11.14% 9.61%
AIM V.I. Aggressive Growth Fund..................... 5/1/98 34.56% N/A 17.65%
AIM V.I. Value Fund................................. 5/5/93 20.01% 24.97% 20.97%
Alliance Growth and Income Portfolio................ 1/14/91 1.85% 21.65% 13.70%
Alliance Premier Growth Portfolio................... 6/26/92 22.39% 33.74% 24.27%
DGPF Growth Opportunities Series.................... 7/12/91 52.56% 24.69% 14.70%
DGPF International Equity Series.................... 10/29/92 5.96% 10.85% 9.91%
Fidelity VIP Equity-Income Portfolio................ 10/9/86 -3.07% 16.13% 12.61%
Fidelity VIP Growth Portfolio....................... 10/9/86 27.14% 27.28% 18.00%
Fidelity VIP High Income Portfolio.................. 9/19/85 -1.23% 8.44% 10.74%
Fidelity VIP Overseas Portfolio..................... 1/28/87 32.44% 15.01% 9.72%
Fidelity VIP II Asset Manager Portfolio............. 9/6/89 1.53% 13.33% 11.49%
Fidelity VIP III Growth Opportunities Portfolio..... 1/3/95 -4.64% N/A 19.15%
Franklin Natural Resources Securities Fund.......... 1/24/89 21.98% -5.70% -1.34%
Franklin Small Cap Fund............................. 11/1/95 85.58% N/A 27.08%
INVESCO VIF Health Sciences Fund.................... 5/22/97 -4.67% N/A 11.45%
Janus Aspen Growth Portfolio........................ 9/13/93 33.91% 27.62% 22.04%
Janus Aspen Growth and Income Portfolio............. 5/1/98 63.51% N/A 48.98%
KVS Dreman Financial Services Portfolio............ 5/4/98 -13.17% N/A -10.18%
Kemper Technology Growth Portfolio.................. 5/3/99 N/A N/A 67.11%
Pioneer Emerging Markets VCT Portfolio.............. 10/30/98 68.14% N/A 60.62%
Pioneer Real Estate Growth VCT Portfolio............ 10/30/98 -12.60% N/A 5.83%
T. Rowe Price International Stock Portfolio......... 3/31/94 23.29% 12.88% 11.33%
</TABLE>

19
<PAGE>

TABLE 2B
SUPPLEMENTAL AVERAGE ANNUAL TOTAL RETURNS OF SUB-ACCOUNT
FOR PERIODS ENDING DECEMBER 31, 1999
SINCE INCEPTION OF UNDERLYING FUND
(ASSUMING NO WITHDRAWAL OF THE INVESTMENT AND NO CONTRACT FEES)

<TABLE>
<CAPTION>
10 YEARS OR
UNDERLYING FOR YEAR SINCE
FUND INCEPTION ENDED INCEPTION
SUB-ACCOUNT INVESTING IN UNDERLYING FUND DATE 12/31/99 5 YEARS IF LESS
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIT Core Equity Fund............................... 4/29/85 27.46% 23.46% 15.68%
AIT Equity Index Fund.............................. 9/28/90 18.67% 25.96% 18.95%
AIT Government Bond Fund........................... 8/26/91 -1.22% 4.71% 4.40%
AIT Money Market Fund.............................. 4/29/85 3.66% 3.96% 3.73%
AIT Select Aggressive Growth Fund.................. 8/21/92 36.65% 21.57% 18.98%
AIT Select Capital Appreciation Fund............... 4/28/95 23.55% N/A 19.67%
AIT Select Emerging Markets Fund................... 2/20/98 63.34% N/A 13.57%
AIT Select Growth Fund............................. 8/21/92 27.92% 27.23% 18.84%
AIT Select Growth and Income Fund.................. 8/21/92 16.71% 19.96% 14.26%
AIT Select International Equity Fund............... 5/2/94 29.81% 16.86% 13.83%
AIT Select Investment Grade Income Fund............ 4/29/85 -2.41% 5.85% 6.15%
AIT Select Strategic Growth Fund................... 2/20/98 14.38% N/A 5.29%
AIT Select Value Opportunity Fund.................. 4/30/93 -6.08% 11.91% 10.00%
AIM V.I. Aggressive Growth Fund.................... 5/1/98 42.57% N/A 21.92%
AIM V.I. Value Fund................................ 5/5/93 28.02% 25.39% 21.18%
Alliance Growth and Income Portfolio............... 1/14/91 9.75% 22.11% 13.79%
Alliance Premier Growth Portfolio.................. 6/26/92 30.39% 34.06% 24.37%
DGPF Growth Opportunities Series................... 7/12/91 60.56% 25.11% 14.79%
DGPF International Equity Series................... 10/29/92 14.08% 11.61% 10.17%
Fidelity VIP Equity-Income Portfolio............... 10/9/86 4.79% 16.92% 12.86%
Fidelity VIP Growth Portfolio...................... 10/9/86 35.45% 27.89% 18.24%
Fidelity VIP High Income Portfolio................. 9/19/85 6.59% 9.28% 10.83%
Fidelity VIP Overseas Portfolio.................... 1/28/87 40.56% 15.69% 9.84%
Fidelity VIP II Asset Manager Portfolio............ 9/6/89 9.48% 13.98% 11.53%
Fidelity VIP III Growth Opportunities Portfolio.... 1/3/95 2.76% N/A 19.75%
Franklin Natural Resources Securities Fund......... 1/24/89 29.99% -4.82% -1.33%
Franklin Small Cap Fund............................ 11/1/95 93.59% N/A 27.76%
INVESCO VIF Health Sciences Fund................... 5/22/97 3.34% N/A 19.46%
Janus Aspen Growth Portfolio....................... 9/13/93 41.92% 28.00% 22.26%
Janus Aspen Growth and Income Portfolio............ 5/1/98 71.52% N/A 52.63%
KVS Dreman Financial Services Portfolio........... 5/4/98 -6.43% N/A -6.04%
Kemper Technology Growth Portfolio................. 5/3/99 N/A N/A 75.12%
Pioneer Emerging Markets VCT Portfolio............. 10/30/9 76.15% N/A 66.92%
Pioneer Real Estate Growth VCT Portfolio........... 10/30/98 -5.81% N/A 6.81%
T. Rowe Price International Stock Portfolio........ 3/31/94 31.39% 13.56% 11.82%
</TABLE>

20
<PAGE>

APPENDIX C
PERFORMANCE TABLES
FIRST ALLMERICA FINANCIAL LIFE INSURANCE COMPANY

TABLE 1A
AVERAGE ANNUAL TOTAL RETURNS OF SUB-ACCOUNT
FOR PERIODS ENDING DECEMBER 31, 1999
SINCE INCEPTION OF SUB-ACCOUNT
(ASSUMING COMPLETE WITHDRAWAL OF THE INVESTMENT)

<TABLE>
<CAPTION>
SUB-ACCOUNT FOR YEAR SINCE
INCEPTION ENDED INCEPTION OF
SUB-ACCOUNT INVESTING IN UNDERLYING FUND DATE 12/31/99 5 YEARS SUB-ACCOUNT
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIT Core Equity Fund................................. 4/20/94 19.24% 22.88% 20.66%
AIT Equity Index Fund................................ 4/21/94 10.48% 25.47% 22.83%
AIT Government Bond Fund............................. 4/20/94 -8.36% 3.84% 3.48%
AIT Money Market Fund................................ 4/10/94 -3.85% 3.03% 3.15%
AIT Select Aggressive Growth Fund.................... 4/20/94 28.37% 20.91% 18.65%
AIT Select Capital Appreciation Fund................. 4/30/95 15.40% N/A 18.99%
AIT Select Emerging Markets Fund..................... N/A* N/A* N/A* N/A*
AIT Select Growth Fund............................... 4/20/94 19.70% 26.72% 24.36%
AIT Select Growth and Income Fund.................... 4/20/94 8.55% 19.36% 17.48%
AIT Select International Equity Fund................. 5/3/94 21.61% 16.17% 13.29%
AIT Select Investment Grade Income Fund.............. 4/21/94 -9.49% 4.99% 4.31%
AIT Select Strategic Growth Fund..................... N/A* N/A* N/A* N/A*
AIT Select Value Opportunity Fund.................... 4/20/94 -13.03% 11.13% 9.30%
AIM V.I. Aggressive Growth Fund...................... N/A* N/A* N/A* N/A*
AIM V.I. Value Fund.................................. N/A* N/A* N/A* N/A*
Alliance Growth and Income Portfolio................. N/A* N/A* N/A* N/A*
Alliance Premier Growth Portfolio.................... N/A* N/A* N/A* N/A*
DGPF Growth Opportunities Series..................... N/A* N/A* N/A* N/A*
DGPF International Equity Series..................... 4/20/94 5.97% 10.87% 9.44%
Fidelity VIP Equity-Income Portfolio................. 4/20/94 -3.05% 16.14% 15.54%
Fidelity VIP Growth Portfolio........................ 4/20/94 27.14% 27.27% 25.15%
Fidelity VIP High Income Portfolio................... 4/20/94 -1.27% 8.41% 7.35%
Fidelity VIP Overseas Portfolio...................... 4/20/94 32.45% 15.02% 12.70%
Fidelity VIP II Asset Manager Portfolio.............. 5/11/94 1.54% 13.32% 11.53%
Fidelity VIP III Growth Opportunities Portfolio...... N/A* N/A* N/A* N/A*
Franklin Natural Resources Securities Fund........... N/A* N/A* N/A* N/A*
Franklin Small Cap Fund.............................. N/A* N/A* N/A* N/A*
INVESCO VIF Health Sciences Fund..................... N/A* N/A* N/A* N/A*
Janus Aspen Growth Portfolio......................... N/A* N/A* N/A* N/A*
Janus Aspen Growth and Income Portfolio.............. N/A* N/A* N/A* N/A*
KVS Dreman Financial Services Portfolio............. N/A* N/A* N/A* N/A*
Kemper Technology Growth Portfolio................... N/A* N/A* N/A* N/A*
Pioneer Emerging Markets VCT Portfolio............... N/A* N/A* N/A* N/A*
Pioneer Real Estate Growth VCT Portfolio............. N/A* N/A* N/A* N/A*
T. Rowe Price International Stock Portfolio.......... 5/1/95 23.26% N/A 13.09%
</TABLE>

*This is a new Sub-Account so there are no historical figures available for this
Sub-Account.

21
<PAGE>

TABLE 1B
SUPPLEMENTAL AVERAGE ANNUAL TOTAL RETURNS OF SUB-ACCOUNT
FOR PERIODS ENDING DECEMBER 31, 1999
SINCE INCEPTION OF SUB-ACCOUNT
(ASSUMING NO WITHDRAWAL OF THE INVESTMENT AND NO CONTRACT FEES)

<TABLE>
<CAPTION>
SUB-ACCOUNT FOR YEAR SINCE
INCEPTION ENDED INCEPTION OF
SUB-ACCOUNT INVESTING IN UNDERLYING FUND DATE 12/31/99 5 YEARS SUB-ACCOUNT
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIT Core Equity Fund................................. 4/20/94 27.46% 23.46% 21.10%
AIT Equity Index Fund................................ 4/21/94 18.67% 25.96% 23.20%
AIT Government Bond Fund............................. 4/20/94 -1.22% 4.71% 4.10%
AIT Money Market Fund................................ 4/10/94 3.66% 3.96% 3.81%
AIT Select Aggressive Growth Fund.................... 4/20/94 36.65% 21.57% 19.18%
AIT Select Capital Appreciation Fund................. 4/30/95 23.55% N/A 19.67%
AIT Select Emerging Markets Fund..................... N/A* N/A* N/A* N/A*
AIT Select Growth Fund............................... 4/20/94 27.92% 27.23% 24.74%
AIT Select Growth and Income Fund.................... 4/20/94 16.71% 19.96% 17.93%
AIT Select International Equity Fund................. 5/3/94 29.81% 16.86% 13.84%
AIT Select Investment Grade Income Fund.............. 4/21/94 -2.41% 5.85% 4.94%
AIT Select Strategic Growth Fund..................... N/A* N/A* N/A* N/A*
AIT Select Value Opportunity Fund.................... 4/20/94 -6.08% 11.91% 9.90%
AIM V.I. Aggressive Growth Fund...................... N/A* N/A* N/A* N/A*
AIM V.I. Value Fund.................................. N/A* N/A* N/A* N/A*
Alliance Growth and Income Portfolio................. N/A* N/A* N/A* N/A*
Alliance Premier Growth Portfolio.................... N/A* N/A* N/A* N/A*
DGPF Growth Opportunities Series..................... N/A* N/A* N/A* N/A*
DGPF International Equity Series..................... 4/20/94 14.08% 11.61% 9.99%
Fidelity VIP Equity-Income Portfolio................. 4/20/94 4.79% 16.92% 16.13%
Fidelity VIP Growth Portfolio........................ 4/20/94 35.45% 27.89% 25.65%
Fidelity VIP High Income Portfolio................... 4/20/94 6.59% 9.28% 8.01%
Fidelity VIP Overseas Portfolio...................... 4/20/94 40.56% 15.69% 13.21%
Fidelity VIP II Asset Manager Portfolio.............. 5/11/94 9.48% 13.98% 12.01%
Fidelity VIP III Growth Opportunities Portfolio...... N/A* N/A* N/A* N/A*
Franklin Natural Resources Securities Fund........... N/A* N/A* N/A* N/A*
Franklin Small Cap Fund.............................. N/A* N/A* N/A* N/A*
INVESCO VIF Health Sciences Fund..................... N/A* N/A* N/A* N/A*
Janus Aspen Growth Portfolio......................... N/A* N/A* N/A* N/A*
Janus Aspen Growth and Income Portfolio.............. N/A* N/A* N/A* N/A*
KVS Dreman Financial Services Portfolio............. N/A* N/A* N/A* N/A*
Kemper Technology Growth Portfolio................... N/A* N/A* N/A* N/A*
Pioneer Emerging Markets VCT Portfolio............... N/A* N/A* N/A* N/A*
Pioneer Real Estate Growth VCT Portfolio............. N/A* N/A* N/A* N/A*
T. Rowe Price International Stock Portfolio.......... 5/1/95 31.39% N/A 13.87%
</TABLE>

*This is a new Sub-Account so there are no historical figures available for this
Sub-Account.

22
<PAGE>

TABLE 2A
AVERAGE ANNUAL TOTAL RETURNS OF SUB-ACCOUNT
FOR PERIODS ENDING DECEMBER 31, 1999
SINCE INCEPTION OF UNDERLYING FUND
(ASSUMING COMPLETE WITHDRAWAL OF THE INVESTMENT)

<TABLE>
<CAPTION> 10 YEARS OR
UNDERLYING FOR YEAR SINCE
FUND INCEPTION ENDED INCEPTION
SUB-ACCOUNT INVESTING IN UNDERLYING FUND DATE 12/31/99 5 YEARS IF LESS
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIT Core Equity Fund............................... 4/29/85 19.24% 22.88% 15.50%
AIT Equity Index Fund.............................. 9/28/90 10.48% 25.47% 18.85%
AIT Government Bond Fund........................... 8/26/91 -8.36% 3.84% 4.58%
AIT Money Market Fund.............................. 4/29/85 -3.85% 3.03% 3.67%
AIT Select Aggressive Growth Fund.................. 8/21/92 28.37% 20.91% 18.69%
AIT Select Capital Appreciation Fund............... 4/28/95 15.40% N/A 18.99%
AIT Select Emerging Markets Fund................... 2/20/98 55.33% N/A 9.64%
AIT Select Growth Fund............................. 8/21/92 19.70% 26.72% 18.60%
AIT Select Growth and Income Fund.................. 8/21/92 8.55% 19.36% 14.01%
AIT Select International Equity Fund............... 5/2/94 21.61% 16.17% 13.28%
AIT Select Investment Grade Income Fund............ 4/29/85 -9.49% 4.99% 6.10%
AIT Select Strategic Growth Fund................... 2/20/98 6.37% N/A 1.13%
AIT Select Value Opportunity Fund.................. 4/30/93 -13.03% 11.13% 9.58%
AIM V.I. Aggressive Growth Fund.................... 5/1/98 34.56% N/A 17.65%
AIM V.I. Value Fund................................ 5/5/93 20.01% 24.97% 20.97%
Alliance Growth and Income Portfolio............... 1/14/91 1.85% 21.65% 13.70%
Alliance Premier Growth Portfolio.................. 6/26/92 22.39% 33.74% 24.27%
DGPF Growth Opportunities Series................... 7/12/91 52.56% 24.69% 14.70%
DGPF International Equity Series................... 10/29/92 5.97% 10.87% 10.26%
Fidelity VIP Equity-Income Portfolio............... 10/9/86 -3.05% 16.14% 12.71%
Fidelity VIP Growth Portfolio...................... 10/9/86 27.14% 27.27% 17.98%
Fidelity VIP High Income Portfolio................. 9/19/85 -1.27% 8.41% 10.71%
Fidelity VIP Overseas Portfolio.................... 1/28/87 32.45% 15.02% 9.73%
Fidelity VIP II Asset Manager Portfolio............ 9/6/89 1.54% 13.32% 11.48%
Fidelity VIP III Growth Opportunities Portfolio.... 1/3/95 -4.64% N/A 19.15%
Franklin Natural Resources Securities Fund 1/24/89 21.98% -5.70% -1.34%
Franklin Small Cap Fund............................ 11/1/95 85.58% N/A 27.08%
INVESCO VIF Health Sciences Fund................... 5/22/97 -4.67% N/A 11.45%
Janus Aspen Growth Portfolio....................... 9/13/93 33.91% 27.62% 22.04%
Janus Aspen Growth and Income Portfolio............ 5/1/98 63.51% N/A 48.98%
KVS Dreman Financial Services Portfolio........... 5/4/98 -13.17% N/A -10.18%
Kemper Technology Growth Portfolio................. 5/3/99 N/A N/A 67.11%
Pioneer Emerging Markets VCT Portfolio............. 10/30/98 68.14% N/A 60.62%
Pioneer Real Estate Growth VCT Portfolio........... 10/30/98 -12.60% N/A 5.83%
T. Rowe Price International Stock Portfolio........ 3/31/94 23.26% 12.85% 11.30%
</TABLE>

23
<PAGE>

TABLE 2B

SUPPLEMENTAL AVERAGE ANNUAL TOTAL RETURNS OF SUB-ACCOUNT
FOR PERIODS ENDING DECEMBER 31, 1999
SINCE INCEPTION OF UNDERLYING FUND
(ASSUMING NO WITHDRAWAL OF THE INVESTMENT AND NO CONTRACT FEES)

<TABLE>
<CAPTION> 10 YEARS OR
UNDERLYING FOR YEAR SINCE
FUND INCEPTION ENDED INCEPTION
SUB-ACCOUNT INVESTING IN UNDERLYING FUND DATE 12/31/99 5 YEARS IF LESS
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
AIT Core Equity Fund............................... 4/29/85 27.46% 23.46% 15.64%
AIT Equity Index Fund.............................. 9/28/90 18.67% 25.96% 18.94%
AIT Government Bond Fund........................... 8/26/91 -1.22% 4.71% 4.69%
AIT Money Market Fund.............................. 4/29/85 3.66% 3.96% 3.73%
AIT Select Aggressive Growth Fund.................. 8/21/92 36.65% 21.57% 18.97%
AIT Select Capital Appreciation Fund............... 4/28/95 23.55% N/A 19.67%
AIT Select Emerging Markets Fund................... 2/20/98 63.34% N/A 13.57%
AIT Select Growth Fund............................. 8/21/92 27.92% 27.23% 18.83%
AIT Select Growth and Income Fund.................. 8/21/92 16.71% 19.96% 14.25%
AIT Select International Equity Fund............... 5/2/94 29.81% 16.86% 13.83%
AIT Select Investment Grade Income Fund............ 4/29/85 -2.41% 5.85% 6.15%
AIT Select Strategic Growth Fund................... 2/20/98 14.38% N/A 5.29%
AIT Select Value Opportunity Fund.................. 4/30/93 -6.08% 11.91% 9.98%
AIM V.I. Aggressive Growth Fund.................... 5/1/98 42.57% N/A 21.92%
AIM V.I. Value Fund................................ 5/5/93 28.02% 25.39% 21.18%
Alliance Growth and Income Portfolio............... 1/14/91 9.75% 22.11% 13.79%
Alliance Premier Growth Portfolio.................. 6/26/92 30.39% 34.06% 24.37%
DGPF Growth Opportunities Series................... 7/12/91 60.56% 25.11% 14.79%
DGPF International Equity Series................... 10/29/92 14.08% 11.61% 10.50%
Fidelity VIP Equity-Income Portfolio............... 10/9/86 4.79% 16.92% 12.95%
Fidelity VIP Growth Portfolio...................... 10/9/86 35.45% 27.89% 18.23%
Fidelity VIP High Income Portfolio................. 9/19/85 6.59% 9.28% 10.83%
Fidelity VIP Overseas Portfolio.................... 1/28/87 40.56% 15.69% 9.84%
Fidelity VIP II Asset Manager Portfolio............ 9/6/89 9.48% 13.98% 11.53%
Fidelity VIP III Growth Opportunities Portfolio.... 1/3/95 2.76% N/A 19.75%
Franklin Natural Resources Securities Fund......... 1/24/89 29.99% -4.82% -1.33%
Franklin Small Cap Fund............................ 11/1/95 93.59% N/A 27.76%
INVESCO VIF Health Sciences Fund................... 5/22/97 3.34% N/A 19.46%
Janus Aspen Growth Portfolio....................... 9/13/93 41.92% 28.00% 22.26%
Janus Aspen Growth and Income Portfolio............ 5/1/98 71.52% N/A 52.63%
KVS Dreman Financial Services Portfolio........... 5/4/98 -6.43% N/A -6.04%
Kemper Technology Growth Portfolio................. 5/3/99 N/A N/A 75.12%
Pioneer Emerging Markets VCT Portfolio............. 10/30/98 76.15% N/A 66.92%
Pioneer Real Estate Growth VCT Portfolio........... 10/30/98 -5.81% N/A 6.81%
T. Rowe Price International Stock Portfolio........ 3/31/94 31.39% 13.56% 11.82%
</TABLE>

SUPPLEMENT DATED AUGUST 1, 2000

24
<PAGE>

SEPARATE ACCOUNT VA-K
(ALLMERICA ADVANTAGE AND EXECANNUITY PLUS)

ALLMERICA FINANCIAL LIFE INSURANCE AND ANNUITY COMPANY

SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 2000

***

The first page of the Statement of Additional Information provides that Separate
Account VA-K invests in shares of Allmerica Investment Trust, Fidelity Variable
Insurance Products Fund, Fidelity Variable Insurance Products Fund II, T. Rowe
Price International Series, Inc. and Delaware Group Premium Fund. This reference
to the underlying fund companies will be replaced by the following:

INVESTING IN SHARES OF THE UNDERLYING FUNDS

***

The third and fourth paragraphs under GENERAL INFORMATION AND HISTORY are
replaced in their entirety with the following:

Currently, 35 Sub-Accounts of the Variable Account are available under the
Allmerica Advantage contract (the "Contract") and ExecAnnuity Plus contracts
(Forms A3018-91 and A3021-93), two predecessor contracts no longer being sold.
Each Sub-Account invests in a corresponding investment portfolio of Allmerica
Investment Trust ("AIT"), AIM Variable Insurance Funds ("AVIF"), Alliance
Variable Products Series Fund, Inc. ("Alliance"), Delaware Group Premium Fund
("DGPF"), Fidelity Variable Insurance Products Fund ("Fidelity VIP"), Fidelity
Variable Insurance Products Fund II ("Fidelity VIP II"), Fidelity Variable
Insurance Products Fund III ("Fidelity VIP III"), Franklin Templeton Variable
Insurance Products Trust ("FT VIP"), INVESCO Variable Investment Funds, Inc.
("INVESCO VIF"), Janus Aspen Series ("Janus Aspen"), Kemper Variable Series
("KVS"), Pioneer Variable Contracts Trust ("Pioneer VCT") and T. Rowe Price
International Series, Inc. ("T. Rowe Price").

AIT, AVIF, Alliance, DGPF, Fidelity VIP, Fidelity VIP II, Fidelity VIP III, FT
VIP, INVESCO VIF, Janus Aspen, KVS, Pioneer VCT and T. Rowe Price, are open-end,
diversified management investment companies. Thirteen funds of AIT are available
under the Contract: the Core Equity Fund (formerly the Growth Fund), Equity
Index Fund, Government Bond Fund, Money Market Fund, Select Aggressive Growth
Fund, Select Capital Appreciation Fund, Select Emerging Markets Fund, Select
Growth Fund, Select Growth and Income Fund, Select International Equity Fund,
Select Investment Grade Income Fund, Select Strategic Growth Fund, and the
Select Value Opportunity Fund. Two funds of AVIF are available under the
Contract: the AIM V.I. Aggressive Growth Fund and the AIM V.I. Value Fund. Two
portfolios of Alliance are available under the Contract: the Alliance Growth and
Income Portfolio and the Alliance Premier Growth Portfolio. Two series of DGPF
are available under the Contract: the DGPF International Equity Series and the
DGPF Growth Opportunities Series. Four portfolios of Fidelity VIP are available
under the Contract: the Fidelity VIP Equity-Income Portfolio, Fidelity VIP
Growth Portfolio, Fidelity VIP High Income Portfolio and the Fidelity VIP
Overseas Portfolio. One portfolio of Fidelity VIP II is available under the
Contract: the Fidelity VIP II Asset Manager Portfolio. One Fidelity VIP III
portfolio is available under the Contract: the Fidelity VIP III Growth
Opportunities Portfolio. Two FT VIP funds are available under the Contract: the
Franklin Natural Resources Securities Fund and the Franklin Small Cap Fund. One
fund of INVESCO VIF is available under the Contract: the

<PAGE>

INVESCO VIF Health Sciences Fund. Two Janus Aspen portfolios are available under
the Contract: the Janus Aspen Growth Portfolio and the Janus Aspen Growth and
Income Portfolio. Two KVS portfolios are available under the Contract: the KVS
Dreman Financial Services Portfolio and the Kemper Technology Growth Portfolio.
Two Pioneer VCT portfolios are available under the Contract: the Pioneer
Emerging Markets VCT Portfolio and the Pioneer Real Estate Growth VCT Portfolio.
The T. Rowe Price International Stock Portfolio of T. Rowe Price is available
under the Contract. Each fund available under the Contract (together, the
"Underlying Funds") has its own investment objectives and certain attendant
risks.

***

SUPPLEMENT DATED AUGUST 1, 2000

<PAGE>

PART C. OTHER INFORMATION

ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS

(a) FINANCIAL STATEMENTS

Financial Statements Included in Part A
None

Financial Statements Included in Part B
Financial Statements for Allmerica Financial Life Insurance and
Annuity Company
Financial Statements for Separate Account VA-K of Allmerica Financial
Life Insurance and Annuity Company were previously filed in
Registrant's Post-Effective Amendment No. 17 on April 21, 2000, and
are incorporated by reference herein.

Financial Statements Included in Part C
None

(b) EXHIBITS

EXHIBIT 1 Vote of Board of Directors Authorizing Establishment
of Registrant dated November 1, 1990 was previously
filed on April 24, 1998 in Post-Effective Amendment
No. 14, and is incorporated by reference herein.

EXHIBIT 2 Not Applicable. Pursuant to Rule 26a-2, the Insurance
Company may hold the assets of the Registrant NOT
pursuant to a trust indenture or other such
instrument.

EXHIBIT 3 (a) Underwriting and Administrative Service Agreement
was previously filed on April 24, 1998 in
Post-Effective Amendment No. 14 and is
incorporated by reference herein.

(b) Sales Agreements were previously filed on April
24, 1998 in Post-Effective Amendment No. 14, and
are incorporated by reference herein.

(c) General Agent's Agreement was previously filed on
April 24, 1998 in Post-Effective Amendment No. 14,
and is incorporated by reference herein.

(d) Career Agent Agreement with Commission Schedule
was previously filed on April 24, 1998 in
Post-Effective Amendment No. 14, and is
incorporated by reference herein.

(b) Registered Representative's Agreement was
previously filed on April 24, 1998 in
Post-Effective Amendment No. 14, and is
incorporated by reference herein.

EXHIBIT 4 Minimum Guaranteed Annuity Payout Rider was filed on
December 29, 1998 in Post-Effective Amendment No. 15,
and is incorporated by reference herein. Policy Form A
was previously filed on April 24, 1998 in
Post-Effective Amendment No. 14, and is incorporated
by reference herein. Specimen Policy Form B was
previously filed on April 30, 1996 in Post-Effective
Amendment No. 11, and is incorporated by reference
herein.

<PAGE>

EXHIBIT 5 Specimen Application Form A was previously filed on
April 24, 1998 in Post-Effective Amendment No. 14, and
is incorporated by reference herein. Specimen
Application Form B was previously filed on April 30,
1996 in Post-Effective Amendment No. 11, and is
incorporated by reference herein.

EXHIBIT 6 The Depositor's Articles of Incorporation and
Bylaws, as amended to reflect its name change, were
previously filed on September 28, 1995 in
Post-Effective Amendment No. 9, and are incorporated
by reference herein.

EXHIBIT 7 Not Applicable.

EXHIBIT 8 (a) Fidelity Service Agreement was previously filed on
April 30, 1996 in Post-Effective Amendment No. 11,
and is incorporated by reference herein.

(b) An Amendment to the Fidelity Service Agreement,
effective as of January 1, 1997, was previously
filed on April 2, 1997 in Post-Effective Amendment
No. 12, and is incorporated by reference herein.

(c) Fidelity Service Contract, effective as of January
1, 1997, was previously filed on April 2, 1997 in
Post-Effective Amendment No. 12, and is
incorporated by reference herein.

(d) T. Rowe Price Service Agreement was previously
filed on April 24, 1998 in Post-Effective
Amendment No. 14, and is incorporated by reference
herein.

(e) BFDS Agreements for lockbox and mailroom services
were previously filed on April 24, 1998 in
Post-Effective Amendment No. 14, and are
incorporated by reference herein.

(f) Directors' Power of Attorney is filed herewith.

EXHIBIT 9 Opinion of Counsel is filed herewith.

EXHIBIT 10 Consent of Independent Accountants is filed herewith.

EXHIBIT 11 None.

EXHIBIT 12 None.

EXHIBIT 13 Schedule for Computation of Performance Quotations was
previously filed on May 1, 1993 in a post-effective
amendment, and is incorporated by reference herein.

EXHIBIT 14 Not Applicable.

EXHIBIT 15 (a) Participation Agreement between the Company and
Allmerica Investment Trust dated March 22, 2000
was previously filed on April 21, 2000 in
Registrant's Post-Effective Amendment No. 17, and
is incorporated by reference herein.

(b) Amendment dated March 29, 2000 and Amendment dated
November 13, 1998 to the Variable Insurance
Products Fund Participation Agreement was
previously filed on

<PAGE>

April 21, 2000 in Registrant's Post-Effective
Amendment No. 17, and is incorporated by reference
herein. Participation Agreement, as amended, with
Variable Insurance Products Fund was previously
filed on April 24, 1998 in Post-Effective
Amendment No. 14, and is incorporated by reference
herein.

(c) Amendment dated March 29, 2000 and Amendment dated
November 13, 1998 to the Variable Insurance
Products Fund II Participation Agreement was
previously filed on April 21, 2000 in
Post-Effective Amendment No. 17, and is
incorporated by reference herein. Participation
Agreement, as amended, with Variable Insurance
Products Fund II was previously filed on April 24,
1998 in Post-Effective Amendment No. 14, and is
incorporated by reference herein.

(d) Form of Amendment to the Delaware Group Premium
Fund Participation Agreement was previously filed
in April 2000 in Post-Effective Amendment No. 19
of Registration Statement No. 33-44830/811-6293,
and is incorporated by reference herein.
Participation Agreement with Delaware Group
Premium Fund and Amendment was previously filed on
April 24, 1998 in Post-Effective Amendment No. 14,
and is incorporated by reference herein.

(e) Participation Agreement with T. Rowe Price
International Series, Inc. was previously filed on
April 24, 1998 in Post-Effective Amendment No. 14,
and is incorporated by reference herein.

(f) Form of Amendment was previously filed in April
2000 in Post-Effective Amendment No. 19 of
Registration Statement No. 33-44830/811-6293 and
is incorporated by reference herein. Participation
Agreement with AIM Variable Insurance Funds was
previously filed on August 27, 1998 in
Post-Effective Amendment No. 3 in Registration
Statement No. 333-11377/811-7799, and is
incorporated by reference herein.

(g) Form of Participation Agreement with Alliance was
previously filed in April 2000 in Post-Effective
Amendment No. 14 of Registration Statement No.
33-85916/811-8848, and is incorporated by
reference herein.

(h) Form of Participation Agreement with Franklin
Templeton was previously filed in April 2000 in
Post-Effective Amendment No. 19 of Registration
Statement No. 33-44830/811-6293 and is
incorporated by reference herein.

(i) Participation Agreement with INVESCO was
previously filed on April 21, 2000 in
Post-Effective Amendment No. 1 of Registration
Statement No. 333-87099/811-6293 and is
incorporated by reference herein.

(j) Participation Agreement with Janus was previously
filed on April 21, 2000 in Post-Effective
Amendment No. 1 of Registration Statement No.
333-87099/811-6293 and is incorporated by
reference herein.

(k) Amendment to Kemper Participation Agreement was
previously filed in April 2000 in Post-Effective
Amendment No. 7 of Registration Statement No.
333-09965/811-7767 and is incorporated by
reference herein. Participation Agreement with
Kemper was previously filed on November 6, 1996 in
Pre-Effective Amendment No. 1 in Registration
Statement No. 333-00965/811-7767, and is
incorporated by reference herein.
<PAGE>

(l) Form of Amendment to Pioneer Participation
Agreement was previously filed in April 2000 in
Post-Effective Amendment No. 14 of Registration
Statement No. 33-85916/811-8848, and is
incorporated by reference herein. Participation
Agreement with Pioneer was previously filed on
April 24, 1998 in Post-Effective Amendment No. 9
of Registration Statement No. 33-85916/811-8848,
and is incorporated by reference herein.

ITEM 25. DIRECTORS AND OFFICERS OF THE DEPOSITOR

The principal business address of all the following Directors and Officers is:
440 Lincoln Street
Worcester, Massachusetts 01653

DIRECTORS AND PRINCIPAL OFFICERS OF THE COMPANY

NAME AND POSITION WITH COMPANY PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
------------------------------ ----------------------------------------------
<S> <C>

Bruce C. Anderson Director (since 1996), Vice President (since 1984) and Assistant Secretary
Director (since 1992) of First Allmerica

Warren E. Barnes Vice President (since 1996) and Corporate Controller (since 1998) of First
Vice President and Allmerica
Corporate Controller

Mark R. Colborn Director (since 2000) and Vice President (since 1992) of First Allmerica
Director and Vice President

Charles F. Cronin Secretary (since 2000) and Counsel (since 1996) of First Allmerica;
Secretary Counsel (since 1996); Attorney (1991-1996) of Nutter, McClennen & Fish

J. Kendall Huber Director, Vice President and General Counsel of First Allmerica (since
Director, Vice President and 2000); Vice President (1999) of Promos Hotel Corporation; Vice President &
General Counsel Deputy General Counsel (1998-1999) of Legg Mason, Inc.; Vice President and
Deputy General Counsel (1995-1998) of USF&G Corporation

John P. Kavanaugh Director and Chief Investment Officer (since 1996) and Vice President
Director, Vice President and (since 1991) of First Allmerica; Vice President (since 1998) of Allmerica
Chief Investment Officer Financial Investment Management Services, Inc.; and President (since 1995)
and Director (since 1996) of Allmerica Asset Management, Inc.

J. Barry May Director (since 1996) of First Allmerica; Director and President (since
Director 1996) of The Hanover Insurance Company; and Vice President (1993 to 1996)
of The Hanover Insurance Company

James R. McAuliffe Director (since 1996) of First Allmerica; Director (since 1992), President
Director (since 1994) and Chief Executive Officer (since 1996) of Citizens Insurance
Company of America

<PAGE>

Mark C. McGivney Vice President (since 1997) and Treasurer (since 2000) of First Allmerica;
Vice President and Treasurer Associate, Investment Banking (1996-1997) of Merrill Lynch & Co.;
Associate, Investment Banking (1995) of Salomon Brothers, Inc.; Treasurer
(since 2000) of Allmerica Investments, Inc., Allmerica Asset Management,
Inc. and Allmerica Financial Investment Management Services, Inc.

John F. O'Brien Director, President and Chief Executive Officer (since 1989) of First
Director and Chairman Allmerica
of the Board

Edward J. Parry, III Director and Chief Financial Officer (since 1996), Vice President (since
Director, Vice President 1993), and Treasurer (1993-2000) of First Allmerica
Chief Financial Officer

Richard M. Reilly Director (since 1996) and Vice President (since 1990) of First Allmerica;
Director, President and President (since 1995) of Allmerica Financial Life Insurance and Annuity
Chief Executive Officer Company; Director (since 1990) of Allmerica Investments, Inc.; and Director
and President (since 1998) of Allmerica Financial Investment Management
Services, Inc.

Robert P. Restrepo, Jr. Director and Vice President (since 1998) of First Allmerica; Director
Director (since 1998) of The Hanover Insurance Company; Chief Executive Officer
(1996 to 1998) of Travelers Property & Casualty; Senior Vice President
(1993 to 1996) of Aetna Life & Casualty Company

Eric A. Simonsen Director (since 1996) and Vice President (since 1990) of First Allmerica;
Director and Vice President Director (since 1991) of Allmerica Investments, Inc.; and Director (since
1991) of Allmerica Financial Investment Management Services, Inc.
</TABLE>
<PAGE>

ITEM 26. PERSONS UNDER COMMON CONTROL WITH REGISTRANT

<TABLE>
<S><C>
Allmerica Financial Corporation

Delaware

| | | | | | | |
________________________________________________________________________________________________________________________________
100% 100% 100% 100% 100% 100% 100% 100%
Allmerica Financial Allmerica, Allmerica First Allmerica AFC Capital Allmerica First Sterling
Asset Profiles, Inc. Inc. Funding Financial Life Trust I Services Limited
Management, Inc. Corp. Insurance Corporation
Company

Massachusetts California Massachusetts Massachusetts Massachusetts Delaware Massachusetts Bermuda
| | |
| ___________________________________________________________ ________________
| | | | |
| 100% 99.2% 100% 100%
| Advantage Allmerica Allmerica First Sterling
| Insurance Trust Financial Life Reinsurance
| Network, Inc. Company, N.A. Insurance and Company
| Annuity Company Limited
|
| Delaware Federally Chartered Delaware Bermuda
| |
|_________________________________________________________________________________________________________________________
| | | | | | | | | |
| 100% 100% 100% 100% 100% 100% 100% 100% 100%
| Allmerica Allmerica Allmerica Allmerica Allmerica Allmerica Allmerica Allmerica Allmerica
| Investments, Investment Financial Financial Investments Investments Investments Investments Investments
| Inc. Management Investment Services Insurance Insurance Insurance Insurance Insurance
| Company, Inc. Management Insurance Agency Inc. Agency of Agency Inc. Agency Inc. Agency Inc.
| Services, Inc. Agency, Inc. of Alabama Florida Inc. of Georgia of Kentucky of Mississippi
|
|Massachusetts Massachusetts Massachusetts Massachusetts Alabama Florida Georgia Kentucky Mississippi
|
________________________________________________________________
| | | |
100% 100% 100% 100%
Allmerica Sterling Risk Allmerica Allmerica
Property Management Benefits, Inc. Asset
& Casualty Services, Inc. Management,
Companies, Inc. Limited

Delaware Delaware Florida Bermuda
|
________________________________________________
| | |
100% 100% 100%
The Hanover Allmerica Citizens
Insurance Financial Insurance
Company Insurance Company
Brokers, Inc. of Illinois

New Hampshire Massachusetts Illinois
|
________________________________________________________________________________________________________________________________
| | | | | | | |
100% 100% 100% 100% 100% 100% 100% 100%
Allmerica Allmerica The Hanover Hanover Texas Citizens Massachusetts Allmerica AMGRO
Financial Plus American Insurance Corporation Bay Insurance Financial Inc.
Benefit Insurance Insurance Management Company Alliance
Insurance Agency, Inc. Company Company, Inc. Insurance
Company Company

Pennsylvania Massachusetts New Hampshire Texas Delaware New Hampshire New Hampshire Massachusetts
| |
________________________________________________ ________________
| | | |
100% 100% 100% 100%
Citizens Citizens Citizens Lloyds Credit
Insurance Insurance Insurance Corporation
Company Company Company
of Ohio of America of the
Midwest

Ohio Michigan Indiana Massachusetts
|
_________________
|
100%
Citizens
Management
Inc.

Michigan

----------------- ----------------- -----------------
Allmerica Greendale AAM
Equity Special Equity Fund
Index Pool Placements
Fund

Massachusetts Massachusetts Massachusetts

-------- Grantor Trusts established for the benefit of First Allmerica,
Allmerica Financial Life, Hanover and Citizens

--------------- ----------------
Allmerica Allmerica
Investment Trust Securities
Trust

Massachusetts Massachusetts

-------- Affiliated Management Investment Companies

...............
Hanover Lloyd's
Insurance
Company

Texas

-------- Affiliated Lloyd's plan company, controlled by Underwriters
for the benefit of The Hanover Insurance Company

----------------- -----------------
AAM Growth AAM High Yield
& Income Fund, L.L.C.
Fund L.P.

Delaware Massachusetts

________ L.P. or L.L.C. established for the benefit of First Allmerica,
Allmerica Financial Life, Hanover and Citizens
</TABLE>

<PAGE>

ALLMERICA FINANCIAL LIFE INSURANCE AND ANNUITY COMPANY
<TABLE>
<CAPTION>

NAME ADDRESS TYPE OF BUSINESS
---- ------- ----------------
<S> <C> <C>
AAM Equity Fund 440 Lincoln Street Massachusetts Grantor Trust
Worcester MA 01653

AAM Growth & Income Fund, L.P 440 Lincoln Street Limited Partnership
Worcester MA 01653

Advantage Insurance Network Inc. 440 Lincoln Street Insurance Agency
Worcester MA 01653

AFC Capital Trust I 440 Lincoln Street Statutory Business Trust
Worcester MA 01653

<PAGE>

Allmerica Asset Management Limited 440 Lincoln Street Investment advisory services
Worcester MA 01653

Allmerica Asset Management, Inc. 440 Lincoln Street Investment advisory services
Worcester MA 01653
Allmerica Benefits, Inc. 440 Lincoln Street Non-insurance medical services
Worcester MA 01653

Allmerica Equity Index Pool 440 Lincoln Street Massachusetts Grantor Trust
Worcester MA 01653

Allmerica Financial Alliance Insurance 100 North Parkway Multi-line property and casualty
Company Worcester MA 01605 insurance

Allmerica Financial Benefit Insurance 100 North Parkway Multi-line property and casualty
Company Worcester MA 01605 insurance

Allmerica Financial Corporation 440 Lincoln Street Holding Company
Worcester MA 01653

Allmerica Financial Insurance 440 Lincoln Street Insurance Broker
Brokers, Inc. Worcester MA 01653

Allmerica Financial Life Insurance 440 Lincoln Street Life insurance, accident and health
and Annuity Company (formerly known Worcester MA 01653 insurance, annuities, variable
as SMA Life Assurance Company annuities and variable life insurance

Allmerica Financial Services Insurance 440 Lincoln Street Insurance Agency
Agency, Inc. Worcester MA 01653

Allmerica Funding Corp. 440 Lincoln Street Special purpose funding vehicle for
Worcester MA 01653 commercial paper

Allmerica, Inc. 440 Lincoln Street Common employer for Allmerica
Worcester MA 01653 Financial Corporation entities

Allmerica Financial Investment 440 Lincoln Street Investment advisory services
Management Services, Inc. (formerly Worcester MA 01653
known as Allmerica Institutional Services, Inc.
and 440 Financial Group of
Worcester, Inc.)

Allmerica Investment Management 440 Lincoln Street Investment advisory services
Company, Inc. Worcester MA 01653

Allmerica Investments, Inc. 440 Lincoln Street Securities, retail broker-dealer
Worcester MA 01653

Allmerica Investments Insurance Agency Inc. of 200 Southbridge Parkway Insurance Agency
Alabama Suite 400
Birmingham, AL 35209

<PAGE>

Allmerica Investments Insurance Agency of 14211 Commerce Way Insurance Agency
Florida, Inc. Miami Lakes, FL 33016

Allmerica Investment Insurance Agency Inc. of 1455 Lincoln Parkway Insurance Agency
Georgia Suite 300
Atlanta, GA 30346

Allmerica Investment Insurance Agency Inc. of Barkley Bldg-Suite 105 Insurance Agency
Kentucky 12700 Shelbyville Road
Louisiana, KY 40423

Allmerica Investments Insurance Agency Inc. of 631 Lakeland East Drive Insurance Agency
Mississippi Flowood, MS 39208

Allmerica Investment Trust 440 Lincoln Street Investment Company
Worcester MA 01653

Allmerica Plus Insurance 440 Lincoln Street Insurance Agency
Agency, Inc. Worcester MA 01653

Allmerica Property & Casualty 440 Lincoln Street Holding Company
Companies, Inc. Worcester MA 01653

Allmerica Securities Trust 440 Lincoln Street Investment Company
Worcester MA 01653

Allmerica Services Corporation 440 Lincoln Street Internal administrative services
Worcester MA 01653 provider to Allmerica Financial
Corporation entities

Allmerica Trust Company, N.A. 440 Lincoln Street Limited purpose national trust
Worcester MA 01653 company

AMGRO, Inc. 100 North Parkway Premium financing
Worcester MA 01605

Citizens Corporation 440 Lincoln Street Holding Company
Worcester MA 01653

Citizens Insurance Company of America 645 West Grand River Multi-line property and casualty
Howell MI 48843 insurance

Citizens Insurance Company of Illinois 333 Pierce Road Multi-line property and casualty
Itasca IL 60143 insurance

Citizens Insurance Company of the 3950 Priority Way Multi-line property and casualty
Midwest South Drive, Suite 200 insurance
Indianapolis IN 46280

<PAGE>

Citizens Insurance Company of Ohio 8101 N. High Street Multi-line property and casualty
P.O. Box 342250 insurance
Columbus OH 43234

Citizens Management, Inc. 645 West Grand River Services management company
Howell MI 48843

Financial Profiles 5421 Avenida Encinas Computer software company
Carlsbad, CA 92008

First Allmerica Financial Life Insurance 440 Lincoln Street Life, pension, annuity, accident
Company (formerly State Mutual Life Worcester MA 01653 and health insurance company
Assurance Company of America)

First Sterling Limited 440 Lincoln Street Holding Company
Worcester MA 01653

First Sterling Reinsurance Company 440 Lincoln Street Reinsurance Company
Limited Worcester MA 01653

Greendale Special Placements Fund 440 Lincoln Street Massachusetts Grantor Trust
Worcester MA 01653

The Hanover American Insurance 100 North Parkway Multi-line property and casualty
Company Worcester MA 01605 insurance

The Hanover Insurance Company 100 North Parkway Multi-line property and casualty
Worcester MA 01605 insurance

Hanover Texas Insurance Management 801 East Campbell Road Attorney-in-fact for Hanover Lloyd's
Company, Inc. Richardson TX 75081 Insurance Company

Hanover Lloyd's Insurance Company Hanover Lloyd's Insurance Multi-line property and casualty
Company insurance

Lloyds Credit Corporation 440 Lincoln Street Premium financing service
Worcester MA 01653 franchises

Massachusetts Bay Insurance Company 100 North Parkway Multi-line property and casualty
Worcester MA 01605 insurance

Sterling Risk Management Services, Inc. 440 Lincoln Street Risk management services
Worcester MA 01653
</TABLE>

Item 27. Number of Contract Owners

As of June 30, 2000, there were 79,867 Contract holders of qualified Contracts
and 24,715 Contract holders of non-qualified Contracts.

ITEM 28. INDEMNIFICATION

<PAGE>

Article VIII of the Bylaws of Allmerica Financial Life Insurance and
Annuity Company (the Depositor) states: Each Director and each Officer of
the Corporation, whether or not in office, (and his executors or
administrators), shall be indemnified or reimbursed by the Corporation
against all expenses actually and necessarily incurred by him in the
defense or reasonable settlement of any action, suit or proceeding in which
he is made a party by reason of his being or having been a Director or
Officer of the Corporation, including any sums paid in settlement or to
discharge judgment, except in relation to matters as to which he shall be
finally adjudged in such action, suit or proceeding to be liable for
negligence or misconduct in the performance of his duties as such Director
or Officer; and the foregoing right of indemnification or reimbursement
shall not affect any other rights to which he may be entitled under the
Articles of Incorporation, any statute, bylaw, agreement, vote of
stockholders, or otherwise.

ITEM 29. PRINCIPAL UNDERWRITERS

a) Allmerica Investments, Inc. also acts as principal underwriter for the
following:

- VEL Account, VEL II Account, VEL Account III, Separate Account
SPL-D, Separate Account IMO, Select Account III, Inheiritage
Account, Separate Accounts VA-A, VA-B, VA-C, VA-G, VA-H, VA-K,
VA-P, Allmerica Select Separate Account II, Group VEL Account,
Separate Account KG, Separate Account KGC, Fulcrum Separate
Account, Fulcrum Variable Life Separate Account, Separate Account
FUVUL, Separate Account IMO and Allmerica Select Separate Account
of Allmerica Financial Life Insurance and Annuity Company

X Inheiritage Account, VEL II Account, Separate Account I, Separate
Account VA-K, Separate Account VA-P, Allmerica Select Separate
Account II, Group VEL Account, Separate Account KG, Separate
Account KGC, Fulcrum Separate Account, and Allmerica Select
Separate Account of First Allmerica Financial Life Insurance
Company.

- Allmerica Investment Trust

(b) The Principal Business Address of each of the following Directors and
Officers of Allmerica Investments, Inc. is: 440 Lincoln Street
Worcester, Massachusetts 01653

NAME POSITION OR OFFICE WITH UNDERWRITER

Margaret L. Abbott Vice President

Emil J. Aberizk, Jr Vice President

Edward T. Berger Vice President and Chief Compliance Officer

Michael J. Brodeur Vice President Operations

Mark R. Colborn Vice President

Charles F. Cronin Secretary/Clerk

Claudia J. Eckels Vice President

<PAGE>

Philip L. Heffernan Vice President

J. Kendall Huber Director

Mark C. McGivney Treasurer

William F. Monroe, Jr. President, Director and Chief Executive Officer

David J. Mueller Vice President, Chief Financial Officer, Financial
Operations Principal and Controller

Stephen Parker Vice President and Director

Richard M. Reilly Director and Chairman of the Board

Eric A. Simonsen Director

(c) As indicated in Part B (Statement of Additional Information) in
response to Item 20(c), there were no commissions retained by Allmerica
Investments, Inc., the principal underwriter of the Contracts for sales of
variable contracts funded by the Registrant in 1999. No other commissions or
compensation was received by the principal underwriter, directly or indirectly,
from the Registrant during the Registrant's last fiscal year.

ITEM 30. LOCATION OF ACCOUNTS AND RECORDS

Each account, book or other document required to be maintained by Section 31(a)
of the 1940 Act and Rules 31a-1 to 31a-3 thereunder are maintained by the
Company at 440 Lincoln Street, Worcester, Massachusetts.

ITEM 31. MANAGEMENT SERVICES

The Company provides daily unit value calculations and related services for the
Company's separate accounts.

ITEM 32. UNDERTAKINGS

(a) The Registrant hereby undertakes to file a post-effective amendment to
this registration statement as frequently as is necessary to ensure
that the audited financial statements in the registration statement
are never more than 16 months old for so long as payments under the
variable annuity contracts may be accepted.

(b) The Registrant hereby undertakes to include in the prospectus a
postcard that the applicant can remove to send for a Statement of
Additional Information.

(c) The Registrant hereby undertakes to deliver a Statement of Additional
Information and any financial statements promptly upon written or oral
request, according to the requirements of Form N-4.

(d) Insofar as indemnification for liability arising under the 1933 Act
may be permitted to Directors, Officers and Controlling Persons of
Registrant under any registration statement, underwriting agreement or
otherwise, Registrant has been advised that, in the opinion of the
SEC, such indemnification is against public policy as expressed in the
1933 Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the

<PAGE>

payment by Registrant of expenses incurred or paid by a Director,
Officer or Controlling Person of Registrant in the successful defense
of any action, suit or proceeding) is asserted by such Director,
Officer or Controlling Person in connection with the securities being
registered, Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by
it is against public policy as expressed in the 1933 Act and will be
governed by the final adjudication of such issue.

(e) The Company hereby represents that the aggregate fees and charges
under the Policies are reasonable in relation to the services
rendered, expenses expected to be incurred, and risks assumed by the
Company.

ITEM 33. REPRESENTATIONS CONCERNING WITHDRAWAL RESTRICTIONS ON SECTION 403(b)
PLANS AND UNDER THE TEXAS OPTIONAL RETIREMENT PROGRAM

Registrant, a separate account of Allmerica Financial Life Insurance and
Annuity Company ("Company"), states that it is (a) relying on Rule 6c-7
under the 1940 Act with respect to withdrawal restrictions under the Texas
Optional Retirement Program ("Program") and (b) relying on the "no-action"
letter (Ref. No. IP-6-88) issued on November 28, 1988 to the American
Council of Life Insurance, in applying the withdrawal restrictions of
Internal Revenue Code Section 403(b)(11).

Registrant has taken the following steps in reliance on the letter:

1. Appropriate disclosures regarding the withdrawal restrictions imposed
by the Program and by Section 403(b)(11) have been included in the
prospectus of each registration statement used in connection with the
offer of the Company's variable contracts.

2. Appropriate disclosures regarding the withdrawal restrictions imposed
by the Program and by Section 403(b)(11) have been included in sales
literature used in connection with the offer of the Company's variable
contracts.

3. Sales Representatives who solicit participants to purchase the
variable contracts have been instructed to specifically bring the
withdrawal restrictions imposed by the Program and by Section
403(b)(11) to the attention of potential participants.

4. A signed statement acknowledging the participant's understanding of
(I) the restrictions on withdrawal imposed by the Program and by
Section 403(b)(11) and (ii) the investment alternatives available
under the employer's arrangement will be obtained from each
participant who purchases a variable annuity contract prior to or at
the time of purchase.

Registrant hereby represents that it will not act to deny or limit a transfer
request except to the extent that a Service-Ruling or written opinion of
counsel, specifically addressing the fact pattern involved and taking into
account the terms of the applicable employer plan, determines that denial or
limitation is necessary for the variable annuity contracts to meet the
requirements of the Program or of Section 403(b). Any transfer request not so
denied or limited will be effected as expeditiously as possible.

<PAGE>

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940 the Registrant certifies that it meets all of the
requirements for effectiveness of this Post-Effective Amendment to the
Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933
and has duly caused this Post-Effective Amendment to the Registration Statement
to be signed on its behalf by the undersigned, thereto duly authorized, in the
City of Worcester, and Commonwealth of Massachusetts, on the 10th day of July,
2000.

SEPARATE ACCOUNT VA-K OF
ALLMERICA FINANCIAL LIFE INSURANCE AND ANNUITY COMPANY

By: /s/ Charles F. Cronin
------------------------------------
Charles F. Cronin, Secretary

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective
Amendment to the Registration Statement has been signed by the following persons
in the capacities and on the dates indicated.

Signatures Title Date
---------- ----- ----
<S> <C> <C>
/s/ Warren E. Barnes Vice President and Corporate Controller July 10, 2000
------------------------------------
Warren E. Barnes

Edward J. Parry III* Director, Vice President and Chief Financial Officer
------------------------------------

Richard M. Reilly* Director, President and Chief Executive Officer
------------------------------------

John F. O'Brien* Director and Chairman of the Board
------------------------------------

Bruce C. Anderson* Director
------------------------------------

Mark R. Colborn* Director and Vice President
------------------------------------

John P. Kavanaugh* Director, Vice President and Chief Investment Officer
------------------------------------

J. Kendall Huber* Director, Vice President and General Counsel
------------------------------------

J. Barry May* Director
------------------------------------

James R. McAuliffe* Director
------------------------------------

Robert P. Restrepo, Jr.* Director
------------------------------------

Eric A. Simonsen* Director and Vice President
------------------------------------
</TABLE>

*Sheila B. St. Hilaire, by signing her name hereto, does hereby sign this
document on behalf of each of the above-named Directors and Officers of the
Registrant pursuant to the Power of Attorney dated April 2, 2000 duly executed
by such persons.

/s/ Sheila B. St. Hilaire
------------------------------------
Sheila B. St. Hilaire, Attorney-in-Fact
(33-39702)

<PAGE>

EXHIBIT TABLE

Exhibit 8(f) Directors' Power of Attorney

Exhibit 9 Opinion of Counsel

Exhibit 10 Consent of Independent Accountants