<PAGE>
PROSPECTUS SUPPLEMENT
FIRST ALLMERICA FINANCIAL LIFE INSURANCE COMPANY
SEPARATE ACCOUNT I, SEPARATE ACCOUNT VA-K
(ALLMERICA ADVANTAGE/EXECANNUITY PLUS),
VEL II ACCOUNT (93), GROUP VEL ACCOUNT, INHEIRITAGE ACCOUNT
(SUPPLEMENT TO PROSPECTUSES DATED MAY 1, 1997)
ALLMERICA INVESTMENT TRUST
(SUPPLEMENT TO PROSPECTUSES AND
STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 1997)
The Trustees of Allmerica Investment Trust have approved increases in the
management fees for the Growth Fund and Investment Grade Income Fund as set
forth under the section entitled "Management Fees and Expenses" so that the
rates will be as follows:
Assets Growth Fund
------ -----------
First $250 Million . . . . . . 0.60%
$250 to $500 Million . . . . . 0.40%
Over $500 Million. . . . . . . 0.35%
Investment Grade
Assets Income Fund
------ -----------
First $50 Million. . . . . . . 0.50%
$50 to $100 Million. . . . . . 0.45%
Over $100 Million. . . . . . . 0.40%
The changes will take effect for a Fund only if approved by shareholders of that
Fund at a meeting currently scheduled for August 1, 1997. There will be no
changes in the sub-adviser fees for these funds.
Dated: June 12, 1997
