IMPACT MANAGEMENT INVESTMENT TRUST

                          IMPACT TOTAL RETURN PORTFOLIO

                                 CLASS A SHARES
                                 CLASS F SHARES
                                 CLASS R SHARES
                           INSTITUTIONAL CLASS SHARES

    SUPPLEMENT DATED MAY 31, 2002 TO THE PROSPECTUSES DATED JANUARY 28, 2002

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     Equity Assets Management, Inc. ("EAM"), the IMPACT Total Return Portfolio's
(the "Portfolio")  investment adviser,  has entered into a definitive  agreement
with  Schneider  Capital  Management,   Inc.   ("Schneider"),   the  Portfolio's
sub-adviser,  for the sale of EAM's  business  relating to the management of the
Portfolio's assets (the "Transaction"). EAM's board of directors determined that
the  Transaction was in the best interest of EAM due to its inability to achieve
profitability  in  connection  with the  management of the Portfolio and concern
regarding  EAM's  ability  going  forward  to  adequately  support  and grow the
Portfolio.

     In  connection  with  the  Transaction,  EAM  intends  to  present  to  the
Portfolio's  board of  trustees  and  subsequently  to the  shareholders  of the
Portfolio,  at special meeting thereof, a proposal to transfer substantially all
of the assets of the  Portfolio  to the  Schneider  Value Fund series of the RBB
Fund, Inc. in a tax-free reorganization  pursuant to a reorganization  agreement
(the  "Reorganization")  and approve and adopt the existing  advisory  agreement
between  Schneider  and the  Schneider  Value Fund.  If approved by the board of
trustees and shareholders of the Portfolio,  upon the simultaneous  consummation
of the Transaction and Reorganization,  the Portfolio's  advisory agreement with
EAM will be deemed to have been assigned and,  therefore,  will  terminate.  The
Transaction and Reorganization are expected to be completed by August of 2002.



                       IMPACT MANAGEMENT INVESTMENT TRUST

                                 IMPACT 25 FUND

                                 CLASS A SHARES
                                 CLASS F SHARES
                           INSTITUTIONAL CLASS SHARES

      SUPPLEMENT DATED MAY 31, 2002 TO THE PROSPECTUSES DATED APRIL 1, 2002

     Equity Assets Management,  Inc. ("EAM"),  the IMPACT 25 Fund's (the "Fund")
investment  adviser,  has entered into a  definitive  agreement  with  Schneider
Capital  Management,  Inc.  ("Schneider"),  the  sub-adviser to the IMPACT Total
Return Portfolio (the  "Portfolio"),  a separate series of the IMPACT Management
Investment  Trust, for the sale of EAM's business  relating to the management of
the Portfolio's assets (the "Transaction").  EAM's board of directors determined
that the  Transaction  was in the best  interest of EAM due to its  inability to
achieve  profitability  in connection  with the  management of the Portfolio and
concern regarding EAM's ability going forward to adequately support and grow the
Portfolio.  Also, EAM will explore  various options in connection with providing
management and investment advice to the Fund.

     In connection with the Transaction,  EAM intends to present to the board of
trustees of the  Portfolio and the  shareholders  of the  Portfolio,  at special
meeting thereof,  a proposal to transfer  substantially all of the assets of the
Portfolio to the Schneider Value Fund series of the RBB Fund, Inc. in a tax-free
reorganization  pursuant to a reorganization  agreement (the  "Reorganization").
The  Transaction  and  Reorganization  are expected to be completed by August of
2002.

     The  Transaction  and  Reorganization  will not directly  affect the Fund's
advisory agreement with EAM or sub-advisory agreement with Denali Advisors LLC.