IMPACT MANAGEMENT INVESTMENT TRUST
                      IMPACT MANAGEMENT GROWTH PORTFOLIO

                      Prospectus Supplement to Prospectus
                            dated January 10, 1998

     The following information supplements, and should be read in conjunction
with, the Prospectus dated January 10, 1998 for the IMPACT Management Growth
Portfolio:

     At a special meeting of shareholders of IMPACT Management Growth 
Portfolio (the "Portfolio") held on January 14, 1998, the shareholders of the
Portfolio approved an Amended and Restated Investment Advisory Agreement for 
the Portfolio, and a Distribution Plan pursuant to Rule 12b-1 under the 
Investment Company Act of 1940 for the Portfolio.

     The Amended and Restated Investment Advisory Agreement ("Amended 
Advisory Agreement") is an agreement between IMPACT Management Investment 
Trust on behalf of the Portfolio and Jordan American Holdings, Inc. d/b/a 
Equity Assets Management, the Portfolio's current adviser.  The Rule 12b-1 
Distribution Plan ("Distribution Plan") is a reimbursement plan pursuant to 
which the Portfolio may pay up to 1.00% of its average net assets in 
distribution and service fees.

     IMPACT Management Investment Trust intends to file a Post-Effective 
Amendment ("Amendment") to its Registration Statement with the U.S. 
Securities and Exchange Commission ("SEC") setting forth descriptions in the 
Portfolio's Prospectus and Statement of Additional Information of the Amended
Advisory Agreement and the Distribution Plan.  The Amended Advisory Agreement
(stating a management fee of 1.25% of average net assets of the Portfolio) 
and the Distribution Plan (stating a 12b-1 fee of 1.00% of average net 
assets) will become effective with respect to the Portfolio and its 
shareholders upon effectiveness of the Amendment at the SEC.