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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 10
SIGNATURE ALBERT J. ELKO
TITLE PRESIDENT
To the Shareholders and Board of Trustees
IMPACT Management Investment Trust
IMPACT Total Return Portfolio
(formerly IMPACT Management Growth Portfolio)
In planning and performing our audit of the financial statements of IMPACT Total
Return Portfolio (formerly IMPACT Management Portfolio) a Series of IMPACT
Management Investment Trust, for the year ended September 30, 1999, we
considered it's internal control , including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of IMPACT Total Return Portfolio (formerly IMPACT Management
Growth Portfolio) is responsible for establishing and maintaining internal
control. In fulfilling this responsibility, estimates and judgements by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. These controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weakness under standards established
by the American Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more of the internal
control components does not reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control and
it's operation, including controls for safeguarding securities, that we consider
to be material weakness as defined above as of September 30,1999.
This report is intended solely for the information and use of management, the
Board of Trustees of IMPACT Management Investment Trust and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties.
Denver, Colorado SPICER, JEFFRIES & CO.
October 13, 1999
IMPACT MANAGEMENT INVESTMENT TRUST
IMPACT TOTAL RETURN PORTFOLIO
(FORMERLY IMPACT MANAGEMENT GROWTH PORTFOLIO)
REPORT ON SHAREHOLDER VOTE
A special meeting of shareholders was held on April 19, 1999 for
shareholders of record as of March 9, 1999 for the purpose of considering and
acting upon the following matters:
1. To approve or disapprove a sub-investment advisory agreement between
Jordan American Holdings, Inc. (the Portfolio's current investment
advisor), Schneider Capital Management Corporation and the Trust to
delegate to the Sub-Advisor certain of the duties the Advisor performs
under the Advisory Agreement;
2. To approve or disapprove a change in the Portfolio's investment
objective from seeking capital appreciation to providing maximum
long-term total return; and
3. To transact such other business as may properly come before the
meeting.
The number of shares for, against, and withheld, and the number of
abstentions on each matter were as follows:
<TABLE>
<CAPTION>
For Against Abstentions Withheld
--- ------- ----------- --------
<S> <C> <C> <C> <C>
1. To approve the sub-investment
advisory agreement 557,358.614 -0- 2,222.320 376,266.016
2. To approve the change in the
investment objective 555,423.774 1,934.840 2,222.320 376,266.016
</TABLE>
Based on the results noted above, the sub-investment advisory agreement
between Jordan American Holdings, Inc., Schneider Capital Management Corporation
and the Trust was approved and the change in the Portfolio's investment
objective was approved. There was no other business to come before the meeting.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 6,840,248
<INVESTMENTS-AT-VALUE> 6,193,551
<RECEIVABLES> 20,677
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,767,425
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<OTHER-ITEMS-LIABILITIES> 15,086
<TOTAL-LIABILITIES> 496,606
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,614,530
<SHARES-COMMON-STOCK> 741,369
<SHARES-COMMON-PRIOR> 471,512
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<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<ACCUMULATED-NII-PRIOR> 0
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<AVERAGE-NET-ASSETS> 7,466,779
<PER-SHARE-NAV-BEGIN> 8.33
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<PER-SHARE-GAIN-APPREC> 0.86
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<PER-SHARE-DISTRIBUTIONS> 0.77
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.46
<EXPENSE-RATIO> 2.47
</TABLE>
