To the Shareholders and Board of Trustees
IMPACT Management Investment Trust
IMPACT Total Return Portfolio
In planning and performing our audit of the financial statements of IMPACT Total
Return Portfolio a Series of IMPACT Management Investment Trust, for the year
ended September 30, 2000, 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 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, 2000.
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 27, 2000
