Turnaround Investment Trust – ‘497’ on 3/30/06

On:  Thursday, 3/30/06, at 6:16pm ET   ·   As of:  3/31/06   ·   Effective:  3/31/06   ·   Accession #:  1212263-6-3   ·   File #:  333-102328

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Definitive Material   —   Rule 497
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 497         Turnaround Investment Trust                            1      6K 


 TURNAROUND INVESTMENT TRUST

________________________________________________________________________________

The Turnaround Fund^(TM)

________________________________________________________________________________

SUPPLEMENT
Dated March 30, 2006

This Supplement to the Statement of Additional  Information ("SAI"),  dated June
28, 2005,  for The  Turnaround  Fund (the  "Fund"),  a series of the  Turnaround
Investment  Trust (the  "Trust"),  updates the SAI to revise the  information as
described below.  Together,  the Fund's Prospectus and SAI, dated June 28, 2005,
the Supplement to the Fund's  Prospectus and SAI, dated  September 20, 2005, and
this Supplement to the SAI constitute the Fund's current Prospectus and SAI. For
further  information,  please contact the Fund toll-free at 1-800-773-3863.  You
may also obtain  additional  copies of the Fund's  Prospectus  and SAI,  free of
charge,  by writing  to the Fund at Post  Office Box 4365,  Rocky  Mount,  North
Carolina 27803, or by calling the Fund toll-free at the number above.           

 Effective March 15, 2006,  Jeffrey F. Brotman  resigned as a Trustee of the
 Trust.  At its  March  22,  2006  Annual  Meeting,  the  Board of  Trustees
 ("Board") accepted Mr. Brotman's resignation and voted to change the number
 of  trustees  on the Board of the Trust  from  four (4) to three  (3).  All
 references to Mr. Brotman in the SAI should be deleted,  and all references
 to four (4) trustees in the SAI should be changed to reflect that the Board
is now composed of three (3) trustees.                                    

Investors Should Retain This Supplement for Future Reference
------------------------------------------------------------

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘497’ Filing		Date		Other Filings
Filed as of / Effective on:		3/31/06
Filed on:		3/30/06
		3/22/06
		3/15/06
		9/20/05		497
		6/28/05
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