Rule 497 (e)
File Nos. 33-53368
and 811-07290
BEAR STEARNS INVESTMENT TRUST
Emerging Markets Debt Portfolio
Class Y Shares
Supplement dated December 12, 1997 to Prospectus dated May 30, 1997 of
the Emerging Markets Debt Portfolio
1. Bear Stearns Asset Management Inc. ("BSAM"), a wholly-owned subsidiary
of The Bear Stearns Companies Inc., serves as the Portfolio's
investment manager. BSAM is also referred to herein as the "Manager".
As of December 3, 1997, Bears Stearns Funds Management Inc., the
registered investment adviser of the Portfolio, has changed its name to
Bear Stearns Asset Management Inc.
Bear Stearns Funds Management Inc., a wholly-owned subsidiary of The
Bear Stearns Companies Inc., is the Administrator of the Portfolio. As
of December 4, 1997, Bear Stearns Funds Management Inc. formed a new
corporate entity under the laws of Delaware to conduct mutual fund
administrative work for The Bear Stearns Funds and other affiliated and
non-affiliated investment companies.
2. Any references to PFPC Inc. as "Administrator" shall be deleted and
replaced with "Transfer Agent".
3. The first sentence of the section "Description of the
Portfolio-Borrowing and Leverage" on page 11 of the Prospectus shall be
deleted in its entirety and replaced with the following "The Portfolio
may solely, for temporary or emergency purposes, borrow in an amount up
to 15% of the Portfolio's total assets (including the amount borrowed),
less all liabilities and indebtness other than the borrowing".
