Rule 497(e)
File Nos. 33-53368
and 811-07290
BEAR STEARNS INVESTMENT TRUST
THE BEAR STEARNS FUNDS
SUPPLEMENT DATED DECEMBER 21, 1998
TO PROSPECTUS FOR CLASS A, B AND C SHARES OF THE
INCOME PORTFOLIO, HIGH YIELD PORTFOLIO, AND
EMERGING MARKETS DEBT PORTFOLIO
DATED OCTOBER 16, 1998
To reflect the Emerging Markets Debt Portfolio changing its dividend policy from
a quarterly dividend to a daily dividend, payable monthly, the Prospectus is
amended as follows, effective January 1, 1999:
1. On page 46 in the section entitled "Dividends and Distributions":
a. The subheading "Income Portfolio and High Yield Portfolio"
will be deleted.
b. The word "Neither" in the last sentence of the second
paragraph will be replaced by the word "No".
c. The subsection entitled "Debt Portfolio" will be deleted in
its entirety.
<PAGE>
Rule 497(e)
File Nos. 33-53368
and 811-07290
BEAR STEARNS INVESTMENT TRUST
THE BEAR STEARNS FUNDS
SUPPLEMENT DATED DECEMBER 21, 1998
TO PROSPECTUS FOR CLASS Y SHARES OF THE
INCOME PORTFOLIO, HIGH YIELD PORTFOLIO, AND
EMERGING MARKETS DEBT PORTFOLIO
DATED OCTOBER 16, 1998
To reflect the Emerging Markets Debt Portfolio changing its dividend policy from
a quarterly dividend to a daily dividend, payable monthly, the Prospectus is
amended as follows, effective January 1, 1999:
1. On page 36 in the section entitled "Dividends and Distributions":
a. The subheading "Income Portfolio and High Yield Portfolio"
will be deleted.
b. The word "Neither" in the last sentence of the second
paragraph will be replaced by the word "No".
c. The subsection entitled "Debt Portfolio" will be deleted in
its entirety.
