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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 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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EXHIBIT INDEX
EXHIBIT A:
Attachment to item 77B: Accountant's report on
internal control.
EXHIBIT B:
Attachment to item 77I: Terms of new or amended
Securities
- - - - - - - - - - - - - - - - - - - - - - - - - - -
EXHIBIT A:
The Board of Trustees of Bear Stearns Investment Trust:
In planning and performing our audit of the financial
statements of Bear Stearns Investment Trust (the "Trust"),
including Emerging Markets Debt Portfolio, for the year
ended March 31, 1999 (on which we have issued our report
dated May 14, 1999), we considered its 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, and not to
provide assurance on the Trust's internal control.
The management of the Trust is responsible for establishing
and maintaining internal control. In fulfilling this
responsibility, estimates and judgments 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. Those controls include the safeguarding of
assets against unauthorized acquisition, use, or
disposition.
Because of inherent limitations in any internal control,
misstatements due to errors or fraud may occur and not be
detected. Also, projections of any evaluation of internal
control to future periods are subject to the risk that the
internal control may become inadequate because of changes in
conditions, or that the degree of compliance with policies
and procedures may deteriorate.
Our consideration of the Trust's internal control would not
necessarily disclose all matters in the internal control
that might be material weaknesses 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 the Trust's internal control and its
operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined above
as of March 31, 1999.
This report is intended solely for the information and use
of management, the Board of Trustees of Bear Stearns
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.
Deloitte & Touche LLP
May 14, 1999
EXHIBIT B:
Attachment 77I
Modification to Constituent Instruments
(a) On February 10, 1999, the Portfolio restructured its
combined Distribution and Shareholder Servicing Plan (the
"Old Plan") for its Class A Shares, by adopting a distinct
Rule 12b-1 Distribution Plan and a distinct Shareholder
Servicing Plan (collectively, the "New Plans"). The Old
Plan for the Class A Shares provided for a distribution and
servicing fee of .35% which consisted of a distribution fee
at the rate of 0.10%, and a shareholder servicing fee at the
rate of 0.25%. The new Rule 12b-1 Distribution Plan
provides for a distribution fee at the rate of 0.10%, and
the new Shareholder Servicing Plan provides for a
shareholder servicing fee at the rate of 0.25%. The
restructuring of the Old Plan into the New Plans has not
changed the nature of the services provided or the aggregate
amount of the fee paid for distribution or shareholder
servicing, it has, however, clarified the types of services
that are covered.
