Rule 497(e)
                                                       Registration No. 33-84842



                             The Bear Stearns Funds
                         Supplement dated June 4, 1997
                       to Prospectus dated June 20, 1996
                           of The Insiders Select Fund


               Effective  on  or  about  September  15,  1997,   Symphony  Asset
               Management will no longer serve as Sub-Investment  Adviser to the
               Portfolio and Bear Stearns Funds Management Inc., the Portfolio's
               Investment Adviser, will assume the responsibility for day-to-day
               management. As of that date, the Portfolio will no longer use the
               IntelliVest(TM) Model, as described in the Prospectus.



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