BSAM, Dreyfus Outline Mutual Fund Management Arrangements

November 18, 2003 ( - Bear Stearns Assets Management Inc. (BSAM) and The Dreyfus Corporation have provided details to a strategic arrangement for the management of certain Bear Stearns funds.

The agreement calls for the transfer of approximately $3 billion of money market assets and $1.7 billion of long-term assets to new or existing Dreyfus-managed funds. BSAM will serve as sub-adviser to the newly-formed Dreyfus funds that will correspond to the existing S&P STARS Portfolio, Alpha Growth Portfolio and Intrinsic Value Portfolio. Other Bear Stearns Funds will be reorganized into established funds within the Dreyfus Premier Family of Funds and managed by Dreyfus, according to a news release.

Additionally, the Bear Stearns’ S&P STARS Opportunities Portfolio and Prime Money Market Portfolio will become funds within the Dreyfus Family of Funds and will be managed by Dreyfus. The Bear Stearns US Dollar Cash Reserves Fund, an offshore money market fund managed by BSAM, will become part of the Dreyfus-managed Universal Liquidity Plus Fund, an offshore money market fund.

The arrangement, subject to Bear Stearns mutual fund shareholder and other required approvals, is expected to close by the end of the second quarter of 2004.