The deal, which was approved in November by shareholders, transfers $2.3 billion of money market assets and $1.2 billion of equity and fixed-income assets from BSAM into a number of mutual funds managed by Dreyfus.
As a result of the transaction, certain Bear Stearns funds have been reorganized into existing Dreyfus funds. These include: Bear Stearns International Equity Portfolio, which was reorganized into Dreyfus Premier International Value Fund; Bear Stearns Small Cap Value Portfolio, which was folded into Dreyfus Premier Future Leaders Fund; Bear Stearns Income Portfolio, folded into Dreyfus Premier Core Bond Fund; and Bear Stearns High Yield Total Return Portfolio, which was reorganized into the Dreyfus Premier Limited Term High Yield Fund. The Bear Stearns U.S. Dollar Cash Reserves Fund, an offshore money market fund, has become the Bear Stearns Liquidity Class of the Dreyfus Universal Liquidity Plus Fund, an offshore money market fund.
In addition, BSAM has become the sub-adviser to a number of new Dreyfus funds that correspond to the former Bear Stearns S&P STARS Portfolio, Alpha Growth Portfolio and Intrinsic Value Portfolio. These Bear Stearns funds were reorganized into Dreyfus Premier S&P STARS Fund, Dreyfus Premier Alpha Growth Fund and Dreyfus Premier Intrinsic Value Fund, respectively. Bear Stearns Insider Select Fund also was reorganized into Dreyfus Premier Intrinsic Value Fund.