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Two Dreyfus Fund Managers Resign

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May 12, 2005 — Dreyfus Corp. said money managers Paul Kandel and Hilary Woods, who oversee several of its mutual funds, have resigned.

A Dreyfus spokeswoman had no information on the fund managers’ future plans. Kandel declined to comment and Woods could not be reached for comment.

Teams from Franklin Portfolio Associates LLC, a Dreyfus affiliate, will replace Kandel and Woods on Dreyfus Emerging Leaders (DRELX), Dreyfus Premier New Leaders Fund/A (DNLDX), and Dreyfus Premier Future Leaders Fund/A (DFLAX). The teams look for undervalued stocks, Dreyfus said in regulatory filings.

Kandel and Woods will be replaced on Dreyfus Growth Opportunity Fund (DREQX) by David Cameron, director of U.S. equities at Dreyfus’s Boston Co. Asset Management unit, and Elizabeth Slover, Dreyfus’s co-director of equity research. Barry Mills will continue as a co-manager of the fund.

The portfolio manager changes will become effective on June 30, Dreyfus said.

Contact Bob Keane with questions or comments at: .

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