CDC KOBRICK GROWTH 54.6% -9.2% -21.9%** Veteran growth-stock manager Fred Kobrick quit this and two other funds.

MERRILL LYNCH n/a n/a -70.4 Merrill replaced star manager FOCUS TWENTY James McCall after fund dropped 70% in its first year; replace- ment untested.

MORGAN STANLEY -68.2 -7.3 -29.6 Key manager Arden Armstrong INSTL. MID-CAP GROWTH resigned to start hedge fund. Fund's prospects are unclear without its star.

PUTNAM OTC & 126.9 -51.3 -46.2 New management team tones down EMERGING GROWTH fund's high-octane style, and diversifies across more indus- tries.

PUTNAM VOYAGER 56.1 -16.8 -22.6 Three manager changes in 2001; new team, under orders to diversify, is investing in cyclical stocks.

VANGUARD U.S. 22.3 -20.2 -30.2 New manager dumped prede- GROWTH cessor's aggressive tech bets and added health care, financials, and industrials.

* Appreciation plus reinvestment of dividends and capital gains before taxes ** Through Nov. 18 merger

Data: Morningstar Inc., BusinessWeek

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