Archive of Manager Changes
(Manager changes on this page were posted from the
inception of FundAlarm, in July 1996, through July 2007) [Recent manager changes | Home]

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• Originally posted July 2007
  
  AFBA 5Star funds: This "5Star" family had been a one-trick pony up until now, with all of its funds subadvised by Kornitzer Capital Management (Kornitzer also runs its own family, the Buffalo funds). Effective July 15, Kornitzer will tend to its own herd, and happy new faces will be in charge of the AFBA funds, as follows:
  
  

  AFBA 5Star fund	New manager (i.e., subadvisor)
  Balanced	The London Company (equity portion) Financial Counselors, Inc. (fixed income portion)
  High Yield	Financial Counselors, Inc.
  Large Cap	Marvin & Palmer Associates
  Mid Cap	Dreman Value Management
  USA Global	Marvin & Palmer Associates
  Science & Technology	TrendStar Advisers
  Small Cap	Bjurman, Barry & Associates TrendStar Advisers The London Company
  [7/07]

  
  
  Evergreen Equity Income: A reliable source tells us that manager Sujatha Avutu is leaving the fund and leaving the firm. As of July 1 no successor has been named, although one is expected shortly. [7/07; Update at 8/07: Avutu's successor is Walter McCormick, assisted by Gary Mishuris]
  
  Harbor Large Cap Value: Armstrong Shaw Associates is fired as subadvisor and Cohen & Steers takes over, led by Richard Helm. [7/07]
  
  Masters' Select Smaller Companies: Ariel Capital Management (with John Rogers in charge) is removed as one of this fund's five outside managers (i.e., subadvisors). Reed Conner & Birdwell takes over for Ariel, with Jeff Bronchick and Tom Kerr calling the shots for RC&B. Ariel managed about 20% of this fund's portfolio, using a value-oriented style, and RC&B will continue operating within those parameters. [7/07]
  
  Oppenheimer Capital Appreciation: Bill Wilby retires as manager, and Marc Baylin takes over. [7/07]
  
  
• Originally posted June 2007
  
  Fidelity Advisor Europe Capital Appreciation: See Fidelity Europe Capital Appreciation, below. [6/07]
  
  Fidelity China Region: K.C. Lee is removed as manager, and Wilson Wong takes over [8/07; change effective 6/07]
  
  Fidelity Europe Capital Appreciation: Darren Maupin steps down as manager, and Melissa Reilly is now in charge. [6/07]
  
  Fidelity Global Balanced: Darren Maupin steps down as a member of this twelve-person management team. Melissa Reilly takes over for Maupin on the European portion of the portfolio. It also looks like (1) Ronald Slattery has left the team, (2) Leon Tucker (already a member of the team) has taken over Slattery's duties, and (3) John Lo has taken over for Leon Tucker as this fund's manager of Asia ex-Japan. [6/07]
  
  Fidelity Select Brokerage and Investment Management: Manager Yolanda Taylor heads out the revolving door and Benjamin Hesse is now in charge (although he hasn't ordered too many business cards). [8/07; change effective 6/07]
  
  Fidelity Select Construction and Housing: Nora Creedon is out as manager, and Daniel Kelley takes over. [6/07]
  
  Fidelity Select Medical Equipment and Systems: Aaron Cooper is now ex-manager, and Edward Lee Yoon takes over. [6/07]
  
  ICON Energy: J.C. Waller leaves as manager, and leaves the firm. Derek Rollington and Robert Straus take over. [6/07; thanks to Adam Bold, of the Mutual Fund Store, for alerting us to this and the other ICON changes below]
  
  ICON Healthcare: J.C. Waller leaves as manager, and leaves the firm. Todd Burchett, formerly an asistant manager on this fund, takes over. [6/07]
  
  ICON Industrials: J.C. Waller leaves as assistant portfolio manager, and leaves the firm. Zach Jonson takes over for Waller. [6/07]
  
  ING Emerging Markets Fixed Income: Rob Drijkoningen leaves a co-manager. Daniel Eustaquio replaces Drijkoningen, joining continuing manager Gorky Urquieta. (This entry is currently in the lead for "Most Difficult Names to Profread of 2007".) [6/07]
  
  Janus Global Life Sciences: Tom Malley steps down as manager, and leaves the firm. Healthcare analyst Andrew Acker is the new manager. [6/07]
  
  Janus Global Technology: Brad Slingerlend leaves as manager, so co-manager Barney Wilson will now run this fund solo. [6/07]
  
  Oppenheimer Developing Markets: Mark Madden leaves as manager, and leaves the firm. Justin Leverenz is now in charge. [6/07; thanks to FundAlarm reader S.H. for bringing this item to our attention]
  
  Royce Technology Value: Jonathan Cohen, of JHC Capital Management, is out as subadvisor. In-house manager Whitney George takes over, assisted by Dana Serman, who had been assistant manager of this fund, with Cohen, when Serman was an employee of JHC Capital Management. George and Serman are described in a company press release as having "ample" experience with smaller technology companies, so I guess we can't accuse Royce of overstating the experience of its managers. In conjunction with this manager change, Royce is reducing the fund's management fee by 25 basis points (0.25%), presumably to reflect the fact that the fee no longer has to be shared with Cohen's firm. [6/07]
  
  
• Originally posted May 2007
  
  AllianceBernstein Balanced Shares: Both the equity and fixed-income portions of this fund have been revamped. Lead equity manager Stephen Pelensky is gone, replaced by Frank Caruso and Aryeh Glatter. On the fixed income side, the management duo of John Kelley and Stanley Martinez is replaced by a four-person team, led by Alison Martier. [5/07]
  
  Eaton Vance Greater India: Samir Mehta is out as manager, and Christopher Darling is now in charge. [Change effective March 26, 2007; posted 5/07]
  
  Evergreen Balanced: Walter McCormick is out as lead manager. Margaret Patel, coming over from Pioneer (see below), takes over for McCormick. We're assuming that Patel will still have some team support, as McCormick did before, although the prospectus supplement isn't clear on that point. [5/07]
  
  Evergreen Strategic Income: Gary Pzegeo is removed as lead manager, to make room for Margaret Patel, who arrives from Pioneer (see below). An international team has been assisting on this fund, and we're assuming that they're are still around although Evergreen, in typical fashion, has done another lousy job explaining a manager change. [5/07]
  
  Fidelity Advisor Consumer Discretionary: See Fidelity Select Consumer Discretionary, below. [5/07]
  
  Fidelity Advisor Materials: See Fidelity Select Materials, below. [5/07]
  
  Fidelity Japan: Yoko Ishibashi is now the former manager of this fund, replaced by Robert Rowland. [5/07]
  
  Fidelity Select Consumer Discretionary: Martin Zinny is out as manager, and John Harris takes over. Zinny took over last October, from a manager who had been on the job for only four months, which makes us wonder what turnover at this fund would look like if Fidelity wasn't trying to get turnover under control. [5/07]
  
  Fidelity Select Materials: Jody Simes leaves as manager, and Duffy Fischer is now in charge. [5/07]
  
  Fidelity Select Retailing: Martin Zinny is out as manager, after about 15 months -- almost a lifer, by Fidelity Select standards. Evan Hornbuckle replaces Zinny. [5/07]
  
  Franklin Aggressive Growth: Rob Dean leaves as head of this three-person management team, and Grant Bowers replaces him. [Change effective March 2, 2007; posted 5/07]
  
  Hartford Capital Appreciation II: James Averill leaves this eight-person management team, and retires from Wellington Management Company, which is the day-to-day manager (subadviser) of this fund (change effective April 1, 2007). [5/07]
  
  Hartford Value Opportunities: James Averill leaves this four-person management team, and retires from Wellington Management Company, the subadviser of this fund (change effective April 1, 2007). [5/07]
  
  Legg Mason Partners Financial Services: Batterymarch Financial Management is removed as day-to-day manager (subadvisor). Barrett Associates is the new subadvisor, and Amy LaGuardia now runs this fund for Barrett. [Change effective March 16, 2007; posted 5/07]
  
  PIMCO High Yield: Raymond Kennedy steps down as manager, and Mark Hudoff steps up. [5/07]
  
  Pioneer Equity Opportunity: Margaret Patel steps down as manager, and leaves the firm. Patel's replacement is Timothy Horan. [5/07]
  
  Pioneer High Yield: Top-notch manager Margaret Patel steps down, and leaves the firm. Patel is replaced by Andrew Feltus (who will continue at Pioneer Global High Yield), assisted here by analyst Tracy Wright. During his tenure at Global High Yield, Feltus has posted even better numbers than Patel, so shareholders of this fund should be in good shape. [5/07]
  
  RS Diversified Growth: John Seabern is replaced as manager, effective May 1, 2007. A minivan pulls up to the door and unloads the new management team: Jim Callinan in the lead, assisted by Stephen Bishop, Melissa Chadwick-Dunn, Allison Thacker and D. Scott Tracy. The fund's name also will change, to RS Select Growth. FundAlarm comments: The "Select" part of the new name is a clue that the fund is about to get significantly more concentrated -- where it previously held about 90 stocks, the typical number of holdings will now be about 40 to 60. This fund has always been quite volatile, and the volatility is almost certain to increase under the new management team. OK, so what about performance? Callinan has managed RS Emerging Growth since 1996 and, based on that performance, it might be more appropriate to lock him in a closet instead of unleashing him on another fund. On the whole, why would anyone want to continue holding RS Diversified Growth if they didn't have to? [5/07]
  
  
• Originally posted April 2007
  
  AIM Multi-Sector: With respect to the technology segment of this fund's portfolio, see AIM Technology, below. [4/07]
  
  AIM Technology: Michelle Fenton leaves as manager, and leaves the firm, in what has become a revolving-door fund. AIM Chief Investment Officer Lanny Sachnowitz takes over as an interim replacement for Fenton. [4/07]
  
  Allianz NACM Flex-Cap Value: Nicholas Applegate Capital Management (NACM) is removed as subadvisor, and NFJ Investment Group takes over (NACM is getting out of the value-style management business, at least according to the SEC filing of another fund that NACM subadvises). Benno Fischer, Jeffrey Partenheimer and Thomas Oliver, of NFJ, will have day-to-day stock-picking responsibilities. The fund's name also is changing, to Allianz NFJ All-Cap Value. [4/07]
  
  American Century Emerging Markets: Michael Donnelly steps down as lead manager, and leaves the firm. Co-manager Patricia Ribeiro now runs this fund solo, while American Century looks to replace Donnelly. [4/07]
  
  Calvert New Vision Small Cap: Someone with new vision was desperately needed at this fund, which is why Renaissance Investment Management is now the former manager (technically, subadvisor). John Montgomery, of Bridgeway Capital Management, polishes his spectacles and takes over as the new manager. [4/07; thanks to Jim Greenwood of Greenwood Financial, Baraboo, WI, for first bringing this item to our attention]
  
  Dodge & Cox Balanced: With respect to this fund's stock portfolio, see Dodge & Cox Stock, below. [4/07]
  
  Dodge & Cox Stock: We missed this one: Effective December 31, 2006, Harry Hagey retired as head of the firm's Investment Policy Committee (it was a 10-person Committee, and now it's down to nine). Number two man, John Gunn, takes over Hagey's job. Gunn, who had been the firm's Chief Investment Officer, gives up that job to Charles Pohl. Pohl, who had been Co-Director of Research, gives up that job, and C. Bryan Cameron is now sole Director of Research. Just think of it as a big game of tag. [4/07]
  
  Evergreen Diversified Bond: Gary Pzegeo will be gone from this three-person management team, effective July 2, 2007, and Andrew Cestone will take his place. [4/07]
  
  Evergreen Health Care: Interim manager Walter McCormick is replaced by permanent hire Robert Junkin, who comes over from John Hancock. [4/07]
  
  Evergreen High Yield Bond: Effective July 2, 2007, Gary Pzegeo will be gone as manager of this fund, and Andrew Cestone (recently of Deutsche Asset Management) will be in charge. In the meantime, Cestone has been added to the management team, presumably to familiarize Cestone with the fund, and to serve as a constant daily reminder to Pzegeo that his days are numbered. [4/07]
  
  Evergreen Select High Yield Bond: See Evergreen High Yield Bond, above. [4/07]
  
  Fidelity Advisor Telecommunications: See Fidelity Select Telecommunications, below. [4/07]
  
  Fidelity Focused Stock: Robert Haber is out as manager, and Stephen DuFour replaces him. [4/07]
  
  Fidelity Select funds (several)
  
  

  Fidelity fund	Old manager	New manager
  Select Environmental	Douglas Simmons	Stavros Koutsantonis
  Select Industrial Equipment	Christopher Bartel	Vincent Montemaggiore
  Select Telecommunications	Brian Younger	Gavin Baker
  Select Wireless	Brian Younger	Gavin Baker
  [4/07]

  
  First Eagle Global: Manager Charles de Vaulx suddenly and mysteriously resigns, and leaves the firm. Former, retired manager Jean-Marie Eveillard takes over. FundAlarm comments: Eveillard was a terrific manager, no doubt about that, and fund shareholders are fortunate to have him back. But now what? Years ago, Eveillard decided that he wanted out of day-to-day management responsibilities and de Vaulx was his hand-picked successor, groomed by Eveillard for more than a decade. Chances are, Eveillard isn't going to do that again, and chances are he isn't going to stick around for too many years before he makes another move out the door. The biggest risk: A quickie fix, with a hastily chosen and/or poorly trained successor. If we owned this fund, we'd probably be holding on until Eveillard's status becomes clear, but we definitely wouldn't be buying more. [4/07]
  
  First Eagle Gold: See First Eagle Global, above. [4/07]
  
  First Eagle Overseas: See First Eagle Global, above. [4/07]
  
  First Eagle U.S. Value: See First Eagle Global, above. [4/07]
  
  Hartford Focus: Steven Irons and Peter Higgins are out as managers, and Francis Boggan takes over. The former managers, and their replacement, are all affiliated with the fund's subadvisor, Wellington Management. In addition, the fund will become a diversified large-cap fund, and its name will change to The Hartford Fundamental Growth. Otherwise, we have nothing to report. [4/07]
  
  ING High Yield Bond: Managers Greg Jacobs and Kurt Kringelis are replaced by Randall Parrish (the change was effective March 1, 2007). Parrish is starting out the right way on this mediocre offering: He personally owns zero shares of the fund. [4/07]
  
  JHancock Health Sciences: Robert Junkin leaves as manager, and leaves the firm; he's headed for the management seat at Evergreen Health Care. Taking over for Junkin is new hire Jon Stephenson. [4/07]
  
  Nicholas-Applegate U.S. Small Cap Value: Mark Stuckelman steps down as lead manager, and leaves the firm (according to the SEC filing at another fund, which Nicholas-Applegate subadvises, Nicholas-Applegate is getting out of the value-style equity management business). Mark Roemer takes over for Stuckelman, and the fund will adopt a systematic strategy, which is Roemer's specialty. [4/07]
  
  Pacific Capital Small Cap: Nicholas-Applegate Capital Management (NACM) subadvises two portions of this fund's portfolio (small-cap value and systematic small-cap), and Nicholas Applegate has announced that it's getting out of the business of "value"-style equity management. Therefore, the directors of this fund are looking for a replacement. To further complicate matters, the lead manager of NACM's snall-cap value strategy, Mark Stuckelman, is leaving the firm. Mark Roemer, who has been running NACM's systematic small-cap strategy, will replace Stuckelman, presumably until NACM is phased out on the value side. [4/07]
  
  T. Rowe Price Capital Appreciation: Co-manager Jeffrey Arricale will step down from this fund, effective July 1, 2007. At that time, David Giroux will become sole manager. Arricale will be devoting his full energies to T. Rowe Price Financial Services (below). [4/07]
  
  T. Rowe Price Financial Services: Michael Holton is out as lead manager (effective March 1, 2007), and team member Jeffrey Arricale takes over. [4/07]
  
  T. Rowe Price Growth & Income: Anna Dopkin leaves as manager, and Thomas Huber replaces her. [4/07]
  
  Tocqueville Small Cap Value: Long-time, long-trying-to-beat-his-benchmark manager Jean-Pierre Conreur is mericifully gone, and Joseph Zock takes over. It looks like Zock has never run a public mutual fund before, although perhaps that's a good thing here. A considerable amount of such experience didn't seem to help his predecessor. [4/07]
  
  UMB Scout Small Cap:: Adrianne Valkar leaves as co-manager, and apparently leaves the firm. Jason Votruba, who was part of a three-person management team as recently as last fall, is now managing this fund by himself, and lonesome. [8/07; change effective 4/07]
  
  
• Originally posted March 2007
  
  Fidelity Advisor Electronics: See Fidelity Select Electronics, below. [3/07]
  
  Fidelity Advisor Financial Services: See Fidelity Financial Services, below. [3/07]
  
  Fidelity Growth Discovery (formerly Fidelity Discovery): Adam Hetnarski is out as manager, and Jason Weiner succeeds him. Weiner ran this fund for about two years, starting in April 1998, so this is the second recent example of what may be a mini-trend at Fidelity: First you're manager, then not-manager, then manager of the same fund again. To be followed, perhaps, by not-manager again, then manager, then not-manager again, and so on. Hey, when you can't control manager turnover, you've got to be willing to try new ideas; in this case, it's called the Cyclical Manager Strategy, or "CMS." [3/07]
  
  Fidelity Select Electronics: James Morrow is out as manager, and the team of Christopher Lee and Paul Jackson takes over. Now, we can all wait a few months until Fidelity decides to break up the team. [3/07]
  
  Fidelity Select Financial Services: Charles Hebard is now a former manager. The team of Brian Younger and Dick Manuel will run things for a while. [3/07]
  
  Fidelity Trend: Ramin Arani steps down as manager, and Jeffrey Feingold takes his place. Arani is headed for Fidelity Puritan, where he will co-manage with Stephen Peterson and George Fischer. [3/07]
  
  JHancock (several): James Schmidt is retiring from Hancock, effective April 30, 2007. Schmidt led the management team for three funds and, in each case, his remaining co-manager(s) (indicated below) will continue to run the fund in his absence:
  
  

  JHancock fund	Continuing managers
  Financial Industries	Lisa Welch/Roger Hamilton
  Real Estate	Joseph Marguy
  Regional Bank	Lisa Welch/Susan Curry
  [3/07]

  
  JHancock Growth Trends: James Schmidt is retiring from Hancock, effective April 30, 2007. Schmidt led the Financial Services section of this fund, which will now be run by Schmidt's former colleagues, Lisa Welch and Roger Hamilton. [3/07]
  
  Lord Abbett Value Opportunities: Steven McBoyle leaves as manager, and leaves the firm. Robert Fetch takes over. [3/07]
  
  Old Mutual (several): CastleArk Management is fired as subadvisor of the three funds indicated below. Ashfield Capital Partners takes over the assets previously managed by CastleArk, and Turner Investment Partners continues as the other subadvisor.
  
  

  Old Mutual fund	New managers (each a principal or employee of Ashfield)
  Large Cap Growth	J. Stephen Lauck/J. Stephen Thornborrow/ Bradley Fretz/Peter Johnson/Anthony Hooker/ Kelli Hill/Marc Lieberman
  Large Cap Growth Concentrated	Same as Large Cap Growth
  Select Growth	Kelli Hill/Marc Lieberman
  [3/07]

  
  Putnam Classic Equity: Co-Portfolio Leader Ronald Bukovac is out. Josh Brooks and Eric Harthun don their toxic waste suits, and they will try to pull this reeking fund out of its ten-year-plus slide. (In Putnam-speak, Brooks is a Portfolio Leader, who joins continuing Portfolio Leader Michael Abata. Harthun comes in as a Portfolio Member. The services of Ezekiel, who raised the dead, also may be required.) [3/07]
  
  SunAmerica Focused Large-Cap Growth: Fred Alger Management is fired as one of this fund's three subavisors, and BlackRock Investment Management takes the Alger spot. [Change effective December 18, 2006; posted 3/07]
  
  SunAmerica Focused Small-Cap Value: Boston Partners Asset Management is fired as one of this fund's three subavisors, and Dreman Value Management (David Dreman's firm) takes over the Boston Partners slice. [Change effective January 2, 2007; posted 3/07]
  
  TIAA-CREF International Equity: Yukio Miura steps down from this two-person team. Christopher Semenuk moves to the lead manager position, and Shigemi Hatta replaces Miura. [3/07]
  
  
• Originally posted February 2007
  
  American Century New Opportunities: Harold Bradley leaves this three-person management team, and leaves the firm (he's headed for a financial position at a large private foundation). Remaining managers Staffford Southwick and Matthew Ferretti, combined, have a little more than a year's worth of experience on this fund -- Southwick joined the team in May 2006, and Ferretti about two months later. [2/07]
  
  American Century New Opportunities II: See American Century New Opportunities, above. [2/07]
  
  American Century Select: Harold Bradley leaves this three-person management team, and leaves the firm. Bradley had been on this team only since April 2006, when he replaced John Sykora. Keith Lee and Michael Li, will continue in charge here. [2/07]
  
  DWS Large Cap Value: Thirty-three years of "investment management experience" (Tom Sassi) and 15 years of "investment industry experience" (Steve Scrudato) couldn't keep this fund out of the dismal performance dumps, and now both Sassi and Scrudato are gone (they are employees of Deutsche Investment Management Americas). After a one-month interim manager (David Hone), Thomas Schuessler will take over. Schuessler is an employee of Deutsche Asset Management International, based in Germany, and presumably he will be better at picking U.S. stocks than two guys with 45 years of combined experience who actually live in the U.S. We shall see. [2/07]
  
  Fidelity Government Income: George Fischer is out as manager, succeeded by William Irving. [2/07]
  
  Fidelity International Real Estate: Matthew Lentz is out as manager, and Steven Buller takes over -- again. Buller left this fund almost exactly a year ago, which probably was just long enough for the new manager to have made some significant portfolio changes, so now Buller can undo those changes, which will probably put the fund back about where it was before the first set of changes occurred. And shareholders get to go along for the ride! [2/07]
  
  Fidelity Latin America: Co-manager Adam Kutas is gone, and Brent Bottamini now runs this fund by himself. [2/07]
  
  Fidelity Select Industrials: Christopher Bartel is out as manager, and Tobias Welo is now in charge. [2/07]
  
  Fidelity Select IT Services: James Morrow steps down as co-manager, and Benjamin Hesse will now run this fund solo. [2/07]
  
  Fidelity Select Paper and Forest Products: The team of Justin Bennett and Christopher Bartel lasts less than a year: Bartel is out, and Bennett will run this fund solo, at least until Fidelity can figure out a way to muck things up again. [2/07]
  
  Fidelity Select Software and Computer Services: Kelly Cardwell is out as manager, and Mayank Tandon is now in charge. Among those who closely follow the Fidelity Select funds, former manager Cardwell was known as the "old-timer," in recognition of his four-year job tenure. Good job, old man! [2/07]
  
  Fidelity Select Technology: James Morrow steps down as manager, and Yun-Min Chai is now in charge. [2/07]
  
  Fidelity Select Transportation: A rare Select management team of two is no more: Christopher Bartel splits, and Lindsay Connor is now in charge by herself. [2/07]
  
  Heritage Small Cap Stock: Jim Awad, who had been running this fund since inception (1993) for subadvisor Awad Asset Management, steps down as manager. David Adams and John McPherson, Managing Directors of Awad Asset Management, take over for Jim Awad, with Adams in the lead. The fund's other subadvisor (Bert Boksen of Eagle Asset Management) remains unchanged. [2/07]
  
  Mutual Beacon: Charles Lahr leaves as Assistant Portfolio Manager, and Christian Coorea takes his place. Lahr is taking over sole responsibility for Mutual Financial Services (see below) and he's also joining the Mutual Discovery team. [2/07]
  
  Mutual European: Charles Lahr leaves as Assistant Portfolio Manager, and Katrina Dudley replaces him. [2/07]
  
  Mutual Financial Services: Todd Jonasz leaves this two-person management team, and Charles Lahr now runs this fund solo. [2/07]
  
  Pioneer Fundamental Growth: Managers Chris Galizio and Steven Balter are lured away to Fidelity's new institutional money management arm, Pyramis Global Advisors. Andrew Acheson (of Pioneer Independence) takes over, joined by Timothy Mulrenan. [2/07]
  
  Pioneer Growth Shares: See Pioneer Fundamental Growth, above. [2/07]
  
  Pioneer Mid Cap Growth: See Pioneer Fundamental Growth, above. [2/07]
  
  Thornburg Investment Income Builder: Steve Bohlin retires as manager of this fund's fixed income portfolio. Jason Brady replaces him. [2/07]
  
  Vanguard Windsor II: Equinox Capital Management and Tukman Capital Management are fired as two of the fund's five outside managers (i.e., subadvisors; Vanguard also manages a small piece of the fund in-house). Lazard Asset Management is added to the management team, and will take over "a majority of the assets from the portfolios formerly managed by Equinox and Tukman." Andrew Lacey and Christopher Blake are handling day-to-day responsibilities for Lazard. [2/07]
  
  
• Originally posted January 2007
  
  Allianz NFJ funds (several): E. Clifton Hoover resigns from subadvisor NFJ; he is headed for a co-manager job at DWS Dreman High Return Equity. Hoover's departure triggers a manager shuffle at each of the Allianz NFJ funds (effective November 1, 2006), as follows:
  
  

  Allianz NFJ fund	Previous management team (departures in red)	New management team (arrivals in green)
  Dividend Value	E. Clifton Hoover (lead) Chris Najork Benno Fischer Jeffrey Partenheimer	Benno Fischer (lead) Chris Najork Jeffrey Partenheimer Thomas Oliver
  International Value	E. Clifton Hoover (lead) Chris Najork Benno Fischer	Benno Fischer (lead) Chris Najork Thomas Oliver R. Burns McKinney
  Large-Cap Value	Paul Magnuson (lead) Chris Najork Benno Fischer Jeffrey Partenheimer E. Clifton Hoover	Paul Magnuson (lead) Chris Najork Benno Fischer Jeffrey Partenheimer
  Mid-Cap Value	Jeffrey Partenheimer (lead) Benno Fischer E. Clifton Hoover	Jeffrey Partenheimer (lead) Benno Fischer John Johnson Thomas Oliver
  Small-Cap Value	Paul Magnuson (lead) Chris Najork Benno Fischer E. Clifton Hoover	Paul Magnuson (lead) Chris Najork Benno Fischer R. Burns McKinney
  [1/07]

  
  Aston/ABN AMRO Growth (formerly ABN AMRO Growth): Bernard Myszkowski retires as lead manager. Co-manager Richard Drake takes over, assisted by Steven Sherman. [1/07]
  
  Aston Balanced (formerly ABN AMRO Balanced): Bernard Myszkowski retires as lead manager of this fund's equity portfolio. Myszkowski's co-manager, Richard Drake, will now run this portion of the fund, assisted by Steven Sherman. [1/07]
  
  Fidelity Advisor Energy (formerly Advisor Natural Resources): We're catching up on this one. John Dowd was named co-manager of this fund in May 2006, joining Matthew Friedman, and we didn't report this manager addition, since we usually only report departures. But a reader recently informed us that Dowd is now listed as sole manager of this fund and, sure enough, our reader is corect: Somewhere between May 2006 and September 2006, Friedman left as co-manager, and Dowd is now running this fund solo. [1/07]
  
  Fidelity Select Chemicals: Christopher Bartel heads out the revolving managerial door, after about eight months on the job (at least he beat the record of the previous manager, who lasted only two months). Duffy Fischer is the newest manager to call this fund home, sweet (temporary) home. [1/07]
  
  RiverSource Disciplined International Equity: Jonathan Calvert leaves as co-manager. Dimitris Bertsimis remains in the lead, now joined by Alexander Sauer-Budge. [1/07]
  
  RiverSource Disciplined Small Cap Value: Jonathan Calvert steps down from this three-person management team, and Steve Kokkotos replaces him. [1/07]
  
  RiverSource Retirement Plus (2010 thru 2045): Jonathan Calvert steps down from this four-person management team. No replacement is named. [1/07]
  
  
• Originally posted December 2006
  
  AIM Mid Cap Basic Value: Matthew Seinsheimer is out as a member of this four-person management team, and Michael Chapman replaces him. Also, team member R. Canon Coleman II steps up to the lead manager spot, replacing Bret Stanley, who remains on the team. [12/06]
  
  American Century Small Cap Value: Kevin Laub leaves as this two-person management team, and leaves the firm. Benjamin Giele remains, now assisted by former analyst Steve Roth. [12/06]
  
  American Century Ultra: Jerry Sullivan leaves this fund's three-person management team. Wade Slome and Tom Telford are now in charge. [12/06]
  
  Fidelity Advisor Diversified Stock: Manager Timothy Cohen is replaced by James Morrow. [12/06]
  
  Fidelity Advisor Equity Growth: Jennifer Uhrig leaves as manager (she's headed for Fidelity Blue Chip Growth, below). Jason Weiner takes over for Uhrig. [12/06]
  
  Fidelity Advisor Equity Value: Stephen DuFour is out as manager, and Scott Offen is now in charge. [12/06]
  
  Fidelity Advisor Fifty: See Fidelity Fifty, below. [12/06]
  
  Fidelity Blue Chip Growth: John McDowell and Brian Hanson are out as mangers, and Jennifer Uhrig takes over. Uhrig is vacating the top spot at Fidelity Advisor Equity Growth, McDowell is retiring, and Hanson is simply shedding one of his funds, leaving him in charge only at Fidelity Advisor Strategic Growth. [12/06]
  
  Fidelity Equity Income II: Stephen DuFour is now ex-manager of this fund, giving way to C. Robert Chow. [12/06]
  
  Fidelity Fifty: Jason Weiner is gone as manager (this fund has been taken off his plate, as Weiner moves to Fidelity Advisor Equity Growth, above). Peter Saperstone is now in charge. [12/06]
  
  Fidelity Independence: Jason Weiner's move to Fidelity Advisor Equity Growth also triggers a change here: Weiner is no longer in charge, giving up the reins to Robert Bertelson. [12/06]
  
  MFS Growth Opportunities: Irfan Ali is out as co-manager. Maureen Pettirossi will now run this fund solo. [12/06]
  
  MFS Institutional Large Cap Growth: See MFS Mass Investors Growth Stock, below. [12/06]
  
  MFS Mass Investors Growth Stock: Irfan Ali is gone as manager. Jeffrey Constantino takes Ali's place on this three-person team. [12/06]
  
  Pioneer Small Cap Value: The management team of David Adams and Scott McPherson is replaced by Peter Wiley (lead) and Scott Zilora. [12/06]
  
  
• Originally posted November 2006
  
  Evergreen Growth: Theodore Price will retire as lead manager, effective December 29, 2006. No replacement has been named. [11/06]
  
  Fidelity Advisor Global Capital Appreciation: The management team led by Michael Jenkins is out. The new team consists of Darren Maupin and Victor Thay. [11/06]
  
  Fidelity Advisor International Capital Appreciation: See Fidelity Aggressive International, below. [11/06]
  
  Fidelity Advisor Mortgage Securities: See Fidelity Mortgage Securities, below. [11/06]
  
  Fidelity Advisor Strategic Income: See Fidelity Strategic Income, below. [11/06]
  
  Fidelity Advisor Utilities: See Fidelity Select Utilities Growth, below. [11/06]
  
  Fidelity Aggressive International: A management team led by Michael Jenkins is out, and Darren Maupin is now in charge. [11/06]
  
  Fidelity Disciplined Equity: Steven Snider steps down as manager, and Keith Quinton replaces him. Morningstar reports that Snider is moving over to Pyramis Global Advisors, Fidelity's newly-created money management firm for institutions only. Could this be the start of a brain-drain from Fido's individual money management arm? [11/06]
  
  Fidelity Select Consumer Discretionary: Bob Lee steps down as co-manager, about four months after stepping up to that position. (Nice to see that Fidelity finally has that management turnover problem under control.) Former co-manager Martin Zinny will now run this fund solo, until someone or something else comes along. [11/06]
  
  Fidelity Select Leisure: Gopal Reddy didn't quite last 12 months as manager. Geoffrey Kuli takes over, and presumably he'll try his best to make it past that always-elusive one-year mark. [11/06]
  
  Fidelity Select Utilities Growth: Brian Younger is gone as manager, and Douglas Simmons takes over. [11/06]
  
  Fidelity Strategic Income: George Fischer leaves as manager of this fund's U.S. Government bond holdings, and Brett Kozlowski now handles that job. [11/06]
  
  Riversource Mid Cap Growth: Duncan Evered is out as manager. John Schonberg takes over as "interim" manager, so at least one more turnover is in the offing. [11/06]
  
  Seligman Capital: Marion Schultheis gone as lead manager, and Erik Voss replaces her. [11/06]
  
  Seligman Growth: See Seligman Capital, above. [11/06]
  
  
• Originally posted October 2006
  
  Evergreen Emerging Markets: Liu-Er Chen leaves as manager and leaves the firm. He's reportedly heading to the Delaware Group, where he will manage an emerging markets fund -- Delaware's gain, and Evergreen's distinct loss. [10/06]
  
  Evergreen Health Care: See Evergreen Emerging Markets, above. [10/06]
  
  Evergreen Utility and Telecommunications: Technically, this is a manager change, even though it might not look like one: Timothy O'Brien moves from employee of Evergreen, and manager of this fund, to owner of his own firm (Crow Point Partners LLC) and subadvisor of this fund (pending shareholder approval). Nice to start off a new money mangement firm with a $400 million fund from your former employer. That chunk of assets should generate about $140,000 a month in management fees for O'Brien's new firm, which we're guessing will cover the rent. [10/06]
  
  Fidelity Blue Chip: Brian Hogan is out as manager, and Charles Hebard takes over. Hebard also runs a Fidelity Select fund (Financial Services) and, remarkably, Hebard hasn't been rotated off that fund -- yet. [10/06]
  
  Fidelity Select Multimedia: John Roth heads out the revolving door, a couple of months after being assigned to run Fidelity New Millennium. Kristina Salen takes over for Roth. [10/06]
  
  Hartford Advisors: Saul Pannell used to be one of five managers assigned to this fund; now, he's gone, although everybody else remains. [10/06]
  
  Hartford Stock: Saul Pannell steps down from this three-person management team. Pannell's colleagues, Steven Irons and Peter Higgins, will carry on without him. [10/06]
  
  Jensen Portfolio: Another founder is gone: Gary Hibler will retire as co-manager, effective February 15, 2007. The remaining co-managers (McIver, Millen, Schoenstein, Zagunis) will run the show without Hibler. [10/06]
  
  UMB Scout Small Cap: David Bagby steps down as co-manager. Bagby's colleagues, Jason Votruba and Adrianne Valkar will continue to be in charge. [10/06; thanks to Adam Bold, of the Mutual Fund Store, for bringing this item to our attention]
  
  Vanguard Windsor II: Don't say we didn't give you advance notice: Lead manager James Barrow, of subadvisor Barrow Hanley Mewhinney & Strauss, has announced that he will retire within four years. No replacement has been named, but Barrow promises that his successor(s) will each have at least eight years of investing experience at Barrow Hanley. [10/06]
  
  
• Originally posted September 2006
  
  Evergreen Diversified Bond: Richard Cryan is out as a member of this four-person team, and he leaves the firm. Gary Pzegeo replaces him. [9/06]
  
  Evergreen High Yield Bond: Dana Erikson is removed as manager, and also removes himself from the firm. Gary Pzegeo takes over. [9/06; thanks to "Miles Avisles" for alerting us to this and the other Evergreen changes]
  
  Evergreen Select High Yield Bond: See Evergreen Diversified Bond, above. [9/06]
  
  Evergreen Strategic Income: Dana Erikson is out as lead manager of this four-person team, and Gary Pzegeo is now in charge. [9/06]
  
  Fidelity Adviser Health Care: Harlan Carrere is gone as manager, and Aaron Cooper replaces him. [9/06]
  
  Fidelity Select Brokerage and Investment Management: Charles Hebard is now ex-manager of this fund, and Yolanda Taylor takes over. Come on, give him a break: he lasted almost six months. [9/06]
  
  Fidelity Select Health Care: Harlan Carrere steps out the revolving managerial door, and Matthew Sabel takes over. [9/06]
  
  Lord Abbett Growth Opportunities: Kevin Ferguson is out as manager, and Frederick Ruvkun takes over. [9/06]
  
  MainStay Intermediate Term Bond: Christopher Harms resigns from this two-person management team, and Joseph Portera takes over, joining Gary Goodenough. [9/06]
  
  MainStay Mid Cap Opportunity: Kathy O'Connor and Jeffrey Sanders resign as managers. Joan Sabella and Tony Elavia take over. [9/06]
  
  MainStay Small Cap Opportunity: See MainStay Mid Cap Opportunity, above. [9/06]
  
  Phoenix All-Cap Growth: About four months after the departure of manager Gretchen Lash, one of the two remaining managers (Scott Swanson) is also gone. Two new managers come to the rescue: Fran Gillin Cooley and Douglas Couden. [9/06; thanks to "B.L." for bringing this and the other Phoenix changes to our attention]
  
  Phoenix Capital Growth: Engemann is out as manager (subadvisor), and Harris Investment Management is in. In terms of individuals, the Engemann team of David Garza, Michael Manns and Scott Swanson is replaced by the Harris team of T. Andrew Janes (lead), Daniel Sido and Mark Wimer. [9/06]
  
  Phoenix Mid-Cap Growth: Engemann is out as manager (subadvisor), and Harris Investment Management is in -- in other words, the Engemann team of Lou Holtz and Yossi Lipsker is replaced by the Harris team of Mark Wimer (lead), T. Andrew Janes, and Daniel Sido. [9/06]
  
  Phoenix Nifty Fifty: The directors of this fund tried to fire Engemann Asset Management as subadvisor, but they failed to get enough shareholder votes. So Engemann is still running the show, while the directors figure out what to do. Manager Gretchen Lash left in April, and now the fund's entire management team (David Garza, Michael Manns and Scott Swanson) is replaced by the team of Fran Gillin Cooley and Douglas Couden. Chaos, anyone? [9/06]
  
  Turner Midcap Growth: Robert Turner and Bill McVail step down as managers. Christopher McHugh remains as lead manager, now assisted by Tara Hedlund and Jason Schrotberger.[9/06]
  
  
• Originally posted August 2006
  
  American Century International Growth: Michael Perelstein leaves as a member of this two-person management team. Alex Tedder takes over for Perelstein, joining Keith Creveling. [8/06]
  
  American Century International Stock: See American Century International Growth, above. [8/06]
  
  American Century New Opportunities: Tom Telford leaves this three-person team, for American Century Ultra (below). Matthew Ferretti replaces Telford. One other member of the management team (Stafford Southwick) has been on board only since May 1 of this year, and the other member of the management team (Harold Bradley) is the firm's chief investment officer for "U.S. Growth Equities." If Bradley is a hands-on CIO -- there are a few of them, we hear -- then shareholders of this fund can feel comfortable that it's run by an experienced manager with some institutional history. If Bradley is a 30,000-foot kind of guy, then this fund is now run by a couple of rookies. [8/06]
  
  American Century Ultra: Bruce Wimberly says goodbye to his two fellow managers, and leaves the firm. Tom Telford takes over for Wimberly. [8/06]
  
  Fidelity Advisor Korea: Manager Wilson Wong is gone -- like his predecessor, a one-year wonder. David Urquhart is now in charge. [8/06]
  
  Fidelity Advisor Strategic Dividend & Income: See Fidelity Strategic Dividend & Income Fund, below. [8/06]
  
  Fidelity Select Energy: Manager Matthew Friedman heads out the revolving door, to take over Fidelity Value Strategies (below). John Dowd will occupy the managerial chair for a while. [8/06]
  
  Fidelity Select Pharmaceuticals: Harlan Carrere is out as manager, and Andy Oh takes over. [8/06]
  
  Fidelity Strategic Dividend & Income: Brian Hogan steps down as manager, and Scott Offen takes over the equity portions of the portfolio. Lead managers Christopher Sharpe and Derek Young continue. [8/06]
  
  Fidelity Value Strategies: Richard Fentin is out as manager, and Matthew Friedman is in. [8/06]
  
  Hartford Income: Edward Vaimberg leaves as co-manager. Former colleague William Davison continues to run the fund, now assisted by Jeffrey MacDonald and Charles Moon. [Change effective 8/06; posted 10/06]
  
  ING International: Richard Saler and Philip Schwartz are goING, goING, gone as managers of this fund. Uri Landesman takes over. [8/06]
  
  Janus Mid Cap Value: Bob Perkins (a.k.a., "the senior Perkins") is no longer listed as co-manager for this fund (but he's still in charge of Janus Small Cap Value, below). Bob's former co-managers, Tom Perkins and Jeffrey Kautz, now run the show at this fund, with Tom Perkins officially designated as "lead Co-Manager." Am I the only one who gets an oxymoronic headache from the title "lead Co-manager"? Excuse me, a dinner of "jumbo shrimp" is waiting for me, after which I'll play a tune on my "baby grand," and then cheer my favorite high-school basketball team from the "indoor bleachers." [8/06; thanks to long-time FundAlarm reader Margaret Menzin for bringing this item to our attention]
  
  Janus Small Cap Value: Tom Perkins is no longer listed as co-manager. Tom's former teammates, Bob Perkins and Todd Perkins, will carry on as co-managers without him, with Bob Perkins now assuming the title of "lead Co-manager. Aargh. [8/06]
  
  Legg Mason Partners Capital and Income: Lead manager Mark McAllister is removed from the equity portion of this fund (it looks like co-manager Michael Sedoy is gone, too). Robert Gendelman is now in charge. [8/06]
  
  Legg Mason Partners Growth and Income: Co-manager Kevin Caliendo leaves the fund and leaves the firm. Michael Kagan will now run this fund solo. [8/06]
  
  MainStay MAP: Jennison Associates is fired as one of two subadvisors for this fund. Institutional Capital (ICAP) takes over. Robert Lyon and Jerrold Senser are listed as the new day-to-day managers for ICAP's portion of the portfolio. [8/06]
  
  MainStay Total Return: Christopher Harms, a principal of subadvisor MacKay Shields, is out as manager. Joseph Portera, also of MacKay Shields, takes over. [8/06]
  
  Salomon Brothers Capital: Kevin Caliendo leaves as manager and leaves the firm. Brian Posner and Brian Angerame take over. [8/06]
  
  Salomon Brothers Mid Cap: Same as Salomon Brothers Capital, above. [8/06]
  
  Salomon Brothers Small Cap Growth: Kevin Caliendo leaves this four-person team, and Robert Feitler replaces him. [8/06]
  
  Sentinel Mid Cap Growth: A quick two-step manager change. Effective June 6, 2006, Robert Lee was out as manager, and Elizabeth Bramwell took over. Then, as of June 22, Bramwell was out and Paul Kandel is now in charge. Kandel informs us that he will be around "much longer" than a couple of weeks. [8/06]
  
  Vanguard Tax-Managed Growth & Income: Corey Holeman leaves as manager, and leaves the firm, to "pursue a business endeavor" with his family. Michael Perre takes over for Holeman, joining the indexing team of Michael Buek, Duane Kelly and Christopher Ryon. [8/06]
  
  Victory Special Value: Pat Dunkerley is out a manager, and Leslie Globits takes over. [Change effective 8/06; posted 10/06. Thanks for this tip to a "very angry fund analyst" who should have learned about this change immediately, and directly from the fund company, but only found out later as an "oh by the way" comment.]
  
  
• Originally posted July 2006
  
  Delaware Emerging Markets: Mondrian Investment Partners will resign as outside manager (i.e., subadvisor), effective September 24, 2006. Delaware is looking for a replacement. [7/06]
  
  Fidelity Advisor Consumer Industries: See Fidelity Select Consumer Industries, below. [7/06]
  
  Fidelity New Millennium: Neal Miller is out as manager, and John Roth replaces him. [7/06]
  
  Fidelity Select Automotive: Anmol Mehra is removed as manager, and Alton Miles III takes over. [7/06]
  
  Fidelity Select Consumer Industries: John Roth leaves as manager (he's headed for Fidelity New Millennium above). Martin Zinny and Robert Lee take over as co-managers. [7/06]
  
  Fidelity Select Home Finance: Valerie Friedholm leaves as manager, an old-timer in the world of Fidelity Select funds (tenure=2 years, 1 month). Richard Manuel is now in charge. [7/06]
  
  Hartford Global Technology: Vikram Murthy leaves as a member of this fund's six-person management team, and now there are five in charge. [7/06]
  
  Janus Olympus: Claire Young leaves as manager; the relatively young Young (age 40) says that she is retiring from the money management business. Young is replaced by Ron Sachs, who will continue to manage Janus Orion. [7/06]
  
  Janus Triton: Blaine Rollins "retires" as manager, and leaves the firm. But Rollins, who was kicked off the flagship Janus fund in February, should take heart: It's going to take two -- count 'em, two -- research analysts, to replace him (Brian Schaub and Chad Meade). [7/06]
  
  RiverSource tax-exempt funds (nine of them): David Kerwin is out as lead manager, and Richard LaCoff takes over as "lead manager for all team-managed, RiverSource tax-exempt portfolios," including RiverSource Tax-Exempt High Income, the largest of the bunch. [7/06]
  
  Vanguard Mid-Cap Growth: Provident Investment Counsel is fired as one of two outside managers. Provident's 40% portion of the fund will be reallocated to Chartwell Investment Partners, the continuing manager, and new manager William Blair & Company. Both managers will end up managing equal portions of the portfolio. [7/06]
  
  
• Originally posted June 2006
  
  AIM Technology: William Keithler leaves as co-manager, and Michelle Fenton now runs this fund solo. [Change effective May 1, 2006; posted 6/06]
  
  Citizens Global Equity: McLean Budden is fired as outside manager (subadvisor), and Jonathan White, Chief Investment Officer at Citizens, takes over. [6/06]
  
  Domini European Social Equity: Sylvia Han, and employee of subadvisor Wellington Management, leaves as day-to-day manager. Doris Dwyer is now in charge. [6/06]
  
  Heartland Value: Eric Miller leaves as co-manager, and leaves the firm. Hugh Denison replaces Miller. Some of you may remember Mr. Denison from his appearance several years ago on a legal complaint filed by the SEC:
  
  
  Mr. Denison earned his defendant status for his role in the massive portfolio losses suffered by Heartland's high-yield muni-bond funds in October 2000 (at the time, Denison was a member of Heartland's board of directors). As we noted a couple of years ago, when Mr. Denison joined the team managing Heartland Select Value, you or I probably couldn't be elected treasurer of the local investment club with a resume like his, but now Mr. Denison has been promoted to manage a second Heartland fund. The SEC lawsuit is still pending. [6/06]
  
  Heartland Value Plus: Eric Miller leaves as co-manager, and leaves the firm. Separately, Bill Nasgovitz also excuses himself from the management team. According to a May 22, 2006 prospectus supplement, D. Rodney Hathaway and Bradford Evans will "continue" to manage this fund. We're not sure how Evans got onto the management team, since his name doesn't show up in the fund's May 2005 prospectus, or any of the subsequent prospectus supplements prior to the May 2006 supplement. The Heartland Web site shows that Evans' joined the Value Plus management team in "5/06," so it looks like he snuck in there just in time for the Miller departure. Quite convenient. [6/06]
  
  MFS Mid Cap Growth: Back in June 2006, we reported the departure of David Sette-Ducati. We surmised that Sette-Ducati's co-manager David Earnest, would remain in charge, but we surmised wrong: Earnest lasted almost no time at all, and (as a reader pointed out to us) this fund has been run by Matthew Krummell since June 2006. [6/06]
  
  MFS Mid Cap Growth: One manager left in December 2005, and now David Sette-Ducati will retire from the firm, effective June 30, 2006. It looks like co-manager David Earnest, who's been with the fund only since the previous manager change (December 2005), is now top dog. [6/06]
  
  MFS Mid Cap Value: We're catching up on this MFS fund, too. As of June 2006, Constantinos Mokas was out as manager, and Jonathan Sage is now in charge. [6/06]
  
  Oak Value: Matthew Sauer is no longer a member of this three-person management team -- officially it's a "resignation," though some might call it "career preservation." David Carr and Larry Coats continue in charge. [6/06]
  
  Putnam Fund for Growth and Income: Hugh Mullin is removed as "portfolio leader," and leaves the firm. Joshua Brooks moves up from "portfolio member," and will now be co-portfolio leader with Eric Harthun, who's coming over from Putnam Small Cap Value. David King will be the only "portfolio member" left, since Christoper Miller is also leaving the team. FundAlarm comments: This fund is Putnam's biggest offering and, far from being the firm's shining beacon, it's been a more like a dirty, 20-watt light bulb for at least a decade. If Putnam can't turn this fund around, nobody's going to believe the firm's bigger turnaround story. Maybe Putnam can merge this $15 billion albatross into one of its other good large-cap value funds. Oh, wait, our mistake: Putnam doesn't have any other good large-cap value funds. [6/06]
  
  Putnam Small Cap Value: Eric Harthun leaves as "portfolio member" (he's headed for Putnam Fund for Growth and Income, above, where he will be co-portfolio leader). Michael Petro replaces Harthun, and Edward Shadek remains in charge. [6/06]
  
  Westcore Flexible Income: A few months ago, we reported that Jerome Powers will retire as co-manager, effective August 1, 2006. On April 28, one of the fund's three remaining comanagers (Alex Lock) also bailed out, leaving Mark McKissick and William Stafford as a management team of two. [6/06]
  
  Westcore MIDCO Growth: Lisa Ramirez leaves as one of three co-managers. Jeffrey Payne and F. Wiley Reed continue as co-managers, with William Chester continuing as lead manager. [Change effective March 31, 2006; posted 6/06]
  
  Westcore Plus Bond: See Westcore Flexible Income, above. [6/06]
  
  
• Originally posted May 2006
  
  American Century My Retirement (2015/2025/2035/2045): Gina Sanchez leaves as a member of the management team, and leaves the firm. Jeff Tyler continues as lead manager, and Irina Torelli continues to assist him. [5/06]
  
  American Century One Choice (Conserv/Mod/Aggr/VConserv/VAggr): See American Century My Retirement, above. [5/06]
  
  American Century Select: John Sykora leaves as a member of this three-person team, and leaves the firm. Harold Bradley takes over for Sykora, at least temporarily. [5/06]
  
  American Century Strategic Allocation (Conserv/Mod/Aggr): See American Century My Retirement, above. [5/06]
  
  Dreyfus Basic U.S. Mortgage Securities: See Dreyfus GNMA, below. [5/06]
  
  Dreyfus GNMA: Marc Seidner leaves as co-manager and leaves the firm (he's headed off to Harvard, specifically Harvard Management Company). Former co-manager Robert Bayston is now in charge. [5/06]
  
  Dreyfus Premier Core Bond: Marc Seidner leaves as co-manager and leaves the firm (he's joining Harvard Management Company). Lead manager Kent Wosepka will run this fund solo. [5/06]
  
  Dreyfus Premier GNMA: Marc Seidner leaves as co-manager of this fund, and leaves the firm (he's joining Harvard Management Company). Robert Bayston is now in charge (see Dreyfus GNMA, above). As far as we can tell, Bayston was never listed as co-manager of Dreyfus Premier GNMA, even though Dreyfus thinks he was. [5/06]
  
  Dreyfus Premier Managed Income: Marc Seidner leaves as co-manager and leaves the firm (he's joining Harvard Management Company). Former lead manager Kent Wosepka is still in charge, assisted by an "investment committee." George Noyes also had been listed as a co-manager of this fund, and he's now MIA. Perhaps he's been subsumed by that "investment committee." [5/06]
  
  Evergreen Aggressive Growth: Maureen Cullinane retires as manager, and Aziz Hamzaogullari replaces her. [5/06; thanks, as always, to "Miles Avisles" for bringing this, and the other Evergreen changes, to our attention]
  
  Evergreen Large Company Growth: See Evergreen Aggressive Growth, above. [5/06]
  
  Evergreen Mid Cap Growth: Gary Craven retires as manager, and Donald Bisson takes over. [5/06]
  
  Evergreen Omega: See Evergreen Aggressive Growth, above. [5/06]
  
  Fidelity Select Chemicals: Manager Jill Jortner leaves after about two months on the job and also leaves the firm, to "pursue new professional opportunities in New York, anything without those stinking chemicals" (OK, we made up that last part). Chris Bartel takes over. [5/06]
  
  Fidelity Select Computers: James Morrow is out as manager which proves, again, that the manager obsolescence cycle for this fund is even more dramatic than the technical obsolescence cycle of the computers those managers are supposed to follow. (In case anyone is even remotely interested, Morrow was this fund's ninth manager in 10 years.) Heather Lawrence takes over, warily. [5/06]
  
  Fidelity Select Transportation: Jill Jortner leaves as manager, and leaves the firm. Chris Bartel and Lindsay Connor take over. [5/06]
  
  JHancock Growth Trends: Anurag Pandit leaves as manager of the technology portion of this fund, and leaves the firm. Thomas Norton takes over for Pandit. [5/06]
  
  JHancock Multi Cap Growth: Anurag Pandit leaves as manager, and leaves the firm. Thomas Norton takes over. [5/06]
  
  JHancock Technology: Same as JHancock Multi Cap Growth, above. [5/06]
  
  JHancock Technology Leaders: Same as JHancock Multi Cap Growth, above. [5/06]
  
  Merrill Fundamental Growth: Lawrence Fuller retires as manager, and associate manager Thomas Burke takes over. [5/06]
  
  Merrill Global Growth: See Merrill Fundamental Growth, above. [5/06]
  
  Morgan Stanley American Opportunities: Michelle Kaufman steps down as lead manager. The remaining members of the team (Dennis Lynch, David Cohen, Sam Chainani and Alexander Norton) will carry on without her. [5/06]
  
  Munder Balanced: John Adams leaves as manager of this fund's large-cap value segment; Adams is now Munder's Chief Investment Officer. Joseph Skornicka replaces Adams, and Thomas Wald joins the (now) eight-person party management team, bringing his expertise in the health care industry. [5/06]
  
  Phoenix All-Cap Growth: Gretchen Lash leaves as lead manager, and leaves Engemann Asset Management, her employer and the day-to-day manager of this fund. Former co-managers Lou Holtz and Scott Swanson now run this fund as a team. [5/06]
  
  Phoenix Balanced: Dong Hao Zhang leaves as co-manager of the equity portion of this fund, and Steven Colton now has sole responsibility in that area. David Albrycht remains as sole manager of the fixed income slice. [5/06]
  
  Phoenix Capital Growth: Gretchen Lash leaves as lead manager, and leaves Engemann Asset Management, her employer and the day-to-day manager of this fund. The change doesn't really matter, since Engemann has been fired, and Harris Investment Management, Inc. (Chicago) is about to take over. [5/06]
  
  Phoenix Growth & Income: Dong Hao Zhang leaves as co-manager, and Steven Colton now runs this fund solo. [5/06]
  
  Phoenix Income & Growth: See Phoenix Balanced, above. [5/06]
  
  Phoenix Mid-Cap Growth: See Phoenix Capital Growth, above. [5/06]
  
  Phoenix Nifty Fifty: Not so nifty for manager Gretchen Lash and Engemann: See Phoenix Capital Growth, above. [5/06]
  
  Phoenix Small-Cap Growth: Gretchen Lash leaves as lead manager, and leaves Engemann Asset Management, her employer and the day-to-day manager of this fund. It appears that former co-managers Lou Holtz and Yossi Lipsker will now be in charge. [5/06]
  
  Phoenix Worldwide Strategies: Dong Hao Zhang leaves as co-manager of the Engemann portion of this fund (i.e., the domestic portion), and Steven Colton now runs that slice solo. [5/06]
  
  Putnam Europe Equities: Lead manager Heather Arnold and "portfolio member" Mark Pollard have apparently bailed out of this fund, some time in the past couple of months. Former "portfolio member" (i.e., associate manager) Joshua Byrne is now running this fund solo. Memo to Putnam's compliance people: The fund's prospectus on your Web site hasn't been updated to reflect this change, and the SEC would probably like to know about it, too. [5/06]
  
  Standish Mellon Fixed Income: Marc Seidner leaves as co-manager of this fund, and leaves the firm (he's joining Harvard Management Company). Former co-manager Catherine Powers continues at the helm, assisted now by Kent Wosepka. [5/06]
  
  Standish Mellon Investment Grade Bond: Marc Seidner leaves as co-manager of this fund, and leaves the firm (he's joining Harvard Management Company). Former co-manager Catherine Powers remains in charge, assisted now by Christopher Pellegrino. [5/06]
  
  T. Rowe Price Global Technology: Robert Gensler steps down as manager (he's still in charge of T. Rowe Price Global Stock). Jeffrey Rottinghaus (who?) takes over for Gensler. FundAlarm comments: Several months ago, when we were looking for a tech fund to replace Allianz RCM Global Technology, this fund was first on our list, and we didn't invest only because it wasn't available through our broker's mutual fund platform. We were disappointed at the time. Now we're not. Such seemingly random turnover, even at a quality shop like T. Rowe Price, is enough to make one swear off actively-managed funds entirely, and chuck all of this nonsense in favor of index funds. (I see, Mr. Weitz, that we still have much work to do on your attitude.)[5/06]
  
  
• Originally posted April 2006
  
  Allianz NACM Growth: Comanagers Stacey Nutt and David Pavan leave the fund. Nutt and Pavan are employees of Nicholas-Applegate Capital Management (NACM), this fund's subadvisor, and they also have left NACM (with several other NACM personnel) to start their own firm. Horacio Valeiras, James Li and Jane Edmondson, of NACM, take over for Nutt and Pavan, with Valeiras in the lead. [4/06]
  
  Allianz NACM International: Comanagers Stacey Nutt and David Vaughn, employees of subadvisor Nicholas-Applegate Capital Management (NACM), leave the fund. Horacio Valeiras and Steven Tael, of NACM, are the new managers, with Valeiras in the lead. [4/06]
  
  American Funds American Balanced: J. Dale Harvey and Mark MacDonald, two of six managers running this fund, are gone. They are replaced by Alan Berro, James Mulally and Dina Perry, boosting the management team to seven. [4/06]
  
  American Funds Fundamental: Twenty-eight year veteran Gordon Crawford is replaced by Brady Enright, who has about 14 years of investment experience (nine with the American Funds). Ronald Morrow appears in the current prospectus as the fifth member of this fund's management team, and he's shown as having three years of experience working on this fund. Problem is, Morrow isn't listed as a manager of this fund in any previous prospectus, going back to 2000, so we're not exactly sure how Morrow got those three years of experience. Perhaps a home study course. [4/06]
  
  American Funds Investment Company of America: Dina Perry, one of nine managers on this fund, is replaced by J. Dale Harvey. (Look above, at American Balanced, and you'll see that Perry returned the favor by replacing Harvey.) [4/06]
  
  AssetMark Small/Mid Cap Growth: Comanagers Stacey Nutt and Todd Wolter leave the fund. Nutt and Wolter are employees of Nicholas-Applegate Capital Management (NACM), one of two subadvisors for this fund, and they have left NACM (with several other NACM personnel) to start their own firm. We're assuming that NACM employees Horacio Valeiras and Mark Roemer (who's currently a "portfolio specialist" on this fund), will replace Nutt and Wolter as managers, although AssetMark hasn't yet filed an official announcement with the SEC. [4/06]
  
  Baron Fifth Avenue Growth: It looks like Ron Baron's annual shareholder meetings/musical extravaganzas weren't enough to keep manager Mitch Rubin from leaving this fund and leaving the firm (Rubin is starting a hedge fund with Morty Schaja, who had been president of Baron's money mangement firm). Baron is looking for new large cap manager to run this fund solo. Until then, the fund will be managed by the team of Ron Baron, Cliff Greenberg and Andrew Peck. [4/06; Update @ 5/06: Randall Haase takes over as permanent manager]
  
  Baron iOpportunity: iGuess it wasn't opportunity enough, because Mitch Rubin leaves as manager, and leaves the firm to start a hedge fund. Michael Lippert takes over. [4/06]
  
  BNY Hamilton International Equity: Robert Windsor leaves as comanager. Todd Rose, who replaces Windsor, will "share equally all portfolio management responsibilities" with continuing comanager Lloyd Buchanan.[4/06]
  
  BNY Hamilton Small Cap Growth: John Lui is out as manager, and Arthur Weise takes over. [4/06]
  
  Calvert World Values International Equity: GMO (Grantham, Mayo, Van Otterlloo & Co.) is fired as outside manager (i.e., subadvisor), and Acadian Asset Management takes over. [4/06]
  
  Columbia Real Estate Equity: We missed this one: David Jellison is gone as manager of this struggling fund, effective October 2005. He's replaced by Robert McConnaughey and David Hoffman. [4/06]
  
  Fidelity Select Brokerage and Investment Management: Brian Kennedy is replaced as manager, and Charles Hebard takes over. [4/06]
  
  Fidelity Select Business Services and Outsourcing: Nicola Stafford is now the ex-manager of this fund, and the team of Jim Morrow and Ben Hesse takes over. Team management is rare for Select funds. It may be that the higher-ups at Fidelity have a mandate to create maximum confusion, and replacing two managers at a time (as will happen here, sooner rather than later) is one way to make the Select funds even more chaotic. Just a theory. [4/06]
  
  Fidelity Select Insurance: Charles Hebard heads out the managerial revolving door, and Stephen Hermsdorf comes on in for a while. [4/06]
  
  Fidelity Select Paper and Forest Products: Anmol Mehra is removed as manager, and a team of managers takes over (Chris Bartel and Justin Bennett). Do we spot a team trend here? [4/06]
  
  Fidelity Small Cap Retirement: Lionel Harris steps down as manager, after about four months on the job, and Charles Myers takes over. [4/06]
  
  Fidelity Small Cap Value: Katherine Lieberman is out as manager, and Thomas Hense is in. [4/06]
  
  George Putnam Fund of Boston: Two of four portfolio members (Michael Abata and Kevin Cronin) step down from this fund to concentrate on other responsibilities. Geoffrey Kelley, a quant guy from Putnam's high-yield bond group, joins the team. [4/06]
  
  Nicholas-Applegate Growth Equity: Comanagers Stacey Nutt and Todd Wolter leave this fund, and leave the firm. Remaining comanager Horacio Valeiras is joined by Mark Roemer. Four other members of Nicholas-Applegate's systematic investment team have followed Nutt and Wolter out the door, including two other mutual fund managers (David Vaughn and David Pavan; see these additional Nicholas-Applegate changes immediately below). The departing managers reportedly couldn't reach an agreement with Nicholas-Applegate over their compensation. Nutt was fired before he could quit, for taking steps to form his own firm, which Nicholas-Applegate contends was in violation of his employment agreement. Nutt, Wolter, et al. have started their own shop in San Diego, ClariVest Asset Management LLC, in case you'd like to send them a card. [4/06]
  
  Nicholas-Applegate U.S. Systematic Large Cap Growth: Comanagers Stacey Nutt and David Pavan leave this fund, and leave the firm. Horacio Valeiras takes over as lead manager, assisted by newly-appointed James Li and Jane Edmondson. [4/06]
  
  Nicholas-Applegate U.S. Systematic Mid Cap Growth: Comanagers Stacey Nutt and Todd Wolter leave this fund, and leave the firm. Horacio Valeiras takes over as lead manager, assisted by newly-appointed Mark Roemer. [4/06]
  
  Pacific Capital Small Cap: This fund is subadvised by Nicholas-Applegate Capital Management (NACM), and comanager Stacey Nutt has left NACM to start his own firm. We're assuming that Horacio Valeiras, of NACM, will replace Nutt, although Pacific Capital hasn't yet filed an official announcement with the SEC. [4/06]
  
  Putnam Capital Appreciation: James Yu leaves as a portfolio member, and leaves the firm. Yu is not being replaced, so this fund will now be run by continuing portfolio leader James Wiess, assisted by portfolio members Richard Cervone and Joseph Joseph [sic]. [4/06]
  
  Putnam Equity Income: Jeanne Mockard leaves this three-person team; according to Putnam, she will "focus her attention" as portfolio leader of The George Putnam Fund of Boston. New hire Austin Kairnes takes over for Mockard, joining two continuing members of the team (lead manager Bartlett Geer and portfolio member Kevin Cronin).[4/06]
  
  Putnam Growth Opportunities: Saba Malak leaves as a portfolio member. He is not being replaced, so this fund will now be run by its two continuing portfolio leaders, Robert Ginsberg and Kelly Morgan. [4/06]
  
  Putnam High Yield: Geoffrey Kelley leaves as a portfolio member, to work on The George Putnam Fund of Boston. Kelley is not replaced, so this fund will now be run by continuing portfolio leader Paul Scanlon, assisted by portfolio members Norman Boucher and Robert Salvin. [4/06]
  
  Putnam High Yield Advantage: See Putnam High Yield, above. [4/06]
  
  Putnam International Capital Opportunities: Christoper Crawford leaves as a portfolio member, and leaves the firm. Franz Valencia replaces him. [4/06]
  
  Putnam Investors: James Yu leaves as a portfolio member, and leaves the firm. Yu is not being replaced, so this fund will now be run by continuing portfolio leader James Wiess, assisted by portfolio member Richard Cervone. [4/06]
  
  Putnam Tax-Smart Equity: See Putnam Investors, above. [4/06]
  
  Putnam Voyager: See Putnam Growth Opportunities, above. [4/06]
  
  Vanguard Morgan Growth: Lead manager Robert Rands, of subadvisor Wellington Management Company, will retire at the end of 2006. Paul Marrkand will take over the Weelington portion of this fund from Rands. [4/06]
  
  
• Originally posted March 2006
  
  AllianceBernstein Large Cap Growth: Thomas Kamp leaves as manager, and leaves the firm. Kamp is replaced by five members of AllianceBernstein's U.S. Large Cap Growth Investment Team (James Reilly, David Handke, Scott Wallace, Michael Reilly, and Syed Hasnain). [3/06]
  
  Davis Opportunity: Kent Whitaker leaves this eight-person management team, and leaves the firm. According to a prospectus supplement, Whitaker's duties will be "absorbed" by the seven remaining managers, who will apparently be using the newly-introduced "Management Responsibilities Sponge," from DuPont. [3/06]
  
  Evergreen Strategic Value: We missed this one: Effective January 2, 2006, Timothy O'Grady is no longer lead manager, and William Zieff has taken over. John Gray, Donald Jones, and C. Thomas Meisse, who were listed as co-managers with O'Grady, are also gone. [3/06]
  
  Fidelity Select funds (several)
  
  

  Fidelity fund	Old manager	New manager
  Select Banking	Heather Lawrence	Ramona Persaud
  Select Chemicals	Matthew Friedman	Jill Jortner
  Select Construction and Housing	Ramona Persaud	Nora Creedon
  [3/06]

  
  ICON funds: Three managers are gone from three different ICON funds, and newcomer Todd Burchett takes over on all three. The affected funds (and the previous managers, in parentheses) are as follows:
  
  

  ICON Bond (Derek Rollingson)

  ICON Industrials (J.C. Waller III)

  ICON Telecommunications and Utilities (Robert Strauss)

  
  FundAlarm comments: Burchett seems a little light on experience -- make that "a lot light" on experience. He has a B.A. in economics from Stanford and an MBA from Ohio State, but he's never even come close to managing a mutual fund before (and now he's going to manage both bond and equity funds). His entire employment history appears to consist of two jobs: a "research and teaching assistant" at Ohio State and, before that, he was a public school teacher in Vermont. Maybe he won some kind of "Become A Fund Manager" contest. [3/06]
  
  Ivy Core Equity: Jim Wineland is out as manager, replaced by Eric Becker and Gus Zinn. Wineland remains at the helm of two other Waddell & Reed funds (Advisors Core Investment and Target Core Equity). [3/06]
  
  Ivy High Income: Louise Reike is out as manager, and Bryan Krug is in. Reike still manages Waddell & Reed Advisors High Income. [3/06]
  
  Janus Global Technology: Manager Mike Lu either jumps or is pushed, but he's no longer in charge of this fund, and he's no longer employed by Janus. (Sandy Rufenacht, a former Janus manager, describes Lu as a "genius."* Over the past five years, Lu has turned each $10,000 entrusted to him into $5,733 -- proof, if proof was ever needed, that genius can be difficult to live with.) A seven-person team, led by Brad Slingerland and Barney Wilson, takes over for Lu. [3/06]
  * denverpost.com, February 3, 2006
  
  Selected Special: See Davis Opportunity, above. [3/06]
  
  Vanguard Dividend Growth: Minerva Butler is out as manager, thereby reducing to zero the number of U.S. mutual funds run by someone with the name Minerva. Donald Kilbride takes over. [3/06]
  
  Vanguard Strategic Equity: Joel Dickson is gone as manager, replaced by James Troyer. [3/06]
  
  Waddell & Reed Advisors Tax-Managed Equity: Barry Ogden is out as manager, and Chace Brundage takes over. Ogden remains in charge of Waddell & Reed Advisors Accumulative and Ivy Capital Appreciation (Ivy is a subsidiary of Waddell & Reed). [3/06]
  
  Westcore Flexible Income: Jerome Powers will retire as co-manager, effective August 1, 2006. Remaining comanagers Alex Lock, Mark McKissick, and William Stafford will carry on without him. [3/06]
  
  Westcore Plus Bond: See Westcore Flexible Income, above. [3/06]
  
  
• Originally posted February 2006
  
  AIM Advantage Health Science: Michael Yellen leaves as lead manager, and Derek Taner takes over (Taner was an assistant manager on this fund). Sunaina Murthy, who had been shown in this fund's prospectus as a "Senior Analayst," is nowhere to be found. [2/06]
  
  AIM Global Health Care: See AIM Advantage Health Science, above. [2/06]
  
  AIM Multi-Sector: Michael Yellen leaves this five-person team, and Derek Taner replaces him. [2/06]
  
  Fidelity Europe: Frederic Gautier leaves as manager, and Trygve Toraasen is now in charge. Gautier lasted less than six months. [2/06]
  
  Fidelity International Real Estate: Steven Buller is out as manager, and Matthew Lentz takes over. This manager change was effective January 1, 2006, so Fidelity waited exactly zero days into the new year before resuming its famous Manager Shuffle. [2/06]
  
  Janus: Blaine Rollins is out as manager, and David Corkins takes over. FundAlarm comments: Investors in this fund might well wonder which Corkins is going to show up: The Corkins with six-plus outstanding years at Janus Growth & Income, or the Corkins who could never get Janus Mercury off the ground? If (in some alternate universe) we actually owned this fund, we'd be inclined to give Corkins a year or so to show what he can do. [2/06]
  
  Janus Mercury: David Corkins is reassigned as manager (he's taking over the flagship Janus fund). This fund will now be run by Janus' "research team," led by Research Director Jim Goff. FundAlarm comments: Think of this manager change as Janus' tip-of-the-hat to major league baseball. Just as baseball teams scour their minor leagues, and bring promising players up to the big leagues, Janus is going to try out several of its analysts on a big-time fund. Oh, wait, our analogy is flawed: The entire Janus team is a bunch of rookies. What major league club would be foolish enough to field a whole team of baseball rookies? [2/06]
  
  Janus Triton: Ron Sachs moves aside as manager. Sachs is replaced by Blaine Rollins, who's coming over from the flagship Janus fund. Rollins is now in charge of an asset base which would have been slightly more than a rounding error at his previous charge. On the bright side, Rollins is likely to have some extra time to update his resume. [2/06]
  
  Legg Mason Special Investment: Bill Miller steps down as co-manager, and Sam Peters will now run this fund solo. [2/06]
  
  Masters' Select Smaller Companies: David Anthony (of Ranger Investment Management) is fired as one of this fund's five subadvisors, and Anthony's 20% slice of the portfolio is reallocated to the remaining four managers. Anthony won't immediately be replaced, but Litman/Gregory (the fund's manager) says it's looking for a new small-cap growth specialist to replace him. FundAlarm comments: Litman/Gregory is being tight-lipped about the reasons for Anthony's departure, noting that "it is our policy not to get into the specific reasons why we replace a manager because we want to minimize any negative public feedback directed at the sub-advisor being removed." Gosh, it sounds like they're afraid Anthony will start crying. Also, we suspect, Litman/Gregory is concerned that the fired manager might hire a lawyer, and sue their butt for defamation. Such is the bed you make when you hire people who have lots of money and a reputation to protect. [2/06]
  
  MFS New Endeavor: David Sette-Ducati leaves as manager. This fund is now managed by "sector teams comprised of MFS equity analysts," with "general oversight being provided by Camille H. Lee," an MFS vice president and "associate portfoio manager." [2/06]
  
  SunAmerica Focused Mid-Cap Value: Perkins, Wolf, McDonnell and Company is out as one of this fund's three subadvisors (actually, Perkins, Wolf was a sub-subadvisor, since Janus was the subadvisor, but the work was contracted out to Perkins, Wolf). Kinetics Asset Management has been hired to replace Perkins, Wolf. [2/06]
  
  TA IDEX T. Rowe Price Health Sciences: T. Rowe Price is fired as subadvisor, and Evergreen Investment Management takes over. Liu-Er Chen, who runs Evergreen Health Care, has day-to-day responsiblity for this fund. The fund also is renamed TA IDEX Evergreen Health Care. [2/06]
  
  Van Kampen International Advantage: Sandra Yeager and Mark Laskin are no longer listed as fund managers. Eddie Ramos is now "primarily responsible" for day-to-day management. [2/06]
  
  
• Originally posted January 2006
  
  Columbia Acorn International Select: Todd Narter leaves as co-manager, and leaves the firm. Chris Olson now runs this fund solo. [1/06]
  
  Fidelity Advisor Europe Capital Appreciation: See Fidelity Europe Capital Appreciation, below. [1/06]
  
  Fidelity Advisor Global Equity: Richard Habermann is removed as manager. Habermann should ask for a raise, because it's going to take seven [!] people to replace him: Lead manager Michael Jenkins, assisted by William Bower, Penelope Dobkin, William Kennedy, Harry Lange, Brian Hogan, and Peter Saperstone. [1/06]
  
  Fidelity Advisor International Capital Appreciation: See Fidelity Aggressive International, below. [1/06]
  
  Fidelity Aggressive International: Manager Richard Mace takes a leave of absence, of unspecified duration. In the interim, the fund will be managed by team leader Michael Jenkins, assisted by William Bower, Penelope Dobkin and William Kennedy. [1/06]
  
  Fidelity Europe Capital Appreciation: Ian Hart is out as manager (he's headed for Fidelity Overseas). Taking over for Hart is Darren Maupin. [1/06]
  
  Fidelity Global Balanced: Richard Mace takes a leave of absence, of unspecified duration. In the interim, Derek Young will be in charge. Young's first order of business is to find a large conference room, because he's going to have five other Fidelity managers assisting him with this portfolio. [1/06]
  
  Fidelity Overseas: Richard Mace is out as manager, and Ian Hart takes over (this is a permanent appointment, not an interim fix, as in two other Fidelity funds above). [1/06]
  
  Fidelity Select Defense and Aerospace: Christoper Bartel gets rotated out of this managerial job (see his destination, immediately above). Andrew Hatem, a new addition to the pool of interchangeable Fidelity Select managers, takes over. Hatem gets the usual kit supplied to every Fidelity Select manager: A business card with erasable job description, a quick-pack set of desk accessories, a special 800-number in case he forgets which fund he's running, and a photo of a brass ring, which reminds him of the real brass ring (a job running a diversified Fidelity fund) if he's a good boy and plays along with the Fidelity Select charade. [1/06]
  
  Fidelity Select Energy Service: Nathan Strik is out as manager, and John Dowd is in. [1/06]
  
  Fidelity Worldwide: Richard Mace is out as lead manager. Brian Hogan had also been listed as manager, at least on the Fidelity Web site, and it looks like he's gone, too. Taking over for Mace is Jeffrey Feingold, who will handle the U.S. portion of this fund. William Kennedy will pick the non-U.S. investments. [1/06]
  
  Franklin Equity Income: Derek Taner and Sam Kerner, two-members of this fund's three person management team, are gone. Frank Felicelli is still on the team, joined by two new buddies (Alan Muschott and Edward Perks). It also looks like Muschott is taking over from Felicelli as lead manager. [1/06]
  
  Longleaf Partners: John Buford leaves as co-manager and leaves the firm, to begin his studies for the ministry. Mason Hawkins and Staley Cates remain as co-managers, probably to be joined by one or more newly-promoted analysts.[1/06]
  
  Longleaf Partners Small-Cap: See Longleaf Partners, above. [1/06]
  
  MFS Capital Opportunities: A three-person management team is out (Irfan Ali/Kenneth Enright/Alan Langsner), and a two-person team takes over (Jeffrey Constantino and Gregory Locroft). [1/06]
  
  MFS Growth Opportunities: Gregory Locraft is out as manager. He's replaced by the team of Irfan Ali and Maureen Pettirossi. [1/06]
  
  MFS Institutional Large Cap Growth: Gregory Locraft is removed from this four-person management team, and Maureen Pettirossi takes his place. Stephen Pesek, Irfan Ali and Margaret Adams continue on. [1/06]
  
  MFS Massachusetts Investors Growth Stock: Gregory Locroft is removed as portfolio manager. Locraft is replaced by Maureen Pettirossi, while Stephen Pesek and Irfan Ali continue on. [1/06]
  
  MFS Mid Cap Growth: Eric Fischman is removed as "portfolio manager." David Sette-Ducati remains as "lead portfolio manager," now assisted by David Earnest. [1/06]
  
  MFS Strategic Growth: Irfan Ali is gone as manager, and Eric Fischman is now in charge. [1/06]
  
  
• Originally posted December 2005:
  
  American Century Global Growth: Matthew Hudson leaves as manager, and leaves the firm (for Wellington Management Company). Keith Creveling and Helen O'Donnell take over as co-managers. FundAlarm comments: So far this year, American Century Global Growth has taken up a lot of space on this page. In April, we ran the following item:
  
  

  American Century Global Growth: Henrik Strabo leaves as lead manager of a three-person team, and leaves the firm. Remaining managers Matt Hudson and Trevor Gurwich will run the show by themselves, at least for a while.

  
  Then, in September, we ran another item:
  
  

  American Century Global Growth: Trevor Gurwich steps down as co-manager, and the other half of the team (Matthew Hudson) will now run this fund solo. This fund started out the year with a three-person team, so Hudson may be getting lonely about now...

  
  The departures of Strabo and Hudson are officially due to "personal reasons." Maybe so, maybe not, but this fund also has lost four analysts during the year (who, reportedly, already have been replaced). An American Century spokesperson says that the fund's investment process "doesn't waver depending on who is managing the fund,"* which strikes us as an odd comment. If this fund is truly on autopilot, why would Amercian Century have needed three managers prior to this year to run it? Did one manager read the computer printouts, while the other two napped? Did one of the managers place the orders, while the other two did bobblehead impressions? Whatever the reasons for all this turnover, American Century seems to have a handle on the problem, but that doesn't make it less of a problem. If we owned this fund, we probably wouldn't sell, but we'd watch it very carefully. It's essentially a new fund, and it deserves to be monitored as one. [12/05]
  * "American Century Team Is Getting a New Lineup," Arden Dale, The Wall Street Journal, November 21, 2005
  
  Dreyfus Founders Passport: Tracy Stouffer is out as manager, after about six years on the job. John Evers and Daniel LeVan take over. [12/05]
  
  Fidelity Advisor Biotechnology: See Fidelity Select Biotechnology, below. [12/05]
  
  Fidelity Advisor Growth & Income: See Fidelity Growth & Income II, below. [12/05]
  
  Fidelity Advisor Large Cap: Timothy Cohen steps down as manager, and Matthew Fruhan takes over. [12/05]
  
  Fidelity Advisor Small Cap: Harry Lange is out as manager, and James Harmon is in. Lange has bigger fish to fry (or a chance to get fried) at Fidelity Magellan (see below). [12/05]
  
  Fidelity Capital Appreciation: Harry Lange steps down as manager; he is headed for that mountain, or sinkhole, known as Fidelity Magellan (see below). Fergus Shiel, recently returned to Fidelity from hedge-fund land, is put to work here as Lange's replacement. [12/05]
  
  Fidelity Export and Multinational: Timothy Cohen leaves as manager (he's headed for Fidelity Growth & Income). Victor Thay replaces Cohen. [12/05]
  
  Fidelity Growth & Income: Steven Kaye is removed as manager, and Timothy Cohen (formerly of Fidelity Export and Multinational) takes over. Long-time manager Kaye, who turned this fund into Fidelity's Quiet Stinker, hasn't been reassigned to another fund. Kaye says he is "ready for something new," which may include resume writing. [12/05]
  
  Fidelity Growth & Income II: Victor Thay is out as manager, and James Catudal is in. Thay is moving over to Fidelity Export and Multinational. [12/05]
  
  Fidelity Magellan: A Big Change, which sees Robert Stansky step down as manager and retire from the firm, while Harry Lange moves in. FundAlarm comments: Lange comes to this fund from Fidelity Capital Appreciation, where he's done an excellent job. But the average asset base of Capital Appreciation during Lange's tenure was about $3 billion, and Magellan's average asset base during the same period was about $72 billion. In other words, Magellan is huge. Lange has been talking about including more small and mid-cap stocks in Magellan's portfolio, but there's a practical limit on how much of that stuff he can buy, as well as its potential impact on overall fund performance. Lange may be able to squeeze out a little extra return by moving a larger portion of Magellan's portfolio overseas (the fund currently has less than 2% foreign exposure, while Capital Appreciation has about 20% of its assets in foreign holdings). Ultimately, however, Lange will succeed or fail with Magellan based on his sector bets: If he overweights (say) the technology sector, and technology stocks come through, he'll do well. If Lange's sector bets don't pan out, he'll probably do worse than Stansky, who tended not to make many sector bets. In the long run, we believe that winning and losing sector bets cancel each other out for even the best sector-betting manager. Which means, essentially, that there's still no reason to own this fund. [12/05]
  
  Fidelity Mid-Cap Stock: Since early this year, Steven Calhoun has separately managed a portion of this fund's portfolio, while Shep Perkins handled the rest of the portfolio. Now Calhoun is gone, so that he can pay more attention to additional funds that were piled on him in June (i.e., Fidelity Aggressive Growth and Advisor Aggressive Growth). FundAlarm comments: When Calhoun took over a portion of this fund earlier this year, several observers (including FundAlarm) thought that might signal the start of a trend, and that Fidelity might gradually be moving toward the multi-manager, "counselor" system that American funds has employed so successfully. We were wrong, but we were wrong for a very good reason. The human mind desperately tries to make order out of chaos. Confronted with the seemingly random, chaotic nature of manager assignments (and re-assignments) at Fidelity, our brains struggled to perceive some kind or pattern, to impose some kind of logic, to impute some form of overarching intelligence to the Perkins/Calhoun pairing. Turns out, there was none. [12/05]
  
  Fidelity Select Biotechnology: Harlan Carrere heads out the revolving door, and Rajiv Kaul comes on in. [12/05]
  
  Fidelity Select Leisure: Aaron Cooper makes it just past the one year mark as manager; in the world of the Select funds, this is referred to as "an eternity." Gopal Reddy takes over. [12/05]
  
  Fidelity Select Natural Gas: Matt Friedman is out as manager, and James McElligott is in. [12/05]
  
  Fidelity Small Cap Growth: James Harmon leaves as lead manager of this three-person team. Harmon's remaining teammates (Lionel Harris and Chuck Myers) have been onboard since April, and they will now share the managerial chores. [12/05]
  
  Fidelity Small Cap Independence: James Harmon leaves as manager, and Rich Thompson takes over. [12/05]
  
  Fidelity Small Cap Retirement: Harmon clears the deck as manager, making room for Lionel Harris. [12/05]
  
  RiverSource New Dimensions: Long-time manager Gordon Fines retires, apparently several months ahead of schedule. Fines' recently-added co-manager, Michael Nance (formerly of Putnam and Kobrick) is apparently out of a job, and associate portfolio manager Trisha Schuster is also gone, so it's a whole new team in charge of this fund. The new guys are Robert Ewing and Nick Thakore, who were brought over with much fanfare from Fidelity in 2002. This is all a lot of fuss for a fund that's going to be merged into another fund (Riversource Large Cap Equity) in just a few months. [12/05; thanks to FundAlarm reader "NM" for altering us to these changes]
  
  RS Diversified Growth: Effective April 2005, John Wallace left as co-manager. John Seabern has been running this fund solo ever since. [12/05]
  
  SunAmerica Growth Opportunities: Brian Clifford is out as lead manager, and Tim Pettee is in, at least temporarily. [12/05]
  
  SunAmerica New Century: See SunAmerica Growth Opportunities, above. [12/05]
  
  Vanguard GNMA: Paul Kaplan will retire as manager at the end of June 2006, and Thomas Pappas will take over (in the interim, Pappas has joined the fund as co-manager). Both Kaplan and Pappas are affiliated with Wellington Management Company, the day-to-day manager (subadvisor) of this fund. [12/05]
  
  Vanguard Wellington: Paul Kaplan, who runs the fixed income portion of this fund for subadvisor Wellington Management Company, will retire at the end of June 2006. John Keogh, also of Wellington, joins the fund as co-manager, and Keogh will take over upon Kaplan's departure. [12/05]
  
  Wasatch International Growth: Michael Gerding leaves as manager, and leaves the firm. Laura Hoffman is promoted from "Senior Analyst" to run this fund, along with Roger Edgley. Edgley has prior fund management experience (he co-managed Acorn Foreign Forty), while Hoffman appears to have none. [12/05]
  
  Wasatch International Opportunities: Michael Gerding leaves as manager, and leaves the firm. It's a good month for analysts at Wasatch: Former analyst Blake Walker is now in charge, along with Roger Edgley. [12/05]
  
  
• Originally posted November 2005:
  
  AIM funds (several):
  
  

  AIM fund	Old manager (departures in red)	New manager
  Advantage Health Science	Michael Yellin (lead), Kirk Anderson, Sunaina Murthy, Derek Taner, Bryan Unterhalter	Michael Yellin (lead), Sunaina Murthy, Derek Taner
  Constellation	Kenneth Zschappel (lead), Christian Costanzo, Robert Lloyd, Bryan Unterhalter	Lanny Sachnowitz (lead), Kirk Anderson, James Birdsall, Robert Lloyd
  Global Health Care	Michael Yellin (lead), Kirk Anderson, Sunaina Murthy, Derek Taner, Bryan Unterhalter	Michael Yellin (lead), Sunaina Murthy, Derek Taner
  Small Company Growth	Jay Rushin	Juliet Ellis (lead), Juan Hartsfield
  Summit	Robert Lloyd (lead-growth), Bret Stanley (lead-value), Kenneth Zschappel	Robert Lloyd (lead-growth), Bret Stanley (lead-value)
  [11/05]

  
  Alger Capital Appreciation: Teresa McRoberts steps down as co-manager, and leaves the firm. Patrick Kelly will now run this fund solo. [11/05]
  
  Alger Health Sciences: Teresa McRoberts steps down as manager, and leaves the firm, after posting some excellent numbers in her three-and-a-half years at the helm of this fund. Roseanne Ott and Joanne Sayers take over. [11/05]
  
  Alger Socially Responsible: See Alger Capital Appreciation, above. [11/05]
  
  Clipper: Three of the six day-to-day managers of this fund -- James Gipson, Michael Sandler and Bruce Veaco -- will step down at the end of the year. All three were employees of Pacific Financial Research (PFR), which held the management contract to run this fund. PFR, in turn, is an affiliate of Old Mutual Asset Management. Gipson (and presumably his two buddies) reportedly came to the end of their employment contract with PFR/Old Mutual, and couldn't agree on a new one. Effective January 1, 2006, another Old Mutual affiliate (Barrow, Hanley, Mewhinney & Strauss) will "assume leadership" of PFR. Old Mutual would obviously like the newly-reconstituted PFR to continue as manager of Clipper, in order to ensure that the fund's management fees continue to drain into the same corporate coffers. As this issue of FundAlarm is being posted, the directors of the Clipper fund have hired an outside consulting firm (Wilshire Associates), and a search is underway for a possible new management firm. Some observers seem to think this manager search is more than a sham, and that Clipper might end up with a management firm outside of Old Mutual. We don't. After this exhaustive, expensive, world-wide search for new management is over, we predict that -- oh! surprise! -- the new manager of this fund will be PFR, or some other Old Mutual affiiliate. In any event, if you own this fund, it's probably a good idea to hold on, at least until the new manager is named. We'll have more to say at that time. [11/05]
  
  CMG Small Cap Growth: Paul Berlinguet, Thomas Lettenberger, and Steven Lilly had been listed as co-managers of this fund. Lettenberger and Lilly are gone (from the fund and the firm). A prospectus supplement dated September 2, 2005 lists Kenneth Korngiebel as sole manager, with no mention of Berlinguet. A Columbia press release, dated September 6, suggests that Berlinguet is still in charge. If this is really important to you, we suggest that you contact Columbia and let them untangle it. [11/05]
  
  CMG Strategic Equity: Robert Unger is retiring from Columbia, effective November 12, 2005. Emil Gjester will take over. [11/05]
  
  Columbia Greater China: Eric Sandlund is gone from this fund's management team, and gone from Columbia. Fred Copper is added to the management team as lead manager, with the three former co-managers (Deborah Snee, Penny Burgess and Jasmine Huang) continuing in that capacity. [11/05]
  
  Columbia Growth Stock: Paul Blaustein leaves as manager, and leaves Columbia. Paul Berlinguet and John Wilson take over. [11/05]
  
  Columbia Small Company Equity: Steven Lilly and Thomas Lettenberger leave this fund's three-person management team, and leave the firm. So, who was this fund's third manager? According to the fund's prospectus, dated February 1, 2005, that third wheel was Paul Berlinguet. But according to a "fact sheet" on the Columbia Web site, dated June 30, 2005, the third manager was Christian Pineno, and there's no mention of Berlinguet (the fact sheet also mentions a fourth manager, Daniel Cole, who isn't shown in the prospectus at all). In any event, Pineno is definitely lead manager now, and Cole is co-manager. Berlinguet might want to check with Columbia's HR department, because they seem to have forgotten about him. [11/05]
  
  Columbia Strategic Investor: Robert Unger is retiring from Columbia, effective November 12, 2005. Upon his departure, current co-manager Emil Gjester will run this fund solo. [11/05]
  
  Columbia Thermostat: Ralph Wanger retires as co-manager, and Charles McQuaid is now listed on Columbia's Web site as solo skipper. Hint to Columbia's compliance people: It might be nice to update the online prospectus, too. [11/05]
  
  Columbia Young Investor: See Columbia Strategic Investor, above. [11/05]
  
  Fifth Third Small Cap Growth: Daniel Skubiz leaves as co-manager, and he's replaced by Jill Thompson. Scott Billeadaeu remains as lead manager. [11/05]
  
  Fifth Third Strategic Income: Lead manager John Schmitz is replaced by J. Jeffrey Krumpelman. Co-manager Peter Kwiatkowski remains. [11/05]
  
  First American Mid Cap Growth Opportunities: David Lettenberger is out as manager. He's replaced by lead manager Thomas Gunderson, assisted by co-manager Hal Goldstein. [Change effective September 8, 2005; posted 11/05]
  
  First American Small Cap Value: Mark Leslie leaves as manager, and the team of Chad Kilmer and Karen Bowie takes over (lead manager and co-manager, respectively). [Change effective July 25, 2005; posted 11/05]
  
  PIMCO Diversified Income: Manager Mohamed El-Erian leaves to run the Harvard University endowment fund, a pretty nice step up in the world. Curtis Mewbourne takes over, and hopes he will be as lucky some day. [11/05]
  
  PIMCO Emerging Markets Bond: Manager Mohammed El-Erian leaves to run the Harvard University endowment fund, and Michael Gomez replaces him. [11/05]
  
  PIMCO Floating Income: See PIMCO Diversified Income, above. [11/05]
  
  Putnam International New Opportunities: Peter Hadden leaves as a "portfolio member" (i.e., co-manager). Stephen Dexter remains in charge, now with only one co-manager (Denise Selden). [11/05]
  
  Sequoia: William Ruane, one of three managers on this fund, passed away on October 4. It sounds like he was a good guy, and he certainly was a good investor. The other two members of the team, Richard Cunniff and Robert Goldfarb, will carry on. [11/05]
  
  
• Originally posted October 2005:
  
  CMG High Yield: Jeffrey Rippey and Kurt Havnaer leave as managers, and Rippey leaves the firm. Stephen Peacher takes over as lead manager, assisted by co-managers Kevin Cronk and Thomas LaPointe. [10/05]
  
  Columbia Asset Allocation: Jeffrey Rippey leaves as one member of a very large team (Rippey was in charge of non-investment grade bonds). As far as we can tell, Rippey's replacement hasn't been named, but we assume that it will be one, or all, of the Peacher/Cronk/LaPointe team (see CMG High Yield, above, and Columbia High Yield, below). [10/05]
  
  Columbia Balanced: Jeffrey Rippey leaves as co-manager of this fund's fixed income portfolio, and leaves the firm. Leonard Aplet continues on the fixed income side of this fund, joined by Stephen Peacher and Ronald Stahl. [10/05]
  
  Columbia High Yield: See CMG High Yield, above (CMG is the institutional arm of Columbia). [10/05]
  
  Fidelity Advisor Dynamic Capital Appreciation: John Porter leaves as manager, and Fergus Shiel takes over. Porter is headed for Fidelity Advisor Growth Opportunities (see below). Shiel left Fidelity about 2½ years ago, to start his own investment firm. As far as we know, Shiel is the first manager who's returned to Fidelity after departing for a hedge fund, and Fidelity execs are reportedly bursting with pride: "Hey, 1 out of 20 is pretty darn good!" [10/05]
  
  Fidelity Advisor Growth Opportunities: Bettina Doulton is out as manager, and John Porter is in. [10/05]
  
  Fidelity Advisor International Capital Appreciation: Kevin McCarey leaves as manager, and leaves the firm. Richard Mace takes over. [10/05]
  
  Fidelity Advisor Overseas: Richard Mace steps down as manager, to clear some room on his plate for his new charges (Fidelity Aggressive International and Fidelity Advisor International Capital Appreciation). Graeme Rockett has been launched as the new manager (bet nobody ever made that joke before!). [10/05]
  
  Fidelity Aggressive International: See Fidelity Advisor International Capital Appreciation, above. [10/05]
  
  Fidelity Utilities: Andrew Burzumato leaves as manager, and Douglas Simmons replaces him. [10/05]
  
  Generation Wave Growth: See the Vice Fund, below. [10/05]
  
  Harbor Mid Cap Growth: Wall Street Associates is fired as subadvisor. Old reliable Wellington Management Company is hired to replace Wall Street, bringing Wellington one step closer to running every sub-advised fund in the U.S. Michael Carmen is the Wellington employee who will have day-to-day responsibility for this fund. [10/05]
  
  Neuberger Berman Focus: Kent Simons is out as long-time manager, and co-manager Robert Corman will run this fund solo. Simons is retiring from the firm, but Morningstar reports that Simons plans to provide "some assistance to remaining comanager Robert Corman." Hi, Bob, how's it goin? Well, gotta go. In the meantime, Neuberger warns that Corman plans to "adjust" the fund's portfolio, which may result in "material" capital gain distributions for 2005. If you own this fund, and decide to hold on, you might want to keep on top of the projected capital gains. This could be a good opportunity to take some offsetting capital losses, if you have them, or a good chance to soak up any of your capital loss carryforwards. [10/05]
  
  Oakmark Global: Co-manager Michael Welsh "retires" from Oakmark. Welsh is replaced by Robert Taylor, who joins Welsh's continuing co-manager, Clyde McGregor. [10/05]
  
  Oakmark International: Co-manager Michael Welsh "retires" from Oakmark. Welsh's colleague, David Herro, will now run this fund solo. [10/05; thanks to "Hulk," on the FundAlarm Discussion Board, for spotting and posting these Oakmark changes so quickly]
  
  T. Rowe Price Capital Appreciation: Long-time manager Stephen Boesel is retiring "on or about" June 30, 2006. He will be replaced by analysts Jeffrey Arricale and David Giroux. FundAlarm comments: In his four-plus years in charge of this fund, Boesel has posted outstanding numbers (and we were dead wrong, back in September 2001, when we opined that Boesel wasn't up to this job). Replacements Arricale and Giroux have no published track record at this, or any other, fund. It's unlikely that anyone would buy this fund with two rookie managers at the helm, which is often a good way to decide whether you should sell a fund that you already own. If we still need to connect the dots, here goes: We consider this fund a strong candidate for sale, or at least close monitoring. We could be wrong again, but we feel like we're on more solid ground. [10/05]
  
  Vice Fund: Manager Dan Ahrens abruptly resigns as manager, and leaves the firm that manages this fund. Ahrens is replaced by Michael Henry, who won't be encumbered by previous bad habits, since the 25-year old Henry has absolutely no experience managing a mutual fund, or executing a strategy anywhere close to the strategy this fund is supposed to follow. FundAlarm comments: This has always been a silly gimmick fund, but at least Ahrens seemed to have some real passion about the fund's silly mission. Henry doesn't come out of left field to manage this fund, he comes off the street behind the left-field bleachers to manage this fund. There's also been some hint that Ahrens steppped down because he didn't want to be involved with some kind of impropriety at the fund management company. This could get good. But if you own this fund, you absolutely, positively want to observe the fun from the sidelines, so you might want to get your money out, fast. [10/05]
  
  
• Originally posted September 2005:
  
  American Century Emerging Markets: Raymond Kong leaves as co-manager, and reportedly leaves the firm. Michael Donnelly, the other half of Kong's team, will handle this fund solo. [9/05]
  
  American Century Global Growth: Trevor Gurwich steps down as co-manager, and the other half of the team (Matthew Hudson) will now run this fund solo. This fund started out the year with a three-person team, so Hudson may be getting lonely about now. Gurwich has rejoined American Century International Opportunities, where he co-manages with Federico Laffan. [9/05]
  
  Columbia Asset Allocation: See Columbia Liberty, below . [9/05]
  
  Columbia Disciplined Value: Michael Welhoelter is out as manager, and Vikram Kuriyan takes over. [9/05]
  
  Columbia Liberty: Harvey Hirschhorn steps down as manager. Vikram Kuriyan and Karen Wurdack take over, and their official role is to allocate "fund assets among the various assets classes." Actual stock selection is handled by four teams, with more managers involved than you could fit into a small conference room. Still, this is a more intimate group than Columbia Asset Allocation, where nine [!] teams make the stock selections. [9/05]
  
  Dreyfus Midcap Value: Long-time manager Peter Higgins resigns, and leaves the firm. David Daglio, Higgins' former "co-primary portfolio manager," will now run this fund solo. [9/05]
  
  Dreyfus Small Company Value: Peter Higgins resigns as manager, and leaves the firm. David Daglio takes over. [9/05]
  
  Fidelity Advisor Korea: Manager Michael Gordon doesn't even hang around to see his second Christmas. Wilson Wong is now in charge. [9/05]
  
  Fidelity Advisor Strategic Dividend & Income: See Fidelity Strategic Dividend & Income, below. [9/05]
  
  Fidelity Advisor Strategic Income: See Fidelity Strategic Dividend & Income, below. [9/05]
  
  Fidelity Europe: Manager David Baverez leaves as manager, and leaves the firm. Frederic Gautier takes over. [9/05]
  
  Fidelity Four-in-One Index: See Fidelity Strategic Dividend & Income, below. [9/05]
  
  Fidelity Select Computers: Naved Khan is replaced, after about eight months on the job, and James Morrow takes over. Fidelity has said that it's going to turn some of the Select managerial positions into permanent assignments. Obviously not this one, at least not yet. [9/05]
  
  Fidelity Select Natural Gas: Jonathan Zang is replaced, after about eight months on the job, and Matthew Friedman takes over. [9/05]
  
  Fidelity Strategic Dividend & Income: William Eigen steps down as manager and leaves the firm, probably to go a-hedging. Derek Young and Christopher Sharpe take over. [9/05]
  
  Fidelity Strategic Income: See Fidelity Strategic Dividend & Income, above. [9/05]
  
  JPMorgan Large Cap Growth: Marc Baylin leaves as manager (he's headed for Oppenheimer Capital Appreciation, where he will be co-manager). Baylin's former co-manager, Giri Devulappally, will now run this fund solo. [9/05]
  
  MassMutual Premier Capital Appreciation: Manager Jane Putnam, an employee of this fund's subadvisor (OppenheimerFunds, Inc.), will begin an extended leave of absence from Oppenheimer "by the end of the year." MassMutual hasn't yet announced Putnam's impending departure, let alone her replacement, but we assume it will be the same team that's replacing her at Oppenheimer Capital Appreciation (Bill Wilby and Marc Baylin; see below). [9/05]
  
  MassMutual Premier Global: Manager Bill Wilby, an employee of this fund's subadvisor (OppenheimerFunds, Inc.), will probably move over to Mass Mutual Premier Capital Appreciation sometime before year-end, to take over for Jane Putnam (see above). At that time, we expect that Wilby's current co-manager (Rajeev Bhaman) will become sole lead manager of this fund. [9/05]
  
  Neuberger Berman Regency: The management team of Andrew Wellington and David DiDomenico is out, and S. Basu Mullick takes over. Mullick previously co-managed this fund from its inception in 1999, for about 15 months. [9/05; thanks to Thurman Smith, of Equity Fund Research, Malden, MA, for bringing the item to our attention]
  
  Oppenheimer Capital Appreciation: Manager Jane Putnam "will begin a leave of absence from her position by the end of the year to spend more time with her family." Bill Wilby, long-time manager of Oppenheimer Global, will be named co-manager of Capital Appreciation when Putnam leaves. Wilby will be joined as co-manager by Marc Baylin, who is coming over in early September from JPMorgan Large Cap Growth. [9/05]
  
  Oppenheimer Global: Sometime before the end of the year, manager Bill Wilby will move over to Oppenheimer Capital Appreciation, to replace Jane Putnam. At that time, the current co-manager of Oppenheimer Global (Rajeev Bhaman) will become sole lead manager. [9/05]
  
  Robeco Boston Partners All-Cap Value: Steven Pollack leaves as this fund's "secondary manager," and Duilio Ramallo takes over as co-manager (we're not sure if "co-manager" is the same as "secondary manager" in Boston-Partners speak, or if they're just being sloppy with their language). Harry Rosenbluth remains as co-manager, but he's announced his retirement at the end of 2006. [9/05]
  
  Robeco Boston Partners Large Cap Value: Co-manager Wayne Sharp will retire at the end of this year. David Pyle has been slipped onto the management team during Sharp's last lap, and Pyle will take over for Wayne Sharp when she (yes, she) calls it quits. [9/05]
  
  USAA First Start Growth: Outside manager (subadvisor) Tom Marsico decides that he no longer wants to run this fund, which is aimed at children and their parents. Marsico was reportedly tired of all the germs, the screaming, and the chocolate stains. Just kidding: According to a USAA spokesperson, Marsico gave up the fund because his firm couldn't provide the level of support services need to run it, including giving investors information why certain stocks were included in the fund's portfolio. Marsico is replaced by Mark Baribeau, Pamela Czekanski, and Richard Skaggs, who are members of the large-cap growth team at Loomis Sayles. [9/05]
  
  WM Equity Income: Richard Helm steps down from the, er, helm, and leaves the firm. Randy Yoakum takes over as interim manager, as a "national search" is conducted for Helm's replacement. [Change effective August 1, 2005; posted 9/05]
  
  WM Growth: This fund is currently run by three outside managers (subadvisors), and one of those subadvisors is heading for the hills. Manager Jane Putnam, an employee of subadvisor OppenheimerFunds, Inc., will start an extended leave of absence from Oppenheimer "by the end of the year." WM Growth hasn't yet announced Putnam's impending departure, or her replacement, but we assume it will be the same team that's replacing her at Oppenheimer Capital Appreciation (Bill Wilby and Marc Baylin; see above). [9/05]
  
  WM REIT: Richard Helm leaves as manager, and leaves the firm. David Simpson takes over for Helm. Simpson will continue to run WM Small Cap Value, where he has posted some excellent numbers since the fund's inception in March 2004. [Change effective August 1, 2005; posted 9/05]
  
  
• Originally posted August 2005:
  
  AIM Blue Chip: Monika Degan retires as manager, after about eight years, and we wish we could say that it's been a job well-done. It hasn't. Degan's partner in mediocrity, two-year co-manager Kirk Anderson, will now run this fund solo. [8/05]
  
  Buffalo Micro Cap: John Angrist leaves as member of this four-person management team, and leaves the firm to go a-hedging. Angrist is not being replaced, at least not immediately, so his three former colleagues remain in charge (Kent Gasaway, Bob Male and Grant Sarris). [8/05]
  
  Driehaus International Discovery: Lead manager Emery Brewer and assistant Ivo St. Kovachev are gone. Lynette Schroeder is now in charge. Schroder previously managed this fund from December 1998 to July 2000. Most recently, she was co-manager of American Century International Opportunities, which she left in March of this year. [8/05]
  
  Eaton Vance Small Cap Growth: Toni Shimura leaves as manager, and leaves the firm. No replacement has been named. [8/05; thanks to FundAlarm reader "Miles Avisles" for bringing this and the other Eaton Vance items to our attention]
  
  Eaton Vance Special Equities: See Eaton Vance Small Cap Growth. [8/05]
  
  Eaton Vance Tax Managed Small Cap Growth: See Eaton Vance Small Cap Growth. [8/05]
  
  Guardian Park Avenue: Thomas Sorrell and Matthew Ziehl step down as interim managers, to make room for new manager Manind Govil. [8/05]
  
  Managers Special Equity: Essex Investment Management, which was hired in December 2003 to replace scandal-disgraced PBHG, is fired as one of this fund's five subadvisors (i.e., outside managers). Veredus Asset Management takes over for Essex. [item posted 8/05, change effective 1/05; thanks to FundAlarm reader Frank Buhrman for bringing this item to our attention]
  
  Putnam New Opportunities: Paul Marrkand leaves as co-manager, and leaves the firm (for Wellington Management Co.). Kevin Divney is the new lead manager, assisted now by Brian DeChristopher and Richard Weed. [8/05]
  
  Putnam Vista: Paul Marrkand leaves as co-manager, and leaves the firm. Kevin Divney takes over the lead role, assisted by Brian DeChristopher. [8/05]
  
  RiverSource New Dimensions: Manager Gordon Fines will retire in January 2006 (this according to Morningstar). Michael Nance has been added as co-manager, and he will take over upon Fines' retirement. Trisha Schuster has been added as associate portfolio manager. [8/05]
  
  Vanguard International Growth: Lead manager Richard Foulkes (of subadvisor Schroder Investment Management North America) will retire on October 31, 2005. Virginie Maisonneuve and Matthew Dobbs, also of Schroder, will take over. [8/05]
  
  
• Originally posted July 2005:
  
  Fidelity Advisor Aggressive Growth: See Fidelity Aggressive Growth, below. [7/05]
  
  Fidelity Advisor Balanced: Louis Salemy leaves as manager, and leaves the firm. Lawrence Rakers takes over. Rakers will continue at Fidelity Balanced, where he has proven himself a considerably more capable manager than Salemy over essentially the same period. [7/05]
  
  Fidelity Advisor Value Strategies: See Fidelity Value Strategies, below. [7/05]
  
  Fidelity Aggressive Growth: Rajiv Kaul is removed as manager, and Steven Calhoun replaces him. Kaul has been reassigned as a biotech analyst and, we suspect, he also has begun to polish his resume. [7/05]
  
  Fidelity China Region: It's a changing of the Lees: Ignatius Lee is taking a three-month leave of absence, and K.C. Lee will run the fund in his absence. [7/05]
  
  Fidelity Convertible Securities: Victor Thay steps down as manager (he's moving over to Fidelity Growth & Income II). Thomas Soviero takes over for Thay, and Soviero continues at Fidelity Leveraged Company Stock and Fidelity Advisor High Income Advantage. [7/05]
  
  Fidelity Growth & Income II: Louis Salemy leaves as manager, and leaves the firm. Victor Thay replaces him. [7/05]
  
  Fidelity Value Strategies: Harris Leviton steps down as manager (he continues to run Fidelity Value and Fidelity Advisor Value). Richard Fentin takes over for Leviton. [7/05]
  
  Jennison Utility: David Kiefer steps down as a member of this fund's management team, apparently in an attempt to reduce his workload. Lead manager Shaun Hong and team member Ubong Edemeka carry on. [7/05]
  
  Merrill Lynch EuroFund: Hubert Aaarts leaves as day-to-day manager. James Macmillan, who had been listed as a member of the fund's management team, is now in charge. [7/05]
  
  
• Originally posted June 2005:
  
  Columbia Young Investor: The management team of Paul Blaustein, Gregory Miller, and Michael Welhoelter is replaced by the team of Robert Unger and Emil Gjester. [6/05]
  
  Delaware Select Growth: Last month, we ran the following item on the Highlights and Commentary page:
  
  

  Delaware Investments, manager of the Delaware mutual funds, recently lifted out (i.e., stole away) four large-cap growth managers from Transamerica (Jeffrey Van Harte, Christopher Bonavico, Daniel Prislin and Kenneth Broad).....Delaware