premise: "You get a news item, it hits, you have strong redemptions that day and for two days following -- then go back to normal," says Mr. Litvack. The fund, with a cash cushion of more than 10%, has " met all the redemptions without having to sell one thing," Mr. Litvack says. He adds: "Our fund has had {positive} net sales every month for the last three years -- until this month."
  Vanguard's $1 billion High Yield Bond Portfolio has seen $161 million flow out since early September; $14 million of that seeped out Friday Oct. 13 alone. Still, two-thirds of the outflow has been steered into other Vanguard portfolios, says Brian Mattes, a vice president. The fund now holds a cash position of about 15%.
  At the $932 million T. Rowe Price High Yield Fund, investors yanked out about $182 million in the past two months. Those withdrawals, most of which were transferred to other T. Rowe Price funds, followed little change in the fund's sales picture this year through August. "The last two months have been the whole ball game," says Steven Norwitz, a vice president.
   What caused two-thirds of the fund to flow out?
hypothesis: investors yanked out about $182 million in the past two months