premise: Mutual fund groups haven't lost control of much of the outgoing money, says Louis Harvey, Dalbar's president. Mutual fund officials say that investors have transferred most of it into their money market accounts, and to a lesser extent, government-bond funds. So the impact on the $950 billion mutual fund industry as a whole probably will be slight.
  But tremors are likely in the junk-bond market, which has helped to finance the takeover boom of recent years. Mutual funds are the among the largest holders of junk, accounting for more than a quarter of the entire high-yield, high-risk market. The 88 mutual funds investing solely in junk bonds hold assets of about $32 billion. Other funds hold a smattering of junk bonds, too.
  The $1.5 billion Fidelity High Income Fund has had a net outflow of about $150 million in the past two months. About $60 million streamed out last week alone, double the level of the week following last month's Campeau Corp. credit squeeze. About 98% of the outflow was transferred to other Fidelity funds, says Neal Litvack, a Fidelity vice president, marketing, with most going into money market funds.
   What are a part of the net outflow of about $150 million?
hypothesis: $60 million streamed out last week alone