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THE MUTUAL-FUND industry contends that the fast-spreading allegations of improper trading at fund companies should not worry the approximately 400,000 corporate sponsors of 401(k) plans. But worry they do.

[paragraph] That, at least, is the conclusion of a new survey by CFO magazine, in which a full 86 percent of respondents express concern about mutual-fund mismanagement. More than half, in fact, say they are quite or extremely concerned, especially about conflicts of interest among fund traders and high management fees.

Overall, the worrying doesn’t seem to have translated into drastic action, at least not yet. Rather, as the investigations of fund abuses proceed, many sponsors are waiting to see how funds in their 401(k) portfolios may be affected before they do anything. The CFO survey indicates, for example, that less than one-third of finance executives would support dropping an affected fund immediately from the 401(k) portfolio, while 57 percent would institute a review first.

“Companies are asking how high up the problems went, how serious they were, and what actions have been taken to remedy the situations,” says Patrick Reinkemeyer, president of Morningstar Inc.’s consulting group. Before they make a decision to drop a mutual fund, plan sponsors want to know “to what degree the fund’s ability to manage money has been compromised.” From the sponsor’s perspective, deciding on a particular fund’s future in the plan “is not easy,” says Reinkemeyer. “The standards can’t be the same for Calpers [the California Public Employees’ Retirement System] as they are for a neighborhood car wash.”