As they prepare to meet next week, fund executives - and investors - might want to look at the big red book's impact so far.

Congress has too much on its plate to worry about an industry that is not in apparent crisis, fund executives said yesterday.

One fund executive said the matter was simpler than that: the industry does not want to give up attractive profits.

Until the late 1980's, service was the last thing on most fund executives' minds.

Over all, fund executives said, July saw cash flow into stock funds, but not at the rate of previous months.

But most mutual fund executives are tempted to give investors what they want, not just what's best for them.

As a result, fund executives will probably start viewing each other with a more jaundiced eye.

You might say investors get what their fund executives are paid for.

Mutual fund executives said funds in those areas were attracting increased attention.

But hedge fund executives say that they welcome the suggestions.