Seeing a mixed performance year come on the heels of another difficult year in 2004, a record number of funds felt the pressure or succumbed to the fate of poor performance.

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With very strong overall performance early in the quarter, we are seeing flows into the industry pick up once again, in contrast to the recent trend of assets remaining on the sidelines.

147

It is an unforgiving environment.

124

The data show that this remains an enormously active marketplace, with new funds entering and exiting at a higher rate than ever before. But it is also an unforgiving environment, as the current record level of attrition shows.

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