Funds with a short-term strategy are moving around. But the lack of visibility in the outlook for Japan's structural reforms and uncertainty over the U.S. economy, U.S. stocks and the attitude of investors there mean longer-term funds sit tight.

Most high-tech companies have forecast a recovery in the second half, but that won't happen if the U.S. economy continues to falter.

Looking ahead, the CEOs are cautiously optimistic but not as optimistic about the short-term outlook as they were at the end of 2004.

The fee, in effect, reimburses the funds for the costs short-term traders create.

You have to have a long-term outlook on both. But we're optimistic that we can get both of them done in the short-term.

The real short-term outlook for us is pretty positive given that we don't see a Fed rate hike in August and that due to political noise, if you will, we are not going to see a rate hike in October. But on the earnings front it is a different issue. Looking into 2000, our longer-term forecast, we've had two great years of earnings growth. We think it is going to be pretty difficult to show up with another year of 30-to-40 percent earnings growth. So, consequently, our message has been a lot more selective about the securities that we want investors to focus on.