We investigate the non-equilibrium properties of an N-component scalar field theory. The time evolution of the correlation functions for an arbitrary ensemble of initial conditions is described by an exact functional differential equation. In leading order in the 1/N expansion the system can be understood in terms of infinitely many conserved quantities. They forbid the approach to the canonical thermal distribution. Beyond leading order only energy conservation is apparent generically. Nevertheless, we find a large manifold of stationary distributions both for classical and quantum fields. They are the fixed points of the evolution equation. For small deviations of the correlation functions from a large range of fixed points we observe stable oscillations. These results raise the question of if and in what sense the particular fixed point corresponding to thermal equilibrium dominates the large time behavior of the system.