• The equity markets were mixed during the quarter, yet transfers into stock funds continued during the month according to the Hewitt 401(k) Index™. Total assets moved were lighter, with nearly $270 million moving out of fixed income investments into equities during June. For the quarter, close to $800 million transferred to equities.
• Stable value funds again experienced the most significant outflows, of $250 million for the month, and $790 million during the quarter.
• Inflows for June were broad over multiple equity and pre-mixed funds. International fund and pre-mixed portfolios had the largest inflows in excess of $60 million. During the quarter, pre-mixed funds experienced the largest inflows ($208 million), followed by large-cap funds ($205 million), and international options ($180 million).
• The percent of equity-oriented days remained higher during June, with 64% of days experiencing equity-oriented transfers (versus 52% in April).
• On average, 0.04% of balances were transferred on a net daily basis during the month, which is slightly below the trailing 12-month average of 0.05%. Only two days during June had above-normal* levels of transfer activity.
• Participants' overall equity allocation ended the quarter at 53.6%, up significantly from 49% at the end of March.
• Employee-only contributions also grew during the quarter, with 56.8% of new contributions in June versus 55.7% at the end of March.

*A "normal" level of relative transfer activity is when the net daily movement of participants' balances as a percent of total 401(k) balances within the Hewitt 401(k) Index equals between 0.3 times and 1.5 times the average daily net activity of the preceding 12 months. A "high" relative transfer activity day is when the net daily movement exceeds two times the average daily net activity. A "moderate" relative transfer activity day is when the net daily movement is between 1.5 and two times the average daily net activity of the preceding 12 months.

The following tables show Hewitt 401(k) Index statistics and the returns of major market indices for the month of June 2009:

Dow Jones IA	-0.41%
Russell 2000	1.47%
Barclays Capital Aggregate Bond Index	0.57%
S&P 500	0.20%
MSCI EAFE	-0.57%
NASDAQ	3.47%

Number of Fixed Income Days	8
Number of Equity Days	14
Percent of Equity Days	64%