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Paychex, Inc. Reports First Quarter Results

Average investment balances and interest rates are summarized below:

    For the three months ended    
August 31,
$ in millions     2012     2011     Change
Average investment balances:    
Funds held for clients $ 3,302.0 $ 3,258.4 1 %
Corporate investments $ 766.3 $ 646.9 18 %
Average interest rates earned (exclusive of net realized gains):
Funds held for clients 1.2 % 1.4 %
Corporate investments 1.0 % 0.9 %
Total net realized gains     $ 0.2       $ 0.1        

Our investment strategy focuses on protecting principal and optimizing liquidity. Yields on high quality instruments remain low, negatively impacting our income earned on funds held for clients and corporate investments. A substantial portion of our portfolios is invested in high credit quality securities with AAA and AA ratings, and with A-1/P-1 ratings on short-term securities.

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