The available-for-sale securities within the funds held for clients and corporate investment portfolios reflected a net unrealized gain of $58.8 million as of August 31, 2012, compared with a net unrealized gain of $59.5 million as of May 31, 2012. During the first quarter, the net unrealized gain on our investment portfolios ranged from $54.0 million to $63.4 million. The net unrealized gain on our investment portfolios was approximately $58.4 million as of September 20, 2012.
Our outlook for the fiscal year ending May 31, 2013 (“fiscal 2013”) is based upon current market, economic, and interest rate conditions continuing with no significant changes. Our expected full year fiscal 2013 payroll revenue growth rate is based upon anticipated client base growth, offset by an expected lower rate of growth in checks per payroll, and modest increases in revenue per check. HRS revenue growth is expected to remain in line with our historical organic experience. Prior acquisitions are expected to have minimal impact on projected revenue growth rates for fiscal 2013.
Our reaffirmed guidance is as follows:
|Payroll service revenue||3%||—||4%|
|Total service revenue||5%||—||6%|
|Interest on funds held for clients||(8%)||—||(6%)|
|Investment income, net||25%||—||35%|