the equity markets hit a low in march 2009 , with interest rates available on high quality financial instruments remaining low since that time . the federal funds rate has been at a range of zero to 0.25 % since december 2008. our combined funds held for clients and corporate investment portfolios earned an average rate of return of 1.3 % for fiscal 2011 , compared to 1.5 % for fiscal 2010 and 2.1 % for fiscal 2009. we continue to manage our headcount and expenses while investing in our business , particularly in areas related to selling and servicing our clients , product development , and the technology required to support these areas . we believe these investments are critical to our success . looking to the future , we continue to focus on investing in our products , people , and service capabilities , positioning ourselves to capitalize on opportunities for long-term growth . highlights of our financial results for fiscal 2011 compared to fiscal 2010 are as follows : payroll service revenue increased 2 % to $ 1.4 billion . human resource services revenue increased 10 % to $ 597.4 million . interest on funds held for clients decreased 13 % to $ 48.1 million . total revenue increased 4 % to $ 2.1 billion . operating income increased 8 % to $ 786.4 million , and operating income , net of certain items , increased 7 % to $ 738.3 million . refer to the non-gaap financial measure discussion on page 14 for further information on operating income , net of certain items . operating income for fiscal 2010 reflected an expense charge of $ 18.7 million to increase the litigation reserve related to the rapid payroll court decision , which reduced diluted earnings per share for fiscal 2010 by $ 0.03 per share . net income and diluted earnings per share increased 8 % to $ 515.3 million and $ 1.42 per share , respectively . 13 cash flow from operations increased 17 % to $ 715.3 million , primarily related to the increase in net income and fluctuations in operating assets and liabilities . dividends of $ 448.8 million were paid to stockholders , representing 87 % of net income . during fiscal 2011 , we completed the acquisition of two software-as-a-service companies , opening up additional areas of the markets we serve . surepayroll , inc. ( surepayroll ) , a provider of payroll processing for small businesses , was acquired on february 8 , 2011 for $ 114.9 million , net of cash acquired . surepayroll serves small businesses with its easy-to-use , online payroll product and mobile application . this acquisition allows us entry into a new area of the online payroll market , and provides our clients with a mobile self-service alternative . the acquisition of surepayroll was dilutive to fiscal 2011 by less than $ 0.01 per share . eplan services , inc. ( eplan ) , a provider of recordkeeping and administrative solutions to the defined contribution marketplace , was acquired on may 3 , 2011 for $ 15.2 million , net of cash acquired . both entities now operate as wholly owned subsidiaries of paychex . our financial results include the results of these entities from their respective dates of acquisition . neither acquisition is significant to our consolidated financial statements . non-gaap financial measure in addition to reporting operating income , a united states ( u.s. ) generally accepted accounting principle ( gaap ) measure , we present operating income , net of certain items , which is a non-gaap measure . we believe operating income , net of certain items , is an appropriate additional measure , as it is an indicator of our core business operations performance period over period . it is also the basis of the measure used internally for establishing the following year 's targets and measuring management 's performance in connection with certain performance-based compensation payments and awards . operating income , net of certain items , excludes interest on funds held for clients and the expense charge in fiscal 2010 to increase the litigation reserve . interest on funds held for clients is an adjustment to operating income due to the volatility of interest rates , which are not within the control of management . the expense charge to increase the litigation reserve is also an adjustment to operating income due to its unusual and infrequent nature . it is outside the normal course of our operations and obscures the comparability of performance period over period . operating income , net of certain items , is not calculated through the application of gaap and is not the required form of disclosure by the securities and exchange commission . as such , it should not be considered as a substitute for the gaap measure of operating income and , therefore , should not be used in isolation , but in conjunction with the gaap measure . the use of any non-gaap measure may produce results that vary from the gaap measure and may not be comparable to a similarly defined non-gaap measure used by other companies . operating income , net of certain items , increased 7 % to $ 738.3 million for fiscal 2011 , compared to $ 688.5 million for fiscal 2010 and $ 729.7 million for fiscal 2009. business outlook our client base was approximately 564,000 clients as of may 31 , 2011 , compared to approximately 536,000 clients as of may 31 , 2010 , and approximately 554,000 clients as of may 31 , 2009. our client base increased 5.2 % for fiscal 2011 , compared to declines of 3.2 % for fiscal 2010 and 3.1 % for fiscal 2009. excluding the impact of 33,000 surepayroll clients , our client base would have declined 0.9 % for fiscal 2011. this reduction reflects the impact of lack of growth in new business starts on our client base story_separator_special_tag we also believe that our investments as of may 31 , 2011 were not other-than-temporarily impaired , nor has any event occurred subsequent to that date that would indicate any other-than-temporary impairment . we anticipate that cash and total corporate investments as of may 31 , 2011 , along with projected operating cash flows will support our normal business operations , capital purchases , and dividend payments for the foreseeable future . 21 commitments and contractual obligations lines of credit : as of may 31 , 2011 , we had unused borrowing capacity available under four uncommitted , secured , short-term lines of credit at market rates of interest with financial institutions as follows : replace_table_token_16_th our credit facilities are evidenced by promissory notes and are secured by separate pledge security agreements by and between paychex and each of the financial institutions ( the lenders ) , pursuant to which we have granted each of the lenders a security interest in certain of our investment securities accounts . the collateral is maintained in a pooled custody account pursuant to the terms of a control agreement and is to be administered under an intercreditor agreement among the lenders . under certain circumstances , individual lenders may require that collateral be transferred from the pooled account into segregated accounts for the benefit of such individual lenders . the primary uses of the lines of credit would be to meet short-term funding requirements related to deposit account overdrafts and client fund obligations arising from electronic payment transactions on behalf of our clients in the ordinary course of business , if necessary . no amounts were outstanding against these lines of credit during fiscal 2011 or as of may 31 , 2011. jp morgan chase bank , n.a . and bank of america , n.a . are also parties to our irrevocable standby letters of credit , which are discussed below . letters of credit : as of may 31 , 2011 , we had irrevocable standby letters of credit outstanding totaling $ 47.4 million , required to secure commitments for certain of our insurance policies . the letters of credit expire at various dates between july 2011 and december 2011 , and are collateralized by securities held in our investment portfolios . no amounts were outstanding on these letters of credit during fiscal 2011 or as of may 31 , 2011. subsequent to may 31 , 2011 , the letter of credit expiring in july 2011 was renewed and will expire in july 2012. other commitments : we have entered into various operating leases and purchase obligations that , under gaap , are not reflected on the consolidated balance sheets as of may 31 , 2011. the table below summarizes our estimated annual payment obligations under these commitments as of may 31 , 2011 : replace_table_token_17_th ( 1 ) operating leases are primarily for office space and equipment used in our branch operations . ( 2 ) purchase obligations include our estimate of the minimum outstanding commitments under purchase orders to buy goods and services and legally binding contractual arrangements with future payment obligations . included in the total purchase obligations is $ 6.0 million of commitments to purchase capital assets . amounts actually paid under certain of these arrangements may be higher due to variable components of these agreements . the liability for uncertain tax positions was approximately $ 34.4 million as of may 31 , 2011. refer to note i of the notes to consolidated financial statements , contained in item 8 of this form 10-k , for more information on income taxes . we are not able to reasonably estimate the timing of future cash flows related to this liability and have excluded it from the table above . we are currently under a state income tax audit for the fiscal years ended may 31 , 2004 through 2009. on july 14 , 2010 , we received a summary of proposed tax adjustments from the new york state department of taxation and finance , which was in excess of the reserve recorded as of may 31 , 2011. the outcome 22 of the audit and the timing of settlement , if any , are subject to significant uncertainty . it is not possible to reasonably estimate the impact , if any , if resolution is ultimately unfavorable to us . certain deferred compensation plan obligations and other long-term liabilities amounting to $ 52.1 million are excluded from the table above because the timing of actual payments can not be specifically or reasonably determined due to the variability in assumptions required to project the timing of future payments . advantage payroll services inc. ( advantage ) has license agreements with independently owned associate offices ( associates ) , which are responsible for selling and marketing advantage payroll services and performing certain operational functions , while paychex and advantage provide all centralized back-office payroll processing and payroll tax administration services . under these arrangements , advantage pays the associates commissions based on processing activity for the related clients . when we acquired advantage , there were fifteen associates . over the past few years , some arrangements with various associates have been discontinued , and there are currently fewer than ten associates . since the actual amounts of future payments are uncertain , obligations under these arrangements are not included in the table above . commission expense for the associates for fiscal years 2011 , 2010 , and 2009 was $ 10.4 million , $ 9.9 million , and $ 12.3 million , respectively . in the normal course of business , we make representations and warranties that guarantee the performance of services under service arrangements with clients . historically , there have been no material losses related to such guarantees . in addition , we have entered into indemnification agreements with our officers and directors , which require us to defend and , if necessary , indemnify these individuals for certain

financial position and liquidity the volatility in the global financial markets that began in september 2008 continues to curtail available liquidity and limit investment choices . despite this macroeconomic environment , as of may 31 , 2011 , our financial position remained strong with cash and total corporate investments of $ 671.3 million and no debt . our investment strategy focuses on optimizing liquidity and protecting principal . yields on high quality financial instruments remain low , negatively impacting our income earned on funds held for clients and corporate investments . we invest predominately in municipal bonds  general obligation bonds ; pre-refunded bonds , which are secured by a u.s. government escrow ; and essential services revenue bonds . our primary short-term investment vehicle has been u.s. agency discount notes . starting in november 2009 , we began to invest in select a-1/p-1-rated variable rate demand notes ( vrdns ) and have gradually increased our investment in vrdns to $ 828.3 million as of may 31 , 2011. during fiscal 2011 , we earned an after-tax rate of approximately 0.23 % for vrdns compared to approximately 0.06 % for u.s. agency discount notes . 15 we invest primarily in high credit quality securities with aaa and aa ratings and short-term securities with a-1/p-1 ratings . we limit the amounts that can be invested in any single issuer and invest in short- to intermediate-term instruments whose fair value is less sensitive to interest rate changes . we believe that our investments as of may 31 , 2011 were not other-than-temporarily impaired , nor has any event occurred subsequent to that date that would indicate any other-than-temporary impairment . all investments held as of may 31 , 2011 were traded in active markets . our primary source of cash is our ongoing operations .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```financial position and liquidity the volatility in the global financial markets that began in september 2008 continues to curtail available liquidity and limit investment choices . despite this macroeconomic environment , as of may 31 , 2011 , our financial position remained strong with cash and total corporate investments of $ 671.3 million and no debt . our investment strategy focuses on optimizing liquidity and protecting principal . yields on high quality financial instruments remain low , negatively impacting our income earned on funds held for clients and corporate investments . we invest predominately in municipal bonds  general obligation bonds ; pre-refunded bonds , which are secured by a u.s. government escrow ; and essential services revenue bonds . our primary short-term investment vehicle has been u.s. agency discount notes . starting in november 2009 , we began to invest in select a-1/p-1-rated variable rate demand notes ( vrdns ) and have gradually increased our investment in vrdns to $ 828.3 million as of may 31 , 2011. during fiscal 2011 , we earned an after-tax rate of approximately 0.23 % for vrdns compared to approximately 0.06 % for u.s. agency discount notes . 15 we invest primarily in high credit quality securities with aaa and aa ratings and short-term securities with a-1/p-1 ratings . we limit the amounts that can be invested in any single issuer and invest in short- to intermediate-term instruments whose fair value is less sensitive to interest rate changes . we believe that our investments as of may 31 , 2011 were not other-than-temporarily impaired , nor has any event occurred subsequent to that date that would indicate any other-than-temporary impairment . all investments held as of may 31 , 2011 were traded in active markets . our primary source of cash is our ongoing operations .
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 Suspicious Activity Report : the equity markets hit a low in march 2009 , with interest rates available on high quality financial instruments remaining low since that time . the federal funds rate has been at a range of zero to 0.25 % since december 2008. our combined funds held for clients and corporate investment portfolios earned an average rate of return of 1.3 % for fiscal 2011 , compared to 1.5 % for fiscal 2010 and 2.1 % for fiscal 2009. we continue to manage our headcount and expenses while investing in our business , particularly in areas related to selling and servicing our clients , product development , and the technology required to support these areas . we believe these investments are critical to our success . looking to the future , we continue to focus on investing in our products , people , and service capabilities , positioning ourselves to capitalize on opportunities for long-term growth . highlights of our financial results for fiscal 2011 compared to fiscal 2010 are as follows : payroll service revenue increased 2 % to $ 1.4 billion . human resource services revenue increased 10 % to $ 597.4 million . interest on funds held for clients decreased 13 % to $ 48.1 million . total revenue increased 4 % to $ 2.1 billion . operating income increased 8 % to $ 786.4 million , and operating income , net of certain items , increased 7 % to $ 738.3 million . refer to the non-gaap financial measure discussion on page 14 for further information on operating income , net of certain items . operating income for fiscal 2010 reflected an expense charge of $ 18.7 million to increase the litigation reserve related to the rapid payroll court decision , which reduced diluted earnings per share for fiscal 2010 by $ 0.03 per share . net income and diluted earnings per share increased 8 % to $ 515.3 million and $ 1.42 per share , respectively . 13 cash flow from operations increased 17 % to $ 715.3 million , primarily related to the increase in net income and fluctuations in operating assets and liabilities . dividends of $ 448.8 million were paid to stockholders , representing 87 % of net income . during fiscal 2011 , we completed the acquisition of two software-as-a-service companies , opening up additional areas of the markets we serve . surepayroll , inc. ( surepayroll ) , a provider of payroll processing for small businesses , was acquired on february 8 , 2011 for $ 114.9 million , net of cash acquired . surepayroll serves small businesses with its easy-to-use , online payroll product and mobile application . this acquisition allows us entry into a new area of the online payroll market , and provides our clients with a mobile self-service alternative . the acquisition of surepayroll was dilutive to fiscal 2011 by less than $ 0.01 per share . eplan services , inc. ( eplan ) , a provider of recordkeeping and administrative solutions to the defined contribution marketplace , was acquired on may 3 , 2011 for $ 15.2 million , net of cash acquired . both entities now operate as wholly owned subsidiaries of paychex . our financial results include the results of these entities from their respective dates of acquisition . neither acquisition is significant to our consolidated financial statements . non-gaap financial measure in addition to reporting operating income , a united states ( u.s. ) generally accepted accounting principle ( gaap ) measure , we present operating income , net of certain items , which is a non-gaap measure . we believe operating income , net of certain items , is an appropriate additional measure , as it is an indicator of our core business operations performance period over period . it is also the basis of the measure used internally for establishing the following year 's targets and measuring management 's performance in connection with certain performance-based compensation payments and awards . operating income , net of certain items , excludes interest on funds held for clients and the expense charge in fiscal 2010 to increase the litigation reserve . interest on funds held for clients is an adjustment to operating income due to the volatility of interest rates , which are not within the control of management . the expense charge to increase the litigation reserve is also an adjustment to operating income due to its unusual and infrequent nature . it is outside the normal course of our operations and obscures the comparability of performance period over period . operating income , net of certain items , is not calculated through the application of gaap and is not the required form of disclosure by the securities and exchange commission . as such , it should not be considered as a substitute for the gaap measure of operating income and , therefore , should not be used in isolation , but in conjunction with the gaap measure . the use of any non-gaap measure may produce results that vary from the gaap measure and may not be comparable to a similarly defined non-gaap measure used by other companies . operating income , net of certain items , increased 7 % to $ 738.3 million for fiscal 2011 , compared to $ 688.5 million for fiscal 2010 and $ 729.7 million for fiscal 2009. business outlook our client base was approximately 564,000 clients as of may 31 , 2011 , compared to approximately 536,000 clients as of may 31 , 2010 , and approximately 554,000 clients as of may 31 , 2009. our client base increased 5.2 % for fiscal 2011 , compared to declines of 3.2 % for fiscal 2010 and 3.1 % for fiscal 2009. excluding the impact of 33,000 surepayroll clients , our client base would have declined 0.9 % for fiscal 2011. this reduction reflects the impact of lack of growth in new business starts on our client base story_separator_special_tag we also believe that our investments as of may 31 , 2011 were not other-than-temporarily impaired , nor has any event occurred subsequent to that date that would indicate any other-than-temporary impairment . we anticipate that cash and total corporate investments as of may 31 , 2011 , along with projected operating cash flows will support our normal business operations , capital purchases , and dividend payments for the foreseeable future . 21 commitments and contractual obligations lines of credit : as of may 31 , 2011 , we had unused borrowing capacity available under four uncommitted , secured , short-term lines of credit at market rates of interest with financial institutions as follows : replace_table_token_16_th our credit facilities are evidenced by promissory notes and are secured by separate pledge security agreements by and between paychex and each of the financial institutions ( the lenders ) , pursuant to which we have granted each of the lenders a security interest in certain of our investment securities accounts . the collateral is maintained in a pooled custody account pursuant to the terms of a control agreement and is to be administered under an intercreditor agreement among the lenders . under certain circumstances , individual lenders may require that collateral be transferred from the pooled account into segregated accounts for the benefit of such individual lenders . the primary uses of the lines of credit would be to meet short-term funding requirements related to deposit account overdrafts and client fund obligations arising from electronic payment transactions on behalf of our clients in the ordinary course of business , if necessary . no amounts were outstanding against these lines of credit during fiscal 2011 or as of may 31 , 2011. jp morgan chase bank , n.a . and bank of america , n.a . are also parties to our irrevocable standby letters of credit , which are discussed below . letters of credit : as of may 31 , 2011 , we had irrevocable standby letters of credit outstanding totaling $ 47.4 million , required to secure commitments for certain of our insurance policies . the letters of credit expire at various dates between july 2011 and december 2011 , and are collateralized by securities held in our investment portfolios . no amounts were outstanding on these letters of credit during fiscal 2011 or as of may 31 , 2011. subsequent to may 31 , 2011 , the letter of credit expiring in july 2011 was renewed and will expire in july 2012. other commitments : we have entered into various operating leases and purchase obligations that , under gaap , are not reflected on the consolidated balance sheets as of may 31 , 2011. the table below summarizes our estimated annual payment obligations under these commitments as of may 31 , 2011 : replace_table_token_17_th ( 1 ) operating leases are primarily for office space and equipment used in our branch operations . ( 2 ) purchase obligations include our estimate of the minimum outstanding commitments under purchase orders to buy goods and services and legally binding contractual arrangements with future payment obligations . included in the total purchase obligations is $ 6.0 million of commitments to purchase capital assets . amounts actually paid under certain of these arrangements may be higher due to variable components of these agreements . the liability for uncertain tax positions was approximately $ 34.4 million as of may 31 , 2011. refer to note i of the notes to consolidated financial statements , contained in item 8 of this form 10-k , for more information on income taxes . we are not able to reasonably estimate the timing of future cash flows related to this liability and have excluded it from the table above . we are currently under a state income tax audit for the fiscal years ended may 31 , 2004 through 2009. on july 14 , 2010 , we received a summary of proposed tax adjustments from the new york state department of taxation and finance , which was in excess of the reserve recorded as of may 31 , 2011. the outcome 22 of the audit and the timing of settlement , if any , are subject to significant uncertainty . it is not possible to reasonably estimate the impact , if any , if resolution is ultimately unfavorable to us . certain deferred compensation plan obligations and other long-term liabilities amounting to $ 52.1 million are excluded from the table above because the timing of actual payments can not be specifically or reasonably determined due to the variability in assumptions required to project the timing of future payments . advantage payroll services inc. ( advantage ) has license agreements with independently owned associate offices ( associates ) , which are responsible for selling and marketing advantage payroll services and performing certain operational functions , while paychex and advantage provide all centralized back-office payroll processing and payroll tax administration services . under these arrangements , advantage pays the associates commissions based on processing activity for the related clients . when we acquired advantage , there were fifteen associates . over the past few years , some arrangements with various associates have been discontinued , and there are currently fewer than ten associates . since the actual amounts of future payments are uncertain , obligations under these arrangements are not included in the table above . commission expense for the associates for fiscal years 2011 , 2010 , and 2009 was $ 10.4 million , $ 9.9 million , and $ 12.3 million , respectively . in the normal course of business , we make representations and warranties that guarantee the performance of services under service arrangements with clients . historically , there have been no material losses related to such guarantees . in addition , we have entered into indemnification agreements with our officers and directors , which require us to defend and , if necessary , indemnify these individuals for certain

