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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />.1 <br />I <br />I <br />I <br />I <br /> <br />2. <br /> <br />Average investment earnings for each of the three months in the quarter <br />were: <br /> <br />October <br />November <br />December <br /> <br />7.85% <br />7.70% <br />7.58% <br /> <br />Our overall average earnings rate on investments peaked in July with an <br />average of 8.09%. Since then, we have had a tremendous decline in the <br />rate received on our investments. The graph below shows the rate we <br />received on investments for the last twelve months. It is very obvious <br />that the major decline in rate coincides with the Middle East Conflict <br />that started in August. <br /> <br />INVESTMENT RATE ANALYSIS <br />FOR LAST 12 MONTHS <br /> <br />PERCENT <br /> <br />8.4 ..................................................................................................................................................................... <br /> <br />8. 2 .............................................................................................................................................................. <br /> <br />7.8 <br /> <br /> <br />7.6 <br /> <br />7.4 <br />7.2 <br />7 <br /> <br />JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEe <br /> <br />IZZJ INTEREST RATE <br /> <br />3. <br /> <br />Account payable activity for each month of the quarter was: <br /> <br />A. Checks issued and dollars spent: <br /> October 299 $ 630,175 <br /> November 711 1,894,547 <br /> December 538 1,499,077 <br />B. Purchase Orders cleared and closed: <br /> October 9 <br /> November 70 <br /> December 70 <br /> <br />9 <br />