[Federal Register Volume 60, Number 24 (Monday, February 6, 1995)]
[Notices]
[Pages 7079-7083]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-2752]



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SECURITIES AND EXCHANGE COMMISSION

[Release No. IC-20869; 812-9348]


ABT Growth and Income Trust, et al.; Notice of Application

January 30, 1995.
AGENCY: Securities and Exchange Commission (``SEC'').

ACTION: Notice of Application for Exemption under the Investment 
Company Act of 1940 (``Act'').

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APPLICANTS: ABT Growth and Income Trust, ABT Utility Income Fund, Inc., 
ABT Investment Series, Inc., ABT Southern Master Trust (together, the 
``Companies''), ABT Financial Services, Inc. (``ABTFS''), and Palm 
Beach Capital Management, Ltd. (``PBCM'').

 [[Page 7080]] Relevant Act Sections: Conditional order requested under 
section 6(c) of the Act granting an exemption from sections 2(a)(32), 
2(a)(35), 18(f), 18(g), 18(i), 22(c), and 22(d) thereof and rule 22c-1 
thereunder.

SUMMARY OF APPLICATION: Applicants seek a conditional order permitting 
the Companies to issue multiple classes of shares representing 
interests in the same portfolio of securities, and to assess and, under 
certain circumstances, waive a contingent deferred sales charge 
(``CDSC'') on certain share redemptions. Applicants request that any 
relief granted pursuant to the application also apply to future 
investment companies (a) for which PBCM or any person controlling, 
controlled by, or under common control with PBCM serves as investment 
adviser, and/or ABTFS or any person controlling, controlled by, or 
under common control with ABTFS serves as principal underwriter, and 
(b) that issue and sell classes of shares on a basis identical in all 
material respects to that described in the application.

FILING DATE: The application was filed on December 8, 1994. Counsel for 
Applicants has undertaken to file an amendment during the notice 
period, the substance of which is incorporated herein.

Hearing or Notification of Hearing: An order granting the application 
will be issued unless the SEC orders a hearing. Interested persons may 
request a hearing by writing to the SEC's Secretary and serving 
Applicants with a copy of the request, personally or by mail. Hearing 
requests should be received by the SEC by 5:30 p.m. on February 24, 
1995, and should be accompanied by proof of service on Applicants, in 
the form of an affidavit or, for lawyers, a certificate of service. 
Hearing requests should state the nature of the writer's interest, the 
reasons for the request, and the issues contested. Persons who wish to 
be notified of a hearing may request such notification by writing to 
the SEC's Secretary.

ADDRESSES: Secretary, SEC, 450 Fifth Street NW., Washington, DC 20549. 
Applicants, 340 Royal Palm Way, Palm Beach, Florida 33480.

FOR FURTHER INFORMATION CONTACT:
H.R. Hallock, Jr. Special Counsel, at (202) 942-0564 or Barry D. 
Miller, Senior Special Counsel at (202) 942-0564 (Division of 
Investment Management, Office of Investment Company Regulation).

SUPPLEMENTARY INFORMATION: The following is a summary of the 
application. The complete application may be obtained for a fee from 
the SEC's Public Reference Branch.

Applicants' Representations

    1. Each of the Companies is an open-end diversified management 
investment company registered under the Act. ABT Southern Master Trust 
offers three portfolios. The other three Companies each offer one 
portfolio. (The six portfolios, together with any future investment 
companies that rely on the requested order, are referred to below as 
the ``Funds''.)
    2. PBCM, or a person controlling, controlled by, or under common 
control with PBCM, will be the investment adviser for each Fund. ABTFS, 
or a person controlling, controlled by, or under common control with 
ABTFS, will serve as the distributor of the shares of each Fund (the 
``Distributor''). Shares of the Funds will be available through the 
Distributor and through financial intermediaries that have entered into 
agreement with the Distributor to sell shares.

A. The Multiple Class System

    1. Applicants propose that each Fund be permitted to create an 
unlimited number of classes (the ``Multiple Class System''), which 
would allow each Fund to offer investors the option of purchasing 
shares (a) in connection with a plan or plans adopted pursuant to rule 
12b-1 under the Act (a ``Distribution Plan''); (b) in connection with a 
non-rule 12b-1 shareholder services plan or plans (a ``Shareholder 
Services Plan''), (c) in connection with the allocation of certain 
expenses that are directly attributable only to a particular class; (d) 
without any Distribution Plan or Shareholder Services Plan 
(collectively, the ``Plans''); (e) subject to varying front-end sales 
charges; (f) subject to varying CDSCs; and/or (g) subject to certain 
conversion features.
    2. With respect to each class, each Fund could enter into one or 
more Distribution Plan agreements and/or Shareholder Services Plan 
agreements (collectively, ``Plan Agreements'') with PBCM, the 
Distributor, and/or other groups, organizations or institutions 
concerning the provision of certain services to shareholders of that 
class. With respect to each class, a Fund could pay either directly or 
indirectly for such services under a Plan Agreement (``Plan 
Payments''). The expense of Plan Payments would be borne entirely by 
the owners or beneficial owners of the class of the Fund to which the 
Plan Agreement relates.
    3. The provision of distribution services and shareholder servicing 
under the Plans will complement (and not be duplicative of) the 
services to be provided to each Fund by its manager, investment 
adviser(s), and/or distributor, and by the parties that provide 
custody, transfer agency, and administrative services to each Fund. 
When a class is subject to both a Distribution Plan and a Shareholder 
Services Plan, the provision of services under one Plan will complement 
(and not be duplicative of) the services provided under the other Plan. 
The Funds will comply with Article III, Section 26 of the Rules of Fair 
Practice of the National Association of Securities Dealers, Inc. 
(``NASD'') with respect to asset-based distribution charges.
    4. The expenses of the Companies that cannot be attributed directly 
to any one Fund (``Company Expenses'') generally will be allocated to 
each Fund based on the relative net assets of the Fund. Certain 
expenses that may be attributable to a particular Fund, but not a 
particular class (``Fund Expenses''), will be allocated to each class 
based upon the relative net assets of the classes. Certain expenses may 
be attributable to a particular class of a Fund (``Class Expenses''). 
All such Class Expenses incurred by a class will be charged directly to 
the net assets of that particular class, and thus will be borne on a 
pro rata basis by the outstanding shares of such class.
    5. PBCM may choose to reimburse or waive Class Expenses on certain 
classes of a Fund on a voluntary, temporary basis. Class Expenses are 
by their nature specific to a given class and, therefore, expected to 
vary from one class to another. Applicants thus believe that it is 
acceptable and consistent with shareholder expectations to reimburse or 
waive Class Expenses at different levels for different classes of the 
same Fund.
    6. In addition, PBCM may waive or reimburse, Company Expenses and/
or Fund Expenses (with or without a waiver or reimbursement of Class 
Expenses), but only if the same proportionate amount of Company 
Expenses and/or Fund Expenses are waived or reimbursed for each class 
of the Fund. Thus, any Company Expenses that are waived or reimbursed 
would be credited to each class of a Fund based on the relative net 
assets of the classes. Similarly, any Fund Expenses that are waived or 
reimbursed would be credited to each class of that Fund according to 
the relative net assets of the classes.
    7. Because Plan Payments and other Class Expenses will be borne 
exclusively by the class to which they are attributable, the net income 
and net asset value per share of (and dividends payable to) each class 
within a Fund may be different. Dividends and other 
[[Page 7081]] distributions payable to each class of shares in a Fund, 
however, will be declared and paid on the same days and at the same 
times, and, except with respect to Plan Payments and Class Expenses, 
will be determined in the same manner and paid in the same amounts.
    8. Shares of one or more classes subject to a CDSC (``Convertible 
CDSC Shares'') may automatically convert to shares of a class not 
subject to a CDSC (``Non-CDSC Shares'') after a prescribed period of 
time, and thereafter be subject to lower Plan Payments, if any, 
applicable to the Non-CDSC Shares. It is expected that Convertible CDSC 
Shares will convert to Non-CDSC Shares after approximately eight years 
from the purchase date. Non-CDSC Shares will in all cases be subject to 
lower aggregate Plan Payments, if any, and any other ongoing Class 
Expenses than Convertible CDSC Shares.
    9. The conversion will be on the basis of the relative net asset 
values of the two classes, without the imposition of any sales or other 
charge except that any asset-based sales or other charge applicable to 
the Non-CDSC Shares would thereafter be applied to the converted 
shares. Convertible CDSC Shares in a shareholder's account that were 
purchased through the reinvestment of dividends and other distributions 
paid in respect of Convertible CDSC Shares will be considered to be 
held in a separate sub-account. Each time any Convertible CDSC Shares 
in the shareholder's account convert to Non-CDSC Shares, a pro rata 
portion of the Convertible CDSC Shares then in the sub-account will 
also convert to Non-CDSC Shares.
    10. The conversion of Convertible CDSC Shares into Non-CDSC Shares 
would be subject to the availability of an opinion by counsel or an 
Internal Revenue Service private letter ruling to the effect that the 
conversion does not constitute a taxable event under federal income tax 
law. The proposed conversion may be suspended if such a ruling or 
opinion is not available. In that event, no further conversions would 
occur and the Convertible CDSC Shares might be subject to higher Plan 
Payments for an indefinite period.
    11. Different classes within a Fund will have different exchange 
privileges. Shares may be exchanged at net asset value for shares of 
the corresponding class of certain other Funds. Exchange privileges 
will comply with rule 11a-3 under the Act.

B. The CDSC

    1. Applicants request that the Funds be permitted to assess a CDSC 
on share redemptions of certain classes, if such shares are redeemed 
within a prescribed period of time after purchase.
    In no event would the amount of the CDSC exceed 6% of the aggregate 
purchase payments made by an investor in a CDSC class. The CDSC of any 
particular Fund, however, may be lower than 6%. The amount of the CDSC 
to be imposed in any given instance will depend on the number of years 
elapsed since the investor purchased the shares being redeemed, as set 
forth in the Fund's prospectus. The amount of the CDSC will be 
calculated as the lesser of the amount that represents a specified 
percentage of the net asset value of the shares at the time of 
purchase, or the amount that represents such percentage of the net 
asset value of the shares at the time of redemption. The CDSC will 
comply, to the extent applicable, with the requirements of Article III, 
Section 26(d) of the Rules of Fair Practice of the NASD.
    2. The CDSC will not be imposed on redemptions of shares that were 
purchased more than six years prior to the redemptions (the ``CDSC 
Period''), or on shares derived from reinvestment of dividends or 
distributions. No CDSC will be imposed on an amount that represents an 
increase in the value of the shares redeemed resulting from capital 
appreciation above the amount paid for such shares purchased during the 
CDSC Period. In determining the applicability and rate of any CDSC, it 
will be assumed that a redemption is made first on shares representing 
reinvestment of dividends and capital gain distributions, then of 
shares held by the shareholder for a period equal to or greater than 
the CDSC Period, and finally of other shares held by the shareholder 
for the longest period of time. This will result in a charge, if any, 
imposed at the lowest possible rate. No CDSC will be imposed on any 
shares issued prior to the date of the order granting exemptive relief.
    3. Applicants request the ability to waive or reduce the CDSC in 
certain instances as described in the application. If a Fund waives or 
reduces the CDSC, such waiver or reduction will be uniformly applied to 
all offerees of the particular class of the Fund's shares. In waiving 
or reducing the CDSC, the Funds will comply with the requirements of 
rule 22d-1 under the Act. The CDSC will be waived or reduced as 
provided in a Fund's prospectus at the time the investor purchased the 
shares.
    4. Applicants also request the ability to provide a pro rata credit 
for any CDSC paid in connection with a redemption followed by a 
reinvestment effected within a specified period not exceeding 365 days 
from the redemption. Such credit will be paid by the Distributor.

Applicants' Legal Analysis

    1. Applicants request an order under section 6(c) of the Act for an 
exemption from sections 18(f)(1), 18(g), and 18(i) to the extent that 
the proposed Multiple Class System may be deemed to (a) result in a 
``senior security'' within the meaning of section 18(g) and to be 
prohibited by section 18(f)(1); and (b) violate the equal voting 
provisions of section 18(i). Applicants also request an order pursuant 
to section 6(c) providing an exemption from sections 2(a)(32), 
2(a)(35), 22(c), and 22(d) of the Act and rule 22c-1 thereunder, to the 
extent necessary to permit the imposition of a CDSC on certain 
redemptions of shares, and the waiver or reduction of the CDSC in 
certain circumstances.
    2. Applicants believe that the proposed allocation of expenses and 
voting rights in the manner described in the application is equitable 
and would not discriminate against any group of shareholders. Although 
investors purchasing shares offered in connection with a Plan and/or 
bearing particular Class Expenses would bear the costs associated with 
the related services, they would also enjoy the benefits of those 
services and the exclusive shareholder voting rights with respect to 
matters affecting the applicable Plan. Conversely, investors purchasing 
shares that are not covered by a Plan or not bearing Class Expenses 
would not be burdened with such expenses or enjoy such voting rights.
    3. Applicants assert that the abuses that section 18 of the Act is 
intended to redress are not present under the proposed arrangement. In 
this regard, Applicants state that because the rights and privileges of 
classes with respect to any Fund would be substantially identical, the 
possibility that their interests would ever conflict is remote. In 
addition, the proposed arrangement does not involve borrowings and does 
not affect the Funds' assets or reserves. Nor will the proposed 
arrangement increase the speculative character of the shares in a Fund, 
because all shares will participate in all of the Fund's appreciation, 
income, and expenses. No class of shares will have any preference or 
priority over any other class in a Fund in the usual sense (that is, no 
class will have distribution or liquidation preferences with respect to 
particular assets and no class will be protected by any reserve or 
other account). [[Page 7082]] 

Applicants' Conditions

    Applicants agree that the following conditions may be imposed in 
any order granting the requested relief:
    1. Each class of shares of a Fund will represent interests in the 
same portfolio of investments, and be identical in all respects, except 
as set forth below. The only differences between the classes of shares 
of a Fund will relate solely to one or more of the following: (a) 
Expenses assessed to a class pursuant to a Plan, if any, with respect 
to such class; (b) the impact of Class Expenses, which will be limited 
to any or all of the following: (i) Transfer agent fees identified as 
being attributable to a specific class of shares, (ii) stationery, 
printing, postage, and delivery expenses related to preparing and 
distributing materials such as shareholder reports, prospectuses, and 
proxy statements to current shareholders of a specific class, (iii) 
Blue Sky registration fees incurred by a class of shares, (iv) SEC 
registration fees incurred by a class of shares, (v) expenses of 
administrative personnel and services as required to support the 
shareholders of a specific class, (vi) directors/trustees' fees or 
expenses incurred as a result of issues relating to one class of 
shares, (vii) accounting expenses relating solely to one class of 
shares, (viii) auditors fees, litigation expenses, and legal fees and 
expenses relating to a class of shares, (ix) expenses incurred in 
connection with shareholders' meetings as a result of issues relating 
to one class of shares, and (x) any other incremental expenses 
subsequently identified which should be properly allocated to a 
particular class of shares and which, as such, are approved by the SEC 
pursuant to an amended order; (c) the fact that the classes will vote 
separately with respect to matters relating to a Fund's Distribution 
Plan, if any, or any other matters appropriately limited to such 
class(es), except as provided in condition 15 below; (d) the different 
exchange privileges of the classes of shares, if any; (e) the 
designation of each class of shares of a Fund; and (f) certain 
conversion features offered by some of the classes.
    2. Each Company's board of directors/trustees (``Trustees''), 
including a majority of the Trustees who are not interested persons of 
the Company (``Independent Trustees''), will have approved the Multiple 
Class System with respect to a particular Fund prior to the 
implementation of the system by that Fund. The minutes of the meetings 
of the Trustees regarding the deliberations of the Trustees with 
respect to the approvals necessary to implement the Multiple Class 
System will reflect in detail the reasons for the determination by the 
Trustees that the proposed Multiple Class System is in the best 
interests of each Fund and its shareholders.
    3. The initial determination of the Class Expenses that will be 
allocated to a particular class and any subsequent changes thereto will 
be reviewed and approved by a vote of the Trustees, including a 
majority of the Independent Trustees. Any person authorized to direct 
the allocation and disposition of monies paid or payable by a Fund to 
meet Class Expenses shall provide to the Trustees, and the Trustees 
shall review, at least quarterly, a written report of the amounts so 
expended and the purposes for which such expenditures were made.
    4. If any class will be subject to a Shareholder Services Plan, the 
Plan will be adopted and operated in accordance with the procedures set 
forth in rule 12b-1(b) through (f) as if the expenditures made 
thereunder were subject to rule 12b-1, except that shareholders will 
not enjoy the voting rights specified in rule 12b-1.
    5. On an ongoing basis, the Trustees, pursuant to their fiduciary 
responsibilities under the Act and otherwise, will monitor each Fund, 
as applicable, for the existence of any material conflicts among the 
interests of the classes of its shares, if there is more than one 
class. The Trustees, including a majority of the Independent Trustees, 
shall take such action as is reasonably necessary to eliminate any such 
conflicts that may develop. Each Fund's investment manager and/or 
Distributor will be responsible for reporting any potential or existing 
conflicts to the Trustees. If such a conflict arises, the Fund's 
investment manager and/or Distributor, at their own expense, will take 
such actions as are necessary to remedy such conflict, including 
establishing a new registered management investment company, if 
necessary.
    6. The Trustees will receive quarterly and annual statements 
concerning the amounts expended under the Plans complying with 
paragraph (b)(3)(ii) of rule 12b-1, as it may be amended from time to 
time. In the statements, only expenditures properly attributable to the 
sale or servicing of a particular class of shares will be used to 
justify any fee for services charged to that class. Expenditures not 
related to the sale or servicing of a particular class will not be 
presented to the Trustees to justify any fee attributable to that 
class. The statements, including the allocations upon which they are 
based, will be subject to the review and approval of the Independent 
Trustees in the exercise of their fiduciary duties.
    7. Dividends and other distributions paid by a Fund with respect to 
each class of its shares, to the extent any dividends and other 
distributions are paid, will be declared and paid on the same day and 
at the same time, and will be determined in the same manner and will be 
in the same amount, except that the amount of the dividends declared 
and paid by a particular class may be different from that of another 
class because Plan Payments made by a class under a Plan and other 
Class Expenses will be borne exclusively by that class.
    8. The methodology and procedures for calculating the net asset 
value and dividends and other distributions of the classes and the 
proper allocation of expenses among the classes have been reviewed by 
an expert (the ``Expert'') who has rendered a report to the Applicants, 
which has been provided to the SEC, stating that such methodology and 
procedures are adequate to ensure that such calculations and 
allocations would be make in an appropriate manner. On an ongoing 
basis, the Expert, or an appropriate substitute Expert, will monitor 
the manner in which the calculations and allocations are being made 
and, base upon such review, will render at least annually a report to 
the Funds that the calculations and allocations are being made 
properly. The reports of the Expert will be filed as part of the 
periodic reports filed with the SEC pursuant to sections 30(a) and 
30(b)(1) of the Act. The work papers of the Expert with respect to such 
reports, following request by the Funds which the Funds agree to make, 
will be available for inspection by the Commission staff upon written 
request to the Funds for such work papers by a senior member of the 
Division of Investment Management or of a Regional Office of the SEC, 
limited to the Director, an Associate Director, the Chief Accountant, 
the Chief Financial Analyst, an Assistant Director, and any Regional 
Administrators or Associate or Assistant Administrators. The initial 
report of the Expert is a report on the ``Design of a System,'' 
including policies and procedures related thereto to be placed into 
operation, as defined and described in Statement of Auditing Standards 
(``SAS'') No. 70 of the American Institute of Certified Public 
Accountants (``AICPA'') and the ongoing reports will be ``Reports on 
Policies and Procedures Placed in Operation and Tests of Operating 
Effectiveness'' as defined and described in SAS No. 70 of the AICPA, as 
it may be amended from time to time, or in similar auditing 
[[Page 7083]] standards as may be adopted by the AICPA from time to 
time.
    9. Applicants have adequate facilities in place to ensure 
implementation of the methodology and procedures for calculating the 
net asset value and dividends and other distributions of the classes of 
shares and the proper allocation of expenses among the classes of 
shares and this representation has been concurred with by the Expert in 
the initial report referred to in condition 8 above and will be 
concurred with by the Expert, or an appropriate substitute Expert, on 
an ongoing basis at least annually in the ongoing reports referred to 
in condition 8 above. Applicants will take immediate corrective action 
if the Expert or appropriate substitute Expert does not so concur in 
the ongoing reports.
    10. The conditions pursuant to which the exemptive order is granted 
and the duties and responsibilities of the Trustees with respect to the 
Multiple Class System will be set forth in guidelines that will be 
furnished to the Trustees.
    11. Each of the Funds will disclose the respective expenses, 
performance data, distribution arrangements, services, fees, sales 
loads, deferred sales loads, conversion features, and exchange 
privileges applicable to each class of shares in every prospectus, 
regardless of whether all classes of shares are offered through such 
prospectus. Each Fund will disclose the respective expenses and 
performance data applicable to all classes of shares in every 
shareholder report. The shareholder reports will contain, in the 
statement of assets and liabilities and statement of operations, 
information related to the Fund as a whole generally and not on per 
class basis. Each Fund's per share data, however, will be prepared on a 
per class basis with respect to all classes of shares of such Fund. To 
the extent any advertisement or sales literature describes the expenses 
or performance data applicable to any class of shares, it will also 
disclose the expenses and/or performance data applicable to all classes 
of shares. The information provided by Applicants for publication in 
any newspaper or similar listing of the Funds' net asset values and 
public offering prices will present each class of shares separately.
    12. The prospectus of each Fund will contain a statement to the 
effect that a salesperson and any other person entitled to receive 
compensation for selling or servicing Fund shares may receive different 
levels of compensation with respect to one particular class of shares 
over another in the Fund.
    13. Applicants acknowledge that the grant of the exemptive order 
requested by the application will not imply SEC approval of, 
authorization of, or acquiescence in any particular level of payments 
that any Fund may make pursuant to a Plan in reliance on the exemptive 
order.
    14. Any class of shares with a conversion feature will convert into 
another class of shares on the basis of the relative net asset values 
of the two classes, without the imposition of any sales load, fee, or 
other charge. After conversion, the converted shares will be subject to 
an asset-based sales charge and/or service fee (as those terms are 
defined in Article III, Section 26 of the NASD's Rules of Fair 
Practice), if any, that in the aggregate are lower than the asset-based 
sales charges and service fee to which they were subject prior to the 
conversion.
    15. If a Fund implements any amendment to a Distribution Plan (or, 
if presented to shareholders, adopts or implements any amendment of a 
Shareholder Services Plan) that would increase materially the amount 
that may be borne by the Non-CDSC Shares under the Plan, then existing 
CDSC Shares will stop converting into the Non-CDSC Shares unless the 
holders of a majority of convertible CDSC Shares, as defined in the 
Act, voting separately as a class, approve the amendment. The Trustees 
shall take such action as is necessary to ensure that existing 
Convertible CDSC Shares are exchanged or converted into a new class of 
shares (``New Non-CDSC Shares''), identical in all material respects to 
Non-CDSC Shares as they existed prior to implementation of the 
amendment, no later than the date such shares previously were scheduled 
to convert into Non-CDSC Shares. If deemed advisable by the Trustees to 
implement the foregoing, such action may include the exchange of all 
existing Convertible CDSC Shares for a new class (``New Convertible 
CDSC Shares'') of shares, identical to existing Convertible CDSC Shares 
in all material respects except that the New Convertible CDSC Shares 
will convert into the New Non-CDSC Shares. The New Non-CDSC Shares and 
New Convertible CDSC Shares may be formed without further exemptive 
relief. Exchanges or conversions described in this condition shall be 
effected in a manner that the Trustees reasonably believe will not be 
subject to Federal taxation. In accordance with condition 5, any 
additional cost associated with the creation, exchange, or conversion 
of the New Non-CDSC Shares or New Convertible CDSC Shares shall be 
borne solely by the Fund's investment manager or Distributor. 
Convertible CDSC Shares sold after the implementation of the amendment 
may convert into Non-CDSC Shares subject to the higher maximum payment, 
provided that the material features of the Non-CDSC Shares plan and the 
relationship of such plan to the Convertible CDSC Shares are disclosed 
in an effective registration statement.
    16. The Distributor will adopt compliance standards as to when each 
class of shares may be sold to particular investors. Applicants will 
require all persons selling shares of a Fund to agree to conform to 
such standards.
    17. Applicants will comply with the provisions of proposed rule 6c-
10 under the Act, Investment Company Act Release No. 16169 (Nov. 2, 
1988), as such rule is currently proposed and as it may be reproposed, 
adopted or amended.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-2752 Filed 2-3-95; 8:45 am]
BILLING CODE 8010-01-M