This section of the FEDERAL REGISTER

contains regulatory documents having general

applicability and legal effect, most of which

are keyed to and codified in the Code of

Federal Regulations, which is published under

50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by

the Superintendent of Documents. Prices of

new books are listed in the first FEDERAL

REGISTER issue of each week.

Rules and Regulations Federal Register

69041 

Vol. 70, No. 218 

Monday, November 14, 2005 

OFFICE OF PERSONNEL 

MANAGEMENT 

5 CFR Part 532 

RIN 3206–AK91 

Prevailing Rate Systems; Redefinition 

of the Adams-Denver, CO, 

Nonappropriated Fund Wage Area 

AGENCY: Office of Personnel 

Management. 

ACTION: Final rule. 

SUMMARY: The Office of Personnel 

Management is issuing a final rule to 

remove Adams County, CO, from the 

Adams-Denver, CO, Federal Wage 

System nonappropriated fund (NAF) 

wage area, redefine Arapahoe County, 

CO, from the area of application to the 

survey area, and change the AdamsDenver wage area’s name to ArapahoeDenver. These changes are necessary 

because the closure of Fitzsimons Army 

Medical Center in Adams County left 

the Adams-Denver survey area without 

a host activity to conduct local NAF 

wage surveys. 

DATES: This rule is effective on 

December 14, 2005. 

FOR FURTHER INFORMATION CONTACT: 

Madeline Gonzalez, (202) 606–2838; email pay-performance-policy@opm.gov; 

or FAX: (202) 606–4264. 

SUPPLEMENTARY INFORMATION: On August 

22, 2005, the Office of Personnel 

Management (OPM) issued a proposed 

rule (70 FR 48899) to remove Adams 

County, CO, from the Adams-Denver, 

CO, Federal Wage System 

nonappropriated fund wage area, 

redefine Arapahoe County, CO, from the 

area of application to the survey area, 

and change the Adams-Denver wage 

area’s name to Arapahoe-Denver. The 

proposed rule had a 30-day comment 

period, during which OPM received no 

comments. 

Regulatory Flexibility Act 

I certify that these regulations will not 

have a significant economic impact on 

a substantial number of small entities 

because they will affect only Federal 

agencies and employees. 

List of Subjects in 5 CFR Part 532 

Administrative practice and 

procedure, Freedom of information, 

Government employees, Reporting and 

recordkeeping requirements, Wages. 

Office of Personnel Management. 

Linda M. Springer, 

Director. 

■ Accordingly, the Office of Personnel 

Management is amending 5 CFR part 

532 as follows: 

PART 532—PREVAILING RATE 

SYSTEMS 

■ 1. The authority citation for part 532 

continues to read as follows: 

Authority: 5 U.S.C. 5343, 5346; § 532.707 

also issued under 5 U.S.C. 552. 

■ 2. In appendix D to subpart B, the 

wage area listing for the State of 

Colorado is amended by revising the 

listing for Adams-Denver to read as 

follows: 

Appendix D to Subpart B of Part 532— 

Nonappropriated Fund Wage and 

Survey Areas 

* * * * * 

Colorado 

Arapahoe-Denver 

Survey Area 

Colorado: 

Arapahoe 

Denver 

Area of Application. Survey area plus: 

Colorado: 

Mesa 

* * * * * 

[FR Doc. 05–22539 Filed 11–10–05; 8:45 am] 

BILLING CODE 6325–39–P 

OFFICE OF GOVERNMENT ETHICS 

5 CFR Part 2640 

RIN 3209–AA09 

Additional Exemption for Mutual Funds 

and Unit Investment Trusts Under 18 

U.S.C. 208(b)(2) 

AGENCY: Office of Government Ethics 

(OGE). 

ACTION: Interim rule amendment with 

request for comments. 

SUMMARY: The Office of Government 

Ethics is issuing an interim rule 

amendment that permits Government 

employees to participate in certain 

particular matters of general 

applicability affecting mutual funds and 

unit investment trusts, notwithstanding 

the employees’ disqualifying financial 

interest under 18 U.S.C. 208(a) arising 

from the ownership of mutual funds or 

unit investment trusts. 

DATES: This interim regulation is 

effective November 14, 2005. Comments 

are invited and are due in writing by 

December 14, 2005. 

ADDRESSES: You may submit comments, 

in writing, to OGE on this interim rule, 

identified by RIN 3209–AA09, by any of 

the following methods: 

• E-Mail: usoge@oge.gov. Include the 

reference ‘‘Interim Rule Exemption 

Under 18 U.S.C. 208(b)(2)’’ in the 

subject line of the message. 

• Fax: (202) 482–9237. 

• Mail/Hand Delivery/Courier: Office 

of Government Ethics, Suite 500, 1201 

New York Avenue, NW., Washington, 

DC 20005–3917, Attention: Richard M. 

Thomas, Associate General Counsel. 

Instructions: All submissions must 

include OGE’s agency name and the 

Regulation Identifier Number (RIN), 

3209–AA09, for this rulemaking. 

FOR FURTHER INFORMATION CONTACT: 

Richard M. Thomas, Associate General 

Counsel, Office of Government Ethics; 

telephone: (202) 482–9300; TDD: (202) 

482–9293; FAX: (202) 482–9237. 

SUPPLEMENTARY INFORMATION: Section 

208(a) of title 18 of the United States 

Code prohibits Government employees 

from participating in an official capacity 

in particular Government matters in 

which, to their knowledge, they or 

certain other persons specified in the 

statute have a financial interest, if the 

particular matter would have a direct 

and predictable effect on that interest. 

69042 Federal Register / Vol. 70, No. 218 / Monday, November 14, 2005 / Rules and Regulations 

Section 208(b)(2) of title 18 permits the 

Office of Government Ethics to 

promulgate regulations describing 

financial interests that are too remote or 

inconsequential to warrant 

disqualification pursuant to section 

208(a). 

On August 28, 1995, the Office of 

Government Ethics published its first 

interim rule, with request for comments, 

promulgating certain miscellaneous 

exemptions under section 208(b)(2). 60 

FR 44705 (August 28, 1995). On 

December 18, 1996, the Office of 

Government Ethics published a 

comprehensive final rule, 

‘‘Interpretation, Exemptions and Waiver 

Guidance Concerning 18 U.S.C. 208 

(Acts Affecting a Personal Financial 

Interest),’’ codified at 5 CFR part 2640, 

which promulgated several additional 

exemptions and also adopted as final, 

with some modifications, the 

exemptions promulgated in the earlier 

interim rule. 61 FR 66829 (December 18, 

1996) (final rule); 60 FR 47207 

(September 11, 1995) (proposed rule). 

OGE subsequently has added and 

amended exemptions by interim rule, 

with request for comment, 65 FR 16511 

(March 29, 2000) (adopted as final, 65 

FR 47830 (August 4, 2000)), and (after 

a proposed rule, 65 FR 53942 

(September 6, 2000)) by final rule, 67 FR 

12443 (March 19, 2002). 

Among the exemptions OGE has 

promulgated are several that exempt 

certain financial interests in ‘‘mutual 

funds’’ and ‘‘unit investment trusts,’’ as 

those terms are defined in § 2640.102(k) 

and (u). See 5 CFR 2640.201(a) 

(diversified mutual funds and unit 

investment trusts), 2640.102(b)(1) (nonsector holdings of sector mutual fund), 

2640.201(b)(2) ($50,000 de minimis 

interest in sector mutual funds). As a 

general matter, such investment funds 

historically have been thought to raise 

fewer significant conflict of interest 

concerns than other types of 

investments, for several reasons. As 

OGE has noted previously, typically 

‘‘only a limited portion of the fund’s 

assets [are] placed in the securities of 

any single issuer’’ and usually ‘‘an 

employee’s interest in any one fund is 

only a small portion of the fund’s total 

assets.’’ 60 FR 47211 (September 11, 

1995) (preamble to proposed rule). 

These popular investment vehicles are 

also subject to significant regulation by 

the Securities and Exchange 

Commission (SEC). In short, the risks 

and the expenses incident to such 

pooled investment vehicles generally 

pose fewer concerns that the financial 

interests will affect the integrity of the 

services of Government employees. 

Indeed, Congress itself has recognized 

the diminished conflicts potential by 

including certain investment funds as 

one of the few types of ‘‘permitted 

property’’ under 26 U.S.C. 1043, which 

allows Government employees to defer 

recognition of capital gains from sales to 

comply with conflict of interest 

requirements as long as the proceeds of 

the sale are invested in permitted 

property. See 5 CFR part 2634, subpart 

J (Certificates of Divestiture). 

All of these existing exemptions focus 

on employee interests arising from the 

‘‘holdings’’ of the investment funds. 

This is not surprising, because common 

sense—as well as OGE’s discussions 

with the SEC and other agencies—

indicates that the principal determinant 

of mutual fund value is the performance 

of the underlying holdings. 

Since these exemptions were 

promulgated, however, OGE has become 

aware that employees at certain agencies 

may work on particular matters of 

general applicability that do not have an 

effect on individual fund holdings, but 

instead may have an effect on the 

mutual funds or unit investment trusts 

themselves. The SEC, for example, is the 

primary Federal regulator of investment 

companies and investment advisers, and 

the agency has advised OGE that its 

employees must address a variety of 

issues, through rulemaking and other 

Commission action, such as oversight of 

mutual fund fees and expenses, 

brokerage arrangements, valuation and 

pricing, management conflicts of 

interest, structural changes to the boards 

to address independence, etc. Similarly, 

some employees of the Internal Revenue 

Service may participate in certain 

taxation issues affecting regulated 

investment companies, such as the tax 

treatment of certain expenses and 

dividends. Difficult questions have 

arisen concerning whether the 

participation in such matters is even 

covered by 18 U.S.C. 208. In some cases, 

for example, it may be difficult to 

determine when such policy matters 

have a direct and predictable effect on 

the employee’s financial interest in a 

particular investment fund. In some 

cases, moreover, employees may not 

have understood adequately the limits 

of existing OGE exemptions, which do 

not actually cover any financial interests 

other than those arising from the effect 

of Government action on the underlying 

holdings of funds. Given the popularity 

of investment funds—the SEC, for 

example, has advised OGE that, along 

with 48.1% of all American households 

who are invested in mutual funds 

directly or indirectly (see the 

Investment Company Institute (ICI) 2005 

Investment Company Fact Book, Part I, 

Section 4, available online at http:// 

www.ici.org), a significant percentage of 

SEC employees own mutual fund 

shares—it is especially important to 

dispel any uncertainty concerning the 

application of section 208 to such 

interests. 

Therefore, OGE is promulgating a new 

exemption, by adding a paragraph (d) to 

§ 2640.201 of 5 CFR, that covers 

interests in mutual funds and unit 

investment trusts other than interests 

arising from the holdings of such 

vehicles. As this action is intended, in 

part, to clarify the application of section 

208 to such interests, the promulgation 

of this exemption should not be 

construed as an indication that any 

particular activity in which an 

employee might have participated in the 

past necessarily should be viewed as a 

violation of section 208. Moreover, it is 

also important to remember that 

interests arising from the effect of 

Government matters on the underlying 

holdings of mutual funds and unit 

investment trusts will continue to be 

addressed by the other exemptions 

noted above. 

The new exemption is limited to 

particular matters of general 

applicability, as defined in 5 CFR 

2640.102(m). This would include, for 

example, rules and guidance documents 

that address all mutual funds or a class 

of investment companies. The 

exemption does not cover particular 

matters involving specific parties, as 

defined in 5 CFR 2640.102(l), such as 

cases or investigations focusing on a 

particular investment company. Where 

an employee would be called upon to 

participate in a particular matter 

involving specific parties, potential 

conflicts should be evaluated on a caseby-case basis and may be resolved, as 

appropriate, through recusal, 

divestiture, or an individual waiver 

under 18 U.S.C. 208(b). 

The limitation to matters of general 

applicability is an important part of the 

justification for this exemption. As in 

other areas, OGE has determined that 

the potential for financial interests in 

this area to affect the integrity of an 

employee’s services is limited when the 

particular matter affects an entire 

industry or class of entities, rather than 

focusing on the interests and rights of a 

particular company or other party. See 

generally 60 FR 47210 (‘‘The regulation 

generally contains more expansive 

exemptions for participation in ‘matters 

of general applicability not involving 

specific parties’ because it is less likely 

that an employee’s integrity would be 

compromised by concern for his own 

financial interests when participating in 

these broader matters.’’). The exemption 

thus would not cover those particular 

Federal Register / Vol. 70, No. 218 / Monday, November 14, 2005 / Rules and Regulations 69043 

matters that may be thought to pose the 

most acute potential for conflict, such as 

a proceeding with respect to a specific 

fund in which the employee has 

invested. Moreover, from discussions 

with various agencies, OGE has 

concluded that the impact of rules and 

other matters of general applicability on 

an employee’s financial interest in a 

particular investment company is not 

likely to be so significant as to call into 

question the employee’s integrity: As 

mentioned above, the value of an 

investor’s interest in a fund is more 

directly a function of the performance of 

the underlying holdings rather than the 

effect of Government regulations on the 

management of the fund. Additionally, 

any such interests are so widely shared 

among the American public that 

employees certainly would not have a 

peculiar stake in such matters. 

This interim rule is being published 

after obtaining the concurrence of the 

Department of Justice pursuant to 

section 201(c) of Executive Order 12674. 

Also, as provided in section 402 of the 

Ethics in Government Act of 1978, as 

amended, 5 U.S.C. appendix, section 

402, OGE has consulted with both the 

Department of Justice (as additionally 

required under 18 U.S.C. 208(d)(2)) and 

the Office of Personnel Management on 

this rule. 

Matters of Regulatory Procedure 

Administrative Procedure Act 

Pursuant to 5 U.S.C. 553 (b) and (d), 

as General Counsel of the Office of 

Government Ethics, I find that good 

cause exists for waiving the general 

requirements of notice of proposed 

rulemaking, opportunity for public 

comments, and 30-day delayed effective 

date for this interim rule amendment, 

and additionally that the 30-day delayed 

effective date does not apply because 

the rule grants or recognizes an 

exemption or relieves a restriction. 

These requirements are being waived 

because this rulemaking grants a new 

exemption under the applicable conflict 

of interest law, 18 U.S.C. 208. Moreover, 

delay in issuance of the rule would be 

contrary to the public interest because 

the interim rule clarifies the permissible 

limits of employees’ official actions 

when certain of their financial interests 

may be affected, in view of questions of 

the type discussed above concerning the 

application of 18 U.S.C. 208 to 

employee participation in certain 

matters affecting mutual funds and unit 

investment trusts. Nonetheless, 

interested persons are invited to submit 

written comments to OGE on this 

interim rule, to be received on or before 

December 14, 2005. The Office of 

Government Ethics will review all 

comments received and consider any 

modifications to this rule which appear 

warranted before adopting the final rule 

on this matter. 

Regulatory Flexibility Act 

As General Counsel of the Office of 

Government Ethics, I certify under the 

Regulatory Flexibility Act (5 U.S.C. 

chapter 6) that this interim rule will not 

have a significant economic impact on 

a substantial number of small entities 

because it primarily affects Federal 

executive branch employees. 

Paperwork Reduction Act 

The Paperwork Reduction Act (44 

U.S.C. chapter 35) does not apply 

because this interim regulation does not 

contain information collection 

requirements that require approval of 

the Office of Management and Budget. 

Unfunded Mandates Reform Act 

For purposes of the Unfunded 

Mandates Reform Act of 1995 (2 U.S.C. 

chapter 25, subchapter II), this interim 

final rule will not significantly or 

uniquely affect small governments and 

will not result in increased expenditures 

by State, local, and tribal governments, 

in the aggregate, or by the private sector, 

of $100 million or more (as adjusted for 

inflation) in any one year. 

Congressional Review Act 

The Office of Government Ethics has 

determined that this interim rulemaking 

involves a nonmajor rule under the 

Congressional Review Act (5 U.S.C. 

chapter 8) and will submit a report 

thereon to the U.S. Senate, House of 

Representatives and General Accounting 

Office in accordance with that law at the 

same time this rulemaking document is 

sent to the Office of the Federal Register 

for publication in the Federal Register. 

Executive Order 12866 

In promulgating this interim rule 

amendment, the Office of Government 

Ethics has adhered to the regulatory 

philosophy and the applicable 

principles of regulation set forth in 

section 1 of Executive Order 12866, 

Regulatory Planning and Review. This 

interim rule has also been reviewed by 

the Office of Management and Budget 

under that Executive order. Moreover, 

in accordance with section 6(a)(3)(B) of 

E.O. 12866, the preamble to this interim 

amendment notes the legal basis and 

benefits of, as well as the need for, the 

regulatory action. There should be no 

appreciable increase in costs to OGE or 

the executive branch of the Federal 

Government in administering this 

amended regulation, since it only adds 

to OGE’s financial interests regulation a 

new regulatory exemption affecting 

certain matters of general applicability. 

Finally, this rulemaking is not 

economically significant under the 

Executive order and will not interfere 

with State, local or tribal governments. 

Executive Order 12988 

As General Counsel of the Office of 

Government Ethics, I have reviewed this 

interim amendatory regulation in light 

of section 3 of Executive Order 12988, 

Civil Justice Reform, and certify that it 

meets the applicable standards provided 

therein. 

List of Subjects in 5 CFR Part 2640 

Conflict of interests, Government 

employees. 

Approved: November 7, 2005. 

Marilyn L. Glynn, 

General Counsel, Office of Government 

Ethics. 

■ Accordingly, for the reasons set forth 

in the preamble, the Office of 

Government Ethics is amending 5 CFR 

part 2640 as follows: 

PART 2640—INTERPRETATION, 

EXEMPTIONS AND WAIVER 

GUIDANCE CONCERNING 18 U.S.C. 

208 (ACTS AFFECTING A PERSONAL 

FINANCIAL INTEREST) 

■ 1. The authority citation for part 2640 

continues to read as follows: 

Authority: 5 U.S.C. App. (Ethics in 

Government Act of 1978); 18 U.S.C. 208; E.O. 

12674, 54 FR 15159, 3 CFR, 1989 Comp., p. 

215, as modified by E.O. 12731, 55 FR 42547, 

3 CFR, 1990 Comp., p. 306. 

Subpart B—Exemptions Pursuant to 18 

U.S.C. 208(b)(2) 

■ 2. Section 2640.201 is amended by 

adding a new paragraph (d) to read as 

follows: 

§ 2640.201 Exemptions for interests in 

mutual funds, unit investments trusts, and 

employee benefit plans. 

* * * * * 

(d) Matters affecting mutual funds 

and unit investment trusts. In addition 

to participation in the particular matters 

affecting the holdings of mutual funds 

and unit investment trusts as permitted 

under paragraphs (a) and (b) of this 

section, an employee may participate in 

any particular matter of general 

applicability affecting a mutual fund or 

unit investment trust where the 

disqualifying financial interest arises 

because of the ownership of an interest 

69044 Federal Register / Vol. 70, No. 218 / Monday, November 14, 2005 / Rules and Regulations 

1The primary, secondary, and seasonal credit 

rates described in this section apply to both 

advances and discounts made under the primary, secondary, and seasonal credit programs, 

respectively. 

in the mutual fund or unit investment 

trust. 

[FR Doc. 05–22476 Filed 11–10–05; 8:45 am] 

BILLING CODE 6345–01–P 

FEDERAL RESERVE SYSTEM 

12 CFR Part 201 

[Regulation A] 

Extensions of Credit by Federal 

Reserve Banks 

AGENCY: Board of Governors of the 

Federal Reserve System. 

ACTION: Final rule. 

SUMMARY: The Board of Governors of the 

Federal Reserve System (Board) has 

adopted final amendments to its 

Regulation A to reflect the Board’s 

approval of an increase in the primary 

credit rate at each Federal Reserve Bank. 

The secondary credit rate at each 

Reserve Bank automatically increased 

by formula as a result of the Board’s 

primary credit rate action. 

DATES: The amendments in this final 

rule are effective November 14, 2005. 

The rate changes for primary and 

secondary credit were effective on the 

dates specified in 12 CFR 201.51, as 

amended. 

FOR FURTHER INFORMATION CONTACT: 

Jennifer J. Johnson, Secretary of the 

Board (202/452–3259); for users of 

Telecommunication Devices for the Deaf 

(TDD) only, contact 202/263–4869. 

SUPPLEMENTARY INFORMATION: The 

Federal Reserve Banks make primary 

and secondary credit available to 

depository institutions as a backup 

source of funding on a short-term basis, 

usually overnight. The primary and 

secondary credit rates are the interest 

rates that the twelve Federal Reserve 

Banks charge for extensions of credit 

under these programs. In accordance 

with the Federal Reserve Act, the 

primary and secondary credit rates are 

established by the boards of directors of 

the Federal Reserve Banks, subject to 

the review and determination of the 

Board. 

The Board approved requests by the 

Reserve Banks to increase by 25 basis 

points the primary credit rate in effect 

at each of the twelve Federal Reserve 

Banks, thereby increasing from 4.75 

percent to 5.00 percent the rate that 

each Reserve Bank charges for 

extensions of primary credit. As a result 

of the Board’s action on the primary 

credit rate, the rate that each Reserve 

Bank charges for extensions of 

secondary credit automatically 

increased from 5.25 percent to 5.50 

percent under the secondary credit rate 

formula. The final amendments to 

Regulation A reflect these rate changes. 

The 25-basis-point increase in the 

primary credit rate was associated with 

a similar increase in the target for the 

federal funds rate (from 3.75 percent to 

4.00 percent) approved by the Federal 

Open Market Committee (Committee) 

and announced at the same time. A 

press release announcing these actions 

indicated that: 

Elevated energy prices and hurricanerelated disruptions in economic activity have 

temporarily depressed output and 

employment. However, monetary policy 

accommodation, coupled with robust 

underlying growth in productivity, is 

providing ongoing support to economic 

activity that will likely be augmented by 

planned rebuilding in the hurricane-affected 

areas. The cumulative rise in energy and 

other costs has the potential to add to 

inflation pressures; however, core inflation 

has been relatively low in recent months and 

longer-term inflation expectations remain 

contained. 

The Committee perceives that, with 

appropriate monetary policy action, the 

upside and downside risks to the attainment 

of both sustainable growth and price stability 

should be kept roughly equal. With 

underlying inflation expected to be 

contained, the Committee believes that 

policy accommodation can be removed at a 

pace that is likely to be measured. 

Nonetheless, the Committee will respond to 

changes in economic prospects as needed to 

fulfill its obligation to maintain price 

stability. 

Regulatory Flexibility Act Certification 

Pursuant to the Regulatory Flexibility 

Act (5 U.S. C. 605(b)), the Board certifies 

that the new primary and secondary 

credit rates will not have a significantly 

adverse economic impact on a 

substantial number of small entities 

because the final rule does not impose 

any additional requirements on entities 

affected by the regulation. 

Administrative Procedure Act 

The Board did not follow the 

provisions of 5 U.S.C. 553(b) relating to 

notice and public participation in 

connection with the adoption of these 

amendments because the Board for good 

cause determined that delaying 

implementation of the new primary and 

secondary credit rates in order to allow 

notice and public comment would be 

unnecessary and contrary to the public 

interest in fostering price stability and 

sustainable economic growth. For these 

same reasons, the Board also has not 

provided 30 days prior notice of the 

effective date of the rule under section 

553(d). 

12 CFR Chapter II 

List of Subjects in 12 CFR Part 201 

Banks, Banking, Federal Reserve 

System, Reporting and recordkeeping. 

Authority and Issuance 

■ For the reasons set forth in the 

preamble, the Board is amending 12 

CFR Chapter II to read as follows: 

PART 201—EXTENSIONS OF CREDIT 

BY FEDERAL RESERVE BANKS 

(REGULATION A) 

■ 1. The authority citation for part 201 

continues to read as follows: 

Authority: 12 U.S.C. 248(i)–(j), 343 et seq., 

347a, 347b, 347c, 348 et seq., 357, 374, 374a, 

and 461. 

■ 2. In § 201.51, paragraphs (a) and (b) 

are revised to read as follows: 

§ 201.51 Interest rates applicable to credit 

extended by a Federal Reserve Bank.1

(a) Primary credit. The interest rates 

for primary credit provided to 

depository institutions under § 201.4(a) 

are: 

Federal Reserve Bank Rate Effective 

Boston ............................................................................................................................................................ 5.00 November 1, 2005. 

New York ....................................................................................................................................................... 5.00 November 1, 2005. 

Philadelphia .................................................................................................................................................... 5.00 November 1, 2005. 

Cleveland ....................................................................................................................................................... 5.00 November 1, 2005. 

Richmond ....................................................................................................................................................... 5.00 November 1, 2005. 

Atlanta ............................................................................................................................................................ 5.00 November 1, 2005. 

Chicago .......................................................................................................................................................... 5.00 November 1, 2005. 

St. Louis ......................................................................................................................................................... 5.00 November 2, 2005.