Federal Register / Vol. 60, No. 248 / Wednesday, December 27, 1995 / Notices 67011

and maximizing the efficient use of their

resources. The delay and expense

involved in having repeatedly to seek

exemptive relief would reduce

Applicants’ ability effectively to take

advantage of business opportunities as

they arise.

Applicants further submit that the

requested relief is consistent with the

purposes of the 1940 Act and the

protection of investors for the same

reasons. Applicants thus assert that the

requested exemptions are appropriate in

the public interest and consistent with

the protection of investors and the

purposes fairly intended by the policy

and provisions of the 1940 Act.

Conclusion

For the reasons set forth above,

Applicants represent that the

exemptions requested are necessary and

appropriate in the public interest and

consistent with the protection of

investors and the purposes fairly

intended by the policy and provisions of

the 1940 Act.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. NcFarland,

Deputy Secretary.

[FR Doc. 95–31264 Filed 12–26–95; 8:45 am]

BILLING CODE 8010–01–M

[Investment Company Act Release No.

21609; 812–9686]

Stein Roe Income Trust, et al.; Notice

of Application

December 19, 1995.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of Application for

Exemption under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANTS: Stein Roe Income Trust,

Stein Roe Investment Trust, Stein Roe

Municipal Trust, and SR&F Base Trust

(collectively, the ‘‘Trusts’’), and Stein

Roe & Farnhman Incorporated (the

‘‘Adviser’’).

RELEVANT ACT SECTIONS: Order under

section 6(c) of the Act for an exemption

from sections 12(d)(1), 18(f), and 21(b)

of the Act, under sections 6(c) and 17(b)

for an exemption from sections 17(a)(1)

and 17(a)(3) of the Act, and under

section 17(d) of the Act and rule 17d–

1 thereunder to permit certain joint

arrangements.

SUMMARY OF APPLICATION: Applicants

request an order that would permit the

Trusts to borrow money from each other

through a credit facility.

FILING DATES: The application was filed

on July 25, 1995 and amended on

November 8, 1995.

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 applicant with a

copy of the request, personally or by

mail. Hearing requests should be

received by the SEC by 5:30 p.m. on

January 16, 1996, and should be

accompanied by proof of service on the

applicant, 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 reason for the

request, and the issues contested.

Persons may request notification of a

hearing by writing to the SEC’s

Secretary.

ADDRESSES: Secretary, SEC, 450 Fifth

Street, N.W., Washington, D.C. 20549.

Applicants: One South Wacker Drive,

Chicago, IL 60606.

FOR FURTHER INFORMATION CONTACT:

Marianne H. Khawly, Staff Attorney, at

(202) 942–0562, or Robert A. Robertson,

Branch Chief, 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. Stein Roe Income Trust, Stein Roe

Investment Trust, and Stein Roe

Municipal Trust are organized as

Massachusetts business trusts. SR&F

Base Trust is organized as a

Massachusetts common law trust. Each

Trust has multiple series. Each Trust

has entered into an investment advisory

agreement with the Adviser with respect

to each existing series. The Adviser is a

wholly-owned indirect subsidiary of

Liberty Financial Companies, Inc.,

which is a majority owned indirect

subsidiary of Liberty Mutual Insurance

Company. Applicants request that any

relief also apply to any registered openend investment companies established

or acquired in the future, for which the

Adviser or a company controlling,

controlled by, or under common control

with the Adviser, acts as investment

adviser, (the ‘‘Future Funds,’’ and

together with the existing series, the

‘‘Funds’’).

2. The Trusts have entered into a loan

agreement with their custodian, State

Street Bank and Trust Company (‘‘State

Street’’) under which State Street may,

but is not obligated to, lend money to

the Trusts for temporary or emergency

purposes. The maximum aggregate

credit available under the agreement is

$75 million. The Trusts seek to reduce

the middleman function of banks by

entering into a master loan agreement

with each other (the ‘‘Credit Facility’’)

that would permit the Funds to lend

money directly to, and to borrow from,

each other to meet the temporary

borrowing needs of the borrowing

Funds (the ‘‘Interfund Loans’’). The

form of master loan agreement attached

to the application is referred to as the

‘‘Interfund Loan Agreement.’’

3. The Credit Facility is intended to

reduce substantially the Funds’

borrowing costs and to enhance the

ability of the Funds to earn higher rates

of interest on their short-term lendings.

Although the Credit Facility would

substantially reduce the Funds’ reliance

on bank credit arrangements, the Trusts

would continue to maintain existing

loan agreements and to borrow money

from banks. The terms and conditions of

the loan agreement with State Street

would serve as a guideline for making

Interfund Loans.

4. The Credit Facility is likely to

provide the Funds with significant

savings at times when the cash position

of a Fund is insufficient to meet

temporary cash requirements. This

situation generally arises when

shareholder redemptions exceed

anticipated volumes and the Funds have

insufficient cash on hand to satisfy such

redemptions. When the Funds liquidate

portfolio securities to meet redemption

requests, they often do not receive

payment in settlement for up to seven

days. However, shareholder redemption

requests are normally effected

immediately. Therefore, the Funds need

a source of immediate, short-term

liquidity pending settlement of the sale

of portfolio securities.

5. While bank borrowings will

continue to be available to supply such

liquidity, the rates charged under the

Credit Facility would be below those

offered by State Street on short-terms

loans. Likewise, Funds making cash

loans to other Funds would earn interest

at a rate higher than they otherwise

could obtain from investing their cash

in short-term repurchase agreements.

Thus, the Credit Facility would benefit

both those Funds that are borrowers and

those Funds that are lenders.

6. The interest rate to be charged on

Interfund Loans (the ‘‘Interfund Rate’’)

would be determined daily and would

be the mean of (a) the ‘‘Repro Rate,’’ as

defined below, and (b) the ‘‘Bank Loan

Rate,’’ as defined below. The Repro Rate

on any day would be the highest interest
67012 Federal Register / Vol. 60, No. 248 / Wednesday, December 27, 1995 / Notices

rate available to the Funds from

investment in overnight repurchase

agreements. The Bank Loan Rate for any

day would be calculated according to a

formula established by the board of each

Trust to approximate the lowest interest

rate at which bank loans are available to

the Funds. The formula would be based

upon a publicly available rate (e.g.,

Federal Funds plus 75 basis points) and

would vary with this rate so as to reflect

changing bank loan rates. The Adviser

would administer the Credit Facility as

part of its duties under its agreement

with each Fund and would receive no

additional compensation for its services.

The Adviser will make cash available to

borrowing Funds only if the Interfund

Loan Rate is more favorable to the

lending Fund than the Repo Rate and

more favorable to the borrowing Fund

than the Bank Loan Rate.

7. No Fund would be permitted to

participate in the Credit Facility unless:

(a) the Fund had fully disclosed all

material information concerning the

Credit Facility in its prospectus and/or

statement of additional information; and

(b) the Fund’s participation in the Credit

Facility was consistent with its

investment objective, fundamental

limitations and the Trust’s declaration

of trust.

Applicant’s Legal Analysis

1. Applicants request an order under

section 6(c) of the Act for an exemption

from sections 12(d)(1), 18(f), and 21(b)

of the Act, under sections 6(c) and 17(b)

of the Act for an exemption from

sections 17(a)(1) and 17(a)(3) of the Act,

and under section 17(d) of the Act and

rule 17d–1 thereunder to permit certain

joint arrangements. The requested order

would permit the Funds to borrow from

and lend to each other through the

Credit Facility.

2. Applicants believe that, for the

reasons discussed below, the requested

order meets the standards set forth in

sections 6(c) and 17(b) and rule 17d–1.

Section 6(c) provides, in relevant part,

that the SEC may by order exempt any

person or class of persons from any

provision of the Act or from any rule

thereunder, if such exemption is

necessary or appropriate in the public

interest, consistent with the protection

of investors, and consistent with the

purposes fairly intended by the policy

and provisions of the Act. Section 17(b)

authorizes the SEC to exempt a

proposed transaction from section 17(a)

if evidence establishes that the terms of

the transaction, including the

consideration to be paid or received, are

reasonable and fair and do not involve

overreaching on the part of any person

concerned, the transaction is consistent

with the polices of the registered

investment company, and the general

purposes of the Act. Rule 17d–1

provides that in passing upon

applications for exemptive relief from

section 17(d), the SEC will consider

whether the participation of a registered

or controlled company in a joint

enterprise or joint arrangement is

consistent with the provisions, policies,

and purposes of the Act and to the

extent to which such participation is on

a basis different from or less

advantageous than that of other

participants.

3. Section 17(a)(3) generally prohibits

an affiliated person of a registered

investment company from borrowing

money or other property from such

investment company. Section 2(a)(3)(C)

defines ‘‘affiliated person’’ of another

person to be any person directly or

indirectly controlling, controlled by, or

under common control with, such other

person. Section 21(b) generally prohibits

any registered investment company

from lending money or other property to

any person if that person controls or is

under common control with that

company. The Adviser is the investment

adviser of each Fund and the trustees

and principal officers of each Trust are

substantially identical. In view of the

overlap of trustees and officers among

the Trusts, the Trusts might be deemed

to be under common control and thus

affiliated persons of each other.

4. Sections 17(a)(3) and 21(b) were

intended to prevent a party with strong

potential adverse interests and influence

over the investment decisions of a

registered investment company from

causing or inducing the investment

company to engage in lending

transactions that are detrimental to the

best interests of the investment

company and its shareholders.

Applicants believe that proposed

transactions do not raise such concerns

because: (a) The Adviser would

administer the program as a

disinterested fiduciary; (b) all Interfund

Loans would consist only of uninvested

cash reserves that the Fund otherwise

would invest in short-term repurchase

agreements or comparable short-term

instruments; (c) the Interfund Loans

would not involve a significantly greater

risk than such other investments; (d) the

lending Fund would receive interest at

a higher rate than it could obtain

through such other investments; and (e)

the borrowing Fund would pay interest

at a rate lower than would otherwise the

available to it under its bank loan

agreements. Moreover, the proposed

conditions would effectively preclude

the possibility of any undue advantage.

5. Section 17(a)(1) generally prohibits

and affiliated person of a registered

investment company from selling any

security to such registered investment

company. Section 12(d)(1) prohibits

registered investment companies from

purchasing or otherwise acquiring any

security issued by any other investment

company except in accordance with

certain limitations. The Credit Facility

may be deemed to involve the sale of a

‘‘security’’ by a borrowing Fund to a

Lending Fund. Applicants believe that

the Credit Facility would not involve

the type of abuses at which these

sections were directed. In this case, the

purpose of the Credit Facility is to

provide economic benefits for all

participating Funds. In addition, there

would be no duplicative costs to the

Funds or their shareholders.

Accordingly, applicants submit that, for

the reasons discussed above, the

requested order meets the standards set

forth in sections 6(c) and 17(b).

6. Section 17(d) generally prohibits

any affiliated person of a registered

investment company, or affiliated

person of such a person, when acting as

principal, from effecting any transaction

in which the investment company is a

joint or a joint and several participant.

The Credit Facility may be deemed to

involve a joint enterprise between or

among affiliated persons. Applicants

believe, however, that the interfund

lending program meets the standards of

rule 17d–1 because it does not involve

any potential that one Fund might

receive a preferential rate to the

disadvantage of another Fund. Under

the Credit Facility, the Funds would

neither negotiate interest rates between

themselves, nor would the Adviser set

the rates in its discretion. Rather, rates

would be set pursuant to a preestablished formula, approved by the

trustees, which would be the function of

the current rates quoted by an

independent third-party for short-term

borrowings and for short-term

repurchase agreements. All Funds

participating in the Credit Facility on

any given day would receive the same

rate.

7. Section 18(f)(1) prohibits registers

open-end investment companies from

issuing senior securities except that any

such registered investment company

shall be permitted to borrow from any

bank, provided that, immediately after

such borrowing there is an asset

coverage of at least 300% for all

borrowings of such registered company.

Applicants request relief from the

section to allow a fund to borrow from

other Funds in amounts, as measured on

the day when the most recent loan was

made, not to exceed 125% of the
Federal Register / Vol. 60, No. 248 / Wednesday, December 27, 1995 / Notices 67013

borrowing Fund’s net cash redemptions

for the preceding seven calendar days.

Because applicants would be subject to

all of the proposed conditions,

including the percentage and collateral

limitations on interfund borrowings,

they believe that the Credit Facility

would not involve the type of abuses

that the section was intended to

prevent. Applicants, therefore, believe

that the requested exemption from

section 18(f)(1) meets the standards of

section 6(c).

Applicants’ Conditions

Applicants agree that the order

granting the requested relief will be

subject to the following conditions:

1. The interest rates to be charged to

the Funds under the Credit Facility will

be the average of the Repo Rate and the

Bank Loan Rate.

2. The Adviser on each business day

will compare the Bank Loan Rate with

the Repo Rate and will make cash

available for Interfund Loans only if the

interfund rate is (a) more favorable to

the lending Fund than the Repo Rate

and (b) more favorable to the borrowing

Fund than the Bank Loan Rate.

3. If a Fund has outstanding

borrowings, any Interfund Loans to the

Fund: (a) will be at an interest rate equal

to or lower than any outstanding bank

loan; (b) will be secured at least on an

equal priority basis with at least an

equivalent percentage of collateral to

loan value as any outstanding bank loan

that requires collateral; (c) will have a

maturity no longer than any outstanding

bank loan (and in no event over seven

days); and (d) will provide that, if an

event of default by the Fund occurs

under any agreement evidencing an

outstanding bank loan to the Fund, that

event of default will automatically

(without need for action or notice by the

lending Fund) constitute an immediate

event of default under the Interfund

Loan Agreement entitling the lending

Fund to call the Interfund Loan (and

exercise all rights with respect to any

collateral) and that such call will be

made if the lending bank exercises its

right to call its loan under its agreement

with the Fund.

4. A Fund may make an unsecured

borrowing through the Credit Facility if

its outstanding borrowings from all

sources immediately after the borrowing

total less than 10% of its total assets,

provided that if a Fund has a secured

loan outstanding from any lender,

including but not limited to another

fund, the Fund’s interfund borrowing

will be secured on at least an equal

priority basis with at least an equivalent

percentage of collateral to loan value as

any outstanding loan that requires

collateral. If a Fund’s total outstanding

borrowings immediately after an

interfund borrowing would be greater

than 10% of its total assets, the Fund

may borrow through the Credit Facility

only on a secured basis. A Fund could

not borrow through the Credit Facility if

its total outstanding borrowings

immediately after the interfund

borrowing would be more than 331⁄3%

of its total assets.

5. Before any Fund that has

outstanding interfund borrowings may,

through additional borrowings, cause its

outstanding borrowings from all sources

to exceed 10% of its total assets, the

Fund must first secure each outstanding

Interfund Loan by the pledge of

segregated collateral with a market

value at least equal to 102% of the

outstanding principal value of the loan.

If the total outstanding borrowings of a

Fund with outstanding Interfund Loans

exceeds 10% of its total assets for any

other reason (such as decline in net

asset value or because of shareholder

redemptions), the Fund will within one

business day thereafter: (a) Repay all its

outstanding interfund loans; (b) reduce

its outstanding indebtedness to 10% or

less of its total assets; or (c) secure each

outstanding Interfund Loan by the

pledge of segregated collateral with a

market value at least equal to 102% of

the outstanding principal value of the

loan until the Fund’s total outstanding

borrowings cease to exceed 10% of its

total assets, at which time the collateral

called for by this condition 5 shall no

longer be required. Until each Interfund

Loan that is outstanding at any time that

a Fund’s total outstanding borrowings

exceeds 10% is repaid or the Fund’s

total outstanding borrowings cease to

exceed 10% of its total assets, the Fund

will mark the value of the collateral to

market each day and will pledge such

additional collateral as is necessary to

maintain the market value of the

collateral that secures each outstanding

Interfund Loan at least equal to 102% of

the outstanding principal value of the

interfund loan.

6. No equity, taxable bond, or money

market Fund may loan funds through

the Credit Facility if the loan would

cause its aggregate outstanding loans

through the Credit Facility to exceed

5%, 7.5%, or 10%, respectively, of its

net assets at the time of the loan.

7. A Fund’s Interfund Loans to any

one Fund shall not exceed 5% of the

lending Fund’s net assets.

8. The duration of Interfund Loans

will be limited to the time required to

receive payment for securities sold, but

in no event more than seven days. Loans

effected within seven days of each other

will be treated as separate loan

transactions for purposes of this

condition.

9. A Fund’s borrowings through the

Credit Facility, as measured on the day

the most recent Interfund Loan was

made to the Fund, will not exceed 125%

of the Fund’s total net cash redemptions

for the preceding seven calendar days.

10. Each Interfund Loan may be called

on one business days’ notice by the

lending Fund and may be repaid on any

day by the borrowing Fund.

11. A Fund’s participation in the

Credit Facility must be consistent with

its investment policies and limitations

in the Trust’s Declaration of trust.

12. The Adviser will calculate total

Fund borrowing and lending demand

through the Credit Facility, and allocate

Interfund Loans on an equitable basis

among Funds, without the intervention

of the portfolio manager of any Fund.

The Adviser will not solicit cash for the

Credit Facility from any Fund or

prospectively publish or disseminate

loan demand data to portfolio managers.

The Adviser will invest amounts

remaining after satisfaction of borrowing

demand in accordance with standing

instructions from portfolio managers or

return remaining amounts for

investment directly by the portfolio

managers of the money market Funds.

13. The Adviser will monitor the

interest rates charged and the other

terms and conditions of the Interfund

Loans and will make a quarterly report

to the boards of trustees of the Trusts

concerning their participation in the

Credit Facility and the terms and other

conditions of any extensions of credit

thereunder.

14. Each Fund’s board of trustees,

including a majority of the independent

trustees: (a) Will review no less

frequently than quarterly the Fund’s

participation in the Credit Facility

during the preceding quarter for

compliance with the conditions of any

order permitting such transactions; (b)

will establish the Bank Loan Rate

formula used to determine the interest

rate on interfund loans, and review no

less frequently than annually the

continuing appropriateness of such

Bank Loan Rate formula; and (c) will

review no less frequently than annually

the continuing appropriateness of the

Fund’s participation in the Credit

Facility.

15. In the event an Interfund Loan is

not paid according to its terms and such

default is not cured within two business

days from its maturity or from the time

the lending Fund makes a demand for

payment under the provisions of the

Interfund Loan agreement, the Adviser

will promptly refer such loan for

arbitration to an independent arbitrator
67014 Federal Register / Vol. 60, No. 248 / Wednesday, December 27, 1995 / Notices

selected by the board of any Trust

involved in the loan who will serve as

arbitrator of disputes concerning

Interfund Loans. The arbitrator will

resolve any problem promptly, and the

arbitrator’s decision will be binding on

both Funds. The arbitrator will submit,

at least annually, a written report to the

boards setting forth a description of the

nature of any dispute and the actions

taken by the Funds to resolve the

dispute.

16. Each Fund will maintain and

preserve for a period of not less than six

years from the end of the fiscal year in

which any transaction of it under the

Credit Facility occurred, the first two

years in an easily accessible place,

written records of all such transactions

setting forth a description of the terms

of the transaction, including the

amount, the maturity, and the rate of

interest available at the time on shortterm repurchase agreements and

commercial bank borrowings, and such

other information presented to the

Trust’s board of trustees in connection

with the review required by conditions

13 and 14.

17. The Adviser will prepare and

submit to the boards for review an

initial special report on the ‘‘Design of

a System’’ with respect to the operations

of the Credit Facility prior to the facility

commencing operations, including a

report thereon of its independent public

accountants. A test program of modest

duration involving actual transactions

may be conducted prior to submission

of the initial report to the boards. An

appropriate single Trust which next

files its Form N–SAR after board review

of the initial report will file the report

with its Form N–SAR, and the other

Trusts will incorporate the report by

reference in their next N–SAR filings.

Thereafter, an annual report on the

‘‘Design of the System and Certain

Compliance Tests’’ with respect to the

accounting control procedures for the

Credit Facility which includes an

opinion of the independent public

accountants will be filed for two years

(measured from the commencement of

the Credit Facility subsequent to the test

program) with the Form N–SAR of an

appropriate single Trust which next

files its Form N–SAR, and the other

Trusts will incorporate each such

annual report by reference in their next

subsequent Form N–SAR filings.

The initial ‘‘Design’’ report and the

annual ‘‘Design and Compliance Tests’’

report will each be prepared in

accordance with the requirements of

Statement of Auditing Standards No. 70

(‘‘SAS 70’’) as it may be amended or

pursuant to similar auditing standards

as may be adopted by the American

Institute of Certified Public Accountants

from time to time, including reports of

independent accountants thereon. Each

SAS 70 report will include a description

of the Adviser’s principal procedures

used to monitor compliance with the

conditions to any order concerning the

application. The principal procedures

will include, at a minimum, procedures

that are designed to achieve the

following objectives: (a) The Interfund

Rate being higher than the Repo Rate

but lower than the Bank Loan Rate; (b)

the Funds’ compliance with the

Interfund Loan collateral requirements;

(c) the Funds’ compliance with the

percentage limitations on interfund

borrowing and lending; (d) the Funds’

allocation of interfund borrowing and

lending demand in accordance with

procedures established by the Funds’

boards of trustees; and (e) if a Fund, at

the time of its borrowing from another

Fund, also has outstanding third-party

borrowings, the interest rate on such

interfund borrowings not exceed the

interest rate on third-party borrowings.

After the final annual SAS 70 report,

compliance with the conditions to any

order issued concerning the application

will be considered by the external

auditors as part of their internal

accounting control procedures,

performed in connection with Fund

audit examinations, which form the

basis, in part, of the auditors’ report on

internal accounting controls in Form N–

SAR.

For the SEC, by the Division of Investment

Management, under delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–31265 Filed 12–26–95; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Federal Highway Administration

Draft Environmental Impact Statement/

Section 4(f)/106 Evaluation; Athens

County, OH

AGENCY: Federal Highway

Administration (FHWA), DOT.

ACTION: Notice of availability.

SUMMARY: The FHWA is issuing this

notice to announce the availability of a

Draft Environmental Impact Statement/

Section 4(f)/106 Evaluation on the

proposed upgrading and relocation of

existing U.S. Route 50 between the City

of Athens and the Village of Coolville

from a two-lane highway to a controlled

access, four-lane highway. The

approximate length of the improvement

is 25.7 km (16 miles). The proposed

project would complete an unfinished

segment of the Appalachian Highway.

Comments are due February 5, 1996.

FOR FURTHER INFORMATION CONTACT:

William C. Jones, Division

Administrator, Federal Highway

Administration, 200 North High Street,

Room 328, Columbus, Ohio 43215,

Telephone: (614) 469–6896.

SUPPLEMENTARY INFORMATION: Pursuant

to the National Environmental Policy

Act of 1969 and in accordance with the

Council on Environmental Quality

Regulations, 40 CFR (Sec. 1506.9) for

implementing the Act, the Federal

Highway Administration submitted to

the U.S. Environmental Protection

Agency, Office of Federal Activities the

necessary information for the

publication of a Notice of Availability

for the Athens U.S. 50 Draft

Environmental Impact Statement/

Section 4(f)/106 Evaluation in the

December 22, 1995, Federal Register

which would establish a 45 day review

period. Due to circumstances beyond

FHWA’s control, the Notice of

Availability was not submitted to the

Federal Register for publication on

December 22, 1995. This notice is to

document that the DEIS/Section 4(f)/106

Evaluation has been made available on/

or prior to December 22, 1995, to the

involved Federal and the State of Ohio

permitting and resource agencies and to

the public through individual mailings,

State of Ohio legal notices published in

local newspapers, and through the State

Clearinghouse. All of the foregoing

notices established the expiration date

of the review period as February 5,

1996, which is based upon an 45 day

review period commencing on

December 22, 1995.

The FHWA will initiate coordination

with the U.S. EPA Office of Federal

Activities, pursuant to 40 CFR (Sec.

1506.10(d)) to reduce the prescribed 45

day availability period to coincide with

availability period as established

through other availability notices.

Issued on: December 20, 1995.

James J. Steele,

Assistant Division Administrator, Columbus/

[FR Doc. 95–31314 Filed 12–26–95; 8:45 am]

BILLING CODE 4910–22–P