Filings Under the Public Utility Holding Company Act of 1935, as Amended (“Act”), 50430-50431 [E5-4687]
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50430
Federal Register / Vol. 70, No. 165 / Friday, August 26, 2005 / Notices
Additional Information or Comments:
To request more information or to
obtain a copy of the information
collection justification, forms, and/or
supporting material, please call the RRB
Clearance Officer at (312) 751–3363 or
send an e-mail request to
Charles.Mierzwa@RRB.GOV. Comments
regarding the information collection
should be addressed to Ronald J.
Hodapp, Railroad Retirement Board, 844
North Rush Street, Chicago, Illinois
60611–2092 or send an e-mail to
Ronald.Hodapp@RRB.GOV. Written
comments should be received within 60
days of this notice.
Charles Mierzwa,
Clearance Officer.
[FR Doc. 05–16975 Filed 8–25–05; 8:45 am]
BILLING CODE 7905–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 35–28018]
Filings Under the Public Utility Holding
Company Act of 1935, as Amended
(‘‘Act’’)
August 22, 2005.
Notice is hereby given that the
following filing(s) has/have been made
with the Commission pursuant to
provisions of the Act and rules
promulgated under the Act. All
interested persons are referred to the
application(s) and/or declaration(s) for
complete statements of the proposed
transaction(s) summarized below. The
application(s) and/or declaration(s) and
any amendment(s) is/are available for
public inspection through the
Commission’s Branch of Public
Reference.
Interested persons wishing to
comment or request a hearing on the
application(s) and/or declaration(s)
should submit their views in writing by
September 16, 2005, to the Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–9303, and serve a copy on the
relevant applicant(s) and/or declarant(s)
at the address(es) specified below. Proof
of service (by affidavit or, in the case of
an attorney at law, by certificate) should
be filed with the request. Any request
for hearing should identify specifically
the issues of facts or law that are
disputed. A person who so requests will
be notified of any hearing, if ordered,
and will receive a copy of any notice or
order issued in the matter. After
September 16, 2005, the application(s)
and/or declaration(s), as filed or as
amended, may be granted and/or
permitted to become effective.
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16:18 Aug 25, 2005
Jkt 205001
Entergy Corporation, et al. (70–9123)
Entergy Corporation (‘‘Entergy’’), a
registered holding company, 639 Loyola
Avenue, New Orleans, LA 70113; and
Entergy’s current and future nonutility
companies (‘‘Applicants’’) have filed a
post-effective amendment
(‘‘Declaration’’) under sections 6(a), 7,
and 12(b) of the Act and rules 45, and
54 under the Act.
Applicants request a supplemental
order from the Commission for Entergy
and its existing and future nonutility
subsidiary companies to issue
guarantees and provide other forms of
credit support, as described below
(collectively, ‘‘Guarantees’’). The
Guarantees would be issued to or for the
benefit of Entergy’s nonutility
subsidiaries which are: (a) ‘‘New
Subsidiaries,’’ 1 (b) ‘‘exempt wholesale
generators’’ (‘‘EWGs’’) as defined in
Section 32(a) of the Act, (c) ‘‘foreign
utility companies’’ (‘‘FUCOs’’) as
defined in Section 33(2) of the Act,
(EWGs and FUCOs collectively referred
to as ‘‘Exempt Projects’’), (d) ‘‘exempt
telecommunication companies’’
(‘‘ETCs’’) as defined in Section 34(a) of
the Act, (e) other subsidiary companies
of Entergy (including ‘‘operating and
management companies organized for
the purpose of providing operations and
maintenance services, ‘‘O&M Subs’’)
and Entergy Power, Inc. (‘‘EPI’’), a
company that markets and sells its
electric generating capacity and energy
at wholesale, principally to nonassociate customers that are or may be
authorized or permitted by rule,
regulation or order of the Commission
under the Act to engage in other
businesses (‘‘Authorized Subsidiary
Companies’’),2 and (f) ‘‘energy-related
companies,’’ as defined in Rule 58
under the Act (‘‘Energy-related
Companies’’). New Subsidiaries, Exempt
Projects, ETCs, Energy-related
Companies and Authorized Subsidiary
1 New Subsidiaries are defined in the December
20, 2002 order (HCAR No. 27626) as direct or
indirect subsidiary companies of Entergy organized
(a) to engage in development activities and/or (b)
to hold, acquire and/or finance the acquisition of
one or more subsidiary companies of Entergy which
are (i) ‘‘exempt wholesale generators’’, (ii) ‘‘foreign
utility companies’’, (iii) ‘‘exempt
telecommunications companies’’, (iv) ‘‘energyrelated companies’’, (v) ‘‘Authorized Subsidiary
Companies’’, (vi) other ‘‘New Subsidiaries’’ and/or
(vii) Rule 58 Companies, as these terms are defined
in the order.
2 The Authorized Subsidiary Companies currently
include, but are not limited to, Entergy Enterprises,
Inc., EPI, Entergy Nuclear, Inc., Entergy Nuclear
Operations, Inc., Entergy Operations Services, Inc.,
Entergy Operations Services North Carolina, Inc.,
Entergy Global Power Operations Corporation and
Entergy Power Operations U.S., Inc.
PO 00000
Frm 00140
Fmt 4703
Sfmt 4703
Companies are collectively referred to as
Nonutility Companies.
In order to further facilitate the
development, acquisition and
ownership by Entergy of interests in
Exempt Projects and other Nonutility
Companies, as authorized or permitted
under the Act from time to time, to the
extent the transactions are not exempt
from the Act or otherwise authorized or
permitted by rule, regulation or order of
the Commission, Entergy and the
Nonutility Companies (exclusive of EPI)
request authority to issue Guarantees to
or for the benefit of Nonutility
Companies 3 from time to time through
February 8, 2006 (the ‘‘Authorization
Period’’), in an aggregate amount not to
exceed $3 billion at any one time
outstanding (including any Guarantees
previously issued and outstanding
under the prior order) 4 (the ‘‘Aggregate
Authorization’’). The amount of a
Guarantee shall not reduce the
Aggregate Authorization to the extent
that the provision of the Guarantee is
exempt from the Act or is otherwise
authorized or permitted by rule or
regulation of the Commission issued
under the Act.
Guarantees may take the form of
Entergy or a Nonutility Company
agreeing to guarantee, undertake
reimbursement obligations, assume
liabilities or other obligations in respect
of or act as surety on bonds, letters of
credit, evidences of indebtedness,
equity commitments, power purchase
agreements, leases, liquidated damages
provisions, and other obligations
undertaken by Entergy’s associate
Nonutility Companies. For example, the
associate companies may be called upon
to furnish various types of bonds as
security, including bid bonds,
performance bonds, and material and
payment bonds. Guarantees may also be
necessary or desirable to satisfy the
requirements of lenders or other project
participants under financing documents
or other project agreements to which an
associate Nonutility Company of
Entergy is or will become a party
(including with respect to the provision
of construction, interim or permanent
debt or equity financing). These forms of
credit enhancements are typical in the
marketplace, and would significantly
benefit Entergy’s investments in
3 EPI holds undivided ownership interests in
certain non-exempt electric generating stations and,
as discussed above, is engaged in the business of
generating and selling its capacity and related
energy, at wholesale, principally to non-associate
bulk power producers on negotiated (i.e. market
based) terms and conditions. Therefore, EPI is a
‘‘public-utility company’’ for purposes of the Act.
4 As of March 31, 2005, the aggregate amount of
guarantees outstanding under the prior order is
approximately $1.25 billion.
E:\FR\FM\26AUN1.SGM
26AUN1
Federal Register / Vol. 70, No. 165 / Friday, August 26, 2005 / Notices
nonutility companies by, among other
things, facilitating the making of
proposals in respect of investments in
nonutility companies, and helping to
reduce the cost of necessary bonds,
sureties, and other credit support. The
terms and conditions of Guarantees
would continue to be established at
arm’s length, based upon market
conditions.
Any Guarantees provided by Entergy
to Exempt Projects would be subject to
the limitation on aggregate investment
in EWGs and FUCOs set forth in Rule
53(a), as modified by the Commission’s
authorization in File No. 70–9049.
Specifically, in the absence of further
authorization, Entergy would only issue
Guarantees to Exempt Projects to the
extent that the amount of any the
Guarantee, when added to Entergy’s
aggregate investment in Exempt
Projects, would not exceed 100% of
Entergy’s consolidated retained
earnings. Any Guarantees provided to
Energy-related Companies would be
subject to the limitation on ‘‘aggregate
investment’’ in energy-related
companies set forth in Rule 58.
Entergy and any Nonutility Company
issuing Guarantees pursuant to the
authorization requested in this filing
may elect to charge each Nonutility
Company a fee for any Guarantee
provided on its behalf, provided that the
fee does not exceed the cost of obtaining
the liquidity necessary to perform the
Guarantee (for example, bank line
commitment fees or letter of credit fees)
for the period of time the Guarantee
remains outstanding. Guarantees may,
in some cases, be provided to support
obligations of Nonutility Companies
that are not capable of exact
quantification or are subject to varying
quantification. In that event, Entergy or
the Nonutility Company issuing the
Guarantee would determine the
exposure under the Guarantee for
purposes of measuring compliance with
the Aggregate Authorization limit by
appropriate means, including estimation
of exposure based on loss experience or
projected potential payment amounts.
Any estimates would be made in
accordance with generally accepted
accounting principles, and would be
reevaluated periodically.
Other Authorization Parameters
1. Common Equity Ratio
Entergy represents that it will at all
times during the Authorization Period
maintain common equity (as reflected in
the most recent Quarterly Report on
Form 10–Q or Annual Report on Form
10–K filed with the Commission
adjusted to reflect changes in
VerDate jul<14>2003
16:18 Aug 25, 2005
Jkt 205001
capitalization since the applicable
balance sheet date) of at least 30% of its
consolidated capitalization. The term
‘‘consolidated capitalization’’ is defined
to include, where applicable, all
common stock equity (comprised of
common stock, additional paid in
capital, retained earnings, accumulated
other comprehensive income or loss,
and/or treasury stock), minority
interests, preferred stock, preferred
securities, equity linked securities, longterm debt, short-term debt and current
maturities.
2. Investment Grade Rating
With respect to the securities issuance
authority proposed in this Declaration:
(a) Within four business days after the
occurrence of a Ratings Event,5 Entergy
would notify the Commission of its
occurrence (by means of a letter, via fax,
e-mail or overnight mail to the Office of
Public Utility Regulation); and (b)
within 30 days after the occurrence of
a Ratings Event, Entergy would submit
a post-effective amendment to this
Declaration explaining the material facts
and circumstances relating to that
Ratings Event (including the basis on
which, taking into account the interests
of investors, consumers and the public
as well as other applicable criteria
under the Act, it remains appropriate for
Entergy and/or the other Applicants to
issue such securities, so long as
Applicants continues to comply with
the other applicable terms and
conditions specified in the
Commission’s order authorizing the
transactions requested in this
Declaration). Furthermore, no securities
authorized as a result of this Declaration
will be issued any Applicant following
the 60th day after a Ratings Event if the
downgraded rating(s) has or have not
been upgraded to investment grade.
Applicants request that the Commission
reserve jurisdiction through the
remainder of the Authorization Period
over the issuance of any such security
that Applicants are prohibited from
issuing as a result of the occurrence of
a Ratings Event if no revised rating
reflecting an investment grade rating has
been issued.
5 A ‘‘Ratings Event’’ will occur if, during the
Authorization Period, (i) an security issued by
Entergy upon original issuance, if rated, is rated
below investment grade; or (ii) any outstanding
security of Entergy, that is rated is downgraded
below investment grade. For purposes of this
provision, a security will be deemed to be rated
‘‘investment grade’’ if it is rated investment grade
by at least one nationally recognized statistical
rating organization, as that term is used in
paragraphs (c)(2)(vi)(E), (F) and (H) of rule 15c3–1
under the Securities Exchange Act of 1934.
PO 00000
Frm 00141
Fmt 4703
Sfmt 4703
50431
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5–4687 Filed 8–25–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52312; File No. SR–Amex–
2005–063]
Self-Regulatory Organizations;
American Stock Exchange LLC; Notice
of Filing of Proposed Rule Change
Relating to the Elimination of Position
and Exercise Limits on NDX Options
August 22, 2005.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on June 9,
2005, the American Stock Exchange LLC
(‘‘Amex’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Amex. The Commission
is publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to eliminate
position and exercise limits for options
on the Nasdaq-100 Index (‘‘NDX’’). The
text of the proposed rule change is
available on the Amex’s Web site
(https://www.amex.com), at the Amex’s
Office of the Secretary, and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Amex included statements concerning
the purpose of and basis for the
proposed rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. The Amex has
prepared summaries, set forth in
Sections A, B, and C below, of the most
significant aspects of such statements.
1 15
2 17
E:\FR\FM\26AUN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
26AUN1
Agencies
[Federal Register Volume 70, Number 165 (Friday, August 26, 2005)]
[Notices]
[Pages 50430-50431]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-4687]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 35-28018]
Filings Under the Public Utility Holding Company Act of 1935, as
Amended (``Act'')
August 22, 2005.
Notice is hereby given that the following filing(s) has/have been
made with the Commission pursuant to provisions of the Act and rules
promulgated under the Act. All interested persons are referred to the
application(s) and/or declaration(s) for complete statements of the
proposed transaction(s) summarized below. The application(s) and/or
declaration(s) and any amendment(s) is/are available for public
inspection through the Commission's Branch of Public Reference.
Interested persons wishing to comment or request a hearing on the
application(s) and/or declaration(s) should submit their views in
writing by September 16, 2005, to the Secretary, Securities and
Exchange Commission, 100 F Street, NE., Washington, DC 20549-9303, and
serve a copy on the relevant applicant(s) and/or declarant(s) at the
address(es) specified below. Proof of service (by affidavit or, in the
case of an attorney at law, by certificate) should be filed with the
request. Any request for hearing should identify specifically the
issues of facts or law that are disputed. A person who so requests will
be notified of any hearing, if ordered, and will receive a copy of any
notice or order issued in the matter. After September 16, 2005, the
application(s) and/or declaration(s), as filed or as amended, may be
granted and/or permitted to become effective.
Entergy Corporation, et al. (70-9123)
Entergy Corporation (``Entergy''), a registered holding company,
639 Loyola Avenue, New Orleans, LA 70113; and Entergy's current and
future nonutility companies (``Applicants'') have filed a post-
effective amendment (``Declaration'') under sections 6(a), 7, and 12(b)
of the Act and rules 45, and 54 under the Act.
Applicants request a supplemental order from the Commission for
Entergy and its existing and future nonutility subsidiary companies to
issue guarantees and provide other forms of credit support, as
described below (collectively, ``Guarantees''). The Guarantees would be
issued to or for the benefit of Entergy's nonutility subsidiaries which
are: (a) ``New Subsidiaries,'' \1\ (b) ``exempt wholesale generators''
(``EWGs'') as defined in Section 32(a) of the Act, (c) ``foreign
utility companies'' (``FUCOs'') as defined in Section 33(2) of the Act,
(EWGs and FUCOs collectively referred to as ``Exempt Projects''), (d)
``exempt telecommunication companies'' (``ETCs'') as defined in Section
34(a) of the Act, (e) other subsidiary companies of Entergy (including
``operating and management companies organized for the purpose of
providing operations and maintenance services, ``O&M Subs'') and
Entergy Power, Inc. (``EPI''), a company that markets and sells its
electric generating capacity and energy at wholesale, principally to
non-associate customers that are or may be authorized or permitted by
rule, regulation or order of the Commission under the Act to engage in
other businesses (``Authorized Subsidiary Companies''),\2\ and (f)
``energy-related companies,'' as defined in Rule 58 under the Act
(``Energy-related Companies''). New Subsidiaries, Exempt Projects,
ETCs, Energy-related Companies and Authorized Subsidiary Companies are
collectively referred to as Nonutility Companies.
---------------------------------------------------------------------------
\1\ New Subsidiaries are defined in the December 20, 2002 order
(HCAR No. 27626) as direct or indirect subsidiary companies of
Entergy organized (a) to engage in development activities and/or (b)
to hold, acquire and/or finance the acquisition of one or more
subsidiary companies of Entergy which are (i) ``exempt wholesale
generators'', (ii) ``foreign utility companies'', (iii) ``exempt
telecommunications companies'', (iv) ``energy-related companies'',
(v) ``Authorized Subsidiary Companies'', (vi) other ``New
Subsidiaries'' and/or (vii) Rule 58 Companies, as these terms are
defined in the order.
\2\ The Authorized Subsidiary Companies currently include, but
are not limited to, Entergy Enterprises, Inc., EPI, Entergy Nuclear,
Inc., Entergy Nuclear Operations, Inc., Entergy Operations Services,
Inc., Entergy Operations Services North Carolina, Inc., Entergy
Global Power Operations Corporation and Entergy Power Operations
U.S., Inc.
---------------------------------------------------------------------------
In order to further facilitate the development, acquisition and
ownership by Entergy of interests in Exempt Projects and other
Nonutility Companies, as authorized or permitted under the Act from
time to time, to the extent the transactions are not exempt from the
Act or otherwise authorized or permitted by rule, regulation or order
of the Commission, Entergy and the Nonutility Companies (exclusive of
EPI) request authority to issue Guarantees to or for the benefit of
Nonutility Companies \3\ from time to time through February 8, 2006
(the ``Authorization Period''), in an aggregate amount not to exceed $3
billion at any one time outstanding (including any Guarantees
previously issued and outstanding under the prior order) \4\ (the
``Aggregate Authorization''). The amount of a Guarantee shall not
reduce the Aggregate Authorization to the extent that the provision of
the Guarantee is exempt from the Act or is otherwise authorized or
permitted by rule or regulation of the Commission issued under the Act.
---------------------------------------------------------------------------
\3\ EPI holds undivided ownership interests in certain non-
exempt electric generating stations and, as discussed above, is
engaged in the business of generating and selling its capacity and
related energy, at wholesale, principally to non-associate bulk
power producers on negotiated (i.e. market based) terms and
conditions. Therefore, EPI is a ``public-utility company'' for
purposes of the Act.
\4\ As of March 31, 2005, the aggregate amount of guarantees
outstanding under the prior order is approximately $1.25 billion.
---------------------------------------------------------------------------
Guarantees may take the form of Entergy or a Nonutility Company
agreeing to guarantee, undertake reimbursement obligations, assume
liabilities or other obligations in respect of or act as surety on
bonds, letters of credit, evidences of indebtedness, equity
commitments, power purchase agreements, leases, liquidated damages
provisions, and other obligations undertaken by Entergy's associate
Nonutility Companies. For example, the associate companies may be
called upon to furnish various types of bonds as security, including
bid bonds, performance bonds, and material and payment bonds.
Guarantees may also be necessary or desirable to satisfy the
requirements of lenders or other project participants under financing
documents or other project agreements to which an associate Nonutility
Company of Entergy is or will become a party (including with respect to
the provision of construction, interim or permanent debt or equity
financing). These forms of credit enhancements are typical in the
marketplace, and would significantly benefit Entergy's investments in
[[Page 50431]]
nonutility companies by, among other things, facilitating the making of
proposals in respect of investments in nonutility companies, and
helping to reduce the cost of necessary bonds, sureties, and other
credit support. The terms and conditions of Guarantees would continue
to be established at arm's length, based upon market conditions.
Any Guarantees provided by Entergy to Exempt Projects would be
subject to the limitation on aggregate investment in EWGs and FUCOs set
forth in Rule 53(a), as modified by the Commission's authorization in
File No. 70-9049. Specifically, in the absence of further
authorization, Entergy would only issue Guarantees to Exempt Projects
to the extent that the amount of any the Guarantee, when added to
Entergy's aggregate investment in Exempt Projects, would not exceed
100% of Entergy's consolidated retained earnings. Any Guarantees
provided to Energy-related Companies would be subject to the limitation
on ``aggregate investment'' in energy-related companies set forth in
Rule 58.
Entergy and any Nonutility Company issuing Guarantees pursuant to
the authorization requested in this filing may elect to charge each
Nonutility Company a fee for any Guarantee provided on its behalf,
provided that the fee does not exceed the cost of obtaining the
liquidity necessary to perform the Guarantee (for example, bank line
commitment fees or letter of credit fees) for the period of time the
Guarantee remains outstanding. Guarantees may, in some cases, be
provided to support obligations of Nonutility Companies that are not
capable of exact quantification or are subject to varying
quantification. In that event, Entergy or the Nonutility Company
issuing the Guarantee would determine the exposure under the Guarantee
for purposes of measuring compliance with the Aggregate Authorization
limit by appropriate means, including estimation of exposure based on
loss experience or projected potential payment amounts. Any estimates
would be made in accordance with generally accepted accounting
principles, and would be reevaluated periodically.
Other Authorization Parameters
1. Common Equity Ratio
Entergy represents that it will at all times during the
Authorization Period maintain common equity (as reflected in the most
recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K
filed with the Commission adjusted to reflect changes in capitalization
since the applicable balance sheet date) of at least 30% of its
consolidated capitalization. The term ``consolidated capitalization''
is defined to include, where applicable, all common stock equity
(comprised of common stock, additional paid in capital, retained
earnings, accumulated other comprehensive income or loss, and/or
treasury stock), minority interests, preferred stock, preferred
securities, equity linked securities, long-term debt, short-term debt
and current maturities.
2. Investment Grade Rating
With respect to the securities issuance authority proposed in this
Declaration: (a) Within four business days after the occurrence of a
Ratings Event,\5\ Entergy would notify the Commission of its occurrence
(by means of a letter, via fax, e-mail or overnight mail to the Office
of Public Utility Regulation); and (b) within 30 days after the
occurrence of a Ratings Event, Entergy would submit a post-effective
amendment to this Declaration explaining the material facts and
circumstances relating to that Ratings Event (including the basis on
which, taking into account the interests of investors, consumers and
the public as well as other applicable criteria under the Act, it
remains appropriate for Entergy and/or the other Applicants to issue
such securities, so long as Applicants continues to comply with the
other applicable terms and conditions specified in the Commission's
order authorizing the transactions requested in this Declaration).
Furthermore, no securities authorized as a result of this Declaration
will be issued any Applicant following the 60th day after a Ratings
Event if the downgraded rating(s) has or have not been upgraded to
investment grade. Applicants request that the Commission reserve
jurisdiction through the remainder of the Authorization Period over the
issuance of any such security that Applicants are prohibited from
issuing as a result of the occurrence of a Ratings Event if no revised
rating reflecting an investment grade rating has been issued.
---------------------------------------------------------------------------
\5\ A ``Ratings Event'' will occur if, during the Authorization
Period, (i) an security issued by Entergy upon original issuance, if
rated, is rated below investment grade; or (ii) any outstanding
security of Entergy, that is rated is downgraded below investment
grade. For purposes of this provision, a security will be deemed to
be rated ``investment grade'' if it is rated investment grade by at
least one nationally recognized statistical rating organization, as
that term is used in paragraphs (c)(2)(vi)(E), (F) and (H) of rule
15c3-1 under the Securities Exchange Act of 1934.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-4687 Filed 8-25-05; 8:45 am]
BILLING CODE 8010-01-P