  A test of parity-conserving, time-reversal non-invariance (PC TRNI) has been
performed in 5.9 MeV polarized neutron transmission through nuclear spin
aligned holmium. The experiment searches for the T-violating five-fold
correlation via a double modulation technique - flipping the neutron spin while
rotating the alignment axis of the holmium. Relative cross sections for spin-up
and spin-down neutrons are found to be equal to within $1.2 \times 10^{-5}$
(80\% confidence). This is a two order of magnitude improvement compared to
traditional detailed balance studies of time reversal, and represents the most
precise test of PC TRNI in a dynamical process.
