[Federal Register Volume 60, Number 81 (Thursday, April 27, 1995)]
[Unknown Section]
[Pages 20773-20777]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-10405]
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DEPARTMENT OF LABOR
[Prohibited Transaction Exemption 95-33; Exemption Application No. D-
09626, et al.]
Grant of Individual Exemptions; Bank South, N.A. et al.
AGENCY: Pension and Welfare Benefits Administration, Labor.
ACTION: Grant of individual exemptions.
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SUMMARY: This document contains exemptions issued by the Department of
Labor (the Department) from certain of the prohibited transaction
restrictions of the Employee Retirement Income Security Act of 1974
(the Act) and/or the Internal Revenue Code of 1986 (the Code).
Notices were published in the Federal Register of the pendency
before the Department of proposals to grant such exemptions. The
notices set forth a summary of facts and representations contained in
each application for exemption and referred interested persons to the
respective applications for a complete statement of the facts and
representations. The applications have been available for public
inspection at the Department in Washington, DC. The notices also
invited interested persons to submit comments on the requested
exemptions to the Department. In addition the notices stated that any
interested person might submit a written request that a public hearing
be held (where appropriate). The applicants have represented that they
have complied with the requirements of the notification to interested
persons. No public comments and no requests for a hearing, unless
otherwise stated, were received by the Department.
The notices of proposed exemption were issued and the exemptions
are being granted solely by the Department because, effective December
31, 1978, section 102 of Reorganization Plan No. 4 of 1978 (43 FR
47713, October 17, 1978) transferred the authority of the Secretary of
the Treasury to issue exemptions of the type proposed to the Secretary
of Labor.
Statutory Findings
In accordance with section 408(a) of the Act and/or section
4975(c)(2) of the Code and the procedures set forth in 29 CFR part
2570, subpart B (55 FR 32836, 32847, August 10, 1990) and based upon
the entire record, the Department makes the following findings:
(a) The exemptions are administratively feasible;
(b) They are in the interests of the plans and their participants
and beneficiaries; and
(c) They are protective of the rights of the participants and
beneficiaries of the plans.
Bank South, N.A. (the Bank) Located in Atlanta, GA
[Prohibited Transaction Exemption 95-33; Application No. D-09626]
Section I--Exemption for In-kind Transfer of Assets
The restrictions of sections 406(a) and 406(b) of the Act and the
sanctions resulting from the application of section 4975 of the Code,
by reason of section 4975(c)(1) (A) through (F) of the Code, shall not
apply as of February 11, 1994, to the in-kind transfer of assets of
plans for which the Bank serves as a fiduciary (the Client Plans),
other than plans established and maintained by the Bank, that are held
in certain collective investment funds maintained by the Bank (the
CIFs), in exchange for shares of the Peachtree Funds (the Funds), an
open-end investment company registered under the Investment Company Act
of 1940 (the 1940 Act) for which the Bank acts as investment adviser,
in connection with the termination of such CIFs, provided that the
following conditions and the general conditions of Section III below
are met:
(a) No sales commissions or other fees are paid by the Client Plans
in connection with the purchase of Fund shares through the in-kind
transfer of CIF assets and no redemption fees are paid in connection
with the sale of such shares by the Client Plans to the Funds.
(b) Each Client Plan receives shares of a Fund which have a total
net asset value that is equal to the value of the Client Plan's pro
rata share of the assets of the CIF on the date of the transfer, based
on the current market value of the CIF's assets, as determined in a
single valuation performed in the same manner at the close of the same
business day using independent sources in accordance with Rule 17a-7(b)
of the Securities and Exchange Commission under the 1940 Act and the
procedures established by the Funds pursuant to Rule 17a-7 for the
valuation of such assets. Such procedures must require that all
securities for which a current market price cannot be obtained by
reference to the last sale price for transactions reported on a
recognized securities exchange or NASDAQ be valued based on an average
of the highest current independent bid and lowest current independent
offer, as of the close of business on the Friday preceding the weekend
of the CIF transfers, determined on the basis of reasonable inquiry
from at least three sources that are broker-dealers or pricing services
independent of the Bank.
(c) A second fiduciary who is independent of and unrelated to the
Bank (the Independent Fiduciary) receives advance written notice of the
in-kind transfer of assets of the CIFs and full written disclosure of
information concerning the Funds (including a current prospectus for
each of the Funds and a statement describing the fee structure) and, on
the basis of such information, authorizes in writing the in-kind
transfer of the Client Plan's CIF assets to a corresponding Fund in
exchange for shares of the Fund.
(d) For all transfers of CIF assets to a Fund following the
publication of the proposed exemption in the Federal Register (i.e.
January 30, 1995), the Bank sends by regular mail to each affected
Client Plan the following information: [[Page 20774]]
(1) Within 30 days after completion of the transaction, a written
confirmation containing:
(i) The identity of each security that was valued for purposes of
the transaction in accordance with Rule 17a-7(b)(4);
(ii) The price of each such security involved in the transaction;
(iii) The identity of each pricing service or market maker
consulted in determining the value of such securities; and
(2) Within 90 days after completion of each transfer, a written
confirmation that contains:
(i) The number of CIF units held by the Client Plan immediately
before the transfer, the related per unit value, and the total dollar
amount of such CIF units; and
(ii) The number of shares in the Funds that are held by the Client
Plan following the transfer, the related per share net asset value, and
the total dollar amount of such shares.
(e) The conditions set forth in paragraphs (e), (f), and (m) of
Section II below are satisfied.
Section II--Exemption for Receipt of Fees
The restrictions of sections 406(a) and 406(b) of the Act and the
sanctions resulting from the application of section 4975 of the Code,
by reason of section 4975(c)(1)(A) through (F) of the Code, shall not
apply as of February 11, 1994, to the receipt of fees by the Bank from
the Funds for acting as investment adviser to the Funds in connection
with the investment in the Funds by Client Plans for which the Bank
acts as a fiduciary, including any Client Plan invested in a CIF which
transfers its assets to a Fund, provided that the following conditions
and the general conditions of Section III are met:
(a) No sales commissions, loads, charges or similar fees are paid
by the Client Plans for the purchase or sale of shares of the Funds and
no redemption fees are paid for the sale of shares by the Client Plans
to the Funds.
(b) The price paid or received by a Client Plan for shares in a
Fund is the net asset value per share at the time of the transaction,
as defined in Section IV(e), and is the same price which would have
been paid or received for the shares by any other investor at that
time.
(c) Neither the Bank nor an affiliate, including any officer or
director of the Bank, purchases or sells shares of the Funds from or to
any Client Plan.
(d) The Client Plans do not pay any plan-level investment
management fees, investment advisory fees, or similar fees to the Bank
with respect to any of the assets of such Client Plans which are
invested in shares of any of the Funds. This condition does not
preclude the payment of investment advisory fees or similar fees by the
Funds to the Bank under the terms of an investment advisory agreement
adopted in accordance with section 15 of the 1940 Act or any other
agreement between the Bank and the Funds which is in compliance with
the 1940 Act.
(e) The combined total of all fees received by the Bank for the
provision of services to a Client Plan, and in connection with the
provision of services to the Funds in which the Client Plan may invest,
are not in excess of ``reasonable compensation'' within the meaning of
section 408(b)(2) of the Act.
(f) The Bank does not receive any fees payable pursuant to Rule
12b-1 under the 1940 Act in connection with the transactions.
(g) The Client Plans are not employee benefit plans sponsored or
maintained by the Bank.
(h) The Independent Fiduciary receives, in advance of any
investment by the Client Plan in a Fund, full and detailed written
disclosure of information concerning the Funds, including, but not
limited to:
(1) A current prospectus for each Fund in which a Client Plan is
considering investing;
(2) A statement describing the fees for investment advisory or
similar services, as well as all other fees to be charged to or paid by
the Client Plan and by the Funds, including the nature and extent of
any differential between the rates of such fees;
(3) The reasons why the Bank may consider such investment to be
appropriate for the Client Plan;
(4) A statement describing whether there are any limitations
applicable to the Bank with respect to which assets of a Client Plan
may be invested in the Funds, and if so, the nature of such
limitations; and
(5) Upon request of the Independent Fiduciary, a copy of the
proposed exemption and/or a copy of the final exemption, once such
documents become available.
(i) On the basis of the information described above in paragraph
(h) of this Section II, the Independent Fiduciary authorizes in writing
the investment of assets of the Client Plan in each Fund, and the fees
to be paid by such Funds to the Bank.
(j) All authorizations made by an Independent Fiduciary regarding
investments in a Fund and the fees paid to the Bank are subject to an
annual reauthorization wherein any such prior authorization referred to
in paragraph (i) of Section II shall be terminable at will by the
Client Plan, without penalty to the Client Plan, upon receipt by the
Bank of written notice of termination. A form expressly providing an
election to terminate the authorization described in paragraph (i) of
Section II above (the Termination Form) with instructions on the use of
the form must be supplied to the Independent Fiduciary no less than
annually. The instructions for the Termination Form must include the
following information:
(1) The authorization is terminable at will by the Client Plan,
without penalty to the Plan, upon receipt by the Bank of written notice
from the Independent Fiduciary; and
(2) Failure to return the Termination Form will constitute
continued authorization of the Bank to engage in the transactions
described in paragraph (i) of Section II on behalf of the Client Plan.
(k) In the event of an increase in the rate of any fees paid by the
Funds to the Bank regarding any investment management services,
investment advisory services, or fees for similar services that the
Bank provides to the Funds over an existing rate for such services that
had been authorized by an Independent Fiduciary, in accordance with
paragraph (i) of this Section II, the Bank will, at least thirty (30)
days in advance of the implementation of such increase, provide a
written notice (which may take the form of a proxy statement, letter,
or similar communication that is separate from the prospectus of the
Fund and which explains the nature and amount of the increase in fees)
to the Independent Fiduciary of each of the Client Plans invested in a
Fund which is increasing such fees. Such notice shall be accompanied by
a Termination Form. However, if the Termination Form has been provided
to the Independent Fiduciary pursuant to this paragraph, then the
Termination Form need not be provided again for an annual
reauthorization pursuant to paragraph (j) above unless at least six
months has elapsed since the form was provided in connection with the
fee increase.
(l) On an annual basis, the Bank provides the Independent Fiduciary
of a Client Plan investing in the Funds with:
(1) A copy of the current prospectus for the Funds and, upon such
fiduciary's request, a copy of the Statement of Additional Information
for such Funds which contains a description of all fees paid by the
Funds to the Bank; and [[Page 20775]]
(2) upon the request of such Independent Fiduciary, a report or
statement (which may take the form of the most recent financial report,
the current Statement of Additional Information for the Fund, or some
other written statement) that contains a description of all fees paid
by the Fund to the Bank.
(m) All dealings between the Client Plans and the Funds are on a
basis no less favorable to the Client Plans than dealings with other
shareholders of the Funds.
Section III--General Conditions
(a) The Bank maintains for a period of six years the records
necessary to enable the persons described below in paragraph (b) of
Section III to determine whether the conditions of this exemption have
been met, except that (1) a prohibited transaction will not be
considered to have occurred if, due to circumstances beyond the control
the Bank, the records are lost or destroyed prior to the end of the
six-year period, and (2) no party in interest other than the Bank shall
be subject to the civil penalty that may be assessed under section
502(i) of the Act or to the taxes imposed by section 4975(a) and (b) of
the Code if the records are not maintained or are not available for
examination as required by paragraph (b) below.
(b) (1) Except as provided in paragraph (b)(2) and notwithstanding
any provisions of section 504(a)(2) and (b) of the Act, the records
referred to in paragraph (a) of Section III are unconditionally
available at their customary location for examination during normal
business hours by--
(i) Any duly authorized employee or representative of the
Department or the Internal Revenue Service,
(ii) Any fiduciary of the Client Plans who has authority to acquire
or dispose of shares of the Funds owned by the Client Plans, or any
duly authorized employee or representative of such fiduciary, and
(iii) Any participant or beneficiary of the Client Plans or duly
authorized employee or representative of such participant or
beneficiary;
(2) None of the persons described in paragraph (b)(1)(ii) and (iii)
shall be authorized to examine trade secrets of the Bank, or commercial
or financial information which is privileged or confidential.
Section IV--Definitions
For purposes of this exemption:
(a) The term ``Bank'' means the Bank South, N.A. and any affiliate
thereof as defined below in paragraph (b) of this Section IV.
(b) An ``affiliate'' of a person includes:
(1) Any person directly or indirectly through one or more
intermediaries, controlling, controlled by, or under common control
with the person;
(2) Any officer, director, employee, relative, or partner in any
such person; and
(3) Any corporation or partnership of which such person is an
officer, director, partner, or employee.
(c) The term ``control'' means the power to exercise a controlling
influence over the management or policies of a person other than an
individual.
(d) The term ``Fund'' or ``Funds'' shall include the Peachtree
Funds, Inc., or any other diversified open-end investment company
registered under the 1940 Act for which the Bank serves as an
investment adviser.
(e) The term ``net asset value'' means the amount for purposes of
pricing all purchases and sales calculated by dividing the value of all
securities, determined by a method as set forth in the Fund's
prospectus and statement of additional information, and other assets
belonging to the Fund or portfolio of the Fund, less the liabilities
charged to each such portfolio or Fund, by the number of outstanding
shares.
(f) The term ``relative'' means a ``relative'' as that term is
defined in section 3(15) of the Act (or a ``member of the family'' as
that term is defined in section 4975(e)(6) of the Code), or a brother,
a sister, or a spouse of a brother or a sister.
(g) The term ``Independent Fiduciary'' means a fiduciary of a
Client Plan who is independent of and unrelated to the Bank. For
purposes of this exemption, the Independent Fiduciary will not be
deemed to be independent of and unrelated to the Bank if:
(1) Such fiduciary directly or indirectly controls, is controlled
by, or is under common control with the Bank;
(2) Such fiduciary, or any officer, director, partner, employee, or
relative of the fiduciary is an officer, director, partner, employee or
affiliate of the Bank (or is a relative of such persons);
(3) Such fiduciary directly or indirectly receives any compensation
or other consideration for his or her own personal account in
connection with any transaction described in this exemption.
If an officer, director, partner, affiliate or employee of the Bank
(or relative of such persons), is a director of such Independent
Fiduciary, and if he or she abstains from participation in (i) the
choice of the Client Plan's investment adviser, (ii) the approval of
any such purchase or sale between the Client Plan and the Funds, and
(iii) the approval of any change in fees charged to or paid by the
Client Plan in connection with any of the transactions described in
Sections I and II above, then paragraph (g)(2) of this Section IV shall
not apply.
(h) The term ``Termination Form'' means the form supplied to the
Independent Fiduciary which expressly provides an election to the
Independent Fiduciary to terminate on behalf of a Client Plan the
authorization described in paragraph (j) of Section II. The Termination
Form shall be used at will by the Independent Fiduciary to terminate an
authorization without penalty to the Client Plan and to notify the Bank
in writing to effect a termination by selling the shares of the Funds
held by the Client Plan requesting such termination within one business
day following receipt by the Bank of the form; provided that if, due to
circumstances beyond the control of the Bank, the sale cannot be
executed within one business day, the Bank shall have one additional
business day to complete such sale.
Effective Date: The exemption is effective as of February 11, 1994.
For a more complete statement of the facts and representations
supporting the Department's decision to grant this exemption, refer to
the notice of proposed exemption published on January 30, 1995, at 60
FR 5713.
Written Comments: The applicant submitted the following comments
regarding the notice of proposed exemption (the Proposal).
With respect to the description of the fee structure, the applicant
states that the Bank is using the fee offset mechanism described in
Section II(d) of the Proposal for Client Plans that first invested in
the Funds after the conversion date (i.e. February 14, 1994). As
described in the Summary of Facts and Representations in the Proposal
(the Summary), Client Plans invested in the CIFs prior to the
conversion transaction (described in Section I of the Proposal)
currently utilize the credit mechanism under which Plan-level trustee
fees are reduced by the investment advisory fees charged at the Fund-
level pursuant to Section II(c) of Prohibited Transaction Exemption
(PTE) 77-4, 42 FR 18732, April 8, 1977.1 The Bank anticipates
[[Page 20776]] that the offset mechanism described in Section II(d) of
the Proposal will be implemented for all Client Plans as soon as
practicable during the current year. Thus, it is the Bank's
understanding that the exemption provided by Section II will be
applicable upon implementation of the fee offset mechanism. The
Department concurs with the applicant's clarification.
\ 1\PTE 77-4, in pertinent part, permits the purchase and sale
by an employee benefit plan of shares of a registered, open-end
investment company when a fiduciary with respect to the plan is also
the investment adviser for the investment company, provided that,
among other things, the plan does not pay an investment management,
investment advisory or similar fee with respect to the plan assets
invested in such shares for the entire period of such investment.
Section II(c) of PTE 77-4 states that this condition does not
preclude the payment of investment advisory fees by the investment
company under the terms of an investment advisory agreement adopted
in accordance with section 15 of the Investment Company Act of 1940.
Section II(c) states further that this condition does not preclude
payment of an investment advisory fee by the plan based on total
plan assets from which a credit has been subtracted representing the
plan's pro rata share of investment advisory fees paid by the
investment company.
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In addition, Sections I(c) and II(h) of the Proposal and Paragraph
8 of the Summary state that each Independent Fiduciary received from
the Bank a written statement giving full disclosure of the fee
structure prior to investment in the Funds. The Bank would like to
clarify that the written statement received by Client Plans that
participated in the conversion transaction described the PTE 77-4
credit mechanism rather than the fee offset mechanism described in
Section II(d) of the Proposal. The applicant states that prior to
implementation of the fee offset mechanism for Client Plans that
participated in the conversion, each Independent Fiduciary will receive
a written statement giving full disclosure of the fee structure
described in Section II(d) of the Proposal, and the Bank will receive
written authorization from the Independent Fiduciary approving the new
fee structure. The Department concurs with the applicant's
clarification.
With respect to fees payable under Rule 12b-1, Section II(f) of the
Proposal provides that the Bank may not receive any fees payable
pursuant to such Rule in connection with the investment of Plan assets
in the Funds. The applicant notes that this condition is consistent
with the representations made by the Bank. However, the applicant
states that Paragraph 4 of the Summary overstates the representations
made by the Bank with regard to 12b-1 fees and requires minor
clarification. The third sentence of Paragraph 4 states that ``* * * In
addition, the Bank does not and will not receive fees payable pursuant
to Rule 12b-1 in connection with transactions involving any shares of
the Funds.'' The Bank represents that this statement is true with
respect to trust accounts, but should be clarified to limit it to
transactions described under the exemption. The Bank otherwise may
receive 12b-1 fees for sales of Fund shares to investors other than the
Client Plans. The Department concurs with the applicant's
clarification.
With respect to the responsibility for distributing updated
prospectuses, Paragraph 8 of the Summary states that ``* * * Client
Plan fiduciaries will also receive from Federated [Investors], the
Fund's Distributor, an updated prospectus and periodic reports for each
Fund.'' The applicant states that while it is true that Federated will
prepare the updated prospectuses and periodic reports, these items will
be distributed to Client Plans by the Bank, as trustee. The Department
concurs with the applicant's clarification.
With respect to purchases and sales of Fund shares, Section II(c)
of the Proposal states that neither the Bank nor any affiliate,
including any officer or director of the Bank, may purchase or sell
shares of the Funds to any Client Plan. In this regard, the applicant
notes that the Fund's distributor will execute all purchases or
redemptions of Fund shares by Client Plans. However, the applicant
states that the Client Plans will place purchase and redemption orders
through the Plan's account representative at the Bank. The Bank wishes
to clarify that Section II(c) of the Proposal does not apply to a
Client Plan's placement of a purchase or redemption order through its
account representative at the Bank where the Fund's distributor
executes the purchase or redemption order. The Department concurs with
the applicant's clarification.
With respect to carrying out termination instructions, Section
IV(h) of the Proposal and Paragraph 8 of the Summary provide that, upon
receipt of an executed Termination Form, the Bank will effect the sale
of Fund shares within one business day following receipt of the form;
provided that if, due to circumstances beyond the Bank's control, the
Bank may have one additional business day to complete the sale. In this
regard, the applicant states that Fund shares may not be able to be
redeemed in the event of extraordinary circumstances that result in
market closure and/or other restrictions on trading mutual fund
shares--e.g. natural disaster, war, etc. The Bank would like the
Department to clarify that, in such event, the conditions of the
exemption are satisfied provided the Bank redeems Fund shares within
one business day after the market re-opens and/or Funds are able to be
traded. The Department concurs with the applicant's clarification.
Accordingly, after consideration of the entire record, the
Department has determined to grant the exemption.
For Further Information Contact: Mr. E.F. Williams of the
Department, telephone (202) 219-8194. (This is not a toll-free number.)
Delaware Trust Capital Management, Inc. (DTCM), Located in Wilmington,
DE
[Prohibited Transaction Exemption 95-34; Exemption Application No. D-
09853]
Exemption
The sanctions resulting from the application of section 4975 of the
Code, by reason of section 4975(c)(1) (A) through (E) of the Code,
shall not apply to the sale by certain rollover individual retirement
accounts (the IRAs) of their interests in certain securities (the
Securities) to DTCM, a disqualified person with respect to the IRAs,
provided the following conditions are satisfied: 1) the sale is a one-
time transaction for cash; 2) no commissions or other expenses are paid
by the IRAs in connection with the sale; 3) the IRAs receive the
greater of: a) the fair market value of the Securities as of June 30,
1994, plus accrued interest, less principal repayments received, or b)
the fair market value of the Securities as of the time of the sale as
determined by a qualified, independent expert.2
\2\Pursuant to 29 CFR 2510.3-2(d), the IRAs are not within the
jurisdiction of Title I of the Act. However, there is jurisdiction
under Title II of the Act pursuant to section 4975 of the Code.
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For a more complete statement of the facts and representations
supporting the Department's decision to grant this exemption, refer to
the notice of proposed exemption published on March 20, 1995 at 60 FR
14793.
For Further Information Contact: Gary H. Lefkowitz of the
Department, telephone (202) 219-8881. (This is not a toll-free number.)
Shippers Paper Products Co., 401(k) Plan (the Plan), Located in
Glenview, IL
[Prohibited Transaction Exemption 95-35; Application No. D-09866]
Exemption
The restrictions of sections 406(a), 406 (b)(1) and (b)(2) of the
Act and the sanctions resulting from the application of section 4975 of
the Code, by reason of section 4975(c)(1) (A) through (E) of the Code
shall not apply to the sale by the Plan of Group Annuity Contract, No.
GA-4725 (the GAC) issued by Mutual Benefit Life Insurance Company
(Mutual Benefit) to Illinois Tool Works [[Page 20777]] Inc., a party in
interest with respect to the Plan; provided the following conditions
are satisfied: (1) The sale is a one-time transaction for cash; (2) the
Plan receives no less than the fair market value of the GAC at the time
of the sale; (3) the Plan's trustee, acting as independent fiduciary
for the Plan, has determined that the proposed sale price is not less
than the current fair market value of the GAC; and (4) the Plan's
trustee has determined that the proposed transaction is appropriate for
and in the best interests of the Plan and its participants and
beneficiaries.
For a more complete statement of the facts and representations
supporting the Department's decision to grant this exemption, refer to
the notice of proposed exemption published on February 10, 1995 at 60
FR 8089.
For Further Information Contact: Virginia J. Miller of the
Department, telephone (202) 219-8971. (This is not a toll-free number.)
General Information
The attention of interested persons is directed to the following:
(1) The fact that a transaction is the subject of an exemption
under section 408(a) of the Act and/or section 4975(c)(2) of the
Code does not relieve a fiduciary or other party in interest or
disqualified person from certain other provisions to which the
exemptions does not apply and the general fiduciary responsibility
provisions of section 404 of the Act, which among other things require
a fiduciary to discharge his duties respecting the plan solely in the
interest of the participants and beneficiaries of the plan and in a
prudent fashion in accordance with section 404(a)(1)(B) of the Act; nor
does it affect the requirement of section 401(a) of the Code that the
plan must operate for the exclusive benefit of the employees of the
employer maintaining the plan and their beneficiaries;
(2) These exemptions are supplemental to and not in derogation of,
any other provisions of the Act and/or the Code, including statutory or
administrative exemptions and transactional rules. Furthermore, the
fact that a transaction is subject to an administrative or statutory
exemption is not dispositive of whether the transaction is in fact a
prohibited transaction; and
(3) The availability of these exemptions is subject to the express
condition that the material facts and representations contained in each
application accurately describes all material terms of the transaction
which is the subject of the exemption.
Signed at Washington, DC, this 24th day of April 1995.
Ivan Strasfeld,
Director of Exemption Determinations, Pension and Welfare Benefits
Administration, U.S. Department of Labor.
[FR Doc. 95-10405 Filed 4-26-95; 8:45 am]
BILLING CODE 4510-29-P
