Federal Register / Vol. 65, No. 238 / Monday, December 11, 2000 / Notices 77399

j. Contract Owners and Participants

affected by the substitutions will be sent

written confirmation of the substitutions

that identify each substitution made on

behalf of that Contract Owner or

Participant within five days following

the Substitution Date.

Applicants’ Legal Analysis And

Conditions

1. Section 26(b) of the 1940 Act

provides that it shall be unlawful for

any depositor or trustee of a registered

unit investment trust holding the

security of a single issuer to substitute

another security for such security unless

the Commission shall have approved

such substitution; and the Commission

shall issue an order approving such

substitution if the evidence establishes

that it is consistent with the protection

of investors and the purposes fairly

intended by the policies and provisions

of the 1940 Act. Section 26(b) protects

the expectation of investors that the unit

investment trust will accumulate shares

of a particular issuer and is intended to

insure that unnecessary or burdensome

sales loads, additional reinvestment

costs or other charges will not be

incurred due to unapproved

substitutions of securities.

2. Applicants request an order

pursuant to Section 26(b) of the 1940

Act approving the Substitution.

Applicants assert that the purposes,

terms, and conditions of the

Substitution are consistent with the

protections for which Section 26(b) was

designed. The Applicants assert the

Substitution will benefit Contract

Owners because the State Street 500

Fund will enjoy lower expenses than

the Fidelity 500 Portfolio. Given the

similarities in investment strategies

between the Fidelity 500 Portfolio and

the State Street 500 Fund, Applicants

assert that the lower expense ratio of the

State Street 500 Fund is likely to result

in higher investment returns than those

obtained by the Fidelity 500 Portfolio.

3. Contract Owners and Participants

who do not want their assets allocated

to the State Street 500 Fund will be able

to transfer assets to any one of the other

Investment Accounts available under

their Contract without any transfer

charge.

4. Applicants represent that the

Substitution and related redemptions in

kind and purchases will not result in

any change in the amount of any

Contract Owner’s or participant’s

Contract value or in the dollar value of

his or her investment in such Contract,

or the life benefits, tax benefits or any

contractual obligation of the Applicants

under the Policies. Contract Owners

will not incur any fees, expenses or

charges as a result of the proposed

transactions. Furthermore, the proposed

transactions will not result in any

change to the Contract fees and charges

currently being paid by existing

Contract Owners.

5. The Applicants will not complete

the Substitution as described in the

application unless all of the following

conditions are met:

a. The Commission will have issued

an order approving the Substitution

under Section 26(b) of the 1940 Act.

b. The registration statement for State

Street Trust shall have become effective.

c. Each Contract Owner and

Participant will have been mailed the

First Notice, the Second Notice and

effective prospectuses for the Contracts

and the State Street 500 Fund.

d. The Applicants will have satisfied

themselves, based on advice of counsel

familiar with insurance laws, that the

Contracts allow the substitution of

portfolios as described in this

application, and the transactions can be

consummated as described herein under

applicable insurance laws and under the

Contracts.

e. The Applicants will have complied

with any regulatory requirements they

believe are necessary to complete the

transactions in each jurisdiction where

the Contracts have been qualified for

sale.

Conclusion

Applicants assert that, for the reasons

summarized above, the requested order

approving the Substitution should be

granted.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–31381 Filed 12–8–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Rel. No. IC–24785; File No. 812–11332]

AIG Life Insurance Company, et al.

December 5, 2000.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’ or ‘‘Commission’’).

ACTION: Notice of application for an

order pursuant to Section 26(b) of the

Investment Company Act of 1940, as

amended (‘‘1940 Act’’) approving

certain substitution of securities, and

pursuant to Section 17(b) of the 1940

Act exempting related transactions from

Section 17(a) of the 1940 Act.

APPLICANTS: AIG Life Insurance

Company (‘‘AIG’’), AIG Life Insurance

Company Varible Account I (‘‘Variable

Account I’’), American International

Life Insurance Company of New York

(‘‘American’’), American International

Assurance Company of New York

Variable Account A (‘‘Variable Account

A’’), ReliaStar Life Life Insurance

Company of New York (‘‘ReliaStar,’’ and

together with AIG and American, the

‘‘Variable Insurers’’ or the ‘‘Insurance

Company Applicants’’), ReliaStar Life

Insurance Company of New York

Variable Annuity Fund P (‘‘Variable

Annuity Fund P’’), ReliaStar Life

Insurance Company of New York

Variable Annuity Fund Q (‘‘Variable

Annuity Fund Q,’’ and together with

Variable Annuity Fund P, the ‘‘ReliaStar

Separate Accounts’’) (collectively, with

Variable Account I and Variable

Account A, the ‘‘Separate Accounts’’)

and Alliance Variable Products Series

Fund, Inc. (‘‘AVP’’).

SUMMARY OF APPLICATION: Applicants

request an order permitting (1) the

substitution of shares of AVP’s Total

Return Portfolio (‘‘Total Return

Portfolio’’) for shares of AVP’s

Conservative Investors Portfolio

(‘‘Conservative Investors Portfolio’’) and

AVP’s Growth Investors Portfolio

(‘‘Growth Investors Portfolio’’, and (2)

the substitution of shares of AVP’s

Money Market Portfolio (‘‘Money

Market Portfolio’’) and shares of the

Oppenheimer Money Market Fund VA

(‘‘Money Fund’’) for shares of AVP’s

Short-Term Multi Market Portfolio

(‘‘Multi Market Portfolio’’), (The

Conservative Investors Portfolio, Growth

Investors Portfolio and Multi-Market

Portfolio are referred to herein as the

‘‘Replaced Portfolios.’’ The Total Return

Portfolio, Money Market Portfolio and

Money Fund are referred to herein as

the ‘‘Substitute Portfolios.’’ The

Replaced Portfolios and the Substitute

Portfolios are referred to, collectively, as

the ‘‘Affected Portfolios.’’) AIG, Variable

Account I, American, Variable Account

A and AVP also seek relief from Section

17(a) for purposes of effecting certain of

the substitutions partially in-kind.

FILING DATE: The application was filed

on May 1, 2000, and amended and

restated on October 19, 2000.

Applicants represent that they will file

an amended and restated application

during the notice period to conform to

the representations set forth herein.

HEARING OR NOTIFICATION OF HEARING: An

order granting the application will be

issued unless the Commission orders a

hearing. Interested persons may request

a hearing by writing to the Secretary of

the Commission and serving Applicants

77400 Federal Register / Vol. 65, No. 238 / Monday, December 11, 2000 / Notices

with a copy of the request, personally or

by mail. Hearing requests should be

received by the Commission by 5:30

p.m. on December 26, 2000, and should

be accompanied by proof of service on

the Applicants, 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 Secretary of the SEC.

ADDRESSES: Secretary, Securities and

Exchange Commission, 450 Fifth Street,

NW., Washington, DC 20549–0609.

Applicants, c/o Joseph B. Kittredge, Jr.,

Ropes & Gray, One International Place,

Boston, Massachusetts 02110.

FOR FURTHER INFORMATION CONTACT:

Zandra Y. Bailes, Senior Counsel, or

Lorna J. MacLeod, Branch Chief, Office

of Insurance Products, Division of

Investment Management at (202) 942–

0670.

SUPPLEMENTARY INFORMATION: The

following is a summary of the

application. The complete application is

available for a fee from the SEC’s Public

Reference Branch, 450 Fifth Street, NW.,

Washington, DC 20549 (tel. (202) 942–

8090).

Applicants’ Representations

1. AIG is a stock life insurance

company initially organized under the

laws of Pennsylvania and reorganized

under the laws of Delaware. AIG is a

subsidiary of American International

Group, Inc., which serves as the holding

company for a number of companies

engaged in the international insurance

business in approximately 130 countries

and jurisdictions around the world.

2. AIG’s Variable Account I is a

separate account of AIG that serves as a

funding vehicle for a flexible premium,

deferred annuity contract with a fixed

investment option. Variable Account I is

registered with the Commission as a

unit investment trust under the 1940

Act. Variable Account I is divided into

subaccounts or divisions (‘‘Divisions’’),

each of which invests in shares of a

different portfolio of AVP.

3. American is a stock life insurance

company organized under the laws of

New York. American is also a subsidiary

of American International Group, Inc.

4. American’s Variable Account A is

a separate account that serves as a

funding vehicle for a flexible premium,

deferred annuity contract with a fixed

investment option. Variable Account A

is registered with the Commission as a

unit investment trust under the 1940

Act. Variable Account A is divided into

Divisions, each of which invests in

shares of a different portfolio of a

mutual fund, including various series of

AVP.

5. ReliaStar is a stock life insurance

company incorporated pursuant to the

laws of New York in 1917 under the

name ‘‘The Morris Plan Insurance

Society.’’ It adopted the names ‘‘Bankers

Security Life Insurance Society’’ in

1946, ‘‘ReliaStar Bankers Security Life

Insurance Company’’ in 1996, and

‘‘ReliaStar Life Insurance Company of

New York’’ in 1998. It is authorized to

conduct business in all fifty states, the

District of Columbia and the Dominican

Republic. ReliaStar is a wholly-owned

indirect subsidiary of ReliaStar

Financial Corp., a holding company

whose subsidiaries specialize in life

insurance and related financial services

businesses.

6. The ReliaStar Separate Accounts

are registered as unit investment trusts

under the 1940 Act and are separate

accounts as that term is defined in

Section 2(a)(37) of the 1940 Act. Each

ReliaStar Separate Account is divided

into Divisions, each of which invests in

shares of a different portfolio of a

mutual fund, including various series of

AVP.

7. AVP, organized as a Maryland

corporation on November 17, 1987, is

registered under the 1940 Act as an

open-end management investment

company and is a ‘‘series company’’ as

described in Rule 18f–2 under the 1940

Act. AVP has issued shares of beneficial

interest in nineteen series, including the

Total Return Portfolio, the Conservative

Investors Portfolio, the Growth Investors

Portfolio, the Money Market Portfolio

and the Multi Market Portfolio, each of

which represents interests in a different

portfolio (collectively, the ‘‘AVP

Portfolios’’). Each AVP Portfolio is

managed by Alliance Capital

Management L.P. (‘‘Alliance’’).

8. Oppenheimer Variable Account

Funds (‘‘OVAF’’) is a multi-series openend diversified management investment

company organized as a Massachusetts

business trust. The Money Fund was

organized as a series of OVAF in 1983.

OVAF has issued shares of beneficial

interest in ten series of shares, including

the Money Fund, each of which

represents interests in a different

portfolio. The OVAF Portfolios,

including the Money Fund, are managed

by Oppenheimer Funds, Inc.

9. The AVP Portfolios serve as

investment vehicles for use in

connection with variable life insurance

contracts and variable annuity

certificates and contracts (collectively,

the ‘‘Contracts)’’ issued by the Separate

Accounts. As of the date of the

Application, all shares of the Substitute

Portfolios are owned by the Separate

Accounts.

10. Each Contract reserves to AIG,

American or ReliaStar the right to

replace the shares of one AVP Portfolio

held by the relevant Separate Account

with shares of another AVP Portfolio or

with shares of another registered

investment company, subject to

Commission approval. Applicants

represent that this substitution right is

clearly disclosed in the Separate

Accounts’ prospectuses.

11. Applicants propose to substitute

the Substitute Portfolios for the

Replaced Portfolios as follows: (a) The

substitution of shares of the Total

Return Portfolio for shares of the

Conservative Investors Portfolio and

Growth Investors Portfolio (the ‘‘C&G

Substitution’’); (b) the substitution of

shares of the Money Market Portfolio in

the case of AIG and American and their

Separate Accounts and shares of the

Oppenheimer Money Fund, in the case

of ReliaStar and its Separate Accounts,

for shares of the Multi-Market Portfolio

(the ‘‘MM Substitution’’).

12. Contracts issued by AIG and

American limit contractowners to

twelve free transfers a year and charge

contractowners $10 for each additional

transfer.

13. Applicants represent that all three

C&G Substitution Affected Portfolios

operate as asset allocation portfolios,

each investing principally in the same

asset classes (i.e., stocks, bonds and

money market instruments) but using

slightly different mixes of those asset

classes. Each C&G Substitution Affected

Portfolio seeks a high total return by

investing in a mix of debt and equity

securities that covers a continuum, with

the Total Return Portfolio’s mix falling

in between the Conservative Investors

Portfolio, which tends to invest more in

fixed-income and less in equity

securities, and the Growth Investors

Portfolio, which tends to invest more in

equity and less in fixed-income

securities. Applicants represent that

each of the C&G Substitution Affected

Portfolios periodically adjusts its asset

mixes in response to Alliance’s

judgment with respect to economic and

market cycles.

14. Applicants represent that all three

MM Substitution Affected Portfolios

seek high current income by investing

either completely or predominately in

money market instruments. Each MM

Substitution Affected Portfolio invest in,

inter alia, (a) certificates of deposit and

bankers’ acceptances and interestbearing savings deposits issued or

guaranteed by banks or savings and loan

associations, (b) high-quality

commercial paper issued by U.S. or

Federal Register / Vol. 65, No. 238 / Monday, December 11, 2000 / Notices 77401

foreign companies, and (c) certain types

of U.S. Government securities.

15. Applicants represent that the

Variable Insurers are no longer offering

the Replaced Portfolios as investment

options under new insurance contracts,

and these Portfolios are unlikely to

attract other insurance companies to

utilize them as funding vehicles for

variable products and therefore are

unlikely to grow in the future.

16. Applicants represent that as of

December 31, 1999, the total net assets

of the portfolios were as follows (in

millions):

Total net

assets

Replaced Portfolio:

Conservative Investors Portfolio $31

Growth Investors Portfolio ........ 19

Multi-Market Portfolio ................ 44

Total net

assets

Substitute Portfolio:

Total Return Portfolio ................ 75

Money Market Portfolio ............. 136

Money Fund .............................. 201

17. Applicants represent that, for the

fiscal year ended December 31, 1999,

the portfolios’ expenses were as follows:

Replaced portfolio Advisory fees Other

expenses

Total

expenses

Fee waivers

and/or reimbursementsNet expenses

Conservative Investors Portfolio .......................................... 0.75 0.42 1.17 0.22 0.95

Growth Portfolio ................................................................... 0.75 0.72 1.47 0.52 0.95

Multi-Market Portfolio ........................................................... 0.55 2.10 2.65 1.70 0.95

Substitute portfolio Advisory fees Other

expenses

Total

expenses

Fee waivers

and/or reimbursementsNet expenses

Total Return Portfolio ........................................................... 0.63 0.24 0.86 0.00 0.86

Money Market Portfolio ........................................................ 0.50 0.14 0.64 0.00 0.64

Money Fund ......................................................................... 0.45 0.03 0.48 0.00 0.48

18. Applicants represent that Alliance

has agreed to cap expenses for each AVP

Substitute Portfolio for one year from

the date of the substitutions at a level

equal to the percentage expense level

experienced by its corresponding

Replaced Portfolio for the most recent

fiscal year prior to the substitutions. To

the extent that the expenses of any

Substitute Portfolio exceed the 1999

expense level of a Replaced portfolio for

each fiscal period that is no longer than

a fiscal quarter during the one-year

period following the substitutions, the

applicable Insurance Company

Applicant(s) will undertake to limit

separate account expenses such that,

with respect to each contractowner

affected by the substitutions, the

amount of the relevant surviving

portfolio’s operating expenses, together

with its corresponding separate

account’s expenses, on an annualized

basis, will be no greater than the sum of

the corresponding Substitute Portfolio’s

expenses, together with its separate

account’s expenses, for the most recent

fiscal year prior to the substitutions.

Furthermore, the Insurance Company

Applicants undertake not to increase

account or contract expenses for each

contractowner affected by the

substitutions for a period of one year

from the date of the substitutions.

19. The Insurance Company

Applicants represent that owners of the

Contracts that invest in the Replaced

Portfolios (‘‘C&G Contractowners’’ and

‘‘MM Contractowners,’’ as appropriate)

were sent notice, which disclosed the

proposed substitutions, in the form of

an amendment to the prospectuses of

the relevant Separate Accounts. Within

five days after the substitutions, each

Insurance Company Applicant will send

to its C&G Contractowners and MM

Contractowners a second notice of the

proposed substitutions (‘‘Second

Notice’’) that will indicate that shares of

the Replaced Portfolios have been

eliminated and that shares of the

Substitute Portfolios, as applicable, have

been substituted. To the extent required,

each Insurance Company Applicant will

include in such mailing a supplement to

the prospectus of AVP that discloses the

completion of the substitutions.

20. Applicants represent that C&G

Contractowners and MM

Contractowners will be advised in each

Second Notice that they may transfer

the value of their Contracts allocable to

the Substitute Portfolios to any other

available Separate Accounts or

Divisions investing in the other AVP

Portfolios or other investment options

unrelated to AVP, without limitation,

within sixty days after the date of the

Second Notice free of charge. A copy of

the current prospectus of each relevant

Substitute Portfolio will be delivered to

each Contractowner to whom such

current prospectus has not already been

delivered. The C&G Substitution and/or

the MM Substitution will not be

counted as a transfer under any

contractual provisions of the contracts

that limit allowable transfers.

21. Applicants represent that

following the C&G and MM

Substitutions, the C&G and MM

Contractowners will be afforded the

same contract rights that they currently

have, including surrender and other

transfer rights with regard to amounts

invested under the Contracts. The C&G

Substitution and the MM Substitution

will have no adverse federal income tax

consequences for C&G and MM

Contractowners. In addition, the C&G

Substitution and the MM Substitution

will in no way alter the insurance

benefits to C&G and MM

Contractowners or the contractual

obligations of AIG, American and/or

ReliaStar.

22. Applicants represent that the

proposed substitutions will take place at

relative net asset value with no increase

or decrease in the amount of policy

value for any C&G or MM

Contractowner. In addition, the

substitutions will not result in any

additional fees for C&G or MM

Contractowners, nor will current

charges be increased. Applicants also

represent that the costs of the C&G

Substitution and the MM Substitution,

including any additional brokerage costs

or expenses, will not be borne directly

or indirectly by the C&G Contractowners

or MM Contractowners.

23. Applicants anticipate that the

relevant Separate Accounts will redeem,

partly for cash and partly for securities

as a redemption in-kind, all shares of

the Conservative Investors Portfolio and

the Growth Investors Portfolio

attributable to C&G Contractowners at

the close of business on the date

77402 Federal Register / Vol. 65, No. 238 / Monday, December 11, 2000 / Notices

selected for the substitutions.

Applicants represent that the

Conservative Investors Portfolio and the

Growth Investors Portfolio will effect

the redemptions in-kind to the extent

that the securities paid on redemption

to the relevant Separate Accounts have

characteristics that are consistent with

the investment objective and

diversification requirements applicable

to the Total Return Portfolio. Applicants

further represent that the in-kind

redemptions and purchases will be

effected pursuant to AVP’s procedures

for valuing portfolio securities and that

portfolio securities of the Substitute and

Replaced Portfolios will be valued

consistently.

Applicant’s Legal Analysis

1. Applicants request that the

Commission issue an order pursuant to

Section 26(b) of the 1940 Act permitting

the Separate Accounts (a) to substitute

shares of the Total Return Portfolio for

shares of the Conservative Investors

Portfolio and the Growth Investors

Portfolio held by Separate Accounts,

and (b) to substitute shares of the Money

Market Portfolio or the Money Fund, as

applicable, for shares of the MultiMarket Portfolio held by the Separate

Accounts.

2. Section 26(b) of the 1940 Act

requires the depositor of a registered

unit investment trust holding the

securities of a single issuer to receive

Commission approval before

substituting the securities held by the

trust. Section 26(b) also states that the

Commission shall issue an order

approving such substitution if the

evidence establishes that it is consistent

with the protection of investors and the

purposes fairly intended by the policy

and provisions of the 1940 Act.

3. Applicants represent that AIG and

American believe that the C&G

Substitution is consistent with the

interests of its Contractowners because,

although they follow different asset

allocation models, there are substantial

similarities between the types of

investments made by the Conservative

Investors Portfolio, the Growth Investors

Portfolio and the Total Return Portfolio.

Furthermore, Applicants argue that the

C&G substitution is expected to confer

economic benefits on the C&G

Contractowners because the

Conservative Investors Portfolio’s and

the Growth Investors Portfolio’s

expenses and net redemptions are

expected to make it increasingly

difficult for those Portfolios to achieve

competitive results, because operation

of the consolidated C&G Substitution

Affected Portfolios (i.e., the Return

Portfolio going forward) will result in

economies of scale and reduced

operating expenses as a result of lower

management fees paid by the Total

Return Portfolio, and because the size of

the Total Return Portfolio suggests that

the Total Return Portfolio will offer a

more favorable opportunity for

achieving a substantially similar

investment objective while bearing

lower expenses than each of the

Conservative Investors Portfolio and the

Growth Investors Portfolio has borne.

4. Applicants also argue that the MM

Substitution is expected to confer

economic benefits on the MM

Contractowners because the MultiMarket Portfolio’s expenses and net

redemptions are expected to make it

increasingly difficult for that Portfolio to

achieve competitive results, because

operation of the consolidated MM

Substitution Affected Portfolios (i.e., the

Money Market Portfolio and

Oppenheimer Money Fund going

forward) will result in economies of

scale and reduced operating expenses as

a result of lower management fees paid

by the Money Market Portfolio and the

Oppenheimer Money Fund, and because

the size of the Money Market Portfolio

and the Oppenheimer Money Fund,

their competitive returns and their

historically higher total returns suggest

that each of the Money Market Portfolio

and the Oppenheimer Money Fund will

offer a more favorable long-term

opportunity for achieving a

substantially similar investment

objective while bearing lower expenses

than the Multi-Market Portfolio has

borne.

5. Section 17(a)(1) of the 1940 Act

prohibits any affiliated person of a

registered investment company, or an

affiliate of such affiliated person, from

selling any security or other property to

such registered investment company.

Section 17(a)(2) of the 1940 Act

prohibits any affiliated person from

purchasing any security or other

property from such registered

investment company.

6. AIG, Variable Account I, American,

Variable Account A, and AVP

(collectively, the ‘‘Section 17

Applicants’’) request an order of the

Commission pursuant to Section 17(b)

of the 1940 Act exempting them from

the provisions of Section 17(a) of the

1940 Act. Section 17(b) of the 1940 Act

provided that the Commission may

grant an order exempting a proposed

transaction from Section 17(a) of the

1940 Act if evidence establishes that: (a)

The terms of the proposed transaction,

including the consideration to be paid

or received, are fair and reasonable and

do not involve overreaching on the part

of any person concerned; (b) the

proposed transaction is consistent with

the policy of each registered investment

company concerned; and (c) the

proposed transaction is consistent with

the general purposes of the 1940 Act.

7. The Section 17 Applicants assert

that the terms of the C&G Substitution,

including the consideration to be paid

or received in connection with such

Substitution, meet all of the

requirements of Section 17(b). First, the

Section 17 Applicants contend that the

terms of the C&G Substitution are

reasonable and fair and do not involve

overreaching on the part of any person

concerned. The Section 17 Applicants

represent that the C&G Substitution will

be effected pursuant to AVP’s

procedures for valuing portfolio

securities and that portfolio securities of

the Affected Portfolios are and will be

valued in a consistent manner.

Consequently, the Sections 17

Applicants assert that there will be no

overreaching because all securities

redeemed in-kind and used to purchase

shares of the Total Return Portfolio will

be consistently valued for all purposes.

Second, the C&G Substitution as

proposed is consistent with the

investment policies of the C&G

Substitution Affected Portfolios because

the securities received by the relevant

Separate Account from the Conservative

Investors Portfolio and the Growth

Investors Portfolio from redemptions inkind will be selected by Alliance to

correspond to the investment policies of

the Total Return Portfolio. Third, the

C&G Substitution is consistent with the

general purposes of the 1940 Act

because it will provide the C&G

Contractowners with economic and

other benefits.

Conclusion

Applicants submit that, for all the

reasons stated above, the exemptive

relief requested pursuant to Section

26(b) of the 1940 Act is necessary and

appropriate in the public interest and

consistent with the protection of

investors and the purposes fairly

intended by the policies and provisions

of the 1940 Act.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–31445 Filed 12–8–00; 8:45 am]

BILLING CODE 8010–01–M