This document is about an advisory opinion from the U.S. Department of Labor regarding the definition of "qualifying employer security" under ERISA Sections 407(d)(5) and 407(f)(1). The opinion addresses the application of the ownership limits in Section 407(f)(1) to the redemption or conversion of preferred shares held by a defined benefit plan. The Department concludes that the ownership limits must be tested any time there is a direct or indirect acquisition of such stock by the plan, but the redemption or conversion of preferred stock by holders other than the plan would not necessarily trigger the application of the limits.