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July 31, 1990
TO: ACCOUNTING/TREASURERS COMMITTEE NO. 24-90
TAX COMMITTEE NO. 20-90
INTERNATIONAL FUNDS TASK FORCE NO. 17-90
RE: INSTITUTE SURVEY RELATING TO PFICs
__________________________________________________________
The following is the survey information which the Institute
has received from members regarding entities which have been
suspected of being passive foreign investment companies
("PFICs"). (See Institute Memorandum to Accounting/Treasurers
Committee No. 18-90 and Tax Committee No. 14-90, dated June 22,
1990.) Suspected PFICs are broken down into three categories:
(1) entities which have been determined to be PFICs, (2) entities
which are potentially PFICs, but whose status is unclear, and (3)
entities which were suspected of being, but were determined not
to be, PFICs. With respect to each category of PFIC, the listing
includes the name of the entity and, if known, the entity's
country of domicile. The Institute has not independently
verified any of the information in this memorandum, and the
information should not be relied upon without further
investigation by fund auditors or counsel.
Entities preceded by an asterisk are listed in more than
one section.
I. Entities which have been determined to be PFICs.
Name of PFIC Country of Domicile
Abtrust New Thai Fund, The United Kingdom
Anglo American Gold Investment
Co. Ltd.
Bangkok Fund Thailand
Brazilian Investment Co. Brazil
*Cheung Kong Holding Hong Kong
Compaigne Bancaire France
Formosa Fund, The Taiwan
General Property Trust
(Capital Share) Australia
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General Property Trust
(Income Share) Australia
Hungarian Fund, The (and Warrants) Hungary
India Fund, The India
India Magnum Fund India
India Magnum Fund N.V., The Indonesia
Indonesia Growth Fund Indonesia
JF Philippine Fund Philippines
Jackata Fund Indonesia?
Korea Emerging Companies Trust Korea
Korea Europe Fund Korea
Korea Growth Trust, The Korea
Korea Int'l Trust, The Korea
Korea Smaller Companies Trust Korea
Korea Trust, The Korea
Land Securities PLC United Kingdom
Lend Lease Corp. Ltd. Australia
Malacca Fund Cayman Islands
Malacha Fund Spain?
Malaysia Equity Fund Malaysia
Manila Fund Philippines
New India Fund, The India
Odin Mining & Investment
Company Ltd.
Oporto Growth Fund, The Portugal
*Pacific Assets Trust, PLC United Kingdom
*Rothschild Holdings United Kingdom
Seoul Int'l Trust, The Korea
Seoul Trust Korea
*Siam Fund Cayman Islands
Siam Fund Thailand
Siam Smaller Companies Fund Thailand
Southvaal Holdings, Ltd.
Taipei Fund Taiwan
Taiwan Trust Taiwan
II. Entities which are potentially PFICs, but whose status is
unclear:
Name of PFIC Country of Domicile
Aachner und Munchener Beteiligung West Germany
ASA Ltd.
Aker Mek Versted A/S Norway
Brierly Investments United Kingdom
CFI Cie Forciere Int'l France
CS Holdings Switzerland
*Cheung Kong Holdings Hong Kong
Cie Compagnie Industrille France
Compagnie du Midi France
Constantia Industrie Australia
Corporation Financial Alba Spain
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Dampskip Svenborg Denmark
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Douglas Holdings Australia
Erste Allegmeine Ver Australia
Hitachi Credit Corp. Japan
Hong Kong Realty Trust Hong Kong
Hong Kong Realty & Trust Co. Ltd. Hong Kong
Immobiliare Metanopoli Italy
Impala Plantinum Holdings Australia
MEPC Plc United Kingdom
MIM Holding Hong Kong
*Mediobanca Italy
Middle Witwatersrand
(Western Areas) Ltd.
Minorco
Mitsubishi Real Estate Japan
Mitsui Real Estate Development Japan
Munchener Ruckversicherung West Germany
Nippon Fire and Marine Japan
Ofp-Omnimum Fin Paris France
Orient Leasing Japan
*Pacific Assets Trust, PLC United Kingdom
Pagurian Ltd Canada
Parkway Holdings Ltd. Singapore
Pohjola Class A Finland
Riunione Adriatica di Sicurta Italy
*Rothschild Holdings United Kingdom
Royale Belge Belgium
Schweizerische Bankgesellschaft Switzerland
Schweizerische Bankverein Switzerland
Schweizerische Ruckversichereung Switzerland
Sefimeg France
*Siam Fund Cayman Islands
Simco Union Pour L'Habitation France
Tractors Malaysia Uncertain
Victoria Lebens-Versicherung West Germany
Westfield Trust Units Australia
World Int'l Holdings Hong Kong
Zurich Versicherung West Germany
III. Entities which were suspected of being, but were determined
not to be, PFICs:
Name of Entity Country of Domicile
Allianz West Germany
Arab Malaysian First Property
Trust Malaysia
Bangkok Investments Thailand
Bell Group Ltd Australia
Bet Plc United Kingdom
Brazil Fund Brazil
British Land United Kingdom
Btr Plc United Kingdom
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CSR Ltd. Australia
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Cannon Street Investments Japan
Chargeurs SA France
Chile Fund, The Chile
Cie Financiere de Paribas France
Credit Financier de France France
Cross Harbour Tunnel Hong Kong
Daily Mail & General Trust 'A' United Kingdom
Daito Trust Construction Co., Ltd. Japan
Daiwa Securities Japan
Fimpar di Risparmio Italy
First Malaysian Property Trust Malaysia
First Philippine Fund Philippines
Fletcher Challenge Holdings Australia
Hanson Trust Plc United Kingdom
Hawker Siddeby Group PLC United Kingdom
Hutchinson Whampoa Ltd Hong Kong
IFIL Italy
IN/COM France
ITI Sociedade de Investmentos
Turistico Portugal
India Growth Fund India
Kanko Japan
Korea Fund, The Korea
Malaysian Smaller Company Fund Malaysia
*Mediobanca Italy
Mexico Fund, The Mexico
Meyer Int'l United Kingdom
Miramar Hotel & Investment Co. Hong Kong
Mitsubishi Trust & Banking Japan
Nikko Securities Japan
Nippon Shinpan Co. Ltd. Japan
Nomura Securities Japan
P.T. Proctor & Gamble Investments Indonesia
Paliburg International Holdings
(Formerly Paliburg Investments) Hong Kong
Pearson United Kingdom
Preussag West Germany
Portugal Fund Portugal
R.O.C. Taiwan Fund Taiwan
SG Wartburg Group United Kingdom
Sonae Investments Portugal
Sopaf Italy
Suez Cie Financiere France
Sun Hung Kai Prop Ltd. Hong Kong
Swire Pacific Ltd Hong Kong
Taiwan Fund Taiwan
Yamaichi Securities Japan
Yasuda Trust Japan
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Please continue to provide us with any further information
which you obtain on entities which are or may be PFICs. The
Institute will update this memorandum periodically as more
informtion is received from members.
David J. Mangefrida, Jr.
Assistant General Counsel