June 19, 1991
TO: TAX COMMITTEE NO. 16-91
ACCOUNTING/TREASURERS COMMITTEE NO. 12-91
CLOSED-END FUND COMMITTEE NO. 13-91
INTERNATIONAL COMMITTEE NO. 9-91
RE: SECOND UPDATE OF INSTITUTE SURVEY RELATING TO PFICs
__________________________________________________________
The following is the second update to the survey
information which the Institute has received from members
regarding entities which have been suspected of being passive
foreign investment companies ("PFICs"). 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 operation.
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.
As can be seen from the listing, there are a considerable
number of entities whose classification is split. In fact,
several entities are in all three categories. It would be very
helpful if members who have identified these entities would
review their PFIC status determination and inform us of any
changes so that the entities may be properly classified in only
one category.
Entities preceded by an asterisk are listed in more than
one section. New additions are underscored. Entities which have
agreed to provide information to enable shareholders to make a
"qualified electing fund" (QEF) election are preceded by a pound
sign (#). Note that some entities have switched categories as
follows:
From Category II to Category I:
ASA Ltd.
Siam Fund
11/ Spin-off from J. Rothschild Holdings PLC.
From Category II to Category III:
Constantia Industrie
Dampskip Svenborg
Franco Nevada
Middle Witwatersrand (Western Areas) Ltd.
Schwerzerische Bankgesellschaft
Schwerzerische Bankverein
Simco Union Pour L'Habitation
The column labeled "Country of Domicile" has been renamed
"Country of Operations". It was felt that where an entity
operated or invested was more useful information than where it
was organized, because all PFICs must, by definition, be
organized as non-U.S. entities.
I. Entities which have been determined to be PFICs.
Name of PFIC Country of Operation
#ASA, Ltd.
Abtrust New Thai Fund, The United Kingdom
*Allianz AG Holdings Germany
Anglo American Gold Investment Co. Ltd. South Africa
Bangkok Fund, The Thailand
*Bangkok Investments Thailand
Bishopsgate Growth Unit Trust1/1 United Kingdom
Brazilian Investment Co. Brazil
*CS Holdings Switzerland
*Cheung Kong (Holdings) Limited Hong Kong
*Compaigne Bancaire France
Creditanstalt Central Europe Fund
Daehan Investment Trust Korea
#First Hungary Fund Hungary
Fondo Accivalmex Patrimonial, S.A. de C.V. Mexico
Formosa Fund, The Taiwan
Future Germany Fund Germany
G.T. Honshu Pathfinder Fund Japan
G.T. Japan Small Companies Fund Japan
General Property Trust (Capital and Income Shares) Australia
Greek Progress Fund Greece
Hungarian Fund, The (and Warrants) Hungary
India Fund, The India
#India Magnum Fund N.V., The India
Indonesia Growth Fund Indonesia
International Equity, Ltd. Canada
Investors Group Canada
22/ Reorganized and renamed St. James' Place Capital PLC.
33/ PFIC for 1987 and 1988 tax years only (ending January 31,
1988 and 1989). Not a PFIC in tax year 1989 (ending January 31,
1990). Unclear for tax year 1990 (ending January 31, 1991).
44/ Successor entity to J. Rothschild Holdings PLC.
- 1 -
*J. Rothschild Holdings PLC2/2 United Kingdom
J.F. Indonesia Fund Indonesia
J.F. Philippine Fund Philippines
Jackata Fund Indonesia?
Japan Associated FinanceCo. Japan
Korea Asia Fund Korea
Korea 1990 Trust Korea
Korea Emerging Companies Trust Korea
Korea Equity Trust Korea
Korea-Europe Fund, The Korea
Korea Growth Trust, The Korea
Korea International Trust, The Korea
Korea Smaller Companies Trust Korea
Korea Trust, The Korea
*Land Securities PLC United Kingdom
*Lend Lease Corp., Ltd. Australia
Lydenburg Platinum South Africa
Malacca Fund, The Indonesia?/
Malaysia?
Malacha Fund Spain?
Malaysia Equity Fund Malaysia
Manila Fund Philippines
*Mediobanca Italy
*Mitsui Real Estate Development Japan
*Minorco, Ltd. Luxembourg
New India Fund, The India
Odin Mining & Investment
Company Ltd. Australia
Oporto Growth Fund, The Portugal
#Quadra Logic Technology, Inc.3/3 Canada
Robert Jones Investments Ltd. New Zealand
St. James' Place Capital PLC4/4 United Kingdom
Samuri Portfolio Japan
*Schwerzerische Ruckversichereung Switzerland
Selection Avenir France
Seoul International Trust, The Korea
Seoul Trust Korea
Siam Fund Thailand
55/ Reorganized and renamed St. James' Place Capital PLC.
66/ Now ORIX Corporation; see Category III.
- 2 -
Siam Smaller Companies Fund Thailand
Sinpinyo Fund #4 Thailand
Sinpinyo Fund #5 Thailand
*Southvaal Holdings, Ltd. South Africa
Taipei Fund Taiwan
Taiwan Trust Taiwan
Thailand Fund, The Thailand
Touche Remnant Ecotec Environmental Fund
II. Entities which are potentially PFICs, but whose status is
unclear:
Name of PFIC Country of Domicile
*Aachner und Munchener Beteiligung Germany
Aker Mek Versted A/S Norway
*Anglo American Corp. South Africa
Brierly Investments United Kingdom
CFI Cie Forciere Int'l France
*Cheung Kong (Holdings) Limited Hong Kong
*Cie Compagnie Industrille France
Compagnie du Midi France
*Corporation Financiero Alba Spain
DeBeers Consolidated Mines South Africa
Douglas Holdings Australia
Erste Allegmeine Ver Australia
Euro Nevada Canada
*Gencor Ltd. South Africa
Hitachi Credit Corp. Japan
*Hong Kong Realty & Trust Hong Kong
Immobiliare Metanopoli Italy
*Impala Plantinum Holdings Australia/
South Africa?
*J. Rothschild Holdings PLC5/5 United Kingdom
MEPC Plc United Kingdom
MIM Holding Hong Kong
*Mediobanca Italy
*Minorco, Ltd. Luxembourg
*Mitsubishi Estate Japan
*Mitsui Real Estate Development Japan
Munchener Ruckversicherung Germany
*Nippon Fire and Marine Japan
Ofp-Omnimum Fin Paris France
*Orange Free State Investment Ltd. South Africa
Orient Leasing6/6 Japan
- 3 -
Pacific Assets Trust, PLC United Kingdom
Pagurian Ltd Canada
*Parkway Holdings Ltd. Singapore
*Pobjola Class A Finland
Poseidon Ltd. Australia
Riunione Adriatica di Sicurta Italy
Royale Belge Belgium
Sefimeg France
*Southvaal Holdings Ltd. South Africa
*Tractors Malaysia Malaysia
*Victoria Lebens-Versicherung Germany
- 4 -
Westfield Trust Units Australia
World Int'l, Holdings Hong Kong
*Zurica Versicherung Germany
III. Entities which were suspected of being, but were determined not
to be, PFICs:
Name of Entity Country of Domicile
ASW Holdings United Kingdom
*Aacher und Munchener Betuligung Germany
*Allianz AG Holdings Germany
Amoy Properties Hong Kong
*Anglo American Corp. South Africa
Arab Malaysian First Property Trust Malaysia
Argyll Group PLC United Kingdom
Asda Group PLC United Kingdom
Banca San Paulo di Brescia Brazil
Banca Commerciale Italiana Italy
Banco Andalucia Spain
Banco Pastor Spain
Banco Comercial Portugues Portugal
Bangkok Bank Thailand
*Bangkok Investments Thailand
Bankinter Spain
Bell Canada Canada
Bell Group Ltd Australia
Berliner Elektro Germany
Bet Plc United Kingdom
Brazil Fund Brazil
British Land United Kingdom
Btr Plc United Kingdom
*CS Holdings Switzerland
CSR Ltd. Australia
Cannon Street Investments Japan
Chargeurs SA France
*Cheung Kong (Holdings) Limited Hong Kong
Chile Fund, The Chile
*Cie Comagnie Industrille France
Cie Financiere de Paribas France
Colonia Versicherung Aktiengesellschaft Germany
*Compaigne Bancaire France
Constantia Industrie Australia
*Corporation Financiero Alba Spain
Corporation Mapfre SA Spain
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
Dampskip Svenborg Denmark
Deutsche Bank AG Germany
Development Bank of Singapore Singapore
- 5 -
Fimpar di Risparmio Italy
- 6 -
First Malaysia Property Trust Malaysia
First Philippine Fund Philippines
Fletcher Challenge Holdings Australia
Franco Nevada Canada
Fructivie France
*Gencor Ltd. South Africa
Hang Lung Development Hong Kong
Hanson Trust Plc United Kingdom
Hawker Siddeby Group PLC United Kingdom
Henderson Land Development Ltd. Hong Kong
Hillsdown Holdings United Kingdom
*Hong Kong Realty & Trust Co., Ltd Hong Kong
Hutchinson Whampoa Ltd Hong Kong
IFIL Italy
IN/COM France
ITI Sociedade de Investmentos Turistico Portugal
*Impala Platinum Holdings South Africa
India Growth Fund India
Japan Development Corporation Japan
Kanko Japan
Korea Fund, The Korea
*Land Securities, PLC United Kingdom
Lend Lease Corp. Australia
Malaysian Smaller Company Fund Malaysia
*Mediobanca Italy
Merkur Switzerland
Mexico Fund, The Mexico
Meyer Int'l United Kingdom
Middle Witwatersrand (Western Areas) Ltd. South Africa
Miramar Hotel & Investment Co. Hong Kong
*Mitsubishi Estate Japan
Mitsubishi Trust & Banking Japan
NMB Postbank Group Netherlands
National Australia Bank Ltd. United Kingdom
National Westminister Bank PLC Australia
Nikko Securities Japan
*Nippon Fire and Marine Japan
Nippon Shinpan Co. Ltd. Japan
Nomura Securities Japan
*Orange Free State Investment Ltd. South Africa
ORIX Corporation Japan
P.T. Proctor & Gamble Investments Indonesia
Paliburg International Holdings Hong Kong
(formerly Paliburg Investments)
*Parkway Holdings Ltd. Singapore
Pearson United Kingdom
*Pobjola Class A Finland
Preussag Germany
Porst Holdings Switzerland
Portugal Fund Portugal
R.O.C. Taiwan Fund Taiwan
SG Wartburg Group United Kingdom
Sasib Italy
- 7 -
Schweizerische Bankgesellschaft Switzerland
- 8 -
Schweizerische Bankverein Switzerland
*Schweizerische Ruckversichereung Switzerland
Simco Union Pour L'Habitation France
Sonae Investments Portugal
Sopaf Italy
*Southvaal Holdings, Ltd. South Africa
Suez Cie Financiere France
Sumitomo Realty & Development Ltd. Japan
Sun Hung Kai Properties Ltd. Hong Kong
Swire Pacific Ltd Hong Kong
Taiwan Fund Taiwan
Tan Chong Motor Holding Singapore
Thai Farmers Bank Thailand
Thai Military Bank Thailand
Tokio Marine and Fire Insur. Co. Japan
*Tractors Malaysia Malaysia
UAP France
UMW Holdings Berhad Singapore
Union Bank of Switzerland Switzerland
United Overseas Bank Singapore
*Victoria Lebens - Verischerung Germany
Yamaichi Securities Japan
Yasuda Trust Japan
*Zurica Versicherung
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 Counsel - Tax