REVISION TO 1995 LISTING OF SECURITIES IDENTIFIED BY INSTITUTE MEMBERS AS BEING PASSIVE FOREIGN INVESTMENT COMPANIES (PFICS)

November 16, 1995 VIA FAX TO: ACCOUNTING/TREASURERS COMMITTEE No. 51-95 CLOSED-END FUND COMMITTEE No. 56-95 INTERNATIONAL COMMITTEE No. 37-95 TAX COMMITTEE No. 35-95 RE: REVISION TO 1995 LISTING OF SECURITIES IDENTIFIED BY INSTITUTE MEMBERS AS BEING PASSIVE FOREIGN INVESTMENT COMPANIES ("PFICS") ______________________________________________________________________________ As you know, last week the Institute faxed a listing of securities identified by Institute members as being passive foreign investment companies ("PFICs"). One security included on the list -- Templeton Russia Fund -- is not a PFIC and should not have been included on the list. A revised memorandum correcting this error is being sent to Institute members and subscribers. We will keep you informed of developments. Keith D. Lawson Associate Counsel - Tax