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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 0 )*
---------
The Pakistan Investment Fund, Inc.
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(Name of Issuer)
Common Stock, par value $0.01
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(Title of Class of Securities)
695844100
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(CUSIP Number)
James J. Greenberger, Esq., 180 North LaSalle Street,
Suite 2700, Chicago, Illinois 60601 - (312) 346-1300
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
May 16, 1996
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following
box / /.
Check the following box if a fee is being paid with this statement /x/. (A
fee is not required only if the reporting person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class
of securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.
(See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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SCHEDULE 13D
CUSIP No. 695844100 Page 2 of 8 Pages
--------- --- ---
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
Hermes Investment Management Limited
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) /x/
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
AF
- -------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
United Kingdom
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power 742,600
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
--------------------------------------------------
(9) Sole Dispositive
Power 742,600
--------------------------------------------------
(10) Shared Dispositive 0
Power
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
742,600
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
6.4%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
IA
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 695844100 Page 3 of 8 Pages
--------- --- ---
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
Hermes Pensions Management Limited
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) /x/
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
AF
- -------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
United Kingdom
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
--------------------------------------------------
(9) Sole Dispositive
Power 0
--------------------------------------------------
(10) Shared Dispositive 0
Power
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
742,600
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
6.4%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
IA
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 695844100 Page 4 of 8 Pages
--------- --- ---
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
B T Pension Scheme
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) /x/
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
WC
- -------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
United Kingdom
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
--------------------------------------------------
(9) Sole Dispositive
Power 0
--------------------------------------------------
(10) Shared Dispositive 0
Power
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
383,180
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
3.3%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
EP
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 695844100 Page 5 of 8 Pages
--------- --- ---
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
Post Office Staff Superannuation Scheme
- -------------------------------------------------------------------------------
(2) Check the Appropriate Box if a Member (a) /x/
of a Group* (b) / /
- -------------------------------------------------------------------------------
(3) SEC Use Only
- -------------------------------------------------------------------------------
(4) Source of Funds*
WC
- -------------------------------------------------------------------------------
(5) Check if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e)
- -------------------------------------------------------------------------------
(6) Citizenship or Place of Organization
United Kingdom
- -------------------------------------------------------------------------------
Number of Shares (7) Sole Voting
Beneficially Owned Power 0
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
--------------------------------------------------
(9) Sole Dispositive
Power 0
--------------------------------------------------
(10) Shared Dispositive 0
Power
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
359,420
- -------------------------------------------------------------------------------
(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
3.1%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
EP
- -------------------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D - PAGE 6 OF 8
SCHEDULE 13D
THE PAKISTAN INVESTMENT FUND, INC.
(CUSIP No. 695844100)
REPORTING GROUP: HERMES INVESTMENT MANAGEMENT LIMITED
HERMES PENSIONS MANAGEMENT LIMITED
BT PENSION SCHEME
POST OFFICE STAFF SUPERANNUATION SCHEME
ITEM 1. SECURITY AND ISSUER
This statement relates to the common stock of The Pakistan Investment Fund,
Inc., par value $.01 per share. The principal executive offices of The Pakistan
Investment Fund, Inc. is located at 1221 Avenue of the Americas, New York, NY
10020.
ITEM 2. IDENTIFY AND BACKGROUND
The persons filing this statement are Hermes Investment Management
Limited ("Hermes Investment"), Hermes Pensions Management Limited ("Hermes
Pensions"), the BT Pension Scheme ("BT") and the Post Office Staff
Superannuation Scheme ("POSS") (BT and POSS being hereafter collectively
referred to as the "Schemes"). The Schemes are each employee pension funds
organized under the laws of the United Kingdom. Hermes Investment and Hermes
Pensions are companies organized under the laws of the United Kingdom. Hermes
Investment is a wholly-owned subsidiary of Hermes Pensions. The sole
business of Hermes Pensions and Hermes Investment is managing the investments
of the Schemes and one related entity. The principal offices of each of the
reporting persons is located at Standon House, 21 Mansell Street, London E1
8AA, United Kingdom. During the last five years none of the reporting
persons has been convicted of any criminal offense or has been subject to any
judgment, decree or final order relating to federal or state securities laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
All funds used to make the purchases reported on this form were obtained
from the working capital of the Schemes. Prior to the purchases reported on
this form, Hermes Investment had acquired 253,700 shares of the common stock of
the issuer for the account of BT and 238,900 shares of the common stock of the
issuer for the account of POSS.
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SCHEDULE 13D - PAGE 7 OF 8
ITEM 4. PURPOSE OF TRANSACTION
All purchases reported on this form were made for investment purposes only.
None of the reporting persons has any plans or proposals which relate to or
would result in any of the actions or events described in subsections (a)
through (j) of Item 4.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The reporting persons believe that approximately 11,605,000 shares of
the common stock of the issuer are outstanding. The aggregate number and
percentage of the class of securities reported and beneficially owned by the
reporting persons is as follows:
Reporting Person Number of Shares Percentage
- ---------------- ---------------- ----------
Hermes Investment 742,600 6.4%
Hermes Pensions 742,600 6.4%
BT 383,180 3.3%
POSS 359,420 3.1%
(b) Hermes Investment has the sole power to vote and the sole power to
direct the disposition of all of the securities beneficially owned by the
reporting persons, comprising 742,600 shares of the common stock of the issuer.
(c) Hermes Investment made the following purchases of common stock of the
issuer for the account of the indicated beneficiary through Barings Securities
in London. No sales were made during the period referenced below:
Trade Date BT POSS PRICE
- ---------- -- ---- -----
May 16, 1996 51,600 48,400 $6.75
May 16, 1996 77,880 72,120 $6.75
(d) Not applicable.
(e) Not applicable.
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SCHEDULE 13D - PAGE 8 OF 8
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
Pursuant to Investment Management Agreements between Hermes Investment and
each of BT and POSS, dated March 31, 1995, Hermes Investment acts as an
investment advisor to the Schemes and has sole voting power and power to direct
the disposition of securities acquired for their benefit by Hermes Investment.
Hermes Pensions is a wholly-owned subsidiary of BT and Hermes Investment is a
wholly-owned subsidiary of Hermes Pensions.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Not applicable.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information in this statement is true, complete and correct.
Dated: June 14, 1996
HERMES INVESTMENT HERMES PENSIONS
MANAGEMENT LIMITED MANAGEMENT LIMITED
By: /s/ F.W. LeGrice By: /s/ F.W. LeGrice
------------------ ------------------
Title: F.W. LeGrice Title: F.W. LeGrice
Company Secretary Company Secretary
POST OFFICE STAFF BT PENSION SCHEME
SUPERANNUATION SCHEME
By: /s/ Illegible By: /s/ Illegible
------------------ -------------------
Title: POSS - Finance Secretary Title: BT PENSION SCHEME - Secretary
