If I inherit a foreign mutual fund, do the PFIC rules still apply to me?

Yes. Once you are a U.S. person, inheriting a foreign mutual fund makes you the owner of a PFIC, and the punitive rules attach going forward. Your holding period and basis rules interact in ways that can be unfavorable, and simply holding the inherited fund exposes you to the excess-distribution regime when you eventually sell or receive distributions. Many advisors suggest selling an inherited PFIC promptly, ideally in a year you can manage the tax, rather than letting it sit and accrue complexity, though you should confirm basis step-up treatment for foreign assets, which can differ. You will still need Form 8621, plus FBAR and possibly Form 8938 for the account holding it. Because inherited-PFIC math is genuinely complicated, this is a clear case for a cross-border CPA before you act.