[17554]
May 20, 2004
TO: BOARD OF GOVERNORS No. 37-04
CEOS
PRIMARY CONTACTS - MEMBER COMPLEX No. 46-04
RE: PAYMENT OF ICI DUES
As you know, the Institute’s membership includes investment companies, their
investment advisers and principal underwriters. From time to time, questions have arisen
concerning the payment of Institute dues. The Board of Governors considered this matter at its
meeting on May 7, 2004. The Board noted that payment of dues appropriately may be handled
in a variety of ways, and that practices among Institute members vary. When the fund pays any
portion of Institute dues, the Board recommends that fund directors be so advised on an annual
basis and that they be provided with copies of the Institute’s annual dues letter.
I am enclosing a copy of a memorandum that summarizes recent Institute activities and
also surveys its accomplishments over the past 30 years. This document is also being sent to the
independent directors of mutual funds that are members of the Institute. If you would like
additional copies for your colleagues, please contact Terri Brooks at the Institute (202-326-5904
or brooks@ici.org).
Paul G. Haaga, Jr.
Chairman, Board of Governors
Enclosure