DISCUSSION OF FOREIGN TAX CREDIT REPORTING ISSUES DURING CONFERENCE CALL PREVIOUSLY SCHEDULED FOR 2:00 P.M. EDT, JUNE 17, 2005

©2005 Investment Company Institute. All rights reserved. Information may be abridged and therefore incomplete. Communications from the Institute do not constitute, and should not be considered a substitute for, legal advice. [18950] June 16, 2005 TO: ADVISER DISTRIBUTOR TAX ISSUES TASK FORCE No. 4-05 TAX COMMITTEE No. 21-05 RE: DISCUSSION OF FOREIGN TAX CREDIT REPORTING ISSUES DURING CONFERENCE CALL PREVIOUSLY SCHEDULED FOR 2:00 P.M. EDT, JUNE 17, 2005 As we previously informed you, the Institute submitted a letter to the Internal Revenue Service in April requesting a procedure that funds passing through foreign tax credits to RIC shareholders may use to adjust their reported dividends and associated foreign tax credits.1 We will be discussing the Service’s proposal for addressing these issues during the “Business Activity Tax” conference call scheduled for Friday, June 17th at 2:00 p.m. EDT. If you have not already registered for this call and would like to participate, please fill out the attached response form and return it to Ezella Wynn by fax (202/326-5841) or e-mail (ewynn@ici.org). To participate in this call, please dial 888-469-0492 and enter passcode number 17647. Lisa Robinson Associate Counsel Attachment (in .pdf format) 1 See Institute Memorandum (18814) to Tax Members No. 11-05, dated April 27, 2005.