SR-NASD-2005-117

Proposal to Make Permanent Bond Mutual Fund Volatility Ratings Rules

NASD has filed with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change seeking permanent approval of NASD Rule 2210(c)(3) and Interpretive Material 2210-5 (the "Rule"), which are now operating pursuant to a pilot program that expires on December 29, 2005.