TO: All NASD Members and Level 2 and Level 3 Subscribers

On Tuesday, July 1, 1986, 18 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,420. These 18 issues, which will begin trading under real-time trade reporting, are entering NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 18 issues scheduled to join NASDAQ/NMS on Tuesday, July 1, 1986, are:

TO: All NASD Members and Other Interested Persons

The Securities and Exchange Commission recently approved amendments to the Interpretation of the NASD Board of Governors on "Forwarding of Proxy and Other Materials" under Article III, Section 1 of the NASD Rules of Fair Practice.^1/ These amendments, which became effective on May 30, 1986, provide for an increase in the guidelines for fees that may be charged by NASD members to issuers in connection with proxy solicitations.

The text of the amendments is attached to this notice.

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On June 25, 1986, the United States District Court for the District of New Jersey appointed a SIPC Trustee for the above-captioned firm.

Members may use the "immediate close-out" procedures as provided in Section 59(i)(2) of the NASD's Uniform Practice Code to close out open OTC contracts. Also, MSRB Rule G-12(h)(iii) provides that members may use the above procedures to close out transactions in municipal securities.

Questions regarding the firm should be directed to:

TO: All NASD Members and Level 2 and Level 3 Subscribers

On Tuesday, July 15, 1986, 33 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,457. These 33 issues, which will begin trading under real-time trade reporting, are entering NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 33 issues scheduled to join NASDAQ/NMS on Tuesday, July 15, 1986, are:

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENTS: August 9, 1986.

The National Association of Securities Dealers, Inc. (NASD), is requesting comments on a proposed amendment to Section 2 of Schedule G of the NASD By-Laws. The proposed amendment would require NASD members to report transactions in listed securities executed between 4 p.m. and 4:30 p.m. Eastern Time to the Consolidated Tape Association (CTA) through the NASDAQ System. The text of the proposed amendment is attached.

BACKGROUND

IMPORTANT

TO: All NASD Members and Other Interested Persons

ATTN: Compliance and Sales Management Personnel

TO: All NASD Members and Other Interested Persons

ATTN: TRAINING DIRECTORS AND REGISTRATION PERSONNEL

TO: All NASD Members and Level 2 and Level 3 Subscribers

On Tuesday, August 5, 1986, 52 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,505. These 52 issues, which will begin trading under real-time trade reporting, are entering NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 52 issues scheduled to join NASDAQ/NMS on Tuesday, August 5, 1986, are:

TO: All NASD Members and Other Interested Persons

The following is a list of NASD Notices to Members issued during the second quarter of 1986. Requests for copies of any notice should be accompanied by a self-addressed mailing label and directed to: NASD Administrative Services, 1735 K Street, N.W., Washington, D.C. 20006.

IMPORTANT MAIL VOTE

OFFICERS, PARTNERS AND PROPRIETORS

TO: All NASD Members

LAST VOTING DATE IS SEPTEMBER 2, 1986.