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.

TO: All NASD Members, NASDAQ Issuers and Other Interested Persons

LAST DATE FOR COMMENTS: SEPTEMBER 15, 1986.

The National Association of Securities Dealers, Inc. (NASD), requests comments on proposed revisions to Schedule D of the NASD By-Laws. Schedule D governs the operations of the NASDAQ System. The text of the proposed revisions is included as Attachment I. The text of the current Schedule D is included as Attachment II.

BACKGROUND

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

On Tuesday, August 19, 1986, 17 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,517. These 17 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 17 issues scheduled to join NASDAQ/NMS on Tuesday, August 19, 1986, are:

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Monday, September 1, 1986, in observance of Labor Day. "Regular-way" transactions made on the business days immediately preceding that day will be subject to the following schedule.

Trade Date-Settlement Date Schedule For "Regular-Way" Transactions

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

On Tuesday, September 2, 1986, 27 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,550. These 27 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 27 issues scheduled to join NASDAQ/NMS on Tuesday, September 2, 1986, are:

TO: All NASD Members and Other Interested Persons

ATTN: Operations Principal, Cashier, Buy-in Personnel

EXECUTIVE SUMMARY

Last Date for Comments: October 1, 1986.

TO: All NASD Members and Other Interested Persons

ATTN: Operations Principal, Cashier

EXECUTIVE SUMMARY

Last Date for Comments: October 1, 1986.