I M P O R T A N T

Officers * Partners * Proprietors

TO: All NASD Members and Other Interested Persons

Earlier this year, the provisions under the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA") with respect to withholding on dividends and interest was repealed by Congress.

Shortly after the repeal of withholding, the Interest and Dividend Tax Compliance Act of 1983 ("The Act") was enacted as a compromise measure.

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

An additional 51 securities voluntarily will join the NASDAQ National Market System on Tuesday, December 20. This will bring the total number of issues trading on NMS to 684. These 51 issues meet the voluntary designation criteria set by the SEC, which include an average monthly trading volume of 100,000 shares and a minimum bid price of $5.

The 51 securities scheduled for inclusion on December 20 are:

I M P O R T A N T

MAIL VOTE

Officers * Partners * Proprietors

TO: All NASD Members

Last Voting Date is January 9, 1984

TO: All NASD Members

ATTN: Operations Principals, Cashiers and Buy-in Personnel

The Association's Board of Governors has adopted various amendments to the Uniform Practice Code which prescribes the manner in which over-the-counter securities transactions are compared, cleared and settled between NASD member firms. These amendments to the Code apply to all NASD members participating in secondary transactions in unit investment trust securities.

BACKGROUND AND EXPLANATION OF AMENDMENTS

TO: All NASD Members

TO: ALL NASD MEMBERS

ATTN: Operations Officer, Cashier, Fail-Control Department

On December 15, 1983, the United States District Court for the Southern District of New York appointed a SIPC trustee for the above captioned firm. Previously, a temporary receiver had been appointed for the firm on December 8, 1983.

I M P O R T A N T

Officers * Partners * Proprietors

TO: Members of the National Association of Securities Dealers, Inc. and Other Interested Persons

COMMENT PERIOD CLOSES ON: January 20, 1984

I M P O R T A N T

Officers * Partners * Proprietors

TO: All NASD Members

BACKGROUND

I M P O R T A N T

MAIL VOTE

Officers * Partners * Proprietors

TO: All NASD Members

Last Voting Date Is January 30, 1984

Enclosed herewith are proposed amendments to Article III, Section 19 of the Rules of Fair Practice and the Explanation thereto. These amendments have been approved by the Association's Board of Governors for submission to the membership for a vote. If approved, they must then be filed with, and approved by, the Securities and Exchange Commission.

BACKGROUND OF THE PROPOSED AMENDMENTS