Neidiger, Tucker, Bruner, Inc. (“NTB”) has prepared this report pursuant to a U.S. Securities and Exchange Commission Rule 606 (formerly Rule 11Ac1-6) requiring all brokerage firms to make publicly available quarterly reports on their order routing practices. The report provides information on the routing of “non-directed orders” - any order that the customer has not specifically instructed to be routed to a particular venue for execution. For these non-directed orders, NTB has selected the execution venue on behalf of its customers.

The Rule requires that a quarterly report be divided into four sections:

1. Covered securities listed on the New York Stock Exchange, Inc. (“NYSE”) and reported as Network A eligible securities;
2. Covered securities listed on The NASDAQ Stock Market, Inc.;
3. Covered securities listed on the American Stock Exchange LLC (“AMEX”) or any of the regional stock exchanges and reported as Network B eligible securities;
4. Exchange-listed options.

For each section, this report identifies the venues most often selected by NTB, sets forth
the percentage of various types of orders routed to the venues, and discusses the material
aspects of NTB’s relationship with the venues (if applicable).

Material Aspects of Relationships

NTB currently receives no payment for order flow in equities from any source.

SWS Securities, Inc. acts as a Clearing Agent for NTB and as such, SWS Securities, Inc. clears all of NTB’s business on a fully disclosed basis. Any customer orders introduced by NTB to SWS Securities, Inc. are routed by SWS Securities, Inc. SWS Securities, Inc. routing of these orders may be viewed at:

ftp://public.s3.com/11ac1-6/swst/

Securities Listed on the New York Stock Exchange

Summary Statistics

Non-direct orders as percentage of total customer orders    100%
Market orders as percentage of total non-directed orders    43%
Limit orders as percentage of total non-directed orders        57%
Other orders as percentage of total non-directed orders       -0-

Venues Receiving a Significant Percentage of Total Non-Directed Orders

1. SWS Securities, Inc.

Information Concerning Significant Venues:

Types of Orders Routed to Venue:

Market orders as percentage of total market orders   43%
Limit orders as percentage of total limit orders           57%
Other orders as percentage of total other orders         -0-

Material Aspects of Relationship with Venue: (see introductory section.)

2. SWS Securities, Inc.

Types of Orders Routed to Venue:

Market orders as percentage of total market orders     43%
Limit orders as percentage of total limit orders             57%
Other orders as percentage of total other orders           -0-

Material Aspects of Relationship with Venue: (see introductory section.)

Securities Listed on the NASDAQ Stock Market

Summary Statistics

Non-direct orders as percentage of total customer orders     100%
Market orders as percentage of total non-directed orders      27%
Limit orders as percentage of total non-directed orders          73%
Other orders as percentage of total non-directed orders         -0-

Venues Receiving a Significant Percentage of Total Non-Directed Orders

1. SWS                                        100%

Information Concerning Significant Venues:

1. SWS Securities

Types of Orders Routed to Venue:

Market orders as percentage of total market orders      27%
Limit orders as percentage of total limit orders               73%
Other orders as percentage of total other orders              -0-

Material Aspects of Relationship with Venue: (see introductory section.)

2. SWS Securities/Others

Types of Orders Routed to Venue:

Market Orders as percentage of total market orders      27%
Limit Orders as percentage of total limit orders               73%
Other orders as percentage of total other orders                 -0-

Securities Listed on the American Stock Exchange or Regional Exchanges

Summary Statistics

Non-direct orders as percentage of total customer orders      100%
Market orders as percentage of total non-directed orders       17.5%
Limit orders as percentage of total non-directed orders           82.5%
Other orders as percentage of total non-directed orders           -0-

Exchange-Listed Options

Summary Statistics

Non-direct orders as percentage of total customer orders      100%
Market orders as percentage of total non-directed orders        11.5%
Limit orders as percentage of total non-directed orders            88.5%
Other orders as percentage of total non-directed orders             -0-

Venues Receiving A Significant Percentage of Total Non-Directed Orders

1. SWS Securities, Inc.

Information Concerning Significant Venues:

1. SWS Securities, Inc.

Types of Orders Routed to Venue

Market orders as percentage of total market orders        11.5%
Limit orders as percentage of total limit orders                88.5%
Other orders as percentage of total other orders              -0-

Material Aspects of Relationship with Venue: (see introductory section.)