SEC - Required Disclosure of Routing of Customer Orders

Feldman Securities Group, LLC ("FSG") has prepared this report pursuant to a U.S. Securities and Exchange Commission rule 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 client has not specifically instructed to be routed to a particular venue for execution. For these non-directed orders, FSG has selected the execution venue on behalf of its clients.

The report provides information for securities listed on the New York Stock Exchange, the Nasdaq Stock Market, the American Stock Exchange or regional exchanges, and exchange-listed options. For each section, the report identifies the venues most often selected by FSG and sets forth the percentage of various types of orders routed to the venues. Information regarding the material aspects of FSG's relationship with the venues is also available.

Trades are also electronically transmitted to Mesirow Financial, Inc., FSG's clearing firm, for execution. Mesirow makes the routing decision for trades transmitted to it by FSG. Mesirow may receive payment for order flow from these venues. A review of Mesirow's directed execution can be viewed here.

Reports

1st Quarter of 2005
2nd Quarter of 2005
3rd Quarter of 2005

1st Quarter of 2004
2nd Quarter of 2004
3rd Quarter of 2004
4th Quarter of 2004

1st Quarter of 2003
2nd Quarter of 2003
3rd Quarter of 2003
4th Quarter of 2003

1st Quarter of 2002
2nd Quarter of 2002
3rd Quarter of 2002
4th Quarter of 2002