SEC-Required Report on Routing of Customer Orders
For Quarter Ending June 2006

Spencer-Winston Securities Corporation 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 customer has not specifically instructed to be routed to a particular venue for execution. For these non-directed orders, Spencer-Winston Securities Corporation has selected the execution venue on behalf of its customers. The report is divided into four sections: one for securities listed on the New York Stock exchange, one for securities listed on The Nasdaq Stock Market, one for securities listed on the American Stock Exchange or regional exchanges, and one for exchange-listed options. For each section, this report identifies the venues most often selected by Spencer-Winston Securities Corporation, sets forth the percentage of various types of orders routed to the venues, and discusses the material aspects of Spencer-Winston Securities Corporation’s relationship with the venues if applicable.

Spencer-Winston Securities Corporation
SEC-Required Report on Routing of Customer Orders
For Quarter Ending June 2006

NYSE	Non-Directed Orders	Market Orders	Limit Orders	Other Orders	Material Aspects of Relationship
Total Spencer-Winston Securities Corporation Orders	100.00%	39.75%	47.86%	2.32%
Orders Routed To:
New York Stock Exch.	89.94%	93.99%	84.42%	90.63%	N/A
Knight Capital Markets LLC	8.69%	4.37%	14.07%	9.38%	N/A

NASDAQ	Non-Directed Orders	Market Orders	Limit Orders	Other Orders	Material Aspects of Relationship
Total Spencer-Winston Securities Corporation Orders	100.00%	41.33%	56.76%	1.91%
Orders Routed To:
Knight Equity Markets, L.P.	84.16%	81.50%	86.21%	80.95%	N/A
UBS SECURITIES LLC [UBSS]	14.84%	18.39%	12.11%	19.05%	N/A

AMEX	Non-Directed Orders	Market Orders	Limit Orders	Other Orders	Material Aspects of Relationship
Total Spencer-Winston Securities Corporation Orders	100.00%	42.78%	56.12%	1.10%
Orders Routed To:
American Stock Exch.	67.48%	89.18%	50.69%	80.00%	N/A
Knight Equity Markets, L.P.	32.08%	10.83%	48.53%	20.00%	N/A

OPTIONS	Non-Directed Orders	Market Orders	Limit Orders	Other Orders	Material Aspects of Relationship
Total Spencer-Winston Securities Corporation Orders	100.00%	12.00%	87.90%	0.10%
Orders Routed To:
Citigroup Global Markets, Inc.	95.92%	97.90%	95.70%	50.00%	N/A