Wedbush Morgan Securities

Exchange	Market Order	Limit	Others	Total
Non-Directed Orders as Percentage (%) of Total Customer Orders	60.6%	39.2%	0.3%	100.0%
Bernard L. Madoff Investment Securities	30.9%	11.7%	35.4%	23.3%
Knight Capital Markets	62.5%	57.1%	47.6%	60.4%
New York Stock Exchange	1.7%	8.1%	0.0%	4.2%
Wedbush Morgan Securities, Inc.	0.3%	13.8%	0.0%	5.5%
Wedbush Morgan Securities has prepared this report in accordance with U.S. Securities and Exchange Commission Exchange Act Rule 606 that requires broker/dealers to make public, quarterly reports containing certain information on their order routing practices. The report provides information on the routing of "non-directed orders" which is generally defined as any order that the client has not specifically instructed to be routed to a particular venue for execution. Material Aspects of Relationships with Venues