UBS earns revenue primarily from our clients, vendors and money managers whose products and services are purchased by clients, and from our fixed-income trading activities. We compensate your Financial Advisor from some, but not all, of these sources of revenue. In general, our Firm's client-related revenue consists of: Commissions charged for the purchase, or sale, of equities and fixed income products, where the Firm acts as agent or broker Markups and markdowns on the price of purchases and sales of equities and fixed income products, where the Firm acts as principal (i.e., purchases and sales out of Firm inventory) Selling concessions and/or underwriting discounts earned by the Firm for new offerings of equity, fixed income or structured investments Sales loads, commissions or concessions for various packaged products, such as mutual funds, unit investment trusts, insurance and annuities Asset-based fees charged in connection with asset-based brokerage and advisory programs Interest on margin and loan accounts Account administrative fees
The Firm also earns revenues from other sources, in the form of revenue sharing arrangements and sales charges on the products of third-party vendors. In general, we pay our Financial Advisors a percentage of clients' commissions and fees, less certain adjustments, according to an established schedule based on the revenues the Financial Advisor generates and the types of products and accounts that are used.  | 
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