UBS - Order Routing Disclosure

UBS Financial Services Inc.
1200 Harbor Boulevard
Weehawken, NJ 07086
(201) 352-3000

SEC Required Report on Routing of Customer Orders
For Quarter Ending September 30, 2011

UBS Financial Services Inc. 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, UBS Financial Services Inc. 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 NYSE AMEX or regional exchanges, and one for exchange-listed options. For each section, this report identifies the venues most often selected by UBS Financial Services Inc., sets forth the percentage of various types of orders routed to the venues, and discusses the material aspects of UBS Financial Service's relationship with the venues.

Securities Listed on New York Stock Exchange
Securities Listed on The Nasdaq Stock Market
Securities Listed on NYSE AMEX or Regional Exchanges
Exchange-Listed Options

Securities Listed on New York Stock Exchange

Summary Statistics				Q3 2011

Non-directed orders as percentage of total customer orders				99.985%
Market orders as percentage of total non-directed orders				87.79%
Limit orders as percentage of total non-directed orders				10.37%
Other orders as percentage of total non-directed orders				1.84%

Venues Receiving Significant Percentage of Total Non-Directed Orders

1. UBS Securities LLC				88.528%
2. New York Stock Exchange				11.460%
3. SURGE				0.010
4. CSX				0.002%
5. Cincinnati				0.000%

Information Concerning Significant Venues

1. UBS Securities LLC
Types of Orders Routed to Venue
Market orders as percentage of total market orders				93.436%
Limit orders as percentage of total limit orders				60.738%
Other orders as percentage of total other orders				11.208%
Material Aspects of Relationship with Venue: UBS Financial Services Inc. is an affiliate of UBS Securities LLC. Both UBS Financial Services Inc. and UBS Securities LLC are registered broker/dealers that are wholly owned by UBS AG, a publicly owned Swiss banking corporation. UBS Financial Services Inc. sends orders in certain equity securities to UBS Securities LLC to execute on a principal or agency basis, subject to principles of best execution. UBS Securities LLC may have a profit or loss when executing orders as principal. UBS Financial Services Inc. may have received sales credits for orders executed by UBS Securities LLC, as principal, on behalf of clients of UBS Financial Services Inc.
2. New York Stock Exchange
Types of Orders Routed to Venue
Market orders as percentage of total market orders				6.552%
Limit orders as percentage of total limit orders				39.245%
Other orders as percentage of total other orders				88.972%
Material Aspects of Relationship with Venue				None
3. SURGE
Types of Orders Routed to Venue
Market orders as percentage of total market orders				0.010%
Limit orders as percentage of total limit orders				0.017%
Other orders as percentage of total other orders				0.000%
Material Aspects of Relationship with Venue				None
4. CSX
Types of Orders Routed to Venue
Market orders as percentage of total market orders				0.002%
Limit orders as percentage of total limit orders				0.000%
Other orders as percentage of total other orders				0.000%
Material Aspects of Relationship with Venue				None
5. Cincinnati
Types of Orders Routed to Venue
Market orders as percentage of total market orders				0.000%
Limit orders as percentage of total limit orders				0.000%
Other orders as percentage of total other orders				0.000%
Material Aspects of Relationship with Venue				None

Securities Listed on The Nasdaq Stock Market

Summary Statistics

Non-directed orders as percentage of total customer orders				100.00%
Market orders as percentage of total non-directed orders				81.99%
Limit orders as percentage of total non-directed orders				16.20%
Other orders as percentage of total non-directed orders				1.82%

Venues Receiving Significant Percentage of Total Non-Directed Orders

1. UBS Securities LLC				97.896%
2. Knight				0.863%
3. New York Stock Exchange				0.454%
4. NYSE ARCA				0.477%
5. Surge				0.268%
6. NYSE ALTERNEXT				0.044%
7. CSX				0.001%

Information Concerning Significant Venues

1. UBS Securities LLC
Types of Orders Routed to Venue
Market orders as percentage of total market orders				97.698%
Limit orders as percentage of total limit orders				98.692%
Other orders as percentage of total other orders				99.713%
Material Aspects of Relationship with Venue: UBS Financial Services Inc. is an affiliate of UBS Securities LLC. Both UBS Financial Services Inc. and UBS Securities LLC are registered broker/dealers that are wholly owned by UBS AG, a publicly owned Swiss banking corporation. UBS Financial Services Inc. sends orders in certain equity securities to UBS Securities LLC to execute on a principal or agency basis, subject to principles of best execution. UBS Securities LLC may have a profit or loss when executing orders as principal. UBS Financial Services Inc. may have received sales credits for orders executed by UBS Securities LLC, as principal, on behalf of clients of UBS Financial Services Inc.
2. Knight
Types of Orders Routed to Venue
Market orders as percentage of total market orders				1.038%
Limit orders as percentage of total limit orders				0.061%
Other orders as percentage of total other orders				0.024%
Material Aspects of Relationship with Venue				None
3. New York Stock Exchange
Types of Orders Routed to Venue
Market orders as percentage of total market orders				0.485%
Limit orders as percentage of total limit orders				0.322%
Other orders as percentage of total other orders				0.231%
Material Aspects of Relationship with Venue				None
4. NYSE ARCA
Types of Orders Routed to Venue
Market orders as percentage of total market orders				0.441%
Limit orders as percentage of total limit orders				0.712%
Other orders as percentage of total other orders				0.000%
Material Aspects of Relationship with Venue				None
5. SURGE
Types of Orders Routed to Venue
Market orders as percentage of total market orders				0.160%
Limit orders as percentage of total limit orders				0.000%
Other orders as percentage of total other orders				0.000%
Material Aspects of Relationship with Venue				None
6. NYSE Alternext
Types of Orders Routed to Venue
Market orders as percentage of total market orders				0.009%
Limit orders as percentage of total limit orders				0.225%
Other orders as percentage of total other orders				0.32%
Material Aspects of Relationship with Venue				None
7. CSX
Types of Orders Routed to Venue
Market orders as percentage of total market orders				0.000%
Limit orders as percentage of total limit orders				0.000%
Other orders as percentage of total other orders				0.000%
Material Aspects of Relationship with Venue				None

Securities Listed on the NYSE AMEX or Regional Exchanges

Summary Statistics

Non-directed orders as percentage of total customer orders				98.947%
Market orders as percentage of total non-directed orders				86.99%
Limit orders as percentage of total non-directed orders				9.57%
Other orders as percentage of total non-directed orders				3.44%

Venues Receiving Significant Percentage of Total Non-Directed Orders

1. UBS Securities LLC				99.758%
2. NYSE ARCA				0.175%
3. New York Stock Exchange				0.040%
4. NYSE Alternext				0.027%
5. CSX				0.000%

Information Concerning Significant Venues

1. UBS Securities LLC
Types of Orders Routed to Venue
Market orders as percentage of total market orders				99.784%
Limit orders as percentage of total limit orders				99.513%
Other orders as percentage of total other orders				99.775%
Material Aspects of Relationship with Venue: UBS Financial Services Inc. is an affiliate of UBS Securities LLC. Both UBS Financial Services Inc. and UBS Securities LLC are registered broker/dealers that are wholly owned by UBS AG, a publicly owned Swiss banking corporation. UBS Financial Services Inc. sends orders in certain equity securities to UBS Securities LLC to execute on a principal or agency basis, subject to principles of best execution. UBS Securities LLC may have a profit or loss when executing orders as principal. UBS Financial Services Inc. may have received sales credits for orders executed by UBS Securities LLC, as principal, on behalf of clients of UBS Financial Services Inc.
2. NYSE ARCA
Types of Orders Routed to Venue
Market orders as percentage of total market orders				0.0195%
Limit orders as percentage of total limit orders				0.059%
Other orders as percentage of total other orders				0.008%
Material Aspects of Relationship with Venue				None
3. New York Stock Exchange
Types of Orders Routed to Venue
Market orders as percentage of total market orders				0.010%
Limit orders as percentage of total limit orders				0.262%
Other orders as percentage of total other orders				0.173%
Material Aspects of Relationship with Venue				None
4. NYSE Alternext
Types of Orders Routed to Venue
Market orders as percentage of total market orders				0.005%
Limit orders as percentage of total limit orders				0.122%
Other orders as percentage of total other orders				0.038%
Material Aspects of Relationship with Venue				None
5. CSX
Types of Orders Routed to Venue
Market orders as percentage of total market orders				0.001%
Limit orders as percentage of total limit orders				0.000%
Other orders as percentage of total other orders				0.000%
Material Aspects of Relationship with Venue				None

Exchange-Listed Options

Summary Statistics

Non-directed orders as percentage of total customer orders				99.876%
Market orders as percentage of total non-directed orders				17.51%
Limit orders as percentage of total non-directed orders				82.51%
Other orders as percentage of total non-directed orders				0.11%

Venues Receiving Significant Percentage of Total Non-Directed Orders

1. Archipelago				1.226%
2. International Securities Exchange				2.31%
3. Auto				54.264%
4. Philadelphia Stock Exchange				5.408%
5. Chicago Board Options				27.533%
6. Boston Option Exchange				8.073%
7. American Stock Exchange				1.108%

Information Concerning Significant Venues

1. Archipelago
Types of Orders Routed to Venue
Market orders as percentage of total market orders				0.004%
Limit orders as percentage of total limit orders				1.487%
Other orders as percentage of total other orders				0.000%
Material Aspects of Relationship with Venue				None
2. International Securities Exchange
Types of Orders Routed to Venue
Market orders as percentage of total market orders				0.056%
Limit orders as percentage of total limit orders				2.885%
Other orders as percentage of total other orders				0.412%
Material Aspects of Relationship with Venue: UBS Securities LLC, an affiliate of UBS Financial Services Inc., is a Primary Market Maker in 1 bin and a Competitive Market Maker in 9 bins on the International Securities Exchange (ISE). UBS Securities LLC has an indirect ownership interest in the ISE, which stands to appreciate as a result of any profits that the ISE generates from the execution of customer orders.
3. Auto
Types of Orders Routed to Venue
Market orders as percentage of total market orders				91.898%
Limit orders as percentage of total limit orders				46.346%
Other orders as percentage of total other orders				5.197%
Material Aspects of Relationship with Venue				None
4. Philadelphia Stock Exchange
Types of Orders Routed to Venue
Market orders as percentage of total market orders				0.630%
Limit orders as percentage of total limit orders				6.310%
Other orders as percentage of total other orders				88.547%
Material Aspects of Relationship with Venue:				None
5. Chicago Board Options
Types of Orders Routed to Venue:
Market orders as percentage of total market orders				7.398%
Limit orders as percentage of total limit orders				31.835%
Other orders as percentage of total other orders				5.844%
Material Aspects of Relationship with Venue				None
6. Boston Option Exchange
Types of Orders Routed to Venue
Market orders as percentage of total market orders				0.00%
Limit orders as percentage of total limit orders				9.796%
Other orders as percentage of total other orders				0.00%
Material Aspects of Relationship with Venue:				None
7. American Stock Exchange
Types of Orders Routed to Venue
Market orders as percentage of total market orders				0.014%
Limit orders as percentage of total limit orders				1.341%
Other orders as percentage of total other orders				0.00%
Material Aspects of Relationship with Venue:				None

If you have any questions regarding the routing of a specific order, please contact your Financial Advisor.

DISCLAIMER OF WARRANTY AND LIMITATION OF LIABILITY
UBS Financial Services Inc. has prepared the data and information (the "Reports") contained herein pursuant to Rules 605 and 606 (formerly Rules 11Ac1-5 and 11Ac1-6) (the "Rules") of the Securities Exchange Act of 1934. The Rules are intended to provide investors with certain information regarding order execution and each broker-dealer's order routing practices.

The Reports are not intended to and do not consider all factors relevant to an analysis of a broker's best execution and order routing practices. As acknowledged by the Securities and Exchange Commission (the "SEC"), other factors may be relevant to evaluating the quality of order execution, including the (1) size of the order, (2) trading characteristics of the security involved, (3) availability of accurate information affecting choices as to the most favorable market center for execution and the availability of technological aids to process such information, and (4) cost and difficulty associated with achieving an execution in a particular market center. Accordingly, the SEC has stated that "the statistical information [contained in the Reports] does not create a reliable basis to address whether any particular broker-dealer failed to obtain the most favorable terms reasonably available under the circumstances for customer orders."

Although the information contained in the Reports is obtained or compiled from sources that we believe reliable, UBS Financial Services Inc., does not guarantee the accuracy, completeness and timeliness of the Reports or the validity of their use for any particular purpose. UBS Financial Services Inc., its affiliates, directors, officers or employees do not warranty, guarantee or make any representations, or assume any liability to clients of UBS Financial Services Inc. or any third parties, with regard to financial results, including any direct, indirect, consequential, incidental or punitive damages that may arise from (1) the use of the information contained in the Reports, (2) the failure or interruption of this site or (3) any other cause relating to the access, inability to access, or use of the site or these Reports, whether or not the circumstances giving rise to such cause may have been within the control of UBS Financial Services Inc. or any other third party providing support to UBS Financial Services Inc.

The Reports are the property of UBS Financial Services Inc. and may not be redistributed in any form or manner without the prior written consent of UBS Financial Services Inc.