Note:  Broker-dealers are required to disclose any material arrangements with the venues listed in  
	each section below, including, but not limited to, any internalization or payment for order flow
	arrangements.
	KH5
	JOSEPH GUNNAR & CO., LLC
	30 BROAD STREET
	11TH FLOOR
	NEW YORK, NY 10004
	SEC Rule 606 Quarterly Report for the Quarter Ending March 31, 2011
	Securities Listed on New York Stock Exchange
	Summary Statistics :
	Non-directed orders as percentage of total customer orders	100.00%
	Market orders as percentage of total non-directed orders	81.57%
	Limit orders as percentage of total non-directed orders	13.96%
	Other orders as percentage of total non-directed orders	4.47%
	Venues Receiving Significant Percentage of Total Non-Directed Orders :
	1.	Knight Capital Markets, L.L.C.	              32.20%
	2.	National Financial Services, L.L.C.	              23.28%
	3.	UBS Securities, L.L.C.	              19.42%
	4.	Citadel Derivatives Group LLC	              12.25%
	5.	Citigroup Global Markets, Inc.	                2.88%
	6.	Direct Edge Exchange	                2.74%
	7.	AlterNet Securities Inc.	                1.82%
	8.	BATS Exchange, Inc.	                1.35%
	9.	Surge Trading, Inc.	                1.21%
	10.	NYSE Arca	                1.03%
	Information Concerning Significant Venues :
	1.	Knight Capital Markets, L.L.C.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	              30.94%
	Limit orders as percentage of total limit orders	              33.66%
	Other orders as percentage of total other orders	              50.75%
	2.	National Financial Services, L.L.C.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	              27.49%
	Limit orders as percentage of total limit orders	                6.12%
	Other orders as percentage of total other orders	                0.00%
	Page 1 of 8

	3.	UBS Securities, L.L.C.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	              19.70%
	Limit orders as percentage of total limit orders	              12.08%
	Other orders as percentage of total other orders	              37.19%
	4.	Citadel Derivatives Group LLC
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	              13.91%
	Limit orders as percentage of total limit orders	                6.44%
	Other orders as percentage of total other orders	                0.00%
	5.	Citigroup Global Markets, Inc.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	                2.51%
	Limit orders as percentage of total limit orders	                2.09%
	Other orders as percentage of total other orders	              12.06%
	6.	Direct Edge 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	              19.65%
	Other orders as percentage of total other orders	                0.00%
	7.	AlterNet Securities Inc.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	                2.09%
	Limit orders as percentage of total limit orders	                0.81%
	Other orders as percentage of total other orders	                0.00%
	8.	BATS Exchange, Inc.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	                0.00%
	Limit orders as percentage of total limit orders	                9.66%
	Other orders as percentage of total other orders	                0.00%
	9.	Surge Trading, Inc.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	                1.49%
	Limit orders as percentage of total limit orders	                0.00%
	Other orders as percentage of total other orders	                0.00%
	10.	NYSE Arca
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	                0.00%
	Limit orders as percentage of total limit orders	                7.41%
	Other orders as percentage of total other orders	                0.00%
	Page 2 of 8

	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	48.57%
	Limit orders as percentage of total non-directed orders	49.31%
	Other orders as percentage of total non-directed orders	2.13%
	Venues Receiving Significant Percentage of Total Non-Directed Orders :
	1.	Knight Equity Markets, L.P.	              27.02%
	2.	UBS Securities, L.L.C.	              20.99%
	3.	Direct Edge Exchange	              13.02%
	4.	Citadel Derivatives Group LLC	              12.93%
	5.	National Financial Services, L.L.C.	              11.43%
	6.	BATS Exchange, Inc.	                6.85%
	7.	NYSE Arca	                3.40%
	8.	AlterNet Securities Inc.	                1.21%
	9.	Goldman, Sachs & Co.	                0.97%
	10.	Citigroup Global Markets, Inc.	                0.86%
	Information Concerning Significant Venues :
	1.	Knight Equity Markets, L.P.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	              21.40%
	Limit orders as percentage of total limit orders	              31.02%
	Other orders as percentage of total other orders	              62.50%
	2.	UBS Securities, L.L.C.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	              35.50%
	Limit orders as percentage of total limit orders	                6.53%
	Other orders as percentage of total other orders	              25.00%
	3.	Direct Edge Exchange
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	                0.06%
	Limit orders as percentage of total limit orders	              26.35%
	Other orders as percentage of total other orders	                0.00%
	4.	Citadel Derivatives Group LLC
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	              17.63%
	Limit orders as percentage of total limit orders	                8.86%
	Other orders as percentage of total other orders	                0.00%
	5.	National Financial Services, L.L.C.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	              20.43%
	Limit orders as percentage of total limit orders	                3.05%
	Other orders as percentage of total other orders	                0.00%
	Page 3 of 8

	6.	BATS Exchange, Inc.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	                0.00%
	Limit orders as percentage of total limit orders	              13.89%
	Other orders as percentage of total other orders	                0.00%
	7.	NYSE Arca
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	                0.00%
	Limit orders as percentage of total limit orders	                6.89%
	Other orders as percentage of total other orders	                0.00%
	8.	AlterNet Securities Inc.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	                1.88%
	Limit orders as percentage of total limit orders	                0.60%
	Other orders as percentage of total other orders	                0.00%
	9.	Goldman, Sachs & Co.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	                0.61%
	Limit orders as percentage of total limit orders	                1.38%
	Other orders as percentage of total other orders	                0.00%
	10.	Citigroup Global Markets, Inc.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	                0.79%
	Limit orders as percentage of total limit orders	                0.42%
	Other orders as percentage of total other orders	              12.50%
	Page 4 of 8

	Securities Listed on NYSE Amex or Regional Exchanges
	Summary Statistics :
	Non-directed orders as percentage of total customer orders	100.00%
	Market orders as percentage of total non-directed orders	66.84%
	Limit orders as percentage of total non-directed orders	26.84%
	Other orders as percentage of total non-directed orders	6.33%
	Venues Receiving Significant Percentage of Total Non-Directed Orders :
	1.	Knight Capital Markets, L.L.C.	              54.81%
	2.	National Financial Services, L.L.C.	              16.84%
	3.	UBS Securities, L.L.C.	              10.63%
	4.	Direct Edge Exchange	                5.19%
	5.	Citadel Derivatives Group LLC	                4.43%
	6.	BATS Exchange, Inc.	                3.04%
	7.	NYSE Arca	                1.77%
	8.	Citigroup Global Markets, Inc.	                1.52%
	9.	AlterNet Securities Inc.	                0.38%
	10.	Gunnar (Joseph) & Co., L.L.C.	                0.38%
	Information Concerning Significant Venues :
	1.	Knight Capital Markets, L.L.C.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	              52.27%
	Limit orders as percentage of total limit orders	              52.36%
	Other orders as percentage of total other orders	              92.00%
	2.	National Financial Services, L.L.C.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	              23.86%
	Limit orders as percentage of total limit orders	                3.30%
	Other orders as percentage of total other orders	                0.00%
	3.	UBS Securities, L.L.C.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	              13.26%
	Limit orders as percentage of total limit orders	                4.72%
	Other orders as percentage of total other orders	               8.00%
	4.	Direct Edge 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	              19.34%
	Other orders as percentage of total other orders	                0.00%
	5.	Citadel Derivatives Group LLC
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	                5.87%
	Limit orders as percentage of total limit orders	                1.89%
	Other orders as percentage of total other orders	                0.00%
	Page 5 of 8

	6.	BATS Exchange, Inc.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	                0.00%
	Limit orders as percentage of total limit orders	              11.32%
	Other orders as percentage of total other orders	                0.00%
	7.	NYSE Arca
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	                0.19%
	Limit orders as percentage of total limit orders	                6.13%
	Other orders as percentage of total other orders	                0.00%
	8.	Citigroup Global Markets, Inc.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	                2.27%
	Limit orders as percentage of total limit orders	                0.00%
	Other orders as percentage of total other orders	                0.00%
	9.	AlterNet Securities Inc.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	                0.57%
	Limit orders as percentage of total limit orders	                0.00%
	Other orders as percentage of total other orders	                0.00%
	10.	Gunnar (Joseph) & Co., L.L.C.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	                0.57%
	Limit orders as percentage of total limit orders	                0.00%
	Other orders as percentage of total other orders	                0.00%
	Page 6 of 8

	Exchange - Listed Options
	Summary Statistics :
	Non-directed orders as percentage of total customer orders	100.00%
	Market orders as percentage of total non-directed orders	18.69%
	Limit orders as percentage of total non-directed orders	81.31%
	Other orders as percentage of total non-directed orders	0.00%
	Venues Receiving Significant Percentage of Total Non-Directed Orders :
	1.	The Chicago Board Options Exchange	              31.70%
	2.	NYSE Amex Options	              18.94%
	3.	NASDAQ OMX PHLX	              16.11%
	4.	The Boston Option Exchange	              12.50%
	5.	NYSE Arca Options	                9.41%
	6.	Nasdaq Execution Services, L.L.C.	                5.15%
	7.	The International Securities Exchange	                3.87%
	8.	BATS Options Exchange, Inc.	                2.06%
	9.	C2 Options Exchange	                0.26%
	Information Concerning Significant Venues :
	1.	The Chicago Board Options Exchange
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	              11.03%
	Limit orders as percentage of total limit orders	              36.45%
	Other orders as percentage of total other orders	                0.00%
	2.	NYSE Amex Options
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	              31.03%
	Limit orders as percentage of total limit orders	              16.16%
	Other orders as percentage of total other orders	                0.00%
	3.	NASDAQ OMX PHLX
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	              11.72%
	Limit orders as percentage of total limit orders	              17.12%
	Other orders as percentage of total other orders	                0.00%
	4.	The Boston Option Exchange
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	              29.66%
	Limit orders as percentage of total limit orders	                8.56%
	Other orders as percentage of total other orders	                0.00%
	5.	NYSE Arca Options
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	                2.76%
	Limit orders as percentage of total limit orders	              10.94%
	Other orders as percentage of total other orders	                0.00%
	Page 7 of 8

	6.	Nasdaq Execution Services, L.L.C.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	                1.38%
	Limit orders as percentage of total limit orders	                6.02%
	Other orders as percentage of total other orders	                0.00%
	7.	The International Securities Exchange
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	                9.66%
	Limit orders as percentage of total limit orders	                2.54%
	Other orders as percentage of total other orders	                0.00%
	8.	BATS Options Exchange, Inc.
	Types of Orders Routed to Venue :
	Market orders as percentage of total market orders	                2.76%
	Limit orders as percentage of total limit orders	                1.90%
	Other orders as percentage of total other orders	                0.00%
	9.	C2 Options 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	                0.32%
	Other orders as percentage of total other orders	                0.00%
	Page 8 of 8