PICI-SEC Rule 11Ac1-6 & 11Ac1-5

Polar Investment Counsel, Inc.

Independent Securities & Futures Brokers and Investment Advisor

Home Office: Thief River Falls MN

Some alternative investments are capable of profiting even in the current economic environment * Interested in Alternative Investing? Give Us a Call! 218-681-7344 *

Click below to see the:

US NATIONAL DEBT

SEC Rule 11Ac			SEC 11Ac1-6 Disclosure
SEC Rule 11Ac1-6 Report - Polar Investment Counsel, Inc. - 2nd Qtr 2008(Percentage of Total Non-Directed Orders Routed to Individual Route Venues)
	Securities Listed on New York Stock Exchange
	Route Venue	Total %	Market %	Limit %
	NYSE	0	0	0
	Southwest Securities	100	6	94
	Approximately 99% of total customer orders were non-directed orders.

	Securities Listed on NASDAQ Stock Market
	Route Venue	Total %	Market %	Limit %
	Southwest Securities	100	6	94
	Approximately 99% of total customer orders were non-directed orders.

	Securities Listed on American Stock Exchange (AMEX) or Regional Exchanges
	Route Venue	Total %	Market %	Limit%
	AMEX & Regional	0	0	0
	Southwest Securities	100	6	94
	Approximately 99% of total customer orders were non-directed orders.

	Exchange-Listed Options
	Route Venue	Total %	Market %	Limit %	Other%
	NYSE	0	1	99	>1
	AMEX	4.7	1	99	>1
	CBOE	40.8	1	99	>1
	Other	54.5	1	99	>1
	100% of orders were non-directed.

	SEC Rule 11Ac1-5 - Best Execution
	Each firm has a duty to insure that it is getting the best execution possible. The link below will take you to a site that enables you to download and view best execution data for Southwest Securities, Inc. Click on the link, then select Southwest Securities, Inc. from the list and follow the online instructions.
	SWS Best Execution Data

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Securities and Investment Advice Offered Through:

Polar Investment Counsel, Inc.

Member FINRA, NFA, MSRB, SIPC

Home Office: Thief River Falls MN

www.polarinvest1.com

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