The chart below shows all of the IPO's where we advised our subscribers that we
had a Neutral evaluation - neither significantly a buy nor avoid advisory.

Click on any symbol to read our initial IPO Boutique advisory.

NEUTRAL BUY RECOMMENDATIONS				FIRST WEEK
Name	Symbol	IPO Boutique Rating	Issue Price	High	% Gain 8%
* missing months below had no qualified offerings
May, 2013
QIWI plc		2	17.00	17.37	2%
Insys Therapeutics, Inc.		2	8.00	9.74	22%
April, 2013
Hannon Armstrong Sustainable Infrastructure Capital		2	12.50	11.68	-7%
Taminco Corporation		2	15.00	14.12	-1%
Intelsat Global Holdings S.A.		2	18.00	20.92	16%
Cancer Genetics		2	10.00	17.00	70%
March, 2013
Tetraphase Pharmaceuticals		2	7.00	7.50	7%
NV5 Holdings		2	6.00	8.00	33%
Five Oaks Investment Corp.		2	15.00	14.74	-2%
Garrison Capital		2	15.00	15.25	2%
Professional Diversity Network		2	8.00	8.20	2%
West Corporation		2	20.00	19.34	-3%
February, 2013
ZAIS Financial		2	21.25	20.60	-3%
Health Insurance Innovations		2	14.00	14.38	3%
New Source Energy Partners L.P.		2	20.00	20.05	0%
Orchid Island Capital, Inc.		2	15.00	14.83	-1%
January, 2013
KaloBios Pharmaceuticals		2	8.00	8.25	3%
Stemline Therapeutics		2	10.00	12.53	25%
Liposcience, Inc.		2	9.00	10.68	19%
USA Compression Partners, LP		2	18.00	17.93	-3%
Gladstone Land Corporation		2	15.00	15.49	3%
December, 2012
WhiteHorse Finance, Inc.		2	15.00	14.24	-5%
SolarCity Corporation		2	8.00	13.00	63%
Sprott Physical Platinum and Palladium Trust		2	10.00	9.90	-1%
November, 2012
YY Inc.		2	10.50	11.76	12%
Alon USA Partners, LP		2	16.00	19.44	22%
October, 2012
Intercept Pharmaceuticals		2	15.00	20.40	36%
Amira Nature Foods Ltd.		2	10.00	10.24	2%
Regulus Therapeutics Inc.		2	4.00	5.48	37%
JAVELIN Mortgage Investment		2	20.00	19.80	-1%
Linn Co, LLC		2	36.50	38.62	6%
KYTHERA Biopharmaceuticals, Inc.		2	16.00	20.60	29%
Berry Plastics Group		2	16.00	15.42	-4%
Ambarella, Inc.		2	6.00	6.85	14%
Monroe Capital Corporation		2	15.00	15.25	2%
September, 2012
National Bank Holdings Corporation		2	19.25	20.25	5%
Spirit Realty Capital		2	15.00	15.49	3%
Capital Bank Financial Corp.		2	18.00	18.57	3%
August, 2012
Manchester United Ltd.		2	14.00	14.20	1%
Globus Medical		2	12.00	14.65	22%
Peregrine Semiconductor		2	14.00	15.81	13%
July, 2012
Hyperion Therapeutics, Inc.		2	10.00	11.00	10%
Durata Therapeutics, Inc.		2	9.00	10.00	11%
Northern Tier Energy		2	14.00	14.83	6%
AmREIT, Inc.		2	14.00	14.24	2%
Del Frisco's Restaurant Group		2	13.00	13.07	1%
June, 2012
Tesaro		2	13.50	14.15	5%
Exa Corporation		2	10.00	10.88	9%
May, 2012
Edwards Group Limited		2	8.00	8.90	11%
Wageworks, Inc.		2	9.00	12.60	40%
Western Asset Mortgage Capital		2	20.00	18.90	-6%
April, 2012
TCP Capital Corporation		2	14.75	14.74	0%
Acquity Group Limited		2	6.00	6.25	4%
Edgen Group, Inc.		2	11.00	10.44	-5%
Digital Cinema Destinations		2	6.10	6.70	10%
Midstates Petroleum Company		2	13.00	15.21	17%
Ares Commercial Real Estate Corporation		2	18.50	18.00	-2%
Oaktree Capital Group		2	43.00	42.55	-1%
Retail Properties of America, Inc.		2	8.00	8.85	11%
Erickson Air-Crane		2	8.00	8.25	3%
March, 2012
Vipshop Holdings Limited		2	6.50	6.23	-4%
CaesarStone Sdot-Yam Ltd.		2	11.00	11.56	5%
GasLog Ltd.		2	14.00	13.34	-5%
Select Income REIT		2	21.50	22.00	2%
Whiting USA Trust II		2	20.00	24.64	23%
Enphase Energy		2	6.00	8.24	37%
Nationstar Mortgage Holdings Inc.		2	14.00	14.60	4%
February, 2012
Cempra Holdings		2	6.00	6.58	10%
FX Alliance, Inc.		2	12.00	14.44	20%
Matador Resources Company		2	12.00	12.00	0%
Ceres, Inc.		2	13.00	15.41	19%
Home Loan Servicing Solutions, Ltd.		2	14.00	13.83	-1%
ChemoCentryx		2	10.00	12.77	28%
Caesars Entertainment Corporation		2	9.00	17.90	99%
January, 2012
Verastem, Inc.		2	10.00	11.47	15%
Renewable Energy Group		2	10.00	10.29	3%
December, 2011
Sanchez Energy Corporation		2	22.00	20.74	-6%
Inergy Midstream, L.P.		2	17.00	17.85	5%
Mid-Con Energy Partners, LP		2	18.00	18.05	0%
Memorial Production Partners LP		2	19.00	19.00	0%
Bonanza Creek Energy, Inc.		2	17.00	15.50	-9%
November, 2011
Pacific Drilling		2	8.25	8.56	4%
Intermolecular, Inc.		2	10.00	10.01	0%
Chesapeake Granite Wash Trust		2	19.00	19.00	0%
Manning & Napier, Inc.		2	12.00	12.50	4%
Clovis Oncology		2	13.00	13.39	3%
Delphi Automotive PLC		2	22.00	21.92	0%
Digital Domain Media Group, Inc.		2	8.50	8.60	1%
Enduro Royalty Trust		2	22.00	21.85	-1%
LRR Energy, LP		2	19.00	19.20	1%
NewLink Genetics		2	7.00	7.81	12%
August, 2011
SandRidge Permian Trust		2	18.00	18.41	2%
Carbonite		2	10.00	14.00	40%
American Capital Mortgage Investment		2	20.00	19.28	-4%
Tudou Holdings Limited		2	29.00	27.75	-4%
July, 2011
Wesco Aircraft Holdings		2	15.00	15.15	1%
Apollo Residential Mortgage		2	20.00	19.10	-4%
Tangoe		2	10.00	12.77	28%
June, 2011
Fidus Investment Corporation		2	15.00	15.81	5%
Bankrate, Inc.		2	15.00	15.34	2%
Taomee Holdings Limited		2	9.00	11.34	26%
Vanguard Health Systems, Inc.		2	18.00	18.58	3%
KiOR		2	15.00	15.37	2%
AG Mortgage Investment Trust, Inc.		2	20.00	19.99	0%
May, 2011
New Mountain Finance Corporation		2	13.75	13.25	-4%
Phoenix New Media		2	11.00	15.09	37%
China Zenix Auto International Limited		2	6.00	6.40	7%
Freescale Semiconductor Holdings I, Ltd.		2	18.00	19.50	8%
NGL Energy Partners LP		2	21.00	21.42	2%
Thermon Group Holdings, Inc.		2	12.00	13.14	10%
RLJ Lodging Trust		2	18.00	18.00	0%
FriendFinder Networks, Inc.		2	10.00	10.01	0%
Lone Pine Resources		2	13.00	13.00	0%
Spirit Airlines		2	12.00	11.68	-3%
The Active Network		2	15.00	18.80	25%
April, 2011
PennantPark Floating Rate Capital		2	15.00	14.13	-6%
Box Ships Inc.		2	12.00	12.00	0%
Preferred Apartment Communities, Inc.		2	10.00	10.00	0%
Air Lease Corporation		2	26.50	29.05	10%
Ellie Mae		2	6.00	7.18	20%
TMS International		2	13.00	13.00	0%
STAG Industrial, Inc.		2	13.00	12.53	-4%
Tranzyme		2	4.00	4.20	5%
March, 2011
MagnaChip Semiconductor Corp.		2	14.00	14.62	4%
February, 2011
Summit Hotel Properties		2	9.75	9.97	2%
Fluidigm Corporation		2	13.50	14.48	7%
Zuoan Fashion Limited		2	7.00	7.49	7%
AcelRx		2	5.00	5.09	2%
BG Medicine		2	7.00	8.58	23%
Imperial Holdings		2	10.75	10.92	2%
Endocyte		2	6.00	8.34	39%
Solar Senior Capital		2	20.00	19.80	-1%
Pacira Pharmaceuticals		2	7.00	7.25	4%
January, 2011
Medley Capital		2	12.00	12.25	2%
Adecoargro S.A.		2	11.00	12.11	10%
December, 2010
Sky-mobi Limited		2	8.00	7.00	-13%
Gain Capital Holdings, Inc.		2	9.00	9.25	3%
Fleetcor Technologies, Inc.		2	23.00	28.75	25%
Lentuo International Inc.		2	8.00	8.50	6%
Swift Transportation Company		2	11.00	11.16	1%
First Republic Bank		2	25.50	27.25	10%
Fortegra Financial		2	11.00	11.19	2%
QR Energy, LP		2	20.00	19.98	0%
RigNet, Inc.		2	12.00	12.92	8%
Ossen Innovations		2	4.50	4.75	6%
November, 2010
Syswin		2	7.00	7.15	2%
Aeroflex Holding		2	13.50	13.85	3%
Complete Genomics		2	9.00	8.98	0%
Zogenix		2	4.00	5.35	34%
Primo Water Corporation		2	12.00	15.00	25%
Costamare		2	12.00	12.12	1%
SinoTech Energy Limited		2	8.50	8.60	1%
October, 2010
Daqo New Energy Corporation		2	9.50	10.73	13%
Ellington Financial		2	22.50	22.08	-2%
Netspend		2	11.00	13.89	23%
Tower International		2	13.00	13.74	6%
Pacific Biosciences of CA		2	16.00	17.47	9%
Aegerion		2	9.50	10.92	14%
Campus Crest Communities		2	12.50	12.85	3%
SeaCube Container Leasing		2	10.00	12.25	23%
September, 2010
Full Circle Capital		2	9.00	9.00	0%
CoreSite Realty		2	16.00	16.68	4%
Elster Group SE		2	13.00	14.40	11%
Rhino Resource Partners L.P.		2	20.50	23.23	13%
August, 2010
Whitestone REIT		2	12.00	12.00	0%
Trius Therapeutics		2	5.00	5.47	9%
IntraLinks Holdings		2	13.00	13.05	0%
NuPathe		2	10.00	10.22	2%
NXP Semiconductors		2	14.00	14.08	1%
RealPage		2	11.00	16.41	49%
China Kanghui Holdings		2	10.25	12.74	24%
July, 2010
Oxford Resource Partners, L.P.		2	18.50	18.45	0%
Ameresco		2	10.00	10.90	9%
Molycorp		2	14.00	14.00	0%
June, 2010
China New Borun		2	7.00	7.59	8%
Broadsoft		2	9.00	8.49	-6%
Higher One Holdings		2	12.00	15.70	31%
Oasis Petroleum		2	14.00	15.98	14%
Hudson Pacific Properties		2	17.00	17.85	5%
HiSoft Technology		2	10.00	11.46	15%
AutoNavi Holdings		2	12.50	14.90	19%
May, 2010
Douglas Dynamics		2	11.25	11.95	6%
Charm Communications		2	9.50	10.00	5%
Roadrunner Transportation		2	14.00	14.07	1%
Noranda Aluminum		2	8.00	8.89	11%
TeleNav		2	8.00	11.48	44%
Express		2	17.00	17.40	2%
ReachLocal		2	13.00	17.00	31%
Accretive Health		2	12.00	14.16	18%
Jinko Solar Holdings		2	11.00	11.40	4%
Kingstone Wirelessinfo Solution		2	4.00	4.15	4%
GenMark Diagnostics		2	6.00	6.00	0%
April, 2010
Tengion		2	5.00	5.24	5%
Mitel Networks		2	14.00	13.08	-7%
Chatham Lodging Trust		2	20.00	20.64	3%
Alimera Sciences		2	11.00	11.23	2%
Global Geophysical Services		2	12.00	12.47	4%
Convio		2	9.00	10.99	22%
Excel Trust		2	14.00	13.72	-2%
THL Credit		2	13.00	12.88	-1%
March, 2010
Anthera Pharmaceuticals		2	7.00	7.39	6%
Sensata Technologies Holdings		2	18.00	19.00	6%
Crude Carriers		2	19.00	19.00	0%
Baltic Trading Limited		2	14.00	14.27	2%
Aveo Pharmaceuticals		2	9.00	9.00	0%
Scorpio Tankers		2	13.00	12.90	-1%
February, 2010
Ironwood Pharmaceuticals		2	11.25	12.50	11%
Graham Packaging Company		2	10.00	10.60	6%
Piedmont Office Realty		2	14.50	16.00	10%
Solar Capital Ltd.		2	18.50	18.43	0%
Generac Holdings		2	13.00	13.41	3%
Sprott Physical Gold Trust		2	10.00	9.70	-3%
Terreno Realty		2	20.00	19.00	-5%
January, 2010
Cellu Tissue		2	13.00	12.57	-3%
IFM Investments Ltd.		2	7.00	7.66	9%
Chesapeake Lodging		2	20.00	19.30	-4%
December, 2009
China Nuokang Pharmaceutical		2	9.00	9.30	3%
Pebblebrook Hotel Trust		2	20.00	21.70	9%
Cobalt International Energy		2	13.50	13.59	1%
KAR Auction Services		2	12.00	12.09	1%
Kraton Performance Polymers		2	13.50	13.69	1%
Team Health Holdings		2	12.00	13.38	12%
November, 2009
Duoyuan Printing		2	8.50	9.00	6%
Global Defense Technology		2	13.00	13.28	2%
STR Holding		2	10.00	14.00	40%
October, 2009
Omeros		2	10.00	9.49	-5%
Mistras Group		2	12.50	13.08	5%
AGA Medical Holdings		2	14.50	14.85	2%
Addus HomeCare		2	10.00	9.50	-5%
China Real Estate		2	12.00	14.40	20%
Dole Foods		2	12.50	12.87	3%
September, 2009
Colony Financial		2	20.00	19.66	-2%
Select Medical Holding		2	10.00	10.15	2%
Apollo Commercial Real Estate		2	20.00	19.20	-4%
August, 2009
Cumberland Pharmaceuticals		2	17.00	17.75	4%
Starwood Property Trust		2	20.00	20.00	0%
July, 2009
PennyMac Mortgage		2	20.00	19.37	-3%
June, 2009
Invesco Mortgage Capital		2	20.00	19.80	-1%
Government Properties Income		2	20.00	19.65	-2%
Cypress Sharpridge Investments		2	11.00	12.10	10%
April, 2009
Bridgepoint Education		2	10.50	12.62	20%
November, 2008
Grand Canyon Education		2	12.00	13.00	8%
August, 2008
China Mass Media		2	6.80	6.80	0%
July, 2008
China Distance Education		2	7.00	7.00	0%
June, 2008
RHI Entertainment		2	14.00	13.85	-1%
Britannia Bulk Holdings		2	15.00	14.50	-3%
May, 2008
Western Gas Partners		2	16.50	16.65	1%
Verso Paper		2	12.00	12.01	0%
Real Goods Solar		2	10.00	9.25	-8%
American Capital Agency		2	20.00	20.01	0%
April, 2008
Whiting USA Trust		2	20.00	21.34	7%
American Water Works		2	21.50	21.45	0%
Hatteras Financial		2	24.00	24.98	4%
March, 2008
CardioNet		2	19.00	18.65	-2%
February, 2008
Mako Surgical		2	10.00	10.10	1%
January, 2008
ATA Inc		2	9.50	10.30	8%
December, 2007
Triple-S Management		2	14.50	15.90	10%
Intellon		2	6.00	7.90	32%
Cardtronics		2	10.00	10.08	1%
Memsic		2	10.00	11.00	10%
VisionChina Media		2	8.00	9.40	18%
WSP Holdings		2	8.50	8.98	6%
VanceInfo Technologies		2	8.50	10.95	29%
ChinaEdu Corp.		2	10.00	10.10	1%
Teekay Tankers		2	19.50	20.80	7%
Gushan Environmental		2	9.60	10.48	9%
November, 2007
Lumber Liquidators		2	11.00	10.49	-5%
EnteroMedics		2	8.00	8.50	6%
Ensign Group		2	16.00	16.36	2%
OCH-Ziff Capital		2	32.00	32.80	2%
Approach Resources		2	12.00	13.42	12%
Quest Energy Partners LP		2	18.00	17.10	-5%
Internet Brands		2	8.00	8.45	6%
Success Factors		2	10.00	14.14	41%
OSG America		2	19.00	19.45	2%
Bioform Medical		2	8.00	9.00	13%
ARYx		2	10.00	9.24	-8%
El Paso Pipeline Partners		2	20.00	21.49	7%
October, 2007
Map Pharmaceuticals		2	12.00	14.29	19%
Targanta Therapeutics		2	10.00	10.40	4%
Power Medical		2	11.00	11.90	8%
CVR Energy		2	19.00	24.87	31%
Neutral Tandem		2	14.00	20.90	49%
Soundbite		2	8.00	8.25	3%
September, 2007
Duff and Phelps		2	16.00	18.90	18%
August, 2007
Virtusa Corp		2	14.00	13.75	-2%
Sucampo Pharmaceuticals		2	11.50	13.50	17%
Genpact Ltd.		2	14.00	17.10	22%
Concho Resources		2	11.50	13.39	16%
Paragon Shipping		2	16.00	15.60	-3%
July, 2007
Validus Holdings		2	22.00	22.68	3%
Orbitz Worldwide		2	15.00	15.00	0%
Monotype Imaging		2	12.00	12.36	3%
MF Global		2	30.00	27.70	-8%
Limco-Piedmont		2	11.00	13.95	27%
ImaRX		2	5.00	4.90	-2%
hhgregg, Inc.		2	13.00	14.65	13%
Voltaire Ltd.		2	9.00	9.09	1%
June, 2007
Yingli Green Energy		2	11.00	10.98	0%
Einstein Noah Restaurant		2	18.00	18.44	2%
Response Genetics		2	7.00	7.49	7%
Biofuel Energy Corp		2	10.50	10.80	3%
Care Investment Trust		2	15.00	13.84	-8%
Sterlite Industries		2	13.44	15.14	13%
PROS Holdings		2	11.00	13.85	26%
Polypore International		2	19.00	18.50	-3%
May, 2007
Qiao Xing Mobile Communication		2	12.00	12.45	4%
NeurogesX		2	11.00	10.99	0%
Biodel Inc.		2	15.00	18.40	23%
Trimas Corp.		2	11.00	12.43	13%
Eurand NV		2	16.00	15.98	0%
Pinnacle Gas Resources		2	9.00	8.75	-3%
Starlims Technologies		2	13.50	13.99	4%
Clean Energy Fuels		2	12.00	12.15	1%
Sirtris Pharmaceuticals		2	10.00	12.90	29%
RSC Holdings Inc.		2	22.00	21.75	-1%
Helicos BioSciences Corp.		2	9.00	9.11	1%
Jazz Semiconductor		2	18.00	18.00	0%
Amicus Therapeutics		2	15.00	16.80	12%
April, 2007
Simcere Pharmaceutical Group		2	14.50	16.23	12%
Ocean Power Technologies		2	20.00	20.00	0%
Pharmasset		2	9.00	9.42	5%
March, 2007
Tongjitang Chinese Medicines		2	10.00	10.49	5%
Capital Product Partners		2	21.50	26.97	25%
GSI Technology		2	5.50	5.50	0%
February, 2007
Quadra Realty Trust		2	15.00	15.38	3%
Verichip		2	6.50	6.99	8%
US Auto Parts Network		2	10.00	12.12	21%
Synta Pharmaceuticals		2	10.00	10.10	1%
Optimer Pharmaceuticals		2	7.00	9.30	33%
Rosetta Genomics		2	7.00	9.84	41%
January, 2007
MV Oil Trust		2	20.00	20.45	4%
Oculus Innovative Sciences		2	8.00	8.40	21%
Meruelo Maddux Properties		2	10.00	10.90	3%
December, 2006
Fuwei Films		2	8.28	12.58	52%
Artes Medical		2	6.00	9.50	58%
Aegean Marine Petroleum		2	14.00	16.50	18%
US BioEnergy		2	14.00	15.39	10%
Altra Holdings Inc.		2	13.50	14.29	6%
Affymax Inc.		2	25.00	33.97	36%
Carrols Restaurant		2	13.00	15.28	18%
Obagi Medical Products		2	11.00	11.40	4%
Cal Dive		2	13.00	13.13	1%
MEDecision		2	10.00	10.24	2%
DCT Industrial Trust		2	12.25	13.00	6%
November, 2006
Innophos Holdings		2	12.00	12.43	4%
Capella Education		2	20.00	26.20	31%
Netlist		2	7.00	7.50	7%
Willdan Group		2	10.00	11.99	20%
Venoco		2	17.00	17.40	2%
Hertz Global Holding		2	15.00	15.90	6%
Emergent Biosolutions		2	12.50	12.72	2%
Thermage		2	7.00	7.18	3%
Metabolix Inc.		2	14.00	16.25	16%
ACA Capital Holdings		2	13.00	13.10	1%
October, 2006
Breitburn Energy Partners LP		2	18.50	18.50	0%
Ultrapetrol Ltd.		2	11.00	11.05	0%
LeMaitre Vascular		2	7.00	6.68	-5%
Trubion Pharmaceuticals		2	13.00	14.36	10%
Universal Compression Partners		2	21.00	23.30	11%
ORBCOMM Inc.		2	11.00	11.10	1%
September, 2006
Warner Chilcott		2	15.00	15.32	2%
Home Diagnostics		2	12.00	12.80	7%
Hiland Holding GP, L.P		2	18.50	20.40	10%
Omni Financial Services		2	9.50	10.49	10%
ICF International Inc.		2	12.00	13.49	12%
EV Energy Partners		2	20.00	20.30	2%
August, 2006
Osiris Therapeutics		2	11.00	11.48	4%
Buckeye GP Holdings		2	17.00	16.77	-1%
July, 2006
GeoMet		2	10.00	11.50	15%
Cowen Group		2	16.00	16.35	2%
Chart Industries		2	15.00	15.23	2%
Atlas Pipeline Partners		2	23.00	23.24	1%
June, 2006
Replidyne		2	10.00	10.50	5%
Omniture		2	6.50	7.60	17%
Techwell		2	9.00	9.30	3%
Synchronoss Technolgies		2	8.00	9.50	19%
Golfsmith		2	11.50	12.00	4%
LoopNet		2	12.00	16.55	38%
Verigy Ltd.		2	15.00	15.75	5%
CTC Media		2	14.00	18.20	30%
Alphatec		2	9.00	9.00	0%
May, 2006
Restore Medical		2	8.00	8.40	5%
February, 2006
Resource Capital		2	15.00	14.70	-2%
AmComp		2	9.00	9.05	1%
December, 2005
Emergency Medical Services		2	14.00	14.50	4%
WiderThan		2	12.00	14.50	21%
CRM Holding		2	13.00	13.45	3%
November, 2005
Union Drilling		2	14.00	14.66	5%
Vimicro International		2	10.00	9.07	-9%
October, 2005
Cogdell Spencer		2	17.00	17.05	0%
TAL International Group		2	18.00	18.00	0%
September, 2005
TRX		2	9.00	9.44	5%
Genomic Health		2	12.00	12.25	2%
Nexity Financial		2	16.00	18.75	17%

Rating definitions

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The chart below shows all of the IPO's where we advised our subscribers that wehad a Neutral evaluation - neither significantly a buy nor avoid advisory.

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The chart below shows all of the IPO's where we advised our subscribers that we
had a Neutral evaluation - neither significantly a buy nor avoid advisory.