Gramercy Funds Management’s iShares MSCI Spain ETF EWP Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q1	–	Sell	-5,500	Closed	-$212K	–	72
2013 Q4	$212K	Sell	5,500 -444,000	-99%	-$17.1M	0.07%	64
2013 Q3	$15.6M	Buy	449,500 +122,000	+37%	+$4.24M	3.62%	10
2013 Q2	$9.07M	Buy	+327,500	New	+$9.07M	2.65%	13