Gramercy Funds Management’s Vanguard FTSE Emerging Markets ETF VWO Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q1	–	Sell	-197,525	Closed	-$8.13M	–	80
2013 Q4	$8.13M	Buy	197,525 +91,900	+87%	+$3.78M	2.56%	12
2013 Q3	$4.24M	Buy	+105,625	New	+$4.24M	0.98%	21