GRS Advisors’s iShares Russell 2000 ETF IWM Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2015 Q4	–	Sell	-371,100	Closed	-$40.5M	–	29
2015 Q3	$40.5M	Buy	371,100 +10,800	+3%	+$1.28M	4.79%	4
2015 Q2	$45M	Sell	360,300 -15,500	-4%	-$1.94M	4.72%	7
2015 Q1	$46.7M	Sell	375,800 -336,700	-47%	-$40.6M	5.08%	5
2014 Q4	$85.2M	Sell	712,500 -967,400	-58%	-$111M	6.45%	4
2014 Q3	$184M	Buy	1,679,900 +37,500	+2%	+$4.29M	11.34%	1
2014 Q2	$195M	Buy	1,642,400 +310,300	+23%	+$35.2M	12.37%	1
2014 Q1	$155M	Sell	1,332,100 -554,100	-29%	-$63.9M	10.7%	1
2013 Q4	$218M	Sell	1,886,200 -378,600	-17%	-$41.8M	12.6%	1
2013 Q3	$241M	Sell	2,264,800 -693,900	-23%	-$71.8M	10.97%	1
2013 Q2	$286M	Buy	+2,958,700	New	+$283M	10.91%	1