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Gramercy Investment Advisors LLC
> EWZ
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 12/31/2011 | iSHARES TRUST | EWZ | 4,100 | 2,900 | 235,000 | 173,000 | $57.32 |
| 09/30/2011 | iSHARES TRUST | EWZ | 1,200 | -1,000 | 62,000 | -99,000 | $51.67 |
| 06/30/2011 | iSHARES TRUST | EWZ | 2,200 | 1,995 | 161,000 | 145,000 | $73.18 |
| 09/30/2010 | iSHARES TRUST | EWZ | 205 | 0 | 16,000 | 3,000 | $78.05 |
| 06/30/2010 | iSHARES TRUST | EWZ | 205 | -100 | 13,000 | -9,000 | $63.41 |
| 03/31/2010 | iSHARES TRUST | EWZ | 305 | 0 | 22,000 | -1,000 | $72.13 |
| 12/31/2009 | iSHARES TRUST | EWZ | 305 | 0 | 23,000 | 2,000 | $75.41 |
| 09/30/2009 | iSHARES TRUST | EWZ | 305 | -100 | 21,000 | 0 | $68.85 |
| 06/30/2009 | iSHARES TRUST | EWZ | 405 | -200 | 21,000 | -2,000 | $51.85 |
| 03/31/2009 | iSHARES TRUST | EWZ | 605 | 605 | 23,000 | 23,000 | $38.02 |
| 12/31/2008 | iSHARES TRUST | EWZ | 500 | -9,600 | 17,000 | -552,000 | $34.00 |
| 09/30/2008 | iSHARES TRUST | EWZ | 10,100 | 10,100 | 569,000 | 569,000 | $56.34 |
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