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Gramercy Investment Advisors LLC
> RAP
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 12/31/2011 | Seven Hills Realty Trust | RAP | 100,646 | 0 | 1,411,000 | 69,000 | $14.02 |
| 09/30/2011 | Seven Hills Realty Trust | RAP | 100,646 | 0 | 1,342,000 | -519,000 | $13.33 |
| 06/30/2011 | Seven Hills Realty Trust | RAP | 100,646 | 200 | 1,861,000 | 104,000 | $18.49 |
| 03/31/2011 | Seven Hills Realty Trust | RAP | 100,446 | 200 | 1,757,000 | -85,000 | $17.49 |
| 12/31/2010 | Seven Hills Realty Trust | RAP | 100,246 | 0 | 1,842,000 | 16,000 | $18.37 |
| 09/30/2010 | Seven Hills Realty Trust | RAP | 100,246 | -500 | 1,826,000 | 320,000 | $18.22 |
| 06/30/2010 | Seven Hills Realty Trust | RAP | 100,746 | -500 | 1,506,000 | -231,000 | $14.95 |
| 03/31/2010 | Seven Hills Realty Trust | RAP | 101,246 | 66,347 | 1,737,000 | 1,148,000 | $17.16 |
| 12/31/2009 | Seven Hills Realty Trust | RAP | 34,899 | 25,375 | 589,000 | 424,000 | $16.88 |
| 09/30/2009 | Seven Hills Realty Trust | RAP | 9,524 | 9,524 | 165,000 | 165,000 | $17.32 |
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