Gramercy Funds Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ABERDEEN EMERGING MKTS SMALL	COM	00301T102	895	68,443	SH		SOLE		68,443	0	0
ABERDEEN INDONESIA FD INC	COM	00305P106	922	109,613	SH		SOLE		109,613	0	0
ABERDEEN ISRAEL FUND INC	COM	00301L109	1,389	83,665	SH		SOLE		83,665	0	0
ABERDEEN JAPAN EQUITY FD INC	COM	00306J109	3,023	446,498	SH		SOLE		446,498	0	0
ABERDEEN LATIN AMER EQTY FD	COM	00306K106	3,198	141,621	SH		SOLE		141,621	0	0
ABERDEEN SINGAPORE FD INC	COM	003244100	1,030	86,443	SH		SOLE		86,443	0	0
ADAMS EXPRESS CO	COM	006212104	27,520	2,011,668	SH		SOLE		2,011,668	0	0
ADVENT CLAYMORE ENH GRW & IN	COM	00765E104	452	50,800	SH		SOLE		50,800	0	0
ASIA TIGERS FD INC	COM	04516T105	76	6,773	SH		SOLE		6,773	0	0
BANRO CORP	COM	066800103	1,410	10,873,150	SH		SOLE		10,873,150	0	0
BOULDER GROWTH & INCOME FD I	COM	101507101	6,988	772,109	SH		SOLE		772,109	0	0
BOULDER TOTAL RETURN FD INC	COM	101541100	7,242	260,965	SH		SOLE		260,965	0	0
CENTRAL EUR RUSS & TURK FD I	COM	153436100	4,590	232,039	SH		SOLE		232,039	0	0
CENTRAL SECS CORP	COM	155123102	12,080	549,832	SH		SOLE		549,832	0	0
CHINA FD INC	COM	169373107	1,001	54,900	SH		SOLE		54,900	0	0
CLOUGH GLOBAL ALLOCATION FD	COM	18913Y103	1,985	134,401	SH		SOLE		134,401	0	0
CLOUGH GLOBAL EQUITY FD	COM	18914C100	96	6,600	SH		SOLE		6,600	0	0
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	199	15,500	SH		SOLE		15,500	0	0
COHEN & STEERS INFRASTRUCTUR	COM	19248A109	1,865	82,083	SH		SOLE		82,083	0	0
COHEN & STEERS QUALITY RLTY	COM	19247L106	1,665	136,600	SH		SOLE		136,600	0	0
COHEN & STEERS REIT & PFD IN	COM	19247X100	1,084	57,066	SH		SOLE		57,066	0	0
DENALI FD INC	COM	24823A102	1,516	67,125	SH		SOLE		67,125	0	0
DUFF & PHELPS GLB UTL INC FD	COM	26433C105	2,721	125,757	SH		SOLE		125,757	0	0
ELLSWORTH FUND LTD	COM	289074106	958	109,957	SH		SOLE		109,957	0	0
EUROPEAN EQUITY FUND	COM	298768102	1,691	205,411	SH		SOLE		205,411	0	0
FIRST TR/ABERDEEN EMERG OPT	COM	33731K102	586	35,612	SH		SOLE		35,612	0	0
GABELLI GLOBL UTIL & INCOME	COM SH BEN INT	36242L105	109	5,602	SH		SOLE		5,602	0	0
GABELLI HLTHCARE & WELLNESS	SHS	36246K103	122	11,741	SH		SOLE		11,741	0	0
GDL FUND	COM SH BEN IT	361570104	36	3,500	SH		SOLE		3,500	0	0
GENERAL AMERN INVS INC	COM	368802104	27,388	782,501	SH		SOLE		782,501	0	0
ISHARES	MSCI HONG KG ETF	464286871	1,013	49,300	SH		SOLE		49,300	0	0
ISHARES	MSCI JAPAN ETF	464286848	1,894	168,500	SH		SOLE		168,500	0	0
ISHARES	MSCI BRZ CAP ETF	464286400	3,364	92,000	SH		SOLE		92,000	0	0
ISHARES	EMU ETF	464286608	668	18,400	SH		SOLE		18,400	0	0
ISHARES TR	MSCI UTD KNGDM	46434V548	645	35,800	SH		SOLE		35,800	0	0
ISHARES TR	MSCI EMG MKT ETF	464287234	16,954	431,500	SH		SOLE		431,500	0	0
ISHARES TR	CHINA LG-CAP ETF	464287184	541	13,000	SH		SOLE		13,000	0	0
ISHARES TR	EUROPE ETF	464287861	672	15,800	SH		SOLE		15,800	0	0
JAPAN SMALLER CAPTLZTN FD IN	COM	47109U104	2,899	323,189	SH		SOLE		323,189	0	0
JPMORGAN CHINA REGION FD INC	COM	48126T104	1,773	104,840	SH		SOLE		104,840	0	0
KOREA EQUITY FD INC	COM	50063B104	1,664	216,040	SH		SOLE		216,040	0	0
KOREA FD	COM NEW	500634209	2,176	57,986	SH		SOLE		57,986	0	0
LATIN AMERN DISCOVERY FD INC	COM	51828C106	652	58,440	SH		SOLE		58,440	0	0
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	12,195	2,039,229	SH		SOLE		2,039,229	0	0
LMP REAL ESTATE INCOME FD IN	COM	50208C108	612	48,800	SH		SOLE		48,800	0	0
MACQUARIE GLBL INFRA TOTL RE	COM	55608D101	1,282	51,862	SH		SOLE		51,862	0	0
MARKET VECTORS ETF TR	GOLD MINER ETF	57060U100	2,757	150,000	SH		SOLE		150,000	0	0
MARKET VECTORS ETF TR	RUSSIA ETF	57060U506	3,979	272,000	SH		SOLE		272,000	0	0
MEXICO EQUITY & INCOME FD	COM	592834105	2,348	186,172	SH		SOLE		186,172	0	0
MORGAN STANLEY ASIA PAC FD I	COM	61744U106	3,880	261,250	SH		SOLE		261,250	0	0
MORGAN STANLEY EASTN EUR FD	COM	616988101	994	71,994	SH		SOLE		71,994	0	0
MORGAN STANLEY INDIA INVS FD	COM	61745C105	4,938	183,705	SH		SOLE		183,705	0	0
NEW GERMANY FD INC	COM	644465106	145	10,306	SH		SOLE		10,306	0	0
NEW IRELAND FUND INC	COM	645673104	964	76,359	SH		SOLE		76,359	0	0
POWERSHARES QQQ TRUST	UNIT SER 1	73935A104	39,751	385,000	SH		SOLE		385,000	0	0
PROSHARES TR	ULT MSCIBZL CAPP	74347X120	173	6,000	SH		SOLE		6,000	0	0
RENN FD INC	COM	759720105	21	16,025	SH		SOLE		16,025	0	0
RMR REAL ESTATE INCOME FUND	COM	76970B101	58	2,799	SH		SOLE		2,799	0	0
ROYCE VALUE TR INC	COM	780910105	10,295	718,450	SH		SOLE		718,450	0	0
SPDR INDEX SHS FDS	EURO STOXX 50	78463X202	667	18,100	SH		SOLE		18,100	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	92	450	SH		SOLE		450	0	0
SPDR SERIES TRUST	S&P OILGAS EXP	78464A730	3,738	78,100	SH		SOLE		78,100	0	0
SWISS HELVETIA FD INC	COM	870875101	894	80,288	SH		SOLE		80,288	0	0
TAIWAN FD INC	COM	874036106	1,229	75,144	SH		SOLE		75,144	0	0
TEMPLETON DRAGON FD INC	COM	88018T101	652	27,137	SH		SOLE		27,137	0	0
TEMPLETON RUS AND EAST EUR F	COM	88022F105	1,510	167,771	SH		SOLE		167,771	0	0
THAI FD INC	COM	882904105	7,662	649,970	SH		SOLE		649,970	0	0
TORTOISE PWR & ENERGY INFRAS	COM	89147X104	337	13,093	SH		SOLE		13,093	0	0
TRI CONTL CORP	COM	895436103	26,832	1,253,247	SH		SOLE		1,253,247	0	0
TURKISH INVT FD INC	COM	900145103	3,394	307,663	SH		SOLE		307,663	0	0
VIRTUS TOTAL RETURN FD	COM	92829A103	63	13,925	SH		SOLE		13,925	0	0
WISDOMTREE TR	JAPN HEDGE EQT	97717W851	1,477	30,000	SH		SOLE		30,000	0	0
YPF SOCIEDAD ANONIMA	SPON ADR CL D	984245100	74,197	2,803,076	SH		SOLE		2,803,076	0	0