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
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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 AUSTRALIA EQTY FD I	COM	003011103	549	100,737	SH		SOLE		100,737	0	0
ABERDEEN CHILE FD INC	COM	00301W105	605	108,427	SH		SOLE		108,427	0	0
ABERDEEN EMERGING MKTS SMALL	COM	00301T102	647	59,587	SH		SOLE		59,587	0	0
ABERDEEN GTR CHINA FD INC	COM	003031101	502	58,627	SH		SOLE		58,627	0	0
ABERDEEN INDONESIA FD INC	COM	00305P106	798	144,613	SH		SOLE		144,613	0	0
ABERDEEN ISRAEL FUND INC	COM	00301L109	1,442	83,552	SH		SOLE		83,552	0	0
ABERDEEN JAPAN EQUITY FD INC	COM	00306J109	3,405	442,200	SH		SOLE		442,200	0	0
ABERDEEN LATIN AMER EQTY FD	COM	00306K106	2,709	177,611	SH		SOLE		177,611	0	0
ABERDEEN SINGAPORE FD INC	COM	003244100	1,272	148,562	SH		SOLE		148,562	0	0
ADAM NAT RES FD INC	COM	00548F105	276	15,535	SH		SOLE		15,535	0	0
ADAMS DIVERSIFIED EQUITY FD	COM	006212104	21,901	1,707,019	SH		SOLE		1,707,019	0	0
ADVENT CLAYMORE ENH GRW & IN	COM	00765E104	420	50,800	SH		SOLE		50,800	0	0
ALLIANZGI NFJ DIVID INT & PR	COM	01883A107	10	800	SH		SOLE		800	0	0
ALPINE GLOBAL DYNAMIC DIVD F	COM NEW	02082E205	99	11,200	SH		SOLE		11,200	0	0
ALPINE GLOBAL PREMIER PPTYS	COM SBI	02083A103	362	62,700	SH		SOLE		62,700	0	0
ALPINE TOTAL DYNAMIC DIVID F	COM SH BEN INT N	021060207	3,283	427,497	SH		SOLE		427,497	0	0
ASIA PAC FD INC	COM	044901106	608	60,390	SH		SOLE		60,390	0	0
ASIA TIGERS FD INC	COM	04516T105	22	2,390	SH		SOLE		2,390	0	0
BANCROFT FUND LTD	COM	059695106	287	15,791	SH		SOLE		15,791	0	0
BANRO CORP	COM	066800103	1,684	8,294,250	SH		SOLE		8,294,250	0	0
BOULDER GROWTH & INCOME FD I	COM	101507101	11,275	1,456,745	SH		SOLE		1,456,745	0	0
CALAMOS GLOBAL TOTAL RETURN	COM SH BEN INT	128118106	44	3,828	SH		SOLE		3,828	0	0
CALAMOS STRATEGIC TOTL RETN	COM SH BEN INT	128125101	2,733	276,100	SH		SOLE		276,100	0	0
CENTRAL EUR RUSS & TURK FD I	COM	153436100	1,874	112,697	SH		SOLE		112,697	0	0
CENTRAL SECS CORP	COM	155123102	13,744	722,631	SH		SOLE		722,631	0	0
CHINA FD INC	COM	169373107	402	25,910	SH		SOLE		25,910	0	0
CLOUGH GLOBAL ALLOCATION FD	COM	18913Y103	1,676	124,422	SH		SOLE		124,422	0	0
CLOUGH GLOBAL EQUITY FD	COM	18914C100	83	6,600	SH		SOLE		6,600	0	0
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	2,392	229,100	SH		SOLE		229,100	0	0
COHEN & STEERS INFRASTRUCTUR	COM	19248A109	117	6,140	SH		SOLE		6,140	0	0
DIREXION SHS ETF TR	DLY EMRGMKT BULL	25459Y686	8,086	702,500	SH		SOLE		702,500	0	0
DIREXION SHS ETF TR	DL FTSE BLL 3X	25459W771	4	200	SH		SOLE		200	0	0
ELLSWORTH GROWTH & INCOME FD	COM	289074106	852	109,957	SH		SOLE		109,957	0	0
EUROPEAN EQUITY FUND	COM	298768102	1,480	183,623	SH		SOLE		183,623	0	0
FIRST TR/ABERDEEN EMERG OPT	COM	33731K102	1,163	89,063	SH		SOLE		89,063	0	0
GABELLI GLOBL UTIL & INCOME	COM SH BEN INT	36242L105	24	1,469	SH		SOLE		1,469	0	0
GABELLI HLTHCARE & WELLNESS	SHS	36246K103	120	11,741	SH		SOLE		11,741	0	0
GDL FUND	COM SH BEN IT	361570104	290	28,937	SH		SOLE		28,937	0	0
GENERAL AMERN INVS INC	COM	368802104	23,129	724,135	SH		SOLE		724,135	0	0
GLOBAL X FDS	FTSE GREECE 20	37950E366	1,035	130,000	SH		SOLE		130,000	0	0
INDIA FD INC	COM	454089103	236	10,400	SH		SOLE		10,400	0	0
ISHARES	MSCI STH AFR ETF	464286780	95	2,040	SH		SOLE		2,040	0	0
ISHARES TR	MSCI EAFE ETF	464287465	100	1,700	SH		SOLE		1,700	0	0
ISHARES TR	RUS 2000 GRW ETF	464287648	6,797	48,800	SH		SOLE		48,800	0	0
JAPAN SMALLER CAPTLZTN FD IN	COM	47109U104	3,123	305,314	SH		SOLE		305,314	0	0
JPMORGAN CHINA REGION FD INC	COM	48126T104	3,400	221,907	SH		SOLE		221,907	0	0
KOREA EQUITY FD INC	COM	50063B104	1,676	240,440	SH		SOLE		240,440	0	0
KOREA FD	COM NEW	500634209	4,368	137,128	SH		SOLE		137,128	0	0
LATIN AMERN DISCOVERY FD INC	COM	51828C106	592	79,694	SH		SOLE		79,694	0	0
LAZARD GLB TTL RET&INCM FD I	COM	52106W103	171	13,100	SH		SOLE		13,100	0	0
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	18,477	3,453,571	SH		SOLE		3,453,571	0	0
MACQUARIE GLBL INFRA TOTL RE	COM	55608D101	1,392	73,062	SH		SOLE		73,062	0	0
MARKET VECTORS ETF TR	RUSSIA ETF	57060U506	1,787	122,000	SH		SOLE		122,000	0	0
MEXICO EQUITY & INCOME FD	COM	592834105	2,536	235,663	SH		SOLE		235,663	0	0
MORGAN STANLEY ASIA PAC FD I	COM	61744U106	3,101	224,189	SH		SOLE		224,189	0	0
MORGAN STANLEY CHINA A SH FD	COM	617468103	9,901	497,306	SH		SOLE		497,306	0	0
MORGAN STANLEY EM MKTS DM DE	COM	617477104	490	72,000	SH		SOLE		72,000	0	0
MORGAN STANLEY INDIA INVS FD	COM	61745C105	3,738	146,765	SH		SOLE		146,765	0	0
NEW GERMANY FD INC	COM	644465106	283	19,269	SH		SOLE		19,269	0	0
NEW IRELAND FUND INC	COM	645673104	1,058	75,932	SH		SOLE		75,932	0	0
RMR REAL ESTATE INCOME FUND	COM	76970B101	29	1,499	SH		SOLE		1,499	0	0
ROYCE GLOBAL VALUE TR INC	COM	78081T104	92	12,400	SH		SOLE		12,400	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	3,676	506,347	SH		SOLE		506,347	0	0
ROYCE VALUE TR INC	COM	780910105	20,926	1,777,902	SH		SOLE		1,777,902	0	0
SPDR SERIES TRUST	S&P OILGAS EXP	78464A730	547	18,100	SH		SOLE		18,100	0	0
SPROTT FOCUS TR INC	COM	85208J109	130	22,400	SH		SOLE		22,400	0	0
STONE HBR EMERG MKTS TL INC	COM	86164W100	705	62,017	SH		SOLE		62,017	0	0
SWISS HELVETIA FD INC	COM	870875101	4,412	417,837	SH		SOLE		417,837	0	0
TAIWAN FD INC	COM	874036106	1,596	109,093	SH		SOLE		109,093	0	0
TEMPLETON DRAGON FD INC	COM	88018T101	661	37,107	SH		SOLE		37,107	0	0
THAI FD INC	COM	882904105	4,367	636,651	SH		SOLE		636,651	0	0
TRI CONTL CORP	COM	895436103	22,126	1,105,214	SH		SOLE		1,105,214	0	0
TURKISH INVT FD INC	COM	900145103	1,153	148,146	SH		SOLE		148,146	0	0
VOYA ASIA PAC DIVID EQUITY I	COM	92912J102	509	56,373	SH		SOLE		56,373	0	0
YPF SOCIEDAD ANONIMA	SPON ADR CL D	984245100	86,442	5,498,864	SH		SOLE		5,498,864	0	0