13F-HR 1 form13fhr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 12/31/2010 Check here if Amendment []; Amendment Number: ------- This Amendment (Check only one.): [] is a restatement. [] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Gramercy Investment Advisors LLC Address: 20 Dayton Avenue Greenwich, CT 06830 Form 13F File Number: The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Persons Signing this Report on Behalf of Reporting Manager: Name: Tony Tessitore Title: Senior Vice President Phone: (203) 552-1908 Signature, Place, and Date of Signing: /s/ Tony Tessitore Greenwich, CT 1/18/2011 --------------------------------- --------------------------------- ---------- [Signature] [City, State] [Date] Report Type (Check only one): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 63 Form 13F Information Table Value Total: $ 259,007 -------------- (In Thousands) List of Other Included Managers: Provide a numbered list of the name(s) and 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. NONE

FORM 13F INFORMATION TABLE 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 MANAGERS SOLE SHARED NONE ------------------------------------- -------------- --------- -------- --------- --- ---- ---------- -------- --------- ------ ---- Aberdeen Indonesia Fund Inc/The Common Stock 00305P106 3 200 SH SOLE 200 0 0 Aberdeen Israel Fund Inc Common Stock 00301L109 1068 61,368 SH SOLE 61,368 0 0 Aberdeen Latin America Equity Fund Common Stock 00306K106 5954 1,~~633~~400 SH SOLE 1,~~633~~400 0 0 Inc Adams Express Co Common Stock ~~6212104~~006212104 ~~20,290~~27624 2,~~041~~572,~~265~~080 SH SOLE 2,~~041~~572,~~265~~080 0 0 Alpine Total Dynamic Dividend Fund Common Stock 021060108 2964 500,733 SH SOLE 500,733 0 0 Asia Pacific Fund Inc/The Common Stock ~~44901106~~044901106 ~~556~~887 5074,~~470~~220 SH SOLE 5074,~~470~~220 0 0 Bancroft Fund Ltd Common Stock ~~59695106~~059695106 ~~776~~1262 4774,~~799~~606 SH SOLE 4774,~~799~~606 0 0 Boulder Growth & Income Fund Inc Common Stock 101507101 ~~3,474~~4614 ~~560~~740,~~317~~662 SH SOLE ~~560~~740,~~317~~662 0 0 Boulder Total Return Fund Inc Common Stock 101541100 ~~5,710~~5861 377,615 SH SOLE 377,615 0 0 ~~Central~~Calamos ~~Europe~~Strategic ~~and~~Total ~~Russia~~Return Fund Common Stock ~~153436100~~128125101 154300 ~~400~~464,345 SH SOLE ~~400~~464,345 0 0 ~~Inc/The~~ Central ~~Securities~~Europe ~~Corp~~and Russia Fund Common Stock ~~155123102~~153436100 ~~13,609~~42 ~~684~~1,~~562~~000 SH SOLE ~~684~~1,~~562~~000 0 0 ~~Claymore~~Inc/The ~~Dividend~~Central &Securities ~~Income~~Corp ~~Fund~~ Common Stock ~~18385J105~~155123102 ~~105~~15000 7682,~~413~~762 SH SOLE 7682,~~413~~762 0 0 ~~Cohen~~Claymore ~~& Steers~~ Dividend ~~Majors~~& Income Fund Common Stock ~~19248G106~~18385J105 ~~4,309~~17 ~~380~~1,~~614~~113 SH SOLE ~~380~~1,~~614~~113 0 0 ~~Inc~~Clough ~~Cohen~~Global &Allocation ~~Steers Infrastructure~~ Fund Common Stock ~~19248A109~~18913Y103 ~~8,649~~2588 ~~543~~164,~~272~~187 SH SOLE ~~543~~164,~~272~~187 0 0 ~~Inc~~ Cohen & Steers ~~Quality~~Infrastructure ~~Income~~Fund ~~Realty~~ Common Stock ~~19247L106~~19248A109 ~~2,644~~56 ~~336~~3,~~373~~400 SH SOLE ~~336~~3,~~373~~400 0 0 ~~Fund~~ Inc DCA Total Return Fund Common Stock 233066109 ~~236~~195 7756,~~426~~408 SH SOLE 7756,~~426~~408 0 0 Denali Fund/The Common Stock 24823A102 ~~1,060~~1073 6970,~~395~~495 SH SOLE 6970,~~395~~495 0 0 Diamond Hill Financial Trends Fund Common Stock 25264C101 94104 10,617 SH SOLE 10,617 0 0 Inc ~~DWS~~DIRECTV ~~Dreman~~Common ~~Value~~Stock 25490A101 310 7,762 SH SOLE 7,762 0 0 DWS High Income ~~Edge~~Opportunities Fund ~~Inc~~ Common Stock 23339M204 ~~6,075~~1890 ~~453~~134,~~379~~234 SH SOLE ~~453~~134,~~379~~234 0 0 Inc Ellsworth Fund Ltd Common Stock 289074106 ~~723~~736 100,~~768~~188 SH SOLE 100,~~768~~188 0 0 European Equity Fund Inc/The Common Stock 298768102 ~~2,285~~2499 329,712 SH SOLE 329,712 0 0 Gabelli Dividend & Income Trust Common Stock 36242H104 ~~20,806~~22419 1,~~494~~459,~~680~~569 SH SOLE 1,~~494~~459,~~680~~569 0 0 Gabelli Global Multimedia Trust Inc Common Stock 36239Q109 ~~3,216~~3446 ~~422~~419,~~553~~761 SH SOLE ~~422~~419,~~553~~761 0 0 General American Investors Co Inc Common Stock 368802104 ~~9,161~~10168 ~~375~~379,~~823~~123 SH SOLE ~~375~~379,~~823~~123 0 0 Greater China Fund Inc/The Common Stock 39167B102 ~~697~~2370 54180,~~533~~201 SH SOLE 54180,~~533~~201 0 0 H&Q Healthcare Investors Common Stock 404052102 ~~4,440~~4863 ~~367~~363,~~543~~743 SH SOLE ~~367~~363,~~543~~743 0 0 H&Q Life Sciences Investors Common Stock 404053100 ~~5,449~~6119 568,169 SH SOLE 568,169 0 0 Ibero-America Fund Inc/The Common Stock 45082X103 ~~1,509~~1496 ~~230~~228,~~046~~746 SH SOLE ~~230~~228,~~046~~746 0 0 ~~India Fund Inc/The Common Stock 454089103 14 398 SH SOLE 398 0 0~~ iShares MSCI ~~Brazil Index Fund Common Stock 464286400 16 205 SH SOLE 205 0 0 iShares MSCI~~ South Africa Index Fund Common Stock 464286780 4752 700 SH SOLE 700 0 0 Japan Equity Fund Inc Common Stock 471057109 ~~920~~2141 ~~170~~349,~~097~~845 SH SOLE ~~170~~349,~~097~~845 0 0 JF China Region Fund Inc Common Stock 46614T107 6467 4,~~313~~213 SH SOLE 4,~~313~~213 0 0 John Hancock Bank and Thrift Common Stock 409735206 ~~3,662~~3079 ~~247~~178,~~239~~824 SH SOLE ~~247~~178,~~239~~824 0 0 Opportunity Fund Korea Equity Fund Inc Common Stock 50063B104 ~~3,380~~2684 ~~305~~219,~~859~~424 SH SOLE ~~305~~219,~~859~~424 0 0 Korea Fund Inc/The Common Stock 500634209 5065 1,~~181~~481 SH SOLE 1,~~181~~481 0 0 Latin American Discovery Fund Inc Common Stock 51828C106 1746 ~~900~~2,400 SH SOLE ~~900~~2,400 0 0 Liberty All Star Equity Fund Common Stock 530158104 ~~5,754~~13878 12,~~304~~814,~~669~~972 SH SOLE 12,~~304~~814,~~669~~972 0 0 Liberty All Star Growth Fund Inc Common Stock 529900102 ~~1,884~~2102 494,618 SH SOLE 494,618 0 0 Macquarie Global Infrastructure Common Stock 55608D101 ~~8,659~~9058 524,179 SH SOLE 524,179 0 0 Total Return Fund Inc Macquarie/First Trust Global Common Stock 55607W100 ~~3,415~~2639 ~~257~~182,~~715~~253 SH SOLE ~~257~~182,~~715~~253 0 0 Infrastructure/Utilities Dividend & Income Fund Malaysia Fund Inc Common Stock 560905101 ~~148~~156 1413,~~000~~900 SH SOLE 1413,~~000~~900 0 0 Mexico Equity and Income Fund Inc Common Stock 592834105 ~~1,131~~1297 114,~~594~~494 SH SOLE 114,~~594~~494 0 0 Mexico Fund Inc/The Common Stock 592835102 136 ~~500~~200 SH SOLE ~~500~~200 0 0 Morgan Stanley Asia Pacific Fund Inc Common Stock 61744U106 ~~11,382~~15535 ~~723~~914,~~562~~889 SH SOLE ~~723~~914,~~562~~889 0 0 ~~Morgan~~New ~~Stanley~~Germany ~~Eastern Europe~~ Fund Inc/The Common Stock ~~616988101~~644465106 77617 ~~400~~484,536 SH SOLE ~~400~~484,536 0 0 New Ireland Fund Inc/The ~~Morgan~~Common ~~Stanley~~Stock ~~India~~645673104 ~~Investment~~286 ~~Fund~~41,634 SH SOLE 41,634 0 0 NFJ Dividend Interest & Premium Common Stock ~~61745C105~~65337H109 2718322 1,~~000~~046,389 SH SOLE 1,~~000~~046,389 0 0 ~~Inc~~Strategy ~~New~~Fund ~~Germany~~Petroleum ~~Fund~~& ~~Inc/The~~Resources Corp Common Stock ~~644465106~~716549100 ~~7,024~~7201 ~~487~~266,~~462~~509 SH SOLE ~~487~~266,~~462~~509 0 0 ~~New~~RENN ~~Ireland~~Global Entrepreneurs Fund ~~Inc/The~~ Common Stock ~~645673104~~759720105 ~~421~~61 6631,~~828~~359 SH SOLE 6631,~~828~~359 0 0 ~~NFJ~~RMR ~~Dividend~~Asia ~~Interest~~Pacific &Real ~~Premium~~Estate Fund Common Stock ~~65337H109~~76970B101 ~~15,167~~1842 ~~962~~100,~~355~~246 SH SOLE ~~962~~100,~~355~~246 0 0 ~~Strategy Fund~~

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