AMERICAN PUBLIC EDUCATION IN

Ticker: APEI CUSIP: 02913V103 Class: Common Stock

Gemmer Asset Management LLC's Holding History (CIK: 0001607825)

Note: Option positions (PUT/CALL) are excluded.

Q4 2014

Shares 82 Value ($000) $3 Avg Close $32.47 Range $26.24 - $37.46

Q3 2014

Shares 68 Value ($000) $1 Avg Close $31.51 Range $26.98 - $36.47

Q2 2014

Shares 89 Value ($000) $3 Avg Close $34.85 Range $32.51 - $38.00

Q1 2014

Shares 89 Value ($000) $3 Avg Close $40.58 Range $33.47 - $46.62

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	82	$3	$32.47	$26.24 - $37.46
Q3 2014	68	$1	$31.51	$26.98 - $36.47
Q2 2014	89	$3	$34.85	$32.51 - $38.00
Q1 2014	89	$3	$40.58	$33.47 - $46.62