ISHARES TR

Ticker: GOVT CUSIP: 46429B267 Class: US TREAS BD ETF

Global Endowment Management, LP's Holding History (CIK: 0001512237)

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

Q3 2016

Shares 20,000 Value ($000) $522 Avg Close — Range —

Q2 2016

Shares 40,000 Value ($000) $1,050 Avg Close — Range —

Q1 2016

Shares 40,000 Value ($000) $1,032 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2016	20,000	$522	—	—
Q2 2016	40,000	$1,050	—	—
Q1 2016	40,000	$1,032	—	—