Global Endowment Management

Global Endowment Management as of June 30, 2011

Portfolio Holdings for Global Endowment Management

Global Endowment Management holds 185 positions in its portfolio as reported in the June 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Vanguard Total Bond Market ETF (BND) 4.8 $8.7M 108k 81.16
Colgate-Palmolive Company (CL) 3.0 $5.4M 61k 87.42
Spdr S&p 500 Etf (SPY) 2.3 $4.1M 31k 131.97
Market Vectors Gold Miners ETF 2.0 $3.6M 67k 54.59
Microsoft Corporation (MSFT) 2.0 $3.6M 139k 26.00
International Business Machines (IBM) 1.9 $3.4M 20k 171.55
Kinder Morgan Management 1.8 $3.2M 49k 65.58
Automatic Data Processing (ADP) 1.8 $3.2M 61k 52.68
Enterprise Products Partners (EPD) 1.8 $3.2M 74k 43.21
Philip Morris International (PM) 1.7 $3.1M 47k 66.77
Hershey Company (HSY) 1.7 $3.1M 55k 56.84
Mattel (MAT) 1.7 $3.0M 110k 27.49
Baxter International (BAX) 1.6 $2.9M 49k 59.69
Johnson & Johnson (JNJ) 1.6 $2.9M 44k 66.53
Campbell Soup Company (CPB) 1.6 $2.8M 82k 34.54
ITT Corporation 1.6 $2.8M 48k 58.94
McDonald's Corporation (MCD) 1.5 $2.7M 32k 84.32
Nike (NKE) 1.5 $2.7M 30k 89.97
Emerson Electric (EMR) 1.5 $2.7M 47k 56.26
United Technologies Corporation 1.5 $2.7M 30k 88.50
Cme (CME) 1.4 $2.6M 9.0k 291.56
Texas Instruments Incorporated (TXN) 1.4 $2.6M 79k 32.83
Honeywell International (HON) 1.4 $2.5M 42k 59.59
Kellogg Company (K) 1.4 $2.5M 46k 55.33
Utilities SPDR (XLU) 1.4 $2.5M 75k 33.48
Abbott Laboratories (ABT) 1.4 $2.5M 47k 52.63
Sherwin-Williams Company (SHW) 1.4 $2.4M 29k 83.86
Magellan Midstream Partners 1.3 $2.3M 39k 59.72
Gap (GAP) 1.3 $2.3M 127k 18.10
Clorox Company (CLX) 1.2 $2.2M 33k 67.44
SYSCO Corporation (SYY) 1.2 $2.2M 71k 31.18
Enbridge Energy Management 1.2 $2.2M 71k 30.90
Energy Transfer Partners 1.2 $2.2M 45k 48.88
Pepsi (PEP) 1.2 $2.1M 30k 70.44
Altria (MO) 1.1 $2.1M 78k 26.41
Shaw 1.1 $1.9M 63k 30.22
Wal-Mart Stores (WMT) 1.0 $1.9M 35k 53.15
iShares IBoxx $ Invest Grade Corp Bd (LQD) 1.0 $1.9M 17k 110.12
Hallmark Financial Services 1.0 $1.8M 232k 7.87
Google 1.0 $1.8M 3.5k 506.50
Oneok Partners 0.9 $1.6M 19k 85.31
Buckeye Partners 0.9 $1.6M 25k 64.55
Williams Partners 0.9 $1.6M 29k 54.18
NuStar Energy 0.8 $1.5M 23k 64.70
MarkWest Energy Partners 0.8 $1.4M 30k 48.25
iShares Lehman 7-10 Yr Treas. Bond (IEF) 0.8 $1.4M 15k 95.88
Williams Companies (WMB) 0.8 $1.4M 45k 30.24
Regency Energy Partners 0.7 $1.3M 51k 25.85
El Paso Pipeline Partners 0.7 $1.3M 38k 34.75
Corporate Executive Board Company 0.7 $1.2M 28k 43.64
Energy Select Sector SPDR (XLE) 0.7 $1.2M 16k 75.38
Accelrys 0.6 $1.2M 163k 7.11
Potash Corp. Of Saskatchewan I 0.6 $1.1M 20k 56.98
Liberty Global 0.6 $1.1M 25k 45.04
Macquarie Infrastructure Company 0.6 $1.1M 42k 27.59
Interactive Intelligence 0.6 $1.1M 32k 35.06
National Fuel Gas (NFG) 0.6 $1.1M 15k 72.77
Six Flags Entertainment (SIX) 0.6 $1.1M 29k 37.45
Guidance Software 0.6 $1.0M 125k 8.15
iShares MSCI United Kingdom Index 0.6 $1.0M 58k 17.81
Calpine Corporation 0.6 $1.0M 63k 16.13
General Dynamics Corporation (GD) 0.6 $984k 13k 74.55
Erie Indemnity Company (ERIE) 0.5 $976k 14k 70.72
H&R Block (HRB) 0.5 $945k 59k 16.04
Wells Fargo & Company (WFC) 0.5 $904k 32k 28.07
Sunoco Logistics Partners 0.5 $894k 10k 86.11
SLM Corporation (SLM) 0.5 $881k 52k 16.81
Lowe's Companies (LOW) 0.5 $893k 38k 23.32
Nordion 0.5 $890k 81k 10.95
Boardwalk Pipeline Partners 0.5 $867k 30k 29.05
FedEx Corporation (FDX) 0.5 $854k 9.0k 94.89
AbitibiBowater 0.5 $842k 42k 20.29
Valeant Pharmaceuticals Int 0.5 $831k 16k 51.94
TransDigm Group Incorporated (TDG) 0.5 $821k 9.0k 91.22
Aon Corporation 0.4 $800k 16k 51.28
Electro Scientific Industries 0.4 $793k 41k 19.29
Carter's (CRI) 0.4 $781k 25k 30.75
Vodafone 0.4 $775k 29k 26.72
Move 0.4 $771k 352k 2.19
Life Technologies 0.4 $712k 14k 52.05
Oneok (OKE) 0.4 $702k 9.5k 74.01
Jacobs Engineering 0.4 $678k 16k 43.28
Mi Devs Inc cl a sub vtg 0.4 $691k 23k 30.44
Sanderson Farms 0.4 $678k 14k 47.75
Intl Fcstone 0.4 $695k 29k 24.20
Zhongpin 0.4 $673k 64k 10.49
Amazon (AMZN) 0.4 $654k 3.2k 204.38
Enbridge (ENB) 0.4 $655k 20k 32.47
Western Gas Partners 0.4 $645k 18k 35.53
Energy Transfer Equity (ET) 0.3 $635k 14k 44.99
NuStar GP Holdings 0.3 $621k 17k 36.02
Duncan Energy Partners (DEP) 0.3 $614k 14k 43.24
Spectra Energy Partners 0.3 $616k 19k 31.83
TC Pipelines 0.3 $613k 13k 47.74
Alliance Holdings GP 0.3 $609k 12k 49.92
Kinder Morgan (KMI) 0.3 $620k 22k 28.72
Holly Energy Partners 0.3 $591k 11k 54.29
Ishares Tr msci russ indx 0.3 $549k 19k 28.59
Clearwater Paper (CLW) 0.3 $498k 7.3k 68.22
Solar Cap (SLRC) 0.3 $494k 20k 24.70
iShares MSCI Canada Index (EWC) 0.3 $472k 15k 31.70
SPDR S&P Metals and Mining (XME) 0.2 $416k 6.0k 69.33
Liberty Media 0.2 $399k 5.3k 75.28
Expedia 0.2 $402k 14k 28.96
Charter Communications 0.2 $391k 7.2k 54.31
iShares Lehman MBS Bond Fund (MBB) 0.2 $389k 3.7k 106.58
iShares MSCI France Index (EWQ) 0.2 $397k 14k 27.63
Ctrip.com International 0.2 $361k 8.4k 43.13
iShares MSCI Sweden Index (EWD) 0.2 $352k 11k 31.74
iShares MSCI Italy Index 0.2 $329k 19k 17.60
iShares FTSE/Xinhua China 25 Index (FXI) 0.2 $309k 7.2k 42.98
iShares MSCI Austria Investable Mkt (EWO) 0.2 $315k 14k 22.78
Leap Wireless International 0.1 $265k 16k 16.26
iShares MSCI Switzerland Index Fund (EWL) 0.1 $267k 10k 26.57
MSCI Indonesia Investable Market Ind (EIDO) 0.1 $278k 8.7k 31.95
iShares MSCI Brazil Index (EWZ) 0.1 $245k 3.3k 73.35
iShares MSCI Germany Index Fund (EWG) 0.1 $259k 9.6k 26.90
Medtronic 0.1 $238k 6.2k 38.49
iShares MSCI BRIC Index Fund (BKF) 0.1 $237k 5.0k 47.88
iShares MSCI Japan Index 0.1 $215k 21k 10.44
iShares MSCI Spain Index (EWP) 0.1 $211k 5.0k 42.20
iShares MSCI Belgium Investable Mkt (EWK) 0.1 $198k 14k 14.08
iShares MSCI Netherlands Investable (EWN) 0.1 $195k 9.1k 21.52
iShares MSCI Malaysia Index Fund 0.1 $181k 12k 15.25
iShares MSCI Chile Inv. Mt. Idx (ECH) 0.1 $176k 2.3k 75.21
iShares MSCI Mexico Inv. Mt. Idx. (EWW) 0.1 $166k 2.7k 62.41
Prologis (PLD) 0.1 $136k 3.8k 35.91
iShares MSCI Hong Kong Index Fund (EWH) 0.1 $133k 7.2k 18.50
Market Vector Russia ETF Trust 0.1 $135k 3.5k 38.57
iShares MSCI Singapore Index Fund 0.1 $82k 5.9k 13.80
Digital Realty Trust (DLR) 0.0 $72k 1.2k 61.54
Host Hotels & Resorts (HST) 0.0 $70k 4.2k 16.87
Apartment Investment and Management 0.0 $68k 2.7k 25.37
Equity Residential (EQR) 0.0 $73k 1.2k 60.33
First Industrial Realty Trust (FR) 0.0 $66k 5.7k 11.50
AvalonBay Communities (AVB) 0.0 $73k 570.00 128.07
Vornado Realty Trust (VNO) 0.0 $72k 770.00 93.51
Cousins Properties 0.0 $69k 8.1k 8.52
Pennsylvania R.E.I.T. 0.0 $75k 4.8k 15.76
American Campus Communities 0.0 $73k 2.1k 35.44
Developers Diversified Realty 0.0 $68k 4.8k 14.05
Douglas Emmett (DEI) 0.0 $72k 3.6k 20.00
Equity Lifestyle Properties (ELS) 0.0 $74k 1.2k 62.71
Extra Space Storage (EXR) 0.0 $71k 3.4k 21.19
HCP 0.0 $66k 1.8k 36.67
Taubman Centers 0.0 $75k 1.3k 59.06
Alexandria Real Estate Equities (ARE) 0.0 $67k 870.00 77.01
Federal Realty Inv. Trust 0.0 $71k 830.00 85.54
Boston Properties (BXP) 0.0 $74k 700.00 105.71
Regency Centers Corporation (REG) 0.0 $69k 1.6k 44.23
Simon Property (SPG) 0.0 $74k 640.00 115.62
Udr (UDR) 0.0 $68k 2.8k 24.46
iShares MSCI Australia Index Fund (EWA) 0.0 $80k 3.1k 25.89
Rlj Lodging Trust (RLJ) 0.0 $68k 3.9k 17.30
MasterCard Incorporated (MA) 0.0 $33k 110.00 300.00
BMC Software 0.0 $28k 520.00 53.85
Coach 0.0 $31k 480.00 64.58
Teradata Corporation (TDC) 0.0 $28k 470.00 59.57
Ross Stores (ROST) 0.0 $34k 420.00 80.95
C.R. Bard 0.0 $30k 270.00 111.11
Waters Corporation (WAT) 0.0 $28k 290.00 96.55
TJX Companies (TJX) 0.0 $30k 570.00 52.63
Accenture (ACN) 0.0 $33k 550.00 60.00
Dollar Tree (DLTR) 0.0 $29k 440.00 65.91
AutoZone (AZO) 0.0 $29k 100.00 290.00
FMC Corporation (FMC) 0.0 $28k 320.00 87.50
iShares MSCI South Korea Index Fund (EWY) 0.0 $40k 620.00 64.52
iShares MSCI Taiwan Index 0.0 $31k 2.0k 15.27
Avago Technologies 0.0 $31k 810.00 38.27
Crown Holdings (CCK) 0.0 $24k 610.00 39.34
Ecolab (ECL) 0.0 $27k 480.00 56.25
Family Dollar Stores 0.0 $24k 450.00 53.33
Paychex (PAYX) 0.0 $26k 840.00 30.95
W.W. Grainger (GWW) 0.0 $23k 150.00 153.33
International Flavors & Fragrances (IFF) 0.0 $24k 370.00 64.86
Analog Devices (ADI) 0.0 $23k 580.00 39.66
Fluor Corporation (FLR) 0.0 $19k 300.00 63.33
Hewlett-Packard Company 0.0 $20k 550.00 36.36
Stryker Corporation (SYK) 0.0 $22k 380.00 57.89
Varian Medical Systems 0.0 $25k 360.00 69.44
Dolby Laboratories (DLB) 0.0 $22k 510.00 43.14
Saic 0.0 $23k 1.4k 16.91
Express Scripts 0.0 $23k 430.00 53.49
Scripps Networks Interactive 0.0 $25k 520.00 48.08
iShares S&P India Nifty 50 Index Fund (INDY) 0.0 $13k 450.00 28.89