# EDGAR Filing Document

**Accession Number:** 0001512237
**File Stem:** 0001085146-25-004969
**Filing Date:** 2025-8
**Character Count:** 17896
**Document Hash:** 546a8e0c342d520f88d5030de91a46bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-25-004969.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001085146-25-004969

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Global Endowment Management, LP
- **CENTRAL INDEX KEY:** 0001512237

**ORGANIZATION NAME:**
- **EIN:** 651297607

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14333
- **FILM NUMBER:** 251209185

**BUSINESS ADDRESS:**
- **STREET 1:** 224 W TREMONT AVE
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203
- **BUSINESS PHONE:** 704-333-8282

**MAIL ADDRESS:**
- **STREET 1:** 224 W TREMONT AVE
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** Global Endowment Management LP<br>**Address:** 224 W TREMONT AVE<br>CHARLOTTE, NC 28203

**Form 13F File Number:** 028-14333

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.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Michael D. Smith<br>**Title:** Chief Investment Officer<br>**Phone:** 704-333-8282

**Signature, Place, and Date of Signing:**

/s/ Michael D. Smith  Charlotte, NC  08-13-2025<br>[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 are reported 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).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 128

**Form 13F Information Table Value Total:** $751227304

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 2023 ETF SERIES TRUST II | GMO US QUALITY E | 90139K100 | BBG01K0RTLB4 | 548160 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 | BBG006G2JWB1 | 216500 | 1909 | SH |  | SOLE |  | 1909 | 0 | 0 |
| ALIGHT INC | COM CL A | 01626W101 | BBG00H00J2Q8 | 343845 | 60750 | SH |  | SOLE |  | 60750 | 0 | 0 |
| ALLY FINL INC | COM | 02005N100 | BBG001S5RLN4 | 247021 | 6342 | SH |  | SOLE |  | 6342 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 2193359 | 12446 | SH |  | SOLE |  | 12446 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 4643389 | 21165 | SH |  | SOLE |  | 21165 | 0 | 0 |
| APOGEE THERAPEUTICS INC | COM | 03770N101 | BBG01H51WZL7 | 338624 | 7797 | SH |  | SOLE |  | 7797 | 0 | 0 |
| APPFOLIO INC | COM CL A | 03783C100 | BBG008GC8CS3 | 505234 | 2194 | SH |  | SOLE |  | 2194 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 15800552 | 77012 | SH |  | SOLE |  | 77012 | 0 | 0 |
| AUTODESK INC | COM | 052769106 | BBG001S5SCD4 | 352600 | 1139 | SH |  | SOLE |  | 1139 | 0 | 0 |
| BARCLAYS BANK PLC | DJUBS CMDT ETN36 | 06738C778 | BBG001SPJ625 | 3688529 | 108550 | SH |  | SOLE |  | 108550 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 | BBG001S5P374 | 328998 | 1910 | SH |  | SOLE |  | 1910 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 3983800 | 8201 | SH |  | SOLE |  | 8201 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 | BBG001S65PV8 | 491901 | 2312 | SH |  | SOLE |  | 2312 | 0 | 0 |
| CARVANA CO | CL A | 146869102 | BBG00GCTWF71 | 921923 | 2736 | SH |  | SOLE |  | 2736 | 0 | 0 |
| COGENT COMMUNICATIONS HLDGS | COM NEW | 19239V302 | BBG001SC5GP2 | 266264 | 5523 | SH |  | SOLE |  | 5523 | 0 | 0 |
| COUPANG INC | CL A | 22266T109 | BBG00XMJRPR7 | 647136 | 21600 | SH |  | SOLE |  | 21600 | 0 | 0 |
| CREDIT ACCEP CORP MICH | COM | 225310101 | BBG001S71KS5 | 600618 | 1179 | SH |  | SOLE |  | 1179 | 0 | 0 |
| CRH PLC | ORD | G25508105 | BBG001S61NK9 | 375829 | 4094 | SH |  | SOLE |  | 4094 | 0 | 0 |
| CROWN HLDGS INC | COM | 228368106 | BBG001S5PKZ5 | 457128 | 4439 | SH |  | SOLE |  | 4439 | 0 | 0 |
| DBX ETF TR | XTRACK HRVST CSI | 233051879 | BBG005HJL932 | 275400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| EA SERIES TRUST | STRIVE US SEMICO | 02072L672 | BBG019T923G2 | 478178 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| ENOVA INTL INC | COM | 29357K103 | BBG0022PSJT4 | 368797 | 3307 | SH |  | SOLE |  | 3307 | 0 | 0 |
| ENSTAR GROUP LIMITED | SHS | G3075P101 | BBG001SKW104 | 312142 | 928 | SH |  | SOLE |  | 928 | 0 | 0 |
| FAIR ISAAC CORP | COM | 303250104 | BBG001S8ZT61 | 217527 | 119 | SH |  | SOLE |  | 119 | 0 | 0 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 | BBG01NMRD786 | 508011 | 2333 | SH |  | SOLE |  | 2333 | 0 | 0 |
| FIRST ADVANTAGE CORP NEW | COM | 31846B108 | BBG011J0CVZ5 | 383807 | 23107 | SH |  | SOLE |  | 23107 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | FTSE SOUTH KOREA | 35473P710 | BBG00J3N5C11 | 708760 | 29000 | SH |  | SOLE |  | 29000 | 0 | 0 |
| FRONTIER GROUP HLDGS INC | COM | 35909R108 | BBG00GCTTKY4 | 198586 | 54707 | SH |  | SOLE |  | 54707 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 | BBG001S5PVD5 | 930465 | 3615 | SH |  | SOLE |  | 3615 | 0 | 0 |
| GEN DIGITAL INC | COM | 668771108 | BBG001S5QG38 | 363854 | 12376 | SH |  | SOLE |  | 12376 | 0 | 0 |
| GLOBAL X FDS | GB MSCI AR ETF | 37950E259 | BBG001V0LJT6 | 1016760 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 | BBG001TF8NP6 | 307375 | 7920 | SH |  | SOLE |  | 7920 | 0 | 0 |
| GOLUB CAP BDC INC | COM | 38173M102 | BBG001T63BY7 | 1318500 | 90000 | SH |  | SOLE |  | 90000 | 0 | 0 |
| HEALTHCARE RLTY TR | CL A COM | 42226K105 | BBG001T5WP21 | 335883 | 21178 | SH |  | SOLE |  | 21178 | 0 | 0 |
| HERCULES CAPITAL INC | COM | 427096508 | BBG001SDPHZ5 | 365600 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| IAC INC | COM NEW | 44891N208 | BBG00S1LR2D2 | 326986 | 8757 | SH |  | SOLE |  | 8757 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 | BBG001SQ4YC7 | 236933 | 4276 | SH |  | SOLE |  | 4276 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 | BBG001SDJ4R0 | 261628 | 1426 | SH |  | SOLE |  | 1426 | 0 | 0 |
| INTUIT | COM | 461202103 | BBG001S6TWR2 | 309539 | 393 | SH |  | SOLE |  | 393 | 0 | 0 |
| INVESCO DB COMMDY INDX TRCK | UNIT | 46138B103 | BBG001SNZTS4 | 2248349 | 103088 | SH |  | SOLE |  | 103088 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 | BBG01KYQ6QS5 | 450689 | 7363 | SH |  | SOLE |  | 7363 | 0 | 0 |
| ISHARES INC | MSCI AUST ETF | 464286103 | BBG001S6ZW40 | 1052800 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| ISHARES INC | MSCI CDA ETF | 464286509 | BBG001S8R7V0 | 231000 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| ISHARES INC | MSCI CHILE ETF | 464286640 | BBG001T0LL05 | 440300 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| ISHARES INC | MSCI GERMANY ETF | 464286806 | BBG001S8SJC4 | 1417385 | 33500 | SH |  | SOLE |  | 33500 | 0 | 0 |
| ISHARES INC | MSCI ITALY ETF | 46434G830 | BBG001S8SYM0 | 481400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ISHARES INC | MSCI JPN ETF NEW | 46434G822 | BBG001S8SYN9 | 6432501 | 85801 | SH |  | SOLE |  | 85801 | 0 | 0 |
| ISHARES INC | MSCI SINGPOR ETF | 46434G780 | BBG001S8SYS4 | 1039200 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| ISHARES INC | MSCI SPAIN ETF | 464286764 | BBG001S8SYT3 | 1320900 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 | BBG001SF9FC7 | 438576 | 6110 | SH |  | SOLE |  | 6110 | 0 | 0 |
| ISHARES INC | MSCI SWITZERLAND | 464286749 | BBG001S8SYW9 | 438480 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| ISHARES INC | MSCI TAIWAN ETF | 46434G772 | BBG001SFGL81 | 459200 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| ISHARES TR | 0-5YR HI YL CP | 46434V407 | BBG005DW06B7 | 415740 | 9637 | SH |  | SOLE |  | 9637 | 0 | 0 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 | BBG001SKXPR1 | 3314400 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| ISHARES TR | 3 7 YR TREAS BD | 464288661 | BBG001SSD812 | 2381800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 | BBG001SM1QT8 | 13537328 | 136465 | SH |  | SOLE |  | 136465 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 | BBG001ST0ZQ7 | 2003346 | 24840 | SH |  | SOLE |  | 24840 | 0 | 0 |
| ISHARES TR | INTRM GOV CR ETF | 464288612 | BBG001SSD885 | 569618 | 5334 | SH |  | SOLE |  | 5334 | 0 | 0 |
| ISHARES TR | MSCI AC ASIA ETF | 464288182 | BBG001T2V2D8 | 13985253 | 169272 | SH |  | SOLE |  | 169272 | 0 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 | BBG002DMN4B6 | 1948800 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| ISHARES TR | MSCI UK ETF NEW | 46435G334 | BBG001S8SYX8 | 1986000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| ISHARES TR | TIPS BD ETF | 464287176 | BBG001SD9RM5 | 7174278 | 65197 | SH |  | SOLE |  | 65197 | 0 | 0 |
| ISHARES TR | U.S. REAL ES ETF | 464287739 | BBG001SFGXJ3 | 8897008 | 93880 | SH |  | SOLE |  | 93880 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | BETBULD MSCI | 46641Q738 | BBG00L53HC42 | 35850133 | 389210 | SH |  | SOLE |  | 389210 | 0 | 0 |
| KASPI KZ JSC | SPONSORED ADS | 48581R205 | BBG00QD4Z4X6 | 321903 | 3792 | SH |  | SOLE |  | 3792 | 0 | 0 |
| KENVUE INC | COM | 49177J102 | BBG01C79X614 | 282367 | 13491 | SH |  | SOLE |  | 13491 | 0 | 0 |
| KRANESHARES TRUST | CALIFORNIA CARB | 500767553 | BBG012TH9ZK6 | 207797 | 13389 | SH |  | SOLE |  | 13389 | 0 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 | BBG004XB9HZ5 | 1716500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| LOUISIANA PAC CORP | COM | 546347105 | BBG001S5SW04 | 685082 | 7967 | SH |  | SOLE |  | 7967 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 | BBG001S5T7M4 | 239411 | 1095 | SH |  | SOLE |  | 1095 | 0 | 0 |
| MATCH GROUP INC NEW | COM | 57667L107 | BBG00VT0KP47 | 325148 | 10526 | SH |  | SOLE |  | 10526 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 | BBG001SM32G3 | 603749 | 231 | SH |  | SOLE |  | 231 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 5915791 | 8015 | SH |  | SOLE |  | 8015 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 4036482 | 8115 | SH |  | SOLE |  | 8115 | 0 | 0 |
| MOODYS CORP | COM | 615369105 | BBG001S5VP87 | 815084 | 1625 | SH |  | SOLE |  | 1625 | 0 | 0 |
| NEWS CORP NEW | CL A | 65249B109 | BBG0035LY922 | 331883 | 11167 | SH |  | SOLE |  | 11167 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 19106995 | 120938 | SH |  | SOLE |  | 120938 | 0 | 0 |
| NYLI MACKAY DEFINEDTERM MUNI | COM | 56064K100 | BBG002ZTPRJ6 | 443700 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| OSCAR HEALTH INC | CL A | 687793109 | BBG00YMWFVT4 | 347628 | 16214 | SH |  | SOLE |  | 16214 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 | BBG00LBLDFH8 | 1291190 | 12337 | SH |  | SOLE |  | 12337 | 0 | 0 |
| PG CORP | COM | 69331C108 | BBG001S5V206 | 355554 | 25506 | SH |  | SOLE |  | 25506 | 0 | 0 |
| PIMCO ETF TR | 15+ YR US TIPS | 72201R304 | BBG001T5HFW7 | 1574100 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| PIMCO MUN INCOME FD | COM | 72200R107 | BBG001SC8NG4 | 478800 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| QORVO INC | COM | 74736K101 | BBG007TJF1P5 | 382944 | 4510 | SH |  | SOLE |  | 4510 | 0 | 0 |
| ROYAL GOLD INC | COM | 780287108 | BBG001S5VNX4 | 399073 | 2244 | SH |  | SOLE |  | 2244 | 0 | 0 |
| SCHWAB STRATEGIC TR | US LCAP GR ETF | 808524300 | BBG001T66WN0 | 796265 | 27260 | SH |  | SOLE |  | 27260 | 0 | 0 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 | BBG001T5XQV6 | 9128047 | 373488 | SH |  | SOLE |  | 373488 | 0 | 0 |
| SELECT SECTOR SPDR TR | COMMUNICATION | 81369Y852 | BBG00L5F9FV7 | 868240 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 | BBG001S7SCQ6 | 8780760 | 65144 | SH |  | SOLE |  | 65144 | 0 | 0 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 | BBG001S7TCZ5 | 759690 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| SHIFT4 PMTS INC | CL A | 82452J109 | BBG00TX393M3 | 411009 | 4147 | SH |  | SOLE |  | 4147 | 0 | 0 |
| SIMPLIFY EXCHANGE TRADED FUN | SIMPLIFY INTERST | 82889N855 | BBG010Z8GX02 | 211360 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG001SCPX28 | 3353130 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 | BBG001SRXRJ1 | 3397597 | 83912 | SH |  | SOLE |  | 83912 | 0 | 0 |
| SPDR INDEX SHS FDS | PORTFOLIO EMG MK | 78463X509 | BBG001SRXRD7 | 1779138 | 41627 | SH |  | SOLE |  | 41627 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 55212930 | 89363 | SH |  | SOLE |  | 89363 | 0 | 0 |
| SPDR SERIES TRUST | BLOOMBERG HIGH Y | 78468R622 | BBG001SQS7X7 | 486350 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| SPDR SERIES TRUST | COMP SOFTWARE | 78464A599 | BBG0024LG5C2 | 493532 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| SPDR SERIES TRUST | PORTFOLIO AGRGTE | 78464A649 | BBG001STKD11 | 2912563 | 113772 | SH |  | SOLE |  | 113772 | 0 | 0 |
| SPDR SERIES TRUST | PORTFOLIO INTRMD | 78464A375 | BBG001T2HCY9 | 519248 | 15463 | SH |  | SOLE |  | 15463 | 0 | 0 |
| SPDR SERIES TRUST | PORTFOLIO LN COR | 78464A367 | BBG001SRZBZ6 | 313791 | 13903 | SH |  | SOLE |  | 13903 | 0 | 0 |
| SPDR SERIES TRUST | S OILGAS EXP | 78468R556 | BBG001SB12P9 | 339660 | 2700 | SH |  | SOLE |  | 2700 | 0 | 0 |
| SPROTT PHYSICAL GOLD TR | UNIT | 85207H104 | BBG001T66XM9 | 10038600 | 396000 | SH |  | SOLE |  | 396000 | 0 | 0 |
| SPYRE THERAPEUTICS INC | COM NEW | 00773J202 | BBG0067L94C1 | 272214 | 18184 | SH |  | SOLE |  | 18184 | 0 | 0 |
| STELLANTIS N.V | SHS | N82405106 | BBG0078ZLDH8 | 217671 | 21702 | SH |  | SOLE |  | 21702 | 0 | 0 |
| STRIDE INC | COM | 86333M108 | BBG001SNN4P5 | 309545 | 2132 | SH |  | SOLE |  | 2132 | 0 | 0 |
| TXO PARTNERS LP | COM UNIT | 87313P103 | BBG004DFHP63 | 26075750 | 1733760 | SH |  | SOLE |  | 1733760 | 0 | 0 |
| UPWORK INC | COM | 91688F104 | BBG00FBJ63B7 | 192649 | 14334 | SH |  | SOLE |  | 14334 | 0 | 0 |
| VANECK ETF TRUST | FALLEN ANGEL HG | 92189F437 | BBG002VZY7Y3 | 1464000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 | BBG001SR42Z0 | 2863300 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 | BBG001SK7DK4 | 149600550 | 2031788 | SH |  | SOLE |  | 2031788 | 0 | 0 |
| VANGUARD CHARLOTTE FDS | TOTAL INT BD ETF | 92203J407 | BBG004N1LGK2 | 2590908 | 52331 | SH |  | SOLE |  | 52331 | 0 | 0 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 | BBG001SMD2X3 | 3384280 | 38000 | SH |  | SOLE |  | 38000 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 | BBG001TC6MC1 | 13976378 | 24605 | SH |  | SOLE |  | 24605 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 | BBG001SHTB03 | 103634963 | 340983 | SH |  | SOLE |  | 340983 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG001SHTTZ6 | 14739080 | 298000 | SH |  | SOLE |  | 298000 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 | BBG001SHTV18 | 1395000 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 | BBG001T2YZG9 | 38824093 | 302086 | SH |  | SOLE |  | 302086 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 | BBG001T62M92 | 2673507 | 44700 | SH |  | SOLE |  | 44700 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | LONG TERM TREAS | 92206C847 | BBG001T62MC8 | 2624732 | 46770 | SH |  | SOLE |  | 46770 | 0 | 0 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 | BBG001TJR1D8 | 86530389 | 1252430 | SH |  | SOLE |  | 1252430 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 | BBG001SSPWL4 | 2736480 | 48000 | SH |  | SOLE |  | 48000 | 0 | 0 |
| VEEVA SYS INC | CL A COM | 922475108 | BBG001TX0CB4 | 605046 | 2101 | SH |  | SOLE |  | 2101 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 769038 | 2166 | SH |  | SOLE |  | 2166 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 | BBG011386VG3 | 590889 | 51561 | SH |  | SOLE |  | 51561 | 0 | 0 |
| WATERS CORP | COM | 941848103 | BBG001S8MDG9 | 248516 | 712 | SH |  | SOLE |  | 712 | 0 | 0 |
| WIX COM LTD | NOTE 8/1 | 92940WAD1 |  | 554610 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |

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