$32.6M in expenses

Dumac, INC. Operates as a supporting organization to duke university. All of the expenses incurred are related to the investment management and related services provided on a not-for-profit, cost-sharing basis to duke university, its affiliates (including duke university health system, INC. The employees' retirement plan of duke university) and the duke endowment, a private foundation which under the terms of its indenture and by action of its separate board of trustees provides substantial support to duke university.