Return of Private Foundation OMB No. 1545-0052 Form990-PF or Section 4947(x)(1) Nonexempt Charitable Trust Treated as a Private Foundation oeaarvn«+t a vie Treasury b,ewnro Rereru. Service Note: The organtreNon may be able to use a copy of this return to Sawy state reporting X004 For calendar year 2004, or tax yeas beginning , 2004, and ending 20

Q Check all that apply: (:] Initial return 0 Final return 0 Amended return 0 Address change 0 Name change Use the IRS Name of apantraUon A Employer Identification number label. The Duke Endowment 56 : 0529965 Otherwise, Number end eVOat (a P.O. box number M mail la not dalNorod to street eddrxu) Room/oulto 0 Telephone number (sea pn8o 10 of the InstruCtbru) print or type. 100 North Tryon Street 9500 704 378-0291 town, See Specific City a state, end ZIP code C 11 exemption application b pandlnp, cheek here 0- 0 Instructions . Charlotte, North Carolina 28202-4012 0 ,, Faapn organtxatans, chock pore . . 0- 9- Check type of organization: 21 Section 501(c)(3) exempt private foundation 2 Foreign orpnn~zeuons meeting ft ss% east. Section 4947(a)(1) nonexempt charitable trust 0 Other taxable private foundation chock here and attach computation , P- 0 n private foundation status was terminated I Fair market value o1 all assets at end J Accounting method : El Cash 0 Accrual E wider cocoon so7rox,Yw. chock hero . 0- D Modified Cash of year (from Pen ll, col. (c), ~ Other (specify) ...... F ii ~ foundation Is In e so-mono, termination line 16) " $ 2,542,619,779 art l, column (~ must~, be~ ~ ~ on~ ~ ~ cash~ ~ basis~ ~ ~ . under section 507(bHt)(B), check hero , li- 0 Analysis of Revenue and Expenses (The total of (a) Revenue end I I I ~~1 Disbursements amounts in columns (b~, (c1 end (d) may not necessarfy eQual I expenses pair (b) Net Investment (o) Adjustedusced net for charitable Income Income purposes the amounts In oofumn (~) (see pop 11 0l the 1nsUucUons).) books (cash baste aM 1 Contributions, gifts, grants, etc., received (attach schedule) 2 Check " O If the foundation is not rehired to attach Sch. 8 3 Interest on savings and temporary cash Investments 4 Dividends end interest from securities Stmt 1 55,414 2 ba Gross rents . . . . , b Net rental income or Qoss) c 8a Net gain or (loss) from sale of assets not on line 10 123105 m b Gross sales price for all assets on line 8a 7 Capital gain net income (from Pert IV, line 2) 201,302.785 8 Net short-term capital gain . 9 Income modifications . 10a Gross sales less returns and allowances . C b Less: Cost of goods sold. c Gross profit or poss) (attach schedule) 11 Other Income (attach scheduled . , 12 Total. Add lines 1 through 11 . 178,520 13 Compensation of officers, directors, 'trustees, "etc. 3,238 1 ,271 ,972 14 Other employee salaries and wages . 2,215 389,888 16 Pension plans, employee benefits . . 1,100 165,781 313,824 18a Legal tees (attach schedule). . . . $ta4t ,2 1,549 m b Accounting fees (attach schedule) . Slut .3 84 12156 71,885 c Other professional fees (attach schedule) Sit . 6,417 6,268,663 148,816 17 Interest . 0 0 0 "E 18 Taxes (attach schedule) (see page 14 of the in§Il.464 515 0 0 'E 19 Depreciation (attach schedule) and depletion . 0 0 20 Occupancy . . , , , . , . . . , , 607 122,229 a-' cnnf nces, end meetings . . , . 265 31 31,072 F1 .7, ' ~a)d ubllcations . , ...... ~8 14 0 4 es (attach . Stmt .6 284 148,741 c schedule) . 24 Total o ng and administrative expenses. ~ hrough 23 , . 14,959 8,410,502 NO~~ ~ ~ " " " ios,na .Q" '25 Contribut gifts, grants paid MMM o rise, and disbursements. Add lines 24 and 25 120,734 8,410,502 111 e 6 from line 12: ccess o revenue over expenses end disbursements 57,785 b Net Investment Income (if negative, enter -0-) WORM 257,228,095 NAM c Adjusted net Income (f negative, enter -0-) . a. For Privacy Act and Paperwork Reduction Act Notice, see the instructions . Cat. No 11289X Form 990-PF (2aw) Form 99o-PF Qooa) Page 2 shed schedules d amounts in the descriQtfon velum; Beginning of year End of year ~ r~ ~Jaii~ Balance Sheets should be for end-of-year amounts ony . (See irtsUucNons . (o) Book vuwo (b) 9ook vatuo (c) Fair Market vaiuo 1 Cash--non-Interest-bearing (aIId, cash equivalents) 63,038,266 42,741 ,617 42-18-17,379 2 Savings and temporary cash Investments 3 Accounts receivable " ...... Securities...... Transactions...... "`- ~?'-' -~. . ,,- "~ ° "' ." 1 Less : allowance for doubtful accounts " ...... 17 279 887 0 0 , . g -.~ ~, :~k'. ~ fi~, 4 Pledges receivable " ...... ~l~~a , r.ar71777 Less : allowance for doubtful accounts " .,. ....... , .., 6 Grants receivable . . . . 8 Receivables due from officers, directors, trustees, and other disqualified persons (attach schedule) (see page 15 of the Instructions) , ., ,`~,~a ` 7 Other notes and loans receivable (attach schedule) " , ...... , .. .  i~Y'1'°1,7 ~ :67177-5 y3 Less : allowance for doubtful accounts "..,...... 8 Inventories for sale or use. . 9 Prepaid expenses and deferred charges . St 10a Investments--U .S. and state government obligations (attach~schedute) 167 ,013 ,801 160 ,472 ,357 163,851 ,566 b Investments-corporate stock (attach schedule) Stmt .8 . 797,583 ,252 847,383 ,307 1,070,191 ,223 c Investments-corporate bonds (attach schedule)Ttmt .9 . 425 2855 ,304 422 018 244 478 709177 11 Investments--land, buildings, and equipment : basis " ......  "' Less: accumulated depreciation (attach schedule) ". ....,...... 12 Investments-.mortgage loans 13 Investments--other (attach schedule) . . . . Sit .10 591,625,598 625,648 185 785 003,538 14 Land, buildings, and equipment: basis No ...... ~i Less : accumulated depreciation (attach schedule) " ., . . ., ...... Sec. Transactions Receivable 15 Other assets (describe ", ...... , ...... ) 2,046,896 2,046 ,896 18 Total assets (to be completed by all filers-see page 16 of the Instructions . Also, see page 1, item 2,052,396,108 2,100,310,506 2,542,619,779 17 Accounts payable and accrued expenses . . , . , , 2187 080 2,256,047 18 Grants payable ...... 22 ,456,585 23,436,983 d 19 Deterred revenue. . . . . 20 Loans from officers, directors, trustees, and other disqualified persons 21 Mortgages and other notes payable (attach schedule) . 22 Other liabilities (describe " ...... Stmt 11_ ~ 16122 056 6181 713

23 Total liabilities add fines 17 through 22 . . 40,765,721 31,874,743 Organizations that follow SFAS 117, check here IN- 21 end complete lines 24 through 26 and lines 30 and 31 . 24 Unrestricted , , , , , , , , , , , , , , , , 21,378,805 11,078,511 25 Temporarily restricted 28 Permanently restricted ...... , , ~ 1 ,990,251,582 2,057,357 252 Organizations that do not follow SFAS 117, check here and complete lines 27 through 31 . 0 27 Capital stock, trust principal, or current funds . 28 Paid-in or capital surplus, or land, bldg., and equipment fund 29 Retained earnings, accumulated income, endowment, or other funds 30 Total net assets or fund balances (see page 17 of the m instructions) , . , , . . , , . . , . . , , , 2,011,630,387 2,068,435,763 31 Total liabilities and net assets/fund balances (see page 17 of . the instructions 2,052,396,108 2,100,310,506

Analysis of Changes in Net Assets or Fund Balances

1 Total net assets or fund balances at beginning of year-Part II, column (a), line 30 (must agree with end-of-year figure reported on prior year's return), . . . , . . . 2,011,630,387 2 Enter amount from Part I, line 27a . . . . , ...... 57,785,774 3 Other increases not included in line 2 (itemize) 10 ...... 0 4 Add lines 1, 2, and 3 . . . . 2.069.416.161 . . ' ' 5 Decreases not included in line 2 (itemize) " .Stmt._ . .. .11._. ._ ...._ ...... _...... _ ._ ...... ____._...... 6 Total net assets or fund balances at end of vear Dine 4 minus line %--Part II, column (b), line 30. 2,068,435,763 Form 990-PF (2ooa) Form 99o-PF (20W) Page 3 Capital Gains and Losses for Tax on Investment Income (o) List end describe the kind(a) W propoRy cold (e .g., roil estate, ro~Ho~s~ (c)~D~ato acquired (~ Date sold ahs .) 2-story brick warehouse: a common stock, 200 . MLC Co .) p-ponatbn ~"""~ day. yr") (mo.. day, yr to Stmt 13 b c d e (0 Depralatlon ntlowod (g) Coat a other bower (h) Gain or (bay) (o) dross sales price (a allowable) plus oxponso of sale (o) plus (q mlnua (g)

b c d e Complete for assets i In and owned the 1?J31/69 only column (h) by foundation on Gains (Col. (h) gain minus COI~(If~. . Q) AdJUSLOd basis (W Excess of COI. Q) but not 185.9 .118f1 -0-) Of M FAY. as of 12/31/69 as of 12131/89 over cal. m, H any Losses (from COI.(III~ e b c

e 2 Capital gain net Income or (net capital loss) enter line 7 { Ii (loss), ante in Part I, line 7 } 2 201,302,785 3 Net short-term capital gain or poss) as defined in sections 1222(5) and (6): If gain, also enter in Pert I, line 8, column (c) (see pages 13 and 17 of the Instructions). If oss , enter -0- In Pert I line 8 3 N/A Qualification Under Section .4940 e . for Reduced Tax on Net Investment Income (For optional use by domestic private foundations subject to the section 4940(a) tax on net Investment Income .) If section 4940(d)(2) applies, leave this part blank. Was the organization liable for the section 4942 tax on the distrfbutable amount of any year fn the base period? 0 Yes 0 No If "Yes," the organization does not qualify under section 4940(e). Do not complete this part.

1 Enter the appropriate amount in each column for each year ; see page 18 of the instructions before making any entries.

Base pertexiod ears Qu°Ilylnp distributions Net value of c) ble-use assets ra tio Calendar ear ( oyor beginning in) ~~~ cal. D~dMod by col. (c)) 2003 110,981,582 2,125,503,624 .0522143 2002 127,299,429 2,248,903,130 .0566051 2001 109,687,661 2,598,589,496 .0422105 13 701 1 1403

2 Total of line 1, column (d) , , ...... 2302247 3 Average distribution ratio for the 5-year base period-divide the total on line 2 by 5, or by the number of years the foundation has been in existence if less than 5 years . .0460449

4 Enter the net value of noncharitable-use assets for 2004 from Part X, line 5 . 2,333,895,393

5 Multiply line 4 by line 3 , ...... 107,463,980

2,572,281 8 Enter 1 % of net investment income (1 % of Part I, line 27b) . 110,037,261 7 Add lines 5 and 6 ......

8 Enter qualifying distributions from Part XII, line 4 ...... , . . 1 8 I 111,462,905 If line 8 is equal to or greater than line 7, check the box in Part VI, line 1 b, and complete that part using a 1 % tax rate. See the Part VI instructions on page 18. Forth 990-PF Woa) Form 990~PF (2004) Page 4 Excise Tax Based on Investment Income Section 4940(a), 4940 4940[e), or 4948-see a e 18 of the Instruction 1a Exempt operating foundations described In section 49400(2), check here " 0 end enter "NA" on line 1 . ' Date of ruling letter...... (attach copy of ruling letter if necessary-soe instructions) b Domestic organizations that meet the section 4940(e) requirements in Part ,V check 1 2,572,281 here " m and enter 1% of Part I, line 27b , ...... ~ s, n c All other domestic organizations enter 296 of line 27b. Exempt foreign organizations enter 496 of Part I, line 12, col. (b) 2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2,672,81 3 Add lines 1 and 2...... , ...... , , , , , , , , , , 3 4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) , 6 Tax basod on Investment Incomo. Subtract line 4 from line 3. If zoro or less, enter -0- . . . 6 2,6722811 8 CredItsPayments: a 2004 estimated tax payments end 2003 overpayment credited to 2004 8a 2,023,464 1 b Exempt foreign organizations-tax withheld at source , , , , 8b c Tax paid with application for extension of time to file (Form 8888) 8c 575,000 d Backup withholding erroneously withheld ...... , , 8d 7 Total credits and payments . Add lines 6a through 6d ...... , , , , 7 2,598,464 8 Enter any penalty for underpayment of estimated tax. Check here 0 if Form 2220 is attached . 9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed 10 Overpayment If line 7 is more than the total of lines 5 and 8, enter the amount overpaid . . . " 10 26,183 11 Enter the amount of line 10 to be: Credited to 2005 estimated tax " 26,183 Refunded " 11 Statements Regarding Activities 18 During the tax year, did the organization attempt to influence any national, state, or local legislation or did Yes No it participate or Intervene in any political campaign? , ...... b Did it spend more than $00 during the year (either directly or indirectly) for political purposes (see page 19 of the instructions toy definition)? ...... 11 the answer is 'Yes" to 1e or 1b, attach a detailed description of the activities and copies of any materials published or distributed by the organization !n connection with the activities. c Did the organization file Form 1120-POL for this year? ...... d Enter the amount pt any) of tax on political expenditures (section 4955) Imposed during the year: (1) On the organization . " $ (2) On organization managers . " $ e Enter the reimbursement Of any) paid by the organization during the year for political expenditure tax Imposed on organization managers. " $ 2 Has the organization engaged In any activities that have not previously been reported to the IRS? If "Yes,' attach a detailed description of the activities. 3 Has the organization made any changes, not previously reported to the IRS, in its governing Instrument, articles of incorporation, or bylaws, or other similar instruments? If 'Yes, ° attach a conformed copy of the changes . 3 J 4a Did the organization have unrelated business gross Income of $,000 or more during the year? b it "Yes," has it filed a tax return on. Form 990-T for this year? ...... , , , 4b r 6 Was there a liquidation, termination, dissolution, or substantial contraction during the year?. If 'Yes,° attach the statement required by General Instruction T 8 Are the requirements of section 508(e) (elating to sections 4941 through 4945) satisfied either: " By language in the governing instrument, or " By state legislation that effectively amends the governing instrument so that no mandatory directions that conflict with the state law remain in the governing instrument? . . 7 Did the organization have at least 01,000 in assets at any time during the year? 11 'Yes,' complete Pert ll, col (c), and Part XV. 8a Enter the stateh to which the foundation reports or with which h is registered (see page 19 of the instructions) ".NOrth Carolina b If the answer is "Yes" to line 7, has the organization furnished a copy of Form 990-PF to the Attorney MMM General (or designate) of each state as required by General Instruction G1 I/ "No,' attach explanation , 8b r 9 Is the organization claiming status as a private operating foundation within the meaning of section 4942~~(3) OEM or 4942(5) for calendar year 2004 or the taxable year beginning in 2004 (see instructions for Part XRbn a page 25)? If "Yes," complete Part XIV . , ...... , . . . . , 9 r 10 Did any persons become substantial contributors during the tax year? If 'Yes, ° attach a schedule listing theirnames and addresses. 10 r 11 Did the organization comply with the public inspection requirements for its annual returns and exemption application? Web site address " w":dukeendowment :orb----r ...... ------..._...... ------...... _ . .T 7i1d=376~f29i12 The books are In care of " Chlet. ..------FinancialOffice.. ...-----. . ._. . .&._ ..----.reasurer.------...... ------. .. . ._ Telephone~ no..~ " ...... Located at " 100-North Tryon Street, Suite 3500, Charlotte NC. .. ._ ._._.. ._. . ._...... _ .. ZIp4 ~ ___ ._.. 28202-4012_ 13 Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041-Check here , , . " 0 and enter the amount of tax-exempt interest received or accrued during the year . " 1 13 ~ ~ N/A Form 990-PF pooa) Form 990-PF (2004) Page 5 = Statements Regarding Activities for Which Form 4720 Ma Be Required File Form 4720 if any item is checked in the "Yea" column, unless an exception applies . Yes No 1a During the year did the organization (either directly or indirectly) : (1) Engage In the sale or exchange, or leasing of property with a disqualified person? [1 Yes 0 No (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from) .. a disqualified person? . , . , , , ...... , 0 Yes 21 No rE,E~ "~ F` i (3) Furnish goods, services, or facilities to (or accept them from) e disqualified person? 0 voa 0 No '- ~n= i (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? 0 Yoo 0 No . ' (&) Transfer any Income or assets to a disqualified person (or make any of either available , - for the benefit or use of a disqualified person)? ...... 0 Yes 0 No (8) Agree to pay money or property to a government official? (Exception. Check "No" If the organization agreed to make a grant to or to employ the official for a period ~~ after termination of government service, If terminating within 90 days .) . . . . 0 Yes 21 No b If any answer is "Yes" to 1 a(1H6), did any of the acts fail to qualify under the exceptions described in Regulations section 53.49410-3 or In a current notice regarding disaster assistance (see page 20 of the instructions)?. . l b r Organizations relying on a current notice regarding disaster assistance check here . . . . . " 0 c Did the organization engage in a prior year In any of the acts described in 1 a, other than excepted acts, that were not corrected before the first day of the tax year beginning in 2004? . , ...... Ic J 2 Taxes on failure to distribute income (section 4942) (does not apply for years the organization was a private ~Vf ;",,;°`., ~_ operating foundation defined in section 49426)(3) or 49420(5)) : ~ a At the end of tax year 2004, did the organization have any undistributed income (lines 6d and 6e, Part XIII) for tax year(s) beginning before 2004? . , . , , , . , . , . Yes [ZINo If "Yes," list the years " 20 . . .. . , 20 . . .. . , 20 . .. . . , 20 .. . .. ~ .i b Are there any years listed In 2a for which the organization is not applying the provisions of section 4942(a)(2) (relating to incorrect valuation of assets) to the year's undistributed income? (If applying section 4942(a)(2) to all years listed, answer "No" and attach statement-see page 20 of the instructions .) ...... 2b 'iA.n c4 t- To c If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here. 0- 20 . . . . 20 . . . . 20 . .. . 20 . . . .. 3a Did the organization hold more than a 296 direct or Indirect Interest in any business enterprise at any time during the year? . . . , . , . . , . . . , , . . JZI Yea 0 No r:. b If "Yes," did it have excess business holdings in 2004 as a result of (1) any purchase by the organization ~~t'~~ y ; '1 or disqualified persons after May 26, 1969 ; (2) the lapse of the 5-year period (or longer period approved .d , by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3) the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine 1l the organization had excess business holdings !n 2004.) . . , ...... , , , , 3b ~/ 4a Old the organization Invest during the year any amount in a manner that would jeopardize its charitable purposes? 4a r b Did the organization make any Investment in a prior year (but after December 31, 1969) that could jeopardize its charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2004? . . , , 4b 6a During the year did the organization pay or Incur any amount to : 311 (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? D Yea 0 No M6 , . x ,'. (2) Influence the outcome of any specific public election (see section 4955); or to carry on, directly or Indirectly, any voter registration drivel , . . , . . . . , , 0 Yes 0 No (3) Provide a grant to an individual for travel, study, or other similar purposes? . , . 0 Yes [0 No (4) Provide a grant to an organization other than a charitable, etc., organization described in section 509(a)(1), (2), or (3), or section 4940(d)(2)? , , ...... D yes ONO .~ (5) Provide for any purpose other than religious, charitable, scientific, literary, or ~-?~  .  educational purposes, or for the prevention of cruelty to children or animals? . . E]Yes 0 No b If any answer Is "Yes" to 5a(1){5), did any of the transactions fail to qualify under the exceptions described in Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 20 of the instructions)? 5b Organizations relying on a current notice regarding disaster assistance check here . . . . . " 0 - ~{ ~r r c If the answer is "Yes" to question 5a(4), does the organization claim exemption from the tax because it maintained expenditure responsibility for the grant? ...... ~ Yes 0 No ~ ~ If "Yes," attach the statement required by Regulations section 53 .4945-5(d). +s1,M ^,p ~I 6a Did the organization, during the year, receive any funds, directly or indirectly, to pay ' premiums on a personal benefit contract? Yes [Z] No b Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract? 6b , r If you answered "Yes' to 6b, also file Form 8870. Form 990-PF pooa) Form 99o-PF (2004) Page 6 Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees, and Contractors 1 Ust all officers. directors. trustees. foundation managers and their compensation (see page 20 of the Instructions). and overage (c) ComponsaUon (d) Contributions to (o) Exponso account. (a) Name and address par week pt not pald, ontor ompl0yoo bonofit plans p~hor ollowancas to position I -0.) I and doforrod compensation Statement 14 3,238,943 1 307,293 1 51,216

2 Compensation of flue highest-paid employees (other than those Included on line 1-see page 21 of the Instructions). If none, enter "NONE." (d) contributions to (b) We end average employee benefit I (e) Expense account, (a) Name and address of oath employee paid more then $50,000 hours per week I (c) Compensation I P~ ~++~ deferred other allowances devoted to position compensation Statement 14 740,000 1 96,327 1 7,110

Total number of other employees paid over $50,000 . 10- 1 14 3 Five highest-paid Independent contractors for professional services-(see page 21 of the Instructions). If none, enter "NONE:' (a) Name end address of each person paid more than $50.000 (b) Type of service (c) Compensation Wellington Trust Co. Investment Advisor 701,932.51 Wewerk, NJ NISA Investment_Advlso~s= L:L.C : ...... Investment Advisor 1 672,119.00 St. Louis, MO Cepltal.Guerdlan Trust Companx...... Investment Advisor 1 551,382.32 Alliance Capital Management Investment Advisor 1 517,396.07 New York, NY Golden Capital Mana~ement. . . .._._ . . .___ ...... ___ ._._. .__ ...... _ .. . ..____. ._ ._ Investment Advisor I 495,536.29 Charlotte, NC Total number of others receiving over $50,000 for professional services ...... " 17 Summary of Direct Charitable Activities

List the foundation's four largest direct charitable activities during the tax year. Include relevant statistical Information such as the number of organizations and other beneficiaries served, conlerences convened, research papers produced, etc Expenses 1 Support of staff on boards or advisory committees of other charitable organizations or on public commissions or task tomes. 136,800

2 Provide technical assistance to grantees and other charitable organizations;. Includes support of our library as a cooperating co ltectlon of The Foundation Center . 72,100

3 Conducting research and disseminating educational information ; primarily due to publication of mmazlne "Issues": to highlight successful programs of_~rantees as-well as Issues-In_philanthropy 64,800 and rantmaking. 4 Conducting educational conferences or seminars .. 40,300

Form 990-PF Pew) Form 990-PF a000) Page 7 - Summa of Program-Related Investments see page 22 of the instructions Describe the two Iargost program-related Investments mado by the foundation during the tax year on lines 1 and 2. Amount None

2

at othp program"rolntod Invotmonts. Soo pogo 22 of tho Instructions . 3

Total. Add lines 1 through 3 . 0 Minimum Investment Return . (All domestic foundations . must complete this part. Foreign foundations, see page 22 of the instructions .) 1 Fair market value of assets not used (or held for use) directly In carrying out charitable, etc., purposes: a Average monthly fair market value of securities . . , ...... , , , , . 1a 2,311,471,003 b Average of monthly cash balances ...... , , 1b 57,965,944 c Fair market value of all other assets (see page 22 of the instructions) d Total (add lines 1a, b, and c) ...... , , , , 1d 2,369,436,947 e Reduction claimed for blockage or other factors reported on lines 1 a and 1c (attach detailed explanation) , , , . , . , , . . , , , . 1e 0 2 Acquisition indebtedness applicable to line 1 assets . . . . . 3 Subtract line 2 from line 1 d ...... 3 2,369,436,947 4 Cash deemed held for charitable activities. Enter 1'h9b of line 3 (for greater amount, see page 23 of the instructions) . , ...... , , , , , 4 35,541,554 5 Net value of noncharReble-use assets. Subtract line 4 from fine 3. Enter here and on Pert V, line 4 b 2,333,895,393 6 Minimum Investment return . Enter 5% of line 5 . . ~ 8 ~ 116,694,770 Distributable Amount (see page 23 of the instructions) (Section 4942(J)(3) and (j)(5) private operating foundations and certain foreign organizations check here " C3 and do not complete this part . 1 Minimum Investment return from Part X, line 6 ...... , . 1 116,694,770 2a Tax on Investment income for 2004 from Part VI, line 5 , , , ~ 2a ~ 2,572,281 b Income tax for 2004. (rhls does not Include the tax from Part VI.)Stmt ,15 2b 320,510 - c Add lines 2e and 2b ...... , , , , 2c 2,892,791 3 Distrfbutable amount before adjustments. Subtract line 2c from line 1 , . . . . , , , , 3 113,801 ,979 4 Recoveries of amounts treated as qualifying distributions ...... 4 0 5 Add lines 3 and 4 , , , ...... , . , , 5 113,801 ,979 8 Deduction from distr(butable amount (see page 23 of the Instructions) ...... , e WA 7 Dlstributable amount as adjusted . Subtract line 6 from line 5. Enter here and on Part XIII, line 1 7 113,801,979 Qualifying Distributions (see page 23 of the instructions)

1 Amounts paid (Including administrative expenses) to accomplish charitable, etc ., purposes: a Expenses, contributions, gifts, etc. total from Part I, column (d), line 26 . . . , , , , . is 111,462,905 b Program-related Investments-total from Part IX-B , . . . , 2 Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc ., purposes ...... 0 3 Amounts set aside for specific charitable projects that satisfy the: a Suitability test (prior IRS approval required) ...... b Cash distribution test (attach the required schedule) . . . 111,462,905 4 Qualifying distributions . Add lines 1a through 3b. Enter here andonPart. . V, line 8, and Part XIII, line 4 . 4 5 Organizations that qualify under section 4940(e) for the reduced rate of tax on net investment income. Enter 1 % of Part I, line 27b (see page 24 of the instructions) . . . . . , , , , 5 2,572,281 6 Adjusted qualifying distributions. Subtract fine 5 from tine 4 . . , , . . . . . , , 6 108,890,624 Note :The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for the section 4940(e) reduction of tax in those years. Form 990-PF (2ooa) Form 990-PF (2004) Pag e S

Undistributed Income (see page 24 of the instructions)

(o) (b) (o) (d) COW vonrs prior to 2003 2003 2004 1 Distributable amount for 2004 from Part XI, line 7 . , . , , , " 113 801 9. 2 Undistributed Income, If any, as of the end of 2003: a Enter amount for 2003 only 0 b Total for prior years: 20 ,20 ,20 r~~» 3 Excess distributions carryover Ii any, to 2004: G~,t NI a From 1899 . . . . . ~~4~ b From 2000 . . . . .  ~ +,;'~Jw~,~, c From 2001 . . . . . d From 2002 ...... ' e From 2003 . . . . . '.~1 i4A 12. lf. . ~f .'k~ s~ f Total of Tines through e. . . . , . s ~ ,- 4 Qualifying distributions for 2004 from Part 111 .462,905 ,~ ; ~fi+?ti ;t' X11, fine 4: 10- $ p] r "" ' a Applied to 2003, but not more than line 2a .'~~°'~``' ~ ~ F :FL . i h 102 b Applied to undistributed Income of prior years ;,ruw~ ~n.,~y (Election required-see page 24 of the instructions) 01 ;' c Treated as distributions out of corpus (Election required-see page 24 of the instructions) 0 d Applied to 2004 distributable amount e Remaining amount distributed out of corpus 5 Excess distributions carryover applied to 2004 0 2*114*045W Pte:' t~s~~'~ 4 Q/ an amount appears In column (d), the same amount must be shown !n column (a).) 8 Enter the net total of each column as ` Indicated below: lines 3f, '' .,war a Corpus. Add 4c, end 4e. Subtract line 5 . , ;. b Prior years' undistributed Income. Subtract line 4b from line 2b ...... ' O I' c Enter the amount of prior years' undistributed Income for which a notice of deficiency has been Issued, or an which the section 4942(a) ; 0 tax has been previously assessed ...... , . . . . d Subtract line 6c from line 6b. Taxable ' .' amount-see page 25 of the Instructions . e Undistributed Income for 2003. Subtract line 4a from line 2a. Taxable amount see page 25 of the Instructions 0 t Undistributed income for 2004. Subtract lines 4d and 5 from line 1 . This amount must 104,862,035 be distributed in 2005 ...... 7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(E) or 4942(8)(3) (see page 25 of the instructions) 0 8 Excess distributions carryover from 1999 not applied on line 5 or line 7 (see page 25 of the instructions) 0 9 Excess distributions carryover to 2005. Subtract lines 7 and 8 from line 6a . u 10 Analysis of line 9: a Excess from 200Q . . y b Excess from 2001. . . c Excess from 2002 d Excess from 2003. . . .~~ ~~r.=yz ` e Excess from 2004. Form 990-PF (2ooa) Forth 99aPF ON) Pago 9 FMIKM Private Operating Foundations see page 25 of the instructions and Part VII-A, uestion 9 1a if the foundation has received a ruling or determination letter that k Is a private operating foundation, and the ruling is effective for 2004, enter the date of the ruling . b Check box to Indicate whether the o anizatlon is e rivate operating foundation described In section D 4942 (0( 3) or 49420)a 2a Enter the lesser of the adjusted net Tax oar Prior 3 oars (0) Total Income from Part I or the minimum (o) 2004 p 2003 c) 2002 d 200 Investment return from Part X (or each year listed , , , , , , , b 8596 of line 2n c Qualifying distributions from Part XII, line 4 for each year listed . d Amounts Included In line 2c not used directly for active conduce 01 exempt activities . e Qualifying distributions made directly (or active conduct of exempt activities. Subtract line 2d from line 2c . 3 Complete 3a, b, or c for the alternative test relied upon : a "Assets" alternative test-enter. (1) Value of ell assets . (2) Value of assets qualifying under section 4942(D(3)(B)@ b "Endowment' alternative test-enter 9S of minimum Investment return shown In Part X line 6 for each year listed e "Support" alternative test-enter. (1) Total support other than gross investment Income (Interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) (2) Support from general public end 5 or more exempt organizations as provided In section 49420)(3)(B)QID (3) largest amount of support from en exempt organization (4) dross Investment Income JjEJM Supplementary Information (Complete this part only If the organization had $5,000 or more to assets at any time during the year-see page 26 of the Instructions.) 1 Information Regarding Foundation Managers : a Ust any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation before the close of any tax year (but only If they have contributed more than $5,000). (See section 507(d)(2).) None b Ust any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the ownership of a partnership or other entity) of which the foundation has a 1046 or greater interest . None 2 Information Regarding Contribution, gent, (3fft, Loan, Scholarship, etc., Programs: Check here " 0 if the organization only makes contributions to preselected charitable organizations and does not accept unsolicited requests for funds. If the organization makes gifts, grants, etc. (see page 26 of the instructions) to individuals or organizations under other conditions, complete items 2a, b, c, and d. a The name, address, and telephone number of the person to whom applications should be addressed: Statement 16 b The form In which applications should be submitted and information and materials they should include: Statement 16 c Any submission deadlines: Statement 16 d My restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other factors: Statement 16 Form 990-PF (2ooa) Form 990-PF (zooa) Pose 10

Form 990-PF (2oas) Form 99aPF X2004) 11 Analysis of income-Producing Activities Enter gross amounts unless otherwise Indicated. Unrelated business Income Excluded by section 512, 513, or 514 (e) Related or exempt (b) cCi I (d) function Income Business code Amount Exclusion code Amount (See page 28 of the instructions.) 1 Program service revenue: a b c d 0 f g Fees end contracts from government agencies 2 Membership dues and assessments . 3 Interest on savings and temporary cash Investments 4 Dividends and Interest from securities 523100 903,471 14 1 6 Net rental income or (loss) from real estate: a Debt-financed property . b Not debt-financed property . 8 Net rental income or (loss) from personal property 7 Other Investment Income . , , , , , , , 523100 1,732,793 18 121 8 Gain or (loss) from sales of assets other than inventory 8 Net income or (loss) from special events. 10 Gross profit or (loss) from sales of Inventory 11 Other revenue: a b e d e 12 Subtotal . Add columns (b), (d), and (e) . . . ~ 2,636,264 q 175,883,779 13 Total. Add line 12, columns (b), (c), end (e) 13 178,520,043 (See worksheet in line 13 instructions on page 26 ~ to verify calculations .)

Explain for which income reported in column of Part XVI-A contributed Importantly to Un.No. below how each activity is (e) the accomplishment of the organization's exempt purposes (other than by providing funds fog such purposes). (See page 27 of the Instructions .) WA

Form 990-PF (2ooa) Form 99P~PF x004) Page 12 information Regarding Transfers Yo and Transactions and Relationships With Noncharitable

Yes No 1 Did the organization directly or indirectly engage In any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations? o Transfers from the reporting organization to a noncheritable exempt organization of: v:..::. !" (1) Cash ...... 100) r (2) Other assets ...... la(2) r b Other transactions : 2~1121 =1111*1 -All (1) Sales of assets to a noncharlteble exempt organization . . . , ...... , , , , 1b 1 ./ (2) Purchases of assets from e noncharitable exempt organization ...... , , , , , 1b 2 J (3) Rental of facilities, equipment, or other assets ...... , , , , 1b 3 r (4) Reimbursement arrangements ...... , . , , , . 1b(4) r (6) Loans or loan guarantees ...... ~ tb ~ " " " " " ~ " ' ' ' ' ' ' ' ' ~ ~ (8) Performance of services or membership or fundraising solicitations. ~ 1b 8 r c Sharing of facilities, equipment, mailing lists, other assets, or paid employees ...... le J d Ii the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value of the goods, other assets, or services given by the reporting organization. If the organization received less than fair market value In any transaction or sharing arrangement, show In column (d) the value of the goods, other assets, or services received. i Line no, cb> Amount Involved (c) Name of rwnchaAtable exempt organization (d) Description or transfers, transactions, and sharbV 1a(1) 490 American Bar Association Membership and Dues 1a(1) 290 American Institute of CPA's Membership and Dues 1a(l) 310 Assoc. of Investment Mgrs. 8 Research Membership end Dues 18(l) 536 Charlotte Chamber of Commerce Membership and Dues 180) 660 Executive Women International Membershi p and Dues 1a(1) 175 NC Association of CPA's Membership and Dues la(l) 195 The Tennessee Bar Association Membership and Dues

2a Is the organization directly or Indirectly affiliated with, or related to, one or more tax-exempt organizations described in section 501(c) of the Code (other than section 501(c)(3)) or In section 527? . . , . . . 0 Yes 0 No b If "Yes," complete the following schedule. Name of of (c) Description of relationshlp N/A

Under s of Pe~ury, l declare that 1 have examined this return, inCN schedules and statements, end to me best of my krmwledge and ballet. 90Z. cared. and complete. Declaration of preParer (other than

~ S ~AaeX44Ure of officer or trustee C, d Z C LC N O Preparer's' o, m y signature d: -J Firm's name (a yours N self-employed), address, OMB No. 1u6014 Form 2220 Underpayment of Estimated Tax by Corporations o*parv=Mdm9TrsnWy " Bee separate Instructions . G~oO~ Ince .ia.ra,u.s.rva " Attach to the corporation's tax return.

THE DLJFE ENDpWMNT I 56-0529965 Note: In most cases, the corporation is not required to file Form 2220 (sea Port 1 below for exceptions) bocouse the IRS will figure any penalty owed end bill the corporation. Eron If Form 2220 is not required, the corporation may still use It to figure the penalty. In such e case, enter the amount from pope 2, line 36 on the estimated fax penalty line of the corporation's income tax rgtum, but do not attach form 2220. Reasons toy Filing - Check the bozos below that apply. Ii any boxes ere checked, and line 8, below, is $500 or more, the car oration must file Form 2220 even If it does not owe e penalty. The corporation Is using the adjusted seasonal Installment method. :2 X The corporation Is using the annualized Income InstoIImoMmothod. The corporation Is o `largo corporation" figuring Its first required Installment based on the prior yams tax.

4 Total tax (see Instructions) ......

B a Personal holding company tax (Schedule PH (Form 11T0), line 26) Included on one 4 , , , b Look-back Interest Included on Iine 4 under section 480(b)(2) (or completed long-term contracts or section 187(p) for depreciation under the Income fora:a~t method , , , , , ,

c Credit for Federal tax paid on fuels (sea Instructions) , , , , , , , , , , , , , , X60 d Total. Add lines 5a through Se , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . , , , , , , , 8 Subtract line Sd from line 4, it the result is less than $500, do not complete or ills this form . The corporation does not owe the penalty ...... 2,572,281 . 7 Enter the tax shown on the corporation's 2003 Income tax return (see Instructions) . Caution : l/Me tax Is zero or the ftr year was la loss dmn !Z monk skip title line end arOn the nrtwunt fYom fine B on fine 8 , , , , , , ,

e Enter the smaller of line 6 or line 7. If the

B Installment dug data. Enter In columns (a) through (d) the 1 Sth day of the 4th (Fan 990-PP Aiwa:Use Gth month). 6th. 9U,4 and 1 Zh months of the oorporetbn'e tax year . . .

Muptlon . If one of your Installment due dates h September 18, 2004, seethe Instructiorak

10 Required Installments . If the box on line I and/or line 4 above b ctwalmd, ortor the mount$ from Schedule A, line 38. If the box on line 9 (but not I or 2) Is cracked, am Instructions for the amounts to enter. If none of these boxes ore dhoefm0, enter 26% of fine 8 above In each column ......

11 Estimated tax geld or cradled for each period (sac Instructions). For column (e) any, enter the amount from line 11 on line 16 , , , , , , , Qorqplaft Yaw 12 duw9h 18 of one column amen going to aw nW caumm 11 Enter amount, If any, from line IS of the preceding column ...... 13 Add Ones 11 end 12 . . . . 14 Add amounh on Ilnes18 uW 17 d tM pnaEhy column ...... t s subtract m, . a nom w. ia n =to or MM .nw -0- .

18 If the amount on Une 15 Is zero, subtract line 13 from line 14. Otherwise, enter -0 . , , , , , 17 underpaymaM. Ii One 18 m less than or equal to line 10, subtract line 15 from line 10 . Then go to line 12 of the need column Otherwise, go to line 18 . . . . . 17 18 OV" fpay111QfIL If u110 10 I6 X988 than Ono 1$, " subtract line 10 from line 15 . Then go to line 12oithenext column , 18 452 295 . 537 323 . 211 017 . 129 , 441 16: Go to Part W on page 2 to figure the penahy. Do not go to Part 111 H there are no entries on line 17 - no penalty Is owed. For Paperwork Reduction Act Notice, see separate Instructions. Form 2220 (2ooa)

JSA X8008 3 .000 Form 2220 (2004) Pogo 2 Figuring the Penalty

18 Hnur Ins dots or psymeiu a tnio tOtn day m or 3rd mon+ after the close of the too you, VdWW.W to earlier (we Ingbudbm~ pbrm OYDPF pad Bans QOaT rtlams use ft month Instead d W0 month.) ...... 20 Number at days from dug date d YutillrtrM on ire 9 m the date shown an the 10 ...... 21 Number of days an line 20 after 1/16/20W end OMOfi 7/1/200 " ......

22 undmob anus 300 2 9 Hw.e. . .i dare e" 1a. :o after 4113GAIM WW before 101112004

24 UeCresYmeru on b 17 a Umber Mdays as bb a qL . . . aee 2 6 Number or days m m. 70 gnu onOrtow sad before WrM

26 Lhdarpy...d e. "r 17 v Wrmber of days m it 29 xN% , , , aee 27 Number of my. an Use 20 after 12MItn" and before 411=05

2 8 ta,cn,rn.d m r. > > a wuae.r of days an b. n. sr , , , aee

2 8 11um0v ofdm on Ins 70 &Ra L71/t006 ue eetan 7n17000

9 0 ua.rv.rs.ro e. m. » a Number at days an am 2P'x aes 91 Number of do" on he. :oafter honoN wA before 1011=5

9 2 u+a.rv+rwa0 m b . n . slumber a my . o. rr 31 . w . . . see 33 Number or mn m la. 20 after onornoe sad eeroo inmoe

S d UeG"eynaa miwt f sIOnne.r e1 apmbr 31 x'% . . . 365

35 Number of don .v a. 20 star 121314M &W before Vl41nC4

8 17nA~rosymes an W t1 a Number of eon aWr 39 .x '11 . . . aee 37 Add i1n.s z:, s4, ze, ze, as as, a+, w+e ae , , , , ,

39 Penalty. Add columns (a) through (e) of line 37. Enter the total hem and on Forth 1120, line 33; Form 1120-A, line 28; or the comparable line for other Income tax returns . 138 1 NONE *For underpayments paid after March 31, 2005 : For liner. 30, 32, 34, and 38, use the penalty Interest rate for each calendar quarter, which the IRS will determine during the first month In the preceding quarter . These rates are published quarterly In an IRS News Release and In a revenue ruling In the Internal Revenue Bulletin. To obtain this information on the Internet, access the IRS website et www.ira.pov. You can also call 1-800-829-1040 to get Interest rate Information.

Form 2220 (2004)

.1&A

"X8007 3.000 Forth 2220 (2004) Page 3 Schedule A Adjusted Seasonal Installment Method and Annualized Income Installment Method (see instructions) Form 1120S filers: For lines 1, 2, 3, and 21, below, "taxable income' refers to excess net passive income or the amount on which tax is Imposed under section 1374(a), whichever applies . LRM Adjusted Seasonal Installment Method (Caution : Use this method on! if the base period percentage for anv 6 consecutive months !s at least 70%. See instructions.) (o) (b) (c) (d) First 3 I First s I First 8 I First 11 months months months months 1 Enter taxable Income for the following periods : o Tax year beginning In 2001

b Tax year beginning In 2002

c Tax year beginning In 2003 2 Enter taxable Income for each period for the tax year beginning In 2004 . First 4 I First 6 I First 9 I months months months Entire year 3 Enter taxable Income for the following periods: a Tax year beginning In 2001

b Tax year beginning in 2002

c Tax year beginning In 2003 4 Divide the amount In each column on line 1 a by the amount In column (d) on line 3a. 5 Divide the amount in each column on line 1 b by the amount in column (d) on line 3b. 8 Divide the amount in each column on line 1c by the amount In column on line 3c. 6

7 Add lines 4 through 8. 7

8 Divide line 7 b 3. 8

8 Divide line 2 by line 8. 9 10 Figure the tax on the amount on line 9 using the Instructions for Form 1120, Schedule J, line 3 (or comparable line of corporation's return). 10 11a Divide the amount in columns (a) through (c) on line 3a by the amount In column on line 3a. Ila b Divide the amount in columns (a) through (c) on line 3b by the amount in column on line 3b. 11b c Divide the amount In columns (e) through (c) on line 3c by the amount in column on line 3c. lIC

12 Add lines 11a through 11c. 12

13 Divide line 12 b 3. 13 14 Multiply the amount in columns (a) through (c) of line 10 by columns (a) through (c) of line 13. In column (d), enter the amount from line 10, column (d). 14 15 Enter any alternative minimum tax for each payment period (see instructions) . 15

18 Enter an other taxes for each payment rind see instructions). 18

17 Add lines 14 through 16. 17 18 For each period, enter the same type of credits as allowed on Forth 2220, lines 4 and 5c (see instructions) . 19 Total tax after credits . Subtract line 18 from line 17. If zero or less, enter -0-. Form 2220 (2ooa) " . .

Form 2220 (2004) Page 4 Annualized Income ~a) (b) (e) (d) Installment Method First 2 First 3 First 6 First ZO Annuellzetion periods see Instructions). 20 months months months months 21 Enter taxable Income for each annualization period (see Instructions). zt 28 , 077 , 924 . 89 . 418 , 717 . 112 934 859 . 140 016 949

Zs Annuollzallonamounb (see Instructions). 2s 6 .0 4 .0 2 .00000 1 .33333 Zs Annualized taxable income. Multiply line 21 by line 22. 23 168 , 467 , 544 , 357 , 674 , 868 . 225 869 718 . 186 688 799 . 24 Figure the tax on the amount on Ilno 23 using the Instructions for Form 1120, Schedule J, line 3 (or comparable Una of cor oretlon'aretum . 24 684 675 3 , 576 , 749 . 2 .2 58 . 697 . 1 , 866 , 888 . 28 Enter any alternative minimum tax for cash payment period (see Instructions). 26 NONE NONE NONE NONE 28 Enter any other taxes for each payment period (see Instructions). 26

27 Total tax. Add lines 24 through 28. 27 1 , 684 , 675 a 3 , 576 , 749 , 2 , 258 , 697 . 1 , 866 , 888 . 28 For each period, enter the game type of credits as allowed on Form 2220, Ilnes 4 and Bo (sea Instructions). 28 20 Total tax after credits. Subtract One 28 from line 27.lfzero orloss,enter 4)-. 29 1 , 684 , 675 3 , 576 , 749 , 2 258 697 . 1 , 866 , 888 .

30 Applicable percentage. 90 2596 5096 7596 10096

31 Multiply line 29 by qne 30. 311 421 , 169 . 1 788 375 . 1 694 023 . 1 866 888 . Required Installments Note: Complete Qnes 32 through 38 07 1st 2nd 3rd 4th one column before completing the next column. Installment Installment Installment Installment 32 If only Part I or Part 11 Is completed . enter the amount In sash column from line 18 or line 31 . If both parts we completed, enter the smeller of the amounts In each column from line 19 orline 31 . 32 421 , 169 . 1 .788 .375 . 1, 694 . 023 , 1, 866 , 88B . 33 Add the amounts in all preceding columns of Ilne 38 (see instructlons) . s s 421 , 169 , 1 ,2 86 , 141 , 1 . 694 . 023 , 34 Adjusted seasonal or annualized Income Installments . Subtract line 33 from One 32. If zero orlese,enter -0-. 9s 421 , 169 . 1 . 367 . 206 . 407 882 . 172 , 865 , 98 Enter 2546 of line 8 on pipe 1 of Form 22201n each column. (Note: large corp- orations, ' see the Instructions for line 10 la theamounts roenter. se 643 071 . 6-4-3 , 070 . 6-4-3- 1 070 . 643 070 . 98 Subtract line 38 of the preceding column from line 37 of the preceding column. 3e 221 902 . 235 188

97 Add lines 35 end 38. 37 643 071 . 864 , 972 . 643 , 070 . 878 , 258 . 38 Required Installments . Enter the smaller of line 34 or line 37 here and on page 1 of Form 2220, line 10 (see Instructions) . 38 __421 , 169 ,1 864,972 .1 407,882 .1 172,865, Forth 2220 (2004)

Jsn 4xaoos s o00

4 THE DUKE ENDOWMENT 56 0529965

2004 Statement I Form 99Q-PF. Part I. Line 4 AnnlvsiF of kteveoue and EMnensc*

Line 4 Dividends and Interest (Column Ei) 55,414,372.22

Income booked in 2004, reclassified per K-1 forms: AccuiUve Medical Ventures 1 (26,155.82) Avenue International, Ltd. (30,820.00) Bain Capital VI (2,441 .20) Bain Capital VII (19,352.25) Berkshire Partners Fund rV (1,349,297.00) Berkshire Partners Fluid V (323,456.77) Berkshire Partners Fund V Coinvestment (10,224.00) Berkshire Partners Fund VI (718,316.74) Cliffwood Value Equity (700,995.98) Colaaiy Capital III (15,910.00) Farallon Capital (121 .25) Liquid Realty II (2,733.05) MadinPatterson II (175,847.92) OCM High Yield LP (409.83) OCM Opportunities H (106,676.00) Parthenon Capital II (160,871 .00) Sonford C. Bemstein & Co. (404,373.00) Summit Ventures VI (15,412.00) Symphony Capital Partners (69,944.00) TA Associates DC (1,680.00) TIFF Partners Fluid I (80,989.00) TIFF Partners Fund u (741,056.00) Vestur Capital Partners III (79,652.30) Vestar Capital Partners N (93,621 .75) Wellington Emerging Debt (2,037,609.04) Wellington Global Equity (2,453,788.17) (9,621,754.07)

Taxable Income (net of unrelated business income), etc., reported an K-1 forms: Accuitive Medical Ventures I (212,945 00) AG Core Plus Realty Fund (1,095.00) AG Realty Fluid V (186,646.00) ATA Ventures I (187,585.00) August Capital II (125,563.00) August Capital III (224,063.00) Avenue International, Ltd. (187,854.00) Bain Capital Fund VI (34,369.00) Bain Capital Fund VII (134,409.00) Benchmark Capital Parsers II (146,217.00) Benchmark Capital Partners III (150,238.00) Benchmark Capital Partners N (626,578.00) Benchmark Capital Partners V (54,262.00) Benchmark Europe (135,287.00) Berkshire Fund N 1,831,162 00 Berkshire Fund V 344,821 .00 Berkshire Fund VI (101,321 .00) Berkshire V Co. (11,532 00) Brookdale Investors 11 15,720 00 2 THE DUKE ENDOWNIE[!1T 56 0529965

Statement I Form 99Q-PP. Part 1. Line 4 Annlvsi. of Revenue and F-mnens_e,~

Brookdnle Investors lli 38,241 .00 Brookdnlc Investors V 8.00 Hunker Hill Capital I (26,699.00) Cliffwood Value Equity 3,168,968.00 Code, Hennessy 8t Simmons, 1]l 412.00 Colony Investors fLl 214,354.00 Colony Investors N 448,500.00 Colony Investors VI (31,929.00) Davidson Kempner 1,282,172.00 DLJ Real Estate Capital Partners 134,960.00 Domain Partners V (164,874.00) Domain Partners VI (138,571 .00) European Strategic Partners II (226,237 .00) Evergreen Pacific Partners (134,899.00) Farallan Capital Institutional Partners 4,037,348 .00 General Catalyst Group II (119,931 .00) General Catalyst Croup III (212,403 .00) Goldcr, Thoma, Crcssey, Rauner Fund V (73,250 00) Golden, 'Ihoma, G`ressey, Rauner Fund VI 3,119.00 Heartwood Foresdund Fluid (228,888.00) Heartwood Foresdand Find II (120,216.00) Heartwood Foresdand Fund N (234,436.00) Heartwood Forestland Fund V (3,883 .00) Invesco Realty I (918.00) Liquid Realty Partners II 23,281.00 MaUin Pntterson Global Opportunities (54,847.00) Madin Patterson Global Opportunities II (137,383.00) Matrix Partners VII (126,448.00) Merit Energy Partners 13 2,564,102.00 Merit Energy Partners C-1 3,439,524.00 Merit Energy Partners Canada 385,753 .00 Merit Energy Partners D 2,592,923.00 Merit Energy Partners E 69,446 00 Mohr, Davidow Ventures V (60,869.00) Mohr, Davidow Ventures VI (87,826 00) Mohr, Davidow Ventures VII (80,595.00) Monitorclipper II (125,913.00) Morgenthaler Venture Partners V (455.00) Morgenthaler Venture Partners VII (141,343.00) Natural Gas Parsers V (14,783 00) Natural Gas Partners VII (161,748.00) North Bridge Venture Partners II 3,416.00 North Bridge Venture Partners N (336,364.00) North Bridge Venture Partners V (323,022.00) OCM (Oaktree) Opportunities Fund II 46,375 00 Parthenan Investors II (6,949 00) Sanforl Bemstein 404,373 00 SCF Partners N (102,924 00) Sanforl C Bernstein & Co 404,373 00 Sequoia Capital VIII (44,264.00) 3 THE DUKE ENDOWMENT 56 0529965

2004 Statement I k'arm.99Q-PkT. l'~ad 1. Line 4 AnAlvsi& of Revenue, and JUPcoses

Sequoia Capital IX (22,538 .00) Sequoia Capital X (77,756.00) Sequoia Capital XI (156,034.00) Still River Fund IlI (24,425 .00) Summit Ventures VI (76,517.00) Symphony Capital Partners (49,231 .00) TA Associates VII 455.00 TA Associates VIII (24,898.00) TA Associates IX (142,081 .00) TCW Special Credits Fund 19,836.00 TIFF Partners I 40,206.00 TIFF Partners II 88,393.00 Venture Strategy Partners III (7,312.00) Vestar Capital Partners I (198,154.00) Vestar Capital Partners II (265,090.00) Vestnr Capital Partners III (5,792.00) Vestttr Capital Partners N 28,261.00 Wellington Emerging Debt 2,273,263.00 Wellington Global 2,776,185.00 19,587,291.00

Income booked in 2003, reclassified per 1099 forms: Advent Realty Fund III (798,998.25) Advent Realty Pond VI (986,265.00) Brookdule Investors N (191,573.53) Capital Guardian (2,246,382.95) JMf3 Group N (82,400.00) (4,305,619.73)

Taxable income reported per 1099 forms: Advent Realty Fund III 348,960.77 Advent Realty Fund VI 287,641.59 Brookdale Investors IV 361,656.29 Capital Guardian 2,258,898.00 JMB Group N 4,366.31 3,261,522.96

Line 4 Dividends and Interest (Column b) 64,335,812 .38 THE DUIQ: ENDOWMENT S6-0529965

2004 Stntwx=l Form990-P1'. Pntt t, I.in4lbn Qnerndna and Adminietrntive ]?~x»enRea

Itcvcnuo and Net Adjusted Disbursmncnts for description 13xpalsns lnvcsb=t Net Charitable Par Books Income (ncrnnc Purposes

Legal Fccs 1,549 - N/A 1,549 (Robinson, Brndshuw 8c Fpnaon at $925; Baker Donclson Nenmmn & Cnldwcll at $324; Kennedy Covington at 5300)

THE DUKE ENDOWMENT 56-0529965

2004 Statement 3 Form 990.PF. Part I. Line 16b Operating and Administrative Expenses

(c) (d) Revenue and Net Adjusted Disbursements far Description Expanses Investment Net Charitable Per Books Income Income Purposes

Accounting Fees 84,041 12,156 N/A 71,885 (KPMCi audit and tax services)

THE DUKE ENDOWMENT 5"529965

2004 Statement 4 Form 990.PF. Part I, Line 16c Operating and Administrative Expenses

(8) (b) (c) (d) Revenue and Net Adjusted Disbursements for Description Expenses Investment Net Charitable Per Books Income Income Purposes

Investment Counseling Fees 5,704,997 5,704,997 NIA None (see Pert VII. Line 3 for 5 highest) Custody Fees 517,618 388,214 N/A 129,404 (Mellon Bank at $517,618; for custody, compliance and performance measurement services) Consultants 193,864 175,452 N/A 18,412 (Cambridge Assoc. $47,756 investment consulting Cogent Partners $127,500 investment specialist Other miscellaneous consultants E18,608) Archive Service 1,000 0 N/A 1,000 (Duke University Archives) Other Professional Fees 6,417,479 6,268,663 N/A 148,816 THE DUKE ENDOWMENT 56-0529965

2004 Statement 5 farm 990-PF. Part 1, Line 18 Operating find AdniinistraQveE2WensqS

(a) (b) ( c ) (d) Revenue and Net Adjusted Disbursements for Description Expenses Investment Net Charitable Per gooks Income Income Purposes

Trues 515,447 0 N/A 0 'Ibis is dig nit tax provision far estimated axe on income c Duke Endowment.

THE DUKE JENDOWMENT 56-0529965

2004 Statement 6 Form 990-PF. Part I, Line 23 Oaeratine and Administrative Expenses

(8) (b) (c) (d) Revenue and Net Adjusted Disbursements for Description Expenses Investrnent Net Charitable Per Books Income Income Purposes

Office Expenses Telephone 24,381 5,152 N/A 19,229 Other Equipment Lease 5,592 902 N/A 4,690 Maintenance and Repairs 4,523 429 N/A 4,094 Copier Expenses 34,697 5,759 N/A 28,938 Record Retention 3,192 277 N/A 2,915 Books and Periodicals 27,152 8,128 N/A 19,024 Stationery and Supplies 39,170 8,436 N/A 30,734 Postage 11,596 1,900 N/A 9,696 Meeting Expenses (not travel related; 11,118 - N/A 11,118 Meals (not travel-related) 47,990 4,758 N/A 43,232 Memberships (individual) 15,350 2,879 N/A 12,471 Miscellaneous Office Expense 15,030 2,493 N/A 12,537 Furniture and Equipment 22,385 0 N/A 22,058 Information Systems General Services 181,007 36,573 N/A 144,434 Investment Data Services 64,842 64,842 N/A - Software 46,642 15,846 N/A 30,796 Hardware 57,873 0 N/A 47,726 General Expenses Insurance 84,686 20,587 N/A 64,099 Memberships 3,235 0 N/A 3,235 N.C. Sales Tax 1,091 0 N/A 1,091 Mist 11,224 703 N/A 10,521 Moving Expenses 4,562 577 N/A 3,985 Refunds-Other Entities (115,626) (31,500) N/A (84,126) Change m Provision for Expenses (317,454) 0 N/A 0 Total Other Expenses 284,258 148,741 m N/A 442,497 THE DUKE ENDOWMENT SCr0529965

2004 Statement 7 Form 99aPF -Part II. Line l 0a Balance Sheets at December 31. 2004

(b) (C ) INVESTMENTS - U.S AND STATE GOVERNMENT OBLIGATIONS PAR/SHARES BOOK VALUE FAIR MARKET VALUE

FEDERAL HOME LOAN BANK 5.75 46 10/152007 6,110,000.00 6,501,489.58 6,467,295.08 FEDERAL HOW LOAN BANK 2.50% 2242006 4,335,000.00 4,337,910.2D 4,307,076.96 FEDERAL HOME LOAN BANK 3.13 46 11/152006 1,130,000.00 1,125,859.79 1,126,126.47 FEDERAL HOME LOAN MTG CORD 4.25% 5/412009 1,540,000.00 1,536,366.33 1,543,289.13 FEDERAL HOME IRAN MTG CORD 6.75% 3/l5!2031 8,205,000.00 9,303,481.09 9,939,327.77 FEDERAL NATL MTG ASSN 6.63% 11/15!2010 5,000,000.00 5,683,824.17 5,649,235.50 FEDERAL NATL MTG ASSN 6.63% 1U15R030 1,575,000.00 2,002,227.45 1,873,710.25 FEDERAL NATL MTG ASSN 2.13% 10/92007 580,000,000.00 5,573,152.64 5,957,353.47 FEDERAL IVATL MTG ASSN 1.75 46 3262008 100,000,000.00 946,908.01 1,021,225_74 U S TREASURY BONDS 7.25% 5/15!2016 1,190,000.00 1,486,076.48 1,489,731 .25 U S TREASURY BONDS 12.00% 8J152013 3,545,000.00 4,561,350.91 4,569,735.43 U S TREASURY BONDS 9.25 % 2/152016 1,795,000.00 2,564,33658 2,562,927.93 U S TREASURY BONDS 8.13% 8/1512019 22.245,000.00 29,761,15212 30,371,432.18 U S TREASURY BONDS 6.25% 8/152023 15,490,000.00 17,611,059.41 18,137,860.60 U S TREASURY BONDS 5.50% 8/15/2028 6,605,000.00 6,880,208.73 7,149,912.50 U S TREASURY BONDS 5.25 4b 1 U152028 13,205,000.00 13,093,021 .80 13,844,650.20 U S TREASURY BONDS 5.38 46 21152031 18,355,000.00 19,430,674 .17 19,852,125 .58 U S TREASURY NOTES 2.50% 9/302006 14,510,000 .00 14,444,33839 (4,389,567 .00 U S TREASURY NOTES 4.38 % 8/15/2012 2,130,000.00 2,159,?.87.50 2, l 81,546.00 U S TREASURY NOTES 3.00% 11/15/2007 1,455,000.00 1,450,217.08 1,446,415.50 U S TREASURY NOTES 2.75 4b 7/3112006 5,485,000.00 5,510,261 .09 5,469,093.50 U S TREASURY NOTES 2.50% 10/312006 1,770,000.00 1,759,248.21 1,754,070.00 U S TREASURY NOTES 4.25% 11/152014 975,000.00 978,76055 977,827.50 U S TREASURY NOTES 2.88% 11/30x2006 1,775,000.00 1,771,144.81 1,770,030.00

TOTAL INVESTMENTS - U.S AND STATE GOBOBLIGATIONS (Part 4 Line l0a) 160,472,357.09 163,851,565.54 THE DUKE ENDOWMENT 56-0529965

2004 Statement 8 Form 990-PF -Part 0, Line IOb Balance Sheets at December 31 . 2004

(c INVESTMENTS - CORPORATE STOCK PAR/SHARES BOOK VALUE FAIR MARKET VALUE

3M CO 9,120.00 562,167.74 748,478.40 3M CO 4,495.00 288,557.73 368,904.65 7-ELEVEN INC 10,500.00 194,337.15 251,475.00 AAR CORD 33,500.00 370,704.94 456,270.00 ABBOTT LABS 38,100.00 1,445,162.84 1,777,365.00 ABBOTT LABS 14,080.00 581,067.46 656,832.00 ABERCROMBIE 8c FTTCH CO C 3,500.00 157,971.10 164,325.00 ACE CASH EXPRESS INC 10,650.00 280,818.98 315,879.00 ACE LTD 18,920.00 528,312.62 808,830.00 ACTUANT CORD 12,300.00 376,634.41 641,445.00 ACTUANT CORD 6.400.00 239,794.92 333,760.00 ADOBE SYS INC 5,500.00 211,720.79 345,070.00 ADVANCE AMER CASH ADVANCE CENTERS 4,275.00 64,125.00 97,897.50 AEROFLEX QVC 24,075.00 153,411 .47 291,789.00 AEROPOSTALEINC 13,100.00 396,675.95 385,533.00 AETNA IIVC 8,900.00 747,80737 1,110,275.00 AETNA IIVC 5,300.00 260,067.67 651,175.00 AFFILIATED COMPUTER SVCS INC 12,020.00 552,52454 723,483.80 AFFILIATED MANAGERS GROUP INC 9,200.00 480,129.00 623,208.00 AFFILIATED MANAGERS GROUP INC 6,350.00 211,220.02 430,149.00 AFFY1vETRiX INC 7,300.00 223,268.31 266.815.00 AGILENT TECHNOLOGIES INC 7,400.00 234,907.82 178,340.00 AKAMAI TECHNOLOGIES INC 29,500.00 435,345.94 384,385.00 ALBANY INTL CORD 11,000.00 332,808.61 386,760.00 ALCOA INC 53,500.00 1,761,081 .18 1,680,970.00 Ai .FRIS INTI. WC 24,287.00 234,526.00 410,936.04 AI .i .FRGAN INC 1,205.00 81,062.43 97,68935 ALLIANCE DATA SYS CORD 5,430.00 159,676.64 257,816.40 ALLIANCE DATA SYS CORD 11,800.00 298,208.77 560,264.00 ALLSTATE CORD 11,800.00 406,996.16 610,296.00 ALLSTATE CORD 17,180.00 547,583.30 888,549.60 ALLSTATE CORP 5,200.00 237,604.18 268,944.00 Ai -i -TEL CORD 23,400.00 1,085,583.33 1,374,984.00 ALLTEL CORD 14,010.00 777,882.83 823,227.60 ALLTEL CORP 6,575.E 351,978.04 386,347.00 2

TIC DUKE ENDOWMENT 56-0529965

2004 Statement 8 Form 990-PF -Part II. Line l Ob Balance Sheets at December 31 . 2004

(c) INVESTMENTS - CORPORATE STOCK PAR/SHARES BOOK VALUE FAIR MARKET VALUE

ALTIIZIS INC 5,900.00 126,04934 209,037.00 ALTRIA GROUP INC 15,670.00 713,256.50 957,437.00 AMBAC FINANCIAL GROUP INC 1,100.00 70,057.87 90,343.00 AMDOCS LTD 29,300.00 549,73832 769,125.00 AMERADA HESS CORD 12,100.00 926,487.80 996,798.00 AMERADA HESS CORD 1,900.00 159,576.06 156,522.00 AMERICAN CAP STRATEGIES LTD 13,675 .00 428,818.78 456,061.25 AMERICAN EAGLE OUTFITTERS 3,000.00 127,806.00 141,3Q(?.00 AMERICAN ELEC PWR INC 7,000.00 210,598.00 240,380.00 AMERICAN EXPRESS CO 10,845 .00 405,529.02 611,332.65 AMERICAN IIVTL GROUP INC 10,287 .00 625,665.16 575,547.29 AMERICAN INTL GROUP INC 18,400.00 1,281,600.64 1,208,328.00 AMERICREDTT CORD 9,300.00 200,109.03 227,385.00 AMERICREDTT CORD' 15,700.00 278,910.50 383,865.00 AMERON INTERNATIONAL CORD 7,900.00 270,061.50 299,410.00 AMGEN INC 10,000.00 594,449.25 641,500.00 AMIS HLDGS INC 11,600.00 208,005.47 191,532.00 AMPHENOL CORD 3,550.00 97,283.70 130,427.00 AMPHENOL CORD 15,400.00 292,348.64 565,795.00 ANADARKO PETE CORD 2,290.00 103,966.08 148,414.90 ANHEUSER BUSCH COS WC 3,700.00 169,902.87 187,701 .00 ANIXTER INTL INC 14,300.00 462,337.66 514,657.00 ANTEON INTL CORD 9,725.00 382,294.17 407,088.50 AON CORD 4,260.00 95,251.20 101,643.60 APPLE COMPUTER INC 10,600.00 280,698.60 b82,64(?.00 APPLERA CORD-CELERA GENOMICS 13,900.00 152,951.08 191,125 .t}0 AQUANTIVE INC 9,750.00 85,002.37 87, 165.00 AQLIILA INC 109,300.00 276,020.07 403,317.00 ARCH COAL INC 13,000 .00 470,370.22 462,020.00 ARCHER DANIELS MIDLAND CO 19,400 .00 308,654.00 432,814.00 ARCHER DANIELS N[IDLAND CO 16,800 .00 286,221 .60 374,8$ .00 ARRIS GROUP INC 37,050.00 241,683.91 260,832.00 ARROW ELECTRS INC 12,700 .00 301,133.25 308,b10.(?0 ARTESYN TECHNOLOGIES INC 19,900 .00 183,876.00 224,870.00 ARTHROCARE CORD 11,200 .00 294,942.70 359,072.00 3

THE DUKE ENDOWMENT 56-0529965

2004 Statement 8 Form 990-PF -Part II. Line lOb Balance Sheets at December 31, 2004

INVESTMENTS - CORPORATE STOCK PAR/SHARES a00K VALUE FAIR MARKET VALUE

ARTISAN FDS INC 3,589.168.76 78,314,940.71 79,787,221 .60 ASHFORD HOSPITALITY TR INC 28,500.00 242,266.49 309,795.00 ASK JEEVES WC 19,690.00 503,37232 526,707.50 ASSOCIATED BANC CORD 12, 150.00 338,418.00 403,744.50 ASSURED GUARANTY LTD SHS 18,200.00 327,600.00 357,994.00 AT&T CORD 13,000.00 231,390.90 247,780.00 AUTODESK INC 12,000.00 212,329.08 455,400.00 AUTODESK INC 19,200.00 157,126.92 728,640.00 AUTOLIV INC 5,500.00 231,309.10 265,650.00 AUTOMATIC DATA PROCESSING INC 7,000.00 315,926.80 310,450.00 AVAYA IIVC 10,000.00 131,452.07 172,000.00 AVERY DENNISON CORD 24,900.00 1,480,925.88 1,493,253.00 AVID TECHNOLOGY INC 2,570.00 145,77158 158,697.50 AVID TECHNOLOGY INC 9,700.00 483,928.25 598,975.00 AVNET INC 11,300 .00 241,524.69 205,112.00 AVOCENT CORD 10,100 .00 178,422.83 410,161 .00 AVON PRODUCTS INC 4,090.00 93,72138 158,283.00 AZTAR CORPORATION 5,125.00 178,214.65 178,965.00 BALL CORD 5,700.00 153,332.75 250,686.00 BANK NEW YORK INC 45,300.00 1,286,910.28 1,513,926.00 BANK NEW YORK INC 5,700.00 165,729.78 190,494.00 BANK OF AMERICA CORD 26,200.00 1,106,576.09 1,231,138.00 BANK OF AMERICA CORD 16,570 .00 561,263.18 778,624.30 BANK OF AMERICA CORD 45,000.00 1,503,227.69 2,114,550.00 BANK OF HAWAII CORD 7,300.00 259,755.82 370,402.00 BARCLAYS-RUSSELL 1000 INDEX FD 7,675,848.50 74,000,000.00 79,585,100.86 BARD C R INC 10,800 .00 593,633.80 690,984.00 BARD C R INC 4,300.00 180,410.16 275,114.00 BARNES & NOBLE INC 6,200.00 143,832.16 200,074.00 BAUSCH & LOMB INC 11,730 .00 737,672.72 756,115.80 BAUSCH & LOMB INC 6,700.00 336,542.59 431,882.00 BE AEROSPACE INC 26,275.00 255,532.60 305,841 .00 BEAR STEARNS COS INC 6,400.00 587,296.64 654,784.00 BEAR STEARNS COS INC 1,200.00 85,93054 122,772.00 BECKMAN COULTER INC 9,900.00 567,789.26 663.201 .00 4

TIC DUKE ENDOWMENT 56-0529965

2004 Statement 8 Form 990-PF -Part II. Line lOb Balance Sheets at December 31. 2004

INVESTMENTS - CORPORATE STOCK PAR/SHARES BOOK VALUE FAIR MARKET VALUE

BECTON DICKINSON & CO 3,550.00 130,342 .75 201,640 .00 BELLSOUTH CORD 47,100.00 1,158,570.42 1,308,909 .00 BELLSOUTH CORD 24,500.00 557,473.00 690,855 .00 BELLSOUTH CORD 17,600 .00 471,207.61 489, }04.fl0 BEMIS INC 53,700.00 1,321,14333 1,562,133.00 BENCHMARK ELECTRS INC 6,640.00 232,769.94 226,424.00 BERKLEY W R CORD 5,200.00 223,780.02 245,284.00 BEST BUY INC 8,600.00 472,723.94 511,012 .00 BEST BUY WC 1,500.00 79,711.68 89,130 .00 BIOGEN [DEC INC 9,200.00 559,934 .64 612,812 .00 BLACK & DECKER CORD 10,130 .00 362,010.74 894,782.90 BLACK & DECKER CORD 3,400.00 161,772.00 300,322.00 BMC SOFTWARE WC 8,000.00 149,376.80 148,800 .00 BOEING CO 8,700.00 429,988.80 450,399 .00 BORG WARNER INC 6,900.00 274,287.07 373,773.00 BOSTON PRIVATE FTM. HI.DGS INC 10,900 .00 264,68235 307,053.00 BOWATER WC 34,800 .00 1,339,256.80 1,530,156.00 BRIGGS & STRATTON CORD 7,800.00 325,911 .37 324,324.00 BRIGGS & STRATTON CORD 5,200.00 151,185 .24 216,216.00 BRINKS CO 12,300.00 348,766.50 486,096.00 BRISTOL MYERS SQUIBB CO 17,000.00 450,590 .50 435,540.00 BROCADE COIvIIvIN SYS INC 37,650 .00 249,674 .11 287,646.00 BROOKLINE BANCORP INC 17,500.00 253,575 .00 285,600.00 BRUNSWICK CORD 6,400.00 233,946.88 316,800.00 BRUNSWICK CORD 16,500 .00 504,598 .39 816,750.00 BUNGE LIMITED 8,600.00 311,151 .44 490,286.00 BURLINGTON NORTH SANTA FE CORD 3,400.00 118,155 .10 i(0,854.00 BURLINGTON RES INC 6,320.00 169,557 .86 274,920.00 C D W CORD 2,010.00 124,781 .48 133,363 .50 CAESARS ENTMT INC 11,835.00 121,203 .75 238,356.90 CAL DIVE INTL INC 12,900.00 390,398.24 525,675.00 CALAMOS ASSET MGMT INC 9,900.00 187,530 .11 267,300.00 CAMPBELL SOUP CO 56,300 .00 1,498,523.50 1,682,807.00 CANDELA CORD 32,800 .00 446,390 .16 372,608.00 CAPITAL AUTOMOTIVE REIT 9,300.00 233,916.92 330,382.50 5 THE DUKE ENDOWMENT 56-0529965

2004 Statement 8 Form 990-PF -Part II, line lOb Balance Sheets at December 31 . 2004 (b) (c) INVESTMENTS - CORPORATE STOCK PAR/SHARES BOOK VALUE FAIR MARKET VALUE

CAPITAL GUARDIAN GLOBAL EQUITY 4,889,970.63 108,734,188_57 137,212,575.99 CAPITAL ONE FWL CORD 17,800 .00 1,248,405.10 1,498,938.00 CAPITAL ONE FINL CORD 5,090.00 310,04261 428,628.90 CAPITAL SOURCE INC 20,650.00 443,951 .07 530,085.50 CARDINAL HEALTH INC 2,485.00 148,098.93 144,502.75 CARLISLE COS INC 5,700.00 355,38950 370,044.00 CARMIKE CINEMAS INC 9,200.00 349,335.96 335,800.00 CATERPILLAR INC 6,800.00 551,045.48 663,068.00 CATERPILLAR INC 3,135.00 199,74263 305,693.85 CB RICHARD ELL.IS GROUP INC 16,100 .00 303,512.05 540,155.00 CELGENE CORD 15,700.00 259,963.78 416,364.00 CEMEX SA SPON ADR MEW REP ORD 82,000.00 2,622,351 .80 2,986,440.00 CENDANT CORD 4,500.00 97,605.00 105,210.00 CENTEX CORD 16,000.00 432,268.84 953,280.00 CENTEX CORD 2,100.00 89,992.04 125,118.00 CENTURY ALUM CO 14, 100.00 310,012.13 370,266.00 CEPHALON WC 2,600.00 118,915.94 132,288.00 CEREADYNEINC 9,900.00 358,346. 19 566,379.00 CHAMPION ENTERPRISES INC 14,275 .00 124,556.30 168,730.50 CHARLES RN ASSOCS INC 6,661 .00 201,60220 311,534.97 CHARLES RN LABORATORIES IIqI'I_ 9,100.00 415,326.01 418,691 .00 CHARMING SHOPPES INC 34,500.00 298,272.49 323,265.00 CHECKFREE CORD 7,020.00 169,293.61 267,321 .60 CHEMED CORD 1,125.00 70,730.90 75,498.75 CHESAPEAKE ENERGY CORD 32,000.00 266,102.48 528,000.00 CI-EVRONTEXACO CORD 10,100 .00 372,686.57 530,351.00 CI-EVRONTEXACO CORD 13,400 .00 494,076.00 703,634.00 CI-EVRONTEXACO CORD 18,060 .00 658,241.85 948,330.60 CI-EVRONTEXACO CORD 26,200.00 1,089,035.70 1,375,762.00 CIGNA CORD 4,200.00 270,837.90 342,594.00 CISCO SYS INC 42,700.00 782,081.95 824,964.00 CISCO SYS INC 69,000.00 1,314,582.33 1,333,080.00 CITIGROUP INC 22,133.00 878,077.14 1,066,367.94 CITIGROUP INC 16,630 .00 532,991.50 801,233.40 CITIGROUP WC 45,200.00 1,972,540.43 2,177,736.00 6

TIC DUKE ENDOWMENT 56-0529965

2004 Statement 8 Form 990-PF -Part II. Line lOb Balance Sheets at December 31. 2004

(c ) INVESTMENTS - CORPORATE STOCK PAR/SHARES BOOK VALUE FAIR MARKET VALUE

CITIZENS COMMUNICATIONS CO 68,200.00 964,018.20 940,478.00 CITIZENS COMMUNICATIONS CO 10,400 .00 133,680.56 143,416.00 CITY NATL CORD 2,000.00 126,260.00 141,300.E CLOROX CO 13,880 .00 571,084.27 817,94$.4Q CLOROX CO 3,065.00 158,024.28 180,620.45 CNF INC 2,900.00 117,769.00 145,29 .00 COCA COLA CO 15,600.00 768,558.39 649,584.00 COGNOS WC 13,200.00 424,981 .92 581,592.00 COLLATE PALMOLIVE CO 37,400.00 1,967,665.15 1,913,384.00 COLUMBIA SPORTSWEAR CO 965.00 47,645.27 57,523.65 COMCAST CORD 7,335.00 245,846.62 244,108.80 2,922,760.00 COMCAST CORD 89,000.00 2,472,001.70 COMERICA INC 18,000.00 898,624.22 1,098,360.00 240,286.68 388,332.00 COMMERCE BANCORP INC 6,030.00 COMMERCE BANCSHARES INC 23,184.00 1,015,821.64 1,163,836.80 COMMERCE BANCSHARES INC 4,305.00 204,137.36 216,111.00 431,148 CONIIvIERCIAL CAP BANCORP WC 18,600.00 398,882.74 .00 .00 COMMUNITY BK SYS INC 14,800.00 331,594.00 418,100 COMPANHIA VALE DO RIO DOLE 29,700.00 573,584.67 861,597.00 825,256.80 COMPUTER SCIENCES CORD 14,640.00 841,251 .00 COMPUTER SCIENCES CORD 5,570.00 291,794.52 313,980.90 COMTECH TELECOMMUNICATIONS COR 7,500.00 157,757.68 282,075.00 CONAGRA FOODS INC 47,400.00 1,388,842.41 1,395,930.00 CONCORDE CAREER COLLEGES INC 9,600.00 214,839.47 194,592.00 CONOCOPHILLIPS 6,800.00 339,439.08 590,444.00 CONOCOPHILLIPS 7,800.00 466,010.39 677,274.(?Q CONSECO INC 15,545 .00 301,959.92 310,122.75 CONSTELLATION ENGY GRP INC 15,100 .00 585,673.13 660,021.00 .00 CONSTELLATION ENGY GRP INC 6,600.00 262,396.86 288,486 COOPER COS INC 8,800.00 469,884.68 621,192.00 COOPER INDUSTRIES LTD 13,420 .00 736,803.63 911,083.90 COOPER TIRE & RUBR CO 13,400 .00 299,515.53 288,774.40 CORINTI-IIAN COLLEGES INC 18,300 .00 276,999.54 344,863.50 CORN PRODS INTL INC 14,500 .00 671,545.21 776,620.00 CORPORATE EXECUTIVE BD CO 4,200.00 135,555.12 281,148.00 7

THE DUKE ENDOWMENT 56-0529965

2004 Statement 8 Form 990-PF-Part D. Line lOb Balance Sheets at December 31. 2004

INVESTMENTS - CORPORATE STOCK PAR/SHARES BOOK VALUE FAIR MARKET VALUE

CORRECTIONS CORD AMER 9,500.00 347,923.54 384,275.00 COSTCO WHSLCORP 5,000.00 200,19150 242,050 .00 COUNTRYWIDE FINANCIAL CORD 6,800.00 202,551 .05 251,668.00 COUNTRYWIDE ORD GBPO 451,000.00 2,599,3954 2,814,093 .43 COVANCE INC 11,075.00 422,598.17 429,156 .25 COVANCE INC 14,800.00 540,67134 573,500.00 COVENTRY HEALTH CARE INC 2,700.00 132,916 .95 143,316 .00 COVENTRY HEALTH CARE INC 10,650.00 259,13052 565,302.00 CIJNCMIIIVS WC 2,000.00 111,960 .00 167,580 .00 CUMMINS INC 8,000.00 339,606_31 670,320.00 CVS CORD 1,200.00 40,298 .27 54,084 .00 CYTEC INDS INC 10,200.00 497,030.07 524,484.00 CY1'YC CORD 23,400 .00 293,238.42 645,138.00 D R NORTON INC 1,597.00 35,202_36 64.375.07 DAVITA WC 6,502.00 124,738 .64 257,024 .06 DEERE & CO 9,100.00 430,869.53 677,040.00 DEERE & CO 3,135.00 148,466 .03 233,244 .00 DELL INC (5.500 .00 480,000.86 653,170.00 DENDREON CORD 24,400 .00 298,221 .76 263,032.00 DENTSPLY INTL INC 4,900.00 246,321 .04 275,380.00 DEVON ENERGY CORD 7,810.00 197.216.60 303,965.20 DIAMONDCLUSTER INTL INC 33,950 .00 291,256.06 486,503.50 DIAMOPiDROCK HOSPITALITY CO 32,800 .00 328,000.00 334,560.00 DICKS SPORTING GOODS INC OC 16,400.00 246,51352 576,460.00 DIGITAS INC 26,825 .00 219,329.03 256,178.75 DIME BANCORP INC 3,300.00 991 .44 627 .00 DIRECI'TV GROUP INC 158,000.00 2,536,121 .20 2,644,920 .00 DISNEY WALT CO 15,000.00 329,503.80 417,000.00 DISNEY WALT CO 108,000 .00 2,477,768 .40 3,002,400 .00 DOMINION RES INC 21,200 .00 1,365,963.00 1,436,088.00 DONNELLEY R R & SONS CO 21,511 .00 578,080.03 759,123.19 DORAL FINANCIAL CORD 13,000.00 309,00357 640,250.00 DORAL FINANCIAL CORD 13,800.00 223,364.47 679,650.00 DOW CI-EM CO 26,300 .00 845,030.09 1,302, t 13.00 DOW CI-EM CO 11,100.00 566,484.06 549,561 .00 8

TES DUKE ENDOWMENT 56-0529965

2004 Statement 8 Form 990-PF -Part II. Line 10b Balance Sheets at December 31. 2004

(b) (c) INVESTMENTS - CORPORATE STOCK PAR/SHARES BOOK VALUE FAIR MARKET VALUE

DOW CHEM CO 11,000.00 431,410.50 544,610.00 DOW JONES & CO INC 34,500.00 1,666,018.56 1,485,570.00 DU PONT E I DE NEMOURS & CO 38,300.00 1,569,600.42 1,878,615.00 DU PONT E I DE NEMOURS & CO 5,300.00 235,736.15 259,965.00 DUKE ENERGY CORD 4,809,442.00 66,842,947.27 121,823,165.86 DUN & BRADSTREET CORD 2,700.00 144,334.98 161,055.00 DURATEK INC 12,900.00 196,402.50 321,339.00 DYCOM INDS WC 13,000.00 325,715.00 396,760.00 DYNEGY INC 61,200.00 329,978.92 282,744.0 EASTMAN CHEM CO 5,200.00 224,124.99 300,196.00 EASTMAN CHEM CO 3,000.00 101,112.00 96,750.00 EATON CORD 14,100.00 575,564.82 1,020,276.00 EATON CORD 7,000.00 415,052.88 505,520.00 EBAY IIVC 1,655.00 71,860.95 192,542.70 EDISON INTL 19,900.00 354,167.54 637,397.(30 EDWARDS A G INC 41,300.00 1,443,816.94 1,784,573.00 ELECTRONICS BOUTIQUE HLDGS 4,075.00 133,109.05 174,980.50 ELECTRONICS BOUTIQUE HLDGS 8,100.00 223,253.08 347,814.00 EMC CORD MASS 13,700.00 182,505.20 203,719.00 EMERSON ELEC CO 22,100.00 1,254,192.28 t,549,210.f}0 EMERSON ELEC CO 14,700.00 919,543.38 1,030,474.00 EMERSON ELEC CO 5,500.00 344,175.15 385,550.0(? ENERGEN CORD 8,500.00 254,900.78 501,075.00 ENGINEERED SUPPORT SYS INC 4,850.00 269,475.82 287,217.00 ENGINEERED SUPPORT SYS INC 10,000.00 536,198.21 592,200.00 EON LABS INC 22,225.00 509,383.79 600,075.00 EPICOR SOFTWARE CORD 34,735.00 471,897.87 489,416.15 EPICOR SOFTWARE CORD 41,800.00 597,002.58 588,962.00 EQUITY LIFESTYLE PPTYS INC 7,300.00 233,125.50 26(},975.04 EQUITY ONE INC 13,100.00 227,743.50 310,863.0(! ESCO TECHNOLOGIES INC 5,000.00 236,775.00 3$3,250.0d ESSEX CORD 14,700.00 247,808.68 297,675.00 ESTEE LADDER COS INC 6,200.00 236,111.50 283,774.40 EVEREST RE GROUP INC 33,000.00 2,458,688.10 2,955,480.00 E3C~LON CORD 19,200.00 476,084.08 846,144.0(1 THE DUKE ENDOWIv1ENT 56-0529965

2004 Statement 8 Form 990-PF -Part II, Line lOb balance Sheets at December 31. 2004 (b) cc ) INVESTMENTS - CORPORATE STOCK PAR/SHARES BOOK VALUE FAIR MARKET VALUE

EXELAN CORD 23,140.00 550,998.11 1,019,779.80 EXELON CORD 6,700.00 252,246.96 295,269.00 EXXON MOBIL CORD 16,810.00 555,407.44 861,680.60 EXXON MOBIL CORD 68,000.00 2,764,399.44 3,485,680.00 FS NETWORK INC 3,100.00 118,911 .49 151,032.00 FAIRCHILD SEMICONDUCTOR WTI. 18,400.00 264,472.28 299,184.00 FAIRFAX FINI. HLDGS LTD SUB VTG 16,000.00 1,994,400.00 2,696,000.00 FANPIIE MAE 6,265.00 487,545.07 446,130.65 FEDERATED DEPT STORES INC 17,110.00 645,762.20 988,786.90 FEDERATED DEPT STORES INC 8,200.00 374,391 .70 473,878.00 FEDEX CORD 2,400.00 126,852_56 236,376.00 FIDELITY NATL FINL CORD 2,300.00 76,05458 105,041 .00 FIELDSTONE INVT CORD 144A 19,500.00 361,725.00 322,920.00 FIRST AMERICAN CORD 6,500.00 201,015.75 228,410.00 FIRST DATA CORD 16,890.00 555,968.13 718,500.60 FIRST DATA CORD 6,900.00 285,760.73 293,526.00 FIRST FINL BANCORP 8,800.00 153,599.82 154,000.00 FIRST IvIARBLEi-IEAD CORD 8,950.00 346,420.44 503,437.50 FIRST NIAGARA FINL GROUP WC 29,600.00 379,093.00 412,920.00 FISHER SCIENTIFIC WTL INC 2,250.00 87,75334 140,355.00 FISHER SCIENTIFIC IIVTL INC 11,400 .00 324,36939 711,132.00 FUR SYS INC 5,200.00 111,608.80 331,708.00 FLORIDA ROCK WDS INC 6,300.00 246,39257 375,039.00 FOOT LOCKER INC 2,200.00 45,940.42 59,246.00 FORD MTR CO 37,500.00 482,415.18 549,000.00 FOREST LABS INC 1,800.00 93,16526 80,748.00 FORMFACfOR IIVC 6,625.00 131,875.25 179,802.50 FORTUNE BRANDS INC 5,600.00 369,494.59 432,208.00 FOSSIL INC 13,200 .00 389,014.64 338,448.00 FREDDIE MAC CORD 8,100.00 471,880.08 596,970.00 FREDDIE MAC CORD 4,820.00 294,199.14 355,234.00 FREESCALE SEMICONDUCTOR INC 3,533.00 49,227.66 64,865.88 GARDNER DENVER INC 11,800 .00 303,201 .00 428,222.00 GAYLORD ENTMT CO 11,575 .00 348,823.38 480,709.75 GEN PROBE WC 12,800.00 537,618.12 578,688.00 10 THE DUKE ENDOWMENT 56-0529965

2004 Statement 8 Form 990-PF -Part II. Line lOb Balance Sheets at December 31 . 2004 (b) cc INVES'I'IvEMfS - CORPORATE STOCK PAR/SHARES BOOK VALUE FAIR MARKET VALUE

GENENTECH INC 4,900.00 300,201 .44 266,756.00 GENERAL DYNAMICS CORD 2,700.00 236,110.67 282,420.00 GENERAL ELEC CO 89,000.00 3,119,286.14 3,248,500.00 GENERAL ML.S INC 35,600.00 1,621,752.92 1,769,676.00 GENERAL ML.S INC 13,800.00 648,452.34 685,998.00 GENERAL 1VITRS CORD 57,000.00 2,456,608.80 2,283,420.00 GENESSE & WYO INC 15,400.00 381,689.00 433,202.00 GENZYME CORD 8,900.00 472,188.61 516,823 .00 GEORGIA PAC CORD 9,465.00 240,193.43 354,748.20 GETTY IMAGES INC 9,000.00 290,802.72 619,650.00 GEVITY HR INC 12,800.00 202,904.16 263,168.00 GILEAD SCONCES INC 15,600.00 549,506.10 545.844.00 GILLETTE CO 12,190.00 401,632.40 545,858.20 GLATFELTER 20,100.00 225,012.90 307,128.00 GLOBAL IMAGING SYS INC 15,400.00 299,921 .60 6{18.300.110 GLOBAL PMTS WC 9,790.00 443,408.44 573,106.60 GLOBAL PMTS INC 1,000.00 48,725.00 58,540.00 GOLD B ANC CORD INC 16,700.00 224,130.70 244,154.00 GOLD KIST INC 28,900.00 318,080.00 393,615.00 GOLDMAN SACHS GROUP INC 7,300.00 663,891.15 759,492.00 GOODRICH CORD 4,500.00 135,526.95 146,880.00 GRACO INC 4,200.00 107,938.62 156,870.00 GREATER BAY BANCORP 11,000.00 309,655.50 306,680.00 GUESS INC 31,200.00 510,790.37 391,560.00 HARLEY DAVIDSON WC 2,775.00 129,211.45 168,581 .25 HARMAN WTL INDS INC 3,600.00 76,661.16 457,200.00 HARRIS CORD 4,800.00 197,82333 296,592.00 HARSCO CORD 4,150.00 217,924.74 23 1,321 .0(3 HASBRO WC 145,000.00 2,472,926.47 2,810,100.00 HAVERT'Y FURNITURE COS INC 17,400.00 349,479.00 321,9 .00 HEALTfEXTRAS INC 9,700.00 151,208.95 158,110.00 HEARTLAND EXPRESS WC 16,500.00 264,770.00 370,755.00 HEINZ H J CO 46,600.00 1,499,445.78 1,816,934.00 HEINZ H J CO 3,200.00 120,840.96 124,768.00 HERSHEY FOODS CORD 2,200.00 80,203.97 122,188.00 11 TIC DUKE ENDOWMENT 50529965

2004 Statement 8 Form 990-PF -Part II. Line lOb Balance Shits at December 31 . 2004

INVESTMENTS - CORPORATE STOCK PAR/SHARES BOOK VALUE FAIR MARKET VALUE

HEW1TT ASSOCS INC 8,900.00 250,177.94 284,889.00 HEWLETT PACKARD CO 28.045.00 565,870.55 588,103.65 FIIBBETT SPORTING GOODS 13.400.00 250,595.07 356,574.00 HIBERMA CORD CL A 4,100.00 76,462.70 120,991 .00 HILLENBRAND INDS INC 13,400 .00 731,004.04 744,236.00 HOME DEPOT INC 16,700 .00 586,408.00 713,758.00 HOME DEPOT INC 28,000.00 1,072,632.04 1,196,720.00 HOMEBANC CORD 38,300.00 287,770.78 370,744 00 HONEYWELL WTL INC 43,300.00 1,332,993.81 1,533,253.00 HONEYWELL INTL INC 4,100.00 122,801 .89 145,181 .00 HOSPIRA WC 8,300.00 239,891 .66 278,050.00 HUBBELL WC 3,135.00 109,130.53 163,960.50 HUGHES SUPPLY INC 4,000.00 131,441 .20 129,400.00 HUGHES SUPPLY INC 12,800.00 314,19256 414,080.00 HUMANA INC 6,900.00 127,505.10 204,861 .00 HUNTIIVGTON BANCSHARES INC 62,700.00 1,453,484.26 1,551,198.00 HUNTINGTON BANCSEiARES INC 2,300.00 51,678.47 56,902.00 HYPERION SOLUTIONS CORD 12,045 .00 435,19556 561,537.90 IBM CORP 7,000.00 587,446.80 690,060.00 IBM CORP ?,700.00 762,344.66 759,066.00 113M CORP 15,065 .00 1,399,492.81 1,485,107.70 mEX CORD 5,650.00 223,765.62 228,825.00 IDEXX LABS INC 6,700.00 414,978.79 365,753.00 IIvIMiJCOR INC 23,137.00 294,121 .46 543,950.87 IIv(MUCOR INC 20,000.00 413,675.60 470,200.00 IMPAX LABORATORIES INC 25,475.00 389,807.42 404,543.00 IMS HEALTH INC 6,200.00 154,752.00 143,902.00 IIVAIvED CORD 5,600.00 306,937 11 354,200.00 INFOSPACE INC 4,710.00 227,846.39 223,960.50 INGERSOLL-RAND COMPANY LTD 10,500 .00 528.150.00 843,150.00 INGRAM MICRO INC 12,900 .00 232,953.36 268,320.00 INSIGHT ENTERPRISES INC 15,325 .00 236,242.49 314,469.00 INTEGRA L.IFESCIENCES HLDG CORD 14,300 .00 464,338.19 528,099.00 INTEGRATED DEVICE TECH INC 14,575 .00 182,162.29 168,487.00 INTEL CORD 15.300.00 423,843.44 357,867.00 12

THE DUKE ENDOWMENT 56-0529965

2004 Statement 8 Form 990-PF -Part II. Line lOb Balance Sheets at December 31. 2004

(c) INVESTMENTS - CORPORATE STOCK PAR/SHARES BOOK VALUE FAIR MARKET VALUE

INTEL CORD 56,500.00 1,518,758.21 1,321,535.00 INTERNATIONAL GAME TECHNOLOGY 3,100.00 88,667.87 2Q6,578.t?0 INTERNATIONAL PAPER CO 38,900.00 1,555,804.67 1,633,8Q0.44 INTERNATIONAL RECTIFIER CORD 7,400.00 326,198.20 329,8 ! 8.00 INTERNATIONAL STL GROUP INC 14,000.00 514,753.40 567,840.00 INTERWOVEN INC 16,675 .00 192,201.35 18 1,424.00 INTUIT 1,895.00 88,707.51 83,398.95 INTUITIVE SURGICAL INC 12,775 .00 206,109.29 511,255.50 INVESTORS FINANCIAL SVCS CP 7,300.00 320,480.49 364,854.()0 INVESTORS FINANCIAL SVCS CP 11,900 .00 532,604.40 594,762.00 WVTI'ROGEN CORD 2,400.00 146,231 .58 161,112.00 ISHARES TR RUSSELL 2000 VALUE 8,700.00 1,477,482.30 1,578,752.00 ISTAR FINL INC 3,375.00 93,26324 152,752.50 437,395.00 ITT INDS INC 11,100 .00 856,007.21 583,050.00 J2 GLOBAL COMMUNICATIONS INC 16,900 .00 572,623.05 296,635.00 JAMESON INNS INC 145,500.00 278,952.84 JARDEN CORD 13,600 .00 458,493.68 590,784.00 JC PENNEY CO 15,500 .00 577,840.00 641,700.00 JC PENIJEY CO 8,000.00 294,884.00 331,200.0(1 JEFFERIES GROUP INC 6,400.00 221,283.84 257,792.00 JEFFERIES GROUP INC 5,700.00 111,764.49 224,546.{?a JEFFERSON PILOT CORD 25,400.00 1,315,619.93 1,319,794.00 463,570.00 JER INVS TR INC 30,700.00 460,500.00 JM SMUCKER COMPANY 18,900.00 836,624.41 889,623.(10 JOHNSON & JOHNSON 22,200.00 1,255,592.07 1,407,924.00 653,226.4(1 JOHNSON & JOHNSON 10,300.00 520,329.22 JOHNSON & JOHNSON 34,200.00 1,703,813.41 2,168,964.00 JOURNAL REGISTER CO 10,300 .00 204,056.84 199,099.00 447,329.00 JOY GLOBAL INC 10,300.00 434,861.00 425,614.00 JOY GLOBAL INC 9,800.00 278,854.85 JPMORGAN CHASE & CO 25,400.00 833,797.61 990,854.00 KANBAY INTL INC 17,625 .00 292,572.91 551,662.50 .47 KDDI CORD Y5000 532.00 2,476,626.20 2,865,853 KELLOGG CO 5,500.00 217,164.91 245,630.00 KELLWOOD CO 7,500.00 303,817.72 258,750.00 13 THE DUKE ENDOWMENT 56-0529965

2004 Statement S Form 990-PF -Part II. Line lOb balance Sheets at December 31. 2004

INVESTMENTS - CORPORATE STOCK PAR/SHARES BOOK VALUE FAIR MARKET VALUE

KERB MCGEE CORD 4,800.00 254,961 .12 277,392.00 KEYCORP 29,600 .00 766,277.78 1,003,440.00 KIIvIBERLY CLARK CORD 25,900 .00 1,267,248.14 1,704,479.00 KIMBERLY CLARK CORD 4,700.00 277,39132 309,307.00 KINDRED HEALTHCARE INC 23,925 .00 623,450.38 716,553.75 KINDRED HEALTI-ICARE INC 13,000.00 330,752.75 389,350.00 KNIGHT BIDDER INC 20,500.00 1,527,510.12 1,372,270.00 KNIGHT TRADING GROUP INC 35,100.00 293,089.10 384,345.00 KONINKLIJKE PHLIPS ELECTRONIC 127,000.00 2,937,969_21 3,367,908 .87 KRAFT FOODS INC 26,700.00 813,362.63 950,787.00 IatONOS WC 4,475.00 207,668.74 228,806.75 LA QUWTA PPTYS INC PAIRED CTF 42,325 .00 357,031 .20 384,734.25 LABOR READY WC 36,200.00 520,935.73 612,504.00 LAIDLAW INTI.. INC 6,700.00 92,467 .20 143,380 .00 LAM RESH CORD 7,900.00 136,621 .26 228,389.00 LANDSTAR SYS INC 3,980.00 207,161 .72 293,087.20 LEE ENTERPRISES INC 7,700.00 361,815.00 354,816.00 LEGG MASON INC 3,5 .00 197,886 .99 256,410.00 LEGG MASON INC 6,450.00 180,165 .40 472,527.00 LEGGETT & PLATT INC 5,400.00 143.607.06 153,522 .00 LEI-MAN BROS HLDGS WC 6,800.00 549,767.76 594,864.00 LEHMAN BROS HLDGS INC 9,970.00 714,050.40 872,175.60 LEHMAN BROS HLDGS WC 4,700.00 312,146.99 411,156 .00 LENNAR CORD 18.600.00 446,055 .84 1.Q54.248.00 LENNAR CORD 6,270.00 174,520.02 355,383.60 LEXMARK INTERNATIONAL INC 8,870.00 514,870.68 753,950.00 LFXMARK INTERNATIONAL INC 2,170.00 148,916.24 184,450.00 LIFEPOIIVT HOSPS INC 9,400.00 315,162.80 327,308.00 1111-- Y EL.I & CO 6,030.00 417,969.82 342,202.50 LINCOLN NATL CORD 15,690.00 775,892.46 732,409.20 LINCOLN NATL CORD 3,800.00 166,623.92 177,384.00 LINEAR TECHNOLOGY CORD 8,100.00 263,420.60 313,956.00 LIONS GATE ENTMT CORD 31,900 .00 189,007 .50 338,778.00 LIZ CLAIBORNE INC 20,750 .00 555,608.22 875,857.50 LIZ CLAIBORNE INC 1,500.00 52,769.81 63,315.00 14

THE DUKE ENDOWMENT 56-0529965

2004 Statement 8 Form 990-PF -Part II. Line lOb Balance Sheets at December 31 . 2004

(c ) INVESTMENTS - CORPORATE STOCK PAR/SHARES BOOK VALUE FAIR MARKET VALUE

LOCKHEED MARTIN CORD 2,000.00 99,206.03 111,100.00 LONE STAR STEAKHOUSE SALOON 10,600.00 282,369.83 296,800.00 LOUISIANA PAC CORD 5,000.00 115,145.00 133,700.00 LOWES COS INC 7,220.00 328,759.51 415,799.80 LUCENT TECHNOLOGIES INC 69,500.00 212,690.85 261,320.00 LYONDELL CHEMICAL CO 20,140.00 336,645.00 582,448 .80 MDCHLDGSINC 3,500.00 238,561.08 302,540.00 MACATAWA BK CORP 6,360.00 175,372.72 205,364.40 MAF BANCORP INC 6,500.00 282,863.50 241,330.04 MANDOM CORD 98,000.00 2,465,885.97 2,658,729.43 MANHATTAN ASSOCS INC 7,200.00 157,293 .00 171,936.00 MARATHON OIL CORD 4,245.00 122,440.93 159,654.45 MARSH & MCLENNAN COS INC 2,130.00 108,388.00 70,477.00 MARSHALL & IISLEY CORD 19,200 .00 782,895.36 848,640.00 IvIARTEK BIOSCIENCES CORD 9,300.00 443,073.42 476,160.00 IvIARVELL TECHNOLOGY GROUP LTD 17,000.00 490,023.30 602,990.00 MASCO CORD 10,000 .00 318,958.78 365,30U.(?Q MATRIXONE INC 33,400.00 189,068.82 218,770.00 MATTEL INC 54,100.00 1,008,585.12 1,054,409.00 MATTSON TECHNOLOGY INC 18,800 .00 220,176.40 210,748.00 MAY DEPT STORES CO 44,200.00 1,156,073.82 1,299,480.00 MAY DEPT STORES CO 5,200.00 153,298.28 152,880.00 MBNA CORD 28,740.00 751,289.47 810,180.60 MBNA CORD 11,300 .00 277,321 .32 318,547.00 MCAFEE INC 17,200 .00 437,681 .14 497,596.00 MCCLATCHY CO 1,400.00 96,470.50 100,534.00 MCDONALDSCORP 27,420.00 766,416.42 879,085.20 MCDONALDS CORD 11,600.00 311,022.68 371,896.00 MCGRAW HILL COS INC 1,800.00 138,718.98 164,772.00 MEADOWBROOK INS GROUP INC 64,000.00 366,989.18 319,360.00 MEDAREX INC 34,600.00 319,012.00 372,988.00 MEDICIS PHARMACEUTICAL CORD 6,000.00 232,332.00 214,664.00 IvIELLON FINL CORD 6,510.00 204,025.43 202,526.10 MERCK & CO INC 16,600 .00 952,318.47 533,524.(x} MERCURY GEN CORD 7,000.00 358,992.84 419,440.00 15

TES DUKE ENDOWMENT 56-0529965

2004 Statement 8 Form 990-PF -Part II. Line I Ob Balance Sheets at December 31, 2004

r_NVESTIviENTS - CORPORATESTOCK PAR/SHARES BOOK VAUJE FAIR MARKET VALUE

MERCURY INTERACTIVE CORD 10,600 .00 382,888.49 482,830.00 IvERRII-L LYNCH & CO INC 11,100.00 620,483.85 663,447.00 IvERRll.L LYNCH 8t CO INC 5,000.00 271,665.01 298,850.00 IvETHODE ELECI'RS INC 26,900.00 321,909.02 345,665.00 METL.IFE INC 22,790.00 568,143.31 923,222.90 METLIFE INC 3,135.00 89,320.36 126,998.85 MGI PHARMA INC 11,850.00 237,889.00 331,918.50 IVQCHAELS STORES INC 20,200.00 341,956.67 605,394.00 IvIICROS SYS INC 8,900.00 382,438.04 694,734.00 NQCROSENII CORD 11,100 .00 173,178.72 192,696.00 IvQCROSOPI' CORD 47,900.00 1,309,640.63 1,279,888.00 MICROSOFT CORD 24,160.00 563,740.99 645.555.20 .00 IvIICROSOFT CORD 81,000.00 2,34b,154.62 2,164,320 .00 MINE SAFETY APPLIANCES CO 10,100.00 373,535.04 512,070 MONOLITHIC PWR SYS INC 16,395 .00 155,568.85 152,473.50 MONSANTO CO 6,510.00 155,978.95 361,63050 MOODYS CORD 2,600.00 164,921.90 225,810.00 .00 MORGAN STANLEY 7,500.00 389,116.83 416,400 344 .00 MOTOROLA INC 20,000.00 353,470.75 .000 823,536.00 MOTOROLA INC 47,880.00 652,4139.86 688,000.00 MOTOROLA INC 40,000.00 580,089.85 225,890.50 MPS GROUP INC 18,425 .00 206,442.63 509,656.70 MSC INDL DIRECT INC 14,165 .00 344,603.89 .44 216,729.00 MSC SOFTWARE CORD 20,700.00 192,902 M-SYSTEM FLASH DISK PIONEER 11,300 .00 181,12833 222,836.00 MTS SYS CORD 8,200.00 131,845.73 277,242.00 222,680.00 NABI BIOPHARMACEUTICALS 15,200 .00 220,892.48 551,985.00 NATIONAL CITY CORD 14,700 .00 552,229.02 225,300.00 NATIONAL CITY CORD 6,000.00 219,703.80 297,570.00 NATIONAL FUEL GAS CO N J 10,500 .00 262,494.29 73,595 .00 NATIONAL SEMICONDUCTOR CORD 4,100.00 70,940.09 420,833.25 NA7TONALOII..WEL.L. INC 11,925 .00 342,545.00 NATIONAIrOII.,WELL INC 14,000.00 468,273.48 494,060.00 (,315,112.00 NATIONWIDE FINL SVCS INC 34,400.00 1,258,171 .88 229,380.00 NATIONWIDE FINL SVCS INC 6,000.00 225,030.00 76

TES DUKE ENDOWMENT 56-0529965

2004 Statement 8 Form 990-PF -Part II, Line lOb Balance Sheets at December 31. 2004 (b) cc ) INVESTMENTS - CORPORATE STOCK PAR/SHARES BOOK VALUE FAIR MARKET VALUE

436,905.00 NAVIGANT CONSULTING INC 16,425 .00 345,641.10 NAVIGATORS GROUP INC 10,400 .00 301,206.96 313,144.00 NCR CORD NEW 4,000.00 201,018.80 276,920.0(1 529,396.00 NEIMAN-MARCUS GROUP WC 7,400.00 354,407.36 NEIIVIAN-MARCUS GROUP WC 5,400.00 277,065.60 386,316.00 NEKTER THERAPEUTICS 13,500 .00 248,327.47 273,240.00 NEWELL RUBBERMAID WC 73,000.00 1,746,158.08 1,765,870.00 283,440.00 NEWFIELD EXPL CO 4,800.00 301,397.76 439,659.00 NEWMONT MINING CORD HOLDING CO 9,900.00 350,559.00 NEXTEL COMMUNICATIONS INC 31,280.00 509,319.73 938,712.80 IvEXTEL COMMUNICATIONS INC 9,300.00 225,229.80 279,093.00 253,605.45 MICE SYSTEMS LTD SPONSORED ADR 8,105.00 230,650.52 399,036.00 NIKE INC 4,400.00 291,347.76 .76 159,609.50 NIKU CORD 7,925.00 154,635 NIPPONKOA INSURANCE CO 442,000.00 2,411,070.68 3,006,479.99 NISOURCE INC 43,200.00 942,053.20 994,096.00 658,893.00 NORDSTROM INC WASH 14,100 .00 476,298.00 .00 NORDSTROM WC WASH 8,400.0() 343,952.58 392,532 NORTHERN TR CORP 31,700.00 1,294,552.28 1,539,986.00 170,690.40 NORTHROP GRUMMAN CORP 3,140.00 147,718.68 NOVATEL WIRELESS INC 14,690.00 304,007.03 285,132.90 NUCOR CORD 16,800.00 526,30536 879,312.00 NUCOR CORD 4,600.00 151,980.09 240,764.0(1 NVR INC 545.00 197,160.85 414,323.00 1,016,631.20 OCCIDENTAL PETE CORD 17,420.00 504,075.57 805,368.00 OCCIDENTAL PETE CORD 13,800.00 436,092.64 OGE ENERGY CORD 5,100.00 122,769.24 135,201 .00 386,280.00 OLD DOMINION FGHT LINES INC 11,100 .00 263,797.43 OLYMPUS CORD 137,000.00 2,660,836.28 2,921,244.09 OPENWAVE SYS INC 11,125 .00 161,190.80 171,992.50 ORACLE CORPORATION 47,090.00 553,670.09 646,074.80 ORACLE CORPORATION 50,140.00 670,891 .21 687,424.80 OSHKOSH TRUCK CORD CL B 8,700.00 430,474.04 594,906.0(? OSI PHARMACEUTICALS INC 3,700.00 227,030.94 276,945.0(} OYERNITE CORD 14,000.00 361,347.00 521,360.00 17 THE DUKE ENDOWMENT 56-0529965

2004 Statement 8 Form 99aPF -Part d Line lOb Balance Sheets at December 31 . 2004

INVESTMENTS - CORPORATE STOCK PAR/SHARES BOOK VALUE FAIR MARKET VALUE

PACCAR INC 6,150.00 216,456.40 494,952.00 PACIFIC SU[YWEAR CALF WC 11,675.00 265.742.81 259,885 .50 PACMCARE HEALTH SYS INC 2,700.00 104,332.86 152,604 .00 PARKER I-IANIVII'IIV CORD 13,460.00 757,923.18 1,019,460.40 PARKER HANNIFIN CORD 4,500.00 262,030.06 340,830.00 PARKVALE FINL CORD 8,000.00 226,320.00 230,320 .00 PA'ITERSOPI COS INC 5,700.00 128,747.00 247,323 .00 PEABODY ENERGY CORD 8,100.00 422,162.73 655,371 .00 PEDIA'TRfJC IvIED GROUP 6,000.00 332,365 .86 384,300.00 PENTAIR INC 15,500.00 505,285.40 675,180.00 PEPSI BOTTLING GROUP INC 8,600.00 253,50220 232,544.00 PEPSIAMERICAS INC 8,400.00 163,717.68 178,416.00 PEPSICO INC 15,500.00 702,131 .41 809,100.00 PERK.IIVEI.MER INC 35,100 .00 740,883.78 789 .399.00 PER lQNELMER WC 12,800.00 217,918.72 287 .872 .00 PETCO ANIMAL SUPPLIES 12,875 .00 464,371.68 508,305.00 PETCO ANIMAL SUPPLIES 14,600.00 452,986.16 576,408.00 PFIZER INC COM STK 62,300.00 1,918,132.23 1,675,247.00 PFIZER INC COM STK 9,300.00 344,907.00 250,077.00 PFIZER INC COM STK 71,000.00 2,515,864 .50 1,909,190.00 PG&E CORD COM 4,100.00 116,503 .14 136,448.00 PHARMION CORD 8,610.00 410,686.57 363,428.10 PHELPS DODGE CORD 3,300.00 258,060.93 326,436.00 PHOTROMCS INC 10,700.00 185,538.00 176,550.00 PILGRIMS PRIDE CORD 6,300.00 211,559.04 193.284.00 PIONEER DRILLING CO 20,575 .00 144,245 .42 207,601.75 PEER JAFFRAY COS 6,700.00 308,772.01 321,265.00 PLUM CREEK TIMBER CO INC COM 4,460.00 123,06439 171,442 .40 PNC FINANCIAL SERVICES GROUP 24,900.00 1,219,340.00 1,430,256.00 PNC FINANCIAL SERVICES GROUP 4,380.00 234,924.08 251,587.20 POWERWAVE TECHNOLOGIES INC 19,250.00 161,654 .70 163.240.00 PPG INDS INC 9,600.00 600,276.48 654,336.00 PPG INDS INC 3,550.00 218,325.00 241,968.00 PPL CORD 26,900.00 1,188,432.14 1,433,232.00 PPL CORD 2,290.00 93,403.17 122,011 .20 18

THE DUKE ENDOWMENT 56-0529965

2004 Statement 8 Form 990-PF -Part II. Line 10b Balance Sheets at December 31. 2004

INVESTMENTS - CORPORATE STOCK PAR/SHARES BOOK VALUE FAIR MARKET VALUE

.OQ PRAXAIR INC 20,000.00 528,698.00 883,OOQ PRAXAIIt INC 2,890.00 88,670.04 127,593.50 PRECISION CASTPARTS CORD 1,000.00 40,418.67 65,680.00 .517.75 PRICEI.INE COM INC 19,225 .00 468,131.96 453 PROCTER & GAMBLE CO 14,400.00 642,973.53 793,152.00 PROCTER & GAMBLE CO 13,500.00 562,313.47 743,580.00 PROCTER & GAMBLE CO 25,800.00 1,113,423.87 1,421,064.00 462,330.00 PROGRESS SOFTWARE CORD 19,800 .00 419,228.30 PROGRESSIVE CORD 2,170.00 124,023.48 184,102.80 PROTECTIVE LSE CORD 11,500 .00 429,329.93 490,935.00 352,004.00 PROVIDENT SR LIVING TR 22,000.00 330,000.00 .00 PROVIDIAN FINL CORD 17,600 .00 146,737.16 289,872 487,770.04 PRUDENTIAL FINL INC 8,875.00 343,148.53 213,129.00 PTEK HLDGS INC 19,900.00 105,512.96 .81 528,054.0() PUBLIC SVC ENTERPRISE GROUP 10,200.00 399,196 760,7G0.1?0 PUGET ENERGY INC 30,800.00 673,226.79 678,400.00 QUALCOMM INC 16,000.00 384,598.98 .23 333,764.00 QUANTA CAPITAL HOLDING LTD 36,200.00 422,036 221,257.75 296,670.00 QUEST SOFTWARE INC 18,600.00 .14 755,253.60 RADIO SHACK CORD 22,970.00 668,776 158,481 .60 RADIO SHACK CORD 4,820.00 138,751.56 214,940.t}0 RADISYS CORD 11,000.00 228,295.59 262,911 .00 RANGE RES CORD 12,850.00 253,096.65 152,131 .50 RARE HOSPITALITY USITL INC 4,775 .00 115,382.92 134,515.16 RAYMOND JAMES FINL INC 4,342.00 102,920.89 572,000.00 REEBOK INTL LTD 13,000.00 481,894.40 .00 REEBOK INTL LTD 2,900.00 110,350.27 127,600 449,975.00 RENAL CARE GROUP INC 12,500 .00 410,419.50 228,312.00 RESPIRONICS INC 4,200.00 213,732.96 451,188.00 RESPIROMCS INC 8,300.00 285,193.92 .44 483,855.75 ROCKWELL AUTOMATION INC 9,765.00 212,025 43,374.24 63, 104.00 ROCKWELL COLLINS INC 1,600.00 232,713.00 331,110-00 ROFIN SINAR TECHNOLOGIES INC 7,800.00 1,282,670.00 ROHM & HAAS CO 29,000.00 1,061,383.02 619,854.00 ROPER INDS INC 10,200.00 470,131.74 19

THE DUKE ENDOWMENT 56-0529965

2004 Statement 8 Form 990-PF -Part 11, Line 10b Balance Sheets at December 31 . 2004 ro> (C ) INVESTMENTS - CORPORATE STOCK PAR/SHARES BOOK VALUE FAIR MARKET VALUE

RYDER SYS INC 6,000.00 174,343.90 286,620.00 RYLAND GROUP INC 3,620.00 119,837.73 208,294.80 SABRE GROUP HLDGS INC 5,400.00 126,165.06 (19,664.00 SAKS WC 209,000.00 2,518,145.01 3,032,590.00 SANFORD BERNSTEIN WTL 53,878,308.94 53,878,308.94 83,218,226.98 SANMINA-SCI CORD 13,000.00 169,600.60 110,110.00 SARA LEE CORD 55,100.00 1,174,179.44 1,330,114.00 SBC COMMUNICATIONS INC 50,000.00 1,148,764.08 1,288,500.00 SBC COMMUNICATIONS INC 30,000.00 950,920.75 773,100.00 SCANSOURCE IIVC 3,925.00 252,421 .62 243,978.00 SCIENTIFIC ATLANTA INC 8,455.00 235,814.73 279,099.55 SCIENTIFIC GAMFS CORD 21,800.00 403,293.40 519,712.00 SELECTIVE WS GROUP INC 8,100.00 276,428.76 358,344.00 SEMPRA ENERGY 10,900.00 320,342.50 399,812.00 SEROLOGICALS CORD 19,800.00 461,395.12 437,976.00 SI-ERWIN WILLIAMS CO 19,800.00 519.548.04 883,674.00 SHERWIIV WILLIAMS CO 6,865.00 202,630.67 306,384.95 SHUFFLE MASTER INC 13,300.00 456,75257 626,430.00 SIGMATEI. INC 4,7 .00 87,894.22 166,991 .00 SIGNATURE BK NEW YORK H Y 7,675.00 158,176.08 248,363.00 SILICON IMAGE WC 13,450.00 78,617.35 221,387.00 SKYWORKS SOLUTIONS INC 17,675 .00 175,530.91 166,675.25 SLM CORD 2,170.00 81,606.98 115,856.30 SOMPO JAPAN INSURANCE INC 287,000.00 2,673,855.36 2,924,055.87 SOURCECORP 17,200.00 411,454.41 328,692.00 SOUTHERN CO 3,075.00 86,760.71 103,074.00 SPARTECH CORD 15,500.00 380,077.99 419,895.00 SPINNAKER EXPL CO 9,195.00 337,59957 322,468.65 SPORTS AUTH INC 6,600.00 182,559.65 169,950.00 SPRINT CORPORATION 8,680.00 147,303.30 215,698.00 STANCORP FINL GROUP INC 3,010.00 184,115.25 248,325.00 STANLEY WKS 3,000.00 135,446.10 146,970.00 STAPLES WC 11,520.00 309,33822 388,339.20 STATE STREET CORD 2,300.00 121,913.30 112,976.00 STATION CASINOS INC 11,800.00 205,059.18 645,224.00 20

THE DUKE ENDOWMENT 56-0529965

2004 Statement 8 Form 990-PF -Part II. Line 10b Balance Sheets at December 31 . 2004

(c ) INVES'TIvIENTS - CORPORATE STOCK PAR/SHARES BOOK VALUE FAIR MARKET VALUE

STELLENTINC 17,675 .00 135,375.30 155,893.50 STEWART ENTERPRISES INC 52,000.00 383,037.08 363,480.00 STORAGE TECHNOLOGY CORD 3,800.00 95,737 .17 120,118.00 SUNGARD DATA SYS INC 2,650.00 78,687.67 75,074.50 SUNOCO INC 800.00 35,257.25 65,368.00 SUNTRUST BKS INC 20,500.00 1,015,017.83 1,514,540.00 SUPERIOR ENERGY SERVICES INC 13,420.00 174,938.00 206,802.20 SUPERVALU INC 11,900.00 315,490.78 410,788.0Q SYBRON DENTAL SPECIAL'T'IES INC 8,625.00 260,913.38 305,152.50 SYMANTEC CORD 28,840.00 328,266.97 742,918.40 .00 SYMANTEC CORD 13,800.00 214,718.19 355,488 .50 SYMMETRY MEDICAL WC 9,950.00 170,570.39 209,447 TARGET CORD 4,100.00 210,008.97 212,913.00 TECH DATA CORD 5,500.00 224,514.95 249,700.00 TEEKAY SHIPPING CORD 14,000.00 508,200.00 589,540.00 TEKTRONIX INC 7,100.00 221,357.10 214,491.00 524,594.00 TEL.EFLEX WC 10,100.00 503,453.71 TEREX CORD 9,900.00 456,701.38 471,735.00 TEXAS INDS INC COM 4,400.00 259,171.76 274,472.00 TEXAS INDS INC COM 15,500.00 440,118.21 381,610.00 TEXTRON INC 4,200.00 218,957.67 309,960.00 THERMO ELECTRON CORD 24,950.00 441,994.24 753,240.50 T1BC0 SOFTWARE INC 25,925.00 205,666.30 345,839.50 TIMBERLAND CO 1,900.00 112,020.01 119,073.00 TIME WARNER INC 25,100.00 427,704.00 488,195.00 TIIvIE WARNER INC 60,000.00 1,386,490.75 1,167,000.00 TORO CO 7,800.00 198,296.51 634,530.00 TORO CO 5,400.00 131,620.79 439,290.00 TOWER GROUP INC 32,700.00 277,950.00 392,400.00 TREDEGAR CORD 17,500 .00 250,512.50 353,675.00 TXU CORD 6,400.00 185,765.76 413,184.00 TYCO INTL LTD 22,980.00 727,321 .59 921,305.20 TYSON FOODS INC 10,000 .00 188,672.70 194,000.00 U S XPRESS ENTERPRISES INC 8,425.00 220,344.81 246,852.50 UF3S AG NAMEN AKT REGISTERED 7,500.00 491,906.94 629,800.00 21

TIC DUKE ENDOWMENT 56-0529965

2004 Statement 8 Form 990-PF -Part II, Line 10b Balance Sheets at December 31 . 2004 (b) cc ) INVESTMENTS - CORPORATE STOCK PAR/SHARES BOOK VALUE FAIR MARKET VALUE

UCBH HL.DGS INC 12,300.00 231,549.00 563,586.00 UGI CORD 11,500.00 369,89750 470,465 .00 ULTRATECH IIVC 7,875.00 148,360.48 148,443 .75 IJMLEVER N V 25,100.00 1,619,307.59 1,674,421 .00 UNI0NBANCAL CORD 4,820.00 224,492.91 310,793.60 UNITED DEFENSE TNDS INC 6,270.00 197,175 .92 296,257.50 UNITED HEALTH GROUP INC 10,700.00 477,364.56 941,921 .00 UNITED HEALTH GROUP INC 12,000.00 487,676.40 1,056,360.00 UNITED HEALTH GROUP INC 10,008.00 537,713.33 881,004.24 UNITED PARCEL SvC INC 4,735.00 320,239.10 401,653.10 UNITED STATES STEEL CORD 3,800.00 139,048.84 194,750 .00 UNITED TECHNOLOGIES CORD 8,400.00 783,011-04 868,140.00 UNITED TECHNOLOGIES CORD 8,960.00 561,075.20 926,016.00 UNITED TECHNOLOGIES CORD 5,545.00 404,12931 573,075 .75 UNITED THERAPEUTICS CORD 6,300.00 151,37535 284,445.00 LJNITEDGLOB AL.COM 4d,800.00 336,963.14 432,768.00 UNOCAL CORD 8,600.00 270,783.39 371,864.00 US BANCORP 15,500.00 365,723 .94 485,460.00 U'TI WORLDWIDE INC SHS 4,550.00 298,379.77 309,491 .00 V F CORD 5,100.00 225,279.24 282,438.00 VALERO ENERGY CORD 3,600.00 150,216.84 163,440.00 VARIAN ivED SYS FNC 1,400.00 48,741.00 60,536 .00 VARIAN SEMICONDUCTOR EQUIPMENT 6,150.00 208,035.79 226,627.50 VARIAN SEMICONDUCTOR EQUIPMENT 6,500.00 188,127.79 239,525 .00 VE[VTAS IIVC 5,000.00 138,507.00 137,050.00 VERIZON COMMUNICATIONS 39,800 .00 1,404.722.84 (,612,298.00 VERIZON COMMUNICATIONS 20,200 .00 698,244.15 818,302.00 VERiZON COMMUNICATIONS 28,000 .00 1,180,356.09 1,134,280.00 VIACOM INC 6,600.00 285,164.97 240,174 .00 VISHAY IIVTERTECI-WOLOGY INC 6,800.00 126,843.80 102,136.00 W HL.DG CO WC 10,506.00 222,957 .92 24 1,00-64 WpBTEC 24,600 .00 457,061.76 524,472.00 WACHOVIA CORD 16,530.00 587,442.43 869,478.00 WACHOVIA CORD 17,840.00 636,664.52 938,384.00 WADDELL & REED FINL INC 27,300 .00 611.427-53 652,197.00 22 TIC DUKE ENDOWMENT 56-0529965

2004 Statement 8 Form 990-PF -Part U. Line 10b Balance Sheets at December 31. 2004

ro> (c) INVESTMENTS - CORPORATE STOCK PAR/SHARES BOOK VALUE FAIR MARKET VALUE

WAL MART STORES INC 18,600.00 1,028,929.14 982,452.00 WARNACO GROUP INC 24,200.00 471,429.69 522,720.00 WASHINGTON GROUP INTL INC 8,300.00 286,577.60 342,375.00 WASHINGTON MUTUAL INC 37,400.00 1,448,905.89 1,581,272.00 WASHINGTON REAL ESTATE INVT TR 8,700.00 242,145.38 294,669.00 WATERS CORD 3,400.00 153,584.12 159,086.00 WELLCARE HEALTH PLANS INC 13,025 .00 271,28032 423,312.50 WELL.CHOICE INC 15,300.00 587,885.41 817,020.00 WELLINGTON GLOBAL EQUITY 11,022,146.51 112,000,000.00 141,303,918.23 WELLPOINT INC 6,400.00 486,103.26 736,000.00 WELLS FARGO & CO 13,260 .00 642,923.92 824,109.00 WESCO INTL INC 14,300 .00 417,962.61 423,852.00 WESTAR ENERGY INC 12,700.00 252,881.76 290,449.00 WESTCORP 13,000 .00 458,172.99 597,Q90.i?0 WEYERHAEUSER CO 5,200.00 326,088.00 349,544.00 WHIRLPOOL CORD 800.00 49,768.00 55,368.00 WII_.LBROS GROUP INC 7,125.00 158,999.67 164,231.25 WILLIS GROUP HOLDINGS LTD SHS 76,000.00 2,581,872.00 3,128,920.00 WINTRUST FIIVI. CORD 8,500.00 261,358.00 484,160.00 WMS INDS INC 10,125 .00 247,692.97 339,592.50 WORLD FUEL SVC CORD 10,700 .40 444,220.00 532,860.00 WYETH 43,500.00 1,786,244.90 1,852,665.00 WYETH 15,100 .00 595,399.04 643,109.00 WYETH 12,000.00 502,991 .79 511,080.00 XEROX CORD 14,300 .00 194,977.64 243,243.00 YAHOO INC 10,000.00 303,512.00 376,800.00 YAHOO INC 7,000.00 106,446.30 263,760.04 YANKEE CANDLE WC 14,300.00 310,512.99 474,474.00 YUM BRANDS INC - 12,600.00 458,777.98 594,468.00 ZEBRA TECHNOLOGIES CORD 2,550.00 124,833.04 143,514.00 _- ZIIVIWR HLDGS INC 1,420.00 59,025.02 113,770.40 ZIONS BANCORP 23,600.00 1,360,472.86 1,605,508.00 ZIONS BANCORP 3,135.00 172,286.68 213,274.05

_. , -TOTAL INVESTMENTS - CORPORATE STOCK (Part II, Line lOb) 847,383,307 .24 1,070,19 1,223.52 THE DUKE ENDOWMENT 56-0529965

2004 Statement 9 Form 990-PF -Part 11, Line 10c Balance Sheets at December 31 . 2004 (b) cc ) INVESTMENTS - CORPORATE BONDS PAR/SHARES BOOK VALUE FAIR MARKET VALUE

ABTTIBI-CONSOLIDATED INC 8.55 % 8/1R010 50,000.00 54,241 .80 54,187.50 AIRGAS INC SR 9.13% 10/1/201 1 100,000.00 112,910.17 111,250.00 AKZO NOBEL 5.63 9b Sr1R009 225,000.00 291,24557 334,426.47 ALLIANZ FINANCE BV 5.00% 3!252008 365,000.00 464,208.66 527,134.14 AMC ENTMT INC 8.00% 3/12014 100,000.00 96,209.98 99,500.00 AMERICAN EXPRESS 2.54% 9/158008 540,000.00 540,993.83 540,853.20 AMERICAN EXPRESS MTN 4.38% 71308009 1,130,000.00 1,153,711 .68 1,146,253.15 AMERICAN GENERAL FINANCE 3.88% 10/1!2009 920,000.00 915,720.83 905,335.20 AMERICAN GENERAL FINANCE 3.88% 10/12009 890,000.00 885,86038 875,813.40 AMERICAN HOME PRODS CORD 6.95% 3/15/2011 300,000.00 317,460.05 337,779.00 AMGEN INC 4.85 % 11/182014 525,000.00 524,917.01 525,000.00 ANHEUSER BUSCH 6.80 % 1/15!2031 750,000.00 773,001.09 887,57250 ANTHEM INC 3.50 % 9/18007 405,000.00 404,502.04 402,719.85 AOL'CQvIE WARNER INC 7.70% 5/1x2032 740,000.00 846,421.75 905,108.80 AOL'TIIvIE WARNER INC 6.75 % 4/152011 250,000.00 266,177.45 281,210.00 ARCHER DANIELS IvffDI.AND CO 7.00% ?J1R031 350,000.00 396,927.81 420,000.00 ASS m (JERSEY) 0.95% 7/158009 250,000,000.00 2,276,504.71 2,470,723.18 AT&T WIItELESS SVCS INC 7.88 % 3/1/2011 230,000.00 257,42222 271,075.70 AT&T WIRELESS SVCS INC 8.75 g'o 3/1!2031 270,000.00 348,792.43 364,035.60 AVENTIS SA EMTN 4.25% 9/158010 375,000.00 455,96332 528,833.20 AXA FINI. INC 7.75 % 8/1!2010 340,000.00 383,825.74 396.365.20 BAA PLC 4.50 % 9/308014 150,000.00 181,279.23 211,441.53 BAE SYS HLDGS INC 6.40% 1?115R011 1,080,000.00 1,181,302.79 1,210,442.40 BANC ONE CORD 7.63% 10/158026 230,000.00 238,91153 280,204.40 BANK AMER CORD 6.25 4b M15R012 1,545,000.00 1,660,290.31 1,706,251.65 BANK AMERICA CORD 7.13 % 10/158011 210,000.00 240,839.72 239,301.30 BANK ONE CORD 6.00% 8!1!2008 555,000.00 586,772.32 594,022.05 BAVARIA SA 8.88% 11/112010 100,000.00 102,508.57 108,000.00 BEAR STEARNS COS INC GLOBAL 7.63 'Yo 1?11R009 305,000.00 340,551.18 351,177.00 BEAR STEARNS COS INC 2.88 4'0 7/212008 390,000.00 382,969.40 377,548.78 BEAR STEARNS COS INC 3.25 40 3/LSR009 90,000.00 89,719.77 87,383.70 BELLSOUTH CAP FDG CORD 7.88 % 1J15R030 555,000.00 658,663.11 691,23030 BELLSOUTH CORD 6.00% 11/15/2034 955,000.00 940,057.18 967,682.40 BERKSHIRE HATHAWAY 3.40% 7/?12007 1,705,000.00 1,706,250.49 1,700,993.25 BEVERLY ENTERPRISES INC 7.88 % NISR014 100,000.00 99,951 .61 107,250.00 2 TIC DUKE ENDOWMENT 56-0529965

2004 Statement 9 Form 990-PF-Part II, Line lOc Balance Sheets at December 31, 2004

(b) (c) INVESTMENTS - CORPORATE BONDS PAR/SHARES BOOK VALUE FAIR MARKET VALUE

BMW VEH OWNER TR 04-A A3 2.67 % 3/25/2008 845,000.00 844,983.92 839,98324 BOEING CO 7.95 % 8/15/2024 980,000.00 1,092,808.29 1,267,875.00 BP CAP MKTS PLC GTD 2.63 % 3/15/2007 815,000.00 813,215.62 844,1146.40 BRANDYWINE OPER LTN L P 4.50% 11/1/2009 385,000.00 384,863.07 382,532.15 BRE PPTYS INC 5.95 % 3/15/2007 658,000.00 691,506.84 685,655.74 BRISA FINANCE BV 4.80% 9/26/2013 270,000.00 329,923.46 384,494.45 BRISTOL MYERS SQUIBB 7.15 % 6/15/2023 430,000.00 452,777.14 513,78120 BRITISH TELECOM PLC 638 °k 2/15/2006 470,000.00 595,154.95 665,359.57 BRITISH TELECOMMUNICATIONS PLC 8.88 % 12J15/2030 595,000.00 756,813.08 796,740.70 BUNGE LTD FIN CORD 5.35 % 4/15/2014 235,000.00 234,847.86 240,470.80 CALIFORNIA IIVFRAC 1997-1 A7 6.37% 12!26/2009 590,000.00 633,786.50 629,930.90 CAPITAL ONE BK MTN # TR 00179 5.00% 6/15/2009 600,000.00 598,615.43 617,808.00 CAPITAL ONE BK MTN #TR 00177 4.25 % 12/1/2008 1,295,000.00 1,277,282.70 1,301,585.26 CAPITAL ONE MULTI ASSET 03-4 C 6.00% 8/15/2013 300,000.00 305,985.54 319,218.90 CARRAIvIERICA RLTY CORD SR NT 3.63 % 4/1/2009 270,000.(10 269,230.93 261,435.60 CARREFOUR BDS 4.50% 3/18/2009 295,000.00 368,871.72 421,829.65 CASINO GUICHARD-PERRACHON 4.75 % 7/21/2011 650,000.00 786,024.72 908,295.43 CATERPILLAR FINI. SVCS CORD Iv1TN 3.63 % 11/15/2007 840,000.00 839,894.13 840,915.(30 CENDANT CORD SR NT 6.25 % 1/1512008 315,000.00 331,338.83 336,261.70 CENTEX CORD SR NT 7.88 % 211/2011 75,000.00 83,386.83 87,649.00 CHANCELLOR MEDIA CORD 8.00% 11/1/2008 270,000.00 305,583.18 303,158.70 CHARTER COMMUNS OPER LLC 144A 8.00% 4/30/2012 100,000.00 97,562.63 104,0()Q.40 CHASE CREDIT CARD 01-4 CL A 5.50% 11/17/2008 710,000.00 746,038.55 732,897.50 CHATTEM INC SR SUB NT 7.00% 3/1/2014 100,000.00 96,453.52 103,000.00 CHIQUTTA BRANDS INTL 144A 7.50% 11/1/2014 75,000.00 76,412.59 75,937.50 CIT GROUP INC 4.13 % 11/3/2009 480,000.00 479,437.97 477,8?A.SO CIT GROUP INC SNR NTS 4.25 % 9/22!2011 375,000.00 453,428.90 519,760.21 CIT GROUP INC SR NT 7.75 % 4/2/2012 915,000.00 1,066,787.84 1,083, 131.25 CITIBANK CR CARD 03 AS NT 2.50% 417/2008 1,735,000.00 1,740,049.11 1,719,645.25 CITIBANK CR CARD 99-5 CL A 6.10% 5/15/2008 950,000.00 994,870.34 985,90(!.50 CITIGROUP INC BDS 4.75% 11/12/2013 535,000.00 684,193.10 777,048.22 CITIGROUP INC GLOBAL SUB NT 6.00 % 10/31/2033 255,000.00 253,684.25 263,884.20 CLEAR CHANNEL COMMUNICATIONS 4.50% 1/15/2010 1,330,000.00 1,323,664.07 1,317,737.40 COMCAST CABLE COMMUNS INC NT 6.75 % 1/30/2011 560,000.00 621,226.41 628,857.60 COMCAST CORD NEW NT 5.50% 3/15/2011 725,000.00 749,124.51 766,230.75 '_THE DUKE ENDOWMENT 50529965

2004 Statement 9 Form 990-PF -Part IL Line 10c Balance Sheets at December 31 . 2004

(b) (c) INVESTMENTS - CORPORATE BONDS PAR/SHARES BOOK VALUE FAIR MARKET VALUE

COMED TRANSITONAL FDG 98 AS 5.44% 31258007 202,602.35 203.262.44 203,990.18 COMMERCE GROUP INC MASS SR NT 5.95 4b 1?J92013 225.000.00 222,975.16 230,132.25 COMMERCE GROUP INC MASS SR NT 5.95 % 1?J9R013 330,000.00 335,114.25 337,527.30 CONOCO FDG CO NT 7.25% 10/158031 850,000.00 993,106.49 1,036,464.50 CONSOLIDATED NAT GAS CO 04 A 5.00% 12!18014 510,000.00 509,909.10 510,474.30 CONSTELLATION ENERGY GROUP INC 6.35 % 4/112007 385,000.00 403,458.22 406,894.95 CONSTELLATION ENERGY GROUP INC 7.60% 4/1/2032 405,000.00 454,334.19 489,859.65 CONVERGYS CORD SR NT 4.88 g'o 12!15/2009 420,000.00 419,127.51 418,09320 CORPORATE PPTY INVS NT 144A 7.88 % 3/15/2016 1,155,000.00 1,363,463.88 1,370,834.85 COUNTRYWIDE HOME MTN #TR00313 4.00 % 3!2212011 555,000.00 547,517.75 539,559.90 COUNTRYWIDE HOME MTN #TR00324 4.13% 9/15!2009 1,005,000.00 1,003,561 .97 1,000,437.30 COX COMMUNICATIONS INC 144A 5.45 % 12!15/2014 605.000.00 602,844.18 605,000.00 CREDIT SUISSE FB USA INC SR NT 3.88 % 1/152009 1,205,000.00 1,192,490.70 1,198,023.05 CSC HI.DGS INC SR NT 144A 6.75 % 4/15!2012 100,000.00 97,210.68 103,000.00 CVS CORD NT 4.00% 9/15!2009 470,000.00 468,814.14 467,795.70 DA[NiLERCHRYSLER AUTO 04-A A3 2.00% 1?/812007 965,000.00 964,90259 952,334.38 DAIIvILERCHRYSLER AUTO TR 02 CA3 2.56% 11/8!2006 515,146.44 515,108.78 514,857.96 DADVILERCHRYSLER N A HLDG SR NT 6-50% 1U15R013 225,000.00 226,64751 243,264.80 DAIML.ERCHRYSLER N A HLDG SR NT 6.50% 11/158013 595,000.00 635,87950 643,300.26 DBS BK LTD SINGAPORE SUB 144A 5.00% 11/15x2019 420,000.00 414,115.80 416,850.00 DEUTSCHE AUSGLEICH BANK BDS 1 .85 4'a 9802010 250,000,000.00 2,388,089.66 2,595,881 .76 DEUTSCHE BARN FINANCE BV BDS 4.75 go 311412018 535,000.00 657,42854 772,975.91 DEUTSCI-E TELEKOM I MTN EUR 1000 5.75 4'0 ?!1212008 350,000.00 450,915.66 512,107.63 DEUTSCI-E TELEKOM INTL FIN BV 8.50% 6!15!2010 105,000.00 120.621 .60 125,097.00 DEUTSCHE TELEKOM INTL FIN BV 8.75 % 6/1512030 1,005,000.00 1,270,53281 1,327,062.30 DEVELOPMENT BANK OF JAPAN 1 .75 9fi 6!218010 50,000,000.00 475,013.64 516,492.64 DEVELOPMENT BK OF JAPAN 1 .40% 61208012 50,000,000.00 457,430.94 500,170.79 DEVON FING CORD ULC DEB 7.88 gb 91308031 550,000.00 641,959.17 692,483.00 DOLLAR FINL GROUP INC SR NT 9.75 4'0 1ll15R011 100,000.00 103,722S7 108,500.00 ECHOSTAR DBS CORD NT 6.38 4b 10/12011 100,000.00 98,611 .03 102,250.00 EKSPORTFINANS A S A MTN #00012 3.38 4b l/158008 1,065,000.00 1,062,04729 1,059,287.43 FLAN FIN PLC 7.75 % I1/158011 25,000.00 25,000.00 26,625.00 ENCAfYA CORD NT 6.50% 8/152034 815,000.00 808,740.11 894,715.15 ENECO HOLDINGS MTN 4.13% 6/1012010 430.000.00 558.327.06 599.ZOG.33 EQUITY RESIDENTIAL PPTYS DEBS 7.13 9b 10/158017 515,000.00 603,341.84 587,259.65 4 TIC DUKE ENDOWMENT 56-0529965

2004 Statement 9 Form 990-PF -Part II. Line lOc Balance Sheets at December 31 . 2004

(b) (c) INVESTMENTS - CORPORATE BONDS PAR/SHARES BOOK VALUE FAIR MARKET VALUE

FARM CR SYS FINL ASSIST CORD 8.80% 6/10/2005 1,175,000.00 1,211,204.02 1,206,607.50 FINANCEMENT QUEBEC 5.00% 10/25/2012 1,915,000.00 1,970,674.08 1,980,165.84 FLEET CR CARD MASTER TR 02 A A 2.45 % 10/15/2007 1,335,000.00 1,335,396.08 1,335,200.25 FLEET CR CARD MASTER TR 03A A 2.40% 7/15/2008 1,570,000.00 1,583,237.54 1,560,923.83 FLEETBOSTON FINL CORD SR NT 4.88 % 12/1/2006 315,000.00 325,987.82 323,366.4(3 FMR CORD NT 144A 7.49% 6/15/2019 305,000.00 367,023.91 370,382.85 FORD MTR CR CO GBL LANDMARK 6.88 % 2!1/2006 960,000.00 993,536.46 988,944.0 FORD MTR CR CO GLOBAL NT 7.00% 10/1/2013 795,000.00 793,081 .18 840,195.97 FORD MTR CR CO SR NT 5.70% 1115/2010 2,935,000.00 2,941,426.62 2,951,591 .14 FORTIS BANK BDS 4.63% 10/29/2049 450,000.00 558,546.84 606,524.71 FRANCE (GOVT OF) 5.00% 10/25/2011 850,000.00 1,094,795.17 1,264,743.39 FRANCE (GOVT OF) BDS 5.75 % 10/25/2032 900,000.00 1,216,655.71 1,513,864.69 FRANCE (GOVT OF) OAT 5.00% 10/25/2016 780,000.00 991,993.39 1,181,079.51 FRANCE (GOVT OF) OAT EUR1 4.75 % 10/25/2012 3,725,000.00 4,919,252.58 5,503,705.19 FRANCE TELECOM BDS 7.00% 12/23/2009 350,000.00 476,961 .49 551,855.50 FRANCE TELECOM SA NT 9.25 % 3/1/2031 315,000.00 389,650.46 427,02030 GE GLOBAL INS HLDG CORD 7.00% 2/15/2026 845,000.00 907,246.39 917,610.85 GENERAL ELEC CAP MTN #TR 00528 6.75 % 3/15/2032 400,000.00 433,293.19 468,184.00 GENERAL ELEC CAP MTN #TR00666 2.61 % 12!15/2009 1,300,000.00 1,300,833.13 1,300,000.00 GENERAL ELEC CO NT 5.00% 2/1/2013 580,000.00 587,687.30 595,039.40 GENERAL MTRS ACCEP CORD GBL NT 6.75 % 12/1/2014 735,000.00 730,186.30 736,029.00 GENERAL MTRS ACCEP CORD NT 6.88 % 9/15/2011 1,065,000.00 1,093,417.15 1,091,454.60 GENERAL MTRS ACCEP CORD SR NT 6.13 % 8/28/2007 1,480,000.00 1,535,483.67 1,523,926.40 GENERAL MTRS CORD SR DEB 8.38 % 7/15/2033 1,185,000.00 1,238,633.37 1,218,945.89 GEORGIA PAC CORD SR NT 8.88 % 211/2010 100,000.00 111,284.65 116,375.00 GERMANY (FED REP) BDS 6.25 % 1/4/2024 1,975,000.00 2,812,424.05 3,429,472.70 GERMANY FED REP 4.75 % 7/4/2034 1,215,000.00 1,454,003.28 1,778,653.38 GERMANY FED REP BDS 4.75 % 7/4/2028 3,400,000.00 4,081,145.44 4,963,437.30 GERMANY FED REP BDS 3.75 % 1/4/2009 310,000.00 382,426.24 434,851.26 GERMANY FED REP BDS SER 98 4.13 % 7/4/2008 5,000,000.00 6,257,375.20 7,091,886.88 GNMA GTD REMIC P/T 04-23 A 5.50% 7/20/2025 1,125,000.00 1,166,429.91 1,157,397.08 GOLDMAN SACHS GROUP INC SR NT 6.60 % 1/15/2012 680,000.00 721,675.01 758,941.20 GOLDMAN SACHS GROUP INC SR NT 5.25 % 4/1/2013 2,380,000.00 2,435,377.24 2,440,594.80 GOODRICH CORD NT 7.63 % 1?J15/2012 260,000.00 288,063.37 3d8,3E}2.80 GTE CORD 6.94% 4/15/2028 540,000.00 516,468.29 b(31,425.00 5

THE DUKE ENDOWMENT SCr0529965

2004 Statement 9 Form 99aPF -Part II. Line lOc balance Sheets at December 31, 2004

(b) (c IIWES'I7vfENTS - CORPORATE BONDS PAR/SHARES BOOK VALUE FAIR MARKET VALUE

HANIIvIONS JOHN Q HOTELS NT SER B 8.88 % 5/158012 100,000.00 108,354.25 113,000.00 I-IARRAHS OPER INC GTD SR NT 5.50 % 7/12010 500,000.00 497,020.63 517,575.00 HARTFORD LIFE INC SR NT 7.38 % 3/18031 320,000.00 321,81451 382,000.00 HERTIAGE PPTY IIYVT TR INC 144A 4.50% 10/15RW9 1,000,000.00 1,000,391 .16 988,430.00 HIGHIviARK INC SR NT 144A 6.80% 8/158013 930,000.00 995,992.03 1,014,425.40 HOUSEHOLD FIN CORD 4.13% 1 I/16J2009 1,780,000.00 1,771,890.70 1,770,530.40 HOUSEHOLD FIN CORP NT 5.75 4b 1/302007 325,000.00 337,460.05 339,267.50 HRPT PPTYS TR SR NT 6.25 9b 8/158016 1,585,000.00 1,567,52854 1,671,921_40 HSBC BK USA NA MTN #SB0001 5.88 4b 11/1!2034 1,025,000.00 1,023,505.97 1,037,966.25 HiTTCI-IISON WHAMPOA FINANCE 5.88 % 7/82013 480,000.00 590,828.75 717,455.65 IBM CORD DEBENTURES 6.22% 8/18027 410,000.00 417,541.99 447,346.90 BP INC NT 7.95 gb 2/18010 515,000.00 580,952-11 586,456.25 II.LWOIS ST T?BL 5.10% 6JIR033 1,840,000.00 1,727,20852 1,767,448.78 INDIANA M1CH PWR CO SR SER F 5.05 4'o 11/152014 225,000.00 224,19131 224,858.25 INTERNATIONAL PAPER CO NT 5.85 4b 10/308012 190,000.00 191,318.18 202,437.40 J P MORGAN CHASE 8c CO GBL NT 6.75% ?/1R011 1,665,000.00 1,837,95758 1,870,510.95 JACUZZI BRANDS INC SR SECD NT 9.63% 7/18010 100,000.00 106,569.18 111,000.00 JAPAN FIN CORD Ivy 135 4b 11n6R013 96,000,000.00 861,841.40 944,68236 JAPAN GOVT (217) 1.80% 1?121R009 575,000,000.00 5,493,800.71 5,945,SO1 .?2 JAPAN GOVT OF 2.10% 9802033 95,000,000.00 812,465.14 870,213.74 JAPAN GOVT OF BDS 1.40% 121208013 235,000,000.00 2,121,036.53 2,312,664.23 JAPAN GOVT OF CNV BDS 2.50% . 1?l21R020 130,000,000.00 1,282,118.77 1,389,935.61 JOHNSON & JOHNSON DEB 4.95% 5/158033 420,000.00 419,821.19 397,630.53 JONES APPAREL GRP INC 6.13% 111158034 865,000.00 863,483.40 859,723.50 KFLLAGG CO DEB SER B 7.45 g'o 4/18031 375,000.00 391,087.77 472,203.75 KEY BK N A MTN # SB00008 5.80% 7/1/L014 1,190,000.00 1,255,969.83 1,26OX 1 .40 ICY BK NA MTN #SB 00004 7.00% TJ1R011 255,000.00 289,403.49 286,63530 KINDER MORGAN ENERGY L P NT 6.75% 3/158011 200,000.00 212,569.85 223,280.00 KONINK .IJKE KPN NV NTS EUR0.01 4.75 46 11/5lL008 350,000.00 439,429.10 500.856.44 KOREA DEV BK NT 3.88 46 3/M009 230,000.00 221,873.87 227,016.90 KOREA DEV BK NT 3.88% 31212009 510,000.00 508,835.00 503,385.30 KRAFT FOODS INC GLOBAL NT 5.63 % 11/18011 1,200,000.00 1,263.502.62 1,272,189.14 L.EHMAN BROS INC NTS 6.50% 4/152008 335,000.00 361,143.14 361,53535 LEMMAN BROTHERS HOLDING NTS 6.63% 2158006 270,000.00 280,883.07 279,701 .10 LVIV4i MOET-HENNFSSY 4.63 % 7/18011 240,000.00 285,71922 341,258.74 6 TIC DUKE ENDOWMENT 56-0529965

2004 Statement 9 Form 990-PF -Part II. Line lOc Balance Sheets at December 31. 2004

(b) (c ) INVESTMENTS - CORPORATE BONDS PAR/SHARES BOOK VALUE FAIR MARKET VALUE

MAY DEPT STORES CO SR NT 6.65 % 7/15/2024 820,000.00 854,986.71 862,787.60 MBNA CR CARD MASTER TR 01-1 A 5.75 % 10/15/2008 945,000.00 981,634.48 976,837.05 MBNA MASTER CR CD TR 11 CL A 2.56% 7/15/2007 2,335,000.00 2,336,847.97 2,335,467.00 MCDONALD'S CORD 5.63 % 10/7/2009 390,000.00 506,904.91 583,171.26 MERIDAN FDG CO LLC MTN TR00022 2.75 % 10/6/2008 560,000.00 560,000.00 559,384.00 MERRILL LYNCH & CO MTN TR00440 4.13 % 9/10/2009 415,000.00 413,695.78 414,738.55 METLIFE INC SR NT 6.13% 12/1/2011 475,000.00 498,705.94 516,187.25 METROPOLITAN EDISON CO SR NT 4.88 % 4/1/2014 445,000.00 440,795.10 439,019.20 METROPOLITAN LIFE INS NT 14dA 7.80% 11/1/2025 365,000.00 369,132.18 445,756.25 MEXICO(UNTTED MEXICAN STATES) 6.38 % 1/16/2013 385,000.00 384,102.01 409,871.00 MICHELIN FIN LUX GTD BDS EUR 6.50% 4/1612012 270,000.00 363,857.14 424,799.61 NIISC CAP L LTD GTD NT 144A 5.00% 7/1/2009 250,000.00 249,626.61 257,850.00 MONEGAN TRIBAL GAMING AUTH SR 8.00% 4/1/2012 100,000.00 106,262.63 108,500.00 MORGAN STANLEY D. W. 5 .75 % 4/1/2009 370,000.00 482,526.53 552,661 .54 MORGAN STANLEY NT 4.00% 1/15/2010 2,305,000.00 2,292,815.06 2,278,699.95 MOTOROLA INC NTS 7.63 % 11/15/2010 225,000.00 248,455.56 261,000.00 NATIONAL CITY BK NfTN #SB 00003 6.20% 1215/2011 1,085,000.00 1,189,145 .96 1,184,05931 NATIONWIDE BLDG SOC MTN #00011 2.63 % 1/30/2007 1,270,000.00 1,249,237.51 1,246,974.90 NCL CORD LTD SR NT 144A 10.63% 7115/2014 100,000.00 100,958.44 100,000.00 NEW YORK N Y PREREFUNDED TAX 7.55 % 11/15/2020 3,615,000.00 4,051,622.57 4,032,894.00 NEWELL RUBBERMAID WC NT 4.00% 5/1/2010 470,000.00 468,749.22 456,116.20 NEXEN INC NT 5 .05 % 11/20/2013 530,000.00 532,103.37 526,353.50 NEXTFL COMMUNICATIONS INC SR 6.88 % 10/31/2013 100,000.00 99,174.64 109,000.00 MSOURCE FIN CORD GTD NT 3.20% 11/1/2006 190,000.00 187,463.68 188,307.10 NISSAN AUTO LEASE TR 04-A A-3 2.90% 8/15/2007 1,270,000.00 1,269,932.33 1,262,658.13 NISSAN AUTO REC 2001-C CL A4 4.80% 2115/2007 909,948.76 912,787.63 921,732.26 NORFOLK SOUTHERN CORD BDS 7.05 % 5/1/2037 710,000.00 761,118.67 830,134.10 NORTHRUP GRUMMAN CORD DEB 7.75 % 2/15/2031 295,000.00 308,963.16 377,691.45 OHIO PWR CO SR NT SER E 6.60% 2115/2033 200,000.00 219,429.51 223,657.44 OIL ENTERPRISES LTD NTS 144A 6.24% 6/30/2008 365,419.15 369,769.72 393,059.46 ONTARIO PROV CDA BD 2.65 % 12/1512006 1,275,000.00 1,271,553.27 1,259,b49.U(3 OWENS BROCKWAY GLASS CONTAINER 8.88 % 2!15/2009 100,000.00 105,052.21 108,625.00 PACIFIC GAS & ELEC CO 1ST MTG 6.05 % 3/1/2034 300,000.00 298,574.03 311,577.00 PANAMSAT CORD NEW SR NT 144A 9.00% 8/15/2014 100,000.00 100,451.53 111,625.00 PARK OHIO INDS INC OHIO SR SUB 8.38 % 11/15/2014 25,000.00 25,000.00 25,OOQ.Q(} THE DUKE ENDOWMENT 56-0529965

2004 Statement 9 Form 990-PF -Part II, Line lOc Balance Sheets at December 31 . 2004

INVESTMENTS - CORPORATE BONDS PAR/SHARES BOOK VALUE FAIR MARKET VALUE

PECO ENERGY 99-A CL A-4 5.80 % 3118007 506,055.08 514,889.77 508,924.41 PECO ENERGY CO 1 ST & REF MTG 3-50% 5/18008 475,000.00 475,000.00 471,656.00 PEIvIEX PROJ FDG MASTER TR GTD 8.63% 2!18022 260,000.00 272,087.87 302,491.80 PEMEX PROTECT FDG 6.13% 8/152008 380,000.00 392,124.79 400,900.00 PEP BOYS MANNY MOE 7.50% 12!152014 25,000.00 25,000.00 25,343.75 PETROBRAS WTI. FIN CO GBL NT 9.13% 7x112013 100,000.00 103,316.24 113,625.00 PHILIP MORRIS COS INC NTS 7.00% 7/152005 145,000.00 147,562.85 147,241.70 PHILIP MORRIS NTS 7.65% 7/12008 135,000.00 143,30298 148,500.00 PHOENIX LIFE INS SURPLUS 144A 7.15 9b 1?J15R034 520,000.00 516,765.43 518,700.00 PINNACLE ENTMT INC SR SUB NT 8.75 % 10/!8013 100,000.00 98,822.94 108,250.00 PLACER DOME INC DEB 6.45% 10/1512035 550,000.00 548,10738 593,136.50 PROCTER & GAMBLE CO DEB 8.00% 9/18024 1,340,000.00 1,626,141.07 1,784,491.40 PROCTER & GAMBLE ESOP DEB SR-A 9.36% 1/1/2021 1,060,000.00 1,364,432.93 1,407,309.00 PROLOGIS TR NT 7.10% 4/1512008 645,000.00 699,578.66 707,481.15 PROV OF QUEBEC 1.60 % 5/92013 100,000,000.00 918,90035 1,000,975.91 PRUDENTIAL FINL INC DEB 4.10% 11/15r20Q6 1,360,000.00 1,378,633.91 1,374,864.80 PRUDENTIAL FINL INC MTN #00005 5.10% 9808014 25,000.00 25,03656 25,121.00 PUBLIC SVC CO COLD 1ST SER 14 4.38% 10/1!2008 265,000.00 264,764.55 268,725.90 QUEBEC PROV CDA NT 4.88 % 5/58014 820,000.00 831,528.90 833,325.00 REPSOL IIVTL FIN BDS 5.00% 782!2013 320,000.00 416,148.02 461,209.84 RESORTS WTL HOTEL & CASINO 11.50% 3/158009 100,000.00 112,131.80 !17,500.00 RIVIERA HLDGS CORD SR SECD NT 11.00% 6/158010 25,000.00 28,23US3 27,937.50 RODAMCO EUROPE 4.38 % 10/1!2014 445,000.00 539,447.65 616,903.09 RWE FINANCE BV BDS 5.38 % 4/188008 300,000.00 386,293.68 438, 154.24 SALAMON SMITH BARNEY HLDGS NT 6.50% ?1158008 1,787,000.00 1,925,466.84 1,934,981 .47 SBC COMMUNICATIONS 4.13% 9/15/2009 215,000.00 214,954.28 214,595.80 SBC COMMUNICATIONS 5.10% 9/158014 185,000.00 184,801.65 186,703.85 SBC COMMUNICATIONS 5.10% 9/158014 1,640,000.00 1,640,744.01 1,655,104.40 SBC COMMUNICATIONS INC NT 5.75 9b 5/2120Q6 265,000.00 274,373.76 273,582.25 SCI-WEmER ELECTRIC SA 3.88 % 10!31!2008 330,000.00 403,589.88 460,035.44 SCIENCE APPLICATION WTL CORD 5.50% 7/!8033 345,000.00 340,458.24 331,576.05 SERVICE CORD INTL NT 7.20% N1R006 100,000.00 104,540.80 104,000.00 SHURGARD STORAGE CTRS INC NT 7.75 9b ?l2?.l2011 540,000.00 618,47267 615,092.40 SLM CORD BDS 4.75 4b 3/178014 295,000.00 354,597.50 420,386.12 SLM CORD MTN # TR 00057 5.38 % 5/158014 .505,000.00 495,045.05 522,124.16 8 THE DUKE ENDOWMENT 56-0529965

2004 Statement 9 Form 990-PF -Part II. Line lOc Balance Sheets at December 31. 2004

(b) (c ) INVESTMENTS - CORPORATE BONDS PAR/SHARES BOOK VALUE FAIR MARKET VALUE

SOUTHERN CALIF EDISON CO NT 6.65 % 4/1/2029 640,000.00 700,668.89 715,296.00 SPECTRASITE INC SR NT 8.25 % 5/15/2010 100,000.00 104,688.64 3(15,750 .Qfl SPRINT CAP CORD NT 8.75 % 3/15/2032 680,000.00 831,205.46 905,491 .20 SPRINT CAPITAL CORD 6.90% 5/1/2019 195,000.00 197,055.86 218,156.25 STONE CONTAINER CORD SR NT 8.38 % 7/1/2012 100,000.00 103,252.89 i09,00d.QQ SUPERVALU INC NT 7.88 % 8/1/2009 170,000.00 189,605.14 194,940.70 SWISS LIFE INS FIN 4.38 % 6/30/2008 500,000.00 605,524.81 680,692.69 TATS & LYLE INTL FIN PLC NT 5.00% 11/15/2014 915,000.00 905,518.18 905,987.25 TELECOM TTALIA CAP GTD SR 144A 4.00% 1/15/2010 260,000.00 259,334.66 254,919.60 TELECOM ITALIA CAP GTD SR 144A 6.00% 9/30/2034 530,000.00 525,167.99 518,154.50 TESCO PLC 4.75 % 4/13/2010 240,000.00 301,511.84 347,473.23 TIAA GLOBAL MKTS INC NT 144A 4.13 % 11/15/2007 1,015,000.00 1,038,398.01 1,028,OQ2.t5 TIME WARNER ENTMT CO LP SR DEB 838 % 3/15/2023 1,165,000.00 1,403,943.27 1,46(?,618.75 TOKYO ELECTRIC POWER CO 4.50% 3/24/2014 350,000.00 420,921.38 497,625.23 TURNER BROADCASTING SYSTEMS 8.38 % 7/112013 30,000.00 35,138.47 36,965 .40 TYCO INTL GROUP SA GTD NT 6.38 % 2/15/2006 565,000.00 585,188.09 583,803.20 TYCO IIVTL GROUP SA GTD NT 6.75 % 2/15/2011 755,000.00 849,330.89 846,188.90 TYSON FOODS INC NT 8.25 % 10/1/2011 240,000.00 280,420.09 285,000.00 UBS AG JERSEY 4.50% 9/16/2019 535,000.00 668,238.85 ?58,031.98 ANION PAC RES GROUP INC DEB 7.15 % 5/15/2028 340,000.00 344,151.24 398,276.00 UNITED MEXICAN STS MTN TR00017 6.75 % 9/27/2034 1,535,000.00 1,478,484.02 1,515,812.50 UNITED RENTALS NORTH AMER INC 7.00% 2/15/2014 100,000.00 90,778.60 93,500.00 UNITED STATES CELLULAR CORD SR 6.70 % 12115/2033 210,000.00 203,845.22 217,578.90 US BK NATL MTN #00038 5.63 % 11/30/2005 550,000.00 547,888.19 562,457.50 VALERO ENERGY CORD NT 6.88 % 4/15/2012 230,000.00 , 247,500.59 260,868.30 VERIZON NEW ENG INC DEB 6.50% 9/15/2011 815,000.00 892,624.10 846,500.0(1 VERIZON NEW YORK INC DEB SER A 6.88 % 4/1/2012 465,000.00 495,380.94 521,962.50 VERIZON NEW YORK INC DEB SER A 6.88 % 4/1/2012 25,000.00 27,357.91 28,062.50 VIRGINIA ELEC 8c PWR CO SR NT 5.38 % 2/1/2007 265,000.00 264,404.33 274,523 .45 VODAFONE AIRTOUCH PLC NT 7.63 % 2/15/2005 200,000.00 201,382.35 201,156.00 VOLKSWAGEN AUTO 04-A A-3 2.94% 7/20/2007 890,000.00 889,985.32 884,854.91 VOLKSWAGON FIN SV AG 4.50% 1/27/2010 240,000.00 294,764.25 337,278.85 WASHINGTON MITT BK FA #SB00002 5.65 % 8/15/2014 1,265,000.00 1,308,792.52 1,310,552.71 WASHINGTON MITT BK FA MTN 00003 5.13 % 1/15/2015 265,000.00 265,691.65 263,219.20 WASI4INGTON MUT INC NT 4.00% 1/15/209 235,000.00 229,990.91 234,239.99 9

THE DUKE ENDOWMENT 56-0529965

2004 Statement 9 Form 99aPF -Part II. Line 10c Balance Sheets at December 31. 2004

(b) (c ) INVESTMENTS - CORPORATE BONDS PAR/SHARES BOOK VALUE FAIR MARKET VALUE

WESTVACO CORD DEL DEB 7.95 4b ?1158031 650,000.00 774,647.02 794,111.50 WEYERHAEUSER CO NT 6.00% 8/18006 230,000.00 239,271 .18 239,018.30 WISCONSIN ST GEN REV T7B-SER A 5.70% 5/1!2026 375,000.00 383,776.99 394,503.75 WORLD SVGS BK FSB # TR 00001 4.13% 12!158009 670,000.00 667,950.19 670,100.50 WYETH SR NT 6.45 4b 1!1/2024 540,000.00 548,009.61 566,700.14 ZURICH FINANCE USA M7'N 4.50 4b 9/178014 200,000.00 241,562.72 278,102.55

TOTAL CORPORATE BONDS (Component included in Pail IL Une 10c) 206,382,410.97 216,663,440.38

OTHER CORPORATE BONDS (OPPORTUNISTIC)

ABGEM3C INC SR NT CONV 144A 1 .75 % 12/15!2011 105,000.00 105,000.00 113,531 .25 ACTCJAIVT CORD SR SUB DEB 144A 2.00% 11/152023 365,000.00 388,624.42 531,531 .25 ADVANCED IUD OPTICS CONY 144A 2.50% 7/1512024 350,000.00 373,625.00 380,625.00 ADVANCED IVED OPTICS INC CONV 2.50% 7/158024 70,000.00 72,729.00 76,125.00 ADVANCED MICRO DEVICES CVT SR 4.75 4b 2IIRQ22 350,000.00 416,461 .54 402,062.50 AGCO CORD DEL SR SUB NT CONY 1 .75 °ib 121318033 195,000.00 230,634.00 228,150.00 AGERE SYS INC SUB NT CVT 6.50% 1?J152009 195,000.00 279,33750 206,212.50 A11 .FRGAN INC SR NT CVT 0.00% 11/68022 425,000.00 395,366.71 4(5,43750 All1ANT TECHSYSTEMS INC 144A 2.75% 21158024 110,000.00 113,193.96 116,46250 ALLIED WASTE INDS INC SR PFD 3.425.00 186,037.75 180,531 .75 Ai .i "TEL CORD UNITS CVT PFD 9,700.00 492,61757 513,033.00 AI.ZA CORD SUB DEB CVT 0.00% 7888020 300,000.00 222,075.39 261,375.00 AMEREN CORD UNTI' ADJ CVT PAD 5,000.00 141,052.20 143,800.00 AMERICAN FINL GROUP INC OHIO 1 .49% 6I212033 1,125.000.00 490,414.40 482*343.75 ARCH COAL INC PFD PREP CONY 5,300.00 486,503.10 482,300.00 ASK JEEVES INC SUB NT CONY 0.00% b/1R008 115,000.00 229,442.20 200,531 .25 ASM WTI. N V SUB NT CONV 144A 4.25 % 1?Jb12011 125,000.00 125,000.00 131,718.75 AUDIOCODFS LTD SR NT CONV 144A 2.00% 11/9/2024 300,000.00 335,11050 335,110.50 AVATAR I-II.DGS INC SR CONY 144A 4.50% 4/18024 165,000.00 165,000.00 186,03750 BAXTER INTL INC CORPORATE 5,425.00 288,01850 306,295.50 BEARINGPOINT INC SUB CONV 144A 2-50% 1?115R024 85,000.00 85,000.00 89,356.25 BEARIIYGTOIY INC SUB NT 144A 2.75 4b !?!15!2024 265,000.00 265,898.77 279,575.00 BHARTI TEL.EVENTURI:S 0.00% 5/128009 390,000.00 382.26635 407,939.99 BJ SVCS CO SR NT CVT 0.40% 4/2412022 550,000.00 483,180.41 456,500.00 10 THE DUKE ENDOWMENT 56-0529965

2004 Statement 9 Form 990-PF -Part II. Line lOc Balance Sheets at December 31 . 2004 ro> (c) uvvEsTWrrrs - CORPORATE BONDS PAR/SHARES BOOK VALUE` FAIR MARKET VALUE

CARNIVAL CORD DEB CONV 2.00% 4/15/2021 500,000.00 599,193.15 754,375.00 CELGENE CORD NT CONY 1 .75 % 6/1/2008 190,000.00 223,394.40 244,862.50 CHESAPEAKE ENERGY CORD 2,815.00 293,601.87 344,682.68 CHESAPEAKE ENERGY CORD PFD 175.00 188,562.50 202,562.50 CHII.TON IN'TL (BVI) - VAM 476.64 20,000,000.00 22,825,812.9E COLLEGIATE PAC INC SR SUB NT 5.75 % 12/1/2009 150,000.00 150,000.00 L69,875.00 COMPUTER ASSOC INTI. INC CONY 1.63 % 12115/2009 525,000.00 799,495.00 866,906.25 COMPUTER ASSOC IIVTI. WC SR NT 5.00% 3/15/2007 150,000.00 189,958.75 193,687.50 COMVERSE TECHNOLOGY INC 0.00% 5/15/2023 235,000.00 235,000.00 345,450.00 COMVERSE TECHNOLOGY INC 0.00% 5/15/2023 190,000.00 262,561.20 279,300.00 CONSTELLATION BRANDS CVT SER A 0.00% 9/1/2006 17,700.00 504,941.03 665,874.00 CORNING INC MANDATORY PFD CONV 575.00 325,419.50 345,646.88 CYPRESS SEMICONDUCTOR CORD 1 .25 % 6/15/2008 350,000.00 345,723.35 369,687.50 DEUTSCHE BK LUXEMBOURG 144A 2.36% 5/1/2012 200,000.00 269,410.00 268,624.00 DIAMOND OFFSHORE CONV DEBS 1.50% 4/15/2031 475,000.00 483,959.84 503,500.00 DIGITAL RN INC SR CONY 144A 1.25 % 1/1/2024 600,000.00 599,453.56 706,300.00 DISNEY WALT CO SR NT CVT 2.13 % 4/15/2023 450,000.00 511,387.50 500,625.00 EQUITY SECS TR II EQUITY TR 9,750.00 248,625.00 243,847.50 EURONET WORLDWIDE INC SR DEB 1 .63 % 12!15/2024 385,000.00 404,093.75 404,543.75 FEDERAL NATL MTG ASSN CONY 4.00 400.000.00 423.00 FISHER SCIENTIFIC SR SUB NT 3.25 % 3/1/2024 590,000.00 618,200.58 661,537.50 FLEXTROMCS INTL LTD SUB NT 1 .00% 8/1/2010 310,000.00 341,502.65 355,725 .00 FORD MTR CO CAP TR II TOPRS % 14,350 .00 800,844.19 757,536.50 FOUR SEASONS HOTELS INC CONY 1 .88% 71308024 275,000.00 275,000.00 351,656.25 FPL GROUP INC CORD UNITS CVT 5,150.00 284,423.20 310,236.00 FREEPORT MCMORAN COPPER 8c GOLD 7.00% 2111/2011 125,000.00 194,531.25 187,500.00 GABELLI ASSET MGMT INC INCOME 3,600.00 94,428.00 96,448.00 GATX CORD SUB NT ENTIRE 5.00% 8/15/2023- 295,000.00 370,383.50 409,312.50 GENERAL MTRS CORD SR DEB CONY 21,000.00 641,830.00 559,860.00 GENZYTvIE CORD SR NT CONY 1.25 % 12!1/2023 475,000.00 495,187.50 503,500.00 GILEAD SCIENCES INC COM 10,831 .00 387,203.65 378,976.59 GOLDIVIAN SACHS GROUP INC 0.03% M12/2009 465,000.00 465,000.00 465,000.(30 GOLDMAN SACHS GROUP INC YES NT 30,500.00 333,731.00 388,875.1)0 HALLIBURTON CO SR NT CONY 3.13 % 7/15/2023 425,000.00 486,756.95 522,750.00 I-IANSBERGER INSTL SER EMERGING 4,285,936.61 44,084,414.48 43,073,662.94 11 THE DUKE ENDOWMENT SCr0529965

2004 Statement 9 Form 99aPF -Part II. Line 10c Balance Sheets at December 31. 2004

INVESTMENTS - CORPORATE BONDS PAR/SHARES BOOK VALUE FAIR MARKET VALUE

HASBRO INC SR DEB CVT 2.75 9b 121112021 425,000.00 510,948.75 457,937.50 HIGHFIELDS CAPITAL 17,645 .26 17,645,260.00 44,709,100.01 HILTON HOTELS CORD SR CONY NT 3.38 % 4/158023 500,000.00 582,687.50 598,125.00 HSBC FIN CORP ACES UNIT 7,200.00 324,360.00 336,240.00 ICG COMMUNICATIONS INC WT E)CP 648.00 0.00 162.00 INCO LTD CONY DEB 1 .00% 3/148023 350,000.00 437,100.06 457,625.00 INTERNATIONAL GAME TECH CONV 0.00% 189/2033 650,000.00 559,962-51 496,437.50 INTERPUBLIC GROUP COS INC SR 4.50% 3/158023 415,000.00 550,838.00 543,650.00 IVAX CORD SR NT COIW 14dA 1 .50% 3JVZQ24 270,000.00 270,000.00 261,225.00 JAGUAR FUND NV COM A 4,120.37 250,754.10 250,754.10 K2 INC NT 144A 5.00% 6/158010 315,000.00 315,000.00 452,025.00 KELLWOOD CO SR DEB CONV 144A 3.50% 6J15R034 275,000.00 275,000.00 276,031 .25 KOMAG INC SUB NT CONY 2.00% ?!12024 200,000.00 200,166.40 202,250.00 LABONE INC NEW SR DEB CVT 144A 3.50% 6/158034 110,000.00 110,000.00 120,587.50 LEFIIvIAN BROS HLDGS INC 144A 0.13% 1Q192008 135,000.00 135,000.00 141,075.00 LEUCADIA NATL CORD SR NT 144A 3.75 90 4/152014 475,000.00 479,375.00 587,218.75 LEUCADIA NATL CORD SR NT CONV 3.75 % 4/158014 215,000.00 235,726.00 265,793.75 LIBERTY MEDIA CORD NEW SR 0.75 4b 3/302023 650,000.00 759,04850 782,437.50 LIBERTY MEDIA CORD SR EXCH DEB 3.25% 31158031 825,000.00 827,512.45 809,531.25 LIBERTY MEDIA CORD SR EXCHANGE 3.50% 1/1512031 485.000.00 450,078.23 457,718.75 LIGrAND PHARMACEUTICALS INC CVT 6.00% l l/1bI2007 165,000.00 347,084.80 328,350.00 LIONS GATE ENTMT CORD 144A 2.94% 10/158024 385,000.00 383,098.42 456,225.00 LOCIQ-IEED MARTIN CORD SR DEB 2.04% 8/152033 250,000.00 264,68750 258,632.50 LOWES COS INC NT CONV 0.86% 10/192021 550,000.00 562,308.00 578,875.00 LUCENT TECHNOLOGIES INC SR CVT 2.75 4b 6/158023 510,000.00 663,941 .70 701,887.50 MASSEY ENERGY CO SR CONV 144A 2.25 4b 4/1/2024 250,000.00 250,000.00 327,18750 MASSEY ENERGY CO SR NT CONV 2.25% 4/18024 130,000.00 161,36250 170,137.50 MAVERICK TUBE CORD 4.00% b/15R033 175,000.00 228,42750 234,062.50 MERCURY COMPUTER SYS INC 14dA 2.00% 51112024 300,000.00 322,006.25 355,500.00 MERCURY INTERACTIVE SR NT CONV 0.00% 5/18008 450,000.00 450,801.00 477,562.50 IvIILl-EIVNAJM CHEMICALS INC CONV 4.00% 11/15/2023 140,000.00 270,486.09 321,125.00 NAN YA PLASTIC CNV NTS 0.00% 6/3QROll 370,000.00 415,140.00 421,33750 IYII HLDGS INC NT CONV 3.50% 9/152033 45,000.00 73,4b2S0 86,850.00 NII HLDGS INC NT CONY 144A 3-50% 9/158033 205,000.00 311,681 .87 395,650.00 NORTEL NETWORKS CORD NEW 2,004.25 701,69654 431,666.21 12

THE DUKE ENDOWMENT 56-0529965

2004 Statement 9 Form 990-PF -Part II. Line 10c Balance Sheets at December 31. 2004

(b) (c ) INVESTMENTS - CORPORATE BONDS PAR/SHARES BOOK VALUE FAIR MARKET VALUE

224,417 .00 NORTHROP GRUMMAN CORD PFD 1,700.00 229,585.00 166,468.75 NOVELL.INC SR DEB COIW 14dA 0.50% 7/15/2024 175,000.00 175,000.00 3,170,?32.(10 OCM OPPORTUNITIES FUND II LP 3,170,732.00 1,254,978.02 OMMCARE CAP TR I TR PFD INC 7,600.00 474,430.00 419,21b.0(? 357,OOO.dt3 ONEOK INC NEW CORD UNITS 10,000 .00 307,000.00 OVERSTOCK COM INC 144A 3.75 % 12/1/2011 200,000.00 220,931 .25 247,750.00 PER SE TECHNOLOGIES CONY 144A 3.25 % 6/30/2024 265,000.00 265,000.00 304,750.0(1 253,403.5d PHELPS DODGE CORD PFD A CVT 1,225.00 251,798.75 322,031 .25 PIXEL WORKS INC SUB DEB CONY 1 .75 % 5/15/2024 375,000.00 325,146.09 416,925.00 PLACER DOME INC SR CONY 144A 2.75 % 10/15/2023 340,000.00 387,687.98 220,725.00 PLACER DOME INC SR DEB CONV 2.75 % 10/15/2023 180,000.00 242,908.20 POWERWAVE TECH INC SUB NT CONY 1.25 % 7/15/2008 185,000.00 211,806.25 196,562.50 .25 POWERWAVE TECHNOLOGIES 144A 1.88 % 11/15/2024 375,000.00 369,415.01 383,906 279,268.75 QUEST DIAGNOSTICS INC CVT DEB 1.75 % 11/30/2021 255,000.00 297,252.68 247,725.00 RED HAT INC SR DEB CVT 0.50% 1/15/2024 270,000.00 258,569.66 .00 364,312.50 REEBOK INTL LTD DEB CVT SER B 2.00% 5/1/2024 335,000.00 335,000 .50 REPCON LUX SA 4.50 % 1/26/2011 425,000.00 475,787.50 519,902 379,000.00 ROPER INDS INC NEW SR SUB CVT 1 .48 % 1/15/2034 800,000.00 343,817.32 516,120.00 SCHERING PLOUGH CORD 9,200.00 470,609.50 235,425.00 SCHL.LTMBERGER LTD CVT 144A 1 .50% 6/1/2023 215,000.00 212,511 .22 246,375.00 SCIII.,iJMBERGER LTD SR NT CONY A 1 .50% 6/1/2023 225,000.00 240,750.00 .95 177,012.50 SCIENTIFIC GAMES CORD SR 144A 0.75 % 12/1/2024 170,000.00 173,368 .00 SEMPRA ENERGY 8.5°!o CVT PFD 17,000.00 463,825.12 529,040 .00 SERENA SOFTWARE INC SUB CONY 1 .50% 12/15/2023 270,000.00 313,586.72 326,575 .00 SI-IANDA INTERACTIVE ENTMT 144A 0.00% 10/15/2014 240,000.00 278,632.05 302,700 33,403,85435 STANDARD PACIFIC 114,236.54 30,000,000.00 558,000.00 STARWOOD HOTELS & RESORTS CONY 3.50% 5/16/2023 450,000.00 489,354.66 TEMPLE-INLAND INC DECS 7.5% 3,200.00 185,460.00 180,160.00 .E TEVA PHARMACEUTICAL FIN II I.L.C 0.25 % 211/2024 715,000.00 729,362.50 725,725 TEVA PHARMACEUTICAL FIN LLC SR 0.50% 2!1/2024 110,000.00 110,000.00 112,062.50 .00 TJX COS INC NEW OPT NT 0.00% 2/13/2021 1,100,000.00 948,435.85 965,250 175,028.00 TRAVELERS PPTY CAS CORD NEW NT 7,600.00 193,221.59 TUDOR CAPTfALrRAPTOR 3,354.75 20,000,000.00 27,989,039.75 .00 TXI CAP TR I EXCH CVT PFD SEC 700.00 30,097.13 35,455 237,750.00 TYCO INTL GROUP S A SR DEB SER 2.75 % 1/15/2018 150,000.00 227,749.50 13

THE DUKE ENDOWMENT 56-0529965

2004 Statement 9 Form 990-PF -Part 11, line 10c Balance Sheets at December 31. 2004

INVESTMENTS - CORPORATE BONDS PAR/SHARES BOOK VALUE FAIR MARKEf VALUE

TYCO INTL GROUP SA CVT A 144A 2.75 g'o UISR018 100000.00 100,000.00 158,500.00 TYCO INTL GRP SA SR DEB CVT B 3.13 % 1/158023 350,000.00 409,150.00 588,000.00 UNITED INDL CORD SR CONV 144A 3.75 9b 9/15!2Q24 150,000.00 150.000.00 180,937.50 VALEANT PHARMACEUTICALS 4.00% 11/15/2013 80,000.00 83,922.00 87,900.00 VALEANT PHARMACEUTICALS 144A 3.00% 81162010 140,000.00 146,726.64 154.175.00 VISHAY INTERTECHNOLOGY CONV 3.63 % 8/1/2023 250.000.00 245,120.61 280,312.50 VISHAY INTERTECHNOLOGY CVT 144 3.63 % 8/18023 75,000.00 73,605.61 84,093.75 WALTER INDS INC SR SUB NT 144A 3.75 % 5/112024 120,000.00 148,977.83 242, 100.00 .71 WELLINGTON EMERGING MARKETS 3,609,083.98 36,000,000.00 38,148,017 WHOLE FOODS MKT SUB DEB CONV 0.00% 3I1I2018 500,000.00 457,312.49 507,500.00 WII.LBROS GROUP INC CONY 144A 2.75 4fi 3/158024 300.000.00 300,021 .13 385,500.00 WII.LIAMS COS INC 5,725.00 495,218.23 479,468.75 WOCIa-IARDT LIMITED CNV BDS 0.00 % 10858009 240.000.00 254.100.00 253800.00 XEROX CORD COM 27,397.00 411,282.49 466.022.97 YAHOO INC NT CONY 0.00% 4/l/2008 150,000.00 286,039.01 285,562.50 YELLOW ROADWAY CORD 5.00 8/88023 300.000.00 362,683.45 362,683.45 YELLOW ROADWAY CORD CONTINGENT 338 % 11258023 25.000.00 25,000.00 37,312.50 ZEE 'i'FI .FFn .1NS CNV SNR BDS 0.50% 429!2009 220,000.00 207,790.74 223,300.00

TOTAL OTHER CORPORATE BONDS (OPPORTUNISTIC) (Component included in Part II, line lOc) 215,635,83352 262,045,736 .44

TOTAL CORPORATE BONDS (Part II, Line lOc) 422,01 8,244.49 478,709,176 .82 TIC DUKE ENDOWMENT 56-0529965

2004 Statement 10 Form 99aPF -Part II. Line 13 Balance Sheets at December 31. 2004 (b) (C ) INVESTMENTS - OTHER PAR/SHARES BOOK VALUE FAIR MARKET VALUE

AMV PARTNERS I 1,644,023.00 1,943,801.37 1,644,023.00 ATA VENTURES I 2,352,524.00 2,500,000.00 2,352,524.00 AUGUST CAPITAL II L P 1,941,868.15 4,687,350.15 1,941,868.15 AUGUST CAPITAL III LP 2,956,046.00 5,044,867.71 2,956,046.00 BAIN CAPITAL FUND VI LP 1,624,951 .00 2,409,533.39 1,624,951.00 BAIN CAPITAL FUND VII LP 9,875,243.00 11,043,626.06 9,875,243.00 BENCHMARK EUROPE I LP 3,762,413.00 4,866,667.00 3,762,413.00 BENCHMARK CAP PARTNERS m LP 1,203,445.00 4,720,250.48 1,203,445.00 BENCHMARK CAPITAL PARTNERS II 904,291 .00 3,898,161.78 904,291.00 BENCHMARK CAPITAL PRTNRS N LP 12,805,050 .00 19,759,90929 12,805,050.00 BENCHMARK CAPITAL PARTNERS V 776,309.00 800,000.00 776,309.00 BERKSHIRE FUND N LP 3,323,289.00 5,006,54450 3,323,289.00 BERKSHIRE FUND VI LP 2,471,195.00 2,655,936. 18 2,471,195 .00 BERKSHIRE FUND V LP 6,872,943.00 7,796,424.03 6,872,943.00 BERKSHIRE FUND V COIIYVES'I'[vENT 1,909,440.00 1,790,545.39 1,909,440.00 BUNKER HILL CAPITAL LP 133,765.92 133,765.92 133,765.92 DOMAIN PARTNERS VI LP 881,052.02 1,000,000.00 881,052.02 DOMAIN PARTNERS V LP 7,380,176.75 7,588,110.09 7,380,176.75 EUROPEAN STRATEGIC PARTNERS II 4,724,066.90 5,267,072.04 4,724,066.90 EVERGREEN PACIFIC PARTNERS LP 313,632.66 313,63266 313,632.66 GENERAL CATALYST GROUP II LP 2,830,736.00 3,060,948.63 2,830,736.00 GENERAL CATALYST GROUP III LP 1,998,212.00 2,000,000.00 1,998,212.00 GOLDER THOMA CRESSEY RALTNER V 3,445,521.00 4,271,88US6 3,445,521.00 GOLDER THOMA CRESSEY & RAiJNER 3,333,704.00 9,022,053.00 3,333,704.00 CSFB GLOBAL OPPORTUNITIES 4,548,334.17 7,045,97033 4,548,334.17 MATLIIV PATI'ERSON II LP 1,983,650.55 2,224,999.85 1,983,650.55 MATRIX PARTNERS VII LP 1,921,879.53 2,247,35755 1,921,879.53 MOI-gt DAVIDOW VENTURES V LP 1,546,498.00 2,868,348.93 1,546,498.00 MOHI2 DAVIDOW VENTURES VI LP 1,573,265.00 6,300,000.00 1,573,265.00 MOHR DAVIDOW VENTURES VII LP 1,418,303.00 1,876,000.00 1,418,303.00 MONITOR CLIPPER II LP 897,162.00 1,220,433.80 847,162.00 MORGENTHALER VENT PTNRS V L P 948,386.00 4,139,732.88 948,386.00 MORGENTHALER PARTNERS VII LP 4,086,853.00 4,942,398.60 4,086,853.00 NATURAL GAS PAR'T'NERS V L P 555,881.94 320,824.16 555,881.94 THE DUKE ENDOWMENT 56-0529965 2

2004 Statement 10 Form 990-PF -Part II. Line 13 Balance Sheets at December 31. 2004

(c ) INVESTMENTS - OTHER PAR/SHARES BOOK VALUE FAIR IvIARKET VALUE

NATURAL GAS PARTNERS VII 2,695,690.71 2,728,741.10 2,695,690.71 NORTH BRIDGE II 382,840.99 1,507,033.11 382,840.99 6i,680.E}0 NORTH BRIDGE III 61,680.00 4,259,352.97 NORTH BRIDGE N 4,392,283.00 9,862,854.02 4,392,283.00 NORTH BRIDGE V 3,502,471.60 4,840,691 .70 3,502,471 .60 PARTINNON INVESTORS II LP 3,322,840.00 5,112,987.00 3,322,840.00 SCF N LP 7,629,329.21 5,627,959.59 7,629,329.21 SECURITY CAPITAL PREF GROWTH 35,838,471.08 20,000,000.00 35,838,471 .08 SEQUOIA CAPITAL IX LP 854,131.00 4,439,703.60 954,131 .00 .00 SEQUOIA CAPITAL VIII LP 27,079,952.00 4,410,010.15 27,079,952 .00 SEQUOIA CAPITAL X LP 5,149,122.00 7,939,984.00 5,149,122 SEQUOIA CAPITAL XI LP 1,613,929.00 1,686,460.00 1,613,929.00 OZ OVERSEAS FUND LTD 260.63 272,95335 481,409.97 STILL RIVER FUND m LP 600,000.00 600,000.00 600,0(?0.0(1 SUN04IT VENTURES VI 2,002,307.10 2,242,367.28 2,002,307.10 SYMPHONY CAPITAL PARTNERS I LP 682,398.00 1,174,639.00 682,398.00 610,53720 1-800 FLOWERS COM INC CL A COM 72,683.00 1,210,171.95 ATHEROS COMMUNICATIONS INC 30,955.00 361,244.85 317,288.75 CARTER HLDGS INC 41,897.00 1,402,167.00 1,424,079.03 HEALTHCENTRAL COM COM NEW 135.00 23,379.09 0.02 MAGNUM HUNTER RES INC 60,000.00 433,080.00 774,000.00 OIL STS INTL INC COM 14,753 .00 290,168.29 284,58537 SABA SOFTWARE INC 14,517 .00 635,844.60 58,648 .68 TRIZETTO GROUP INC 93,709.00 984,319.00 890,235.50 'TUMBLEWEED COMIvIN CORD COM 28,550.00 113,915.00 95,357.00 TA ASSOCIATES IX LP 4,249,278.00 3,707,917.50 4,249,278.00 ADVENT VII L P 135,861.00 113,122.95 135,861 .00 ADVENT VIII 1,867,342.00 2,630,198.53 1,867,342.00 TIFF PARTNERS I 2;199,833 .00 2,702,095.00 2,199,833.00 TIFF PARTNERS II L P 4,373,922.00 5,170,391.00 4,373,922.00 VERSANT VENTURE CAPITAL I 7,848,427.48 7,409,268.42 7,848,427.48 VERSANT VENTURE CAPITAL LP H 3,753,882.81 4,250,000.00 3,753,882.81 VESTAR CAPITAL PARTNERS III LP 2,555,418.99 2,788,602.93 2,555,418.99 VESTAR CAPITAL PARTNERS N 4,935,984.21 4,866,308.68 4,935,984.21 VENTURE STRATEGY PARTNERS III 500,000.00 500,000.00 500,000.00 TIC DUKE ENDOWMENT 50529965 3

2004 Statement 10 Form 990-PF -Part II. Line 13 Balance Sheets at December 31 . 2004 (b) (C ) INVESTMENTS - OTHER PAR/SHARES BOOK VALUE FAIR MARKET VALUE

AVENUE ASIA SPECIAL SITUATIONS 3,625,730.00 3.700,813.00 3,625,730.00 AVENUE INTERNATIONAL 1,359.63 20,000,000.00 26,495,186.17 DAVIDSON KEMPER 13,630,716 .98 13,630,716.98 36,193,451.96 FARALLON CAPITAL 21,643,438.25 21,643,438.25 42,359,693.25 RED SKY HORIZON FUND 29,897.39 30,000,000.00 29,475,238.85 REGIIvIENT CAPITAL LTD CL B 199,148.83 20,000,000.00 23,656,113.07 REGIMENT CAPITAL LTD CL D 151,078.21 15,043,797 .30 17,357,980.01 SATELLITE ASSET MGMT 19,786 .69 19,786,686.00 32,615,158.54 MERIT ENERGY PARTNERS B 14,096,653 .00 114,414.00 14,096,653.00 MERIT ENERGY C 21,892,898.00 7,980,743.00 21,892,898.00 MERIT ENERGY CANADA 3,469,979.00 2,812,941.00 3,469,979.00 MERIT ENERGY D 21,044,929.00 14,315,2(14.00 21,044,929.00 MERIT ENERGY PARTNERS E LP 4,158,785.00 4,158,785.00 4,158,785.00 WELLINGTON-SPWDRIFf 85,495,751 .00 25,000,000.00 85,495,751.00 AG CORE PLUS REALTY FUND LP 1,563,835.00 1,547,206.00 1,563,835.00 AG REALTY V 3,437,804.00 2,950.000.00 3,437,804.00 BCSP REIT m INC (BEACON) 500.000.00 500.000.00 500.000.00 BEACON CAPITAL STRAT PTMtS II 7,096,241 .00 6,052,179.00 7,096,241.00 BROOKDALE INVESTORS V L.P 30,107.00 30,107.00 30,107.00 BROOKDALE INVESTORS II L P 1,809,763.00 535,741 .00 1,809,763.00 BROOKDALE INVESTORS THREE LP 580,593.00 39,653.00 580,593.00 BROOKDALE GROUP N 5,036,575.22 4,477,807.80 5,036,575.22 CL,IFFWOOD VALUE EQUITY 17,007,769 .93 10,000,000.00 17,007,769 .93 COLONY CAPITAL III 3,659,811.00 3,442,548.00 3,659,811.00 COLONY CAPITAL IV 7,617,181 .00 9,347,546.00 7,617,181.00 COLONY CAPITAL VI 2,177,500.00 2,341,376.00 2,341,376.00 DU REAL ESTATE II 5,767,765.00 4,773,746.00 5,767,765.00 HEARTWOOD FORESTLAND I 12,844,606 .59 8,963.461 .74 12,844,60659 FORESTLAND II 16,055,239 .47 8,909,595.95 16,055,239 .47 HEARTWOOD FORESTLAND FD N LP 13,575,721 .66 13,208,532.48 13,575,721 .66 FORESTLAND FUND V 500.000.00 500,000.00 500.000.00 JMB GROUP N 1,294,200.00 720,945.81 1,294,200.00 LB A REALTY FUND 7,854,303.09 7,424,640.00 7,854.303.09 LIQUID REALTY PARTNERS II LLC 1,276,152.04 1,089,91038 1,276,152.04 JMB GROUP III 12,524 .00 542,352.72 12,524 .00 THE DUKE ENDOWMENT 56-0529965

2004 Statement 10 Form 990-PF -Part II. Line 13 Balance Sheets at December 31. 2004

(c ) INVESTMENTS - OTHER PAR/SHARES BOOK VALUE FAIR MARKET VALUE

TCW SPECIAL CREDITS TR VI 840,708 .91 1,868,702.69 840,708.91 TA REALTY ASSOC FD III L P 8,964,995 .00 4,953,513 .40 8,964,995 .00 .00 REALTY ASSOCIATES FUND VI 12,486,293.00 12,871,224 .00 12,486,293 BSDT-LATE MONEY DEPOSIT ACCOUN 4,306.25 4,306.25 4,306.25 DREYFUS CASH MGMT PLUS 2,835,180.74 2,835,180 .74 2,835,180.74 DREYFUS CASH MGMT PLUS 1,065,420.46 1,065,420.46 1,065,420.46 DREYFUS CASH MGMT PLUS 437,312 .75 437,312.75 437,312.75 DREYFUS CASH MGMT PLUS 2,112,902.45 2,112,902 .45 2,112,902 .45 DREYFUS CASH MGMT PLUS 1,829.53 1,829.53 1,829.53 .14 DREYFUS CASH MGMT PLUS 604,156.14 604,156.14 604,156 394,416.40 DREYFUS CASH MGMT PLUS 394,416 .40 394,416.40 .54 DREYFUS CASH MGMT PLUS 433,851 .54 433,851.54 433,852 246,377 .97 DREYFUS CASH MGMT PLUS 246,377 .97 246,377.97 DREYFUS CASH MGMT PLUS 36,617,611 .70 36,617,611 .70 36,617,611 .70 DREYFUS CASH MGMT PLUS 574,504 .80 574,504.80 574,544.80 DREYFUS CASH MGMT PLUS 6,302,180 .49 6,302,180 .49 6,302,180.49 7,174,728 .00 DREYFUS CASH MGMT PLUS 7,174,728 .00 7,174,728 .00

785,003,538 .27 TOTAL INVESTMENTS - OTHER (Part II, Line 13) 625,648,184 .72 THE DUKE ENDOWMENT 56-0529965

2004 Statement U Forrrk990-PF . PnLrt U, Line 22 (b) Balance Sheets at December 31., 2003

Other liabilities Provision for taxes 527,200.72

Provision for expenses (other than trustee commissions and deferred 3,261,296.39 compensation payable)

Securities transactions payable 2,393,216.35 6,181,713.46

THE DUKE ENDOWMENT 56-0529965

2004 Statement 12 Form 990-PF, Part III. Line 5 Analysis of Changes in Net Assets or Find Balances

Decreases not included in line 2 Increase in grants payable 980,398.06 11

The Duke Endowment 56-0529965 2004 Statement 13 Form 390-PF . Part IV Capital Gains And Losses For Tax On Investment Income

ce> (9) chi m m (k) Account Name Gross Sates Cost Gain or (Loss) V as of Ad]. Basis as of Excess of Col. I Gains (Col .h Summary Sheet- Details on Following Paces Price 1?131IS9 1?1311b9 over Col. J minus Col. k)

BROWN BROTHERS HARRIMAN (5,248,065.9'» (7.31 Z074 .77) 2,064,007.80 - - - 2,064,007.80 CHAR7INELL INVESTMENT PARTNERS 42,934,841 .13 39,534,223.73 3,400,617.40 - - - 3,400,617.40 DEPRINCE, RACE & ZOLLO 53,681 .8Q8.65 46.249.590.81 7.432.217.84 7,432,217.84 DUKE-GOLDEN CAPITAL 38,119,33&.30 34,698,089.56 3,421,246.74 - - - 3,421,246.74 FROLEY REVY INVESTMENT CO . 54,441,724.94 53,176,36263 1,265,36231 - - 1,265,36231 GOLDEN CAPITAL 39,152,203.50 34,580,847.39 4,571,355.11 - - - 4.571,358-» GOLDEN LARGE CAP VALUE 23,853,272.49 19,55S,320.76 4,296,951.73 - - - 4,296,951 .73 HANSBERGER 8,084,414.48 - 8,084,414.48 - - - 8,084,414.48 MACKAY SHIELDS 30,483,429.31 2&,656,055.16 3,827,374.15 - - 3,827,374.15 MELLON BANK CASH EQUIl1ZA710N 7,699,045.39 8,603,288.14 (904,24275) - - - (904,24275) MELLON CASH RESERVE 44,686.07 - 44,686 .07 - - - 44,686.07 NICHOLAS - APPLEGATE 14,829,917.91 13,927,313.07 902,604.84 - - - 902,604.84 NISA INVESTMENT ADVISORS 1,233,080,185.57 1,228,557,000.81 4,513,184.76 - - - 4,513,184.78 OZ PARTNERS 2,825,823.69 2,084,200.61 741,623.08 - - - 741,623.08 ROTHSCHILD ASSET MANAGEMENT 28,590,994.54 22,751,748.94 5,839,245.60 - - - 5,839,245.60 SATELLITE ASSET MANAGEMENT 15,716,548.00 10,213,314.00 5,503,234.00 - - - 5~ " SOUTHEASTERN ASSET MANAGEMENT (33,210.36) (24,799.23) (8,411 .13) - - - (8,411 .13) T. ROWE PRICE ASSOCIATES, INC. 23,678,457.97 2,846,671.43 20,831,786.54 - - - 20,831,78&.54 TCW LARGE CAP GROWTH 84,297,56205 68,059,609.85 16,237,95220 - - - 16,237,95220 WR HUFF 2,020,462.50 1,947,546.74 72,915.76 - - - 72,915.76 VARIOUS ACCOUNTS (reported on K-1 end 1099 forms) 59,699,565 .14 - 59,699,565.14 - - - 59,699,565.14 DUKE ENERGY 52,172,607 .71 2,707,515.49 49,465,09222 - - - 49,465,092.22

TOTALS (PART IV, LINES 1 AND 2) 1,810,1?5,610.01 1,608,822,8?.5 .12 201,302,784.89 - - - 201,302,784.89

Net of unrelated business gainsAosses.

(a) Detailed Listing on pages 2 - 171 (b) Unless otherwise noted, all gains end tosses were attributable to purchases rather than donations. (c ) Venous dates acquired (d) Dates sold per detailed listings (() No depreciation The Duke Endowment 56-0529965 zooa s Statement 13 Form 990=PF = PArt IV Capital Gains And Losses For Tax On Investment Income

BROWN BROTHERS HARRIMAN (a) (d) (e) (9) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost GaIM .oss

585,000.00 AIG SUNAMERICA INST FNDG BDS 5.500%07-MAR-2011 6/4/2004 (767,984 .27) 766,792 .19 (1,f8208) 225,000.00 AKZO NOBEL NV 5.625°k BDS 07-MAY-09 EUR1000 6/4/2004 (293,863 .80) 293,407 .66 (456 .14) 365,000.00 ALLIANZ FINANCE BV BDS 5 000% 25-MAR-2008 EUR0 .01 6/4/2004 (468,178 .93) 467,452 .21 (726 .72) 375,000 .00 AVENTIS SA EMTN 4.250% 15-SEPT-2010 EUR7000 6/4/2004 (456,434 .47) 455,725.99 (708 .48) 470,000.00 BRITISH TELECOM PLC BDS STEP 15-FEB-2006 6/4/2004 (606,772 .60) 605,830 .75 (941 .85) 295,000.00 CARREFOUR BDS 4.500°k 18-MAR-2009 EUR VAR 6/4/2004 (370,591 .54) 370,016 .30 (575 .24) 350.000 .00 DEUTSCHE TELEKOM I MTN EUR1000 5.750% 12-FEB-2008 6/M2004 (455,921 .90) 455,214.21 (707.69) 50,000,000.00 DEVELOPMENT BANK OF JAPAN 1 .750% 21-JUN-2010 6/M2004 (470,868 .14) 477,143.52 6,275.38 50,000,000.00 DEVELOPMENT BK OF JAPAN 1 .400% 20-JUN-2012 6/4/2004 (451,611 .48) 457,630 22 6,018.74 100,000,000.00 FEDERAL NATL MTG ASSOC BDS 1 .750% 26-MAR-2008 6/4/2004 (941,018 .09) 953,559 .28 12,541 . 19 1,500,000 .00 FRANCE (GOVT OF) 5.000% OAT 25-OCT-2011 EUR1 6/4/2004 (1,944,219.82) 1,941,201 .95 (3,017 .87) 900,000 .00 FRANCE (GOVT OF) BDS 5.750% BDS 25-OCT-2032 6/4/2004 (1,220,975.19) 1,219,079.96 (1,895 .23) 575,000 .00 FRANCE (GOVT OF) OAT 5.500% 25-APR-2010 6/4/2004 (766,187 .98) 764,998 .68 (1,189 .30) 1,740,000.00 FRANCE (GOVT OF) OAT 5.000°k 25-OCT-2016 6/M2004 (2,220,578.48) 2,217,131 .65 (3,446.83) 3,625,000.00 FRANCE (GOVT OF) OAT EUR1 4.750% 25-OCT-2012 6/M2004 (4,604,019.27) 4,596,872 .80 (7,146 .4 350,000.00 FRANCE TELECOM BDS 7.000% 23-DEC-2009 6/4/2004 (483,426 .31) 482,675.92 (750.39) 1,975,000.00 GERMANY (FED REP) BDS 6250% 04-JAN-2024 EUR1000 6/4/2004 (2,828,932.86) 2,824,541 .72 (4,391 .14) 1,075,000.00 GERMANY (FED REP) TSY BDS 5.000% 04-JUL-2012 6/4/2004 (1,390,462.66) 1,388,304.35 (2,158 .31) 715,000.00 GERMANY FED REP 4.750% BDS 04-JUL-2034 6/4/2004 (841,054.36) 839,748.86 (1,3(35 .5Q) 310,000.00 GERMANY FED REP BDS 3.750% 04-JAN-2009 EUR0 .01 6/M2004 (383,534.65) 382,939.31 (595.34) 2,040,000 .00 GERMANY FED REP BDS 4.750% 04-JUL-2028 EUR1000 6/M2004 (2,412,811 .13) 2,409,065 .90 (3,745 .23) 5,000,000 .00 GERMANY FED REP BDS SER 98 4.125% 04-JUL-2008 EUR1000 6/4!2004 (6,291,310.99) 6,281,545 .46 (9,765 .53) 250,000,000.00 INTER AMERN DEV BK BDS 1 .900% OS-JUL-2009 JPY1000 6/M2004 (2,383,517.49) 2,415,283.24 31,765.75 96,000,000 .00 JAPAN FIN CORP ME 1 .350% 26-NOV-2013 JPY1U00000 6/M2004 (849,771 .12) 861,096.23 11,325.11 350,000.00 KONINKLIJKE KPN NV NTS EUR0 .01 4.750%05-NOV-2008 614/2004 (441,869.81) 441,183.93 (685.88) 390,000.00 MCDONALD'S CORP 5.625% EMTN 070CT2009 EUR1000 6/4/2004 (511,368.92) 510,575.16 (793.76) 270,000.00 MICHELIN FIN LUX GTD BDS EUR 6.500% 16-APR-2012 6/4/2004 (367,112 .18) 366,542.34 (5$9.84) 370,000.00 MORGAN STANLEY D.W . 5.750% BDS 01-APR-09 EUR1000 6/4/2004 (487,409 .37) 486,652.80 (756.57) 100,000,000 .00 PROV OF QUEBEC 1 .600% 09-MAY-2013 JPY1000 6/4/2004 (907,442 .36) 919,536.08 12,093.72 200,000 .00 REPSOL INTL FINANCE BV 6.000% 05-MAY-2010 6/4/2004 (264,088 .79) 263,678.86 (409.93) 300,000.00 RWE FINANCE BV BDS 5.375°k 18-APR-2008 6/M2004 (390,345 .87) 389,739.97 (&E}5.90) 330,000 .00 SCHNEIDER ELECTRIC SA 3.875% 31-OCT-2008 6/M2004 (404,259 .65) 403,632 .15 (627.50) 295,000 .00 SLM CORP BDS 4.750% 17-MAR-2014 EUR100000 6/4!2004 (354,775 .59) 354,224.90 (550.fi9) 13,700,000 .00 SWEDEN (KINGDOM OF) 4.000% 01-DEC-2009 SEK5000 6/M2004 (1,820,735.50) 1,826,347 .72 5,61222 240,000 .00 TESCO PLC 4.750% 13-APR-2010 EMTN 6/4/2004 (302,878 .93) 302,408 .80 (470,13) 350,000 .00 TOKYO ELECTRIC POWER CO 4.500% 24-MAR-2014 6/4/2004 (421,147 .26) 420,493 .54 (633.72) 415,000 .00 TREASURY STK 7.7509'0 08-SEPT-2006 6/4/2004 (805,831 .17) 805,962.76 131 .59 240,000.00 VOLKSWAGON FIN SV AG 4.500% MTN 27-JAN-2010 EUR 6/4/2004 (295,387 .75) 294,92924 (458.51) (3,030,000.00) U S TREASURY NOTES 4250% 11/15/2013 DD 11/15/03 6/412004 2,910,220.31 (2,924,660.16) (14,439 .85) (2,125,000.00) U S TREASURY NOTES 4250% 11/15/2013 DD 11/15/03 G!7/2004 2,036,513.68 (2,051,123.05) (14,608.37) 480,000.00 HUTCHISON WHAMPOA FINANCE 5.875% 08,1UL-2013 EUR1000 6/812004 (590,893 .00) 591,037.82 144.82 250,000,000.00 JAPAN GOVT (217) 1 .800% 21-DEC-2009 6/8/2004 (2,369,063.77) 2,400,636.89 3!,573.12 95,000,000 .00 JAPAN GOVT OF 2.100°k 20-SEPT-2033 JPY 8/8/2004 (801,269.90) 811,948.63 10,678.73 235,000,000.00 JAPAN GOVT OF BDS 1 .400% 20-DEC-2013 JPY 6/8/2004 (2,092,088.71) 2,119,970.51 27,881.8{3 130,000,000 .00 JAPAN GOVT OF CNV BDS 2.500% 21-DEC-2020 6/8/2004 (1,268,757.58) 1,285,666.64 16,909.06 The Duke Endowment 56-0529965 2004 Statement 13 Form 990-PF - PArt N Capital Gains And Losses For Tax On Investment Income

BROWN BROTHERS HARRIMAN cap (d) cep (s) (h) and m Date Gross Sale Units Security Description Sold Price Cost GaInILoss

(3,720,000.00) U S TREASURY NOTES 4.25096 11/15/2013 DD 11/15J03 6/8/2004 3,572,517.18 (3,590,671 .8 (18,154 .69) (2,000,000.00) U S TREASURY NOTES 4.25096 11/1512013 DD 11/15J03 6/9/2004 1,918,593.76 (1,930,468.7 (11,874 .99) - JPY (JAPANESE YEN) 6/ 11/2004 0.06 - 0.06 270,000.00 BRISA FINANCE BV 4.79796 26-SEPT-2013 EUR VAR 6/11/2004 (329,501 .03) 329,843.83 342.80 250,000,000.00 KREDITANSTALT FUR WIEDERAUFBAU 1 .850% 2G-SEPT-2010 JPY1000000 6/11 r2004 (2,368,031 .36) 2,399,590.72 31,559.36 - EUR (EURO) 6/11/2004 971,204.80 (384,193.42) (12,988 .62) - EUR (EURO) 6/11!Z004 989,657.38 (971,204 .80) 18,452 .58 - GBP (GREAT BRITISH POUNDS) 6/11!2004 13,979.60 (14,128.80) (149 .20) - GBP (GREAT BRITISH POUNDS) 6/11/200a (13,979.60) 14.128.81 149.21 - JPY (JAPANESE YEN) 6/11/2004 - 838.03 838.00 - SEK (SWEDISH KRONA) fi/11/2004 - - - (950,000 .00) U S TREASURY NOTES 4.25096 11/152013 DD 11/15/03 fi/14/2004 908,400.39 (916,97265) (8,572 .26) (1,900,Q00 .00) FEDERAL HOME W MTG CORP DEBS 4.875% 11/15J2013 DD 10/t7ro3 6/22/200a 1,851,757.81 (t,sa7,sat .oo) 4,216.81 (110,000 .00) ALTRIA GROUP INC NT 7.000`X, 11/042013 DD 11/04!03 623/2004 110,961 .40 (110,004 .40) 957.00 (300,000 .00) BOSTON SCIENTIFIC CORP NT 5.45096 08/1512014 DO 08125/04 6/24/'1004 301,743.00 (239,550.00) 2,193.00 (575,000 .00) FRANCE (GOVT OFD OAT 5.500% 25-APR-2010 6/29/2004 767,149.90 (764,938.68) 2,151.22 (1,800,000.00) US TREASURY BILL DUE 07/22/2004 DD Otr22/04 6J2J/2001 1,798,518.06 (1,738,47750) 40.56 240,000 .00 LVMH MOST-HENNESSY 4.6259601JUL-2011 7/1r200A (290,326.42) 28&,600.32 (3,726.10) (250,000 .00) AT&T CORP SR NT STEP 11/152011 DD 05/15/02 7/1/2004 257,457.50 (267,675.00) (10,217.50) 500,000 .00 SWISS LIFE INS FIN 4.375% 30,1UN-2008 7/212004 (609,207.41) 605,66324 (3,544.1 (190,000 .00) ANHEUSER BUSCH COS MTN 5.62596 10/01/2010 DD 10/03/01 7/2/2004 202,515.30 (198,645.90) 3,868.40 (395,000 .00) BRISTOL MYERS SQUIBB CO NT 4.75096 10/01/2006 DD 09/28J01 7/212004 409,287.15 (4Q5,7b7.70) 3,519.45 (3,165,000.00) FEDERAL NATL MTG ASSN DEBS 2.625% 11/15/2008 DD 1Q124/03 72x2004 3,138,540.60 (3,124,677 .90) 13,862.70 (390,000 .00) LILLY ELI 8 CO NT 6.00096 03115x2012 DD 03!18/02 7/2/2004 420,716.40 (412,627.80) 8,088.60 (355,000 .00) NATIONAL RURAL lIT1LS COOP FIN 6.000% 45/1512006 DD QS/23/01 7/22004 374,787.70 (375,011 .35) (223.65) (230,000 .00) PNC FUNDING CORP BONDS 5.75096 08/01/2006 DD 08/01/01 7/212004 242,420.00 (242,397 .00) 23.00 (6,515,000.00) U S TREASURY NOTES 2.00096 05/15f2006 DD 05/15//«i 7/2/2004 6,462,574.61 (6,442,215.27) 20,359.34 (175,000 .00) U S TREASURY NOTES 4250% 11/1512013 DD 11/15/03 72/2004 172,757.81 (168,916.02) 3,841 .79 (375,000 .00) WALMART STORES INC NT 4.55096 45/01/2013 DD 04/29/03 7/212004 365,306.25 (357,588 .75) 7,717.50 5,390,000 .00 GERMANY (FED REP) BDS EUR0 .01 4.500% 17-AUG-2007 7/8/2004 (6,963,561 .5 6,914,395 .19 (49,168 .38) (425,000 .00) DEUTSCHE BK FINL BK GM 6.7009612/13/2006 DD 12/13198 7/9x2004 458,638.75 (455,685 .00) 2,9b3_75 (6,600,000.00) US TREASURY BILL DUE 07/2212004 DD 01x22/04 7/9/2004 8,594,606.48 (6,594,607.0'7) (0.59) (1,000,000.00) FLEET CA CARD MASTER TR 01-B A 5.600% 12/1512008 DD 06!27/01 7/1212004 1,047,343.75 (1,045,507.81) 1,835.94 4,000,000.00 FRANCE (GOVT OF) BTAN 5.000% 12,1UL-2005 7/13x2004 (5,069,467.82) 5,094,373 .41 24,905.59 6,050,000.00 GERMANY (FEDERAL REPUBLIC) BD 4.500% 18-AUG-2006 7/1312004 (7,736,052.48) 7,784,389 .07 48,336.59 (650,000.00) COUNTRYWIDE HOME MTN #TR00313 4.004% 032?12011 DD 032?l04 7/13/'1004 613,171 .00 (600,918.50) 12,252 .50 (650,000.00) FRANCE (GOVT OFD 5.000% OAT 2S-OCT-2011 EURi 7/1312004 854,135.62 (841,18751) 12,948.11 (305,000.00) MBNA AMER BK NATL ASSN 6.62596 0&/15x2012 DD 0&/18/02 7/13!2004 328,439.25 (3xi,513.50) 4,925.75 (375,000.00) PITNEY BOWES CR CORP NT 8.55096 0911 5r,2009 DD 09N5/89 7/13/2004 451,222.50 (444,960.00) 6,262.50 (610,000.00) UNILEVER CAP CORP 7.125% 11/01x2010 DD 10/24/00 7N3/2004 695,259.70 (684,73720) 10,52250 (440,000 .00) BRISTOL MYERS SQUIBB CO NT 5.75096 10/012011 DD 09/28/01 7/14rL004 460,820.80 (461,15520) (334 .40) (225,000 .00) COMPUTER SCIENCES CORP SR NT 7.375% 06/15/2011 DD 06/13/01 7/14!2004 256,882.50 (252,904 .50) 3,978.00 (535,000.00) FRANCE (GOVT OF) OAT 5.000% 25-OCT-2016 7/15!2004 696,895.33 (681,538.11) 15,35722 (1,360,000 .00) U S TREASURY BONDS 05.375% 02/1512031 DD 02/15101 7/19/2004 1,408,025.00 (1,355,537.50) 52,487.50 650,000.00 CASINO GUICHARD-PERRACHON 4.750% 21,1UL-2011 EUR1000 7/21/200b (800,930.43) 785,918.60 (15,011 .8:1) me Duke Endowment 56-0529965 2004 Statement 13 Form 990-PF - PArt IV Capital Gains And Losses For Tax On Investment Income

BROWN BROTHERS HARRIMAN (a) (d) (e) (9) (h) and ~} Date Gross Sale Units Security Description Sold Price Cost Gain/Loss 1,669,693 .32 15,743.72 1,360,000.00 GERMANY FED REP BDS 4.750% 04-JUL-2028 EUR1000 7/2212004 (1,653,949.60) 535,000.00 DEUTSCHE BAHN FINANCE BV BDS 4.750% 14-MAR-2018 7/26/2004 (643,812.15) 657,281 .84 13,469.89 (75,000 .00) FREESCALE SEMICONDUCTOR 144A 7.125% 07/15/2014 DD 07/21/04 7/27/2004 75,468.75 (75,000.00) 468.75 (185,000 .00) U S TREASURY NOTES 4.250% 11/15/2013 DD 11/15/03 7/27/2004 180,692.97 (180,172.66) 520.31 .25 (250,000 .00) U S TREASURY BONDS 05.375% 02/15/2031 DD 02/15/01 8/5/2004 258,085 .94 (249,179 .69) 8,906 11,699 .58 (380,000 .00) DEERE & CO DEB 7.850% 05/15/2010 DD 05/01/00 8/26/2004 449,885 .80 (438,18622) (5,030,000.00) GERMANY (FED REP) BDS EUR0.01 4.500% 17-AUG-2007 9/2/2004 6,357,082 .27 (6,446,967.70) (89,885 .43) 500,000.00 GERMANY FED REP 4.750% BDS 04-JUL-2034 9/6/2004 (608,965 .67) 613,654 .87 4,689.20 .12 580,000,000.00 FEDERAL NATL MTG ASSN DEBS 2.125% 10/09/2007 DD 10109/97 sls/2ooa (5,5n,35s .s1) 5,600,566 .73 23,207 14,300.16 (340,000 .00) COUNTRYWIDE HOME MTN #TR00313 4.000% 03/22/2011 DD 03/22/04 9/13/2004 329,497.40 (315,197 .24) (385,000 .00) CREDIT SUISSE FB USA INC NT 6.500% 01/15/2012 DD 01/11/02 9/1312004 428,104.60 (409,569 .63) 18,534 .97 .64) (280,000 .00) VODAFONE AIRTOUCH PLC NT 7.625% 02/15/2005 DD 08/15/00 9/13/2004 286,322.40 (287,182 .04) (859 (,218.75 (25,000 .00) LA QUINTA PPTYS INC SR NT 144A 7.000% 08/15/2012 DD 08/19/04 9/1412004 26,218.75 (25,000 .00) (50,000 .00) ALLIED WASTE NORTH AMER INC SR 6.125% 02/15/2014 DD 01/27/04 9/16/2004 46,500.00 (45,816 .62) 683.38 .70 200,000.00 ZURICH FINANCE USA MTN 4.500% 17-SEPT-2014 EUR50000 9/17/2004 (241,470.19) 241,509.89 38 375,000.00 CIT GROUP INC NOW CUSIP NAB02W5T1 9/22!2004 (456,907.88) 453,353.64 (3,554.24) (112,000,Q00.00) INTER AMERN DEV BK BDS 1 .900% 08-JUL-2009 JPY7000 9(23/2004 1,068,796.26 (1,079,024.22) (10,227 .86) (50,000 .00) ALLIED WASTE NORTH AMER INC SR 6.125% 02/15/2014 DD 01/27/04 9/24/2004 47,000.00 (45,816 .61) 1,183.39 .62 (585,000 .00) AIG SUNAMERICA INST FNDG BDS 5.500% 07-MAR-2011 9/27/2004 787,939 .83 (764,922 .21) 23,017 (138,000,000 .00) INTER AMERN DEV BK BDS 1 .900% 08~1UL-2009 JPY1000 9/27/2004 1,330,897 .26 (1,329,511 .99) 1,385.27 112,000,000.00 ASIF 111 (JERSEY) 0.950% 17,1UL-2009JPY1000 9/28/2004 (1,014,69721) 1,024,527 .79 3,830.58 .40) 1,201 .60 (425,000 .00) CAPITAL ONE BK MTN #TR 00112 6.875% 02/01/2006 DD 02/06/01 9/28/2004 447,542 .00 (446,340 30,607.76 (425,000 .00) FRANCE (GOVT OF) OAT 5.000% 25-0CT-2016 9/28/2004 571,713 .43 (541,105 .67) .52 (660,000 .00) MERRIL.L LYNCH & CO AATN TR00432 5.450% 07/15/2014 DD 07/19/04 9/28/2004 687,027 .00 (658,715 .48) 28,311 (13,852.36) (415,000 .00) TREASURY STK 7.750% 08-SEPT-2006 9/28/2004 787,427 .59 (801,279 .75) (216.00) (216 .00) US TREASURY INFLATION INDEX NT 2.000% 07/15/2014 DD 07/15/04 9/30/2004 - (216 .00) 138,000,000 .00 ASIF III (JERSEY) 0.950% 17,1UL-2009 JPY1000 9/30/2004 (1,284,343.67) 1,253,14428 (11,199.39) 150,000.00 BAA PLC 4.500% 30-SEPT-2014 - 9/30/2004 (185,461 .65) 181,258.15 (4,203 .5Q) 535,000.00 CITIGROUP INC BDS 4.750% 12-NOV-2013 9/30/2004 (691,713.28) 684,946.51 (8,766.77) (5,51Q .69) 650,000.00 FRANCE GOVERNMENT OF BTAN 4.500% 12-JUL-2006 10/1/2004 (832,953.78) 827,443.09 445,000.00 RODAMCO EUROPE 4.375% 01-OCT-2014 10/1/2004 (548,188.62) 539,314.16 (6,874 .46) 535,000.00 UBS AG JERSEY VAR FIT 16-SEPT-2019 EUR1000 10/1/2004 (672,853.40) 668,401 .92 (4,451 .48) .30 (1,700,000.00) FRANCE (GOVT OF) OAT EUR1 4.750% 25-OCT-2012 10/1/2004 2,214,269.73 (2,153,506.43) 60,763 (150,729.00) US TREASURY INFLATION INDEX NT 2.000% 07/15/2014 DD 07/15104 10/4/2004 152,377.60 (148,854 .06) 3,523.54 - AKI INC SR NTS 10.500% 07/01/2008 DD 01/01/99 10/5/2004 2,000.00 - 2,000.00 (100,000.00) AKI INC SR NTS 10.500°k 07/01/2008 DD 01/01/99 10/5/2004 100,875.00 (102,981 .70) (2,t06 .70) 325,000,000.00 JAPAN GOVT (217) 1 .800% 21-DEC-2009 10/7/2004 (3,091,756.69) 3,113,865.70 22,109.01 (170,000.00) U S TREASURY NOTES 4.250% 08/15/2014 DD 08/15/04 10!7/2004 170,028.56 (170,717 .19) (&90 .63) (25,000 .00) B&G FOODS INC SR NT 8.000% 10/01/2011 DD 10114/04 10/18J2004 25,875.00 (25,000 .00) 875.00 (955,000 .00) GENERAL MTRS ACCEP CORP SR NT 6.875°k 08/2812012 DD 08/29/02 10/18/2004 995,702 .10 (959,612 .04) 36,090.06 (200,000 .00) REPSOL INTL FINANCE BV 6.000% 05-MAY-2010 10/19/2004 274,565 .98 (262,618 .88) 11,947 .10 (1,075,000.00) GERMANY (FED REP) TSY BIDS 5.000% 04-JUL-2012 10/20/2004 1,471,359 .30 (1,385,301 .41) 86,057.89 320,000 .00 REPSOL INTL FIN BDS 5.000% 22,1UL-2013 EUR10000 10/22/2004 (420,295 .48) 416,502 .29 (3,793.19) 450,000.00 FORTIS BANK BDS VAR FIT 29-OCT-2049 10/2712004 (569,816 .52) 558,527 .72 (11,288.80) 430,000.00 ENECO HOLDINGS MTN 4.125°k 10-JUN-2010 EUR 11/1/2004 (557,494 .08) 558,609 .51 1,115.43 The Duke Endowment 56-0529965 2004 Statement 13 Form 990-PF - PArt IV Capital Gains And Losses For Tax On Investment Income

BROWN BROTHERS HARRIMAN (e) (d) (e) (9) (h) and Date Gross Sate Units Security Description Sold Pace Cost Ga1n/Loss

(475,000 .00) ATMOS ENERGY CORP SR PIT 4.830961Q/15/2014 DO 10/22/04 11/4!2004 473,594.00 (474,966.75) (1,37275) (250,0Q0 .00) BOEING CAP CORP SR NT 7.375% 09127/2010 DO 09/27/00 11/4!2004 291,405.00 (277,168.72) 14,23&.28 (155,000 .00) DOMINION RES INC DEL SR NT 5.25096 08/0112033 DO 07/24/03 11/42004 156,646.10 (146,534 .89) 10,11121 (990,000 .00) U S TREASURY BONDS 05.375% 02/152031 DO 02/15/01 11/4/2004 1,072,139 .06 (98&,796.46) 85,342.60 (285,000 .00) USX-MARATHON GROUP NOTES 6.65096 02/012006 DO 02/01/99 11/412004 297,910.50 (248,851 .52) (1,041 .02) - AT&T WIRELESS SVGS INC SR NT 7.875% 03/01/2011 DO 09/01/01 11/512004 230.00 - 230.00 (4,000,000.00) FRANCE (GOVT OF) BTAN 5.000% 12-JUL-2005 11/5!2004 5,251,982 .75 (5,064,884 .74) 187,098.01 (650,000 .00) FRANCE GOVERNMENT OF BTAN 4.500% 12,1UL-2006 11/5/2004 867,740.16 (827,443.09) 40,297.07 (360,000 .00) GERMANY (FED REP) BDS EUR0 .01 4.500% 17-AUG-2007 11/b12004 480,955.75 (453,344.01) 27,611 .74 (6,050,000.00) GERMANY (FEDERAL REPUBLIC) BD 4.500% 18-AUG-2006 11/5!2004 8,087,598 .66 (7,754,928.32) 332,670.34 (400,000 .00) ALCOA INC NT 7.375% 08/01/2010 DO 072Q/00 11/9/2004 452,892.00 (449,495 .16) 13.396.84 (270,000 .00) CHINA DEV BK NT 4.75096 1U108/L014 DO 10108/04 11/9/2001 267,300.00 (265,010.40) 2,289.60 (345,000 .00) CONAGRA INC NT 7.87596 09/1512010 DD 09118!00 11/91'2004 406,275.45 (332,859.37) 13,416 .08 (380,000 .00) GENERAL ELEC CAP MTN QTR 00551 6.000% OfiN52012 DO OBI07/02 11/9/200A 414,325.40 (396,5025 17,822 .83 1,800,000 .00 FRANCE (GOVT OFD OAT EUR1 4.75096 25-OCT-2012 11/10/2004 (2,488,880.39) 2.487,916.94 (963 .45) (25,000 .00) CITGO PETE CORP SR NT 144A 6.000% 10/1512011 DO 1U122/04 11/1012004 25,562.50 (24,825.00) 737.50 (100,000 .00) HILTON HOTELS CORP SR NT 7.500% 1?J15/2017 DO 12122/87 11/10/2004 115,250.00 (102,697.98) 12,552_Q2 (100,000 .00) ROYAL CARIBBEAN CRUISE 6.875% 12/012013 DO 11/21/03 11/10/2004 109,500.00 (98,063.06) 11,436 .94 (1,000,000.00) U S TREASURY NOTES 2.500% 09/30/20QS DO 0930/04 11/10/2004 993,984.38 (985,429.69) (1,445 .31) (755,000 .00) U S TREASURY NOTES 05 .750% 08l15<2010 DO 08/15/00 11/12!2004 835,338.72 (835,600 .00) (26328) (580,000 .00) U S TREASURY NOTES 4.25096 08115/2014 DO 08/15104 11/12/2004 581,721 .88 (581,900 .13) (181 .25) (35,000 .00) ILLINOIS PWR CO MTG BD 11 .500% 12/15!2010 DO 08/15/03 11/15!2004 39,025.00 (41,2 .11) (2,2M. 11) (65,000 .00) ILLINOIS PWR CO MTG BD 11 .5009612/15x2010 DO 08/15/03 11/24/2004 78,923.00 (76,690 .92) 2,232.08 - AVENTIS SA EM'M 4.25096 15-SEPT-2010 EUR1000 11/26!2004 1,223.86 - 1,223.8& (1,380,001 .00) US TREASURY INFLATION INDEX NT 2.000% 07/152014 DO 07/15/04 11rL62004 1,423,126 .03 (1,430,6524 (7,528.44) (50,000 .00) ROCKWOOD SPECIALTIES GRP 144A 7.500% 11/15x2014 DO 11110104 12181200b 51,500.00 (50,000 .00) 5,500.00 (215,000 .00) COX COMMUNICATIONS INC NEW NT 7.125% 10/012012 DO 092Q102 12/10/2004 240,449.55 (233,42 .91) 7,023.84 (13,700,000 .00) SWEDEN (KINGDOM OF) 4.000% 01-0EG2009 SEIC5000 12/14/2004 2,090,622 .98 (1,827,576.12) 263,046.88 (51,080,886 .66) FOREIGN EXCHANGE CONTRACT 84/2004 (85,327 .72) - (85.327.72) (489,000 .00) FOREIGN EXCHANGE CONTRACT 618f2004 1,620.00 - 1.620.00 (3a1,071 .77) FOREIGN EXCHANGE CONTRACT 6l1 1/2ooa (7,onze) - (7,077.28) (604,420 .00) FOREIGN EXCHANGE CONTRACT 6x30/2004 3,905.00 - 3,905.00 (309,472 .92) FOREIGN EXCHANGE CONTRACT 7/1/2004 2,760.86 - 2,760.86 (7,176,668.49) FOREIGN EXCHANGE CONTRACT 7/8/2004 81,875.37 - 61,875.37 (11,765,750 .00) FOREIGN EXCHANGE CONTRACT 7/1312004 (58,424.99) - (58,424 .99) (3,482,347,333 .48) FOREIGN EXCHANGE CONTRACT 720x2004 (199,146.32) - (199,14&.32) (39,827,000 .00) FOREIGN EXCHANGE CONTRACT 7/204 546,239.99 - 546.239.99 (1,582,353.75) FOREIGN EXCHANGE CONTRACT 7/23!2004 (28,873.95) - (28.873 .95) (5,276,000 .00) FOREIGN EXCHANGE CONTRACT 9I1r20d4 47,220.02 - 47,220.02 (5,614,152.14) FOREIGN EXCHANGE CONTRACT 9/13!1004 (20,189_23) - (20,19923) (242,581 .00) FOREIGN EXCHANGE CONTRACT 9/17x2004 (2,238.75) - (2,238 .75) (608,500 .00) FOREIGN EXCHANGE CONTRACT 9121/2004 (2,976.11) - (2,978.11) (2,508,132,838 .91) FOREIGN EXCHANGE CONTRACT 9/241200A (81,013.84) - (81,013.84) (481,400.00) FOREIGN EXCHANGE CONTRACT 9/24/2004 (4,115.97) - (4,115.9 (14,953,600.00) FOREIGN EXCHANGE CONTRACT 9128/2004 1 .086.30 - 1 .088-30 The Duke Endowment 56-0529965 zoos s Statement 13 Form 990-PF - PArt IV Caoltal Gains And Losses For Tax On Investment Income

BROWN BROTHERS HARRIMAN (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost GaiNLoss

(1,375,517.57) FOREIGN EXCHANGE CONTRACT 10/1/2004 12,101 .95 - 12,101 .85 (440,428 .72) FOREIGN EXCHANGE CONTRACT 10/1/2004 6,892.71 - 6,892.71 (5,014,166.76) FOREIGN EXCHANGE CONTRACT 1 on12004 (s,148.s3) - (s,148 .s3) (700,000 .00) FOREIGN EXCHANGE CONTRACT ioi2si2ooa (1o,esa.ss) - (1o,saa.ss) (310,779 .53) FOREIGN EXCHANGE CONTRACT 11/1/2004 1,400.85 - 1,400.85 (9,594,392.34) FOREIGN EXCHANGE CONTRACT 11/10/2004 46,628.74 - 46,628.74 (3,066,751,411 .20) FOREIGN EXCHANGE CONTRACT 11/19/2004 270,306.94 - 270,306.94 (14,181,113 .56) FOREIGN EXCHANGE CONTRACT 12!17/2004 3,578.13 - 3,578.73 .80 TOTAL CAPITAL GAINS (5,248,066.9 7,312,074.77 2,064,007

I 1 The Duke Endowment 56-0529965 2004 7 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (9) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(1,000.00) HEALTHEXTRAS INC COM 1/2J2004 13,465.81 (7,550.Q0) 5,915.81 (800.00) EON LABS INC 1/2/2004 41,261 .74 (15,034.24) 26,227.50 (2,400.00) AEROFLEX INC 1/512004 31,248.21 (18,610.08) 12,638.13 (2,300.00) SI(YVUORKS SOLUTIONS INC 1/5/2004 21,874.73 (17,061 .63) 4,813.10 (1,300.00) ESPEED INC 1/512004 30,930.22 (11,919.44) 19,010.78 (700.00) TETRA TECH INC NEW 1/5/2004 17,623.77 (8,948.84) 8,674.93 (600.00) TARO PHARMACEUTICALS INDS LTD 1/5/2004 37,068.78 (22,269.84) 14,798.94 (500.00) TARO PHARMACEUTICALS INDS LTD 1/5/2004 31,205.93 (18,558.25) 12,647.68 (500.00) EON LABS INC 1/5/2004 25,028.37 (8,534.51) 16,493.85 (500.00) HEALTHEXTRAS INC COM 1/5/2004 6,537.74 (3,775.00) 2,762.74 (4,900.00) SICYWORKS SOLUTIONS INC 1/6/2004 45,552.17 (39,681 .89) 5,870.28 (1,200.00) ESPEED INC 1/6/2004 28,660.05 (11,x02.56) 17,657.49 (700.00) EON LABS INC 1/6/2004 33,662.26 (11,330.13) 22,332.13 (500.00) HEALTHEXTRAS INC COM 1/6/2004 6,384.15 (3,775.x) 2,609.15 (500.00) TETRA TECH INC NEW 1/6/2004 12,421 .26 (6,418.22) 6,003.04 (2,400.00) GRAY TELEVISION INC 1/7/2004 37,157.69 (19,800.Q0) 17,357.69 (1,100.00) HEALTHEXTRAS INC COM 1/7/2004 13,852.96 (8,305.00) 5,547.96 (765.00) EON LABS INC 1!7/2004 35,536.63 (12,113.41) 23,423.22 (700.00) IMMUCOR INC 1/7/2004 15,231 .70 (9,400.35) 5,831 .35 (500.00) ESPEED INC 1/7/2004 11,949.08 (4,5$4.40) 7,364.68 (425.00) TETRA TECH INC NEW 1/7/2004 10,445.88 (5,445.35) 5,000.53 (2,100.00) TETRA TECH INC NEW 1/8/2004 51,736.53 (26,127.6 25,608.86 (1,600.00) GRAY TELEVISION INC 1/812004 25,204.73 (13,2Q0.a0) 12,004.73 (600.00) IMMUCOR INC 1/8/2004 12,681 .54 (8,742.88) 3,938.65 (500.00) HEALTHEXTRAS INC COM 1/8/2004 6,361 .75 (3,775.QU) 2,586.75 (200.00) DIGITAL INSIGHT CORP COM 1/8/2Q04 5,389.74 (4,008.58) 1,381 .16 (2,500.00) GLOBESPANVIRATA INC COM 1/9/2004 17,299.18 (8,9Q0.00) 8,399.18 (800.00) IMMUCOR INC 1/9/2004 16,271 .15 (11,740.27) 4,530.88 (600.00) GRAY TELEVISION INC 1!9/2004 9,389.55 (4,950.0D) 4,439.55 (500.00) HEALTHEXTRAS INC COM 1!9/2004 6,224.80 (3,775.00) 2,449.80 (500.00) SICYWORKS SOLUTIONS INC 1/9/2004 4,965.01 (4,125.70) 839.31 (500.00) TETRA TECH INC NEW 1/9/2004 12,193.82 (6,130.40) 6,063.42 (200.00) ESPEED INC 1/9/2Q04 4,907.00 (1,833.76) 3,073.24 The Duke Endowment 56-0529965 2004 8 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(7,500.00) GLOBESPANVIRATA INC COM 1/12/2004 52,154.04 (26,700.00) 25,454.04 (3,900.00) SKYWORKS SOLUTIONS INC 1/12/2004 39,295.33 (31,824.66) 7,470.67 (1,025.00) KOS PHARMECEUTICALS INC COM 1/12/2004 49,584.71 (15,590.28) 33,994.43 (900.00) TARO PHARMACEUTICALS INDS LTD 1/12/2004 56,687.89 (33,395.11) 23,292.78 (900.00) TETRA TECH INC NEW 1/12/2004 21,502.69 (10,742.38) 10,760.31 (800.00) HEALTHEXTRAS INC COM 1/12/2004 9,200.36 (7,031 .92) 2,168.44 (200.00) BOYD GAMING CORP 1/12/2004 3,378.12 (3,228.72) 149.40 (2,000.00) BROAD INC COM 1/13/2004 30,713.35 (14,393.32) 16,320.03 (800.00) ADOLOR CORP 1/13/2004 13,065.94 (17,151 .50) (4,085.56) (800.00) TETRA TECH INC NEW 1/13/2004 19,092.86 (9,006.00) 10,086.86 (300.00) VIRAGE LOGIC CORP 1/13/2004 3,584.83 (2,124.87) 1,459.96 (5,200.00) BROAD INC COM 1/14/2004 81,562.33 (38,597.70) 42,964.63 (4,175.00) TETRA TECH INC NEW 1/14/2004 103,168.60 (47,681 .18) 55,487.42 (1,800.00) BROAD INC COM 1/14/2004 29,209.20 (15,661 .40) 13,547.80 (1,450.00) DIGITAL INSIGHT CORP COM 1/14/2004 39,080.45 (29,419.12) 9,661 .33 (900.00) BOYD GAMING CORP 1/14/2004 15,178.05 (14,529.24) 648.81 (400.00) ADOLOR CORP 1/14/2004 5,605.85 (8,615.00) (3,009.15) (300.00) VIRAGE LOGIC CORP 1/14!2004 3,585.22 (2,124.87) 1,460.35 (2,700.00) BROAD INC COM 1h5/2004 44,186.03 (33,661 .18) 10,524.85 (1,000.00) ADOLOR CORP 1/1512004 14,229.33 (21,744.94) (7,515.61) (900.00) BOYD GAMING CORP 1/15/2004 15,212.16 (14,529.24) 682.92 (2,500.00) ACXIOM CORP COM 1/16/2004 46,998.54 (33,211 .29) 13,78725 (1,700.00) DIGITAL INSIGHT CORP COM 1/16/2004 45,904.13 (35,002.01) 10,902.12 (1,000.00) VIRAGE LOGIC CORP 1/16/2004 11,518.89 (7,066.42) 4,452.47 (700.00) ADOLOR CORP 1/16/2004 10,013.02 (15,424.81) (5,411 .79) (400.00) OPNET TECHNOLOGIES INC COM 1/16/2004 7,741 .63 (4,819.84) 2,921 .79 (100.00) BOYD GAMING CORP 1/16/2004 1,687.37 (1,614.36) 73.01 (2,000.00) DIGITAS INC COM 1/20/2004 23,767.68 (9,370.00) 14,397.68 (1,900.00) ACXIOM CORP COM 1/20/2004 35,794.89 (28,670.00) 7,124.89 (1,700.00) ADTRAN INC 1/20/2004 62,540.23 (36,762.50) 25,777.73 (1,400.00) OPNET TECHNOLOGIES INC COM 1/20/2004 28,362.80 (16,860.08) 11,502.72 (800.00) DIGITAL INSIGHT CORP COM 1/20/2004 21,658.42 (16,403.36) 5,255.06 (600.00) VIRAGE LOGIC CORP 1/20/2004 7,165.58 (4,237.38) 2,928.20 The Duke Endowment 56-0529965 2004 9 Statement 13 Form 99o-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (e) (9) and Date Gross Sale Units Security Description Sold Price cost Gain/Loss

(400.00) BOYD GAMING CORP 1120/2004 6,743.88 (6,457.44) 286.44 (400.00) ODYSSEY RE HLDGS CORP COM 1/20/2004 9,654.86 (6,002.08) 3,652.78 (400.00) SICYVNORKS SOLUTIONS INC 1/20/2004 4,019.85 (3,015.76) 1,004.09 (300.00) ADOLOR CORP 1/20/2004 4,217.14 (6,324.54) (2,107.40) (9,950.00) SI(YV110RKS SOLUTIONS INC 1/21/2004 100,772.84 (77,879.99) 22,892.85 (1,675.00) ACXIOM CORP COM 1/21/2004 31,702.74 (25,259.36) 6,443.38 (1,300.00) BOYD GAMING CORP 1/21/2004 21,948.81 (21,096.16) 852.65 (1,300.00) ODYSSEY RE HLDGS CORP COM 1/21/2004 31,056.61 (19,06.76) 11,549.85 (1,200.00) GRAY TELEVISION INC 1/21/2004 19,024.14 (9,900.00) 9,124.14 (300.00) ADOLOR CORP 1/21/2004 4,256.80 (5,695.08) (1,438.28) (300.00) VIRAGE LOGIC CORP 1/21/2004 3,564.82 (2,118.69) 1,446.13 (1,000.00) BOYD GAMING CORP 1/22/2004 16,970.30 (16,300.40) 670.30 (500.00) GRAY TELEVISION INC 1/22/2004 7,865.83 (4,125.Q0) 3,740.83 (300.00) ADOLOR CORP 1/22/2004 4,131 .55 (5,948.5 (1,817.02) (800.00) HYPERION SOLUTIONS CORP 1/23/2004 29,29126 (28,944.00) 347.26 (800.00) LAM RESH CORP COM 1/23/2004 24,922.27 (11,592.61) 13,329.66 (400.00) GRAY TELEVISION INC 1/23/2004 6,212.38 (3,300.00) 2,912.38 (300.00) ADOLOR CORP 1/23/2004 4,084.03 (6,455.5 (2,371 .52) (300.00) DIGITAL INSIGHT CORP COM 1/23/2004 7,763.12 (6,15126) 1,611 .86 (100.00) BOYD GAMING CORP 1/23/2004 1,695.55 (1,630.00) 65.55 (6,900.00) CERIDIAN CORP NEW COM 1/26/2004 141,806.11 (114,034.8 27,77124 (3,700.00) BOYD GAMING CORP 1/26/2004 62,672.09 (&0,706.25) 1,965.84 (1,500.00) PHOTON DYNAMICS INC COM 1/26/2004 63,587.57 (28,251 .&0) 35,335.97 (800.00) DIGITAL INSIGHT CORP COM 1/26/2004 20,833.02 (16,164.81) 4,668.21 (800.00) ODYSSEY RE HLDGS CORP COM 1/26/2004 19,164.22 (12,404.16) 7,160.06 (400.00) VIRAGE LOGIC CORP 1/26/2044 4,347.19 (2,824.J2) 1,52227 (6,200.00) CERIDIAN CORP NEW COM 1/27/2004 128,552.20 (102,498.56) 26,053.64 (5,600.00) ARTISAN COMPONENTS INC 1f27/2004 111,397.81 (113,006.&6) (1 .608.85) (2,050.00) DENDREON CORP COM 1127/2004 28,439.34 (26,137.50) 2,301 .84 (1,100.00) BOYD GAMING CORP 1f27/2004 18,726.40 (18,593.80) 132.60 (800.00) ODYSSEY RE HLOGS CORP COM 1/27/2004 18,810.47 (12,004.16) 6,806.31 (600.00) PHOTON DYNAMICS INC COM 1/27/2004 25,167.08 (10,546.Q9) 14,620.99 (200.00) DIGITAL INSIGHT CORP COM 1/27/2004 5,224.25 (3,910.00) 1,314.25 The Duke Endowment 56-0529965 2004 10 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(100.00) VIRAGE LOGIC CORP 1/27/2004 1,102.94 (70623) 396.71 (5,200.00) ARTISAN COMPONENTS INC 1/28/2004 101,364.04 (92,673.97) 8,690.07 (1,300.00) ODYSSEY RE HLDGS CORP COM 1/28/2004 30,590.42 (19,506.76) 11,083.66 (1,000.00) CERIDIAN CORP NEW COM 1/28/2004 20,484.93 (17,431 .70) 3,053.23 (900.00) BOYD GAMING CORP 1/28/2004 15,044.95 (15,034.61) 10.34 (800.00) DIGITAS INC COM 1/28/2004 9,994.09 (3,748.00) 6,246.09 (4,500.00) ARTISAN COMPONENTS INC 1/29/2004 81,779.61 (80,757.24) 1,022.37 (2,300.00) CONCUR TECHNOLOGIES INC 1/29/2004 24,246.83 (19,973.43) 4,273.40 (800.00) ODYSSEY RE HLDGS CORP COM 1/29/2004 18,699.12 (12,004.16) 6,694.96 (10,500.00) CONCUR TECHNOLOGIES INC 1/30/2004 118,981 .45 (99,010.78) 19,970.67 (3,050.00) DIGITAL INSIGHT CORP COM 1/30/2004 70,851 .31 (60,881 .74) 9,969.57 (1,800.00) GRAY TELEVISION INC 1/30/2004 26,192.92 (14,850.00) 11,342.92 (1,600.00) ARTISAN COMPONENTS INC 1/30/2004 29,052.07 (27,764.48) 1,287.59 (1,150.00) CARMIKE CINEMAS INC 1/30/2004 37,980.53 (36,800.00) 1,180.53 (1,000.00) ODYSSEY RE HLDGS CORP COM 1/30/2004 23,133.61 (15,005.20) 8,128.41 (2,700.00) CONCUR TECHNOLOGIES INC 2/2/2004 31,207.56 (26,755.00) 4,452.56 (1,300.00) ODYSSEY RE HLDGS CORP COM 2/2/2004 30,503.97 (19,506.76) 10,997.21 (1,300.00) PHOTON DYNAMICS INC COM 2/2/2004 51,125.30 (18,914.38) 32,210.92 (300.00) GRAY TELEVISION INC 2/2/2004 4,335.00 (2,475.00) 1,860.00 (1,800.00) ODYSSEY RE HLDGS CORP COM 2/3/2004 42,235.01 (27,476.03) 14,758.98 (1,700.00) IMMUCOR INC 213/2004 38,615.89 (25,280.90) 13,334.99 (1,400.00) CONCUR TECHNOLOGIES INC 2/3/2004 15,799.51 (13,971 .00) 1,828.51 (500.00) GRAY TELEVISION INC 2/3/2004 7,177.06 (4,125.00) 3,052.06 (6,100.00) GRAY TELEVISION INC 2/4/2004 84,290.72 (50,325.00) 33,965.72 (1,800.00) CONCUR TECHNOLOGIES INC 2/4/2004 19,378.96 (18,035.70) 1,343.26 (1,200.00) ANNTAYLOR STORES CORP COM 2/4/2004 49,171 .29 (34,792.32) 14,378.97 (600.00) IMMUCOR INC 2/4/2004 13,496.12 (9,112.97) 4,383.15 (500.00) ODYSSEY RE HLDGS CORP COM 2/4/2004 11,532.20 (9,835.95) 1,696.25 (300.00) BARR PHARMACEUTICALS INC 2/4/2004 22,884.81 (12,061 .19) 10,823.62 (1,700.00) MARLIN BUSINESS SVCS CORP COM 2/5/2004 31,144.91 (27,318.15) 3,826.76 (1,025.00) PHARMACEUTICAL RES INC 2/5/2004 59,644.82 (67,392.42) (7,747.60) (900.00) COVENTRY HEALTH CARE INC COM 2/5/2004 37,782.11 (16,514.94) 21,267.17 (1,600.00) PHOTON DYNAMICS INC COM 2/6/2004 59,781 .19 (26,958.56) 32,822.63 The Duke Endowment 56-0529965 2004 11 Statement 13 Form 99d-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (9) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(1,500.00) ODYSSEY RE HLDGS CORP COM 2/612004 36,344.64 (29,524.4 6,820.17 (1,200.00) SYMBION INC DEL 2/6/2004 21,390.07 (18,000.00) 3,390.07 (700.00) TARO PHARMACEUTICALS INDS LTD 2/6/2004 44,359.49 (24,955.65) 19,403.84 (2,500.00) INTEGRATED SILICON SOLUTION IN 2/9/2004 44,174.67 (41,250.00) 2,924.67 (1,900.00) AEROFLEX INC 219/2004 29,692.94 (14,732.98) 14,959.96 (1,700.00) CACHE INC COM NEW 2/9/2004 48,294.39 (31,745.95) 16,548.44 (1,200.00) PHOTON DYNAMICS INC COM 2/9/2004 45,688.21 (32,217.60) 13,470.61 (5,200.00) AEROFLEX INC 2/10/2004 83,017.74 (40,321 .84) 42,695.90 (2,100.00) INTEGRATED SILICON SOLUTION IN 2/10/2004 35,930.15 (34,435.36) 1,494.79 (1,100.00) GRAY TELEVISION INC 2/10/2004 16,629.12 (9,075.40) 7,554.12 (100.00) PHOTON DYNAMICS INC COM 2/10/2004 3,794.82 (2,492.0 1,302.75 (3,600.00) AEROFLEX INC 2J11/2004 58,561 .33 (27,915.12) 30,64621 (2,500.00) REMEC INC COM 2/11/2004 19,872.31 (26,725.20) (6,852.89) (1,700.00) INTEGRATED SILICON SOLUTION IN 2/11/2004 28,365.88 (27,030.45) 1,335.43 (1,600.00) GRAY TELEVISION INC 2/11/2004 24,321 .73 (13,240.00) 11,121 .73 (1,200.00) CACHE INC COM NEW 2/11/2Q04 33,550.42 (21,600.00) 11,950.42 (600.00) PHOTON DYNAMICS INC COM 2/11/2004 22,768.93 (14,9&6.76) 7,802.17 (600.00) VIRAGE LOGIC CORP 2/11/2004 6,097.69 (4,237.38) 1,880.31 (300.00) NEXSTAR BROADCASTING GROUP INC 2111/2004 4,082.77 (4,064.16) 18.61 (2,800.00) COVENTRY HEALTH CARE INC COM 2/12/2004 116,418.77 (51,379.82) 65,038.95 (1,200.00) IMMUCOR INC 2J12!2004 27,750.13 (18,095.04) 9,655.09 (1,090.00) ATHEROS COMMUNICATIONS INC 2/12/2004 19,206.20 (15,260.0) 3,346.20 (900.00) GRAY TELEVISION INC 2/12/2004 13,781 .05 (7,425.00) 6,356.05 (800.00) REMEC INC COM 2/12/2004 6,446.09 (8,429.52) (1,983.43) (700.00) NEXSTAR BROADCASTING GROUP INC 2/12/2004 9,508.21 (9,483.04) 25.17 (300.00) VIRAGE LOGIC CORP 2/12/2004 3,094.14 (2,118.69) 975.45 (5,400.00) REMEC INC COM 2h3/2004 40,794.00 (55,499.06) (14,705.46) (4,800.00) PIXELWORKS INC COM 2J13/2004 77,475.08 (76,106.94) 1,3&8.14 (3,300.00) CHICAGO BRIDGE & IRON NY SHR 2/13/2004 94,366.99 (71,775.40) 22,591 .99 (2,500.00) CUMULUS MEDIA INC CL A 2/13/2004 52,217.55 (33,376.75) 18,840.80 (2,400.00) SALIX PHARMACEUTICALS INC 2/13/2004 66,140.89 (46,604.40) 19,53 .49 (2,100.00) IMMUCOR INC 2/13/2004 47,418.57 (30,622.95) 16,795.62 (1,900.00) COVENTRY HEALTH CARE INC COM 2/13/2004 79,720.83 (34,864.87) 44,855.96 The Duke Endowment 56-0529965 2004 12 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (9) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(600.00) GRAY TELEVISION INC 2/13/2004 9,075.89 (4,950.00) 4,125.89 (500.00) PHOTON DYNAMICS INC COM 2/13/2004 17,825.76 (12,467.77) 5,357.99 (300.00) VIRAGE LOGIC CORP 2/13/2004 3,070.74 (2,118.69) 952.05 (1,400.00) CHICAGO BRIDGE & IRON NY SHR 2/17/2004 39,401 .01 (30,450.00) 8,951 .01 (1,200.00) NEXSTAR BROADCASTING GROUP INC 2/17/2004 16,210.63 (16,256.64) (46.01) (1,100.00) COVENTRY HEALTH CARE INC COM 2/17/2004 46,790.81 (20,184.93) 26,605.88 (600.00) GRAY TELEVISION INC 2/17/2004 9,029.57 (4,950.00) 4,079.57 (400.00) IMMUCOR INC 2/17/2004 8,853.86 (4,369.97) 4,483.89 (300.00) VIRAGE LOGIC CORP 2/17/2004 3,016.35 (2,118.69) 897.66 (1,800.00) REMEC INC COM 2!18/2004 13,368.86 (17,698.50) (4,329.64) (1,525.00) TARO PHARMACEUTICALS INDS LTD 2/18/2004 100,408.00 (52,468.39) 47,939.61 (400.00) GRAY TELEVISION INC 2/18/2004 6,041 .83 (3,300.00) 2,741 .83 (300.00) IMMUCOR INC 2!18/2004 6,528.56 (3,579.44) 2,949.12 (300.00) NEXSTAR BROADCASTING GROUP INC 2/18/2004 4,034.81 (4,109.44) (74.63) (4,100.00) NEXSTAR BROADCASTING GROUP INC 2/19/2004 54,937.42 (57,400.00) (2,462.58) (2,487.00) COVENTRY HEALTH CARE INC COM 2/19/2004 105,966.10 (45,203.83) 60,762.27 (700.00) IMMUCOR INC 2/19/2004 14,774.69 (9,056.60) 5,718.09 (600.00) REMEC INC COM 2119/2004 4,458.51 (5,940.00) (1,481 .49) (300.00) GRAY TELEVISION INC 2/19/2004 4,541 .72 (2,475.00) 2,066.72 (1,000.00) WYNN RESORTS LTD 2/20/2004 34,323.39 (28,150.00) 6,173.39 (800.00) IMMUCOR INC 2/20/2004 16,324.91 (10,897.60) 5,427.31 (4,200.00) IMMUCOR INC 2/23/2004 82,248.64 (57,293.57) 24,955.07 (2,600.00) CHICAGO BRIDGE & IRON NY SHR 2/23/2004 68,853.88 (58,492.00) 10,361 .88 (1,225.00) GRAY TELEVISION INC 2/23/2004 17,663.80 (10,106.25) 7,557.55 (725.00) CEPHALON INC COM 2/23/2004 41,631 .86 (32,403.95) 9,227.91 (600.00) NEXSTAR BROADCASTING GROUP INC 2/23/2004 7,995.52 (8,400.00) (404.48) (600.00) WYNN RESORTS LTD 2/23/2004 19,998.77 (16,890.00) 3,108.77 (400.00) CHARLES RIV ASSOCS INC COM 2/23/2004 13,909.45 (13,148.68) 760.77 (300.00) CHARLES RIV ASSOCS INC COM 2/23/2004 10,491 .79 (9,861 .51) 630.28 (300.00) VIRAGE LOGIC CORP 2!23/2004 2,995.89 (2,118.69) 877.20 (200.00) KOS PHARMECEUTICALS INC COM 2/23/2004 8,969.64 (2,899.00) 6,070.64 (1,450.00) IMMUCOR INC 2/24/2004 28,823.13 (26,114.93) 2,708.20 (900.00) KINETIC CONCEPTS INC 2/24/2004 34,528.68 (27,000.00) 7,528.68 The Duke Endowment 56-0529965 2404 13 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (9) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(700.00) VIRAGE LOGIC CORP 2/2M2004 7,401 .85 (4,943.61) 2,458.24 (625.00) KOS PHARMECEUTICALS INC COM 2/24/2004 27,564.30 (10,074.55) 17,489.75 (1,000.00) WYNN RESORTS LTD 2/25/2004 33,150.30 (28,135.00) 5,015.30 (800.00) NEXSTAR BROADCASTING GROUP INC 2/25/2004 10,360.95 (11,200.00) (839.05) (500.00) VIRAGE LOGIC CORP 2/25/2004 4,979.80 (3,531 .15) 1,448.65 (400.00) MARLIN BUSINESS SVGS CORP COM 2/2512004 6,937.60 (5,806.95) 1,130.65 (300.00) TARO PHARMACEUTICALS INDS LTD 2/2512004 18,787.42 (10,321 .65) 8,465.77 (5,600.00) CHICAGO BRIDGE & IRON NY SHR 2/26/2004 150,713.63 (136,281 .70) 14,431 .93 (2,500.00) WYNN RESORTS LTD 2/26/2004 83,815.47 (71,352.07) 12,463.40 (400.00) NEXSTAR BROADCASTING GROUP INC 2126/2004 5,180.55 (5,600.00) (419.45) (300.00) CONCEPTUS INC COM 2/2612004 2,840.37 (4,425.00) (1,584.63) (0.50) COVENTRY HEALTH CARE INC COM 2/26/2004 20.99 (8.73) 12.26 (1,200.00) MATRIA HEALTHCARE INC 2127/2004 35,132 .22 (20,340.72) 14,191 .50 (800.00) NEXSTAR BROADCASTING GROUP INC 2/27/2004 10,389.51 (11,200.00) (810.49) (300.00) MARLIN BUSINESS SVCS CORP COM 2/27/2004 5,095.33 (4,200.00) 895.33 (200.00) MARLIN BUSINESS SVCS CORP COM 3/1/2004 3,429.52 (2,8UO.Q0) 629.52 (100.00) CONCEPTUS INC COM 3h/2004 965.96 (1,475.00) (s09.04) (100.00) NEXSTAR BROADCASTING GROUP INC 3/1/2004 1,294.94 (1,400.00) (105.0S) (1,600.00) PETSMART INC 3/2J2004 42,435.46 (17,131 .52) 25,303.94 (1,200.00) CONCEPTUS INC COM 3/2/2004 12,080.50 (17,700.00) (5,619.50) (1,300.00) KOS PHARMECEUTICALS INC COM 3!3/2004 57,919.23 (24,743.58) 33,175.65 (5,300.00) VIRAGE LOGIC CORP 3/4/2004 53,895.70 (37,905.42) 15,990.28 (1,600.00) CONCEPTUS INC COM 3/4/2004 20,648.47 (23,fi00.00) (2,951 .53) (1,090.00) LINKTONE LTD ADR 3/4/2004 20,305.25 (15,2CU.a0) 5,045.25 (400.00) TARO PHARMACEUTICALS INDS LTD 3/4/2004 25,199.01 (13,362.24) 11,836.77 (400.00) KOS PHARMECEUTICALS INC COM 3/4/2004 17,635.83 (7,481 .12) 10,154.71 (200.00) NEXSTAR BROADCASTING GROUP INC 314/2004 2,589.89 (2,800.00) (210.11) (1,400.00) KOS PHARMECEUTICALS INC COM 3/5/2004 61,325.44 (25,938.62) 35,386.82 (600.00) TARO PHARMACEUTICALS INDS LTD 31512004 37,746.14 (19,683.42) 18,062.72 (600.00) CHILDREN'S PL RETAIL STORES 3/512004 18,374.70 (15,693.42) 2,681 .28 (500.00) CHARLES RIV ASSOCS INC COM 31512004 17,481 .86 (16,435.85) 1,046.01 (300.00) MARLIN BUSINESS SVCS CORP COM 3!512004 5,059.30 (4,200.x) 859.30 (800.00) CHILDREN'S PL RETAIL STORES 3/8/2004 24,857.18 (20,884.83) 3,97235 The Duke Endowment 56-0529965 2004 14 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(700.00) KOS PHARMECEUTICALS INC COM 3/8/2004 33,041 .01 (12,141 .07) 20,899.94 (500.00) TARO PHARMACEUTICALS INDS LTD 31812004 31,672.26 (16,350.81) 15,321 .45 (500.00) PACER INTL INC TENN 3/8/2004 10,991 .42 (8,507.15) 2,484.27 (100.00) NEXSTAR BROADCASTING GROUP INC 3/8/2004 1,294.94 (1,400.00) (105.06) (0.40) CONEXANT SYSTEMS INC 3/8/2004 2.92 (1 .19) 1 .73 (1,150.00) KOS PHARMECEUTICALS INC COM 3/9/2004 52,651 .04 (19,963.65) 32,687.39 (800.00) NEXSTAR BROADCASTING GROUP INC 3/9/2004 10,239.59 (11,200.00) (960.41) (550.00) TARO PHARMACEUTICALS INDS LTD 3/9/2004 33,970.80 (17,852.28) 16,118.52 (425.00) BARR PHARMACEUTICALS INC 3/9/2004 33,401 .57 (17,667.50) 15,734.07 (400.00) BARR PHARMACEUTICALS INC 3/10/2004 29,901 .79 (16,628.24) 13,273.55 (400.00) MARLIN BUSINESS SVCS CORP COM 3/10/2004 6,379.75 (5,600.00) 779.75 (400.00) NEXSTAR BROADCASTING GROUP INC 3/10/2004 5,157.71 (5,600.00) (442.29) (1,600.00) BARR PHARMACEUTICALS INC 3/11/2004 121,476.05 (63,929.15) 57,546.90 (500.00) MARLIN BUSINESS SVCS CORP COM 3/11/2004 7,964.68 (7,500.00) 464.68 (200.00) NEXSTAR BROADCASTING GROUP INC 3/11/2004 2,569.69 (2,800.00) (230.31) (2,350.00) BARR PHARMACEUTICALS INC 3/1212004 176,834.12 (104,666.32) 72,167.80 (800.00) PETSMART INC 3/12/2004 20,344.16 (8,565.76) 11,778.40 (100.00) NEXSTAR BROADCASTING GROUP INC 3/12/2004 1,285.08 (1,400.00) (114.92) (4,300.00) CONEXANT SYSTEMS INC 3/15/2004 27,155.58 (12,777.96) 14,377.62 (2,100.00) CORGENTECH INC 3/15/2004 39,798.27 (37,131 .00) 2,667.27 (1,500.00) CHIPPAC INC CL A 3/15/2004 11,199.31 (7,792.20) 3,407.11 (487.00) BARR PHARMACEUTICALS INC 3/15/2004 36,682.86 (25,729.09) 10,953.77 (4,400.00) CORGENTECH INC 3/16/2004 83,659.20 (85,936.40) (2,277.20) (2,000.00) MICROMUSE INC 3h6/2004 17,127.52 (13,277.28) 3,850.24 (1,600.00) CHIPPAC INC CL A 3/16/2004 11,968.65 (8,311 .68) 3,656.97 (600.00) MARLIN BUSINESS SVCS CORP COM 3/16/2004 9,008.22 (9,900.00) (891 .78) (600.00) VIRAGE LOGIC CORP 3/16/2004 5,675.77 (4,113.18) 1,562 .59 (300.00) NEXSTAR BROADCASTING GROUP INC 3/16/2004 3,746.22 (4,200.00) (453.78) (4,100.00) CHIPPAC INC CL A 3/17/2004 30,800.04 (21,298.68) 9,501 .36 (2,700.00) JLG INDS INC COM 3/17/2004 37,199.68 (29,887.26) 7,312.42 (2,700.00) MICROMUSE INC 3/17/2004 23,365.69 (18,572.64) 4,793.05 (732.00) SEMICONDUCTOR MFG INTL CORP 3/17/2004 12,406.91 (12,810.00) (403.09) (475.00) MARLIN BUSINESS SVCS CORP COM 3/17/2004 7,179.34 (7,820.63) (641 .29) The Duke Endowment 56-0529965 2004 15 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (9) and Date Gross Sale Units Security Description Sold Price cost Gain/Loss

(400.00) VIRAGE LOGIC CORP 3/17/2004 3,700.25 (2,741 .09) 959.16 (200.00) NEXSTAR BROADCASTING GROUP INC 3!1712004 2,491 .62 (2,800.00) (308.38) (1,300.00) MICROMUSE INC 3!18/2004 11,326.58 (9,041 .94) 2,284.64 (1,000.00) JLG INDS INC COM 3/18/2004 13,505.37 (11,160.92) 2,344.45 (725.00) SEMICONDUCTOR MFG INTL CORP 3118/2004 10,769.59 (12,687.50) (1,917.91) (525.00) MARLIN BUSINESS SVCS CORP COM 3/18/2004 7,900.94 (8,638.8 (737.93) (500.00) HEALTHEXTRAS INC COM 3118/2004 4,984.25 (4,364.11) 620.14 (300.00) NEXSTAR BROADCASTING GROUP INC 3/18/2004 3,681 .30 (4,200.00) (518.70) (10,900.00) JLG INDS INC COM 3/19/2004 142,095.55 (129,066.44) 13,02!.11 (500.00) MICROMUSE INC 3/19/2004 4,271 .63 (3,478.70) 792.93 (100.00) CHIPPAC INC CL A 3119/2004 745.97 (519.48) 226.49 (100.00) NEXSTAR BROADCASTING GROUP INC 3/19/2004 1,229.89 (1,400.00) (170.11) (1,300.00) CHIPPAC INC CL A 3/22!2004 9,394.60 (7,16.86) 2,237.74 (1,200.00) MICROMUSE INC 3/22/2004 9,553.42 (8,348.88) 1,204.54 (3,500.00) AMERICAN HEALTHWAYS INC 3/23/2004 81,346.27 (51,093.52) 30,252.75 (2,400.00) CHIPPAC INC CL A 3/2312004 17,419.47 (13,967.04) 3,452.43 (1,400.00) CAPITAL LEASE FDG INC 3/23/2004 18,070.63 (14,700.00) 3,370.63 (1,200.00) PHARMACEUTICAL RES INC 3/23/2004 67,455.03 (78,743.91) (11,288.88) (900.00) MICROMUSE INC 3/23/2004 7,207.63 (6,261 .66) 945.97 (100.00) NEXSTAR BROADCASTING GROUP INC 3/23f2004 1,212.04 (1,400.00) (187.96) (8,100.00) HEALTHEXTRAS INC COM 3124/2004 86,198.68 (78,695.06) 7,503.62 (2,700.00) CHIPPAC INC CL A 3/24!2004 20,054.00 (15,712.92) 4,341 .08 (1,300.00) NEXSTAR BROADCASTING GROUP INC 3/24/2004 15,375.01 (18,200.00) (2,824.99) (300.00) PARLEX CORP 3/24/2004 1,789.30 (3,239.10) (1,449.80) (3,500.00) CHIPPAC INC CL A 3/2512004 27,061 .98 (23,489.12) 3,572.86 (2,525.00) PHARMACEUTICAL RES INC 3/25/2004 138,779.44 (170,759.18) (31,979.74) (1,700.00) TODCO CL A 3/25/2004 24,606.36 (20,400.00) 4,206.36 (1,300.00) ORBOTECH LTD ISRAEL COM 3/25/2004 30,138.93 (36,254.11) (6,115.18) (1,000.00) TRIAD HOSPS INC COM 3125/2004 30,702.40 (35,536.30) (4,833.90) (900.00) HEALTHEXTRAS INC COM 3/2512004 9,940.65 (9,495.x) 445.65 (500.00) SONIC CORP 3/25/2004 16,859.59 (14,182.70) 2,676.89 (400.00) NEXSTAR BROADCASTING GROUP INC 3/25/2004 4,482.38 (5,6 .00) (1,117.62) (3,300.00) CUMULUS MEDIA INC CL A 3/26/2004 66,101 .69 (44,057.31) 22,044.38 The Duke Endowment 56-0529965 2004 16 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(2,000.00) CHIPPAC INC CL A 3/26/2004 15,501 .79 (14,519.88) 981 .91 (2,000.00) MICROMUSE INC 3/26/2004 15,965.37 (13,164.02) 2,801 .35 (1,200.00) TODCO CL A 3/26/2004 17,530.71 (14,400.00) 3,130.71 (1,200.00) TRIAD HOSPS INC COM 3/26/2004 36,046.59 (42,643.56) (6,596.97) (1,000.00) SONIC CORP 3/26/2004 33,533.89 (28,298.32) 5,235.57 (900.00) NEXSTAR BROADCASTING GROUP INC 3/26/2004 9,931 .92 (12,600.00) (2,668.08) (400.00) ORBOTECH LTD ISRAEL COM 3/26/2004 9,203.08 (11,074.52) (1,871 .44) (300.00) PARLEX CORP 3/26/2004 1,810.36 (3,239.10) (1,428.74) (2,600.00) ANNTAYLOR STORES CORP COM 3/29/2004 109,588.84 (75,942.94) 33,645.90 (2,400.00) MICROMUSE INC 3/29/2004 19,154.12 (15,696.72) 3,457.40 (2,100.00) TRIAD HOSPS INC COM 3/29/2004 63,038.27 (74,806.26) (11,767.99) (1,200.00) TODCO CL A 3/29/2004 17,351 .32 (15,497.39) 1,853.93 (925.00) SONIC CORP 3/29/2004 31,065.28 (26,549.25) 4,516.03 (800.00) NEXSTAR BROADCASTING GROUP INC 3/29/2004 8,870.69 (11,200.00) (2,329.31) (300.00) ORBOTECH LTD ISRAEL COM 3/29/2004 6,906.18 (8,207.67) (1,301 .49) (100.00) PARLEX CORP 3/29/2004 623.39 (1,079.70) (456.31) (2,600.00) MATRIA HEALTHCARE INC 3/30/2004 67,721 .11 (46,581 .56) 21,139.55 (2,500.00) MICROMUSE INC 3/30/2004 20,240.70 (16,350.75) 3,889.95 (1,700.00) TODCO CL A 3/30/2004 24,719 .41 (23,065.09) 1,654.32 (900.00) NEXSTAR BROADCASTING GROUP INC 3/30/2004 9,887.10 (12,600.00) (2,712.90) (600.00) ORBOTECH LTD ISRAEL COM 3/30/2004 13,719.66 (16,415.34) (2,695.68) (600.00) CHIPPAC INC CL A 313012004 4,775.81 (3,407.34) 1,368.47 (300.00) WESTCORP 3/30/2004 13,281 .95 (10,317.00) 2,964.95 (200.00) PARLEX CORP 3/30/2004 1,231 .93 (2,155.70) (923.77) (100.00) COST PLUS INC CALIF 3/30/2004 4,194.83 (2,320.46) 1,874.37 (4,775.00) TRIAD HOSPS INC COM 3/31!2004 147,399.92 (162,617.52) (15,217.60) (3,200.00) MICROMUSE INC 3/31/2004 25,694.99 (22,821 .46) 2,873.53 (2,800.00) CHIPPAC INC CL A 3/31/2004 22,296.08 (15,900.92) 6,395.16 (1,800.00) TODCO CL A 3/31/2004 26,133.71 (24,421 .86) 1,711 .85 (1,700.00) NEXSTAR BROADCASTING GROUP INC 3/31/2004 19,150.08 (23,403.98) (4,253.90) (1,500.00) AMERICAN HEALTHWAYS INC 3/31/2004 36,780.36 (23,345.18) 13,435.18 (1,200.00) ORBOTECH LTD ISRAEL COM 3/31/2004 28,818.43 (32,353.05) (3,534.62) (1,100.00) COST PLUS INC CALIF 3/31/2004 45,835.20 (25,525.06) 20,310.14 The Duke Endowment 56-0529965 20D4 17 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (9) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(400.00) MATRIA HEALTHCARE INC 3/31/2004 10,231 .24 (7,530.32) 2,700.92 (400.00) WESTCORP 3/31/2004 17,650.23 (13,756.00) 3,894.23 (300.00) PARLEX CORP 3/31/2004 1,840.06 (3,228.00) (1,387.94) (1,200.00) TODCO CL A 4h/2004 17,344.27 (16,281 .24) 1,063.03 (900.00) ORBOTECH LTD ISRAEL COM 4/1/2004 21,787.31 (23,877.24) (2,089.93) (800.00) CHIPPAC INC CL A 4/1/2004 6,471 .84 (4,543.12) 1,928.72 (800.00) NEXSTAR BROADCASTING GROUP INC 4h/2004 9,323.62 (10,712.72) (1,389.10) (600.00) WESTCORP 4/1/2004 26,533.53 (20,634.0D) 5,899.53 (500.00) PARLEX CORP 4/1/2004 3,081 .42 (5,380.Q0) (2,298.58) (400.00) MATRIA HEALTHCARE INC 4/1/2004 9,961 .96 (7,306.27) 2,655.69 (1,300.00) AMERICAN HEALTHWAYS INC 4/2/2004 32,892.86 (20,561 .62) 12,331 .24 (1,200.00) CHIPPAC INC CL A 4/212004 9,962.52 (6,814.68) 3,147.84 (800.00) WESTCORP 4/2/2004 35,462.76 (27,512.00) 7,950.76 (700.00) ORBOTECH LTD ISRAEL COM 4/2/2004 16,929.87 (18,3fi6.94) (1,437.07) (700.00) NEXSTAR BROADCASTING GROUP INC 4/2/2004 8,153.61 (9,199.73) (1,046.12) (400.00) ESPEED INC 4/2J2004 8,519.80 (3,667.52) 4,85228 (400.00) TODCO CL A 4/2/2004 5,740.50 (5,427.Q8) 313.42 (300.00) MATRIA HEALTHCARE INC 412J2004 7,440.69 (5,110.88) 2,329.81 (300.00) PARLEX CORP 412/2004 1,876.24 (3,228.0U) (1,351 .76) (800.00) TODCO CL A 4/5/2004 11,204.05 (10,854.16) 349 .89 (700.00) ORBOTECH LTD ISRAEL COM 4/5/2004 16,948.91 (17,521 .78) (572.8 (500.00) WESTCORP 4/5/2004 21,487.59 (17,195.00) 4,292.59 (400.00) ESPEED INC 4/5/2004 7,980.97 (3,667.52) 4,313.45 (300.00) PARLEX CORP M5/2004 1,881 .67 (3,228.00) (1,346.33) (1,900.00) TODCO CL A 4/6/2004 26,739.59 (26,063.93) 675.66 (1,600.00) ESPEED INC M6/2004 31,071 .27 (14,670.08) 16,401 .19 (1,200.00) ORBOTECH LTD ISRAEL COM 4/6/2004 28,979.56 (31,529.78) (2,550.22) (900.00) FISHER SCIENTIFIC INTL INC COM 4/6/2004 52,238.73 (23,914.62) 28,324.11 (3,500.00) SILICON STORAGE TECHNOLOGY INC 4/7/2004 52,719.61 (31,945.90) 20,773.71 (1,600.00) TODCO CL A 4!7/2004 22,930.98 (22,458.90) 472.08 (400.00) WESTCORP 4/7/2004 17,201 .75 (13,756.Q0) 3,445.75 (1,600.00) TODCO CL A 4/812004 23,575.44 (23,707.36) (131 .92) (100.00) ORBOTECH LTD ISRAEL COM 4/8/2004 2,433.80 (2,687.18) (253.38) The Duke Endowment 56-0529965 2004 i8 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(1,400.00) TODCO CL A 4/12/2004 21,027.22 (20,742.10) 285.12 (800.00) SILICON STORAGE TECHNOLOGY INC 4/12/2004 12,906.25 (7,505.76) 5,400.49 (300.00) ESPEED INC 4/12/2004 5,797.12 (2,750.64) 3,046.48 (300.00) WESTCORP 4/12/2004 12,623.79 (10,317.00) 2,306.79 (200.00) ORBOTECH LTD ISRAEL COM 4/12/2004 4,829.88 (5,374.36) (544.48) (1,500.00) SILICON STORAGE TECHNOLOGY INC 4/13/2004 24,513.62 (14,118.15) 10,395.47 (700.00) ORBOTECH LTD ISRAEL COM 4/13/2004 16,968.79 (18,546.95) (1,578.16) (700.00) TODCO CL A 4/13/2004 10,674.74 (10,239.74) 435.00 (100.00) WESTCORP 4/13/2004 4,159.13 (3,439.00) 720.13 (2,600.00) SONIC CORP 4/14/2004 86,557.69 (79,389.42) 7,168.27 (2,600.00) VIROLOGIC INC OC COM 4/14/2004 8,040.05 (8,530.08) (490.03) (800.00) SILICON STORAGE TECHNOLOGY INC 4/14/2004 13,635.12 (7,096.38) 6,538.74 (400.00) ORBOTECH LTD ISRAEL COM 4/14/2004 9,639.77 (9,695.48) (55.71) (200.00) ORBOTECH LTD ISRAEL COM 4/15/2004 4,758.06 (4,847.74) (89.68) (4,400.00) CHIPPAC INC CL A 4/16/2004 34,677.34 (25,389.12) 9,288.22 (1,000.00) VIROLOGIC INC OC COM 4/16/2004 3,072.32 (3,280.80) (208.48) (800.00) SONIC CORP 4/16/2004 25,800.99 (24,223.59) 1,577.40 (400.00) ORBOTECH LTD ISRAEL COM 4/16/2004 9,241 .18 (9,695.48) (454.30) (3,200.00) CHIPPAC INC CL A 4/19/2004 24,346.94 (21,481 .92) 2,865.02 (1,200.00) CEPHALON INC COM 4/19/2004 68,763.54 (53,634.12) 15,129.42 (1,000.00) ORBOTECH LTD ISRAEL COM 4/19/2004 22,963.36 (24,238.70) (1,275.34) (875.00) SONIC CORP 4/19/2004 27,940.37 (26,073.78) 1,866.59 (600.00) VIROLOGIC INC OC COM 4/19/2004 1,863.73 (1,968.48) (104.75) (3,200.00) CHIPPAC INC CL A 4/20/2004 24,294.46 (19,520.85) 4,773.61 (2,200.00) VIROLOGIC INC OC COM 4/20/2004 6,797.78 (7,217.76) (419.98) (2,000.00) CHIPPAC INC CL A 4/21/2004 15,069.04 (15,441 .68) (372.64) (1,360.00) PROCENTURY CORP 4/21/2004 14,234.37 (14,280.00) (45.63) (600.00) VIROLOGIC INC OC COM 4/21/2004 1,826.47 (2,065.78) (239.31) (200.00) VIRAGE LOGIC CORP 4/21/2004 1,877.95 (1,369.00) 508.95 (7,900.00) VIROLOGIC INC OC COM 4/22/2004 23,918.26 (27,455.66) (3,537.40) (3,200.00) GRAFTECH INTERNATIONAL LTD 4/22/2004 37,882.94 (44,058.24) (6,175.30) (1,400.00) RARE HOSPITALITY INTL INC COM 4/22/2004 40,473.39 (25,608.06) 14,865.33 (200.00) VIRAGE LOGIC CORP 4/22/2004 1,871 .95 (1,369.00) 502.95 The Duke Endowment 56-0529965 2404 19 . Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (9) Date Gross Sale Units Security Description Sold Price Cost GainILoss

(3,400.00) PC-TEL INC COM 4/2312004 43,980.16 (45,453.53) (1,473.37) (2,400.00) ESPEED INC 4/23/2004 43,102.98 (22,Q85.12) 21,097.86 (100.00) MATRIA HEALTHCARE INC 4/23/2004 2,229.94 (1,677.1 552.77 (100.00) VIRAGE LOGIC CORP 4/2312004 916.37 (684.50) 231 .87 (4,800.00) VIROLOGIC INC OC COM 4126/2004 15,391 .51 (18,191 .74) (2,800.23) (1,600.00) MATRIA HEALTHCARE INC 4/26/2004 32,170.67 (26,832.98) 5,337.69 (1,800.00) VIROLOGIC INC OC COM 4/27/2004 5,929.24 (6,873.68) (944.44) (1,600.00) MATRIA HEALTHCARE INC 4/27/2004 31,750.45 (27,502.39) 4,248.06 (3,600.00) PC-TEL INC COM 4/28/2004 43,285.76 (47,250.71) (3,964.95) (2,300.00) MATRIA HEALTHCARE INC 4/28/2004 46,271 .46 (40,715.86) 5,555.60 (1,400.00) ACTEL CORP COM 4/29/2004 28,056.46 (24,365.4&) 3,691 .00 (1,140.00) CYTOKINETICS INC 4/29/2004 17,406.02 (14,820.40) 2,586.02 (1,050.00) FISHER SCIENTIFIC INTL INC COM 4/29/2004 62,484.03 (27,900.39) 34,583.64 (500.00) PC-TEL INC COM 4129/2004 5,637.16 (6,411 .30) (774.14) (100.00) VIRAGE LOGIC CORP 4/29/2004 830.98 (684.50) 146.48 (33,900.00) BOOKHAM TECH PLC SPONS ADR 4/30/2004 48,082.61 (107,Q06.60) (58,923.99) (2,600.00) PACER INTL INC TENN 4/30/2004 48,982.59 (44,237.18) 4,745.41 (2,500.00) PETSMART INC 4/30/2004 70,714.09 (26,909.05) 43,845.04 (1,000.00) ACTEL CORP COM 4/30/2004 19,932.13 (17,403.90) 2,52823 (870.00) INTERSECTIONS INC COM 4/30/2004 18,226.07 (14,790.00) 3,436.07 (2,500.00) BOOKHAM TECH PLC SPONS ADR 5/312004 3,475.66 (7,035.25) (3,559.59) (800.00) ACTEL CORP COM 5/312004 15,724.99 (13,923.12) 1,801 .87 (800.00) PETSMART INC 5/3/2004 22,369.23 (8,739.36) 13,629.87 (600.00) PACER INTL INC TENN 5/3/2004 11,250.81 (10,2Q8.58) 1,04223 (200.00) BRADLEY PHARMACEUTICALS INC 5/3/2004 5,414.23 (4,50.76) 913.47 (200.00) VIROLOGIC INC OC COM 5l3/2a04 648.38 (773.52) (125.14) (1,200.00) VIROLOGIC INC OC COM 5/4/2004 3,579.39 (4,641 .12) (1,U&1 .73) (1,100.00) ACTEL CORP COM 5/4/2004 21,509.11 (19,14429) 2,364.82 (900.00) VIRAGE LOGIC CORP 5/412004 7,294.23 (6,1x6.79) 1,137.44 (600.00) PACER INTL INC TENN 5/4/2004 11,238.69 (10,208.58) 1,030.11 (500.00) PC-TEL INC COM 5/412004 5,474.87 (6,580.62) (1,105.75) (600.00) ACTEL CORP COM 5/512004 11,746.70 (10,442.34) 1,304.35 (600.00) BRADLEY PHARMACEUTICALS INC 515/2004 16,173.10 (13,464.38) 2,708.72 The Duke Endowment 56-0529965 2004 20 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(500.00) PC-TEL INC COM 5/5/2004 5,404.47 (6,780.90) (1,376.43) (500.00) PACER INTL INC TENN 5/5/2004 9,486.27 (8,507.15) 979.12 (300.00) VIRAGE LOGIC CORP 5/512004 2,451 .15 (2,051 .91) 399.24 (2,000.00) PACER INTL INC TENN 5/6/2004 37,840.91 (34,028.60) 3,812.31 (1,500.00) BRADLEY PHARMACEUTICALS INC 5/6/2004 40,057.16 (33,630.80) 6,426.36 (700.00) PC-TEL INC COM 5/6/2004 7,359.69 (9,575.58) (2,215.89) (300.00) VIRAGE LOGIC CORP 5/6/2004 2,342.94 (2,051 .91) 291 .03 (550.00) PACER INTL INC TENN 5/7/2004 10,800.97 (9,357.87) 1,443.10 (500.00) CACHE INC COM NEW 5/7/2004 14,055.52 (9,000.00) 5,055.52 (400.00) PC-TEL INC COM 5/7/2004 4,119.82 (5,471 .76) (1,351 .94) (100.00) BRADLEY PHARMACEUTICALS INC 5!7/2004 2,641 .84 (2,242.00) 399.84 (100.00) VIRAGE LOGIC CORP 517/2004 765.98 (654.23) 111 .75 (1,400.00) GREY WOLF INC COM 5/10/2004 4,871 .88 (5,970.72) (1,098.84) (1,000.00) PC-TEL INC COM 5/10/2004 9,997.26 (12,223.26) (2,226.00) (200.00) CACHE INC COM NEW 5/10/2004 5,462.71 (3,600.00) 1,862.71 (200.00) W ESTCORP 5/10/2004 8,506.54 (6,878.00) 1,628.54 (100.00) VIRAGE LOGIC CORP 5/10/2004 750.98 (654.23) 96.75 (3,300.00) GREY WOLF INC COM 5/11/2004 11,252.73 (13,790.04) (2,537.31) (2,500.00) GREY WOLF INC COM 5/11/2004 8,626.29 (10,662.00) (2,035.71) (1,600.00) PC-TEL INC COM 5/11/2004 16,399.77 (18,412.32) (2,012.55) (1,500.00) CACHE INC COM NEW 5/11/2004 40,364.05 (27,000.00) 13,364.05 (1,000.00) WESTCORP 5/11/2004 42,462.60 (34,390.00) 8,072.60 (900.00) ANNTAYLOR STORES CORP COM 5/11/2004 35,098.63 (26,813.70) 8,284.93 (500.00) ANGIOTECH PHARMACEUTICALS INC 5/11/2004 9,932.61 (13,928.95) (3,996.34) (300.00) FLAMEL TECHNOLOGIES SA SPONS 5/11/2004 7,548.90 (9,975.00) (2,426.10) (300.00) MGI PHARMA INC 5/11/2004 18,286.46 (10,650.00) 7,636.46 (200.00) VIRAGE LOGIC CORP 5/11/2004 1,481 .96 (1,271 .40) 210.56 (16,000.00) GREY WOLF INC COM 5h2/2004 53,582.73 (67,470.76) (13,888.03) (5,600.00) PC-TEL INC COM 5/12/2004 57,152.81 (60,319.83) (3,167.02) (4,000.00) MEMC ELECTRONICS MATERIALS 5/12/2004 35,058.77 (40,695.20) (5,636.43) (1,900.00) NATIONAL OILWELL VARCO INC 5/12/2004 49,161 .72 (55,124.89) (5,963.17) (1,700.00) ANGIOTECH PHARMACEUTICALS INC 5h2/2004 31,782.62 (47,358.43) (15,575.81) (1,200.00) FLAMEL TECHNOLOGIES SA SPONS 5/12/2004 28,775.44 (39,900.00) (11,124.56) The Duke Endowment 56-0529965 204 21 Statement 13 Form 99aPF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (d) (e) (9) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(1,150.00) MGI PHARMA INC 5/12/2004 69,770.36 (40,994.85) 28,775.51 (800.00) CITADEL BROADCASTING CORP 5/12/2004 12,71226 (15,200.00) (2,487.74) (600.00) WESTCORP 5/12/2004 25,082.05 (21,134.40) 3,947.65 (7,800.00) GREY WOLF INC COM 5/13/2004 26,343.09 (33,321 .62) (6,978.53) (2,000.00) PC-TEL INC COM 5/13/2004 20,525.71 (19,962.86) 562.85 (900.00) CITADEL BROADCASTING CORP 5h3/2004 14,322.62 (17,100.00) (2,777.38) (300.00) NATIONAL OILWELL VARCO INC 5/1312004 7,786.97 (8,703.93) (916.96) (200.00) W ESTCORP 5/13/2004 8,398.56 (7,278.32) 1,120.24 (9,900.00) GREY WOLF INC COM 5/1M2004 34,700.66 (41,743.77) (7,043.11) (900.00) PC-TEL INC COM 5/1412004 9,140.72 (7,782.56) 1,358.16 (200.00) COST PLUS INC CALIF 5/1412004 6,776.50 (4,640.92) 2,135.58 (10,000.00) GREY WOLF INC COM 5/17/2004 36,025.14 (40,252.49) (4,227.35) (8,900.00) PARLEX CORP 5/1712004 53,042.75 (102,607.&0) (49,5S4.85) (900.00) ANNTAYLOR STORES CORP COM 5/1712004 35,513.16 (28,136.92) 7,37624 (800.00) COST PLUS INC CALIF 5/17/2004 26,578.65 (18,563.68) 8,014.97 (600.00) PSYCHIATRIC SOLUTIONS INC 5/17/2004 14,763.43 (9,fiU0.00) 5,163.43 (600.00) RARE HOSPITALITY INTL INC COM 5/1712004 15,762.89 (11,021 .33) 4,741 .56 (4,100.00) GREY WOLF INC COM 5118/2004 14,179.41 (16,375.32) (2,195.91) (2,600.00) COST PLUS INC CALIF 5/18/2004 85,559.57 (60,331 .96) 25,227.61 (900.00) RARE HOSPITALITY INTL INC COM 5118/2004 23,785.99 (16,538.34) 7,247.65 (500.00) PSYCHIATRIC SOLUTIONS INC 5/18/2004 12,222.36 (8,000.00) 4,222.36 (400.00) CACHE INC COM NEW 5/18/2004 10,852.62 (7,200.00) 3,652.62 (19,700.00) KROLL INC COM 5119/2004 718,103 .33 (415,658.11) 3fl2,44522 (2,100.00) GREY WOLF INC COM 5119/2004 7,246.08 (8,6128) (1,31520) (1,300.00) COST PLUS INC CALIF 5/19/2004 42,728.95 (30,165.98) 12,562.97 (125.00) CACHE INC COM NEW 5/19/2004 3,374.75 (2,250.Q0) 1,124.75 (4,575.00) COST PLUS INC CALIF 5/20/2004 140,104.71 (106,161 .04) 33,943.67 (660.00) BLUE NILE INC 5/20/2004 18,029.45 (13,530.00) 4,499.45 (300.00) GREY WOLF INC COM 5/2012004 1,011 .06 (1,223.04) (211 .98) (50.00) CACHE INC COM NEW 5/20f2004 1,335.25 (900.40) 435.25 (3,325.00) INTEGRATED ALARM SVCS GROUP 5/21/2004 17,340.13 (30,756.25) (13,416.12) (2,650.00) COST PLUS INC CALIF 5f21/2004 82,481 .73 (62,442.15) 20,039.58 (2,500.00) GREY WOLF INC COM 5f21/2004 8,472.29 (10,227.84) (1,755.55) The Duke Endowment 56-0529965 204 22 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(600.00) WESTCORP 5/21/2004 25,512.18 (21,942.89) 3,569.29 (75.00) INTEGRATED ALARM SVCS GROUP 5/21/2004 394.87 (693.75) (298.88) (25.00) CACHE INC COM NEW 5/21/2004 667.48 (450.00) 217.48 (13,150.00) VICURON PHARMACEUTICALS INC 5/24/2004 170,931 .52 (291,947.57) (121,016.05) (7,325.00) GREY WOLF INC COM 5/24/2004 25,098.27 (30,618.97) (5,520.70) (1,225.00) WESTCORP 5/24/2004 51,979.70 (45,108.54) 6,871 .16 (500.00) INTEGRATED ALARM SVCS GROUP 5/24/2004 2,608.68 (4,625.00) (2,016.32) (100.00) CACHE INC COM NEW 5/24/2004 2,690.95 (1,800.00) 890.95 (2,875.00) GREY WOLF INC COM 5/25/2004 10,369.30 (12,453.35) (2,084.05) (2,025.00) APPLEBEES INTL INC COM 5/25/2004 74,640.36 (67,757.11) 6,883.25 (1,800.00) RARE HOSPITALITY INTL INC COM 5/25/2004 46,855.34 (32,579.91) 14,275.43 (1,325.00) WESTCORP 5/25/2004 55,899.12 (48,945.31) 6,953.81 (400.00) INTEGRATED ALARM SVCS GROUP 5/25/2004 2,084.15 (3,700.00) (1,615.85) (4,600.00) CONEXANT SYSTEMS INC 5/26/2004 21,550.95 (13,669.45) 7,881 .50 (950.00) RARE HOSPITALITY INTL INC COM 5/26/2004 24,774.94 (17,074.39) 7,700.55 (925.00) ANGIOTECH PHARMACEUTICALS INC 5/26/2004 21,479.38 (25,768.56) (4,289.18) (600.00) CACHE INC COM NEW 5/26/2004 16,239.81 (10,800.00) 5,439.81 (350.00) LIONBRIDGE TECHNOLOGIES INC 5/26/2004 2,852.43 (2,135.00) 717.43 (75.00) BRADLEY PHARMACEUTICALS INC 5/26/2004 1,777.45 (1,681 .50) 95.95 (2,025.00) FLAMEL TECHNOLOGIES SA SPONS 5/27/2004 54,272.77 (67,331 .25) (13,058.48) (1,125.00) BRADLEY PHARMACEUTICALS INC 5/27/2004 26,644.55 (25,222.50) 1,422.05 (1,050.00) LIONBRIDGE TECHNOLOGIES INC 5/27/2004 8,458.39 (6,405.00) 2,053.39 (225.00) CACHE INC COM NEW 5/27/2004 6,080.66 (4,050.00) 2,030.66 (3,900.00) CITADEL SEC SOFTWARE INC 5/28/2004 13,537.36 (19,755.00) (6,217.64) (1,925.00) SALIX PHARMACEUTICALS INC 5/28/2004 57,930.23 (36,917.01) 21,013.22 (600.00) LIONBRIDGE TECHNOLOGIES INC 5/28/2004 4,775.88 (3,660.00) 1,115.88 (225.00) BRADLEY PHARMACEUTICALS INC 5/28/2004 5,231 .77 (5,044.50) 187.27 (8,725.00) VIROLOGIC INC OC COM 6/1/2004 20,259.84 (33,040.14) (12,780.30) (925.00) BRADLEY PHARMACEUTICALS INC 6/1/2004 21,647.36 (20,738.50) 908.86 (625.00) SIGNATURE BK NEW YORK N Y 6/1/2004 16,037.00 (10,791 .59) 5,245.41 (3,625.00) VIROLOGIC INC OC COM 6/2/2004 7,739.18 (14,493.17) (6,753.99) (2,175.00) VIROLOGIC INC OC COM 6/2/2004 4,663.30 (8,600.60) (3,937.3Q) (1,175.00) RESOURCES CONNECTION INC COM 6/2/2004 54,017.59 (29,181 .09) 24,836.50 The Duke Endowment 56-0529965 2004 23 Statement 13 Form 99aPF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(125.00) CACHE INC COM NEW 612/2004 3,284.06 (2,250.00) 1,034.08 (4,350.00) VIROLOGIC INC OC COM 6/3/2004 9,772.91 (17,614.60) (7,841 .69) (400.00) CACHE INC COM NEW 6/3/2004 9,727.48 (7,200.00) 2,527.48 (14,300.00) CITADEL SEC SOFTWARE INC 6/4/2004 48,924.86 (70,807.77) (21,882.91) (875.00) SYNAPTICS INC 6/4/2004 17,664.87 (13,118.88) 4,545.99 (25.00) CACHE INC COM NEW 6/412004 606.23 (450.00) 156.23 (3,625.00) VIROLOGIC INC OC COM 6!7/2004 8,464.17 (13,879.49) (5,415.32) (2,050.00) PETSMART INC 6!712004 63,327.52 (22,394.61) 40,932.91 (1,975.00) MEDICIS PHARMACEUTICAL CORP 6/7/2004 84,984.03 (67,381 .67) 17,602.36 (7,400.00) VIROLOGIC INC OC COM 618/2004 18,206.53 (27,569.50) (9,362.97) (10,600.00) VIRAGE LOGIC CORP 6/1012004 90,733.86 (57,568.91) 33,164.95 (2,975.00) ACTIVISION INC 6h0/2004 48,110.27 (41,381 .03) 6,72924 (1,900.00) MEDICIS PHARMACEUTICAL CORP 6h0/2004 81,893.78 (64,822.8 17,070.91 (775.00) PORTAL SOFTWARE INC 6/10/2004 3,054.35 (10,546.31) (7,491 .96) (725.00) DICKS SPORTING GOODS INC OC 6/10/2004 21,307.47 (19,394.78) 1,912.69 (4,025.00) ACTIVISION INC 6/14/2004 63,279.16 (56,942.14) 6,337.02 (1,525.00) DIGIRAD CORP 6/14/2004 17,656.79 (18,300.00) (64321) (750.00) MEDICIS PHARMACEUTICAL CORP 6/1M2004 31,630.65 (25,715.65) 5,915.00 (675.00) PORTAL SOFTWARE INC 6/14/2004 2,413.27 (9,503.42) (7,0.15) (300.00) DICKS SPORTING GOODS INC OC 6/1412Q04 8,689.05 (8,046.09) 642.96 (3,275.00) DIGIRAD CORP 6/1512004 34,892.23 (39,3D0.00) (4,407.77) (1,125.00) ACTIVISION INC 6/15/2004 17,935.00 (15,586.10) 2,348.90 (500.00) INTEGRATED ALARM SVCS GROUP 6/15/2004 3,008.02 (4,625.00) (1,616.98) (3,650.00) EMULEX CORP NEW 6/1612004 60,967.43 (83,184.8 (22,217.44) (2,500.00) CONEXANT SYSTEMS INC 6/16/2004 10,306.00 (7,429.05) 2,876.95 (2,150.00) SILICON STORAGE TECHNOLOGY INC 6/16/2004 22,600.48 (18,858.38) 3,742.10 (1,900.00) INTEGRATED ALARM SVGS GROUP 6/16/2004 11,330.57 (17,575.Q0) (6,244.43) (990.00) LEADIS TECHNOLOGY INC 6/1612004 14,057.66 (13,860.00) 197.66 (26,696.00) CONEXANT SYSTEMS INC 6/17/2004 106,378.38 (103,639.8 2,738.51 (3,500.00) EMULEX CORP NEW 6/17/2004 55,742.84 (53,912.35) 1,830.49 (1,150.00) TTM TECHNOLOGIES INC COM 6/17/2004 13,468.02 (5,807.50) 7,660.52 (1,450.00) TTM TECHNOLOGIES INC COM 6118/2004 16,897.90 (7,322.50) 9,575.40 (600.00) AMERICAN HEALTHWAYS INC 6/18/2004 14,388.62 (9,584.73) 4,803.89 The Duke Endowment 56-0529965 2004 24 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (9) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost GaiNLoss

(275.00) INTEGRATED ALARM SVCS GROUP 6/18/2004 1,710.51 (2,543.75) (833.24) (1,550.00) BRISTOL WEST HLDGS INC 6/21/2004 30,154.54 (31,000.00) (845.46) (1,200.00) ACTIVISION INC 6/21/2004 17,95025 (16,357.44) 1,592.81 (625.00) INTEGRATED ALARM SVCS GROUP 6/21/2004 3,736.16 (5,781 .25) (2,045.09) (600.00) TTM TECHNOLOGIES INC COM 6/21/2004 7,023.85 (3,030.00) 3,993.85 (3,625.00) GRAY TELEVISION INC 6/22/2004 51,007.63 (29,906.25) 21,101 .38 (2,400.00) CACHE INC COM NEW 6/22/2004 34,726.70 (28,800.00) 5,926.70 (2,400.00) EMULEX CORP NEW 6/22/2004 38,314.43 (47,452.61) (9,138.18) (1,200.00) MEDICIS PHARMACEUTICAL CORP 6/22/2004 48,665.09 (41,762.45) 6,902.64 (1,100.00) BRISTOL WEST HLDGS INC 6122/2004 21,414.18 (22,135.18) (721 .00) (1,075.00) ACTIVISION INC 6/22/2004 16,107.04 (14,554.91) 1,552.13 (3,000.00) ACTIVISION INC 6/23/2004 44,848.94 (40,694.90) 4,154.04 (1,825.00) EMULEX CORP NEW 6/23/2004 29,219.20 (33,071 .50) (3,852.30) (975.00) RARE HOSPITALITY INTL INC COM 6/23/2004 25,138.42 (17,899.02) 7,239.40 (725.00) CITADEL BROADCASTING CORP 6/23/2004 10,838.49 (13,775.00) (2,936.51) (400.00) GRAY TELEVISION INC 6/23/2004 5,637.62 (3,300.00) 2,337.62 (150.00) CACHE INC COM NEW 6/23/2004 2,309.94 (1,800.00) 509.94 (125.00) INTEGRATED ALARM SVCS GROUP 6/23/2004 744.98 (1,156.25) (411 .27) (2,775.00) ACTIVISION INC 6/24/2004 41,496.65 (38,500.79) 2,995.86 (2,175.00) CITADEL BROADCASTING CORP 6/24/2004 32,00622 (41,325.00) (9,318.78) (1,575.00) RARE HOSPITALITY INTL INC COM 6/24/2004 40,757.48 (29,536.90) 11,220.58 (1,125.00) GRAY TELEVISION INC 6/24/2004 15,85121 (9,281 .25) 6,569.96 (820.00) GOL LINHAS AEREAS INTELIGENTES 6/24/2004 15,112.40 (13,940.00) 1,172.40 (525.00) CACHE INC COM NEW 6/24/2004 7,933.30 (6,300.00) 1,633.30 (350.00) INTEGRATED ALARM SVCS GROUP 6/24/2004 2,088.16 (3,237.50) (1,149.34) (275.00) EMULEX CORP NEW 6/24/2004 4,395.63 (4,816.60) (420.97) (2,475.00) EMULEX CORP NEW 6/25/2004 37,512.69 (52,148.43) (14,635.74) (2,425.00) CITADEL BROADCASTING CORP 6/25/2004 35,065.37 (46,075.00) (11,009.63) (1,450.00) GRAY TELEVISION INC 6/25/2004 20,232.97 (11,962.50) 8,270.47 (1,275.00) INTEGRATED ALARM SVCS GROUP 6/25/2004 7,343.18 (11,793.75) (4,450.57) (850.00) RESOURCES CONNECTION INC COM 6/25/2004 38,188.16 (21,197.35) 16,990.87 (725.00) CABELAS INC 6/2512004 19,647.39 (14,500.00) 5,147.39 (200.00) CACHE INC COM NEW 6/25/2004 2,996.28 (2,400.00) 596.28 The Duke Endowment 56-0529965 2004 25 Statement 13 Form 99d-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(6,475.00) CITADEL BROADCASTING CORP 6/28/2004 92,796.69 (123,204.00) (30,407.31) (4,025.00) EMULEX CORP NEW 6f28/2004 57,436.61 (100,786.88) (43,350.27) (2,225.00) ACTIVISION INC 6/28/2004 35,123.69 (33,456.22) 1,667.47 (775.00) PETSMART INC 6/28/2004 25,750.63 (8,4&6.26) 17,284.37 (750.00) INTEGRATED ALARM SVCS GROUP 6/28/2004 4,1Q8.85 (6,937.50) (2,828.65) (275.00) CACHE INC COM NEW 6/28/2004 3,977.56 (3,300.00) 677.56 (125.00) GRAY TELEVISION INC 6/28/2004 1,746.79 (1,031 .25) 715.54 (5,100.00) CITADEL BROADCASTING CORP 6/29/2004 73,054.20 (93,716.72) (20,652.52) (5,100.00) FLAMEL TECHNOLOGIES SA SPONS 6/29/2004 126,601 .47 (176,738.12) (5D,136.fi5) (2,125.00) COMSTOCK RES INC NEW 612912004 41,108.64 (40,797.89) 310.75 (1,950.00) EMULEX CORP NEW 6/29/2004 27,613.50 (35,049.37) (7,435.8 (1,750.00) MARINER HEALTH CARE INC WA 6/29!2004 48,444.64 (35,445.90) 12,898.74 (1,525.00) ACTIVISION INC 6/29/2004 24,049.14 (25,357.67) (1,308.53) (800.00) PORTAL SOFTWARE INC 6/29/2004 2,954.33 (11,095.25) (8,140.92) (400.00) INTEGRATED ALARM SVCS GROUP 6/29/2004 2,107.39 (3,700.00) (1,592.61) (325.00) CACHE INC COM NEW 6/29/2004 4,586.97 (3,900.00) 686.97 (200.00) GRAY TELEVISION INC 6/29/2004 2,789.93 (1,fi50.00) 1,139.93 (150.00) PETSMART INC 6129/2004 4,943.40 (1,638.63) 3,344.77 (4,275.00) LIFE TIME FITNESS INC 6/30/2004 88,631 .07 (79,Q87.50) 9,543.57 (3,700.00) FLAMEL TECHNOLOGIES SA SPONS 6/30/2004 91,228.76 (106,102.60 (14,873.90) (2,525.00) COMSTOCK RES INC NEW 6f30/2004 49,152.01 (48,739.36) 412.65 (1,525.00) SILICON STORAGE TECHNOLOGY INC 6/30/2004 15,694.32 (13,532.86) 2,161 .46 (1,300.00) (VILLAGE INC COM 6/30/2004 8,299.65 (7,8QO.Q0) 499.65 (1,200.00) PORTAL SOFTWARE INC 6/30/2004 4,367.29 (15,900.00) (11,532.71) (1,025.00) ACTIVISION INC 6/30/2004 16,096.43 (17,281 .09) (1,184.65) (900.00) MARINER HEALTH CARE INC WA 6/3012004 24,553.67 (19,793.32) 4,760.35 (525.00) CACHE INC COM NEW 6/3012004 7,280.05 (6,610.46) 669.59 (350.00) GRAY TELEVISION INC 6/30/2004 4,883.43 (2,887.50) 1,995.93 (350.00) INTEGRATED ALARM SVCS GROUP 6/30/2004 1,861 .85 (3.237.50) (1,375.65) (250.00) DESIGN WITHIN REACH INC _ 6130/2004 4,027.40 (3,x00.00) 1,027.40 (3,175.00) ESPEED INC 7/1/2004 47,490.18 (29,110.94) 18,379.24 (1,300.00) DESIGN WITHIN REACH INC 7/1/2004 20,734.51 (15,6Qa.00) 5,134.51 (500.00) COMSTOCK RES INC NEW 7/1/2004 9,730.52 (9,741 .30) (10.78) 2s The Duke Endowment 56-0529965 2004 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (9) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(75.00) PORTAL SOFTWARE INC 7/1/2004 268.59 (993.75) (725.16) (50.00) CACHE INC COM NEW 7/1/2004 682.62 (649.67) 32.95 (4,625.00) PORTAL SOFTWARE INC 7/2/2004 16,048.83 (67,672.39) (51,623.56) (4,625.00) SILICON STORAGE TECHNOLOGY INC 7/2/2004 41,082.91 (44,668.01) (3,585.10) (3,725.00) ESPEED INC 7/2/2004 49,078.70 (34,153.78) 14,924.92 (3,025.00) ANGIOTECH PHARMACEUTICALS INC 7/2/2004 59,749.90 (84,270.15) (24,520.25) (1,575.00) PETSMART INC 7/2J2004 50,335.35 (17,205.61) 33,129.74 (800.00) COMSTOCK RES INC NEW 7/2/2004 15,372.51 (15,539.50) (166.99) (575.00) CACHE INC COM NEW 7/2/2004 7,443.89 (7,471 .24) (27.35) (400.00) ACTIVISION INC 7/2/2004 6,223.17 (6,743.84) (520.67) (175.00) DESIGN WITHIN REACH INC 7/2/2004 2,791 .18 (2,100.00) 691 .18 (7,575.00) SILICON STORAGE TECHNOLOGY INC 7/6/2004 64,734.42 (81,473.00) (16,738.58 (7,025.00) ESPEED INC 7/6/2004 81,287.82 (64,410.82) 16,877.00 (6,450.00) ASCENTIAL SOFTWARE CORP COM NE 7/6/2004 71,422.40 (138,168.27) (66,745.87) (3,225.00) PORTAL SOFTWARE INC 7/6/2004 11,029.23 (48,047.18) (37,017.95) (3,100.00) CACHE INC COM NEW 7/6/2004 39,272.73 (41,296.90) (2,024.17) (2,975.00) GRAY TELEVISION INC 7/6/2004 37,386.95 (24,543.75) 12,843.20 (2,500.00) TTM TECHNOLOGIES INC COM 7/6/2004 24,513.67 (12,625.00) 11,888.67 (1,200.00) COMSTOCK RES INC NEW 7/6/2004 22,950.30 (23,042.30) (92.0O) (1,200.00) SECURE COMPUTING CORP 7/6/2004 7,887.65 (12,046.07) (4,158.42) (11,450.00) ASCENTIAL SOFTWARE CORP COM NE 7/7/2004 137,624.62 (254,011 .69) (116,387.07) (9,150.00) SECURE COMPUTING CORP 7x1/2004 58,640.05 (99,474.07) (40,834.02) (3,525.00) ACTIVCARD CORP 7/7/2004 23,532.94 (38,492.48) (14,959.54) (3,025.00) SILICON STORAGE TECHNOLOGY INC 7/7/2004 25,518.30 (34,959.17) (9,440.87) (2,725.00) PORTAL SOFTWARE INC 717/2004 8,811 .62 (42,992.88) (34,181 .26) (2,625.00) PETSMART INC 7/7/2004 82,265.83 (30,110.95) 52,154.88 (2,375.00) COMSTOCK RES INC NEW 7/7/2004 45,987.47 (43,287.05) 2,700.42 (2,025.00) ACTIVISION INC 7/7/2004 30,789.19 (33,257.85) (2,468.66) (1,825.00) ESPEED INC 71/2004 20,469.62 (16,733.06) 3,736.56 (1,800.00) TTM TECHNOLOGIES INC COM 7/7/2004 17,390.47 (9,090.00) 8,300.47 (775.00) GRAY TELEVISION INC 7/7/2004 9,835.67 (6,393.75) 3,441 .92 (700.00) APPLEBEES INTL INC COM 7!7/2004 17,178.99 (15,768.31) 1,410.68 (575.00) CACHE INC COM NEW 7/7/2004 7,746.84 (8,458.90) (712.06) The Duke Endowment 56-0529965 2004 27 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (9) Date Gross Sale Units Security Description Sold Price Cost GainILoss

(350.00) MSC INDL DIRECT INC CL A 7/712004 11,521 .13 (9,246.89) 2,274.24 (275.00) OPNET TECHNOLOGIES INC COM 7r1/2004 3,385.58 (3,311 .66) 73.92 (3,200.00) CHILDREN'S PL RETAIL STORES 7/8/2004 64,237.97 (82,426.88) (18,188.91) (2,850.00) CACHE INC COM NEW 7/8/2004 37,357.80 (49,4Q621) (12,048.41) (1,875.00) ESPEED INC 7/8/2004 21,196.38 (15,6625) 5,540.13 (1,825.00) AMERICAN HEALTHWAYS INC 7/8/2004 48,955.75 (29,153.56) 19,802.19 (1,250.00) INTUITIVE SURGICAL INC 7/8/2004 24,001 .31 (15,241 .00) 8,760.31 (825.00) COMSTOCK RES INC NEW 7/8/2004 16,033.33 (15,472.87) 560.46 (775.00) GRAY TELEVISION INC 7/8!2004 9,672.70 (6,393.75) 3,278.95 (375.00) ACTIVCARD CORP 7/8/2004 2,510.72 (4,Q07.14) (1,496.42) (250.00) PORTAL SOFTWARE INC 7/8/2004 805.81 (3,805.58) (2,999.77) (200.00) MSC INDL DIRECT INC CL A 7/8/2004 6,491 .26 (5,283.94) 1,207.32 (2,275.00) GRAY TELEVISION INC 7/9/2004 28,420.22 (18,768.75) 9,651 .47 (1,575.00) COMSTOCK RES INC NEW 7/9/2004 30,403.40 (30,267.88) 135.52 (1,325.00) CACHE INC COM NEW 7/9/2004 17,494.48 (19,67829) (2,183.81) (825.00) ACTIVCARD CORP 7/9/2004 5,414.84 (8,815.70) (3,400.85) (600.00) CACHE INC COM NEW 7/9/2004 7,877.81 (8,834.00) (956.19) (200.00) MSC INDL DIRECT INC CL A 7/9/2004 6,493.44 (5,283.94) 1,209.50 (1,300.00) PORTAL SOFTWARE INC 7/12!2004 3,930.19 (19,781 .90) (15,851 .71) (1,075.00) ANNTAYLOR STORES CORP COM 7/12/2004 29,790.78 (26,093.19) 3,697.59 (1,075.00) INTUITIVE SURGICAL INC 7/12J2004 21,445.74 (14,932.62) 6,513.12 (1,075.00) MOVIE GALLERY INC COM 7/12/2004 19,308.15 (23,049.4 (3,741 .32) (1,000.00) CACHE INC COM NEW 7/12!2004 13,415.78 (14,723.33) (1,307.55) (350.00) ACTIVCARD CORP 7/1212004 2,279.91 (3,740.0) (1,4 .09) (200.00) COMSTOCK RES INC NEW 7/12/2004 3,852.38 (3,865.41) (13.03) (25.00) MSC INDL DIRECT INC CL A 7/1212004 811 .64 (fi6U.49) 151 .15 (1,825.00) ESPEED INC 7113/2004 21,440.69 (16,899.69) 4,541 .00 (1,300.00) MOVIE GALLERY INC COM 7/13/2004 23,434.42 (28,6Q8.11) (5,173.69) (712.00) CACHE INC COM NEW 7h3/2004 9,778.88 (10,483.02) (704.14) (575.00) ACTIVCARD CORP 7h3/2004 3,730.11 (6,144.28) (2,414.17) (550 .00) COMSTOCK RES INC NEW 7/1312004 10,478.52 (10,527.72) (4920) (310.00) MSC INDL DIRECT INC CL A 7/13/2004 10,134.13 (8,190.11) 1,944.02 (250.00) PORTAL SOFTWARE INC 7/13/2004 767.48 (3,802.85) (3,035.37) The Duke Endowment 56-0529965 2004 28 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (9) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(3,750.00) PORTAL SOFTWARE INC 7/14/2004 10,401 .88 (37,649.24) (27,247.36) (3,700.00) RUDOLPH TECHNOLOGIES INC COM 7/14/2004 55,020.05 (61,466.80) (6,446.75) (2,275.00) ESPEED INC 7/14/2004 27,104.43 (25,530.20) 1,574.23 (2,250.00) BROOKS AUTOMATION INC 7/14/2004 36,454.54 (40,428.45) (3,973.91) (1,575.00) COMSTOCK RES INC NEW 7/14/2004 30,315.83 (29,888.14) 427.69 (1,550.00) ACTIVCARD CORP 7/14/2004 10,009.66 (16,539.79) (6,530.13) (1,500.00) MOVIE GALLERY INC COM 7/14/2004 26,786.82 (33,483.08) (6,696.26) (675.00) ACTIVISION INC 7/14/2004 10,469.95 (9,677.61) 792.34 (2,850.00) BROOKS AUTOMATION INC 7/15/2004 45,329.89 (49,850.66) (4,520.77) (2,250.00) RUDOLPH TECHNOLOGIES INC COM 7/15/2004 33,669.33 (40,014.80) (6,345.47) (1,450.00) OPNET TECHNOLOGIES INC COM 7/15/2004 17,617.08 (17,462.63) 154.45 (1,425.00) ACTIVISION INC 7/15/2004 22,445.79 (20,430.51) 2,015.28 (925.00) ESPEED INC 7/15/2004 11,238.57 (12,646.45) (1,407.88) (850.00) COMSTOCK RES INC NEW 7/15/2004 16,246.00 (16,130.11) 115.89 (1,350.00) RUDOLPH TECHNOLOGIES INC COM 7/16/2004 20,229.14 (22,758.54) (2,529.40) (625.00) RESOURCES CONNECTION INC COM 7/16/2004 24,677.92 (15,620.25) 9,057.67 (600.00) HYPERION SOLUTIONS CORP 7/16/2004 23,150.33 (21,708.00) 1,442.33 (200.00) ESPEED INC 7/16/2004 2,390.42 (2,801 .30) (410.88) (4,125.00) ANGIOTECH PHARMACEUTICALS INC 7/19/2004 67,104.75 (114,927.26) (47,822.51) (2,575.00) FLAMEL TECHNOLOGIES SA SPONS 7/19/2004 46,850.51 (73,376.87) (26,526.36) (2,425.00) INTEGRATED ALARM SVCS GROUP 7/19/2004 12,815.82 (23,119.11) (10,303.29) (1,725.00) RESOURCES CONNECTION INC COM 7/19/2004 62,605.51 (43,162.64) 19,442.87 (1,350.00) RUDOLPH TECHNOLOGIES INC COM 7/19/2004 19,643.65 (22,845.24) (3,201 .59) (925.00) APPLEBEES INTL INC COM 7/19/2004 23,937.04 (20,958.40) 2,978.64 (925.00) CHILDREN'S PL RETAIL STORES 7/19/2004 16,519.46 (23,826.52) (7,307.06) (700.00) HYPERION SOLUTIONS CORP 7/19/2004 26,256.73 (25,481 .08) 775.65 (600.00) PORTAL SOFTWARE INC 7/19/2004 1,544.00 (4,549.30) (3,005.30) (9,100.00) ANGIOTECH PHARMACEUTICALS INC 7/20/2004 147,214.52 (227,066.29) (79,851 .77) (3,250.00) WATCHGUARD TECHNOLOGIES INC 7/20/2004 18,581 .11 (27,277.41) (8,696.30) (2,800.00) PORTAL SOFTWARE INC 7/20/2004 7,396.02 (18,347.87) (10,951 .85) (1,800.00) RUDOLPH TECHNOLOGIES INC COM 7/20/2004 27,184.40 (29,777.04) (2,592.64) (1,600.00) FLAMELTECHNOLOGIES SA SPONS 7/20/2004 27,990.70 (43,701 .81) (15,711 .11) (900.00) CHILDREN'S PL RETAIL STORES 7/20/2004 16,616.22 (21,611 .51) (4,995.28) The Duke Endowment 56-0529965 20134 29 Statement 13 Form 99aPF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (9) Date Gross Sale Units Security Description Sold Price Cost GaiNLoss

(575.00) HYPERION SOLUTIONS CORP 7/20/2004 22,407.11 (21,026.43) 1,3$0.68 (375.00) RUDOLPH TECHNOLOGIES INC COM 7/20/2004 5,568.61 (5,557.50) 11 .11 (5,900 .00) ANGIOTECH PHARMACEUTICALS INC 7/21/2Q04 94,970.66 (125,999 .30) (31,028.64) (1,875 .00) OLD DOMINION FGHT LINES INC 7/21/2004 53,920.17 (53,718.75) 201 .42 (1,125 .00) WATCHGUARD TECHNOLOGIES INC 7/21/2004 6,640.60 (9,247.50) (2,606 .90) (925.00) PORTAL SOFTWARE INC 7/21/2004 2,442.59 (4,217.63) (1,775 .04) (875.00) ANNTAYLOR STORES CORP COM 7/21/2004 23,287.93 (21,238.64) 2,049.29 (850.00) RESOURCES CONNECTION INC COM 7121/2004 32,224.02 (22,440.92) 9,783.10 (825.00) RUDOLPH TECHNOLOGIES INC COM 7/21/2004 12,448.54 (12,350.05) 98.49 (750.00) CHILDREN'S PL RETAIL STORES 7/21/2004 13,953.35 (17,997.51) (4,044 .16) (200.00) SIGMATEL INC 7/2112004 3,611 .47 (5,002.00) (1,390.53) (175.00) INTEGRATED ALARM SVCS GROUP 7121/2004 934.37 (1,676.76) (742.39) (150.00) ESPEED INC 7/21/2004 1,801 .11 (2,10.98) (299.87) (4,650 .00) EXTREME NETWORKS INC COM 7l2?J2004 23,989.71 (48,081 .00) (24,091 .29) (3,775 .00) WATCHGUARD TECHNOLOGIES INC 7f22/2004 21,316.92 (31,147.63) (9,830.71) (3,350 .00) MOVIE GALLERY INC COM 7/22/2004 60,358.88 (73,665.45) (13,3U6.57) (2,350 .00) GARTNER INC COM 7/2212004 29,498.15 (30,350.49) (852.34) (1,325.00) CHILDREN'S PL RETAIL STORES 7/22/2004 24,573.00 (33,939.J9) (9,365.99) (950.00) PORTAL SOFTWARE INC 7l2?J2004 2,435.93 (4,331 .62) (1,895.69) (450.00) RUDOLPH TECHNOLOGIES INC COM 7/2212004 6,572.63 (6,799.81) (227.18) (375.00) INTEGRATED ALARM SVCS GROUP 7/22/20Q4 1,971 .89 (3,593.06) (1,621 .17) (50.00) ESPEED INC 7/2212004 597.48 (700.32) (102.84) (1,875.00) GARTNER INC COM 7/2312004 23,584.88 (24,215.81) (630.93) (1,575.00) PORTAL SOFTWARE INC 7/23/2004 3,970.16 (7,181 .3 (3,21121) (1,350.00) CHILDREN'S PL RETAIL STORES 7123f2004 24,926.76 (36,404.42) (11,477.66) (1,150.00) WATCHGUARDTECHNOLOGIES INC 7/23/2004 5,807.36 (9,336.51) (3,529.15) (500.00) MOVIE GALLERY INC COM 7/23/2004 8,961 .48 (10,539.40) (1,577.92) (2,500.00) PSYCHIATRIC SOLUTIONS INC 7/26/2004 64,603.48 (40,000.x) 24,603.48 (2,425.00) INTEGRATED ALARM SVGS GROUP 7/2612004 12,156.24 (23,235.14) (11,078.90) (1,625.00) RUDOLPH TECHNOLOGIES INC COM 7/2612004 21,758.23 (26,145.79) (4,387 .55) (1,125.00) GARTNER INC COM 7!26/2004 14,092.31 (14,529.49) (437.18) (650.00) WATCHGUARD TECHNOLOGIES INC 7/26/2004 3,304.07 (4,555.33) (1,25126) (200.00) CHILDREN'S PL RETAIL STORES 7/26/2004 3,693.27 (4,954.46) (1,261 .19) The Duke Endowment 56-0529965 2004 30 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(2,650.00) EXTREME NETWORKS INC COM 7/27/2004 13,534.66 (27,401 .00) (13,866.34) (2,475.00) WATCHGUARD TECHNOLOGIES INC 7/27/2004 12,313.32 (17,567.39) (5,254.07) (2,450.00) INTEGRATED ALARM SVCS GROUP 7/27/2004 12,394.50 (23,474.68) (11,080.18) (2,025.00) CHILDREN'S PL RETAIL STORES 7/27/2004 38,322.23 (53,938.20) (15,615.97) (1,250.00) GARTNER INC COM 7/27/2004 15,562.13 (16,143.87) (581 .74) (1,225.00) HYPERION SOLUTIONS CORP 7/27/2004 48,128.51 (44,795.43) 3,333.08 (550.00) INTUITIVE SURGICAL INC 7/27/2004 12,765.04 (8,262.50) 4,502.54 (500.00) RUDOLPH TECHNOLOGIES INC COM 7/27/2004 7,089.08 (8,803.50) (1,714.42) (1,850.00) WATCHGUARD TECHNOLOGIES INC 7/28/2004 9,320.64 (10,417.52) (1,096.88) (1,600.00) GARTNER INC COM 7/28/2004 19,773.93 (20,664.16) (89023) (1,375.00) CHILDREN'S PL RETAIL STORES 7/28/2004 25,718.22 (31,927.84) (6,209.62) (1,150.00) EXTREME NETWORKS INC COM 7/28/2004 5,734.45 (5,856.84) (122.39) (25.00) INTEGRATED ALARM SVCS GROUP 7/28/2004 127.87 (239.54) (111 .67) (7,350.00) MEMC ELECTRONICS MATERIALS 7/29/2004 65,377.45 (74,832.80) (9,455.35) (4,000.00) EXTREME NETWORKS INC COM 7/29/2004 20,362.59 (28,766.96) (8,404.37) (1,725.00) INTEGRATED ALARM SVCS GROUP 7/29/2004 8,728.29 (16,307.52) (7,579 .23) (1,225.00) MOVIE GALLERY INC COM 7/29/2004 21,541 .24 (25,718.25) (4,177.01) (1,150.00) PSYCHIATRIC SOLUTIONS INC 7/29/2004 29,920.44 (18,400.00) 11,520.44 (950.00) GARTNER INC COM 7/29/2004 11,687.86 (12,655.71) (967.85) (925.00) ACCREDO HEALTH INC COM 7/29/2004 29,780.69 (28,433.26) 1,347.43 (750.00) CHILDREN'S PL RETAIL STORES 7/29/2004 14,491 .31 (16,662.15) (2,170.84) (725.00) WATCHGUARD TECHNOLOGIES INC 7/29/2004 3,614.47 (4,040.35) (425.88) (5,250.00) SYNAPTICS INC 7/30/2004 79,131 .92 (87,874.02) (8,742.10) (3,000.00) PACER INTL INC TENN 7/30/2004 47,722.87 (46,685.86) 1,037.01 (2,375.00) INTEGRATED ALARM SVCS GROUP 7/30/2004 12,062.10 (22,139.00) (10,076.90) (2,225.00) MOVIE GALLERY INC COM 7/30/2004 38,730.33 (46,749.30) (8,018.97) (2,075.00) OPNET TECHNOLOGIES INC COM 7/30/2004 19,518.24 (26,554.95) (7,036.71) (1,475.00) GARTNER INC COM 7/30/2004 18,394.88 (19,649.66) (1,254.78) (1,225.00) ACCREDO HEALTH INC COM 7/30/2004 39,391 .15 (37,595.74) 1,795.41 (850.00) RESOURCES CONNECTION INC COM 7/30/2004 32,504.17 (23,583.59) 8,920.58 (675.00) WATCHGUARD TECHNOLOGIES INC 7/30/2004 3,369.59 (3,761 .71) (392.12) (500.00) ACCREDO HEALTH INC COM 7/30/2004 16,069.62 (15,452.48) 617.14 (100.00) PSYCHIATRIC SOLUTIONS INC 7/30/2004 2,598.65 (1,600.00) 998.65 The Duke Endowment 56-0529965 2004 31 Statement 13 Form 99aPF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (e) (9) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(0.50) APPLEBEES INTL INC COM 7/30/2004 12.64 (11 .33) 1 .31 (0.50) SALIX PHARMACEUTICALS INC 7/30/2004 9.99 (6.32) 3.67 (11,375.00) CORINTHIAN COLLEGES INC COM 8/2/2004 136,813.02 (159,588.46) (22,775.44) (7,225.00) SYNAPTICS INC 8/2/2004 99,961 .31 (124,284.20) (24,322.89) (5,025.00) EXTREME NETWORKS INC COM 8/2/2004 26,229.81 (23,620.1 2,649.64 (850.00) INTEGRATED ALARM SVCS GROUP 8/2/2004 4,355.04 (7,922.00) (3,565.96) (775.00) WATCHGUARD TECHNOLOGIES INC 8/2/2004 3,836.62 (4,224.15) (387.53) (700.00) OPNET TECHNOLOGIES INC COM 8/212004 6,355.78 (9,079.84) (2,724.06) (600.00) MOVIE GALLERY INC COM 8/2/2004 10,330.13 (12,585.78) (2,255.65) (400.00) EDUCATION MGMT CORP 8f2J2004 9,777.77 (7,261 .84) 2,515.93 (175.00) ACCREDO HEALTH INC COM 8/2/2004 5,334.20 (5,412.54) (78.34) (6,500.00) CORINTHIAN COLLEGES INC COM 8/3/2004 70,827.04 (169,182.53) (98,355.49) (2,750.00) ESPEED INC 8/3/2004 28,751 .95 (52,420.25) (23,668.30) (2,125.00) SYNAPTICS INC 8/3/2004 29,454.14 (36,405.4 (6,951 .33) (975.00) PSYCHIATRIC SOLUTIONS INC 8/3/2004 26,404.04 (15,fi00.0a) 10,804.44 (950.00) MOVIE GALLERY INC COM 8/3/2004 15,953.24 (19,978.73) (4,025.49) (700.00) EDUCATION MGMT CORP 8/3/2004 18,276.57 (12,708.22) 5,558.35 (550.00) WATCHGUARD TECHNOLOGIES INC 8/3/2004 2,685.03 (2,856.42) (171 .39) (525.00) NOVAVAX IND 8/3/2004 2,327.95 (3,025.17 (69722) (175.00) OPNET TECHNOLOGIES INC COM 8/312004 1,586.74 (2,269.96) (683.22) (100.00) INTEGRATED ALARM SVCS GROUP 81312004 512.18 (932.Q0) (419.82) (75.00) RESOURCES CONNECTION INC COM 8/3/2004 2,935.51 (2,Ofi9.93) 865.58 (6,300.00) CORINTHIAN COLLEGES INC COM 8/4/2004 69,346.24 (150,853.52) (81,507.28) (1,925.00) OPNET TECHNOLOGIES INC COM 8/4/2004 16,932.48 (24,969.56) (8,037.08) (1,825.00) ESPEED INC 8/4/2004 18,834.83 (32,371 .75) (13,536.92) (1,200.00) WATCHGUARD TECHNOLOGIES INC 8/4/2004 5,705.86 (6,232.20) (52fi.34) (900.00) NOVAVAX IND 8/412004 3,917.06 (5,331 .24) (1,414.18) (650.00) AMERICAN HEALTHWAYS INC 8/4/2004 17,111 .04 (10,172.94) 6,938.10 (500.00) RESOURCES CONNECTION INC COM 8/412004 18,705.51 (13,762.95) 4,942.55 (425.00) INTEGRATED ALARM SVGS GROUP 8/4/2004 2,156.77 (3,961 .00) (1,804.23) (325.00) EDUCATION MGMT CORP 814/2004 8,440.25 (5,90024) 2,540.01 (4,875.00) RIGHTNOW TECHNOLOGIES INC 8/512004 33,938.95 (34,125.00) (186.05) (4,850.00) EXTREME NETWORKS INC COM 8/5/2004 24,475.92 (19,544.80) 4,931 .12 The Duke Endowment 56-0529965 2004 32 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(1,825.00) ESPEED INC 8/5/2004 18,314.35 (33,562.17) (15,247.82) (1,125.00) OPNET TECHNOLOGIES INC COM 8/5/2004 9,811 .31 (14,540.65) (4,729.34) (800.00) WATCHGUARD TECHNOLOGIES INC 8/5/2004 3,691 .35 (4,154.80) (463.45) (725.00) AMERICAN HEALTHWAYS INC 8/5/2004 18,943.80 (10,709.41) 8,234.39 (450.00) NOVAVAX IND 8/5/2004 1,920.28 (2,650.03) (729.75) (450.00) RESOURCES CONNECTION INC COM 8/5/2004 16,370.97 (12,386.65) 3,984.32 (325.00) INTEGRATED ALARM SVCS GROUP 8/5/2004 1,618.17 (3,029.00) (1,410.83) (4,075.00) OPNET TECHNOLOGIES INC COM 8/6/2004 32,833.11 (59,746.35) (26,913.24) (2,850.00) AMERICAN HEALTHWAYS INC 8/6/2004 73,942.94 (42,116.29) 31,826.65 (2,850.00) MOVIE GALLERY INC COM 8/6/2004 48,282.42 (58,227.93) (9,945.51) (1,025.00) ESPEED INC 8/6/2004 9,286.28 (18,009.16) (8,722.88) (800.00) WATCHGUARD TECHNOLOGIES INC 8/6/2004 3,448.15 (4,154.80) (706.65) (725.00) NOVAVAX IND 8/6/2004 2,849.62 (4,230.01) (1,380.39) (600.00) INTEGRATED ALARM SVCS GROUP 8/6/2004 2,896.91 (5,542.50) (2,645.59) (175.00) EDUCATION MGMT CORP 8/6/2004 4,660.14 (3,177.06) 1,483.08 (7,700.00) WATCHGUARD TECHNOLOGIES INC 8/9/2004 34,045.98 (42,494.65) (8,448.67) (2,225.00) SAPIENT CORP 8/9/2004 15,085.14 (14,096.71) 988.43 (1,325.00) AMERICAN HEALTHWAYS INC 8/9/2004 34,206.19 (19,724.54) 14,481 .65 (900.00) NOVAVAX IND 8/9/2004 3,452.31 (5,380.35) (1,928.04) (750.00) INTEGRATED ALARM SVCS GROUP 8/9/2004 3,513.44 (6,693.00) (3,179.56) (525.00) MOVIE GALLERY INC COM 8/912004 8,789.03 (10,362.13) (1,573.10 (375.00) OPNET TECHNOLOGIES INC COM 8/9/2004 2,946.12 (4,705.13) (1,759.01) (5,521 .00) OPNET TECHNOLOGIES INC COM 8/10/2004 40,269.78 (72,649.33) (32,379.55) (2,275.00) WATCHGUARD TECHNOLOGIES INC 8/10/2004 10,088.25 (10,420.97) (332.72) (1,325.00) MOVIE GALLERY INC COM 8/10/2004 22,464.05 (25,541 .89) (3,077.84 (1,200.00) INTEGRATED ALARM SVCS GROUP 8/10/2004 4,874.64 (10,166.10) (5,291 .46) (1,175.00) CEPHALON INC COM 8/10/2004 51,768.22 (50,162.89) 1,605.33 (900.00) NOVAVAX IND 8/10/2004 3,285.19 (5,445.00) (2,159.81) (800.00) APPLEBEES INTL INC COM 8/10/2004 20,294.96 (18,126.19) 2,168.77 (650.00) RARE HOSPITALITY INTL INC COM 8/10/2004 17,664.24 (11,988.82) 5,675.42 (500.00) DIAMONDCLUSTER INTL INC 8/10/2004 4,629.94 (3,727.05) 902.89 (400.00) WATCHGUARD TECHNOLOGIES INC 8/10/2004 1,803.95 (1,820.00) (16.05) (250.00) EDUCATION MGMT CORP 8/10/2004 6,816.77 (4,538.65) 2,278.12 The Duke Endowment 56-0529965 204 33 Statement 13 Form 99a-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(250.00) RESOURCES CONNECTION INC COM 8/10/2004 8,945.04 (6,861 .93) 2,083.11 (12,175.00) EXTREME NETWORKS INC COM 8/11/2004 56,291 .00 (70,713.29) (14,422.29) (2,025.00) INTEGRATED ALARM SVGS GROUP 811112004 7,978.72 (15,794.38) (7,815.66) (1,225.00) PLACER SIERRA BANCSHARES 8/11/2004 24,614.57 (24,500.00) 114.57 (1,125.00) AEROFLEX INC 8/11/2004 10,255.70 (8,723.4 1,53223 (1,125.00) TTM TECHNOLOGIES INC COM 8/11/2004 11,058.27 (5,681 .25) 5,377.02 (1,075.00) CEPHALON INC COM 8/1112004 46,732.81 (41,711 .25) 5,021 .55 (1,075.00) NOVAVAX IND 8/11/2004 4,015.99 (6,630.36) (2,614.37) (975.00) WATCHGUARD TECHNOLOGIES INC 8/11/2004 4,252.02 (4,510.70) (258.68) (475.00) ACTIVCARD CORP 8/11/2004 2,965.26 (5,066.59) (2,101 .33) (325.00) RESOURCES CONNECTION INC COM 8/11/2004 11,358.48 (8,818.87) 2,539.61 (1,550.00) MEMC ELECTRONICS MATERIALS 8/12/2004 12,174.81 (18,445.24) (6,270.43) (1,400.00) INTEGRATED ALARM SVCS GROUP 8/12/2004 5,424.59 (12,316.80) (6,89221) (1,300.00) AEROFLEX INC 8/12J2004 12,017.56 (10,080.46) 1,937.10 (575.00) TTM TECHNOLOGIES INC COM 8112/2004 5,322.59 (2,903.75) 2,418.84 (475.00) WATCHGUARD TECHNOLOGIES INC 8112/2004 2,033.28 (2,262.28) (229.00) (325.00) NOVAVAX IND 8/12/2004 1,221 .19 (2,013.28) (792.09) (200.00 ACTIVCARD CORP 8/12J2004 1,211 .97 (2,133.30) (921 .33) (13,975.00) GARTNER INC COM 8/13/2004 185,867.50 (178,048.74) 7,818.76 (2,100.00) ACTIVCARD CORP 8/13/2004 12,516.54 (22,345.84) (9,82'9.30) (1,750.00) WATCHGUARD TECHNOLOGIES INC 8/13/2004 7,507.67 (8,334.72) (827.05) (1,000.00) NOVAVAX IND 8113/2004 3,755.41 (6,194.70) (2,439.29) (800.00 TTM TECHNOLOGIES INC COM 811312004 7,346.70 (4,040.40) 3,306.70 (4,875.00) CHARLOTTE RUSSE HLDG INC 8/16/2004 83,011 .01 (100,981 .31) (17,970.30) (3,700.00) CEPHALON INC COM 8/16/2004 157,672.91 (173,535.12) (15,86221) (1,925.00) MOVIE GALLERY INC COM 8/16/2004 32,172.54 (35,446.84) (3,234.30) (1,625.00) ANNTAYLOR STORES CORP COM 8/16/2004 38,839.02 (39,496.26) (657.24) (900.00) NOVAVAX IND 8/1612004 3,085.66 (5,584.41) (2,498.75) (500.00) WATCHGUARD TECHNOLOGIES INC 8/16/2004 2,184.94 (2,381 .35) (196.41) (425.00) AMERICAN HEALTHWAYS INC 8/1612004 11,245.78 (6,326.74) 4,919.04 (400.00) TTM TECHNOLOGIES INC COM 8/16/2004 3,664.87 (2,020.00) 1,644.87 (100.00) ACTIVCARD CORP 811612004 607.98 (1,015.92) (407.94) (2,425.00 CHARLOTTE RUSSE HLDG INC 8/17/2004 41,496.35 (49,102.72) (7,fi0S.37) The Duke Endowment 56-0529965 2004 34 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(1,975.00) GRAY TELEVISION INC 8/17/2004 24,172.05 (16,293.75) 7,878.30 (1,550.00) MEMC ELECTRONICS MATERIALS 8/17/2004 12,652.82 (18,456.16) (5,803.34) (1,550.00) NOVAVAX IND 8/17/2004 4,914.31 (9,609.10) (4,694.79) (1,375.00) ANNTAYLOR STORES CORP COM 8/17/2004 33,552.10 (35,352.01) (1,799.91) (1,050.00) ACTIVCARD CORP 8/17/2004 6,362.85 (10,614.71) (4,251 .86) (925.00) MOVIE GALLERY INC COM 8/17/2004 15,622.70 (16,400.95) (778.25) (725.0Q) AMERICAN HEALTHWAYS INC 8/17/2004 19,299.48 (10,879.24) 8,420.24 (575.00) AVID TECHNOLOGY INC COM 8/17/2004 25,571 .09 (25,665.87) (94.78) (525.00) CEPHALON INC COM 8/17/2004 22,609.96 (28,521 .41) (5,911 .45) (450.00) TTM TECHNOLOGIES INC COM 8/17/2004 4,360.39 (2,272.50) 2,087.89 (400.00) WATCHGUARDTECHNOLOGIES INC 8/17/2004 1,795.47 (1,905.08) (109.61) (1,775.00) NOVAVAX IND 8/18/2004 5,972.02 (10,991 .51) (5,019.49) (1,650.00) CHARLOTTE RUSSE HLDG INC 8/18/2004 27,673.48 (32,762.90) (5,089.42) (1,575.00) ACTIVCARD CORP 8/18/2004 9,570.57 (15,339.87) (5,769.30) (1,550.00) MOVIE GALLERY INC COM 8/18/2004 26,116.88 (27,022.70) (905.82) (1,375.00) AVID TECHNOLOGY INC COM 8/18/2004 61,201 .32 (61,582.13) (380.81) (1,025.00) CORPORATE EXECUTIVE BD CO COM 8/18/2004 58,860.89 (29,737.30) 29,123.59 (825.00) AMERICAN HEALTHWAYS INC 8/18/2004 21,880.30 (12,496.47) 9,383.83 (800.00) WATCHGUARDTECHNOLOGIES INC 8/18/2004 3,665.67 (3,947.91) (28224) (775.00) GRAY TELEVISION INC 8/1812004 10,074.76 (6,393.75) 3,681 .01 (525.00) TTM TECHNOLOGIES INC COM 8/18/2004 5,120.98 (2,651 .25) 2,469.73 (1,325.00) NOVAVAX IND 8/19/2004 4,348.54 (8,866.38) (4,517.84) (1,275.00) MOVIE GALLERY INC COM 8/19/2004 21,613.42 (24,131 .27) (2,517.85) (900.00) CHARLOTTE RUSSE HLDG INC 8/19/2004 15,030.18 (17,473.38) (2,443.20) (875.00) ACTIVCARD CORP 8/19/2004 5,302.37 (8,522.15) (3,219.78) (875.00) WATCHGUARD TECHNOLOGIES INC 8/19/2004 4,096.83 (4,580.88) (484.05) (550.00) AVID TECHNOLOGY INC COM 8/19/2004 24,565.67 (24,549.26) 16.41 (2,250.00) WATCHGUARD TECHNOLOGIES INC 8/20/2004 10,588.48 (11,998.07) (1,409.59) (1,500.00) INTUITIVE SURGICAL INC 8120/2004 37,445.57 (22,450.32) 14,995.25 (1,475.00) NOVAVAX IND 8/20/2004 5,21429 (10,573.39) (5,359.1x) (1,350.00) CHARLOTTE RUSSE HLDG INC 8/20/2004 22,652.46 (25,681 .21) (3,028.75) (550.00) AVID TECHNOLOGY INC COM 8/20/2004 24,494.00 (23,769.16) 724.84 (2,050.00) MGI PHARMA INC 8/23/2004 51,451 .13 (38,850.32) 12,600.81 The Duke Endowment 56-0529965 2004 35 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(1,725.00) ACTIVISION INC 812312004 24,222.05 (26,780.28) (2,558.23) (1,500.00) APPLEBEES INTL INC COM 8123/2004 35,789.46 (34,061 .94) 1,727.52 (600.00) AVID TECHNOLOGY INC COM 8/23/2004 26,875.05 (24,841 .86) 2,033.19 (500.00) CHARLOTTE RUSSE HLDG INC 8/23/2004 7,984.81 (9,076.45) (1,091 .64) (450.00) NOVAVAX IND 8/23/2004 1,604.08 (3,257.65) (1,653.58) (250.00) NAVTEQ CORP 8/23/2004 7,856.31 (5,50D.00) 2,356.31 (1,725.00) ACTIVISION INC 8/2M2004 23,853.08 (26,780.28) (2,927.20) (1,625.00) NOVAVAX IND 8124/2004 5,664.45 (11,756.96) (6,092.51) (1,275.00) CHARLOTTE RUSSE HLDG INC 8/24/2004 19,052.39 (22,588.15) (3,535.76) (4,175.00) ACTIVISION INC 8125/2004 58,454.88 (64,557.73) (6,102.85) (525.00) NOVAVAX IND 8/25/2Q04 1,821 .86 (3,735.38) (1,913.52) (500.00) RESOURCES CONNECTION INC COM 8/25/2004 17,806.48 (13,567.50) 4,238.98 (425.00) NAVTEQ CORP 8/25/2004 12,914.00 (9,3s0.00) 3,554.00 (125.00) SIGNATURE BK NEW YORK N Y 8/25/2004 3,256.17 (2,397.54) 858.63 (3,625.00) SAPIENT CORP 8/26/2004 27,939.39 (22,966.55) 4,972.84 (2,625.00) NAVTEQ CORP 8126/2004 78,546.22 (57,750.Q0) 20,796.22 (1,150.00) ACTIVISION INC 8/26/2004 16,537.07 (16,965.90) (428.83) (450.00) NOVAVAX IND 8/26/2004 1,563.71 (3,201 .75) (1,638.04) (400.00) RESOURCES CONNECTION INC COM 8/26/2004 14,133.94 (10,849.54) 3,284.40 (300.00) RARE HOSPITALITY INTL INC COM 8/26/2004 8,341 .75 (5,fi03.36) 2,738.39 (4,075.00) ACCREDO HEALTH INC COM 8/27/2004 111,748.14 (125,542.x2) (13,794.18) (1,125.00) ACTIVISION INC 812712004 16,276.22 (16,438.50) (162.28) (575.00) MEDICIS PHARMACEUTICAL CORP 8/2712004 21,188.25 (20,303.42) 884.83 (400.00) RARE HOSPITALITY INTL INC COM 8/27/2004 11,078.34 (7,938.27) 3,140.07 (125.00) RESOURCES CONNECTION INC COM 8/27/2004 4,416.65 (3,384.44) 1,03221 (5,350.00) ACCREDO HEALTH INC COM 8/30/2004 113,282.52 (165,843.8 (52,561 .35) (1,700.00) MGI PHARMA INC 8/30/2004 40,269.50 (33,062.45) 7,207.05 (1,600.00) PACER INTL INC TENN 8130/2004 24,785.17 (19,851 .73) 4,933.44 (1,150.00) ACTIVISION INC 8130/2004 16,474.97 (16,815.64) (340.67) (1,000.00) NAVTEQ CORP 8/30/2004 30,366.68 (22,000.00) 8,368.68 (625.00) AMERICAN EAGLE OUTFITTERS NEW 8130/2004 21,386.80 (20,525.44) 861 .36 (475.00) ACTIVCARD CORP 8130/2004 2,944.93 (4,626.31) (1,&81 .38) (225.00) ACE CASH EXPRESS INC 8130/2004 6,008.79 (6,075.00) (65.21) The Duke Endowment 56-0529965 2004 36 Statement 13 Form 99o-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(1,925.00) ACTIVCARD CORP 8/31/2004 11,622.11 (18,112.21) (6,490.10) (1,650.00) RARE HOSPITALITY INTL INC COM 8/31/2004 44,103.13 (34,309.68) 9,793.45 (1,550.00) APPLEBEES INTL INC COM 8/31/2004 37,149.21 (35,667.77) 1,481 .44 (1,125.00) ACTIVISION INC 8/31/2004 16,038.75 (16,545.04) (506.29) (1,075.00) AMERICAN HEALTHWAYS INC 8/31/2004 29,032.92 (18,346.54) 10,686.38 (875.00) ACE CASH EXPRESS INC 8/31/2004 23,361 .95 (23,625.00) (263.05) (850.00) ACCREDO HEALTH INC COM 8/31/2004 18,424.84 (26,451 .82) (8,026.98) (575.00) NAVTEQ CORP 8/31/2004 17,358.50 (13,390.53) 3,967.97 (2,525.00) NAVTEQ CORP 9/1/2004 82,559.00 (63,029.30) 19,529.70 (2,300.00) AMERICAN HEALTHWAYS INC 9/1/2004 62,684.11 (39,248.58) 23,435.53 (1,675.00) ACCREDO HEALTH INC COM 9/1/2004 37,118.63 (58,763.52) (21,644.89) (1,225.00) PACER INTL INC TENN 9/1/2004 19,042.18 (13,663.87) 5,378.31 (1,150.00) ACTIVISION INC 9/1/2004 15,956.79 (16,912.70) (955.91) (500.00) ACTIVCARD CORP 9/1/2004 3,112.82 (4,665.68) (1,552.86) (4,575.00) ELECTRONICS FOR IMAGING INC 9/2/2004 92,360.08 (74,474.60) 17,885.48 (1,325.00) ACTIVISION INC 9/2J2004 18,253.70 (19,486.38) (1,232.68) (1,250.00) ACCREDO HEALTH INC COM 9/2/2004 27,874.97 (44,980.27) (17,105.30) (1,207.00) EDUCATION MGMT CORP 9/2/2004 36,108.12 (22,130.87) 13,977.25 (825.00) AMERICAN HEALTHWAYS INC 9/212004 22,313.34 (13,931 .77) 8,381 .57 (775.00) PACER INTL INC TENN 9/2!2004 12,018.10 (8,972.26) 3,045.84 (6,725.00) ELECTRONICS FOR IMAGING INC 9/3/2004 107,884.62 (109,473.58) (1,588.96) (3,650.00) MEMC ELECTRONICS MATERIALS 9/3/2004 27,988.43 (42,665.73) (14,677.30) (2,125.00) ACCREDO HEALTH INC COM 9/3/2004 48,065.95 (79,759.42) (31,693.47) (500.00) ELECTRONICS FOR IMAGING INC 9/3/2004 8,515.40 (8,139.30) 376.10 (150.00) EDUCATION MGMT CORP 9/3/2004 4,492.54 (2,754.17) 1,738.37 (1,275.00) ELECTRONICS FOR IMAGING INC 9/7/2004 21,130.08 (20,755.22) 374.86 (1,025.00) MEMC ELECTRONICS MATERIALS 9/7/2004 7,621 .41 (11,058.61) (3,437.20) (2,450.00) ACTEL CORP COM 9/8/2004 33,455.92 (40,124.92) (6,669.00) (2,450.00) MEMC ELECTRONICS MATERIALS 9/8/2004 18,067.73 (25,859.04) (7,791 .31) . (1,675.00) ELECTRONICS FOR IMAGING INC 9/8/2004 28,289.41 (27,266.65) 1,022.76 (750.00) EDUCATION MGMT CORP 9/8/2004 22,507.27 (13,770.82) 8,736.45 (100.00) GRAY TELEVISION INC 9/8/2004 1,355.12 (825.00) 530.12 (6,300.00) AIRTRAN HLDGS INC 9/9/2004 69,366.62 (72,368.87) (3,002.25) The Duke Endowment 56-0529965 2004 37 Statement 13 Form 99aPF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (e) (9) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(3,375.00) ACTEL CORP COM 9/9/2004 46,564.79 (61,423.70) (14,858.91) (2,125.00) MEMC ELECTRONICS MATERIALS 9/9/2004 16,996.84 (22,167.79) (5,170.95) (1,000.00) ELECTRONICS FOR IMAGING INC 9/9/2004 16,730.60 (16,278.6U) 452.00 (850.00) GRAY TELEVISION INC 9/9/2004 10,998.40 (7,012.50) 3,985.90 (550.00) STAKTEK HLDGS INC 9/9/2Q04 2,737.72 (7,150.00) (4,412.28) (100.00) EDUCATION MGMT CORP 9/9!2004 2,994.92 (1,836.11) 1,158.81 (6,475.00) ACTEL CORP COM 9/10/2004- 89,787.36 (118,735.81) (28,948.45) (3,505.00) AIRTRAN HLDGS INC 9h0/2004 39,055.65 (42,184.86) (3,129.21) (1,675.00) ELECTRONICS FOR IMAGING INC 9/10/2004 28,358.42 (27,26s.65) 1,091 .77 (1,575.00) MEMC ELECTRONICS MATERIALS 9/10/2004 13,017.07 (16,430.24) (3,413.17) (275.00) GRAY TELEVISION INC 9/10/2004 3,541 .00 (2,268.75) 1,272.25 (125.00) STAKTEK HLOGS INC 9/10/2004 621 .53 (1,625.00) (1,003.47) (1,575.00) MEMC ELECTRONICS MATERIALS 9/13/2004 13,588.78 (16,409.45) (2,820.67) (1,275.00) NATIONAL OILWELL VARCO INC 9/13/2004 40,495.60 (35,969.22) 4,526.38 (425.00) EDUCATION MGMT CORP 9/1312004 12,542.43 (7,803.4 4,738.96 (1,725.00) MINDSPEED TECH INC 9/14/2004 5,879.87 (16,78926) (10,919.39) (450.00) STAKTEK HLDGS INC 9/14/2004 2,191 .44 (5,850.00) (3,658.55) (125.00) GRAY TELEVISION INC 9/14/2004 1,624.26 (1,031 .25) 593.01 (2,950.00) MINDSPEED TECH INC 9/15/2004 9,348.32 (30,&62.18) (21,313.85) (1,475.00) PETSMART INC 9/1512004 43,382.12 (19,073.79) 24,308.33 (1,175.00) ASK JEEVES INC OC-COM 9h5/2004 35,290.30 (32,669.35) 2,620.95 (750.00) FILENET CORP 9/15/2004 14,823.18 (14,304.Q8) 519.10 (725.00) NAVTEQ CORP 9/15/2004 24,591 .13 (18,097.52) 6,493.61 (300.00) STAKTEK HLDGS INC 9/15/2004 1,455.59 (4,295.10) (2,839.51) (25.00) EDUCATION MGMT CORP 9/1512004 736.26 (459.03) 277.23 (2,000.00) PRICELINE COM INC 9/16/2004 40,260.45 (51,577.36) (11,316.91) (1,950.00) MINDSPEED TECH INC 9/16/2004 6,240.83 (20,473.3 (14,232.54) (1,675.00) ELECTRONICS FOR IMAGING INC 9/1612004 27,930.64 (25,878.19) 2,052.45 (1,575.00) MEMC ELECTRONICS MATERIALS 9/16/2004 13,242.12 (15,9x6.99) (2,654.87) (1,100.00) INTERWOVEN INC 9/1612004 8,823.77 (15,390.76) (6,5fifi.99) (625.00) AMERICAN HEALTHWAYS INC 9/1612004 17,223.90 (10,529.18) 6,694.72 (325.00) PACER INTL INC TENN 9/16/2004 5,104.01 (3,557.54) 1,546.47 (125.00) STAKTEK HLDGS INC 9116/2004 608.73 (1,844.50) (1,2,35.7 The Duke Endowment 56-0529965 2004 38 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(50.00) FILENET CORP 9/16/2004 986.64 (953.61) 33.03 (25.00) EDUCATION MGMT CORP 9h6/2004 733.62 (459.03) 274.59 (5,050.00) ELECTRONICS FOR IMAGING INC 9/17/2004 83,390.21 (96,879.88) (13,489.67) (2,800.00) FILENET CORP 9/17/2004 54,318.16 (53,580.22) 737.94 (2,200.00) PRICELINE COM INC 9/17/2004 43,918.44 (59,299.32) (15,380.88) (1,850.00) AEROFLEX INC 9/17/2004 17,519 .08 (14,345.27) 3,173.81 (1,600.00) MINDSPEED TECH INC 9h7/2004 5,073.16 (16,796.80) (11,723.64) (1,250.00) PACER INTL INC TENN 9/17/2004 19,400.54 (15,402.41) 3,998.13 (100.00) AMERICAN HEALTHWAYS INC 9/17/2004 2,722.72 (1,683.39) 1,039.33 (100.00) STAKTEK HLDGS INC 9/17/2004 486.98 (1,475.60) (988.62) (6,850.00) MINDSPEED TECH INC 9/20/2004 21,344.78 (64,407.47) (43,062.69) (2,975.00) PRICELINE COM INC 9/20/2004 58,197.23 (80,616.33) (22,419.10) (1,175.00) MEMC ELECTRONICS MATERIALS 9/20/2004 10,056.00 (11,281 .77) (1,225.77) (793.00) EDUCATION MGMT CORP 9/20/2004 22,432.41 (14,725.78) 7,706.63 (400.00) AMERICAN HEALTHWAYS INC 9/20/2004 10,793.82 (6,733.58) 4,060.24 (250.00) NOVAVAX IND 9/20/2004 873.72 (1,803.34) (929.62) (50.00) STAKTEK HLDGS INC 9/20/2004 243.49 (737.80) (494.31) (1,850.00) EDUCATION MGMT CORP 9/21/2004 50,762.06 (34,272.12) 16,489.94 (1,325.00) MEMC ELECTRONICS MATERIALS 9/21/2004 11,325.57 (12,376.09) (1,050.52) (950.00) PACER INTL INC TENN 9/21/2004 14,736.05 (11,645.00) 3,091 .05 (675.00) MINDSPEED TECH INC 9/21/2004 2,099.40 (5,713.94) (3,614.54) (500.00) GRAY TELEVISION INC 9/21/2004 6,188.20 (4,125.00) 2,063.20 (300.00) PRICELINE COM INC 9/21/2004 5,866.90 (8,305.32) (2,438.42) (275.00) STAKTEK HLDGS INC 9/21/2004 1,339.21 (4,057.90) (2,718.69) (200.00) AMERICAN HEALTHWAYS INC 9/21/2004 5,389.87 (3,366.79) 2,023.08 (2,725.00) EDUCATION MGMT CORP 9/22/2004 74,700.85 (50,113.29) 24,587.56 (2,425.00) MINDSPEED TECH INC 9/22/2004 7,338.60 (20,191 .54) (12,852.94) (1,200.00) PACER INTL INC TENN 9/22/2004 18,599.56 (14,804.06) 3,795.54 (875.00) MEMC ELECTRONICS MATERIALS 9/22/2004 7,432.95 (7,603.05) (170.10) (175.00) GRAY TELEVISION INC 9/22/2004 2,133.02 (1,443.75) 689.27 (3,875.00) MEMC ELECTRONICS MATERIALS 9/23/2004 32,893.71 (35,402.66) (2,508.9) (3,450.00) TTM TECHNOLOGIES INC COM 9/23/2004 35,619.61 (17,422.50) 18,197.11 (3,375.00) MINDSPEED TECH INC 9/23/2004 9,976.26 (27,188.39) (17,212.13) The Duke Endowment 56-0529965 2004 39 Statement 13 Form 99aPF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (9) (h) and (1) Date Gross Sale Units Security Description Sold Price cost Gain/Loss

(3,000.00) COGNEX CORP COM 9/23/2004 74,374.47 (85,370.75) (10,99628) (1,475.00) ACTIVCARD CORP 9/23/2004 8,933.47 (13,487.45) (4,553.98) (1,425.00) PACER INTL INC TENN 9/23/2004 22,025.71 (18,544.79) 3,480.92 (1,400.00) STAKTEK HLDGS INC 9/2312004 5,788.72 (20,658.40) (14,869.68) (275.00) INTERWOVEN INC 912312004 2,023.95 (3,847.69) (1,823.74) (5,050.00) STAKTEK HLDGS INC 9124/2004 21,447.87 (73,594.4 (52,146.60) (3,950.00) COGNEX CORP COM 9/24/2004 97,775.21 (109,004.89) (11,229.68) (3,225.00) MINDSPEED TECH INC 9/2412004 9,404.84 (22,129.70) (12,724.86) (2,825.00) PACER INTL INC TENN 9/24/2004 43,877.14 (35,348.55) 8,528.59 (1,750.00) ACTIVCARD CORP 9/24/2004 10,713.59 (16,053.32) (5,339.73) (1,400.00) COGENT INC 9/24/2004 25,763.45 (18,592.48) 7,170.97 (1,200.00) TTM TECHNOLOGIES INC COM 9/2412004 12,030.55 (5,382.19) 6,648.36 (500.00) DIGITAL THEATER SYS INC 9/24/2004 9,326.53 (7,569.x&) 1,757.47 (500.00) INTERWOVEN INC 9/24/2004 3,551 .16 (7,173.74) (3,622.58) (3,875.00) TTM TECHNOLOGIES INC COM 9/27/2004 36,817.65 (37,193.80) (376.15) (2,725.00) ACTIVCARD CORP 9/2712004 15,944.41 (24,770.69) (8,826.28) (2,475.00) MINDSPEED TECH INC 9127/2004 6,917.70 (15,267.18) (8,349.48) (2,225.00) NOVAVAX IND 9/27/2004 6,672.39 (16,024.40) (9,352.01) (1,925.00) GRAFTECH INTERNATIONAL LTD 9127/2004 23,864.78 (26,469.63) (2,604.85) (1,850.00) INTERWOVEN INC 9/27/2004 12,935.45 (26,244.12) (13,3fl8.67) (1,425.00) ALTIRIS INC 9/27/2004 43,611 .10 (37,915.fi0) 5,695.50 (925.00) COGENT INC 9/27/2004 16,401 .16 (15,001 .28) 1,399.88 (675.00) STAKTEK HLDGS INC 9/27/2004 2,689.87 (10,152.00) (7,4&2.13) (7,050.00) POLYCOM INC 9/28/2004 144,178.98 (141,188.Q6) 2,990.92 (5,850.00) TTM TECHNOLOGIES INC COM 9/2812004 53,148.81 (67,997.74) (14,848.93) (2,550.00) ISOLAGEN INC 9/28/2004 22,947.68 (21,675.00) 1,272.68 (2,400.00) MINDSPEED TECH INC 9/28/2004 6,632.48 (15,806.40) (9,173.92) (1,975.00) GRAFTECH INTERNATIONAL LTD 9/28/2004 25,343.00 (28,087.38) (2,744.38) (1,400.00) ACTIVCARD CORP 9/2812004 8,191 .06 (13,041 .21) (4,850.15) (925.00) STAKTEK HLDGS INC 9/2812004 3,602.14 (13,680.70) (10,078.55) (850.00) BENCHMARK ELECTRS INC 9/28/2004 24,781 .59 (27,736.69) (2,955.10) (775.00) GRAY TELEVISION INC 9/28/2004 9,278.00 (6,393.75) 2,884.25 (625.00) INTERWOVEN INC 9/28/2004 4,324.27 (8,788.50) (4,46423) The Duke Endowment 56-0529965 2004 40 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (9) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(225.00) COGENT INC 9/28/2004 4,039.64 (3,648.96) 390.68 (16,180.00) MINDSPEED TECH INC 9/29/2004 33,569.46 (89,636.58) (56,067.12) (3,650.00) PRICELINE COM INC 9/29/2004 80,580.79 (100,929.10) (20,348.31) (3,200.00) AEROFLEX INC 9/29/2004 33,285.97 (24,813.45) 8,472.52 (2,760.00) POLYCOM INC 9/29/2004 55,455.92 (53,505.33) 1,950.59 (1,925.00) GRAFTECH INTERNATIONAL LTD 9/29/2004 26,277.75 (27,819.14) (1,541 .39) (1,875.00) INTERWOVEN INC 9/29/2004 13,144.00 (26,957.34) (13,813.34) (1,075.00) GRAY TELEVISION INC 9/29/2004 12,859 .38 (8,868.75) 3,990.63 (925.00) STAKTEK HLDGS INC 9/29/2004 3,590.02 (13,253.68) (9,663.66) (900.00) ALTIRIS INC 9/29/2004 28,545.35 (24,046.30) 4,499.05 (820.00) JAMDAT MOBILE INC 9/29/2004 18,858.07 (13,120.00) 5,738.07 (625.00) CORPORATE EXECUTIVE BD CO COM 9/29/2004 38,228.35 (18,132.50) 20,095.85 (500.00) FIRST MARBLEHEAD CORP 9/29/2004 22,477.22 (18,250.00) 4,227.22 (450.00) TTM TECHNOLOGIES INC COM 9/29/2004 4,070.06 (4,513.99) (443.93) (125.00) COGENT INC 9/29/2004 2,149.94 (1,500.00) 649.94 (1 .00) CACHE INC COM NEW 9/29/2004 15.02 (7.36) 7.66 (1,925.00) GRAY TELEVISION INC 9/30/2004 22,892.86 (15,881 .25) 7,011 .61 (1,325.00) CHARLES RIV ASSOCS INC COM 9/30/2004 49,051 .71 (43,190.45) 5,86126 (725.00) STAKTEK HLDGS INC 9/30/2004 2,778.13 (10,388.01) (7,609.88) (550.00) ALTIRIS INC 9/30/2004 17,608.77 (14,728.42) 2,880.35 (425.00) PRICELINE COM INC 9/30/2004 9,402.39 (11,665.47) (2,263.08) (4,050.00) CONCEPTUS INC COM 10/1/2004 38,143.13 (59,737.50) (21,594.37) (2,525.00) ISOLAGEN INC 10/1/2004 23,887.19 (21,462.50) 2,424.69 (1,575.00) INTUITIVE SURGICAL INC 10/1/2004 39,542.28 (23,311 .15) 16,231 .13 (1,300.00) ALTIRIS INC 10/1/2004 39,727.15 (34,787.03) 4,940.12 (1,075.00) INTERWOVEN INC 10/1/2004 7,934.60 (15,823.14) (7,888.54) (925.00) STAKTEK HLDGS INC 10/1/2004 3,494.84 (13,260.36) (9,765.52) (325.00) INTERWOVEN INC 10/1/2004 2,411 .44 (4,783.74) (2,372.3Q) (300.00) PRICELINE COM INC 10/1/2004 6,735.71 (8,263.86) (1,528.15) (4,450.00) AEROFLEX INC 10/4/2004 49,342.61 (34,506.19) 14,836.42 (3,775.00) TIBCO SOFTWARE INC COM 10/4/2004 33,445.71 (27,443.49) 6,002.22 (3,150.00) INTERWOVEN INC 10/4/2004 23,965.58 (49,784.08) (25,818.50) (3,025.00) MANHATTAN ASSOCS INC COM 10/4/2004 75,721 .23 (43,174.74) 32,546.49 The Duke Endowment 56-0529965 2004 41 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (9) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(2,325.00) STAKTEK HLDGS INC 10/4/2004 9,001 .48 (33,352.13) (24,350.65) (2,150.00) GRAY TELEVISION INC 10/4/2004 26,351 .72 (17,737.50) 8,614.22 (1,950.00) SILICON IMAGE INC COM 10/4/2004 28,246.45 (13,717.62) 14,528.83 (1,675.00) EDUCATION MGMT CORP 10/4/2004 43,229.89 (30,803.59) 12,426.30 (1,500.00) CONCEPTUS INC COM 10/4/2004 13,886.52 (22,125.00) (8,238.48) (1,475.00) ALTIRIS INC 10/4/2004 46,684.13 (39,970.96) 6,713.17 (1,350.00) ISOLAGEN INC 10/4/2004 13,224.28 (11,475.Q0) 1,749.28 (1,275.00) INTUITIVE SURGICAL INC 10/4/2004 33,526.10 (19,155.20) 14,370.90 (1,225.00) SALIX PHARMACEUTICALS INC 10/4/2004 26,361 .38 (15,519.77 10,841 .61 (850.00) CHARLES RIV ASSOCS INC COM 10/412004 32,044.50 (26,987.50) 5,057.00 (750.00) NOVAVAX IND 10/4/2004 2,378.04 (4,932.75) (2,554.71) (4,350.00) TIBCO SOFTWARE INC COM 10/5/2004 37,687.95 (31,623.63) 6,064.32 (2,725.00) ADTRAN INC 10/5/2004 64,074.41 (58,928.12) 5,146.29 (2,325.00) STAKTEK HLDGS INC 10/5/2004 9,045.89 (31,568.&6) (22,522.77) (1,950.00) INTERWOVEN INC 10/5/2004 14,955.95 (32,255.74) (17,299.79) (1,225.00) SALIX PHARMACEUTICALS INC 10/5/2004 25,098.31 (15,773.52) 9,324.79 (950.00) CONCEPTUS INC COM 10/512004 8,492.90 (14,012.x0) (5,519.60) (750.00) AMERICAN HEALTHWAYS INC 10/5/2004 21,504.39 (12,625.46) 8,878.93 (675.00) GRAY TELEVISION INC 10/5/2004 8,279.49 (5,568.75) 2,710.74 (375.00) TEXAS ROADHOUSE INC 10/5/2004 8,421 .25 (6,562.50) 1,858.75 (125.00) PRICELINE COM INC 10/5/2004 2,868.68 (3,443.2 (574.59) (100.00) ISOLAGEN INC 10/5/2004 925.97 (850.00) 75.97 (100.00) NOVAVAX IND 10/5/2004 316.99 (615.00) (298.01) (8,750.00) ADTRAN INC 10/6/2004 181,035.00 (253,145.00) (72,110.00) (3,725.00) CONCEPTUS INC COM 10/6/2004 32,808.04 (53,133.21) (20,325.17) (3,075.00) NETEGRITY INC 10/6/2004 32,071 .49 (23,362.12) 8,709.37 (2,505.00) HYPERION SOLUTIONS CORP 10/6/2004 92,357.18 (88,967.41) 3,389.77 (1,600.00) ACTIVCARD CORP 10/6/2004 10,555.27 (13,691 .20) (3,135.93) (1,125.00) AMERICAN HEALTHWAYS INC 10/6/2004 31,875.85 (18,410.36) 13,4&5.49 (1,075.00) ISOLAGEN INC 10/6/2004 9,691 .76 (9,137.50) 554.26 (975.00) NOVAVAX IND 10/6/2004 3,012.67 (5,99625) (2,983.58) (925.00) GRAY TELEVISION INC 10/6/2004 11,366.73 (7,631 .25) 3,735.48 (925.00) STAKTEK HLDGS INC 10/612004 3,540.07 (11,109.71) (7,569.64) The Duke Endowment 56-0529965 2004 42 Statement 13 Form 99aPF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(300.00) FIRST MARBLEHEAD CORP 10/6/2004 15,696.92 (10,950.00) 4,746.92 (170.00) TEXAS ROADHOUSE INC 10/6/2004 3,818.62 (2,975.00) 843.62 (75.00) W EBSENSE INC COM 10/6/2004 3,325.94 (2,783.41) 542.53 (3,875.00) SILICON IMAGE INC COM 10!7/2004 53,629.13 (25,326.37) 28,302.76 (3,100.00) NAVTEQ CORP 10/7/2004 117,644.41 (77,382.51) 40,261 .90 (2,200.00) NOVAVAX IND 10/7/2004 7,058.09 (13,530.00) (6,471 .91) (2,025.00) AEROFLEX INC 10/7/2004 22,293.30 (15,70225) 6,591 .05 (1,850.00) STAKTEK HLDGS INC 10/7/2004 6,943.81 (19,096.66) (12,152.85) (1,625.00) SALIX PHARMACEUTICALS INC 10/7/2004 28,625.19 (21,000.75) 7,624.44 (1,425.00) CONCEPTUS INC COM 10/7/2004 12,684.82 (18,115.11) (5,430.29) (750.00) SIGMATEL INC 10/7/2004 18,457.06 (18,757.50) (300.44) (700.00) FIRST MARBLEHEAD CORP 10/7/2004 37,146.51 (25,550.00) 11,596.51 (675.00) ISOLAGEN INC 10!7/2004 6,060.54 (5,737.50) 323.04 (425.00) WEBSENSE INC COM 10!7/2004 18,926.37 (15,772.64) 3,153.73 (205.00) TEXAS ROADHOUSE INC 10!7/2004 4,499.76 (3,587.50) 912.26 (125.00) ALTIRIS INC 10/7/2004 3,962.40 (3,393.08) 569.32 (6,275.00) MANHATTAN ASSOCS INC COM 10/8/2004 134,851 .31 (141,889.08) (7,037.77) (4,300.00) LIONBRIDGE TECHNOLOGIES INC 10/8/2004 24,236.37 (26,230.00) (1,993.63) (2,525.00) WMS INDS INC COM 10/8/2004 66,189.40 (66,517.08) (327.68) (2,200.00) IMMUCOR INC 10/8/2004 59,213.81 (35,503.93) 23,709.88 (1,125.00) SALIX PHARMACEUTICALS INC 10/8/2004 20,570.36 (14,538.97) 6,031 .39 (925.00) STAKTEK HLDGS INC 10/8/2004 3,489.75 (8,947.99) (5,458.24) (900.00) AEROFLEX INC 10/8/2004 9,677.83 (6,978.78) 2,699.05 (875.00) ARRIS GROUP INC COM 10/8/2004 4,543.59 (7,607.25) (3,063.66) (550.00) AMERICAN HEALTHWAYS INC 10/8/2004 15,117.71 (8,850.04) 6,267.67 (75.00) ALTIRIS INC 10/8/2004 2,310.13 (2,033.74) 276.39 (5,050.00) LIONBRIDGE TECHNOLOGIES INC 10/11/2004 27,359.75 (31,854.95) (4,495.2Q) (4,580.00) MANHATTAN ASSOCS INC COM 10/11/2004 97,716.12 (125,563.28) (27,847.16) (3,250.00) INSIGHT ENTERPRISES INC COM 10/11/2004 56,155.72 (40,527.50) 15,628.22 (1,850.00) PSYCHIATRIC SOLUTIONS INC 10/11/2004 46,156.41 (31,887.80) 14,268.61 (1,700.00) GRAY TELEVISION INC 10/11/2004 21,175.72 (15,099.24) 6,076.48 (1,600.00) ACTIVCARD CORP 10/11/2004 10,647.58 (13,691 .20) (3,043.62) (1,100.00) ARRIS GROUP INC COM 10/11/2004 5,698.30 (9,563.40) (3,865.10) The Duke Endowment 56-0529965 2004 43 Statement 13 Form 99aPF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (9) (h) and Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(925.00) STAKTEK HLDGS INC 10/11/2004 3,442.95 (8,365.88) (4,922.93) (575.00) CONCEPTUS INC COM 10/1112004 4,939.65 (7,503.22) (2,563.57) (550.00) ISOLAGEN INC 10/11/2004 4,804.41 (4,675.00) 129.41 (450.00) AMERICAN HEALTHWAYS INC 10/11/2004 12,348.39 (7,051 .73) 5,296.65 (400.00) NOVAVAX IND 10/11/2004 1,288.52 (2,460.Q0) (1,171 .48) (325.00) ALTIRIS INC 10/11/2004 9,920.07 (8,812.86) 1,107.21 (5,675.00) LIONBRIDGE TECHNOLOGIES INC 10h2/2004 28,714.82 (36,533.95) (7,819.13) (4,375.00) ARRIS GROUP INC COM 10h2/2004 21,272.49 (38,069.18) (16,796.69) (4,275.00) ADTRAN INC 10/1212004 89,998.60 (108,911 .5 (18,912.97) (1,750.00) NOVAVAX IND 10/12!2004 5,887.04 (10,762.50) (4,875.46) (1,150.00) ALTIRIS INC 10112!2004 34,271 .49 (31,183.97) 3,087.52 (1,100.00) INSIGHT ENTERPRISES INC COM 10/12/2004 18,809.55 (13,717.Q0) 5,092.55 (925.00) STAKTEK HLDGS INC 10/12/20Q4 3,404.19 (8,365.89) (4,961 .70) (6,650.00) LIONBRIDGE TECHNOLOGIES INC 10/1312004 34,301 .89 (48,432.79) (14,130.90) (2,350.00) ARRIS GROUP INC COM 10/13/2004 11,269.84 (20,466.44) (9,196.60) (2,050.00) NOVAVAX IND 10/1312004 7,338.62 (12,fiU7.50) (5,268.88) (1,375.00) ADTRAN INC 10/13/2004 30,202.13 (35,579.40) (5,376.87) (875.00) ASK JEEVES INC OGCOM 10h3/2004 30,470.98 (24,328.24) 6,142.74 (475.00) ACTIVCARD CORP 10/13/2004 3,258.99 (4,064.58) (885.59) (475.00) STAKTEK HLDGS INC 10/1312004 1,759.21 (4,296.Q0) (2,536.79) (14,925.00) LEXAR MEDIA INC COM 10/14/2004 101,189.11 (133,847.88) (32,658.77) (3,750.00) INTERWOVEN INC 10/14/2004 28,456.36 (57,681 .51) (29,225.15) (2,425.00) ACTIVCARD CORP 10/14/2004 16,635.10 (20,822.12) (4,187.02) (2,415.00) ADTRAN INC 10/14/2004 52,940.14 (59,273.28) (6,333.14) (2,225.00) ARRIS GROUP INC COM 10/14f2004 10,329.98 (19,373.18) (9,043.20) (1,650.00) SALIX PHARMACEUTICALS INC 10/14/2004 29,431 .34 (20,715.31) 8,716.03 (1,600.00) DIGITAS INC COM 10/14/2004 13,420.00 (7,496.00) 5,924.00 (875.00) NOVAVAX IND 10/14/2004 3,221 .32 (5,381 .25) (2,159.93) (675.00) FISHER SCIENTIFIC INTL INC COM 10/14/2004 37,940.57 (17,935.96) 20,004.61 (575.00) LANDSTAR SYS INC COM 10/14/2004 34,574.69 (28,115.32) 6,459 .37 (550.00) ALTIRIS INC 10/1M2004 16,365.47 (14,964.18) 1,401 .29 (475.00) STAKTEK HLDGS INC 10/1412004 1,746.48 (4,295.99) (2,549.51) (375.00) BRADLEY PHARMACEUTICALS INC 10/1M2004 7,018.14 (8,407.50) (1,389.36) The Duke Endowment 56-0529965 , 2004 44 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(2,225.00) SIGMATEL INC 10/15/2004 51,102.16 (55,812.42) (4,710.26) (2,050.00) ACTIVCARD CORP 10/15/2004 14,360.73 (18,023.89) (3,663.16) (1,950.00) SALIX PHARMACEUTICALS INC 10/15/2004 34,409.11 (23,942.22) 10,466.89 (1,675.00) INTERWOVEN INC 10/15/2004 12,614.96 (25,644.47) (13,029.51) (1,600.00) CONCEPTUS INC COM 10/15/2004 13,683.83 (18,359.88) (4,676.05) (800.00) LANDSTAR SYS INC COM 10/15/2004 50,790.41 (39,211 .34) 11,579.07 (800.00) TAKE-TWO INTERACTIVE SOFTWARE 10/15/2004 27,653.91 (22,948.08) 4,705.83 (700.00) NOVAVAX IND 10/15/2004 2,621 .43 (4,203.33) (1,581 .90) (650.00) ALTIRIS INC 10/15/2004 19,387.48 (17,966.78) 1,420.70 (475.00) STAKTEK HLDGS INC 10/15/2004 1,745.77 (4,296.00) (2,550.23) (2,925.00) ACTIVCARD CORP 10/18/2004 20,992.09 (24,444.50) (3,452.41) (1,950.00) SALIX PHARMACEUTICALS INC 10/18/2004 32,637.80 (24,702.80) 7,935.00 (1,450.00) SIGMATEL INC 10/18/2004 33,324.13 (36,619.32) (3,295.19) (1,300.00) ALTIRIS INC 10/18/2004 38,871 .29 (35,963.95) 2,907.34 (1,125.00) TAKE-TWO INTERACTIVE SOFTWARE 10/18/2004 38,982.69 (32,521 .97) 6,460.72 (750.00) NOVAVAX IND 10/18/2004 2,912.92 (4,104.15) (1,191 .23) (550.00) LANDSTAR SYS INC COM 10/18/2004 34,997.44 (26,972.77) 8,024.67 (475.00) FISHER SCIENTIFIC INTL INC COM 10/18/2004 26,308.87 (12,621 .60) 13,687.27 (400.00) CONCEPTUS INC COM 10/18/2004 3,463.91 (3,608.00) (144.09) (25.00) BRADLEY PHARMACEUTICALS INC 10/18/2004 467.48 (560.50) (93.02) (4,025.00) SILICON IMAGE INC COM 10/19/2004 52,888.86 (23,201 .89) 29,686.97 (2,700.00) INSIGHT ENTERPRISES INC COM 10/19/2004 46,389.53 (33,669.00) 12,720.53 (2,525.00) SAPIENT CORP 10/19/2004 22,610.84 (16,089.73) 6,521 .11 (1,750.00) SALIX PHARMACEUTICALS INC 10/19/2004 26,476.70 (22,938.16) 3,538.54 (1,600.00) TAKE-TWO INTERACTIVE SOFTWARE 10/19/2004 56,216.76 (47,044.64) 9,172.12 (1,400.00) KINDRED HEALTHCARE INC COM 10/19/2004 33,120.00 (41,215.09) (8,095.09) (1,325.00) SIGMATEL INC 10/19/2004 31,604.34 (33,204.64) (1,600.30) (1,075.00) NOVAVAX IND 10/19/2004 4,248.08 (5,940.77) (1,692.69) (475.00) FISHER SCIENTIFIC INTL INC COM 10/19/2004 26,791 .51 (12,621 .61) 14,169.90 (300.00) STAKTEK HLDGS INC 10h9/2004 1,109.91 (2,713.26) (1,603.35) (3,275.00) INSIGHT ENTERPRISES INC COM 10/20/2004 56,040.79 (44,985.12) 11,055.67 (2,475.00) SIGMATEL INC 10/20/2004 69,519.14 (59,174.54) 10,344.60 (1,775.00) GRAFTECH INTERNATIONAL LTD 10/20/2004 20,417.70 (25,540.89) (5,123.19) The Duke Endowment 56-0529965 2004 45 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (9) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(880.00) VNUS MED TECHNOLOGIES INC 10/20/2004 13,557.58 (13,200.00) 357.58 (800.00) CONCEPTUS INC COM 10/20/2004 6,727.04 (7,245.fi6) (518.62) (575.00) GRAY TELEVISION INC 10/20/2004 7,368.68 (5,341 .41) 2,027.27 (450.00) NOVAVAX IND 10120/2004 1,690.16 (2,526.82) (83&.66) (275.00) KINDRED HEALTHCARE INC COM 10/20/2004 6,587.38 (8,095.82) (1,548.44) (4,050.00) STAKTEK HLDGS INC 10/21/2004 14,955.08 (33,829.8 (18,874.79) (2,375.00) PETSMART INC 10/21/2004 73,267.03 (30,915.13) 42,351 .90 (1,775.00) INSIGHT ENTERPRISES INC COM 10/21/2004 30,149.26 (25,597.28) 4,551 .98 (1,750.00) SAPIENT CORP 10/21/2004 16,061 .47 (11,371 .18) 4,690.29 (1,700.00) MEDICIS PHARMACEUTICAL CORP 10/21/2004 66,282.80 (60,19721) 6,085.59 (1,650.00) RSA SEC INC COM 10/21/2004 33,912.15 (26,259.92) 7,652.23 (1,650.00) TAKE-TWO INTERACTIVE SOFTWARE 10/21/2004 54,493.27 (48,956.94) 5,535.33 (1,475.00) NOVAVAX IND - 10/21/2004 5,190.99 (8,584.Q6) (3,393.07) (850.00) GRAY TELEVISION INC 10/21/2004 10,966.95 (7,895.99) 3,070.96 (400.00) CONCEPTUS INC COM 10121/2004 3,323.92 (3,635.92) (312.00) (325.00) RARE HOSPITALITY INTL INC COM 10/21/2004 9,567.77 (8,144.53) 1,42324 (50.00) HURON CONSULTING GROUP INC 10/21/2004 974.45 (775.Q0) 199.45 (4,250.00) DIGITAS INC COM 10/2?J2004 36,346.42 (19,762.21) 16,584.21 (4,125.00) CHAMPION ENTERPRISES INC COM 10/22/2004 42,553.93 (41,458.19) 1,495.74 (2,450.00) PETSMART INC 10122/2004 75,590.03 (32,174.66) 43,415.37 (1,650.00) BRISTOL WEST HLDGS INC 10/22/2004 25,079.41 (37,460.94) (12,381 .53) (1,525.00) SAPIENT CORP 10/22/2004 13,807.02 (9,3&6.40) 4,440.62 (1,500.00) INSIGHT ENTERPRISES INC COM 10/22/2004 25,868.62 (21,631 .50) 4,237.12 (575.00) ASK JEEVES INC OGCOM 10/2?J2004 21,872.76 (15,987.13) 5,885.63 (375.00) HURON CONSULTING GROUP INC 10/22/2004 7,208.42 (5,812.50) 1,395.92 (5,625.00) DIGITAS INC COM 10/25/2004 47,607.43 (27,267.88) 20,339.55 (3,000.00) TAKE-TWO INTERACTIVE SOFTWARE 10/25/2004 94,088.59 (89,923.06) 4,165.53 (2,000.00) INSIGHT ENTERPRISES INC COM 10/25/2004 33,808.15 (28,842.00) 4,9&5.15 (1,975.00) BRADLEY PHARMACEUTICALS INC 10/25/2004 30,047.73 (44,326.36) (14,278.63) (1,650.00) GRAFTECH INTERNATIONAL LTD 10/25/2004 18,895.19 (22,021 .40) (3,128.21) (875.00) HURON CONSULTING GROUP INC 10/25/2004 16,740.71 (13,5fi2.50) 3,178.21 (850.00) SAPIENT CORP 10/25/2004 7,629.76 (5,149.73) 2,480.03 (550.00) LANDSTAR SYS INC COM 10/25/2004 36,261 .70 (26,972.77) 9,288.93 The Duke Endowment 56-0529965 2004 46 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(400.00) GRAY TELEVISION INC 10/25/2004 5,179.87 (3,715.76) 1,464.11 (300.00) ATWOOD OCEANIC INC 10/25/2004 14,693.47 (14,550.00) 143.47 (150.00) CONCEPTUS INC COM 10/25/2004 1,250.22 (1,363.47) (113.25) (7,075.00) DIGITAS INC COM 10/26/2004 60,160.84 (38,793.69) 21,367.15 (4,650.00) ALTIRIS INC 10/26/2004 125,212.26 (123,928.13) 1,284.13 (2,200.00) CUMULUS MEDIA INC CL A 10/26/2004 33,262.99 (29,371 .54) 3,891 .45 (1,750.00) CONCEPTUS INC COM 10/26/2004 14,490.97 (17,920.09) (3,429.12) (975.00) ATWOOD OCEANIC INC 10/26/2004 47,793.19 (47,263.95) 529.24 (825.00) SHOPPING.COM LTD SHS 10/26/2004 21,693.86 (14,850.00) 6,843.86 (400.00) CORPORATE EXECUTIVE BD CO COM 10/26/2004 24,805.45 (11,604.80) 13,200.65 (375.00) FIRST MARBLEHEAD CORP 10/26/2004 19,499.65 (13,687.50) 5,812.15 (350.00) GRAY TELEVISION INC 10/26/2004 4,540.72 (3,251 .29) 1,289.43 (2,325.00) CHARLES RIV ASSOCS INC COM 10/27/2004 93,310.22 (73,932.78) 19,377.44 (2,150.00) PETSMART INC 10/27/2004 66,495.79 (29,767.80) 36,727.99 (1,825.00) ALTIRIS INC 10/27/2004 50,664.65 (42,283.27) 8,381 .38 (1,500.00) TAKE-TWO INTERACTIVE SOFTWARE 10/27/2004 48,072.97 (44,375.10) 3,697.87 (1,125.00) ASK JEEVES INC OC-COM 10/27/2004 39,350.17 (31,279.16) 8,071 .01 (825.00) INTUITIVE SURGICAL INC 10/27/2004 24,056.43 (13,156.57) 10,899.86 (825.00) WMS INDS INC COM 10/27/2004 23,500.47 (23,322.90) 177.57 (675.00) FISHER SCIENTIFIC INTL INC COM 10/27/2004 38,415.24 (17,935.97) 20,47927 (325.00) GRAY TELEVISION INC 10/27/2004 4,230.13 (3,019.05) 1,211 .08 (25.00) KANBAY INTL INC 10/27/2004 623.73 (368.65) 255.08 (4,300.00) BRADLEY PHARMACEUTICALS INC 10/28/2004 66,542.22 (105,355.51) (38,813.29) (2,900.00) APPLEBEES INTL INC COM 10/28/2004 66,965.87 (67,115.44) (149.57) (1,525.00) MSC INDL DIRECT INC CL A 10/28/2004 51,442.99 (41,133.84) 10,309.15 (1,400.00) BUILD A BEAR WORKSHOP INC 10/28/2004 36,739.75 (28,000.00) 8,739.75 (825.00) WEBSENSE INC COM 10/28/2004 32,832.82 (30,617.49) 2,215.33 (8,575.00) SAPIENT CORP 10/29/2004 68,083.38 (54,912.85) 13,170.53 (5,525.00) BRADLEY PHARMACEUTICALS INC 10/29/2004 89,878.59 (132,241 .17) (42,362.58) (5,000.00) GRAY TELEVISION INC 10/29/2004 65,998.44 (59,609.10) 6,389.34 (1,550.00) PSYCHIATRIC SOLUTIONS INC 10/29/2004 39,007.78 (30,997.22) 8,010.56 (1,125.00) TAKE-TWO INTERACTIVE SOFTWARE 10/29/2004 36,910.38 (32,667.30) 4,243.08 (675.00) PEOPLESUPPORT INC 10/29/2004 6,181 .77 (4,725.00) 1,456.77 The Duke Endowment 56-0529965 2004 47 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (e) (9) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(1,650.00) SAPIENT CORP 11/1/2004 13,868.09 (9,755.02) 4,113.07 (625.00) TAKE-TWO INTERACTIVE SOFTWARE 11/1/2004 20,681 .01 (18,117.25) 2,563.76 (125.00) PEOPLESUPPORT INC 11/1/2004 1,157.47 (875.0U) 282.47 (100.00) BRADLEY PHARMACEUTICALS INC 11/1/2004 1,702.19 (2,419.55) (717.36) (5,100.00) BRADLEY PHARMACEUTICALS INC 11/2J2004 84,704.42 (115,744.56) (31,040.14) (4,425.00) OMNIVISION TECHNOLOGIES INC 11/2/2004 69,702.73 (65,389.99) 4,312.74 (2,400.00) CONCEPTUS INC COM 11/2/2004 20,589.12 (30,914.45) (10,324.93) (1,825.00) SALIX PHARMACEUTICALS INC 11/2/2004 28,779.94 (23,498.23) 5,281 .71 (1,650.00) SIGMATEL INC 11/2/2004 48,131 .85 (40,034.33) 8,097.52 (1,350.00) UNOVA INC COM 11/2/2004 26,931 .86 (23,928.75) 3,003.11 (1,050.00) APPLEBEES INTL INC COM 11f2/2004 24,730.18 (25,843.46) (1,113.28) (1,025.00) PETSMART INC 11/2J2004 33,654.27 (15,234.68) 18,419.59 (275.00) MOLECULAR DEVICES CORP 11/2/2004 5,653.34 (6,460.69) (807.35) (3,925.00) CONCEPTUS INC COM 11/3/2004 36,557.77 (44,808.92) (8,251 .15) (2,425.00) MOLECULAR DEVICES CORP 11/3/2004 50,363.40 (56,935.87) (6,572.47) (2,312.00) APPLEBEES INTL INC COM 11/3/2004 54,821 .78 (57,619.75) (2,797.97) (1,087.00) SALIX PHARMACEUTICALS INC 11/3/2004 17,647.57 (13,007.88) 4,639.69 (850.00) AMERICAN HEALTHWAYS INC 11/3/2004 27,802.59 (13,319.92) 14,482.67 (675.00) PEOPLESUPPORT INC 11/3/2004 6,105.70 (4,725.00) 1,380.70 (350.00) ISOLAGEN INC 11/3/2004 2,523.44 (2,975.00) (451 .56) (1,075.00) CONSECOINC 11/M2004 18,011 .84 (21,936.6 (3,924.83) (850.00) SIGMATEL INC 11/4/2004 24,937.39 (19,242.08) 5,695.31 (600.00) FISHER SCIENTIFIC INTL INC COM 11/412004 34,461 .21 (15,943.08) 18,518.13 (500.00) PEOPLESUPPORT INC 11/4/2004 4,065.50 (3,500.00) 565.50 (100.00) IMPAX LABORATORIES INC COM 11/4/2004 1,147.97 (1,fi0323) (455.26) (3,225.00) WELLCARE HEALTH PLANS INC 11/512004 85,031 .64 (57,974.86) 27,056.78 (1,825.00) MOLECULAR DEVICES CORP 11/5/2004 40,889.26 (42,986.61) (2,097.35) (1,350.00) CONSECOINC 11/5/2004 22,434.18 (28,144.22) (5,710.04) (1,210.00) MARKETAXESS HLDGS INC 11/5/2004 20,190.06 (13,310.00) 6,880.06 (1,100.00) INSIGHT ENTERPRISES INC COM 11/5/2004 20,981 .32 (15,863.10) 5,118.22 (300.00) FISHER SCIENTIFIC INTL INC COM 11/5/2004 16,625.61 (7,971 .54) 8,654.07 (500.00) INSIGHT ENTERPRISES INC COM 11/8/2004 9,528.12 (7,210.50) 2,317.62 (100.00) PEOPLESUPPORT INC 11/8/2004 895.97 (700.00) 195.97 The Duke Endowment 56-0529965 2004 48 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (9) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(1,975.00) BENCHMARK ELECTRS INC 11/9/2004 71,610.24 (66,269.41) 5,340.83 (1,450.00) EDUCATION MGMT CORP 11/9/2004 42,368.00 (26,745.02) 15,622.98 2,263.78 (1,100.00) PEOPLESUPPORT INC 11/9/2004 9,963.78 (7,700.00) (200.00) ISOLAGEN INC 11/9/2004 1,443.46 (1,700.00) (256.54) (3,000.00) VOLTERRA SEMICONDUCTOR CORP 11/10/2004 61,220.16 (42,071 .63) 19,148.53 (2,050.00) ISOLAGEN INC 11/10/2004 14,833.86 (17,425.00) (2,591 .14) (3,125.00) FISHER SCIENTIFIC INTL INC COM 11/11/2004 172,180.96 (101,471 .13) 70,709.83 (2,300.00) ISOLAGEN INC 11/11/2004 16,840.62 (19,550.00) (2,709.38) (1,700.00) COMMERCIAL VEHICLE GROUP INC 11/11/2004 30,25928 (22,100.00) 8,159.28 (880.00) ORMAT TECHNOLOGIES INC 11/11/2004 13,811 .45 (13,200.00) 611 .45 (525.00) PSYCHIATRIC SOLUTIONS INC 11/11/2004 15,991 .80 (10,515.11) 5,476.69 (2,975.00) VOLTERRA SEMICONDUCTOR CORP 11/12/2004 60,304.92 (41,880.07) 18,424.85 (1,375.00) GEVITY HR INC 11/12/2004 25,223.91 (21,924.51) 3,299.40 (1,300.00) PEOPLESUPPORT INC 11/12/2004 12,583.70 (9,100.00) 3,483.70 (1,200.00) GLOBAL PMTS INC COM 11/12!2004 67,346.86 (54,229.80) 13,117.06 (425.00) ISOLAGEN INC 11/12/2004 3,064.17 (3,612.50) (548.33) (300.00) PSYCHIATRIC SOLUTIONS INC 11/12/2004 9,029.78 (5,998.53) 3,031 .25 (1,575.00) COMMERCIAL VEHICLE GROUP INC 11/15/2004 28,270.58 (20,475.00) 7,795.58 (1,075.00) GEVITY HR INC 11/15/2004 19,636.45 (17,140.98) 2,495.47 (625.00) PSYCHIATRIC SOLUTIONS INC 11/15/2004 18,942.55 (12,040.89) 6,901 .66 (450.00) VOLTERRA SEMICONDUCTOR CORP 11/15/2004 9,170.15 (6,548.36) 2,621 .79 (425.00) GLOBAL PMTS INC COM 11/15/2004 23,983.71 (19,206.39) 4,777.32 (425.00) GRAFTECH INTERNATIONAL LTD 11/15/2004 3,928.94 (5,434.32) (1,505.38) (100.00) ISOLAGEN INC 11/15/2004 721 .05 (850.00) (128.95) (2,900.00) GRAFTECH INTERNATIONAL LTD 11/16/2004 26,724.87 (36,146.70) (9,421 .83) (2,250.00) PSYCHIATRIC SOLUTIONS INC 11116/2004 70,084.95 (42,117.04) 27,967.91 (1,925.00) ISOLAGEN INC 11/16/2004 13,889.70 (16,362.50) (2,472.80) (975.00) WEBSENSE INC COM 11/16/2004 46,168.57 (36,184.30) 9,984.27 (525.00) VOLTERRA SEMICONDUCTOR CORP 11/16/2004 10,642.55 (7,639.75) 3,002.80 (4,850.00) RSA SEC INC COM 11/17/2004 109,637.01 (79,905.35) 29,731 .66 (3,750.00) CYPRESS SEMICONDUCTOR CORP 11117/2004 40,307.43 (33,560.66) 6,746.77 (2,725.00) COMMERCIAL VEHICLE GROUP INC 11/17/2004 50,297.13 (35,425.00) 14,872.13 (1,300.00) WHITING PETE CORP NEW 11/17/2004 37,910.75 (37,726.00) 184.75 The Duke Endowment 56-0529965 2004 49 Statement 13 Form 99d-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (e) (9) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(1,125.00) HYPERION SOLUTIONS CORP 11/17/2004 50,347.63 (36,Sfi0.85) 13,486.78 (750.00) GLOBAL PMTS INC COM 11/17/2004 42,900.04 (33,893.62) 9,006.42 (750.00) WEBSENSE INC COM 11/17f2004 36,207.35 (29,134.85) 7,072.50 (525.00) VOLTERRA SEMICONDUCTOR CORP 11/17/2004 11,695.30 (7,639.74) 4,055.56 (3,300.00) PETSMART INC 11/18/2004 112,529.34 (78,67423) 33,855.11 (2,800.00) CYPRESS SEMICONDUCTOR CORP 11/18/2004 29,464.54 (25,331 .32) 4,133.22 (1,525.00) EDUCATION MGMT CORP 11/18/2004 47,203.97 (28,162.94) 19,041 .03 (1,100.00) TEMPUR PEDIC INTL INC 11/18/2004 21,183.30 (20,85fi.00) 327.30 (950.00) WEBSENSE INC COM 11/18/2004 45,779.90 (35,256.49) 10,523.41 (300.00) INPHONIC INC 11/18/2004 7,462.92 (5,7Q0.00) 1,762.92 (1,000.00) CYPRESS SEMICONDUCTOR CORP 11/19/2004 10,496.55 (8,844.00) 1,652.55 (1,450.00) EDUCATION MGMT CORP 11 /22J2004 44,865.74 (27,021 .11) 17,844.63 (1,150.00) MSC INDL DIRECT INC CL A 11/2?J2004 41,294.37 (29,89720) 11,397.17 (925.00) WEBSENSE INC COM 11/2212004 41,929.72 (36,683.81) 5,245.91 (325.00) INPHONIC INC 11/22J2004 7,688.76 (6,175.00) 1,513.76 (150.00) COMMERCIAL VEHICLE GROUP INC 11/22/2004 2,800.37 (1,950.00) 850.37 (1,225.00) SAPIENT CORP 11/23/2004 10,677.09 (6,553.7 4,123.34 (925.00) MEDICIS PHARMACEUTICAL CORP 11/23/2004 33,272.12 (33,264.9n 7.15 (775.00) PEOPLESUPPORT INC 11/2312004 6,980.02 (5,425.00) 1,555.02 (550.00) WEBSENSE INC COM 11/23/2004 24,727.70 (22,128.31) 2,599.39 (350.00) INPHONIC INC 11/23/2004 8,032.31 (6,650.00) 1,382.31 (250.00) COMMERCIAL VEHICLE GROUP INC 11/23/2004 4,671 .67 (3,250.Q0) 1,421 .67 (3,675.00) COMMERCIAL VEHICLE GROUP INC 11/24/2004 70,376.83 (47,775.00) 22,601 .83 (2,800.00) SAPIENT CORP 11/2412004 24,547.30 (14,910.15) 9,637.15 (1,400.00) CHAMPION ENTERPRISES INC COM 11f24/2004 16,862.60 (13,961 .96) 2,900.64 (1,215.00) EDUCATION MGMT CORP 11/24/2004 39,116.37 (22,807.43) 16,308.94 (1,150.00) MEDICIS PHARMACEUTICAL CORP 11/24!2004 41,834.17 (42,474.27) (640.10) (950.00) PEOPLESUPPORT INC 11f2M2004 8,401 .98 (6,650.00) 1,751 .98 (775.00) GRAFTECH INTERNATIONAL LTD 11/26/2004 7,486.32 (9,533.97) (2,047.65) (750.00) CHAMPION ENTERPRISES INC COM 11/26/2004 8,965.81 (7,484.92) 1,480.89 (650.00) PEOPLESUPPORT INC 11!26/2004 5,663.83 (4,550.00) 1,113.83 (1,985.00) EDUCATION MGMT CORP 11/29/2004 65,065.30 (55,072.75) 9,992.55 (525.00) FIRST MARBLEHEAD CORP 11/29/2004 28,988.30 (19,162.50) 9,825.80 The Duke Endowment 56-0529965 2004 50 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(325.00) PEOPLESUPPORT INC 11129/2004 2,883.82 (2,275.00) 608.82 (100.00) INTEGRA LIFESCIENCES HLDG CORP 11/29/2004 3,394.92 (3,375.00) 19.92 (3,850.00) BRISTOL WEST HLDGS INC 11/30/2004 78,217.27 (87,408.86) (9,191 .59) (2,075.00) PEOPLESUPPORT INC 11/30/2004 18,15624 (14,525.00) 3,631 .24 (1,625.00) RSA SEC INC COM 11130/2004 34,797.42 (30,387.66) 4,409.76 (825.00) GRAFTECH INTERNATIONAL LTD 11/30/2004 7,832.36 (10,149.07) (2,316.71) (650.00) PORTALPLAYER INC 11/30/2004 19,453.52 (11,050.00) 8,403.52 (575.00) FORMFACTOR INC 11/30/2004 13,677.35 (9,711 .35) 3,966.00 (425.00) INTEGRA LIFESCIENCES HLDG CORP 11/30/2004 14,444.73 (14,343.75) 100.98 (175.00) CUMULUS MEDIA INC CL A 11/30/2004 2,668.68 (2,336.37) 332.31 (4,900.00) OMNIVISION TECHNOLOGIES INC 12/1/2004 95,818.72 (70,795.71) 25,023.01 (3,925.00) DIGITAS INC COM 12/1/2004 34,042.37 (20,606.25) 13,436.12 (2,575.00) PEOPLESUPPORT INC 12/1/2004 22,326.52 (18,025.00) 4,301 .52 (1,900.00) MAGNUM HUNTER RES INC 12/1/2004 25,451 .04 (19,475.00) 5,976.04 (1,600.00) BRISTOL WEST HLDGS INC 12/1/2004 32,417.64 (35,081 .70) (2,664.06) (925.00) INTEGRA LIFESCIENCES HLDG CORP 12/1/2004 31,877.80 (31,218.75) 659.05 (800.00) GRAFTECH INTERNATIONAL LTD 12/1/2004 7,615.18 (9,841 .52) (2,226.34) (375.00) PORTALPLAYER INC 12/1/2004 11,057.48 (6,375.00) 4,682.48 (275.00) CUMULUS MEDIA INC CL A 12/1/2004 4,230.31 (3,671 .44) 558.87 (100.00) GLOBAL PMTS INC COM 12/1/2004 5,620.32 (4,519.15) 1,101 .17 (13,325.00) CREDENCE SYS CORP 12/2/2004 121,240.99 (102,448.49) 18,792.50 (3,900.00) TTM TECHNOLOGIES INC COM 12/2/2004 40,252.90 (38,805.00) 1,447.90 (2,600.00) RSA SEC INC COM 12/2/2004 56,150.62 (49,249.89) 6,900.73 (2,575.00) PEOPLESUPPORT INC 12/2/2004 22,595.34 (18,025.00) 4,570.34 (2,425.00) SILICON IMAGE INC COM 12/2/2004 42,816.73 (12,285.79) 30,530.94 (2,275.00) FORMFACTOR INC 12/2/2004 63,130.37 (38,423.16) 24,707.21 (1,725.00) BRISTOL WEST HLDGS INC 12/2/2004 34,423.29 (36,639.00) (2,215.71) (1,700.00) LAM RESH CORP COM 12/2/2004 48,168.54 (23,049.78) 25,118.76 (1,600.00) SAPIENT CORP 12/2/2004 13,055.69 (8,356.80) 4,698.89 (1,525.00) WELLCARE HEALTH PLANS INC 12/2/2004 48,773.54 (29,756.62) 19,016.92 (375.00) CUMULUS MEDIA INC CL A 12/2/2004 5,716.74 (5,006.51) 710.23 (200.00) FIRST MARBLEHEAD CORP 12/2/2004 11,682.10 (7,300.00) 4,382.10 (2,950.00) CREDENCE SYS CORP 12/3/2004 27,464.44 (23,107.82) 4,356.62 The Duke Endowment 56-0529965 2004 51 Statement 13 Form 99aPF - Pert IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Pace Cost Gatn/Loss

(1,900.00) MOLECULAR DEVICES CORP 12/3/20Q4 37,256.41 (44,428.84) (7,172.43) (1,375.00) AMERICAN HEALTHWAYS INC 12/3/2004 42,331 .52 (22,448.46) 19,883.06 (1,050.00) MEDICIS PHARMACEUTICAL CORP 1213/2004 37,221 .62 (39,529.85) (2,308.24) (600.00) PEOPLESUPPORT INC 12/3/2004 5,114.03 (4,200.00) 914.03 (1,975.00) RSA SEC INC COM 12/6/2004 44,044.42 (41,520.82) 2,523.60 (1,825.00) PEOPLESUPPORT INC 12/6/2004 15,493.46 (12,496.80) 2,996.66 (1,655.00) CONSECOINC 12/6/2004 31,045.42 (34,811 .10) (3,765.68) (825.00) AMERICAN HEALTHWAYS INC 12/6/2004 24,946.59 (14,119.89) 10,826.70 (775.00) MOLECULAR DEVICES CORP 12/6/2004 15,354.24 (18,138.9 (2,784.73) (480.00) MEDICIS PHARMACEUTICAL CORP 12/612004 17,125.37 (18,574.32) (1,448.95) (200.00) CUMULUS MEDIA INC CL A 12/6/2004 3,061 .92 (2,670.14) 391 .78 (5,350.00) MAGNUM HUNTER RES INC 12/7/2004 69,355.48 (56,131 .20) 13,224.28 (2,000.00) GRAFTECH INTERNATIONAL LTD 12/7/2004 17,568.76 (25,484.03) (7,91527) (1,900.00) GREENFIELD ONLINE INC 12J7/2004 36,493.58 (34,544.00) 1,989.58 (1,900.00) SAPIENT CORP 12/7/2004 15,615.54 (9,923.70) 5,691 .84 (1,525.00) PRA INTL 12/7/2004 34,006.24 (30,512.50) 3,493.74 (1,250.00) AIRTRAN HLDGS INC 12/7/2004 14,738.53 (12,926.40) 1,812.53 (1,025.00) DICKS SPORTING GOODS INC OC 12/7/2004 36,340.31 (27,121 .49) 9,218.82 (550.00) CUMULUS MEDIA INC CL A 12/7/2004 8,462.49 (7,342.89) 1,119.60 (250.00) MOLECULAR DEVICES CORP 12!7/2004 4,895.41 (5,862.57) (987.16) (175.00) PEOPLESUPPORT INC 12/7/2004 1,489.35 (1,195.04) 294.31 (4,375.00) GRAFTECH INTERNATIONAL LTD 12/8/2004 36,287.14 (51,271 .9 (14,984.83) (4,375.00) PEOPLESUPPORT INC 12/8/2004 34,824.18 (29,904.28) 4,919.90 (3,850.00) AIRTRAN HLDGS INC 12/8/2004 42,941 .12 (39,762.81) 3,178.31 (3,775.00) MAGNUM HUNTER RES INC 12/8/2004 48,103.69 (39,883.93) 8,219.76 (1,975.00) PRA iNTL 1218/2004 43,350.23 (41,573.75) 1,776.48 (1,925.00) MOLECULAR DEVICES CORP 12/8/2004 37,251 .14 (44,963.81) (7,712.67) (1,500.00) COMMERCIAL VEHICLE GROUP INC 12/8/2004 29,625.46 (19,500.00) 10,125.46 (825.00) AMERICAN HEALTHWAYS INC 12/8/2004 27,014.98 (14,479.78) 12,535.20 (650.00) NITROMED INC 12/8/2004 16,044.87 (15,899.00) 145.87 (550.00) BRISTOL WEST HLDGS INC 12/8/2004 10,972.24 (11,675.95) (703.71) (100.00) CUMULUS MEDIA INC CL A 12!8/2004 1,530.96 (1,335.07 195.89 (7,050.00) GRAFTECH INTERNATIONAL LTD 12/9/2Q04 58,564.38 (62,887.54) (4,323.16) The Duke, Endowment 56-0529965 2004 52 Statement 13 Form 99aPF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (9) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(3,625.00) MAGNUM HUNTER RES INC 12/9/2004 46,091 .87 (38,262.27) 7,829.60 (3,385.00) AIRTRAN HLDGS INC 12/9/2004 37,207.04 (33,799.99) 3,407.05 (1,850.00) ARRAY BIOPHARMA INC COM 12/9/2004 14,723.62 (14,337.50) 386.12 (1,850.00) CYMER INC COM 12/9/2004 54,992.18 (52,36924) 2,622.94 (1,550.00) MOLECULAR DEVICES CORP 12/9/2004 29,974.43 (36,042.28) (6,067.85) (1,200.00) OCCULOGIX INC 12/9/2004 15,203.64 (14,400.00) 803.64 (825.00) MEDICIS PHARMACEUTICAL CORP 12/9/2004 30,618.00 (32,259.78) (1,641 .78) (750.00) COMMERCIAL VEHICLE GROUP INC 12/9/2004 14,690.95 (9,750.00) 4,940.95 (450.00) SAPIENT CORP 12!9/2004 3,523.82 (2,350.35) 1,173.47 (4,950.00) DICKS SPORTING GOODS INC OC 12/10/2004 173,651 .34 (129,029.42) 44,621 .92 (2,400.00) INTEGRATED DEVICE TECH INC 12/10/2004 26,817.44 (29,583.36) (2,765.92) (2,100.00) MAGNUM HUNTER RES INC 12/10/2004 26,501 .37 (22,021 .43) 4,479.94 (1,875.00) GRAFTECH INTERNATIONAL LTD 12/10/2004 15,411 .19 (16,163.43) (75224) (1,850.00) CUMULUS MEDIA INC CL A 12/10/2004 27,693.29 (22,599.97) 5,093.32 (1,700.00) SAPIENT CORP 12/10/2004 13,223.30 (8,879.10) 4,344.20 (1,250.00) BARRETT BILL CORP 12h0/2004 35,591 .79 (31,250.00) 4,341 .79 (1,115.00) AIRTRAN HLDGS INC 12/10/2004 11,949.95 (10,768.12) 1,181 .83 (950.00) MOLECULAR DEVICES CORP 12/10/2004 18,207.94 (20,38225) (2,174.31) (900.00) ADEZA BIOMEDICAL CORP 12/10/2004 16,017.37 (14,400.00) 1,617.37 (625.00) COMMERCIAL VEHICLE GROUP INC 12/10/2004 12,052.40 (8,125.00) 3,927.40 (500.00) DICKS SPORTING GOODS INC OC 12/10/2004 17,684.83 (12,999.80) 4,685.03 (350.00) BRISTOL WEST HLDGS INC 12/10/2004 7,063.08 (7,349.23) (286.15) (10,150.00) MARINER HEALTH CARE INC W/I 12/13/2004 304,500.00 (208,372.95) 96,127.05 (2,750.00) DICKS SPORTING GOODS INC OC 12M3/2004 94,239.74 (77,047.38) 17,192.36 (2,350.00) MAGNUM HUNTER RES INC 12/13/2004 29,660.30 (24,055.44) 5,604.86 (2,300.00) CUMULUS MEDIA INC CL A 12/13/2004 34,256.77 (25,870.15) 8,386.62 (2,200.00) COMMERCIAL VEHICLE GROUP INC 12/13/2004 43,130.65 (29,016.74) 14,113.91 (1,900.00) MOLECULAR DEVICES CORP 12/13/2004 37,064.25 (38,941 .70) (1,877.45) (1,700.00) GRAFTECH INTERNATIONAL LTD 12/13/2004 14,277.96 (15,782.13) (1,504.17) (1,600.00) SAPIENT CORP 12/13/2004 12,687.22 (9,901 .46) 2,785.76 (1,300.00) CYMER INC COM 12/13/2004 37,751 .24 (35,640.56) 2,110.68 (900.00) MEDICIS PHARMACEUTICAL CORP 12/13/2004 33,315.59 (35,608.88) (2,293.29) (825.00) INTEGRATED DEVICE TECH INC 12/13/2004 9,275.01 (10,16928) (89427) The Duke Endowment 56-0529965 2004 53 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (a) (d) (e) (g) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(475.00) DICKS SPORTING GOODS INC OC 12/13/2004 16,263.61 (12,389.15) 3,874.46 (400.00) GLOBAL PMTS INC COM 12/13/2004 21,908.28 (18,076.60) 3,831 .68 (175.00) BRISTOL WEST HLDGS INC 12/13/2004 3,480.49 (3,674.61) (194.12) (3,525.00) RF MICRO DEVICES INC COM 12/14/2004 25,424.52 (25,063.81) 360.71 (3,200.00) MAGNUM HUNTER RES INC 12/14/2004 40,945.11 (32,578.55) 8,366.55 (3,175.00) CUMULUS MEDIA INC CL A 12/14/2004 48,951 .87 (44,089.79) 4,862.08 (1,470.00) MEDICIS PHARMACEUTICAL CORP 12/14/2004 53,706.22 (59,016.8) (5,310.46) (1,375.00) SAPIENT CORP 12/1M2004 10,790.47 (8,815.40) 1,975.07 (1,060.00) BLUELINX HLDGS INC 12J14/2004 14,328.32 (14,310.0) 18.32 (825.00) CYMER INC COM 12!14/2004 24,325.95 (22,194.40) 2,131 .55 (575.00) COMMERCIAL VEHICLE GROUP INC 12/14/2004 11,192.11 (7,910.68) 3,281 .43 (375.00) BRISTOL WEST HLDGS INC 12/14/2004 7,404.83 (7,874.1 (469.34) (4,250.00) RF MICRO DEVICES INC COM 12/15/2004 30,647.72 (30,218.7 428.95 (1,350.00) SAPIENT CORP 12115/2004 10,555.81 (8,544.65) 2,011 .16 (925.00) CUMULUS MEDIA INC CL A 12/15/2004 14,503.74 (15,985.76) (1,482.02) (725.00) COMMERCIAL VEHICLE GROUP INC 12/15/2004 14,360.53 (9,974.33) 4,386.20 (125.00) BRISTOL WEST HLDGS INC 12/15/2004 2,467.17 (2,624.73) (157.56) (8,150.00) SAPIENT CORP 12/16/2004 62,419.53 (49,003.01) 13,416.52 (2,800.00) RF MICRO DEVICES INC COM 12/16/2004 20,208.52 (19,818.66) 389.85 (1,675.00) COLE KENNETH PRODTNS INC CL A 12/16/2004 47,38229 (45,811 .25) 1,571 .04 (1,100.00) COMMERCIAL VEHICLE GROUP INC 12116/2004 21,791 .69 (15,410.35) 6,381 .34 (875.00) CUMULUS MEDIA INC CL A 12/16/2004 13,756.77 (13,052.41) 704.36 (200.00) GAYLORD ENTMT CO NEW COM 12/16/2004 7,801 .83 (6,350.00) 1,451 .83 (100.00) BRISTOL WEST HLDGS INC 12!16/2004 1,979.79 (2,099.78) (119.99) (18,300.00) RF MICRO DEVICES INC COM 12/17/2004 126,433.55 (125,652.48) 781 .07 (7,250.00) SAPIENT CORP 12/17/2004 56,479.80 (37,206.03) 19,273.77 (3,475.00) SILICON IMAGE INC COM 12!17/2004 57,905.69 (14,952.29) 42,953.40 (3,350.00) SICYVUORKS SOLUTIONS INC 12h712004 33,746.43 (35,498.79) (1,752.35) (2,600.00) GUEST SOFTWARE INC COM 12/17/2004 41,488.52 (30,878.3 10,610.15 (2,400.00) LAM RESH CORP COM 12/17/2004 67,949.36 (30,123.03) 37,828.33 (2,000.00) WARREN RES INC 12h7/2004 18,124.57 (15,000.00) 3,124.57 (1,350.00) BRISTOL WEST HLDGS INC 12/17/2004 26,323.17 (28,044.18) (1,721 .01) (1,200.00) INSIGHT ENTERPRISES INC COM 12/17/2004 25,784.38 (9,294.24) 16,490.14 The Duke Endowment 56-0529965 2004 54 Statement 13 Form 99aPF - Part IV Capital Gains And Losses For Tax On Investment Income

CHARTWELL INVESTMENT PARTNERS (9) (h) and (I) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(875.00) CUMULUS MEDIA INC CL A 12/17/2004 13,547.48 (12,224.71) 1,322.77 (850.00) NOVATEL WIRELESS INC COM NEW 12/17/2004 18,459.69 (19,742.44) (1,282.75) (820.00) PINNACLE ENTMT INC COM 12/17/2004 15,365.28 (14,965.00) 400.28 (425.00) GAYLORD ENTMT CO NEW COM 12/17/2004 16,415.19 (13,493.75) 2,921 .44 (225.00) ARBINET THEXCHANGE INC COM 12/17/2004 6,513.59 (5,630.62) 882.97 (150.00) WELLCARE HEALTH PLANS INC 12/17/2004 4,792.38 (3,013.97) 1,778.41 (0.50) IMMUCOR INC 12/17/2004 10.37 (5.44) 4.93 (8,450.00) RF MICRO DEVICES INC COM 12/20/2004 57,223.74 (62,737.17) (5,513.43) (6,725.00) SKYWORKS SOLUTIONS INC 12/20/2004 66,549.03 (69,482.60) (2,933.57) (3,350.00) BRISTOL WEST HLDGS INC 12/20/2004 65,184.39 (63,745.04) 1,439.35 (1,975.00) INSIGHT ENTERPRISES INC COM 12/20/2004 41,942.28 (14,966.07) 26,976.21 (1,850.00) SAPIENT CORP 12120/2004 14,341 .79 (9,335.98) 5,005.81 (1,325.00) ARBINET THEXCHANGE INC COM 12/20/2004 34,846.33 (33,158.13) 1,688.20 (1,200.00) NOVATEL WIRELESS INC COM NEW 12/20/2004 25,242.72 (27,871 .68) (2,628.96) (875.00) KNOLL INC 12/20/2004 14,910.79 (13,125.00) 1,785.79 (475.00) CALAMOS ASSET MGMT INC CL A 12/20/2004 12,612.66 (8,550.00) 4,062.66 (450.00) CUMULUS MEDIA INC CL A 12/20/2004 6,859.77 (8,103.60) (1,243.83) (375.00) FORMFACTOR INC 12/20/2004 10,383.50 (6,383.90) 3,999.60 (2,800.00) JUPITERMEDIA CORP 12121/2004 53,059.15 (44,732.78) 8,326.37 (1,725.00) KNOLL INC 12/21/2004 30,471 .41 (25,875.00) 4,596.41 (1,275.00) SAPIENT CORP 12/2112004 9,761 .81 (6,380.61) 3,381 .20 (875.00) CUMULUS MEDIA INC CL A 12/21/2004 12,969.99 (14,391 .90) (1,421 .91) (650.00) CALAMOS ASSET MGMT INC CL A 12/21/2004 17,638.18 (11,700.00) 5,938.18 (625.00) INSIGHT ENTERPRISES INC COM 12/21/2004 13,275.74 (4,405.63) 8,870.11 (225.00) FORMFACTOR INC 12/21/2004 6,063.60 (3,875.72) 2,187.88 (75.00) ARBINET THEXCHANGE INC COM 12/21/2004 2,02421 (1,876.88) 147.33 (2,025.00) GAME STOP CORP 12/22/2004 43,612.00 (40,518.43) 3,093.57 (1,775.00) AMERICAN HEALTHWAYS INC 12/22/2004 56,816.41 (34,482.27) 22,334.14 (1,675.00) JUPITERMEDIA CORP 1212212004 31,701 .81 (27,267.74) 4,434.07 (1,400.00) AMERICAN HEALTHWAYS INC 12/22/2004 45,562.07 (28,755.16) 16,806.91 (1,125.00) KNOLL INC 12J22J2004 19,636.18 (16,875.00) 2,761 .18 (525.00) AMERICAN EAGLE OUTFITTERS NEW 12/22/2004 23,917.80 (17,241 .37) 6,676.43 (525.00) ARBINET THEXCHANGE INC COM 12/22/2004 13,776.10 (11,633.12) 2,142.98 OVILOWE (EL'EZZ'M 6EF EVIVOt6tt SNIVS IVIJdVO IV10i

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OWODUI JUaWjS8AUj U0 X0.L J0:1 SOSSO-1 PUV SU18f) llnldBo Al Pud - :fd-066 UUO:l Ef luawalelg L9 vooz S966ZSO-9S luaLumOPu3 a)InC] a4l The Duke Endowment 56-0529965 2004 58 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

DEPRINCE, RACE & ZOLLO (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(5,000.00) NATIONAL COMM FINL CORP COM 2/23/2004 140,805.99 (114,934.50) 25,871 .49 (3,400.00) KERR MCGEE CORP 2/23/2004 171,379.82 (190,257.54) (18,877.72) (3,000.00) HORMEL FOODS CORP COM 2/23/2004 85,026.87 (79,717.72) 5,309.15 (1,900.00) HORMEL FOODS CORP COM 2/24/2004 52,780.31 (50,588.07) 2,192.24 (3,100.00) KIMBERLY CLARK CORP COM 2/25/2004 199,852.29 (142,968.90) 56,883.39 (2,100.00) HORMEL FOODS CORP COM 2/25/2004 58,401 .44 (56,052.09) 2,349.35 (3,100.00) INTERNATIONAL PAPER CO COM 2/26/2004 137,196.61 (126,643.57) 10,553.04 (2,000.00) NATIONAL COMM FINL CORP COM 2/26/2004 57,236.96 (45,951 .30) 11,285.66 (3,000.00) LINCOLN NATL CORP IND COM 2/27/2004 140,360.01 (125,616.78) 14,743.23 (39,700.00) MOORE WALLACE INC COM 3/1/2004 - (669,160.03) (669,160.03) (1,800.00) HORMEL FOODS CORP COM 3/1/2004 51,204.75 (48,342.42) 2,862.33 25,011 .00 DONNELLEY R R & SONS CO COM 3/1/2004 - 669,160.03 669,160-03 (3,800.00) KERR MCGEE CORP 3/4/2004 195,422.18 (212,640.78) (17,218.60) (2,700.00) CHEVRON CORPORATION COM 3/4/2004 241,499.09 (183,799.36) 57,699.73 (2,800.00) MEADWESTVACO CORP 3/5/2004 81,969.59 (56,811-44) 25,158.15 (2,600.00) COMERICA INC COM 3/10/2004 146,496.48 (95,829.50) 50,666-98 (2,400.00) MAY DEPT STORES CO COM 3/10/2004 80,510.85 (55,239.87) 25,270.98 (1,200.00) HORMEL FOODS CORP COM 3/10/2004 34,794.92 (32,228.28) 2,566.64 (2,600.00) KIMBERLY CLARK CORP COM 3/11/2004 162,738.30 (119,909.40) 42,828.90 (1,900.00) HORMEL FOODS CORP COM 3/12/2004 54,521 .78 (51,011 .19) 3,510.59 (1,800.00) STANLEY WKS 3/12/2004 66,880.88 (48,364.56) 18,516.32 (2,300.00) HEINZ H J CO COM 3/15/2004 86,868.29 (84,908.53) 1,959.76 (1,200.00) HORMEL FOODS CORP COM 3/16/2004 33,556.68 (32,160.60) 1,396.08 (2,600.00) STANLEY WKS 3/17/2004 100,056.83 (69,859.92) 30,196.91 (500.00) HORMEL FOODS CORP COM 3/17/2004 14,028.90 (13,400.25) 628.65 (3,500.00) SBC COMMUNICATIONS INC COM 3/18/2004 85,316.51 (112,735.00) (27,418.49) (3,100-00) COLGATE PALMOLIVE CO 3/18/2004 169,997.36 (166,541 .61) 3,455.75 (700.00) HORMEL FOODS CORP COM 3/19/2004 19,620.51 (18,760.35) 860.16 (1,800.00) STANLEY WKS 3/23/2004 71,485.10 (48,364.56) 23,120.54 (3,700.00) HORMEL FOODS CORP COM 3/24/2004 103,357.68 (99,588.44) 3,769.24 (3,700.00) HORMEL FOODS CORP COM 3/25/2004 105,718.92 (100,729.12) 4,989.80 (1,900.00) AMERICAN ELEC PWR INC COM 3/25/2004 62,726.04 (41,236.08) 21,489.96 (17,000.00) AMERICAN ELEC PWR INC COM 3/26/2004 557,826.40 (428,203.34) 129,623.06 (2,600.00) CLOROX CO COM 3/26/2004 126,792.88 (115,277.76) 11,515.12 (2,400.00) BAXTER INTL INC COM 3/26/2004 73,373.77 (66,397.44) 6,976.33 09'ZE6't,Z W*990'L L 0 qvL00,zvL VOOZ19/9 dHOO 3=1 VINVS HILION NO-LONiluns (oo,ooc'v) "*L9C'8 L (wou CLS) 80*88v,go L VOOZ/9/9 dHOO 3=1 VINVS HiHON NOiE)Niluns (oo*ooz'c) 99'969't t 49*6LV60 L L '91-L'09 VOO&VIS dlJOO 33-1 VUVS (00*009'3) VS'LSZ'L (6C*VL9',L6) C6* L90'90 L VOOM/9 ONI VHldSOH (00'09L'C) (zg*vvi-'z) (00*sq0,/-z 0 8V0Vv'VZL VOOZ/6Z/V V400 ONI -lJ-Nl 113A&A3NOH 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SUJOOUI JU8U4S8AUj U0 XU.L J0:1 SOSS01 PUV SUIU!q Al Pud - :fd-066 uu0:J CL luaLualins 69 "OZ S966ZSO-99 luOLumOPu3 9)lna 94 The Duke Endowment 56-0529965 2004 60 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

DEPRINCE, RACE & ZOLLO (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Galn/Loss

(10,300.00) BURLINGTON NORTH SANTA FE CORP 517/2004 339,067.02 (280,615.12) 58,451 .90 (4,700.00) SUNTRUST BKS INC 517/2004 320,943.73 (285,009.14) 35,934.59 (3,300.00) BURLINGTON NORTH SANTA FE CORP 5/11/2004 105,555.94 (90,284.70) 15,271 .24 (23,400.00) PFIZER INC COM STK USDO.05 5/12/2004 821,039.95 (749,038.06) 72,001 .89 (2,300.00) SUNTRUST BKS INC 5/14/2004 144,462.14 (141,451 .66) 3,010.48 (2,300.00) BURLINGTON NORTH SANTA FE CORP 5/17/2004 75,383.49 (62,925.70) 12,457.79 (3,400.00) BURLINGTON NORTH SANTA FE CORP 5/19/2004 110,070.38 (92,893.99) 17,176.39 (10,000.00) BURLINGTON NORTH SANTA FE CORP 5/20/2004 319,057.51 (272,624.08) 46,433.43 (3,900.00) KEYCORP NEW COM 5/20/2004 120,073.89 (92,686.40) 27,387.49 (3,000.00) LOCKHEED MARTIN CORP COM 5/20/2004 140,254.51 (139,198.50) 1,056.01 (2,700.00) SUNTRUST BKS INC 5/20/2004 167,269.99 (165,758.94) 1,511 .05 (2,200.00) NATIONAL COMM FINL CORP COM 5/20/2004 68,533.01 (50,521 .68) 18,011 .33 (2,200.00) PNC FINANCIAL SERVICES GROUP 5/20/2004 120,201 .88 (117,150.00) 3,051 .88 (2,100.00) RAYTHEON CO COM NEW 5/20/2004 68,919.12 (64,767.36) 4,151 .76 (7,400.00) BURLINGTON NORTH SANTA FE CORP 5/21/2004 235,876 .12 (216,183.26) 19,692.86 (3,200.00) SARA LEE CORP 5/21/2004 72,453.98 (60,780.48) 11,673.50 (3,200.00) SARA LEE CORP 5/24/2004 72,400.54 (60,780.48) 11,620.06 (1,800.00) KEYCORP NEW COM 5/24/2004 56,770.66 (42,840.00) 13,930.66 (6,500.00) SARA LEE CORP 5/26/2004 149,330.09 (123,657.47) 25,672.62 (18,500.00) SARA LEE CORP 5/28/2004 423,858 .35 (357,864.73) 65,993.62 (4,300.00) BEMIS INC COM 5/28/2004 117,566.12 (102,886.93) 14,679.19 (2,600.00) INTERNATIONAL PAPER CO COM 5/28/2004 108,542.25 (105,443.52) 3,098.73 (2,000.00) COLGATE PALMOLIVE CO 5/28/2004 114,039.52 (107,446.20) 6,593.32 (1,200.00) CLOROX CO COM 6/1/2004 62,587.77 (53,205.12) 9,382.65 (1,000.00) COMERICA INC COM 6/1/2004 55,956.68 (36,857.50) 19,099.18 (5,700.00) KERR MCGEE CORP 6/3/2004 284,325.86 (313,018.55) (28,692.69) (10,600.00) KERR MCGEE CORP 6/4/2004 527,748.53 (461,577.36) 66,171 .17 (3,500.00) BOISE CASCADE CORP 6/14/2004 126,523.43 (126,579.95) (56.52) (3,500.00) DONNELLEY R R & SONS CO COM 6/15/2004 111,789.82 (91,080.00) 20,709.82 (2,400.00) BOISE CASCADE CORP 6/15/2004 88,146.09 (86,797.68) 1,348.41 (9,200.00) BOISE CASCADE CORP 6/16/2004 332,993.91 (332,724.44) 269.47 (2,500.00) BEMIS INC COM 6/18/2004 69,688.86 (57,609.25) 12,079.61 (3,900.00) BEMIS INC COM 6/21/2004 108,069.97 (89,870.43) 18,199.54 (1,800.00) BOISE CASCADE CORP 6/21/2004 67,059.58 (61,195.16) 5,864.42 (4,200.00) INTERNATIONAL PAPER CO COM 6/22/2004 183,378.62 (170,331 .84) 13,046.78 (Znw,c) (0/-,Zco,og) 99,8v9,9v VOOZ19ZIL ONI S00-1H OOd3d (00'009'Z) (00*90 (00*M'6L) 00*LCO'6L VOOZICZIL VYOO ONI -11NI -1-13Mok3NOH (00'00Z'Z) (L6'OCZ't 0 (gv*g wo 0 0*909'17 L L 'FoOZIEZIL ONI S9G-IH OOd3d (00'00C'9) gErms'p, (oz-LLC,09) 99* L909 VOOZIZZIL ONI S3UVHSONVI3 NOIE)NUNnH (00'OOL'Z) 06*6" (109'su,m) V9*99 L'6V9 VOOZIZZIL V400 ONI SOO Hosns 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(00*008'Z) 08*GV9,cc (ZvLCL,Lcc) Z6'9LL'V9C VOOZ191L M3N VYOO 00 N03HJ.AVU (00*OOL'O gv*lzo' L (99'006'9) CO*OZ6'9 170OZIZIL dWOO 33'1 VHVS (00*000 99'sov's (SZ*86Z'60L) Lo,co/-,t, L L VOOZIZIL VYOO dHOO Idd (00*009'Z) CL*61C'ZZ (8Z-6ZV900 LO'6VV'/-Z L vooelzIL VYO0 ONIIINI H3.LXVG (00*009'C) CC"SLC'9 (tz*zc V99) LG*1-VVVL V00MIL VYOO 00 IVOIVY3HO 1130NOAI (00*00t"t) Lg,Lco,cv (00*6VV'LO 0 L9,99V,VVL toozlzlL dHOO OOVAIS3M(IV3VY (00*000'9) L6*GZO'LC (99*/-Vz,zoc) 69'CLO'OVC V00MIL M3N VYOO 00 N03HIAVU (00*009'6) L6'9CS'C (0z's L VVC) L L,Zgg,/-c VOOZ/6Z/9 dHOO 339OVY HEIDI (00*00L) 09'L99'L (OVIVLO OZ*690'99 VOOZ/6Z/9 dHOO 30VOSVO 3SIO13 (00*009'L) CO*6L9'6 (8C"60V9t,0 Lves/Css L llooz/9z/9 dHOO 330OVY HUMI (00'006'Z) 69*906'ZV (oq*qLVtq) CL*ZZC'LOL tlooz/oz/9 dHOO 30VOSVO 3SIOG (00'006'Z) SL'tgV'VV (89*L LO'V9) C9*69V'80 L tlooz/sz/9 d)JOO 3(3VOSVO 3SIOG (00*006'Z) 6Z'ZLt"OZ 40'so vqq 0 OE*I-Lg,gL L VGOZ/GZ/9 dHOO 339OVY HH3A (00*00Z'd gc*stv'gz (69'V90'20 I?Z*Goq,a, L VooZ/VZ/9 dHOO 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OWODUI JUDWISOAUI Uo XB.L J0:1 SOSSO-1 PUV SUIBE) JUMMO Al Wd - dd-066 LLUO:f E luaLuallis L9 vooz 9966CSO-99 lugLumOPu3 9)lna84l The Duke Endowment 56-0529965 2004 62 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

DEPRINCE, RACE & ZOLLO (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(2,500.00) COMERICA INC COM 7/26/2004 144,864.60 (92,143.75) 52,720.85 (1,300.00) PEPCO HLDGS INC 7/27/2004 23,321 .45 (23,878.54) (557.09) (700.00) MEADWESTVACO CORP 7/27/2004 20,807.08 (14,202.86) 6,604.22 (3,000-00) PEPCO HLDGS INC 7/28/2004 53,761 .73 (52,157.70) 1,604.03 (4,500.00) PEPCO HLDGS INC 7/29/2004 80,928.34 (78,034.64) 2,893.70 (4,300.00) FPL GROUP INC COM 7/29/2004 288,538.72 (294,985.16) (6,446.44) (4,000.00) VERIZON COMMUNICATIONS COM 7/29/2004 155,181 .96 (165,240.00) (10,058.04) (8,700.00) BANK OF AMERICA CORP 7/30/2004 737,210.29 (706,915.89) 30,294.40 (1,900.00) PEPCO HLDGS INC 7/30/2004 34,107.99 (33,297.31) 810.68 (1,800.00) BELLSOUTH CORP COM 7/30/2004 48,385.02 (57,258.00) (8,872.98) (1,700.00) FPL GROUP INC COM 7/30/2004 113,993.38 (116,622.04) (2,628.66) (1,100.00) NISOURCE INC COM 7/30/2004 22,666.06 (21,857.00) 809.06 (5,800.00) PEPCO HLDGS INC 8/5/2004 104,868.49 (97,934.52) 6,933.97 (2,700.00) EMERSON ELEC CO COM 8/6/2004 162,826.16 (148,195.80) 14,630.36 (2,400.00) PEPCO HLDGS INC 8/6/2004 43,743.29 (40,931 .00) 2,812.29 (5,300.00) PEPCO HLDGS INC 8/9/2004 97,267.55 (93,453.00) 3,814.55 (6,100-00) ONEOK INC NEW COM 8/10/2004 134,562.84 (124,807.83) 9,755.01 (2,900.00) VERIZON COMMUNICATIONS COM 8/10/2004 112,136.60 (119,799.00) (7,662.40) (3,000.00) BELLSOUTH CORP COM 8/12/2004 81,908.27 (95,310.00) (13,401 .73) (2,200.00) SBC COMMUNICATIONS INC COM 8/12/2004 55,385.46 (70,862.00) (15,476.54) (2,100.00) ALLTEL CORP 8/17/2004 113,132.74 (102,501 .00) 10,631 .74 (5,900.00) DOMINION RES INC VA NEW COM 8/20/2004 381,293.31 (375,082.47) 6,210.84 (5,000.00) FPL GROUP INC COM 8/20/2004 338,135 .58 (342,967.92) (4,832.34) (2,000.00) DOMINION RES INC VA NEW COM 8/23/2004 129,271 .17 (127,657.55) 1,613.62 (8,300.00) ONEOK INC NEW COM 8/24/2004 190,154.35 (169,009.93) 21,144.42 (7,300.00) NISOURCE INC COM 8/24/2004 150,854.60 (145,694.68) 5,159.92 (10,500.00) NISOURCE INC COM 8/25/2004 216,965.86 (213,944.94) 3,020.92 (7,400.00) ONEOK INC NEW COM 8/25/2004 169,157.07 (152,004.16) 17,152.91 (4,800.00) NISOURCE INC COM 8/26/2004 98,775.44 (99,369.48) (594.04) (6,800.00) NISOURCE INC COM 8/27/2004 139,759.84 (141,716.97) (1,957.13) (14,400.00) BANK OF AMERICA CORP 9/2/2004 623,663.78 (590,710.86) 32,952.92 (1,700.00) NISOURCE INC COM 9/2/2004 34,913.27 (34,612.00) 301 .27 (2,200.00) ROHM & HAAS CO COM 9f712004 89,841 .93 (87,012.86) 2,829.07 (6,300.00) LOCKHEED MARTIN CORP COM 9/9/2004 342,722.68 (291,201 .11) 51,521 .57 (4,100.00) DOW CHEM CO COM 9/10/2004 173,143.86 (135,848.99) 37,294.87 mus's I (89109'6L) LT WC'96 vooz/Z Uo L INOO Oo x0violo (00*008' 0 6c*gtg,ct (69*6617'99Z) OZ'SLC,Ogz vooz/Z Uo L VYOO ONIIINI U31XV8 (00*00 V6) 9V*9t,L'C (00-80s,n) 9VV90,99 VOW L Uo L VYOO ONI -11-NI U31XVS (00*009'L) (vo*vzg,z) (09*89z, Lz) gg*vvg,g L VOOZ/9/0 L HAAM (00*009) (zc*oz,t'z) (00*90V90 99*V9c'c L 170OZ/o/o L VYOO ONI SNOIIVOINnvyvyoo oes (oo*oog) ZL*699'9 (06*P*V00 zg*vcg,g L vooz/o/o L dHOO O0VAIS3MOV3VY (00'009) 60*06 VC (99,M,L) VIL'17LO'L L vooz/9/0 L VYOD 00 IVOIVY3HO 113aNOA'l (00*009) zz-nc' ~ k (erssV90 96*609'LZ 170OZ/g/o L VYOO NOIIVUOdUOO NOHA3H0 (00*009) gu*z W I (oo*LLL,M) 9Z'689'LE voom/oL VY00 dE100 NOSINN30 AU3AV (00*009) 66*699'9 U' L96'CZ) OC* L99'6Z vooz/o/o L ONI S3UVHSONVI3 30U3VYVYOO (00*009) WSZVOt (oz- L99,CZ) 6 L *LSZ'VC vooz/o/o L VYOO dUO0 -IVOONn (oo*oog) LTOWL (96*SZZ'S 0 CS*696'6 L VOOZ/8/0 L ONI S3UVHSONVI3 NOIDNIINnH (00*009) (ZO*6VV'L) (onqq,n) 99*62'Ct vooz/o/o L 00 SNOliVOINnyyvyoo SN3ZI110 (00*000'0 (99*z I VJ (tz"/-99,89) 6S*VS9'L9 vooz/o/o L V400 ONI X3'1=13-131 (00-00V0 (06*6N'f7) (qvVVL,qA 9z*voz,I?L tlooz/o/OL VYOO ONI VOO-lV (00'OOZ'Z) Ps'Veo, L (001 LL'8Z 0 V9* LSL'6Z L t7ooz/o/o L dnouo S301AU3S IVIONVNIA ONd (00'00t"Z) 90'999'6 t 4,6*9 L VLG 0 00*L08'9L L vooz/g/o L VYOO ONIUNI U31XV8 (00*OOL'S) 8 k *Ll-o'ce (V0*6LG'8Z0 ZZ*9gt,,z9 L VoozWo ~ VYOO 00 XOUO-10 (00'006'Z) ss'ne L (80'OSS'OL) C9*VLL'LL VOOZILIO L V 10 ONI lNu a33UR -1-1300VM (00'OOZ'C) OTMU (ZS*996'V9) ZL,Czg,vo L VOOZILIO L VYOO ONI -11NI b13.LXV9 (00*00C'd 90*V06'11? 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GWODUI JUMISDAUl U0 XUJL JOJ SOSSO-1 PU%f SUIBE) ILIldeo Al Pud - :ld-066 WJ0:l el. luawaIVIS L9 VON 596090-N Iu8wm0Pu3 931nC] 041 The Duke Endowment 56-0529965 2004 68 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

DUKE - GOLDEN CAPITAL (a) (d) (a) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(12,000.00) WASHINGTON MUTUAL INC COM 10/20/2004 457,216.89 (502,080-00) (44,863.11) (11,600.00) KOHLS CORP COM 11/4/2004 582,899.11 (523,740.00) 59,159.11 (11,600.00) STRYKER CORP 10/15/2004 472,264.38 (583,188.90) (110,924.52) (11,600.00) UNIVISION COMMUNICATIONS INC 3/24/2004 377,637.16 (284,129.88) 93,507.28 (11,500.00) LINCOLN ELEC HLDGS INC COM 8/23/2004 351,972.25 (382,405.57) (30,433.32) (11,300.00) ALTRIA GROUP INC 5/27/2004 545,710.55 (625,261 .77) (79,551 .22) (11,200.00) SYMANTEC CORP COM 7/15/2004 451,265.42 (373,443.28) 77,822.14 (11,100.00) JOY GLOBAL INC 10/13/2004 370,067.54 (316,588.65) 53,478.89 (11,000.00) DEVON ENERGY CORP NEW COM 4/21/2004 665,507.51 (508,040.18) 157,467.33 (10,700.00) INTEL CORP 4/19/2004 283,062.93 (237,678.96) 45,383.97 (10,500.00) OMNIVISION TECHNOLOGIES INC 6/9/2004 199,652.81 (314,221 .95) (114,569.14) (10,400.00) HARLEY DAVIDSON INC COM 10/15/2004 601,964.94 (588,184.77) 13,780.17 (10,300.00) BECKMAN COULTER INC COM 1/30/2004 558,765.30 (319,484.43) 239,280.87 (10,200.00) EASTMAN KODAK CO COM 4/1/2004 256,419.95 (306,510.00) (50,090.05) (10,000.00) MBIA INC COM 5/4/2004 583,499.33 (528,765.80) 54,733.53 (10,000.00) PFIZER INC COM STK USDO.05 9/23/2004 302,792.90 (377,190.10) (74,397.20) (9,900.00) STATE STREET CORP 1/27/2004 535,160.02 (522,615.06) 12,544.96 (9,600.00) KIMBERLY CLARK CORP COM 10/27/2004 567,387.99 (561,479.04) 5,908.95 (9,600.00) 3M CO 9/16/2004 790,334.13 (659,986.66) 130,347.47 (9,400.00) RJ REYNOLDS TOBACCO HLDGS INC 4/5/2004 563,973.63 (316,498.00) 247,475.63 (9,300.00) EASTMAN KODAK CO COM 4/2/2004 232,811 .67 (279,465.00) (46,653.33) (9,200.00) VERITAS SOFTWARE CO COM 1/29/2004 290,700.85 (276,724.04) 13,976.81 (9,100.00) INTEL CORP 7/16/2004 207,475.13 (229,400.65) (21,925.52) (9,100.00) PFIZER INC COM STK USDO.05 10/22/2004 252,428.08 (289,470.25) (37,042.17) (8,900.00) UNITED ONLINE INC COM 6/24/2004 166,184.02 (150,526.29) 15,657.73 (8,600.00) WAL MART STORES INC COM 6/22/2004 464,131 .13 (436,278.00) 27,853.13 (8,300.00) HARTFORD FINL SVCS GROUP INC 4/28/2004 512,631 .68 (449,936.36) 62,695.32 (8,200.00) PULTE HOMES INC COM 1/8/2004 343,126.86 (263,162.19) 79,964.67 (7,900.00) NORTHROP GRUMMAN CORP COM 3/29/2004 765,189.42 (802,248.95) (37,059.53) (7,800.00) LINEAR TECHNOLOGY CORP COM 12/9/2004 297,978.75 (233,556.96) 64,421 .79 (7,600.00) BURLINGTON RES INC COM 11/8/2004 311,354.82 (203,554.98) 107,799.84 (7,600.00) BURLINGTON RES INC COM 12/6/2004 330,849.89 (205,704.82) 125,145.07 (7,600.00) FIRST DATA CORP COM 5/4/2004 340,396.02 (354,563.56) (14,167.54) The Duke Endowment 56-0529965 2004 69 Stateinent 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

DUKE - GOLDEN CAPITAL (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price cost Gain/Loss

(7,500.00) AVOCENT CORP COM 4/22/2004 253,966.55 (280,548.00) (26.581 .45) (7,400.00) UNITED TECHNOLOGIES CORP COM 3/2/2004 669,673.86 (448,033-00) 221,640.86 (7,300.00) AVON PRODS INC COM 1/26/2004 464,177.22 (456,016.40) 8,160.82 (7,100.00) VARIAN MED SYS FNC COM 215/2004 587,865.25 (259,989.93) 327,875.32 (6,900.00) FANNIE MAE 4/2012004 503,834.48 (465,184.20) 38,650.28 (6,700.00) OMNIVISION TECHNOLOGIES INC 6/14/2004 108,637.28 (199,896.23) (91,258-95) (6,600.00) BALL CORP COM 4/30/2004 431,087.38 (356,543.22) 74,544.16 (6,300.00) AMGEN INC 1/5/2004 391,080.01 (342,748.99) 48,331 .02 (5,900.00) LOWES COS INC COM 2/4/2004 315,075.32 (226,020.74) 89,054.58 (5,700.00) VERIZON COMMUNICATIONS COM 4/27/2004 212,550 .87 (216,420.65) (3,869.78) (5,600.00) GOLDMAN SACHS GROUP INC COM 6/3/2004 508,891 .44 (431,945.70) 76,945.74 (5,500.00) IBM CORP COM 10/18/2004 477,498 .82 (348,420.00) 129,078.82 (5,400.00) BEAR STEARNS COS INC COM 10/18/2004 492,900.46 (332,832.87) 160,067.59 (5,300.00) CITIGROUP INC COM 5/10/2004 238,574.44 (219,238.40) 19,336.04 (4,700.00) GENENTECHINC 10/25/2004 204,879.48 (287,948.32) (83,068.84) (4,700.00) PULTE HOMES INC COM 10/6/2004 251,399.93 (241,556.03) 9,843.90 (4,600.00) PULTE HOMES INC COM 10/5/2004 242,487.92 (236,416.54) 6,071 .38 (4,500.00) FIRST DATA CORP COM 4/27/2004 204,356.86 (209,938.95) (5,582.09) (4,400.00) GENERAL GROWTH PPTYS INC 3/29/2004 148,958.82 (116,563.33) 32,395.49 (4,000.00) BANK OF AMERICA CORP 1/9/2004 314,466.07 (252,992.88) 61,473.19 (3,900.00) IBM CORP COM 4/22/2004 354,974.76 (319,317.57) 35,657.19 (3,500.00) BANK OF AMERICA CORP 417/2004 285,562 .86 (237,195.00) 48,367.86 (3,466.67) COUNTRYWIDE FINANCIAL CORP COM 1/5/2004 259,884 .28 (186,815.46) 73,068.82 (3,300.00) 3M CO 1/22/2004 271,319 .23 (192,142.50) 79,176.73 (3,200.00) RJ REYNOLDS TOBACCO HLDGS INC 3/29/2004 190,893.03 (107,744.00) 83.149.03 (3,000.00) UBS AG NAMEN AKT REGISTERED 5/6/2004 219,081 .57 (187,848.60) 31,232.97 (2,900.00) BEAR STEARNS COS INC COM 9/22/2004 254,527.04 (178,620.57) 75.906.47 (2,208.00) FREESCALE SEMICONDUCTOR INC 12/13/2004 36,718.17 (36,807-36) (89.19) (2,208.00) FREESCALE SEMICONDUCTOR INC CL 12/13/2004 37,270.16 (40,139.19) (2,869.03) (2,100.00) CONOCOPHILLIPS 5/3/2004 152,393.43 (101,892.00) 50,501 .43 (2,000.00) CONOCOPHILLIPS 5/18/2004 146,136.57 (97,040.00) 49,096.57 (1,700.00) BURLINGTON RES INC COM 5/18/2004 112,360.56 (91,064.07) 21,296.49 (1,500.00) CHEVRON CORPORATION COM 5/3/2004 140,201 .71 (110,970.00) 29,231 .71 t,L'9VZ'LZt,'E (99'690'969'VE) 08-9FE76 L L~96 SNIVO IVlldV3 IVIOI

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GWO*Ul IUOWPOAUI Uo XO.L J0:1 SBSSO-1 PUV SUICE) 18083 Al Vvd - :Id-066 UU0:1 CL tuaLualets e)jnG CL trooz S966ZSO-99 IuOwmOPu3 84JL The Duke Endowment 66-0529965 2004 74 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

FROLEY REVY INVESTMENT CO. (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(90,000.00) MICRON TECHNOLOGY INC SUB NT 2.500% 02/01/201 0 DD 02/04/03 4/29/2004 117,721 .80 (133,001 .25) (15,279.45) (1,160.00) UNITED STS STL CORP NEW MAND CONV PFD SHS SER B MEDS 4/29/2004 114,795.55 (124,312.99) (9,517.44) (85,000.00) MICRON TECHNOLOGY INC SUB NT 2.500% 02/01/201 0 DD 02/04/03 4/30/2004 111,707.00 (127,840.00) (16,133.00) (245.90) NORTEL NETWORKS CORP NEW EQUITY UNIT 5/3/2004 58,800.00 (69,609 .78) (10,809.78) (355,000.00) NEXTEL COMM INC SR NT CVT 6.000% 06/01/2011 DD 05/29/01 5/6/2004 379,999.10 (431,847.22) (51,848.12) (250,000.00) TEKELEC SR SUB NT CONV 2.250% 06/15/2008 DD 06/1 7/03 50/2004 284,787.50 (326,920.00) (42,132.50) (120,000.00) LNR PPTY CORP CONTINGENT CONV 5.500% 03/01/2023 DD 03105/031 5/10/2004 150,000.00 (123,859 .50) 26,140 .50 (109,666.10) 9,083.90 (95,000.00) LNR PPTY CORP CONTINGENT CONV 5.500% 03/01/2023 DD 03/05/03 5/10/2004 118,750.00 6,345.50 (9,975.00) CENDANT CORP COM 5/10/2004 217,828.94 (211,483.44) .25 (525,000.00) ROYAL CARIBBEAN CRUISES CONV ZEROCPN 05/1812021 DD 05/18/01 5/11/2004 339,160.50 (313,031 .25) 26,129 (125,000.00) VERITAS DGC INC SR NT CVT 144A VAR RT 03/15/2024 DD 03/03/04 5/13/2004 139,476.25 (125,000.00) 14,476.25 (175,000.00) FISHER SCIENTIFIC INTL CONV 2.500% 10/01/2023 DD 07/07/03 5/14/2004 237,249.25 (171,500.00) 65,749 .25 (55,000.00) QUANTA SVCS INC SUB DEB CONV 4.500% 10/01/2023 DD 10/17/03 5/14/2004 50,875.00 (55,000.00) (4,125.00) (5,000.00) ALLOY INC SR DEB CONV 5.375% 08/01/2023 DD 07/23/03 5/17/2004 4,350.00 (5,000.00) (650.00) (475,000.00) PRIDE INTL INC DEL NT 144A 3.250% 05/01/2033 DD 04/28/03 5/18/2004 470,250.00 (503,055.87) (32,805.87) (5,000.00) ALLOY INC SR DEB CONV 5.375% 08/01/2023 DD 07/23/03 5/18/2004 4,350.00 (5,000.00) (650.00) .00) (22,131 .25) (295,000.00) AGCO CORP DEL SR SUB NT 144A 1 .750% 12/31/2033 DD 12/23/03 5/19/2004 317,493.75 (339,625 (5,038.20) (135,000.00) AMERISOURCE HEALTH CORP CONV 5.000% 12/01/2007 DD 12/12/00 5/19/2004 160,026.30 (165,064.50) 12,075.00 (40,000.00) FLIR SYS INC SR NT CONV 3.000% 06/01/2023 DD 06/01/03 5/19/2004 52,075.00 (40,000.00) .00) (5,000.00) ALLOY INC SR DEB CONV 5.375% 08/01/2023 DD 07/23/03 5/19/2004 4,350.00 (5,000.00) (650 (205,000.00) AGILENT TECHNOLOGIES INC CVT STEP 12/01/2021 5/20/2004 208,981-10 (228,071 .87) (19,090.77) (340,021 .15) (871 .15) (665,000.00) ROYAL CARIBBEAN CRUISES LTD NT ZEROCPN 02/02/2021 DD 02/02/01 5/21/2004 339,160.00 (22,940.60) (220,000.00) AGILENT TECHNOLOGIES INC CVT STEP 12/01/2021 5/21/2004 224,026.00 (246,966.60) (195,000.00) QUANTA SVCS INC SUB DEB CONV 4.500% 10/01/2023 DD 10/17/03 5/21/2004 181,106.25 (195,000.00) (13,893.75) (5,000.00) ALLOY INC SR DEB CONV 5.375% 08/01/2023 DD 07/23/03 5/21/2004 4,350.00 (5,000.00) (650.00) (140,000.00) AMERISOURCE HEALTH CORP CONV 5.000% 12/01/2007 DD 12/12/00 5/25/2004 165,900.00 (171,979.00) (6,079.00) .92) 27,088.58 (325,000.00) BEST BUY INC SUB DEB CVT 2.250% 01/15/2022 DD 01/15/02 5/26/2004 351,292.50 (324,203 .75) 18,326.75 (65,000.00) BEST BUY INC SUB DEB CVT 2.250% 01/15/2022 DD 01 /15/02 5/26/2004 70,258.50 (51,931 31,065.50 (200,000.00) CARNIVAL CORP DEB CONV 2.000% 04/15/2021 DD 10/15/01 5/27/2004 245,675.00 (214,609.50) (45,000.00) ALLOY INC SR DEB CONV 5.375% 08/01/2023 DD 07/23/03 5/27/2004 42,400.00 (45,000.00) (2,600.00) (130,000.00) VENATOR GROUP INC SUB NT CONV 5.500% 06/01/2008 DD 06/08/01 5/28/2004 192,623.60 (125,935.30) 66,688.30 (30,000.00) ALLOY INC SR DEB CONV 5.375% 08/01/2023 DD 07/23/03 6/2/2004 28,275.00 (30,000.00) (1,725.00) .75) (3,550.00) AMERADA HESS CORP PFD CONV ACES % 6/3/2004 235,820.97 (239,980.72) (4,159 (3,550.00) AMERADA HESS CORP PFD CONV ACES % 6/4/2004 232,129.06 (242,264.80) (10,135.74) (479,262.50) (336.15) (475.00) CHESAPEAKE ENERGY CORP PFD CONV % 144A 6f7/2004 478,926.35 (150,000.00) CHIRON CORP DEB CONV 1 .625% 08/01/2033 DD 07/30/03 6/9/2004 145,075.50 (159,972.50) (14,897.00) 3,146.50 (125,000.00) TELEFONOS DE MEX SA SR DEB CVT 4.250% 06/15/2004 DD 06/11/99 6/9/2004 142,125.00 (138,978.50) (485.47) (5,000.00) WILLBROS GROUP INC CONV 144A 2.750% 03/15/2024 DD 03/12104 6114/2004 4,719.53 (5,205.00) (00,009) (00,000,00 00*OOV'6Z IPOOZIOZIL colevLo ca czozao/so %sLc*s AN0083aUS ONI AOIIV (00'000'OC) OLISVZZ (00*ODO'61?) 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9so-vulao isoo G01Jd PIDS uoildposea AlimaS smun Giles SSOJO oleo (I) pug (4) (6) (a) (P) (B) '00 IN3WIS3ANI AA311 A31011:1

OWOOUI JU81WISDAU1 U0 X8.L J0:j SaSS0J PUV SU189 -IiffffB-3 Al Pled -Ad-066 WJ0:J cl. jualwalm LL flooz 9966CSO-99 luBtumOPu3 5)jnaG41 78 The Duke Endowment 56-0529965 2004 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

FROLEY REVY INVESTMENT CO. (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(135,000.00) EASTMAN KODAC CO SR NT CVT 3.375% 10/15/2033 DD 10/10/03 10/20/2004 162,675.00 (157,890.60) 4,784.40 (125,000.00) CENTURY ALUM CO SR CONV 144A 1 .750% 08/01/2024 DD 08/09/04 10/20/2004 135,638.50 (125,000.00) 10,638.50 (115,000.00) COUNTRYWIDE FINL CORP CONV ZEROCPN 02/08/2031 DD 09/20/04 10/20/2004 175,825.11 (165,885.20) 9,939.91 (140,000.00) EASTMAN KODAC CO SR NT CVT 3.375% 10/15/2033 DD 10/10/03 10/21/2004 165,725.00 (163,738.40) 1,986.60 (110,000.00) COUNTRYWIDE FINL CORP CONV ZEROCPN 02/08/2031 DD 09/20/04 10/22/2004 174,318.10 (158,672.80) 15,645.30 WILLIAMS COS INC DEL CVT PFD NOW CUSIP 969457100 10/22/2004 60,821 .25 60,821 .25 - (190,000.00) L 3 COMMUNICATIONS SR SUB CVT STEP 09/15/2011 DD 10/24/01 10/25/2004 (233,510.00) (233,510.00) 3,530.78 L-3 COMMUNICATIONS HLDGS INC COM 10/25/2004 233,510.00 233,510.00 (1,200.00) DEVON ENERGY CORP NEW COM 10/26/2004 91,353-.86 (71,502.13) 19,851 .73 (0.78) L-3 COMMUNICATIONS HLDGS INC COM 10/26/2004 48.67 (51 .45) (2.78) (6,500.00) GENERAL MTRS CORP SR DEB CONV SER C 10/27/2004 172,940.79 (198,717.97) (25,777.18) (175,000.00) CENTURY ALUM CO SR CONV 144A 1 .750% 08/01/2024 DD 08/09/04 10/28/2004 178,607.98 (175,000.00) 3,607.98 (1,010.00) PHELPS DODGE CORP PFD A CVT PFD 6.75% 10/28/2004 179,501 .17 (148,105.95) 31,395.22 (175,000.00) TYCO INTL GRP SA SR DEB CVT B 3.125% 01/15/2023 DD 01 A 3/03 11/1/2004 265,562.50 (248,931 .25) 16,631 .25 - (0.00) L-3 COMMUNICATIONS HLDGS INC COM 11/1/2004 (0.13) (0.13) (175,000.00) WATSON PHARMACEUTICALS CONV 1 .750% 03/15/2023 DD 03107/03 11/2/2004 169,093.75 (235,331 .25) (66,237.50) (2,840.00) ARCH COAL INC PFD PREP CONV 11/2/2004 232,022.56 (236,106.70) (4,084.14) (475,000.00) CYPRESS SEMICONDUCTOR CORP 1 .250% 06/15/2008 DD 06/03/03 11/4/2004 478,619.50 (477,968.75) 650.75 (40,000.00) LIBERTY MEDIA CORP SR EXCHANGE 3.500% 01/15/2031 DD 01 /11 /01 11/5/2004 36,450.00 (37,348.87) (898.87) .00) LAMAR ADVERTISING CO NT CONV 2.875% 12/31/2010 DD 06/16/03 11/12/2004 270,000.00 (252,423.01) 17,576.99 (250,000 .00 (100,000.00) SHANDA INTERACTIVE ENTMT 144A ZEROCPN 10/1 5/2014 DD 10/20/04 11/12/2004 119,369.00 (100,000.00) 19,369 INC EQUITY SEC UTS PFD NOW CUSIP 0367413104 11/15/2004 - (497,965.00) (497,965.00) (4,700.00) ANTHEM - 5,358.00 ANTHEM INC COM NOW CUSIP 94973V107 11/15/2004 497,965.00 497,965.00 (175,000.00) WATSON PHARMACEUTICALS CONV 1 .750% 03/15/2023 DD 03/07/03 11/16/2004 171,500.00 (222,612.25) (51,112.25) .50) (130,000.00) ST MICROELECTRONICS N V 144A ZEROCPN 07/05/2013 DD 08/05/03 11/16/2004 124,312.50 (130,000-00) (5,687 (185,000.00) CELGENE CORP NT CONV 1 .750% 06/01/2008 DD 06103/03 11/17/2004 245,752.15 (224,564.60) 21,187.55 (365,000.00) GILEAD SCIENCES INC SR NT CVT 2.000% 12/15/2007 DD 12/18/02 11/18/2004 (546,007.15) (546,007.15) (120,000.00) BAUSCH & LOMB INC SR NT CONV VAR RT 08/01/2023 DD 08/04/03 11/18/2004 152,400-.00 (132,743.57) 19,656.43 (0.92) GILEAD SCIENCES INC COM 11/18/2004 31 .54 (30.91) 0.63 15,531 .85 GILEAD SCIENCES INC COM 11/18/2004 646,007.15 546,007.15 (220,000.00) CEPHALON INC SUB NT CONV ZEROCPN 06/15/2033 DD 01/05/04 11/19/2004 215,941-.00 (215,271 .72) 669.28 (165,000.00) BAUSCH & LOMB INC SR NT CONV VAR RT 08/0112023 DD 08/04/03 11/19/2004 208,221 .75 (217,886.03) (9,664.28) (2,330.00) ANTHEM INC COM NOW CUSIP 94973V107 11/19/2004 225,496.55 (216,546-93) 8,949.62 (1,450.00) L-3 COMMUNICATIONS HLDGS INC COM 11/19/2004 100,848.47 (95,896.52) 4,951 .95 (3,028.00) ANTHEM INC COM NOW CUSIP 94973V107 11/22/2004 292,957.29 (281,418.07) 11,539.22 (2,080.00) L-3 COMMUNICATIONS HLDGS INC COM 11/22/2004 144,428.69 (137,561 .90) 6,866.79 GILEAD SCIENCES INC SR NT CVT 2.000% 12/15/2007 DD 12/18/02 11/22/2004 11,012.05 11,012.05 (465,000.00) SAKS INC SR NT CONV 2.000% 03/15/2024 DD 03/23/04 11/23/2004 435,646.88 (438,467.31) (2,820.43) sz,91-0,zz NEM'900 oo,OLV,I-ZL vooz/9 I/Z t VO/OZtOl Oa 1710MUOt Nd3Od3Z VM IALN3 3AI13VU3.LNI VONVHS (00*000'90 0 (89'M'6) (wen,910 00,9L9,80L vooz/9 UZ L ZOAZ/90 GO ZZOZtOZ/ZO %000*0 IN USIAO NdO OL13Z dUOO UV3-1 (00'000'9 2) SL'C60'C (gz*gso,g 0 oo*m Vq I VOWS I/Z I VO/OZ/01 (IOVIOZ/gUOL NdOO)J3Z V"t 1AIN3 3A113VURNI VGNVHS (00*000'9 0 W089,vt (00* sc* tgg,zzv vooz/v UZ I OJd JLAO % JJNn 3.LVUOdEIOO ONI -UNI UaM8 (00'91-L'L) 00*09S'6L (oo*000,001) 00*099'61 t vooz/v UZ 1 VO/10/90 00 17ZOZ410110 %09z' ~ ANOOIN US ONI AM IVIVDIO (00'000'00 oo*sgc,gt, (oo*gc/-,gzv) 00*00 VCLI? Ilooz/v IR L CO/99/90 (10 ezo?.1tolLo %gz9*Z ANOO EGO US ONI SOO U3dOOO (00*000'99Z) 00*009 00*008 vooz/C UZ I COMM ~ GO VCOZ/9 L/ LO/ IM UVA LAO ans us M3N ONI SONI U3dOW 00'09L'BZ (00,000,000 00'09L'OZ L vooz/C UZ I vo/CZ/1 I aO I 10?4tolz I %o9L'c V" I ONI MONOOISEGAO (00'000'00 0 sg,zgg,cz t 0 orl*9v9,9c L VOOZ/6 UZ I VO/OZ/O L (30 V LOZG UO L Nd3OU3Z V" I ININ3 3AI13VW3-LNI VGNVHS (00"000'9 L 0 9V*6,tV'C M"909'060 oo*gzo,v6L vooz/C UZ t ZOIL0190 00 60OZILOISO %09Z9 ens Us ONI Miominv OINOS (00*000'96 0 OL'Z69 (ovL09,9m) oo*ooz,Loc vooz/C UZ I ZO/90/CO (10 600M I/C0 %09L*G JLAOIN US ONI dV0 (00'000'0tZ) (ts*gtv) (t6'ZO6'6VZ) OV'999'6VZ vooz/C UZ L LOALA000 LCO&SWOMOST 3E)NVHOX3 US dUOO V103YV AIU381-1 (00'000'99Z) (SV'Zg/-'69) (09*610WO go*Lgzm vooz/C UZ L l?olz7,tko CIO VZOV9 LAO %939* ~ ANOO 83a US 01-1 -UNI H03.UVU0 (00'000'900 (99*0 k 0 (99'saB,Vcv) oo"SLB,Kv vooz/C t/Z L ooo Lasn Lzoz-inr-sz %ooo,o ONI SDO-lH 3HOOU (00'000'OOL) (17Z* L 19'/- 1) (00"009'Ml) 9L'986'6LV vooz/o UZ k Aun03 3V400NI OAd Ul ANOO LN30NI .LNOO Al Ul dVO NE)13kl3AOS (00'000'0 0 (06199V (oo*ooo,o/-) ol,m,tg vooz/o LIZ t vormlo (10 VZOV9 Wo %SZ9* t ANOO 830 LIS Oil -UNI H03JL=IVUD (00'000'OL) (SZ'ILV'OC) (SL*M'/-CZ) 09'Z90'66 L VOOZ40 UZ L CO/90/90 00 0 1040/80 %000* L LN ans ao nNi SOINOUIX31=1 (00'000'gL 0 ovzu'ol (09'LLCUO 00,09 1,09 t vooz/o/z L COMO= (10 EZOZ/Vt/co %000' L 930 ANOO (III ODNI (00'000'0Z0 (oc"We'00 (00,/-Vg,ggc) zg,VK,gcc VOOZILIZ L dX3 90/9 UZO %V/C 9 O:Jd .LAO S33VdS dUOO HIS 31VIS (00'099't) (00*oot"z) (00-00e96 0 00'009'Z61 VOOZILIZ I Z0/80/90 GO 600ZA0/90 %09Z*9 l.AO .LN ONIl.LNI XONN3-1 (00'000'09 0 og*ctg,vz (9/-*WC'691) SZ'L WC61 VooztLIZ L VO/90/VO 00 VZOMINO %gLC*Z IVNOIIVNE13-LNI U3NZU3)1 (00'000'99 0 09*Zlg'LC (09180'M) 00,009,ozz VOOZILIZ L CO/ZZ/Zt GO VZO&LOA0 %OSL*Z ANOO IN enS NNIIN dUOO UOIN3V4 (00*000'080 00*069'IZ (00'09Z'L6C) oo,ov9,8Ll? VOOZILIZ t I IOZ-Nnr-oc %ooo,o SIN ANOO IVGH3OU-L3d VSOVYUO:l (00*000'OLC) 96'088'OC (00*000's L 1) 96'099'SV t vooz/9/Z L VO/OZ/O L 00 V IOZ/9 1/0 L NdOOU3Z V"I JLWIN3 3AI10VU3.LNI VONVHS (00*000'9 L 0 STO (L9,L) 6L'L vooz/e/z L INOO dUO3 XOH3X (09*0) (96"L69'91) (V9'"g'ZOZ) e9'Z9 VLB I VOOZIztz L ANOO 83a ans Ur ONI SOO SVYVI-1-11M (00*SVC'Z) qg,qc9,qv (L9'L96'Z L 0 sz-gog, 19 1 VooZ/Z/Z L CO/6Z/90 Oa C7,OZIS 1/90 %09L'V ANOOIN LIS 00 ADW3N3 A3SSM (00*000'99) (00,099,v) (OTLOVE60 09'as'OK vooz/z/Z L vo/Lo/zL aa vzovio/a %sLo*z V"t ANOOIN LIS dUOO IV40 (00'000'066) (96' 11 9'l 1) 49*L0V'6/-0 99'699'L9 L VOOZ/I/Zt LOtM6LO disnoMON %9*L S030 ONI ONV-lN[-3-ldVY3JL (00*SZZ'C) 69'Z9 V9V (9Z*L80'tC0 V9'6VZ'/-L t VOW I/Z ~ V400 M3N dWOO A!DU3N3 NOA30 (00'OOV'V) (9Z-66V90 (00*009'/-60 VL'oole'Lot VOOZ/I/ZL a a=ld IAO LIS 83adHOO SUJA -lVU3N3E) (00'006'L) 00'096'V L (00*000,M0 00*096'"t Vooz/ I/Z t vo/oc/to oaVEOZILO/ZO %SLB*Z ANOOIN ONI SDO*IH IIN (00*000'OC ZL*099'991 (V6*LSO'M) 99*8CL'969 I?OOZ/6Z/1 I VYOO ONI SOO SINVI-1-11M (00*gLC'LV) OL*C69'8 L (01*696'C/-I) 09*Z98'Z6 L VOOZ/04 L co/gz/ L t Go cWZ/9 L/ I t %000* 17 ANOO ONI S-IVOIVY3HOvqnlNN3-1-lliN (00'000'06) 00,000,gm 00*000'm VooZ/9z/ L i vonon L aa vzomo/so %ooo*z 8 U3S JLAO 830 01-1 -IJLNI NOe33U 00,000,9ce (oo*ooo'gcc) (00*000'qm) VOOZ/9z/t 1 vo/oc" Go VZOZ40/90 %000*Z 8 U3S JLAO 830 O-L-1 ILNI >10833H (00'000'SCC) 00*000'sce 00,000,gm VOOZNZI I I vo/0010 00 VZOZ/tO/90 %000'Z 8 U3S .LAO 83a a-L-l'lJLNI N0833H 00,000,988 (00"000'sce) (00*000'su) IVOOZ/I?Z/ I L voloctvo 00 vzoz/10/90 %000*Z V" L ANOO 830 01-1 ILNI NO833H (00*000'96C)

sso-VUJOE) Woo 80IJd Plos uoildliosea AUinoeS smun ales SSOJE) Gle(3 (I) puv (W (6) (a) (P) (e) *03 .LN3WIS3ANI AA38 A310bli

OWOOUI JUMISOAUl Uo X81 J0:1 S8SSO-1 PUV SUIBE) 10MC183 Al Pud - :Id-066 WJO:l CL juawatelS 6L vooz s966ZSO-gg juawmopu3 e)lna 541 The Duke Endowment 56-0529965 2004 so Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

FROLEY REVY INVESTMENT CO. (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(125,000.00) LIBERTY MEDIA CORP SR EXCH DEB 3.250% 03/15/2031 DD 03/08/01 12/17/2004 119,843.75 (127,612.05) (7,768.30) (260,000.00) CENTURY ALUM CO SR CONV 144A 1 .750% 08/01/2024 DD 08/09/04 12/22/2004 276,900.00 (260,000.00) 16,900.00 (185,000.00) AGERE SYS INC SUB NT CVT 6.500% 12/15/2009 DD 06/19/02 12/22/2004 193,325.00 (278,312.90) (84,987.90) (4,700.00) GILEAD SCIENCES INC COM 12/28/2004 164,871 .19 (158,772.59) 6,098.60 (175,000.00) MAVERICK TUBE CORP SR SUB CONV 4.000% 06/15/2033 DD 06/09/03 12/30/2004 - (228,427.50) (228,427.50) 175,000.00 MAVERICK TUBE CORP 4.000% 06/15/2033 DD 12/15104 12/30/2004 - 228,427.50 228,427.50 (300,000.00) YELLOW CORP CONTINGENT SR 144A 5.000% 08/08/2023 DD 08/08/03 12/31/2004 - (362,683.45) (362,6M.45) (25,000.00) YELLOW CORP CONTINGENT 144A 3.375% 11/25/2023 DD 11/25/03 12/31/2004 - (25,000.00) (25,000.00) 25,000.00 YELLOW ROADWAY CORP CONTINGENT 3.375% 11/25/2023 DD 11/25104 12/31/2004 - 25,000.00 25,000.00 300,000.00 YELLOW ROADWAY CORP 5.000% 08/08/2023 DD 08/08/04 12/31/2004 - 362,683.45 362,683.45

TOTAL CAPITAL GAINS 54,441,724.94 (53,176,362.63) 1,265,362 .31 86*C (zc*o 061, 1. VOOZIMI. ONI NOIHOH 8 0 (09*0) 667 (Z6* W L6*17Z V00MV1. SOO Av8=j=ivr bf3did (99'0) Ct"I. (Mg) 9C*L VOOZ/9 L/ I. WOO dHOO SOINOW10313 S3HE)nH (CV*0) z0*z (se,zz) 0V*fI7z VOOZ/9 L/ 1. 0ISd3H HCIV NOdS CIII dElOO SMEIN (LL*O) Lvezv't (09'V6L'9) L6*ZZZ'L VOOZ/Z L/ L sooAvu=i=ivr 83dld (00*CL LC*OLL'C (Ot"CLO'LC) I-L*cvz,oi7 VOOZ/Z U 1. DiSd3U EICIV NOdS (111 clHOO SMEIN (00*VILZ'0 9 VOL9,9z (cc*qn,g/-) Elvego'Zo L VOOZ/Z U 1. V 10 dHOO S31E)OIONHO31 VH93Z (00"OK0 qvut'l- (MMI,6) 661N'LOI, VOOZ/Z U L VY00 00 V100 V000 (00*gco,z) 9 vsvo,zz (66'990'96) KOM U I. WOO MEIN dHOO A01:131N3 (00'990'Z) t,9*M'L (9L'69L'89) 017*009'gL KOM L/ 1. WOO dHOONVI3 (11JI NosanH (00*OL VZ) OL*ZCV'C (LZ-LSZ'Cg) L6'699'99 KUM V I. WOO dUOO INIJ SNO1938 (00*99C'Z) 69* Lg/-'g (69'8,LC'ZC) 89,0C L, it, VOOZ/Z U I. WOO dHO0 SOINOW103-13 S3HE)nH (00',L6C'Z) ("* IZS'6 0 41TUO'CE 0 091L9,M VOOZ/Z U I. WOO oov monG301:1 SlJV3S (00'98VZ) s L*ZCE'9 (qvl,LL,VZ0 9TCOVECI. VOOZ/Z L/ L ONI 0-109310 (00*99'P'Z) (6Z-99L'6) (tZ-ZLC'LE; 0 Z6*909'LZ L KOM U 1. 00 3AI-101N-lVd 31VO-100 (00'gCg'Z) 99'ZVS'C (co-zsv'cg) 691,66'99 KOM U I. d8OO -lozibism (oo*ogg,z) 98*VC6'LO (l,VLl.C'690 L6*l.9Z'Ll.Z KOM U 1. ONI NOSVVY 093'"! (00*099'Z) 1.8'81.6% (0L-VL6'1?Z 0 LST68'VE I. KOM L/ I. WOO ONI 00ISd3d (00*0t,6'Z) 0V'6/-0'l.,V (09- L60'6L) 00ILVOU KOM U 1. V400 ONI Woouvis in (wooz,c) Zg*986'9 I. (9Z*LSC'VO 0 8/-,Zvc, Loz VOOZ/Z U I. ONI N3E)NV (00*90T) (L6*gZt) (6VZ6V'Z0 0 MENU I. KOM L/ 1. ONI Am 008d IVOlin3OVVYUVHd (00*91.9'0 '17919V6 (CTL 1. 8'09 0 LO*VLZ'OL I. VOOZ/Z U I. WOO ONI ivnim NOIE)NIHSVM (00*090't,) LvGsrs (VS*960'l.ZZ) LL'LGC'9ZZ VOOM L/ t WOO ONIkne .LS38 (00'OOC'V) D0'6SV'LC (6V*LLO'6 L 0 6V'9Cg'99 L VOOZ/Z L/ I. WOO ONI SASdONAS (00*gVC'V) (Z0*9 1. V90 (66*COC'VZZ) L6'89 VOL I. VOOZ/Z U I. ONI SAS HS38 .L3SIOV:J (00'OZ9't,) MOL 017 1 (gz*gvg,vg) 6V91,L'96 VOOZ/Z U 1. V 10 d8OO SON113380 NVOIE13M (00'OZ9't) Cwtva,f7l. (ZL*LC9'LOZ) 9L'9L8'l.ZZ VOOZ/Z U I. V400 dHOO :J A (00'90Z'g) VTZBO'M (9Z*9G6'0C'Z) Z9*9C0'6LC VOOZ/Z U L WOO ON=l SAS 03N NVIEIVA (OVOWS) 60'l.V9'L I. (99*00v,zg 0 Lf LtZ'OL 1. VOOZ/Z L/ I. WOO V 10 ONI dnouo iNIN3 XO=l (00'9 1.0'9) 69* L09'SV WILO'180 96'6/-9'9ZZ VOOZ/Z U 1, WOO ONI UNI S3383'lddV (00'OCO'9) (VO'616'Z) (ZVZLVL8) gz,zgz,vg VOOZ/Z L/ 1. WOO d8OO 01901 ISI (00'OC6'L) 86* 1. (69'0 L9*Z L V00U/611. WOO dHOO UNI d38 010 (09'0) 01*91, (90*0 9 I.,9Z VOOZ/S/ I. V400 d8OO, IVIONVNI=l MIMAI:IiNnoo (cs,o)

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OWODUI IUOWISGAUI Uo XBJL JDJ SOSS01 PUV SUIBE) JUJIU93 Al IJBd - :Id-066 UU0:1 c L luawalLIS so vooz 9966ZSO-99 lugwmOPu3 5515C] 541 The Duke Endowment 56-0529965 2004 86 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

GOLDEN CAPITAL MANAGEMENT (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(2,400.00) CITRIX SYS INC COM 6/9/2004 49,209.88 (53,256.00) (4,046.12) (2,035.00) HERSHEY COMPANY COM 6/9/2004 187,021 .07 (131,490.76) 55,530.31 (2,000.00) NATIONAL CITY CORP COM 6/9/2004 69,453.37 (73,234.60) (3,781 .23) (1,960.00) PRECISION CASTPARTS CORP 6/9/2004 95,891 .34 (67,010.83) 28,880.51 (1,930.00) HILLENBRAND INDS INC COM 6/9/2004 113,694.98 (105,548.91) 8,146.07 (1,800.00) AMGEN INC 6/9/2004 99,062.65 (75,917.12) 23,145.53 (1,600.00) FIRST DATA CORP COM 6/9/2004 69,900.44 (59,717.70) 10,182.74 (1,300.00) BEAR STEARNS COS INC COM 6/9/2004 106,915.47 (73,683.87) 33,231 .60 (0.50) DAVITA INC COM 6/22/2004 23.73 (7.65) 16.08 (0.80) JPMORGAN CHASE & CO COM 7/13/2004 31 .02 (25.72) 5.30 (12,000.00) JABIL CIRCUIT INC COM 7/19/2004 261,357 .47 (357,583.87) (96,226.40) (10,650.00) FIRST AMERICAN CORP COM 7/19/2004 268,964 .77 (272,409.25) (3,444.48) (9,000.00) DIRECTTV GROUP INC 7/19/2004 149,324.49 (137,998.47) 11,326.02 (8,740.00) STORAGE TECHNOLOGY CORP COM 7/19/2004 224,384 .62 (176,311 .64) 48,072.98 (7,715.00) VERITAS SOFTWARE CO COM 7/19/2004 140,150.49 (231,348.05) (91,197.56) (5,962.00) OLD REP INTL CORP COM 7/19/2004 140,332.64 (131,872.59) 8,460.05 (5,810.00) MERRILL LYNCH & CO INC 7/19/2004 282,721 .91 (276,289.97) 6,431 .94 (4,915.00) POGO PRODUCING CO COM 7/19/2004 224,374.81 (156,478.40) 67,896.41 (4,700.00) STATE STREET CORP 7/19/2004 202,861 .34 (222,079.77) (19,218.43) (3,025.00) REGIS CORP MINN 7/19/2004 125,168.84 (117,206.65) 7,962.19 (2,900.00) BOISE CASCADE CORP 7/19/2004 101,117.73 (87,359.85) 13,757.88 (2,465.00) WAL MART STORES INC COM 7/19/2004 130,349.84 (116,373.15) 13,976.69 (2,400.00) PRINCIPAL FINANCIAL GROUP INC 7/19/2004 82,421 .98 (70,892.51) 11,529.47 (2,400.00) WATSON PHARMACEUTICALS INC COM 7/19/2004 62,227.66 (104,858.09) (42,630.43) (2,300.00) WENDYS INTL INC COM 7/19/2004 84,773.02 (88,463.75) (3,690.73) (1,800.00) SCHEIN HENRY INC COM 7/19/2004 113,559.16 (113,853.20) (294.04) (1,275.00) FOREST LABS INC CL A COM 7/19/2004 66,791 .98 (46,421 .59) 20,370.39 (1,070.00) AMBAC FINANCIAL GROUP INC 7/19/2004 75,795.63 (62,446.73) 13,348.90 (1,030.00) SYSCO CORP COM 7/19/2004 36,574.13 (27,673.98) 8,900.15 (900.00) GTECH HLDGS CORP COM 7/19/2004 38,143.08 (42,278.67) (4,135.59) OXFORD HEALTH PLANS INC COM 7/30/2004 84,164.85 84,164.85 (15,600.00) NEXTEL COMMUNICATIONS INC CL A 8/10/2004 341,124.99 (252,807.65) 88,317.34 (12,900.00) COCA COLA ENTERPRISES INC COM 8/10/2004 252,439.33 (295,267.25) (42,827.92) L6*86L'9C (60'ZZ9'LE 0 90* 2V9L L VOOZ/616 130 ONI S3HOIS ld3(103-LVE13(13=1 (00*000'V) GZ-6SV'9Zt (9V'VtVZ60 CL*CLS'g M VOOZ/6/6 WOO dblOO H3>1030'8 NOYM (00*00VV) C979C,9 t (Cg'LC9'18 96*000'96 L VOOZ/616 V400 00 1? 3SVHO NYDHONdr (oo,ooo's) LVCZ9'99t (99*Zt,6'69 ZO*999,9vc VOOZ/616 ONI H 0 GENG (00*00 ~'9) 6Z'ZI?9'OZ (9VZCV'06) VV'VLO'L L L VOOZ/65/6 dHOO uoionONOOIV43S -IVNOI-LVN (00*06t"g) 96106'VE (Lg.gsg,zoz) Z9*89L'LCZ VOOZ/6/6 WOO ONI dVE) (00'06C'Z 0 69*1-LC'ZL (6L*8Z0'L2) 96*9VC'69Z VOOZ/6/6 WOO dblOO INVCIN30 (00*990'6 (V9'6ZVCZ0 (9L*Z06'89Z) LZ*CLV'gC L VOOZ/6/6 d8OO uoionaNOOIVY3S SS3HdAO (00*009't, (/-6*969'VV) (C0*Z99'LCZ) 90TSOU L VOOZ/6/6 WOO ONI SNVS (00*000'9 MOLCT (ongs, Loz) MC99'voz VOOZ/616 V -10 ONI S(300=1 NOSAI (00*000'/- oz-gzVvt (ZL'VI-O'SO oo,ooz,zzL Vwz/oz/9 M3N WOO dHOO iVSINVNVd (00'00Z'G) L9*9Z (evez) 09*6t, VOOZIL Lis WOO ONI dnouE) HIIV3H 03iiNn (zs*o) (OZ*606'S) (sz, L00,09) L6* L60'" f7oozIoUg V400 ONI IINI SAGN3M (00*00VO I VVL9'0C (99*Lzo,l-g) 66'LO6'/-g vooz/o U9 WOO dUOO b13>1030 V NOVIG (00*00VO W176V99) 6 L *999'VO L Vooz/oUs V400 dIJ00 X303=1 (00*96VO L9*l-9L'S (99*096'06) CL'BVL'66 voozio U8 WOO M3N dHOO ADH31N3 (00*00L'O M*610 (oweLe,m) 69'V6L'LZ L vooz/o U8 WOO ONI SONI NMVHOIN (00'91-L'L) zg*"V, L (GVC99'69) L6*L6Z'L6 vooz/o U9 NNIN dMOO S193H (00'006'Z) 69*CW'9L (cz*s Lo,vz 0 Z6*SLZ'OOZ vooz/o U8 dHOO VOlH3VYV =10 NNVS (00TWZ) CC*Zg/-'6Z (89*ZgL'99) 2*909'96 vooz/o U9 dHOO SAO (00*9 LVZ) (60*6V9't 0 (ZL*99L'OC 0 C910 L'6 L L vooz/o Ug WOO dblOO N3E)OUJLIANI (00*09'P'Z) (zg*gm,i-) (vs,osv,cg) zo*z Wqv vooz/o Us V400 ONI OIJSSVH (00'009'Z) (60'09Z) (66*LVC'96) 06'LGO'96 vooz/o U9 ONI dnou!E) -TVIONVNizi -lVdIONIUd (00*006'9) (gz,m,sv) (00,006, m 0 9L*998'96 vooz/o L/8 V400 00 03-13 IV83NM (00*000'C) (10*M'6Z) (9V'O L 6'99 0 SV'Zgg'LZ L vooz/o Us WOO 00 V 3SVHO NV!DUOV4dr (0019VO GZ*609'9 L (onvo,as 0 9Z* L69'COZ voozto U8 WOO ONI 13311nOO NVINNO39 (00*008'C) (96'LL9'L 0 OCT WZ9 0 00*ZVC'OL L VwZ/0 Ug WOO 00 EftonGOHd O!DOd (00*000'V) 9/-*66V'/- (00*VV6'VZZ) 9fccV'ZCZ vooz/o U9 WOO ONI SN31SASHO3i INVI-1-1V (00*000'V) Z9,919,0Z (LL*ZOC'LZZ) 661 LO'LVZ vooz/o U8 WOO dHOO HV3-1 (00'099't) LVZL9'6 (9616VV90 EVOWC6L vooz/o U9 WOO ONI ADH3N3 SNIVId iV3U!E) (00'09L'9) (n-s9o,q) 49*899'L90 LV'Cgg'Zg L voozto U9 WOO ONI SHiSNI SVX31 (00'OOL'L) (9t"6ZL'Z/-) (09*990'LEZ) VC*LZC'V9 L vooz/o U9 WOO ONI SASdONAS (00'000'9) ZL,LZ9,z (ZC*1?09'6CZ) vv*gz L,Zvz vooz/o U8 V400 dHOO JJOSOHOIN (00'008'8)

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OLUODUI JUBUJISOAUI Uo XU.L J0:1 SOSSO-1 PUV SU109 1141d8o Al IJRd - :ld-066 UUO:l Ek luaLualvis 551no L9 vooz S966ZSO-9S IuMumOPU3 841 The Duke Endowment 56-0529965 2004 88 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

GOLDEN CAPITAL MANAGEMENT (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(3,940.00) BALL CORP COM 9/9/2004 145,512.61 (44,235.07) 101,277.54 (3,800.00) RENT A CTR INC NEW COM 9/9/2004 99,089.51 (120,670.61) (21,581 .10) (2,300.00) BEMIS INC COM 9/9/2004 61,317.48 (64,653.46) (3,335.98) (2,100.00) EDWARDS A G INC COM 9/9/2004 73,258.25 (78,848.91) (5,590.66) (1,200.00) HARTFORD FINL SVCS GROUP INC 9/9/2004 74,031 .30 (78,719.16) (4,687.86) (800.00) TEXTRON INC COM 9/9/2004 51,112.80 (39,026.48) 12,086.32 (8,200.00) DISNEY WALT CO COM 10/11/2004 203,933.31 (180,083.04) 23,850.27 (5,700.00) ALLSTATE CORP COM 10/11/2004 272,763.69 (220,010.02) 52,753.67 (4,800.00) CENDANT CORP COM 10/11/2004 107,479.55 (92,828.64) 14,650.91 (4,300.00) BANK NEW YORK INC COM 10/11/2004 131,650.87 (125,024.22) 6,626.65 (4,100.00) BLOCK H & R INC COM 10/11/2004 195,680.21 (158,001 .47) 37,678.74 (4,000.00) GAP INC COM 10/11/2004 76,618.20 (83,716.65) (7,098.45) (4,000.00) MERCK & CO INC COM 10/11/2004 121,829.14 (286,513.44) (164,684.30) (3,800.00) PACIFICARE HEALTH SYS INC DEL 10/11/2004 143,530.61 (146,838.84) (3,308.23) (3,000.00) HARTFORD FINL SVCS GROUP INC 10/11/2004 189,211 .56 (196,797.90) (7,586.34) (3,000.00) QUALCOMM INC 10/11/2004 123,491 .20 (57,096.75) 66,394.45 (2,900.00) CITIGROUP INC COM 10/11/2004 130,197.08 (127,060.27) 3,136.81 (2,500.00) ALLIANCE DATA SYS CORP COM 10/11/2004 101,612.61 (72,357.25) 29,255.36 (2,400.00) SYSCO CORP COM 10/11/2004 72,334.30 (75,114.96) (2,780.66) (2,200.00) GENERAL MTRS CORP COM 10/11/2004 91,235.82 (103,708.00) (12,472.18) (1,800.00) PULTE HOMES INC COM 10/11/2004 90,565.95 (71,086.80) 19,479.15 (1,445.00) AMERISOURCEBERGEN CORP COM 10/11/2004 76,501 .85 (85,374.37) (8,872.52) (1,400.00) EDWARDS A G INC COM 10/11/2004 49,479.88 (52,565.94) (3,086.06) (1,065.00) L-3 COMMUNICATIONS HLDGS INC 10/11/2004 68,795.46 (53,620.32) 15,175.14 (9,100.00) BORDERS GROUP INC COM 11/10/2004 208,415.14 (221,441 .22) (13,026.08) (8,300.00) FAIRCHILD SEMICONDUCTOR INTL 11/10/2004 119,116.31 (217,439.25) (98,322.94) (7,000.00) COUNTRYWIDE FINANCIAL CORP COM 11/10/2004 213,966.08 (137,769.56) 76,196.52 (5,400.00) MARATHON OIL CORP 11/10/2004 201,390.44 (140,248.59) 61,141 .85 (4,500.00) MORGAN STANLEY 11/10/2004 232,653.55 (238,336.52) (5,682.97) (4,260.00) ELECTRONIC ARTS 11/10/2004 203,161 .03 (151,370.19) 51,790.84 (3,375.00) HNI CORP 11/10/2004 141,469.59 (112,363.75) 29,105.84 (2,800.00) AUTODESK INC COM 11/10/2004 158,990.35 (81,424.56) 77,565.79 (2,800.00) BRIGGS & STRATTON CORP 11/10/2004 105,693.60 (117,902.96) (12,209.36) L V99C'LLS'V (6E'LV8'Q99'VC) 09* SNIVD IVJJdV3 IVIOI

ILI 07,C) CV9 V00311p UZ 1. 10 ONI uoionGNOOIVY3S 3-lVOS33bl:l (83*0) co'o (86T 0 1,0*1171, MUM I. ONI H3dVd HVN33N (ZlV*0) (L9'EV0 (sq, 1.89,0 BL*LCS'V vooz/9/Z I. ONI H3dVd HVN33N (00*ZV0 C9,9C9, le (C9199'99) 99"L W9 1. 1. vooz/9/Z ~ VYOD (INI ONI SONI LLI (00'0ZI?'0 LL*LZI-'Cg (ZO*6/- V99) 61.'906'21. vooz/9/Z 1. V 10 ONI dnouo O-l-lOdV (00*9WO 9V699'0Z (00"C68'99) 9VZ9L'90 L VOOZ/9/ZL A31NViS NVE)HOVY (00*000'Z) 410*69L) (997LOU 0 tITCOV00 I. VOOZ/9/Z L dHOO -IVNOIIVN NOZIHOH ISIJI=l (00*006'Z) 6L*ZVC'69 (cs"ssg, Le 0 ZC* 1.06'00Z vooz/9/Z I. Oo VY6 (00*009,z) L6"969 (LO'17Z/-'VS) 96"ZZ9'99 voom/zI. 8 10 VYOO dlJOO dOIS3VYVE) (00*VC9'Z) (L/-'OL9'SZ) (OVIZVO90 6C*OGL'LC L VooZ/9/Z 1. VYOO ONI S301A3(l E)OIVNV (00*OCV'C) 99*6DOW I. (ZV"LGV600 W1.917'M 170OZ/9/Z 1. VYOO ONI dnouE) HIIV3H a3llNn (oo*oog'c) 9VOL9,09 (ZvCqVLq) LVESO'LO 1. 170OZ/9/Z 1. ONI VINV-UV 01:11IN310S (00*009'C) VS*LZ VV9 49'009'960 G0*9Z6'Z9Z VOOZ/9/ZL VYOO 00 V 3SVHO NVE)UOVYdr (00*006'9) (90*9CS'89) (OV'89 L'LCZ) vc*zcg,gg L VOOZ/9/Z L d8O0 >isiaNVS (00"000'L) (L 1 *9/-9'0 0 (09'SLZ'LZtl) 6C'CO9'0 1. V vooz/9/Z 1. VYOD ONI S3HOiS S381V-10 (00*00t,'OZ) 9C*069'LC (ZC*SLL,ZLZ) 89,996,vvz vooz/9/Z 1. ONI AE)U3N3 -LNlOdU3JLN30 (00*OLO'ZZ) (Lo*o) 40*0) VOOZ/C/Z L 10 ONI uoionONOOIVY3S 3 IVOS33H=l (00'0) 00'OOZ'96 00*OOZ'96 VOOZ/Z/Z L ONI NHOM.L3N HI-IV3H iNlOd-1-13M ZZ*9sv,vge ZZ"991?'VBZ 170OZ/ UZ 1, ONI iNlOd-1-13M 00,000'v (zz,qqVvqz) (zz.ggv,vgz) - 170OZAML ONI NUOMAN HI-IV3H INIOcl-1-13M (00'000't,) LVO 07*0 69*V VooZ/VZ/ 1. 1. 13 -10 VYO3 dblO0 dOIS3VYVD (CZ*O) Cg"M'I, (8Z'6 LL'LV) 1.8'V99'6V vooz/o 1/1. 1. 8 10 00 HdIO(IV SHOOO (00*OOL) Ll?* ILS'L (9Z'6V6'LV) 69*OZG'gg vooz/o U 1, 1. ONI OOV HONAI 111HEAVY (00*000'k) ov"ZoVe (06*996'0 L 0 86*990,v L L vooz/o U L I. VYOD ONI SOO 31SIlEIVO (00*006'L) (IL'VOI-) (ov*ozz,gg) 69*9 1.9'99 vooz/o U I. I. VYOO ONI SIVY39 (00*000'Z) 9V81.9,0V (69* LZg'C6) 9L'6C VVE 1, VOOZ/O U L L VYOO 00 -IdX3 a'131=IM3N (00'00C'Z) L8*6"'0C (L9*6ZO'89) 89*6/-V'86 vooZ/o 1./ 1. 1. 13a ONI SOO OIS NVOlU3VYV (00'06t"Z)

sso-vulao Isoo 80lJd Plos uolldposea AMjn*aS smun Gigs ssoj!D 810c) (I) PUB (4) (6) (0) (P) (o) JLN3W30VNVW IV.LldVO N3a-100 OLUODUI JU8tU4S8AUj Uo XVJL JOJ SOSSO-1 PUV SUIBE) JUMU80 Al Pud - Ad-066 uLJO:f C L luawBIOIS 69 vooz 9966Z90-99 IuOwmOPu3 5515C] 041 The Duke Endowment 56-0529965 2004 90 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

GOLDEN LARGE CAP VALUE (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(42,440.00) AT&T CORP 2/10/2004 836,504.08 (830,444.70) 6,059.38 (42,040.00) HEWLETT PACKARD CO COM 9/8/2004 751,296.03 (708,374.00) 42,92-2.03 (40,215-00) OLD REP INTL CORP COM 2/10/2004 1,001,913.76 (704,901 .93) 297,011 .83 (38,295.00) MYLAN LABS INC PA COM 6/23/2004 781,375-83 (701,740.56) 79,635.27 (34,000.00) INTEL CORP 9/8/2004 676,716.72 (741,927.60) (65,210.88) (32,680.00) MATTEL INC COM 2/10/2004 615,263.62 (750,052.74) (134,789.12) (30,320.00) GAP INC COM 10/5/2004 572,582.79 (745,035.17) (172,452.38) (26,860.00) HEALTH NET INC COM STK 6/3/2004 635,941 .24 (639,571 .52) (3,630.28) (20,270.00) WASHINGTON MUTUAL INC COM 1/12/2004 808,733.07 (702,722.39) 106,010.68 (20,100.00) BARR PHARMACEUTICALS INC 5/3/2004 849,645.28 (658,436.69) 191,208.59 (19,230.00) JPMORGAN CHASE & CO COM 12/6/2004 729,105.67 (652,883.50) 76,222.17 (17,000.00) BLOCK H & R INC COM 5/3/2004 772,026.71 (616,442.10) 155,584.61 (15,010.00) FIRST HORIZON NATIONAL CORP 10/5/2004 637,764.45 (562,402.19) 75,362.26 (12,580.00) MOTOROLA INC COM 9/14/2004 211,590.63 (191,054.98) 20,535.65 (12,370.00) ORACLE CORPORATION COM 9/14/2004 129,881 .94 (145,442.75) (15,560.81) (11,500.00) ALLERGAN INC COM 7/19/2004 854,367.89 (685,962.35) 168,405.54 (9,570.00) GOLDEN WEST FINL CORP DEL COM 4/5/2004 1,047,816.77 (707,276.59) 340,540.18 (9,220.00) PERKINELMER INC COM 9/14/2004 172,225.55 (194,613.92) (2-2,388.37) (8,220.00) NEXTEL COMMUNICATIONS INC CL A 9/14/2004 202,782.64 (133,842.97) 68,939.67 (7,960.00) GAP INC COM 9/14/2004 158,957.47 (195,596.30) (36,638.83) (7,700.00) AMDOCS LTD COM 9/14/2004 174,862.89 (144,470.48) 30,392.41 (7,550.00) MBNA CORP COM 9/14/2004 187,386.60 (197,363.79) (9,977.19) (7,200.00) MCDONALDS CORP COM 9/14/2004 198,355.34 (201,247.20) (2,891 .86) (6,820.00) BLACK & DECKER CORP COM 9/8/2004 501,757.47 (243,722.93) 258,034.54 (6,550.00) THERMO ELECTRON CORP COM 9/14/2004 180,120.77 (116,034.56) 64,086.21 (6,500.00) THERMO ELECTRON CORP COM 6/3/2004 193,643.46 (115,148.80) 78,494.66 (6,440.00) BELLSOUTH CORP COM 9/14/2004 176,451 .86 (146,535.76) 29,916.10 (6,340.00) MICROSOFT CORP COM 9/14/2004 173,648.52 (147,935.34) 25,713.18 (6,080.00) EXELON CORP COM 9/14/2004 223,191 .57 (144,773.92) 78,417.65 (6,030.00) RADIO SHACK CORP COM 9/14/2004 171,730.37 (175,564.66) (3,834.29) (6,030.00) TYCO INTL LTD NEW COM 9/14/2004 187,528.60 (190,850.71) (3,322.11) (5,980-00) METLIFE INC COM 9/14/2004 228,251 .25 (149,078.41) 79,172.84 (5,590.00) PRAXAIR INC COM 9/14/2004 232,314.95 (147,771 .09) 84,543.86 CC*600'LZ (86*96C'9C 1) 1 C'90V'Lg I VOOZtJ? 1/6 VYOO NOSNHorVNOSNHor (00*OOL'.7) SV*ZZ V60 L (9LT99'.70 0 n*999, L LZ VOOZ/14/6 VYOO dHOO H3>1030 T NOVIG (00*OLS'Z) cg*gt,O,Lot (ovv6z,99) C6*OVC'69 L VOOZ/9/0 L VYOO dHOO 031NVVYAS (00'000'C) L6*0t,L'S L (Z I'V69'C6 0 60*GCV60Z VOOZA? L/6 YYOD ONI 8VYOI V Hosnve (oo,ogo,c) lz,9zg, te (170*9sest, 0 gz*zgo,LL L VOOF/V L/6 ONI SOAS U31ndVYOO C131VI'll=I=IV (00*09 VC) 90,809,01 (L6'6SZ'C60 ZO'99L'CO.7 VOOZAIL/6 aiiS31uisnaNI H3dOOO (00*OZ9'C) 8L*Lt,Z'CO L fiv I *ggt,'CV 0 Z6'90L'9tZ VOOZ117 L/6 VYOO ONI dnow) HIIV3H 031INn (oo*ocg'c) IZ*806'Zg (60' MI'D, 0 OC*69C'OOZ VOOZtt? L/6 VYOO 00 318YYVE) V U31008d (00*OVS'C) LO'f;,Lg'g (Z6'KE'66 0 66*90Z'SOZ 170OZ/17 L/6 VYOO dUOD NI=IINNVH U3>IHVd (00*OV9'C) 41 L ' 169) (9LILVOLO ZO*098'69 L VOOZAIL/6 VYOO ONI SIVY IVU3N3E) (00'OE;9'C) CS*L6Z'9V (gou Vog 0 69't'LII'96 L VOOVK/6 VY00 00 xouolo (00,099,C) Z6'Lg9'9L (VL*WO'L9 99*Z69'LZZ KOZAF L/6 dUO0 NOJLV3 (00*OOL'C) Oz,f;,ZV,Lz (69*SZ9'LV 60*090'gL L VOOZ/1171/6 dUOD IVNOIIVN NOZIHOH JLSHI-A (00*0t,6'6) 4 C'O L C'O 1) (LL*6CL'COZ) 9V6ZVC6 L VOOZA? L/6 VYOO ONI dHOO IIVN NIOONI-l (00*OZ VO LL,LgL,Ls (00*LgL,vs 0 LL*ge6'GOZ VOOZ/V U6 VYOO M3N dUO0 VIAOHOVM (00*OK'V,) 9 L (09'96L'96) 86*,LLZ'tL L VOOM UZ VYOO dUO0 031NVVYAS (00*0tC't,) 6 L (6Z-VK'Lt, 8VOOL'Z6 L tOOZ/tlt/6 dHOO VOlU3VYV JO >INVG (00'09C'V,) LV*OC6'99 (og*gso,ov L6*966'SOZ VOOZ/17L/6 VYOO ONI dnownio (00*OLC't,) 9c,m,c9 (ct*gco,gvL) 6'P* L69'60Z VOOFAI U6 dHOO -11GOVY NOXX3 (00*0ZVO v9*z9 Vov (Lc"zzq,qs,0 9VG96'C6L 1700Z/17 L/6 VYOO dUO0 ViVG ISHIA (00'OCt,'lP) SL'6C6'9C (89*09t,'69 0 9t,*0017,90Z VOOZ/14/6 130 ONI MOIS Id3a a31V83(13:1 (00*06VO Of M'cs (OL'LLZ'CL) OVI*CCL'9Z L VOOZ/Z U L V 10 ONI SNOIIVOINnvyyyoo-13JLX3N (00'009't,) gt*CgZ'LL (99'SVL'CV 0 9L*LCO'SLZ VOWIF L/6 VYOO dUO0 3-LV-LS'l-lV (00'0 LS'V) L6*CLZ'OC L (CC'Z9Z'VO0 06'96S,Vcz VOOZA, L/6 VYOO didOO 031NVVYAS (00*099'V) ZV"69/-'Z I I (C9*6ZS'ZC 90'66a'SVZ 1170OZA? L/6 VYOO dHOO 313d IVIN301000 (00"08917) 96*9LL'69 (9 11 9L'ZL L vots'zn VOOZAP L/6 VYOO NOIIVUOdEIOO NOHA3HO (00*OVL'V) Of 6VC'C k L (OL'6ZO'L L OVUVOO VOOZ/V U6 VYOO dUO0 UVNN3'1 (00*088'V) 6C'6ZL'Lg (08*6LL'OV 6 V609'96 L VOOZ/V U6 (11-1 30V (00*OL6't,) Ls,sg L,oz L (09'ezg,c L LO*6L6'eCZ J70OZ/c/G VYOO dUO0 031NVVYAS (00'000'9) LZT L 1-'LZ (90*VSV'tL0 CC*/-9 V66 L VOOZ/K/6 VYOO 00 1? 3SVHO NVE)UOVYdr (oo*ogo'g) WSWL8 (96'9VV'96 0 06*Z99'L LZ VOOZA? U6 VYOO 00 SVYVIIIIM NIMH3HS (00'OOZ'g) 69*ZL6'9 I QBTS VVL) 99'9Z VC6 VOOZILZIZ L 10 ONI uoionONOOIVY3S 3'lVOS33U=l (00'98e'g) CZ*LO V179 (V9*OC6'GV0 LO'SCO'O L Z VOOZ/17 L/6 VYOO ONI 3NUOSIVIO ZI-1 (00*09t"g)

SSOI/UIBE) P03 8OIJd Plos uoildposea A3ijn*aS smun ales ssoj!D ejec] (I) PUL, (Ld (6) (9) (P) N) 3nlVA dV3 39HVI N3C310!9

OWOOUI JUBtUISOAUI UO XBJL JOZI SOSSO-1 PUV SUIBE) IL11003 Al Pud - :ld-066 uuO:l Ef luaLualing L6 VON 9966ZSG-9S lu8LumOPu3 a)lnc] 54j The Duke Endowment 56-0529965 2004 92 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

GOLDEN LARGE CAP VALUE (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(2,620.00) LEHMAN BROS HLDGS INC COM 9/14/2004 203,438.23 (187,644.14) 15,794.09 (2,400.00) BLOCK H & R INC COM 2/10/2004 145,025.20 (87,027.12) 57,998.08 (2,400.00) 3M CO 9/14/2004 201,283.28 (147,938.88) 53,344.40 (2,350.00) UNITED TECHNOLOGIES CORP COM 9/14/2004 221,599.81 (147,157.00) 74,442.81 (2,340.00) AETNA INC COM NEW 9/14/2004 223,230.77 (196,614.52) 26,616.25 (2,330.00) LEXMARK INTERNATIONAL INC COM 9/14/2004 194,573.74 (135,247.88) 59,325.86 (2,020.00) IBM CORP COM 9/14/2004 175,069.30 (199,991 .72) (24,922.42) (2,000.00) INTEL CORP 1/12/2004 68,078.80 (43,642.80) 24,436.00 (2,000.00) NEXTEL COMMUNICATIONS INC CL A 6/28/2004 53,320-34 (32,565.20) 20,755.14 (1,760.00) SHERWIN WILLIAMS CO COM 6/28/2004 71,366.32 (46,182.05) 25,184.27 (1,720.00) AMDOCS LTD COM 2/10/2004 49,533.67 (32,271 .33) 17,262.34 (1,620.00) THERMO ELECTRON CORP COM 2/10/2004 45,114.88 (28,698.62) 16,416.26 (1,450-00) UNITED HEALTH GROUP INC COM 12/6/2004 116,995.73 (58,927.57) 58,068.16 (1,400.00) OCCIDENTAL PETE CORP COM 6/28/2004 68,108.40 (40,511 .24) 27,597.16 (1,270.00) PRAXAIR INC COM 10/5/2004 54,317.38 (33,572.32) 20,745.06 (1,000.00) EATON CORP 6/3/2004 59,461 .30 (40,820.20) 18,641 .10 (1,000.00) OCCIDENTAL PETE CORP COM 7/19/2004 49,703.33 (28,936.60) 20,766.73 (0.67) FREESCALE SEMICONDUCTOR INC CL 12/14/2004 12.27 (9.40) 2.87

TOTAL CAPITAL GAINS 23,853,272.49 (19,556,320.76) 4,296,951 .73 ftv Lv'vqolg ort, Lt"vgolg SNIVS WJJdV3 IVIOI

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OWODUI IUOWISOAUI UO XB.L JOd SOSSO-1 PUV SUIVO 181ICtOO Al PlOd - :ld-066 WJOd CL luatualuls 96 VON 9966ZSO-99 lugwmOPu3 a)lna 941 The Duke Endowment 56-0529965 2004 97 Statement 13 Foffn 99G-PF - Part IV Capital Gains And Losses For Tax On Investment Income

MACKAY SHIELDS (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost GaInfLoss

(1,100.00) FLIR SYS INC 7/7/2004 57,886.14 (23,122.00) 34,764.14 (5,600.00) BARNES GROUP INC COM 7/8/2004 153,174-88 (106,400.00) 46,774.88 (4,700.00) SPX CORP 7/8/2004 198,504.54 (222,662.94) (24,158.40) (2,500.00) DICKS SPORTING GOODS INC OC 7/8/2004 80,116.12 (38,968.25) 41,147.87 (1,700.00) NETFLIX COM INC 7/8/2004 55,945.68 (19,556.04) 36,389.64 (800.00) AMERICAN PHARMACEUTICALS 7/8/2004 21,269.34 (16,896.05) 4,373.29 (14,400.00) KROLL INC COM 7/9/2004 532,800.00 (285,737.94) 247,062.06 (10,000.00) ALLIANCE GAMING CORP COM NEW 7/9/2004 160,199.23 (303,218.61) (143,019.38) (5,100.00) ALTIRIS INC 7/9/2004 120,502.01 (98,733.96) 21 .768.05 (4,500.00) BARNES GROUP INC COM 7/9/2004 120,097.68 (88,325-55) 31,772.13 (14,000.00) FAIRCHILD SEMICONDUCTOR INTL 7/12/2004 185,973.03 (197,893-64) (11,920.61) (12,500.00) BROOKS AUTOMATION INC 7/12/2004 213,404.99 (237.500.00) (24,095.01) (2,600.00) ALTIRIS INC 7/12/2004 59,818.61 (53,960.81) 5,857.80 (2,500.00) VARIAN SEMICONDUCTOR EQUIPMENT 7/12/2004 83,751 .28 (66,849.50) 16,901 .78 (9,500.00) INTERSIL CORP CL A 7/14/2004 159,406.26 (1 74,08.45) (14,682.19) (1,200.00) STATION CASINOS INC 7/14/2004 54,536.56 (20,785.56) 33,751 .00 (5,200.00) BARNES GROUP INC COM 7/15/2004 130,806.05 (109,280.19) 21,525.86 (19,600.00) HOT TOPIC INC 7/19/2004 289,659.64 (326,637.00) (36,977.36) (12,300.00) E TRADE FINANCIAL CORP 7/19/2004 121,581 .41 (141,422.94) (19,841 .53) (8,300.00) INTER TEL INC COM 7/19/2004 167,175.51 (167,642.30) (466.79) (3,200.00) NETFLIX COM INC 7/19/2004 66,959.07 (36,811 .36) 30,147.71 (11,000.00) ASPECT COMMUNICTIONS INC COM 7/20/2004 98,229.89 (157,836.55) (59,606.66) (7,800.00) INTER TEL INC COM 7/20/2004 152,434.16 (185,681 .36) (33,247.20) (12,900.00) NETFLIX COM INC 7/21f2004 267,579.71 (148,395.79) 119,183.92 (9,700.00) MEDICINES GO COM 7/21/2004 266,404.25 (327,206.82) (60,802.57) (5,000.00) NABI BIOPHARMACEUTICALS 7/21/2004 53,346.24 (85,907.50) (32,561 .26) (4,700.00) INTEGRATED CIRCUIT SYS INC 7/21/2004 108,172.66 (92,516.86) 15,655.80 (2,700.00) DICKS SPORTING GOODS INC OC 7/21/2004 82,025.96 (42,085.71) 39,940.25 (1,800-00) IMCLONE SYSTEMS INC 7/22/2004 113,654-01 (84,933.66) 28,720.35 (1,500.00) BUCYRUS INTL INC NEW CL A 7/23/2004 33,177.12 (27,000.00) 6,177.12 (1,300.00) COLLEGIATE FDG SVCS INC 7/2312004 18,213.09 (20,800.00) (2,586.91) (800.00) IMCLONE SYSTEMS INC 7/23/2004 52,832.28 (37,783.76) 15,048.52 (2,500.00) AFFILIATED MANAGERS GROUP INC 7/26/2004 110,532.91 (78,733.33) 31,799.58 (ZOT99'VZO (VVZLZ'6VZ) ZV609'VZL VOOZIL U9 V400 ONI SNOIIOINny4v4oo 103dSV (00'OOL'9 0 (9911 L0'6/- (6V99Z'99C) C6* LtZ'Z6 L V009/6 Us V400 ONI 3NIINO 031INn (oo,oo Coz) (VS'LLV'Z) (9 L *669'60 V9* L9 L'LO L VOOZ/Z V9 IN3V4din03 moion(3NOOIV43S NVIUVA (00*00 07) (V9'89L'0V) (00*000'90 9v" LV9,99 VOMMUS ONI SEXIIH SIM (00'00(;'S) (I L'sa's) (a,889,09) WEL6,9V VOW L Us V -10 d80O -llSU31NI (00*009'Z) LS'69V Nnn'st, 0 ZV*ZS6'Ct, I VOW L 1/8 ONI SAS iinouio (131VUE)31NI (00*000'L) 176*699'0 L (9L*COC'6ZZ) 0,L'/-96'6CZ VOW L L/9 V400 ONI 3UVOHIIV3H A3SAO0 (00'9L6'C 0 99*,FZZ' L L (00"RE'LL) 99,099'Zo vooz/o U9 ON[ SAS iinouio 031VUEMINI (00'000't,) (LL*989'VC) (8Z"99C'C6 0 L 9'699'99 L V009/0 Us NIS dVO-00 dU0O IHO=IV400 103'13S (00"00Z'0 0 (6Z*99'F'L) (09* L69'9/-) L9*9cv,9L vooz/9/9 dU0O dVO d300V 13SSV (00*009'V) 99109't, L (ve,geng) 6V"Z'LL VOOZ/9/9 130 dblOO soan3dV83HI 031INn (oo*oog'z) (gg,gzg,ZL) (00,00z,/-g) WVL9'VG VOOZ/9/9 ONI SOAS E)(I=l 31VI93T100 (00'00Z'V) oz,oog,v (00*000'69) oz,oos'EL VOOZ/9/8 dHOO dVO d300V i3SSV (00*009'V) (VOTOVEZZ) (90*69/-'096) ZO'9/-C'LC L VOOZ/9/8 V400 ONI SOV=l SS313HIM (00*008'/-Z) W*9 LL'g 0 (69*099'/-ZU) VL*C99'L LZ vooz/c/8 INOO ONI SASdONAS (00*00 L'O 0 17Z*C6V'09 (00*gqo,cg) vz,gvg,co L Irooz/z/9 V400 dHOO SAS ViVO 30NVITIV (00*00/-'Z) (0Z'6L9'9) (OV86VOL) 86'8 109 vooz/z/o V400 ONI SASdONAS (00*00 CC) (89*LI-C'Z 0 (00*009'Z6) Zrza,09 vooz/z/o NIS dVO-00 dHOO IEJO=IINOO 10313S (00'000'9) (60'VZ9'VV) (00*90L'VZ 0 L6190'09 VOOZIOCIL Oil SONI sivoiin3OVV48VHd 0HVi (00*009'C) (zs* Lgz,g) (00,009, Lv) gVeve,96 VOOU16ZIL ONI SOAS E)G:J 31VIE)3-1-100 (00*009'Z) (V0*969'UM (LV'VEZ'6 L 0 CV*969'99 V00Z/6Z/L Oil SaNi sivoun3OVV4HVHd 0HVI (00*009'0 (09109) (00*008'v) OV*Z6 017 V00918ZIL ONI SOAS E)a=l 31VI93-1-100 (00*006) (L vow,q) (Lv*ggo,gL) 96,999,99 VOOZIRIL Oil SONI sivoiin3OVV4HVHd 0HVi (00'006'Z) zg*z Wv L (gg,/-q6,og) Lc*osg,vg VOOZISM INOO ONI 38VDHiIV3H A3SAO0 (00'006'6) (ZEISIC96 (6L*9/-9'9/-) L9'C6L'L9 VOOZIOZIL V400 ONI S3V483>IIV (00'00 L'9) (LL*000'09) (V9'L L Z'ZL) LL*9LZ'ZS; 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MACKAY SHIELDS (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(1,500.00) LEGG MASON INC 10/25/2004 90,084.59 (42,568.68) 47,515.91 (7,100.00) IDEXX LABS INC COM 10/26/2004 335,408.92 (200,932.53) 134,476.39 (3,400.00) SILICON LABORATORIES INC 10/26/2004 94,396.40 (167,417.00) (73,020.60) (1,400.00) UNITED SURGICAL PARTNERS INTL 10/26/2004 44,594.97 (52,361 .26) (7,766.29) (400.00) BUILD A BEAR WORKSHOP INC 10/28/2004 10,120.08 (8,000.00) 2,120.08 (3,900.00) ADTRANINC 11/1/2004 83,279.81 (116,440.17) (33,160.36) (9,500.00) ADTRANINC 11/4/2004 198,556.74 (281,915.85) (83,359.11) (11,700.00) ASK JEEVES INC OC-COM 11/11/2004 272,942.90 (380,602.76) (107,659.86) (7,700.00) STERICYCLE INC COM 11/11/2004 333,998.15 (266,945.46) 67,052.69 (1,400.00) UNITED SURGICAL PARTNERS INTL 11/12/2004 52,770.92 (52,871 .14) (100.22) (600.00) MARKETAXESS HLDGS INC 11/12/2004 12,952.07 (6,600.00) 6,352.07 (1,800.00) UNITED SURGICAL PARTNERS INTL 11/15/2004 68,079.08 (66,246.00) 1,833.08 (700.00) OSI PHARMACEUTICALS INC 11/22/2004 37,485.17 (38,608.50) (1,123.33) (1,500.00) INPHONIC INC 11/23/2004 34,139.19 (28,500.00) 5,639.19 (4,900.00) CHESAPEAKE ENERGY CORP COM 12/2/2004 84,427.95 (39,690.00) 44,737.95 (3,300.00) NATIONAL OILWELL VARCO INC 12/2/2004 109,200.38 (106,258-35) 2,942.03 (700.00) GUESS INC COM 12/2/2004 9,830.35 (11,296.04) (1,465.69) (2,800.00) MEDICIS PHARMACEUTICAL CORP 12/3/2004 97,880.38 (49,007.00) 48,873.38 (11,600.00) CLAIRES STORES INC COM 12/10/2004 229,623 .57 (261,414.78) (31,791 .21) (3,700.00) MEDICIS PHARMACEUTICAL CORP 12/14/2004 135,964.78 (64,575.00) 71,389.78 (1,200.00) HOUSEVALUES INC 12/16/2004 17,722.26 (18,000.00) (277.74) (400.00) BARRETT BILL CORP 12/16/2004 12,521 .98 (10,000.00) 2,521 .98 (3,100.00) CYTYC CORP COM 12/20/2004 86,852.83 (39,877.47) 46,975.36 (2,400.00) AUTODESK INC COM 12/20/2004 171,340.86 (36,852.39) 134,488.47 (1,600.00) MICROS SYS INC COM 12/20/2004 117,675.48 (67,353.44) 50,322.04 (1,400.00) HARMAN INTL INDS INC NEW COM 12/20/2004 173,810.27 (29,860.53) 143,949.74 (10,900.00) CLAIRES STORES INC COM 12/21/2004 217,083.66 (248,836.93) (31,753.27) (9,100.00) TELIK INC COM 12/21/2004 170,319.79 (202,715.46) (32,395.67) (8,300.00) MEDICIS PHARMACEUTICAL CORP 12/21/2004 298,367.22 (242,097.99) 56,269.23 (7,600.00) E TRADE FINANCIAL CORP 12/21/2004 110,002.85 (82,233.64) 27,769.21 (1,100.00) LAS VEGAS SANDS CORP 12/21/2004 50,389.81 (31,900.00) 18,489.81 (900.00) GETTY IMAGES INC COM 12/21/2004 61,466.49 (25,776.00) 35,690.49 (900.00) NEUROCRINE BIOSCIENCES INC COM 12/21/2004 43,925.90 (29,237.00) 14,688.90 (9L*M'9S9'9Z) LC*6ZVElM'09 SNIV9 IVIldV3 IVIOI

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GLUODUI luOL14SOAUI UO XBI JOJ S-assOl Pus SURD I-CM-00-3 Al Wd - Ad-066 LUJ0:J U luatualels SOL VON 9966ZSO-99 luGLUmOPu3 9)lna 841 I & The Duke Endowment 56-0529965 2004 106 Statement 13 Form 990-PF - Part IV Cai)ital Gains and Losses For Tax On Investment Income

MELLON BANK CASH EQUITIZATION (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost GainfLoss

S & P 500 INDEX FUTURE (CME) EXP SEP 04 8/18/2004 216,600.00 - 216,600.00 S & P 500 INDEX FUTURE (CME) EXP SEP 04 8/19/2004 433,200.00 - 433,200.00 S & P 500 INDEX FUTURE (CME) EXP SEP 04 8/20/2004 (121,600 .00) - (121,600 .00) S & P 500 INDEX FUTURE (CME) EXP SEP 04 8/23/2004 281,200.00 - 281,200.00 S & P 500 INDEX FUTURE (CME) EXP SEP 04 8/24/2004 (95,000.00) - (95,000.00) S & P 500 INDEX FUTURE (CME) EXP SEP 04 8/25/2004 45,600.00 - 45,600.00 S & P 500 INDEX FUTURE (CME) EXP SEP 04 8/26/2004 243,200.00 - 243,200.00 S & P 500 INDEX FUTURE (CME) EXP SEP 04 8/27/2004 22,800.00 - 22,800.00 S & P 500 INDEX FUTURE (CME) EXP SEP 04 8/30/2004 144,400.00 - 144,400.00 S & P 500 INDEX FUTURE (CME) EXP SEP 04 8/31/2004 (349,600 .00) - (349,600 .00) S & P 500 INDEX FUTURE (CME) EXP SEP 04 9/1/2004 193,800.00 - '193,800.00 S & P 500 INDEX FUTURE (CME) EXP SEP 04 9/2/2004 98,800.00 - 98,800.00 S & P 500 INDEX FUTURE (CME) EXP SEP 04 9/3/2004 490,200.00 490,200.00 (4,100,000.00) FEDERAL NATL MTG ASSN DISCOUNT MAT 11/10/2004 9/7/2004 4,084,884.53 (4,084,884-.67) (0.14) S & P 500 INDEX FUTURE (CME) EXP SEP 04 9f712004 (197,600 .00) - (197,600.00) S & P 500 INDEX FUTURE (CME) EXP SEP 04 9/8/2004 295,899.99 - 295,899.99 S&P 500 INDEX FUTURE (CME) EXP DEC 04 10/5/2004 (114,009 .81) - (114,009 .81) S&P 500 INDEX FUTURE (CME) EXP DEC 04 10/6/2004 77,275.00 - 77,275.00 S&P 500 INDEX FUTURE (CME) EXP DEC 04 10[7/2004 430,400.00 - 430,400.00 S&P 500 INDEX FUTURE (CME) EXP DEC 04 10/8/2004 (766,650 .00) - (766,650 .00) S&P 500 INDEX FUTURE (CME) EXP DEC 04 10/12/2004 (363,150 .00) - (363,150.00) S&P 500 INDEX FUTURE (CME) EXP DEC 04 10/13/2004 (242,100.00) - (242,100.00) S&P 500 INDEX FUTURE (CME) EXP DEC 04 10/14/2004 (685,950 .00) - (685,950.00) S&P 500 INDEX FUTURE (CME) EXP DEC 04 10/15/2004 (611,975.00) - (611,975.00) S&P 500 INDEX FUTURE (CME) EXP DEC 04 10/18/2004 349,700.00 - 349,700.00 S&P 500 INDEX FUTURE (CME) EXP DEC 04 10/19/2004 322,800.00 - 322,800.00 S&P 500 INDEX FUTURE (CME) EXP DEC 04 10/20/2004 (645,600.00) - (645,600 .00) S&P 500 INDEX FUTURE (CME) EXP DEC 04 10/21/2004 (114,325.00) - (114,325.00) S&P 500 INDEX FUTURE (CME) EXP DEC 04 10/22/2004 396,775.00 - 396,775.00 S&P 500 INDEX FUTURE (CME) EXP DEC 04 10/25/2004 (793,550.00) - (793,550.00) S&P 500 INDEX FUTURE (CME) EXP DEC 04 10/26/2004 (40,350.00) - (40,350.00) S&P 500 INDEX FUTURE (CME) EXP DEC 04 10/27/2004 1,089,450.00 - 1,089,450.00 S&P 500 INDEX FUTURE (CME) EXP DEC 04 10/28/2004 894,425.00 - 894,425.00 S&P 500 INDEX FUTURE (CME) EXP DEC 04 10/29/2004 179,325.83 - 179,325.83 (4,540,000.00) U S TREASURY BILL DUE 01/13/2005 DD 07/15/2004 11/1/2004 4,518,403.22 (4,518,403.47) (0.25) (9/-*Z$,Z'V06) 41VOSVEDWS) 6VSVO'669'L SNIVD -W.UdVO -Wi0l

(99*OZ9'6) (98'OZ9'6) SEluninzi NO NOISSIM400 sso-vuloo POO G0lJd Plos uolldposea AMino" smun Gies ssojo ozea (I) PUB (W (6) (a) (p) (e) Nouvzinn03 HSV3 )INV8 N0113W

GLU03Uj JUBU.4SOAUJ Uo XBJL 10:1 SOSSO-1 PUB SUIUD lepdeo Al 1JOd -Ad-066 Uu0:l EL luatualels L01. vooz S966ZSO-9S lu8UJm0PU3 951naG41 The Duke Endowment 56-0529965 2004 108 Statment 13 Form 990-PF - Part IV Capital Gains and Losses For Tax On Investment Income

MELLON CASH RESERVE (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

CORPORATE ACTIONS 3/22/2004 30,978.64 - 30,978.64 - CORPORATE ACTIONS 5/10/2004 328.72 - 328.72 - CORPORATE ACTIONS 6/2/2004 42.40 - 42.40 - CORPORATE ACTIONS 6/4/2004 1,613.13 - 1,613.13 - CORPORATE ACTIONS 6/21/2004 8,511 .50 - 8,511 .50 - CORPORATE ACTIONS 8/9/2004 124.41 - 124.41 - CORPORATE ACTIONS 12/13/2004 3,087.27 - 3,087.27

TOTAL CAPITAL GAINS 44,686.07 - 44,686.07 The Duke Endowment 56-0529965 2004 109 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

NICHOLAS - APPLEGATE SMALL CAP (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(4,500.00) ASE TEST LTD 4/27/2004 43,724.57 (48,735.00) (5,010-43) (6,200.00) NEW JERSEY RES CORP 4/28/2004 239,004.39 (228,495.32) 10,509.07 (6,900.00) CACI INTL INC CL A 5/5/2004 293,178.27 (316,044-00) (22,865.73) (1,700.00) AFFORDABLE RESIDENTIAL CIVINTYS 5/5/2004 28,283.76 (28,704.50) (420.74) (5,000.00) JO ANN STORES INC 5/6/2004 133,000.69 (146,075.00) (13,074.31) (1,200.00) AFFORDABLE RESIDENTIAL CIVINTYS 5/6/2004 19,771 .21 (20,262.00) (490.79) (1,000.00) JO ANN STORES INC 5f712004 26,589.60 (29,215.00) (2,625.40) (1,400.00) JO ANN STORES INC 5/10/2004 35,440.44 (40,901 .00) (5,460-56) (200.00) CONCORDE CAREER COLLEGES INC 5/19/2004 3,402.92 (4,771 .00) (1,368.08) (100.00) CONCORDE CAREER COLLEGES INC 5/20/2004 1,699.96 (2,385.50) (6a5.54) (19,900.00) CSG SYS INTL INC 5/21/2004 349,304.46 (322,579.00) 26,725.46 (9,800.00) BROWN TOM INC NEW COM 5/24/2004 470,400.00 (275,450.20) 194,949.80 (1,900.00) AFFORDABLE RESIDENTIAL CIVINTYS 5/25/2004 30,191 .81 (32,081 .50) (IIA89.69) (1,800.00) AFFORDABLE RESIDENTIAL CMNTYS 5/26/2004 28,709.32 (30,393.00) (1,6a3.68) (6,800.00) AFFORDABLE RESIDENTIAL CMNTYS 5/27/2004 108,482.61 (114,818-00) (6,335.39) (1,000.00) INNKEEPERS USA TR COM 5/27/2004 9,059.78 (8,265.00) 794.78 (500-00) INNKEEPERS USA TR COM 5/28/2004 4,554.89 (4,132.50) 422.39 (2,600.00) INNKEEPERS USA TR COM 6/1/2004 23,719-50 (21,489.00) 2,230.50 (2,100.00) INNKEEPERS USA TR COM 6/2/2004 19,311-53 (17,356.50) 1 .955.03 (9,300.00) VISTEON CORP COM 6/3/2004 101,707.98 (103,718.83) (2,010.85) (4,400.00) VISTEON CORP COM 6/4/2004 48,084.70 (50,029.32) (1,944.62) (1,000.00) INNKEEPERS USA TR COM 6/4/2004 9,134.78 (8,265.00) 869.78 (8,800.00) INNKEEPERS USA TR COM 6[7/2004 82,541 .18 (72,732.00) 9,809.18 (2,000.00) INNKEEPERS USA TR COM 6/8/2004 18,919.55 (16,530.00) 2,389.55 (1,800.00) Nil HLDGS INC CL B NEW 6/8/2004 61,757.99 (62,028.00) (270.01) (1,200.00) HEARTLAND EXPRESS INC COM 6/10/2004 31,076.99 (28,884.00) 2,192.99 (800.00) OLD DOMINION FGHT LINES INC 6/10/2004 21,725.01 (18,725-33) 2,999.68 (3,000.00) OLD DOMINION FGHT LINES INC 6/14/2004 78,620.65 (70,220.00) 8,400-65 (7,900.00) ELECTRONICS FOR IMAGING INC 6/18/2004 215,932 .74 (168,088.63) 47,844.11 (6,400.00) PROASSURANCE CORPORATION COM 6/18/2004 217,230.10 (131,868.82) 85,361 .28 (3,700.00) BUCKLE INC COM 6/18/2004 101,476.78 (104,254.02) (2,777.24) (2,100.00) HEARTLAND EXPRESS INC COM 6/18/2004 53,953.82 (50,547.00) 3,40-6.82 (2,000.00) LIFEPOINT HOSPS INC COM 6/18/2004 74,958.24 (66,360.00) 8,598.24 Lg*tto' Le (tz* L LOS 0 L V999,99 L tloow UL ONI E)NIE)VV41 blO=l SOINOU103-13 (00'009'9) (CZ'LCS'6t,) (ZZ'999'Z9C) 66*L L LUC tOOZ/6/L 00 aNVI 3NId I? Vil3(3 (00*009't, 0 O'P*6L9'0 L (00*96C'9L) 0VI-L0'L9 VOOZ191L dHOO (13V4VNI (00'00VO (gg*/-g Vgs) (09, Le L,gz V6*SV6'0L VOOZ191L V400 dHOO uoionGNOOIVq3S NO (00'00/-'g 96'L (Z0'L 0 86'9 L VOOZIZIL V400 dHOO A110 IVNOIIVN (09*0) 69,ve (00*9 Wv 0 69*6"'g L V00WIL V400 dHOO IJV!D3C]3bil (00'000'L) 48*969'CZ) (09',LL0'lr9) 69'086'OV toozlzlL INOO dblO0 uoion(INO01VUS NO (00*009'6) 89*goz,/- L (og,o L9, L/-) 8C*6 W99 V00VUL dHO3 S8390bl (00"00VO se'sc V Lo L 4c*Lqg,qt, 0 69'gZL'LVIZ V00VUL ONI SH10313 NUMHON39 (00'006'9) (vg*ggo,zz) (00*E;ot"cg) gt"gcc, Lt, V00MIL V400 dHOO uoionaNOOIV43S NO (OO*OOt7'6) (tvot, L,/-) (00*9W W 9L*L6Z'Vg Vooz/os/9 dnou!E) A3SYM SE)NI*1'11G NVV4(131U=l (00*009'Z) (96*909'C) (00*09Z'Zg) go'evg,gv tlooz/oc/9 dblOO 31SM VOM (00'009'9) LTC WOZ (097CS'eW L r9tL, Lge Vooz/06/9 dblOO 3300IN 883>1 (00*gtL'9) (Zg*/-gZ'V (09*609'ZV 96'L96'8Z L tlooz/oc/9 dHOO AIIIVIIdSOH (INV-lHE)IH (00'006'Z 0 (69*M) (oo,ogc,z 0 LF*t, LL, L L t,003/6Z/9 dHOO 31SM VOM (00*00VO (99,C9V LE) (oo,otc,cgz) gv9qq,wz tOOZ/6Z/9 dnouo A3SV4VU SE)NIT1113 NVV40318=1 (00'000'Z 0 Z6* LOV9 L (LB'909'CZZ) 6L*SOZ'OVZ VOOZ/6Z/9 V400 dblOO oinv >iso (00*OOL'C 0 (/-Z*V99'6 0 (00*6/-L'96 0 ect, L VLL L 170OZ/6Z/9 dHOO AillVildSOH (INV-lHE)IH (00*009'L 0 og*zce,zcc og,zcg,zcc vooz/oz/9 dHOO MOM Hbl3>1 00'gtL'9 (og,zes'ne) (og*zcg,zcc) tOOZ/SZ/9 V400 dHOO S3o8nOS31J 1HOdIS3M (00*009'6) (t,IR*9t,6"v) (00*009'VO 9VC99'66 VooZ/9Z/9 dHOO 31SM VOM (00'000'L oo,Lvv,t, (og*gzg,g 09*ZL6'OZ tlooz/9Z/9 dHOD S8300H (00*006) W99 (00*egv, L wevs, L ~ Ivooz/9z/9 ONIlvao-iokor (oo*oot,) LO'066'L (09*886'9 S"S L 6'/- L VOOZ/9z/9 V400 dHOO ll(13H0lbl3V4V (00'006) zs*cs L,z (00'09V6) z9*699, L L IVOOZ/17Z/9 dHOO A93-10GIV4 (00'OOZ) um"L (09*/-/- L't, 0 C9*669'9 L tlooz/tIZ/9 00 SNNIHS (00'009) (oc" LLI-) (00,Lg Vc 0 0/-'966'Z L VOOZAIZ/9 dnouo A3SM8 SE)NIT118 NVIN(131klJ (00'009) qg*vn, L (00*99L,L 0 99*6C L'6 L VooZ/tZ/9 V400 d800 il(1380183V4V (00*000'L) 6VI'L'VO'9 (onot"s 0 6'V'LVV'LZ VIOOZ/CZ/9 ONI V400 3080=IS3-IVS (00'00t" EVIL (00*90 L'L) WES L'/- vooz/9 L/9 V400 d800 IIC]3)dOlbl3V4V (00*000 6L'L W (og*zcc,g 0 6Z*17'vZ'6 L tlooz/9 L/9 V400 M3N 83M dHOO SNOU031JU00 (00'009) Sow V/- (oo*ovv'oz) 80*ZVS'Sc tlooz/9 L/9 dHOO A83-1001H (00*009) 06*9LO'CZ (69190'1-8) 6V't,80'09 tlooz/9 L/9 dHOO NOJAVHIS V SOEMUS (00*OOL)

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GLU03Uj IUOLUISOAUI Uo XU.L J0:1 SOSS01 PUV SUIBE) lInJUL-j Al Wd - :Id-066 WJ0J EL juawalels fpooz 9966Z90-99 luGtum0PU3 a)ln(] 841 The Duke Endowment 56-0529965 2004 112 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

NICHOLAS - APPLEGATE SMALL CAP (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(500.00) GARDNER DENVER INC COM 9/9/2004 13,457.18 (12,847.50) 609.68 (3,600.00) SCHULMAN A INC COM 9/10/2004 76,849.19 (68,976.00) 7,873.19 (400.00) SCHULMAN A INC COM 9/13/2004 8,521 .36 (7,664.00) 857.36 (12,500.00) EMULEX CORP NEW 9/15/2004 155,632.59 (128,221 .91) 27,410.68 (13,800.00) FIF MICRO DEVICES INC COM 9/21/2004 86,057.53 (77,795.60) 8,261 .93 (5,900-00) STONE ENERGY CORP COM 9/21/2004 257,386.19 (206,774.03) 50,612.16 (1,900.00) STONE ENERGY CORP COM 9/22/2004 80,356.33 (86,041 .85) (5,685.52) (1,300.00) BEACON ROOFING SUPPLY INC 9/23/2004 20,518.71 (16,900.00) 3,618.71 (1,800.00) Nil HLDGS INC CL B NEW 9/28/2004 72,642.33 (62,028.00) 10,614.33 (800.00) FLORIDA ROCK INDS INC 10/1/2004 40,459.69 (29,292.86) 11,166.83 (600.00) ESCO TECHNOLOGIES INC COM 10/1/2004 41,712.28 (28,413.00) 13,299.28 (7,500.00) Nil HLDGS INC CL B NEW 10/4/2004 313,666.65 (258,450-00) 55,216.65 (6,900.00) SCHULMAN A INC COM 10/4/2004 147,938.05 (132,204.00) 15,734.05 (1,900.00) LUMINENT MTG CAP INC 10/4/2004 23,585.66 (26,476.50) (2,890.84) (1,900.00) SCHULMAN A INC COM 10/5/2004 40,924.09 (36,404.00) 4,520.09 (3,200.00) SCHULMAN A INC COM 10/6/2004 69,458.21 (61,312.00) 8,146.21 (900.00) OSHKOSH TRUCK CORP CL B 10[7/2004 53,403.57 (48,577.50) 4,826.07 (800.00) SCHULMAN A INC COM 10[7/2004 17,031 .60 (15,328.00) 1,703.60 (300.00) OSHKOSH TRUCK CORP CL B 10/8/2004 17,537.99 (16,192.50) 1,345.49 (100.00) SCHULMAN A INC COM 10/8/2004 2,119.95 (1,916.00) 203.95 (2,800.00) OSHKOSH TRUCK CORP CL B 10/11/2004 161,020.02 (151,130.00) 9,890.02 (2,200.00) NEW YORK & CO INC 10/12/2004 44,129.42 (37,400.00) 6,729.42 (1,400.00) OSHKOSH TRUCK CORP CL B 10/12/2004 75,083.74 (74,985.34) 98.40 (1,800.00) QUANEX CORP 10/13/2004 88,070.49 (82,071 .00) 5,999.49 (200.00) QUANEX CORP 10/14/2004 9,759.65 (9,119.00) 640.65 (5,800.00) LUMINENT MTG CAP INC 10/15/2004 67,704.12 (80,823.00) (13,118.88) (2,700.00) QUANEX CORP 10/15/2004 131,958.86 (123,106.50) 8,852.36 (6,900.00) LIONS GATE ENTMT CORP COM NEW 10/18/2004 63,146.31 (40,882.50) 22,263.81 (2,700.00) LIONS GATE ENTIVIT CORP COM NEW 10/18/2004 24,663.92 (15,997.50) 8,666.42 (1,700.00) LUMINENT MTG CAP INC 10/18/2004 19,894.80 (23,689.50) (3,794.70) (1,500.00) BRIGGS & STRATTON CORP 10/18/2004 111,243.09 (79,182.36) 32,060.73 (500.00) QUANEX CORP 10/18/2004 24,436.37 (22,797.50) 1,638.87 (2,100.00) LUMINENT MTG CAP INC 10/19/2004 24,604.70 (29,263.50) (4,658.80) 9Z*99L'1? I (ZC*L LG'66) KOM I/ L I VYOO ONI dnouo SNI 3AU03-13S (00*00c' I) (oo*sco'c I) vooz/o I/ I I M3N VYOO dHOO 1A.LN3 31YE) SN011 (oo*ooz'z) (00,909,0 1) vooz/v/ I I (111 dnobiE) 3HXd (00*000 (6f0C I'M (09*VB6'09) vooz/v/ I I Oil dnou!D RIM (00,006,Z) (9t,*M'6) (MUTLS) VO*VZL'I-L vooz/v/ I I ONI dVO DIA INMivym (00*009,9) CIR*SzVot (0q,Vqq,qz) C9*096'9C vooz/c/ I I dHOO NO.UVUIS V S99189 (00*009) se,999, I (00*00VLO vooz/c/ I I dU00 A831001VY (00,000, 1) 01-'LCL'g (CO*969'OZ) vooz/c/ I I VY00 0 0 HSVM dHOO IIVN S0018 (00,00C, I) (96*0LC'90 (09* LG V96) vooz/c/ I ~ ONI dVO DIVY IN3Nivym (00*006'9) CV17 LE (00'OOL'CZ) EVIP L0,17Z vooz/z/t I d800 AE131aalVY (00*009) ov*z68,v I (vq,qvq,tG) V6*OVS'69 vooz/ZA I VY00 0 0 HSVM dHOO IIVN S091H (oo*oov'c) ZO*I-LL, I (09*ozo,o I) ZG'L6L'L I vooz/ I/ I I VYOO dU00 EIV03a3t3i (00*OOL) 0L*UV'oV (C vzt, Vog I) C817 W06 I VOW I/ I I VYOO 0 0 HSVM d800 IIVN S9918 (00*OOC'6) Z6,9617 (00*cgg,z) Z6*69C'C VOOZ/6Z/O I VYOO dHOO UVE)30381 (00,00z) LZ'96L'9 (oo*oov'g I) LZ*96 L'ZZ VOOZ/6Z/O I ONI S310010NH031 M0110HX01 (00,00 1' 1) Z9*6C9'Z (00*096,99) Z9'666'89 VOOZ/6Z/O I dU00 A8310GIVY (00*00V I) CL* I U'9V (9Z'17L9'LVZ) Lo,9gc,v9z vooz/oz/o I M3N d800 XM131 (00*009'L) (LL*vm,z) (00'Z6Z'S) CTLOV9 VOOZILZIO I VYOO d8003ounos (00,000 IT LC9 (00'96V I I) LS*LZL'ZL VOOZILZIO I VYOO ONI V NvvyinHOS (00,009) 99'ZGL'C (M'ZLV LZ) go,gzz,gz VOOZILZIO I INOO d800 HYD30381 (00,009, 1) oC* L61v, I (00"689'9) oc*ogo,o I vooz/9Z/0 I VYOO dHOO UVE)30381 (00,009) K109 (00*nt"CO oveLo'n vooz/9Z/0 I VYOO ONI V NvvqinHOS (00*00/-) 06'LC I (oo*zcg,c) 06'696'C VOOZ/9z/o L VY00 ONI V NvvyinHOS (00,006 9 VM (oo*ozz't, I) 9 L'099'V I VOOZ/9z/o I dHOO AEMOGIVY (00,006) cg*v/-O,z (09'9VL'S I) CvLzq,qL 170oz/GZ/0 I VY00 dUO0 HV9303HI (00*00 1, 1) L9,03L (oo,ozz,t, I) L9*0t,6't? I vooz/ZZ/0 I dU00 AEMOMY (00,00c) (6C*COO'fP,) (00'eso,gz) L9'6LO'IZ vooz/ZZ/0 I ONI dVO DIVY 1N3N1v4m (00,009, 1) Cz*6C Vz (09,9Wts) CL*Lg9'Cg vooz/ZZ/0 I VYOO dHOO 1103HOIE13VYV (00*006'Z) gg* I Wo I (os'Zo Vos) qvVtv,oq vooz/ZZ/0 I VYOO d800 HV9303Hi (00,009,C) OV"689'Z I (eo*gv V99) OS'LES'L6 VOW I Z/o I d1d00 X3Nvno (00*000'z) CS"9 10,8 (00,009,9 11) C9*9L9,9zL VOW I Z/o I dEI00,AS31001VY (00,00g,z) 8f9VC'L (oo*gcz'g I) OL'V99'6 I vooz/oz/o I dHOO X3Nvno (00*000 Z6* LSS'L (09*L6L'ZZ) ZV*6VC'VZ VOOZ/6 1/0 1 dU00 X3Nvno (00,00g) sso-ploo lsoo 80Pd Plos uolldpose(] /4!jnoaS smun ales ssojo ale(] 0) pue (4) (6) (a) (P) (e) dV3 l1VWS 31VD31ddV - SVIOHOIN

SWODUI JUMISDAU1 Uo XU .L JO:j SOSSO-1 PUV SUIBE) 1811003 Al Wd -Ad-066 UU0:J ef juawallng CIL vooz 9966ZSD-99 lu8LUMOPu3 9)lnaG41 The Duke Endowment 56-0529965 2004 114 Statement 13 Form 99D-PF - Part IV Capital Gains And Losses For Tax On Investment Income

NICHOLAS - APPLEGATE SMALL CAP (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(400.00) PXRE GROUP LTD 11/10/2004 9,494.13 (10,606.00) (1,111 .87) (500.00) SELECTIVE INS GROUP INC COM 11/11/2004 20,992.75 (15,336.99) 5,655.76 (100.00) PXRE GROUP LTD 11/11/2004 2,377.14 (2,651 .50) (274.36) (500.00) PXRE GROUP LTD 11/12/2004 11,852.87 (13,257.50) (1,404.63) (500.00) PXRE GROUP LTD 11/15/2004 11,863.57 (13,257.50) (1,393.93) (6,600.00) PXRE GROUP LTD 11/16/2004 154,993.76 (174,999.00) (20,005.24) (1,400.00) PXRE GROUP LTD 11/17/2004 33,142.82 (37,121 .00) (3,978.18) (1,600.00) ELECTRONICS BOUTIQUE HLDGS 11/18/2004 65,859 .57 (44,800.00) 21,059 .57 (1,300.00) TOWER GROUP INC 12/2/2004 15,528.52 (11,050.00) 4,478.52 (12,600.00) ANNTAYLOR STORES CORP COM 12/3/2004 255,970.55 (281,634.09) (25,663.54) (9,874.00) NATIONAL CITY CORP COM 12012004 361,201 .20 (336,063.98) 25,137.22 (5,700.00) ASE TEST LTD 1217/2004 42,290.72 (61,731 .00) (19,440.28) (16,400.00) ASE TEST LTD 12/8/2004 114,741-53 (177,612.00) (62,870.47) (4,300.00) ASE TEST LTD 12/8/2004 30,084.67 (46,569.00) (16,484.33) (2,100.00) FOUNDATION COAL HLDGS INC 12/9/2004 45,568.93 (46,200.00) (631 .07) (1,100.00) ELECTRONICS FOR IMAGING INC 12/15/2004 19,936.26 (21,562.53) (1,626.27) (21,400.00) KMG AMER CORP 12/16/2004 224,215.36 (203,300.00) 20,915.36 (1,800.00) ELECTRONICS FOR IMAGING INC 12/16/2004 32,586.43 (35,284.14) (2,697.71) (3,800.00) ELECTRONICS FOR IMAGING INC 12/17/2004 60,846.45 (75,275.01) (14,428.56) (6,100.00) YORK INTL CORP NEW COM 12/21/2004 214,409.97 (227,088.44) (12,678.47) (100.00) U STORE IT TR 12/23/2004 1,723.68 (1,600.00) 123.68 (1,100.00) U STORE IT TR 12/28/2004 18,866.09 (17,600.00) 1,266.09 (1,700.00) U STORE IT TR 12/29/2004 29,219.93 (27,200.00) 2,019 .93 (4,600.00) CARPENTER TECHNOLOGY CORP COM 12/30/2004 263,446.40 (105,421 .25) 158,025.15 (3,900.00) U STORE IT TR 12/30/2004 67,111 .96 (62,400.00) 4,711 .96 (1,500.00) U STORE IT TR 12/31/2004 25,909.64 (24,000.00) 1,909.64

TOTAL CAPITAL GAINS 14,829,917.91 (139927,313.07) 902,604.84 00,00L,z t (00*WSIM) 00,00z,9vc Wowl./I. MI,= Go MOM tizo %GLCISO SONOB Aunsv3ui s n (oo*ooo'ozc) 0z'sVI, ks (ot*m,gm) 06*6ZV8CV VOMWI, cwt/00 Go CCOMI./cio %090'L IN MEIN dUO3 ISVOWOO (00*000'06C) OZ'Lgt (09'OZO'9L#) 00*SM'9LIF V00MI./l. v=to Go v toviclao %oo6,v IN US ON[ AE)U3N3 OIX (00'000'OSV) gg*ZLL,g (tc*ozs'gLs, t6*Z6Z'Mg't V00MI./l. wsmt Go movstnt %ogz*v S3JLON Aunsv3ui s n (onoVosg'O qq*9z0,sv UTLEVO&O sz-m's Ls, L VOOZISM 1,0/6 L/W 00 1. LOZ/9 L/DO %09T9 IN 19 ONI SNOIIVOINnyywoo oes (wooo'g9c, o 00,z L Vez (W-aDL'CLZ) oo*VLZ,Zoc VOOFAW W1,0160 Go CEM1.0/co %009*9 IN US 00 UMd NH.Lnos snewn'loo (ovoona) aveto'et (BO'STV 16Z) OZ'6VE'VM vooz/gl./L mg I./rio Ou gows t/90 %SLB*V VL WOHIP US NlA )IS 3NO IVIldV3 (00*000'06Z) 617*17 (CO-96Z'Vg) zg-zoc'vg VOOZAIII zomito aa 9(wmol. %oog*c EV L-ZO STIOVA1333H O.LnV VONOH (ZS*ZOC'Vg) gz*z t (/-0* IZ8,89) zc*cm,eg VOOZ/Gt/t zompo aa soommo %ozg*c CV 13 Z ZO 3313 O.LnV IVIldV3 (ZC'M'89) 60*M't W-91 V06) LBICLU vo=vt/t ws l./L t aa sowis t/t L %sLc*c S31ON Aunsy3ui s n (onoo'w) 1.8,LM,C (cvgw,0LV) V6'SCL'V/-V VOO&VIA w9l./l. I. Go CLOZ/91/1 L %09TV S31ON Aunsv3ui s n (wooo'g9v) OV'91.6'9 (O6-99L*6VZ) oc,goL,gsz VOOZAII./l. Lo/6 i/co Go t Lom i./co %ogz,g IN ID ONI SNOIIVOINnvywoo oes (oowo'orz) 6t'6ZL'ST (tL-Vtk,m) 06'CW'619 V00VVl,/l. L6110180 00 LZOVIONO %OOL*9 SIN US ONI VUE)VNOO, (00*000'M) (cg*otz't) (CV*gtg'Z6) 09'gM'16 vooz/vi/l. W91/90 00 171,W491,110 %ODC*S LN MEIN dUO3 ISVOY900 (00'000'06) ov,=g (0/,MM) 0VZL0'96Z VOOZ/VL/L CO/WZL GO sto&=L %00Z,9 i.NenS dUO3 ITEIG (00*000'06Z) orgo'n (09'tVL'Kg) W*008,oss VOMMIL WMI/l. 1, GO 91,0ZILOMI, %Ogz,g LNenS ddOO E13VYV)INVS (00*000'OVS) 9V9 1, VVZ (Z0,09V 19z, 1) ov*ggc,ggz, L VOOML/L LO/91/ZOOO LCOMMO%SX90 saNO8,kunsv3ujLs n (oo,ooo'oi.z'0 V0,08V (9 t -ga's t 0 0z-qqv,q t L VOOZICLA co/vztvo Go siovio/so %osTs IN US OOT 3SVH3 NVE)HOW dr (wooo's L 0 vv*689,tz (tL'66/-*ZIZ'I) gV689'VEVI. VOOVEL/l. zwol./to 00 z1oz/gL/1.0 %009*9 IN LIS ONI dnouE) SHOVS NVYYcnoE) (00'000'960't) ct'LES,v (LB-BVL'M) 00*08ZVE VOOZXL/L tO/tQW GO 1, 1,0ZIMIC0 d3IS IN VS W003-13JL 30NVU:J (00 000'OZC) 96'91MU (vv,tsq,c60,0 ov*ovo,gz V L VOO&CLA tomm GO Lemoem %sLg*L 83a oindHOO SNIJ NOA30 (00'000'OZ6) W"tvg,$,z (00TWOM) oz-ogg'm VOW46LIL wam GO gtommo %wg*s VMIN A 8 NIA OGH TIOD V303 (00*000'909) 0L'tU'9V (0c,6qq,1/_q,0 00'1(W'Ll.L'l. VNZ/ZI/L Lomuvo oa ICOZIGI/VO %SZ9*L 830 ONI U3NUVM 3VYlI IOV (00*000'OLV'L) oo*wg* t (00*SM7,m) oo*gzL," VOOZ/6/t mst/l. t oa cimsm L %osz*v S31ON Aunsv3ui s n (oo,ooo'oov) 98,M0, I z (Lt .gm,OtL,t) CO'LOWLEL'I. VOOZ/6/1. WISLA 100 80OZ/91./t L %SLE*C S31ON Aunsv3wi s n (00'000'SOL't) (Lo*g,to,z) (,tvt00,gv0,c) 0VCZ6'ZV0'V V00ZI6/L mst/t t Go gowsm L %sm,z S31ON Aunsv3ui s n (onoo'goo'c) Zg*96V'Or (9t,cm-as) 00,0zc,cLq VOOZ164 Z016ZMO 00 Z LOZILM L %000'9 IN 03 V43HO MOO (00*000'OLS) V9*060'9C W-9m,m) 01'6Z6'9V9 V"/6/L Lamwo 00 1. LOVIO/zo %Szt,9 IN 00 VY3H3 MOO (00'000'069) 06*9ZVC (sq,vtV000,t) SL-CVL,cw, L V"/8/1. M/s LA t Cla c LOZA M L %Ogz*v S3.LON Aunsv3ujL s n (w ooo'soo'0 (99*LVL) (tL*9w,0Gv,0 90-699'6VC't V00MA totguzoao icomuzomam S(3NOSkunsv3ui s n (00*000'96Z'L) (gg*cLg,oc) (go-LLqzw) oz-cw'ZLB VOOZM/k Memo GO 800&ZO/90 %9z VC IN VG3 AOUd OlUV.LNO (00*000'089) (OL*ZOL,tc) (C)SI'L6160 og,ILZ,Ogc VOOZM/t w/zz/go oa 9 tozis i/go %ws*ip 00 II'R UMd IN30 A3sH3r (00*000'96C) (twL00 (ZZ'61,L'LVC) tV*LV9'LVC VWZIL11, cw t/z L aa sooz/9 uz L %sLc,c S3_LON Aunsvmu s n (oo*ow'qvc) 91'16L'LC (09-9LIVO 99*L96'Z917 VWZILA 10/ZZIZO 00 LEM1.0/co 01009CL IN US ONI AE)U3N3 SS3UE)OUd (00'000'966) 00'8M'6 (00-1,66'M) 00'61.9'LOL V=IJL EWO I/Z 1. 00 BOOM I/Z L %9z III dWO3 NIA CnOH3snOH (00*000'OOL) 9vtoet (OD'SLVOW0 gi*gu,IZL,L vooz/9/1. w/9 t/z L aa soom t/z t %sLc,c S31ON Aunsv3ui s n (oo,ooo's L VO 96TK'8t (0S*ct0*Iwz) 9Z"L9V6C0'Z VOOZ/9/L cm in t camoust/to %ooo,v VWW UJL # N1A dUO3 VnS (00*000VOW (06'09r'9) (00-qu,t9V0 OvILE'ssVi. VOOZ/9/t emotot Go 9oomi./oL %sLc,c V"t NIJ AVMVH.LVH 3811-ISMU38 (00*000'99L'L) OZ*9vL (OVOW686 09*869'69Z VWZ/9/L CMZ(Ot GO OLOZMZIOL %WS*V IN IVSOID ONI SOD SNUV31S UV38 (00*000'06Z) (09*6CL'S) (09'61V'LV9) 00,089, 1 V9 "MV911, w/cwt Go swz=i. %ooz,s LNenS dUO0 IV88 (00*000'099) (6t'ZVS'CL) Us-t9s,"g) OV6001139 VOWS/ 1. im uzo GO Lcous tao %sLc*so SONOS Aunsv3ui s n (wooVoi,e) (SL*699'90Z) (IZ'M'9Z6'S) 90*689'6LL'S vooz/911. 99/swt aa al.w4sul, t %ooo*6o SONOS Aunsv3ui s n (wooo'mo'v) (LO-ZLO, 0 (99-09s,990, 0 6L*80L'V90'l, VOW01, co/ml, i aa sommi. t %sLs* i S31ON Aunsv3uisn (oo*ooo'qqo'0 ssolmleg POO 80Pd PIOS uoildp3saa AlpnoaS smun ales ssoig oleo (0 ptm M (6) (a) (P) (e) SUOSIACV .LN39US3ANI VSIN

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ssovuleo Isoo 83IJd Plos uoildp*saa kpnoeS smun ales ssojo 818c) pu's (4) (6) (8) (P) (0) SUOSIACJV .LN3WIS3ANI VSIN

OWOOUI JUBU4SOAUI Uo XCJL 10:j SOSS01 PUV SUIeE) InIYU-3 Al Vcd - :Jd-M uu0:J CL luawalels 9966ZS"q juawmopu3 5)jnG eqj 6tt mz The Duke Endowment 56-0529965 2004 120 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

NISA INVESTMENT ADVISORS (a) (d) (a) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(1,740 .000 .00) UNITED MEXICAN STS MTN TROO009 8.000% 09/24/2022 DD 09/24/02 3/9/2004 2,023,620.00 (1,879,843.40) 143,776.60 (40,000 .00) CITIGROUP INC GLOBAL SR NT 3.500% 02/01/2008 DD 01/31/03 3110/2004 41,111 .60 (39,659 .20) 1,452.40 (45,000 .00) CITIZENS COMMUNICATIONS CO B 9.000% Oatl 5/2031 DD 02115/02 3/10/2004 47,025.00 (45,155 .16) 1,869.84 (575,000.00) MERRILL LYNCH & CO #TR 00394 4.125% 01/15/2009 DD 12/04/03 3M 0/2004 597,522.75 (587,000 .25) 10,522.50 (1,530,000 00) UNITED MEXICAN STS MTN TROO009 8.000% 09/24/2022 DD 09/24/02 3f10/2004 1,776,330 .00 (1,579,153.92) 197,176.08 (300,000.00) AMERICA MOVIL S A DE CV 144A 5.500% 03/01/2014 DD 03/09/04 3M 1/2004 303,462.00 (297,645 .00) 5,817.00 (1,225,000.00) BANK AMER CORP SUB NT 5.250% 12/01/2015 DD 11/18/03 3111/2004 1,280,529 .25 (1,208,768.75) 71,760.50 (220,000.00) MORGAN J P & CO INC MTN 00022 6.000% 01/15/2009 DD 01/25/99 3M 1/2004 246,780.60 (221,317.48) 25,463.12 (315,000.00) TXU AUSTRALIA HLDGS 144A 6.150% 11/15/2013 DD 12/10/03 3/11/2004 343,715.40 (320,835.36) 22,880.04 (705,000.00) U S TREASURY BONDS 05.375% 02115/2031 DD 02/15/01 3111/2004 782,457.03 (753,924.76) 28,632.27 (1,325,000.00) U S TREASURY NOTES 4.000% 02/15/2014 DD 02/15/04 3111/2004 1,355,676.95 (1,341,796.88) 13,880.07 (230,000 .00) WYETH SR NT 6.500% 02/01/2034 DD 12/16103 3/11/2004 247,882.50 (241,046.27) 6,836.23 (485,000 .00) GENERAL MTRS CORP SR DEB 8.375% 07/15/2033 DD 07/03103 3/12/2004 547,681 .40 (543,495.94) 4,18546 (2,360 .000-00) ISRAEL ST GTD NT CL 1 -A 5.500% 09/18/2023 DD 09/18t03 W1212004 2,528,598.40 (2,348,105.60) 180,492.80 (350,000 .00) SOUTHERN CALIF EDISON CO 6.000% 01/15/2034 DD 01/14/04 3f12/2004 364,322.00 (359,904 .60) 4,417.40 (675,000 .00) TELECOM ITALIA CAP GTD SR 144A 5 250% 11/15/2013 DD 10/29/03 3112/2004 696,991 .50 (681,787 .64) 15,20386 (300,000 .00) U S TREASURY NOTES 4.000% 02/15/2014 DD 02/15/04 311212004 307,031 .25 (306,678 .13) 353.12 1,750.00 (700,000 .00) UNITED MEXICAN STS MTN TROO009 8.000% 09/24/2022 DD 09/24/02 3M 212004 806,750 .00 (805,000 .00) 1066 (59,903 .75) CAPITAL AUTO REC 02 2 CL A3 3.820% 07/15/2005 DD 04/25/02 3/15/2004 59,903.75 (59,893 .09) (48,454 .20) (180.84) (48,273 .36) NISSAN AUTO REC 2001-C CL A4 4.800% 02/15/2007 DD 08/30/01 3115/2004 48,273.36 .56) 3.99 (48,180 .55) HONDA AUTO RECEIVABLES 02-1 A3 3.500% 10/17/2005 DD 01/29/02 3/15/2004 48,180.55 (48,176 1,215.50 (650,000 .00) EMPRESA NACIONAL NT 144A 4.875% 03/15/2014 DD 03116/04 3/15/2004 648,778.00 (647,562.50) 133,744.36 (835,000 .00) BANK AMER CORP NT 7.800% 02/15/2010 DD 02/14/00 3/16/2004 1,023,576 .40 (889,832.04) .85 (1,659,581 .58) (12,394 .73) (1,215,000.00) FRANCE TELECOM SA NT VAR FIT 03f01/2031 DD 09/01/01 3/16/2004 1,647,186 (885,433.62) 3,031 .58 (830,000.00) GENERAL MTRS ACCEP CORP NT 6.750% 01/15/2006 DD 01/11/01 3/16/2004 888,465.20 (427,097.58) 27,198.42 (460,000.00) ILLINOIS ST TXBL 5.100% 06101/2033 DD 06/12/03 3/16t2OO4 454,296.00 (582,821 .26) 16,934 .21 (545,000.00) U S TREASURY BONDS 05.375% 02115/2031 DD 0211 5/01 311612004 599,755.47 (13,855,602 .14) (24,820 .89) (13,000,000.00) U S TREASURY NOTES 06.750% 05/15/2005 DD 05/15100 3M 6/2004 13,830,781 .25 (3,049,285.15) 15,607.43 (3,050,000.00) U S TREASURY NOTES 1 .625% 03/31/2005 DD 030/03 W16/2004 3,064,892.58 (1,958,470.70) 398.83 (1,940,000.00) U S TREASURY NOTES 2.000% Oat3l/2005 DD 08/31/03 3M 612004 1,958,869.53 (106.25) (340,000 .00) U S TREASURY NOTES 4.000% 02/15/2014 DD 02115/04 3/16t2OO4 346,587.50 (346,693 .75) 49,233.80 (1,610,000.00) MORGAN STANLEY NT 3.875% 01/15/2009 DD 01/13t04 3M 7/2004 1,654,516 .50 (1,605,282.70) 20,897.64 (305,000 .00) TXU AUSTRALIA HLDGS 144A 6.150% 11/15/2013 DD 12110/03 3M 7/2004 331,791 .20 (310,893 .56) (1,517,769.60) 23,475.71 (1,385,000.00) U S TREASURY NOTES 05.000% 02/15/2011 DD 02/15/01 3M 7/2004 1,541,245 .31 (1,013,374.41) (174 .45) (1,015,000.00) U S TREASURY NOTES 2.625% 03/15/2009 DD 03M 5/04 3/17/2004 1,013,199 .96 .87) 2,627.35 (570,000 .00) U S TREASURY NOTES 4.000% 02/15/2014 DD 02/15/04 3117/2004 583,849 .22 (581,221 37,289.72 .00) WELLS FARGO & CO NEW NT 5.125% 02/15/2007 DD 02/05/02 3117/2004 1,528,695 .25 (1,491,405.53) (1,415,000 12,405.81 .00) CREDIT SUISSE FB USA INC NT 6.500% 01/15/2012 DD 01 /1 1/02 3M 812004 700,591 .10 (688,185 .29) (610,000 17,087.85 (345,000 .00) HUTCHISON WHAMPOA INTL 144A 7.450% 11/24/2033 DD 11/24/03 3M 812004 361,308 .15 (344,220.30) (716,495.86) 23,704.54 (670,000 .00) U S TREASURY BONDS 05 .375% 02/15/2031 DD 02/15/01 3/1812004 740,200 .40 (6,361,405.07) 77,450.48 (6,350,000.00) U S TREASURY NOTES 3.000% 02/15/2009 DD 02/15/04 3/18t2004 6,438,855 .55 (2,013,134 .96) 367.19 (2,020,000.00) U S TREASURY NOTES 2.625% 03M 5/2009 DD 03/15/04 3/1 W2004 2,013,502 .15 (917,322.80) 22,034.00 (920,000 .00) UNION PAC CORP NT 3.875% 02/15/2009 DD 02/19/03 3/1 at2004 939,356.80 S/ *9m, t (00-1ravup) SL*399'VLV V=L/v VO/CZJLO CO 60OZA)rAo %GLB'C Aiia a31z11SU3A10 SU3d0-13A30 (00'000'SLO 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ewooul luau4saAul U0 xel Jo:j sasso-I puv suleg Im-ffe-3 Al lJvd - :Id-066 WJo:j EL luawaZE45 trooz 9966ZSO-99 IuOwmOPu3 G)ln-a-GU The Duke Endowment 56-052996S 2004 142 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

NISA INVESTMENT ADVISORS (a) (d) (e) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost GaInAoss

(625,000.00) WORLD SVGS BK FSB # TR 00001 4.125% 12/15/2009 DD 12/08/04 12/8/2004 627,037.50 (623,062.50) 3,975.00 (630,000.00) CREDIT SUISSE FB 4.125% 01/15/2010 DD 12115/04 12/10/2004 629,344.80 (629,691.30) (346.50) (405,000.00) U S TREASURY BONDS 05.375% 02/15/2031 DD 02/15/01 12/10/2004 437,763.87 (408,605.67) 29,158.20 (645,000.00) U S TREASURY NOTES 4.250% 11/1512014 DD 11 /15/04 12110/2004 650,643.75 (645,705.47) 4,938.28 (515,000.00) KEY BK N A MTN # SBOO008 5.800% 07/01/2014 DD 06/14/04 12/14/2004 546,579.80 (542,284.12) 4,295.68 (495,000.00) U S TREASURY NOTES 4.250% 11/15/2014 DD 11/15/04 12/14/2004 497,475.00 (495,541.41) 1,933.59 (820,000.00) MAY DEPT STORES CO SR NT 144A 6.650% 07/15/2024 DD 07/20/04 12/15/2004 - (855,070.07) (855,070.07) 820,000.00 MAY DEPT STORES CO SR NT 6.650% 07/15/2024 DD 07/20/04 12/15/2004 855,070.07 855,070.07 (148,073.62) NISSAN AUTO REC 2001-C CL A4 4.800% 02/15/2007 DD 08M/01 12/15/2004 148,073-.62 (148,554.06) (480.") (800,000.00) CIT GROUP INC NEW SR NT VAR FIT 09/20/2007 DD 09/20/04 12115/2004 800,536.00 (800,000.00) 536.00 (290,000.GO) WASHINGTON MUT INC SUB NT 4.625% 04/01/2014 DD 03/24/04 12/15/2004 280,122.60 (276,687.34) 3,435.26 (405,000.00) U S TREASURY NOTES 3.500% 12/1512009 DD 12/15104 12/16/2004 404,034.96 (403,576.17) 458.79 (400,000.00) U S TREASURY NOTES 4.250% 11/1512014 DD 11 /15/04 12/16/2004 402,125.00 (400,437.50) 1,687.50 (225,000.00) U S TREASURY NOTES 4.250% 11/15/2014 DD 11/15/04 12/16/2004 225,993.16 (225,246.09) 747.07 (280,000.00) U S TREASURY NOTES 4.250% 11/1512014 DD 11/15/04 12/17/2004 280,700.00 (280,306.25) 393.75 (685,000.00) U S TREASURY NOTES 05.750% 08115/2010 DD 08115/00 12/23/2004 755,747.66 (757,681 .28) (1,933.62) (335,000.00) U S TREASURY NOTES 06.500% 02115/2010 DD 02/15/00 12/23/2004 379,989.45 (380,329.69) (340.24) (196,693.23) COMED TRANSITONAL FDG 98 A5 5.440% 03125/2007 DD 12/16/98 12/25/2004 196,693.23 (197,358.51) (665,28) (1,105,000.00) U S TREASURY NOTES 2.875% 11/30/2006 DD 11/30/04 12/28/2004 1,101,028.91 (1,102,582.81) (1,553.90) (7,767.17) OIL ENTERPRISES LTD NTS 1 "A VAR FIT 06t3O/2008 DD 06/30/98 12/30/2004 7,767.17 (7,861 .89) (94.72) (200,000.00) U S TREASURY BONDS 05.375% 02115/2031 DD 02M 5/01 12/30/2004 214,406.25 (201,570.67) 12,835.58 (68,510,906.36) FOREIGN EXCHANGE CONTRACT 2/312004 (286,593.14) (286,M.14) (8,540,630.89) FOREIGN EXCHANGE CONTRACT 21612004 (126,742.90) (126,742.90) (5,931,077.61) FOREIGN EXCHANGE CONTRACT 215/2004 (6,227.63) (6,227.63) (315,000.00) FOREIGN EXCHANGE CONTRACT 1/15/2004 (1,622.25) (1,622.25)

TOTAL CAPITAL GAINS 0085.57 (1,228,567,000 .81) 4,513,184.76 The Duke Endowment 56-0529965 2004 143 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

OZ PARTNERS (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(1,897.42) OZ OVERSEAS FUND LTD 7/1/2004 2,654,599 .22 (1,987,118.23) 667,480.99 (92.70) OZ OVERSEAS FUND LTD 7/30/2004 171,224.47 (97,082.38) 74,142.09 2,825,823 .69 (2,084,200.61) 741,623.08

TOTAL CAPITAL GAINS 2,825,823.69 (2,084,200.61) 741,623.08 00ZLV6 (zz,est"SZ) ZZ'OC6'/-C 170oz/ozA VYOO 00 l3d 2 N3(3UV0 IVIJiN30 (00'00Z'0 98'9tr6'0 L (09*09 L,Lz) 9VLo Cge 170OZ/9 V L VYOO 00 i3d V N3GUV0 IVIJIN30 (00'00'0 96"9 L9'9 L WCT96'96 qc*cqq,gv VOOZ/9 V L 3N VYOO dHOO 38VMi=[OS IVIiN3OSV (00'00L'0 Z V66L'L (9c, Lgg,q) 09*096'9 vooz/9 V L VYOO 13CI dU0O INI=l (33=IiSIAI=l (00*OOZ) evogg'n (oo,ozz,gz) 9 VsLo'se vooz/9 V L VYOO 0013d V N3CIUVE) -IVH.LN3O (00'00Z'O 6VZ69 (t,9'9LZ'C) eng L,v VOOZ/17 U L VYOO'13C] dU0O -INI=l (13=IISIJI=l (00*00 0 CL'LV9 (onge, 0 CL'00Z'Z vooz/V V L dU0O 3CIVOSVO (00'00 0 Z17,99 L, L (oz, Leg,q) Z9*666'L vooz/V U L VYOO ONI AU3-1-IV!D 31AOVY (00*000 (6/-*600 419'L L LTZ) gg*LOL'ZZ 'Fooz/v U L 3NOHd3-13-L Hi-IV3MNOVYVYOO (00*009) Lg*V06'L (oo*ovg'z) L9141LIF VOOZ/6 U L A-IIVYV=l SNOZIUOH iH9IH8 (00*00 0 L9,60o'L (gL.,v Lq,q) gc*tzg,c L vooz/C U L ONI SONI 3AI-LovyoinV 3NOiSA3>1 (00*009) 99*Lt,0'0 L (zg,ess,g 0 9 V989,9z Vooz/C U L VYOO dHOO S-1-11VY (00'009) 86'Ci7O'Z (OZ,OLE,g 0 9 L't, LVL L lvooz/c L/ L VYOO ONI AU3-1'lV0 31AOVY (00*006) ge, m, L L (00*gco,vz) 9V99o'9c WOVE U L VYOO 00 l3d V N3(38VE) -IVHIN3O (00'00 L'O 46,99 0 (L9'6 WO 9L*Zcg vooz/Z U L VYOO ONI 9NIHI0-1Ok-llVYV=J SA0009 (00*00 0 (STOL) (ongg,c) ZL*6LL'C vooz/Z L/ L 3NOHd3-131 Hi-lV3MNOVYVYOO (00'00 0 OV'LBO'OZ (VOILVES) VVv9L'c9 vlooz/Z V L VYOO dU0O S-1-11VY (00*00Z'O (s ~ *ggg,L) (VZ'LZ0'V0 LL*Zgv,gz f7oozlz U L VYOO ONI 3snOHUV3M SN3VY (00*00Z'O Lg*vl-g, L (zvqoq,z) 60'LSV'V V00Z/6A VYOO dHOO S-1-11VY (00*00 0 99*666 (00,6ge, 0 99'Z6Z'Z VOOZ/64 dE100 30VOSVO (00'00 0 6z*gL L'o (,LC'609'6 0 qq,LqL, LZ VOOZ/64 VYOO ONI S38OiS S381V-10 (00'00 L'O gL*Cog,ZL (Lc*gtz,g 0 go,ogs,oz VOOZ/64 ONI SViN3A (00-00VO 66'066'L (0t,*66V'Z) 6L*6ZV'V vooz/94 ONI SViN3A (00*OOZ) 99*L99'9 (09* L6Z'9) SV*696'0 L vooz/94 ONI SGNI 3AijLovyoinV 3NOISA3>1 (00*000 Z9,99L,ZL (gg,zco, 0 LZ*66 L'CC vooz/o/ L VYOO ONI S38OiS S3UIV-10 (00*00/-'L) (CL*ZZL'L 0 (V6*VC9'V9) 2'Z Lg,zv t7ooz/g/L VVOO ONI 3snOHHV3M SN3VY (00*006'0 oz*c L VOOZILI L VYOO ONI dnouo -lNl=l H-Lnos OTC L - (oz,c 0 (oz*c 0 VOOZILA VYOO ON[ dnotj!D-INI=l Hinos (08's9c) (89*Lcg,gz) Of LLV'9Z VOOZILA 3NOHd3-13i HI-IV3MNOVYVYOO (00'006 (9V9 W 4nez, LE) qn, Woe VooZ/9/ L 3NOHd3-13-L Hi-IV3MNOVYVYOO (00'009) (OL-LI-C) (68*69Z'6 0 L91 WS L KOM/ L 3NOHd3-13-L HiIV3MNOVYVYOO (00*009) (mov) (oozzq,c) L0191-'C Vooz/zA 3NOHd3-13JL Hi-IV3MNOVYVYOO (00*00 0 gz,Lsv,z (oo*ooz'c 0 9Z*LS9,9 L WOW/ L ONI d)J0ONVS SSG (00*000

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sso-IfulBE) IS03 -13IJd Plos uolldposeaAMinoeS smun ales ssoi!q aiep (I) Pue (4) (6) (9) (P) (e) .LN3W30VNVW jL3ssv ailHOHIOEI

GLUODUl IUOWISBAUI Uo XU.L JOJ SOSSO-1 PUV SUIBE) JBIJUBO Al 1JBd - :Jd-066 UU0:J EL Juawalins vooz 9966ZSO-99 Iuswm0Pu3 9)lna841 The Duke Endowment 56-0529965 2004 148 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

ROTHCHILD ASSET MANAGEMENT (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(600.00) EGL INC COM 2/18/2004 9,576.81 (9,695.04) (118.23) (300.00) GOODYS FAMILY CLOTHING INC COM 2/18/2004 2,536.32 (3,207.78) (671 .46) (200.00) MOVIE GALLERY INC COM 2/18/2004 3,800.16 (2,788.48) 1,011 .68 (100.00) AIRGAS INC 2/18/2004 2,225.22 (1,355.61) 869 .61 (100.00) CHURCH & DWIGHT INC 2/18/2004 4,066.32 (2,410.25) 1,656.07 (100.00) GENERAL CABLE CORP DEL COM NEW 2/18/2004 832.60 (880.86) (48.26) (100.00) STEWART INFORMATION SVCS CORP 2/18/2004 3,823.08 (2,154.74) 1,668.34 (1,600.00) ANDREW CORP COM 2/19/2004 27,881 .09 (21,340.80) 6,540.29 (1,100.00) REGIS CORP MINN 2/19/2004 46,197.83 (31,875.82) 14,322.01 (1,000.00) GENERAL CABLE CORP DEL COM NEW 2/19/2004 8,157.61 (8,808.60) (650.99) (900.00) SYBASE INC COM 2/19/2004 19,707.99 (8,274.33) 11,433.66 (600.00) CHURCH & DWIGHT INC 2/19/2004 24,366.71 (14,753.05) 9,613.66 (500.00) AIRGAS INC 2/19/2004 11,121 .32 (6,778.05) 4,343.27 (200.00) OFFSHORE LOGISTICS INC COM 2/20/2004 4,446.63 (4,575.00) (128.37) (1,000.00) VENTASINC 2/24/2004 25,851 .88 (12,499.82) 13,352.06 (900.00) EGL INC COM 2/24/2004 13,462.84 (14,526.14) (1,063.30) (500.00) CHURCH & DWIGHT INC 2/24/2004 20,427.45 (12,388.33) 8,039.12 (500.00) UMPQUA HLDGS CORP COM 2/24/2004 10,188.65 (9,640.01) 548.64 (400.00) AIRGAS INC 2/24/2004 8,402.23 (5,440.94) 2,961 .29 (100.00) CHARLES RIV ASSOCS INC COM 2/24/2004 3,479 .76 (1,867.00) 1,612.76 (100.00) GENERAL CABLE CORP DEL COM NEW 2/24/2004 756.40 (880.86) (124.46) (3,200.00) MOVIE GALLERY INC COM 2/25/2004 62,578.35 (53,572.16) 9,006.19 (1,500.00) ANDREW CORP COM 2/25/2004 24,374.04 (20,007.00) 4,367.04 (700.00) VENTASINC 2/25/2004 18,075.25 (8,767.11) 9,308.14 (600.00) GENERAL CABLE CORP DEL COM NEW 2/25/2004 4,556.52 (5,393.46) (836.94) (600.00) TRIMBLE NAV LTD 2/25/2004 19,876.44 (12,110.82) 7,765.62 (500.00) CHURCH & DWIGHT INC 2/25/2004 20,428.30 (12,397.95) 8,030-35 (400.00) AIRGAS INC 2/25/2004 8,370.47 (5,459.44) 2,911 .03 (300.00) CHARLES RIV ASSOCS INC COM 2/25/2004 10,455.58 (5,601 .00) 4,854.58 (100.00) UMPQUA HLDGS CORP COM 2/25/2004 2,032.06 (1,837.00) 195.06 (1,800.00) AIRGAS INC 2/26/2004 37,598.19 (24,567.48) 13,030.71 (1,300.00) AGL RES INC 2/26/2004 36,853.04 (30,574.15) 6,278.89 (1,300.00) LONGVIEW FIBRE CO 2/26/2004 17,029.20 (16,957.10) 72.10 The Duke Endowment 56-0529965 2004 149 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

ROTHCHILD ASSET MANAGEMENT (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price cost Gain/Loss

(1,200-00) ADVO INC 2126/2004 37,921 .87 (34,870.93) 3,050.94 (900.00) TRIMBLE NAV LTD 2/26/2004 29,729.44 (18,239.89) 11,489 .55 (800.00) EGL INC COM 2/26/2004 12,447.35 (12,861-04) (413.69) (500-00) WHITNEY HLDG CO 2/26/2004 21,337.31 (12,289-58) 9,047.73 (300-00) OFFSHORE LOGISTICS INC COM 2/26/2004 6,799.86 (6,862.50) (62 .64) (2,100.00) AIRGAS INC 2/27/2004 43,805.54 (30,583.74) 13,221-80 (1,500.00) ANDREW CORP COM 2/27/2004 26,713.95 (20,131 .80) 6,582.15 (900.00) GOLD BANC CORP INC COM 2127/2004 14,597.43 (8,638.86) 5,958-57 (400.00) WHITNEY HLDG GO 2/27/2004 17,052.49 (9,866.67) 7,185.82 (300.00) AGL RES INC 2/27/2004 8,512.88 (7,067.70) 1,445.18 (300.00) OFFSHORE LOGISTICS INC COM 2/27/2004 6,807.81 (6,862.50) (54.69) (100.00) GENERAL CABLE CORP DEL COM NEW 2127/2004 715.47 (898.91) (183.44) (1,000.00) EGL INC COM 3/1/2004 16,090.17 (16,011 .62) 78.55 (2,500.00) GENERAL CABLE CORP DEL COM NEW 3/2/2004 17,737.30 (22,458.22) (4,720.92) (2,400.00) ANDREW CORP COM 312/2004 44,023.40 (32,121 .05) 11,902.35 (800.00) EGL INC COM 3/2/2004 12,844.77 (12,586.00) 258.77 (600.00) LONGVIEW FIBRE CO 3/212004 7,602.36 (7,901 .10) (298.74) (600.00) VENTASINC 3/2/2004 16,084.23 (7,52-5.86) 8,558.37 (200.00) BARNES GROUP INC COM 3/2/2004 5,679.57 (4,930.00) 749.57 (200.00) OFFSHORE LOGISTICS INC COM 3/2/2004 4,771 .13 (4,575.00) 196.13 (100.00) QUAKER CHEM CORP COM 3/2/2004 2,591 .12 (1,856.00) 735.12 (100.00) WHITNEY HLDG CO 3/2/2004 4,312.83 (2,466.66) 1,846.17 (4,000.00) CABLE DESIGN TECHNOLOGIES CORP 3/3/2004 38,490.49 (39,576.22) (1,085.73) (3,200.00) GENERAL CABLE CORP DEL COM NEW 3/3/2004 22,099.93 (31,732.65) (9,632.72) (1,800.00) GATX CORP COM 3/3/2004 41,917.66 (50,670.42) (8,752.76) (1,300.00) LONGVIEW FIBRE CO 3/3/2004 16,174.61 (17,119.05) (944.44) (1,000.00) GOLD BANC CORP INC COM 3/3/2004 16,229.36 (8,750.00) 7,479.36 (1,000.00) VENTASINC 3/3/2004 26,797-95 (12,030.48) 14,767.47 (600.00) QUAKER CHEM CORP COM 313/2004 15,273.30 (12,522.15) 2,751 .15 (400.00) BARNES GROUP INC COM 3/312004 11,282.95 (9,860.00) 1,422.95 (200.00) EGL INC COM 3/3/2004 3,189.87 (3,128.79) 61 .08 (100.00) CASCADE CORP 3/3/2004 2,304.43 (1,353.00) 951 .43 (100.00) WHITNEY HLDG CO 3/3/2004 4,279.83 (2,466.67) 1,813.16 The Duke Endowment 56-0529965 2004 150 Statement 13 Form 990-PF - Part IV Cag)ital Gains And Losses For Tax On Investment Income

ROTHCHILD ASSET MANAGEMENT (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(2,400.00) CABLE DESIGN TECHNOLOGIES CORP 3/4/2004 23,104.85 (24,696.48) (1,591 .63) (500.00) WHITNEY HLDG CO 3/4/2004 21,407.96 (12,350.00) 9,057.96 (400.00) OFFSHORE LOGISTICS INC COM 3/4/2004 9,419 .71 (9,150.00) 269 .71 (200.00) BARNES GROUP INC COM 3/4/2004 5,630.70 (4,930.00) 700.70 (100.00) GOLD BANC CORP INC COM 3/4/2004 1,628.93 (875.00) 753.93 (2,300.00) CABLE DESIGN TECHNOLOGIES CORP 3/5/2004 22,354.20 (23,816.13) (1,461 .93) (500.00) EGL INC COM 3/5/2004 8,046.68 (7,803.31) 243.37 (300.00) BARNES GROUP INC COM 3/5/2004 8,444.67 (7,413.35) 1,031 .32 (100.00) CASCADE CORP 3/5/2004 2,280.62 (1,353.00) 927.62 (100.00) GOLD BANC CORP INC COM 3/5/2004 1,628.93 (875.00) 753.93 (1,600.00) CABLE DESIGN TECHNOLOGIES CORP 3/8/2004 15,436.19 (16,251 .21) (815.02) (100.00) EGL INC COM 3/8/2004 1,608.93 (1,547.63) 61 .30 (700.00) OFFSHORE LOGISTICS INC COM 3/9/2004 16,414.35 (16,012.50) 401 .85 (700.00) QUAKER CHEM CORP COM 3/10/2004 17,229.12 (16,238.05) 991 .07 (2,500.00) ALBANY INTL CORP CL A 3/11/2004 70,384.75 (44,736.65) 25,648.10 (100.00) CASCADE CORP 3/11/2004 2,180.42 (1,353.00) 827.42 (2,200.00) ALBANY INTL CORP CL A 3/12/2004 61,816.42 (35,559.86) 26,256.56 (2,100.00) QUAKER CHEM CORP COM 3/12/2004 51,342.99 (49,995.00) 1,347.99 (800.00) LONGVIEW FIBRE CO 3/12/2004 9,209.79 (10,487.34) (1,277.55) (700.00) GOLD BANC CORP INC COM 3/12/2004 11,339.55 (6,125.00) 5,214.55 (500.00) MTS SYS CORP 3/12/2004 13,680.61 (6,818.60) 6,862.01 (300-00) EGL INC COM 3/12/2004 4,773.80 (4,642.89) 130.91 (200.00) BARNES GROUP INC COM 3/12/2004 5,509.58 (4,966.70) 542.88 (100.00) CASCADE CORP 3/12/2004 2,188.11 (1,353.00) 835.11 (200.00) GOLD BANC CORP INC COM 3/15/2004 3,239.87 (1,750.00) 1,489.87 (100.00) CHECKPOINT SYS INC COM 3/15/2004 1,826.37 (1,377.81) 448.56 (100.00) MTS SYS CORP 3/15/2004 2,734.79 (1,400.00) 1,334.79 (1,100.00) CHECKPOINT SYS INC COM 3/16/2004 19,553.16 (15,420.14) 4,133.02 (400.00) LONGVIEW FIBRE CO 3/16/2004 4,484.06 (5,240.28) (756.22) (100.00) BARNES GROUP INC COM 3/16/2004 2,694.89 (2,508.81) 186.08 (100.00) EGL INC COM 3/16/2004 1,579.93 (1,614.00) (34.07) (2,600.00) LONGVIEW FIBRE CO 3/17/2004 29,125.87 (33,988.44) (4,862.57) (2,200.00) ANDREW CORP COM 3/17/2004 38,649.41 (27,939.56) 10,709.85 (LO*99L,Z) (strug't, 0 OC'969'ZL VOOZ/GZ/C OM nHOO (00*OOL) 6V*Z60'9 (00,tzg,o 1) 6VI"9 L 6'9 L VOOZIGZte dIJ00 30VOSVO (00'009) 6V LOWL (9 t,zzo,gz) 99TUTC VOOZ/SZ/C WOO dHOO MOIS kJOIAVINNV (00'009) LO'M'g (9V090%) ctl*99914 Voomm WOO ONI dHOO ONve moo (00*006) L6*VM'Z (qz-q ts,q) ZZ'CZO'6 VOOZ/GZ/C WOO ONI S3Sl8d83lN3 NOIdWVHO (00'006) (t9*6k/-'/-) (09'86Z'BZ) 6 V6V9'0Z VOOZ/SZ/C WOO dHOO XIVE) (00'000'L) Z9,999, t (9VL9Z'8Z) OL'Zt,6'6Z VOOZ/SZ/E WOO ONI dnoido S3NHVG (00*00 VO 9/-*VSS'Lt (ZL*GL L't, 0 SVOCLU VOOZ/GZ/C ONI SVIN3A (00'00Z'0 VC*66t'Ll 4,6*669TC) 9T660'L9 tFooZ/qZ/C NNIW dHOO S1038 (00'00Z'0 (OLTZE) (oo"vc vz) oc,o Lo, L VOOZ/I?Z/C ONi nHOO (00*00 0 (69*CZV'Z) (V9*69V'9) 96*99 V9 V00MIC WOO dldOO XIV!D (00*006) o vsvq's (00"V6VL) 0V6U'ZL VooZ/VZ/c WOO ONI SOOSSV AN S3-IHVHO (00*0017) 99*ZtL'9 (OL*990'0 0 9C*69 V9 L VooZ/VZ/C WOO ONI d8OO ONve moo (oo,ooo, Z6'Z6V'L (SS'906'9) Ltl*66C'C L VOOVEZ/6 ONI SViN3A (00'009) ZZ-690'101 L (CC*CL6'8 0 99'ZCO'CC VOOZ/CZ/C ONI SAS 1HOddns 03H33NIE)N3 (00'OOL) L I'LV9'0 I (OLT6 V6) movo,oz tOOZ/CZ/C WOO ONI 3SVSAS (00'000'L) (8V*86V'Z (091 t 9'90 ZO*6 L VCC f7oozIczlc V400 dHOO XiVE) (00*009'L) 6L'CCZ'9 (Z6*L69'9 0 Lf LC6'ZZ f?OOZ/CZ/C WOO ONI S3SlHd83lN3 NOIdVYVHO (00*006'Z) 17 VL9Z (09* Lgz,v) VL'8 Lg'V vooz/ZZ/C WOO ONI SOUSIDO-1 380HS=1=10 (00*OOZ) 9z,vt9 (Lg,soo, 0 C6'6 L 9'L V003/6 UC WOO ONI dElO3 ONVG 0-109 (00'00 0 GEM (00*069'L) SL'SSZ'Z vooz/8 Uc WOO ONI SOIISIE)O-l 380HS=1=10 (00'00 0 (oz-cso,g) ZL*666'9 vooz/8 t/C WOO dHOO M3bl0NV (00'000 OVV96 (99*toz,g 0 9C'69 V9 L vooz/9 L/C WOO ONI dnouE) S3NUV9 (00*009) (6/-'0 k 6'0 (60,f.-Z/-, L 0 OC*CLO'6 vooz/9 L/C 00 3EIGI-A M31AE)NO-1 (00*006) (99-pe) (Lg,gzg,VL) M10,69417 L 170OZ/B L/C WOO ONI -193 (00*006) LG*M's (SL,Coc, Lq) 9Z*L90'OL fl7ooz/o L/C V -10 dHOO -UNI ANVG-lV (00'009'Z) (6 VO 0 (00,ow,v) LO*66L'V VOOZIL L/C WOO d8OO N3HO U3>ivnc) (oo,ooz) zv*uc (qvno,q) 99*69C'g VOOZIL Uc WOO ONI dnou!E) S3N8VG (00'OOZ) ZZ'o Lz, L (09,99c,z 0 ZO*L69'C L 1700ZIL UC V400 ONI SOIISIDO-l 380HS-4=10 (00'009) 98*c9o,g (/-g*gsz,g) 99'6W~ L VOOZIL L/C V400 ONI d8OO ONV9 MOD (00*OOL) (617*90C) (69* L Z9'V 0 oz,m,n VOOZIL Uc WOO ONI -103 (00*006) VIVRVO (9s,808, Lz) ZL*LC VOC VOOZIL UC V -10 dHOO -IINI ANVG-lV (00*00 VO LEM'S (89*8Z V Lz) 69'LGO'LZ VOOZIL UC WOO ONI SAS .LNIOdNO3HO (00*009'L)

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OWOOUI JUDWISOAUI UO X9.L JO:j SOSSO-1 PUV SUIBE) 19tifto Al IPOd - :Id-066 WJO:I c L luawalels M VOOZ 9966ZSO-9S IuOwmOPu3 a)InCj 841 The Duke Endowment 56-0529965 2004 154 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

ROTHCHILD ASSET MANAGEMENT (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(8,400.00) KILROY RLTY CORP COM 4/16/2004 270,431 .67 (275,652.51) (5,220.84) (8,375.00) ASCENTIAL SOFIFWARE CORP COM NE 4/16/2004 187,721 .23 (134,739 .44) 52,981 .79 (8,300.00) AMERICAN GREETINGS CORP CL A 4/16/2004 180,064.28 (139,694.54) 40,369.74 (8,300.00) FINISH LINE INC CL A 4/16/2004 306,677.82 (203,141 .32) 103,536.50 (8,300.00) TEXAS INDS INC COM 4/16/2004 300,494.46 (296,449.73) 4,044.73 (8,300.00) VENTASINC 4/16/2004 190,107.05 (123,680.48) 66,426.57 (8,100.00) APPLIED INDL TECH INC COM 4/16/2004 198,566-85 (154,542.93) 44,023.92 (8,100.00) CHECKPOINT SYS INC COM 4/16/2004 148,996.01 (124,253.91) 24,742.10 (8,100.00) NORDSON CORP 4/16/2004 292,443.65 (223,764.72) 68,678.93 (8,000.00) LTC PPTYS INC COM 4/16/2004 127,157.02 (138,858.24) (11,701 .22) (7,800.00) SPEEDWAY MOTORSPORTS INC COM 4/16/2004 240,741 .36 (203,914.70) 36,826.66 (7,700.00) NBT BANCORP INC 4/16/2004 164,660.64 (156,319.87) 8,340.77 (7,700.00) SUSQUEHANNA BANCSHARES INC PA 4/16/2004 187,105.62 (185,234.72) 1,870.90 (7,500.00) HOLOGIC INC COM 4/16/2004 165,858.61 (147,289.24) 18,569.37 (7,500.00) LASALLE HOTEL PPTYS CUM SH BEN 4/16/2004 158,358.79 (144,382.23) 13,976.56 (7,400.00) CERES GROUP INC COM 4/16/2004 50,466.81 (42,923.59) 7,543.22 (7,400.00) KEYNOTE SYS INC COM 4/16/2004 91,609.85 (94,757.96) (3,148.11) (7,400.00) UNIT CORP COM 4/16/2004 224,769 .74 (153,698.95) 71,070.79 (7,390.00) GLACIER BANCORP INC NEW COM 4/16/2004 229,306 .33 (152,817.82) 76,488.51 (7,300.00) APPLICA INC COM 4/16/2004 94,058.29 (78,034.78) 16,023.51 (7,300.00) POTLATCH CORP COM 4/16/2004 285,824 .81 (220,929.84) 64,894.97 (7,300.00) STEEL DYNAMICS INC COM 4/16/2004 200,051 .81 (127,161 .72) 72,890.09 (7,100.00) KADANT INC COM 4/16/2004 140,541 .21 (92,357.78) 48,183.43 (7,050.00) ACTIVISION INC 4/16/2004 111,563.63 (92,943.68) 18,619.95 (6,900.00) BRADY CORPORATION CL A COM 4/16/2004 269,128 .20 (235,116.68) 34,011 .52 (6,700.00) RLI CORP 4/16/2004 252,349 .59 (164,696.89) 87,652.70 (6,600.00) IDEX CORP 4/16/2004 289,040 .23 (279,617.06) 9,423.17 (6,500.00) JLG INDS INC COM 4/16/2004 94,085.29 (105,378.11) (11,292.82) (6,450.00) MB FINL INC NEW COM 4/16/2004 229,453 .38 (154,838.39) 74,614.99 (6,400.00) COMPUCREDIT CORP COM 4/16/2004 126,045.05 (104,136.47) 21,908.58 (6,300.00) DITECH COMMUNICATIONS CORP COM 4/16/2004 101,175.63 (54,217.63) 46,958.00 (6,200.00) RAYOVAC CORP COM 4/16/2004 180,818.76 (80,744.21) 100,074.55 (6,200.00) TRINITY INDS INC 4/16/2004 192,660.49 (167,322.14) 25,338.35 L'P*6ZS'O I (ZO*6 WES) 61?*M'V9 vooz/9 I./v WOO ONI dnouo U3VYV NN3d (00*00VO 89TOL,Vil (9 va L,vg) vo*gcg,gg L tlooz/9 L/V WOO ONI SAS ONVENNI '1VGO'10 (00*009't) (99*gvc,g) WCOV VZ9 0 CL*V6L'CVL vooz/9 Ulp dHOO 03-A -lVIONVNI=l (00*009'V) EV99S,99 (ZC'SV6'SZ 0 SEVOC'M 1. 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QLU0*Ul IUOLUISOAUI Uo XB.L J10:1 SOSSO-1 PUV SUISE) lelldoo Al P10d - :Jd-066 UUO:l EL JuaLualels 99 L vooz 9966ZSO-99 Iu8Lum0Pu3 mina 041 The Duke Endowment 56-0529965 2004 156 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

ROTHCHILD ASSET MANAGEMENT (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(4,300.00) BRIGHT HORIZONS FAMILY 4/16/2004 199,622.82 (126,180.59) 73,442.23 (4,300.00) LANDAMERICA FINL GROUP INC 4/16/2004 181,477.25 (196,157.62) (14,680.37) (4,994.83) (4,300.00) WEST MARINE INC COM 4/16/2004 130,308.45 (135,303.28) (4,220.00) PFF BANCORP INC COM 4/16/2004 147,295.65 (139,080.76) 8,214.89 (4,200.00) COVENANT TRANS INC CL A 4/16/2004 78,265.16 (80,851 .34) (2,586.18) (4,200.00) WHITNEY HLDG CO 4/16/2004 167,702.07 (111,344.38) 56,357.69 (4,000.00) KENNAMETAL INC COM 4/16/2004 172,415.96 (157,009.81) 15,406.15 (3,904.00) ALEXANDER & BALDWIN INC 4/16/2004 128,887.54 (87,791 .93) 41,095.61 (3,800.00) ARCH CHEMICAL INC COM 4/16/2004 110,710.40 (103,024.89) 7,685.51 (3,800.00) FIRST REP BK SAN FRANCISCO 4/16/2004 137,347.78 (126,468.70) 10,879.08 (3,450.00) BROOKSTONE INC 4/16/2004 93,975.80 (54,674.88) 39,300.92 (3,400.00) STERLING FINL CORP/SPOKANE 4/16/2004 113,183.35 (97,943.92) 15,239.43 (3,300.00) CHURCH & DWIGHT INC 4/16/2004 142,474.16 (89,558.94) 52,915.22 (3,200.00) ALLMERICA FINL CORP COM 4/16/2004 115,341 .30 (119,775.36) (4,434.06) (2,900.00) FIRST INDL RLTY TR INC 4/16/2004 105,398.03 (83,229.92) 22,168.11 (2,900.00) UNITED BANKSHARES INC W VA 4/16/2004 87,432.95 (82,487.15) 4,945.80 2,953.81 (2,800.00) UMPQUA HLDGS CORP COM 4/16/2004 54,486.72 (51,532.91) (2,700.00) REGIS CORP MINN 4/16/2004 120,781 .67 (76,241 .49) 44,540.18 .50) (2,600-00) WESBANCOINC 4/16/2004 75,606.23 (78,096.73) (2,490 (2,400.00) MICROSTRATEGY INC CL A 4/16/2004 122,061 .14 (69,234.00) 52,827.14 (2,100.00) SL GREEN REALTY CORP 4/16/2004 88,418.43 (90,890.33) (2,471 .90) 6,214.24 (2,000.00) ALABAMA NATL BANCORPORATION 4/16/2004 107,027.49 (100,813.25) (2,000.00) CARBO CERAMICS INC 4/16/2004 132,386.90 (79,605.14) 52,781 .76 (1,900.00) 1 ST SOURCE CORP 4/16/2004 45,779.42 (44,273.89) 1,505.53 (1,700.00) IBERIABANK CORP COM 4/16/2004 95,911 .75 (89,931 .27) 5,980.48 .56 (1,600.00) BANDAGINC 4/16/2004 79,510.13 (77,623.57) 1,886 (1,600.00) ITLA CAP CORP 4/16/2004 74,558.25 (69,350.97) 5,207.28 (1,550.00) ENGINEERED SUPPORT SYS INC 4/16/2004 78,590.91 (43,108.75) 35,482.16 ".89 (1,500.00) MEDIA GEN INC CL A 4/16/2004 100,925.13 (84,780.24) 16,1 (1,300.00) MTS SYS CORP 4/16/2004 35,762.16 (18,477.92) 17,284.24 (1,200.00) CASCADE CORP 4/16/2004 23,321 .45 (17,062.46) 6,258.99 (9,100.00) PROCENTURY CORP 4/21/2004 93,017.10 (95,550.00) (2,532.90) (11,600.00) CHAMPION ENTERPRISES INC COM 4/22/2004 126,767.61 (83,523.58) 43,244.03 The Duke Endowment 56-0529965 2004 157 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

ROTHCHILD ASSET MANAGEMENT (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price cost Gain/Loss

(6,100.00) C COR INC 4/22/2004 67,586.41 (66,954.40) 632.01 (4,000.00) GULF IS FABRICATION INC COM 4/22/2004 99,341 .67 (62,307.88) 37,033.79 (9,200.00) UNITED NATL INC 4/23/2004 236,600.05 (92,641 .82) 143,958.23 (2,300.00) GREIF INC CL A COM 4/23t2004 80,625.07 (67,591 .93) 13,033.14 (2,000.00) LINCOLN ELEC HLDGS INC COM 4/23/2004 63,841 .50 (50,236.89) 13,604.61

TOTAL CAPITAL GAINS 28,590,994.54 (22,751,748.94) 5,839,245.60 The Duke Endowment 56-0529965 2004 158 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

SATELLITE ASSET MANAGEMENT (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(6,562.00) SATELLITE ASSET IVIGIVIT 1/2/2004 10,000,000.00 (6,562,000.00) 3,438,000 .00 (3,651 .31) SATELLITE ASSET IVIGIVIT 4/30/2004 5,716,548.00 (3,651,314.00) 2,065,234 .00

TOTAL CAPITAL GAINS 15,716,548.00 (11 0,213,314 .00) 5,503,234 .00 (C V 1. LVS) (Er66L'tZ) (ge-o Lzlc-cT- SNIVO IVildVO IViOi

99*CV (90'LZS'S) (oz,cov,q) VOOZ/9 UZ L IOVUNOO 30NVHOX3 N01380=1 (00*gLL'669) (LL*6fp,) (L t *ZLZ'9 0 (88,Lzc,gL) VOOZ/E/Z 1. IOVUINOO 30NVHOX3 NE)13UO=l (00*969'ZL9'L) (99*szL) (99* Lens 0 (LZ,Lsq,cq 0 vooz/gz/ L t 09A d800 sndVYAIO 00*000'8 (OL*69) U9*189,n) (Lc* Lg/-,t? 0 KOWA 1, 0009A dHO3 100>1 OOT Lg'VSL ME WL9 L oz*ggz,sg L VOOZ/9z/ L L IOVU.LNOO 3E)NVHOX3 N91380=1 (917'99L'99 (99*Z/-C) (61?'KV6L) (90*LZ9'6L) VOOZ/9?/O L OgAdr 00 30NvunSNI VONNOddIN oo*ooo'v ~ W6LC 61?'VSV'6L ZL'CCS'6L VOOZ/OZ/O L 1OV8JLNOO 3E)NVHOX3 N01380=1 (9Z*GLO'6L) (9C*8LZ'OZ) (MV9 L'98V'Z) (69'ZVV'909'Z) VOOZ/OZIO I. 09A SHS dHOO YYOONVVY 00*000'96 VZ- 1.98'9 L CC*t,9 L'99V'Z Lg'gZO'CO9'Z VOOZ/OZ/O L 1OV81-NOO 3E)NVHOX3 NE)131AO=l (60*COC'69V9) (cq,vqG) (99*LS9'VCV) (L/-'ZZZ'SEV) VOOZ/9Z/6 OINOU10313 SdI-1IHd 3>irrDININO>l 00'000,6 t ZB'LLZ 99*Lg9,vcv OL'6Z6'KV VOOZ/SZ/6 IOVUINOO 3E)NVHOX3 N91380=1 (90*99C'VEVI) 69*ZLL'L (10'906'LLO (ZC'ZC VOL 0 VOOZ/LZ/6 ONI 3oNvunSNI NVdvr OdVYOS 00*000'OZ (f76*LZB'L) 10*906'L/-L LO'LLO'OL 1. VOOZ/LZ/6 IOVELLNOO 39NVHOX3 N91380-:1 (96*ZCL'CL 96*/-Zt'g (V9*SZO'9Z6) (99*006'OZ6) VOOZ/VZ/6 OGA clHOO sndVYAIO 00*000'9'P (017*.79L'S) V9*GZO'9Z6 fi7Z'99Z'OZ6 f,?OOZ/VZ/6 iOV81NOO 3E)NVHOX3 N01380=1 (VOUL'I.66) C L *VC9'0 t (90'SZO'OL VO (Z6'06C'L9 VO VOOZ/ZZ/6 OGA dUOOsndVYklO 00,000, L9 (68'VSZ'Ot) 90*SZO'8LL'L 9 t *OLL'L9 L'L VOOZ/-eZ/6 IOVUINOO 3E)NVHOX3 N91380=1 (V6*6LZ'SO VO (woes) (OV*V"'68C) (LV"VL6'690 VOOZ/LZ/6 OSA dEI00sndVYAIO 00'000'OZ (LL-Vgc) OV*Ir"'68S C2:'060'68C 170OZ/LZ/6 IOVIAINOO 3E)NVHOX3 N01380A (LS*96L'69C) OS*Z6L'C L (VZ*LV6'99S'Z) (V6119 L'ZLS'Z) VOOZIL 1/6 OdGE) 080 301MAHINnoo oo,ooo'Lgv L9"M'Zt (VL*V09'6LC'Z) (CS*6LZ',LOC'Z) VOOZIL 1/6 OSAdr 00 30NVtjnSNI VOANOddIN 00-000'OZV ZB*LI-Z'CL (Vg*669'99V'Z) (ZO'ZZ9'C/-t?'Z) tOOZ//- L/6 ONI 30NvunSNl NVdvr OdVYOS 00*000'L9Z (V6* LCV9V) ZZ'LGV'Z6C'/- OZ'6 L L'9VC'/- VOOZIL L/6 IOVU.LNOO 39NVHOX3 N9131:10=1 (9 L TOLUt"D 6C'VO VOZ (09*606'LVV'Z) (9V*909'LZVZ) VOOZ/9 L/6 0009A dHOO IOMI 00'699 (9Z*OVZ'L 0 V9'606'l.VV'Z 99'699'OCV'Z VOOZ/9 L/6 iOVU-LNOO 30NVHOX3 NE)13UO=l (0 L'09 L'CSV'Z) (01,199TZ) (9Z-M'LZ9'Z) (9C'Ol,Z'l.G9'Z) VOOZ/V L/6 OINOEJ103-13 SdlIlHd Min-DININON 00-000'80 L LC*CLe'OL 9Z'M'LZS'Z C9*99L'gVS'Z VOOZ/V L/6 IOVHINOO 3E)NVHOX3 N9131AO=l (69*6ZC'609'Z)

SSO-I/UIBE) Isoo G0lJd Plos uolidposaa Atljn*aS smun ales ssoj!D Glea (I) Pue (4) (6) (0) (P) JLN3W30VNVW JL3SSV NW31SV3Hinos BWOOUI IUOWISOAUI UO X8JL JOJ SOSSO-1 PUV SUICE) linjOB3 Al POd - zid-066 uuO:l Ef luawateig 69L VON 9966ZSO-99 IuOwmOPu3 551no G41 The Duke Endowment 56-0529965 2004 160 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

T. ROWE PRICE ASSOCIATES, INC. (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(9,316.00) BROCADE COMMN SYS INC COM 6/1/2004 53,222.91 (36,855.00) 16,367.91 (41,538.00) CIENA CORP COM 7/30/2004 116,278.73 (140,564.59) (24,285.86) (7,497.00) CIENA CORP COM 7/30/2004 20,986.60 (19,181 .22) 1,805.38 (61,628.00) CIENA CORP COM 8/27/2004 115,864.05 (215,495.91) (99,631 .86) (4,000.00) EQUINIX INC 12/22/2004 159,796.26 (156,200.00) 3,596.26 (4,817.00) EQUINIX INC 12/23/2004 192,434.64 (188,103.85) 4,330.79 (32,482.00) GOOGLE INC CL A 11/24/2004 5,721,391 .76 (16,241 .00) 5,705,150.76 (32,482.00) GOOGLE INC CL A 12/2/2004 5,866,413.96 (16,241 .00) 5,850,172.96 (32,483.00) GOOGLE INC CL A 12/8/2004 5,585,308.12 (16,241 .50) 5,569,066.62 (7,739.00) JUNIPER NETWORKS INC COM 12/1/2004 181,830.50 (58,853.00) 122,977.50 (10,000.00) MAGNUM HUNTER RES INC 4/26/2004 109,398.43 (72,180.00) 37,218.43 (10,000.00) MAGNUM HUNTER RES INC 6/17/2004 110,222.41 (72,180.00) 38,042.41 (10,000.00) MAGNUM HUNTER RES INC 6/18/2004 110,001 .41 (72,180.00) 37,821 .41 (10,000.00) MAGNUM HUNTER RES INC 10/7/2004 134,496.84 (72,180.00) 62,316.84 (4,256.00) OIL STS INTL INC COM 7/12/2004 67,881 .61 (19,492.98) 48,388.63 (700.00) OIL STS INTL INC COM 9/1/2004 11,864.72 (3,206.00) 8,658.72 (3,200.00) OIL STS INTL INC COM 9/2/2004 54,238.73 (14,656.00) 39,582.73 (356.00) OIL STS INTL INC COM 9/3/2004 6,034.06 (1,630.48) 4,403.58 (4,255.00) OIL STS INTL INC COM 9/20/2004 76,001 .88 (19,487.90) 56,513.98 (4,255.00) OIL STS INTL INC COM 10/5/2004 80,978.49 (19,487.90) 61,490.59 (3,333.00) ONVIA INC 2118/2004 13,048.41 (6,485.00) 6,563.41 (3,333.00) ONVIA INC 2/25/2004 12,668.57 (6,485.00) 6,183.57 (3,333.00) ONVIA INC 3/2/2004 13,946.06 (6,485.00) 7,461 .06 (3,333.00) ONVIA INC 3/23/2004 14,146.03 (6,485.00) 7,661 .03 (3,333.00) ONVIA INC 3/29/2004 14,164.69 (6,485.00) 7,679.69 (3,333.00) ONVIA INC 3/30/2004 14,531 .98 (6,485.00) 8,046.98 (3,333.00) ONVIA INC 4/5/2004 17,131 .55 (6,485.00) 10,646.55 (3,333.00) ONVIA INC 4/8/2004 18,164.42 (6,485.00) 11,679.42 (4,939.00) ONVIA INC 4/15/2004 28,369.44 (40,294.00) (11,924.56) (16,511 .00) OPSWARE INC 1/9/2004 134,459.25 (27,738.48) 106,720.77 (10,000.00) OPSWARE INC 1/12/2004 79,760.25 (16,800.00) 62,960.25 (10,000.00) OPSWARE INC 1/15/2004 81,746.15 (16,800.00) 64,946.15 (10,000-00) OPSWARE INC 1/16/2004 86,083.95 (16,800.00) 69,283-95 (20,648.00) OPSWARE INC 11/8/2004 119,032.92 (34,688.64) 84,344.28 (20,000.00) OPSWARE INC 11/10/2004 117,497.23 (33,600.00) 83,897.23 VT991-'LCS'OZ (CV* L/-9'9VB'Z) WND,'9,L9CZ SNIVE) IVIJdV3 IViOl

OC*9CL'OOL (00,008,8 0 SC*9Cg'6 L 1. voozm UZ ONI SAS SS3NilM (00*000'0 IC'ZBL,Zot (00,008,9 0 LC'Z06'OZL vooztc UZ ONI SAS SS3NIlM (00'000'0 (00*008's 0 vv,ggz,g L L vooztz L/Z ONI SAS SS3NJLIM (00*000'0 L9*01.17'06 (00,009,9 0 L9'O I Z'60 I. tpoozt 1. UZ ONI SAS SS3NIlM (00*000'0 6VZZL (06'VBZ'B) 60*LOO'6 VOOZ/9/Z t SHS Oil ADS11:13A (OOZEVO (co*m) (00,999'es) L6'Z9 CES VOOZILIS VYOO ONI NOIS11:13A (00*ZOO'C) ZL"CLS'M (00,000'ZO Z LUSUS VOOZ19 L/ I. VYO3 ONI 3SN3SN3SVU3HI (00'000'OZ) LZ-69C'C (LZ-OLS'98) OV'L96'69 VOOZILIL VYOO ONI 3-13A011:131S (00' LC/-'L) CL'96C'SZ (66*660'VV) ZL*9617'69 vooztLztk VYOO ONI VYOO ScIVYVIS (00*000'0 69'96Z'9Z (00,00VVV) 69'966'OL f?OOZIOZ/ 1. VYOO ONI VYOO ScIVYVIS (00'000'0 96*9 LL'OZ (66*660'VV) V6'9 WV9 VOOZ19 L/ L VYOO ONI VYOO SdVYViS (00*000'0 OO'L69'61 (00*00L,vv) OO'L6L'C9 VOWS U 1. VYOO ONI VYOO ScIVYVIS (00'000'0 00*9L9'6L (66*660'VV) 66'91-L'C9 VOOZ(Z U 1. VYOO ONI VYOO ScIVYVIS (00'000'0 LO*LZC'6L (00,00t,vv) Lo' Lzf7,c9 1700ZIO/L VYOO ONI VYOO ScIVYVIS (00*000'0 go* L 89,9 L (66*660'VV) go, Lgg,zg VOOZ(LIL VYOO ONI VYOO ScIVYVIS (00*000'0 86'9W'61. (00,00 Vvv) 96'960'V9 VOOZ(9/l. VYOO ONI VYO3 ScIVYVIS (00*000'0 66'L96'61, (66'660'VV) 96'L90'V9 vooztglt NOD ONI VYOO SdVYVIS (00*000'0 (vv,zgg,t,g) (Lo,ogz,g L L9169'1.9 VOOZ(OZ/l. VYOO -130 ONI VOU03-13S (00*000'0 (69'/-99'6) (OCT6 I'L 0 6V*SCC'L VOOV9 L/ L VYOO -13a ONI V01103-13S (00*6LV'0 (zv*zsz'gg) (L 0,09z,g L 69'L66'09 VOOZ(9 U ~ VYOO -13a ONI V31133-13S (00*000'0 0 (LVV6L'99) (V9*990'66) LL*z9z,zfp, V00Z.(9 L/ L VYO3 -130 ONI V31103-13S (00' LZS'O) cc,o",6zL (09"90C,S) C9,9t, 1.,98 k VOOZ/g/V VYO3 ONI SNHOM-13XId (00-OOS'L) WVOLTV (00'69L'O 96UG'" VOOZ19/v VYOO ONI S)iEIOM'13XId (00'009'Z) qL,SLV,qqi. (00*9LO'L) 9LIWSL~ VOOZ/B UZ VYOO ONI S)4HOM-13XId (00*000'0 CL*gkg,ogL (OO*9LO'l-) C L'Z69'L91 VOOZ(Z L/Z VYOO ONI SNbIOM-13XId (00*000'0 G L *ooz'vz L (og,ggg,g) 99*998'6Z 1. tOOZ/LL/Z VYOO ONI SNblOM-13XId (00*969'L) 9f69V'l, L9 (V6'LOC'99) OVILL,999 vooztcztzL NOI.LVUOdEIOO NOIVYUVHd (00*909'Z 86"Z99'"C (ov,czc,89) OC'996'ZCV 170OUS 1./9 NOUVEIO&JOD NOIVYUVHd (00*999'0 LZ*66L'CO L (VZ*OOL'LV) LS'668'OCZ VOOZ(9 L/9 NOLLVUOdUO0 NOIVYWVHd (00*VC9'9) 9 L *zss'oz L (f,7Z'L69'V L 0 OV'6/-Z'CVZ voozttlv ONI 3NOVY-lVd (00*ZZ9'C 0 t t 166'99 (00*009,cc) 1, L'L69'ZZ L VOOZ/Z U I. L ONI 3UVMSdO (00*000'OZ)

sso-vulso Isoo G*lJd PIOS uolldliosea AjunoaS smun Gies SSOJE) ale(] (1) PuR (14) (153) (8) (P) N) . ONI'S31VIOOSSV 33IUd 3MOU 'JL

GWOOUI JU8U4SGAUj UO XB.L JOJ SOSSO-1 PUV SUIOD 18MU03 Al POd - :Id-066 UUO:J EL luawalEqs VON S966ZSO-gS juawmopu3 9)ln(] 841 The Duke Endowment 56-0529965 2004 162 Statement 13 Form 990-PF - Part IV Capital Gains And Losses For Tax On Investment Income

TCW LARGE CAP GROWTH (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost Gain/Loss

(2,880-00) MEDIMMUNE INC COM 1/12/2004 66,124.57 (81,150.91) (15,026.34) (2,640-00) MEDIMMUNE INC COM 1/13/2004 59,628.73 (75,693.85) (16,065.12) (6,550.00) MEDIMMUNE INC COM 1/14/2004 145,477.01 (183,808.42) (38,331 .41) (8,575.00) MEDIMMUNE INC COM 1/15/2004 192,436.27 (240,191 .32) (47,755.05) (10,790.00) MEDIMMUNE INC COM 1/16/2004 241,950 .11 (323,376.14) (81,426.03) (8,555.00) MEDIMMUNE INC COM 1/20/2004 194,060.33 (288,572.87) (94,512.54) (3,905.00) MEDIMMUNE INC COM 1/21/2004 86,779.86 (151,628.70) (64,848.84) (4,695.00) MEDIMMUNE INC COM 1/22/2004 103,205.21 (183,076.39) (79,871 .18) (8,000.00) MEDIMMUNE INC COM 1/23/2004 174,322.22 (314,999.89) (140,677.67) (600.00) MEDIMMUNE INC COM 1/23/2004 13,068.16 (23,536.86) (10,468.70) (1,725.00) MEDIMMUNE INC COM 1/26/2004 36,820.12 (67,668.47) (30,848.35) (5,465.00) MEDIMMUNE INC COM 1/27/2004 114,875.47 (214,964.76) (100,089.29) (7,900.00) MICROSOFT CORP COM 3/4/2004 207,617 .31 (218,237.50) (10,620.19) (5,180.00) VIACOM INC CL B COM 3/4/2004 209,391 .51 (225,978.54) (16,587.03) (3,000.00) MICROSOFT CORP COM 3/5/2004 79,049.91 (82,875.00) (3,825.09) (3,570.00) VIACOM INC CL B COM 3/8/2004 140,377.26 (157,469.45) (17,092.19) (15,180.00) MICROSOFT CORP COM 3/9/2004 389,968.53 (419,347.50) (29,378.97) (5,900.00) SOUTHWEST AIRLS CO COM 3/10/2004 82,309.46 (69,377.16) 12,932.30 (1,600.00) MICROSOFT CORP COM 3/10/2004 40,937.44 (44,200.00) (3,262.56) (400.00) MICROSOFT CORP COM 3/10/2004 10,223.60 (11,050.00) (826.40) (100.00) VIACOM INC CL B COM 3/10/2004 3,870.89 (4,415.92) (545.03) (6,300.00) MICROSOFT CORP COM 3/11/2004 160,563.08 (174,037.50) (13,474.42) (1,700.00) VIACOM INC CL B COM 3/11/2004 64,659.62 (75,070.64) (10,411 .02) (1,100.00) SOUTHWEST AIRLS CO COM 3/11/2004 15,379.48 (13,141 .63) 2,237.85 (3,955.00) MICROSOFT CORP COM 3/12/2004 100,028.32 (109,256.87) (9,228.55) (1,915.00) VIACOM INC CL B COM 3/12/2004 72,650.35 (86,994.23) (14,343.88) (12,530.00) SOUTHWEST AIRLS CO COM 3/15/2004 163,954.90 (149,989.56) 13,965.34 (3,580.00) VIACOM INC CL B COM 3/15/2004 132,678.56 (160,525.65) (27,847.09) (3,970.00) MICROSOFT CORP COM 3/16/2004 100,218.43 (109,671 .25) (9,452.82) (2,250.00) SOUTHWEST AIRLS CO COM 3/16/2004 30,032.50 (27,122.18) 2,910.32 (1,590-00) MICROSOFT CORP COM 3/16/2004 39,962.76 (43,923.75) (3,960.99) (1,075.00) VIACOM INC CL B COM 3/16/2004 39,845.14 (48,412.36) (8,567.22) (7,490.00) VIACOM INC CL B COM 3/17/2004 281,205 .17 (334,148.20) (52,943.03) (L/-"VL6'ZCI) (99*90 VL6Z) L t ZC 009 L 1700zt9zlL dHOO -13-LNI (00'0/- VL) (OL'999'M) (LO'90C'Z99) I-L'OVIL'60C VOOZ19ZIL dUOO'131NI (00*OLG'C 0 (DS'CEL'99) (IfGCOS) Lz*goz,gz f7ooz/gz/9 WOO ONI 30NVIlddV NUOMAN (00*SCS'I) (98,009,80 (C6* LEVU) go, LCL,cz VOOZ/t?Z/9 WOO ONI 30NVIlddV NUOKON (00'Otl VO (9101"CV6'800 (Z9'S t 0'09 0 9 VZLO'L9 VOOZ/CV7/9 WOO ONI 30NVIlddV NHOMAN (00*9 WZ) U*090'EVO (ZS*089'60Z) Lz*ozg,99 llooz/63/9 WOO ONI 30NVIlddV )NOM13N (00'096'C) 4 L'699'09 0 (Zg'6C9'9 L Z) L V086'LS VOOZ/ZZ/9 WOO ONI 30NVIlddV NUOM13N (00*066'Z) (6V*ZLL'C6) (Z6*LLC'9ZL) CV999,ze "OZ/9 U9 WOO ONI 30NVIlddV AfOMi3N (00*0LVO (96*SV9'99 1) (K*OWtLZ) 6C*V9Z'OV VOOZ/9 U9 V400 ONI 30NVllddVNUOM.L3N (00*OLt"Z) (Z6'9C9) (06'M'LZ) 86*9PL'9Z VOOZ/ZZ/V WOO 00 SIUIV IS3MHInOS (00*06L'O (t,z*zcv'z) (STSWM) ~VT96'09 VOOZ/LZ/t, WOO 00 SIHIV IS3MHinos (oo,sgt,,c) (vo,ogz) (S6'980'9) t L*9zg,g VOOZ/OZ/V WOO 00 SIHIV IS3MHinos (00'96C) (CS*L LO (gt,*co V9 0 Z6'999'9 L VOOZ/tL/V WOO 00 SIHIV IS3MHinos (oo,gto, o (OZ-LSS) (we I VZZ) LO'9ZS'LZ 1700Z/ZL/t, WOO 00 SIblIV IS3MHInOS (00'gCt" 0 (ZS*6'C 0 (OV*6CZ'g) 89'660'9 VOOZ/g/V WOO 00 SIUIV IS3MHinos (oo*oK) (CS-6ZC'0 (gs*czc,gg) ZO*V66'VS VOOZ/9/17 WOO 00 SIUIV IS3MHinos (oo,ssg,c) (6s*ql- V 0 (SSIMLE) 96'999'9C VOOZ/9/17 WOO 00 SIblIV IS3MHinOS (00*99VZ) (cc*oo VC) (S6'99 V99) Z9*sgo,c9 VOOZ/Zltl WOO 00 SIUIV IS3MHInOS (00*96Z'V) (SL*LZ6'C) (gg*tsg' is) 06'9Z6'Lt, VOOZA/V WOO 00 SIHIV iS3MHInOS (00*99C'C) (SS*CL6'8) (wnv,m) S/-,Oog,zo L VOOZAC/C WOO 00 SIHIV iS3MHinos (00*OCZ'L) (ZS*LZ8'C) (SL, L ZZ, ~ 0 CZ*V66'LE VOOZ/OE/C WOO 00 SIHIV IS3MHinOS (00*SL9'Z) (vc*ozg,g) (sq,g Lq,qL) LS'96VOL VOOZ/6Z/6 V400 00 S-IUIV IS3MHinOS (00*996't,) (ZS'806'9) (gz-ggs,cg) CL*LS9'Lg VOOZ/9z/c WOO 00 S-IHIV IS3MHinos (oo*sz Vv) (VC*6tO'S) (98* M6'99) LTZ98, L9 VOOZ/SZ/C WOO 00 S-IHIV -LS3MHInOS (00'91-VO 96TOS (OL*861?'SZ) 99,ZOE;,9z VOOZ/tZ/C WOO 00 S-181V iS3MHInOS (OO'S96'O ZL*zc/-,c (gs*czz'og) OL*996'C9 VOOZ/EZ/C WOO 00 S-181V IS3MHInOS (00*99L'V) 96'SL6 (6Z*LC9'lv0 LZ*9L9'GL VOOZ=/C WOO 00 SIHIV IS3MHinos (00*06 VO (69'gSC'Z) (Z9*898'L 0 C6*Z LS'S L VOOZ/6 L/C WOO 13'10 ONI VYOOVIA (OOZOV) LL*09 VZ (os,qqq,zz) LZ*6ZO'GZ VOOZ/6 L/C WOO 00 SIUIV iS3MHInOS (00*Ot,9'0 (os,vog,t,) (90,9zo,sc) 99117VOC 170OZ/9 L/C WOO 810 ONI VYOOVIA (00"89L) 96*C9V'S (0e,zgs,LL) sz,9vo,98 VOOZ/O Ue WOO 00 SIHIV iS3MHInOS (00*SK'9) (0,L*909'6) (oo*zg VC L 0 zz,gtg,co L VOOZIL L/C V400 dElOO JAOSOHOIVY (00*960't) gs*gcv,o L (IL*090'SL) LZI LV99 VOOZIL Uc WOO 00 SIHIV 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TCW LARGE CAP GROWTH (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost GainfLoss

(2,625.00) APPLIED MATLS INC COM 7/26/2004 42,516.91 (81,128.91) (38,612.00) (5,620.00) INTEL CORP 7/27/2004 129,908.31 (258,130.50) (128,222.19) (5,585.00) AMGEN INC 7/27/2004 312,207.29 (279,948.13) 32,259.16 (3,290.00) INTEL CORP 7/27/2004 76,644.67 (97,310.64) (20,665.97) (695.00) APPLIED MATLS INC COM 7/27/2004 11,280.00 (21,479.84) (10,199.84) (470.00) LILLY ELI & CO COM 7/27/2004 29,916.62 (36,454.80) (6,538.18) (2,620.00) AMGEN INC 7/28/2004 149,036.77 (131,327.50) 17,709.27 (250.00) LILLY ELI & CO COM 7/28/2004 15,938.92 (19,390.85) (3,451 .93) (4,995.00) APPLIED MATLS INC COM 7/29/2004 81,701 .79 (154,376.72) (72,674.93) (980.00) INTEL CORP 7/29/2004 23,786.10 (20,854.40) 2,931 .70 (970.00) AMGEN INC 7/29/2004 55,623.34 (48,621 .25) 7,002.09 (525.00) LILLY ELI & CO, COM 7/29/2004 33,539.83 (40,720.78) (7,180.95) (12,280.00) APPLIED MATLS INC COM 7/30/2004 207,290.13 (379,528.75) (172,238.62) (6,865.00) INTEL CORP 7/30/2004 167,583.08 (146,087.20) 21,495.88 (970.00) AMGEN INC 7/30/2004 55,864.09 (48,621 .25) 7,242.84 (235.00) LILLY ELI & CO COM 7/30/2004 15,100.32 (18,2-27.40) (3,127.08) (1,950.00) APPLIED MATLS INC COM 8/2/2004 33,160.26 (60,267.19) (27,106.93) (1,805.00) INTEL CORP 8/2/2004 44,761 .51 (38,410.40) 6,351 .11 (1,100.00) AMGEN INC 8/3/2004 62,365.67 (55,137.50) 7,228.17 (1,005.00) LILLY ELI & CO COM 8/3/2004 63,825.65 (77,951 .22) (14,125.57) (1,465.00) APPLIED MATLS INC COM 8/4/2004 24,924.19 (45,277.66) (20,353.47) (1,050.00) INTEL CORP 8/4/2004 25,180.50 (22,344.00) 2,836.50 (755.00) LILLY ELI & CO COM 8/4/2004 48,323.62 (58,560.37) (10,236.75) (355.00) AMGEN INC 8/4/2004 20,252.27 (17,794.37) 2,457.90 (375.00) LILLY ELI & CO COM 8/19/2004 24,033.74 (29,086.27) (5,052.53) (370.00) LILLY ELI & CO COM 8/23/2004 23,878.65 (28,698.46) (4,819.81) (15,375.00) SCHWAB CHARLES CORP NEW COM 8/24/2004 148,697.35 (339,533.50) (190,836.15) (6,445.00) SCHWAB CHARLES CORP NEW COM 8/25/2004 64,368.57 (142,328.03) (77,959.46) (2,180.00) SCHWAB CHARLES CORP NEW COM 8/25/2004 21,605.91 (48,141 .98) (26,536.07) (100.00) SCHWAB CHARLES CORP NEW COM 8/30/2004 952.35 (2,565.91) (1,613.56) (30.00) LILLY ELI & CO COM 8/30/2004 1,895.05 (2,326.90) (431-85) (600.00) SCHWAB CHARLES CORP NEW COM 8/31/2004 5,655.04 (15,870.11) (10,215.07) (3,895.00) APPLIED MATLS INC COM 9/11/2004 62,547.95 (120,379.84) (57,831 .89)

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VARIOUS ACCOUNTS (a) (d) (e) (g) (h) and (1) Date Gross Sale Units Security Description Sold Price Cost GainfLoss

WELLINGTON EMERGING DEBT (284,030.00) (284,030.00) WELLINGTON GLOBAL 6,386,181 .00 6,386,181 .00

TOTAL CAPITAL GAINS 59,699,565.14 59,699,565.14

4 . th r i The Duke Endowment 56-05299665 Page I

2004 Statement 14 Form 990-PF, Part VIH, Lines I and 2

The Endowment is organized as a charitable trust, and consequently it is operated somewhat differently from an incorporated private foundation. Because the Endowment is a charitable trust, its Trustees are personally responsible for significant decisions for both grant-making programs and asset investment activities of the Endowment. In addition, the Endowment has a distinctive, if not unique, governance and operational structure. The Indenture that created the Endowment requires the Trustees to be much more active than normal in the operations as well as the governance of the Endowment. It does not provide for any non-trustee executive officers other than a treasurer, and it is required to be read aloud in full to the Board every year to emphasize these special trustee duties.

In the performance of those duties, the Trustees have organized themselves into several committees that actually supervise specific aspects of the Endowment's operations in close coordination with the officers and staff of the Endowment responsible for the day-to-day management of those activities. The Trustees meet both as committee members and in full board meetings to carry out these supervisory functions, approve grants, design and approve grant- making policies, design and approve investment policies and procedures, and conduct other related affairs of the Endowment. There are ten meetings of the Board each year, with practically 100% attendance, in addition to at least 24 committee meetings.

The Trustees have no control over their compensation for these significant responsibilities. It is set by the Indenture that created the Endowment. The Indenture provides for an amount based on the investment income of the Endowment, not including realized and unrealized gains, to be paid to the Trustees to cover their compensation and expenses. The Endowment pays premiums for The Endowment's Trustees and Officers Liability insurance, with premiums pro-rated and listed in the "Other Allowance" column in the chart on the following pages. No other remuneration or reimbursement is paid to the Trustees, such as employee benefit plan contributions, expenses, perquisites, or other benefits.

All non-trustee officers and other employees are full-time employees of The Duke Endowment. Contributions to The Duke Endowment Employees' Retirement Plan (defined benefit pension plan) are determined in aggregate and individual allocations are not available. Amounts accrued for deferred compensation intended as a supplement to benefits provided by the defined benefit pension plan are included in the column entitled "Contributions to Employee Benefit Plans," along with the foundation's contribution to The Duke Endowment Employees' 401(k) Plan and premiums contributed on the employee's behalf for medical, life, disability, and travel-accident insurance policies. Also included in the column are any reimbursements paid to employees under the tuition reimbursement plan of The Duke Endowment. Amounts paid for deferred compensation intended as a supplement to benefits provided by the defined benefit pension plan are included in the column entitled "Compensation." No officers or other employees receive an expense account, but they are reimbursed by the Endowment for out-of-pocket business expenditures . "Other allowance" includes the value placed on personal use of Endowment- provided automobiles, the value placed on Endowment-paid spouse travel expenses, amounts paid for taxable moving and parking expenses, and pro-rated premiums paid for Trustees and Officers Liability insurance. I rHE DUKE ENDOWMENT 56-0529965 Page 2 .4 R004 Statement 14 Form 990-PF, Part Vill, Line 1 Ust of Officers, Directors, Trustees, Foundation Managers and Their Compensation

(d) Contributions to Employee (a) (b) Title and Avg. (c) Benefit Plans and (e) Expense Account 14ame and Address Hrs per Week Compensation Deferred Compensation and Other Allowances

Nilliarn G. Anlyan Trustee 100 N. Tryon Street, Suite 3500 Vice Chairman Charlotte, NC 28202-4012 270 hours per year $110,828 .74 0 $3,046 .40

Dennis Campbell Elected 1/06/04 Trustee 100 North Tryon Street, Suite 3500 Charlotte, NC 28202-4012 270 hours per year 110,828.74 0 3,046.40

Hugh M. Chapman Trustee 100 N. Tryon Street, Suite 3500 Vice Chairman Charlotte, NC 28202-4012 270 hours per year 110,828.74 0 3,046.40

John Hope Franklin Resigned 6M/04 Trustee 100 N. Tryon Street, Suite 3500 (Partial Year) Charlotte, NC 28202-4012 270 hours per year 55,414 .37 0 3,046.40

Constance F. Gray Trustee 100 N. Tryon Street, Suite 3500 Charlotte, NC 28202-4012 270 hours per year 110,828 .74 0 3,046.40

Richard H. Jenrette Trustee 100 N. Tryon Street, Suite 3500 Charlotte, NC 28202-4012 270 hours per year 110,828 .74 0 3,046.40

Mary D.T. Jones Trustee 100 N . Tryon Street, Suite 3500 Charlotte, NC 28202-4012 270 hours per year 110,828 .74 0 3,046.40

Thomas S. Kenan, III Trustee 100 N. Tryon Street, Suite 3500 Charlotte, NC 28202-4012 270 hours per year 110,828 .74 0 3,046.40

Charles C. Lucas, III Elected 10/05104 Trustee 100 N. Tryon Street, Suite 3500 (Partial Year) Charlotte, NC 28202-4012 270 hours per year 27,707.19 0 0

John G . Medlin, Jr . Trustee 100 N. Tryon Street, Suite 3500 Charlotte, NC 28202-4012 270 hours per year 110,828.74 0 3,046.40

Russell M. Robinson 11 Trustee 100 N. Tryon Street, Suite 3500 Chairman Charlotte, NC 28202-4012 720 hours per year 110,828 .74 0 3,046.40

Mary D.B.T. Semans Trustee 100 N. Tryon Street, Suite 3500 Chairman Emeritus Charlotte, NC 28202-4012 270 hours per year 110,828 .74 0 3,046.40

Minor M. Shaw Trustee 100 N. Tryon Street, Suite 3500 Charlotte, NC 28202-4012 270 hours per year 110,828 .74 0 3,046.40

Lanty L. Smith Trustee 100 N. Tryon Street, Suite 3500 Charlotte, NC 28202-4012 270 hours per year 110,828.74 0 3,046.40

Jean G. Spaulding Trustee 100 N. Tryon Street, Suite 3500 Charlotte, NC 28202-4012 270 hours per year 110,828 .74 0 3,046.40 0

Af~ E DUKE ENDOWMENT 56-0529965 Page 3

2004 Statement 14 Form 990-PF, Part Vill, Line I List of Officers, Directors, Trustees, Foundation Managers and Their Compensation

(d) Contributions to Employee (a) (b) Title and Avg. (c) Benef It Plans and (e) Expense Account Name and Address Hrs per Week Compensation Deferred Compensation and Other Allowances

L. Nell Williams, Jr Trustee 100 N. Tryon Street, Suite 3500 Charlotte, NC 28202-4012 270 hours per year 110,828.74 0 3,046.40

Peggy J. Briscoe Assistant Secretary 100 N . Tryon Street, Suite 3500 Charlotte, NC 28202-4012 35 hours per week 75,000.00 9,729.02 463.13

Eugene W. Cochrane, Jr. Executive Vice President 100 N. Tryon Street, Suite 3500 Charlotte, NC 28202-4012 40 hours per week 220,000.00 20,923.44 2,217.94

Jeff rey L. French Managing Director, 100 N. Tryon Street, Suite 3500 Investments Charlotte, NC 28202-4012 40 hours per week 240.000.00 24,619.44 463.13

Terd W. Honeycutt Secretary 100 N. Tryon Street, Suite 3500 Charlotte, NC 28202-4012 35 hours per week 63,000.00 16,517.84 463.13

Elizabeth H. Locke President 100 N . Tryon Street, Suite 3500 Charlotte, NC 28202-4012 40 hours per week 345,219.23 171 .399.22 523.13

Stephanie S. Lynch Chief Investment Officer 100 N. Tryon Street, Suite 3500 Charlotte, NC 28202-4012 40 hours per week 377,000.00 25,477.44 463.13

Karen H. Rogers Controller 100 N. Tryon Street, Suite 3500 Charlotte, NC 28202-4012 40 hours per week 104,000.00 19,109.04 463.13

Janice C. Walker Chief Financial 100 N. Tryon Street, Suite 3500 Officer and Treasurer Charlotte, NC 28202-4012 40 hours per week 180,000.00 19,518.05 463.13

Total Part Vill, Line 1 $3,238,943.15 $307,293.49 $51,215.85 THE DUKE-ENDOWMENT 56-0529965 Page 4

2004 Statement 14 Form 990-PF, Part Vill, Line 2 Compensation of Five Highest Paid Employees (Other Than Those Included on Line 11

(d) Contributions to Employee (a) (b) Title and Avg. (c) Benefit Plans and (e) Expense Account Name and Address Hrs per Week Compensation Deferred Compensation and Other Allowances

K. Todd Walker Director, 100 N. Tryon Street, Suite 3500 Investments Charlotte, NC 28202-4012 40 hours per week 165,000.00 22,261 .60 0

Rhett N. Mabry Director, 100 N. Tryon Street, Suite 3500 Child Care Division Charlotte, NC 28202-4012 40 hours per week $155,000.00 $22,325.60 $2,844.83

J. Porter Durham Director, Education Division 100 N. Tryon Street, Suite 3500 and Staff Counsel Charlotte, NC 28202-4012 40 hours per week 150,000.00 21,259.60 0

Mary L. Piepenbring Director, 100 N. Tryon Street, Suite 3500 Health Care Division Charlotte, NC 28202-4012 40 hours per week 140,000.00 16,943.06 3,309.86

W. Joseph Mann Director, 100 N. Tryon Street, Suite 3500 Rural Church Division Charlotte, NC 28202-4012 40 hours per week 130,000.00 13,537.41 955.54

TOTAL Part Vill, Line 2 $740,000.00 $96,327.27 $7,110.23 THE DLTKE ENDOWMENT 56-0529965

2004 Statement 15 Form 990-PF, Part M, Oucstion 2b

The income tax for 2004 reported on Part X, line 2b consists of the following components:

State Unrelated Business Income Tax Lability $ 128,109

Federal Unrelated Business Income Uability 192,401

320,510 1 THE DUKE ENDOWMENT 56-0529965

2004 Statement 16 Form 990-PIF, Part KV, Question 2

Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs: The following responses are for questions 2a, b, c, and d of the 990-PF. More detailed information may be found at the Duke Endowment's Web Site at http://www.dukeendowment.org. a) If you believe you have a project that would qualify for a grant under the terms of the indenture, or that would meet the guidelines for a program approved by the Endowment's trustees, please send a letter or e-mail (gcochrane@tde .org) describing the proposed project to:

Mr. Eugene W. Cochrane, President The Duke Endowment 100 North Tryon Street, Suite 3500 Charlotte, North Carolina 28202-4012 704/376-0291 b) and c) No specific forms are required for letters of inquiry. Forms for formal applications are available on the Endowment's website. There are no submission deadlines. The following infonnation may be helpful to potential grantees:

Eligible requests will be refen-ed to an appropriate program officer in our education, health care, child care, or rural church divisions. The program officer may request a full proposal, including project description, budget, funding sources, board members, and other pertinent information. If a meeting is desirable, the program officer will an-ange this, as well as site visits or other conferences .

If the proposal is eligible and complete, the program officer will take it to a committee of the trustees . The trustees of The Duke Endowment maintain committees for each of the four program areas.

If the proposal is endorsed by the appropriate committee, it is then taken to the board of trustees for consideration . The trustees meet at least ten times a year, and conu,nittees meet at scheduled times between board meetings. Depending on the meeting times and the completeness of the proposal, it may take between two and six months for a final decision.

Original letters of inquiry are normally answered within 30 days . Those who have been asked to submit full proposals are notified of the trustees' decision by letter immediately after the trustees' meeting. 2

THE DUKE ENDOWMENT 56-0529965

2004 Statement 16 Form 990-PF, Part XV, Ouestion 2 d) The Duke Endowment is a charitable trust, established in 1924 by North Carolina industrialist James Buchanan Duke. While the Endowment is legally a trust, it also meets the definition of a private or independent foundation.

The charter instrument that created The Duke Endowment is the Indenture of Trust. In it, Mr. Duke specified those who would be eligible for grants, stated his reasons for these choices, and gave clear instructions about the future operation of the trust. Under guidelines explained in the Indenture, the Endowment awards grants to the following:

U Four educational institutions : Duke University, Davidson College, Furman University, and Johnson C. Smith University. Grants are made for general and special purposes.

C1 Not-for-profit hospitals and health-care organizations in North Carolina and South Carolina. Grants are made for programs and for improving and expanding facilities.

0 Not-for-profit child-care institutions and selected other agencies supporting children's welfare in North Carolina and South Carolina. Grants are made for programs, facilities, and services.

0 Rural United Methodist churches and related organizations in North Carolina. Grants are made for buildings and programs.

13 Retired ministers who have served at least five years in an annual conference of the United Methodist Church in North Carolina, and their surviving dependents. Grants are made for support and maintenance.

13 The trustees also have discretion to make grants to selected institutions doing charitable work similar to that of the beneficiaries named in the Indenture. ST65rLst -9--cw-",L-jNc- -WTZ~89"c -17-9~ml 303'nOD NOSaJAVG " IVIOi

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Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Reductions) (Refunds) Balance iz?jt/03 2004 2004 1"I)D4

EDUCATION (rant.)

Furman University, Greenville, SC GENERAL OPERATING SUPPORT, funds spent as follows 181,83886 1,160,921 28 1,176,000 00 156,76014 Ubrary Operations 600 .00000 Underwrite Undergraduate Financial Aid 638,00000 Summer Dorm Renewal 38,00000 1,176,000 00 SPECIAL APPROPRIATIONS FROM RESERVE FUND James B Duke Library Renovation 1 .900 .ODO 00 1 .900 .000 00 James B Duke Scholarshlp Program Endowment 100,00000 100 .00000 Northwest Crescent Center 100,00000 100 .00000 Center for Teaching and Laarning 195,00000 19S .00000

SPECIAL APPROPRIATIONS FROM RESERVE FUND - Subtotal 2,295,000 00 2,295,000 00

TOTAL - FURMAN UNIVERSITY 18 1 .838 86 3,445,921 28 3,471,000 00 166,76014

EDUCATION (cgW

Johnson C. Smith University, Chartattek NC GENERAL OPERATING SUPPORT, funds spard as follows 136,71319 876,89238 894,00000 118,60567 Faculty Salaries 380.16000 Student Recruitment 172,80000 Library Administration 181,44000 Student Financial Aid Administration 169,60000 894,00000

SPECIAL APPROPRIATIONS FROM RESERVE FUND Family Literacy Program 200,00000 2GO,000 00 Scholarships 250.00000 260,00000 James B Duke Professorship Endowment 2,000,000 00 2,000,ODO 00 Deferred Malrdenanre 425,00000 426,00000 Family Literacy Program of Greater Charlotte 200,00000 200,00000

SPECIAL APPROPRIATIONS FROM RESERVE FUND - Subtotal 3,076,000 00 2,876,000 00 200.00000

TOTAL - JOHNSON C SMITH UNIVERSITY 135,71319 3,951,892 38 3,769,000 00 318,60557

TOTAL - EDUCATION 9,112,116 06 38,623,970 84 40,424,764 00 7,211,322 90 888 8 . . . M

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Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Reductions) (Refunds) Balance 12/31/03 2004 2GO4 12/31/04

HEALTH CARE (cooij

BUILDING AND EQUIPPING GRANTS (cont)

South Carolina Allendale County Hospital, Fairfax 200,00000 200,00000 Barnwell County Hospital . l3amwell 300,00000 300,00000 Beaufort Memorial Hospital, Beaufort 100,00000 100 .00000 Cannon Memorial Hospital . Pickens 100.00000 100 .00000 Clarendon Memorial Hospital . Manning 160.00000 150 .00000 Hospice Community Cars, Rock Hill 1100.0woo (11130.000 00) Kershaw Courtly Medical Center, Camden 118,00000 118 .00000 Loft Healthcare System, Loris 4-00,00000 200.00000 McLeod Health Regional Medical Center of the Pee Des, Florence 174.80000 174,80000 Newberry County Memorial Hospital, Newberry 150.00000 150 .00000 The Regional Modest Center of Orangeburg and Calhoun Counties, Orangeburg 150.00000 160,00000 Spartanburg County Hospital, Spartanburg 125.00000 125.00000 Unhersity, of South Carolina School of Medicine, Columbia 299,00000 299,00000 South Carolina Hospitals 1 .9m.800 00 1,092,800 00 974,00000

BUILDING AND EQUIPPING GRANTS - Subtotal 1,325,000 00 6,747,274 00 5,068,035 00 3,006,239 00

FREE BED DAYS OF CARE 2,718,318 00 2,718,318 00

North Carolina, Alamance Regional Medical Carrier, Burlington 23,22000 Albemarle Hospital, Elizabeth City 21,24400 Allegheny Memorial Hospital, Sparta 1,38800 Amos Cottage Rehabilitation Hospflaf, Winston-Salem - Angel Medical Center, Franklin 3,37200 Ashe Memorial Hospital, Jefferson 8.15700 A,very Health Care System, Newland 6.91300 C A Cannon Jr Memorial Hospital, Banner Elk 6,91300 Beaufort County Hospital Association, Washington 6.34800 Beaufort County Hospital, Washington 6,34800 Betsy Johnson Memorial Hospital . Dunn 8.35100 Bladen County Hospital. Elizabethtown 2,68000 Blowing Rock Hospital . Blowing Rock 6.09600 Blue Ridge Healthcare System 20.05300 Grace Hospital . Morganton 11,14700 Valdese General Hospital, Valdese 5,74900 College Pines Nursing Carrier, Valdese 3,16600 Blue Ridge Hospital System, Spruce Pine 2,04500 Spruce Pine Community Hospital. Spruce Pine 2,04500 Cabarrus Memorial Hospital . Concord 29.043 00 NorthEast Medical Center. Concord 29,04300 Caldwell Memorial Hospital, Lenoir 6,29500 Carofinas Anson Healthcare, Wadesboro 16,60100 Anson Community Hospital, Wadesbaro 16,50100 CaroMont Health Care. Gastonia 32,68300 Gaston Memorial Hospital . Gastonia 32 .68300 Carteret Courtly General Hospital, Morehead City 10 .84300 Carteret General Hospital . Morehead City 10,84300 Catawba Memorial Hospital . Hickory 15,28600 ~n

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North Carolina (cont ) Maria Parham Hospital, Henderson 9.18400 McDowell Hospital, The, Marion 3.51300 Misslon-St Joseph's, Asheville 56,78800 Memorial Mission Hospital, Asheville 66 .78800 Morehead Memorial Hospital, Eden 7,08500 The Moses H Gone Memorial Hospital, Greensboro 66.24000 Murphy Medical Center, Murphy 21 .64700 Nash Health Care System. Rocky Mount 29.38700 Nash Hospital, Rocky Mount 29 .38700 Now Hanover Regional Medical Center, Wilmington 73.95600 North Carolina Baptist Hospitals. Winston-Salem 41 .08800 Northam Hospital District of Surry County, MI Airy 7 .61800 Northern Hospital Of Surry County, Mt Airy 7 .518 00 Novant Health. Winston-Salern 72.18000 Forsyth Memorial Hospital, Winston-Salem 66,40800 Medical Park Hospital . Winston--Salem 45000 The Oaks at Forsyth, Winston-Salern 6,32400 Onslow County Hospital Authority, Jacksonville 12.81800 Onslow Memorial Hospital . Jacksonville 12 .81800 Pander Memorial Hospital. Burgaw 1 .42900 Person Memorial Hospital, Ro)boro 11 .44800 Pitt County Memorial Hospital, GresnAlle 46,61600 Presbyterian Healthcare System, Charlotte 66.77700 Presbyterian Hospital, Charlotte 50 .30900 Presbyterian Hospital Matthews, Matthews 6 .46800 Pungo District Hospital Corporation, Belhaven 2,97100 Pungo District Hospital. Belhaven 2,97100 Randolph Hospital, Asheboro 8,82200 Rex Healthcare . Raleigh 48.95300 Rowan Regional Medical Center, Salisbury 17=1 00 Rutherford Hospital, Rutherfordton 8,06700 Sampson Regional Medical Center, ClInton 11,86100 Scotland Memorial Hospital, Laurinburg 10.78100 Southeastern Regional Medical Center, Lumberton 410~291 00 Southeastern Regional Mod Center, Lumberton 38,02200 Woodhaven Nursing Care Center. Lumberton 4 .26900 St Luke's Hospital . Columbus 7.21700 Stanty Health Services, Albemarle 19.67600 Stanly Manor. Albemarle 10 .79100 Stanly Memorial Hospital, Albemarle 8,88600 Slokes Reynolds Memorial Hospital, Darbury 66000 Transylvania Community Hospital Association, Brevard 3 .16600 Transylvania Community Hospital, Bravard 3.16600 UNC Hospitals, Chapel Hill 66,82500 r-

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Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Reductions) (Refunds) Balance IM11103 2004 20D4 12131/04 HEALTH CARIE 1c2aW

South Carolina (cont Loris Community Hospital. Loris 22,70700 Marion County Medical Center. Marion 16.23900 McLeod Regional Medical Center of the Pee Des. Florence 67.90700 McLeod Regional Medical Center. Florence 66.69500 Saint Eugene Medical Center, Dillon 5.76400 Wilson Medical Center, Darlington 6,44700 Newberry County Memorial Hospital . Newberry 6.80700 Oconee Memorial Hospital. Senima 26.84000 Palmetto Health Alliance. Columbia 99.61800 Palmetto Baptist Medical Center . Columbia 29,80200 Palmetto Baptist Medical Center, Easley 8,32500 Palmetto Richland Memorial Hospital, Columbia 61 .39200 Roper St Francis Foundation, Charleston 60 .64600 Roper Hospital, Charleston 46,02600 St Francis Hospital, Charleston 14,52000 Shriners Hospitals For Children, GreerrAlle 5 .84900 Sisters of Charity Pro%4dence Hospitals. Columbia (1) 39,60600 ProAdence Hospital. Columbia 39,60600 Spartanburg County Health SerAces District, Spartanburg 49,78600 B J Workman Memorial Hospital, Woodruff 4,20800 Spartanburg Regional Medical Center, Spartanburg 45 .67800 The Regional Medical Carrier of Orangeburg & Calhoun Counties 28,764 00 Tuorney Healthcare System, Sumter 27.78600 Union Hospital District, Union 12,42700 Ellen Sager Nursing Home, Union 3.84900 Wallace Thomson Hospital, Union 8,57800 Williamsburg Regional Hospital . Kingstree 3,06800 35 South Carolina Hospitals - Free Bad Days 882,27700

120 HOSPITALS - FREE BED DAYS TOTAL 2,718,318 00

SPECIAL PURPOSE GRANTS

Child Health Conference Child Health Conference 61,96667 1 .69276 60 .37382

Child Health Pmram Child Health Program 827,83800 (707,658 00) 120 .18000

The Healthcare Forum Continued assistance In sponsoring fellowship positions with The Healthcare Forum's year-long Creating Healthier Communities Fellowship 40,32652 40,32662 Continued assistance In sponsoring fellowship positions with the Healthcare Forurn~s year-long Creating Healthier Communities Fellowship 106,00000 106,00000 Assist In sponsoring fellowship positions with the Healthcare Forum's Fellowship Program 180 .00000 18 .67348 161,32662

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Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Reductions) (Refunds) Balance 12J31/03 2004 20D4 12/31/04 HEALTH CARE (cont.)

Blue Ridue HosoltalSvatem- Spruce Pipe. NC Assisi In the second year of a three-year period to assist with the establishment of the 'Toe River Access Network 70.00000 70.00000

Cabarrus Memorial HosDhal. ConcoL4= Assistance to develop a Diabetes Education Initiative (17,31600) (17.31600) Assist In the second year of a two-year period to support a dIsease management program 165,36900 166,36900

Caldwell Memorial Hosottal- Lenoir . NC Assisi in the second year of a three-year period to develop a regional program to enhance the diversity of health professionals 281 .19200 281,19200

Carollnos-Anson Healthcare. Waclesborq. NO Child Health Program 140,34200 140.34200 Assist in the second year of a three-year period In the creation of a comprehensive Children's Health Initiative to Improve access to child health services 134.63800 134.83800

Carteret General Hosaftal- Morehead City. NC Assist In the first year of a two-year period to develop an associate degree of nursing program 95.0DO 00 95,00000

Catawba Vail Y Medcal Center- Hickory. NC Assist with Man Emergency Center Information System 90.000 OD 90,00000

Charlotte-Mecklenbura Hosoltal AuthorllY. Charlotte, NC Assist In the third year of a three-year period to establish a comprehensive Domestic Violence Project program 26,00000 25.00000 Assist In the third year of a three-year period to develop The Early Intervention for Hospitalized Childrerfe program 181,26200 181,26200 Assist In the third year of a three-year period of e)pandlng the Carolinas College of Health Sciences program 66 .82100 66 .82100 Assist In the first year of a two-year period with the w9ansion of a pediatric dental service for low-income children and to Initiate a pechatric dental residency program pediatric denial residency program 250,00000 260.00000 HEALTH CARE (cont,

Chatham Hosoitaf. Slier City. N Assist In the first year of a two-year period to q)pand the hospttars ADA Certified Diabetes Education Program to the Hispanic community 96.31000 96.31000

Cleveland Regional Medical Center . Shelby . NC Assist In the second year of a two-year period to develop a community disease management program 74,89200 74,1392 00 8 8 8 8 8 8 8 8 8 8 8 8 8 18 ik4 0 i ! 1 4 k 4 4 T S1 d i 8 v

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Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Reductions) (Refunds) Balance 1Z'31/03 2004 2004 12131/04 HEALTH CARE (cont.)

Duke University Health Svotem, Durham, NC (Cord.) Assist In the fourth year of a four-year period In the development of a 'Promising Practices' program 228,91900 228.91900 Assist In the fourth year of a four-year period with the development and Implementation of measurea to Improve patient safety 6W.900 00 663.90000 Assist In the support of the Year 2004 Duke Health Sector Conference 45,ODO 00 45,00000 Assist In the second year of a two-year period to develop a research relationship between Duke General Clinical Research Carrier and Uncoln Community Health Carrier 95.00000 65.00000 Assist In the second year of a three-year period to assist the Department of Community and Family Medicine with theJust For Us Program' 78.49000 78,49000 Assist In the second year of a three-year period to w9and the Duke Infection Control Outreach Network (DICON) 148,20000 148,20000 Assisi In the first year of a three-year pertad to e),pand the Duke School of Nursing 1,000,000 00 1,000,000 00 Assist In the first year of a three-year period to establish a palliative care service program 108 .60000 108,60000 Assist In the first year of a three-year period to develop an Open Access Medical Education Curriculum 262,19600 252,19500 Assist In the first year of a three-year period to develop a Junior Faculty Meryloring Program 122.68900 122.689 OD Assist In the first year of a four-year period to establish an Institute for Prospective Health Care 160 .00000 150,00000 Assist In the second year of a two-year period In the development of the WalFrown Medical Clinic 181 .00000 181,00000 Assisi In the second year of a two-year period In the Implementation and e)ipanslon of the Lyon Park Clinic 69,9W 00 69,98200

Duplin General Hosoltal . Kenansyllle-NC Assisi in the first year of a three-year period In providing health care services to low-income Wince of Duplin County 71,90000 71,90000 Assist In the second year of a three-year period In providing health care services to low-income Latinos of Duplin County 70,00000 70,00000

Eastern Area Health Edwation OWer- Greenville, NC Assist In the third year of a three-year period to develop a statewide education program to Increase the ability of school nurses to address mental health Issues of students 184,00000 184.ODO 00 Assist in the second year of a two-year period to support the 'Health Sciences Academy of PM County' 116,27400 116 .27400

East Carolina Health - Bertle All-County Health Services. Windsor, Nrd Assist In the second year of a three-year period to develop an electronic medical record system to Improve community-based care for chronic disease management 257,9W 00 257,98800

Eml Carolina Health - Herilaue Hospital- Tarboro. NO Assist In the first year of a three-year period in establishing a Chronic Heart Failure Clinic 126.00000 126,00000

East Carolina Health - goanoke-Chowan Hospital, Ahoskle. NC Assist in Increasing the level of emergency medical services In Hertford County 160.00000 160,00000

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Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (ReclLictlons) (Refunds) Balance 12/31/03 2004 2004 12,31/04

Hiah Point Regional Heafth SWem- Hiah Point. NO Assist in the third year of a three-year period In expanding the time of the nurse practitioners to better serve the Indigent population of the High Point Community Free Clinic 45 .00000 46 .00000 Assist In the second year of a three-year period to enhance and Improve domestic violence services 50.00000 50,00000

Hope Clinic, Bayboro. NC Assist In the third year of a three-year period In establishing a medication assistance program and addition of a part-time Executive Director 30 .83900 30 .8m 00 HEALTH CARE (c=J

Horl7ons Residential Care Center. Rural Hall, NC Assistance to acquire equipment for disabled residents 91,12500 91,12500

Hosolce of Cabamus County, Concord, NC Assist in the construction of a sl*bed residential Hospice house 160.00000 160.00000

Hosolcis of Cleveland County, Shelby, NQ Assist in the first year of a two-year period to establish hospital-based palliative care services at Cleveland Regional Medical Center 100,00000 100,00000

Hospice of Iredell County, Statesville- NC Assistance to establish a 9-bed Inpatlent/residential Hospice House 160,00000 160.00000 for Iredell County

Hosolce of Rutherford County- Forest City. NC Assist In the second year of a two-year period to establish a palliative care program 60.00000 60 .00000

Hospice of Scotland County, Laudribum. NQ 100 .00000 Assist In the construction of a residential hospice 100,00000

Johnston Memorial Hosoftal. Smithfield . NC Assist In the second year of a three-year period to establish a Spiritual Care Program 76,00000 75 .00000

Memorial Hospital. Kinston, NC Lenoir 156 .92500 Assist In the third year of a three-year period to develop an Injury Prevention Center 166,92500 115,34000 Child Health Program 116 .34000 Assist In the second year of a three-year period with the development of 110,73400 a Pediatric Asthma and Education project 110 .73400 Assist In the first year of a three-year period to establish a Sexual 96,09400 Assault Nurse Examiner program for Lenoir County 96 .09400

LexInaton Memorial Hospital. LeAnaton . NO Assist In the second year of a two-year period to expand a chronic disease management program within the community free clinic 35,00000 35.00000

Lincoln Community Health Center, Durham NC Assist In Implementing an electronic medical records project 166,13500 166,13500 !2

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Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Reductions) (Refunds) Balance 12131/03 2004 2004_ 1 =1/04 HEALTH CARE (cont.1

North Carolina Baptist Hospitals- Winston-Salem, NO Assist In the second year of a three-year period to establish a health rare access network for the medically uninsured of Forsyth County 130.00000 130.00000 Assist In the third year of a three-year perlod to further develop a consortium of trauma centers 460,00000 450,00000 Assist In the first year of a two-year period to wpand access to mental health services 159 .00000 169,00000

North Carolina Department of Health and Human Services Offices of Emeraencry Medical Services. Raleigh, NC Assist In the first year of a three-year period to develop, Implement, and evaluate an EMS toolkit 299,75000 299.75000

North Carolina Hosoltal Foundation. Cary. NC Assist In the fourth year of a five-year period to address nursing and allied health shortages 177,00000 1 T7.000 00 Assist In the second year of a three-year period to develop Minority Health Career Initiative with the General Baptist State Convention of NC 200 .00000 200.00000 Assist in the first year of a two-year period to support the Risk Watch program of the North Carolina SAFE YJDS program 166 .00000 185,00000 Assist In providing support to the North Carolina Rural Health Carder 165 .15000 155,16000 Assist In the first year of a fIve"ar period to establish the North Carolina Hospital Association Carder for Hospital Owsitty and Patient Safety 1,000,000 00 1,000.000 00

North Carolina Institute of Medicine, Durham, NC Assist In the third year of a three-year period to enhance ft publication of The North Carolina Medical Journal 60,00000 60.00000 Assist In the second year of a two-year period to conduct a North Carolina Nursing Workforce Irdtiattva 16,20000 16,20000

Northam Hosofial DIstrIct of Surry County, Mount Airy, NG Assist In the second year of a two-year period with the development of a school health program 157,66500 167.56500 Assist In the first year of a two-year period to Implement a home telecommunications system 160,00000 160,00000 HEALTH CARE fegryt .

Novent Health. WinstorSalem- NC Assist In the third year of a three-year period to develop and Implement specialized educatiorAmInIng sessions to regional sexual assault response teams 4,426 OD 4,42600 Assist In the second year of a three-year period to establish prenatal healthcare services to Hispanic womeri 96,81400 96.61400 Assist In the first year of a three-year period In developing a model preventive cardiovascular care program 205.00000 205,000 .00

Pavilion Interitational Treatment and Renewal 9griter. Mill Springs . NG Assist In the third year of a three-year period In the development of an educational program for staff that treat patients with substance addictions 90,00000 90,00000

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Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Reductions) (Refunds) Balance 12/31/03 2004 2004 1 n 1/04

University of North Carolina at Chapel Hill- Chapel Hill, NC Assisi In the fourth year of additional support to develop a program for at-risk Irdants . 'Community Pathways Early Interverdlon for Hospitalized Children' 81,13300 81 .13300 Assist In the third year of a three-year period to develop an Early Irderventlon and Community Connections for Hospirtalized Children 160.00000 1 r.0,000 00 Assist In the second year of a three-year period to develop an Early 160.00000 Intervention and Community Connections for Hospitalized Children 150 .00000 Assist In the first year of two to corrilnue the developmerd of the AHEC Digital Ubrary and Resource System 100,00000 100,00000 Assist In the second year of two to continue the clevelopmerd of the AHEC Digital Library and Resource System 75,00000 76,00000 Assist in the third year of a three-year period to provide staff for the North 100 .00000 Carolina Council for Allied Health 100.00000 Assist In the first year of a four-year period to establish a Comprehensive Advanced Medical Program of Spanish (CAMPOS) 125,00000 126,00000

University of North Carolina at Chapel Hill School of Public Health, Chacel Hill, NC Assist In the fourth year of a four-year period for operational support to the North Carolina Instituis for Public Haafth 100.00000 100,00000

University of North Carolina Hospitals . Chanel Hill, NC Assist In the fifth year of a five-year period to the Healthy Steps for (7.87762) Young Children program (7 .87762) Assisi In the second year of a three-year period to help with a project erdfiled Improving Care for Childran wnh Asthma through North 227,38900 Carolina Area Health Education Carriers ' 227,38900 Assist In the first year of a two-year period to develop a Web-based 114.64400 Intervention for Child and Adolescent Overweight project 114.644 00 Assisi In the first year of a three-year period to develop the Early 143 .00500 Psychosis Detection and Intervention Program 143,00600 HEALTH CARF; (1:2011

WNC Health Network. Asheville, NO 225,00000 Assist in the third year of a three-year period to establish the WaMern 225,00000 North Carolina Regional Asthma Initiative

Wake Forest UnIversity School of Medicine, Winston-Salem. NG Assist In the thIrd year of a three-year period with the Primary Care Provider Domestic N11olence Response Training program 193.98200 193 .9W 00 Assist In the first year of a two-year period In establishing a Medical/Rehabilftation Pediatric Day Program 160,00000 (160,000 00) Assist In the third year of a three-year period to help Northwest AHEC 91,822.00 to develop the Nursing Management Institute 91 .822.00 Assist In the third year of a three-year period to establish an early Intervention services program to serve families of premature and high risk Infants In Forsyth County 183 .80600 183.80500 Assist In the third year of a three-year period to support the Primary 165.65700 Care Children's Mental Health Initiative 165,65700 Assist In the first year of a three-year period to Increase eye examinations for 183,43900 diabetic patients 183,43900

WakeMed, Ralelah. NC 81,36000 Assist In the first year of a three-year period to wpand the pediatric asthma program 81 .35000 Assist In the first year of a two-year period to e)pand the serAces of a 140.80000 pedatric diabetes program 140,80000 8 8 8 81 8 8 8 8 8

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Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Reductions) (Refunds) Balance 12/31/03 2004 2004 12/31/04 HEALTH CARE (c_cdj

Conway Hosoftal . Conway, SC Assist In the second year of a three-year period to establish SharedCare, a program to deliver healthcare to areWs uninsured 140,SW 00 140,60000 Assisi In the first year of a two-year period to establish a palliative care program 176 .00000 175.00000

Georgetown Hosoftal System, Oeometown. SC Assist In the third year of a three-year period to establish the associate degree In numing program 200 .00000 200,00000 Assisi In the first year of a two-year period to enhance services for the medically Indigent citizens; of Georgetown County 87 .00000 87 .00000

Good Samaritan Medical Clinic, Chester, S Assist In the first year of a three-year period to w9and the free clinic 70.00000 70 .00000

Greenville Hospital System, Greenville, SC To assist In the third year of a three-year period to help establish the Cardiovascular Risk Reduction Program 150.000()0 160,00000 Assist In the firat year of a three-year period In the implementation of an Initiative, 'PRIDE, Promoting Resources In Developments] Education,' In GreerrAlle County 200.0W 00 200,00000 Assist In the second year of a three-year period In the Implementation of an Initiative. 'PRIDE, Promoting Resources In Developmental Education,' In Greenville County 200.00000 200,00000

Greenwood County Hosoftal Board- Greenwood, SC Assist In the second year of a two-year period to develop a care model to manage congestive heart failure In a hom&based setting 160,00000 150,0()000 Assist In the second year of a two-year period In establishing an Initiative to Improve patient and employee safety 338,33300 336,33300

Health Sciences Foundation of the Medical UnWalty of South Carolina, Charleston . SC Assist In the third year of a three-year period to develop an education. screening and referral program for abuse among pregnard women 87 .80100 87.60100 Assist In the third year of a three-year period to develop the Hypertension Initiative of South Carolina 161 .18600 161,18600 Assist in the third year of a three-year period to develop a model program for Maternity and Infant Care for Rural Immigrant Populations 20.63500 20,1531500 Assist In the third year of a three-year period to develop a dental program 262,68900 for the diagnosis and treatment of children with special health care needs 252,69900 Assist In the third year of a three-year period to create ALUANCEnet, a technology-based continuing education program 116,69600 116,69600 Assistance In the second year of a two-year period to Improve the quality of health, medical care " social support to the elderly of Beaufort, Jasper arid Hampton counties 22.99508 (22,99508) Assist In the second year of a two-year period with the development of an oMIns nurse education program 150.00000 1 60.ODO 00 Assist In the first year of a two-year period to wpand access to medical homes for children, 103.19200 103,19200 Assist In the first year of a two-year period to develop the Hispanic Health Initiative at the Meclicall University of South Carolina College of Nursing 171,47700 171,47700 Assist In the first year of a three-year period to e)pand geriatric education In the medical school curriculum 96 .83800 95,83800

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Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Reductions) (Refunds) Balance 1"1/03 2004 2004 12/31/04 HEALTH CARE (cont.)

Palmetto Health Alliance. Columbia, SC Assist In the fourth year of a four-year period with The Palmetto Richland Advocacy program (PRAP) for Youth 104.T74 00 104 .77400 Assist In the fourth year of a four-year period to expand the services of Family Connections 104.00000 104,00000 Assist In the third year of a three-year period to replicate the Medicalty, Fragile Children's Program 168 .00000 168,0()000 Assist In the third year of a three-year period to establish Richland Care, a community medical program for low-income citizens 66 .36400 86.36400 Assistance In the third year of a three-year period In developing a program focusing on child sexual abuse (11,33770) (11,33770) Assist In the first year of a two-year period to support a geriatric hypertension management program 300 .00000 300 .00000 Assist In the first year of a two year period to expand the Carder for - Clergy and Congregations 125 .00000 126,00000

Roper St . Francis Healthcare. Charleston- SC Assist In the third year of a thre&-year period with the Tri-Counly Project Cara program for administrative and Information technology 200.00000 200,00000 Assist in the second year of a three-year period with the expansion of a chronic disease management for serflor adults 110.00000 110.00000 Assist In enhancing primary medical services at the Sea Island Medical Center 61 .ODO 00 81,00000

Self Realonal Healthcare . Greenwood- SC Assist In the first year of a two-year period to establish the South Carolina Carder for the treatment of Genetic Diseases 400,00000 4DO.000 00 Assist in the first year of a three-year period to help Increase the supply of nurses 238.40000 238,40000

Siste 8 of Charity Providence Host)"als- Columbia.,,& Assist In the third year of a three-year period to expand Healthy Learners to meet the health needs of underprivileged school chIldran. 200,00000 200.00000 Assist In the second year of a three-year period to establish an Emergency Department Community Advocacy Program 86,00000 88.DDO 00

South Carolina Area Health Education Consortium- Charleston . SC Assist In the third year of a three-year period to establish a statewide AHEC UbraryArdormalion Services Center to enhance the provision of quality health care to the citizens of South Carolina 66.087 00 66,06700

South Carolina Hospital Research & Education Foundation . West Columbia, SC Assist In the second year of a two-year period to Increase and Improve health services to low-income, Indigent and at-rtsk South Carolinians 390.72000 390,72000 Assist In the third year of a three-year period In establishing a South Carolina Geriatric Best Practice Infilative 227.23500 227=5 00 Assist In the constrwilon of a now building headquarters for the South 400,00000 Carolina Hospital Association 400,00000

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Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Reductions) (Refunds) Balance 1"1/03 2004 2004 12/31ID4

CHILD CARE

ORPHAN AND HALF ORPHAN CARE 1,625,000 00 1 .626,000 00 000 North Carofirm Alexander Childrens Carder. Charlotte 60,00000 American ChIldren's Home, Lexington 50,00000 Baptist ChIldrerfs Homes of North Carolina. Thomasville 50.00000 Barium Springs Home for Children. Barium Springs 60,00000 ChIldrar?s Homes of Cleveland County. Shelby 25.00000 Childrerfs Home Society of North Carolina. Greensboro 60.00000 Crossnors School . Crossnore 60.00000 Eckerd Youth Alternatives, Inc , Norlh Carolina 60,00000 Ellada Home for Children, Asheville 60,00000 Elon Homes for Children . Elon College 60,00000 Florerv-,e Critterdon Services, Charlotte 25,00000 Free W III Baptist Children's Home . Middlesex 26,00000 Grandfather Home for Children. Banner Elk 60,00000 Lutheran Family Services, Raleigh 60.00000 Methodist Home for Children . Raleigh 60.0D0 00 Nazareth ChIldren's Home, Rockwell 50.00000 Sipe's Orchard Horne, Conover 60.00000 Southmountain Childran's Home. Nebo 60.00000 Thompson Children's Home . Charlotte 50,00000 Yahweh Carder, Wilmington 26.00000 Youth Focus. Greensboro 60.00000 Youth Homes, Charlotte 50,00000 22 North Carolina Irwiltutlorm 1,000,000 00

South Carolina Bowers-Rodgers Home for Abused Children. Greenwood 25,00000 Boys Home of the South. Belton 25,00000 Carolina Chlfdrerfs Home, Columbia 60.00000 Carolina Youth Development Center. North Charleston 60,00000 Connie Maxwell Childrarfs Home, Greenwood 60,00000 Epworth ChIldrens Home . Columbia 150,00000 Florence Critlenton of South Carolina, Charleston 26.00000 Generations Group Homes . Simpsonville 60,00000 Miracle Hill Ministries. Greenville 60.00000 Now Foundations frwnmiyAmmwYotAhAssoddW0. Anderson 60,00000 South Carolina Youth Advocate Program, Columbia 60,00000 Tarnassee DAR School, Inc, Tamassee 25,00000 Thomwell Home for Children, Clinton 60.00000 Windwood Farm Home for Children, Awendaw 25.00000 York Place. York 50,000 DO 15 South Carolina institutions 626,0D0 00

37 INSTITUTIONS - ORPHAN CARE TOTAL 1,625,000 00 ig

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Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Reductions) (Refunds) Balance 12/31/03 2004 2004 12/31/04 Blo Brothers Big Sisters of the Central Piedmont, High Point. NC Assistance in the third year of a three-year period to mentor children through a partnership wrth area Boys and Girls Clubs of America 10,00000 10,00000

CHILD CARE (cont.1

Big Brothers Bin Sisters of 12urharn and Orange Counties. Durbarn. N Assistance In the first year of a thee-year period to establish a mentorIng program with students of Duke University 35,00000 35,00000 Assistance In the second year of a three-year period to establish a mentoring program with students of Duke University 35,0130 00 35,00000

Bin Brothers Blo Sisters Services Winstom-Salem, Winston-Salem, NC Assistance In the third year of a three-year period to wpand the mentoring program Into the Yadkin Valley area - 20,00000 20,00000

Central ChIldren's Home of North Carolina. 02dord. NO Assistance In the first year of a two-year period to establish 'Genesis Academy. a special educational needs program for children residing In residential care 61,600 DO 51 .50000 Assistance In the second year of a two-year period to establish 'Genesis Academy' a special educational needs program for children residing In residential care 25,00000 25 .00000

Cherokee Center for Family SerAces- Cherokee. NC Assistance In the second year at a three-year period to hire a coordinator to oversee the process of becoming accredited by COA 30,00000 30.00000

Child Abuse Presenlion SerAces, Inc_ Asheville. N Assistance to develop a comprehensive child abuse premrdlon and treatment program 79,00000 79.00000

The Child Abuse Prevention Team of Wilkes CounhL Wilkesboro, NC Assistance to establish a lay therapist program 61 .50000 (61,60000)

Child Advocacy Commission. Wilminaton . NO Assistance In the third year of a three-year period to support a 'Risk to Resilience' project targeting pre-adolescard and single-parent homes 30,00000 30,00000

The Children's Center of Transylvania County, Brevard, NQ Assistance In the third year of a threa-year period to w9and an In- home parent education program targeting new mothers 20,00000 20.00000

Children and Family Sentloes Association - North Carolina . Raleigh, NG Continued assistance (a) In proAding training opportunities for staff of children's homes In North Carolina. and (b) In proAdIng higher educatlon work/study scholars hips for staff of children's homes In North Carolina 183.28300 183.28300 Assistance In the first year of a three-year period to pilot a professional codification program for direct care staff In ten children's homes 100.00000 100,00000 Assistance In the second year of a three-year period to pilot a professional certification program for direct care staff In ten childreds homes 90.00000 90,00000

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Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Raductlons) (Refunds) Balance 12)31/03 2004 2004 12)31/04 CHILD CARE (cont.) Florence Critienton SerAces. Inc., Charlotte, NC Assistance In the first year of a three-year period to establish a residential pregnancy treatment program 50,00000 50.00000

Foundation for the Carollom . Charlotte, NC Assistance to facilitate the development of a common vision for serving chIldren In the Charlotte community 100.00000 100.00000

Free W III Baptist Childrerfa Home, Inc.. Middlesek NC Assistance for re-accreditallon through the Council on Accreditatlon for Families and Children, Inc (CCA) 12,76400 12.76400

Grandfalher Home for Children- Banner Elk- NC Assistance to Nre a fund development officer as.000 00 85,00000

Haven House Services- Raleloh- NC Assistance In the second year of a three-year period to hire a crisis mecriation speclaftst 19.5WOO 19,60D OD Assistance In the first year of a two-year period to establish a development office 43,00000 43,00000 Assistance In the second year of a two-year period to establish a development office 24.40000 24.40000

Kids Advocacy Resources Effort (KARE) . Waynesville. NO Assistance In the first year of a three-year period to hire a church outreach coordinator to assist churches In developing and Implementing child abuse prevention policies and family support ministries 36,00000 35,00000

KIDS First - Child Advocacy Center, Elizabeth City, NC Assistance In the second year of a three-year period to provide ln- home support and advocacy forvictims of child abuse and neglect and their non-offending family members 44.00000 44.000 00

Leamlna Initlatlye. The Duke Endowment. Charlotte. NC Assistance to Improve the academic performance of children, reduce behavior problems and Increase the knowledge and skills of campus educators and direct-care staff 24,05200 1,323,557 00 1 .337,656 00 10,05300

Lutheran Family SerAce3 In the Carolinas. Raleloh. NC Assistance In the second year of a two-year period to Initiate a community oulreach program through Lutheran congregations 32,00000 3ZOOO 00 Continued assistance to support the wpanslon of the Special Needs Adoption Program (SNAP) 40.00000 40,00000

Macklenbum County Area Marital Health. D&Afopment Disabilities and Substance Abuse Authority, Chadotte. NC Assistance to continue the Charlotte Mecklenburg Child Development Community Policing Partners Program (32,97200) (32 .97200)

Methodist Home for Children. Ralelah. NC Assistance In the third year of a three-year period to strengthen a partnership between the Lucy Dardels Center and the Jordan Child and Family Enrichment Center for serving children with severe emotional and behavioral needs 100.00000 100,00000 Assistance to establish a collaborative for Implementing a community I based service delivery model offering wpanded therapeutic alternatives 211,16000 211,16000 R

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Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Reductions) (Refunds) Balance Ini/03 2004 20D4 1WI104 CHILD CARE (cant.)

Youth Homes- Chadolte. NC Assistance In the second year of a three-year period to hire a Cholity Improvement Coord1nator 67,00000 67 .00000 Assislance to Implement comprehensive/collaborative service model for moving children to permanency 250.00000 260.00000 Assistance for re-accredited through the Council on Accreditation 16,64000 16.64000

Blo Brothers Bin Sisters of America, Atlanta, 0 Assistance In the second year of a two-year period to Improve the operational effectIveriess and service quality of all BBBS organizations across North Carolina and South Carolina 121 .00000 121 .00000 Assistance to train staff of select Big Brothers Big SIsters agencies In North Carolina and South Carolina In fundralsing techniques developed by 'RaWng More Money ' 39,00000 32 .60000 6.5W 00

Bla Brothers Bio Sisters of Now Foundations Children and Family Services . Anderson, SC Assistance to Initiate a Medicaid Adolescent Pregnancy Prevention Service 68.90400 (68,90400)

Billie Hardee Home for Boys, Inc., Darlinaton. SO Assistance to hire an accraddation coordinator 16,00000 16,00000

Boys Horne of the South. Bafton- SC Assistance to construct an assessment and crisis Intervention cottage and to make various campus Improvements 170,00000 (170.000 00) Assistance to construct an assessment and crisis Intervention cottage, and to make various capital Improvements 100,00000 100,00000 Assistance to purchase a mini bus to transport residents 19,00000 19,00000

Carolina Youth Development Center- North Chadeston-SO Assistance In the first year of a three-year period to Improve the assessment and treatment capacity In two emergency shelters 90'WO 00 90,00000

Child Abuse Prevention Association, BeauLort . SC Assistance In the third year of a three-year period to hire a director of programs and a case manager/prevention specialist 46,00000 45,00000

Collins Home and Family Ministries, Seneca, SC Assistance to pursue accreditation through EAGLE 16,00000 15,00000

Connie Maxwell Childrerfs Home, Incorporated, Greenwood. SC Assistance In the second year of a three-year period to construct a 10-bed shelter In Chesterfield . South Carolina. 40,00000 40,00000 Assistance for re-accreditation through the Council on Accreditation for Families and Children, Inc (CCA) 13.80600 13.80600 Assistance to purchase five ten-passenger vans and two mini buses to comply with State regulations 130,00000 130.00000

Exchanaa Club Center for the Prevention of Child Abuse of The Lowcountry, North Charleston, SC Assistance In the second year of a three-year period to enhance the Parent Aides Nurturing and Developing Adolescents (PANDA) program 80,00000 80,00000

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CL 32 THE DUKE ENDOWMENT - 56 0529965 290 Statement 17 Form 990-PF . Part XV. Line 3 Supplementary Information

Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Reductions) (Refunds) Balance 1031Y03 2004 2004 12,'JI/04 CHILD CARE (Cont.)

Sparfaribum Children Shaffer, Spartairibum. S Assistance In the second year of a three-year period to establish a fund development office 30.60000 30 .60000

Tamassee DAR School- Inc ., Tamassee. SO Assistance to become accredited through the Council on Accreditation 20,00000 20.00000

Tars Hall Home for Boys, Inc., Geornelown . SC Assistance to purchase a 14-passenger bus for transporting children 18,00000 18 .00000 1

Windwood Forms Home for Children, Awandaw, SC Assistance to hire a psychologist and data entry person for the Assessment and Evaluation Center 100.00000 100,00000

York Place . York . SC Assistance to purchase four small school buses 80.01)(3 00 80.00000 Assistance In the first year of a two-year period to construct two new buildings, renovate two cottages, and offset w9enses related to furnishings and Infrastructure costs 162.80000 162,80000

SPECIAL PURPOSE GRANTS - Subtotal 2,618,268 60 11,079,611 14 10,893,628 84 2,704,151 10

TOTAL - CHILD CARE 2,618,268 60 12,704,511 14 12,518,628 64 2,704,161 10

SUPERANNUATED PREACHERS

For Retired Methodist Ministers. Widows and Dependent Orphans of Deceased Ministers

Distribution In 2004 for pension and sindlar pwynwft North Carolina Conference of the United Methodist Church 645,72126 645,72126 Western North Carolina Conference of the United Methodist Church 1,008,464 06 I .OD8,454 06

TOT& - SUPERANNUATED PREACHERS 1,664,175 32 1 .6U .175 32

13UILDING RURAL CHURCHES

BUILDING PROJECTS (AJI N C)

Advance United Methodist Church, Davie County 60,00000 60,00000 Asbury Untied Methodist Church, Mecklenburg County 39,60000 39.6w 00 Bellemord United Methodist Church, Alamance County 30.00000 30,00000 Bethany United Methodist Church, Beaufort County 60,00000 60,00000 Bethany United Methodist Church, Dare County 60,00000 60,00000 Bethlehem United Methodist Church . Catawba County 60,00000 60,00000 Bethlehem United Methodist Church, Iredell County 30,00000 30,00000 Canaan Untied Methodist Church. Davidson Courdy 60 .00000 60.00000 Cedar Grove United Methodist Church. Orange County 60,00000 60 .00000 Centenary United Methodist Church, Rockingham County 40 .ODO 00 40.00000 Center United Methodist Church. Yadkin County 40,0130 00 40.00000 Chestnut Hill United Methodist Church . Ashe County 23 .20000 23 .20000- Creston-Green Valley Methodist Charge . Ashe County 38 .60000 38 .6W 00 9

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Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Reductions) (Refunds) Balance 12/31/03 2004 2004 12/31/04 BUILDING RURAL CHURCHES (cont.)

40,00000 Shady Grove United Methodist Church . Warren County 40.00000 40.00000 Sharon United Methodist Church . Lenoir County 40.00000 St Mark's United Methodist Church, McDowell County 28,00000 28,00000 Stovall United Methodist Church. Granville County 30,00000 30.00000 19.61000 Union Chapel United Methodist Church, Davis County 19,61000 60 .00000 60 .00000 Unity United Methodist Church, Rowan County 2,50000 Western North Carolina Conference. Mecklenburg County 2,60000 75,00000 Western North Carolina Conference, Mecklenburg County 76,00000 BUILDING RURAL CHURCHES - Subtotal 320,97000 2,953,260 00 2,912,630 00 361,70000

SPECIAL PURPOSE GRANTS FROM RESERVE FUND (to cover emergency, for flood damage repairs)

All God's Children Church, Bartle County I .W3 00 1,&13 00 Anderson Church, Perquimans County 1 .00800 1 .00800 Betharry Church, Hyde County 66200 66200 Cedar Island Church . Carteret Counly 2.38400 2,38400 Core Creek Church, Carteret County 2.61300 2.61300 Engelhard Church. Hyde County 4.27000 4.27000 Hobucken Church. Pamlico County 13,21100 113.21111 00 Merrimon Church. Carteret County 2,07300 2.07300 Mount Herman Church . Washington County 2,01800 2,01800 Oriental Church . Pamlico County 18.65400 18.66400 Pilmoor Memorial Church, Currituck County 76000 76000 Providence Church, Hyde County 8,19600 8.19600 Sea Level Church. Carteret County 14,18200 14,18200 Stacy Church. Carteret County 6,16700 6 .16700 Urdon-Newbegun Church, Pasquotank County 37200 37200 Williston Church, Carteret County 1,44600 1~446 00 79,63900 79,63900 SPECIAL PURPOSE GRANTS FROM RESERVE FUND - Subtotal

381,70000 TOTAL - BUILDING RURAL CHURCHES 320,97000 3,032,799 00 2,992,069 00

OPERATING RURAL CHURCHES

MAINTAINING AND OPERATING RURAL CHURCHES

Duke University Divinity School . Duftm. NC Sludent Pastors Program (76 grants) Grants for Spring and Fall Semesters 2004 to Student Pastors serving rural United Methodist churches In North Carolina 280.60000 280,60000 Grants for Spring and Fall Semesters 2005 to Student Pastors serving rural United Methodist churches In North Carolina 302,10000 302,10000 Winter Assistant Pastors Program (72 grants) Grants for Spring and Fall Semester 2006 to W Inter Assistant Pastors placed In field settings In rural United Methodist churches In North Carolina 837,00000 637,00000 Summer Assistant Pastors Program (117 grants) Grants for Summer 2004 Student Assistant Pastors placed In International setting for mperlence In a cross-cullural rural church 848.GDO 00 848.00000 Contlnulng Education Program Assistance In providing scholarships for rural United Methodists attending continuing education events at Duke Divinity School In 2004 (371 grants) 200.00000 200,00000 Assistance In the second year of a three-year period with scholarships for a Health and Nursing Ministries conference, for rural United Methodist parish nurses (2 grants) 16,00000 16.00000 Assistance In the first year at a one-year period to provide a B N Duke scholarship for a study leave at Duke Divinity School 3,00000 3,000 OD ig

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Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Reductions) (Refunds) Balance 12/31/03 2004 200.4 12/31/04 OPERATING RURAL, CHUR HES (cent.)

rAmo United Methodist Church, Shallotte. NC Assistance In the first year of a three-year period to Improve and expand the Congregate Meats and Meals on Wheats programs 20,00000 20.00000

Ceoral Church. Denton. NG Assistance In the sawnd year of a three-year period to establish a preschool program 8,00000 8,00000

Christ Church, Hickory, NC Assistance In the third year of a three-year period with the purchase of educational supplies and equipment for begindng a child care program 16 .00000 16.00000

Christ Community Church. Clayton- NC Assistance In the second year of a three-year period to establish a preschool program 18,ODO 00 18,00000 Assistance in the second year of a three-year period to establish a Hispanic Ministry program 60 .00000 60.00000 Assistance In the first year of a three-year period for members of rural churches to particl- pate In short-term mission work with HIV/AIDS Infected orphans In Sub-Saharan Africa 30,00000 30,00000

Cordova Church, Cordova, NC Assistance In the third year of a three-year period with a Serdor Citizen Luncheon and Ministry 8 .00000 8,00000

Cornatzer United Methodst Church, Mockerville . NC Assistance In the second year of a two-year period with an after-school program 12,00000 12,00000 Assistance In the first year of a three-year period with a Chrtstiarrbased summer program for children 20,00000 20 .00000

Creston-Green Valley Charce. Creston, NC Assistance In the fourth year of a four-year period for Riverview Learning Center 15,00000 15,00000

Cullowhee United- Cullowhee . NC Assistance In the third year of a three-year period with expenses associated with local HiapardcA-atlno Ministries 10,00000 10,00000

Denver United Methodist Church. Denver. NC Assistance In the first year of a three-year period to build a community sports complex for the church and community of Denver 30,00000 30,00000

Dulin United Methodist Church. Mockaville . NC Assistance In the first year of a three-yew period In the construction of affordable homes In partnership with Rural Affordable Housing, Inc 26 .00000 25 .00000

Fairfield United Methodist Church, Hloh Point, NC Assistance In the second year of a three-year period to construct a playground and make other Improvements for the child care program 18.00000 18 .00000

Fairview Church. Pinnacle, NC Assistance In the second year of a two-year period to establish and maintain a before and after-school child care program 12 .00000 12 .00000

Fair %Aew United Methodist Church . Mount Mourne . NO Assistance In the first year of a two-year period to establish a Freedom School 50,00000 60.00000 A

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10ii 38 THE DUKE ENDCONMENT - 56 0529965 MU Statement 17 Form 990-PF, Part XV, Line 3 Stmolementary Information

Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Reductions) (Refunds) Balance 12/31/03 2004 2004 12M1104 OPERATIN13 RURAL CKURCHES (cont.1

Hillsdale Church . Adonce. NO Assistance In the second year of a three-year period to establish after-school and all-day summer child care programs 14.00000 14 .00000

Hopewell Church- Peachlarld. NQ I Assistanem in the fourth year of a five-year period with the purchase of supplies and equipment for the establishment of a preschool program 20,00000 20,00000

Hopewell United Methodist Church, Newton Grove, NC Assistance in the first year of a two-year period to support Sampson Crisis Center for aid to families unable to meet their fuel bills 6,00000 6,00000

Hopewell United Methodist Church, Unity. NC Assistance In the first year of a three-year period to renovate the existing play- ground and build an additional playground . and to upgrade the program 25 .00000 25,0DO 00

Jordar;s Chaoel- Buruaw . NC Assistance In the third year of a three-year period with a child care program. an after-school program, and a surnmer enrichment program 30 .00000 30 .ODD 00

KIstlet'a Chapel- Rutherfordlon. NC Assistance In the fourth year of a four-year period with the wpansion of Rutherford UleCare, to Include Adult Day Care services, Including Alzhelmer's care and o"Ite health services 60,00000 60 .00000

Landers Chanel United Methodist Church. Uncolnton. NC Assistance In the first year of a three-yaar period to support Cornerstone Christian Center, a safe shatter for men to combat adcliction 30,00000 30,00000

Laurel Hill United Methodist Church, Laurel Hill. NO Assistance In the first year of a one-year period with church transportation for the elderly In the church and community 20.00000 20.00000

Love's Chapel. Sylv& NC Assistance In the third year of a three-year period to support an adult day care program 8.00000 8.00000

LoWs Church- Walkertown. NO Assistance In the third year of a three-year period with the astablishmard of a before and after-sohool and summer program 10,00000 10,00000

Macedonia Church- Southrriont. NC Assistance In the second year of a ftee-year period to establish a preschool program 9,00000 9.00000

Maple Sprinas Church. HamptonAlle. NC Assistance In the second year of a three-year period to establish a youth center 18.00000 18,00000

McCrary Chapel United Methodist Church, Randleman. NC Assistance In the first year of a three-year period to establish an after-echooll tutoring program 12,00000 12,00000

Messiah Church. UncoInton. N Assistance in the third year of a three-year period with a Parish Nurse Program 7,00000 7,00000 Assistance In the second year of a three-year period with an after-school program 8,00000 8,00000 91

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40 THE DUKE ENDCWMENT - 66 0529965 Slatoment 17 Form 990-PF_ Part XV . Une 3 Supolemontary Information

Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Reductions) (Refunds) Balance 12/31)03 2004 2004 12)31/04 OPERATING RURAL CHURCHES (cont.1

Pleasant Hill United Methodist Church- Thomasville, NC Assistance In the first year of a three-year period to establish a child care program, consisting of an otter-school and summer day care 22.00000 22 .00000

Reeds Church, LeArAflon. NC Assistance In the second year of a three-year period to w9and the after-school program and to add a summer camp program 12,00000 12.00000

Rock Grove United Methodist Church- Sallsburv. NC Assistance In the first year of a three-year period to establish a community youth program 20 .00000 20.00000

Rose Hill Church, Rose Hill, NC Assistance for the third year of a three-year period to e)pand their educational program to Include a pre-kIndergarten class and a three-year-old class 18 .00000 18.00000

Salem Church, FaveltevIlle- N Assistance in the second year of a three-year period to maintain an afterschool program 35,00000 35.00000 Assistance In the second year of a three-year period to maintain a child care program 20,00000 20,00000

Salem United. Sjmoson. N Assistance In the second year of a three-year period with an Hispanic Ministries Program 12,00000 12,ODO 00 Assistance In the first year of a one-year period with costs to provide transportation for their outreach, youth, and tutoring programs 26,00000 26,00000

Salem United Methodist Church, Hurdle Mills, NC Assistance In the second year of a three-year period to construct a playground and assist with preparation for a preschool 20 .00000 20,00000

Spindy Grove Church . Lumber Bdda2,= Assistance In the second year of a three-year period to maintain a child care program 25 .00000 26 .00000

Sandv Plains Church- Pembroke. NC Assistance In the fourth year of a four-year period with the purchase of educational supplies and equipment for improving a child care program 20.00000 20,0DO 00

Samostiam United Methodist Churrh. Sampahaw . NC Assistance In the first year of a three-year period to create a middle school tutoring and summer enrichment program 30 .00000 30 .ODO 00

Shady Orove United Methodist Church. Winston-Salem, NG Assistance In the second year of a threa-year period with a preschool program 20.00000 20,00000 Assistance In the first year of a three-year period to provide ministry to the Deaf Community of the Triad area 14.00000 14,00000

Sharon United- Kinston . N Assistance In the third year of a three-year period with an elder care Initiative program to provide health resources to the elderly In the community 20,00000 20 .00000 Assistance In the first year of a three-year period to establish a child care program 20,00000 20,00000

Solid Rock Church . Olivia . NO Assistance In the second year of a three-year period with a child care program, a preschool program, a before- and after-schoof program, and a summer program 85.ODO 00 85 .ODO 00

ERrina Creek United Methodist Church, Hot Springs, NC Assistance In the second year of a two-year period for a child care program 6.00000 5 .00000 I ODVW _9791~SDVV 79TS~L"11 I s - saH=v4o -Tvunu ()NUVkf3d0 OW ONINIVINrsfn 0OV079- _W-00D9 -swaujambai ams pow cl pL-BAeld Papsaid waLm n appdn ol popod svw4-Ap 9 p -M Pull an ui a-vM-v owmapaw wum mpowan Pawn Poopoom

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SV.,SZSO 99 - .LN3lAlRWWT9T= It I 42 THE DUKE EN MENT - 66 0529965 2M Statement 17 Form 990-PF. Part XV- Una 3 Supplementary Information

Unpaid Unpaid Appropriations Appropriations Payments Appropriations Salaries (Reductions) (Refunds) Balance 12/31/03 2OD4 2004 1nI104 OPERATING RURAL CHURCHES (cont.1

SPECIAL PURPOSE GRANTS

Albemarle District . Albemarle, NQ Assistance In the second year of a thee-year period to establish a Hispanic Ministry 25 .00000 25,00000

Asheville District, Asheville, NC Assistance In the third year of a three-year program for the partnership of the Asheville District with the Ashaville-Buncombe Christian Ministry Program 35,00000 35.00000 Assistance In the third year of a three-year period to establish an elder care program, LffeMinistrias, on a more permanent basis at Givens Estates 26.00000 25,00000

Charlotte District- Charlotte- NC Assistance In the third year of a three-year period with the Second Harvest Food Bank 35,000()0 35,00000 Assistance In the second year of a three-year period to establish a Hispanic Ministry program 26,00000 25,00000

Charlotte District, Charlotte, NC .355S4 10,114436 Assistance to plan and conduct a child care corderence for beneficiary rural churches 16 .00000 4

Duke University Divinity School, Durham, NG Assistance with the cost of the Director of Field Education and In providing training and counseling services to Field Education students 80 .00000 80,00000 Assistance In the third year of a four-year period to support the Field Education department with urban to rural ministry transition training 16 .00000 16 .00000 Assistance In the second year of a three-year period with a Congregational .00000 Nursing and Health Ministries Continuing Education Program 125,ODO 00 126 Assistance In the second yew of a two-year program with the development and Implementation of a continuing education leadership program, Courage to Serve 76.00000 76,00000

Durham District of the North Carolina Annual Corderence of the United MethodW Church. Durham, NO Assistance In the fifth year of a five-year period In support of the Food 25,00000 Bank of North Carolina In the establishment of a fac[Irty In Durham 25.00000 Assistance In the first year of a three-year period to establish a distdcl-wide LatinoMispanic Ministry program 25,00000 25,00000

Gastonia District. Gastonia, NC 15,00000 15.00000 Assistance In the first year of a three-yaar program to establish a Hispanic Ministries program

Goldsboro DlstdcL Goldsboro, NQ Assistance In the second year of a three-year period to establish the 00 position of a District Christian Educator 20,00000 20.0DO 40,00000 Assistance in the first year of a three-year period to establish a parish nurse program 40,00000 Assistance In the first year of a three-year period to establish a .ODO 00 Hispanic Ministry program 40,00000 40

Greariville District of the North Carolina Annuaf Conference of the United Methodist Church, Greariville . NC Assistance In the fifth year of a five-year period In support al the Food Bank of North Carolina Rural Delivery Program, the Mobile Pantry Program 60.00000 50,00000 Assistance In the second year of a three-year period to provide salary 24,000 00 supplement for Hyde County Cooperative Parish 24.00000

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Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Reductions) (Refunds) Balance 12)31/03 2004 2004 12/31/04 OPERATING RURAL CHUR KES (cont.)

North Carolina Annual Conference. Raleloh. NQ Assistance In the second year of a two-year period to the Board of Ordained Ministry of the North Carolina conference for scholarships for rural United Methodist pastors to take part In continuing education 10 .00000 10,00000 Assistance In the third year of a three-year period to assist the Sierra Club with the North Carolina Ciean Water Campaign Fund 25.ODD 00 25 .00000 Assistance In the third year of a three-year program In the establishment of the Wellspring Clergy Colleague Forum 20,00000 20,00000 Assistance In the third year of a thrae-year period with the establishment of the Public Samaritan program In Robeson and Henderson counties 45.00000 45 .00000 Assistance In the fourth year of a four-year period to assist the office of ethnic minority churches In the N C Annual Conference to strengthen ethnic minorfly nual United Methodist churches 26,00000 25,00000 Assistance In the second year of a three-year period to assist with training and consulting rural churches for outreach programs. In partnership with Faith Partnerships 60.00000 60,00000 Assistance In the fourth year of a four-year period with expanding Hispanic Ministries In the North Carolina Conference 27.60000 27.6W 00 Assistance In the third year of a three-year period with supporting the exparolon of Society of St Andrew programs throughout North Carolina 60,00000 60,00000 Assistance In the second year of a three-year program to assist rural United Methodist churches In their participation with Habitat for Humanity International to build homes In rural NC and to educate churches about the need for affordable homes 76 .00000 76.00000 Assistance In the second year of a three-year period for the creation of the Weltspring training for clergy of rural churches 25 .00000 26.00000 Smaller Membership Project to provide leadership - Assistance In the second year of a two-year period with a project to equip congregations for effective community ministry 22 .40000 22,40000 Assistance In the sixth year of a six-year period In aiding the collaborative partners In addressing the unmet needs of children by working with schools across the state 60,00000 60,00000 Assistance In the first year of a three-year period with consultation services around development needs and certain programs of rural churches I S .ODO 00 18,00000 Assistance In the first year of a one-year period to assist with housing for migrant workers In a rural Wilson County 40,00000 40,00000 Assistance with a program to train lay missioners and pastor-mentors according to the model developed by the National Plan for Hispanic Ministries of the United Methodist Church 12,00000 12,00000 Assistance In the first year of a three-year period to assist the Rural Advancement Foundation. Inc In Its program to identify the leadamhtp, In rural communities and churches and educate them on the economic Issues affecting their congregations 60,00000 60 .00000 Assistance to the Town and Country Committee of the Division of Missions of the North Carolina Annual Conference In promotion work . seminars, 20.00000 20.00000 conferences, etc to strengthen rural churches In the Cordarence

North Wilkesboro District, North Wilkesboro, NC Assistance In the third year of a three-year period to establish a Parish Nurse program 18,00000 18,00000 Assistance In the second year of a three-year period for a Pastor Salary Supplement to enable a rural charge to support a strong pastor at St PauLM Grove charge 4.00000 4,00000 Assistance In the thdrd year of a four-year period with the costs associated with establishing a retirement community for low-income senior citizens 100.00000 100,00000 Assistance In the first year of a one-year period providing funds for a handicap van and ramp for Hensley Home, a group home for merdally-handicapped adults 20.00000 20.00000 Assistance In the first year of a one-year period providing leadership courses 16.00000 16,00000

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CL .2 1 01 46 THE IDUKE ENDOWMENT - 66 0529965 Statement 17 Form 990-PF. Part XV_ Line Sm2olementary Information

Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Reductions) (Refunds) Balance 12/31/W 2004 2004 IM1104 OPERATING RURAL CHURCHES (cont.)

Western North Carolina Annual Conference- Chadolle . N AsaLstance In the costs associated with conducting two corderences for all church child rare programs currently assisted by TIDE. as well as those churches cormidering considering beginning childrerfs programming (16,00000) (16.00000) Assistance In the second year of a three-year period with the develop- mard of a program to assess and respond to the needs of rural churches In the area of conflict mediation 40,00000 40.00000 Assistance In the fourth year of a four-year period to assist the offices at ethnic, minority churches In the WNC Conference 25.00000 25.00000 Assistance In the second year of a three-year period to proMde aftercare for ex-oftenders utilizing rural United Methodist churches as connection to the community 35,00000 35,00000 Assistance In the second year of a three-year period to expand RAINs HIV/AIDS prevention education and awareness programs 40.00000 40,00000 Assistance In the first year of a three-year period with the Hand In Hand and the Hispardo-Latino Community program 25,00000 26 .00000 Assistance In the first year of a one-year period to support the 16,00000 16,00000 position of the WNC Conference Weekday Child Care Consultant Assistance In the first year of a three-year period to serve church building programs In the WNCC through Church E)denslon. Inc 12,00000 12,00000 Assistance In the first year of a three-year period with wpanding HIspanic Ministries In the Conference for Hispanic education and spiritual formation 26,00000 215,00000 Assistance with a program to train lay missioners and pastor-mentors according to the modal developed by the National Plan for Hispardo Ministries of the United Methodist Church IZ00000 12.00000 Assistance to ft Division of Town and Country Ministries In promotion work, seminars, conferences, etc to strengthen rural churches In the Conference 20 .00000 20,00000

Wilmirdon Distdct- WilmInaton. NC Assistance In the third year of a three-year period for a District Christian Educator 30,00000 30 .00000 Assistance In the third year of a three-year period with a Pariah Nurse Program 40,00000 40 .00000 Assistance In the first year of a one-year period to support a Summer Community Christian Arts Festival for the children of the Wilmington District 3,00000 (3~000 001 SPECIAL PURPOSE GRANTS - Subtotal 100,17279 2,238,900 00 2,235,703 78 - 103,36901

TOTAL - OPERATING RURAL CHUROZI 100,17279 6~676.087 28 6,644,891 04 131,36901

ENDOWMENT-WIDE PROGRAMS FROM RESERVF_ FUND

Allendale County 1-1mvital. Fairfax SC Program for the Rural Carolinas 75,00000 76.00000

New Foundations Children & Family Services, (Andemon YoWh Association) . Anderson, Assistance to establish comprehenshe coordination services through a 24-hour child care and family services center, part of Children and Families Program 13,OS467 (13.06467)

AnMed Health Rmomes . Anderson . SC To assist In the second year of a three-yaar period with the Caring Community and Health Ministry Outreach Program 94.06200 94,06200

8adum SpHrLqa Home for Children . Barlum Sprinus. NC Assistance In the second year of a three-year period to modernize Barium's Wagner Family and Ct'dId Development Carder 300.00000 3DO.ODO 00

Bethlehem United Methodist Church ..Bishooville, SC To assist In the first year of a three-year period with the Caring I Communtty and Health Ministry Outreach Program 49,96600 49,96600 valsqrs'l U-Lwsc 00 OD0,09 90'CSB*C -5wd dp4-m oLn supetwupe PUMM SMW al pug 'sopuppuaq [mmnvonpo p2;sprwl-p9m, MDPU3 L=j , 19 94610 -1 spuadas puni ol ON OUW8143 --Eu3M3A7MR M3wW5PaTMM

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(taow'W le 000,09 pavu J01 PMA PmwmOPU3 9VIa 041 46liquPo ol ON GUW040 -tuaLUMOPU3 QXn0 5U

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oowwsL 00 ow,91 muflaiwo r-u -0 JOI -5-d ON -OHMI14M -IvUaWH Ajunoo snqLunloo

oovwoot 00 ODO'00 L -218-d W-410 AgWIVI 4U-H PLIV AU-tuujOO &4roo an gam popad rmA-ew 9 po x" pjooog aLp tq Rom oi ON'GIM-OM -4av"40 MP0410VO PGUURM3W

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09099 00 LVL*LOL --Mmn?OL PxrJ GLO -1 -5wd -0 P u0fl-Fm%Q uQ P--jd-I cn po;-d roakowto a po zW pL~q oLp ul opmw quFu jol pougMssV IS-Larta 19,torle umz5wd mmU eta ;o uononfww uv upywid al ootjvMnV -U -009OM'0080143 10 Allww4un BLUIRRMTOZ

OD'OOWSLt 00 000's/. L -FVA-d LPwJMIO ALqWM 4MH PLm f4PmtuwoC) &4n?o -a qnm polod rcak-m 9 p ja" pjooss w4l ul tMose o.L ON -aPWKD -wGtBAS QJ90406aH miloJW3

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oov9en 00 99roc -Rtftd 4-aMIO AUMYI 44-H PUB klunwumo &V?3 OLD 4am Pwad -4-n 9 p sw m-9 oLo ui tqnv oi OS _QW-E) v*q-:1 %-wJ:J IS MM059=ff

tluc*) QRI'W 3 SBkl WOMA SWVHDOdd ImAkIN093M vwtrizl vm V= ewicel 0=1%98 (W-pto (ump-pow) BDUV" a^-Atdmswv CA-UL(Rd ojqwpftddv ummdoiddV P;Vdm muclun

u0no-JUPURPM- 13M C QUn -AX V6d -JUNIMag

Lip 99MSO 99 - IMMMMUMMUM 48 THE DUKE ENDawMENT - 66 0529965 =0 Statement 17 Em 990-PF- Part XV- Une 3 Suvolementary Information

Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Reductions) (Refttrids) Balance 12131/03 2004 2004 12/31)04 ENOO MENT-VADE PROGRAMS FROM RESERVE FUND (conij

Duke Untyersity DtyfnMe School . Durham . NC Assistance In the second year of a three-year period In the creation of a Caring Communities Program to aid health care programs, rural churches and allied organizations to understand and e)plore the Implications of the relationship of religion and spirituality to good heaftK 637,03000 637 .03000 Assist Office of Field Education. the Methodist Home for Children In Raleigh, NC and Epwor(h Children's Home In Columbia, SC to pro%4da a Field Education student for the summer 19.20000 19.20000

Duncan United Methodist Church, Oeoroetown- SC Program for the Rural Carolinas 75,DDO 00 75,OOD 00

The Foundation Carrier, New York, NY General Operating Support 24,00000 24 .00000

Grantmakers for Children, Youth and Families- Washinaton- General Operating Support 2.5W 00 2 .60000

Grantmakers for Effective Organizations . W-mhIngton. DC General Operating Support 4.00000 4,00000

Grantmakers n Aalno. Dayton . CH General Operating Support 3 .00000 3 .00000

Grantmakers In Health, Washinaton. DC General Operating Support 12.00000 12 .00000

Greenville District of the United Methodist Church. Greenville, NC Program for the Rural Carolinas 160,00000 1 60 .0W 00

Hildebran United Methodist Church. Hildebran. NC Program for the Rural Carolinas 76,00000 75 .00000

Hospice & Palliative CareCander. Winston-Salem . NC To assist In the first year of a three-year period with the Caring Community and Health Ministry Outreach Program 48,ODO 00 48,00000

Hot SorIncis Health Proaram. Marshall . NC Program for the Rural Carolinas 76,00000 76,00000

Isaiah UnKed Methodlat Church- Wafterboro . SO Program for the Rural Carolinas 75,00000 76,00000

KWIer'a Chapel United Methodist Church. Rugherfordton. NC To assist In the second year of a three-year period with the Caring Community and Health Ministry Outreach Program 26,00000 25,00000

MDC- Chapel Hill . NQ Management of Program for the Rural Carolinas 572.34900 572,34900

Maria Parham Hospital, Henderson. NC Program for the Rural Carolinas 160.00000 160,00000

Marion Medical Center. Marion. SC Program for the Rural Carolinas 160.00000 160 .00000 49 THE DUKE ENDOWMENT - 56 0329M 2M Statement 17 Form 990-PF- Part XV- Line 3 SupciernentaryinformaWn

Unpaid UnPam Appropriations Appropriations Pryments ApptapdalJons Balance pladuldlons) Olef-13) eatance 12MI/03 2OD4 2004 12031,04 ENDOWNIM-WIDE PROGRAMS FROM MERVE RIND LconLi

Methodist Home for CbHdmm Ralefah, Continued assistance to entance outreach senices of the Jordan Child arW Farnify Enrichment Center. 109.20000 129.2DO.00, Cordintied assistance to enhance the outreach services of the Jordan Child and Family Enrichment Center. I 50.ODO 00 ISO 00

Model Child Drvelooment Center InUallse . The QuIce Endowment. CtWrWe. HC ReIrnbLusernent for the 'Model Child Development Centat' Intilalhe - Advisory Panel 1 .10734 1 .107.34 Assistance to contract with outside consullazits to proWde technical assistance to model child de%elopmerd centers and to e%ehtste the 'Model Child Development Carder' Initiative 48.110D.011 48 .10001 Continued assistance to confirius a contract with outside consultants to pywAde technical asatstance to model child dvielopmest centers and to eYstuals the 'Model Child De%elopmerd Center" Infliathe. 36.00D OD 35AW.OD Assistance to continue a contract with outside consultants to prov6de technical assistance to model child development centers and to evelLiate the Wodal Child DvvaloPmerd Cantee Intliathe 80.0DO 00 74,-A3.97 6,4W-13 Additional support to continue a contract with UNC-8 Frank Porter Graham Child Development Center to pro%4cle technical assistance to the Model Child De%elopmerd Centers 77 .333 OD 77,0100

N-C. Center for Nomraft- RalefghtQ General Operating Support 10.ODD.OD 10.000 OD -

NC Hymanitive Council. GreensboaLUQ Supped of the Annual NC Humanities Council Dinner 10.00000 10.000.0D

NC Network of Grantmakers. Balefah, Membership dues 2.6W OD 2.500 OD

CAder Adult Council of the Souft Carolina UrOted Methodist Annual Coodere-goo- SmrnerAle- SC To assist In the a yew of a thnx~j~ period with the Caring Community and Health Mir" Outreach Prograrn. I OZS41 00 IOZ841.00

Oiislow~ County Memdal Hoaplial. JacksorrylVe. WC Program for the Rural Carolinas 75 .00000 75 .OOD-00

Pander Memorial Hospital . Burcaw . NG Program for the Rural Carolinas 75,00D.W 75AMOO

Pinetops ChurchL Pinatoos- HC Program fog the Rural Carollras 76 .00000 75~1=00 Program for the Rural Carolinas (75 .00000) CPSJ=00)

Pilmoor Ctnach. Currituck. N Program for the Rural Carolinas 76,ODO.00 75.ODD OD

The Philanthropy Roundtable, WashInalon, DC General Operating Support 5 .00D 00 SAW.OD

Presbyterian Hospital Foundatt9m Charlotte- NC To asaLst In the second yew of a three-year period with the Caring Community and Heallh Ministry Outreach Program 98 .5w 00 98 .5W.OD 50 THE DUKE ENDOWMENT - 56 0629965 9M Statement 17 Form 990-PF . Part XV. Line 3 Suvolamentary Intgrmatio

Unpaid Unpaid Appropriations Appropriations Payments Appropriations Balance (Reductions) (Refunds) Balance 12/31/03 2004 20D4 12MI/04 ENDOWMENT-VADE PROGRAMS FROM RESERVE FUND (22OU

Proaram for the Rural Carolinas Contingency for the Program for the Rural Carolinas 75.00000 36.91600 39,08400

Randolvh Hosvital . Asheboro- NC Program for the Rural Carolinas 160.00000 150.00000

Roanoke-Chowan Hospital, Ahoskle. NC Program for the Rural Carolinas 76,00000 75,00000

Rockinaharn District, Pembroke- NC Program for the Rural Carolinas 75.00000 75,00000

Rural Church and Health Care Division Initiative, Durham, NO Assistance to health care programs. rural churches and allied organizations to understand and e)plore the Implications of the relationship of religion and spirituality to good health 107.72789 107 .72789

Rutherford Hospital Foundation- Inc., Rutherfordton. NC To assist In the first year of a three-year period with the Caring Community and Health Ministry Outreach Program

St~sdv Grove United Methodist Church. Oranoeburn. SC Program for the Rural Carolinas 160,00000 160.00000

SC Association of Nonprofit Orrianizations . Columbia, SO General Operating Support 6,00000 6.00000

SC Grantmakem Network, Columbia . SC General Operating Support 20000 20000

Snow Hill Church, Danbury, NC Program for the Rural CarollruLs 76,00000 75.00000

Southeastern Council of Foundations. Atlanta, GA Membership Dues - General Operating Support 4,70000 4.70000

Thompson Children's Home, Matthews . NC Continued assistance to sustain the outreach serAces of the Thompson Child Development Center 160.00000 150,00000

Waynesville District. Lake JL=lLjska, NC Assistance In the second year of a three-year period to establish a Model Child Care Carrier an the campus of Haywood County Community College 282.00000 282,00000

Zero to Three - National Centilir for Infants, Toddlers, and Families . WashirKrIon. DO Assistance In the first year of a two-year period to provide funding for two early childhood professionals from North Carolina and South Carolina to participate In Zero To Three's Leaders for the 21st Century program 50.00000 60,00000

TOTAL - ENDOWMENT-VADE PROGRAMS 953,495 64 4,749,931 22 4,864,6n 34 848,79742

GRAND TOTAL 22,456,684 64 106,765,324 64 105,774,926 68 23~436.982 60

W - -- .- I r -

SOM19(Rev . 12-2M4) 44 page 2 9 If you are filing for an Additional (not automatic) 3-Month Extension, complete only Part 11 and check this box lo- 0 Note. Only complete Part 11 N you have already been granted an automatic 3-month extension on a previously filed Form 8868 .. 0 If you are filing for an Automatic 3-Month Extension, complete only Part I (on page 1). - ditional (not automatic) 3-Month Extension of Time-Must File Original and_Ono Coey. Type or Name of Exempt Organization Employer Idantificatlon number print I The Ppkg. _ Endowment ON 66,0529965 =by Wl" , Number, street. and room or suite no. if a P.O. box, see Instructions. For IRS use only duo date for 100 North Tryon Street, Suite 3600 fift V% Cty. town or post office, state, and ZIP code. For a foreign address, see In5ludlon5. 1013M . IS" I Charlotte, NC 28202-4012 Check type of return to be filed (I'lle a separate application for each raturn): 0 Form 990 0 Form 990-T (sec. 401 (a) or 408(a) trust) 0 Form 5227 0 Form 990-BL 0 Form 990-T (trust other than above) 0 Form 6069 0 Foim 99D-EZ C1 Form 1041-A 0 Form 8870 0 Form 990-PF 0 Form 4720 STOP: Do not complete Part 11 If you were not already granted an automatic 3-month extension on a previously filed Form 886& * The books are In the care of jo. Janice...... C . Walker.. ... I. . CFO...... &. .Treasurer...... Telephone No. 10- ...... ii"i6l...... FAX No. 1110~ ...... ~.Z@~9336...... " If the organization does not have an office or place of business In the United States, check this box ...... 10- C1 " If this is for a Group Return, enter the organization's four digit Group Exemption Number (GEN) - If this Is for the whole group, check this box IN- 0 . If It Is for pdrt of the group, check this box Do- 0 and attach a. list with the names and EINs of all members the extension Is for. 4 1 re4uest an additional 3-month extension of time until November 15 00 05~ 6 For calendar year 99M., or other tax year beginning ...... 20 ...... and ending ...... 20 ...... 6 If this tax year Is for less than 12 months. check reason: 0 Initial return 0 Final return 0 Change In accounting period 7 State In detall why you need the extension .Information...... necessary...... to...... return...... 8a -If-thIs; apollc~tlon Is"for Form 990-BL, 990-PF, 990-T. 4720, or 6069, enter the tentative tax,*Iess-any nqnrefundal~e credits' See Instructions ...... $ .-2,598,464 b It this application Is for Form 990-PF, 990-T. 4720, or 6069, enter any refundable credits and estimated tax payments made. Include any prior year overpayment . allowed as a credit and any amount paid previously with Form 8868 ...... 2,398,464 c Balance Due. Subtract line 8b from line Be. Include your payment with this form, or, If required, deposit with FM coupon or, If r2gulred, by using EFTPS (Electronic Federal Tax Payment System). See Instructions. $ 200,000 Signature and VerMcation Under penalties at pertury, I dectare Met I have exorrilned eft form, lnc1WkV accornpanytV edmduiw and and to the best of nrl Wwowlodgo mid belief. it 13 true. cwreM and oornplol:a, and that I am wfftitzed to prepans eft fwrn . Chief Financial Officer -Trde 0-and. Treasurer, Daft b, 8115/05 Notice to Applicant-To Be -Completed. by the IRS 2r"'We h(v)approved this application. *Please at~~ this form'to'th*e iDrgqnizaUon*s return. 0 We have not approved this application. However, we have granted a I G-day grace period from the later of the date shown below or the due date of the organization's return (Including any prior extensions). This grace period is considered to be a valid extension of time for elections otherwise required to be made on a timely return . Please attach this form to the organization's return. 0 We have not approved this application. After considering the reasons stated in Item 7. we cannot grant your request for an extension of time ,fq. file:.We are not granting 6 10-day grace period. We cannot consider this application because it was filed after the extended due date of the return for which an extension was requested. Other ......

Dkector Date Alternate Mailing Address - Enter the address it you want the copy of this application for returned to an address different than the one entered above. I ~ . I Naffm I I an-NSION OPROWD Type or Number and street (Include sulte, room, or apt. no.) or a P.O. box number print SEP 1A 2005 I City or town . province or state, and country (including postal or ZIP code) FIELD DRECIM .SMISStON pi;t6dSSING, OGGDENI I , . I I

Application for Extension of Time To File an (RovForm8868. Doommw 2W4) Exempt Organization Return OMB No . 1646-1709 Dopwtrrard of ft Tnamiry IntomW Rr*vnuo SwAm lo- File a sepa;ate application for each return . " If you are filing for an Automatic 3-Month Extension, complete only Part I and check this box ...... 10-0 " If you are filing for an Additional (not automatic) 3-Month Extension, complete only Part 11 (on page 2 of this form). Do not complete Part 11 unless you have already been granted an automatic 3-month extension on a previously filed Form 8868. L2M Automatic 3-Month Extension of TIme-Only submit original (no copies needed) Form 990-T corponations requesting an automatic 6-month extensiorff-chock this box and complete Part I only . . . No- [3 All other corporations ancluding Form 990-C filers) must use Form 7004 to request an extension of time to file Income tax returns. Partnerships, REMIC9, and trusts must use Form 8736 to request an extension of time to file Forrn 1065, 1066, or 104 1. Electronic Filing (*-file). Form 8868 can be filed electronically If you want a 3-month automatic extension of time to file one of the returns noted below (6 months for corporate Form 990-T filers). However, you cannot file it electronically If you want the additional (not automatic) 3-month extension, Instead you must submit the fully completed signed page 2 (Part 11) of Form 8868. For more cletalls on the electronic filing of this form, visit www.ft.govIefile. Type or Name of Exempt Organization Employer Identification number print The Duke Enedowment -66 : 0529965 File Number, streK and room or suite no. If a P.O. box, see Instructions, due Zrfr fift Your 100 North Tryon Street, Suite 3500 return. See k"tructlorts. City. town or post office, state, and 7JP code. For a foreign address, see Instructions. Charlotte, NC 28202-4012 Check type of return to be filed (file a separate application for each return): 0 Form 990 0 Form 99D-T (corporation) 0 Form 4720 0 Form 990-BL [3 Form 990-T (sec. 401 (a) or 408(a) trust) 0 Form 5227 0 Form' 99D-EZ 0 Form 990-T (trust other than above) C3 Form '6069 0 Form 990-PF 0 Form 1041 -A 0 Form 8870

o The books are In the care of .Tresaurer...... of.. . .The.. .. .D. .uke.. .. .E. .nd.. .owment......

Telephone No. lo- ~. .jq~ ..). .376-02911 FAX No. 110- ~ .. .1" . ..). .41~:9336...... " If the organization does not have* . .. -- an office . ... * . .or. .. place...... of. business In the United-States. check this box ...... " If this Is for a Group Return, enter the organization's four d1git Group Exemption Number (GEN . If this Is for the whole group, check this box 0- 0 . If it is for part of the group, check this box No- [:] and attach a list with the names and EINs of all members the extension will cover. - I I request an automatic 3-month (6-months for a Form 990-T corporation) extension of time until AYllust 15 ...... 20'95 . to file the exempt organization return for the organization named above. The extension Is for the organization's return for: 10. 0 calendar yew 20 P! or IN- 0 tax year beginning ...... 20 ..., and ending ...... 20 . ...

2 If this tax yew is for less than 12 month6, check reason: 0 Initial return 0 Final return 0 Change In accounting period

3a If this application Is for Form 990-BL, 990-PF, 990-7, 4720, or 6069, enter the tentative tax, less any nonrefundable credits. See Instructions ...... $ 2,398,464.00 b If this application Is for Form 99D-PF or 99D-T, enter any refundable credits and estimated tax payments made. Include any prior yew overpayment allowed as a credit ...... $ 2,023,464.00 c Balance Due. Subtract line 3b from line 3a. Include your payment with this form, or, It required, deposit with FTD coupon or, If required, by using EFTPS (Electronic Federal Tax Payment System). See instructions ...... $ 375,000.00 Caution. If you are going to make an electronic fund. wIthd;awaJ with this Form 8868, see Form 8453-EO and Form 8879-EO for payment Instructions . For Privacy Act and Paperwork Reduction Act Notice, see Instructions. Cat. No. 27916D Fann SM (Rev. 12-20W)