Investments of the University include debt (bonds), equity (stock), real estate and other miscellaneous investments.
The University uses the "pool" concept to invest most of its cash. Under the pool concept, the excess cash of individual cost objects is invested by purchasing units in one of the University's three general investment pools: the Cash Management Fund (CMF), the Intermediate Term Pool, and the Long Term Pool. Each participating cost object owns units of the pool based on their initial and subsequent contributions and earns investment income based on the units owned. The Duke Management Company manages the assets invested in these pools.