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POOLED ENDOWMENT FUND PAGE 1<br />
Dear Friend,<br />
I am pleased to provide you with<br />
the December 31, <strong>2017</strong> Annual<br />
Report for <strong>AFHU</strong>’s Pooled<br />
Endowment Fund (<strong>PEF</strong>).<br />
Your Investment Committee manages and provides oversight<br />
for the <strong>PEF</strong> consistent with the guidelines provided by<br />
<strong>AFHU</strong>’s Board of Directors. As part of our responsibilities,<br />
we periodically review the <strong>PEF</strong>’s performance and reallocate<br />
its assets. For the year ending December 31, <strong>2017</strong>, the <strong>PEF</strong><br />
had a return of 19% compared to 7.8% for the year ending<br />
December 31, 2016; the <strong>PEF</strong>’s assets totaled $567,000,000<br />
at December 31, <strong>2017</strong>. During the fiscal year <strong>2017</strong> the <strong>PEF</strong><br />
received contributions totaling $12,080,000 and transmitted<br />
$18,254,000 to the Hebrew University of Jerusalem.<br />
For the fiscal year beginning October 1, <strong>2017</strong>, the approved<br />
spending rate was 4.00%, which is the same spending rate<br />
used in the prior fiscal year.<br />
Thank you very much for your continued interest and<br />
support of the American Friends of the Hebrew University.<br />
Sincerely,<br />
KENNETH L. STEIN<br />
Chairman, <strong>AFHU</strong> Investment Committee
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