Total Number of Contributors:	501
Amount Contributed this year (2008):	$27.838
Amount Contributed total:	$430,352
Value of Account (As of: 1 May 2008)	$629,923

Fund Bylaws	FAQs	Latest Board Meeting Minutes	Fidelity Article

Status of the "Banker's Trophy" for the Endowment Competition

SUBJECT: E-mail Meeting of PEF Board - Week of 11 December 2006

John Evans, PEF Board President, called an e-mail meeting of the PEF Board during the week of 11 December 2006 to discuss and vote on the issue, in bold below, regarding the hypothetical attainment of reaching the $580,000 goal prior to our 50th reunion scheduled for May, 2008.

The results of the vote are shown at the end of this message. By a vote of 6 (six) to 1 (one), the PEF board decided to "stay the course" and continue the policy the board agreed to during our October, 2006 board meeting and invest current and future assets as follows: 40% Growth Funds, 40% Income Stock Funds, and 20% International Funds.

Bob aka 'Dusty' Rhodes

Secretary

Perpetual Endowment Fund (PEF) Board

ISSUE:

In the event that the USMA 1958 Perpetual Endowment Fund attains a market value of $580,000 prior to our 50th reunion what actions, if any, should the board take at that time?

DISCUSSION (alphabetically):

Jason Affolder

" . . . We should stay the course as an example for future boards; the market is too unpredictable for us to try and time our trades. Meg (Roosma) makes a great proposal to back date a check for the reunion -- I think that would be terrific. I would think that wise traders in your class would know that the market fluctuations caused a slight dip in the current value and would not attribute the dip to irresponsible fund management."

Patrick Connelly

" . . . I think that we need to have a very compelling reason to deviate from the long-term, non-activist strategy. This should especially be the case in light of the precedent that we are setting as the first stewards of the Perpetual Endowment Fund (PEF), something we hope will outlive us all. I think we should leave an unambiguous legacy for future boards that the PEF’s objective is long term viability and that slow, safe growth is the objective. The PEF will survive many business cycles and it has yet to complete even its first complete cycle. Is there a compelling reason to change course, even for a brief period?"

John Evans

" . . . Since we have been guided by the class leaders that the Perpetual Endowment Fund (PEF) will NOT be called on for First Class Club (FCC) monies in May 2008, I vote for "staying the course" with the 40% Growth Funds, 40% Income Stock Funds, and 20% International Funds or reaffirm the policy the board agreed to in October. If we thought that Executive Committee (EXCOM) would request, say, $50,000, I would suggest putting that amount now into a Money Market Fund (MMF). But it's not [nor will be] the case, hopefully! I recognize the economy is in the late business cycle, but stock valuations are reasonable by historic terms. I also understand that the stock market tends to discount 6 to 9 months in advance, but a "soft landing" for the economy appears to be most likely at this time. Stock market gains may be modest but no clear recession is expected for now. A more negative scenario might bring me to a different recommendation."

Lee Miller

" . . . I am proposing that at and when and if the $580,000 objective is achieved that we lock that amount in an interest bearing account for the period to our 50th reunion at which time it would revert to the Chartable Trust Investment Account in a mix to be determined by the Perpetual Endowment Board (PEB) at that time. Any funds coming in after the lock and any interest earned during the lock should be invested in the existing Charitable Trust Account, which should be kept open after the lock of the $580,000 until our 50th reunion and thereafter."

Robert Rhodes

" . . . I concur with all of those who suggested we stay the course which commits the board to 40% in Growth Funds, 40% in Income Stock Funds and 20% in International Funds."

Meg Roosma

" . . . I am strongly in favor of NOT CHANGING the mix. We will miss out on two years worth of growth potential if we try to lock in the $580,000 now for the sake of having a nice, round number at the (50th) Reunion. Yes, there is a risk that the market could take an ugly tumble at any time, but history has shown us that for the most part it keeps growing upward. Worse comes to worst, the check could be "back-dated" to the last time the fund was worth $580,000 prior to the Reunion!"

Ed Weckel

" . . . I applaud your (John Evans') efforts to reach a decision on this very important matter. As Treasurer, I will need to act promptly IAW the guidance of the Perpetual Endowment Board (PEB), since market swings can be steep and it might be too late to implement a decision if we wait until a given level is attained before soliciting the board members for guidance. Standard and Poor's (S&P’s) forecast predicted that foreign markets would probably outperform our domestic market, and that our market would experience a single digit gain. Further, interest rates would likely be eased by the Fed by mid year. That withstanding, I’m reminded of the fact that the market usually makes 90 percent of its gains during 10 percent of the trading days. These figures may not be precise, but they are in the ballpark. The Endowment was founded on the precept that we would keep our money invested for the long term, without trying to time swings. I realize that our 50th reunion is a special event, but I can not support taking our funds out of the market for a year or more. This is a tough decision, and I would probably change it if our class leaders indicated that the $580,000 goal was very important. However, I hear of no such message from them. Therefore I am in favor of staying with our current investment mix, which I believe is sound. In sum - - I vote stay the course."

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VOTE:

1. Continue to invest all current and future assets in Growth Funds (40%), Income Stock Funds (40%), and International Funds (20%). Note: See comments by Affolder, Connelly, Evans, Rhodes, Roosma, and Weckel.

YES: 6 NO: 1

2. Lock that amount ($580,000) in an interest bearing account for the period to our 50th reunion at which time it would revert to the Chartable Trust Investment Account in a mix to be determined by the Perpetual Endowment Board at that time. Any funds coming in after the lock and any interest earned during the lock should be invested in the existing Charitable Trust Account, which should be kept open after the lock of the $580,000 until our 50th reunion and thereafter. Note: See comments by Miller.

YES: 1 NO: 6

9 September 2004

Fellow Classmates,

I believe by now most of you know the Class Perpetual Endowment fund was established by vote at our 40^th reunion to provide a long term series of gifts to the USMA. A modest initial goal of $50,000 - $100,000 was established. However, the Class Executive Committee later decided to use the Endowment as a vehicle for our 50^th Anniversary Gift, and a goal of $580,000 was decided upon. Thus far you have donated slightly more than $300,000 to the Endowment, which is now worth in excess of $350,000. Nearly 400 of you have contributed to the Endowment.

This year we had two unusual initiatives to stimulate funding support. The first was an auction of Prince Igor’s (aka Sigurski’s) bogus $58,000 check. After days of lively bidding, the auction was won by a consortium from the 2d Regiment. In all, the Endowment Fund gained $9,000 from the auction, as most of the losing bidders decided to donate their bids to the Endowment. Plus Alan Salisbury generously agreed to match the winning bid.

The second initiative was a pledge to support the marchers who participated in our 50^th Anniversary Plebe Hike. This brought in another $4,000. Additional contributions during the first eight months of the year brought the total 2004 contributions to nearly $24,000. (Data current as of 8 September 2004)

We are collecting funds at a monthly rate of $3,000. To reach the $580,000 goal, we need to collect another $230,000. At the current rate, we will achieve this goal in 76 months, or in six plus years. In short - - the goal for our 50^th anniversary gift will be achieved two and a butt years after our 50^th reunion. Is this what we want?

Those of you who have not contributed are asked to step up to the plate and join your classmates. Those of you who have already generously contributed are asked to consider increasing your funding support. Although 65 members of the Class have donated $1,000 or more, half of all participants have donated less than $200. We need your support to achieve the Class 50^th Anniversary Gift!

Please send your contribution at any time to Ed Weckel, at 120 Regent Drive, Bel Air, MD, 21014. Make your check payable to “Fidelity Investments CGH”. Remember - - your donation is tax deductible.

20 May 2003

Dear Classmate:

This letter is to give you a status report on your Class of 1958 Perpetual Endowment Fund. It is doing amazingly well in one of the worst investment climates ever. We are proud that its net worth of $257,139 is so close to our total investment thus far of about $263K.

As you may recall, this visionary vehicle was created at our 40th Reunion to produce, by compounding funds over many years, gifts that could do much more for West Point than any of us could in our lifetimes. The Fund's Charter calls for the Fund to donate 25% of its value at our 100th and gifts of approximately 25% thereafter at every 10 year mark in perpetuity. It may,
for example, be able to make a gift of about $2 billion to West Point at our 200th anniversary.

The Class Executive Committee (EXCOM) has established the goal of raising $580K by 2008. That figure will grow to over $27M by our 100th Anniversary if we assume the snowball rolls down the hill at about 8% annually -- which historically it has over long periods. Over the next five years, therefore, we need to raise only about $330K. That may seem difficult, but with markets now recovering, most of our children out of school, and the occasional legacy gift, we think meeting this goal is realistic and feasible.

Please stand with us in this unique venture. If each of us budgets a modest yearly contribution over the next five years, we can easily smash that goal. Ask where else you could help your Country more and gain such powerful leverage with a modest gift -- from small acorns do great oaks grow! The Class of 1958 Endowment Fund is growing into just such an oak.

Join us in nourishing it with a check made out to "Fidelity Investments CGF," and mailed to Ed Weckel at 120 Regent Drive, Bel Air MD 21014 -- and please before 4 June 2003 to make the window for 2003 contributions.

God bless each of you.

[Signed/Members of the Class of 1958 Perpetual Endowment Fund Board]

Ed Weckel

Church Hutton

Lee Miller

MAJ Chris Engen

MAJ Meg Roosma (in Iraq)

Pete Brintnall

CPT Pat Connolly (in Iraq)

December 4, 2002

Subject: 2002 End of Year Endowment Report

Fellow Classmates and Friends.

Once again, our annual status report is being sent out early to avoid the busy holiday season, and to give you the opportunity to make a year end contribution, if you desire to do so. Remember that the Class Perpetual Endowment now represents our 50^th Anniversary Gift to the USMA - -with the first donation scheduled to be made in 2058. If we reach our goal of $580,000 by our 50^th Anniversary, assuming 8 percent growth, our heirs we be able to present a gift of $6,800,000 to the USMA in 2058 - - and much more at ten year intervals thereafter.

The good news is that we’ve received $130,243.58 in donations this year - - an annual record. However, before we pat ourselves on the back, the bulk of this amount came from a classmate who recently made a $100,000 contribution to our Endowment!!!!!!! Our Endowment Fund is worth $241,045.14.

This year 51 classmates contributed to the Endowment Fund. Some Class members are sending incremental amounts ($100 or so every few months), with the goal of achieving the $900.00 “average” recommended by Palmer in his message to the class which kicked off our 50^th Anniversary campaign.

Contributions:

1998 $64,338.77

1999 19,530.82

2000 24,389.67

2001 18,192.92

2002 130,243.58

We started investing our funds on October. 20, 1998, with the Dow at 8466 and the NASDAQ at 1648. (Yesterday the Dow closed at 8743, NASDAQ at 1449). With a few recent exceptions, additional donations were invested at successively higher levels - - including some at the market top in March 2000. (Funds are invested as received.) As I indicated previously, the break even point for our Endowment is around Dow 9500 and NASDAQ 1500, therefore all donations made at current levels will reduce our Break Even Point and yield greater returns when the market recovers.

Number of Contributors since Inception: 387 (Includes contributions made by non graduating members of our class, and in the names of deceased classmates.) Contributions range from $6.00 to $108,000.00.

Donation Profile: (Cumulative)

No of donations of $100k and greater: 1

No. of donations between $5,000 and $10,000 : 6

No. of donations between $1,000 and $4,999: 46

No. of donations between $ 500 and $ 999: 28

No. of donations between $ 250 and $ 499: 54

No. of donations between $ 6 and $ 249: 252

Sad Note: We lost Charlie Glover. Charlie will be remembered as the first member of the Class to contribute to our Perpetual Endowment. His was the first donation check received, and he continued to contribute on a regular basis thereafter.

Remember, at your convenience, you may send your tax deductible check to me (Ed Weckel) at 120 Regent Drive, Bel Air, MD. 21014. Make the check payable to “Fidelity Investments Charitable Gift Fund” or simply “Fidelity Investments CGF” if your pen is running out of ink. Make your donation work harder for the Class and the USMA - - Investing at current levels will LOWER our Break Even Point.

We thank you for entrusting us with your donations during this difficult market period.

HAVE A GREAT CHRISTMAS AND HOLIDAY SEASON

STAY HEALTHY

Your Endowment Board

Pete Brintnall

Chris Engen

Pat Connelly

Church Hutton

Lee Miller

Meg Roosma

Ed Weckel

November 2001 Newsletter

Fellow Classmates and Friends.

Our annual status report is being sent out early to avoid the busy holiday season, and to give you the opportunity to make a year end contribution, if you desire to do so.

Contributions:

1998                     $64,338.77
1999                       19,530.82
2000                       24,389.67
2001                       18,192.92

TOTAL:            $126,452.18

Current Value:   $135,245.49

Number of Contributors since Inception: 383    (Includes contributions made by non graduating members of our class, and in the names of deceased classmates.) Contributions range from $1.00 to $8,000.00. Five classmates have donated $5,000.00 or more. Average cumulative donation among participants is $330. Thirty one (31) donors have contributed $1,000.00 or more.

Accomplishments:

1. Due to your generosity, donations have been made in honor of all deceased classmates.
2. Twelve members of our Class joined the Class of 05 on 15 August and trudged 15 miles from Buckner to the Academy in the early morning hours. By doing so, they raised $4,420.56 for the Endowment. (Next year's march will take place on 14 August. Be there - - you wont regret it!)
3. After the 11 September tragedy, members of the Endowment Board personally contributed $1,300 to the Endowment in support of our Class, the nation and the Academy. (This is in addition to other donations they made during the year.) They were joined by several other classmates in this special tribute.

Failure: We are still far short of our primary goal - - achieving 100 percent Class participation, which would be truly unique and worthy of our Class.

The Future:

1. Our Class Executive Committee hopes to increase the value of the Class Perpetual Endowment to $580k by our 50th Anniversary. If successful, the value of our Endowment (assuming 8 percent annual growth) will be $27.2 million on the 100th Anniversary of our graduation! Details will be forthcoming.
2. Fidelity has lifted its restrictions concerning minimum deposits. You may now contribute to the Endowment at the time of your choosing - - including DECEMBER OF THIS YEAR if convenient with your tax planing goals. Checks should be made out to: "Fidelity Investments Charitable Gift Fund" (or "Fidelity CGF" for short) and mailed to 120 Regent Drive, Bel Air, MD., 21014.
3. You are reminded that you may include the Endowment in your will. Contact one of the board members below for details.

Best Wishes for the holidays and the New Year.

Your Class of 1958 Perpetual Endowment Board

Pete Brintnall
Pat Connelly
Chris Engen
Church Hutton
Lee Miller
Meg Roosma
Ed Weckel

November 2000 Newsletter

Fellow Classmates and Friends

The USMA Class of 1958 Perpetual Endowment finished its second year of operation on a high note. Three hundred and five (305) Classmates, next of kin, and friends have supported our Endowment. As of this date, the value of the Endowment is $137,396.53. Because of the high value of the Endowment, daily fluctuations normally exceed $1,000.

This year the contribution window opened immediately after the plebe march back in mid August and remained open until 31 October. To reach out to our Classmates and friends not on the net, 170 letters were mailed to inform them of the open window donation period.

I've compiled some statistics which some of you might find of interest. Please remember that the size of your contribution is of secondary importance. What we are striving for is 100 percent participation by all living Classmates, and memorial contributions (by Classmates, NOK, or by friends) in honor of the deceased members of our Class. We are still a long
way from that goal.

1. Amount Contributed:

1998 - - -   $64,338.77
1999 - - -     19,530.82
2000 - - -     21,201.56
Total: - - $105,071.15

2. Stock Donations:

1998 - - - One donation of $1,993.77
1999 - - - One donation of   1,450.82
2000 - - - Two donations totaling $3,557.66

3. Contribution Data.

Number* of contributions of $1,000 - $2,999: - - 17
Number* of contributions of $3,000 - $4,999: - -   5
Number* of contributions of $5,000 or more: - -    4
Largest "Total" Contribution* : $6,000.00
Smallest Contribution: $1.00
Average "Total" Contribution* : $344.49 ($105,071/305)

*Based on the "total" donation made over the two year life of the Endowment. As an example, someone who donated $500 per year would be counted in the $1,000 - $2,999 category, as would someone who made a one time donation of $1,000.

Recently I have been contacted by several Classmates who asked me to check whether they had contributed to the Endowment. They had contributed generously to the AOG in recent years, and thought they may also have
contributed to the Endowment. Some had not. If you are doubtful of your contribution status, I will be glad to provide you with your donation profile since inception of the Endowment. We still have six Plebe March Back "pledges" which have not been fulfilled.

Future Activities.

Based upon a suggestion by Art Meyer and a vote at the recent mini reunion, the donation window will open in June 2001 so as to allow classmates the opportunity to date their checks "4 June xx" in honor of our graduation date.

If a member or members of the Class participate(s) in the Plebe March Back on 15 August 2001, the Endowment Board will no doubt again solicit contributions from the Class based upon miles walked or for showing up at the starting gate at an "ungodly" hour - - this year it was 0200, but we had to be at an earlier poop session which began at 0130!

The march back was a huge success and supported by over 100 Classmates, NOK, and friends who backed the four marching members of our Class. Although we will be a year older in 2001, based upon your inquiries, I suspect that the Class will be able to field more than four able bodied participants in 2001. (Already seven 58ers indicated strong interest in the 2001 march - - GC, AS, LM, JK, VG, WW and EW.) REMEMBER: WE AIN'T OVER THE HILL YET! The donation window will close about a month after completion of the march back.

Wills and Trusts: Several of you have informed me that you have made provisions to include the Class Endowment in your will or trust document. This is a great way to lend your support to the Academy long after we have all joined the "Ghostly Assemblage." Anyone contemplating such action is requested to contact me or other members of the Endowment Board for specific instructions.

We can make a difference! We will make a difference!
And we ain't over the hill yet!

Ed Weckel
Treasurer
Class Endowment Board

Questions?/Comments: Contact Ed Weckel at Weck58@cs.com