[THE FOLLOWING IS MATERIAL CONTAINED ON THE WEBSITE OF THE AFL-CIO HOUSING
INVESTMENT TRUST]
Legal Disclaimer REGARDING THIS AFL-CIO HOUSING INVESTMENT TRUST WEBSITE
Your use of this AFL-CIO Housing Investment Trust ("Trust") website is subject
to the conditions and qualifications described below. By using this AFL-CIO
Housing Investment Trust website, you agree to accept such conditions and
qualifications. Any information herein is intended to be general in nature and
for current interest. While helpful, this information is no substitute for
professional tax, financial or legal advice. Investors should seek such
professional advice for their particular situation. Neither the Trust nor any of
its affiliates or representatives is providing tax, financial or legal advice.
NO WARRANTIES; LIMITATION OF LIABILITY. The information, charts, documents and
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The Trust will not be responsible for any loss or damage that could result from
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guarantee the accuracy, validity, timeliness or completeness of any information
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participants, nor any third party vendor will be liable or have any
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NO OFFER OR SOLICITATION REGARDING INVESTMENT IN THE TRUST. This Website
includes general information on the Trust's performance. Past performance does
not mean that the Trust will achieve similar results in the future. This Website
does not constitute a solicitation to invest in the Trust. Units in the Trust
are offered by prospectus only. The Prospectus contains more complete
information about the Trust and units in the Trust, and should be read carefully
before investing or sending money. For more information on investing in the
Trust or to request a prospectus, please contact the Director of Marketing and
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distribution to, or use by, any person or entity in any jurisdiction or country
where such distribution or use would be contrary to law or regulation or where
such distribution or use would subject the Trust or its affiliates to any
registration requirement within such jurisdiction or country. Neither the
information, nor any opinion contained in this site constitutes a solicitation
or offer by the Trust or its affiliates to buy or sell any securities, futures,
options or other financial instruments or provide any investment advice or
service.
RESERVATION OF RIGHTS. This Website (including, without limitation, the
graphics, icons, and overall appearance of the Trust's Website and the
information contained therein) is the property of the Trust. The Trust does not
waive any of its proprietary rights herein including, but not limited to,
copyrights, trademarks and other intellectual property rights. No user of this
Website may resell, republish, print, download or copy any portion of this
Website for commercial use without the prior written consent of the Trust,
except that reasonable copying or printing of information in the Website for
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availability of any information through this Website shall under no circumstance
constitute a transfer of any copyrights, trademarks or other intellectual
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USE IN CONFORMITY WITH LAW. Your use of this website constitutes your agreement
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governing such use.
Copyright 1999 AFL-CIO Housing Investment Trust
All rights reserved
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[LOGO OF AFL-CIO HOUSING INVESTMENT TRUST]
COMPANY NEWS
PERFORMANCE
INVESTMENT PRODUCTS
UNION LABOR
PROJECTS
COMPANY PROFILE
CONTACT US
PERFORMANCE
The Trust seeks to provide risk-adjusted superior returns to its benchmarks,
primarily the Lehman Brothers Aggregate Bond Index and secondarily the Salomon
Brothers Mortgage Index. The strategy for achieving superior risk-adjusted
performance is to invest in assets that provide premium income, with risk
comparable to our benchmarks. The successful combination of investment and risk
management has enabled the Trust to provide the performance investors expect,
thereby attracting additional funds to manage from both new and current
participants.
The performance data shown on this website represents past performance and does
not mean that the Trust will achieve similar results in the future. The
investment return and principal value of an investment in the Trust will
fluctuate so that an investor's shares, when redeemed, may be worth more or less
than their original cost. A Prospectus containing more complete information may
be obtained from the Trust by contacting the Director of Marketing and Investor
Relations. The Prospectus sets forth information about the Trust that an
investor should read carefully before investing.
[Bracketed items below identify icons indicating links to various charts and
graphs]
[Net Asset Growth] [Value Growth of $50,000 Invested]
[Annualized Returns] [Credit Quality]
[Annual Returns] [Portfolio Characteristics]
[Download a PDF file of the Performance Information]
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[LOGO OF AFL-CIO HOUSING INVESTMENT TRUST]
COMPANY NEWS
PERFORMANCE
INVESTMENT PRODUCTS
UNION LABOR
PROJECTS
COMPANY PROFILE
CONTACT US
PERFORMANCE
Net Asset Growth - June 30, 1989 to June 30, 1999
Period $ in Millions
- ------ -------------
Jun-89 259.3
Sep-89 264.5
Dec-89 284.7
Mar-90 298.8
Jun-90 318.8
Sep-90 332.4
Dec-90 366.1
Mar-91 394.9
Jun-91 415.5
Sep-91 485.3
Dec-91 528.7
Mar-92 566.8
Jun-92 603.2
Sep-92 646.4
Dec-92 661.9
Mar-93 725.8
Jun-93 758.3
Sep-83 795.3
Dec-93 845.8
Mar-94 877.0
Jun-94 885.3
Sep-94 908.3
Dec-94 935.3
Mar-95 992.1
Jun-95 1081.4
Sep-95 1122.3
Dec-95 1166.9
Mar-96 1195.0
Jun-96 1262.5
Sep-96 1327.0
Dec-96 1383.2
Mar-97 1396.6
Jun-97 1477.4
Sep-97 1574.0
Dec-97 1671.7
Mar-98 1737.1
Jun-98 1847.3
Sep-98 1960.7
Dec-98 2023.0
Mar-99 2074.0
Jun-99 2098.0
- Approximately 20% annually since the early 1990's;
- Over half comes from new and additional investments from new and
existing participants.
As a fixed income fund, the main component of the Trust's performance is
interest income on investments, all of which is distributed monthly to
participants.
- Approximately 90% of monthly distributions are automatically reinvested
in the form of purchasing additional units;
- Reinvestment comprises over one-third of recent growth.
[Back to Performance]
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COMPANY NEWS
PERFORMANCE
INVESTMENT PRODUCTS
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PROJECTS
COMPANY PROFILE
CONTACT US
PERFORMANCE
Annualized Returns - June 1989 to June 1999
HIT Lehman Aggregate Salomon
Gross Bond Index Mortgage Index
1 Year 3.70% 3.20% 4.10%
3 Year 3.20% 7.20% 7.30%
5 Year 9.00% 7.80% 7.90%
10 Year 8.90% 8.20% 8.30%
- Rates for period greater than one year are annualized.
- The ratio of total expenses to average net assets is projected to be 38
basis points (0.38%) in 1999.
Net Assets Vs. Expense Ratio
Year Ended Net Assets Ratio of Expenses
December 31 End of Period to Average Net Assets
1994 935,264,189 0.5%
1995 1,166,893,471 0.5%
1996 1,383,163,166 0.5%
1997 1,671,744,859 0.4%
1998 2,023,371,045 0.4%
- The Trust is a no-load investment - participants pay only for the
actual administrative expenses of operating the Trust.
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COMPANY NEWS
PERFORMANCE
INVESTMENT PRODUCTS
UNION LABOR
PROJECTS
COMPANY PROFILE
CONTACT US
PERFORMANCE
Annual Returns - One Year Moving Average
Salomon Lehman
Mortgage Aggregate HIT
Index Bond Index Gross
-------- ---------- -----
Mar-94 7.38% 9.74% 9.38%
Apr-94 6.51% 8.71% 8.42%
May-94 5.77% 7.82% 7.67%
Jun-94 4.94% 6.73% 6.77%
Jul-94 4.28% 5.89% 6.03%
Aug-94 3.68% 4.85% 5.24%
Sep-94 3.03% 3.75% 4.41%
Oct-94 2.24% 2.46% 3.31%
Nov-94 1.48% 1.29% 2.17%
Dec-94 0.78% 0.24% 1.14%
Jan-95 0.21% -0.72% 0.37%
Feb-95 0.04% -1.02% 0.03%
Mar-95 0.39% -0.80% 0.27%
Apr-95 1.02% -0.26% 0.94%
May-95 1.93% 0.64% 1.89%
Jun-95 3.01% 1.79% 3.01%
Jul-95 3.80% 2.63% 3.93%
Aug-95 4.67% 3.70% 4.96%
Sep-95 5.88% 5.14% 8.40%
Oct-95 7.20% 6.75% 8.14%
Nov-95 8.68% 8.47% 10.09%
Dec-95 10.19% 10.26% 11.95%
Jan-96 11.47% 11.86% 13.46%
Feb-96 12.17% 12.73% 14.41%
Mar-96 12.54% 13.21% 15.01%
Apr-96 12.58% 13.32% 15.15%
May-96 12.06% 12.73% 14.64%
Jun-96 11.54% 12.10% 14.08%
Jul-96 11.19% 11.72% 13.67%
Aug-96 10.70% 11.12% 13.105
Sep-96 10.07% 10.36% 12.29%
Oct-96 9.44% 9.54% 11.36%
Nov-96 8.68% 8.58% 10.30%
Dec-96 7.73% 7.34% 9.09%
Jan-97 6.93% 6.20% 8.03%
Feb-97 6.52% 5.63% 7.37%
Mar-97 6.13% 5.14% 6.86%
Apr-97 6.09% 5.01% 6.69%
May-97 6.44% 5.34% 6.96%
Jun-97 6.70% 5.60% 7.25%
Jul-97 7.09% 6.04% 7.69%
Aug-97 7.53% 6.53% 8.19%
Sep-97 7.86% 6.93% 8.61%
Oct-97 8.03% 7.18% 8.92%
Nov-97 8.08% 7.30% 9.09%
Dec-97 8.40% 7.81% 9.56%
Jan-98 8.72% 8.43% 10.13%
Feb-98 8.98% 8.85% 10.57%
Mar-98 9.40% 9.44% 11.11%
Apr-98 9.56% 9.75% 11.40%
May-98 9.56% 9.97% 11.58%
Jun-98 9.41% 9.71% 11.64%
Jul-98 9.41% 9.93% 11.36%
Aug-98 9.26% 9.98% 11.21%
Sep-98 9.12% 10.13% 11.08%
Oct-98 8.92% 10.16% 10.92%
Nov-98 8.81% 10.32% 10.88%
Dec-98 8.75% 10.24% 10.67%
Jan-99 8.55% 10.02% 10.36%
Feb-99 8.29% 9.68% 9.90%
Mar-99 8.05% 9.22% 9.37%
Apr-99 7.69% 8.83% 8.90%
May-99 7.30% 8.29% 8.29%
Jun-99 6.87% 7.67% 7.68%
Moving averages smooth the lines in order to highlight the trend rather than the
exact value at a specific point. Each point on this chart represents the
average of the previous twelve months annual returns.
TRUST HIGHLIGHTS
- The Trust has outperformed the benchmarks in each period since mid-
1994
- The Trust has provided enhanced returns in both up and down markets
- Consistency of outperforming the Lehman Aggregate
- Success of risk management strategy developed in 1994, which
A. systematically restructured the portfolio from a predominantly
long-duration multi-family portfolio with a relatively high
percentage of short-term investments to a more balanced
portfolio of multi-family and single-family mortgage-backed
securities with a short-term investment balance managed to meet
the near term funding needs of the Trust
B. Resulting in an interest rate neutral portfolio with core
holdings of well-structured, high-yielding mortgage investments.
See Value Growth of $50,000 Invested
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PERFORMANCE
VALUE GROWTH OF $50,000 INVESTED
Salomon Lehman
Mortgage Aggregate HIT
Period Index Bond Index Gross
- ------ --------- -------- -----
($ in Thousands)
Jun-89 50.000 50.000 50.000
Jun-90 54.860 53.925 54.410
Jun-91 61.465 59.694 61.004
Jun-92 70.107 68.076 68.538
Jun-93 78.451 76.095 76.016
Jun-94 75.802 75.106 76.054
Jun-95 84.966 84.532 86.298
Jun-96 89.877 88.775 92.166
Jun-97 97.984 96.010 101.614
Jun-98 106.656 106.130 112.750
Jun-99 111.039 109.473 116.866
The Chart shows the comparative value growth of $50,000 invested (minimum
initial investment) in the Trust and its benchmarks (theoretical values) over
the course of ten years.
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PERFORMANCE
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COMPANY NEWS
PERFORMANCE
INVESTMENT PRODUCTS
UNION LABOR
PROJECTS
COMPANY PROFILE
CONTACT US
Credit Quality
- The Trust invests primarily in securities guaranteed or insured by the
federal government or government sponsored enterprises.
- At June 30, 1999 the portfolio was 95.9% guaranteed or insured by the
Federal Housing Administration, Ginnie Mae, Fannie Mae or Freddie Mac,
2.4% local initiatives guaranteed or insured by state or local
enterprises, and 1.7% of cash and short term investments.
[Back to Performance]
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PERFORMANCE
PORTFOLIO CHARACTERISTICS
Construction Loans 0.127
Short Term 0.017
Mortgaged Backed Securities 0.540
Local Initiatives 0.024
FHA Mortgages 0.292
- Construction and Permanent Loan Securities: Nearly all construction
loans are convertible at maturity into permanent mortgages. This
category is comprised of FHA and Ginnie Mae credits. FHA mortgages are
guaranteed up to 99% of principal and interest, and pay a
correspondingly higher coupon than other agency credits which guarantee
100% of principal and interest.
- Mortgage-Backed Securities include both multi-family permanent
mortgages with prepayment protection, and single-family mortgage pools.
This category is comprised of Ginnie Mae, Fannie Mae or Freddie Mac
credits which guarantee the timely payment of all principal and
interest.
- Local initiatives are guaranteed or insured by a state or local public
enterprise, and are underwritten with a maximum loan-to-value of sixty-
five percent.
[Back to Performance]
