[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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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
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where such distribution or use would be contrary to law or regulation or where
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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
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RESERVATION OF RIGHTS.This Website (including, without limitation, the graphics,
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its proprietary rights herein including, but not limited to, copyrights,
trademarks and other intellectual property rights. No user of this Website may
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reasonable copying or printing of information in the Website for individual,
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USE IN CONFORMITY WITH LAW. Your use of this website constitutes your agreement
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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 benchmark, the
Lehman Brothers Aggregate Bond Index. The strategy for achieving superior risk-
adjusted performance is to invest in assets that provide premium income, with
risk comparable to our benchmark. 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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COMPANY NEWS
PERFORMANCE
INVESTMENT PRODUCTS
UNION LABOR
PROJECTS
COMPANY PROFILE
CONTACT US
PERFORMANCE
Net Asset Growth - September 30, 1989 to September 30, 1999
Period $ in Millions
- ------ -------------
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
Sep-99 2135.0
- 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.
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COMPANY NEWS
PERFORMANCE
INVESTMENT PRODUCTS
UNION LABOR
PROJECTS
COMPANY PROFILE
CONTACT US
PERFORMANCE
Annualized Returns - September 1989 to September 1999
HIT Lehman Aggregate
Gross Bond Index
1 Year 1.40% -0.40%
3 Year 7.50% 6.80%
5 Year 9.00% 7.80%
10 Year 8.80% 8.10%
- Rates for periods 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
Lehman
Aggregate HIT
Bond Index Gross
---------- -----
Mar-94 9.74% 9.38%
Apr-94 8.71% 8.42%
May-94 7.82% 7.67%
Jun-94 6.73% 6.77%
Jul-94 5.89% 6.03%
Aug-94 4.85% 5.24%
Sep-94 3.75% 4.41%
Oct-94 2.46% 3.31%
Nov-94 1.29% 2.17%
Dec-94 0.24% 1.14%
Jan-95 -0.72% 0.37%
Feb-95 -1.02% 0.03%
Mar-95 -0.80% 0.27%
Apr-95 -0.26% 0.94%
May-95 0.64% 1.89%
Jun-95 1.79% 3.01%
Jul-95 2.63% 3.93%
Aug-95 3.70% 4.96%
Sep-95 5.14% 8.40%
Oct-95 6.75% 8.14%
Nov-95 8.47% 10.09%
Dec-95 10.26% 11.95%
Jan-96 11.86% 13.46%
Feb-96 12.73% 14.41%
Mar-96 13.21% 15.01%
Apr-96 13.32% 15.15%
May-96 12.73% 14.64%
Jun-96 12.10% 14.08%
Jul-96 11.72% 13.67%
Aug-96 11.12% 13.105
Sep-96 10.36% 12.29%
Oct-96 9.54% 11.36%
Nov-96 8.58% 10.30%
Dec-96 7.34% 9.09%
Jan-97 6.20% 8.03%
Feb-97 5.63% 7.37%
Mar-97 5.14% 6.86%
Apr-97 5.01% 6.69%
May-97 5.34% 6.96%
Jun-97 5.60% 7.25%
Jul-97 6.04% 7.69%
Aug-97 6.53% 8.19%
Sep-97 6.93% 8.61%
Oct-97 7.18% 8.92%
Nov-97 7.30% 9.09%
Dec-97 7.81% 9.56%
Jan-98 8.43% 10.13%
Feb-98 8.85% 10.57%
Mar-98 9.44% 11.11%
Apr-98 9.75% 11.40%
May-98 9.97% 11.58%
Jun-98 9.71% 11.64%
Jul-98 9.93% 11.36%
Aug-98 9.98% 11.21%
Sep-98 10.13% 11.08%
Oct-98 10.16% 10.92%
Nov-98 10.32% 10.88%
Dec-98 10.24% 10.67%
Jan-99 10.02% 10.36%
Feb-99 9.68% 9.90%
Mar-99 9.22% 9.37%
Apr-99 8.83% 8.90%
May-99 8.29% 8.29%
Jun-99 7.67% 7.68%
Sep-99 5.42% 5.56%
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 Lehman Aggregate Bond Index over the past
ten years.
- The Trust has provided enhanced returns in both up and down markets
- 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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COMPANY NEWS
PERFORMANCE
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CONTACT US
PERFORMANCE
VALUE GROWTH OF $50,000 INVESTED
Lehman
Aggregate HIT
Period Bond Index Gross
- ------ ---------- -----
($ in Thousands)
Sep-89 50.000 50.000
Sep-90 53.782 54.934
Sep-91 62.383 63.539
Sep-92 70.212 69.963
Sep-93 77.216 76.232
Sep-94 74.726 75.385
Sep-95 85.233 87.552
Sep-96 89.409 93.217
Sep-97 98.096 103.974
Sep-98 109.387 114.370
Sep-99 108.986 115.936
The chart shows the comparative value growth of $50,000 invested (minimum
initial investment) in the Trust and its benchmark (theoretical values) over the
course of ten years.
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PERFORMANCE
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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 September 30, 1999 the portfolio was 93.8% 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 3.8% of cash and short term investments.
[Back to Performance]
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PERFORMANCE
PORTFOLIO CHARACTERISTICS - as of September 30, 1999
Construction Loans 12.4%
Short Term 3.8%
Mortgaged Backed Securities 58.6%
Local Initiatives 2.4%
FHA Mortgages 22.8%
- 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.
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