[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
other materials herein (collectively, the "Website") IS SUBJECT TO CHANGE
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expressly disclaims any obligation to keep the Website up to date or free of
errors or viruses, or to maintain uninterrupted access to this Website. The
Trust does not warrant the accuracy of the information or materials provided
herein, either expressly or impliedly.
The Trust will not be responsible for any loss or damage that could result
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obtained or compiled from sources we believe to be reliable, the Trust cannot
and does not guarantee the accuracy, validity, timeliness or completeness of
any information or data made available to you for any particular purpose.
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employees, trustees or participants, nor any third party vendor will be liable
or have any responsibility of any kind for any loss or damage that you incur
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software or services support. THE TRUST IS NOT RESPONSIBLE FOR ERRORS OR
OMISSIONS IN THE WEBSITE OR IN ANY WEBSITE LINKED (BY HYPERTEXT LINKS) TO
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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 Investor Relations. The information provided on this site is
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constitutes a solicitation or offer by the Trust or its affiliates to buy or
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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
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except that reasonable copying or printing of information in the Website for
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USE IN CONFORMITY WITH LAW. Your use of this website constitutes your
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Copyright 2000 AFL-CIO Housing Investment Trust
All rights reserved
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PERFORMANCE
The Trust seeks to provide risk-adjusted superior returns to its benchmark,
the Lehman 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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PERFORMANCE
Net Asset Growth - September 30, 1990 to September 30, 2000
Period $ in Millions
------ -------------
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
Dec-99 2149.3
Mar-00 2204.9
Jun-00 2259.4
Sep-00 2362.0
- Approximately 22% annually for the period September 30, 1990 to
September 30, 2000;
- 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-half of recent growth.
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Annualized Returns - June 1990 to June 2000
HIT Lehman Aggregate
Gross Bond Index
1 Year 8.6% 7.0%
3 Year 6.6% 5.9%
5 Year 7.5% 6.5%
10 Year 8.6% 8.0%
- Rates for periods greater than one year are annualized.
- The ratio of total expenses to average net assets is projected to be
39 basis points (0.39%) in 2000.
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 0.52%
1995 1,166,893,471 0.51%
1996 1,383,163,166 0.46%
1997 1,671,744,859 0.43%
1998 2,023,371,045 0.39%
1999 2,149,326,689 0.39%
- The Trust is a no-load investment - Participants pay only for the
actual administrative expenses of operating the Trust
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Annual Returns - One Year Moving Average
Lehman
Aggregate HIT
Bond Index Gross
---------- -----
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%
Jul-99 7.22% 7.08%
Aug-99 6.41% 6.28%
Sep-99 5.42% 5.56%
Oct-99 4.69% 4.94%
Nov-99 3.90% 4.23%
Dec-99 3.11% 3.49%
Jan-00 2.27% 2.68%
Feb-00 1.84% 2.26%
Mar-00 1.46% 1.84%
Apr-00 1.04% 1.43%
May-00 0.85% 1.23%
Jun-00 0.97% 1.34%
Sep-00 2.44% 3.09%
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 for seven
consecutive calendar 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. resulted 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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Value Growth of $50,000 Invested
Lehman
Aggregate HIT
Period Bond Index Gross
------ ---------- -----
($ in Thousands)
Sep-90 50.00 50.00
Sep-91 58.00 57.83
Sep-92 65.27 63.68
Sep-93 71.79 69.39
Sep-94 69.47 68.61
Sep-95 79.24 79.69
Sep-96 83.12 84.85
Sep-97 91.20 94.64
Sep-98 101.69 104.10
Sep-99 101.32 105.52
Sep-00 108.40 114.58
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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Credit Quality
- The Trust invests primarily in securities guaranteed or insured by the
federal government or government sponsored enterprises.
- At September 30, 2000 the portfolio was 93.8% guaranteed or insured by
the Federal Housing Administration, Ginnie Mae, Fannie Mae or Freddie
Mac, 2.2% local initiatives guaranteed or insured by state or local
enterprises, and 4.0% of short term investments.
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PERFORMANCE
PORTFOLIO CHARACTERISTICS - September 30, 2000
Construction Loans 11.3%
Short Term 4.0%
Mortgaged Backed Securities 59.3%
Local Initiatives 2.2%
FHA Mortgages 23.2%
- 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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Portfolio Allocation - September 30, 2000
Fannie Mae 30.2%
Freddie Mac 14.0%
HFA 2.3%
FHA 29.2%
Ginnie Mae 24.3%
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