0001026777-01-500073.txt : 20011019
0001026777-01-500073.hdr.sgml : 20011019
ACCESSION NUMBER: 0001026777-01-500073
CONFORMED SUBMISSION TYPE: 497
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20011017
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: AFL CIO HOUSING INVESTMENT TRUST
CENTRAL INDEX KEY: 0000225030
STANDARD INDUSTRIAL CLASSIFICATION: []
IRS NUMBER: 526220193
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 497
SEC ACT: 1933 Act
SEC FILE NUMBER: 002-78066
FILM NUMBER: 1761023
BUSINESS ADDRESS:
STREET 1: 1717 K STREET NW
STREET 2: STE 707
CITY: WASHINGTON
STATE: DC
ZIP: 20006
BUSINESS PHONE: 2023318055
MAIL ADDRESS:
STREET 1: 1717 K ST NW SUITE 707
CITY: WASHINGTON
STATE: DC
ZIP: 20006
497
1
aflciofin.txt
WEBSITE INFORMATION UPDATE
[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
WITHOUT NOTICE. The information on this site is provided "AS IS". The Trust
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
from interception by third parties of any information made available to you
via this site. Although the information provided to you on this site is
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.
Neither the Trust, nor any of its affiliates, directors, officers or
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
in the event of any failure or interruption of this site, or resulting from
the act or omission of any other party involved in making this site or the
information or data contained therein available to you, or from any other
cause relating to your access to, inability to access, or use of the site or
these materials, whether or not the circumstances giving rise to such cause
may have been within the control of the Trust or of any vendor providing
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
THIRD PARTY WEBSITES. THE TRUST MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY
KIND WHATSOEVER FOR THE WEBSITE OR THIRD PARTY WEBSITES OR FOR ANY PRODUCTS OR
SERVICES MENTIONED OR OFFERED IN THE WEBSITE OR IN THIRD PARTY WEBSITES.
THE TRUST DISCLAIMS ANY EXPRESS OR IMPLIED WARRANTIES RELATED TO THE USE OF
THIS WEBSITE INCLUDING, WITHOUT LIMITATION, MERCHANTABILITY, SUITABILITY,
NONINFRINGEMENT, OR FITNESS FOR ANY PARTICULAR PURPOSE.
THE TRUST SHALL NOT BE LIABLE FOR ANY ERRORS CONTAINED HEREIN OR FOR ANY
DAMAGES WHATSOEVER ARISING OUT OF OR RELATED TO THE USE OF THIS WEBSITE,
INCLUDING, WITHOUT LIMITATION, DIRECT, INDIRECT, INCIDENTAL, SPECIAL,
CONSEQUENTIAL OR PUNITIVE DAMAGES, WHETHER UNDER A CONTRACT, TORT OR ANY OTHER
THEORY OF LIABILITY, EVEN IF THE TRUST IS AWARE OF THE POSSIBILITY OF SUCH
ERRORS OR DAMAGES.
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
not intended for 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
individual, non-commercial use is permissible where permitted by law. The
availability of any information through this Website shall under no
circumstance constitute a transfer of any copyrights, trademarks or other
intellectual property rights of the Trust to any Website user or any third
party. This Website is protected by U.S. and international copyright laws,
both as individual works and as a compilation. You may not delete any
copyright or similar notice from any part of this Website.
USE IN CONFORMITY WITH LAW. Your use of this website constitutes your
agreement to comply with all applicable federal, state and local laws and
regulations governing such use.
Copyright 2000 AFL-CIO Housing Investment Trust
All rights reserved
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COMPANY NEWS
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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, 1991 to September 30, 2001
Period $ in Millions
------ -------------
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
Dec-00 2477.5
Mar-01 2548.7
Jun-01 2577.1
Sep-01 2962.0
- Net asset growth for the period September 30, 1991 to September 30,
2001 is approximately 21% on an annual basis.
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.
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PERFORMANCE
Average Annual Returns - Periods ended September 30, 1991 to September 30,
2001
HIT Lehman Aggregate
HIT (1) Gross (2) Bond Index
1 Year 12.58% 13.00% 12.95%
3 Year 7.13% 7.54% 6.39%
5 Year 8.39% 8.82% 8.06%
10 Year 7.92% 8.41% 7.76%
(1) Returns shown reflect the growth of an investment for the
specified periods.
(2) HIT Gross returns are calculated before the deduction of the
Trust's expenses.
- The ratio of total expenses to average net assets is projected to be
37 basis points (0.37%) in 2001.
NET ASSETS VS. EXPENSE RATIO
Year Ended Net Assets Ratio of Expenses
December 31 End of Period to Average Net Assets
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%
2000 2,477,481,753 0.38%
- 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 Net
---------- -----
Sep-96 10.36% 11.77%
Oct-96 9.54% 10.85%
Nov-96 8.58% 9.80%
Dec-96 7.34% 8.60%
Jan-97 6.20% 7.54%
Feb-97 5.63% 6.88%
Mar-97 5.14% 6.37%
Apr-97 5.01% 6.21%
May-97 5.34% 6.49%
Jun-97 5.60% 6.78%
Jul-97 6.03% 7.22%
Aug-97 6.52% 7.72%
Sep-97 6.93% 8.14%
Oct-97 7.18% 8.44%
Nov-97 7.30% 8.61%
Dec-97 7.80% 9.08%
Jan-98 8.43% 9.65%
Feb-98 8.84% 10.10%
Mar-98 9.43% 10.63%
Apr-98 9.75% 10.92%
May-98 9.97% 11.10%
Jun-98 9.70% 11.16%
Jul-98 9.93% 10.89%
Aug-98 9.97% 10.74%
Sep-98 10.12% 10.62%
Oct-98 10.16% 10.47%
Nov-98 10.32% 10.43%
Dec-98 10.24% 10.26%
Jan-99 10.02% 9.99%
Feb-99 9.68% 9.54%
Mar-99 9.22% 9.01%
Apr-99 8.83% 8.55%
May-99 8.29% 7.94%
Jun-99 7.67% 7.33%
Jul-99 7.22% 6.74%
Aug-99 6.41% 5.95%
Sep-99 5.42% 5.23%
Oct-99 4.68% 4.61%
Nov-99 3.89% 3.90%
Dec-99 3.10% 3.13%
Jan-00 2.27% 2.29%
Feb-00 1.84% 1.86%
Mar-00 1.46% 1.44%
Apr-00 1.04% 1.03%
May-00 0.85% 0.83%
Jun-00 0.97% 0.94%
Jul-00 1.26% 1.38%
Aug-00 1.82% 2.08%
Sep-00 2.44% 2.68%
Oct-00 3.00% 3.33%
Nov-00 3.76% 4.16%
Dec-00 4.80% 5.23%
Jan-01 6.10% 6.63%
Feb-01 7.13% 7.75%
Mar-01 8.02% 8.75%
Apr-01 8.95% 9.73%
May-01 9.86% 10.72%
Jun-01 10.42% 11.28%
Jul-01 10.98% 11.82%
Aug-01 11.38% 12.10%
Sep-01 11.88% 12.47%
- Returns shown reflect the growth of an investment for the specified
periods.
- 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.
FUND PERFORMANCE AND STRATEGY HIGHLIGHTS
- The Trust is on pace to outperform the Lehman Aggregate Bond Index for
the ninth consecutive year.
- High quality fixed income investments such as: Agency MBS, US
Treasuries, and US Agency Notes continue to post the greatest total
returns, so far in 2001. These securities continue to benefit from
"flight-to-quality" trends caused by the recent economic slowdown. The
Trust's commingled fixed income fund emphasizes high quality mortgage
securities that produce high current income and generate competitive,
risk-adjusted, total returns.
- As one of the largest institutional investors in Agency-Insured
Multifamily MBS, the Trust continues to create jobs by investing in
securities that finance new construction, or rehabilitation of housing-
related projects throughout the country. Beside the significant
collateral benefits of such a security structure, these securities
carry an Agency guarantee, provide generous yields relative to US
Treasuries, and possess excellent total return profiles.
- Risk management plays a significant role in managing institutional
pension fund capital prudently. Risk factors such as: credit, interest
rate, prepayment, and event risk, are constantly monitored, modeled,
and managed to ensure investors earn the greatest total returns while
minimizing investment risk.
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Value Growth of $50,000 Invested
Lehman
Aggregate HIT Average Annual Total Return
Period Bond Index Net for the periods ended
------ ---------- ----- September 30, 2001
($ in Thousands)
One Year 12.58%
Sep-91 50.00 50.00 Five Year 8.39%
Sep-92 56.27 54.79 Ten Year 7.92%
Sep-93 61.89 59.44
Sep-94 59.89 58.45
Sep-95 68.31 67.57
Sep-96 71.66 71.63
Sep-97 78.62 79.53
Sep-98 87.67 87.15
Sep-99 87.35 88.00
Sep-00 93.46 95.18
Sep-01 105.56 107.15
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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Credit Quality
- The Trust invests primarily in securities guaranteed or insured by the
federal government or government sponsored enterprises.
- At September 30, 2001 the portfolio was 96.0% guaranteed or insured by
the Federal Housing Administration, Ginnie Mae, Fannie Mae or Freddie
Mac, 2.0% local initiatives guaranteed or insured by state or local
enterprises, and 2.0% of short term investments.
[Back to Performance]
PERFORMANCE
PORTFOLIO HOLDINGS - September 30, 2001
Multi-Family Construction Mortgage Backed Securities 21.6%
Cash and Short Term Investments 2.1%
Single Family Mortgaged Backed Securities 33.0%
Federal Agency Securities and US Treasury Debt Securities 4.5%
Multi-Family Mortgage Backed Securities 37.0%
State Housing Agency Securities 1.8%
- 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 65%.
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Portfolio Allocation - September 30, 2001
Fannie Mae 32.0%
Freddie Mac 11.5%
HFA 2.0%
FHA 20.0%
Ginnie Mae 31.5%
Federal Home Loan Bank 1.6%
US Treasury Notes 1.4%
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