annual report 2004 afl cio building investment trust c2 contents message from the president of 1 objectives 2 to participants 3 year in review 4 performance 6 positive operational trends 9 national apartment initiative 10 real estate outlook 11 audited financial statements 13 1988 established providing union members pension plans a prudent means participating commercial development more than 16 years operation has built solid record meeting s original goals investors high degree security and compet itive risk adjusted returns while also achieving important secondary objec tives job creation economic recent responded evolving needs by increasing its investments equity that strategy been widely embraced as evidenced nearly 50 increase number last two today is an asset movement helping work ing men women build retirement
