Investing In Ourselves

AFL-CIO Equity Index Fund

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$1,290,830,274

$3,033,858,627

$3,513,066,346

$4,165,957,329

The fastest growing fund in AFL-CIO history

This chart reflects additions to the AFL-CIO Equity Index Fund by new investors, as well as fluctuations in market value.

Three years ago, a new fund, the AFL-CIO Equity Index Fund, opened

for investment. In that brief period of time, it has grown to more than

$4 billion in committed assets. We are extremely proud of the Fund and

the potential it has to positively impact the issues our members care about.

It’s an S&P 500 fund that makes a difference—using proxy-voting power

to encourage companies to adopt responsible business practices. It is also

very affordable, charging only minimal management fees of one and a

half basis points a year.

The AFL-CIO Equity Index Fund promotes good corporate governance through shareholder

activism, which gives investors the opportunity to change corporate behavior. Unlike many

competing index fund products, the Fund votes entirely in line with the AFL-CIO Proxy

Voting Guidelines. The Fund shows that union workers have a strong interest in pooling

their investment dollars together. The Fund has also shown that shareholder activism has

the power to bring about meaningful change in America’s largest corporations.

The Equity Index Fund allows for proxy voting and shareholder resolutions that are aligned

with the labor movement’s principles of capital stewardship 100 percent of the time.

Now is the time to invest with our values for the good of workers’ retirement security!

Richard Trumka

President, AFL-CIO

Dear Brothers and Sisters,

Created by the AFL-CIO, the AFL-CIO Equity Index Fund (EIF) is a

collective investment fund available to qualified pension plans. The

EIF tracks the returns of the broad U.S. large-cap equity market, as

represented by the S&P 500 Index. Stocks in the EIF’s portfolio are not

actively traded, resulting in low fees and expenses of 1.5 basis points.

The EIF launched in March of 2011 and has since grown to over $4

billion in invested and committed assets from 67 qualified pension

plans.*

The EIF also advocates shareholder activism and corporate governance

reform through proxy voting. The EIF votes in line with the AFL-CIO

Proxy Voting Guidelines 100 percent of the time. Every vote. Every

time. According to the AFL-CIO Key Votes Survey, the EIF’s biggest

competitors often vote against these guidelines. The EIF has tackled

corporate pay disclosure, golden parachutes, and excessive perks

for executives.

The EIF is managed by ASB Capital Management, a registered

investment advisor, which has handled Taft-Hartley pension plan

investments for more than 30 years and has a perfect AFL-CIO Key

Votes proxy record. ASB manages a total of $12 billion in S&P 500

Index investment mandates for multi-employer, public, and union

pension plans. Chevy Chase Trust Company is trustee of the EIF, and

maintains fiduciary authority over its management.

* As of January 31, 2014

About the AFL-CIO Equity Index Fund

In only three years since its inception, the AFL-CIO Equity Index Fund

has grown to more than $4 billion in committed assets.

This type of growth is truly unprecedented and it’s because now, more

than ever, unions are looking for pension fund investments that not only

have low fees, but also share their values.

The AFL-CIO Equity Index Fund proxy votes in line with the AFL-CIO

Proxy Voting Guidelines 100 percent of the time.

But with trillions more dollars in workers’ pension funds across America, we need to

exponentially grow to fully maximize our capacity to create change at boardrooms and

shareholder meetings across the country.

CEOs of S&P 500 Index companies made 354 times the average wages of rank-and-file

workers in 2012. The AFL-CIO Equity Index Fund promotes good corporate governance

through proxy voting and shareholder activism.

Last year, the AFL-CIO Equity Index Fund submitted shareholder proposals to reform

executive compensation practices and to establish independent chairs of corporate boards.

On top of that, the expenses and fees are extremely low because the objective of the Fund

is to track the returns of the U.S. large cap equity market as represented by the S&P 500

Index. The Fund ranks in the top 11 percent in returns in the Lipper S&P 500 Index Fund

Universe Rankings.*

Please ask your consultant to set up a meeting with us to discuss the AFL-CIO Equity Index

Fund and let’s continue to grow!

Mike StotzPresident, AFL-CIO Investment Trust Corporation (ITC)

* Top 11% performance in the Lipper US/All Share Classes/S&P 500 Index Universe (through 9/30/13) for quarter and year to date, and one and two year periods.

Dear Brothers and Sisters,

AFL-CIO Equity Index Fund vs. the Competition

Percentage of AFL-CIO Key Votes Cast In Accordance with the AFL-CIO’s Proxy Voting Guidelines

AFL-CIO Equity Index Fund 100%

JPMorgan 58%

T. Rowe Price 55%

AllianceBernstein 52%

Deutsche Bank 52%

Charles Schwab 52%

Bank of New York Mellon 40%

State Street Global Advisors 37%

BlackRock 32%

TIAA-CREF 23%

Vanguard 23%

American Funds 21%

Fidelity Investments 19%

Northern Trust 14%

Source: 2013 AFL-CIO Key Votes Survey, available at http://www.aflcio.org/proxyvotes

“Pension fund

invest ment in

labor-friendly

ventures,

such as the AFL-CIO Equity Index

Fund, allows us the right to use

our investments to proxy vote as

shareholders.”

—�Lawrence�J.�Hanley,�International�

President,�Amalgamated�Transit�

Union�(ATU)

“The AFL-CIO

Equity Index

Fund promotes

good corporate

governance through proxy voting.”

—�Nick�Wyman,�President,�Actors’�

Equity�Association�(AEA)

“As a whole, the

labor movement

has the power—

and responsibility—

to do what we can for all working

Americans. Investing in the AFL-CIO

Equity Index Fund and other similar

labor-friendly funds strengthens the

power of workers’ pension plans

through shareholder activism.”

—�J.�David�Cox,�National�President,�

American�Federation�of�Government�

Employees�(AFGE)

* Top 11% performance in the Lipper US/All Share Classes/S&P 500 Index Universe (through 9/30/13) for quarter and year to date, and one and two year periods.

The EIF tracks the S&P 500 closely, outperforming 89 percent of its peer funds in every period measured.*

“The AFL-

CIO Equity

Index Fund

expands our

voice to influence companies on

issues like pay-vote frequency,

golden parachutes, equity

compensation plans, executive

compensation, and more.”

—�Diann�Woodard,�President,�

American�Federation�of�School�

Administrators�(AFSA)

“The AFL-CIO Equity

Index Fund votes

100 percent with

the AFL-CIO Proxy

Voting Guidelines. Why is this important?

It gives workers’ pension plans a seat

at the table around issues impacting

corporate governance including board

independence, the company’s long-

term financial performance, the overall

conduct of the company, and the board’s

responsiveness to shareholders.”

—�Ray�Hair,�International�President,�

American�Federation�of�Musicians�of��

the�United�States�and�Canada�(AFM)

“The Equity

Index Fund

gives back the

power to our

union members’ pension plans

as investors. By putting our union

dollars in a fund that promotes

good corporate governance we

can ensure that we’re investing

in ourselves.”

—�Lee�Saunders,�President,�American�

Federation�of�State,�County,�and�

Municipal�Employees�(AFSCME)

“The AFL-

CIO Equity

Index Fund

always,

100 percent of the time, votes

in line with the AFL-CIO Proxy

Voting Guidelines. The Equity

Index Fund is our best choice if

we want to make sure that our

dollars are voted in our pension

plan’s best interest.”

—�John�Radcliffe,�President,�

American�Radio�Association�

(ARA)

“AFT members

participate in

pension plans with

over $1 trillion in

assets. We are committed to organizing

our funds to be active, responsible

stewards of workers’ capital. The AFL-

CIO Equity Index Fund represents a

powerful opportunity for pension plans

to reduce investment costs, while also

promoting good corporate governance

and responsible capital stewardship.”

—�Randi�Weingarten,�President,�American�

Federation�of�Teachers�(AFT)

“There’s only

one route to

take if we want

to ensure that

pension dollars are voted the right

way. The AFL-CIO Equity Index

Fund gives workers an important

voice in corporate decision-making

through shareholder activism and

proxy voting—it gives us a say

about how the corporations we

labor for are managed.”

—�F.�Leo�McCann,�President,�

American�Train�Dispatchers’�

Association�(ATDA)

“Armed

with strong

proxy voting

guidelines, the

AFL-CIO Equity Index Fund allows

pension plans to exercise their

voting rights to focus corporations

on building long-term value,

thereby providing healthy financial

returns, employment growth, and

retirement security.”

—�Dan�Pickett,�President,�

Brotherhood�of�Railroad�

Signalmen�(BRS)

“We have a

tremendous

opportunity to

invest our dollars

in a way that reflects our values.

That is what the AFL-CIO Equity

Index Fund is all about—pooling our

resources in order to be able to vote

through proxy strength in the interest

of our members’ pension plans and

all working families.”

—�David�B.�Durkee,�International�

President,�Bakery,�Confectionary,�

Tobacco�Workers�&�Grain�Millers�

International�Union�(BCTGM)

“Our members’

pensions are

among the

most valuable

assets we provide. The AFL-CIO

Equity Index Fund is a powerful

opportunity for pension plans to

reduce costs, while promoting good

corporate governance through proxy

voting and shareholder activism at

the same time.”

—�Michael�Bilbrey,�Association�

President,�California�School�

Employees’�Association�(CSEA)

The EIF promotes shareholder activism and improved corporate governance.

“When we work

together—as

workers and

investors—we

are stronger than when we stand

alone. The AFL-CIO Equity Index

Fund gives us the opportunity

to invest to change corporate

behavior—it gives our pension plan

power we wouldn’t have otherwise.”

—�Paul�E.�Almeida,�President,�

Department�for�Professional�

Employees�(DPE)

“The richest

one percent in

the U.S. have

more than one-

third of the nation’s wealth, while

60 percent of Americans barely

have any piece of that pie. Funds

like the AFL-CIO Equity Index Fund

make sure that workers’ pension

plans have a voice inside some of

America’s largest companies to

ensure greater corporate account-

ability through proxy voting.”

—�Larry�Cohen,�President,�

Communications�Workers�of�

America�(CWA)

“With CEO

pay growing

exponentially

and workers’ pay

remaining stagnant, investments

in the AFL-CIO Equity Index Fund

and other union-friendly funds give

workers’ pension plans a real voice

around issues like the appropriateness

of executive compensation.”

—�Baldemar�Velasquez,�President�&�

Founder,�Farm�Labor�Organizing�

Committee�(FLOC)

“Corporate

investment

in workforce

training can

enhance both companies and their

employees. The AFL-CIO Equity Index

Fund gives pension plans a voice

to raise these sorts of issues, which

can also include worker safety and

general wellness issues.”

— Carlo�Fiorletta,�President,�The�Guild�

of�Italian�American�Actors�(GIAA)

“The AFL-

CIO Equity

Index Fund

gives pen-

sion plans a tremendous voice

in board of director elections.

Shareholders elect corporate

directors to hire, monitor,

compensate and, if necessary,

terminate senior management.

That is why it is so important

to make sure that our pension

fund holdings are being voted

the right way.”

—�Bruce�R.�Smith,�President,�

Glass,�Molders,�Pottery,�

Plastics�&�Allied�Workers�

International�Union�(GMP)

“What

differentiates

the AFL-CIO

Equity Index

Fund from other investment vehicles

is its promotion of good corporate

governance. This is accomplished

through its proxy voting, which is done

in accordance with AFL-CIO guidelines

and allows investors to exercise

their rights by supporting important

shareholder initiatives on corporate

accountability, employee relations,

and executive compensation.”

—�Walter�W.�Wise,�General�President,�

International�Association�of�Bridge,�

Structural,�Ornamental,�and�

Reinforcing�Iron�Workers�(Ironworkers)

“By supporting funds like the AFL-CIO Equity

Index Fund, we can use our voice as share-

holders to push for transparency issues, such as

supporting independent auditors who can help

protect the integrity and reliability of corporate financial reporting.”

— Harold�A.�Schaitberger,�General�President,�International�Association�

of�Fire�Fighters�(IAFF)

“There is a huge benefit in having proxies voted in a

manner that is consistent with AFL-CIO guidelines and

reflects the interests of plan participants. It gives us a

voice that we wouldn’t have otherwise. I encourage all

pension plans to make sure their dollars are being invested consistently with

our values through vehicles like the AFL-CIO Equity Index Fund.”

—�James�A.�Grogan,�General�President,�International�Association�of�Heat�and�

Frost�Insulators�and�Allied�Workers�(HFIAW)

“Executive pay excesses come at the expense of

shareholders, as well as the company and its employees.

That is why a labor-friendly vehicle like the AFL-CIO

Equity Index Fund is so important—it allows us to engage

in shareholder activism to address issues of excessive compensation.”

—�R.�Thomas�Buffenbarger,�International�President,�International�Association�of�

Machinists�and�Aerospace�Workers�(IAM)

“Our investment

in the AFL-CIO

Equity Index

Fund encourages

companies to succeed over the

long-term by treating their employees

right. By voting in favor of labor and

human rights shareholder proposals,

the Fund gives us the power to

make sure that we are investing

consistently with our values.”

—�Newton�B.�Jones,�International�

President,�International�Brotherhood�

of�Boilermakers,�Iron�Ship�Builders,�

Blacksmiths,�Forgers,�and�Helpers�

(IBB)

“With exceptional

benchmark

tracking, proxy

voting, and

shareholder resolutions, we are very

proud to have chosen the AFL-CIO

Equity Index Fund and strongly

support the notion that our pension

plans should invest in the interests of

their participants and beneficiaries.”

—�Joseph�J.�Nigro,�General�President,�

International�Association�of�Sheet�

Metal,�Air,�Rail�and�Transportation�

(SMART)

“THE IBEW

applauds the

performance

of the AFL-

CIO Equity Index Fund, which

is based on solid principles that

we have long utilized in our own

investment program. The Equity

Index Fund is a proven, valuable

part of labor’s investment

strategy.”

—�Edwin�D.�Hill,�International�

President,�International�

Brotherhood�of�Electrical�

Workers�(IBEW)

The EIF successfully negotiated changes in executive compensation at Citigroup and Chesapeake Energy, and prompted the appointment of an independent chairman of the board at Pitney Bowes.

“Proxy

voting and

shareholder

activism allow

us to have a big impact on how

corporations behave. The Fund

gives us the power—the power

to hold corporations accountable

for what they do with our

stockholdings.”

—�Harold�Daggett,�President,�

International�Longshoremen’s�

Association�(ILA)

“Too often,

directors

have awarded

compensation

packages that go well beyond what

is required to attract and retain

executives, and have even rewarded

poorly performing CEOs. The

AFL-CIO Equity Index Fund is a

tool to assist in strengthening our

collective voice behind the AFL-CIO

Proxy Voting Guidelines.”

—�Gregory�J.�Junemann,�International�

President,�International�Federation�

of�Professional�and�Technical�

Engineers�(IFPTE)

“Putting our

money to work

for workers’

interests as

pension plan participants, that’s

what the AFL-CIO Equity Index

Fund is all about—making sure

that we invest in ourselves.”

—�Daniel�Bradley,�President,�

International�Plate�Printers,�Die�

Stampers�and�Engravers�Union��

of�North�America

The EIF has advocated for the mandatory disclosure of CEO to worker pay ratios, which have increased to a shocking 354:1.*

* According to the AFL-CIO Executive Paywatch.

“Proxy voting

and shareholder

activism are

just two of the

benefits of the AFL-CIO Equity Index

Fund. We can influence corporate

decision-making and make sure

that our investments are benefiting

all workers who are pension plan

participants.”

—�Kenneth�E.�Rigmaiden,�General�

President,�International�Union�of�

Painters�and�Allied�Trades�of�the�

United�States�and�Canada�(IUPAT)

“Shareholder

activism is critically

important. Our union

has been exercising

our voice as investors for many years

now—as long as I’ve been around. We’ve

sent representatives to the meetings

of big corporations and have had an

impact on golden parachutes and similar

issues. We’ve raised the playing field for

corporate governance and I think we need

to do a lot more of that in the future,

not just for the Bricklayers, but everyone

else, too. We need to hold corporations

accountable for what they do with our

investments.”

—�James�Boland,�President,�International�

Union�of�Bricklayers�and�Allied�

Craftworkers�(BAC)

“The AFL-

CIO Equity

Index Fund

is an import-

ant tool. No other investment

fund gives us so many important

opportunities to create value

through shareholder activism.”

— Samuel�A.�Cabral,�International�

President,�International�Union�

of�Police�Associations�(IUPA)

“We know that we have to invest in ourselves in order to

make a difference. The AFL-CIO Equity Index Fund gives

us that opportunity—to invest our pension dollars for the

good of all.”

—�Paul�M.�Rinaldi,�President,�National�Air�Traffic�Controllers�Association�(NATCA)

“The Letter Carriers feel strongly that programs

like the AFL-CIO Equity Index Fund are important

vehicles to create meaningful change and make

our pension investments go further and further.”

—�Fredric�V.�Rolando,�National�President,�National�Association�of�Letter�

Carriers�(NALC)

“Not only does the AFL-CIO Equity Index Fund help

union members’ pension plans, it gives working

Americans a voice and a vote on Wall Street.”

—�Michael�Goodwin,�President,�Office�and�Professional�Employees�

International�Union�(OPEIU)

“Proxy voting and shareholder resolutions give us

opportunities other investment funds don’t have—

the ability to influence corporate behavior.”

— John�F.�Hegarty,�National�President,�National�Postal�Mail�Handlers�Union�

(NPMHU)

“We, as union

members and

as investors,

have a real

opportunity to use the power of

our pension investments to change

corporate behavior. The AFL-CIO

Equity Index Fund is a tool for us to

make sure we are investing in our

own pension plan’s best interests.”

—�Harry�Lombardo,�International�

President,�Transport�Workers�

Union�of�America�(TWU)

“Investing

with our

values—that’s

something no

other invest ment fund can do. If

we’re interested in an economy that

works for all, we need investment

vehicles that give us the opportunity

to put our money where it will work

for us, not against us.”

—�Patrick�D.�Finley,�General�President,�

Operative�Plasterers’�and�Cement�

Masons’�International�Association�

of�the�United�States�and�Canada�

(OPCMIA)

“We, as union

members, know

that when we

work together we

are stronger. That’s why the AFL-CIO

Equity Index Fund is so important—

it helps us use our pension funds

collectively to influence corporations.

There’s no other tool for investment

that allows us to show our strength

in this way.”

—�D.�Taylor,�President,�UNITE�HERE

The EIF votes investor proxies in line with the AFL-CIO Proxy Voting Guidelines 100 percent of the time.

“The AFL-CIO Equity Index Fund’s biggest competitors often

vote against the AFL-CIO Proxy Voting Guidelines. That’s why

it is critical that unions support funds that share our values.”

—�William�P.�Hite,�General�President,�United�Association�of�Journeymen�and�Apprentices�

of�the�Plumbing�and�Pipe�Fitting�Industry�of�the�United�States�and�Canada�(UA)

“Investing our pension funds in labor-friendly ventures like the AFL-CIO

Equity Index Fund is simply the right thing to do. It gives us the power to

make sure our investments support all workers as pension plan participants.”

—�Joseph�T.�Hansen,�International�President,�United�Food�and�Commercial�Workers�International�

Union�(UFCW)

“Seven of the twelve wealthiest people in the world are from the Koch,

Walton, or Adelson families. Given this consolidation of wealth, we

need to make sure that workers’ pension plans also have a voice in

the capital markets through their proxy voting. Funds like the AFL-CIO

Equity Index Fund are a critical part of that strategy.”

—Leo�W.�Gerard,�International�President,�United�Steelworkers�(USW)

“The AFL-CIO Equity Index Fund offers responsible

proxy voting and shareholder activism, geared to

improving corporate governance, which is 100 percent

in line with the AFL-CIO Proxy Voting Guidelines.”

—�Cecil�E.�Roberts,�President,�United�Mine�Workers�of�America

“It is more important

than ever before that

unions find more ways

to invest in themselves

and support investment funds that work

for us, not against us. The AFL-CIO Equity

Index Fund shares our values and, through

proxy voting and shareholder resolutions,

we can rest assured that our investments

are being used in ways that will benefit all

workers’ pension plans.”

—�D.�Michael�Langford,�National�President,�

Utility�Workers�Union�of�America�(UWUA)

“The AFL-CIO

Equity Index

Fund is an

excellent choice

for union pension plans and union

workers. The Fund promotes

shareholder activism by voting

proxies in accordance with AFL-CIO

guidelines 100 percent of the time.”

—�Kinsey�M.�Robinson,�International�

President,�United�Union�of�Roofers,�

Waterproofers�and�Allied�Workers�

(Roofers�and�Waterproofers)

“One of the

best ways

to support

workers’ interests as pension

plan participants and benefi-

ciaries is through the AFL-CIO

Equity Index Fund—it gives our

plans the ability to make sure

our dollars are invested with our

values. It’s an important tool for

investing in ourselves!”

—�Michael�Winship,�President,�

Writers�Guild�of�America,�East�

Inc.�(WGAE)

The EIF has the lowest known investment management fee of any index fund.

Fund is subject to market risk. The AFL-CIO Equity Index

Fund is not a mutual fund. It is a collective investment

fund established by Chevy Chase Trust Company under

Maryland banking law, and its units are exempt from

registration under the Securities Act of 1933. Investments

in the Fund are not deposits, obligations of, or insured by

Chevy Chase Trust Company, ASB Capital Management

LLC, the United States government, or any United States

government agencies. This is not a prospectus and has not

been approved by the SEC.

The decision to participate in the Index Fund or to offer

the Index Fund as an investment option (in the case of

self-directed accounts) must be made by the trustees

of each individual plan after reviewing all available

information. The AFL-CIO is not an investment advisor

or investment manager, and does not have any intention

of, and shall not be deemed to be, advising any plan, its

trustees, its participants or its beneficiaries regarding the

making of an investment in the Index Fund. Moreover, the

AFL-CIO makes no representation or warranty, express or

implied, as to the results to be obtained by the Fund or any

investor in the Index Fund.

Photos used with permission from the AFL-CIO.

Disclaimer

For questions regarding the AFL-CIO Equity Index Fund, please contact:

AFL-CIO Investment Trust CorporationMike Stotz, President

815 Connecticut Ave, NW, Suite 320Washington, DC 20006

202-898-9190indexfund@aflcio-itc.com

ASB Capital Management LLCShep Burr, President,

ASB Investment Management Division7501 Wisconsin AvenueSuite 1500, West TowerBethesda, MD 20814

(240) 497-5071 sburr@asbcm.com

www.aflcio-indexfund.com