-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ATTjxlkOHf6+TR/v4pMlSCt3Ts2+kD85vDP21sR7YcdPcb+QG/SvJELI9Nde4nB7 87O1CPC/6rCzC/dGdeazaQ== 0001169232-05-005525.txt : 20051129 0001169232-05-005525.hdr.sgml : 20051129 20051129132518 ACCESSION NUMBER: 0001169232-05-005525 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050930 FILED AS OF DATE: 20051129 DATE AS OF CHANGE: 20051129 EFFECTIVENESS DATE: 20051129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AFL CIO HOUSING INVESTMENT TRUST CENTRAL INDEX KEY: 0000225030 IRS NUMBER: 526220193 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03493 FILM NUMBER: 051231092 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 N-Q 1 d66075_n-q.txt QUARTERLY SCHEDULE OF PORTFOLIO UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act File Number: 811-3493 American Federation of Labor and Congress of Industrial Organizations Housing Investment Trust (Exact name of registrant as specified in charter) 1717 K Street, N.W., Suite 707, Washington, D.C. 20036 (Address of principal executive offices) (Zip code) Kenneth G. Lore Swidler Berlin, LLP 3000 K Street, N.W., Suite 300, Washington, D.C., 20007 (Name and address of agent for service) (202) 331-8055 (Registrant's telephone number, including area code) Date of fiscal year end: December 31 Date of reporting period: September 30, 2005 Item 1. Schedule of Investments. Schedule of Portfolio Investments September 30, 2005 (Dollars in thousands; unaudited) FHA Permanent Securities (4.6% of net assets)
Interest Rate Maturity Dates Face Amount Amortized Cost Value - ---------------------------------------------------------------------------------------------------------- Single Family 7.75% Jul-2021-Aug-2021 $ 39 $ 39 $ 39 8.00% Jul-2021 85 85 85 - ---------------------------------------------------------------------------------------------------------- 124 124 124 - ---------------------------------------------------------------------------------------------------------- Multifamily(1) 5.25% Mar-2024 5,335 5,369 5,304 5.60% Jun-2038 2,918 2,924 2,975 5.62% Jun-2014 818 819 824 5.65% Oct-2038 2,236 2,311 2,279 5.87% Jun-2044 1,985 1,986 2,087 6.02% Jun-2035 7,243 7,246 7,609 6.66% May-2040 5,807 5,811 6,073 6.70% Dec-2042 6,058 6,060 6,532 6.75% Feb-2039-Jul-2040 6,536 6,507 7,100 6.88% Apr-2031 29,100 28,785 31,064 7.00% Jun-2039 6,089 6,133 6,394 7.05% Jul-2043 5,363 5,363 5,914 7.13% Mar-2040 7,957 7,933 8,851 7.17% Feb-2040 4,783 4,784 4,985 7.20% Dec-2033-Oct-2039 10,193 10,199 11,352 7.50% Sep-2032 1,649 1,654 1,900 7.70% Oct-2039 12,195 12,138 12,976 7.75% Oct-2038 1,406 1,400 1,465 7.88% Nov-2036-Jul-2038 9,143 9,147 9,271 7.93% Apr-2042 2,912 2,912 3,426 8.15% Mar-2037 1,202 1,321 1,314 8.27% Jun-2042 2,545 2,545 2,919 8.38% Feb-2007 334 345 341 8.40% Apr-2012 809 809 811 8.75% Jul-2036-Aug-2036 11,917 11,873 12,034 8.80% Oct-2032 5,401 5,401 5,401 8.88% May-2036 2,418 2,386 2,438 - ---------------------------------------------------------------------------------------------------------- 154,352 154,161 163,639 - ---------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------- Total FHA Permanent Securities $ 154,476 $ 154,285 $ 163,763 ==========================================================================================================
Schedule of Portfolio Investments September 30, 2005 (Dollars in thousands; unaudited) FHA Construction Securities and Commitments (0.2% of net assets)
Interest Rates(2) Commitment Permanent Construction Maturity Date Amount Face Amount Amortized Cost Value - ------------------------------------------------------------------------------------------------------------------------------- Multifamily(1) 5.35% 5.35% Mar-2047 $ 8,050 $ 8,050 $ 8,050 $ 8,116 - ------------------------------------------------------------------------------------------------------------------------------- 8,050 8,050 8,050 8,116 - ------------------------------------------------------------------------------------------------------------------------------- Forward Commitments 5.55% 5.55% May-2042 8,950 -- -- 179 - ------------------------------------------------------------------------------------------------------------------------------- 8,950 -- -- 179 - ------------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------- Total FHA Construction Securities and Commitments $ 17,000 $ 8,050 $ 8,050 $ 8,295 ===============================================================================================================================
Schedule of Portfolio Investments September 30, 2005 (Dollars in thousands; unaudited) Ginnie Mae Securities and Commitments (27.3% of net assets)
Commitment Interest Rate Maturity Dates Amount Face Amount Amortized Cost Value - --------------------------------------------------------------------------------------------------------------------- Single Family 3.75% Dec-2033 $ $ 19,815 $ 19,715 $ 19,524 4.00% Feb-2033-Aug-2033 13,772 13,879 13,807 4.13% Nov-2032-Oct-2033 19,303 19,493 19,395 5.50% Jan-2033-Aug-2033 14,007 14,173 14,166 6.00% Jan-2032-Jun-2033 7,479 7,751 7,680 6.50% Jul-2028-Jun-2032 6,350 6,568 6,626 7.00% Nov-2016-Jan-2030 11,236 11,516 11,858 7.50% Apr-2013-Aug-2030 11,505 11,793 12,205 8.00% Nov-2009-Dec-2030 5,521 5,659 5,901 8.50% Nov-2009-Aug-2027 4,260 4,356 4,591 9.00% May-2016-Jun-2025 1,219 1,252 1,336 9.50% Sep-2021-Sep-2030 522 537 572 10.00% Jun-2019 1 1 2 12.00% May-2015-Jun-2015 1 1 1 13.00% Jul-2014 1 1 1 13.25% Dec-2014 1 1 1 13.50% Aug-2014 1 1 1 - --------------------------------------------------------------------------------------------------------------------- 114,994 116,697 117,667 - --------------------------------------------------------------------------------------------------------------------- Multifamily(1) 2.91% Aug-2020 8,873 8,867 8,461 3.61% May-2018 20,317 19,896 19,804 3.65% Sep-2017-Oct-2027 27,444 27,232 26,562 4.25% Feb-2031 6,000 5,968 5,856 4.26% Jul-2029 3,000 2,992 2,912 4.43% Apr-2034-Jun-2034 103,700 101,648 99,125 4.49% Apr-2023 8,531 8,531 8,366 4.57% Sep-2027 10,000 9,999 9,851 4.59% May-2033 16,300 16,290 16,129 4.65% Mar-2026 525 523 523 4.66% Dec-2030 23,617 23,553 23,236 4.71% May-2025 33,294 33,291 32,873 4.78% Apr-2034 33,027 34,607 32,886 4.88% Mar-2036 10,000 10,011 9,919 4.92% May-2034 40,000 40,055 39,679 4.95% Dec-2044 11,098 11,300 11,075 5.00% Dec-2033 5,425 5,489 5,388 5.05% Nov-2028 32,000 32,117 32,142 5.12% Feb-2037 10,000 10,192 10,052 5.13% Jul-2024 5,000 5,085 5,041 5.15% Jun-2023 37,167 38,023 37,341 5.18% May-2028-Dec-2044 35,962 35,892 36,381 5.21% Jan-2045 5,809 5,812 5,902 5.25% Sep-2028-Oct-2044 26,643 26,750 27,471 5.30% Apr-2039 55,000 54,081 55,881 5.32% Aug-2030 35,000 34,848 35,609 5.50% Sep-2023-Aug-2038 53,113 55,100 54,513 5.58% May-2031 80,583 84,258 83,453 5.60% Nov-2036 4,362 4,252 4,633 5.68% Jul-2027 5,152 5,334 5,365 5.71% Jan-2045 7,453 7,454 7,848 5.85% Mar-2045 18,546 18,454 19,969 5.88% Mar-2024 12,045 12,046 12,326 5.89% Oct-2023 10,000 10,553 10,260 6.11% Nov-2021 948 948 969 6.26% Apr-2027 10,000 10,821 10,681 6.41% Aug-2023 3,464 3,464 3,689 7.00% Jun-2043 28,755 28,755 31,405 8.75% Dec-2026 4,041 4,041 4,063 - --------------------------------------------------------------------------------------------------------------------- 842,194 848,532 847,639 - --------------------------------------------------------------------------------------------------------------------- Forward Commitments 4.97% Dec-2035 6,125 -- 31 (12) 7.50% Dec-2043 23,300 -- 69 233 - --------------------------------------------------------------------------------------------------------------------- 29,425 -- 100 221 - --------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------- Total Ginnie Mae Securities and Commitments $ 29,425 $ 957,188 $ 965,329 $ 965,527 =====================================================================================================================
Schedule of Portfolio Investments September 30, 2005 (Dollars in thousands; unaudited) Ginnie Mae Construction Securities and Commitments (9.6% of net assets)
Interest Rates(2) Commitment Permanent Construction Maturity Date Amount Face Amount Amortized Cost Value - -------------------------------------------------------------------------------------------------------------------------------- Multifamily(1) 4.65% 5.00% Oct-2045(3) $ 28,901 $ 27,029 $ 25,780 $ 27,011 4.70% 4.70% Jan-2047(4) 6,035 6,035 6,035 5,987 4.74% 4.74% Feb-2045(4) 6,418 2,984 2,789 2,861 4.82% 4.82% Jul-2046(4) 6,300 6,300 6,304 6,263 4.83% 4.83% May-2046(4) 5,650 5,650 5,650 5,617 4.88% 4.88% Jun-2045 35,000 31,285 31,465 30,952 4.89% 4.89% Dec-2044 10,440 10,440 10,470 10,512 4.94% 4.94% May-2046(4) 4,000 4,000 4,005 4,006 5.10% 2.25% Sep-2045 7,230 7,230 7,243 7,303 5.10% 5.10% Oct-2046 24,300 15,688 15,820 16,321 5.19% 5.19% Oct-2045 11,880 11,264 11,326 11,497 5.20% 5.20% Apr-2047 26,059 7,929 8,190 7,937 5.21% 5.21% Jan-2047(4) 16,188 1,027 896 1,178 5.25% 5.95% Feb-2031 42,100 29,908 29,806 30,347 5.34% 5.34% Mar-2046(4) 11,340 3,112 3,129 3,337 5.35% 5.35% Dec-2044(4) 8,800 8,800 8,810 9,041 5.35% 5.35% Mar-2046 10,800 9,464 9,639 9,790 5.51% 5.51% Apr-2046 27,944 20,465 21,111 22,011 5.55% 5.55% Mar-2045 9,279 8,848 8,850 9,221 5.62% 5.62% Mar-2046 8,200 2,381 2,463 2,852 5.75% 5.75% Sep-2045-Aug-2046 27,954 21,615 21,528 23,319 5.85% 5.85% Nov-2045 2,091 1,602 1,605 1,736 6.00% 6.00% Jan-2046 3,689 2,132 2,134 2,402 6.22% 5.75% Aug-2035 14,599 10,245 10,252 11,493 6.60% 6.60% May-2043 17,793 16,296 15,889 17,927 7.75% 7.25% Aug-2035 51,779 51,779 51,535 56,958 - -------------------------------------------------------------------------------------------------------------------------------- 424,769 323,508 322,724 337,879 - -------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------------------- Total Ginnie Mae Construction Securities and Comitments $ 424,769 $ 323,508 $ 322,724 $ 337,879 ================================================================================================================================
Schedule of Portfolio Investments September 30, 2005 (Dollars in thousands; unaudited) Fannie Mae Securities and Commitments (36.5 % of net assets)
Interest Rate Maturity Dates Face Amount Amortized Cost Value - -------------------------------------------------------------------------------------------------------------- Single family 3.97% Aug-2033 $ 2,867 $ 2,858 $ 2,827 4.00% Jul-2033 15,220 15,335 15,097 4.05% Jul-2033 7,937 7,869 7,878 4.27% May-2033 8,671 8,731 8,602 4.28% Aug-2033 7,438 7,421 7,371 4.30% Aug-2033 23,159 23,088 22,975 4.50% Jun-2018-Feb-2019 17,890 18,217 17,529 4.55% Nov-2033 21,314 21,330 21,225 4.59% Aug-2034 1,478 1,489 1,467 5.00% Jul-2018-Jul-2035 104,139 104,594 102,835 5.50% Jul-2017-Aug-2035 259,023 262,553 259,589 6.00% Jan-2006-Sep-2035 134,731 138,088 137,281 6.50% Nov-2016-Nov-2032 16,005 16,213 16,535 7.00% Nov-2013-May-2032 11,682 11,843 12,235 7.50% Nov-2016-Sep-2031 3,965 3,928 4,194 8.00% Jan-2007-May-2031 2,958 3,001 3,105 8.50% Nov-2009-Apr-2031 2,017 2,057 2,140 9.00% Jul-2009-May-2025 613 619 657 - -------------------------------------------------------------------------------------------------------------- 641,107 649,234 643,542 - -------------------------------------------------------------------------------------------------------------- Multifamily(1) 3.24% Dec-2005(5) 18,381 18,274 18,270 3.81% Nov-2012 7,874 7,874 7,618 3.94% Jan-2006(5) 29,209 28,922 28,928 4.10% Jun-2027 9,498 9,275 9,218 4.48% Oct-2031 31,960 31,970 31,589 4.55% Oct-2033 5,259 5,317 5,108 4.66% Jul-2021-Sep-2033 8,821 8,962 8,647 4.67% Aug-2033 9,600 9,583 9,323 4.71% Feb-2011 5,658 5,718 5,662 4.77% Apr-2012 4,160 4,273 4,160 4.99% Aug-2021 2,413 2,388 2,416 5.15% Oct-2022 4,905 4,954 5,026 5.23% Mar-2018-Apr-2021 4,882 5,038 5,016 5.24% Dec-2012 1,953 1,958 1,984 5.30% Oct-2014 891 918 921 5.34% Apr-2012 310 320 320 5.35% Dec-2012 5,870 5,885 6,011 5.43% May-2021 3,504 3,600 3,662 5.44% Sep-2013 2,097 2,126 2,186 5.45% May-2033 3,328 3,376 3,420 5.50% Sep-2011 20,000 21,017 20,777 5.58% Jan-2021 3,819 3,870 4,011 5.60% Oct-2023(6) 12,550 12,268 13,231 5.70% Mar-2009-May-2011 7,689 8,123 7,918 5.78% Dec-2008 1,467 1,545 1,510 5.80% Jan-2009-Jan-2033 9,120 9,446 9,583 5.83% Aug-2014 1,187 1,251 1,247 5.84% Aug-2010 1,807 1,888 1,829 5.85% Oct-2008 956 999 967 5.88% Nov-2027 3,461 3,536 3,699 5.89% Nov-2008-Mar-2009 8,771 9,181 9,048 5.91% Dec-2008 1,007 1,062 1,040 5.96% Jan-2029 501 513 538 6.03% Jun-2017 1,952 2,118 2,122 6.09% May-2009 1,330 1,386 1,383 6.10% Apr-2011 2,848 3,040 3,027 6.13% Dec-2016 3,782 4,133 4,051 6.14% Sep-2033 329 356 359 6.15% Oct-2032 3,792 3,905 4,082 6.16% Aug-2013 12,516 13,518 12,906 6.19% Jul-2013 5,000 5,402 5,385 6.21% Aug-2010 10,866 11,623 11,490 6.22% Aug-2032-Jul-2034 11,317 12,161 12,358 6.23% Dec-2008-Sep-2034 1,872 1,996 2,035 6.25% Dec-2013 1,924 1,973 2,038 6.27% Jan-2012 2,169 2,208 2,337 6.28% Oct-2008-Nov-2028 5,834 6,284 6,258 6.35% May-2010-Aug-2032 40,854 42,354 43,535 6.39% Apr-2019 1,055 1,144 1,164 6.41% Aug-2013 2,004 2,149 2,083 6.42% Apr-2011-Aug-2013 7,238 7,793 7,526 6.44% Apr-2014-Dec-2018 48,172 48,834 53,939 6.50% May-2008-Jun-2016 8,153 8,392 8,599 6.52% Jul-2008-May-2029 7,725 8,464 8,481 6.53% May-2030 7,395 7,416 7,571 6.63% Jun-2014-Apr-2019 4,954 4,983 5,377 6.65% Aug-2007-Aug-2011 2,154 2,338 2,321 6.70% Jan-2011 2,537 2,718 2,646 6.74% Aug-2007 13,450 14,288 13,741 6.75% Aug-2007 902 949 926 6.79% Aug-2009 7,357 7,359 7,844 6.80% Jul-2016 996 996 1,095 6.85% Aug-2014 45,591 45,593 51,328 6.88% Feb-2028 5,178 5,798 5,685 6.92% Jun-2007 5,475 5,607 5,569 6.96% Aug-2007 5,902 6,016 6,076 7.00% Jun-2018 4,463 4,463 4,910 7.01% Apr-2031 3,603 3,643 4,076 7.07% Feb-2031 18,203 18,619 20,502 7.16% Jan-2022 715 745 727 7.18% Aug-2016 611 611 683 7.20% Apr-2010-Aug-2029 9,825 9,560 10,943 7.25% Nov-2011-Jul-2012 9,179 9,179 9,531 7.30% May-2010 778 798 825 7.40% Aug-2010 1,230 1,337 1,359 7.42% Nov-2018 5,550 5,961 5,587 7.46% Aug-2029 9,914 11,348 11,191 7.50% Dec-2014 2,027 2,032 2,264 7.53% Feb-2024 9,560 10,755 9,928 7.71% Feb-2010 9,473 9,581 9,847 7.75% Dec-2012-Dec-2024 4,308 4,311 4,824 8.00% Nov-2019-May-2020 6,100 6,082 6,129 8.13% Sep-2012-Aug-2020 9,509 9,486 9,815 8.38% Jan-2022 991 994 1,030 8.40% Jul-2023 539 530 634 8.50% Sep-2006-Sep-2026 6,027 6,506 6,938 8.63% Sep-2028 6,936 6,936 8,238 9.13% Sep-2015 3,177 3,164 3,198 - -------------------------------------------------------------------------------------------------------------- 638,249 655,365 673,399 - -------------------------------------------------------------------------------------------------------------- Forward Commitments 4.99% Mar-2021 -- -- (1,117) 5.00% (25,000) (24,696) (24,469) - -------------------------------------------------------------------------------------------------------------- (25,000) (24,696) (25,586) - -------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------- Total Fannie Mae Securities and Commitments $ 1,254,356 $ 1,279,903 $ 1,291,355 ==============================================================================================================
Schedule of Portfolio Investments September 30, 2005 (Dollars in thousands; unadudited) Freddie Mac Securities (11.5% of net assets)
Interest Rate Maturity Dates Face Amount Amortized Cost Value - --------------------------------------------------------------------------------------------------------- Single family 4.00% Oct-2033 $ 13,873 $ 13,670 $ 13,644 4.24% Jun-2033 5,210 5,186 5,159 4.37% Jul-2035 3,503 3,487 3,469 4.50% Aug-2018-Feb-2019 27,908 28,038 27,363 5.00% Jan-2019-Jul-2035 56,630 57,321 56,357 5.50% Oct-2017-Jan-2035 53,492 54,692 53,796 6.00% Dec-2006-Sep-2035 194,512 200,843 197,959 6.50% Feb-2007-Sep-2035 32,551 33,312 33,524 7.00% Mar-2011-Mar-2030 4,066 4,037 4,249 7.50% Jul-2010-Apr-2031 4,077 4,042 4,299 8.00% May-2008-Feb-2030 2,209 2,214 2,293 8.50% Jun-2010-Jan-2025 1,439 1,453 1,522 9.00% Sep-2010-Mar-2025 409 414 437 - --------------------------------------------------------------------------------------------------------- 399,879 408,709 404,071 - --------------------------------------------------------------------------------------------------------- Multifamily(1) 8.00% Feb-2009 3,708 3,705 3,726 - ---------------------------------------------------------------------------------------------------------- 3,708 3,705 3,726 - ---------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------- Total Freddie Mac Securities $ 403,587 $ 412,414 $ 407,797 ==========================================================================================================
Schedule of Portfolio Investments September 30, 2005 (Dollars in thousands; unaudited) Government-Sponsored Enterprise Securities (5.4% of net assets)
Issuer Interest Rate Maturity Date Face Amount Amortized Cost Value - -------------------------------------------------------------------------------------------------------------- Fannie Mae 1.88% Feb-2006 $ 25,000 $ 24,954 $ 24,805 Fannie Mae 2.25% May-2006 15,045 15,090 14,871 Fannie Mae 2.50% Jun-2006 15,000 14,958 14,823 Fannie Mae 3.13% Jul-2006 40,000 40,139 39,663 Fannie Mae 6.00% Feb-2020-Mar-2025 98,660 99,267 98,025 - -------------------------------------------------------------------------------------------------------------- Total Government-Sponsored Enterprise Securities $ 193,705 $ 194,408 $ 192,187 ==============================================================================================================
Schedule of Portfolio Investments September 30, 2005 (Dollars in thousands; unaudited) United States Treasury Securities (1.4% of net assets)
Interest Rate Maturity Dates Face Amount Amortized Cost Value - -------------------------------------------------------------------------------------------------------- 4.25% Aug-2015 $ 50,000 $ 50,355 $ 49,680 - -------------------------------------------------------------------------------------------------------- Total United States Treasury Securities $ 50,000 $ 50,355 $ 49,680 ========================================================================================================
Schedule of Portfolio Investments September 30, 2005 (Dollars in thousands; unaudited) State Housing Finance Agency Securities (0.0% of net assets)
Issuer Interest Rate Maturity Date Face Amount Amortized Cost Value - ------------------------------------------------------------------------------------------------------------------------------ Multifamily(1) MA Housing Finance Agency 8.63% Jan-2013 $ 340 $ 344 $ 376 - ------------------------------------------------------------------------------------------------------------------------------ Total State Housing Finance Agency Securities $ 340 $ 344 $ 376 - ------------------------------------------------------------------------------------------------------------------------------
Schedule of Portfolio Investments September 30, 2005 (Dollars in thousands; unaudited) Other Mutifamily Investments and Commitments (1.9% of net assets)
Interest Rates(2) Commitment Permanent Construction Maturity Dates Amount Face Amount Amortized Cost Value - ------------------------------------------------------------------------------------------------------------------------------ Multifamily Construction/Permanent Mortgages 5.54% N/A Jul-2017(7) $ 62,016 $ 30,253 $ 30,315 $ 31,947 7.63% N/A Jan-2011 813 477 477 501 8.63% N/A Apr-2025 -- 1,302 1,302 1,302 9.50% N/A Apr-2024 -- 688 688 688 9.75% N/A Nov-2018 -- 1,214 1,214 1,214 - ------------------------------------------------------------------------------------------------------------------------------ 62,829 33,934 33,996 35,652 - ------------------------------------------------------------------------------------------------------------------------------ Privately Insured Construction/Permanent Mortgages(8) 5.40% N/A Apr-2047 9,000 -- -- (112) 5.55% 5.55% May-2021 12,006 11,699 11,701 11,719 5.55% 5.55% Jan-2047 12,809 12,809 12,811 12,806 5.73% N/A Aug-2047 5,740 -- -- 58 5.95% 5.95% Mar-2044 4,400 4,363 4,379 4,490 6.15% 6.15% Mar-2045 1,600 1,595 1,601 1,674 6.20% 6.20% Mar-2047 5,200 288 288 459 - ------------------------------------------------------------------------------------------------------------------------------ 50,755 30,754 30,780 31,094 - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ Total Other Multifamily Investments and Commitments $ 113,584 $ 64,688 $ 64,776 $ 66,746 - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ Total Long-Term Investments $ 3,409,898 $ 3,452,588 $ 3,483,605 - ------------------------------------------------------------------------------------------------------------------------------
Schedule of Portfolio Investments September 30, 2005 (Dollars in thousands; unaudited) Short-term Investments (1.3% of net assets)
Description Maturity Date Interest Rate(9) Face Amount Amortized Cost Value - --------------------------------------------------------------------------------------------------------------------------- Short-term - Cash Equivalents(10) Repurchase Agreement Amalgamated Bank(11) October 24, 2005 3.50% $ 2,000 $ 2,000 $ 2,000 - --------------------------------------------------------------------------------------------------------------------------- 2,000 2,000 2,000 - --------------------------------------------------------------------------------------------------------------------------- Commercial Paper Anheuser-Busch October 3, 2005 3.77% 14,995 14,997 14,997 Ciesco LLC October 3, 2005 3.87% 9,997 9,998 9,998 CRC Funding October 3, 2005 3.87% 9,997 9,998 9,998 GW University October 26, 2005 3.90% 8,224 8,224 8,224 - --------------------------------------------------------------------------------------------------------------------------- 43,213 43,217 43,217 - --------------------------------------------------------------------------------------------------------------------------- Certificate of Deposit Shore Bank - Pacific October 3, 2005 3.31% 100 100 100 - --------------------------------------------------------------------------------------------------------------------------- 100 100 100 - --------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------- Total Short-Term Investments $ 45,313 $ 45,317 $ 45,317 - --------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------- Total Investments $ 3,455,211 $ 3,497,905 $ 3,528,922 ===========================================================================================================================
Schedule of Portfolio Investments September 30, 2005 (Dollars in thousands;unaudited) Footnotes (1) Multifamily MBS securities are valued by the fair value procedures adopted by the AFL-CIO Housing Investment Trust's Board of Trustees. Refer to Note 1 of the financial statements for further information. (2) Construction interest rates are the rates charged to the borrower during the construction phase of the project. The permanent interest rates are charged to the borrower during the amortization period of the loan, unless HUD requires that such rates be charged earlier. (3) Prior to December 20, 2005, this investment is a mortgage-backed security guaranteed by the Government National Mortgage Association ("GNMA-MBS"). From and after December 20, 2005, the investment will be a tax-exempt bond collateralized by the GNMA-MBS. (4) Tax-exempt bonds collateralized by Ginnie Mae Securities. (5) Discount note secured by Fannie Mae MBS. Interest rate is yield calculated based on purchase price of discount note. (6) During construction the investment is a participation in the construction loan which is secured by a letter of credit; the permanent financing will be a Fannie Mae MBS which the Trust has issued its commitment to purchase. (7) During construction, this investment is a mortgage credit enhanced by a letter of credit issued in favor of the Trust. Additionally, the interest rate during construction is a floating rate equal to LIBOR plus one hundred and fifty basis points for the related monthly period up to a maximum rate of 5.30%. At the completion of construction, the Trust will take delivery of either a Government Sponsored Enterprise MBS with an interest rate of 5.54% and a term of ten years or under certain conditions a Mini-Perm Loan with an interest rate of 5.45% and a term of five years. (8) Loan insured by Ambac Assurance Corporation. (9) Interest rate is yield calculated based on purchase price of discount note. (10) Short-term investments with remaining maturities of sixty days or less. (11) This instrument was purchased in September, 2005. The Trust will receive $2,005,945 upon maturity. The underlying collateral of the repurchase agreement is a Ginnie Mae security with a market value of $2,097,866. NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS; unaudited As of September 30, 2005 (Dollars in thousands) The accompanying notes are an integral part of this Schedule of Portfolio Investments. Note 1. Summary of Significant Accounting Policies For Schedule of Portfolio Investments The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) Housing Investment Trust (the Trust) is a common law trust created under the laws of the District of Columbia and is registered under the Investment Company Act of 1940 as a no-load, open-end investment company. The Trust has obtained certain exemptions from the requirements of the Investment Company Act of 1940 that are described in the Trust's Statement of Additional Information and Prospectus. Participation in the Trust is limited to eligible labor organizations and pension, welfare and retirement plans that have beneficiaries who are represented by labor organizations. The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States. Investment Valuation Net asset value per share (NAV calculation) is calculated as of the close of business of the major bond markets in New York City on the last business day of the month. Portfolio securities for which market quotations are readily available (single family mortgage-backed securities, Government Sponsored Enterprise notes, and U.S.Treasury securities) are valued by an independent pricing service, published prices, market quotes and dealer bids. Portfolio investments for which market quotations are not readily available (multifamily mortgage-backed securities investments, mortgage securities and construction mortgage securities) are valued at their fair value determined in good faith under consistently applied procedures adopted by the Board of Trustees using dealer bids and discounted cash flow models. The respective cash flow models use market-based discount and prepayment rates developed for each investment category. The market-based discount rate is composed of a risk-free yield (i.e., a U.S. Treasury Note) adjusted for an appropriate risk premium. The risk premium reflects actual premiums in the market place over the yield on U.S. Treasury securities of comparable risk and maturity to the security being valued as adjusted for other market considerations. On investments for which the Trust finances the construction and permanent securities or participation interests, value is determined based upon the total amount, funded and/or unfunded, of the commitment. The Trust has retained an independent firm to determine the fair market value of such securities. In accordance with the procedures adopted by the Board, the monthly third-party valuation is reviewed by the Trust staff to determine whether valuation adjustments are appropriate based on any material impairments in value arising from specific facts and circumstances of the investment (e.g., mortgage defaults). All such adjustments must be reviewed and approved by the independent valuation firm prior to incorporation in the NAV. Short-term investments with remaining maturities of sixty days or less are valued on the basis of amortized cost, which approximates fair value. Cash and cash equivalents include overnight money market funds which are also carried at cost. Federal Income Taxes The Trust's cost for Federal tax purposes approximates book cost. As of September 30, 2005, the amortized cost of investments for federal income tax purposes was $3,497,905. Net realized and unrealized losses aggregated to $45,889 as of September 30, 2005, of which $1,986 related to net realized gains on depreciated investments and $47,875 related to unrealized losses on depreciated investments. Item 2. Controls and Procedures. (a) The Trust's Chief Executive Officer (the principal executive officer) and Chief Financial Officer (the principal financial officer) have concluded that the Trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c)), are effective to ensure that material information relating to the Trust is made known to them by appropriate persons, based on their evaluation of such controls and procedures within 90 days of the filing of this report. (b) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the Trust's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the AFL-CIO Housing Investment Trust has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. AFL-CIO HOUSING INVESTMENT TRUST By: /s/ Stephen Coyle ------------------- Name: Stephen Coyle Title: Chief Executive Officer Date: November 29, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the AFL-CIO Housing Investment Trust and in the capacities and on the dates indicated. /s/ Stephen Coyle - ------------------------------- Stephen Coyle Chief Executive Officer (Principal Executive Officer) Date: November 29, 2005 /s/ Erica Khatchadourian - ------------------------------- Erica Khatchadourian Chief Financial Officer (Principal Financial Officer) Date: November 29, 2005 EX-99.CERT 2 d66075_ex99-cert.txt CERTIFICATION Item 3. Exhibits. CERTIFICATION I, Stephen Coyle, certify that: 1. I have reviewed this report on Form N-Q of the AFL-CIO Housing Investment Trust (the "Trust"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedule of investments included in this report fairly presents in all material respects the investments of the Trust as of the end of the fiscal quarter for which the report is filed; 4. The Trust's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Trust and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Trust, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the Trust's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the Trust's internal control over financial reporting that occurred during the Trust's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting; and 5. The Trust's other certifying officer(s) and I have disclosed to the Trust's auditors and the audit committee of the Trust's board of trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Trust's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Trust's internal control over financial reporting. /s/ Stephen Coyle - ---------------------------------- Stephen Coyle Chief Executive Officer AFL-CIO Housing Investment Trust Date: November 29, 2005 CERTIFICATION I, Erica Khatchadourian, certify that: 1. I have reviewed this report on Form N-Q of the AFL-CIO Housing Investment Trust (the "Trust"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedule of investments included in this report fairly presents in all material respects the investments of the Trust as of the end of the fiscal quarter for which the report is filed; 4. The Trust's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Trust and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Trust, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the Trust's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the Trust's internal control over financial reporting that occurred during the Trust's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting; and 5. The Trust's other certifying officer(s) and I have disclosed to the Trust's auditors and the audit committee of the Trust's board of trustees (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Trust's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Trust's internal control over financial reporting. /s/ Erica Khatchadourian - ---------------------------------- Erica Khatchadourian Chief Financial Officer AFL-CIO Housing Investment Trust Date: November 29, 2005 -----END PRIVACY-ENHANCED MESSAGE-----