0001387131-17-003081.txt : 20170530 0001387131-17-003081.hdr.sgml : 20170530 20170530172131 ACCESSION NUMBER: 0001387131-17-003081 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170530 DATE AS OF CHANGE: 20170530 EFFECTIVENESS DATE: 20170530 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: 17878542 BUSINESS ADDRESS: STREET 1: 2401 PENNSYLVANIA AVENUE, NW STREET 2: SUITE 200 CITY: WASHINGTON STATE: DC ZIP: 20037 BUSINESS PHONE: 2023318055 MAIL ADDRESS: STREET 1: 2401 PENNSYLVANIA AVENUE, NW STREET 2: SUITE 200 CITY: WASHINGTON STATE: DC ZIP: 20037 0000225030 S000009768 AFL CIO HOUSING INVESTMENT TRUST C000026832 AFL CIO HOUSING INVESTMENT TRUST N-Q 1 ahit-nq_033117.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

 

 

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: 811-03493

 

American Federation of Labor and

Congress of Industrial Organizations

Housing Investment Trust*

(Exact name of registrant as specified in charter)

 

2401 Pennsylvania Avenue, Suite 200, N.W., Washington, D.C. 20037

(Address of principal executive offices) (Zip code)

 

Kenneth G. Lore, Esq.

Katten Muchin Rosenman LLP

2900 K Street, N.W., North Tower – Suite 200

Washington, D.C. 20007-5118

(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: March 31, 2017

 

*This filing relates solely to Series A—AFL-CIO Housing Investment Trust

 

 

 

 

 

 

Item 1. Schedule of Investments

 

(Schedule of Investments)

 

Schedule of Portfolio Investments
                    
March 31, 2017 (Dollars in thousands; unaudited)
                    
FHA Permanent Securities (2.9% of net assets)
                    
   Interest Rate   Maturity Date  Face Amount   Amortized Cost   Value 
                    
Single Family   7.75%  Jul-2021  $7   $7   $7 
                        
Multifamily   3.65%  Dec-2037   9,454    9,677    9,393 
    3.75%  Aug-2048   4,000    3,996    3,993 
    4.00%  Dec-2053   64,730    64,705    65,021 
    4.79%  May-2053   4,805    5,061    4,915 
    5.17%  Feb-2050   8,010    8,640    8,675 
    5.35%  Mar-2047   7,289    7,298    7,308 
    5.55%  Aug-2042   7,872    7,875    7,914 
    5.60%  Jun-2038   2,416    2,420    2,429 
    5.65%  Oct-2038   1,880    1,910    1,883 
    5.80%  Jan-2053   2,037    2,048    2,330 
    5.87%  May-2044   1,765    1,764    1,845 
    5.89%  Apr-2038   4,540    4,545    4,553 
    6.02%  Jun-2035   4,184    4,185    4,210 
    6.20%  Apr-2052   11,504    11,500    13,407 
    6.40%  Aug-2046   3,779    3,781    4,138 
    6.48%  Nov-2041   6,182    6,414    6,222 
    6.60%  Jan-2050   3,350    3,379    3,846 
    6.75%  Jul-2040   3,965    3,950    3,972 
    7.20%  Oct-2039   2,811    2,816    2,834 
    7.50%  Sep-2032   1,305    1,302    1,332 
    7.70%  Dec-2048   5,308    6,102    6,327 
    7.93%  Apr-2042   2,658    2,658    2,659 
            163,844    166,026    169,206 
Total FHA  Permanent Securities  $163,851   $166,033   $169,213 

 

 

 

 

Schedule of Portfolio Investments    
                    
March 31, 2017 (Dollars in thousands; unaudited)            
                    
Ginnie Mae Securities (29.4% of net assets)            
                    
   Interest Rate   Maturity Date  Face Amount   Amortized Cost   Value 
                    
Single Family   4.00%  Feb-2040 - Jun-2040  $5,357   $5,421   $5,707 
    4.50%  Aug-2040   3,291    3,363    3,552 
    5.50%  Jan-2033 - Jun-2037   2,999    2,990    3,388 
    6.00%  Jan-2032 - Aug-2037   1,939    1,941    2,209 
    6.50%  Jul-2028   58    58    66 
    7.00%  Apr-2026 - Jan-2030   1,138    1,141    1,319 
    7.50%  Nov-2017 - Aug-2030   590    593    687 
    8.00%  Sep-2026 - Nov-2030   475    483    564 
    8.50%  Jun-2022 - Aug-2027   402    404    454 
    9.00%  Mar-2020 - Jun-2025   78    78    84 
    9.50%  Sep-2021 - Sep-2030   38    39    44 
            16,365    16,511    18,074 
                        
Multifamily   1.73%  May-2042   3,908    3,916    3,872 
    2.15%  May-2056   9,200    9,182    9,108 
    2.18%  May-2039   6,440    6,493    6,424 
    2.20%  Jun-2056   9,697    9,675    9,591 
    2.25%  Dec-2048   11,940    11,836    11,812 
    2.30%  Mar-2056 - May-2056   52,362    52,201    51,984 
    2.30%  Oct-2056   31,240    30,878    30,708 
    2.31%  Nov-2051   7,076    7,077    6,706 
    2.32%  Apr-2054   22,346    22,959    20,619 
    2.35%  Dec-2040 - Nov-2056   36,180    36,688    34,795 
    2.40%  Aug-2047   12,914    12,945    12,830 
    2.43%  Nov-2038   20,000    20,092    19,994 
    2.50%  Jul-2045 - Mar-2057   41,823    41,890    41,282 
    2.53%  Jul-2038 - Feb-2040   30,641    31,074    30,727 
    2.55%  Feb-2048   22,252    22,428    21,131 
    2.60%  Apr-2048 - Apr-2056   55,241    55,575    55,313 
    2.65%  Jan-2053   51,015    51,467    49,774 
    2.70%  May-2048   28,510    29,003    28,663 
    2.70%  Jul-2056   15,551    15,740    15,485 
    2.72%  Feb-2044   1,023    1,055    1,026 
    2.79%  Apr-2049   19,367    19,592    19,290 
    2.82%  Apr-2050   1,500    1,535    1,478 
    2.87%  Feb-2036 - Dec-2043   25,000    25,324    25,083 
    2.89%  Mar-2046   32,000    32,239    31,868 
    2.98%  May-2052   55,000    55,550    55,165 
    3.00%  Mar-2051   20,000    20,112    19,787 
    3.05%  May-2044   45,500    45,825    45,951 
    3.05%  May-2054   11,545    11,608    11,386 
    3.06%  Aug-2040   2,253    2,312    2,257 
    3.10%  Jan-2044   23,000    23,350    23,250 
    3.13%  Nov-2040   723    743    724 
    3.19%  Jan-2049 - Apr-2055   22,045    22,749    22,025 
    3.20%  Jul-2041 - Oct-2053   24,653    24,810    24,914 
    3.24%  Apr-2051   5,208    5,289    5,332 
    3.25%  Sep-2054   35,000    34,675    35,100 
    3.26%  Nov-2043   20,000    20,036    20,056 
    3.30%  May-2055   10,000    9,491    9,958 
    3.33%  Jun-2043   15,000    15,535    15,166 
    3.35%  Nov-2042 - Mar-2044   25,000    24,453    25,313 
    3.37%  Dec-2046   19,200    19,480    19,343 
    3.40%  Apr-2017 - Jul-2046   7,785    8,053    7,844 
    3.47%  Apr-2046   7,811    8,339    8,143 
    3.49%  Mar-2042   28,000    29,149    28,582 
    3.49%  Feb-2044   4,000    4,219    4,062 
    3.50%  Feb-2051 - Jan-2054   31,363    31,191    31,872 
    3.51%  May-2042   10,000    10,174    10,136 
    3.52%  Sep-2041   8,522    9,095    8,590 
    3.55%  Apr-2051   5,633    5,843    5,739 
    3.56%  Nov-2044   22,110    22,803    22,573 
    3.57%  Apr-2053   33,592    36,042    35,287 

 

 

 

 

Schedule of Portfolio Investments   
                   
March 31, 2017 (Dollars in thousands; unaudited)           
                   
Ginnie Mae Securities (29.4% of net assets)           
                   
   Interest Rate   Maturity Date  Face Amount   Amortized Cost   Value
    3.59%  Sep-2050   7,900    8,357    8,231
    3.66%  Sep-2052   6,500    6,762    6,622
    3.67%  Nov-2035   16,990    17,785    17,690
    3.71%  Nov-2052   9,412    10,186    9,903
    3.73%  Dec-2045   8,583    8,186    8,759
    3.77%  Sep-2046 - Sep-2053   11,466    12,407    11,807
    3.81%  Dec-2053   10,499    10,596    10,802
    3.82%  Sep-2051   7,375    7,700    7,566
    3.84%  Apr-2046   10,000    10,030    10,344
    3.85%  Oct-2054   31,064    31,216    32,764
    3.85%  Jan-2056   32,928    33,258    35,536
    3.86%  Oct-2047   2,853    2,878    2,865
    3.89%  Jun-2045   20,000    20,270    20,669
    3.90%  Apr-2055   16,661    17,303    17,624
    3.92%  Aug-2039   48,108    51,734    49,993
    3.95%  Jul-2053   5,901    5,914    6,210
    4.00%  May-2049   9,540    10,275    9,650
    4.05%  Feb-2052   6,332    6,334    6,574
    4.05%  Oct-2053   58,655    63,351    64,156
    4.09%  Feb-2056   57,485    58,350    62,877
    4.10%  May-2051   4,093    4,492    4,436
    4.15%  Jun-2053   2,189    2,221    2,291
    4.25%  Sep-2038   36,717    36,936    38,262
    4.29%  Mar-2053   48,380    48,692    53,609
    4.45%  Jun-2055   2,610    2,502    2,861
    4.50%  May-2038   19,445    21,268    20,600
    4.63%  Sep-20371  1,500    1,462    1,539
    4.70%  Oct-2056   3,389    3,570    3,833
    4.90%  Mar-20441  1,000    991    1,028
    5.05%  Apr-20491  2,750    2,751    2,772
    5.15%  Dec-2050  15,109    14,966    16,828
    5.25%  Apr-2037   19,750    19,743    21,382
    5.34%  Jul-2040   11,128    10,976    11,675
    5.45%  Sep-2037   13,032    14,258    14,199
    5.55%  May-20491  10,015    10,015    10,144
            1,609,528    1,639,525    1,644,219
                       
When Issued2   3.50%  June-2057   60,250    64,392    63,190
Total Ginnie Mae Securities          $1,686,143   $1,720,428   $1,725,483

 

 

 

 

Schedule of Portfolio Investments
                            
March 31, 2017 (Dollars in thousands; unaudited)                   
                            
Ginnie Mae Construction Securities (3.7% of net assets)                
                            
   Interest Rates3      Unfunded             
   Permanent   Construction   Maturity Date  Commitments4   Face Amount   Amortized Cost   Value 
                            
Multifamily   3.30%   3.30%  Jul-2057  $4,977   $20,950   $21,735   $21,814 
    3.40%   3.40%  Nov-20581  10,212    384    534    522 
    3.50%   3.50%  Mar-2057   3,063    20,234    21,174    21,303 
    3.50%   3.50%  Apr-2057   321    25,221    25,989    26,669 
    3.53%   3.53%  Apr-2042   7,381    10,919    11,605    11,575 
    3.55%   3.55%  Apr-2057   4,024    37,606    38,762    39,829 
    3.60%   3.60%  Jun-2057   65    14,250    14,828    15,084 
    3.62%   3.62%  Dec-2057   490    29,260    29,859    31,248 
    3.66%   3.66%  Jul-2058   18,205    5,795    6,108    6,411 
    3.68%   3.68%  Jun-2057   1,230    26,525    27,370    28,435 
    3.68%   3.68%   Aug-2057   3,080    11,740    12,108    12,632 
                 53,048    202,884    210,072    215,522 
                                  
Forward Commitments   3.30%   3.30%  Mar-2057   5,188    —    39    79 
    3.49%   3.49%  Aug-2058   11,213    —    280    379 
                 16,401    —    319    458 
Total Ginnie Mae Construction Securities    $69,449   $202,884   $210,391   $215,980 

 

 

 

 

Schedule of Portfolio Investments
                    
March 31, 2017 (Dollars in thousands; unaudited)
                    
Fannie Mae Securities (38.7% of net assets)
                    
   Interest Rate   Maturity Date  Face Amount   Amortized Cost   Value 
                    
Single Family   1.23%5  Mar-2037  $342   $338   $341 
    1.28%5  Jul-2043   14,459    14,357    14,426 
    1.30%5  Jun-2037   1,905    1,906    1,905 
    1.33%5  Mar-2043 - Nov-2044   36,278    36,252    36,272 
    1.36%5  Nov-2042   7,564    7,567    7,570 
    1.38%5  Apr-2037 - Oct-2044   19,772    19,811    19,811 
    1.44%5  Oct-2042   6,720    6,752    6,745 
    1.48%5  Dec-2040 - Feb-2043   40,679    40,557    40,903 
    1.50%5  Jun-2042   4,574    4,600    4,600 
    1.53%5  Mar-2042   10,684    10,702    10,762 
    1.57%5  Mar-2041   7,479    7,541    7,534 
    1.58%5  Mar-2042 - Oct-2043   16,727    16,788    16,889 
    1.68%5  Dec-2040   3,563    3,575    3,606 
    2.58%5  May-2033   440    442    461 
    2.61%5  Sep-2035   849    846    890 
    2.73%5  Jul-2033 - Aug-2033   3,361    3,365    3,536 
    2.75%5  Apr-2034   1,275    1,306    1,333 
    2.79%5  Nov-2033   2,342    2,343    2,421 
    2.80%5  Jul-2033 - Aug-2033   1,197    1,194    1,256 
    2.86%5  Aug-2033   240    239    248 
    3.00%  Apr-2031 - Jun-2046   66,893    69,332    66,896 
    3.13%  Nov-2034   1,353    1,388    1,420 
    3.50%  Oct-2026 - Jan-2046   87,973    91,441    90,441 
    4.00%  Jun-2018 - Oct-2046   76,483    79,274    80,455 
    4.50%  Mar-2018 - May-2044   65,640    68,395    70,532 
    5.00%  May-2017 - Apr-2041   19,154    19,761    20,907 
    5.50%  Jul-2017 - Jun-2038   10,470    10,508    11,636 
    6.00%  May-2017 - Nov-2037   5,816    5,845    6,597 
    6.50%  Sep-2028 - Jul-2036   1,102    1,127    1,251 
    7.00%  Sep-2027 - May-2032   1,045    1,047    1,199 
    7.50%  May-2018 - Sep-2031   357    355    407 
    8.00%  Apr-2030 - May-2031   67    68    70 
    8.50%  Dec-2021 - Apr-2031   39    39    41 
    9.00%  May-2025   —    —    1 
            516,842    529,061    533,362 
                        
Multifamily   1.22%  Nov-2022   22,815    22,824    22,830 
    1.38%  Jan-2027   25,000    25,008    25,022 
    1.41%  Jan-2023   18,080    18,088    18,088 
    1.62%  Jan-2023   23,178    23,163    23,248 
    1.73%  Apr-2022   10,075    10,079    10,078 
    2.21%  Dec-2022   31,010    31,028    30,585 
    2.21%  Dec-2022   23,534    23,548    23,212 
    2.24%  Dec-2022   31,092    31,109    30,708 
    2.26%  Nov-2022   6,461    6,486    6,388 
    2.34%  Sep-2026   28,500    28,718    27,167 
    2.38%  Jul-2026   21,840    21,894    20,820 
    2.44%  Aug-2026   22,400    22,400    21,549 
    2.46%  Aug-2026   25,830    25,844    24,831 
    2.48%  Jul-2021   45,000    45,087    45,263 
    2.48%  Oct-2028   24,990    25,122    23,553 
    2.49%  Dec-2026   17,025    17,085    16,527 
    2.50%  Jun-2026   60,000    60,000    57,466 
    2.50%   Jul-2026   37,680    37,804    35,709 
    2.57%  Sep-2028   40,100    40,848    38,052 
    2.70%  Nov-2025   16,215    16,242    16,018 
    2.72%  Jul-2028   36,400    36,963    34,944 
    2.75%  Jul-2028   15,750    16,016    15,284 
    2.80%  Mar-2018 - Apr-2025   20,286    20,591    20,055 
    2.84%  Mar-2022   3,584    3,598    3,676 
    2.85%  Mar-2022   33,000    33,071    33,714 
    2.91%  Jun-2031   25,000    25,265    23,862 
    2.92%  Jan-2026 - Apr-2028   34,255    34,410    33,984 
    2.94%  Jul-2039   16,212    16,448    15,884 
    2.97%  May-2026   19,110    19,920    19,303 
    2.99%  Jun-2025   2,750    2,763    2,775 
    3.00%  Mar-2028   9,360    9,370    9,264 
    3.02%  Jun-2027   4,057    4,076    4,088 
    3.04%  Apr-2030   25,100    25,235    24,683 
    3.05%  Apr-2030   28,800    28,850    28,042 
    3.12%  Apr-2030   14,000    14,007    13,876 
    3.15%  Jan-2027   20,942    20,993    21,267 
    3.18%  May-2035   11,828    12,048    11,637 
    3.20%  Oct-2027   10,768    10,862    10,935 
    3.21%  May-2030   7,269    7,437    7,263 
    3.22%  Sep-2026   28,451    28,509    29,128 
    3.25%  Nov-2027   10,768    10,862    10,962 
    3.26%  Jan-2027   7,760    7,800    7,911 
    3.31%  Oct-2027   16,320    16,572    16,655 
    3.35%  Feb-2029   20,000    20,405    20,336 
    3.36%  Dec-2023 - Oct-2029   20,093    20,146    20,654 
    3.40%  Oct-2026   3,078    3,102    3,186 
    3.41%  Sep-2023 - Feb-2029   36,673    36,995    37,721 
    3.42%  Apr-2035   5,555    5,667    5,520 
    3.43%  Oct-2026   7,559    7,619    7,840 
    3.46%  Dec-2023   3,500    3,516    3,651 
    3.54%  Oct-2021   7,187    7,208    7,547 
    3.61%  Sep-2023   6,577    6,639    6,897 
    3.63%  Jul-2035   21,987    22,029    22,540 
    3.66%  Jul-2021   107,988    108,048    113,518 
    3.66%   Oct-2023   4,830    4,885    5,080 

 

 

 

 

Schedule of Portfolio Investments
                    
March 31, 2017 (Dollars in thousands; unaudited)
                    
Fannie Mae Securities (38.7% of net assets)
                    
   Interest Rate   Maturity Date  Face Amount   Amortized Cost   Value 
    3.77%  Dec-2033   10,500    10,768    11,005 
    3.84%  May-2018   7,140    7,172    7,291 
    3.87%  Sep-2023   2,537    2,596    2,694 
    4.03%  Oct-2021   6,904    6,908    7,374 
    4.06%  Oct-2025   24,291    24,380    26,058 
    4.15%  Jun-2021   9,043    9,051    9,655 
    4.22%  Jul-2018   717    717    729 
    4.25%  May-2021   4,124    4,124    4,406 
    4.27%  Nov-2019   5,781    5,779    6,074 
    4.32%  Nov-2019   2,855    2,855    3,002 
    4.33%  Nov-2019 - Mar-2021   23,197    23,195    24,499 
    4.38%  Apr-2020   9,807    9,812    10,371 
    4.44%  May-2020   5,817    5,818    6,164 
    4.49%  Jun-2021   948    952    1,019 
    4.50%  Feb-2020   4,084    4,084    4,125 
    4.52%  Nov-2019 - May-2021   6,946    6,964    7,407 
    4.55%  Nov-2019   2,737    2,736    2,888 
    4.56%  Jul-2019   7,065    7,067    7,410 
    4.66%  Jul-2021   1,255    1,260    1,278 
    4.68%  Jul-2019   12,628    12,622    13,277 
    4.69%  Jan-2020 - Jun-2035   13,518    13,547    14,364 
    4.71%  Mar-2021   5,682    5,707    6,136 
    4.73%  Feb-2021   1,493    1,499    1,613 
    4.80%  Jun-2019   2,061    2,060    2,168 
    4.86%  May-2019   1,377    1,376    1,447 
    4.89%  Nov-2019   854    855    908 
    4.94%  Apr-2019   3,371    3,370    3,542 
    5.00%  Jun-2019   1,801    1,801    1,902 
    5.02%  Jun-2019   780    781    824 
    5.04%  Jun-2019   1,785    1,783    1,884 
    5.05%  Jun-2019   1,253    1,253    1,324 
    5.08%  Apr-2021   40,000    40,001    43,491 
    5.09%  Jun-2018   3,833    3,839    3,831 
    5.11%  Jul-2019   832    833    882 
    5.12%  Jul-2019   8,340    8,336    8,836 
    5.13%  Jul-2019   846    845    896 
    5.15%  Oct-2022   2,292    2,299    2,493 
    5.25%  Jan-2020   6,538    6,540    7,021 
    5.29%  May-2022   5,041    5,041    5,618 
    5.30%  Aug-2029   5,840    5,748    6,578 
    5.45%  May-2033   2,577    2,585    2,665 
    5.47%  Aug-2024   7,939    7,965    8,493 
    5.52%  Mar-2018   565    565    564 
    5.60%  Feb-2018 - Jan-2024   10,036    10,036    10,950 
    5.63%  Dec-2019   4,050    4,054    4,157 
    5.69%  Jun-2041   4,686    4,815    5,145 
    5.75%  Jun-2041   2,272    2,344    2,546 
    5.91%  Mar-2037   1,850    1,884    1,907 
    5.96%  Jan-2029   349    350    360 
    6.03%  Jun-2017 - Jun-2036   3,730    3,772    3,720 
    6.06%  Jul-2034   8,714    8,888    9,392 
    6.11%  Aug-2017   3,315    3,315    3,365 
    6.15%  Jan-2019   31,574    31,575    33,168 
    6.15%  Jan-2023- Oct-2032   6,616    6,647    6,461 
    6.22%  Aug-2032   1,544    1,564    1,516 
    6.23%  Sep-2034   1,273    1,310    1,330 
    6.28%  Nov-2028   2,459    2,541    2,608 
    6.35%  Aug-2032   9,428    9,449    9,585 
    6.38%  Jul-2021   5,060    5,067    5,606 
    6.39%  Apr-2019   821    821    807 
    6.52%  May-2029   4,600    4,825    4,822 
    7.20%  Aug-2029   759    751    767 
    7.75%  Dec-2024   1,246    1,246    1,245 
    8.40%  Jul-2023   298    296    302 
    8.50%  Nov-2019   1,349    1,366    1,458 
            1,550,645    1,558,707    1,566,219 
                        
When Issued2   3.14%  Apr-2029   7,889    7,921    7,979 
    3.32%  Apr-2029   20,080    20,231    20,365 
    3.41%  Apr-2029   20,347    20,761    20,911 
    3.50%  Apr-2037   20,000    20,294    20,459 
    3.50%  Apr-2037   25,000    25,507    25,574 
    3.50%  Apr-2037   25,000    25,542    25,574 
    4.00%  Apr-2037   25,000    25,933    26,225 
    4.00%  Apr-2037   20,000    20,979    20,980 
            163,316    167,168    168,067 
Total Fannie Mae Securities  $2,230,803   $2,254,936   $2,267,648 

 

 

 

 

Schedule of Portfolio Investments
                    
March 31, 2017 (Dollars in thousands; unaudited)
                    
Freddie Mac Securities (14.1% of net assets)
                    
   Interest Rate   Maturity Date  Face Amount   Amortized Cost   Value 
                    
Single Family   1.21%5  Feb-2036  $1,678   $1,678   $1,678 
    1.24%5  May-2037   244    244    244 
    1.26%5  Apr-2036 - Mar-2045   33,073    33,095    33,055 
    1.31%5  Aug-2043   6,118    6,113    6,128 
    1.39%5  Oct-2040   4,969    4,964    4,965 
    1.41%5  Oct-2040 - Jun-2044   46,979    46,998    47,248 
    1.46%5  Nov-2040   5,763    5,821    5,807 
    1.58%5  Aug-2037   5,037    5,104    5,094 
    2.50%  Jan-2043 - Aug-2046   19,210    19,520    18,385 
    2.74%  Oct-2033   961    954    1,010 
    2.84%  Jun-2033   403    402    424 
    3.00%  Aug-2042 - Sep-2046   83,813    85,932    83,451 
    3.02%  Jul-2035   282    281    298 
    3.50%  Jan-2026 - Oct-2046   194,392    199,978    199,689 
    3.50%  Jun-2046   28,344    29,147    29,014 
    4.00%  Aug-2020 - Jul-2046   137,085    143,537    144,014 
    4.00%  Aug-2045   25,000    26,157    26,229 
    4.50%  Aug-2018 - Dec-2044   70,040    73,608    75,480 
    5.00%  Jan-2019 - Mar-2041   11,848    11,979    12,740 
    5.50%  Oct-2017 - Jul-2038   5,235    5,210    5,825 
    6.00%  Apr-2017 - Feb-2038   6,313    6,387    7,191 
    6.50%  Apr-2028 - Nov-2037   838    847    966 
    7.00%  Apr-2028 - Mar-2030   65    60    76 
    7.50%  Aug-2029 - Apr-2031   63    60    73 
    8.00%  Aug-2017 - Dec-2029   1    1    2 
    8.50%  Nov-2018 - Jan-2025   79    79    90 
    9.00%  Mar-2025   53    53    61 
            687,886    708,209    709,237 
                        
Multifamily   1.48%  Sep-2022   36,100    36,054    36,164 
    1.63%  Jan-2023   19,736    19,736    19,747 
    1.68%  Nov-2022   35,000    35,000    35,119 
    2.95%  Jan-2018   700    695    704 
            91,536    91,485    91,734 
                        
When Issued2   4.00%  Apr-2037   25,000    26,037    26,225 
Total Freddie Mac Securities  $804,422   $825,731   $827,196 

 

 

 

 

Schedule of Portfolio Investments
                               
March 31, 2017 (Dollars in thousands; unaudited)
                               
State Housing Finance Agency Securities (3.9% of net assets)
                               
      Interest Rates3      Unfunded             
   Issuer  Permanent   Construction   Maturity Date Commitments4   Face Amount   Amortized Cost   Value 
                               
Multifamily  City of Chicago   0.00%   2.00%  May-2019  $—   $5,700   $5,700   $5,713 
   NYC Housing Development Corp   2.95%   —   Nov-2045   —    5,000    5,000    5,064 
   Connecticut Housing Finance Auth   3.25%   —   May-2050   —    12,500    12,376    10,920 
   NYC Housing Development Corp   3.75%   —   May-2035 - Nov-2035   —    5,980    5,980    6,012 
   MassHousing   3.85%   —   Dec-2058   —    9,980    9,976    8,777 
   NYC Housing Development Corp   4.00%   —   Dec-2028   —    5,000    5,104    5,245 
   MassHousing   4.04%   —   Nov-2032   —    1,305    1,305    1,309 
   MassHousing   4.13%   —   Dec-2036   —    5,000    5,000    5,117 
   NYC Housing Development Corp   4.20%   —   Dec-2039   —    8,305    8,305    8,531 
   NYC Housing Development Corp   4.25%   —   Nov-2025   —    1,150    1,150    1,200 
   NYC Housing Development Corp   4.29%   —   Nov-2037   —    1,190    1,190    1,184 
   NYC Housing Development Corp   4.40%   —   Nov-2024   —    4,120    4,120    4,299 
   NYC Housing Development Corp   4.44%   —   Nov-2041   —    1,120    1,120    1,119 
   NYC Housing Development Corp   4.49%   —   Nov-2044   —    455    455    455 
   NYC Housing Development Corp   4.50%   —   Nov-2030   —    1,680    1,683    1,757 
   MassHousing   4.50%   —   Dec-2056   —    45,000    45,000    46,127 
   NYC Housing Development Corp   4.60%   —   Nov-2030   —    4,665    4,665    4,897 
   NYC Housing Development Corp   4.70%   —   Nov-2035   —    1,685    1,685    1,777 
   NYC Housing Development Corp   4.78%   —   Aug-2026   —    12,500    12,502    13,209 
   NYC Housing Development Corp   4.80%   —   Nov-2040   —    2,860    2,862    2,990 
   NYC Housing Development Corp   4.90%   —   Nov-2034 - Nov-2041   —    8,800    8,800    9,219 
   NYC Housing Development Corp   4.95%   —   Nov-2039 - May-2047   —    13,680    13,682    14,317 
   MassHousing   5.55%   —   Nov-2039   —    5,000    4,981    5,375 
   MassHousing   5.69%   —   Nov-2018   —    1,830    1,830    1,881 
   MassHousing   5.70%   —   Jun-2040   —    13,250    13,252    13,827 
   MassHousing   6.42%   —   Nov-2039   —    22,000    22,000    23,583 
   MassHousing   6.50%   —   Dec-2039   —    690    690    696 
   MassHousing   6.58%   —   Dec-2039   —    11,385    11,385    11,481 
   MassHousing   6.70%   —   Jun-2040   —    10,895    10,895    11,570 
                    —    222,725    222,693    227,651 
                                     
Forward Commitments  MassHousing   —    3.00%  Oct-20186   9,464    —    (95)   (39)
   Connecticut Housing Finance Auth   —    3.25%  Nov-20196   22,450    50    (5)   30 
                    31,914    50    (100)   (9)
Total State Housing Finance Agency Securities      $31,914   $222,775   $222,593   $227,642 

 

 

 

 

Schedule of Portfolio Investments
                             
March 31, 2017 (Dollars in thousands; unaudited)
                             
Other Mutifamily Investments (0.3% of net assets)
                             
   Interest Rates3       Unfunded             
Issuer  Permanent   Construction   Maturity Date   Commitments4   Face Amount   Amortized Cost   Value 
                             
Direct Loans                                   
Harry Silver Housing Company, Inc.   —    3.20%   Apr-2017   $—   $5,197   $5,201   $5,212 
Harry Silver Housing Company, Inc.   —    3.20%   Apr-2017    2,596    207    208    215 
Detroit Home Repair Program   —    5.75%   Dec-2017    144    102    102    105 
                   2,740    5,506    5,511    5,532 
Privately Insured Construction/Permanent Mortgages7                                   
IL Housing Development Authority   5.40%   —    Mar-2047    —    8,157    8,160    8,158 
IL Housing Development Authority   6.20%   —    Dec-2047    —    3,089    3,099    3,075 
IL Housing Development Authority   6.40%   —    Nov-2048    —    934    945    924 
                   —    12,180    12,204    12,157 
Total Other Multifamily Investments                 $2,740   $17,686   $17,715   $17,689 

 

 

 

 

Schedule of Portfolio Investments
                    
March 31, 2017 (Dollars in thousands; unaudited)
                    
Commercial Mortgage-Backed Securities (2.4% of net assets)
                    
Issuer  Interest Rate   Maturity Date  Face Amount   Amortized Cost   Value 
                    
Nomura   2.77%  Dec-2045  $10,000   $10,166   $10,011 
Deutsche Bank   2.94%  Jan-2046   19,070    19,538    19,225 
Nomura   3.19%  Mar-2046   20,000    20,400    20,404 
JP Morgan   3.48%  Jun-2045   10,000    10,471    10,385 
Citigroup   3.62%  Jul-2047   8,000    8,213    8,259 
Barclays/ JP Morgan   3.81%  Jul-2047   2,250    2,310    2,347 
RBS/ Wells Fargo   3.82%  Aug-2050   5,000    5,136    5,214 
Deutsche Bank/UBS   3.96%  Mar-2047   5,000    5,133    5,253 
Barclays/ JP Morgan   4.00%  Apr-2047   5,000    5,134    5,278 
Cantor/Deutsche Bank   4.01%  Apr-2047   20,000    20,532    21,132 
Barclays/ JP Morgan   4.08%  Feb-2047   6,825    7,178    7,242 
Cantor/Deutsche Bank   4.24%  Feb-2047   7,000    7,185    7,488 
Deutsche Bank   5.00%  Nov-2046   18,990    19,447    20,441 
Total Commercial Mortgage Backed Securities  $137,135   $140,843   $142,679 

 

 

 

 

Schedule of Portfolio Investments 
                 
March 31, 2017 (Dollars in thousands; unaudited) 
                 
United States Treasury Securities (6.3% of net assets) 
                 
Interest Rate   Maturity Date  Face Amount   Amortized Cost   Value 
                 
 1.63%  May-2026  $10,000   $10,087   $9,381 
 2.13%  May-2025   85,000    83,570    83,725 
 2.25%  Nov-2024   65,000    66,870    64,838 
 2.25%  Nov-2025   30,000    30,585    29,741 
 2.38%  Aug-2024   90,000    90,425    90,712 
 2.50%  May-2026   15,000    15,808    13,434 
 2.50%  Feb-2046   15,000    14,320    13,448 
 2.88%  Aug-2045   10,000    10,259    9,700 
 3.13%  Aug-2044   55,000    56,753    56,077 
Total United States Treasury Securities    $375,000   $378,677   $371,056 
                     
Total Fixed-Income Investments    $5,840,699   $5,937,347   $5,964,586 

 

 

 

 

Schedule of Portfolio Investments
         
March 31, 2017 (Dollars in thousands; unaudited)
         
Equity Investment in Wholly-Owned Subsidiaries (less than 0.5% of net assets)

                 
           Amount of     
   Number of   Face   Dividends     
Issuer  Shares   Amount (Cost)   or Interest   Value 
                 
Building America CDE, Inc.8   1,000   $1   $—   $(17)
HIT Advisers, LLC9   —    1    —   $(767)
Total Equity Investment   1,000   $2   $—   $(784)

 

 

 

 

Schedule of Portfolio Investments
                    
March 31, 2017 (Dollars in thousands; unaudited)
                    
Short-Term Investments (3.4% of net assets)
                    
Issuer  Interest Rate   Maturity Date  Face Amount   Amortized Cost   Value 
                        
NYS Housing Finance Agency   0.72%10  Nov-2049  $8,300   $8,300   $8,300 
National Secuirty Clearing Corp   0.82%  Apr-2017   25,000    25,000    25,000 
Blackrock Federal Funds 30   0.42%  Apr-2017   167,741    167,741    167,741 
Total Short-Term Investments          $201,041   $201,041   $201,041 
                        
Total Investments          $6,041,742   $6,138,390   $6,164,843 

 

 

 

 

Schedule of Portfolio Investments

 

March 31, 2017

 

Footnotes

 

1Tax-exempt bonds collateralized by Ginnie Mae securities.

 

2The HIT records when issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when issued basis are marked to market monthly and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

 

3Construction 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 the U.S. Department of Housing and Urban Development requires that such rates be charged earlier.

 

4The HIT may make commitments in securities or loans that fund over time on a draw basis or forward commitments that fund at a single point in time.   The unfunded amount of these commitments totaled $104.1 million at period end.  Generally, GNMA construction securities fund over a 12- to 24-month period.  Funding periods for State Housing Finance Agency construction securities and Direct Loans vary by project, but generally fund over a one- to 48-month period.  Forward commitments generally settle within 12 months of the original commitment date.

 

5The coupon rate shown on these floating or adjustable rate securities represents the rate at period end.

 

6Securities exempt from registration under the Securities Act of 1933 and were privately placed directly by a state housing agency (a not-for-profit public agency) with the HIT. The notes are for construction only and will mature on or prior to November 1, 2019. The notes are backed by mortgages and are general obligations of the state housing agency, and therefore secured by the full faith and credit of said agency. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are considered liquid, under procedures established by and under the general supervision of the HIT’s Board of Trustees.

 

7Loans insured by Ambac Assurance Corporation, are additionally backed by a repurchase option from the mortgagee for the benefit of the HIT. The repurchase price is defined as the unpaid principal balance of the loan plus all accrued unpaid interest due through the remittance date. The repurchase option can be exercised by the HIT in the event of a payment failure by Ambac Assurance Corporation.

 

8As of March 31, 2017, HIT held 100% of Building America CDE, Inc. (BACDE), a wholly owned subsidiary of the HIT. Building America is a Community Development Entity, certified by the Community Development Financial Institutions Fund of the U.S. Department of Treasury. The investment in BACDE was valued by the HIT’s valuation committee in accordance with the fair value procedures adopted by the HIT’s Board of Trustees, and approximates its carrying value. The shares of BACDE are not registered under the federal securities laws.

 

9The HIT has a participation interest in HIT Advisers, LLC, a Delaware limited liability company. HIT Advisers is a New York based adviser currently exempt from investment adviser registration in New York. The investment in HIT Advisers is valued by the HIT’s valuation committee in accordance with the fair value procedures adopted by the HIT’s Board of Trustees, and approximates carrying value. The participation interest is not registered under the federal securities laws.

 

10Variable rate bond with a weekly interest rate reset and can be redeemed at par, with accrued and unpaid interest, with a seven-day notice. The coupon rate shown represents the rate at period end.

 

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS; unaudited

As of March 31, 2017

 

The accompanying notes are an integral part of this Schedule of Portfolio Investments.

 

Note 1. Summary of Significant Accounting Policies

 

The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) Housing Investment Trust (HIT) 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 amended (the Investment Company Act), as a no-load, open-end investment company. The HIT has obtained certain exemptions from the requirements of the Investment Company Act that are described in the HIT’s Prospectus and Statement of Additional Information.

 

Participation in the HIT is limited to eligible pension plans and labor organizations, including health and welfare, general, and other funds that have beneficiaries who are represented by labor organizations.

 

The following is a summary of significant accounting policies followed by the HIT in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles (GAAP) in the United States. The HIT follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

 

Investment Valuation

 

Net asset value per share (NAV) is calculated as of the close of business of the major bond markets in New York City on the last business day of each month. The HIT’s Board of Trustees is responsible for the valuation process and has delegated the supervision of the valuation process to a Valuation Committee. The Valuation Committee, in accordance with the policies and procedures adopted by the HIT’s Board of Trustees, is responsible for evaluating the effectiveness of the HIT’s pricing policies, determining the reliability of third-party pricing information, and reporting to the Board of Trustees on valuation issues, including fair value determinations. The following is a description of the valuation methods and inputs applied to the HIT’s major categories of assets.

 

Portfolio securities for which market quotations are readily available are valued by using independent pricing services. For U.S. Treasury securities, pricing services generally base prices on actual transactions, as well as dealer-supplied market information. For state housing finance agency securities, independent pricing services generally base prices using models that utilize trading spreads, new issue scales, verified bid information, and credit ratings. For commercial mortgage-backed securities, independent pricing services generally base prices on cash flow

 

 

 

 

models that take into consideration benchmark yields and utilize available trade information, dealer quotes, and market color.

 

For U.S. agency and government-sponsored enterprise securities, including single family and multifamily mortgage-backed securities, construction mortgage securities and loans, and collateralized mortgage obligations, independent pricing services generally base prices on an active TBA (“to-be-announced”) market for mortgage pools, discounted cash flow models or option-adjusted spread models. Independent pricing services examine reference data and use observable inputs such as issue name, issue size, ratings, maturity, call type and spread/benchmark yields, as well as, dealer supplied market information. The discounted cash flow or option-adjusted spread models utilize inputs from matrix pricing which consider observable market-based discount and prepayment rates, attributes of the collateral, and yield or price of bonds of comparable quality, coupon, maturity and type.

 

Investments in registered open-end investment management companies are valued based upon the NAVs of such investments.

 

When the HIT finances construction and permanent securities or participation interests, value is determined based upon the total amount, funded and/or unfunded, of the commitment.

 

Portfolio investments for which market quotations are not readily available or deemed unreliable are valued at their fair value determined in good faith by the HIT’s Valuation Committee using consistently applied procedures adopted by the HIT’s Board of Trustees. In determining fair value, the Valuation Committee will employ a valuation method that it believes reflects fair value for the particular asset, which may include, among other things, the referral of that asset to an independent valuation consultant or the utilization of a discounted cash flow model based on broker and/or other market inputs. The frequency with which these fair value procedures may be used cannot be predicted. However, on March 31, 2017 the HIT fair valued less than 0.05% of the HIT’s net assets.

 

Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair value.

 

The HIT has two wholly owned subsidiaries, Building America CDE, Inc. (Building America or BACDE) and HIT Advisers, LLC (HIT Advisers). Building America and HIT Advisers are valued at their fair value determined in good faith under consistently applied procedures adopted by the HIT’s Board of Trustees, which approximates their respective carrying value.

 

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. The HIT classifies its assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that may reflect the HIT’s determination of assumptions that market participants might reasonably use in valuing the securities.

 

 

 

 

The following table presents the HIT’s valuation levels as of March 31, 2017:

 

Investment Securities:

($ in thousands)

 

 

Level 1

  

 

Level 2

  

 

Level 3

  

 

Total

 
                 
FHA Permanent Securities  $—   $169,213   $—   $169,213 
Ginnie Mae Securities   —    1,662,293    —    1,662,293 
Ginnie Mae Construction Securities   —    215,522    —    215,522 
Fannie Mae Securities   —    2,099,581    —    2,099,581 
Freddie Mac Securities   —    800,971    —    800,971 
Commercial Mortgage-Backed Securities   —    142,679    —    142,679 
State Housing Finance Agency Securities   —    227,651    —    227,651 
Other Multifamily Investments                    
Direct Loans   —    —    5,532    5,532 
Privately Insured Construction/Permanent Mortgages   —    12,157    —    12,157 
Total Other Multifamily Investments   —    12,157    5,532    17,689 
United States Treasury Securities   —    371,056    —    371,056 
Equity Investments   —    —    (784)   (784)
Short-Term Investments   201,041    —    —    201,041 
Other Financial Instruments*   —    257,931    —    257,931 
Total Investment  $201,041   $5,959,054   $4,748   $6,164,843 

 

*If held in the portfolio at report date, other financial instruments include forward commitments, TBA and when-issued securities.

 

The following table reconciles the valuation of the HIT’s Level 3 investment securities and related transactions for the period ended March 31, 2017.

 

Investments in Securities ($ in thousands)
  Other
Multifamily
Investments
Equity
Investments		 Total
Beginning balance,12/31/2016 $5,425 $(478) $4,947
Total Unrealized Gain(Loss)(a) 2 (306) (304)
Purchase 105 — 105
Ending balance, 3/31/2017 $5,532 $(784) $4,748

 

(a)Net change in unrealized gain (loss) attributable to Level 3 securities held at March 31, 2017 totaled $(304,000).

 

 

 

 

Level 3 securities primarily consist of Direct Loans (Other Multifamily Investments) which were valued by an independent pricing service at March 31, 2017 utilizing a discounted cash flow model with spreads to relevant U.S. Treasuries ranging from 120 to 380 basis points and weighted average lives of 0.17 to 1.83 years.

 

Federal Income Taxes

 

At March 31, 2017, investments for federal income tax purposes approximated book cost at amortized cost of $6,138,390,000.  Net unrealized gains aggregated $26,453,000 at period-end, of which $95,523,000 related to appreciated investments and $69,070,000 related to depreciated investments.

 

Note 2. Transactions with Related Entities

 

Building America is a Community Development Entity, certified by the Community Development Financial Institutions Fund (CDFI Fund) of the U.S. Department of the Treasury. Building America has committed $85 million in New Markets Tax Credit (NMTC) awards to qualified transactions. In November 2016, Building America was allocated an additional $45 million in NMTC awards for the 2015 and 2016 combined allocation round. Building America receives fees for committing NMTCs to such qualified transactions and ongoing asset management fees on closed transactions. HIT receives no services from Building America and carries it as a portfolio investment that meets the definition of a controlled affiliate.

 

The NMTC program(b), which is run by the CDFI Fund, provides tax credits to equity investors that invest in businesses operating in low-income areas, including those that engage in the creation of housing and other construction activities.

 

(b)The New Markets Tax Credit (NMTC) Program, enacted by Congress as part of the Community Renewal Tax Relief Act of 2000, is incorporated as section 45D of the Internal Revenue Code.

 

Summarized financial information for Building America on a historical cost basis is included in the table below:

 

  $ in Thousands
As of March 31, 2017
Assets $342
Liabilities $359
Equity $(17)
   

For the three months ended March 31, 2017

Income $141
Expenses (295)
Tax Expense(Benefit) (39)
Net Income(Loss) $(115)

 

 

 

 

In accordance with a contract, in addition to its equity interest, the HIT provides Building America advances to assist with its operations and cash flow management as needed. Advances are repaid as cash becomes available. Also in accordance with the contract, the HIT provides the time of certain personnel to Building America and allocates operational expenses on a cost-reimbursement basis. As of March 31, 2017, advances to Building America by the HIT totaled $261,000, which represents less than 0.01% of HIT’s average monthly net assets. A rollforward of advances to Building America by the HIT is included in the table below:

 

  $ in Thousands
Advances to Building America by HIT  
Beginning Balance, 12/31/2016 $75
Advances in 2017 261
Repayment by BACDE in 2017 (156)
Ending Balance, 3/31/2017 $180

 

In June 2016, HIT participants authorized it to form a wholly owned subsidiary investment adviser and to register it, as appropriate, under applicable federal or state law. In August 2016, the Securities and Exchange Commission granted no action relief under section 12(d)(3) of the Investment Company Act of 1940 to allow the HIT to organize and acquire the securities issued by a wholly owned subsidiary that will operate as an investment adviser and be registered under the Investment Advisers Act of 1940. HIT wholly owns HIT Advisers, a Delaware limited liability company, directly (99.9%), and indirectly (0.1%) through HIT Advisers Managing Member which is also a wholly owned subsidiary of HIT. This structure is intended to insulate the HIT from any potential liabilities associated with the conduct of HIT Advisers business. HIT receives no services from HIT Advisers and carries it as a portfolio investment that meets the definition of a controlled affiliate.

 

Summarized financial information for HIT Advisers on a historical cost basis is included in the table below:

 

  $ in Thousands
As of March 31, 2017
Assets $28
Liabilities $795
Equity $(767)
   

For the three months ended March 31, 2017

Income $—
Expenses (206)
Tax Expense(Benefit) —
Net Income(Loss) $(206)

 

 

 

 

In accordance with a contract, in addition to its participation interest, the HIT provides HIT Advisers advances to assist with its operations and cash flow management as needed. Advances are expected to be repaid as cash becomes available. However, as with many start-up operations, there is no certainty that HIT Advisers will generate sufficient revenue to cover its operations and liabilities. Also in accordance with the contract, the HIT provides the time of certain personnel and allocates operational expenses to HIT Advisers on a cost-reimbursement basis. As of March 31, 2017, HIT Advisers had no clients or assets under management and did not earn income. A rollforward of advances to HIT Advisers by the HIT is included in the table below:

 

  $ in Thousands
Advances to HIT Advisers by HIT  
Beginning Balance, 12/31/2016 $607
Advances in 2017 176
Repayment by HIT Advisers in 2017 —
Ending Balance, 3/31/2017 $783

 

 

 

 

Item 2. Controls and Procedures.

 

(a)The HIT’s Chief Executive Officer (the principal executive officer) and Chief Financial Officer (the principal financial officer) have concluded that the design and operation of the HIT’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) are generally effective to provide reasonable assurance that information required to be disclosed by the HIT in this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based on their evaluation of the effectiveness of the design and operation of such controls and procedures within 90 days of the filing of this report.

 

(b)There was no change in the HIT’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the HIT’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the HIT’s internal control over financial reporting.

 

Item 3. Exhibits.

 

Separate certifications for the principal executive officer and the principal financial officer of the HIT as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) are filed herewith.

 

 

 

 

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:      May 30, 2017

 

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: May 30, 2017  

 

/s/  Erica Khatchadouria

  
Erica Khatchadourian  
Chief Financial Officer  
(Principal Financial Officer)  
Date: May 30, 2017  

 

 

 EX-99.CERTS 2 ex99-certs.htm CERTIFICATION OF CHIEF EXECUTIVE AND CHIEF FINANCIAL OFFICERS

 

AFL-CIO Housing Investment Trust N-Q

 

EX-99.CERTS

 

CERTIFICATION

 

I, Stephen Coyle, certify that:

 

1.       I have reviewed this report on Form N-Q of the AFL-CIO Housing Investment Trust (the “HIT”);

 

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 HIT as of the end of the fiscal quarter for which the report is filed;

 

4.       The HIT’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 HIT 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 HIT, 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 HIT’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 HIT’s internal control over financial reporting that occurred during the HIT’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the HIT’s internal control over financial reporting; and

 

 

 

5.       The HIT’s other certifying officer(s) and I have disclosed to the HIT’s auditors and the audit committee of the HIT’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 HIT’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 HIT’s internal control over financial reporting.

 

/s/ Stephen Coyle  

Stephen Coyle

Chief Executive Officer

AFL-CIO Housing Investment Trust

 

Date: May 30, 2017

 

 

  

CERTIFICATION

 

I, Erica Khatchadourian, certify that:

 

1.       I have reviewed this report on Form N-Q of the AFL-CIO Housing Investment Trust (the “HIT”);

 

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 HIT as of the end of the fiscal quarter for which the report is filed;

 

4.       The HIT’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 HIT 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 HIT, 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 HIT’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 HIT’s internal control over financial reporting that occurred during the HIT’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the HIT’s internal control over financial reporting; and

 

 

 

5.       The HIT’s other certifying officer(s) and I have disclosed to the HIT’s auditors and the audit committee of the HIT’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 HIT’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 HIT’s internal control over financial reporting.

 

/s/ Erica Khatchadourian  

Erica Khatchadourian

Chief Financial Officer

AFL-CIO Housing Investment Trust

 

Date: May 30, 2017