AMERICAN FEDERATION of LABOR and

CONGRESS of INDUSTRIAL ORGANIZATIONS

HOUSING INVESTMENT TRUST

Statement of Assets and Liabilities

(Unaudited)

March 31, 2022

ASSETS

	ROUNDED		ROUNDED		ROUNDED
	Face Amount		Amortized Cost		Value
INVESTMENTS
FHA Securities	$	140,855	$	141,694	$	140,887
GNMA Securities	$	781,459	$	818,828	$	789,395
GNMA Remics	$	1,130,812	$	1,139,734	$	1,079,545
	$	1,912,271	$	1,958,562	$	1,868,940
GNMA Construction Securities	$	238,766	$	252,600	$	229,943
FNMA Securities	$	2,781,522	$	2,820,023	$	2,684,056
FNMA Remics	$	30,121	$	30,229	$	30,085
	$	2,811,643	$	2,850,252	$	2,714,141
FNMA Construction Securities	$	20,950	$	20,950	$	18,953
FHLMC  Securities	$	310,134	$	316,647	$	309,986
FHLMC  Remics	$	287,051	$	287,045	$	287,952
	$	597,185	$	603,692	$	597,938
CMB Securities	$	90,199	$	92,049	$	90,713
State Housing Finance Bonds	$	519,544	$	519,683	$	483,777
Construction and Permanent Mortgages	$	162,846	$	161,343	$	158,964
US Treasury Securities	$	390,000	$	388,604	$	357,443
Total Fixed Income	$	6,884,259	$	6,989,429	$	6,661,699
HIT Adviser LLC	$	1	$	1	$	284
Total Equity	$	1	$	1	$	284
Short-term Investments-Cash Equivalents	$	40,000	$	40,000	$	40,000
Blackrock Fed Funds	$	54,705	$	54,705	$	54,705
Total Short-term	$	94,705	$	94,705	$	94,705
Total Investment	$	6,978,965	$	7,084,135	$	6,756,688

Schedule of Portfolio Investments

March 31, 2022 (dollars in thousands, unaudited)

FHA Permanent Securities (2.1% of net assets)

					Unfunded
	Interest Rate			Maturity Date	Commitments1		Face Amount		Amortized Cost		Value
Multifamily		3.65	%	Dec-2037	$	—	$	7,782	$	7,896	$	7,847
		3.72	%	Feb-2062		—		4,466		4,470		4,322
		3.75	%	Aug-2048		—		3,630		3,626		3,644
		4.00	%	Dec-2053		—		60,875		60,852		60,780
		4.10	%	Dec-2060		—		21,702		21,722		21,844
		4.79	%	May-2053		—		4,909		5,106		5,065
		5.17	%	Feb-2050		—		7,482		7,968		7,657
		5.35	%	Mar-2047		—		6,726		6,735		6,774
		5.55	%	Aug-2042		—		7,048		7,050		7,102
		5.60	%	Jun-2038		—		2,074		2,076		2,090
		5.80	%	Jan-2053		—		1,939		1,948		2,110
		5.87	%	May-2044		—		1,612		1,611		1,625
		5.89	%	Apr-2038		—		3,907		3,910		3,939
		6.40	%	Aug-2046		—		3,523		3,524		3,554
		6.60	%	Jan-2050		—		3,180		3,200		3,390
						—		140,855		141,694		141,743
Forward Commitments		2.50	%	Sep-2063		5,702		—		—		(798	)
		3.90	%	Mar-2062		3,090		—		—		(58	)
						8,792		—		—		(856	)
Total FHA Permanent Securities					$	8,792	$	140,855	$	141,694	$	140,887

Schedule of Portfolio Investments

March 31, 2022 (dollars in thousands, unaudited)

Ginnie Mae Securities (28.0% of net assets)

	Interest Rate			Maturity Date	Face Amount		Amortized Cost		Value
Single Family		4.00	%	Feb-2040 - Jun-2040		1,174		1,183		1,215
		4.50	%	Aug-2040		657		667		700
		5.50	%	Jan-2033 - Jun-2037		943		943		1,009
		6.00	%	Jan-2032 - Aug-2037	$	664	$	665	$	727
		6.50	%	Jul-2028		38		38		40
		7.00	%	Apr-2026 - Jan-2030		392		392		423
		7.50	%	Aug-2025 - Aug-2030		205		205		218
		8.00	%	Sep-2026 - Nov-2030		203		203		220
		8.50	%	Jun-2022 - Aug-2027		56		56		60
		9.00	%	Dec-2022 - Jun-2025		2		2		2
						4,334		4,354		4,614
Multifamily		1.90	%	Feb-2061		22,712		20,441		19,965
		1.95	%	Mar-2064		39,788		39,262		37,411
		1.95	%	Mar-2064		35,394		35,888		33,279
		2.00	%	Apr-2062 - Mar-2064		331,412		335,182		310,121
		2.00	%	Jun-2062		37,556		38,618		35,434
		2.00	%	Oct-2062		54,998		56,898		51,702
		2.00	%	Apr-2063		50,197		51,274		47,309
		2.00	%	Jul-2063		47,275		47,708		44,570
		2.00	%	Oct-2063		43,655		43,219		41,130
		2.08	%	Nov-2056		52,640		54,712		47,973
		2.15	%	May-2056		834		833		832
		2.20	%	Jun-2056		1,243		1,240		1,236
		2.25	%	Dec-2048		3,438		3,412		3,374
		2.30	%	Mar-2056 - Oct-2056		6,042		6,011		5,993
		2.31	%	Nov-2051		7,076		7,076		6,808
		2.32	%	Sep-2060		27,147		28,617		25,804
		2.35	%	Nov-2056 - Feb-2061		31,528		32,455		30,467
		2.40	%	Aug-2047 - Dec-2057		21,821		22,331		21,049
		2.40	%	Jan-2053		41,588		41,865		40,377
		2.47	%	Mar-2053		45,168		47,641		44,153
		2.50	%	Dec-2052 - Jan-2061		60,850		61,818		58,962
		2.60	%	Apr-2048 - Jun-2059		14,882		14,931		14,685
		2.70	%	May-2048 - Jul-2058		7,402		7,428		7,377
		2.72	%	Feb-2044		130		133		130
		2.74	%	Apr-2057		23,984		26,068		23,396
		2.78	%	Aug-2058		10,771		11,716		10,745
		2.79	%	Apr-2049		5,064		5,107		4,977
		2.80	%	Feb-2053		60,000		57,221		57,111
		2.80	%	Dec-2059		4,806		4,742		4,814
		2.82	%	Apr-2050		1,373		1,398		1,363
		2.94	%	Nov-2059		48,007		53,443		48,102
		3.00	%	Mar-2051		8,930		8,967		8,939
		3.00	%	May-2062		68,832		74,426		68,665
		3.03	%	Jan-2056		30,488		32,463		30,412
		3.05	%	May-2054		11,545		11,592		11,343
		3.08	%	Jan-2049		1,700		1,754		1,702
		3.17	%	Aug-2059		34,447		38,121		35,253
		3.18	%	Jul-2046		4,082		4,187		4,095
		3.20	%	Jul-2041 - Sep-2051		5,706		5,713		5,728
		3.25	%	Sep-2054		18,845		18,692		18,758
		3.25	%	Apr-2059		34,480		33,143		34,323
		3.26	%	Nov-2043		4,594		4,600		4,524
		3.27	%	Apr-2046		24,668		26,007		24,150
		3.30	%	Sep-2060		8,428		8,634		8,621
		3.33	%	May-2055		7,055		6,701		6,928
		3.34	%	Sep-2059		16,956		17,274		17,208
		3.35	%	Mar-2044		10,000		9,625		9,983
		3.36	%	May-2061		51,379		57,031		53,200
		3.37	%	Feb-2044		357		371		358
		3.38	%	Jan-2060		58,934		58,939		60,048
		3.39	%	Feb-2059		14,144		14,414		14,432
		3.47	%	May-2042		1,972		1,996		1,981
		3.48	%	May-2059		10,791		11,000		11,087
		3.50	%	Jan-2054		4,423		4,402		4,450
		3.53	%	Apr-2042		15,986		16,449		16,280
		3.60	%	Sep-2052 - Jun-2057		18,065		18,677		18,231
		3.60	%	Apr-2061		33,850		34,938		35,610
		3.62	%	Dec-2057		28,311		28,793		28,952
		3.63	%	Dec-2045		8,583		8,276		8,644
		3.65	%	Oct-2058		10,194		10,343		10,485
		3.67	%	Nov-2035		13,586		13,955		13,631
		3.74	%	Aug-2059		15,495		15,786		16,141
		3.75	%	Nov-2060		11,221		11,569		11,898
		3.77	%	Apr-2046		3,878		3,886		3,905
		3.78	%	Aug-2060		39,283		39,565		41,375
		3.92	%	Aug-2039		40,891		42,937		41,421
		4.10	%	May-2051		3,801		4,101		3,942
		4.25	%	Sep-2038		31,033		31,155		31,540
		4.37	%	Feb-2034		25,498		28,005		27,256
		4.45	%	Jun-2055		2,475		2,386		2,576
		4.53	%	Jan-2061		14,770		15,214		16,004
		4.63	%2	Sep-2037		1,500		1,468		1,503
		4.90	%2	Mar-2044		1,000		992		1,002
		5.25	%	Apr-2037		16,750		16,745		16,862
		5.34	%	Jul-2040		230		228		231
						1,907,937		1,954,208		1,864,326
Total Ginnie Mae Securities					$	1,912,271	$	1,958,562	$	1,868,940

Schedule of Portfolio Investments

March 31, 2022 (dollars in thousands, unaudited)

Ginnie Mae Construction Securities (3.4% of net assets)

	Interest Rates3							Unfunded
	Permanent			Construction			Maturity Date	Commitments1		Face Amount		Amortized Cost		Value
Multifamily		2.45	%		2.45	%	Apr-2062	$	797	$	15,705	$	15,998	$	15,157
		2.58	%		2.58	%	May-2063		15,898		12,602		13,525		10,845
		2.59	%		3.59	%	Aug-2064		42,287		25		1,162		(2,417	)
		2.62	%		2.62	%	Feb-2063		549		13,251		13,760		12,907
		2.64	%		2.64	%	Jan-2063		11,851		6,524		7,069		5,859
		2.65	%		2.65	%	Oct-2062		1,134		5,366		5,526		5,218
		2.67	%		2.67	%	Mar-2062		1,047		33,936		34,763		33,214
		2.75	%		2.75	%	Apr-2063		21,270		393		1,421		(711	)
		2.98	%		2.98	%	Jun-2063		25,897		7,813		9,052		7,126
		3.05	%		3.05	%	Dec-2063		104,645		100		1,149		(3,688	)
		3.41	%		3.41	%	Sep-2061		3,059		39,226		40,859		40,782
		3.43	%		3.43	%	Nov-2061		1,749		51,741		53,412		54,028
		4.21	%		4.21	%	May-2061		1,611		50,330		50,598		55,926
		4.35	%		4.35	%	Dec-2060		546		1,754		1,796		1,919
									232,340		238,766		250,090		236,165
Forward Commitments		2.25	%		4.10	%	Dec-2063		65,928		—		1,978		(5,784	)
		3.24	%		3.24	%	Apr-2064		26,582		—		532		(438	)
									92,510		—		2,510		(6,222	)
Total Ginnie Mae Construction Securities								$	324,850	$	238,766	$	252,600	$	229,943

Schedule of Portfolio Investments

March 31, 2022 (dollars in thousands, unaudited)

Fannie Mae Securities (40.6% of net assets)

						Unfunded
	Interest Rate4				Maturity Date	Commitments1		Face Amount		Amortized Cost		Value
Single Family		0.71	%	1M LIBOR+25	Mar-2037	$	—	$	113	$	113	$	114
		0.78	%	1M LIBOR+32	Jun-2037		—		652		652		655
		0.86	%	1M LIBOR+40	Apr-2037		—		313		312		315
		0.92	%	1M LIBOR+46	Oct-2042		—		1,672		1,677		1,691
		0.96	%	1M LIBOR+50	Jun-2042		—		3,618		3,621		3,661
		1.01	%	1M LIBOR+55	Mar-2042		—		2,093		2,095		2,124
		1.06	%	1M LIBOR+60	Oct-2043		—		3,884		3,899		3,951
		1.69	%	6M LIBOR+155	Nov-2033		—		839		839		857
		1.74	%	12M LIBOR+149	Jul-2033		—		111		111		114
		1.82	%	12M LIBOR+153	Feb-2045		—		2,680		2,723		2,765
		1.84	%	12M LIBOR+156	Apr-2034		—		411		416		420
		1.86	%	6M LIBOR+161	Aug-2033		—		120		120		123
		1.88	%	12M LIBOR+163	Nov-2034		—		166		169		170
		1.94	%	12M LIBOR+170	Oct-2042		—		2,015		2,051		2,096
		2.00	%		Nov-2050 - Jan-2052				142,137		148,024		136,002
		2.00	%		Jan-2052		—		48,087		48,274		45,981
		2.22	%	1Y UST+222	Aug-2033		—		237		237		246
		2.23	%	1Y UST+223	May-2033		—		127		127		132
		2.23	%	1Y UST+222	Jul-2033				409		409		425
		2.24	%	1Y UST+220	Aug-2033		—		429		428		445
		2.50	%		May-2050 - Nov-2050		—		99,395		103,842		95,233
		3.00	%		Apr-2031 - Mar-2052		—		207,891		216,235		204,397
		3.00	%		Oct-2051		—		46,834		49,217		45,903
		3.50	%		Oct-2026 - Mar-2052		—		151,071		155,256		152,463
		3.50	%		Jan-2052		—		43,635		44,792		43,806
		4.00	%		May-2024 - Jun-2048		—		39,803		41,016		41,139
		4.50	%		May-2024 - Dec-2048		—		28,609		29,467		29,980
		5.00	%		May-2034 - Apr-2041		—		5,459		5,587		5,881
		5.50	%		Sep-2032 - Jun-2038		—		2,362		2,358		2,541
		6.00	%		Nov-2028 - Nov-2037		—		1,813		1,820		1,999
		6.50	%		Sep-2028 - Jul-2036		—		310		315		344
		7.00	%		Sep-2027 - May-2032		—		486		486		536
		7.50	%		Jan-2027 - Sep-2031		—		40		40		42
		8.00	%		Aug-2030 - May-2031		—		34		35		35
							—		837,855		866,763		826,586
Multifamily		0.36	%	1M SOFR+20	Nov-2031		—		40,943		40,949		40,924
		0.37	%	1M SOFR+21	Mar-2031		—		23,855		23,858		23,822
		0.38	%	1M SOFR+22	Mar-2031 - Nov-2031		—		35,075		35,083		35,051
		0.39	%	1M SOFR+23	Apr-2031		—		17,500		17,500		17,509
		0.45	%	1M SOFR+29	Feb-2029		—		20,000		20,006		19,992
		0.74	%	1M LIBOR+29	Feb-2028		—		30,420		30,420		30,385
		0.76	%	1M LIBOR+31	Mar-2028		—		38,275		38,277		38,258
		0.79	%	1M LIBOR+34	Jan-2028		—		22,425		22,425		22,405
		0.80	%	1M LIBOR+35	Dec-2027		—		18,100		18,100		18,117
		0.85	%	1M LIBOR+40	Sep-2028		—		1,822		1,822		1,822
		0.89	%	1M LIBOR+44	May-2027		—		16,591		16,591		16,602
		0.98	%	1M LIBOR+85	Jan-2023		—		1,154		1,154		1,155
		1.03	%	1M LIBOR+58	May-2029		—		25,000		25,008		25,062
		1.03	%	1M LIBOR+58	Jun-2029		—		41,302		41,324		41,406
		1.06	%		Dec-2027		—		21,424		21,433		19,552
		1.17	%		Aug-2030 - Nov-2030		—		34,630		34,633		30,275
		1.22	%		Aug-2028 - Jul-2030		—		35,610		35,723		32,064
		1.25	%		Jul-2030		—		37,950		38,080		33,393
		1.26	%		Jan-2031		—		25,000		24,994		22,219
		1.27	%		Jul-2030		—		14,235		14,339		12,774
		1.31	%		Aug-2030		—		4,416		4,480		3,936
		1.32	%		Aug-2030		—		21,000		21,287		18,883
		1.38	%		Jul-2030		—		10,500		10,647		9,499
		1.41	%		Jul-2030		—		3,290		3,325		2,978
		1.46	%		Jul-2030		—		7,548		7,654		6,868
		1.47	%		Jul-2030 - Dec-2030		—		15,425		15,563		13,721
		1.50	%		Aug-2030		—		1,164		1,193		1,059
		1.52	%		Jul-2032		—		16,530		16,675		14,824
		1.53	%		Jul-2032		—		10,500		10,662		9,422
		1.55	%		Jul-2032		—		20,500		20,816		18,432
		1.57	%		Jan-2031		—		21,950		22,027		19,840
		1.57	%		Aug-2037		—		47,630		47,847		41,130
		1.58	%		Oct-2031		—		57,950		58,232		51,118
		1.65	%		Jul-2030		—		1,260		1,291		1,160
		1.68	%		Sep-2032		—		12,824		13,045		11,633
		1.71	%		Sep-2035 - Nov-2035		—		25,605		25,916		22,019
		1.74	%		Mar-2033		—		6,160		6,248		5,423
		1.76	%		Aug-2031 - Dec-2036		—		55,158		55,334		49,745
		1.77	%		Sep-2035		—		3,270		3,339		2,905
		1.82	%		Jul-2035		—		4,635		4,673		4,119
		1.88	%		Nov-2031		—		25,400		25,437		23,054
		1.94	%		Apr-2035		—		6,400		6,502		5,812
		2.00	%		Apr-2031		—		18,000		18,655		16,737
		2.09	%		May-2032 - Jul-2050		—		21,792		22,044		19,500
		2.16	%		Sep-2050		—		14,200		14,361		11,616
		2.33	%		Nov-2029 - Feb-2030		—		18,178		18,223		17,565
		2.41	%		Apr-2051		—		3,759		3,797		3,352
		2.43	%		Nov-2031		—		18,655		18,663		18,041
		2.46	%		Aug-2026 - Nov-2034		—		35,330		35,423		34,610
		2.47	%		Dec-2051		—		13,556		13,750		12,195
		2.49	%		Dec-2026 - Nov-2031		—		27,356		27,411		26,796
		2.50	%		Jun-2026		—		60,000		60,000		59,447
		2.53	%		Jan-2030		—		20,550		20,683		20,026
		2.55	%		Sep-2026 - Mar-2030		—		65,865		66,152		64,550
		2.56	%		Dec-2051		—		12,742		12,773		11,613
		2.57	%		Mar-2042		—		25,155		25,167		23,417
		2.61	%		Nov-2026		—		9,800		9,848		9,731
		2.67	%		Aug-2029		—		37,700		37,987		37,598
		2.70	%		Nov-2025		—		14,623		14,626		14,605
		2.72	%		Jul-2028		—		36,400		36,558		36,402
		2.76	%		Oct-2031		—		10,189		10,324		10,106
		2.81	%		Sep-2027		—		12,086		12,119		12,120
		2.85	%		Aug-2031		—		8,760		8,804		8,680
		2.91	%		Jun-2031		—		25,000		25,111		24,940
		2.92	%		Jun-2027		—		66,475		66,513		66,951
		2.92	%		Apr-2028		—		15,698		15,739		15,844
		2.93	%		Sep-2027		—		26,119		26,197		26,111
		2.94	%		Jun-2027 - Jul-2039		—		31,012		31,057		31,221
		2.96	%		Sep-2034		—		20,000		20,706		19,994
		2.97	%		Nov-2032 - Sep-2034		—		32,297		32,529		32,502
		2.99	%		Jun-2025		—		2,578		2,579		2,595
		3.00	%		May-2027 - Mar-2028		—		15,735		15,747		15,857
		3.02	%		Jun-2027		—		3,665		3,669		3,704
		3.03	%		May-2026		—		6,771		6,833		6,806
		3.04	%		Apr-2030		—		25,100		25,150		25,439
		3.05	%		Apr-2030		—		26,120		26,137		26,415
		3.12	%		Apr-2030		—		12,804		12,806		12,961
		3.14	%		Apr-2029		—		7,652		7,663		7,815
		3.17	%		Jun-2029 - Sep-2029		—		36,207		36,329		36,841
		3.18	%		May-2035		—		9,511		9,613		9,630
		3.21	%		May-2030		—		6,540		6,599		6,659
		3.26	%		Jan-2027		—		7,071		7,078		7,199
		3.31	%		Oct-2027		—		15,188		15,248		15,576
		3.32	%		Apr-2029		—		20,080		20,131		20,662
		3.33	%		May-2026		—		10,537		10,551		10,690
		3.36	%		May-2029 - Oct-2029		—		26,163		26,721		27,098
		3.40	%		Oct-2026		—		2,778		2,782		2,839
		3.41	%		Sep-2023		—		10,681		10,681		10,797
		3.42	%		Apr-2035		—		5,090		5,148		5,242
		3.46	%		Dec-2023 - Apr-2031		—		16,072		16,134		16,477
		3.50	%		Aug-2039		—		13,233		13,233		13,766
		3.61	%		Sep-2023		—		5,962		5,962		6,038
		3.63	%		Jul-2035		—		21,453		21,477		22,458
		3.66	%		Oct-2023		—		4,370		4,370		4,430
		3.68	%		Jul-2028		—		12,010		12,438		12,458
		3.87	%		Sep-2023		—		2,305		2,305		2,337
		4.69	%		Jun-2035		—		541		551		564
		5.15	%		Oct-2022		—		177		177		177
		5.30	%		Aug-2029		—		3,998		3,974		4,278
		5.69	%		Jun-2041		—		4,265		4,353		4,616
		5.75	%		Jun-2041		—		2,071		2,120		2,245
		5.91	%		Mar-2037		—		1,575		1,594		1,578
		5.96	%		Jan-2029		—		235		236		236
		6.15	%		Jan-2023		—		3,149		3,149		3,158
		8.40	%		Jul-2023		—		78		78		79
							—		1,923,488		1,932,748		1,856,357
Forward Commitments		2.21	%		Dec-2039		41,587		—		—		(7,377	)
		2.56	%		Jul-2038		10,774		—		—		(1,199	)
		2.58	%		Jan-2040		11,700		—		—		-1,355
		2.59	%		Feb-2039 - Mar-2039		35,409		—		—		-3,703
		2.72	%		Jul-2040		27,794		—		278		-3,522
							127,264		—		278		(17,156	)
When Issued5		2.93	%		Apr-2038		—		36,300		36,324		34,980
		3.01	%		Apr-2052		—		7,500		7,505		7,025
		3.24	%		May-2052		—		6,500		6,634		6,349
							—		50,300		50,463		48,354
Total Fannie Mae Securities						$	127,264	$	2,811,643	$	2,850,252	$	2,714,141

Schedule of Portfolio Investments

March 31, 2022 (dollars in thousands, unaudited)

FNMA Construction Securities (0.3% of net assets) 

	Interest Rates3
	Permanent			Construction			Maturity Date	Face Amount		Amortized Cost		Value
Multifamily		2.46	%		2.46	%	Jan-2038	$	20,950	$	20,950	$	18,953
Total FNMA Construction Securities								$	20,950	$	20,950	$	18,953

Schedule of Portfolio Investments

March 31, 2022 (dollars in thousands, unaudited)

Freddie Mac Securities (8.9% of net assets)

	Interest Rate4				Maturity Date	Commitments1		Face Amount		Amortized Cost		Value
Single Family		0.25	%	1M SOFR+20	Aug-2031	$	—	$	32,000	$	32,000	$	31,957
		0.29	%	1M SOFR+24	Jan-2031		—		44,905		44,905		44,827
		0.29	%	1M SOFR+24	Jun-2031		—		34,999		35,000		34,965
		0.30	%	1M SOFR+25	Dec-2030		—		22,291		22,291		22,260
		0.35	%	1M SOFR+30	Dec-2030		—		21,897		21,897		21,837
		0.37	%	1M LIBOR+13	Nov-2027		—		28,105		28,105		28,067
		0.41	%	1M SOFR+36	Oct-2030		—		11,919		11,919		11,942
		0.50	%	1M LIBOR+26	Nov-2030				16,025		16,025		16,008
		0.57	%	1M LIBOR+33	Oct-2030		—		6,754		6,754		6,769
		0.66	%	1M LIBOR+42	May-2027		—		5,964		5,964		5,957
		0.70	%	1M LIBOR+30	Feb-2036		—		356		356		357
		0.73	%	1M LIBOR+33	May-2037		—		71		71		71
		0.75	%	1M LIBOR+35	Apr-2036 - Jan-2043		—		2,407		2,409		2,420
		0.80	%	1M LIBOR+40	Aug-2043		—		2,236		2,235		2,252
		0.88	%	1M LIBOR+48	Oct-2040		—		1,769		1,768		1,783
		0.89	%	1M LIBOR+65	Jan-2023		—		741		741		742
		0.90	%	1M LIBOR+50	Oct-2040 - Jun-2044		—		6,733		6,738		6,824
		0.95	%	1M LIBOR+55	Nov-2040		—		1,589		1,600		1,610
		1.07	%	1M LIBOR+67	Aug-2037		—		2,094		2,112		2,130
		2.02	%	12M LIBOR+178	Jul-2035		—		101		101		104
		2.34	%	1Y UST+223	Oct-2033		—		168		168		174
		2.35	%	1Y UST+223	Jun-2033		—		69		69		71
		2.50	%		Jan-2043 - Aug-2046		—		6,423		6,495		6,189
		3.00	%		Aug-2042 - Sep-2046		—		27,218		27,705		27,146
		3.35	%		Oct-2033		—		33,450		33,318		34,419
		3.50	%		Jan-2026		—		18,000		18,054		18,184
		3.50	%		Jan-2026 - Oct-2046		—		50,779		51,842		51,741
		3.68	%		Oct-2025		—		10,000		10,072		10,020
		4.00	%		Nov-2024 - Aug-2047		—		50,000		51,854		51,868
		4.50	%		Jan-2038 - Dec-2044		—		13,368		13,894		14,159
		5.00	%		May-2022 - Mar-2041		—		2,044		2,038		2,187
		5.50	%		Apr-2033 - Jul-2038		—		1,910		1,908		2,069
		6.00	%		Dec-2033 - Oct-2037		—		2,606		2,624		2,862
		6.50	%		Apr-2028 - Nov-2037		—		467		471		532
		7.00	%		Apr-2028 - Mar-2030		—		21		19		22
		7.50	%		Aug-2029 - Apr-2031		—		30		29		33
		8.00	%		Dec-2029		—		—		—		—
		8.50	%		Jul-2024 - Jan-2025		—		15		15		16
							—		459,524		463,566		464,574
Multifamily		0.38	%		Jul-2027				3,924		3,925		3,922
		2.04	%		May-2050		—		20,358		20,854		17,520
		2.40	%		Jun-2031		—		7,444		7,532		7,213
		2.41	%		Jun-2031		—		11,732		11,880		11,378
		2.42	%		Jun-2031		—		11,768		11,924		11,422
		3.28	%		Dec-2029		—		16,021		16,183		16,547
		3.34	%		Dec-2029		—		9,466		9,584		9,635
		3.38	%		Apr-2030		—		13,935		14,137		14,474
		3.48	%		Jun-2030		—		18,201		18,547		19,059
		3.60	%		Apr-2030		—		24,812		25,397		26,110
							—		137,661		139,963		137,280
Forward Commitments		2.38	%		Feb-2034		43,500		—		163		(3,916	)
Total Freddie Mac Securities						$	43,500	$	597,185	$	603,692	$	597,938

Schedule of Portfolio Investments

March 31, 2022 (dollars in thousands, unaudited)

State Housing Finance Agency Securities (7.2% of net assets)

		Interest Rates3
	Issuer	Permanent			Construction			Maturity Date	Face Amount		Amortized Cost		Value
Multifamily	Illinois State Housing Finance Auth		—			0.33	%	Aug-2023	$	20,000	$	20,000	$	19,934
	Illinois Housing Development Auth		—			0.40	%	Dec-2024		470		470		451
	Mass Housing		—			0.50	%	Dec-2023		10,020		10,020		9,788
	Mass Housing6		—			1.50	%	Dec-2022		8,750		8,751		8,743
	Mass Housing		—			2.15	%	Sep-2023		36,747		36,754		36,338
	Mass Housing6		—			3.55	%	Oct-2022		13,570		13,570		13,711
	Connecticut Housing Finance Auth6		—			3.70	%	May-2022		17,800		17,789		17,824
	Illinois Housing Development Auth		2.06	%		—		Jan-2042		28,005		28,009		22,563
	Illinois Housing Development Auth		2.07	%		—		Jul-2041		84,895		84,893		70,092
	Mass Housing		2.60	%		—		Jun-2063		26,410		26,410		20,422
	Illinois Housing Development Auth		2.65	%				Jul-2062		21,810		21,829		17,833
	NYC Housing Development Corp		2.95	%		—		Nov-2041 - Nov-2045		11,275		11,275		10,605
	NYC Housing Development Corp		3.05	%		—		Nov-2046		13,000		13,000		11,416
	NYC Housing Development Corp		3.10	%		—		Oct-2046		20,827		20,827		20,065
	NYC Housing Development Corp		3.25	%		—		Nov-2049		12,000		12,000		11,181
	Connecticut Housing Finance Auth		3.25	%		—		May-2050		12,310		12,325		12,356
	Mass Housing6		3.30	%		—		Dec-2059		8,340		8,345		7,435
	NYC Housing Development Corp		3.35	%		—		Nov-2054		20,000		20,000		17,989
	NYC Housing Development Corp		3.45	%		—		May-2059		20,000		20,000		17,715
	NYC Housing Development Corp		3.75	%		—		May-2035		3,200		3,200		3,217
	Mass Housing6		3.85	%		—		Dec-2058		9,625		9,622		9,781
	NYC Housing Development Corp		3.95	%		—		Nov-2043		14,555		14,555		14,848
	NYC Housing Development Corp		4.00	%		—		Dec-2028 - Nov-2048		14,325		14,429		14,485
	MassHousing		4.13	%		—		Dec-2036		5,000		5,000		5,058
	NYC Housing Development Corp		4.13	%		—		Nov-2053		8,305		8,305		8,401
	NYC Housing Development Corp		4.20	%		—		Dec-2039		8,305		8,305		8,414
	Chicago Housing Authority		4.36	%		—		Jan-2038		25,000		25,000		27,514
	MassHousing		4.50	%		—		Jun-2056		45,000		45,000		45,598
Total State Housing Finance Agency Securities									$	519,544	$	519,683	$	483,777

Schedule of Portfolio Investments

December 31, 2021 (dollars in thousands)

Other Mutifamily Investments (1.8% of net assets)

		Interest Rates3,4
	Issuer	Permanent			Construction			Maturity Date		Unfunded Commitments1		Face Amount		Amortized Cost			Value
Direct Loans
	53 Colton Street (Level 3)		—			2.60	%		Dec-2023	$	6,322	$	9,695	$	9,592		$	9,405
	18 Sixth Ave at Pacific Park (Level 3)		—			2.65	%		Dec-2024		8,317		8,905		8,870			8,758
	18 Sixth Ave at Pacific Park (Level 3)		—			2.65	%		Dec-2024		15,374		67,404		67,184			66,694
	Wilder Square (Level 3)		—			3.25	%		Mar-2023		154		11,346		11,312			11,286
	University and Fairview (Level 3)		—			3.45	%		Jun-2024		294		14,706		14,635			14,365
	University and Fairview (Level 3)		—			3.45	%		Dec-2023		3,870		18,644		18,526			18,132
	Old Cedar (Level 3)		—			3.50	%		Dec-2023		2,065		8,935		8,907			8,713
	Peregrine Apartments (Level 3)		—			3.60	%		Dec-2024		10,750		1,680		1,692			1,133
	The Crest Apartments (Level 3)		—			3.75	%		Jun-2024		7,704		1,796		1,778			1,523
	99 Ocean (Level 3)		—			4.05	%		Oct-2024		40,465		11,535		11,050			11,490
	Granada (Level 3)		—			6.75	%		Jan-2024		8,572		4,428		4,363			4,501
											103,887		159,074		157,909			156,000
Forward Commitments
	53 Colton Street (Level 3)		—			2.80	%		Dec-2023		3,042		—		(8	)		(124	)
	311 W 42nd Street (Level 3)		—			3.09	%		Nov-2024		50,000		—		(199	)		(47	)
	Peregrine Apartments (Level 3)		—			3.60	%		Jun-2024		15,364		—		(115	)		(540	)
	The Crest Apartments (Level 3)		—			3.75	%		Dec-2023		3,815		—		(33	)		(96	)
											72,221		—		(355	)		(807	)
Privately Insured Construction/Permanent Mortgages7
	Illinois Housing Development Auth		6.20	%		—			Dec-2047		—		2,892		2,900			2,891
	Illinois Housing Development Auth		6.40	%		—			Nov-2048		—		880		889			880
											—		3,772		3,789			3,771
Total Other Multifamily Investments										$	176,108	$	162,846	$	161,343		$	158,964

Schedule of Portfolio Investments

March 31, 2022 (dollars in thousands, unaudited)

Commercial Mortgage-Backed Securities (1.4% of net assets)

Issuer	Interest Rate			Maturity Date	Face Amount		Amortized Cost		Value
Nomura		2.77	%	Dec-2045	$	10,000	$	10,126	$	10,005
Nomura		3.19	%	Mar-2046		20,000		20,303		19,976
JP Morgan		3.48	%	Jun-2045		1,124		1,165		1,126
Citigroup		3.62	%	Jul-2047		8,000		8,167		8,034
Barclays/ JP Morgan		3.81	%	Jul-2047		2,250		2,297		2,268
RBS/ Wells Fargo		3.82	%	Aug-2050		5,000		5,111		5,024
Deutsche Bank/UBS		3.96	%	Mar-2047		5,000		5,105		5,039
Barclays/ JP Morgan		4.00	%	Apr-2047		5,000		5,105		5,036
Cantor/Deutsche Bank		4.01	%	Apr-2047		20,000		20,422		20,207
Barclays/ JP Morgan		4.08	%	Feb-2047		6,825		7,102		6,876
Cantor/Deutsche Bank		4.24	%	Feb-2047		7,000		7,146		7,122
Total Commercial Mortgage Backed Securities					$	90,199	$	92,049	$	90,713

Schedule of Portfolio Investments

March 31, 2022 (dollars in thousands, unaudited)

United States Treasury Securities (5.3% of net assets)

	Interest Rate			Maturity Date	Face Amount		Amortized Cost			Value
		0.63	%	May-2030	$	63,000	$	62,432	$	54,941
		0.63	%	Aug-2030		30,000		29,796		26,070
		1.13	%	Feb-2031		40,000		38,487		36,125
		1.25	%	Apr-2028		65,000		64,833		60,557
		1.25	%	Aug-2031		8,000		7,798		7,273
		1.38	%	Nov-2031		15,000		14,289		13,764
		1.50	%	Feb-2030		35,000		36,448		32,832
		1.75	%	Nov-2029 - Aug-2041		50,000		49,487		46,062
		2.00	%	Nov-2041		17,000		16,521		15,404
		2.25	%	May-2041		42,000		43,336		39,709
		2.38	%	Feb-2042		15,000		15,304		14,466
		2.88	%	Aug-2028		10,000		9,873		10,240
Total United States Treasury Securities					$	390,000	$	388,604	$	357,443
Total Fixed-Income Investments					$	6,884,259	$	6,989,429	$	6,661,699

Schedule of Portfolio Investments

March 31, 2022 (dollars in thousands, unaudited)

Equity Investment in Wholly-Owned Subsidiary (less than 0.01% of net assets)

			Amount of
	Face		Dividends
Issuer	Amount (Cost)		or Interest		Value
HIT Advisers8 (Level 3)	$	1	$	—	$	284
Total Equity Investment	$	1	$	—	$	284

Schedule of Portfolio Investments

March 31, 2022 (dollars in thousands, unaudited)

Short-Term Investments (1.1% of net assets)

Issuer	Interest Rate			Maturity Date	Face Amount		Amortized Cost		Value
Commercial Paper
Halkin Finance		0.32	%9	Apr-2022	$	40,000	$	40,000	$	40,000
Blackrock Federal Funds		0.25	%10	Apr-2022		54,705		54,705		54,705
Total Short-Term Investments					$	94,705	$	94,705	$	94,705
Total Investments					$	6,978,965	$	7,084,135	$	6,756,688

Schedule of Portfolio Investments

March 31, 2022

Footnotes

1	The 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 $680.5 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.
2	Federally tax-exempt bonds collateralized by Ginnie Mae securities.
3	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 the U.S. Department of Housing and Urban Development requires that such rates be charged earlier.
4	For floating and variable rate securities the rate indicated is for the period end. With respect to these securities, the schedule also includes the reference rate and spread in basis points.
5	The 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.
6	Securities 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 securities 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.
7	Loans 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.
8	The HIT has a participation interest in HIT Advisers, 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 of HIT Advisors and its subsidiary on a consolidated basis. The participation interest is not registered under the federal  securities laws.
9	Rate indicated is the effective yield at the time of purchase.
10	Rate indicated is the annualized 1-day yield as of March 31, 2022.

Key to abbreviations
	M	Month
	Y	Year
	LIBOR	London Interbank Offered Rate
	UST	U.S. Treasury
	SOFR	Secured Overnight Financing Rate

Item 1. Schedule of Investments

(Schedule of Investments) 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS; unaudited

As of March 31, 2022

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, voluntary employees’ benefit associations 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 determined as of the close of business of regular trading (normally 4:00 p.m.) of the New York Stock Exchange on the last business day of each calendar 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 matters, including fair value determinations. 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, independent 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 NAV of such investments.

When the HIT finances the 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 such circumstances, the Valuation Committee will employ a valuation method that it believes best reflects fair value for that asset, which may include the referral of the 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, 2022 the Valuation Committee fair valued less than 0.01% of the HIT’s net assets utilizing internally derived unobservable inputs.

Short-term investments acquired with a stated maturity of 60 days or less are generally valued at amortized cost, which approximates fair market value.

The HIT holds a 100% ownership interest, either directly or indirectly in HIT Advisers LLC (HIT Advisers). HIT Advisers is valued at its fair value determined in good faith under consistently applied procedures adopted by the HIT’s Board of Trustees, which approximates its 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 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, 2022:

Investment Securities: ($ in thousands)	Level 1		Level 2		Level 3			Total
FHA Permanent Securities	$	—	$	141,743	$	—		$	141,743
Ginnie Mae Securities		—		1,868,940		—			1,868,940
Ginnie Mae Construction Securities		—		236,165		—			236,165
Fannie Mae Securities		—		2,682,943		—			2,682,943
Fannie Mae Construction Securities		—		18,953		—			18,953
Freddie Mac Securities		—		601,854		—			601,854
Commercial Mortgage-Backed Securities		—		90,713		—			90,713
State Housing Finance Agency Securities		—		483,777		—			483,777
Other Multifamily Investments
Direct Loans		—		—		156,000			156,000
Privately Insured Construction/Permanent Mortgages		—		3,771		—			3,771
Total Other Multifamily Investments		—		3,771		156,000			159,771
United States Treasury Securities		—		357,443		—			357,443
Equity Investments		—		—		284			284
Short-Term Investments		94,705		—		—			94,705
Other Financial Instruments*		—		20,204		(807	)		19,397
Total Investment	$	94,705	$	6,506,506	$	155,477		$	6,756,688

*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, 2022.

	Investments in Securities ($ in thousands)
	Other Multifamily Investments			Equity Investments		Other Financial Instruments			Total
Beginning balance,12/31/2021	$	126,771		$	104	$	110		$	126,985
Paydowns		(320	)		—		—			(320	)
Cost of Purchases		32,929			—		—			32,929
Total Change in Unrealized Gain(Loss)(a)		(3,380	)		180		(917	)		(4,117	)
Ending balance, 3/31/2022	$	156,000		$	284	$	(807	)	$	155,477

^(a)The changes in unrealized gain (loss) attributable to Level 3 securities held at March 31, 2022 totaled $(4,117,000) and is included on the accompanying Statement of Operations.

Level 3 securities primarily consist of Direct Loans which were valued by an independent pricing service at March 31, 2022, utilizing a discounted cash flow model. Weighted average lives for the loans ranged from 0.13 to 2.77. Unobservable inputs include spreads to relevant U.S. Treasuries ranging from 87 to 389 basis points. A change in unobservable inputs may impact the value of the loans.

Federal Income Taxes

At March 31, 2022, investments for federal income tax purposes approximated book cost at amortized cost of $7,084,135,000.  Net unrealized losses aggregated $327,447,000 at period-end, of which $34,894,000 related to appreciated investments and $362,341,000 related to depreciated investments. 

Note 2. Transactions with Related Entities

HIT Advisers

HIT Advisers, a Delaware limited liability company, was formed by the HIT to operate as an investment adviser and be registered, as appropriate under applicable federal or state law. HIT Advisers is owned by HIT directly (99.9%), and indirectly through HIT Advisers Managing Member (0.1%) which is also wholly owned by the HIT. This ownership structure is intended to insulate the HIT from any potential liabilities associated with the conduct of HIT Advisers’ business. The HIT receives no services from HIT Advisers and carries it as a portfolio investment that meets the definition of a controlled affiliate.

In accordance with a contract, in addition to its membership 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, 2022, HIT Advisers had no assets under management.

A rollforward of advances to HIT Advisers by the HIT is included in the table below:

Advances to HIT Advisers by HIT	$ in Thousands
Beginning Balance, 12/31/2021	$429
Advances in 2022	17
Repayment by HIT Advisers in 2022	—
Ending Balance, 3/31/2022	$446

Building America

Building America, a wholly owned subsidiary of HIT Advisers, is a Community Development Entity, certified by the Community Development Financial Institutions Fund (CDFI Fund) of the U.S. Department of the Treasury.

In accordance with a contract, the HIT provides the time of certain personnel to Building America and allocates operational expenses on a cost-reimbursement basis. Also, in accordance with the contract, the HIT provides Building America advances to assist with its operations and cash flow management as needed. Advances are repaid as cash becomes available.

A rollforward of advances to Building America by the HIT is included in the table below:

Advances to BACDE by HIT	$ in Thousands
Beginning Balance, 12/31/2021	$89
Advances in 2022	321
Repayment by BACDE in 2022	(410)
Ending Balance, 3/31/2022	$ —

Summarized financial information on a consolidated basis for HIT Advisers and Building America is included in the table below:

	$ in Thousands
As of March 31, 2022
Assets	$2,046
Liabilities	$1,762
Equity	$284
For the three months ended March 31, 2022
Income	$523
Expenses	(364)
Tax Expense	(22)
Net Income (Loss)	$181