NPORT-EX 2 ahit-nportex_033122.htm SCHEDULE OF INVESTMENTS

 

  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