# EDGAR Filing Document

**Accession Number:** 0000225030
**File Stem:** 0001839882-23-006426
**Filing Date:** 2023-3
**Character Count:** 195076
**Document Hash:** 1ba2283c2f068ddfe5101c31ad23e38b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-23-006426.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001839882-23-006426

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03493
- **FILM NUMBER:** 23724616

**BUSINESS ADDRESS:**
- **STREET 1:** 1227 25TH STREET, NW
- **STREET 2:** SUITE 500
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20037
- **BUSINESS PHONE:** (202) 331-8055

**MAIL ADDRESS:**
- **STREET 1:** 1227 25TH STREET, NW
- **STREET 2:** SUITE 500
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20037

## Series and Classes Contracts Data

### AFL CIO HOUSING INVESTMENT TRUST (Series ID: S000009768)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000026832 | AFL CIO HOUSING INVESTMENT TRUST |  |

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

**INVESTMENT COMPANIES**

Investment Company Act File Number: 811-3493

**American Federation of Labor and**

**Congress of Industrial Organizations**

**Housing Investment Trust**

*(Exact name of registrant as specified in charter)*

1227 25<sup>th</sup> Street, N.W., Suite 500

Washington, D.C. 20037

*(Address of principal executive offices) (Zip code)*

Corey F. Rose, Esq.

Dechert LLP

1900 K Street, NW

Washington, DC 20006-1110

*(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: January 1, 2022 - December 31, 2022

**Item 1.** **Reports to Stockholders.**

A copy of the 2022 Annual Report (the "Report") of the AFL-CIO Housing Investment Trust (the "Trust" or "Registrant") transmitted to Trust participants pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (17 CFR 270.30e-1) (the "Act"), is included herewith.

![](aflcio001.jpg)

![](aflcio002.jpg)

---

| | |
|:---|:---|
| <br>TO OUR INVESTORS | ![](aflcio003.jpg) |

---

\*Source: Bloomberg

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 performance data quoted represents past performance and is no guarantee of future results.
 Investment results and principal value will fluctuate so that units in the HIT, when
 redeemed, may be worth more or less than the original cost. The HIT's current performance
 data may be lower or higher than the performance data quoted. Performance data current
 to the most recent month-end is available from the HIT's website at www.aflcio-hit.com.
 Gross performance figures do not reflect the deduction of HIT expenses. Net performance
 figures reflect the deduction of HIT expenses and are the performance returns that HIT's
 investors obtain. Information about HIT expenses can be found on page 1 of the HIT's
 current prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;2. Yield-to-Worst
 is a measure of the lowest possible yield that can be received on a bond that fully operates
 within the terms of its contract without defaulting. It does not represent the performance
 yield. It is calculated by using the lower of either the yield to maturity or the yield
 to call on every possible call date.

2022 ANNUAL REPORT 1

---

| | |
|:---|:---|
| <br>MESSAGE FROM THE AFL-CIO PRESIDENT | ![](aflcio005.jpg) |

---

" As we in the labor movement continue our tireless pursuit of a more sustainable and equitable economy, the HIT will be working to maximize its impact on that mission."

---

| | |
|:---|:---|
| As we continue to emerge from the most challenging days of the pandemic, we can feel proud of our progress in 2022. Despite higher inflation and rising interest rates, the AFL-CIO Housing Investment Trust (HIT) remained focused on building for the future — investing $345.1 million in 17 projects across the U.S. As of year-end, 41 projects receiving HIT financing were under construction. These investments help build a better tomorrow by creating more construction jobs for union workers, and more housing availability and affordability for our communities. These are the values at the core of the HIT mission since its inception in 1984.<br>For four decades, the HIT has committed $10.4 billion of its capital to finance 583 projects nationwide, with approximately $19.3 billion in total development costs. HIT's investments generated an estimated 219,282 jobs across communities and created 124,922 housing and health care units — 67% of which is affordable housing. That's a record to be proud of. It is great | to see union pension dollars put to work in construction projects where union members are earning good wages and benefits that support their families. What the HIT does every year embodies the very essence of the labor movement: working together to build a better future for everyone.<br>As we in the labor movement continue our tireless pursuit of a more sustainable and equitable economy, the HIT will be working to maximize its impact on that mission. Speaking on behalf of the entire HIT team, we look forward to continuing our work together to build a better future for our members, investors, and communities. <br>In Solidarity,<br>![](aflcio006.jpg)<br>**Elizabeth H. Shuler**<br> *President, AFL-CIO; Trustee, AFL-CIO Housing Investment Trust*  |

---

---

| | |
|:---|:---|
| 2 | ![](aflcio022.jpg) |

---

**DISCUSSION OF FUND PERFORMANCE**

*(unaudited)*

---

| | |
|:---|:---|
| **2022 OVERVIEW**<br> In a year marked by high inflation, rising rates and economic uncertainty, the AFL-CIO Housing Investment Trust (HIT) continued to put labor's capital to work through high credit-quality multifamily investments. In 2022, the HIT committed $345.1 million to finance 17 construction/substantial rehabilitation projects.<sup>1</sup> These investments, with a total development cost of $749.3 million, are expected to generate 4.8 million hours of union construction work and create or rehabilitate 1,583 housing units, including 1,462 units of much-needed affordable housing.<sup>2</sup> In one of the worst years for fixed income, the HIT underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index\* (Bloomberg Aggregate or Benchmark) despite outperforming for most of the year. However, higher rates led to the HIT's portfolio closing 2022 with the highest yield in 15 years with a yield-to-worst of 5.20%.<sup>3</sup><br>**2022 RETURNS**<br> For 2022, HIT generated a gross return of -13.27% and net return of -13.55%, compared to the Benchmark's -13.01% return. The HIT underperformed the Benchmark amid a challenging environment for fixed income. The HIT delivered competitive returns for the year despite a difficult macroeconomic backdrop of elevated inflation and tightening of Federal Reserve monetary policy, both of which drove interest rates higher.<br>**PERFORMANCE ATTRIBUTION SUMMARY**<br> Total returns for investment grade fixed income strategies were deeply negative for 2022 as interest rates rose across the curve. The | 10-year U.S. Treasury closed the year with a yield above 3.8% for the first time since 2010. In this volatile rising rate environment, the HIT delivered competitive returns and outperformed some of the largest core fixed income fund managers that invest in corporate credit—the worst performing sector in investment grade fixed income for the year notwithstanding their strong fourth quarter.<br>In addition to the HIT's lack of corporate bonds, the HIT's relative performance for 2022 also benefitted from the HIT's active interest rate risk management of short duration, overweight to adjustable-rate investments, and underweight to agency residential mortgages, which was the worst performing asset class in the Benchmark on an excess return basis. However, the HIT's overweight to spread products and underweight to U.S. Treasuries hindered relative performance. All fixed income spreads widened relative to U.S. Treasuries given the volatility caused by higher inflation and ongoing hawkish policy from the Federal Reserve. The HIT's relative performance as compared to the AAA component of the Bloomberg Aggregate (which has a more comparable credit profile to the HIT than the Benchmark) lagged given that U.S. Treasuries were the best performing sector in the Benchmark.<br>**2022 MARKET OVERVIEW**<br> Global economic activity in 2022 was challenged by high inflation, rising interest rates, the war in Ukraine and the lingering effects of Covid-19. U.S. growth was barely positive for 2022 despite a moderately positive second half of the year as tighter monetary conditions weighed on growth. The  |
| **Relative Returns**<br> *As of December 31, 2022, periods over one year are annualized* | **Comparison of a $50,000 Investment**<br> *in the HIT and Bloomberg Aggregate (10 Years)* |
| ![](aflcio007.jpg)<br>| ![](aflcio008.jpg) |

---

*Past performance is no guarantee of future results. Economic and market conditions change, and both will cause investment return, principal value, and yield to fluctuate so that a participant's units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.aflcio-hit. com. Gross performance figures do not reflect the deduction of HIT expenses. Net performance figures reflect the deduction of HIT expenses and are the performance figures investors experience in the HIT. Information about HIT expenses can be found on page 1 of the HIT's current prospectus. The Bloomberg Aggregate is an unmanaged index and is not available for direct investment, although certain funds attempt to replicate this index. Returns for the index would be lower if they reflected the actual trading costs or expenses associated with management of an actual portfolio.*

\* Source: Bloomberg L.P.

1. This
 includes New Markets Tax Credits allocated by HIT subsidiary Building America CDE, Inc.

2. Job
 and economic impact figures are estimates calculated using IMPLAN, an input-output model,
 based on HIT and HIT subsidiary Building America CDE, Inc. project data. Data is current
 as of December 31, 2022.

3. Yield-to-Worst
 is a measure of the lowest possible yield that can be received on a bond that fully operates
 within the terms of its contract without defaulting. It does not represent the performance
 yield. It is calculated by using the lower of either the yield to maturity or the yield
 to call on every possible call date.

2022 ANNUAL REPORT 3

**DISCUSSION OF FUND PERFORMANCE**

*continued*

**Treasury Yield Curve Shift**

![](aflcio009.jpg)

**S&P vs 10-Year Treasury**

![](aflcio010.jpg)

**Historical Multifamily Spreads**

![](aflcio011.jpg)

labor market continued to add jobs through 2022, but the pace slowed dramatically from an average monthly rate of approximately 550,000 in the first quarter to approximately 300,000 in the fourth quarter.<sup>4</sup>

While inflation slowed in the fourth quarter, it remained close to 40-year highs, with core inflation increasing around 6% at the end of the year driven by the dramatic rise in shelter prices during the year.<sup>5</sup> The Federal Reserve raised the federal funds rate target range by 50 bps at its December meeting, demonstrating a slowdown in rate hikes, but also communicated a sustained strong commitment to tame soaring inflation. The Federal Reserve raised the funds rate 425 basis points in 2022, bringing the funds rate to the range of 4.25-4.50% at the end of the year.

The dramatic rise in the funds rate impacted interest rate sensitive sectors such as housing, with U.S. mortgage rates more than doubling during 2022.<sup>6</sup> U.S. home buyer demand fell in 2022 due to rising prices, elevated construction costs, higher mortgage rates and supply chain issues. These issues also factored into the decline in housing affordability which ended the year at lows not seen since the 1980s.

With many individuals and families priced out of homebuying, households have chosen to rent longer, which sustained multifamily demand in 2022. In addition, a report from Up For Growth found that there is a housing deficit in 47 states and Washington DC, a dramatic rise from four years ago when shortages were mostly in coastal markets and the Southwest.<sup>7</sup>

**HIT'S MULTIFAMILY INVESTMENTS**

In 2022, the HIT committed $345.1 million in financing across 17 projects with total development costs of $749.3 million.<sup>8</sup> These investments are expected to contribute positively to the HIT's portfolio's yield, generate an estimated 2,395 union construction jobs, or both. Furthermore, the HIT continues to help address the severe national shortage of affordable and workforce rental housing impacting many households—approximately 92% of the 1,583 housing units created or rehabilitated in 2022 will be affordable for families making less than 80% of the area median income. These developments will also help revitalize communities across the U.S. as the construction impacts ripple through local economies, generating an estimated $1.4 billion in economic impacts.<sup>9</sup> 

In 2022, the HIT continued to utilize its direct and bridge lending authorities and its varied construction and permanent loan vehicles, often through its longstanding relationships with state housing financing agencies. One such agency, MassHousing, committed to backing the financing of the Old Colony Phases Four and Five projects, which will create 208 units of affordable housing in Boston, Massachusetts. Dating back to 2010, the HIT has worked with MassHousing on all phases of the Old Colony redevelopment, committing to finance a total $240.4 million for 758 units of affordable housing.

4. Bureau
of Labor Statistics

5. Ibid

6. Moodys,
MBA

7. Up
For Growth

8. This
includes New Markets Tax Credits allocated by HIT subsidiary Building America CDE, Inc.

9. Job
and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT and HIT subsidiary Building
America CDE, Inc. project data. Data is current as of December 31, 2022.

---

| | |
|:---|:---|
| 4 | ![](aflcio022.jpg) |

---

**DISCUSSION OF FUND PERFORMANCE**

*continued*

---

| | |
|:---|:---|
| ![](aflcio012.jpg) | &nbsp;&nbsp;&nbsp;"In a year when rents continued to rise and mortgage rates doubled, HIT financed the creation or rehabilitation of 1,583 units of housing, approximately 92% of which will be affordable. The HIT is not only helping address the housing shortage but effecting positive social impact in communities across the country." <br> **Chris Coleman** *President and CEO, Twin Cities Habitat for Humanity; Chair of the Board, AFL-CIO Housing Investment Trust*  |

---

![](aflcio013.jpg)

The HIT continued a high volume of activity nationwide during 2022, including in its key markets of California, Illinois, Massachusetts, Minnesota, and New York, and added projects in Oregon, Michigan, Pennsylvania, and Ohio. At year-end, 41 projects receiving HIT financing were under construction. These projects are providing significant economic benefits and positively impacting communities in 27 cities across 13 states. Despite expectations that interest rates will continue to rise in 2023, the HIT is tracking a healthy pipeline of projects and continues to work with lending partners to finance affordable, workforce, and market rate housing developments.

**LOOKING AHEAD**

The outlook for the U.S. economy remains highly uncertain, with risks weighted to the downside, as the Federal Reserve continues to tighten monetary policy to combat elevated inflation and intends to keep rates high until inflation comes back towards its 2% target. The unemployment rate ended 2022 at 3.5% and is forecasted by the Federal Reserve to increase by a percentage point in 2023 as the economy weakens.<sup>10</sup> While the Federal Reserve is forecasting a "soft landing", many economists expect a recession in 2023.

The multifamily sector is expected to continue to play a vital role for new households in 2023 as the steep rise in home prices and high mortgage rates place home ownership out of reach for many

**Risk Comparison**

*As of December 31, 2022*

---

| | | |
|:---|:---|:---|
| | **HIT** | **Bloomberg\*** |
| **Credit Profile** <br> U.S. Government/Agency/AAA/Cash  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.97% | 73.28% |
| A & Below/Not Rated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74% | 23.61% |
| **Yield** | **Yield** | **Yield** |
| Current Yield | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03% |
| Yield to Worst | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68% |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| Effective Duration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 |
| Convexity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| **Call Risk** | **Call Risk** | **Call Risk** |
| Call Protected | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72% |
| Not Call Protected | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% |

---

Source: HIT and Bloomberg US Aggregate Bond Index

Americans. This will likely push more young adults to rent for longer, taking advantage of apartment rents that are significantly lower than monthly mortgage payments on average. In addition, decreasing single family housing permits over the last six months of 2022 could exacerbate housing shortages and sustain further headwinds for prospective homebuyers in 2023.

The national affordable and workforce housing supply shortage should continue to spur development and provide opportunities for the HIT. The HIT's competitive advantage is its ability to offer multiple financing structures for both construction and permanent loans and to invest directly, differentiating it from traditional fixed income managers that only purchase securities from the secondary market.

In times of heightened market volatility, the HIT remains committed to its efforts to offer a continuing yield advantage, liquidity, diversification from corporate credit, and defensive positioning relative to other core fixed income managers. Entering 2023, the HIT's portfolio yield is the highest it has been in 15 years, and the HIT offers a high credit quality portfolio with 86% government/agency guarantee, which we believe will benefit it in the case of a recession. The HIT remains focused on continually building a portfolio consisting of fundamentally strong construction-related multifamily investments that generate attractive yield spreads over U.S. Treasuries and other credit-equivalent mortgage investments.

10. Bureau of Labor Statistics

2022 ANNUAL REPORT 5

![](aflcio014.jpg)

![](aflcio015.jpg)

**Other Important Information**

*(unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| **Expense Example** | **Expense Example** | | |
| | **Beginning** <br> **Account Value** <br> July 1, 2022 | <br>**Ending** <br> **Account Value** <br> December 31, 2022 | <br>**Expenses Paid During** <br> **Six Month Period Ended** <br> December 31, 2022\* |
| Actual Expenses | $1000.00 | $959.05 | $1.73 |
| Hypothetical Expensesl | $1000.00 | $1023.44 | $1.78 |
| (5% annual return before expenses) |  |  |  |

---

\* Expenses are equal to the HIT's annualized six-month expense ratio of 0.35%, as of December 31, 2022, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half period).

**Expense Example**

Participants in the HIT incur ongoing expenses related to the management and distribution activities of the HIT, as well as certain other expenses. The expense example in the table above is intended to help participants understand the ongoing costs (in dollars) of investing in the HIT and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period, July 1, 2022, and held for the entire period ended December 31, 2022.

**Actual Expenses** The first line of the table above provides information about actual account values and actual expenses. Participants may use the information in this line, together with the amount they invested, to estimate the expenses that they paid over the period. Simply divide the account value by $1,000 (for example, an $800,000 account value divided by $1,000=$800), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Six-Month Period Ended December 31, 2022" to estimate the expenses paid on a particular account during this period.

**Hypothetical Expenses** (for Comparison Purposes Only): The second line of the table above provides information about hypothetical account values and hypothetical expenses based on the HIT's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the HIT's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses a participant paid for the period. Participants may use this information to compare the ongoing costs of investing in the HIT and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that this example is useful in comparing funds' ongoing costs only. It does not include any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. The HIT does not have such transactional costs, but many other funds do.

**Availability of Quarterly Portfolio Schedule**

In addition to disclosure in its Annual and Semi-Annual Reports to Participants, the HIT also files its complete schedule of portfolio

**Annual Meeting of Participants: Class III Trustees Results** 

---

| | | | |
|:---|:---|:---|:---|
| **Trustee** | **Votes For** | **Votes Against** | **Votes Abstaining** |
| Vincent Alvarez | 4381595.049 | 0 | 46167.321 |
| Timothy J. Driscoll | 4381595.049 | 0 | 46167.321 |
| Terry O'Sullivan | 4381595.049 | 0 | 46167.321 |
| Kevin Filter | 4377702.709 | 0 | 50059.661 |
| Tony Stanley | 4377702.709 | 0 | 50059.661 |

---

\* Votes not cast: 1,788,081.821.

holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The HIT's Forms N-PORT are available on the SEC's website at http://www.sec.gov.

Participants may also obtain copies of the information on HIT's Form N-PORT, without charge, upon request, by calling the HIT collect at 202-331-8055.

**Proxy Voting**

Except for its interest in its wholly owned subsidiary, HIT Advisers LLC, and shares in mutual funds holding short-term or overnight cash, if applicable, the HIT invests exclusively in nonvoting securities and has not deemed it necessary to adopt policies and procedures for the voting of portfolio securities. The HIT has reported information regarding how it voted in matters related to its subsidiary in its most recent filing with the SEC on Form N-PX. This filing is available on the SEC's website at http://www.sec.gov. Participants may also obtain a copy of the HIT's report on Form N-PX, without charge, upon request, by calling the HIT collect at 202-331-8055.

**2022 HIT Participants Meeting**

The HIT's 2022 Annual Meeting of Participants was held via videoconference on Tuesday, December 20, 2022. The following matters were put to a vote of the participants at the meeting through the solicitation of proxies:

**Election of Chair of the Board of Trustees** Chris Coleman was elected to chair the Board of Trustees by: votes for 4,381,595.049; votes against 0; votes abstaining 46,167.321; votes not cast 1,788,081.821.

**Election of Class III Trustees** (See table above).

**Ernst & Young LLP** was ratified as the HIT's Independent Registered Public Accounting Firm by: votes for 4,381,595.049; votes against 0; votes abstaining 46,167.321; votes not cast 1,788,081.821.

The following Trustees were not up for reelection and their terms of office continued after the meeting: Kenneth Cooper, Sean McGarvey, Fred Redmond, Anthony Shelton, Elizabeth Shuler, Bridget Gainer, Jack F. Quinn, Jr., Deidre Schmidt, Harry W. Thompson and William C. Thompson, Jr.

---

| | |
|:---|:---|
| 8 | ![](aflcio022.jpg) |

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![](aflcio016.jpg)

**Report of Independent Registered Public Accounting Firm**

**To the Board of Trustees and Participants of American Federation of Labor**

**and Congress of Industrial Organizations Housing Investment Trust:**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of American Federation of Labor and Congress of Industrial Organizations Housing Investment Trust (the "Trust"), including the schedule of portfolio investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Trust's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and counterparties. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](aflcio017.jpg)

We have served as the HIT's auditor since 2002.

Tysons, Virginia

February 28, 2023

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| | |
|:---|:---|
| 10 | ![](aflcio022.jpg) |

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**Statement of Assets and Liabilities**

*December 31, 2022 (dollars in thousands, except per share data)*

---

| | |
|:---|:---|
| **Assets** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $7,016,545) | $6077948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest receivable | 21565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables for investments sold | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash collateral held with broker | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin due from broker | 2513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right of use asset | 4315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 4001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | **6112723** |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables for investments purchased | 72885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions payable | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income distribution and capital gains payable, net of dividends reinvested of $14,769 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refundable deposits | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued salaries and fringe benefits | 5612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease Liability | 4852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities and accrued expenses | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **87660** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other commitments and contingencies (Note 4 of financial statements) |  |
| **Net assets applicable to participants' equity** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of participation—authorized unlimited; |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding 6,285,824 units | **$6025063** |
| **Net asset value per unit of participation (in dollars)** | **$958.52** |
| **Participants' equity** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Participants' equity consisted of the following:* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount invested and reinvested by current participants | $7024668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings (accumulated losses) | (999605) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total participants' equity** | **$6025063** |

---

*See accompanying Notes to Financial Statements.*

2022 ANNUAL REPORT 11

**Schedule of Portfolio Investments**

*December 31, 2022 (dollars in thousands)*

**FHA Permanent Securities** \| 2.0% of net assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Interest Rate** | **Maturity Date** | **Unfunded Commitments<sup>1</sup>** | **Face Amount** | **Amortized Cost** | **Value** |
| **Multifamily** | 3.65% | Dec-2037 | $— | $7504 | $7606 | $7478 |
|  | 3.72% | Feb-2062 |  | 4432 | 4440 | 3844 |
|  | 3.90% | Mar-2062 |  | 3083 | 3087 | 2712 |
|  | 4.00% | Dec-2053 |  | 59995 | 59972 | 55795 |
|  | 4.10% | Dec-2060 |  | 21528 | 21547 | 19246 |
|  | 4.86% | May-2053 |  | 4550 | 4735 | 3741 |
|  | 5.17% | Feb-2050 |  | 7390 | 7852 | 7220 |
|  | 5.35% | Mar-2047 |  | 6627 | 6636 | 6622 |
|  | 5.60% | Jun-2038 |  | 2014 | 2016 | 2013 |
|  | 5.80% | Jan-2053 |  | 1922 | 1929 | 1935 |
|  | 5.87% | May-2044 |  | 1585 | 1584 | 1585 |
|  | 5.89% | Apr-2038 |  | 3795 | 3798 | 3796 |
|  | 6.40% | Aug-2046 |  | 3477 | 3478 | 3480 |
|  | 6.60% | Jan-2050 |  | 3149 | 3168 | 3143 |
|  |  |  |  | **131051** | **131848** | **122610** |
| **Forward Commitments** | 2.50% | Sep-2063 | 5702 |  |  | (1400) |
| **Total FHA Permanent Securities** | **Total FHA Permanent Securities** | **Total FHA Permanent Securities** | **$5702** | **$131051** | **$131848** | **$121210** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ginnie Mae Construction Securities** \| 1.4% of net assets | **Ginnie Mae Construction Securities** \| 1.4% of net assets | **Ginnie Mae Construction Securities** \| 1.4% of net assets | **Ginnie Mae Construction Securities** \| 1.4% of net assets | **Ginnie Mae Construction Securities** \| 1.4% of net assets | **Ginnie Mae Construction Securities** \| 1.4% of net assets | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interest Rates<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interest Rates<sup>2</sup>** |  | **Unfunded** |  | | |
| | **Permanent** | **Construction** | **Maturity Date** | **Commitments<sup>1</sup>** | **Face Amount** | <br>**Amortized Cost** | <br>**Value** |
| **Multifamily** | 2.25% | 4.10% | Apr-2064 | $58734 | $7194 | $9207 | $(7608) |
|  | 2.45% | 2.45% | Apr-2062 | 319 | 16183 | 16458 | 12983 |
|  | 2.58% | 2.58% | May-2063 | 4510 | 23990 | 24896 | 18639 |
|  | 2.59% | 3.59% | Aug-2064 | 41132 | 1181 | 2246 | (8277) |
|  | 2.62% | 2.62% | Feb-2063 | 549 | 13250 | 13748 | 10717 |
|  | 2.64% | 2.64% | Jan-2063 | 5708 | 12667 | 13198 | 9522 |
|  | 2.75% | 2.75% | Apr-2063 | 3257 | 18407 | 19346 | 14624 |
|  | 2.98% | 2.98% | Jun-2063 | 4709 | 29001 | 30204 | 23756 |
|  | 3.05% | 3.05% | Dec-2063 | 92877 | 11869 | 12917 | 219 |
|  | 3.24% | 3.24% | Jan-2064 | 25430 | 1000 | 1546 | (3568) |
|  | 3.60% | 5.70% | Dec-2063 | 592 | 4316 | 4477 | 3950 |
|  | 3.69% | 4.75% | Nov-2063 | 12478 | 25 | 196 | (1392) |
|  | 3.75% | 5.35% | Jan-2064 | 647 | 5155 | 5345 | 4770 |
|  | 4.08% | 4.08% | Feb-2064 | 13931 | 1496 | 1840 | 252 |
|  | 4.14% | 4.14% | Sep-2063 | 5220 | 5977 | 6176 | 5421 |
| **Total Ginnie Mae Construction Securities** | **Total Ginnie Mae Construction Securities** | **Total Ginnie Mae Construction Securities** |  | **$270093** | **$151711** | **$161800** | **$84008** |

---

**Ginnie Mae Securities** \| 27.6% of net assets

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;**Interest Rate** | **Maturity Date** | **Face Amount** | **Amortized Cost** | **Value** |
| **Single Family** | &nbsp;&nbsp;&nbsp;&nbsp;4.00% | Feb-2040–Jun-2040 | $1098 | $1107 | $1056 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.50% | Aug-2040 | 526 | 534 | 518 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.50% | Jan-2033–Jun-2037 | 832 | 832 | 850 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.00% | Jan-2032–Aug-2037 | 590 | 590 | 614 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.50% | Jul-2028 | 34 | 34 | 35 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7.00% | Apr-2026–Jan-2030 | 327 | 327 | 336 |

---

---

| | |
|:---|:---|
| 12 | ![](aflcio022.jpg) |

---

**Schedule of Portfolio Investments**

*December 31, 2022 (dollars in thousands) continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ginnie Mae Securities** *continued* | | | | | |
| | <br>**Interest Rate** | <br>**Maturity Date** | <br>**Face Amount** | <br>**Amortized Cost** | <br>**Value** |
|  | 7.50% | Aug-2025–Aug-2030 | 149 | 149 | 152 |
|  | 8.00% | Sep-2026–Nov-2030 | 135 | 136 | 142 |
|  | 8.50% | Aug-2024–Aug-2027 | 41 | 41 | 42 |
|  | 9.00% | Sep-2024–Jun-2025 | 2 | 2 | 2 |
|  |  |  | **3734** | **3752** | **3747** |
| **Multifamily** | 1.90% | Feb-2061 | 22712 | 20502 | 14950 |
|  | 1.95% | Mar-2064 | 38174 | 37683 | 31862 |
|  | 1.95% | Mar-2064 | 34954 | 35430 | 29169 |
|  | 2.00% | Apr-2062–Mar-2064 | 269258 | 271823 | 219704 |
|  | 2.00% | Jul-2062 | 36609 | 37617 | 30557 |
|  | 2.00% | Oct-2062 | 53932 | 55746 | 44763 |
|  | 2.00% | Apr-2063 | 52200 | 53077 | 43560 |
|  | 2.00% | Apr-2063 | 49473 | 50507 | 41293 |
|  | 2.00% | Jun-2063 | 45092 | 45494 | 37792 |
|  | 2.00% | Oct-2063 | 42723 | 42306 | 34949 |
|  | 2.08% | Nov-2056 | 51893 | 53867 | 41393 |
|  | 2.15% | May-2056 | 492 | 491 | 481 |
|  | 2.20% | Jun-2056 | 897 | 895 | 860 |
|  | 2.25% | Dec-2048 | 3277 | 3254 | 3039 |
|  | 2.30% | Mar-2056–Oct-2056 | 4144 | 4115 | 3934 |
|  | 2.31% | Nov-2051 | 7076 | 7076 | 6220 |
|  | 2.32% | Sep-2060 | 26834 | 28246 | 21946 |
|  | 2.35% | Nov-2056–Feb-2061 | 28852 | 29698 | 25333 |
|  | 2.40% | Aug-2047–Dec-2057 | 19023 | 19453 | 16405 |
|  | 2.43% | Jan-2053 | 28259 | 28440 | 25597 |
|  | 2.50% | Dec-2052–Jan-2061 | 55015 | 55821 | 47760 |
|  | 2.60% | Dec-2055–Jun-2059 | 9331 | 9357 | 8692 |
|  | 2.65% | Oct-2062 | 6478 | 6635 | 5515 |
|  | 2.67% | Mar-2062 | 35082 | 35892 | 29307 |
|  | 2.70% | May-2048–Jul-2058 | 6500 | 6520 | 6202 |
|  | 2.72% | Feb-2044 | 113 | 116 | 110 |
|  | 2.74% | Apr-2057 | 23690 | 25686 | 20059 |
|  | 2.78% | Aug-2058 | 10617 | 11521 | 9016 |
|  | 2.79% | Apr-2049 | 4652 | 4690 | 4325 |
|  | 2.80% | Feb-2053 | 60000 | 57291 | 47590 |
|  | 2.80% | Dec-2059 | 4664 | 4605 | 4482 |
|  | 2.82% | Apr-2050 | 821 | 835 | 777 |
|  | 2.94% | Nov-2059 | 47354 | 52569 | 40583 |
|  | 3.00% | May-2062 | 60013 | 64772 | 54103 |
|  | 3.03% | Jan-2056 | 30044 | 31930 | 26478 |
|  | 3.05% | May-2054 | 11545 | 11590 | 10301 |
|  | 3.12% | Sep-2051 | 219 | 220 | 219 |
|  | 3.17% | Aug-2059 | 34102 | 37641 | 30095 |
|  | 3.20% | Jul-2041 | 162 | 160 | 162 |
|  | 3.25% | Sep-2054 | 18057 | 17914 | 17090 |
|  | 3.25% | Apr-2059 | 33330 | 32069 | 31576 |
|  | 3.26% | Nov-2043 | 361 | 362 | 359 |
|  | 3.27% | Apr-2046 | 24174 | 25423 | 20438 |
|  | 3.30% | Sep-2060 | 8020 | 8213 | 7215 |

---

2022 ANNUAL REPORT 13

**Schedule of Portfolio Investments**

*December 31, 2022 (dollars in thousands) continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ginnie Mae Securities** *continued* | | | | |
| **Interest Rate** | <br>**Maturity Date** | <br>**Face Amount** | <br>**Amortized Cost** | <br>**Value** |
| 3.33% | May-2055 | 6912 | 6575 | 6320 |
| 3.34% | Sep-2059 | 16763 | 17069 | 15012 |
| 3.35% | Mar-2044 | 10000 | 9644 | 9583 |
| 3.36% | May-2061 | 51125 | 56672 | 46432 |
| 3.37% | Feb-2044 | 241 | 250 | 240 |
| 3.38% | Jan-2060 | 58396 | 58402 | 52910 |
| 3.39% | Feb-2059 | 14006 | 14266 | 12633 |
| 3.41% | Sep-2061 | 41575 | 43146 | 37173 |
| 3.43% | Nov-2061 | 52348 | 53942 | 46794 |
| 3.50% | Jan-2054 | 3785 | 3768 | 3715 |
| 3.53% | Apr-2042 | 15581 | 16006 | 14625 |
| 3.60% | Sep-2052–Jun-2057 | 17546 | 18122 | 16438 |
| 3.60% | Apr-2061 | 33566 | 34621 | 30016 |
| 3.62% | Dec-2057 | 28032 | 28497 | 26117 |
| 3.63% | Dec-2045 | 8583 | 8290 | 8288 |
| 3.65% | Oct-2058 | 10098 | 10242 | 9443 |
| 3.67% | Nov-2035 | 13015 | 13336 | 12150 |
| 3.74% | Aug-2059 | 15358 | 15640 | 14189 |
| 3.75% | Nov-2060 | 11129 | 11465 | 10233 |
| 3.78% | Aug-2060 | 38958 | 39231 | 36089 |
| 3.92% | Aug-2039 | 39674 | 41523 | 37210 |
| 3.97% | Apr-2046 | 326 | 326 | 322 |
| 4.00% | Nov-2057 | 24474 | 25455 | 23492 |
| 4.10% | May-2051 | 3752 | 4038 | 3615 |
| 4.25% | Sep-2038 | 30065 | 30174 | 30022 |
| 4.35% | Dec-2060 | 2258 | 2298 | 2193 |
| 4.37% | Feb-2034 | 24273 | 26404 | 23141 |
| 4.45% | Jun-2055 | 2452 | 2366 | 2434 |
| 4.53% | Jan-2061 | 14672 | 15105 | 14402 |
| 4.63%<sup>3</sup> | Sep-2037 | 1500 | 1469 | 1501 |
| 4.90%<sup>3</sup> | Mar-2044 | 1000 | 992 | 1000 |
| 5.25% | Apr-2037 | 16040 | 16036 | 16028 |
|  |  | **1907721** | **1952922** | **1660021** |
| **Total Ginnie Mae Securities** |  | **$1911455** | **$1956674** | **$1663768** |

---

**Fannie Mae Securities** \| 44.5% of net assets

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interest Rate<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interest Rate<sup>4</sup>** | <br>**Maturity Date** | **Unfunded**<br>**Commitments<sup>1</sup>** | <br>**Face Amount** | <br>**Amortized Cost** | <br>**Value** |
| **Single Family** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% |  | Nov-2050–Sep-2051 | $— | $152836 | $158819 | $130468 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% |  | Jan-2052 |  | 46103 | 46275 | 39307 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77% | 12M LIBOR+156 | Apr-2034 |  | 385 | 390 | 385 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86% | 6M LIBOR+161 | Aug-2033 |  | 114 | 114 | 114 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% |  | Apr-2031–Mar-2052 |  | 140284 | 145347 | 124725 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% |  | Oct-2051 |  | 45409 | 47636 | 40018 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23% | 1Y UST+223 | May-2033 |  | 120 | 120 | 122 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39% | 12M LIBOR+152 | Feb-2045 |  | 2012 | 2042 | 2021 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% |  | Oct-2026–Mar-2052 |  | 135597 | 139152 | 124838 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% |  | Jan-2052 |  | 39226 | 40232 | 35711 |

---

---

| | |
|:---|:---|
| 14 | ![](aflcio022.jpg) |

---

**Schedule of Portfolio Investments**

*December 31, 2022 (dollars in thousands) continued*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fannie Mae Securities** *continued* | **Fannie Mae Securities** *continued* |  | | | | | |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Interest Rate<sup>4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest Rate<sup>4</sup>** | <br>**Maturity Date** | <br>**Unfunded**<br>**Commitments<sup>1</sup>** | <br>**Face Amount** | <br>**Amortized Cost** | <br>**Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.74% | 12M LIBOR+149 | Jul-2033 |  | 105 | 105 | 105 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.83% | 1Y UST+220 | Aug-2033 |  | 391 | 391 | 397 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.87% | 12M LIBOR+163 | Nov-2034 |  | 143 | 145 | 143 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.91% | 12M LIBOR+170 | Oct-2042 |  | 1599 | 1626 | 1614 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;3.97% | 1Y UST+222 | Jul-2033 |  | 288 | 289 | 293 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% |  | May-2024–Jul-2052 |  | 50128 | 50848 | 47836 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.00% |  | Jun-2052 |  | 34449 | 34000 | 32357 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.22% | 1Y UST+222 | Aug-2033 |  | 170 | 170 | 173 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.39% | 6M LIBOR+155 | Nov-2033 |  | 686 | 686 | 693 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.50% |  | May-2024–Oct-2052 |  | 148645 | 148089 | 144141 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.64% | 1M LIBOR+25 | Mar-2037 |  | 103 | 102 | 101 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.71% | 1M LIBOR+32 | Jun-2037 |  | 531 | 531 | 526 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.79% | 1M LIBOR+40 | Apr-2037 |  | 245 | 244 | 240 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.85% | 1M LIBOR+46 | Oct-2042 |  | 1406 | 1410 | 1372 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.89% | 1M LIBOR+50 | Jun-2042 |  | 3214 | 3216 | 3142 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.94% | 1M LIBOR+55 | Mar-2042 |  | 1754 | 1756 | 1725 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.99% | 1M LIBOR+60 | Oct-2043 |  | 3367 | 3379 | 3309 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% |  | May-2034–Apr-2041 |  | 5056 | 5170 | 5115 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.00% |  | Jul-2052-Oct-2052 |  | 91041 | 92018 | 90201 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.50% |  | Sep-2032–Jun-2038 |  | 2089 | 2088 | 2142 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.00% |  | Nov-2028–Nov-2037 |  | 1338 | 1341 | 1390 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;6.50% |  | Sep-2028–Jul-2036 |  | 269 | 273 | 281 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7.00% |  | Sep-2027–May-2032 |  | 440 | 441 | 467 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;7.50% |  | Jan-2027–Sep-2031 |  | 17 | 17 | 17 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;8.00% |  | Aug-2030–May-2031 |  | 32 | 32 | 34 |
|  |  |  |  | **—** | **909592** | **928494** | **835523** |
| **Multifamily** | &nbsp;&nbsp;&nbsp;&nbsp;1.06% |  | Dec-2027 |  | 21424 | 21431 | 18320 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.17% |  | Aug-2030–Nov-2030 |  | 34487 | 34489 | 27073 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.22% |  | Aug-2028–Jul-2030 |  | 35610 | 35703 | 28856 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.25% |  | Jul-2030 |  | 37950 | 38059 | 30083 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.26% |  | Jan-2031 |  | 25000 | 24995 | 19878 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.27% |  | Jul-2030 |  | 14235 | 14322 | 11324 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.31% |  | Aug-2030 |  | 4375 | 4429 | 3521 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.32% |  | Aug-2030 |  | 21000 | 21240 | 16834 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.38% |  | Jul-2030 |  | 10500 | 10623 | 8424 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.41% |  | Jul-2030 |  | 3239 | 3267 | 2654 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.46% |  | Jul-2030 |  | 7420 | 7507 | 6113 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.47% |  | Jul-2030–Dec-2030 |  | 15425 | 15541 | 12294 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.50% |  | Aug-2030 |  | 1146 | 1170 | 943 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.52% |  | Jul-2032 |  | 14158 | 14265 | 11037 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.53% |  | Jul-2032 |  | 10500 | 10641 | 8226 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.55% |  | Jul-2032 |  | 20500 | 20774 | 16191 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.57% |  | Jan-2031 |  | 21951 | 22015 | 17759 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.57% |  | Aug-2037 |  | 46974 | 47170 | 33394 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.58% |  | Oct-2031 |  | 57950 | 58192 | 45665 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.65% |  | Jul-2030 |  | 1241 | 1266 | 1034 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.68% |  | Sep-2032 |  | 12632 | 12821 | 9961 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.71% |  | Sep-2035–Nov-2035 |  | 25605 | 25885 | 18550 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1.74% |  | Mar-2033 |  | 6160 | 6237 | 4762 |

---

2022 ANNUAL REPORT 15

**Schedule of Portfolio Investments**

*December 31, 2022 (dollars in thousands) continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fannie Mae Securities** *continued* | | | | | |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interest Rate<sup>4</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Maturity Date** | <br>**Unfunded**<br>**Commitments<sup>1</sup>** | <br>**Face Amount** | <br>**Amortized Cost** | <br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aug-2031–Dec-2036 |  | 54203 | 54355 | 43612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sep-2035 |  | 3270 | 3332 | 2386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jul-2035 |  | 4581 | 4616 | 3486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nov-2031 |  | 25400 | 25432 | 20564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apr-2035 |  | 6400 | 6492 | 4943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apr-2031 |  | 18000 | 18557 | 14891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May-2032–Jul-2050 |  | 21793 | 22025 | 16100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sep-2050 |  | 14200 | 14355 | 8746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nov-2029–Feb-2030 |  | 18009 | 18046 | 15752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apr-2051 |  | 3711 | 3748 | 2646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nov-2031 |  | 18655 | 18662 | 15935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aug-2026–Jan-2038 |  | 56266 | 56349 | 48919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dec-2051 |  | 13377 | 13562 | 9634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dec-2026–Nov-2031 |  | 27083 | 27129 | 24252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jun-2026 |  | 60000 | 60000 | 56046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jan-2030 |  | 20550 | 20660 | 18084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sep-2026–Mar-2030 |  | 25425 | 25479 | 23117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dec-2051 |  | 12570 | 12600 | 9198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mar-2042 |  | 25155 | 25166 | 18185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nov-2026 |  | 9800 | 9835 | 9147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aug-2029 |  | 37700 | 37935 | 33964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nov-2025 |  | 14357 | 14358 | 13600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jul-2028 |  | 36155 | 36279 | 33310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oct-2031 |  | 10189 | 10305 | 8962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aug-2031 |  | 8760 | 8798 | 7758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jun-2031 |  | 25000 | 25096 | 22210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jun-2027 |  | 65460 | 65488 | 61637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jun-2027–Apr-2028 |  | 15488 | 15519 | 14469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sep-2027–Apr-2038 |  | 59018 | 59093 | 51115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jun-2027–Jul-2039 |  | 29590 | 29619 | 27882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sep-2034 |  | 20000 | 20633 | 16992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sep-2034 |  | 13030 | 13202 | 11352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jun-2025 |  | 2540 | 2540 | 2433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May-2027 |  | 6298 | 6304 | 5923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apr-2052 |  | 7419 | 7424 | 5738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jun-2027 |  | 3599 | 3602 | 3404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apr-2030 |  | 24818 | 24859 | 22748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apr-2030 |  | 25662 | 25677 | 23543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apr-2030 |  | 12599 | 12601 | 11560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May-2026 |  | 3160 | 3180 | 3031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apr-2029 |  | 7555 | 7564 | 7048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jun-2029 |  | 22345 | 22420 | 20736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May-2035 |  | 9114 | 9202 | 8373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May-2030 |  | 6418 | 6467 | 5928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May-2052 |  | 6440 | 6570 | 5141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jan-2027 |  | 6954 | 6959 | 6647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oct-2027 |  | 14972 | 15017 | 14290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May-2029 |  | 6471 | 6660 | 6071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oct-2029 |  | 10506 | 10509 | 9902 |

---

---

| | |
|:---|:---|
| 16 | ![](aflcio022.jpg) |

---

**Schedule of Portfolio Investments**

*December 31, 2022 (dollars in thousands) continued*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fannie Mae Securities** *continued* | **Fannie Mae Securities** *continued* |  | | | | | |
| | **Interest Rate<sup>4</sup>** | **Interest Rate<sup>4</sup>** | <br>&nbsp;&nbsp;&nbsp;**Maturity Date** | <br>**Unfunded**<br>**Commitments<sup>1</sup>** | <br>**Face Amount** | <br>**Amortized Cost** | <br>**Value** |
|  | 3.40% |  | &nbsp;&nbsp;&nbsp;Oct-2026 |  | 2727 | 2730 | 2624 |
|  | 3.41% |  | &nbsp;&nbsp;&nbsp;Sep-2023 |  | 10158 | 10158 | 10010 |
|  | 3.42% |  | &nbsp;&nbsp;&nbsp;Apr-2035 |  | 5010 | 5062 | 4526 |
|  | 3.46% |  | &nbsp;&nbsp;&nbsp;Dec-2023–Apr-2031 |  | 16028 | 16081 | 15193 |
|  | 3.50% |  | &nbsp;&nbsp;&nbsp;Aug-2039 |  | 13149 | 13149 | 11438 |
|  | 3.61% |  | &nbsp;&nbsp;&nbsp;Sep-2023 |  | 5855 | 5855 | 5823 |
|  | 3.63% |  | &nbsp;&nbsp;&nbsp;Jul-2035 |  | 21202 | 21224 | 19282 |
|  | 3.66% |  | &nbsp;&nbsp;&nbsp;Oct-2023 |  | 4291 | 4291 | 4263 |
|  | 3.68% |  | &nbsp;&nbsp;&nbsp;Jul-2028 |  | 11943 | 12278 | 11507 |
|  | 3.70% |  | &nbsp;&nbsp;&nbsp;Oct-2033 |  | 19865 | 19929 | 18498 |
|  | 3.91% |  | &nbsp;&nbsp;&nbsp;Aug-2032 |  | 26250 | 26568 | 25077 |
|  | 4.11% |  | &nbsp;&nbsp;&nbsp;Aug-2032 |  | 15627 | 15703 | 15053 |
|  | 4.26% | 1M SOFR+20 | &nbsp;&nbsp;&nbsp;Nov-2031 |  | 40943 | 40948 | 40876 |
|  | 4.27% | 1M SOFR+21 | &nbsp;&nbsp;&nbsp;Mar-2031 |  | 23855 | 23855 | 23795 |
|  | 4.28% | 1M SOFR+22 | &nbsp;&nbsp;&nbsp;Mar-2031 |  | 10075 | 10075 | 10054 |
|  | 4.29% | 1M SOFR+23 | &nbsp;&nbsp;&nbsp;Apr-2031 |  | 17500 | 17500 | 17484 |
|  | 4.35% | 1M SOFR+29 | &nbsp;&nbsp;&nbsp;Feb-2029 |  | 20000 | 20005 | 19959 |
|  | 4.53% |  | &nbsp;&nbsp;&nbsp;June-2029 |  | 70000 | 70019 | 69988 |
|  | 4.53% | 1M SOFR+47 | &nbsp;&nbsp;&nbsp;Jun-2029–May-2032 |  | 23705 | 23705 | 23732 |
|  | 4.55% | 1M SOFR+49 | &nbsp;&nbsp;&nbsp;May-2032 |  | 28526 | 28530 | 28610 |
|  | 4.58% | 1M SOFR+52 | &nbsp;&nbsp;&nbsp;Jun-2032 |  | 30975 | 30975 | 30856 |
|  | 4.68% | 1M LIBOR+29 | &nbsp;&nbsp;&nbsp;Feb-2028 |  | 30420 | 30420 | 30338 |
|  | 4.69% |  | &nbsp;&nbsp;&nbsp;Jun-2035 |  | 520 | 529 | 512 |
|  | 4.70% | 1M LIBOR+31 | &nbsp;&nbsp;&nbsp;Mar-2028 |  | 38275 | 38275 | 38192 |
|  | 4.73% | 1M LIBOR+34 | &nbsp;&nbsp;&nbsp;Jan-2028 |  | 22425 | 22425 | 22374 |
|  | 4.74% | 1M LIBOR+35 | &nbsp;&nbsp;&nbsp;Dec-2027 |  | 18100 | 18100 | 18082 |
|  | 4.80% |  | &nbsp;&nbsp;&nbsp;Oct-2052 |  | 12472 | 12510 | 11925 |
|  | 4.91% | 1M SOFR+85 | &nbsp;&nbsp;&nbsp;Nov-2032 |  | 15800 | 15805 | 15805 |
|  | 4.97% | 1M LIBOR+58 | &nbsp;&nbsp;&nbsp;May-2029 |  | 25000 | 25000 | 25019 |
|  | 4.97% | 1M LIBOR+58 | &nbsp;&nbsp;&nbsp;Jun-2029 |  | 41302 | 41302 | 41340 |
|  | 5.30% |  | &nbsp;&nbsp;&nbsp;Aug-2029 |  | 3670 | 3652 | 3750 |
|  | 5.69% |  | &nbsp;&nbsp;&nbsp;Jun-2041 |  | 4187 | 4269 | 4276 |
|  | 5.75% |  | &nbsp;&nbsp;&nbsp;Jun-2041 |  | 2034 | 2079 | 2080 |
|  | 5.96% |  | &nbsp;&nbsp;&nbsp;Jan-2029 |  | 215 | 215 | 214 |
|  | 6.15% |  | &nbsp;&nbsp;&nbsp;Jan-2023 |  | 3074 | 3074 | 3064 |
|  | 8.40% |  | &nbsp;&nbsp;&nbsp;Jul-2023 |  | 35 | 35 | 35 |
|  |  |  |  | **—** | **2034760** | **2042652** | **1809960** |
| **Forward Commitments** | 2.21% |  | &nbsp;&nbsp;&nbsp;Dec-2039 | 41587 |  |  | (12163) |
|  | 2.56% |  | &nbsp;&nbsp;&nbsp;Jul-2038 | 10774 |  |  | (2630) |
|  | 2.58% |  | &nbsp;&nbsp;&nbsp;Jan-2040 | 11700 |  |  | (3094) |
|  | 2.59% |  | &nbsp;&nbsp;&nbsp;Feb-2039–Mar-2039 | 35409 |  |  | (8611) |
|  | 2.72% |  | &nbsp;&nbsp;&nbsp;Jul-2040 | 27794 |  | 278 | (7456) |
|  | 4.47% |  | &nbsp;&nbsp;&nbsp;Jul-2041 | 10058 |  |  | (1196) |
|  |  |  |  | **137322** | **—** | **278** | **(35150)** |
| **When Issued<sup>5</sup>** | 4.39% |  | &nbsp;&nbsp;&nbsp;Feb-2030 |  | 20467 | 20406 | 19997 |
|  | 4.56% |  | &nbsp;&nbsp;&nbsp;Mar-2028 |  | 29835 | 29910 | 29610 |
|  | 4.69% |  | &nbsp;&nbsp;&nbsp;Feb-2030 |  | 18878 | 18924 | 18661 |
|  |  |  |  | **—** | **69180** | **69240** | **68268** |
| **Total Fannie Mae Securities** | **Total Fannie Mae Securities** |  |  | **$137322** | **$3013532** | **$3040664** | **$2678601** |

---

2022 ANNUAL REPORT 17

**Schedule of Portfolio Investments**

*December 31, 2022 (dollars in thousands) continued*

**Freddie Mac Securities** \| 7.5% of net assets

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Interest Rate<sup>4</sup>** | **Interest Rate<sup>4</sup>** | <br>**Maturity Date** | **Unfunded**<br>**Commitments<sup>1</sup>** | <br>**Face Amount** | <br>**Amortized Cost** | <br>**Value** |
| **Single Family** | 2.50% |  | Jan-2043–Aug-2046 | $— | $5822 | $5884 | $5022 |
|  | 3.00% |  | Aug-2042–Sep-2046 |  | 24059 | 24465 | 21800 |
|  | 3.35% | 1Y UST+223 | Jun-2033 |  | 32 | 32 | 32 |
|  | 3.35% |  | Oct-2033 |  | 33450 | 33331 | 30914 |
|  | 3.50% |  | Jan-2026–Oct-2046 |  | 44535 | 45427 | 41725 |
|  | 3.50% |  | Jan-2026 |  | 17944 | 17979 | 17492 |
|  | 3.68% |  | Oct-2025 |  | 10000 | 10046 | 9703 |
|  | 3.93% | 1M SOFR+20 | Aug-2031 |  | 27413 | 27413 | 26306 |
|  | 3.97% |  | Jan-2031 |  | 33179 | 33179 | 32152 |
|  | 3.97% | 1M SOFR+24 | Jun-2031 |  | 27167 | 27167 | 26213 |
|  | 3.98% | 1M SOFR+25 | Dec-2030 |  | 15648 | 15648 | 15226 |
|  | 4.00% |  | Nov-2024–Aug-2047 |  | 42250 | 43751 | 40716 |
|  | 4.02% | 12M LIBOR+178 | Jul-2035 |  | 97 | 97 | 97 |
|  | 4.03% | 1M SOFR+30 | Dec-2030 |  | 15371 | 15371 | 14960 |
|  | 4.09% | 1M SOFR+36 | Oct-2030 |  | 8413 | 8413 | 8187 |
|  | 4.27% | 1M LIBOR+13 | Nov-2027 |  | 16830 | 16829 | 16582 |
|  | 4.34% | 1Y UST+223 | Oct-2033 |  | 147 | 146 | 148 |
|  | 4.40% | 1M LIBOR+26 | Nov-2030 |  | 11794 | 11794 | 11464 |
|  | 4.47% | 1M LIBOR+33 | Oct-2030 |  | 4767 | 4767 | 4669 |
|  | 4.50% |  | Jan-2038–Dec-2044 |  | 11639 | 12075 | 11541 |
|  | 4.62% | 1M LIBOR+30 | Feb-2036 |  | 280 | 280 | 277 |
|  | 4.65% | 1M LIBOR+33 | May-2037 |  | 69 | 69 | 69 |
|  | 4.67% | 1M LIBOR+35 | Apr-2036–Jan-2043 |  | 2126 | 2128 | 2067 |
|  | 4.72% | 1M LIBOR+40 | Aug-2043 |  | 1983 | 1982 | 1931 |
|  | 4.80% | 1M LIBOR+48 | Oct-2040 |  | 1514 | 1514 | 1494 |
|  | 4.82% | 1M LIBOR+50 | Oct-2040–Jun-2044 |  | 5383 | 5387 | 5277 |
|  | 4.87% | 1M LIBOR+55 | Nov-2040 |  | 1388 | 1396 | 1363 |
|  | 4.99% | 1M LIBOR+67 | Aug-2037 |  | 1737 | 1751 | 1747 |
|  | 5.00% |  | Jun-2026–Mar-2041 |  | 1778 | 1771 | 1795 |
|  | 5.50% |  | Apr-2033–Jul-2038 |  | 1760 | 1757 | 1811 |
|  | 6.00% |  | Dec-2033–Oct-2037 |  | 2297 | 2310 | 2389 |
|  | 6.50% |  | Apr-2028–Nov-2037 |  | 285 | 287 | 303 |
|  | 7.00% |  | Apr-2028–Mar-2030 |  | 18 | 18 | 19 |
|  | 7.50% |  | Aug-2029–Apr-2031 |  | 16 | 16 | 16 |
|  | 8.50% |  | Jul-2024 |  | 9 | 9 | 9 |
|  |  |  |  | **—** | **371200** | **374489** | **355516** |
| **Multifamily** | 2.04% |  | May-2050 |  | 20085 | 20554 | 13547 |
|  | 2.40% |  | Jun-2031 |  | 7444 | 7519 | 6366 |
|  | 2.42% |  | Jun-2031 |  | 11768 | 11902 | 10080 |
|  | 3.28% |  | Dec-2029 |  | 15827 | 15960 | 14695 |
|  | 3.34% |  | Dec-2029 |  | 9368 | 9466 | 8726 |
|  | 3.38% |  | Apr-2030 |  | 13784 | 13951 | 12847 |
|  | 3.48% |  | Jun-2030 |  | 18008 | 18296 | 16875 |
|  | 3.60% |  | Apr-2030 |  | 24520 | 25004 | 22890 |
|  | 4.29% |  | Jul-2027 |  | 3903 | 3903 | 3890 |
|  |  |  |  | **—** | **124707** | **126555** | **109916** |
| **Forward Commitments** | 2.38% |  | Feb-2034 | 43500 |  | 163 | (8029) |
|  | 3.86% |  | Apr-2040 | 27450 |  |  | (3337) |
|  |  |  |  | **70950** | **—** | **163** | **(11366)** |
| **Total Freddie Mac Securities** |  |  |  | **$70950** | **$495907** | **$501207** | **$454066** |

---

---

| | |
|:---|:---|
| 18 | ![](aflcio022.jpg) |

---

**Schedule of Portfolio Investments**

*December 31, 2022 (dollars in thousands) continued*

**State Housing Finance Agency Securities** \| 7.8% of net assets

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Interest Rates<sup>2</sup>** | **Interest Rates<sup>2</sup>** | | | | |
| | <br>&nbsp;&nbsp;&nbsp;&nbsp;**Issuer** | **Permanent** | **Construction** | <br>**Maturity Date** | <br>**Face Amount** | <br>**Amortized Cost** | <br>**Value** |
| **Multifamily** | &nbsp;&nbsp;&nbsp;&nbsp;Illinois Housing Development Auth |  | 0.40% | Dec-2024 | $470 | $470 | $450 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mass Housing |  | 0.50% | Dec-2023 | 10020 | 10020 | 9796 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mass Housing |  | 2.15% | Sep-2023 | 32282 | 32284 | 31426 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mass Housing |  | 2.15% | Sep-2023 | 4465 | 4467 | 4437 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;City of St. Louis Park, MN |  | 2.93% | Jan-2026 | 20576 | 20575 | 19890 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Illinois Housing Development Auth | 2.06% |  | Jan-2042 | 27730 | 27733 | 19347 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Illinois Housing Development Auth | 2.07% |  | Jul-2041 | 84895 | 84893 | 58494 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mass Housing | 2.60% |  | Jun-2063 | 26410 | 26410 | 15596 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Illinois Housing Development Auth | 2.65% |  | Jul-2062 | 21760 | 21783 | 13635 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;NYC Housing Development Corp | 2.95% |  | Nov-2041–Nov-2045 | 11276 | 11276 | 9430 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;NYC Housing Development Corp | 3.05% |  | Nov-2046 | 13000 | 13000 | 8690 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;NYC Housing Development Corp | 3.10% |  | Oct-2046 | 20540 | 20540 | 15533 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;NYC Housing Development Corp | 3.25% |  | Nov-2049 | 12000 | 12000 | 9125 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Connecticut Housing Finance Auth | 3.25% |  | May-2050 | 12080 | 12095 | 8778 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mass Housing<sup>6</sup> | 3.30% |  | Dec-2059 | 8340 | 8345 | 5904 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;NYC Housing Development Corp | 3.35% |  | Nov-2054 | 20000 | 20000 | 14965 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;NYC Housing Development Corp | 3.45% |  | May-2059 | 20000 | 20000 | 14953 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;NYC Housing Development Corp | 3.75% |  | May-2035 | 3200 | 3200 | 3073 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mass Housing<sup>6</sup> | 3.85% |  | Dec-2058 | 9510 | 9507 | 7428 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;NYC Housing Development Corp | 3.95% |  | Nov-2043 | 14555 | 14555 | 13029 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;NYC Housing Development Corp | 4.00% |  | Dec-2028–Nov-2048 | 16325 | 16428 | 15250 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;MassHousing | 4.13% |  | Dec-2036 | 5000 | 5000 | 4852 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;NYC Housing Development Corp | 4.13% |  | Nov-2040–Nov-2053 | 13305 | 13305 | 12301 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;NYC Housing Development Corp | 4.20% |  | Dec-2039 | 8305 | 8305 | 8112 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;NYC Housing Development Corp | 4.30% |  | Nov-2045 | 3000 | 3000 | 2849 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Chicago Housing Authority | 4.36% |  | Jan-2038 | 25000 | 25000 | 22345 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;MassHousing | 4.50% |  | Jun-2056 | 45000 | 45000 | 42164 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mass Housing<sup>6</sup> | 4.90% |  | Jun-2066 | 26645 | 26659 | 26107 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Mass Housing<sup>6</sup> | 5.11% |  | Jun-2066 | 53425 | 53458 | 54937 |
| **Total State Housing Finance Agency Securities** | **Total State Housing Finance Agency Securities** |  |  |  | **$569114** | **$569308** | **$472896** |

---

2022 ANNUAL REPORT 19

**Schedule of Portfolio Investments**

*December 31, 2022 (dollars in thousands) continued*

**Other Mutifamily Investments** \| 3.7% of net assets

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interest Rates<sup>2,4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interest Rates<sup>2,4</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interest Rates<sup>2,4</sup>** | | | | | |
| <br>**Issuer** | **Permanent** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction** | <br>**Maturity Date** | **Unfunded**<br>**Commitments<sup>1</sup>** | <br>**Face Amount** | <br>**Amortized Cost** | <br>**Value** |
| **Direct Loans** | | | | | | | | |
| &nbsp;&nbsp;Wilder Square (Level 3) |  | 3.25% |  | Mar-2023 | $— | $8272 | $8268 | $8236 |
| &nbsp;&nbsp;University and Fairview (Level 3) |  | 3.45% |  | Jun-2024 |  | 15000 | 14953 | 14265 |
| &nbsp;&nbsp;University and Fairview (Level 3) |  | 3.45% |  | Dec-2023 |  | 22513 | 22428 | 21535 |
| &nbsp;&nbsp;Old Cedar (Level 3) |  | 3.50% |  | Dec-2023 |  | 11000 | 10987 | 10719 |
| &nbsp;&nbsp;Peregrine Apartments (Level 3) |  | 3.60% |  | Jun-2024–Dec-2024 | 19769 | 8025 | 7957 | 6468 |
| &nbsp;&nbsp;The Crest Apartments (Level 3) |  | 3.75% |  | Jun-2024 | 4535 | 4965 | 4962 | 4542 |
| &nbsp;&nbsp;Ladder 260 — Tax Exempt (Level 3) |  | 4.04% |  | Nov-2025 | 6815 | 1347 | 1372 | 905 |
| &nbsp;&nbsp;99 Ocean (Level 3) |  | 4.05% |  | Oct-2024 | 15982 | 36018 | 35637 | 34316 |
| &nbsp;&nbsp;Soul (Level 3) |  | 5.80% | 1M SOFR+300 | Apr-2025 | 24512 | 238 | 37 | (134) |
| &nbsp;&nbsp;53 Colton Street (Level 3) |  | 6.12% | 1M LIBOR+210 | Dec-2023 |  | 16017 | 15961 | 15855 |
| &nbsp;&nbsp;San Cristina (Level 3) |  | 6.15% | 1M SOFR+260 | Sep-2024 | 14858 | 2615 | 2539 | 2494 |
| &nbsp;&nbsp;53 Colton Street (Level 3) |  | 6.32% | 1M LIBOR+230 | Dec-2023 | 2998 | 44 | 36 | (155) |
| &nbsp;&nbsp;18 Sixth Ave at Pacific Park (Level 3) |  | 6.54% | 1M LIBOR+220 | Dec-2024 | 4281 | 12941 | 12915 | 12699 |
| &nbsp;&nbsp;18 Sixth Ave at Pacific Park (Level 3) |  | 6.54% | 1M LIBOR+220 | Dec-2024 | 7254 | 75524 | 75361 | 74360 |
| &nbsp;&nbsp;311 W 42nd Street (Level 3) |  | 6.86% | 1M LIBOR+300 | Nov-2024 | 48214 | 1786 | 1628 | 1776 |
| &nbsp;&nbsp;Granada (Level 3) |  | 10.38% | 1M SOFR+635 | Jan-2024 | 3519 | 9481 | 9449 | 9492 |
|  |  |  |  |  | **152737** | **225786** | **224490** | **217373** |
| **Forward Commitments (Direct Loans)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;The Crest Apartments (Level 3) |  | 3.75% |  | Dec-2023 | 3815 |  | (33) | (132) |
| &nbsp;&nbsp;Soul (Level 3) |  | 6.40% | 1M SOFR+300 | Apr-2025 | 12501 |  | (101) | (42) |
|  |  |  |  |  | **16316** | **—** | **(134)** | **(174)** |
| **Privately Insured Construction/Permanent Mortgages<sup>7</sup>** | **Privately Insured Construction/Permanent Mortgages<sup>7</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Illinois Housing Development Auth | 6.20% |  |  | Dec-2047 |  | 2857 | 2865 | 2840 |
| &nbsp;&nbsp;Illinois Housing Development Auth | 6.40% |  |  | Nov-2048 |  | 870 | 879 | 866 |
|  |  |  |  |  | **—** | **3727** | **3744** | **3706** |
| **Total Other Multifamily Investments** |  |  |  |  | **$169053** | **$229513** | **$228100** | **$220905** |

---

**Commercial Mortgage-Backed Securities** \| 1.0% of net assets

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Interest Rate** | **Maturity Date** | **Face Amount** | **Amortized Cost** | **Value** |
| Nomura | 3.19% | Mar-2046 | $45 | $46 | $44 |
| Citigroup | 3.62% | Jul-2047 | 8000 | 8160 | 7730 |
| Barclays/JP Morgan | 3.81% | Jul-2047 | 2250 | 2295 | 2195 |
| RBS/Wells Fargo | 3.82% | Aug-2050 | 5000 | 5107 | 4843 |
| Deutsche Bank/UBS | 3.96% | Mar-2047 | 5000 | 5101 | 4837 |
| Barclays/JP Morgan | 4.00% | Apr-2047 | 5000 | 5101 | 4842 |
| Cantor/Deutsche Bank | 4.01% | Apr-2047 | 20000 | 20405 | 19480 |
| Barclays/JP Morgan | 4.08% | Feb-2047 | 6825 | 7091 | 6619 |
| Cantor/Deutsche Bank | 4.24% | Feb-2047 | 7000 | 7140 | 6833 |
| **Total Commercial Mortgage Backed Securities** | **Total Commercial Mortgage Backed Securities** |  | **$59120** | **$60446** | **$57423** |

---

---

| | |
|:---|:---|
| 20 | ![](aflcio022.jpg) |

---

**Schedule of Portfolio Investments**

*December 31, 2022 (dollars in thousands) continued*

**United States Treasury Securities** \| 3.8% of net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interest Rate** | **Maturity Date** | **Face Amount** | **Amortized Cost** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | Feb-2031 | $25000 | $24177 | $20376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | Feb-2030 | 35000 | 36314 | 29818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% | Nov-2029–Aug-2041 | 50000 | 49502 | 39880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% | Feb-2032 | 15000 | 14061 | 12718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% | Nov-2041 | 7000 | 6659 | 5005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | May-2041 | 42000 | 43292 | 31577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38% | Feb-2042 | 15000 | 15295 | 11458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88% | Aug-2028–May-2032 | 25000 | 24776 | 23243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% | Aug-2052 | 20000 | 18132 | 16574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% | Nov-2042 | 15000 | 14758 | 14695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% | Nov-2024 | 25000 | 25043 | 25003 |
| **Total United States Treasury Securities** |  | **$274000** | **$272009** | **$230347** |
| **Total Fixed-Income Investments** |  | **$6835403** | **$6922056** | **$5983224** |

---

**Equity Investment in Wholly-Owned Subsidiary** \| Less than 0.01% of net assets

---

| | | | |
|:---|:---|:---|:---|
| **Issuer** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Face Amount (Cost)** | **Amount of Dividends or Interest** | **Value** |
| HIT Advisers<sup>8</sup> (Level 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1 | $— | $236 |
| **Total Equity Investment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1** | **$**— | **$236** |

---

**Short-Term Investments \|** 1.6% of net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Maturity Date** | **Face Amount** | **Amortized Cost** | **Value** |
| **Commercial Paper** |  |  |  |  |
| Halkin Finance4.31%<sup>9</sup> | Jan-2023 | $40000 | $39990 | $39990 |
| Blackrock Federal Funds4.05%<sup>10</sup> | Jan-2023 | 54498 | 54498 | 54498 |
| **Total Short-Term Investments** |  | **$94498** | **$94488** | **$94488** |
| **Total Investments** |  | **$6929902** | **$7016545** | **$6077948** |

---

**Futures Contracts** \| Notional Amount 0.81% of net assets

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Number of Contracts** | <br>**Expiration Date** | <br>**Notional Amount** | <br>**Market Value** | &nbsp;&nbsp;**Unrealized Appreciation**<br>&nbsp;&nbsp;**(Depreciation)** |
| **Futures Short** |  |  |  |  |  |
| CBOT Ultra 10-Year U.S. Treasury | 400 | Mar-2023 | $48504 | $47313 | &nbsp;&nbsp;$1191 |
| **Total Futures Contracts** |  |  |  |  | &nbsp;&nbsp;**$1191** |

---

2022 ANNUAL REPORT 21

**Schedule of Portfolio Investments**

*December 31, 2022 (dollars in thousands) continued*

**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 $653.1 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. |

---

---

| | |
|:---|:---|
| 2 | Construction interest rates are the rates charged to the borrower during the construction phase of the project. The permanent interest rates are charged to the borrower during the amortization period of the loan, unless the U.S. Department of Housing and Urban Development requires that such rates be charged earlier. |

---

3 Federally tax-exempt bonds collateralized by Ginnie Mae securities.

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 December 30, 2022.

**Key to Abbreviations**

M Month

---

| | |
|:---|:---|
| Y | Year |

---

LIBOR London Interbank Offered Rate

UST U.S. Treasury

SOFR Secured Overnight Financing Rate

---

| | |
|:---|:---|
| 22 | ![](aflcio022.jpg) |

---

**Statement of Operations**

*For the Year Ended December 31, 2022 (dollars in thousands)*

---

| | |
|:---|:---|
| **Investment income** | $**166689** |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-officer salaries and fringe benefits | 8320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Officer salaries and fringe benefits | 5250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment management | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and sales promotion (12b-1) | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing, tax and accounting fees | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consulting fees | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee expenses | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental expenses | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General expenses | 2237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | **20845** |
| **Net investment income** | **145844** |
| **Net realized and unrealized gains (losses) on investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments | (46271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) on futures | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net realized gains (losses)** | **(46299)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (1063688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on futures | 1191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net change in unrealized gains (losses)** | **(1062497)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gains (losses) on investments** | **(1108796)** |
| **Net increase (decrease) in net assets resulting from operations** | $**(962952)** |

---

*See accompanying Notes to Financial Statements.*

2022 ANNUAL REPORT 23

**Statement of Changes in Net Assets**

*For the Years Ended December 31, 2022 and 2021 (dollars in thousands)*

---

| | | |
|:---|:---|:---|
| **Increase (decrease) in net assets from operations** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $145844 | $121316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (46299) | 42547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1062497) | (233148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | **(962952)** | **(69285)** |
| **Distributions to participants or reinvested** | **(160154)** | **(164726)** |
| **Increase (decrease) in net assets from unit transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of units of participation | 93068 | 494038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend reinvestment of units of participation | 148507 | 152548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for redemption of units of participation | (199962) | (55307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from unit transactions** | **41613** | **591279** |
| **Total increase (decrease) in net assets** | **(1081493)** | **357268** |
| **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | $7106556 | $6749288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**End of period** | $**6025063** | $**7106556** |
| **Unit information** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units sold | 92026 | 429253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | 147014 | 132574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units redeemed | (203171) | (47955) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Increase in units outstanding** | **35869** | **513872** |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| 24 | ![](aflcio022.jpg) |

---

**Notes to Financial Statements**

**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 (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 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. The HIT's Board of Trustees has designated the officers of the HIT that comprise the HIT's Valuation Committee as the "valuation designee" to perform fair valuations of the HIT's investments pursuant to Rule 2a-5 under the Investment Company Act. The Valuation Committee, in accordance with the policies and procedures approved by the HIT's Board of Trustees, is also 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 at market price as supplied by a third-party pricing vendor. 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 deemed unreliable or for which prices from independent pricing services are not available are valued at their fair value determined in good faith by the HIT's Valuation Committee, as valuation designee, pursuant to procedures approved by the HIT's Board of Trustees. In determining fair market value, the Valuation Committee will employ a valuation method that it believes reflects fair value for that asset, which may include the use of 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 December 31, 2022, the Valuation Committee fair valued less than 0.01% of the HIT's net assets utilizing internally derived unobservable inputs.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

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 approved 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

2022 ANNUAL REPORT 25

**Notes to Financial Statements**

*continued*

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 December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment Securities** | **Investment Securities** | **Investment Securities** | **Investment Securities** |
| <br>*(dollars in thousands)* | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments in Securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FHA Permanent Securities | $— | $122610 | $— | $122610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae Construction Securities |  | 84008 |  | 84008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae Securities |  | 1663768 |  | 1663768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Securities |  | 2645483 |  | 2645483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Securities |  | 465432 |  | 465432 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Housing Finance Agency Securities |  | 472896 |  | 472896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Multifamily Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct Loans |  |  | 217373 | 217373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Privately Insured Construction/Permanent Mortgages |  | 3706 |  | 3706 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Other Multifamily Investments** |  | 3706 | 217373 | 221079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 57423 |  | 57423 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Securities |  | 230347 |  | 230347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Investments |  |  | 236 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 94488 |  |  | 94488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Financial Instruments<sup>1</sup> |  | 20352 | (174) | 20178 |
| **Total Investments in Securities** | 94488 | 5766025 | 217435 | 6077948 |
| **Derivatives Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts<sup>2</sup> | 1191 |  |  | 1191 |
| **Total Derivatives Investments** | 1191 |  |  | 1191 |

---

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

2. Amounts shown represent unrealized appreciation (depreciation) at period end as presented in the Schedule of Investments.

Only initial margin and variation margin on exchange-traded and centrally cleared derivatives, if any, are reported in the Statement of Assets and Liabilities.

The following table reconciles the valuation of the HIT's Level 3 investment securities and related transactions for the period ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Investments in Securities** | **Investments in Securities** | |
| <br>*(dollars in thousands)* | **Other Multifamly**<br>**Investments** | **Equity**<br>**Investment** | **Other Financial**<br>**Instruments** | <br>**Total** |
| Beginning Balance, 12/31/2021 | $126769 | $104 | $112 | $126985 |
| Paydowns/Settlements | (3574) |  |  | (3574) |
| Total Unrealized Gain (Loss)\* | (8716) | 132 | (286) | (8870) |
| Cost of Purchases | 102894 |  |  | 102894 |
| **Ending Balance, 12/31/2022** | **$217373** | **$236** | **$(174)** | **$217435** |

---

\* Net change in unrealized gain (loss) attributable to Level 3 securities held at December 31, 2022 totaled $(8,870,000) and is included on the accompanying Statement of Operations.

For the year ended December 31, 2022, there were no transfers in levels.

Level 3 securities primarily consists of Direct Loans which were valued by an independent pricing service as of December 31, 2022 utilizing a discounted cash flow model. Weighted average lives for the loans ranged from 0.16 to 2.42 years. Unobservable inputs include spreads to relevant U.S. Treasuries ranging from 422 to 469 basis points. A change in unobservable inputs may impact the value of the loans.

**Use of Estimates**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

---

| | |
|:---|:---|
| 26 | ![](aflcio022.jpg) |

---

**Notes to Financial Statements**

*continued*

**Federal Income Taxes** 

The HIT's policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (Internal Revenue Code), that are applicable to regulated investment companies, and to distribute all of its taxable income to its participants. Therefore, no federal income tax provision is required.

Tax positions taken or expected to be taken in the course of preparing the HIT's tax returns are evaluated to determine whether the tax positions are "more-likely- than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed for all open years the HIT's tax positions taken on federal income tax returns and has concluded that no provision for income tax is required in the HIT's financial statements.

The HIT files U.S. federal, state and local tax returns as required. The HIT's tax returns are subject to examination by the relevant tax authorities until the expiration of the applicable statutes of limitations, which is generally three years after the filing of the tax return but could be longer in certain circumstances.

**Distributions to Participants** 

At the end of each calendar month, a pro-rata distribution is made to participants of the net investment income earned during the month. This pro-rata distribution is based on the participant's number of units held as of the immediately preceding month- end and excludes realized gains (losses) which are distributed at year-end. Participants redeeming their investments are paid their pro-rata share of undistributed net income accrued through the month-end of the month in which they redeem. The HIT offers a reinvestment plan that permits current participants to automatically reinvest their distributions of income and capital gains, if any, into the HIT's units of participation. Total reinvestment was approximately 93% of distributed income for the year ended December 31, 2022.

**Investment Transactions and Income** 

For financial reporting purposes, security transactions are accounted for as of the trade date. Gains and losses on securities sold are determined on the basis of amortized cost. Realized gains (losses) on paydowns of mortgage- and asset-backed securities are classified as interest income.

Interest income is accrued as earned. Premiums, purchase discounts, and loan origination discounts, including related direct costs, are amortized as adjustments to the related loan's yield over the contractual life of the loan using the effective interest method. In connection with the prepayment of a loan or security, any remaining unamortized amounts are recognized into income as a gain or loss and, depending upon the terms of the loan, there may be additional income that is earned based upon the prepayment and recognized in the period of the prepayment.

**12b-1 Plan of Distribution**

The HIT's Board of Trustees has approved a Plan of Distribution under Rule 12b -1 under the Investment Company Act to pay for marketing and sales promotion expenses incurred in connection with the offer and sale of units and related distribution activities (12b-1 expenses). For the year ended December 31, 2022, the HIT was authorized to pay 12b-1 expenses in an annual amount up to $600,000 or 0.05% of its average net assets on an annualized basis per fiscal year, whichever was greater. During the year ended December 31, 2022, the HIT incurred approximately $1,251,000, or 0.02% of its average monthly net assets on an annualized basis, in 12b-1 expenses.

**Note 2. Investment Risk**

**Interest Rate Risk** 

As with any fixed-income investment, the market value of the HIT's investments will generally fall at times when market interest rates rise. Rising interest rates may also reduce prepayment rates, causing the average life of the HIT's investments to increase. This could in turn further reduce the value of the HIT's portfolio.

Certain instruments held by the HIT pay an interest rate based on the London Interbank Offered Rate (LIBOR), which is the average offered rate for various maturities of short-term loans between certain major international banks. It is expected that LIBOR will be discontinued at the end of 2023 and that the finance industry will phase in a new reference rate. The bulk of LIBOR based instruments held by the HIT are issued and backed by government-sponsored enterprises and will be subject to an industry-wide transition. With regard to other such instruments held by the HIT, which are related to its direct loans, the HIT has included language in its investment loan documentations to provide for an agreed upon methodology to calculate a new benchmark rate spread. It is possible that the transition to a new reference rate may cause increased volatility and illiquidity in the markets for instruments with terms tied to LIBOR or other adverse consequences for these instruments. These events, if they occur, may adversely affect the HIT and its investments in such instruments.

2022 ANNUAL REPORT 27

**Notes to Financial Statements** 

*continued*

**Prepayment and Extension Risk** 

The HIT invests in certain fixed-income securities whose value is derived from an underlying pool of mortgage loans that are subject to prepayment and extension risk.

Prepayment risk is the risk that a security will pay more quickly than its assumed payment rate, shortening its expected average life. In such an event, the HIT may be required to reinvest the proceeds of such prepayments in other investments bearing lower interest rates. The majority of the HIT's securities backed by loans for multifamily projects include restrictions on prepayments for specified periods to mitigate this risk or include prepayment penalties to compensate the HIT. Prepayment penalties, when received, are included in realized gains.

Extension risk is the risk that a security will pay more slowly than its assumed payment rate, extending its expected average life. When this occurs, the HIT's ability to reinvest principal repayments in higher returning investments may be limited.

These two risks may increase the sensitivity of the HIT's portfolio to fluctuations in interest rates and negatively affect the value of the HIT's portfolio.

**Credit Risk**

A majority of HIT's investments have a form of credit enhancement to protect against losses in the event of a default. However, in the event of a default of an underlying mortgage loan where the investment does not have credit enhancement or that an entity providing credit enhancement for an investment fails to meet its obligations under the credit enhancement, the HIT would be subject to the risks that apply to real estate investments generally with respect to that investment. Certain real estate risks include construction failure, loan non-repayment, foreclosure, and environmental and litigation risk.

**Futures Contracts**

A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an underlying asset at a specified price on a specified day or days in the future. The HIT may use U.S. Treasury futures contracts to manage the interest rate risk of the HIT portfolio. Upon entering into a futures contract, the HIT is required to deposit either cash or securities (Initial Margin) with a clearing broker. Non -cash collateral pledged by the HIT, if any, is disclosed in the Schedule of Investments, and cash collateral, if any, is held in a segregated account with the broker, which is reflected as Cash collateral held with broker in the Statement of Assets and Liabilities. Positions taken in the futures market are not normally held to maturity, but are instead liquidated through offsetting transactions which may result in a profit or a loss. While the HIT will usually liquidate futures contracts in this manner, the HIT may instead make or take delivery of the underlying asset whenever it appears economically advantageous for the HIT to do so.

The HIT may invest up to 5% of its net assets, measured using notional value, in U.S. Treasury futures contracts for duration management purposes. Investments in U.S. Treasury futures contracts may add leverage because the HIT would be subject to investment exposure on the notional amount of the futures contracts. Investments in derivatives can increase the volatility of the HIT's NAV and may expose it to significant additional costs. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. There is no guarantee that the use of derivatives will achieve their intended result.

Any open futures contracts at period end are presented in the Schedule of Investments, which reflects unrealized cumulative appreciation (depreciation). The notional amount at value reflects each contract's exposure to the underlying instrument at period end. The period end variation margin is reflected as Variation margin due from broker in the Statement of Assets and Liabilities, and the net cumulative appreciation (depreciation) is included in Net realized and change in unrealized gains (losses) on futures in the Statement of Operations. The average month-end notional amount of short futures contracts held was $4.3 million for the period ended December 31, 2022. The HIT did not enter into long futures contracts in 2022.

**Note 3. 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.

---

| | |
|:---|:---|
| 28 | ![](aflcio022.jpg) |

---

**Notes to Financial Statements**

*continued*

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. HIT maintains an allowance for doubtful receivable due to aging balances. Also in accordance with the contract, the HIT may provide the time of certain personnel and allocates operational expenses to HIT Advisers on a cost-reimbursement basis. As of December 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** | *(dollars in thousands)* |
| Ending Balance, 12/31/2021 | $429 |
| Advances in 2022 | 71 |
| Repayment by HIT Advisers in 2022 |  |
| **Ending Balance, 12/31/2022** | $**500** |

---

**Building America**

Building America CDE, Inc. (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** | *(dollars in thousands)* |
| Ending Balance, 12/31/2021 | $89 |
| Advances in 2022 | 1206 |
| Repayment by BACDE in 2022 | (1195) |
| **Ending Balance, 12/31/2022** | $**100** |

---

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

---

| | |
|:---|:---|
|  | *(dollars in thousands)* |
| **As of December 31, 2022** |  |
| Assets | $1957 |
| Liabilities | $1721 |
| Equity | $236 |
| **For the year ended December 31, 2022** |  |
| Income | $1599 |
| Expenses | (1450) |
| Tax Expenses | (35) |
| Net Income (Loss) | $114 |

---

**Note 4. Leases**

The HIT leases certain real estate properties for office space which are classified as operating leases. The HIT also leases equipment which is classified as a financing lease. The leases are included in right-of-use (ROU) assets on the HIT's statement of assets and liabilities. ROU assets represent the HIT's right to use an underlying asset for the lease term and lease obligations represent the HIT's obligation to make lease payments arising from the lease. ROU assets and obligations are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the HIT's leases do not provide an implicit rate, the HIT uses its incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. The HIT determines if an arrangement is a lease at inception. The HIT's lease terms may include options to extend or terminate the lease when it is reasonably certain that the HIT will exercise that option. Lease expense and amortization expense are recognized on a straight-line basis over the lease term.

2022 ANNUAL REPORT 29

**Notes to Financial Statements**

*continued*

---

| | | | |
|:---|:---|:---|:---|
| *(dollars in thousands)* | **Operating Lease** | **Financing Lease** | **Total** |
| ROU Asset, 1/1/2022 | $4048 | $18 | $4066 |
| Addition of ROU Asset | 752 |  | 752 |
| Reduction/Amortization of ROU Asset | (487) | (16) | (503) |
| **Right-of-Use Asset, 12/31/2022** | **$4313** | **$2** | **$4315** |
| Lease Liability, 1/1/2022 | $4577 | $23 | $4600 |
| Addition of Lease Liability | 819 |  | 819 |
| &nbsp;&nbsp;&nbsp;Lease Payments | (634) | (21) | (655) |
| &nbsp;&nbsp;&nbsp;Imputed Interest | 88 |  | 88 |
| Reduction of Lease Liability | (546) | (21) | (567) |
| **Lease Liability, 12/31/2022** | **$4850** | **$2** | **$4852** |
| Lease Expense | $(576) | $(16) | $(592) |
| Weighted Average Discount Rate | 1.94% | 3.70% |  |
| Weighted Average Remaining Term (Years) | 8.4 | 1.5 |  |

---

**Note 5. Commitments**

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 HIT agrees to an interest rate and purchase price for these securities or loans when the commitment to purchase is originated.

Certain assets of the HIT are invested in liquid investments until they are required to fund these purchase commitments. As of December 31, 2022, the HIT had outstanding unfunded purchase commitments of approximately $653.1 million. The HIT maintains a sufficient level of liquid securities of no less than the total of the outstanding unfunded purchase commitments. As of December 31, 2022, the value of liquid securities, less short-term investments, maintained in a custodial trading account was approximately $5.7 billion.

**Note 6. Investment Transactions**

Purchases and sales of investments, excluding short-term securities and U.S. Treasury securities, for the year ended December 31, 2022, were $1.5 billion and $261.0 million, respectively.

**Note 7. Income Taxes**

No provision for federal income taxes is required since the HIT intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute to shareholders all of its taxable income and gains. Federal income tax regulations differ from GAAP; therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records were adjusted for permanent book/tax differences to reflect tax character.

The tax character of distributions paid during 2022 and 2021 were as follows:

---

| | | |
|:---|:---|:---|
| *(dollars in thousands)* | **2022** | **2021** |
| Ordinary Investment Income | $160154 | $146918 |
| Long-term capital gain on investments | ̶ | 17808 |
| **Total Distributions Paid to Participants or Reinvested** | **$160154** | **$164726** |

---

As of December 31, 2022, the components of accumulated earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| *(dollars in thousands)* | **2022** |
| Accumulated Capital Loss Carryforward | $(58963) |
| Unrealized Depreciation | (938889) |
| Undistributed Ordinary Income | 2822 |
| Other Temporary Differences | (4575) |
| **Total Accumulated Losses** | **$(999605)** |

---

---

| | |
|:---|:---|
| 30 | ![](aflcio022.jpg) |

---

**Notes to Financial Statements** 

*continued*

During 2022, the HIT accumulated a capital loss carry forward of $58,963,000, consisting of $12,350,000 short-term and $46,613,000 long-term capital losses, which may be used to offset future capital gains for an unlimited period.

The differences between book basis and tax basis components are primarily attributed to wash sales, recognition for tax purposes of unrealized gains/losses on certain derivative instruments, and the tax treatment of deferred compensation plans, accrued expenses and deprecation. For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. These reclassifications are primarily due to the different book and tax treatment of meals and entertainment and insurance premiums paid. Results of operations and net assets are not affected by these reclassifications.

For the year ended December 31, 2022, the HIT recorded the following permanent reclassifications:

---

| | |
|:---|:---|
| *(dollars in thousands)* | **2022** |
| Distributable earnings (accumulated losses) | $321 |
| Amount Invested and Reinvested by Current Participants | $(321) |

---

At December 31, 2022, the cost of investments for federal income tax purposes was $7,016,837,000. Net unrealized loss aggregated $938,889,000 at period-end, of which $2,758,000 related to appreciated investments and $941,647,000 related to depreciated investments.

**Note 8. Retirement and Deferred Compensation Plans**

The HIT participates in the AFL-CIO Staff Retirement Plan (Plan), which is a multiemployer defined benefit pension plan, under the terms of a collective bargaining agreement. The Plan covers substantially all employees, including non-bargaining unit employees. The risks of participating in a multiemployer plan are different from a single-employer plan in the following aspects:

&nbsp;&nbsp;&nbsp;&nbsp;a. Assets
contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.

&nbsp;&nbsp;&nbsp;&nbsp;b. If
a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating
employers based on their level of contributions to the plan.

&nbsp;&nbsp;&nbsp;&nbsp;c. If
the HIT chooses to stop participating in its multiemployer plan, the HIT may be required to pay the plan an amount based on the
HIT's share of the underfunded status of the plan, referred to as a withdrawal liability.

The HIT's participation in the Plan for the year ended December 31, 2022, is outlined in the table below. The "EIN/Pension Plan Number" line provides the Employer Identification Number (EIN) and the three-digit plan number. The most recent Pension Protection Act (PPA) zone status available as of December 31, 2022 is for the 2020 Plan year ended at June 30, 2021. The zone status is based on information that the HIT received from the Plan and is certified by the Plan's actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The "FIP/RP Status Pending/ Implemented" line indicates whether a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented.

**Pension Fund: AFL-CIO Staff Retirement Plan**

---

| | |
|:---|:---|
| EIN/Pension Plan Number | 53-0228172 / 001 |
| 2020 Plan Year PPA Zone Status | Green |
| FIP/RP Status Pending/ Implemented | No |
| 2022 Contributions | $2223442 |
| 2022 Contribution Rate | 24% |
| Surcharge Imposed | No |
| Expiration Date of Collective Bargaining Agreement | 04/01/2024 |

---

The HIT was listed in the Plan's Form 5500 as providing more than 5% of the total contributions for the following plan year:

---

| |
|:---|
| **Pension Fund** |
| AFL-CIO Staff Retirement Plan2020<sup>1</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 2020 plan year ended at June 30, 2021.

2022 ANNUAL REPORT 31

**Notes to Financial Statements** 

*continued*

At the date the HIT financial statements were issued, the Plan's Form 5500 was not available for the plan year ended June 30, 2022.

The HIT also sponsors a deferred compensation plan, referred to as a 401(k) plan, covering all employees. This plan permits employees to defer the lesser of 100% of their total compensation or the applicable Internal Revenue Service limit. During 2022, the HIT matched dollar for dollar the first $6,400 of each employee's contributions. The HIT's 401(k) contribution for the year ended December 31, 2022, was approximately $260,000.

**Note 9. Contract Obligations**

In the ordinary course of business, the HIT enters into contracts that contain a variety of indemnifications. The HIT's maximum exposure under these arrangements is unknown. However, the HIT has not had any prior claims or losses pursuant to these contracts and expects the risk of loss to be low.

**Note 10. COVID-19**

The continued outbreak of COVID-19 and the recovery responses could adversely impact the operations of the HIT and its service providers, and the financial performance of the HIT and the HIT's investments. Investors should be aware that in light of the continued uncertainty and distress in economies and financial markets, the value of the HIT's investments is subject to volatility and other adverse events. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact the HIT will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time.

**Note 11. Subsequent Events**

The HIT evaluated subsequent events through the date the financial statements were available for issue and determined there were no additional material events that would require adjustment to or disclosure in the HIT's financial statements.

---

| | |
|:---|:---|
| 32 | ![](aflcio022.jpg) |

---

**Financial Highlights**

*Select Per Share Data and Ratios for the Years Ended December 31*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Per share data** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $1137.06 | $1176.64 | $1140.24 | $1087.85 | $1117.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Income from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income\* | 23.21 | 20.20 | 25.13 | 29.65 | 29.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (176.26) | (32.43) | 45.18 | 54.26 | (27.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total income (loss) from investment operations** | **(153.05)** | **(12.23)** | **70.31** | **83.91** | **1.26** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (25.49) | (24.29) | (28.41) | (31.52) | (30.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains on investments |  | (3.06) | (5.50) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | **(25.49)** | **(27.35)** | **(33.91)** | **(31.52)** | **(30.73)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net asset value, end of period** | $**958.52** | $**1137.06** | $**1176.64** | $**1140.24** | $**1087.85** |
| **Total return** | **-13.55%** | **-1.04%** | **6.20%** | **7.78%** | **0.16%** |
| **Net assets, end of period (in thousands)** | $**6025063** | $**7106556** | $**6749288** | $**6554926** | $**5889450** |
| **Ratios/supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.32% | 0.31% | 0.32% | 0.34% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.3% | 1.7% | 2.1% | 2.6% | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | 25.3% | 30.4% | 30.3% | 17.6% | 15.2% |

---

\*The average shares outstanding method has been applied for this per share information.

See accompanying Notes to Financial Statements.

2022 ANNUAL REPORT 33

**Board of Trustees**

*As of December 31, 2022*

**Correspondence intended for a Trustee may be sent to the AFL-CIO Housing Investment Trust, 1227 25th Street, NW, Suite 500, Washington, DC 20037.**

Overall responsibility for the management of the HIT, the establishment of policies, and the oversight of activities is vested in its Board of Trustees. The list below provides the following information for each of the Trustees: Name, age, position, term of office, length of time served, principal occupations during at least the past five years and other directorships held.\* The HIT's Statement of Additional Information includes additional information about the Trustees and is available without charge, upon request, by placing a collect call to the HIT's Investor Relations Office at (202) 331-8055 or by viewing the HIT's website at www.aflcio-hit.com.

---

| | | | |
|:---|:---|:---|:---|
| **Name/Age** | **Position** | **Term of Office** | **Principal Occupation During at Least Past Five Years/Other Directorships Held** |
| **Chris Coleman\*\***<br> Age 61 | Chair | Service Commenced December 2020<br> Term Expires 2023 | President and CEO, Twin Cities Habitat for Humanity; Formerly, Mayor, City of Saint Paul, MN; President, National League of Cities; Member, St. Paul City Council; Investment Advisor, RBC Cain Rauscher. |
| **Vincent Alvarez**<br> Age 54 | Union Trustee | Service Commenced December 2012<br> Term Expires 2025 | President, New York City Central Labor Council; formerly Assistant Legislative Director, New York State AFL-CIO; New York City Central Labor Council Chief of Staff. |
| **Kenneth W. Cooper**<br> Age 61 | Union Trustee | Service Commenced January 2018<br> Term Expires 2023 | International President, International Brotherhood of Electrical Workers ("IBEW"); formerly International Secretary-Treasurer, IBEW and Vice President, Fourth District, IBEW. |
| **Timothy J. Driscoll**<br> Age 59 | Union Trustee | Service Commenced March 2020<br> Term Expires 2025 | President, International Union of Bricklayers and Allied Craftworkers ("BAC"); Member, BAC Executive Board; Co-Chair of both Bricklayers and Trowel Trades International Pension Fund and International Health Fund; Member, Governing Board of Presidents, NABTU; formerly, Secretary-Treasurer and Executive Vice President, International Union BAC. |
| **Sean McGarvey\*\***<br> Age 60 | Union Trustee | Service Commenced December 2012<br> Term Expires 2024 | President, North America's Building Trades Unions; formerly Secretary-Treasurer, Building and Construction Trades Department, AFL-CIO. |
| **Terry O'Sullivan**<br> Age 67 | Union Trustee | Service Commenced December 2019<br> Term Expires 2025 | General President, LIUNA; Labor Co-Chairman of the Laborers' Training and Education Fund; Board Chairman of the LIUNA Charitable Foundation; Member, Governing Board of Presidents of North America's Building Trades Unions, AFL-CIO; Member of the Executive Council and Executive Committee of the AFL-CIO; Trustee, ULLICO. |
| **Fred Redmond**<br> Age 68 | Union Trustee | Service Commenced September 2021<br> Term Expires 2023 | Secretary-Treasurer, AFL-CIO; Trustee, AFL-CIO Staff Retirement Plan, President, Trade Union Confederation of Americas; Chair, A. Philip Randolph Institute; formerly Member, AFL-CIO Executive Council; International Vice President (Human Affairs), United Steelworkers |
| **Anthony Shelton**<br> Age 69 | Union Trustee | Service Commenced June 2020<br> Term Expires 2023 | International President, Bakery, Confectionery, Tobacco Workers & Grain Millers Union ("BCTGM"); formerly International Secretary-Treasurer, BCTGM. |
| **Elizabeth Shuler\*\***<br> Age 52 | Union Trustee | Service Commenced October 2009<br> Term Expires 2024 | President, AFL-CIO; Trustee, AFL-CIO Staff Retirement Plan; formerly Secretary-Treasurer, AFL-CIO; Executive Assistant to the President, IBEW. |
| **Kevin Filter**<br> Age 69 | Management<br> Trustee | Service Commenced December 2019<br> Term Expires 2025 | Managing Principal, GFW Equities, Mud Duck Capital & Los Cielos; formerly International Director, JLL; Co-Founder, Principal and President, Oak Grove Capital; Co- Founder, Principal and President, Glaser Financial Group. |
| **Bridget Gainer**<br> Age 54 | Management<br> Trustee | Service Commenced January 2018<br> Term Expires 2023 | Commissioner, Cook County Board; Vice President Global Affairs, Head of Public Affairs & Business Development & Strategy, Aon; formerly Director, Chicago Parks District. |
| **Jack Quinn, Jr.\*\***<br> Age 71 | Management<br> Trustee | Service Commenced June 2005<br> Term Expires 2023 | Senior Advisor for Public & Community Relations, Barclay Damon; formerly President, Erie Community College; formerly President, Cassidy & Associates; Member of Congress, 27th District, New York. |
| **Deidre L. Schmidt**<br> Age 52 | Management<br> Trustee | Service Commenced January 2018<br> Term Expires 2023 | President & CEO, CommonBond Communities; formerly Principal, One Roof Global Consulting; Lecturer, Harvard Graduate School of Design; Executive Director, Affordable Housing Institute. |
| **Tony Stanley\*\***<br> Age 89 | Management<br> Trustee | Service Commenced December 1983<br> Term Expires 2025 | Director, TransCon Builders, Inc.; formerly Executive Vice President, TransCon Builders, Inc. |
| **Harry W. Thompson\*\***<br> Age 63 | Management<br> Trustee | Service Commenced April 2019<br> Term Expires 2024 | Consultant, Harry Thompson Associates; formerly, Chief Financial Officer, Community Preservation & Development Corporation; Chief Financial Officer, Realty Investment Company, Inc. |
| **William C. Thompson**<br> Age 69 | Management<br> Trustee | Service Commenced January 2018<br> Term Expires 2023 | Senior Managing Director, Chief Administrative Officer, Siebert Cisneros Shank & Co., LLC; formerly Comptroller, City of New York. |

---

\* Includes any directorships in a corporation or trust having securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, or subject to the requirements of Section 15(d) of such Act, or a company registered as an investment company under the Investment Company Act of 1940, as amended.

\*\* Executive Committee Member.

---

| | |
|:---|:---|
| 34 | ![](aflcio022.jpg) |

---

**Officers\***

**Chang Suh, CFA,** age 51; Chief Executive Officer (since 2018) and Chief Investment Officer (since 2003), AFL-CIO Housing Investment Trust; formerly Chief Portfolio Manager, Senior Executive Vice President, Assistant Portfolio Manager, and Senior Portfolio Analyst, AFL-CIO Housing Investment Trust; Senior Auditor, Arthur Andersen.

**Theodore S. Chandler,** age 63; Senior Managing Director-Strategic Initiatives, AFL- CIO Housing Investment Trust since 2021; formerly Managing Director/Regional Operations, Chief Operating Officer, AFL- CIO Housing Investment Trust; Vice President, Fannie Mae; Deputy Director, Chief Financial Officer and General Counsel, Massachusetts Industrial Finance Agency.

**John Hanley,** age 56; Senior Managing Director–Multifamily Originations, AFL-CIO Housing Investment Trust since 2019; formerly Director—Investments, National Real Estate Advisors; Executive Vice President—Investments and Portfolio Management, AFL-CIO Housing Investment Trust; Executive Vice President—Investments, AFL-CIO Investment Trust Corporation.

**Erica Khatchadourian,** age 55; Chief Operating Officer, AFL-CIO Housing Investment Trust since 2022; formerly Chief Financial Officer, Controller, Chief of Staff and Director of Operations, AFL- CIO Housing Investment Trust; Senior Consultant, Price Waterhouse.

**Nicholas C. Milano,** age 55, General Counsel, AFL-CIO Housing Investment Trust since 2013; formerly Of Counsel, Perkins Coie LLP; Deputy General Counsel and Chief Compliance Officer, Legg Mason Capital Management; Deputy General Counsel and Chief Compliance Officer, AFL-CIO Housing Investment Trust; Senior Counsel, Division of Investment Management, Securities and Exchange Commission.

**Laureen O'Brien,** age 52; Chief Compliance Officer and Counsel, AFL-CIO Housing Investment Trust since 2022; formerly Director of Compliance, Special Counsel and Chief of Staff, AFL-CIO Housing Investment Trust.

**Harpreet S. Peleg, CFA,** age 48; Chief Financial Officer, AFL-CIO Housing Investment Trust since 2022; Chief Executive Officer, Building America CDE, Inc.; formerly Senior Managing Director-Finance and Controller, AFL-CIO Housing Investment Trust; Chief Financial Officer, AFL-CIO Investment Trust Corporation; Financial Analyst, Goldman Sachs & Co.; Senior Associate, Pricewaterhouse Coopers.

**Julissa Servello,** age 45, Director of Investor Relations, AFL-CIO Housing Investment Trust since 2021; formerly Senior Investor Relations Manager, Investor Relations Manager, Marketing Coordinator, AFL-CIO Housing Investment Trust.

**Lesyllee White,** age 60; Chief Marketing Officer, AFL-CIO Housing Investment Trust since 2018; formerly Executive Vice President and Managing Director of Defined Benefit Marketing, Director of Marketing, Regional Marketing Director and Senior Marketing Associate, AFL-CIO Housing Investment Trust; Vice President, Northern Trust Company.

\* All officers of the HIT are located at 1227 25th Street, NW, Suite 500, Washington, DC 20037 except Mr. Chandler who is located at 155 N. Lake Avenue, Suite 800, Pasadena, CA 91191. No officer of the HIT serves as a trustee or director in any corporation or trust having securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, or subject to the requirements of Section 15(d) of such Act, or any company registered as an investment company under the Investment Company Act of 1940, as amended. These officers are appointed annually, serving for a period of approximately one year or until their respective successors are duly appointed and qualified.

2022 ANNUAL REPORT 35

**Service Providers**

**Independent Registered Public Accounting Firm**

Ernst & Young LLP

Tysons, VA

**Legal Counsel**

Dechert LLP

Washington, DC

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE

**Custodian**

Bank of New York Mellon

New York, NY

---

| | |
|:---|:---|
| 36 | ![](aflcio022.jpg) |

---

<br>Investors should consider the HIT's investment objectives, risks and expenses carefully before investing. A prospectus containing more complete information may be obtained from the HIT by calling the Marketing and Investor Relations Department collect at (202) 331-8055 or by viewing the HIT's website at www.aflcio- hit.com. The prospectus should be read carefully before investing. The calculations of the HIT yield herein represent widely accepted portfolio characteristics information based on coupon rate, current price and, for yield to worst, certain prepayment assumptions, and are not current yield or other performance data as defined by the SEC in Rule 482.<br>Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT and HIT subsidiary Building America CDE, Inc. project data. Data is current as of December 31, 2022. Economic impact data is in 2021 dollars and all other figures are nominal.<br>This document contains forecasts, estimates, opinions and/or other information that is subjective. Statements concerning economic, financial, or market trends are based on current conditions, which will fluctuate. There is no guarantee that such statements will be applicable under all market conditions, especially during periods of downturn. Actual outcomes and results may differ significantly from the views expressed. It should not be considered as investment advice or a recommendation of any kind.<br>

<br>**AFL-CIO HOUSING INVESTMENT TRUST** <br>**NATIONAL OFFICE** \| 1227 25th Street, NW, Suite 500 \| Washington, D.C. 20037 \| (202) 331-8055 <br>**www.aflcio-hit.com**<br>![](aflcio018.jpg) ![](aflcio019.jpg) ![](aflcio020.jpg)<br>![](aflcio021.jpg) <br>

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Trust has adopted a Code of Ethics to comply with Section 406 of the Sarbanes-Oxley Act of
 2002, as of December 31, 2022. This Code of Ethics applies to the Trust's principal
 executive officer, principal financial officer, and principal accounting officer or controller
 or persons performing similar functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 purposes of this Item, the term "Code of Ethics" means written standards that
 are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical
 conduct, including the ethical handling of actual or apparent conflicts of interest between
 personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair,
 accurate, timely, and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the Commission and in other public communications made by the
 Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance
 with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal
 reporting of violations of the code to an appropriate person or persons identified in the
 code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability
 for adherence to the code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Trust's Code of Ethics was not amended during the period covered by the Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There
 have been no waivers granted from any provision of the Trust's Code of Ethics during
 the period covered by the Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (1) A
 copy of the Trust's Code of Ethics is filed herewith as an Exhibit pursuant to Item
 13(a)(1).

**Item 3. Audit Committee Financial Expert.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) The
 Trust's Board of Trustees has determined that Harry Thompson possesses the attributes
 to qualify as an Audit Committee financial expert and has designated Mr. Thompson the Audit
 Committee's financial expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Mr.
 Thompson is independent for purposes of this Item 3.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  **<u>Audit Fees</u>** 

Fees billed by Ernst & Young LLP ("EY") to the Registrant:

Fiscal Year Ended 2022: $352,600

Fiscal Year Ended 2021: $357,300

The amounts above reflect the aggregate fees billed by EY, the Registrant's independent auditor, for professional services provided to the Registrant for the audit of the Registrant's annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>Audit-Related Fees</u>** 

Fees billed by EY to the Registrant:

Fiscal Year Ended 2022: $0

Fiscal Year Ended 2021: $0

The amounts above reflect the aggregate fees billed by the Registrant's independent auditors for assurance and related services relating to the performance of the audit of the Registrant's financial statements that are not reported under paragraph (a) of this Item.

Fees billed by EY to the Registrant's investment adviser ("Adviser") and any entity controlling, controlled by or under common control with the registrant's adviser that provides ongoing services to the registrant (hereinafter referred to as "service affiliates") that were pre-approved:

Fiscal Year Ended 2022: $0

Fiscal Year Ended 2021: $0

The amounts above reflect the aggregate fees billed by EY for services relating to the performance of the audit of the financial statements of the Adviser and service affiliates and that relate directly to the operations or financial reporting of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  **<u>Tax Fees</u>** 

Fees billed by EY to the Registrant:

Fiscal Year Ended 2022: $35,500

Fiscal Year Ended 2021: $35,000

The amounts above reflect the aggregate fees billed by EY for professional services provided to the Registrant for tax compliance, including preparation of tax returns and distribution assistance.

Fees billed by EY to the Adviser and any service affiliates:

Fiscal Year Ended 2022: $0

Fiscal Year Ended 2021: $0

The amounts above reflect the aggregate fees billed by EY for tax-related services provided to the Adviser and service affiliates and that relate directly to the operations or financial reporting of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  **<u>All Other Fees</u>** 

Fees billed by EY to the Registrant:

Fiscal Year Ended 2022: $16,000

Fiscal Year Ended 2021: $16,000

The amounts above reflect the aggregate fees billed for all services provided by EY to the Registrant in connection with the preparation of a report on the Schedule of Rates of Return including an opinion on the Global Investment Performance Standards.

Fees billed by EY to the Adviser and any service affiliates:

Fiscal Year Ended 2022: $0

Fiscal Year Ended 2021: $0

The amounts above reflect the aggregate fees billed for all services other than those set forth in paragraphs (a), (b) and (c) of this Item provided by the EY to the Adviser and service affiliates and that relate directly to the operations or financial reporting of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1)  **<u>Audit Committee's Pre-Approval Policies</u>** 

The Charter of the Trust's Audit Committee provides that the Audit Committee shall review and, if appropriate, approve in advance all audit and non-audit services (as such term may be from time to time defined in the Securities Exchange Act of 1934, as amended) to be provided to the Trust by the Trust's independent auditor. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant's independence. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by a majority of the audit committee members at a special meeting called for such purposes or by unanimous written consent. The Audit Committee's Charter does not permit waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  **<u>Percentages of Services Approved by the Audit Committee</u>** 

No percentage of the services included in (b)-(d) above were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For the most
 recent fiscal year, less than 50% of the hours expended by the Trust's principal accountant
 on the principal accountant's engagement to audit the Trust's financial statements
 were attributed to work performed by persons other than the principal accountant's
 full-time, permanent employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate
 non-audit fees billed by the Trust's accountant for services rendered to the Registrant
 for fiscal years ending December 31, 2021 and December 31, 2022 were $51,000 and $51,500
 respectively. The Trust does not have an investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.
 The Trust does not have an investment adviser.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable to open-end investment companies.

**Item 6. Schedule of Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Included herein
 under Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to open-end investment companies.

**Item 10. Submission of Matters to a Vote of Security Holders.**

No material changes have been made to the procedures by which participants may recommend nominees to the Board of Trustees of the Trust, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (per Item 22(b)(15) of Schedule 14A) or this Item.

**Item 11. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust's
 Chief Executive Officer (the principal executive officer) and Chief Financial Officer (the
 principal financial officer) have concluded that the Trust's disclosure controls and
 procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) are effective
 to ensure that material information relating to the Trust is made known to them by appropriate
 persons, based on their evaluation of such controls and procedures as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were
 no changes in the Trust's internal control over financial reporting (as defined in
 Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the Trust's
 last fiscal half year of the period covered by this report that have materially affected,
 or are reasonably likely to materially affect, the Trust's internal control over financial
 reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 13. Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [(1) The Trust's Code of Ethics applicable to its principal executive officer, principal financial officer, and principal accounting officer or persons performing similar functions is attached hereto.](ex99-coe.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)).](ex99-cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) There
 was no change in the Registrant's independent public accountant for the period covered
 by this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the Act.](ex99-906cert.htm)

**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/ Chang Suh |
|  | Chang Suh |
|  | Chief Executive Officer |

---

Date: March 10, 2023

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/ Chang Suh |
| Chang Suh |
| Chief Executive Officer |
| AFL-CIO Housing Investment Trust |
| *(Principal Executive Officer)* |

---

Date: March 10, 2023

---

| |
|:---|
| /s/ Harpreet S. Peleg |
| Harpreet S. Peleg |
| Chief Financial Officer |
| AFL-CIO Housing Investment Trust |
| *(Principal Financial Officer)* |

---

Date: March 9, 2023

## Ex-99.Code

[AFL-CIO Housing Investment Trust N-CSR](aflcio-ncsr_123122.htm)

**<u>Exhibit (a)(1)</u>**

**AFL-CIO HOUSING INVESTMENT TRUST**

Code of Ethics for Purposes of

Section 406 of the Sarbanes-Oxley Act of 2002

Dated as of July 14, 2009

**I.**  **<u>Covered Officers</u>** 

This code of ethics (the "Code") has been adopted by the AFL-CIO HOUSING INVESTMENT TRUST (the "Trust") to comply with Section 406 of the Sarbanes-Oxley Act of 2002. This Code applies to the Trust's principal executive officer, principal financial officer, and principal accounting officer or persons performing similar functions (collectively, the "Covered Officers" and each, a "Covered Officer"), each of whom is set forth on Exhibit A.

**II.**  **<u>Purpose of This Code</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;A. This Code has been adopted for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission (the "SEC"), and in other public communications made by the Trust;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code; and

● accountability for adherence to this Code.

B. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**III.**  **<u>Standards of Conduct Required</u>** 

The material failure of a Covered Officer to adhere to any of the standards of conduct set forth in subparts A, B and C of this Section III shall constitute a violation of this Code.

A. <u>Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest</u> 

1. <u>Conflict of Interest Defined</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, were to receive improper personal benefits as a result of his or her position with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In addition to the foregoing, certain conflicts of interest may arise out of the relationships between Covered Officers and the Trust which are already subject to conflict of interest provisions in the Investment Company Act of 1940 (including the regulations thereunder, the "Investment Company Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The Trust's compliance programs and procedures are designed to prevent, identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code.

2. <u>Examples of Prohibited Conflicts of Interest</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

● Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby such Covered Officer would benefit personally to the detriment of the Trust.

● Not cause the Trust to take action, or fail to take action, for the individual personal benefit of such Covered Officer rather than the benefit of the Trust.

● Not use material non-public knowledge of portfolio transactions or proposed investments of the Trust made or contemplated by the Trust to trade personally or cause others to trade personally or act in respect of such investments in contemplation of the market effect of such transactions or in a manner contrary to the interests of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. With respect to other potential conflict of interest situations, if a Covered Officer is in doubt as to whether such situations would constitute Prohibited Conduct under this Code, the Covered Officer should immediately describe the matter to the Chair of the Executive Committee of the Board of Trustees (the "Chair") for resolution. The Chair may refer the matter to appropriate counsel of the Trust for advice.

B. <u>Covered Officers Should Promote Full, Fair, Accurate and Timely Disclosure</u> 

● Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust.

● Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, material facts about the Trust to the Trust's Board of Trustees, its auditors, governmental regulators or others, whether within or outside the Trust.

● Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and, if applicable, the Trust's other service providers, with the goal of promoting full, fair, accurate, timely, and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC, and in other public communications made by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Covered Officers Should Promote Compliance

● It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, governmental rules, and regulations.

**IV.**  **<u>Accountability and Administration; Violations of Code</u>** 

A. Each Covered Officer must:

● Upon becoming subject to this Code, and upon being provided a copy of this Code, affirm in writing that he or she has received, read, and understands and will adhere to this Code.

● Annually thereafter affirm in writing that he or she has complied with the requirements of this Code.

● Not retaliate against any other Covered Officer or any employee of the Trust for reports of potential violations that are made in good faith.

● Notify the Chair promptly if he or she knows of any material violation of this Code, as defined in Section III above. Failure to do so is itself a violation of this Code.

B. The Chair is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.

**V.**  **<u>Investigation and Enforcement of Code</u>** 

The Trust will follow the following procedures in investigating and enforcing this Code:

● The Chair will take all appropriate action to investigate any potential violations reported to him/her. The Chair is authorized to consult, as appropriate, in-house or outside counsel to the Trust or counsel, if any, to the independent Trustees, and all necessary resources shall be made available to him/her for this purpose.

● If, after such investigation, the Chair concludes that no violation has occurred, the Chair may, as appropriate, so inform the Covered Officer or Officers concerned, and the Chair shall not be required to take any further action.

● If, after such investigation, the Chair concludes a violation of the Code has occurred, the Chair shall consult with senior management (other than the Covered Officer or Officers concerned) and/or other appropriate persons and make a recommendation as to whether any sanction should be imposed or preventive action taken. Opportunity shall be given to the Covered Officer or Officers concerned to respond to the allegations prior to any conclusion that a violation of the Code has occurred.

● The Chair shall promptly inform the entire Executive Committee of the Board of Trustees of any violations of this Code and of the recommendation for sanctions or preventive action.

● If the Executive Committee concurs by majority vote that a violation has occurred, it will consider appropriate sanctions or preventive action and, by majority vote, take such action or impose such sanctions as it deems appropriate.

● Appropriate sanctions or preventive action may, without limitation, include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities or the pursuit of any available legal remedies.

● The Chair will be responsible for granting waivers, as he/she deems appropriate. Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**VI.**  **<u>Other Policies and Procedures</u>** 

This Code is the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. The obligations imposed by this Code are separate from, and in addition to, the obligations imposed on such persons as Covered Persons under the Code of Ethics adopted by the Trust pursuant to Rule 17j-1 of the Investment Company Act of 1940, as amended. Other Trust policies and procedures that cover activities or behavior of Covered Officers (and/or other persons) are separate requirements applying to the Covered Officers and others, and are not part of this Code.

Except as expressly provided herein, no failure to follow a procedure under this Code shall be considered a violation under this Code.

**VII.**  **<u>Amendments</u>** 

Any material amendments or changes to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Trustees who are not interested persons of the Trust.

**VIII.**  **<u>Confidentiality</u>** 

All reports and records prepared pursuant to this Code shall be maintained by the Chair and will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate members of the Board of Trustees, legal counsel and appropriate personnel at the Trust.

**IX.**  **<u>Internal Use/Limitations</u>** 

This Code shall not in any way act as a limitation on the authority of the Trust, its Trustees or any of its officers, to discipline or discharge any employee of the Trust, and shall not be deemed to grant to any employee of the Trust any contract or other employment related rights, whether substantive or procedural. The policies and procedures described in this Code do not create any obligations to any person or entity other than the Trust. This Code is intended solely for the internal use by the Trust and does not constitute a promise or contract, by or on behalf of the Trust, nor any admission as to any fact, circumstance, or legal conclusion. The Trust and the Chair retain the sole discretion to decide whether the Code applies to a specific situation, and how it should be interpreted or enforced.

Exhibit A

Persons Covered by This Code of Ethics

Chief Executive Officer

Chief Financial Officer

Chief Operating Officer

## Ex-99.Cert

[AFL-CIO Housing Investment Trust N-CSR](aflcio-ncsr_123122.htm)

**Exhibit (a)(2)**

Form N-CSR Certification Pursuant to

Section 302 of the Sarbanes-Oxley Act

I, Chang Suh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the AFL-CIO Housing Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer 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 registrant
and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 registrant,
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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant'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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 registrant's ability to record, process, summarize and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

/s/ Chang Suh

Chang Suh

Chief Executive Officer

AFL-CIO Housing Investment Trust

Date: March 10, 2023

**<u>Exhibit (a)(2)</u>**

Form N-CSR Certification Pursuant to

Section 302 of the Sarbanes-Oxley Act

I, Harpreet S. Peleg, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the AFL-CIO Housing Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer 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 registrant
and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 registrant,
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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant'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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 registrant's ability to record, process, summarize and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

/s/ Harpreet S. Peleg

Harpreet S. Peleg

Chief Financial Officer

AFL-CIO Housing Investment Trust

Date: March 9, 2023

## Exhibit 99.906

[AFL-CIO Housing Investment Trust N-CSR](aflcio-ncsr_123122.htm)

**<u>Exhibit (b)</u>**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

AFL-CIO Housing Investment Trust

In connection with the Report on Form N-CSR of the AFL-CIO Housing Investment Trust that is accompanied by this certification, the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Dated: March 10, 2023

/s/ Chang Suh

Chang Suh

Chief Executive Officer

AFL-CIO Housing Investment Trust

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the AFL-CIO Housing Investment Trust and will be retained by the AFL-CIO Housing Investment Trust and furnished to the Securities and Exchange Commission or its staff upon request.

**<u>Exhibit (b)</u>**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

AFL-CIO Housing Investment Trust

In connection with the Report on Form N-CSR of the AFL-CIO Housing Investment Trust that is accompanied by this certification, the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Dated: March 9, 2023

/s/ Harpreet S. Peleg

Harpreet S. Peleg

Chief Financial Officer

AFL-CIO Housing Investment Trust

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the AFL-CIO Housing Investment Trust and will be retained by the AFL-CIO Housing Investment Trust and furnished to the Securities and Exchange Commission or its staff upon request.