# EDGAR Filing Document

**Accession Number:** 0000225030
**File Stem:** 0001999371-26-005388
**Filing Date:** 2026-3
**Character Count:** 131680
**Document Hash:** dda7d03e2948f3b2afecdc5740b12cb0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-005388.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001999371-26-005388

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AFL CIO HOUSING INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000225030

**ORGANIZATION NAME:**
- **EIN:** 526220193
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03493
- **FILM NUMBER:** 26734370

**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 |  |

?xml version='1.0' encoding='ASCII'? Annual Shareholder Report

**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, 2025 – December 31, 2025**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 copy of the 2025 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.

![](afltsr001.jpg)

**ANNUAL REPORT**

DECEMBER 31, 2025

This annual report contains important information about the AFL-CIO Housing Investment Trust (the "HIT") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the HIT at aflcio-hit.com/shareholder-reports/. You can also request this information by contacting us at 1-202-331-8055 or IR@aflcio-hit.com.

**WHAT WERE THE HIT'S COSTS FOR THE PAST TWELVE MONTHS?**

**BASED ON A HYPOTHETICAL $10,000 INVESTMENT**

The below table explains the costs that Participants would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
| | **COSTS OF A $10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| AFL-CIO Housing Investment Trust | $32 | 0.31% |

---

**HOW DID THE HIT PERFORM DURING THE REPORTING PERIOD AND WHAT AFFECTED ITS PERFORMANCE?**

In 2025, the HIT delivered a strong absolute return, generating 7.54% gross of fees and 7.20% net of fees. Over the same period, the Bloomberg U.S. Aggregate Bond Index (the "Benchmark") returned 7.30%. Performance benefited from declining interest rates and tightening asset spreads, which supported positive total returns across investment-grade fixed income markets. As of December 31, 2025, the HIT maintained an attractive income profile, with a yield-to-worst of 4.81%—approximately 46 basis points above the Bloomberg Aggregate—while continuing to emphasize high-quality credit.

---

| | | | |
|:---|:---|:---|:---|
| | **CONTRIBUTORS** | | **DETRACTORS** |
| ![](afltsr003.jpg) | HIT's overweight to agency-insured multifamily mortgage-backed securities (MBS), as spreads tightened to Treasuries | ![](afltsr004.jpg) | HIT's underweight to agency-insured, fixed-rate single family MBS, the best performing asset class in the Benchmark on an excess return basis |
| ![](afltsr003.jpg) | HIT's coupon advantage relative to the Benchmark | ![](afltsr004.jpg) | HIT's structural underweight to corporate bonds, the second-best performing asset class in the Benchmark on an excess return basis |
|  |  |  | HIT's structural underweight to corporate bonds, the second-best performing asset class in the Benchmark on an excess return basis |
| ![](afltsr003.jpg) | HIT's underweight to Treasuries, the worst performing asset class in the Benchmark on an excess return basis |  | HIT's structural underweight to corporate bonds, the second-best performing asset class in the Benchmark on an excess return basis |

---

**FUND PERFORMANCE**

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the HIT. It assumes a $50,000 initial investment at the beginning of the first fiscal year in the Benchmark.

![](afltsr002.jpg)

*continued*

---

| | |
|:---|:---|
| ![](afltsr005.jpg) | **aflcio-hit.com** |

---

---

| | |
|:---|:---|
| **ANNUAL REPORT** *continued* | DECEMBER 31, 2025 |

---

**AVERAGE ANNUAL TOTAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
| | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| HIT Net | 7.20% | -0.26% | 1.76% |
| Bloomberg Aggregate\* | 7.30% | -0.36% | 2.01% |

---

**Past performance is not a good predictor of future performance. The graph and table do not reflect the deductions of taxes that a Participant would pay on fund distributions or redemption of fund shares. Visit aflcio-hit.com/investors/ for the most recent performance information.**

**KEY FUND STATISTICS**

---

| | |
|:---|:---|
| HIT's Net Assets | $7319572612 |
| Total Number of Portfolio Holdings | 874 |
| Portfolio Turnover Rate | 23.9% |
| Ratio of Net Investment Income to Average Net Assets | 3.7% |
| Effective Duration | 5.89% |
| Current Yield | 4.17% |
| Yield-to-Worst<sup>1</sup> | 4.81% |
| Advisory Fee Paid | N/A |

---

<sup>1</sup> 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.

**FUND HOLDINGS** 

The graphs below show the investment makeup of HIT on 12/31/25. Portfolio holdings are subject to change.<sup>2</sup>

![](afltsr006.jpg)

<sup>2</sup> Based on value of total investment and includes unfunded commitments but does not include U.S. Treasury futures contracts.

<sup>3</sup> U.S. Government or Agency includes holdings of government securities issued by the U.S. Department of Treasury and mortgage securities issued by a U.S. government-backed agency (e.g., Ginnie Mae) or U.S. government-sponsored enterprise (e.g., Freddie Mac or Fannie Mae). Holdings designated at "AAA" or "AA" have been rated by Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P") or Fitch Ratings ("Fitch"). If securities are rated differently by these ratings agencies, the highest rating is applied. Moody's ratings are converted to the S&P and Fitch scale with ratings ranging from AAA, being the highest, to D, being the lowest. Holdings designated as "Not Rated" have not been rated by S&P, Moody's or Fitch.

**AVAILABILITY OF ADDITIONAL INFORMATION**

---

| | |
|:---|:---|
| Additional information about the HIT, including the HIT's Prospectus, Financial Information, Portfolio Holdings and Proxy Voting Information, is available on our website (aflcio-hit.com/shareholder-reports/), through the HIT's Investor Relations Team (1-202-331-8055 or IR@aflcio-hit.com) or by scanning this QR code. | ![](afltsr007.jpg) |

---

\* Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material or guarantee the accuracy or completeness of any information herein, nor does Bloomberg make any warranty, express or implied, as to the results to be obtained therefrom, and, to the maximum extent allowed by law, Bloomberg shall not have any liability or responsibility for injury or damages arising in connection therewith.

---

| | | |
|:---|:---|:---|
| ![](afltsr005.jpg) | 1227 25th Street, NW \| Suite 500 \| Washington, DC 20037 \| 202.331.8055 \| **aflcio-hit.com** | ![](afltsr008.jpg) |

---

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

**Item 2.** **Code of Ethics.**

(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, 2025. 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.

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

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

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

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

(e) Not
 applicable.

(f) (1) A
 copy of the Trust's Code of Ethics is filed herewith as an Exhibit pursuant to Item
19. **Item 3. Audit Committee Financial Expert.**

(a) (1) The
 Trust's Board of Trustees has determined that Harry S. 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;(2) Mr. Thompson is independent for purposes of this Item 3.

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

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

(a)  **<u>Audit Fees</u>** 

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

Fiscal Year Ended 2024: $393,800

Fiscal Year Ended 2025: $405,600

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.

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

Fees billed by EY to the Registrant:

Fiscal Year Ended 2024: $0

Fiscal Year Ended 2025: $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 2024: $0

Fiscal Year Ended 2025: $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.

(c)  **<u>Tax Fees</u>** 

Fees billed by EY to the Registrant:

Fiscal Year Ended 2024: $39,150

Fiscal Year Ended 2025: $41,075

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 2024: $0

Fiscal Year Ended 2025: $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.

(d)  **<u>All Other Fees</u>** 

Fees billed by EY to the Registrant:

Fiscal Year Ended 2024: $18,540

Fiscal Year Ended 2025: $19,096

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 2024: $0

Fiscal Year Ended 2025: $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.

(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;(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.

(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.

(g) The
 aggregate non-audit fees billed by the Trust's accountant for services rendered
 to the Registrant for fiscal years ending December 31, 2025 and December 31, 2024 were
 $60,171 and $57,690 respectively. The Trust does not have an investment adviser.

(h) Not
 applicable.

(i) Not
 applicable.

(j) Not
 applicable.

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

Not applicable to open-end investment companies.

**Item 6.** **Schedule of Investments.**

(a) The complete
 schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) Report
 pursuant to Regulation S-X.

![](aflcio002.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, 2025, 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 at December 31, 2025, 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, 2025, by correspondence with the custodian and counterparties; when replies were not received from counterparties we performed other auditing procedures. 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.

![](aflcio001.jpg)

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

Tysons, Virginia

February 27, 2026

A member firm of Ernst & Young Global Limited

---

| | |
|:---|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** | |
| December 31, 2025 (dollars in thousands, except per share data) |  |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $7,771,547) | $7388201 |
| &nbsp;&nbsp;&nbsp;Cash | 799 |
| &nbsp;&nbsp;&nbsp;Accrued interest receivable | 30128 |
| &nbsp;&nbsp;&nbsp;Receivables for investments sold | 6076 |
| &nbsp;&nbsp;&nbsp;Cash collateral held with broker | 2065 |
| &nbsp;&nbsp;&nbsp;Variation margin due from broker | 2610 |
| &nbsp;&nbsp;&nbsp;Right of use asset | 2838 |
| &nbsp;&nbsp;&nbsp;Other assets | 2787 |
| **Total assets** | **7435504** |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Payables for investments purchased | 95630 |
| &nbsp;&nbsp;&nbsp;Redemptions payable | 7435 |
| &nbsp;&nbsp;&nbsp;Income distribution and capital gains payable, net of dividends reinvested of $20,543 | 1906 |
| &nbsp;&nbsp;&nbsp;Accrued salaries and fringe benefits | 6245 |
| &nbsp;&nbsp;&nbsp;Lease Liability | 3309 |
| &nbsp;&nbsp;&nbsp;Other liabilities and accrued expenses | 1406 |
| **Total liabilities** | **115931** |
| Other commitments and contingencies (Note 5 of financial statements) |  |
| **Net assets applicable to participants' equity —** |  |
| &nbsp;&nbsp;&nbsp;Certificates of participation—authorized unlimited; |  |
| &nbsp;&nbsp;&nbsp;Outstanding 7,375,817 units | $**7319573** |
| **Net asset value per unit of participation (in dollars)** | $**992.37** |
| **Participants' equity** |  |
| &nbsp;&nbsp;&nbsp;*Participants' equity consisted of the following:* |  |
| &nbsp;&nbsp;&nbsp;Amount invested and reinvested by current participants | $8074242 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (accumulated losses) | (754669) |
| &nbsp;&nbsp;&nbsp;**Total participants' equity** | $**7319573** |

---

See accompanying Notes to Financial Statements.

![](aflcioncsr123125001.jpg)

**Schedule of Portfolio Investments**

December 31, 2025 (dollars in thousands)

**FHA Permanent Securities (1.5% of net assets)**<sup>1</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Interest Rate** | **Maturity Date** | **Face Amount** | **Amortized Cost** | **Value** |
| **Multifamily** | 2.50% | Apr-2063 | $5488 | $5495 | $4685 |
|  | 3.40% | Jun-2038 | 1733 | 1735 | 1649 |
|  | 3.65% | Dec-2037 | 6312 | 6370 | 6300 |
|  | 3.72% | Feb-2062 | 4284 | 4292 | 4000 |
|  | 3.90% | Sep-2062 | 2996 | 3000 | 2822 |
|  | 4.00% | Jun-2053 | 57104 | 57082 | 56566 |
|  | 4.10% | Dec-2060 | 20771 | 20789 | 19812 |
|  | 4.70% | May-2053 | 4313 | 4461 | 3920 |
|  | 5.17% | Feb-2050 | 6986 | 7363 | 6971 |
|  | 5.80% | Jan-2053 | 1844 | 1851 | 1883 |
|  | 5.87% | Jun-2044 | 1465 | 1464 | 1467 |
|  | 6.60% | Jan-2050 | 3010 | 3024 | 3015 |
| **Total FHA Permanent Securities** |  |  | $**116306** | $**116926** | $**113090** |

---

![](aflcioncsr123125001.jpg)

**Schedule of Portfolio Investments**

December 31, 2025 (dollars in thousands)

**FHA Construction Securities (0.01% of net assets)**<sup>1</sup>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest Rates**<sup>2</sup>** | **Interest Rates**<sup>2</sup>** | | | | |
| | **Permanent** | **Construction** | **Unfunded**<br>**Commitments**<sup>3</sup>** |<br>**Face Amount** |<br>**Amortized Cost** |<br>**Value** |
| **Forward Commitments** | 6.02% | 6.02% | $31000 | $**—** | $36 | $697 |
| **Total FHA Construction Securities** |  |  | $**31000** | $**—** | $**36** | $**697** |

---

![](aflcioncsr123125001.jpg)

**Schedule of Portfolio Investments**

December 31, 2025 (dollars in thousands)

**Ginnie Mae Securities (25.9% of net assets)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Interest Rate** | **Maturity Date** |  | **Face Amount** | **Amortized Cost** | **Value** |
| **Single Family** | 4.00% | Feb-2040 - Jun-2040 |  | $709 | $712 | $690 |
|  | 4.50% | Aug-2040 |  | 407 | 411 | 407 |
|  | 5.50% | Jan-2033 - Jun-2037 |  | 540 | 539 | 553 |
|  | 6.00% | Jan-2032 - Aug-2037 |  | 341 | 341 | 356 |
|  | 6.50% | Jul-2028 |  | 17 | 17 | 18 |
|  | 7.00% | Apr-2026 - Jan-2030 |  | 119 | 119 | 121 |
|  | 7.50% | Oct-2026 - Aug-2030 |  | 28 | 28 | 30 |
|  | 8.00% | Sep-2026 - Nov-2030 |  | 52 | 52 | 52 |
|  | 8.50% | Aug-2027 |  | 6 | 6 | 6 |
|  |  |  |  | **2219** | **2225** | **2233** |
| **Multifamily** | 1.95% | Mar-2064 |  | 68146 | 68121 | 53803 |
|  | 2.00% | Jul-2062 - Mar-2064 |  | 267745 | 272388 | 213663 |
|  | 2.00% | Oct-2062 |  | 50602 | 52120 | 39813 |
|  | 2.00% | Apr-2063 |  | 49061 | 49799 | 38721 |
|  | 2.00% | Apr-2063 |  | 46436 | 47303 | 36855 |
|  | 2.00% | Oct-2063 |  | 40458 | 40104 | 32185 |
|  | 2.00% | Jul-2063 |  | 39747 | 40065 | 31738 |
|  | 2.08% | Nov-2056 |  | 48771 | 50374 | 43431 |
|  | 2.15% | May-2056 |  | 105 | 105 | 105 |
|  | 2.20% | Jun-2056 |  | 506 | 505 | 496 |
|  | 2.25% | May-2065 |  | 49005 | 50438 | 40871 |
|  | 2.25% | Dec-2048 |  | 2280 | 2267 | 2190 |
|  | 2.30% | Oct-2056 |  | 832 | 825 | 817 |
|  | 2.31% | Nov-2051 |  | 2946 | 2946 | 2816 |
|  | 2.32% | Sep-2060 |  | 25521 | 26707 | 23346 |
|  | 2.35% | Nov-2056 - Feb-2061 |  | 26203 | 26910 | 22330 |
|  | 2.37% | Jan-2053 |  | 18516 | 18617 | 17251 |
|  | 2.40% | Aug-2047 - Dec-2057 |  | 17214 | 17560 | 14648 |
|  | 2.45% | Apr-2062 |  | 13958 | 14158 | 12411 |
|  | 2.50% | Dec-2052 - Jan-2061 |  | 47922 | 48586 | 41569 |
|  | 2.58% | May-2063 |  | 27471 | 28258 | 23958 |
|  | 2.60% | Apr-2056 - Jun-2059 |  | 7065 | 7081 | 6700 |
|  | 2.65% | Oct-2062 |  | 6067 | 6199 | 5459 |
|  | 2.67% | Mar-2062 |  | 33584 | 34279 | 30529 |
|  | 2.70% | May-2048 - Jul-2058 |  | 4072 | 4067 | 3962 |
|  | 2.74% | Apr-2057 |  | 22448 | 24100 | 20979 |
|  | 2.75% | Apr-2063 |  | 4891 | 5071 | 4322 |
|  | 2.78% | Aug-2058 |  | 9966 | 10714 | 9330 |
|  | 2.79% | Apr-2049 |  | 1828 | 1840 | 1771 |
|  | 2.80% | Feb-2053 |  | 60000 | 57386 | 46801 |
|  | 2.80% | Dec-2059 |  | 2541 | 2511 | 2498 |
|  | 2.82% | Apr-2050 |  | 144 | 146 | 143 |
|  | 2.94% | Nov-2059 |  | 44581 | 48935 | 41076 |
|  | 2.98% | Jun-2063 |  | 14249 | 14707 | 12764 |
|  | 3.00% | May-2062 |  | 55788 | 59768 | 49519 |
|  | 3.03% | Jan-2056 |  | 28157 | 29699 | 26870 |
|  | 3.05% | Dec-2063 | &nbsp;&nbsp;&nbsp;(Level 3) | 102137 | 103110 | 100471 |
|  | 3.05% | May-2054 |  | 11545 | 11584 | 10814 |
|  | 3.17% | Aug-2059 |  | 32627 | 35639 | 30729 |
|  | 3.25% | Sep-2054 - Apr-2059 |  | 43029 | 41980 | 41844 |
|  | 3.27% | Apr-2046 |  | 22058 | 22977 | 20506 |
|  | 3.30% | Sep-2060 |  | 6375 | 6512 | 6143 |
|  | 3.33% | May-2055 |  | 6417 | 6142 | 5958 |
|  | 3.34% | Sep-2059 |  | 15934 | 16194 | 15440 |
|  | 3.35% | Mar-2044 |  | 5963 | 5794 | 5897 |
|  | 3.36% | May-2061 |  | 49175 | 53977 | 46454 |
|  | 3.38% | Jan-2060 |  | 56089 | 56094 | 54691 |
|  | 3.39% | Feb-2059 |  | 13413 | 13636 | 13114 |
|  | 3.41% | Sep-2061 |  | 39731 | 41089 | 37575 |
|  | 3.43% | Nov-2061 |  | 50428 | 51821 | 47674 |
|  | 3.47% | Sep-2052 |  | 1878 | 1929 | 1830 |
|  | 3.50% | Jan-2054 |  | 769 | 766 | 766 |
|  | 3.53% | Apr-2042 |  | 13843 | 14130 | 13752 |
|  | 3.60% | Apr-2061 |  | 32347 | 33267 | 31147 |
|  | 3.60% | Jun-2057 |  | 12801 | 13179 | 12747 |
|  | 3.61% | Dec-2045 |  | 4734 | 4603 | 4692 |
|  | 3.62% | Dec-2057 |  | 26830 | 27227 | 26616 |
|  | 3.65% | Oct-2058 |  | 9686 | 9810 | 9569 |
|  | 3.67% | Nov-2035 |  | 10554 | 10718 | 10539 |
|  | 3.74% | Aug-2059 |  | 14769 | 15013 | 14634 |
|  | 3.75% | Nov-2060 |  | 10729 | 11023 | 10452 |
|  | 3.78% | Aug-2060 |  | 37549 | 37789 | 36503 |
|  | 3.92% | Aug-2039 |  | 34403 | 35560 | 34367 |

---

![](aflcioncsr123125001.jpg)

**Schedule of Portfolio Investments**

December 31, 2025 (dollars in thousands)

**Ginnie Mae Securities (25.9% of net assets)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Interest Rate** | **Maturity Date** | **Face Amount** | **Amortized Cost** | **Value** |
| Multifamily *continued* | 4.00% | Nov-2057 | 23497 | 24346 | 22896 |
|  | 4.08% | Feb-2064 | 15066 | 15382 | 14460 |
|  | 4.10% | May-2051 | 3538 | 3769 | 3537 |
|  | 4.14% | Sep-2063 | 10903 | 11090 | 10524 |
|  | 4.35% | Dec-2060 | 2187 | 2223 | 2195 |
|  | 4.37% | Feb-2034 | 18926 | 19879 | 18898 |
|  | 4.45% | Jun-2055 | 2351 | 2277 | 2352 |
|  | 4.53% | Jan-2061 | 14240 | 14626 | 14326 |
|  | 5.17% | Jul-2064 | 10639 | 10777 | 10946 |
|  | 5.25% | Apr-2037 | 13670 | 13667 | 13686 |
|  | 5.45% | Jun-2059 | 39396 | 41159 | 41131 |
|  | 5.55% | Oct-2060 | 31988 | 33119 | 33873 |
|  | 5.62% | Oct-2058 | 12685 | 13140 | 13405 |
|  | 5.64% | Nov-2058 | 2225 | 2305 | 2355 |
|  | 5.66% | Oct-2058 - Dec-2058 | 21982 | 22786 | 23309 |
|  | 5.69% | Aug-2059 | 10893 | 11314 | 11553 |
|  | 5.71% | Oct-2058 | 6410 | 6631 | 6814 |
|  | 5.78% | Dec-2058 | 20105 | 20800 | 21477 |
|  | 5.82% | Nov-2058 | 5458 | 5647 | 5845 |
|  | 6.15% | Apr-2064 | 17472 | 17853 | 19100 |
|  |  |  | **2088270** | **2139012** | **1893346** |
| **Total Ginnie Mae Securities** | **Total Ginnie Mae Securities** | **Total Ginnie Mae Securities** | $**2090489** | $**2141237** | $**1895579** |

---

![](aflcioncsr123125001.jpg)

**Schedule of Portfolio Investments**

December 31, 2025 (dollars in thousands)

**Ginnie Mae Construction Securities (2.7% of net assets)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest Rates**<sup>2</sup>** | **Interest Rates**<sup>2</sup>** | | | | | |
| | **Permanent** | **Construction** | <br>**Maturity Date** | **Unfunded**<br>**Commitments**<sup>3</sup>** |<br>**Face Amount** |<br>**Amortized Cost** |<br>**Value** |
| **Multifamily** | 2.59% | 3.59% | Aug-2064 | $5844 | $36468 | $37225 | $30434 |
|  | 4.50% | 4.50% | Mar-2068 | 96202 | 28798 | 21256 | 22846 |
|  | 5.05% | 5.05% | Dec-2066 - Apr-2067 | 47090 | 34766 | 36744 | 35117 |
|  | 5.34% | 9.75% | Aug-2065 |  | 20898 | 21657 | 21671 |
|  | 5.45% | 5.45% | Mar-2068 | 15393 | 1607 | 1457 | 1613 |
|  | 5.88% | 10.75% | Feb-2066 | 3128 | 16025 | 16847 | 17420 |
|  | 5.90% | 5.90% | Aug-2065 | 564 | 3545 | 3665 | 3860 |
|  | 5.92% | 5.92% | Mar-2066 | 2285 | 20194 | 19434 | 21890 |
|  | 5.99% | 5.99% | Dec-2057 | 118935 | 13301 | 16092 | 20448 |
|  | 6.10% | 6.10% | Apr-2067 | 20524 | 940 | 1825 | 2378 |
|  | 6.10% | 7.65% | Jul-2065 | 630 | 1541 | 1635 | 1744 |
|  | 6.15% | 6.15% | Aug-2065 |  | 16836 | 17202 | 18475 |
|  |  |  |  | **310595** | **194919** | **195039** | **197896** |
| **Forward Commitments** | 5.33% | 5.33% | Sep-2067 | 5110 |  | 107 | 138 |
|  |  |  |  | **5110** | **—** | **107** | **138** |
| **Total Ginnie Mae Construction Securities** | **Total Ginnie Mae Construction Securities** | **Total Ginnie Mae Construction Securities** | **Total Ginnie Mae Construction Securities** | $**315705** | $**194919** | $**195146** | $**198034** |

---

![](aflcioncsr123125001.jpg)

**Schedule of Portfolio Investments**

December 31, 2025 (dollars in thousands)

**Fannie Mae Securities (44.0% of net assets)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Interest Rate**<sup>4</sup>** | | <br>**Maturity Date** | **Unfunded**<br>**Commitments**<sup>3</sup>** |<br>**Face Amount** |<br>**Amortized Cost** |<br>**Value** |
| **Single Family** | 2.50% |  | May-2050- Jan-2052 | $— | $92245 | $95240 | $78787 |
|  | 2.50% |  | Jan-2052 |  | 38666 | 38789 | 33222 |
|  | 3.00% |  | Apr-2031- Mar-2052 |  | 97289 | 100238 | 87407 |
|  | 3.50% |  | Oct-2026- Sep-2051 |  | 55638 | 57148 | 52340 |
|  | 4.00% |  | Apr-2026 - Jul-2052 |  | 63993 | 64124 | 61467 |
|  | 4.24% | 1M SOFR+36 | Mar-2037 |  | 75 | 75 | 74 |
|  | 4.31% | 1M SOFR+43 | Jun-2037 |  | 327 | 327 | 324 |
|  | 4.39% | 1M SOFR+51 | Apr-2037 |  | 159 | 159 | 158 |
|  | 4.45% | 1M SOFR+57 | Oct-2042 |  | 1010 | 1012 | 998 |
|  | 4.49% | 1M SOFR+61 | Jun-2042 |  | 2292 | 2293 | 2269 |
|  | 4.50% |  | Mar-2038- Oct-2052 |  | 102381 | 101861 | 101120 |
|  | 4.54% | 1M SOFR+66 | Mar-2042 |  | 1118 | 1119 | 1110 |
|  | 4.59% | 1M SOFR+71 | Oct-2043 |  | 2447 | 2454 | 2429 |
|  | 5.00% |  | May-2034- Feb-2055 |  | 121349 | 121742 | 122189 |
|  | 5.50% |  | Sep-2032- Jan-2055 |  | 215927 | 215762 | 221595 |
|  | 6.00% |  | Nov-2028- Nov-2054 |  | 120542 | 121153 | 124722 |
|  | 6.50% |  | Sep-2028- Dec-2054 |  | 28559 | 28918 | 29862 |
|  | 7.00% |  | Sep-2027- May-2032 |  | 255 | 255 | 267 |
|  | 7.50% |  | Mar-2030- Jun-2030 |  | 2 | 2 | 2 |
|  | 8.00% |  | Aug-2030- May-2031 |  | 22 | 22 | 23 |
|  |  |  |  |  | **944296** | **952693** | **920365** |
| **Multifamily** | 1.22% |  | Aug-2028- Jul-2030 |  | 35085 | 35116 | 31573 |
|  | 1.26% |  | Jan-2031 |  | 23927 | 23924 | 21017 |
|  | 1.31% |  | Aug-2030 |  | 4200 | 4220 | 3725 |
|  | 1.32% |  | Aug-2030 |  | 20852 | 20943 | 18547 |
|  | 1.38% |  | Jul-2030 |  | 10500 | 10546 | 9344 |
|  | 1.41% |  | Jul-2030 |  | 3019 | 3029 | 2705 |
|  | 1.46% |  | Jul-2030 |  | 6876 | 6907 | 6179 |
|  | 1.47% |  | Jul-2030- Dec-2030 |  | 15425 | 15471 | 13524 |
|  | 1.50% |  | Aug-2030 |  | 1070 | 1079 | 961 |
|  | 1.57% |  | Jan-2031 |  | 21052 | 21078 | 18586 |
|  | 1.58% |  | Oct-2031 |  | 57950 | 58059 | 49856 |
|  | 1.65% |  | Jul-2030 |  | 1159 | 1169 | 1050 |
|  | 1.76% |  | Aug-2031- Dec-2036 |  | 41092 | 41155 | 35978 |
|  | 1.88% |  | Nov-2031 |  | 25400 | 25415 | 22235 |
|  | 2.00% |  | Apr-2031 |  | 18000 | 18237 | 16171 |
|  | 2.09% |  | Jul-2050 |  | 8392 | 8517 | 5242 |
|  | 2.16% |  | Sep-2050 |  | 14200 | 14329 | 8496 |
|  | 2.41% |  | Apr-2051 |  | 3505 | 3534 | 2610 |
|  | 2.47% |  | Dec-2051 |  | 12601 | 12749 | 9460 |
|  | 2.49% |  | Dec-2026- Nov-2031 |  | 25900 | 25918 | 24582 |
|  | 2.53% |  | Jan-2030 |  | 20550 | 20589 | 19239 |
|  | 2.55% |  | Sep-2026- Mar-2030 |  | 24465 | 24484 | 23619 |
|  | 2.56% |  | Dec-2051 |  | 11827 | 11851 | 8973 |
|  | 2.57% |  | Mar-2042 |  | 25155 | 25163 | 18879 |
|  | 2.61% |  | Nov-2026 |  | 9429 | 9431 | 9323 |
|  | 2.67% |  | Aug-2029 |  | 36735 | 36807 | 35135 |
|  | 2.85% |  | Aug-2031 |  | 8550 | 8567 | 7974 |
|  | 2.91% |  | Jun-2031 |  | 25000 | 25042 | 23485 |
|  | 2.94% |  | Sep-2027- Jul-2039 |  | 47252 | 47269 | 46622 |
|  | 2.96% |  | Sep-2034 |  | 20000 | 20372 | 17640 |
|  | 3.00% |  | May-2027 |  | 5948 | 5949 | 5872 |
|  | 3.01% |  | Apr-2052 |  | 7025 | 7029 | 5569 |
|  | 3.02% |  | Jun-2027 |  | 3310 | 3310 | 3273 |
|  | 3.04% |  | Apr-2030 |  | 23445 | 23459 | 22549 |
|  | 3.05% |  | Apr-2030 |  | 23686 | 23691 | 22777 |
|  | 3.12% |  | Apr-2030 |  | 11703 | 11704 | 11208 |
|  | 3.18% |  | May-2035 |  | 7376 | 7420 | 6984 |
|  | 3.21% |  | May-2030 |  | 5885 | 5901 | 5654 |
|  | 3.24% |  | May-2052 |  | 6105 | 6210 | 4861 |
|  | 3.30% |  | May-2029 |  | 3405 | 3435 | 3333 |
|  | 3.31% |  | Oct-2027 |  | 14018 | 14024 | 13898 |
|  | 3.36% |  | Oct-2029 |  | 9588 | 9589 | 9382 |
|  | 3.42% |  | Apr-2035 |  | 4660 | 4690 | 4287 |
|  | 3.63% |  | Jul-2035 |  | 20087 | 20100 | 18629 |
|  | 3.68% |  | Jul-2028 |  | 11395 | 11468 | 11284 |
|  | 4.05% |  | Jun-2030 |  | 10632 | 10576 | 10621 |
|  | 4.07% |  | Oct-2034 |  | 12936 | 12402 | 12618 |
|  | 4.21% | 1M SOFR+20 | Nov-2031 |  | 40943 | 40946 | 40622 |
|  | 4.30% | 1M SOFR+29 | Feb-2029 |  | 20000 | 20001 | 19737 |
|  | 4.32% |  | Mar-2028 |  | 41708 | 41739 | 41629 |
|  | 4.35% |  | Sep-2030 |  | 21800 | 21865 | 22044 |
|  | 4.37% |  | Jun-2033 |  | 21805 | 21822 | 21841 |
|  | 4.40% |  | Jan-2034 |  | 3815 | 3731 | 3813 |

---

![](aflcioncsr123125001.jpg)

**Schedule of Portfolio Investments**

December 31, 2025 (dollars in thousands)

**Fannie Mae Securities (44.0% of net assets)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Interest Rate**<sup>4</sup>** | | <br>**Maturity Date** | **Unfunded**<br>**Commitments**<sup>3</sup>** |<br>**Face Amount** |<br>**Amortized Cost** |<br>**Value** |
| Multifamily *continued* | 4.43% |  | Jul-2030 |  | 11760 | 11827 | 11926 |
|  | 4.47% |  | Nov-2041 |  | 9348 | 9348 | 8941 |
|  | 4.48% | 1M SOFR+47 | Jun-2029 |  | 63761 | 63767 | 63486 |
|  | 4.48% |  | Aug-2030 |  | 20915 | 20915 | 21255 |
|  | 4.49% |  | Jul-2030 |  | 35232 | 35245 | 35818 |
|  | 4.50% | 1M SOFR+49 | May-2032 |  | 28526 | 28528 | 28207 |
|  | 4.52% |  | Sep-2033 |  | 11361 | 11291 | 11468 |
|  | 4.53% | 1M SOFR+52 | Jun-2032 |  | 30975 | 30975 | 31096 |
|  | 4.55% |  | Jul-2030 |  | 10699 | 10710 | 10904 |
|  | 4.56% |  | Feb-2028 |  | 29835 | 29850 | 29780 |
|  | 4.61% |  | Jul-2029 |  | 16100 | 16382 | 16412 |
|  | 4.62% |  | Feb-2034 |  | 7430 | 7381 | 7530 |
|  | 4.64% |  | Jul-2032 |  | 11272 | 11272 | 11519 |
|  | 4.66% |  | Apr-2035 |  | 10493 | 10498 | 10611 |
|  | 4.69% |  | Jun-2035 |  | 428 | 432 | 430 |
|  | 4.70% | 1M SOFR+69 | Jun-2029 |  | 40149 | 40149 | 40176 |
|  | 4.70% | 1M SOFR+69 | May-2029 |  | 16911 | 16912 | 16921 |
|  | 4.70% |  | Feb-2032 |  | 7700 | 7809 | 7898 |
|  | 4.72% |  | Jul-2032 |  | 18427 | 18840 | 18913 |
|  | 4.73% |  | Jun-2030 |  | 19397 | 19575 | 19905 |
|  | 4.74% |  | Sep-2033 |  | 13405 | 13428 | 13725 |
|  | 4.76% |  | Jun-2029 |  | 55600 | 56699 | 56960 |
|  | 4.76% |  | Sep-2030 - Jan-2040 |  | 13098 | 13025 | 13304 |
|  | 4.79% |  | Mar-2032 |  | 7613 | 7690 | 7844 |
|  | 4.80% |  | Jun-2035- Oct-2052 |  | 22952 | 22913 | 22621 |
|  | 4.81% |  | Aug-2029 |  | 12750 | 12806 | 13094 |
|  | 4.82% |  | Jul-2030- Feb-2034 |  | 31012 | 31481 | 31866 |
|  | 4.83% |  | Sep-2028- Jul-2032 |  | 28556 | 28712 | 29358 |
|  | 4.83% | 1M SOFR+82 | Jan-2028 |  | 3532 | 3532 | 3528 |
|  | 4.85% |  | Jan-2034 |  | 2801 | 2808 | 2884 |
|  | 4.86% |  | Jul-2029- Jun-2032 |  | 30034 | 30535 | 31008 |
|  | 4.86% | 1M SOFR+85 | Nov-2032 |  | 15800 | 15803 | 15817 |
|  | 4.87% |  | Sep-2032 |  | 6124 | 6299 | 6335 |
|  | 4.88% |  | May-2029- Aug-2035 |  | 38461 | 38851 | 39578 |
|  | 4.90% |  | Feb-2032 |  | 4560 | 4669 | 4725 |
|  | 4.91% |  | Feb-2034 |  | 4250 | 4335 | 4390 |
|  | 4.92% |  | Aug-2032 |  | 22694 | 23236 | 23540 |
|  | 4.96% |  | Aug-2033- Dec-2034 |  | 13880 | 14133 | 14378 |
|  | 4.97% |  | Feb-2030- Feb-2035 |  | 15943 | 16235 | 16500 |
|  | 4.98% |  | Jun-2035 |  | 11800 | 12060 | 12225 |
|  | 4.99% |  | Mar-2030- Jul-2035 |  | 21472 | 21980 | 22247 |
|  | 5.00% |  | Jun-2029 |  | 68500 | 68853 | 70701 |
|  | 5.00% |  | Sep-2033- Apr-2035 |  | 22021 | 22210 | 22889 |
|  | 5.02% |  | Feb-2035 |  | 47214 | 47488 | 49097 |
|  | 5.02% |  | Dec-2033 |  | 5222 | 5199 | 5436 |
|  | 5.03% |  | Jun-2029 |  | 9129 | 9213 | 9429 |
|  | 5.04% |  | Apr-2029 |  | 22230 | 22422 | 22946 |
|  | 5.05% |  | Oct-2030- Feb-2035 |  | 32052 | 32542 | 33361 |
|  | 5.06% |  | Dec-2032 |  | 46805 | 47743 | 48788 |
|  | 5.08% |  | Jul-2034 |  | 8324 | 8498 | 8690 |
|  | 5.09% |  | Apr-2040 |  | 7283 | 7216 | 7411 |
|  | 5.10% |  | Feb-2030- Mar-2040 |  | 17154 | 17502 | 17706 |
|  | 5.13% |  | Jan-2029 |  | 36000 | 36115 | 37123 |
|  | 5.13% |  | Sep-2028 |  | 14584 | 14644 | 15041 |
|  | 5.16% |  | Oct-2030 |  | 8020 | 8061 | 8372 |
|  | 5.18% |  | Jun-2034 |  | 7869 | 8002 | 8243 |
|  | 5.20% |  | Dec-2029- Feb-2035 |  | 13446 | 13762 | 14074 |
|  | 5.22% |  | Feb-2035 |  | 27957 | 28832 | 29354 |
|  | 5.24% |  | Nov-2028 |  | 9807 | 9892 | 10148 |
|  | 5.28% |  | Dec-2028 |  | 16998 | 17195 | 17621 |
|  | 5.30% |  | Aug-2029- Sep-2033 |  | 5948 | 5994 | 6209 |
|  | 5.31% |  | Nov-2028 |  | 34346 | 34639 | 35610 |
|  | 5.32% |  | Jun-2034 |  | 3634 | 3695 | 3833 |
|  | 5.35% |  | Dec-2032 |  | 11692 | 12092 | 12402 |
|  | 5.36% |  | Nov-2028- Nov-2030 |  | 23977 | 24358 | 25130 |
|  | 5.39% |  | May-2034 |  | 7910 | 8083 | 8415 |
|  | 5.46% |  | May-2029 |  | 4652 | 4685 | 4852 |
|  | 5.47% |  | Nov-2033 |  | 6140 | 6205 | 6576 |

---

![](aflcioncsr123125001.jpg)

**Schedule of Portfolio Investments**

December 31, 2025 (dollars in thousands)

**Fannie Mae Securities (44.0% of net assets)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Interest Rate**<sup>4</sup>** | <br>**Maturity Date** | **Unfunded**<br>**Commitments**<sup>3</sup>** |<br>**Face Amount** |<br>**Amortized Cost** |<br>**Value** |
| Multifamily *continued* | 5.50% | Jan-2029 |  | 10500 | 10649 | 10948 |
|  | 5.52% | Oct-2033 |  | 3860 | 3926 | 4123 |
|  | 5.55% | Dec-2028 |  | 20041 | 20259 | 20868 |
|  | 5.69% | Jun-2041 |  | 3831 | 3890 | 3842 |
|  | 5.75% | Jun-2041 |  | 1862 | 1895 | 1871 |
|  | 5.87% | Dec-2035 |  | 6609 | 7044 | 7262 |
|  | 5.96% | Jan-2029 |  | 120 | 120 | 120 |
|  |  |  |  | **2253236** | **2267890** | **2212829** |
| **When Issued**<sup>5</sup>** | 4.65% | Jan-2036 |  | 75000 | 75946 | 75715 |
|  | 5.18% | Jan-2044 |  | 13690 | 13912 | 13975 |
|  |  |  | **—** | **88690** | **89858** | **89690** |
| **Forward Commitments** | 5.21% | Jul-2044 | 12174 |  |  | 76 |
|  | 5.40% | Jun-2043 | 23950 |  |  | 1097 |
|  |  |  | **36124** | **—** | **—** | **1173** |
| **Total Fannie Mae Securities** | **Total Fannie Mae Securities** |  | $**36124** | $**3286222** | $**3310441** | $**3224057** |

---

![](aflcioncsr123125001.jpg)

**Schedule of Portfolio Investments**

December 31, 2025 (dollars in thousands)

**Freddie Mac Securities (11.2% of net assets)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Interest Rate**<sup>4</sup>** | | **Maturity Date** | **Face Amount** | **Amortized Cost** | **Value** |
| **Single Family** | 2.50% |  | Jan-2043- Aug-2046 | $4368 | $4406 | $3824 |
|  | 3.00% |  | Aug-2042- Sep-2046 | 18098 | 18338 | 16668 |
|  | 3.50% |  | Feb-2026- Oct-2046 | 32247 | 32780 | 30593 |
|  | 4.00% |  | Apr-2026- Aug-2047 | 30137 | 31017 | 29259 |
|  | 4.40% | 1M SOFR+41 | Feb-2036 | 103 | 103 | 102 |
|  | 4.43% | 1M SOFR+44 | May-2037 | 59 | 59 | 58 |
|  | 4.45% | 1M SOFR+46 | Apr-2036- Jan-2043 | 1456 | 1457 | 1433 |
|  | 4.50% | 1M SOFR+51 | Aug-2043 | 1435 | 1434 | 1414 |
|  | 4.50% |  | Jan-2038- Dec-2044 | 8273 | 8508 | 8287 |
|  | 4.58% | 1M SOFR+59 | Oct-2040 | 1041 | 1040 | 1032 |
|  | 4.60% | 1M SOFR+61 | Oct-2040- Jun-2044 | 3837 | 3839 | 3803 |
|  | 4.65% | 1M SOFR+66 | Nov-2040 | 945 | 950 | 936 |
|  | 4.77% | 1M SOFR+78 | Aug-2037 | 1066 | 1072 | 1065 |
|  | 5.00% |  | Jul-2035-Aug-2040 | 968 | 967 | 991 |
|  | 5.50% |  | Apr-2033-<br> Jul-2038 | 1023 | 1021 | 1062 |
|  | 6.00% |  | Dec-2033- Oct-2037 | 1465 | 1469 | 1536 |
|  | 6.50% |  | Apr-2028- Nov-2037 | 199 | 200 | 212 |
|  | 7.00% |  | Apr-2028- Mar-2030 | 6 | 5 | 6 |
|  | 7.50% |  | Dec-2029- Apr-2031 | 6 | 6 | 6 |
|  |  |  |  | **106732** | **108671** | **102287** |
| **Multifamily** | 2.04% |  | May-2050 | 18886 | 19256 | 13539 |
|  | 2.40% |  | Jun-2031 | 7256 | 7289 | 6660 |
|  | 2.42% |  | Jun-2031 | 11471 | 11529 | 10540 |
|  | 3.34% |  | Dec-2029 | 8931 | 8964 | 8677 |
|  | 3.35% |  | Oct-2033 | 28638 | 28580 | 27162 |
|  | 3.60% |  | Apr-2030 | 23213 | 23385 | 22681 |
|  | 3.86% |  | May-2040 | 17376 | 17376 | 16664 |
|  | 4.17% |  | Oct-2032 | 25000 | 24791 | 24883 |
|  | 4.21% | 1M SOFR+20 | Aug-2031 | 11633 | 11633 | 11539 |
|  | 4.23% | 1M SOFR+23 | Jul-2027 | 3804 | 3805 | 3795 |
|  | 4.25% |  | Jan-2028 | 93652 | 93426 | 94157 |
|  | 4.25% | 1M SOFR+24 | Nov-2027- Jun-2031 | 41699 | 41699 | 41376 |
|  | 4.26% | 1M SOFR+25 | Dec-2030 | 4943 | 4943 | 4869 |
|  | 4.29% |  | Jul-2030 | 32500 | 32460 | 32784 |
|  | 4.31% | 1M SOFR+30 | Dec-2030 | 8017 | 8017 | 7979 |
|  | 4.32% |  | Dec-2030 | 25000 | 25208 | 24827 |
|  | 4.36% |  | Dec-2029 | 9198 | 9174 | 9289 |
|  | 4.37% | 1M SOFR+36 | Oct-2030 | 1012 | 1012 | 1007 |
|  | 4.38% | 1M SOFR+37 | Nov-2030 | 4029 | 4029 | 4010 |
|  | 4.42% |  | Oct-2035 | 25000 | 24740 | 24757 |
|  | 4.45% | 1M SOFR+44 | Oct-2030 | 574 | 574 | 572 |
|  | 4.57% | 1M SOFR+56 | Jan-2035 | 20000 | 20000 | 19982 |
|  | 4.67% | 1M SOFR+66 | Apr-2033 | 35155 | 35215 | 35397 |
|  | 4.73% | 1M SOFR+72 | Jul-2033 | 20668 | 20728 | 20703 |
|  | 4.83% |  | Jan-2039 | 9745 | 9816 | 9798 |
|  | 4.85% |  | Jun-2040 | 40000 | 39956 | 40003 |
|  | 4.85% |  | Jan-2030 | 13144 | 13553 | 13527 |
|  | 4.90% |  | Feb-2029- Dec-2032 | 15252 | 15245 | 15502 |
|  | 5.15% |  | Apr-2055 | 60000 | 56457 | 57907 |
|  | 5.15% |  | Aug-2055 | 18583 | 18340 | 17819 |
|  | 5.36% |  | Jan-2029 | 47428 | 49258 | 49234 |
|  | 5.40% |  | Jan-2029 | 31632 | 32893 | 32839 |
|  | 5.48% |  | Jan-2029 | 9971 | 10385 | 10375 |
|  |  |  |  | **723410** | **723736** | **714853** |
| **Total Freddie Mac Securities** |  |  |  | $**830142** | $**832407** | $**817140** |

---

![](aflcioncsr123125001.jpg)

**Schedule of Portfolio Investments** 

December 31, 2025 (dollars in thousands)

**State Housing Finance Agency Securities (4.5% of net assets)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Interest Rates**<sup>2</sup>** | **Interest Rates**<sup>2</sup>** | | | | |
| | <br>**Issuer** | **Permanent** | **Construction** | <br>**Maturity Date** |<br>**Face Amount** |<br>**Amortized Cost** |<br>**Value** |
| **Multifamily** | Illinois Housing Development Auth<sup>6</sup> | 2.70% |  | Jun-2027 | $1140 | $1140 | $1141 |
|  | NYC Housing Development Corp | 2.95% |  | Nov-2041 | 6275 | 6275 | 4777 |
|  | NYC Housing Development Corp | 3.05% |  | Nov-2046 | 13000 | 13000 | 9169 |
|  | NYC Housing Development Corp | 3.10% |  | Oct-2046 | 19231 | 19231 | 15737 |
|  | Illinois Housing Development Auth<sup>6</sup> | 3.30% |  | Sep-2026 | 2370 | 2372 | 2370 |
|  | Illinois Housing Development Auth<sup>6</sup> |  | 3.54% | Nov-2026 | 5615 | 5626 | 5651 |
|  | Mass Housing<sup>6</sup> | 3.85% |  | Dec-2058 | 9135 | 9133 | 7021 |
|  | Illinois Housing Development Auth<sup>6</sup> | 4.22% |  | Jul-2042 | 16390 | 16431 | 16613 |
|  | Chicago Housing Authority | 4.36% |  | Jan-2038 | 25000 | 25000 | 23047 |
|  | MassHousing<sup>6</sup> | 4.50% |  | Dec-2065 | 30060 | 30102 | 28940 |
|  | MassHousing | 4.62% |  | Jun-2067 | 24600 | 24662 | 24124 |
|  | City of Chicago<sup>7</sup> | 4.63% |  | Sep-2037 | 1500 | 1474 | 1501 |
|  | Illinois Housing Development Auth<sup>6</sup> | 4.65% |  | Jan-2067 | 21400 | 21439 | 21293 |
|  | Illinois Housing Development Auth<sup>6</sup> | 4.69% |  | Jan-2066 | 14470 | 14470 | 14452 |
|  | Mass Housing | 4.84% |  | Dec-2067 | 35415 | 35473 | 34971 |
|  | Mass Housing | 4.85% |  | Dec-2068 | 20095 | 20095 | 19888 |
|  | Mass Housing<sup>6</sup> | 4.90% |  | Jun-2066 | 26645 | 26681 | 26976 |
|  | City of Chicago<sup>7</sup> | 4.90% |  | Mar-2044 | 1000 | 993 | 1000 |
|  | Illinois Housing Development Auth<sup>6</sup> | 5.05% |  | Jul-2066 | 13320 | 13385 | 13474 |
|  | Mass Housing<sup>6</sup> | 5.11% |  | Jun-2066 | 53425 | 53465 | 53955 |
| **Total State Housing Finance Agency Securities** | **Total State Housing Finance Agency Securities** | **Total State Housing Finance Agency Securities** |  |  | $**340086** | $**340447** | $**326100** |

---

![](aflcioncsr123125001.jpg)

**Schedule of Portfolio Investments**

December 31, 2025 (dollars in thousands)

**Other Mutifamily Investments (1.9% of net assets)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Interest Rates**<sup>2,4</sup>** | **Interest Rates**<sup>2,4</sup>** |  | | | | | |
| | <br>**Issuer** | **Permanent** | **Construction** | | <br>**Maturity Date** | **Unfunded**<br>**Commitments**<sup>3</sup>** |<br>**Face Amount** |<br>**Amortized Cost** |<br>**Value** |
| **Direct Loans** | Olson Court - Minneapolis, MN (Level 3) |  | 5.82% |  | May-2027 | $1 | $16992 | $16985 | $17353 |
|  | 400 Lake Shore Drive - Chicago, IL (Level 3) |  | 5.97% | 80% Daily SOFR+300 | Dec-2053**<sup>8</sup>** | 1828 | 13886 | 13756 | 13934 |
|  | 400 Lake Shore Drive - Chicago, IL (Level 3) |  | 5.97% | 80% Daily SOFR+300 | Dec-2058**<sup>8</sup>** | 39276 | 10 | (238) | 128 |
|  | Landmark Towers - St. Paul, MN (Level 3) |  | 6.05% | 1M TERM SOFR+235 | Jun-2027 | 452 | 18208 | 18205 | 18239 |
|  | 311 W 42nd Street - New York, NY (Level 3) |  | 6.17% |  | Nov-2027 | 1225 | 48775 | 48775 | 48756 |
|  | Hudson Exchange - Jersey City, NJ (Level 3) |  | 6.50% | 1M SOFR+275 | Jun-2027 | 12396 | 37603 | 37561 | 37603 |
|  | Olson Court - Minneapolis, MN (Level 3) |  | 6.52% |  | May-2027 | 1553 |  | (4) | 29 |
|  | Eleven Eleven Sutter - San Francisco, CA (Level 3) |  | 7.50% |  | Oct-2028 | 39475 | 2521 | 2276 | 2561 |
|  |  |  |  |  |  | **96206** | **137995** | **137316** | **138603** |
| **Forward Commitments** | Rochester Civic Center - Rochester, MN (Level 3) |  | 5.19% |  | Jan-2030 | 6344 |  | (26) | 131 |
|  | Union Tower - San Diego, CA (Level 3) |  | 5.70% | 1M SOFR+200 | Jun-2027 | 15068 |  | 151 | (33) |
|  | Beltline Station Building 1 - St. Louis Park, MN (Level 3) |  | 6.30% |  | Jul-2030 | 16207 |  | (33) | 374 |
|  | Beltline Station Building 3 - St. Louis Park, MN (Level 3) |  | 6.30% |  | Jul-2030 | 14842 |  | (35) | 369 |
|  | Carville Park - Reno, NV (Level 3) |  | 6.30% | 1M SOFR+275 | Jun-2027 | 7010 |  | (103) | (24) |
|  |  |  |  |  |  | **59471** | **—** | **(46)** | **817** |
| **Privately Insured Mortgages**<sup>9</sup>** | Illinois Housing Development Auth | 6.40% |  |  | Nov-2048 |  | 827 | 834 | 823 |
|  |  |  |  |  |  | **—** | **827** | **834** | **823** |
| **Total Other Multifamily Investments** | **Total Other Multifamily Investments** | **Total Other Multifamily Investments** | **Total Other Multifamily Investments** | **Total Other Multifamily Investments** |  | $**155677** | $**138822** | $**138104** | $**140243** |

---

![](aflcioncsr123125001.jpg)

**Schedule of Portfolio Investments**

December 31, 2025 (dollars in thousands)

**United States Treasury Securities (7.2% of net assets)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Interest Rate** | | **Maturity Date** | **Face Amount** | **Amortized Cost** | **Value** |
| 3.88 | % | Feb-2043 | $105000 | $105179 | $94592 |
| 4.00 | % | Nov-2042 | 15000 | 14783 | 13765 |
| 4.13 | % | Aug-2053 | 18000 | 16609 | 15961 |
| 4.13 | % | Aug-2044 | 115000 | 110639 | 105675 |
| 4.50 | % | Nov-2054 | 93000 | 91767 | 87885 |
| 4.63 | % | Nov-2044 | 55600 | 55005 | 54548 |
| 4.63 | % | May-2044 | 55000 | 57195 | 54078 |
| 4.63 | % | Nov-2045 | 30000 | 29451 | 29348 |
| 4.75 | % | Nov-2043 | 10000 | 10074 | 10012 |
| 5.00 | % | May-2045 | 60000 | 60892 | 61678 |
| **Total United States Treasury Securities** | **Total United States Treasury Securities** |  | $**556600** | $**551594** | $**527542** |
| **Total Fixed-Income Investments** | **Total Fixed-Income Investments** |  | $**7553586** | $**7626338** | $**7242482** |

---

![](aflcioncsr123125001.jpg)

**Schedule of Portfolio Investments**

December 31, 2025 (dollars in thousands)

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

---

| | | | |
|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Face**<br>**Amount (Cost)** | **Amount of**<br>**Dividends**<br>**or Interest** |<br>**Value** |
| HIT Advisers<sup>10</sup> (Level 3) | $1 | $— | $511 |
| **Total Equity Investment** | $**1** | $**—** | $**511** |

---

![](aflcioncsr123125001.jpg)

**Schedule of Portfolio Investments**

December 31, 2025 (dollars in thousands)

**Short-Term Investments (2.0% of net assets)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Interest Rate** | **Maturity Date** | **Face Amount** | **Amortized Cost** | **Value** |
| BlackRock Liquidity Funds \| FedFund \| Institutional Shares | 3.67%<sup>11</sup> | Jan-2026 | 145208 | 145208 | 145208 |
| **Total Short-Term Investments** |  |  | $**145208** | $**145208** | $**145208** |
| **Total Investments** |  |  | $**7698795** | $**7771547** | $**7388201** |

---

![](aflcioncsr123125001.jpg)

**Schedule of Portfolio Investments**

December 31, 2025 (dollars in thousands)

**Futures Contracts (Notional Amount Long 1.0% of net assets \| Short 2.2% of net assets)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Number**<br>**of Contracts** | <br>**Expiration Date** |<br>**Notional Amount** |<br>**Market Value** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **Futures Long** |  |  |  |  |  |
| CBOT U.S. Treasury Long Bond | 610 | Mar-2026 | $71275 | $70512 | $(763) |
| **Futures Short** |  |  |  |  |  |
| CBOT Ultra 10-Year U.S. Treasury Note | 1385 | Mar-2026 | $160393 | $159297 | $1096 |
| **Total Futures Contracts** |  |  |  |  | $**333** |

---

![](aflcioncsr123125001.jpg)

**Schedule of Portfolio Investments**

December 31, 2025

**Footnotes**

---

| | |
|:---|:---|
| <sup>1</sup> | Securities issued by state housing finance agencies but backed by mortgage loans insured as to principal and interest by the Federal Housing Administration ("FHA") under the Housing Finance Agency ("HFA") Risk-Sharing Program. |
| **** |  |
| <sup>2</sup> | 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. |
| **** |  |
| <sup>3</sup> | The HIT may make commitments, including forward commitments, in securities or loans that fund over time on a draw basis or fund at a single point in time. Generally, GNMA construction securities fund over a 12-to-24 month period. Funding periods for State Housing 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. At period end, the principal amount of the unfunded commitments totaled $538.5 million, for which unrealized gains of $6.0 million are included in the related Value column of the Schedule of Portfolio Investments for such commitments. |
| |  |
| <sup>4</sup> | 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. |
| |  |
| <sup>5</sup> | 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. |
| |  |
| <sup>6</sup> | 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 and are 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. |
| |  |
| <sup>7</sup> | Federally tax-exempt bonds collateralized by Ginnie Mae securities. |
| |  |
| <sup>8</sup> | Date reflects the stated maturity date of the bond. However, the bond is subject to a mandatory tender for purchase in December 2027, which may be extended to December 2028 under certain conditions. |
| |  |
| <sup>9</sup> | 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. |
| |  |
| <sup>10</sup> | 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. |
| |  |
| <sup>11</sup> | Rate indicated is the 1-day yield as of 12/31/25. |

---

---

| | | |
|:---|:---|:---|
| **Key to abbreviations** | **Key to abbreviations** | **Key to abbreviations** |
|  | M | Month |
|  | Y | Year |
|  | UST | U.S. Treasury |
|  | SOFR | Secured Overnight Financing Rate |
|  | CBOT | Chicago Board of Trade |

---

![](aflcioncsr123125001.jpg)

---

| | | |
|:---|:---|:---|
| **STATEMENT OF OPERATIONS** | **STATEMENT OF OPERATIONS** | |
| For the Year Ended December 31, 2025 (dollars in thousands) | For the Year Ended December 31, 2025 (dollars in thousands) |  |
| **Investment income** |  | $**286595** |
| **Expenses** |  |  |
|  | Non-officer salaries and fringe benefits | 9951 |
|  | Officer salaries and fringe benefits | 4955 |
|  | Investment management | 1589 |
|  | Marketing and sales promotion (12b-1) | 1658 |
|  | Auditing, tax and accounting fees | 469 |
|  | Legal fees | 379 |
|  | Consulting fees | 329 |
|  | Insurance | 415 |
|  | Trustee expenses | 100 |
|  | Rental expenses | 572 |
|  | General expenses | 2149 |
|  | **Total expenses** | **22566** |
| **Net investment income** |  | **264029** |
| **Net realized and unrealized gains (losses) on investments** | **Net realized and unrealized gains (losses) on investments** |  |
|  | Net realized gains (losses) on investments | (110881) |
|  | Net realized gains (losses) on futures | 825 |
|  | **Total net realized gains (losses)** | **(110056)** |
|  | Net change in unrealized appreciation (depreciation) on investments | 342816 |
|  | Net change in unrealized appreciation (depreciation) on futures | 1785 |
|  | **Total net change in unrealized gains (losses)** | **344601** |
|  | **Net realized and unrealized gains (losses) on investments** | **234545** |
| **Net increase (decrease) in net assets resulting from operations** | **Net increase (decrease) in net assets resulting from operations** | $**498574** |

---

See accompanying Notes to Financial Statements.

![](aflcioncsr123125001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** | **STATEMENTS OF CHANGES IN NET ASSETS** | | |
| For the Years Ended December 31, 2025 and 2024 (dollars in thousands) | For the Years Ended December 31, 2025 and 2024 (dollars in thousands) |  |  |
| **Increase (decrease) in net assets from operations** | **Increase (decrease) in net assets from operations** | **2025** | **2024** |
|  | Net investment income | $264029 | $240687 |
|  | Net realized gains (losses) | (110056) | (153138) |
|  | Net change in unrealized appreciation (depreciation) | 344601 | 65203 |
|  | **Net increase (decrease) in net assets resulting from operations** | 498574 | 152752 |
| **Distributions to participants or reinvested** | **Distributions to participants or reinvested** | (267350) | (244471) |
| **Increase (decrease) in net assets from unit transactions** | **Increase (decrease) in net assets from unit transactions** |  |  |
|  | Proceeds from the sale of units of participation | 252307 | 395840 |
|  | Dividend reinvestment of units of participation | 244343 | 225149 |
|  | Payments for redemption of units of participation | (298515) | (197887) |
|  | **Net increase (decrease) from unit transactions** | 198135 | 423102 |
| **Total increase (decrease) in net assets** | **Total increase (decrease) in net assets** | **429359** | **331383** |
| **Net assets** |  |  |  |
|  | Beginning of period | $6890214 | $6558831 |
|  | **End of period** | $**7319573** | $**6890214** |
| **Unit information** |  |  |  |
|  | Units sold | 256958 | 408761 |
|  | Distributions reinvested | 249295 | 232784 |
|  | Units redeemed | (302646) | (205395) |
|  | **Increase in units outstanding** | **203607** | **436150** |

---

See accompanying Notes to Financial Statements.

![](aflcioncsr123125001.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. When the markets close early for holidays, prices may be taken earlier in the day. 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. The majority of the HIT's assets are valued using evaluated prices provided by independent third-party pricing services that are approved by the Board of Trustees. Portfolio securities for which market quotations are readily available are valued through exchange determined market pricing. For U.S. Treasury securities, independent pricing services generally base evaluated prices on actual transactions as well as dealer-supplied market information. For State Housing Finance Agency securities, independent pricing services generally base evaluated 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 evaluated 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 evaluated 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 or independent third-party provider evaluated prices are deemed unreliable or 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, 2025 the Valuation Committee fair valued 0.01% of the HIT's net assets utilizing its 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 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.

![](aflcioncsr123125001.jpg)

The following table presents the HIT's valuation levels as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment Securities** | **Investment Securities** | **Investment Securities** | **Investment Securities** |
| <br>&nbsp;&nbsp;&nbsp;*(dollars in thousands)* | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;**Investments in Securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHA Permanent Securities | $— | $113090 | $— | $113090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FHA Construction Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae Securities |  | 1795108 | 100471 | 1895579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae Construction Securities |  | 197896 |  | 197896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Securities |  | 3133194 |  | 3133194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Securities |  | 817140 |  | 817140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Housing Finance Agency Securities |  | 326100 |  | 326100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Multifamily Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct Loans |  |  | 138603 | 138603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Privately Insured Construction/Permanent Mortgages |  | 823 |  | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Other Multifamily Investments** | **—** | **823** | **138603** | **139426** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Securities |  | 527542 |  | 527542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Investments |  |  | 511 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 145208 |  |  | 145208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Financial Instruments<sup>1</sup> |  | 91698 | 817 | 92515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Securities** | **145208** | **7002591** | **240402** | **7388201** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Derivatives Investments:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Derivatives Investments:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Derivatives Investments:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Derivatives Investments:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Derivatives Investments:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Long** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts<sup>2</sup> | (763) |  |  | (763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Short** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts<sup>2</sup> | 1096 |  |  | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Derivatives Investments** | $**333** | $**—** | $**—** | $**333** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;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, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** |
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(dollars in thousands)*  | **Ginnie Mae Securities** | **Other Multifamily Investments** | **Equity Investments** | **Other Financial Instruments** | **Total** |
| &nbsp;&nbsp;&nbsp;Beginning Balance, 12/31/2024 | $96209 | $168919 | $558 | $(23) | $265663 |
| &nbsp;&nbsp;&nbsp;Paydowns/Settlements | (2608) | (100545) |  |  | (103153) |
| &nbsp;&nbsp;&nbsp;Total Unrealized Gain (Loss)<sup>1</sup> | 1998 | 115 | (47) | 840 | 2906 |
| &nbsp;&nbsp;&nbsp;Cost of Purchases | 4872 | 70114 |  |  | 74986 |
| &nbsp;&nbsp;&nbsp;**Ending Balance, 12/31/2025** | $**100471** | $**138603** | $**511** | $**817** | $**240402** |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | Net change in unrealized gain (loss) attributable to Level 3 securities held at December 31, 2025, totaled $2,906,000 and is included on the accompanying Statement of Operations. |

---

For the year ended December 31, 2025, there were no transfers in levels.

Level 3 securities primarily consist of Other Multifamily Investments (Direct Loans) and one Ginnie Mae Security which were valued using evaluated prices provided by an independent, third-party pricing service as of December 31, 2025. The pricing services applies a discounted cash flow model that incorporates unobservable inputs, including assumptions regarding expected prepayment speeds (reflected in weighted-average life ("WAL") and spreads to relevant U.S. Treasury rates. Changes in these unobservable inputs can materially affect the resulting fair value measurements.

For investments valued at a premium, a shorter WAL (meaning faster expected prepayments) generally decreases fair value, while a longer WAL (slower expected prepayments) generally increases fair value, assuming all other inputs remain constant. Conversely, for investments valued at a discount, a shorter WAL generally increases fair value, and a longer WAL generally decreases fair value, holding other inputs constant. Similarly, changes in assumed spreads can significantly affect fair value. An increase in the spread, indicating higher perceived risk, generally results in a decrease in fair value, whereas a decrease in the spread generally results in an increase in fair value, all else being equal.

![](aflcioncsr123125001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Ginnie Mae Securities** | **Ginnie Mae Securities** | **Ginnie Mae Securities** |
| | **Minimum** | **Average<sup>1</sup>** | **Maximum** |
| **Weighted Average Life (WAL)** | **1.83** | **1.83** | **1.83** |
| **Spread to U.S. Treasuries (bps)** | **77** | **77** | **77** |
|  | **Other Multifamily Investments** | **Other Multifamily Investments** | **Other Multifamily Investments** |
|  | **Minimum** | **Average<sup>1</sup>** | **Maximum** |
| **Weighted Average Life (WAL)** | **1.00** | **2.14** | **4.58** |
| **Spread to U.S. Treasuries (bps)** | **72** | **214** | **392** |

---

<sup>1.</sup> Represents the mean of securities in this category.

**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.

**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 91% of distributed income for the year ended December 31, 2025.

**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, using the specific identification method. 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, 2025, 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, 2025, the HIT incurred approximately $1,658,000, or 0.02% of its average monthly net assets on an annualized basis, in 12b-1 expenses.

**Segment Reporting** 

The Portfolio Management Committee acts as the HIT's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the HIT. The CODM has concluded that the HIT operates as a single operating segment since the HIT has a single investment strategy as disclosed in its prospectus against which the CODM assesses performance included in Net increase (decrease) in net assets resulting from operations on the Statement of Operations. The financial information provided to and reviewed by the CODM is presented within the financial statements.

![](aflcioncsr123125001.jpg)

**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.

**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 and long futures contracts held was $90.1 million and $90.5 million, respectively, for the period ended December 31, 2025.

**Market Risk** 

The value of securities held by the HIT may fluctuate, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, inflation, changes in interest rates, adverse investor sentiment and other global market developments and disruptions, including those arising out of geopolitical events (such as war), health emergencies (such as pandemics), natural disasters, terrorism, supply chain disruptions, sanctions and government or quasi-government actions. It Is difficult to predict when events affecting the U.S or global financial markets may occur.

**Concentration Risk** 

The HIT concentrates its investments in fixed-income securities in the mortgage and mortgage finance sectors of the real estate industry. These sectors have experienced price volatility in the past. This concentration subjects the HIT to greater risk of loss as a result of adverse economic, political or regulatory conditions, or other developments than if its investments were diversified across different industries.

![](aflcioncsr123125001.jpg)

**Note 3. Transactions with Related Entities**

**HIT Advisers** 

HIT Advisers, a Delaware limited liability company, was formed by 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 HIT. This ownership structure is intended to insulate HIT from any potential liabilities associated with the conduct of HIT Advisers' business. HIT receives no services from HIT Advisers and carries it as a portfolio investment that meets the definition of a controlled affiliate. As of December 31, 2025, HIT Advisers had no assets under management.

**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.

**Labor Capital Partners** 

AFL-CIO Labor Capital Partners (LCP), a Delaware limited liability company, is a wholly owned subsidiary of HIT Advisers. LCP began operations effective January 1, 2025 and has a contract to provide non-fiduciary labor and investor relations to a third-party.

**Advances to Affiliates** 

In accordance with contracts with each affiliate, HIT provides the time of certain personnel and allocates certain shared operational expenses on a cost-reimbursement basis. Expenses solely attributable to an entity are charged to that entity. Also, in accordance with the contracts, HIT provides advances to assist with each affiliate's operations and cash flow management as needed. Advances are expected to be repaid as cash becomes available and are included in Other Assets on the accompanying Statement of Assets and Liabilities. For HIT Advisers, HIT maintains an allowance for doubtful accounts due to aging balances and no assets under management.

Rollforwards of advances by HIT to HIT Advisers, Building America and LCP are included in the tables below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Advances to HIT Advisers by HIT** | *(dollars in thousands)* |
| &nbsp;&nbsp;&nbsp;Ending Balance, net of allowances,12/31/2024 | $758 |
| &nbsp;&nbsp;&nbsp;Advances (Adjustments) in 2025 | (76) |
| &nbsp;&nbsp;&nbsp;Repayment by HIT Advisers in 2025 | (100) |
| &nbsp;&nbsp;&nbsp;**Ending Balance, net of allowances, 12/31/2025** | $**582** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Advances to Building America by HIT** | *(dollars in thousands)* |
| &nbsp;&nbsp;&nbsp;Ending Balance, 12/31/2024 | $188 |
| &nbsp;&nbsp;&nbsp;Advances in 2025 | 1756 |
| &nbsp;&nbsp;&nbsp;Repayment by Building America in 2025 | (1941) |
| &nbsp;&nbsp;&nbsp;**Ending Balance, 12/31/2025** | $**3** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Advances to LCP by HIT** | *(dollars in thousands)* |
| &nbsp;&nbsp;&nbsp;Advances in 2025 | $1939 |
| &nbsp;&nbsp;&nbsp;Repayment by LCP in 2025 | (1599) |
| &nbsp;&nbsp;&nbsp;**Ending Balance, 12/31/2025** | $**340** |

---

**HIT Advisers Consolidated** 

Summarized consolidated financial information for HIT Advisers and its subsidiaries, Building America and LCP, is included in the table below:

---

| | |
|:---|:---|
|  | *(dollars in thousands)* |
| &nbsp;&nbsp;&nbsp;**As of December 31, 2025** |  |
| &nbsp;&nbsp;&nbsp;Assets | $2961 |
| &nbsp;&nbsp;&nbsp;Liabilities | $2450 |
| &nbsp;&nbsp;&nbsp;Equity<sup>1</sup> | $511 |
| &nbsp;&nbsp;&nbsp;**For the period ended December 31, 2025** |  |
| &nbsp;&nbsp;&nbsp;Income | $3868 |
| &nbsp;&nbsp;&nbsp;Expenses | (3733) |
| &nbsp;&nbsp;&nbsp;Tax Expenses | (34) |
| &nbsp;&nbsp;&nbsp;**Net Income (Loss)** | $**101** |

---

---

| | |
|:---|:---|
| <sup>1.</sup> | For the year ended December 31, 2025, the net change in unrealized gain (loss) attributable to the consolidated value of HIT Advisers and its subsidiaries totaled ($47000) and is included in the accompanying Statement of Operations. |

---

**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

![](aflcioncsr123125001.jpg)

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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;*(dollars in thousands)* | **Operating Lease** | **Financing Lease** | **Total** |
| &nbsp;&nbsp;&nbsp;ROU Asset, 1/1/2025 | $3328 | $27 | $3355 |
| &nbsp;&nbsp;&nbsp;Reduction/Amortization of ROU Asset | (507) | (10) | (517) |
| &nbsp;&nbsp;&nbsp;**Right-of-Use Asset, 12/31/2025** | $**2821** | $**17** | $**2838** |
| &nbsp;&nbsp;&nbsp;Lease Liability, 1/1/2025 | 3835 | 29 | 3864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease Payments | (605) | (11) | (616) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imputed Interest | 60 | 1 | 61 |
| &nbsp;&nbsp;&nbsp;**Reduction of Lease Liability** | **(545)** | **(10)** | **(555)** |
| &nbsp;&nbsp;&nbsp;**Lease Liability, 12/31/2025** | $**3291** | $**19** | $**3309** |
| &nbsp;&nbsp;&nbsp;Lease Expense | (567) | (13) | (578) |
| &nbsp;&nbsp;&nbsp;Weighted Average Discount Rate | 1.94% | 5.26% |  |
| &nbsp;&nbsp;&nbsp;Weighted Average Remaining Term (Years) | 5.4 | 1.7 |  |

---

**Note 5. Commitments** 

The HIT may make commitments, including forward commitments, in securities or loans that fund over time on a draw basis or 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 December 31, 2025, the HIT had outstanding unfunded purchase commitments of approximately $538.5 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, 2025, the value of liquid securities, less short- term investments, maintained in a custodial trading account was approximately $7.1 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, 2025, were $1.5 billion and $879.9 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 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| *(dollars in thousands)* | **2025** | **2024** |
| Ordinary Investment Income | $267350 | $244471 |
| **Total Distributions Paid to Participants or Reinvested** | $**267350** | $**244471** |

---

As of December 31, 2025, the components of accumulated earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| *(dollars in thousands)* | **2025** |
| Accumulated Capital Loss Carryforward | $(369857) |
| &nbsp;&nbsp;&nbsp;&nbsp; Plus: Deferred loss on US Treasury Futures Straddles | (786) |
| Accumulated Capital and Other Losses | (370643) |
| Unrealized Depreciation | (383348) |
| Undistributed Ordinary Income | 3758 |
| Other Temporary Differences | (4436) |
| **Total Accumulated Losses** | $**(754669)** |

---

During 2025, the HIT accumulated a capital loss carry forward of $369,857,000 consisting of $45,788,000 short-term and $324,069,000 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

![](aflcioncsr123125001.jpg)

gains/losses on certain derivative instruments, and the tax treatment of deferred compensation plans, accrued expenses, paydowns and depreciation. For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. These reclassifications are primarily due to 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, 2025, the HIT recorded the following permanent reclassifications:

---

| | |
|:---|:---|
| *(dollars in thousands)* | **2025** |
| Distributable earnings (accumulated losses) | $412 |
| Amount Invested and Reinvested by Current Participants | $(412) |

---

At December 31, 2025, the cost of investments for federal income tax purposes was $7,771,549,000. Net unrealized loss aggregated $383,348,000 at period-end, of which $61,998,000 related to appreciated investments and $445,346,000 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:

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

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.

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, 2025, 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, 2025, is for the 2023 Plan year ended at June 30, 2024. 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. 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 Plan** *(dollars in thousands)*** | **Pension Fund: AFL-CIO Staff Retirement Plan** *(dollars in thousands)*** |
| EIN/Pension Plan Number | 53-0228172 / 001 |
| 2023 Plan Year PPA Zone Status | Green |
| FIP/RP Status Pending/ Implemented | No |
| 2025 Contributions<sup>1</sup> | $2199 |
| 2025 Contribution Rate | 24% |
| Surcharge Imposed | No |
| Expiration Date of Collective Bargaining Agreement | 04/01/2028 |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. Included in salaries and fringe benefits expense line items on the Statement of Operations.

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 Plan2023 <sup>1</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. The 2023 plan year ended at June 30, 2024.

At the date the HIT financial statements were issued, the Plan's Form 5500 was not available for the plan year ended June 30, 2025.

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 2025, the HIT will match dollar for dollar the first $10,000 of each employee's contributions. The HIT's 401(k) contribution for the year ended December 31, 2025, was approximately $396,000.

**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.

![](aflcioncsr123125001.jpg)

**Note 10. Master Securities Forward Transaction Agreements** 

The HIT may enter into "Master Securities Forward Transaction Agreements ("MSFTA") with certain counterparties that govern margining on certain forward settling mortgage-backed securities transactions. The MSFTAs contain provisions for, among other things, eligible collateral, rights of setoff, events of default, termination, and the transfer and maintenance of collateral. Under the MSFTAs and related agreements, collateral posted by counterparties would be held in segregated accounts under the control of the HIT at the HIT's custodian while collateral posted by the HIT would be held for the benefit of the counterparties under the terms of account control agreements in segregated accounts at the HIT's custodian. As of December 31, 2025, neither the HIT nor its counterparties were required to post collateral in connection with MSFTAs.

**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.

![](aflcioncsr123125001.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FINANCIAL HIGHLIGHTS** | | | | | |
| Select Per Share Data and Ratios for the Years Ended December 31, | Select Per Share Data and Ratios for the Years Ended December 31, |  |  |  |  |
| **Per share data** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $960.68 | $973.69 | $958.52 | $1137.06 | $1176.64 |
| &nbsp;&nbsp;&nbsp;*Income from investment operations:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income \* | 35.97 | 35.06 | 32.45 | 23.21 | 20.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 32.14 | (12.47) | 15.84 | (176.26) | (32.43) |
| &nbsp;&nbsp;&nbsp;**Total income (loss) from investment operations** | **68.11** | **22.59** | **48.29** | **(153.05)** | **(12.23)** |
| &nbsp;&nbsp;&nbsp;*Less distributions from:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (36.42) | (35.60) | (33.12) | (25.49) | (24.29) |
| &nbsp;&nbsp;&nbsp;Net realized gains on investments |  |  |  |  | (3.06) |
| &nbsp;&nbsp;&nbsp;**Total distributions** | **(36.42)** | **(35.60)** | **(33.12)** | **(25.49)** | **(27.35)** |
| &nbsp;&nbsp;&nbsp;**Net asset value, end of period** | $**992.37** | $**960.68** | $**973.69** | $**958.52** | $**1137.06** |
| **Total return** | **7.20%** | **2.36%** | **5.17%** | **-13.55%** | **-1.04%** |
| **Net assets, end of period **(in thousands)** | $**7319573** | $**6890214** | $**6558831** | $**6025063** | $**7106556** |
| **Ratios/supplemental data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets | 0.31% | 0.32% | 0.33% | 0.32% | 0.31% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.7% | 3.6% | 3.4% | 2.3% | 1.7% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 23.9% | 20.7% | 14.5% | 25.3% | 30.4% |

---

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

See accompanying Notes to Financial Statements.

![](aflcioncsr123125001.jpg)

(b) Report
 pursuant to Regulation S-X.

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies**

The HIT's 2025 Annual Meeting of Participants was held on Wednesday, December 17, 2025. The following matters were put to a vote of the participants at the meeting through the solicitation of proxies: Chris Coleman was elected to chair the Board of Trustees. Timothy J. Driscoll, Brendan Griffith and Terry O'Sullivan were elected as Class III Union Trustees and Kevin Filter was elected a Class III Management Trustee. Ernst & Young, LLP was ratified as the HIT's Independent Registered Public Accounting Firm.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Candidate** | &nbsp;&nbsp;**Votes For** | &nbsp;&nbsp;**Votes Against** | &nbsp;&nbsp;**Votes Abstain** |
| **Election of Chair of Board of Trustees** | **Election of Chair of Board of Trustees** | **Election of Chair of Board of Trustees** | **Election of Chair of Board of Trustees** |
| &nbsp;&nbsp;Chris Coleman | &nbsp;&nbsp; 5,108,340.741<br> 100.00% | &nbsp;&nbsp; 0.000<br> 0.00% | &nbsp;&nbsp; 46,167.321<br> 0.90% |
| **Election of Class III Trustees** | **Election of Class III Trustees** | **Election of Class III Trustees** | **Election of Class III Trustees** |
| **Union Trustees** | **Union Trustees** | **Union Trustees** | **Union Trustees** |
| &nbsp;&nbsp;Timothy J. Driscoll | &nbsp;&nbsp; 5,108,340.741<br> 100.00% | &nbsp;&nbsp; 0.000<br> 0.00% | &nbsp;&nbsp; 46,167.321<br> 0.90% |
| &nbsp;&nbsp;Brendan Griffith | &nbsp;&nbsp; 5,108,105.827<br> 100.00% | &nbsp;&nbsp; 0.000<br> 0.00% | &nbsp;&nbsp; 46,402.235<br> 0.91% |
| &nbsp;&nbsp;Terry O'Sullivan | &nbsp;&nbsp; 5,108,340.741<br> 100.00% | &nbsp;&nbsp; 0.000<br> 0.00% | &nbsp;&nbsp; 46,167.321<br> 0.90% |
| **Management Trustees** | **Management Trustees** | **Management Trustees** | **Management Trustees** |
| &nbsp;&nbsp;Kevin Filter | &nbsp;&nbsp; 5,108,340.741<br> 100.00% | &nbsp;&nbsp; 0.000<br> 0.00% | &nbsp;&nbsp; 46,167.321<br> 0.90% |
| **Ratification Independent Registered Public Accounting Firm** | **Ratification Independent Registered Public Accounting Firm** | **Ratification Independent Registered Public Accounting Firm** | **Ratification Independent Registered Public Accounting Firm** |
| &nbsp;&nbsp;Ernst & Young, LLP | &nbsp;&nbsp; 5,108,340.741<br> 100.00% | &nbsp;&nbsp; 0.000<br> 0.00% | &nbsp;&nbsp; 46,167.321<br> 0.90% |

---

The following Trustees were not up for reelection and their terms of office continued after the meeting: Sean McGarvey; Vito V. Mundo; Paul A. Noble; Fredrick Redmond; Anthony Shelton; Elizabeth H. Shuler; James A. Williams, Jr.; Bridget Gainer; Jack F. Quinn, Jr.; Deidre L. Schmidt; Harry S. Thompson.

**Item 10. Remuneration Paid to Officers, Directors, and Others of Open-End Management Investment Companies.**

Remuneration Paid to Directors, Officers and Others of Open-End Investment Company is included in Item 7 of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchases.** 

Not applicable to open-end investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There has been no change 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 16. Controls and Procedures.**

(a) The
 Trust's Chief Executive Officer (the principal executive officer) and Chief Financial
 Officer (the principal financial officer) have evaluated the Trust's disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))
 within 90 days of this filing and have concluded that the registrant's disclosure
 controls and procedures were effective, as of that date, in ensuring that information
 required to be disclosed by the registrant in this Form N-CSR was recorded,
 processed, summarized, and reported timely.

(b) The
 Trust's Chief Executive Officer (the principal executive officer) and Chief Financial
 Officer (the principal financial officer) are aware of no change in the Trust's
 internal control over financial reporting (as defined in Rule 30a-3(d) under the Act
 (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has
 materially affected, or is reasonably likely to materially affect, the registrant's
 internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

(a) [(1)](ex19-a1.htm) [Code of Ethics](ex19-a1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not
 applicable.

[(3)](ex19-a3.htm) [Separate certifications for each of the Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer) of the Trust pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)).](ex19-a3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not
 applicable.

(b) [Separate certifications for each of the Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer) of the Trust pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)).](ex99-b.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 8, 2026

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 8, 2026

/s/ Harpreet S. Peleg

Harpreet S. Peleg

Chief Financial Officer

AFL-CIO Housing Investment Trust

*(Principal Financial Officer)*

Date: March 8, 2026

## Ex-19.(A)(1)

**[AFL-CIO HOUSING INVESTMENT TRUST N-CSR](ex99-b.htm)**

**Exhibit 19.(a)(1)**

**CODE OF ETHICS**

**FOR PURPOSES OF SECTION 406 OF THE <br> SARBANES-OXLEY ACT OF 2002**

**March 2025**

![](ex19a1001.jpg)

CONFIDENTIAL

**I.** **Covered Officers** 

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.** **Purpose of This Code** 

**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.** **Standards of Conduct Required** 

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.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Conflict
 of Interest Defined

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

**Section 406 Code of Ethics<br> page 2**

CONFIDENTIAL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Examples
 of Prohibited Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

● 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.** **Covered Officers Should Promote Full, Fair, Accurate and Timely Disclosure** 

● 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.

**Section 406 Code of Ethics<br> page 3**

CONFIDENTIAL

● 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 Full, Fair, Accurate and Timely Disclosures** 

● 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.** **Accountability and Administration; Violations of Code** 

**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.** **Investigation and Enforcement of Code** 

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.

**Section 406 Code of Ethics<br> page 4**

CONFIDENTIAL

● 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.** **Other Policies and Procedures** 

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.** **Amendments** 

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.

**Section 406 Code of Ethics<br> page 5**

CONFIDENTIAL

**VIII.** **Confidentiality** 

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.** **Internal Use/Limitations** 

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.

**Section 406 Code of Ethics<br> page 6**

CONFIDENTIAL

**Exhibit A**

**<u>Persons Covered by This Code of Ethics</u>**

Chief Executive Officer

Chief Financial Officer

Chief Operating Officer

**Section 406 Code of Ethics<br> A-1**

## Ex-19.(A)(3)

[AFL-CIO HOUSING INVESTMENT TRUST N-CSR](aflcio-ncsr_123125.htm)

**EXHIBIT 19.(a)(3)**

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 8, 2026

**<u>Exhibit (a)(3)</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 8, 2026

## Ex-99.(B)

[AFL-CIO HOUSING INVESTMENT TRUST N-CSR](aflcio-ncsr_123125.htm)

**Exhibit 19.(b)**

**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.

/s/ Chang Suh

Chang Suh

Chief Executive Officer

AFL-CIO Housing Investment Trust

Date: March 8, 2026

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.

/s/ Harpreet S. Peleg

Harpreet S. Peleg

Chief Financial Officer

AFL-CIO Housing Investment Trust

Date: March 8, 2026

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.