Afl Cio Housing Investment Trust N-CSRS Certified semi-annual shareholder report (management investment company)

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^th 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, 2024 - June 30, 2024

Item 1. Reports to Stockholders.

(a) A copy of the 2024 Semi 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.

SEMI-ANNUAL REPORT

AFL CIO HOUSING INVESTMENT TRUST

AFL CIO HOUSING INVESTMENT TRUST 

JUNE 30, 2024

This semi-annual report contains important information about the AFL-CIO Housing Investment Trust (the “HIT”) for the period of January 1, 2024 to June 30, 2024. 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.

semi-annual shareholder report

WHAT WERE THE HIT’S COSTS FOR THE PAST SIX 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 INVESTMENT1
AFL-CIO Housing Investment Trust	$16.00	0.32%

¹ Expenses are equal to the HIT’s annualized six-month expense ratio of 0.32%, as of June 30, 2024

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

The HIT outperformed the Bloomberg US Aggregate Bond Index* (Bloomberg Aggregate or Benchmark) with a gross return of 0.47% and a net return of 0.31% for the first half of 2024, compared to -0.71% for the Benchmark. Interest rates rose materially throughout the first half of the year, causing investment grade fixed income strategies to broadly produce negative returns; however, the HIT was able to produce a positive total return primarily due to the strength of the multifamily sector.

Entering 2024, the market had priced in six interest rate cuts, starting as early as March, but sticky inflation and a resilient labor market in the first quarter caused a drastic shift in market expectations. As the second quarter concluded, the Federal Reserve had still not cut interest rates, remaining on pause to assess the lagged impacts of its restrictive monetary policy. Consequently, the 10-year Treasury rate closed June at its second-highest quarter-end level in over 15 years.

	HIT’s overweight to agency-insured multifamily mortgage backed securities (MBS) as spreads tightened to Treasuries		HIT’s structural underweight to corporate bonds, the second-best performing asset class in the Benchmark on an excess return basis
	HIT’s underweight to agency-insured, fixed-rate single family MBS and Treasuries, the worst and second-worst performing asset classes in the Benchmark on an excess return basis, respectively		HIT’s overweight to the second highest credit quality sector, the worst performing asset classes in the Benchmark on an excess return basis
	HIT’s overweight to spread product, as spreads across most investment grade fixed income assets tightened versus Treasuries due to the attractiveness of all-in-yields and lack of new issuance

continued

aflcio-hit.com

SEMI-ANNUAL REPORT continued JUNE 30, 2024

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.

AVERAGE ANNUAL TOTAL RETURNS

	1 YEAR	5 YEAR	10 YEAR
HIT Gross	3.82%	-0.20%	1.52%
HIT Net	3.48%	-0.52%	1.14%
Bloomberg Aggregate*	2.63%	-0.23%	1.35%

* Bloomberg Index Services Limited. BLOOMBERG^® 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.

Past performance is not a good predictor of future performance. Visit aflcio-hit.com for the most recent performance information.

KEY FUND STATISTICS

HIT’s net assets	$6.555 Billion
Ratio of net investment income to average net assets	3.59%
Portfolio turnover rate	21.41%
Total number of portfolio holdings	933
Effective Duration	5.97%
Current Yield	4.05%
Yield to Worst2	5.65%
Advisory Fee Paid	N/A

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

65.33

14.34

15.61

0.05

3.11

1.56

86.60

1.65

5.04

5.15

1.56

AVAILABILITY OF ADDITIONAL INFORMATION   You can find additional information on the HIT’s website, including its: Prospectus, Financial information, Portfolio holdings, and Proxy voting information.   You can also request this information by contacting HIT Investor Relations at 1-202-331-8055 or IR@aflcio-hit.com or scanning the QR code.

* Bloomberg Index Services Limited. BLOOMBERG^® 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.

1227 25th Street, NW | Suite 500 | Washington, DC 20037 | 202.331.8055 | aflcio-hit.com

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end investment companies.

Item 6. Schedule of Investments.

(a) Not applicable. 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.

(b) Report pursuant to Regulation S-X.

SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION

June 30, 2024

Table of Contents

Item 7. Financial Statements and Financial Highlights
Statement of Assets and Liabilities	1
Schedule of Portfolio Investments	2
Statement of Operations	10
Statements of Changes in Net Assets	11
Notes to Financial Statements	12
Financial Highlights	21
Item 8: Changes in and Disagreements with Accountants for Open End Management Investment Companies	22
Item 9: Proxy Disclosures for Open-End Management Investment Companies	23
Item 10: Renumeration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	24
Item 11: Statement Regarding Basis of Approval for Investment Advisory Contract	25

 

Item 7. Financial Statements and Financial Highlights

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2024 (dollars in thousands, except per share data; unaudited)

Assets 

Investments, at value (cost $7,416,354)	$	6,604,014
Cash		513
Accrued interest receivable		26,180
Receivables for investments sold		196
Cash collateral held with broker		7,093
Right of use asset		3,610
Other assets		2,958
Total assets		6,644,564
Liabilities
Payables for investments purchased		3,383
Redemptions payable		72,111
Income distribution and capital gains payable, net of dividends reinvested of $18,608		1,635
Refundable deposits		857
Variation margin due to broker		1,881
Accrued salaries and fringe benefits		4,524
Lease Liability		4,133
Other liabilities and accrued expenses		829
Total liabilities		89,353
Other commitments and contingencies (Note 5 of financial statements) -		—
Net assets applicable to participants’ equity —
Certificates of participation—authorized unlimited;
Outstanding 6,835,499 units	$	6,555,211
Net asset value per unit of participation (in dollars)	$	959.00
Participants’ equity
Participants’ equity consisted of the following:
Amount invested and reinvested by current participants	$	7,547,841
Distributable earnings (accumulated losses)		(992,630	)
Total participants’ equity	$	6,555,211

1

SCHEDULE OF PORTFOLIO INVESTMENTS 

June 30, 2024 (dollars in thousands; unaudited)

FHA Permanent Securities (1.8% of net assets)

	Interest Rate			Maturity Date	Face Amount		Amortized Cost		Value
Multifamily		2.50	%	Apr-2063	$	5,610	$	5,618	$	4,410
		3.40	%	Jun-2038		1,885		1,886		1,875
		3.65	%	Dec-2037		6,924		7,002		6,891
		3.72	%	Feb-2062		4,360		4,369		3,839
		3.90	%	Mar-2062		3,041		3,045		2,706
		4.00	%	Dec-2053		58,600		58,577		55,686
		4.10	%	Dec-2060		21,182		21,200		18,981
		4.70	%	May-2053		4,436		4,599		3,461
		5.17	%	Feb-2050		7,207		7,627		7,105
		5.80	%	Jan-2053		1,887		1,894		1,883
		5.87	%	May-2044		1,527		1,527		1,525
		5.89	%	Apr-2038		3,556		3,559		3,552
		6.40	%	Aug-2046		3,378		3,379		3,376
		6.60	%	Jan-2050		3,083		3,099		3,069
Total FHA Permanent Securities					$	126,676	$	127,381	$	118,359

Ginnie Mae Securities (25.3% of net assets)

	Interest Rate			Maturity Date	Face Amount		Amortized Cost		Value
Single Family		4.00	%	Feb-2040 - Jun-2040	$	849	$	854	$	808
		4.50	%	Aug-2040		449		455		437
		5.50	%	Jan-2033 - Jun-2037		706		706		714
		6.00	%	Jan-2032 - Aug-2037		463		463		471
		6.50	%	Jul-2028		26		26		26
		7.00	%	Apr-2026 - Jan-2030		202		202		204
		7.50	%	Aug-2025 - Aug-2030		78		78		79
		8.00	%	Sep-2026 - Nov-2030		92		93		93
		8.50	%	Aug-2027		12		12		12
						2,877		2,889		2,844
Multifamily		1.90	%	Feb-2061		22,712		20,623		12,967
		1.95	%	Mar-2064		70,907		70,888		55,525
		2.00	%	Oct-2062		52,304		53,968		40,193
		2.00	%	Apr-2063		50,757		51,565		39,725
		2.00	%	Apr-2063		47,992		48,942		37,148
		2.00	%	Jul-2063		43,854		44,225		34,410
		2.00	%	Oct-2063		41,634		41,249		31,934
		2.00	%	Apr-2062 - Mar-2064		296,085		299,253		225,216
		2.08	%	Nov-2056		50,359		52,144		41,358
		2.15	%	May-2056		388		387		378
		2.20	%	Jun-2056		792		790		755
		2.25	%	Dec-2048		2,621		2,604		2,427
		2.30	%	Mar-2056 - Oct-2056		2,933		2,908		2,758
		2.31	%	Nov-2051		7,076		7,076		6,232
		2.32	%	Sep-2060		26,190		27,487		22,244
		2.35	%	Nov-2056 - Feb-2061		27,234		28,010		22,494
		2.37	%	Jan-2053		20,824		20,947		18,513
		2.40	%	Aug-2047 - Dec-2057		18,089		18,474		14,845
		2.45	%	Apr-2062		14,291		14,507		11,902
		2.50	%	Dec-2052 - Jan-2061		51,812		52,555		43,399
		2.58	%	May-2063		28,078		28,928		22,808
		2.60	%	Dec-2055 - Jun-2059		8,189		8,209		7,426
		2.65	%	Oct-2062		6,277		6,421		5,245
		2.67	%	Mar-2062		34,350		35,102		29,109
		2.70	%	May-2048 - Jul-2058		4,648		4,647		4,417
		2.72	%	Feb-2044		33		34		33
		2.74	%	Apr-2057		23,083		24,904		20,177
		2.75	%	Apr-2063		4,995		5,190		4,139
		2.78	%	Aug-2058		10,299		11,124		9,023
		2.79	%	Apr-2049		3,567		3,593		3,291

2

Schedule of Portfolio Investments 

June 30, 2024 (dollars in thousands; unaudited)

Ginnie Mae Securities continued

	Interest Rate				Maturity Date	Face Amount		Amortized Cost			Value
		2.80	%		Feb-2053		60,000		57,386		45,430
		2.80	%		Dec-2059		4,124		4,073		3,965
		2.82	%		Apr-2050		644		654		614
		2.94	%		Nov-2059		46,001		50,779		39,652
		2.98	%		Jun-2063		14,535		15,027		12,196
		3.00	%		May-2062		58,456		62,859		49,657
		3.03	%		Jan-2056		29,124		30,835		26,146
		3.05	%		May-2054		11,545		11,587		10,019
		3.17	%		Aug-2059		33,383		36,657		29,509
		3.25	%		Sep-2054 - Apr 2059		46,930		45,720		44,412
		3.27	%		Apr-2046		23,144		24,222		20,621
		3.30	%		Sep-2060		7,173		7,336		6,508
		3.33	%		May-2055		6,672		6,366		5,934
		3.34	%		Sep-2059		16,359		16,643		14,989
		3.35	%		Mar-2044		7,851		7,600		7,605
		3.36	%		May-2061		50,176		55,353		44,668
		3.38	%		Jan-2060		57,275		57,280		52,563
		3.39	%		Feb-2059		13,718		13,959		12,710
		3.41	%		Sep-2061		40,678		42,142		36,865
		3.43	%		Nov-2061		51,414		52,909		45,771
		3.50	%		Sep-2052 - Jan-2054		5,324		5,383		5,148
		3.53	%		Apr-2042		14,737		15,090		14,011
		3.60	%		Apr-2061		32,974		33,962		29,994
		3.60	%		Jun-2057-Jan 2064		17,991		18,568		16,853
		3.62	%		Dec-2057		27,448		27,879		26,015
		3.63	%		Dec-2045		7,908		7,664		7,662
		3.65	%		Oct-2058		9,898		10,032		9,387
		3.67	%		Nov-2035		11,821		12,056		11,503
		3.74	%		Aug-2059		15,072		15,335		14,217
		3.75	%		Nov-2060 - Jan-2064		16,685		17,190		15,167
		3.78	%		Aug-2060		38,274		38,531		35,268
		3.92	%		Aug-2039		37,120		38,604		36,130
		4.00	%		Nov-2057		24,001		24,919		22,190
		4.10	%		May-2051		3,648		3,906		3,560
		4.35	%		Dec-2060		2,224		2,262		2,135
		4.37	%		Feb-2034		21,692		23,169		20,746
		4.45	%		Jun-2055		2,403		2,324		2,397
		4.53	%		Jan-2061		14,464		14,873		13,930
		4.63%		1	Sep-2037		1,500		1,472		1,501
		4.90%		1	Mar-2044		1,000		992		1,000
		5.25	%		Apr-2037		14,900		14,896		14,869
		5.62	%		Oct-2058		12,870		13,352		13,194
		5.64	%		Nov-2058		2,257		2,342		2,317
		5.66	%		Oct-2058 - Dec-2058		22,295		23,146		22,916
		5.71	%		Oct-2058		6,500		6,734		6,683
		5.78	%		Dec-2058		20,381		21,116		20,976
		5.82	%		Nov-2058		5,533		5,733		5,711
							1,942,495		1,987,671		1,655,405
Total Ginnie Mae Securities						$	1,945,372	$	1,990,560	$	1,658,249

Ginnie Mae Construction Securities (3.6% of net assets)

	Interest Rates2								Unfunded
	Permanent			Construction			Maturity Date		Commitments3		Face Amount		Amortized Cost		Value
Multifamily		2.25	%		4.10	%	Dec-2064		$	30,253	$	35,674	$	37,672	$	20,019
		2.59	%		3.59	%	Aug-2064			15,096		27,217		28,120		18,578
		3.05	%		3.05	%	Dec-2063	(Level 3)		22,448		82,296		83,326		75,260
		3.24	%		3.24	%	Jan-2064			916		25,515		26,038		21,460
		3.69	%		4.75	%	Nov-2063			1,291		11,213		11,374		9,757
		4.08	%		4.08	%	Feb-2064			100		15,327		15,663		13,954
		4.14	%		4.14	%	Sep-2063			—		11,197		11,395		10,288
		5.17	%		8.75	%	Jul-2064			280		10,470		10,613		10,633
		5.34	%		9.75	%	Aug-2065			20,932		25		793		575
		5.88	%		10.75	%	Feb-2066			19,152		—		778		1,040
		5.90	%		5.90	%	Aug-2065			4,085		25		148		171
		5.92	%		5.92	%	May-2065- Jan-2066			4,495		17,984		17,234		19,170
		6.10	%		7.65	%	Aug-2065			2,009		162		254		317
		6.15	%		6.15	%	Apr-2065- Aug-2065			3,527		30,846		31,612		33,258
Total Ginnie Mae Construction Securities									$	124,584	$	267,951	$	275,020	$	234,480

3

Schedule of Portfolio Investments 

June 30, 2024 (dollars in thousands; unaudited)

Fannie Mae Securities (46.7% of net assets)

	Interest Rate4			Maturity Date	Unfunded  Commitments3		Face Amount		Amortized Cost		Value
Single Family		2.50	%	May-2050 - Jan-2052	$	—	$	107,320	$	111,150	$	88,433
		2.50	%	Jan-2052		—		42,211		42,357		34,905
		3.00	%	Apr-2031 - Mar-2052		—		122,906		126,984		106,275
		3.00	%	Oct-2051		—		40,411		42,244		34,605
		3.50	%	Jan-2042 - Feb-2052		—		88,470		90,925		79,454
		3.50	%	Jan-2052		—		35,379		36,224		31,322
		4.00	%	Sep-2024 - Jul-2052		—		75,380		75,579		69,681
		4.50	%	Oct-2024 - Oct-2052		—		117,804		117,176		112,054
		5.00	%	May-2034 - May-2053		—		127,323		128,003		124,001
		5.50	%	Sep-2032 - May-2054		—		131,149		130,718		130,097
		5.70	% 1M SOFR+36	Mar-2037		—		85		85		84
		5.74	% 12M SOFR+221	Jul-2033		—		94		94		95
		5.77	% 1M SOFR+43	Jun-2037		—		415		415		409
		5.82	% 12M SOFR+224	Feb-2045		—		1,539		1,560		1,572
		5.85	% 1M SOFR+51	Apr-2037		—		196		196		193
		5.86	% 6M SOFR+204	Aug-2033		—		102		101		103
		5.87	% 12M SOFR+234	Nov-2034		—		122		123		124
		5.91	% 1M SOFR+57	Oct-2042		—		1,233		1,236		1,213
		5.95	% 1M SOFR+61	Jun-2042		—		2,688		2,689		2,654
		5.99	% 12M SOFR+241	Oct-2042		—		1,133		1,150		1,162
		6.00	% 1M SOFR+66	Mar-2042		—		1,426		1,427		1,412
		6.00	%	Nov-2028 - Apr-2054		—		132,039		132,686		133,022
		6.05	% 1M SOFR+71	Oct-2043		—		2,875		2,885		2,850
		6.20	% 1Y UST+220	Aug-2033		—		271		271		274
		6.22	% 1Y UST+222	Aug-2033		—		112		112		113
		6.27	% 1Y UST+222	Jul-2033		—		225		225		228
		6.50	%	Sep-2028 - Nov-2053		—		18,993		18,875		19,450
		6.75	%	Apr-2034		—		318		321		322
		7.00	%	Sep-2027 - May-2032		—		348		348		361
		7.12	% 1Y UST+223	May-2033		—		68		68		68
		7.17	% 6M SOFR+198	Nov-2033		—		480		480		485
		7.50	%	Mar-2030 - Jun-2030		—		2		2		3
		8.00	%	Aug-2030 - May-2030		—		27		28		28
						—		1,053,144		1,066,737		977,052
Multifamily		1.06	%	Dec-2027		—		20,722		20,725		18,215
		1.17	%	Aug-2030 - Nov-2030		—		34,190		34,192		27,625
		1.22	%	Aug-2028 - Jul-2030		—		35,610		35,668		29,692
		1.25	%	Jul-2030		—		37,950		38,021		30,982
		1.26	%	Jan-2031		—		24,771		24,767		20,251
		1.27	%	Jul-2030		—		14,235		14,292		11,667
		1.31	%	Aug-2030		—		4,290		4,324		3,538
		1.32	%	Aug-2030		—		21,000		21,158		17,324
		1.38	%	Jul-2030		—		10,500		10,580		8,663
		1.41	%	Jul-2030		—		3,131		3,150		2,622
		1.46	%	Jul-2030		—		7,154		7,209		6,014
		1.47	%	Jul-2030 - Dec-2030		—		15,425		15,503		12,521
		1.50	%	Aug-2030		—		1,109		1,125		931
		1.52	%	Jul-2032		—		14,158		14,236		11,271
		1.53	%	Jul-2032		—		10,500		10,602		8,409
		1.55	%	Jul-2032		—		20,129		20,325		16,179
		1.57	%	Aug-2037		—		45,615		45,771		32,626
		1.57	%	Jan-2031		—		21,759		21,802		17,983
		1.58	%	Oct-2031		—		57,950		58,120		46,233
		1.65	%	Jul-2030		—		1,201		1,218		1,019
		1.74	%	Mar-2033		—		6,160		6,217		4,830
		1.76	%	Aug-2031 - Dec-2036		—		43,137		43,220		35,422
		1.82	%	Jul-2035		—		4,470		4,497		3,446
		1.88	%	Nov-2031		—		25,400		25,423		20,725
		2.00	%	Apr-2031		—		18,000		18,382		15,130
		2.09	%	May-2032 - Jul-2050		—		21,792		21,990		16,156
		2.16	%	Sep-2050		—		14,200		14,342		8,130
		2.33	%	Nov-2029 - Feb-2030		—		17,653		17,676		15,557
		2.41	%	Apr-2051		—		3,611		3,644		2,561
		2.43	%	Nov-2031		—		18,655		18,660		15,931
		2.46	%	Aug-2026 - Jan-2038		—		35,055		35,118		32,047
		2.47	%	Dec-2051		—		13,001		13,167		9,306
		2.49	%	Dec-2026 - Nov-2031		—		26,509		26,539		23,879
		2.53	%	Jan-2030		—		20,550		20,621		18,159
		2.55	%	Sep-2026 - Mar-2030		—		25,030		25,064		23,006
		2.56	%	Jul-2038 - Dec-2051		—		12,209		12,236		8,867

4

Schedule of Portfolio Investments 

June 30, 2024 (dollars in thousands; unaudited)

Fannie Mae Securities continued

Interest Rate4			Maturity Date	Unfunded Commitments3		Face Amount		Amortized Cost		Value
	2.57	%	Mar-2042		—		25,155		25,165		18,025
	2.61	%	Nov-2026		—		9,699		9,712		9,146
	2.67	%	Aug-2029		—		37,700		37,845		34,298
	2.70	%	Nov-2025		—		13,794		13,794		13,318
	2.76	%	Oct-2031		—		10,189		10,272		9,014
	2.85	%	Aug-2031		—		8,760		8,787		7,724
	2.91	%	Jun-2031		—		25,000		25,067		22,294
	2.92	%	Jun-2027		—		63,305		63,317		59,940
	2.92	%	Apr-2028		—		15,045		15,061		14,083
	2.93	%	Apr-2038		—		35,472		35,489		28,977
	2.94	%	Jun-2027 - Jul-2039		—		28,535		28,553		27,006
	2.96	%	Sep-2034		—		20,000		20,496		16,876
	2.97	%	Sep-2034		—		12,615		12,746		10,883
	2.99	%	Jun-2025		—		2,460		2,460		2,401
	3.00	%	May-2027		—		6,130		6,132		5,802
	3.01	%	Apr-2052		—		7,229		7,233		5,523
	3.02	%	Jun-2027		—		3,459		3,461		3,286
	3.03	%	Sep-2027		—		20,316		20,338		19,148
	3.04	%	Apr-2030		—		24,152		24,178		22,190
	3.05	%	Apr-2030		—		24,704		24,713		22,705
	3.12	%	Apr-2030		—		12,166		12,167		11,160
	3.13	%	May-2026		—		3,069		3,075		2,979
	3.14	%	Apr-2029		—		7,349		7,354		6,861
	3.17	%	Jun-2029		—		22,345		22,390		20,805
	3.18	%	May-2035		—		8,276		8,340		7,553
	3.21	%	May-2030		—		6,160		6,190		5,678
	3.24	%	May-2052		—		6,278		6,395		4,941
	3.30	%	May-2029		—		3,491		3,553		3,316
	3.31	%	Oct-2027		—		14,513		14,534		13,840
	3.36	%	Oct-2029		—		10,061		10,063		9,462
	3.40	%	Oct-2026		—		2,619		2,620		2,529
	3.42	%	Apr-2035		—		4,841		4,881		4,321
	3.63	%	Jul-2035		—		20,666		20,682		18,654
	3.68	%	Jul-2028		—		11,679		11,860		11,125
	3.70	%	Oct-2033		—		19,865		19,914		18,343
	3.91	%	Aug-2032		—		26,250		26,485		24,765
	4.05	%	Jun-2030		—		10,632		10,537		10,252
	4.31	%	Jun-2033		—		8,587		8,609		8,309
	4.32	%	Mar-2028		—		41,708		41,791		41,102
	4.37	%	Jun-2033		—		21,805		21,828		21,189
	4.40	%	Jan-2034		—		3,815		3,702		3,710
	4.48	%	Jul-2030		—		20,915		20,915		20,627
	4.52	%	Sep-2033		—		11,361		11,266		11,157
	4.55	%	Jul-2030		—		10,699		10,718		10,591
	4.56	%	Feb-2028		—		29,835		29,877		29,522
	4.62	%	Feb-2034		—		7,430		7,364		7,350
	4.69	%	Jun-2035		—		476		482		463
	4.74	%	Sep-2033		—		13,405		13,436		13,384
	4.76	%	Sep-2030		—		7,757		7,759		7,766
	4.80	%	Oct-2052		—		12,204		12,240		11,410
	4.82	%	Jul-2030 - Feb 2034		—		16,035		16,116		16,105
	4.85	%	Jan-2034		—		2,801		2,810		2,820
	4.88	%	Jul-2030		—		11,665		11,828		11,749
	4.96	%	Aug-2033		—		3,465		3,465		3,517
	5.00	%	Jun-2029		—		68,500		69,188		69,193
	5.00	%	Sep-2033		—		15,366		15,398		15,639
	5.02	%	Dec-2033		—		5,222		5,191		5,324
	5.05	%	Oct-2030		—		14,596		14,659		14,853
	5.06	%	Dec-2032 - Feb 2034		—		50,795		52,197		51,883
	5.13	%	Jan-2029		—		36,000		36,242		36,480
	5.13	%	Sep-2028		—		14,584		14,722		14,773
	5.16	%	Oct-2030		—		8,020		8,087		8,203
	5.24	%	Nov-2028		—		9,817		10,003		9,991
	5.30	%	Aug-2029 - Sep-2033		—		6,717		6,773		6,892
	5.31	%	Nov-2028		—		34,346		34,990		35,062
	5.32	%	May-2024		—		3,688		3,770		3,843
	5.35	%	Dec-2032		—		11,892		12,464		12,367
	5.36	%	Nov-2028		—		6,503		6,650		6,647
	5.39	%	May-2034		—		7,910		8,139		8,292
	5.46	%	May-2029		—		4,716		4,781		4,857
	5.47	%	Nov-2033		—		6,140		6,227		6,469
	5.50	%	Jan-2029		—		10,500		10,815		10,821
	5.52	%	Oct-2033		—		3,860		3,949		4,077
	5.54	% 1M SOFR+20	Nov-2031		—		40,943		40,947		40,086

5

Schedule of Portfolio Investments 

June 30, 2024 (dollars in thousands; unaudited)

Fannie Mae Securities continued

	Interest Rate4			Maturity Date	Unfunded Commitments3		Face Amount		Amortized Cost		Value
		5.55	% 1M SOFR+21	Mar-2031		—		23,855		23,855		23,385
		5.55	%	Dec-2028		—		20,041		20,510		20,657
		5.63	% 1M SOFR+29	Feb-2029		—		20,000		20,003		19,629
		5.69	%	Jun-2041		—		4,019		4,089		4,022
		5.74	% 1M SOFR+40	Feb-2028		—		29,768		29,768		29,353
		5.75	%	Jun-2041		—		1,952		1,992		1,971
		5.76	% 1M SOFR+42	Mar-2028		—		37,472		37,472		36,967
		5.79	% 1M SOFR+45	Jan-2028		—		22,425		22,425		22,151
		5.80	% 1M SOFR+46	Dec-2027		—		17,541		17,541		17,336
		5.81	% 1M SOFR+47	Jun-2029		—		70,001		70,015		69,877
		5.83	% 1M SOFR+49	May-2032		—		28,526		28,529		28,523
		5.86	% 1M SOFR+52	Jun-2032		—		30,975		30,975		30,968
		5.87	%	Dec-2035		—		6,609		7,156		7,165
		5.96	%	Jan-2029		—		170		170		169
		5.99	%	Dec-2028		—		6,377		6,637		6,680
		6.03	% 1M SOFR+69	Jun-2029		—		41,302		41,305		41,327
		6.03	% 1M SOFR+69	May-2029		—		17,340		17,343		17,351
		6.12	% 1M SOFR+78	Oct-2033		—		12,400		12,404		12,402
		6.16	% 1M SOFR+82	Jan-2028		—		3,750		3,751		3,745
		6.19	% 1M SOFR+85	Nov-2032		—		15,800		15,804		15,777
						—		2,285,211		2,296,585		2,102,118
Forward Commitments		2.58	%	Jan-2041		11,700		—		—		(2,800	)
		2.59	%	Aug-2039		24,000		—		—		(5,528	)
		2.72	%	Jan-2041		27,794		—		278		(6,440	)
		4.47	%	Jul-2041		10,058		—		—		(766	)
		5.21	%	Jul-2044		12,174		—		—		(322	)
		5.40	%	Jun-2043		23,950		—		—		515
						109,676		—		278		(15,341	)
Total Fannie Mae Securities					$	109,676	$	3,338,355	$	3,363,600	$	3,063,829

Freddie Mac Securities (8.2% of net assets)

	Interest Rate4			Maturity Date	Unfunded Commitments3		Face Amount		Amortized Cost		Value
Single Family		2.50	%	Jan-2043 - Aug-2046	$	—	$	5,060	$	5,109	$	4,306
		3.00	%	Aug-2042 - Sep-2046		—		21,066		21,381		18,743
		3.50	%	Jan-2026 - Oct-2046		—		38,147		38,844		34,832
		4.00	%	Nov-2024 - Aug-2047		—		36,643		37,833		34,316
		4.50	%	Jan-2038 - Dec-2044		—		9,814		10,139		9,545
		5.00	%	Jun-2026 - Aug-2040		—		1,433		1,427		1,434
		5.50	%	Apr-2033 - Jul-2038		—		1,299		1,295		1,319
		5.75	% 1M SOFR+41	Feb-2036		—		171		171		169
		5.78	% 1M SOFR+44	May-2037		—		64		64		63
		5.80	% 1M SOFR+46	Apr-2036 - APR-2043		—		1,826		1,827		1,788
		5.85	% 1M SOFR+51	Aug-2043		—		1,679		1,679		1,648
		5.93	% 1M SOFR+59	Oct-2040		—		1,266		1,266		1,240
		5.95	% 1M SOFR+61	Oct-2040 - Jun-2044		—		4,505		4,508		4,445
		6.00	% 1M SOFR+66	Nov-2040		—		1,154		1,160		1,139
		6.00	%	Dec-2033 - Oct-2037		—		1,971		1,979		2,025
		6.02	% 12M SOFR+250	Jul-2035		—		88		88		90
		6.12	% 1M SOFR+78	Aug-2037		—		1,369		1,378		1,367
		6.34	% 1Y UST+223	Oct-2033		—		103		103		104
		6.50	%	Apr-2028 - Nov-2037		—		255		256		267
		7.00	%	Apr-2028 - Mar-2030		—		13		13		14
		7.22	% 1Y UST+223	Jun-2033		—		24		24		24
		7.50	%	Aug-2029 - Apr-2031		—		12		12		12
						—		127,962		130,556		118,890
Multifamily		2.04	%	May-2050		—		19,505		19,923		13,656
		2.38	%	Feb-2034		—		42,779		42,937		35,738
		2.40	%	Jun-2031		—		7,444		7,497		6,488
		2.42	%	Jun-2031		—		11,768		11,861		10,269
		3.28	%	Dec-2029		—		15,408		15,491		14,365
		3.34	%	Dec-2029		—		9,158		9,219		8,558
		3.35	%	Oct-2033		—		33,450		33,357		30,401
		3.50	%	Jan-2026		—		15,354		15,362		14,961
		3.60	%	Apr-2030		—		23,892		24,202		22,518
		3.68	%	Oct-2025		—		10,000		10,010		9,766
		4.25	%	Jan-2028		—		93,650		92,993		92,126
		4.36	%	Dec-2029		—		9,198		9,155		9,027

6

Schedule of Portfolio Investments 

June 30, 2024 (dollars in thousands; unaudited)

Freddie Mac Securities continued

	Interest Rate4			Maturity Date	Unfunded Commitments3		Face Amount		Amortized Cost		Value
		4.83	%	Jan-2039		—		9,890		9,976		9,793
		4.90	%	Dec-2032		—		10,207		10,188		10,069
		5.52	% 1M SOFR+20	Aug-2031		—		17,575		17,575		17,389
		5.56	% 1M SOFR+23	Jul-2027		—		3,859		3,859		3,845
		5.56	% 1M SOFR+24	Jan-2031 - Jun-2031		—		40,150		40,154		39,750
		5.57	% 1M SOFR+24	Nov-2027		—		10,838		10,838		10,763
		5.57	% 1M SOFR+25	Dec-2030		—		10,240		10,240		10,153
		5.62	% 1M SOFR+30	Dec-2030		—		12,243		12,243		12,176
		5.68	% 1M SOFR+36	Oct-2030		—		4,316		4,316		4,285
		5.70	% 1M SOFR+37	Nov-2030		—		8,849		8,849		8,813
		5.77	% 1M SOFR+44	Oct-2030		—		2,446		2,446		2,434
		6.04	% 1M SOFR+72	Jul-2033		—		24,999		25,098		25,024
						—		447,218		447,789		422,367
Forward Commitments		3.86	%	May-2040		27,450		—		—		(1,233	)
Total Freddie Mac Securities					$	27,450	$	575,180	$	578,345	$	540,024

State Housing Finance Agency Securities (7.1% of net assets)

		Interest Rates2
	Issuer	Permanent			Construction			Maturity Date	Face Amount		Amortized Cost		Value
Multifamily	Illinois Housing Development Auth		—			0.40	%	Dec-2024	$	470	$	470	$	464
	Illinois Housing Development Auth		2.06	%		—		Jan-2042		26,895		26,898		19,203
	Illinois Housing Development Auth		2.07	%		—		Jul-2041		84,895		84,894		60,189
	Illinois Housing Development Auth		2.65	%		—		Jul-2062		21,300		21,329		13,732
	NYC Housing Development Corp		2.95	%		—		Nov-2041 - Nov-2045		11,275		11,275		9,482
	NYC Housing Development Corp		3.05	%		—		Nov-2046		13,000		13,000		8,778
	NYC Housing Development Corp		3.10	%		—		Oct-2046		19,919		19,919		16,703
	NYC Housing Development Corp		3.25	%		—		Nov-2049		10,240		10,240		8,235
	Mass Housing5		3.30	%		—		Dec-2059		8,340		8,345		6,379
	NYC Housing Development Corp		3.35	%		—		Nov-2054		20,000		20,000		15,667
	NYC Housing Development Corp		3.45	%		—		May-2059		20,000		20,000		15,636
	Illinois Housing Development Auth		—			3.54	%	Nov-2026		5,615		5,615		5,633
	NYC Housing Development Corp		3.75	%		—		May-2035		3,200		3,200		3,150
	Mass Housing5		3.85	%		—		Dec-2058		9,330		9,327		7,010
	NYC Housing Development Corp		3.95	%		—		Nov-2043		12,800		12,800		12,261
	NYC Housing Development Corp		4.00	%		—		Dec-2028 - Nov-2048		9,315		9,315		8,882
	NYC Housing Development Corp		4.13	%		—		Nov-2040 - Nov-2053		13,305		13,305		12,744
	NYC Housing Development Corp		4.30	%		—		Nov-2045		3,000		3,000		2,941
	Chicago Housing Authority		4.36	%		—		Jan-2038		25,000		25,000		22,831
	MassHousing		4.50	%		—		Jun-2056		45,000		45,000		43,754
	MassHousing		4.50	%		—		Dec-2065		30,060		30,103		29,905
	NYC Housing Development Corp		4.65	%		—		Nov-2049		2,000		2,000		2,007
	NYC Housing Development Corp		4.75	%		—		Nov-2054		6,000		6,000		6,044
	Mass Housing		4.84	%		—		Dec-2067		35,415		35,415		35,770
	Mass Housing5		4.90	%		—		Jun-2066		26,645		26,682		27,315
	Illinois Housing Development Auth		5.05	%		—		Jul-2066		13,320		13,320		13,588
	Mass Housing5		5.11	%		—		Jun-2066		53,425		53,466		55,586
Total State Housing Finance Agency Securities									$	529,764	$	529,918	$	463,889

Commercial Mortgage-Backed Securities (0.1% of net assets)

Issuer	Interest Rate		Maturity Date		Face Amount		Amortized Cost		Value
Citigroup	3.62	%	Jul-2047	$	3,312	$	3,373	$	3,308
Total Commercial Mortgage Backed Securities				$	3,312	$	3,373	$	3,308

7

Schedule of Portfolio Investments

June 30, 2024 (dollars in thousands; unaudited)

Other Mutifamily Investments (3.0% of net assets)

	Interest Rates2,4							Maturity	Unfunded		Face		Amortized
Issuer	Permanent			Construction				Date	Commitments3		Amount		Cost			Value
Direct Loans
Peregrine Apartments (Level 3)		—			3.60	%		Dec-2024	$	—	$	21,624	$	21,632		$	21,351
Ladder 260 - Tax Exempt (Level 3)		—			4.04	%		Nov-2025		—		8,161		8,136			7,920
99 Ocean (Level 3)		—			4.05	%		Oct-2024		1,103		50,897		50,786			50,454
Olson Court (Level 3)		—			5.82	%		May-2027		21,833		1,010		876			988
The Crest Apartments (Level 3)		—			6.75	%		Dec-2024		—		9,219		9,218			9,040
400 Lake Shore Drive (Level 3)		—			7.26	%	80% Daily SOFR+300	Dec-20586		39,276		10		(190	)		490
Soul (Level 3)		—			7.33	%	1M SOFR+225	May-2025		—		24,750		24,677			24,631
San Cristina (Level 3)		—			7.68	%	1M SOFR+260	Sep-2024		521		16,951		16,922			16,864
Soul (Level 3)		—			7.93	%	1M SOFR+285	May-2025		4,203		8,298		8,220			8,282
Hudson Exchange (Level 3)		—			8.13	%	1M SOFR+275	Jun-2027		39,830		10,170		10,089			10,830
311 W 42nd Street (Level 3)		—			8.45	%	1M Term SOFR+311	Nov-2024		13,964		36,036		35,973			35,938
Granada (Level 3)		—			11.43	%	1M SOFR+635	Jul-2024		—		3,000		3,000			2,972
										120,730		190,126		189,339			189,760
Forward Commitments
Olson Court (Level 3)		—			6.52	%		May-2027		2,157		—		(13	)		(8	)
400 Lake Shore Drive (Level 3)		—			7.26	%	80% Daily SOFR+300	Dec-20536		15,714		—		(116	)		192
Union Tower (Level 3)		—			7.34	%	1M SOFR+200	Jun-2027		15,068		—		—			(87	)
Landmark Towers (Level 3)		—			7.69	%		Jun-2027		18,660		—		(3	)		37
										51,599		—		(132	)		134
Privately Insured Construction/Permanent Mortgages7
Illinois Housing Development Auth		6.20	%		—			Dec-2047		—		2,782		2,789			2,762
Illinois Housing Development Auth		6.40	%		—			Nov-2048		—		850		858			844
										—		3,632		3,647			3,606
Total Other Multifamily Investments									$	172,329	$	193,758	$	192,854		$	193,500

United States Treasury Securities (3.3% of net assets)

	Interest Rate		Maturity Date	Face Amount		Amortized Cost		Value
	1.75	%	Aug-2041	$	20,000	$	19,511	$	13,205
	2.00	%	Nov-2041		7,000		6,681		4,806
	2.38	%	Feb-2042		15,000		15,276		10,916
	3.00	%	Aug-2052		20,000		18,187		15,050
	3.63	%	Feb-2053		10,000		9,699		8,509
	3.88	%	Feb-2043		105,000		105,188		94,903
	4.00	%	Nov-2042		15,000		14,770		13,825
	4.13	%	Aug-2053		40,000		37,048		37,254
	4.75	%	Nov-2043- Nov 2053		20,000		20,062		20,472
Total United States Treasury Securities				$	252,000	$	246,422	$	218,940
Total Fixed-Income Investments				$	7,232,368	$	7,307,473	$	6,494,578

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

Issuer	Face Amount (Cost)		Dividends or Interest		Value
HIT Advisers8 (Level 3)	$	1	$	—	$	556
Total Equity Investment	$	1	$	—	$	556

Short-Term Investments (1.7% of net assets)

Issuer	Interest Rate	Maturity Date	Face Amount		Amortized Cost		Value
Blackrock Federal Funds	5.21% 9	Apr-2024	$	108,880	$	108,880	$	108,880
Total Short-Term Investments			$	108,880	$	108,880	$	108,880
Total Investments			$	7,341,249	$	7,416,354	$	6,604,014

Futures Contracts (Notional Amount 3.1% of net assets)

								Unrealized
Description	Number of Contracts		Expiration Date	Notional Amount		Market Value		Appreciation (Depreciation)
Futures Long
CBOT Ultra Long U.S. Treasury		415	Sep-24	$	51,704	$	52,018	$	314
CBOT U.S. Treasury		1300	Sep-24		151,749		153,806		2,057
Total Futures Contracts								$	2,371

  8

Schedule of Portfolio Investments

June 30, 2024 (dollars in thousands; unaudited) continued

Footnotes

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

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

3. 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, unfunded commitments totaled $434.0 million for which unrealized losses of $25.2 million are included in the related Value column of the Schedule of Portfolio Investments for such commitments.

4. For floating and variable rate securities the rate indicated is for the period end. With respect to these securities, the schedule also includes the reference rate and spread in basis points.

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

6. 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.

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

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

9. Rate indicated is the annualized 1-day yield as of June 28, 2024.

Key to abbreviations

M Month

Y Year

UST U.S. Treasury

SOFR Secured Overnight Financing Rate

  9

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2024 (dollars in thousands; unaudited)

Investment income	$	127,188
Expenses
Non-officer salaries and fringe benefits		4,021
Officer salaries and fringe benefits		2,653
Investment management		803
Marketing and sales promotion (12b-1)		672
Legal fees		256
Auditing, tax and accounting fees		229
Consulting fees		183
Insurance		182
Trustee expenses		58
Rental expenses		295
General expenses		932
Total expenses		10,284
Net investment income		116,904
Net realized and unrealized gains (losses) on investments
Net realized gains (losses) on investments		(73,273	)
Net realized gains (losses) on futures		(5,455	)
Total net realized gains (losses)		(78,728	)
Net change in unrealized appreciation (depreciation) on investments		(17,057	)
Net change in unrealized appreciation (depreciation) on futures		(96	)
Total net change in unrealized gains (losses)		(17,153	)
Net realized and unrealized gains (losses) on investments		(95,881	)
Net increase (decrease) in net assets resulting from operations	$	21,023
See accompanying Notes to Financial Statements (unaudited).

  10

STATEMENTS OF CHANGES IN NET ASSETS

(dollars in thousands)

Increase (decrease) in net assets from operations	Six Months Ended June 30, 2024 (unaudited)			Year Ended December 31, 2023
Net investment income	$	116,904		$	211,275
Net realized gains (losses)		(78,728	)		(35,634	)
Net change in unrealized appreciation (depreciation)		(17,153	)		144,589
Net increase (decrease) in net assets resulting from operations		21,023			320,230
Distributions to participants or reinvested		(118,879	)		(215,874	)
Increase (decrease) in net assets from unit transactions
Proceeds from the sale of units of participation		156,075			311,874
Dividend reinvestment of units of participation		109,496			199,710
Payments for redemption of units of participation		(171,335	)		(82,172	)
Net increase (decrease) from unit transactions		94,236			429,412
Total increase (decrease) in net assets		(3,620	)		533,768
Net assets
Beginning of period	$	6,558,831		$	6,025,063
End of period	$	6,555,211		$	6,558,831
Unit information
Units sold		163,316			326,967
Distributions reinvested		114,505			209,393
Units redeemed		(178,382	)		(86,124	)
Increase in units outstanding		99,439			450,236

See accompanying Notes to Financial Statements (unaudited).

  11

NOTES TO FINANCIAL STATEMENTS

Unaudited

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, state public funds and labor organizations, including health and welfare, general, voluntary employees’ benefit associations and other funds that have beneficiaries who are represented by labor organizations. The following is a summary of significant accounting policies followed by the HIT in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles (GAAP) in the United States. The HIT follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services—Investment Companies.

Investment Valuation

Net asset value per share (NAV) is determined as of the close of regular trading (normally 4:00 p.m.) of the New York Stock Exchange on the last business day of each calendar month. The HIT’s Board of Trustees is responsible for the valuation process. The HIT’s Board of Trustees has designated the officers of the HIT that comprise the HIT’s Valuation Committee as the “valuation designee” to perform fair valuations of the HIT’s investments pursuant to Rule 2a-5 under the Investment Company Act. The Valuation Committee, in accordance with the policies and procedures approved by the HIT’s Board of Trustees, is also responsible for evaluating the effectiveness of the HIT’s pricing policies, determining the reliability of third-party pricing information and reporting to the Board of Trustees on valuation matters, including fair value determinations. Following is a description of the valuation methods and inputs applied to the HIT’s major categories of assets. 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 June 30, 2024, the Valuation Committee fair valued less than 0.01% of the HIT’s net assets utilizing internally derived unobservable inputs.

  12

Notes to Financial Statements

(unaudited)-continued

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.

The following table presents the HIT’s valuation levels as of June 30, 2024:

		Investment Securities
(dollars in thousands)		Level 1		Level 2			Level 3		Total
Investments in Securities:
FHA Permanent Securities	$	—	$	118,359		$	—	$	118,359
Ginnie Mae Securities		—		1,658,249			—		1,658,249
Ginnie Mae Construction Securities		—		159,220			75,260		234,480
Fannie Mae Securities		—		3,079,170			—		3,079,170
Freddie Mac Securities		—		541,257			—		541,257
State Housing Finance Agency Securities		—		463,889			—		463,889
Commercial Mortgage-Backed Securities		—		3,308			—		3,308
Other Multifamily Investments
Direct Loans		—		—			189,760		189,760
Privately Insured Construction/Permanent Mortgages		—		3,606			—		3,606
Total Other Multifamily Investments		—		3,606			189,760		193,366
United States Treasury Securities		—		218,940			—		218,940
Equity Investments		—		—			556		556
Short-Term Investments		108,880		—			—		108,880
Other Financial Instruments1		—		(16,574	)		134		(16,440	)
Total Investments in Securities	$	108,880	$	6,229,424		$	265,710	$	6,604,014
Derivatives Investments:
Assets
Futures Contracts2		2,371		—			—		2,371
Total Derivatives Investments	$	2.371	$	—		$	—	$	2.371

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

2. Amounts shown represent unrealized appreciation (depreciation) at period end as presented in the Schedule of Investments. Only initial margin and variation margin on exchange-traded and centrally cleared derivatives, if any, are reported in the Statement of Assets and Liabilities.

  13

Notes to Financial Statements

(unaudited)-continued

The following table reconciles the valuation of the HIT’s Level 3 investment securities and related transactions for the period ended June 30, 2024:

	Investments in Securities
(dollars in thousands)	Other Multifamily Investments			Ginnie Mae Construction Securities			Equity Investment		Other Financial Instruments			Total
Beginning Balance, 12/31/2023	$	263,321		$	45,828		$	334	$	(171	)	$	309,312
Paydowns/Settlements		(111,322	)		—			—		—			(111,322	)
Total Unrealized Gain (Loss)*		2,405			(770	)		222		305			2,162
Cost of Purchases		35,356			30,202			—		—			65,558
Ending Balance, 6/30/2024	$	189,760		$	75,260		$	556	$	134		$	265,710

* Net change in unrealized gain (loss) attributable to Level 3 securities held at June 30, 2024 totaled $2,162,000 and is included on the accompanying Statement of Operations.

For the six months ended June 30, 2024, there were no transfers in levels.

Level 3 securities primarily consist of Direct Loans and one Ginnie Mae Construction Security which were valued using evaluated prices provided by an independent, third-party pricing service as of June 30, 2024, employing a discounted cash flow model. Weighted average lives for the loans ranged from 0.16 to 3.64 years. Unobservable inputs include spreads to relevant U.S. Treasuries ranging from 60 to 555 basis points. For the Ginnie Mae Construction Security, weighted average life was 2.84 years. A change in unobservable inputs may impact the value of the loans or securities.

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 92% of distributed income for the six months ended June 30, 2024.

  14

Notes to Financial Statements

(unaudited)-continued

Investment Transactions and Income

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

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

12b-1 Plan of Distribution

The HIT’s Board of Trustees has approved a Plan of Distribution under Rule 12b-1 under the Investment Company Act to pay for marketing and sales promotion expenses incurred in connection with the offer and sale of units and related distribution activities (12b-1 expenses). For the six months ended June 30, 2024, 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 six months ended June 30, 2024, the HIT incurred approximately $672,000, or 0.02% of its average monthly net assets on an annualized basis, in 12b-1 expenses.

Note 2. Investment Risk

Interest Rate Risk

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

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.

  15

Notes to Financial Statements

(unaudited)-continued

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 long futures contracts held was $143.6 million for the six months ended June 30, 2024. There were no short futures contacts held at period end.

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.

  16

Notes to Financial Statements

(unaudited)-continued

Note 3. Transactions with Related Entities

HIT Advisers

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

In accordance with a contract, in addition to its membership interest, the HIT provides HIT Advisers advances to assist with its operations and cash flow management as needed. Advances are expected to be repaid as cash becomes available. HIT maintains an allowance for doubtful receivable due to aging balances. Also, in accordance with the contract, the HIT may provide the time of certain personnel and allocates operational expenses to HIT Advisers on a cost-reimbursement basis. As of June 30, 2024, HIT Advisers had no assets under management.

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

Advances to HIT Advisers by HIT	(dollars in thousands)
Ending Balance, 12/31/2023	$	571
Advances in 2024		16
Ending Balance, 06/30/2024	$	587

Building America

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

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

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

Advances to BACDE by HIT	(dollars in thousands)
Ending Balance, 12/31/2023	$	147
Advances in 2024		928
Repayment by BACDE in 2024		(893	)
Ending Balance, 06/30/2024	$	182

  17

Notes to Financial Statements

(unaudited)-continued

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

	(dollars in thousands)
As of June 30, 2024
Assets	$	2,397
Liabilities	$	1,841
Equity	$	556
For the period ended June 30, 2024
Income	$	1,101
Expenses		(687	)
Tax Expenses		(118	)
Net Income (Loss)	$	296

Note 4. Leases

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

(dollars in thousands)	Operating Lease			Financing Lease			Total
ROU Asset, 1/1/2024	$	3,825		$	31		$	3,856
Addition		—			7			7
Reduction/Amortization of ROU Asset		(247	)		(6	)		(253	)
Right-of-Use Asset, 06/30/2024	$	3,578		$	32		$	3,610
Lease Liability, 1/1/2024		4,355			32			4,387
Addition		—			7			7
Lease Payments		(292	)		(6	)		(298	)
Imputed Interest		36			1			37
Reduction of Lease Liability		(256	)		(5	)		(261	)
Lease Liability, 06/30/2024	$	4,099		$	34		$	4,133
Lease Expense		(283	)		(7	)		(290	)
Weighted Average Discount Rate		1.94	%		5.26	%
Weighted Average Remaining Term (Years)		6.9			3.2

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.

  18

Notes to Financial Statements

(unaudited)-continued

Certain assets of the HIT are invested in liquid investments until they are required to fund these purchase commitments. As of June 30, 2024, the HIT had outstanding unfunded purchase commitments of approximately $434.0 million. The HIT maintains a sufficient level of liquid securities of no less than the total of the outstanding unfunded purchase commitments. As of June 30, 2024, the value of liquid securities, less short-term investments, maintained in a custodial trading account was approximately $6.3 billion.

Note 6. Investment Transactions

Purchases and sales of investments, excluding short-term securities and U.S. Treasury securities, for the six months ended June 30, 2024, were $761.2 million and $382.5 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 of $2.0 million as of June 30, 2024, to reflect tax character. The amount and character of tax-basis distributions and composition of the net assets are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of June 30, 2024.

At June 30, 2024, the cost of investments for federal income tax purposes was $7,416,354,000. Net unrealized loss aggregated to $812,340,000 at period-end, of which $14,707,000 was related to appreciate investments and $827,047,000 was 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.

  19

Notes to Financial Statements

(unaudited)-continued

The HIT’s participation in the Plan for the year ended June 30, 2024, 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 June 30, 2024, is for the 2022 Plan year ended at June 30, 2023. 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

EIN/Pension Plan Number	53-0228172 / 001
2022 Plan Year PPA Zone Status	Green
FIP/RP Status Pending/ Implemented	No
2024 Contributions		$1,179,747
2024 Contribution Rate		24	%
Surcharge Imposed		No
Expiration Date of Collective Bargaining Agreement		04/01/2024

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:

	Year Contributions to Plan Exceeded 5 Percent of
Pension Fund	Total Contributions
AFL-CIO Staff Retirement Plan	2022 1

1. The 2022 plan year ended at June 30, 2023.

At the date the HIT financial statements were issued, the Plan’s Form 5500 was not available for the plan year ended June 30, 2024.

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 2024, the HIT will match dollar for dollar the first $6,400 of each employee’s contributions. The HIT’s 401(k) contribution for the six months ended June 30, 2024, was approximately $220,400.

Note 9. Contract Obligations

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

Note 10. 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 June 30, 2024, 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.

  20

FINANCIAL HIGHLIGHTS

Select Per Share Data and Ratios

	Six Months Ended
	June 30, 2024**
Per share data	(unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	973.69		$	958.52		$	1,137.06		$	1,176.64		$	1,140.24		$	1,087.85
Income from investment operations:
Net investment income *		17.23			32.45			23.21			20.20			25.13			29.65
Net realized and unrealized gains (losses) on
investments		(14.41	)		15.84			(176.26	)		(32.43	)		45.18			54.26
Total income (loss) from investment operations		2.82			48.29			(153.05	)		(12.23	)		70.31			83.91
Less distributions from:
Net investment income		(17.52	)		(33.12	)		(25.49	)		(24.29	)		(28.41	)		(31.52	)
Net realized gains on investments		—			—			—			(3.06	)		(5.50	)		—
Total distributions		(17.52	)		(33.12	)		(25.49	)		(27.35	)		(33.91	)		(31.52	)
Net asset value, end of period	$	959.00		$	973.69		$	958.52		$	1,137.06		$	1,176.64		$	1,140.24
Total return		0.31	%		5.17	%		-13.55	%		-1.04	%		6.20	%		7.78	%
Net assets, end of period (in thousands)	$	6,555,211		$	6,558,831		$	6,025,063		$	7,106,556		$	6,749,288		$	6,554,926
Ratios/supplemental data
Ratio of expenses to average net assets		0.32	%		0.33	%		0.32	%		0.31	%		0.32	%		0.34	%
Ratio of net investment income to average net assets		3.59	%		3.39	%		2.30	%		1.70	%		2.13	%		2.60	%
Portfolio turnover rate		21.4	%		14.5	%		25.3	%		30.4	%		30.3	%		17.6	%

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

**Percentage amounts for the period, except total return, have been annualized.

See accompanying Notes to Financial Statements (unaudited).

  21

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

N/A

  22

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

N/A

  23

Item 10. Renumeration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. (Unaudited)

Note: This information is disclosed as part of Item 7: Financial Statements and Financial Highlights.

  24

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

N/A

  25

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) Not applicable for semi-annual reports.

(2) Not applicable.

(3) 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)).

(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)).

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: August 29, 2024

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: August 29, 2024

/s/ Harpreet S. Peleg

Harpreet S. Peleg,

Chief Financial Officer

AFL-CIO Housing Investment Trust

(Principal Financial Officer)

Date: August 28, 2024