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CRA Investors

nbsp;On 9/10/14, the OCC, Board and FDIC (the Agencies) proposed to clarify and supplement their Interagency Questions and Answers regarding Community Reinvestment to address questions raised by bankers', community organizations, and other regarding the Agencies' CRA regulations. The bulletin is available here.

The Community Reinvestment Act (CRA) Qualified Investment Fund CRA Shares (Ticker: CRAIX) was launched in 1999 to help banks garner positive consideration on the Investment Test portion of their CRA exams. The CRA, created in 1977, mandates that banks make capital available to the low- and moderate-income communities which they serve. The CRA Fund invests in high credit quality fixed income securities whose proceeds are designed to positively impact communities throughout the U.S.

Out of over 940 CRA exams, every shareholder has earned positive consideration for their investment in the Fund.*

Fund Basics
Ticker/NAV
CUSIP 20368N103
Inception Date 8/30/99
Dividend Frequency Monthly
Liquidity Daily
Expense Ratio 0.93%
Minimum Initial Investment $500,000
Benchmark Barclays Aggregate
Month-End Data (as of 11/28/14)
NAV $10.78
Distribution 0.023612
30-Day SEC Yield 1.90%
Total Net Assets (all share classes) $1,586,599,504
Effective Duration 4.55
Fund Average Annual Returns (as of 11/28/14) - Latest Month
  YTD 1-YR 5-YR 10-YR Since Inception
CRA Shares 4.62% 3.65% 2.83% 3.74% 4.58%
Benchmark 5.87% 5.27% 4.10% 4.79% 5.66%
Fund Average Annual Returns (as of 9/30/14) - Latest Quarter
  YTD 3Q14 1-YR 5-YR 10-YR Since Inception
CRA Shares 3.24% 0.25% 2.44% 2.82% 3.57% 4.54%
Benchmark 4.10% 0.17% 3.96% 4.12% 4.62% 5.61%

CRA Shares inception date: 8/30/99. 3-month and YTD returns are not annualized. Performance quoted is past performance and does not guarantee future results.  Current performance may be lower or higher than the performance data quoted.  An investor's investment return and principal value will fluctuate, so that your shares when redeemed may be worth more or less than your initial cost. 

Portfolio Composition (as of 9/30/14)
Multifamily Agency MBS 1 45.7%
Single Family Agency MBS 26.3%
Taxable Municipal Bonds 2 21.1%
Small Business Administration Pools/Loans 4.0%
Money Markets 1.5%
Other 3 1.4%
Quality Composition (as of 9/30/14) 4
Government/Agency 5
78.0%
AAA 7.2%
AA 12.5%
A 2.3%

 

 

Top Ten Holdings (as of 9/30/14) 6
Dreyfus Treas 1.50%
GN AC6885 1.17%
GNR 2012-111 AB 1.08%
FN AS2826 0.98%
FN 890230 0.95%
G2 783417 0.77%
FN 890226 0.75%
FN AW0985 0.69%
FN AV7157 0.67%
FN 467315 0.66%

 

 

 

 

* As of September 30, 2014. CRA exams conducted by FDIC, OCC, and FRB.  These regulators have not approved or disapproved of the Fund.
1- Includes 0.10% in Community Reinvestment Fund (CRF) bonds (non-agency MBS).
2- Includes 0.91% in Alternative Minimum Tax Bonds and 0.4% in Tax-Exempt Municipal Bonds.
3- Other includes 1.0% in U.S. Government and 0.4% in U.S. Credit.
4- As of 9/30/14, 0.01% of the Fund's assets were rated B, 0.01% were rated BBB, and a total of  0.0003% were not rated. All rated securities are rated by S&P, Moody's, and/or Fitch.  If a security is rated by more than one of these organizations, the lowest rating assigned is shown. Ratings are measured on a scale that generally ranges from AAA (highes) to D (lowest).
5- Govt./Agency includes mortgage backed-securities and asset-backed securities that are issued by the U.S. Government and government agencies.
6- Holdings are subject to change.
Bond and bond funds are subject to interest rate risk and will decline in value as interest rates rise.  The Fund is non-diversified. Carefully consider the risks, investment objectives, charges and expenses of the Fund before investing. Mutual fund investing involves risk including the loss of principal. The prospectus contains this and other important information. The prospectus is available via the link above.  Please read the prospectus carefully before investing.  The CRA Qualified Investment Fund is distributed by SEI Investments Distribution Co. (SIDCO) which is not affiliated with Community Capital Management or any other affiliate.