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CRA Investors

nbsp;On Monday, March 18, a press release requesting comments on proposed revisions to the CRA Interagency Questions and Answers was issued.  In December 2013, CCM published a white paper on the final CRA regulatory changes which is available here. If you have any questions on the recent changes and its impact on the CRA Fund, please email Barbara VanScoy.

The Community Reinvestment Act (CRA) Qualified Investment Fund CRA Shares (Ticker: CRAIX) were created 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.

Out of approximately 850 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 6/30/14)
NAV $10.71
Distribution 0.018969
30-Day SEC Yield 2.00%
Total Net Assets (all share classes) $1,547,294,299
Effective Duration 4.76
Fund Average Annual Returns (as of 6/30/14) - Latest Month
  YTD 1-YR 5-YR 10-YR Since Inception
CRA Shares 2.98% 2.25% 3.27% 3.83% 4.60%
Benchmark 3.93% 4.37% 4.85% 4.93% 5.69%
Fund Average Annual Returns (as of 6/30/14) - Latest Quarter
  YTD 2Q14 1-YR 5-YR 10-YR Since Inception
CRA Shares 2.98% 1.85% 2.25% 3.27% 3.83% 4.60%
Benchmark 3.93% 2.04% 4.37% 4.85% 4.93% 5.69%

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 6/30/14)
Multifamily Agency MBS 1 46.4%
Single Family Agency MBS 25.2%
Taxable Municipal Bonds 2 20.6%
Small Business Administration Pools/Loans 4.1%
Money Markets 2.4%
Other 3 1.3%
Quality Composition (as of 6/30/14) 4
Government/Agency 5
78.2%
AAA 7.3%
AA 12.3%
A 2.2%

 

 

 

 

Top Ten Holdings (as of 6/30/14) 6
Dreyfus Treas 2.33%
GN AC6885 1.18%
GNR 2012-111 AB 1.11%
FN 890230 1.01%
FN AS2826 1.00%
G2 783417 0.82%
FN 890226 0.79%
FN AW0985 0.69%
FN AV7157 0.69%
KY HSG-B-TXBL (3%) 0.68%

 

 

 

* As of June 30, 2014. CRA exams conducted by FDIC, OCC, and FRB.  These regulators have not approved or disapproved of the Fund.
1- Includes 0.13% in Community Reinvestment Fund (CRF) bonds (non-agency MBS).
2- Includes 1.1% in Alternative Minimum Tax Bonds and 0.3% in Tax-Exempt Municipal Bonds.
3- Other includes 0.9% in U.S. Government and 0.4% in U.S. Credit.
4- As of 6/30/14, a total of 0.01% of the Fund's assets were rated B and a total of  0.001% 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.