CRA Qualified Investment Fund: CRA Shares (CRAIX)

The CRA Qualified Investment Fund CRA Shares (Ticker: CRAIX) is an investment grade, intermediate duration bond fund that seeks to preserve capital, deliver attractive risk-adjusted returns, and serve as the ballast in a portfolio. It was launched in 1999 as a vehicle to help banks meet the investment test requirements of the Community Reinvestment Act (CRA). The Fund offers CRA targeting where bank shareholders can direct their capital to support specific assessment areas and receive customized CRA reporting for each investment earmarked, noting the primary purpose is community development.

FUND FACTS
Asset Class Fixed Income
Ticker CRAIX
Inception 8/30/99
Dividends Monthly
Benchmark Bloomberg Barclays Intermediate U.S. Aggregate Index
Expense Ratio 0.92%
Morningstar Category Intermediate Government Bonds
Overall Morningstar RatingTM
(as of 10/31/2020)

(based on risk-adjusted return among 224 Intermediate Govt. Bond Funds)
MONTH-END DATA as of 10/31/2020
NAV $10.83
Distribution 0.014272
30-Day SEC Yield 1.28
Total Fund Assets $2.7 billion

CRA Highlights (as of 09/30/2020)
Bank Shareholders >390
CRA Exams >1,500
Impact $10 billion
Average Annual Returns % (as of 10/31/2020)
Average Annual Returns % (as of 09/30/2020)
Monthly
Quarterly
Monthly
Quarterly
Monthly
Quarterly
  YTD 1-YR 5-YR 10-YR Since Inception
CRAIX 3.55 3.44 2.28 2.31 3.93
Morningstar Category 4.99 4.88 2.70 2.48 N/A
Bloomberg Barclays Intermediate U.S. Aggregate Index 4.99 5.08 3.25 2.89 4.66
  3Q20 YTD 1-YR 5-YR 10-YR Since Inception
CRAIX 0.41 3.89 3.98 2.30 2.36 3.96
Morningstar Category 0.23 5.40 5.47 2.74 2.57 N/A
Bloomberg Barclays Intermediate U.S. Aggregate Index 0.48 5.16 5.66 3.27 2.98 4.68

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.


Mutual fund investing involves risk including the loss of principal. 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. 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), 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Community Capital Management or any other affiliate.

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The Morningstar RatingTM for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three- year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. As of 10/31/2020, the CRA Qualified Investment Fund was rated against the following number of U.S.-domiciled Intermediate Government funds over the following time periods: 224 funds in the last three years, 201 funds in the last five years, and 166 funds in the last ten years. With respect to these Intermediate Government funds, the CRA Qualified Investment Fund CRA Share Class received a Morningstar Rating of two stars, two stars, and two stars for the three-, five-, and ten-year periods, respectively.