NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The Community Reinvestment Act Qualified Investment Fund (the "Fund") was organized as a Delaware business
trust on January 15, 1999. The Fund is registered under the Investment Company Act of 1940 (the "Act"), as
amended, as an open-end investment company. The Fund is a non-diversified fund. The Fund is organized to
offer a single class of shares of beneficial interest. The initial capitalization of the Fund, $100,000, was provided
on June 3, 1999 by CRAFund Advisors, Inc., (the "Advisor"). The Fund commenced investment operations on
August 30, 1999.
The costs incurred in connection with the organization, initial registration and public offering of shares have been
paid by the Advisor. Accordingly, no organizational costs have been recorded by the Fund.
The following is a summary of significant accounting policies consistently followed by the Fund in the preparation
of its financial statements. The policies are in conformity with generally accepted accounting principles for
SECURITY VALUATION. Investments in securities traded on a national securities exchange are valued at the
last reported bid price. Debt securities are valued by using market bid quotations or independent pricing services
which use bid prices provided by market makers or estimates of market values obtained from yield data relating
to instruments or securities with similar characteristics. When market quotations are not readily available,
securities and other assets are valued at fair value as determined in good faith as reviewed by the Board of
Trustees. Short-term obligations having a maturity of 60 days or less are valued at amortized cost or original cost
plus accrued interest, which the Board of Trustees believes represents fair market value. Discounts and premiums
on debt securities are amortized to income over their prospective lives, using the interest method.
REPURCHASE AGREEMENTS. The Fund may invest in repurchase agreements from br