ITEM 1: DESCRIPTION OF BUSINESS
The Access Capital Strategies Community Investment Fund, Inc. (the "Fund") completed its organization and registration process in early 1998 and commenced operations on June 23, 1998. This filing is the initial 10-K Annual Report for the Fund and covers fiscal year 1999: June 23, 1998 to May 31, 1999.
The Fund is a non-diversified closed-end management company electing status as a business development company. The Fund is structured to provide a secondary market for special securities created to meet certain aspects of the Community Reinvestment Act ("CRA"). Investors in the Fund must designate a particular geography within the United States as part of their agreement to purchase Fund shares. The Fund's Manager, Access Capital Strategies LLC ("Access"), agrees to invest only in areas where Fund shareholders have made targeted designations. In addition to their geographic specificity, Fund investments must be of U.S. Government Agency or AAA credit quality.
Access Capital Strategies LLC ("Access") serves as investment manager. Access is a registered investment advisor under the Investment Advisors Act of 1940 ("Investment Advisors Act") As of May 31,1999, the Federal National Mortgage Association ("Fannie Mae") through its affiliate the Fannie Mae American Communities Fund held an 18.6% equity interest in Access. At May 31, 1999, the Fund held $11.9 million in Fannie Mae mortgage-backed securities representing 46.8% of the Fund's net assets.
The Fund competes with a range of narrowly defined CRA qualified investments including a few funds that operate on a regional and national basis. However, to our knowledge there is no other CRA qualified fund in existence that offers the same risk parameters as this Fund. The Fund competes most directly with brokers who sell AAA credit quality CRA qualified securities directly to banking institutions.
The Fund ended the fiscal year on May 31, 1999 with $25,442,776 in assets and 256.248 shares owned by eight Fund investors. The Net Asset Value per share was $99,288.88 and the Fund's total return from inception to May 31, 1999 was 3.17%.
More information on the Fund is contained in the attached Private Offering Memorandum and 1999 audited Annual Report.
ITEM 2:
Item 2. Changes in Securities None
Item 3.
Item 3. Defaults Upon Senior Securities None.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders None.
Item 5.
Item 5. Other Information None.
Item 6.
Item 6. Exhibits and Reports The following Exhibits are filed as part of this Report:
(a) (1) N/A (2) None (3) (i) Incorporated by reference from an exhibit in Form 10-Q for the period ended August 31, 1998 (ii) Incorporated by reference from an exhibit in Form 10-Q for the period ended August 31, 1998 (4) N/A (5) N/A (8) N/A (9) None (10) (i) Incorporated by reference from an exhibit in Form 10-Q for the period ended August 31, 1998 (iii) (A) Incorporated by reference from an exhibit in Form 10-Q for the period ended August 31, 1998 (11) N/A (12) N/A (13) N/A (15) N/A (16) None (17) N/A (18) None (19) N/A (20) N/A (21) None (22) None (23) Consent of Independent Public Accountants (24) None (25) N/A (26) N/A (27) Financial Data Schedule (b) Reports on Form 8-K None.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Access Capital Strategies Community Investment Fund, Inc.
Date: December 18, 2000 /S/ RONALD A. HOMER ----------------------------------------- Ronald A. Homer, Chairman
Date: December 18, 2000 /S/ KEVIN J. MULVANEY ----------------------------------------- Kevin J. Mulvaney, Director
Date: December 18, 2000 /S/ PETER BLAMPIED ----------------------------------------- Peter Blampied, Director
Date: December 18, 2000 /S/ DAVID F. SAND ----------------------------------------- David F. Sand, Chief Executive Officer, Principal Financial Officer, Principal Accounting Officer