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APPENDIX A
FORM N-23c-3 NOTIFICATION OF REPURCHASE OFFER
PURSUANT TO RULE 23c-3
1. Investment Company Act File Number 814-143
Date of Notification: October 12, 1999
2. Exact name of investment company as specified in registration
statement:
Access Capital Strategies Community Investment
Fund, Inc.
3. Address of principal executive office:
124 Mt. Auburn Street, Suite 200N, Cambridge, Massachusetts,
02138
(Number, Street, City, Zip Code)
4. Check one of the following:
A. X The notification pertains to a periodic repurchase offer under
paragraph (b) of Rule 23c-3.
B. __ The notification pertains to a discretionary repurchase offer
under paragraph (b) of Rule 23c-3.
C. __ The notification pertains to a periodic repurchase offer under
paragraph (b) of Rule 23c-3 and a discretionary repurchase offer under
paragraph (c) of Rule 23c-3.
By: /s/ Ronald A. Homer
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(Name)
Chairman
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(Title)
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ACCESS CAPITAL STRATEGIES COMMUNITY INVESTMENT FUND, INC.
124 Mt. Auburn Street
Suite 200N
Cambridge, Massachusetts 02138
REPURCHASE OFFER
Dear Shareholder,
Access Capital Strategies Community Investment Fund, Inc. (the "Fund")
is offering to repurchase its shares from shareholders of the Fund pursuant to
its periodic repurchase program. You should consider the terms of the repurchase
offer described below before making any decisions. Please contact the Fund at
the above address for more information if you have any questions.
The Fund will repurchase shares of the Fund at their net asset value as
of the close of business on November 4, 1999, the "pricing date" for this
repurchase offer. Any shares of the Fund redeemed will be subject to a 1.00%
redemption fee.
You may tender shares to the Fund until November 3, 1999, the
repurchase request deadline, by writing to the Fund at the above address stating
i) the dollar amount or percentage amount of your holdings that you would like
to tender to the Fund for repurchase, and ii) the person or account to receive
payment from the Fund. You may modify or withdraw your tender until November 3,
1999 by writing to the Fund and stating the terms of such modification or
withdrawal. The Fund will pay you or your designee the proceeds from the
repurchase offer on or before November 10, 1999.
The Fund will repurchase shares totaling no more than 5% of the Fund's
total outstanding shares as of the November 3, 1999 (the "repurchase amount").
If shareholders tender more than repurchase amount, the Fund will repurchase
shares based on the pro rata holdings of each shareholder as of November 3,
1999. Alternatively, the Fund may increase the repurchase amount to 7%. If
shareholders tender more than the 7% repurchase amount, the Fund would then
repurchase shares based on the pro rata holdings of each shareholder as of
November 3, 1999.
On October 6, 1999, the Fund's net asset value per share was
$98,127.33. On October 15, 1999, $1,464.10 per share will be paid as a dividend.
The Fund's net asset value per share may fluctuate between November 3, 1999, the
repurchase request deadline, and November 4, 1999, the pricing date. You may
contact the Fund at the above address if you would like to find out the Fund's
current net asset value per shares or market price.
The Fund may suspend or postpone the repurchase offer only if a
majority of the Board of Directors, including a majority of the independent
Directors, determine that the repurchase offer would cause the Fund to lose its
status as a regulated investment company under Subchapter M
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of the Internal Revenue Code. A majority of the Board of Directors, including a
majority of the independent Directors, may also suspend or postpone the
repurchase offer for any period during which an emergency exists and disposal by
the Fund of its portfolio securities is not reasonably practicable or during
which it is not reasonably practicable for the Fund to fairly determine the
value of its net assets or for such other periods as the Securities and Exchange
Commission may by order permit for the protection of the Fund's shareholders.
Finally, the Board of Directors may determine in accordance with the
Investment Company Act of 1940, as amended (the "1940 Act"), to move the pricing
date to November 3, 1999, if it makes the determinations required by the 1940
Act.
Please carefully consider the terms and procedures of the repurchase
offer before making a decision to tender, or to not tender, shares of the Fund
for redemption. If you have any questions about this repurchase offer, please
contact the Fund at the above address.
Sincerely,
/s/ Ronald A. Homer
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Ronald A. Homer
Chairman
Access Capital Strategies Community
Investment Fund, Inc.
October 12, 1999
