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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: July 13, 1998
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,
Massachusettes, 02138
(Number, Street, City, Zip Code)
4. Check one of the following:
A. X The notification pertains to a periodic repurchase offer under
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paragraph (b) of Rule 23c-3.
B. The notification pertains to a discretionary repurchase offer
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under paragraph (b) of Rule 23c-3.
C. The notification pertains to a periodic repurchase offer under
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paragraph (b) of Rule 23c-3 and a discretionary repurchase offer under paragraph
(c) of Rule 23c-3.
By: /s/ David F. Sand
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(Name)
Chief Executive Officer
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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
13 July 1998
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 4 August 1998, 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 3 August 1998, 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 3 August
1998 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 10 August 1998.
The Fund will repurchase shares totaling no more than 14% of the
Fund's total outstanding shares as of 3 August 1998 (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 3 August 1998.
Alternatively, the Fund may increase the repurchase amount to 16%. If
shareholders tender more than the 16% repurchase amount, the Fund would then
repurchase shares based on the pro rata holdings of each shareholder as of 3
August 1998.
On 10 July 1998, the Fund's net asset value per share was
$100,308.66. The Fund's net asset value per share may fluctuate between 3
August 1998, the repurchase request deadline, and 4 August 1998, 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 share or market price.
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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 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 as a result of the which 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 3 August 1998, 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,
Ronald A. Homer
Chairman
Access Capital Strategies Community Investment Fund, Inc.
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