<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED NOVEMBER 30, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM _______ TO _______________
COMMISSION FILE NO. 814-143
ACCESS CAPITAL STRATEGIES COMMUNITY INVESTMENT FUND, INC./MA
--------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
MARYLAND 04-3369393
--------------------------------------- -------------------
(STATE OR OTHER JURISDICTION OF (I.R.S.
EMPLOYER INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
124 MT. AUBURN STREET, SUITE 200N CAMBRIDGE, MA 02138
--------------------------------------------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
617-576-5858
--------------------------------------------------------------------------------
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
N/A
--------------------------------------------------------------------------------
(FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR, IF CHANGED SINCE LAST
REPORT)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
has been required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [ ] No [X]
The registrant had eleven shareholders and 289.655 shares of common stock
outstanding as of November 30, 1999.
<PAGE> 2
INDEX
Access Capital Community Investment Fund, Inc.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Statements of Assets and Liabilities-
November 30,1999, May 31, 1999, and
November 30, 1998
Statements of Operations - Three months
ended November 30, 1999 and 1998 Six months
ended November 30, 1999 and 1998
Statements of Changes in Net Assets - Three
months ended November 30, 1999 and 1998 Six
months ended November 30, 1999 and 1998
Financial Highlights - Three months ended
November 30, 1999 and 1998 Six months ended
November 30, 1999 and 1998
Notes to Financial Statements
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures about
Market Risk
PART II. OTHER INFORMATION
Item 1. Legal proceedings
Item 2. Changes in securities
Item 3. Defaults upon senior securities
Item 4. Submission of matters to a vote of security holders
Item 5. Other information
Item 6. Exhibits and reports
Signatures
<PAGE> 3
ACCESS CAPITAL STRATEGIES COMMUNITY INVESTMENT FUND, INC.
STATEMENTS OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
November 30, 1999 May 31, 1999 November 30,1998
(Unaudited) (Unaudited)
----------------- ------------ ----------------
<S> <C> <C> <C>
ASSETS:
Investments, at market value (cost: $32,800,296.07, $33,187,999.54 $24,926,915 $24,815,844.51
$25,256,576 and $24,914,195.52)
Interest Receivable $ 248,877.49 $ 540,615 $ 930,451.55
-------------- ----------- --------------
TOTAL ASSETS: $33,436,877.03 $25,467,530 $25,746,296.06
-------------- ----------- --------------
Accrued expenses $ 27,133.96 $ 25,237.13
Accrued interest expense $ 479.45 $ 24,754 0
Reverse repurchase agreement $ 5,000,000.00 0 0
-------------- ----------- --------------
Total Liabilities $ 5,027,613.41 $ 24,754 $ 25,237.13
-------------- ----------- --------------
Net Assets $28,409,263.34 25,442,776 $25,721,058.93
NET ASSETS REPRESENTED BY:
Paid-in capital $28,874,837.76 $25,624,837 $25,624,837.76
Accumulated undistributed net investment income $ 298,192.30 $ 222,475 $ 217,469.81
Accumulated net realized loss -151,470.19 -74,875 -22,897.89
Net unrealized appreciation/(depreciation) on investments -612,296.53 -329,661 -98,351.01
Net assets $28,409,263.34 $25,442,776 $25,721,058.93
Net asset value per share $ 98,079.66 $ 99,288.88 $ 100,374.86
Shares outstanding 289.655 256.248 256.248
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
<PAGE> 4
ACCESS CAPITAL STRATEGIES COMMUNITY INVESTMENT FUND, INC.
STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
June 23, 1998
(Commencement Of
September 1 to September 1 to June 1 to Operations) to
November 30, 1999 November 30, 1998 November 30,1999 November 30, 1998
----------------- ----------------- ---------------- -----------------
<S> <C> <C> <C> <C>
INTEREST INCOME:
Interest $551,334.37 $ 365,512.47 $ 990,317.17 $ 640,069.95
EXPENSES:
Administrative fee $ 2,032.72 $ 1,954.31 $ 3,969.67 $ 3,439.12
Management fee $ 33,878.71 $ 32,571.86 $ 66,161.22 $ 57,318.73
Custody fee $ 2,032.72 $ 1,954.32 $ 3,969.67 $ 3,439.13
Organizational expense reimbursement fee $ 1,355.15 $ 1,302.87 $ 2,646.45 $ 2,292.75
----------- ------------ ------------ ------------
Total fee expense $ 39,299.30 $ 37,783.36 $ 76,747.01 $ 66,489.73
Interest expense $ 76,251.39 0 $ 107,787.56 0
----------- ------------ ------------ ------------
TOTAL EXPENSES: $115,550.69 $ 37,783.36 $ 184,534.57 $ 66,489.73
NET INVESTMENT INCOME: $435,783.68 $ 327,729.11 $ 805,782.60 $ 573,580.22
----------- ------------ ------------ ------------
Net realized gain/loss on investments $ 4,508.10 -13,857.80 -76,595.48 -22,897.89
Change in unrealized appreciation/(depreciation)
of investments $ 12,072.86 -445,900.54 -282,635.07 -98,351.01
----------- ------------ ------------ ------------
Net realized and unrealized gain/ (loss) on
investments $ 16,580.96 -459,758.34 -359,230.55 -121,248.90
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS $452,364.64 -132,029.23 $ 446,552.05 $ 452,331.32
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
<PAGE> 5
ACCESS CAPITAL STRATEGIES COMMUNITY INVESTMENT FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
(UNAUDITED)
<TABLE>
<CAPTION>
June 23, 1998
(Commencement Of
September 1 to September 1 to June 1 to Operations) to
November 30, 1999 November 30, 1998 November 30,1999 November 30, 1998
<S> <C> <C> <C> <C>
NET INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net Investment Income $ 435,783.68 $ 327,729.11 $ 805,782.60 $ 573,580.22
Net realized gain/loss on
investments $ 4,508.10 -13,857.80 -76,595.48 -22,897.89
Change in unrealized
appreciation/(depreciation) of
investments $ 12,072.86 -445,900.54 -282,635.07 -98,351.01
-------------- -------------- -------------- --------------
Increase/(decrease) in net
assets resulting from
operations $ 452,364.64 -132,029.23 $ 446,552.05 $ 452,331.32
DISTRIBUTION TO SHAREHOLDERS FROM:
Net Investment Income $ 389,946.93 $ 356,110.41 $ 730,064.90 $ 356,110.41
-------------- -------------- -------------- --------------
Total distribution to
shareholders $ 389,946.93 $ 356,110.41 $ 730,064.90 $ 356,110.41
-------------- -------------- -------------- --------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares $ 2,250,000.00 $ 5,500,000.00 $ 3,250,000.00 $34,124,838.02
Shares redeemed 0 -5,500,000.00 0 -8,500,000.00
-------------- -------------- -------------- --------------
Change in net assets resulting
from capital share transactions $ 2,250,000.00 0 $ 3,250,000.00 $25,624,838.02
--------------
Increase/(decrease) in net
assets $ 2,312,417.73 -488,139.64 $ 2,966,487.15 $25,721,058.93
Net assets at beginning of
period $26,096,845.89 $26,209,198.57 $25,442,776.45 0
-------------- -------------- -------------- --------------
NET ASSETS AT END OF PERIOD $28,409,263.62 $25,721,058.93 $28,409,263.62 $25,721,058.93
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
<PAGE> 6
ACCESS CAPITAL STRATEGIES COMMUNITY INVESTMENT FUND, INC.
FINANCIAL HIGHLIGHTS
(UNAUDITED)
<TABLE>
<CAPTION>
June 23, 1998
(Commencement of
September 1 to September 1 to June 1 to Operations) to
November 30, 1999 November 30, 1998 November 30, 1999 November 30, 1998
----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value beginning of period $97,983.57 $102,279.80 $99,288.88 $100,000.00
---------- ----------- ---------- -----------
Income from investment operations
Net Investment Income $ 1,583.86 $ 1,278.94 $ 3,003.29 $ 2,238.36
Net realized and unrealized gain/(loss) on
investments 60.26 -1,794.18 -1,337.18 -473.80
---------- ----------- ---------- -----------
Total from investment operations $ 1,644.12 -515.24 $ 1,665.41 $ 1,764.56
---------- ----------- ---------- -----------
Less distributions from net investment income $ 1,548.03 $ 1,389.71 $ 2,875.33 $ 1,389.71
---------- ----------- ---------- -----------
Net asset value end of period $98,079.66 $100,374.86 $98,079.66 $100,374.86
Net assets, at end of period ($ Millions) $ 28.4 $ 25.7 $ 28.4 $ 25.7
Ratio of expenses to average net assets 0.58% 0.58% 0.58% 0.58%
Ratio of net investment income to average
net assets 6.4% 5.1% 6.2% 5.2%
Total return for period 1.57% -2.72% 1.58% 1.74%
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
<PAGE> 7
ACCESS CAPITAL STRATEGIES COMMUNITY INVESTMENT FUND, INC.
NOTES TO FINANCIAL STATEMENTS
1. Basis of Presentation
The accompanying unaudited condensed consolidated financial statements reflect
the results of operations for Access Capital Strategies Community Investment
Fund, Inc. and have been prepared in accordance with generally accepted
accounting principles for interim financial information and with the
instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do
not include all of the information and footnotes required by generally accepted
accounting principles for annual financial statements. In the opinion of
management, all adjustments (consisting of normal recurring accruals and
adjustments) considered necessary for a fair presentation have been included.
The results of operations and other data for the three months ended November 30,
1999 are not necessarily indicative of the results that maybe expected for any
other interim period or the fiscal year ending May 31, 2000. The information in
this report should be read in conjunction with the financial statements and
accompanying notes included in the May 31, 1999 Annual Report on Form 10-K. The
Fund has not changed its accounting and reporting policies from those disclosed
in its May 31, 1999 financial statements.
In preparing the financial statements, management is required to make estimates
and assumptions that effect the reported amounts of assets and liabilities as of
the date of the statement of assets and liabilities and revenues and expenses
for the period. Actual results could differ from those estimates; any such
differences are expected to be immaterial to the net assets of the Fund.
This report covers the activity from September 1 to November 30, 1999.
ITEM 2:
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
This quarterly report contains certain statements that may be considered
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended and Section 21E of the Securities
Exchange Act of 1934, as amended. The Company's actual results could differ
materially from those projected in the forward-looking statements as a
result of, among factors, changes in interest rates, fluctuations in assets
under management and other sources of fee income, changes in assumptions
used in making such forward-looking statements, as well as the factors
listed under " Risk Factors and Factors Affecting Forward Looking
Statements" in the Company's Annual Report on Form 10-K for the year ended
May 31, 2000.
OVERVIEW
Access Capital Strategies Community Investment Fund, Inc, (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 and must support Community Reinvestment Activity.
COMPLIANCE
To qualify as a Regulated Investment Company, the Fund must, among other things,
satisfy a diversification standard under the Code such that, at the close of
each quarter of the Fund's taxable year, (i) not more than 25% of the value of
its total assets is invested in the securities (other than government securities
or securities of other RICs) of a single issuer, or two or more issuers which
the Fund controls (under a 20% test) and which are engaged in the same or
similar trades or business or related trades or businesses, and (ii) at least
50% of the market value of its total assets is
<PAGE> 8
represented by cash, cash items, government securities, securities of other RICs
and other securities (with each investment in such other securities limited so
that not more than 5% of the value of the Fund's total assets is invested in the
securities of a single issuer and the Fund does not own more than 10% of the
outstanding voting securities of a single issuer).
Management believes the Fund was in compliance with the above requirements for
the period ended November 30, 1999.
FUND OPERATIONS
INVESTMENT ACTIVITY
In the quarter ended November 30, 1999 the Fund purchased $1,515,613 in new
securities with a yield to maturity of 7.42%. In the year ago quarter ended
November 30, 1998 the Fund did not make any purchases other than short-term
investment of portfolio income.
There were no Fund sales during the quarter ended November 30, 1999.
The Fund is permitted to use leverage in its investment program. For the period
ended November 30, 1999, the Fund averaged $5 million in borrowings at an
average rate of 5.60%. There was no leverage for the year ago period ended
November 30, 1998. For the period ended November 30, 1999 the total proceeds
from borrowings were used to support additional investments in the Fund's
Designated Target Regions.
NET ASSETS AND FUND HOLDINGS AT NOVEMBER 30, 1999
At November 30, 1999 the Fund's Net Asset Value was $28.4 million, or $98,079.66
per share. At the May 31, 1999 beginning of the current fiscal year the Fund's
Net Asset Value was $25.4 million, or $99,289 per share. A year ago at November
30, 1998 the Fund's Net Asset Value was $25.7 million, or $100,374.86 per share.
The $3 million, or 11.8%, increase in Net Asset Value from May 31 to November
30, 1999 was attributable to the sale of $3.25 million in new Fund shares and
realized and unrealized losses in the period.
The quarter ended November 30, 1999 Net Asset Value per share of $98,079.66
represented a decrease of 1.2% from the May 31, 1999 Net Asset Value of $99,289.
The year-to-date comparison represent essentially no change, while the
year-to-year number is due to the Fund's movement to fixed rate investments
prior to a time of generally rising interest rates.
The Fund owned:
1 Federal Home Loan Mortgage Corp Adjustable Rate Mortgage Backed
Security in the amount of $5.8 million
26 Fixed Rate U.S. Agency Mortgage Backed Securities in the aggregate
amount of $26.5 million
1 State Street Bank Repurchase Agreement in the amount of $648,254
INVESTMENT INCOME
The Fund had investment income net of all fees (as discussed below) of $435,784
for the quarter ended November 30, 1999, representing a 33.0% increase from the
year ago period ended November 30, 1998 when the Fund had investment income of
$327,729. This increase is attributable to a combination of factors including a
lengthening of maturities and a 12.9% increase in average net assets invested at
higher yields for the quarter ended November 30, 1999 compared to the quarter
ended November 30, 1998. For the current fiscal year to date period from June 1,
1999 to November 30, 1999 investment income was $805,783 an increase of 40.5%
from the June 23 to November 30, 1998 investment income of $573,580. The
increase is due to higher assets invested at higher rates and the fact that the
prior year period had less than a full six months.
<PAGE> 9
MANAGEMENT FEES & EXPENSES
Access Capital Strategies LLC, the Fund's Manager is paid an annual management
fee, paid quarterly, of fifty basis points (0.50%) of the Fund's average monthly
gross assets less accrued liabilities, other than indebtedness for borrowing.
Access pays all expenses incurred for the organization and operation of the
Fund, including Custody of Fund assets. Access is reimbursed for these expenses
up to a total of eight basis points (0.08%) of the Fund's monthly net assets;
three basis points (0.03%) of the Fund's monthly net assets for Custody; three
basis points (0.03%) of the Fund's monthly net assets for Administration; and
two basis points (0.02%) of the Fund's monthly net assets as reimbursement for
organizational expenses.
For the quarter ending November 30, 1999 the Management Fee was $33,879 and the
combined reimbursement of operating expenses were $5,421. From September 1, 1998
to November 30, 1998 the Management Fee was $32,572 and the combined
reimbursement fees were $5,212. From June 1 to November 30, 1999 the Management
Fee was $66,161 and the combined reimbursement fees were $10,506. From June 23
to November 30, 1998 the Management Fee was $57,319 and the combined
reimbursement fees were $9,171. All of the increases were due to increases in
the net assets of the Fund.
YIELD
For the quarter ending November 30, 1999 the SEC current yield was 6.50%
compared to SEC current yield of 5.5% at May 31, 1999 and 5.13% for the year ago
period ending November 30, 1998. The increases are due to higher interest rates.
For the quarter ending November 30, 1999 the ratio of net investment income to
average net assets was 6.4% compared to 5.0% for the year ago period. For the
six-month period ended November 30, 1999 the ratio was 6.2% compared to 5.2% for
the period ended November 30, 1998. The increases are due to new Fund purchases
in a higher interest rate environment and a movement towards longer-term
maturities in Fund assets.
REALIZED GAIN/LOSS
For the quarter ended November 30, 1999 the realized gain was $4,508 compared to
a realized loss of $13,858 in the comparable year ago period. The gain was from
pay downs on securities that had unrealized gains and conversely the loss was
from paydowns on securities with unrealized losses.
For the six-month period ended November 30, 1999 realized losses were $76,595
compared to realized losses of $22,898 during the period June 23 to November 30,
1998. The increase in realized losses occurred as a result of the shift out of
the Fund's initial adjustable rate security into higher yielding fixed rate
instruments.
DIVIDEND PAID
The Fund distributes to shareholders substantially all of its net investment
income and net realized capital gains, if any, as determined for income tax
purposes. Applicable law, including provisions of the 1940 Act, may limit the
amount of dividends and other distributions payable by the Fund. Substantially
all of the Fund's net capital gain (the excess of net long-term capital gain
over net short-term capital loss) and the excess of net short-term capital gain
over net long-term capital loss, if any, will be distributed annually with the
Fund's dividend distribution in December.
The Fund pays dividends on a calendar quarter. The Fund paid a quarterly
dividend of $1,548.03 per share on October 15, 1999 to shareholders of record
September 30, 1999. A year ago, the Fund paid a quarterly dividend of $1,389.71
per share on October 19, 1998 to shareholders of record September 30, 1998. For
the six-month period ended November 30, 1999 total dividends paid were $2,875.33
per share compared to $1,389.71 per share for the period June 23 to November 30,
1998.
The higher dividend is attributable to higher yields in the portfolio as a
result of lengthening of the Fund's average
<PAGE> 10
maturity in its investments and the higher yields obtained from investment of
prepayments and proceeds from sales and new share purchases.
TOTAL RETURN
For the quarter ended November 30, 1999 the total return was 1.57% compared to a
total return of -2.72% in the comparable year ago period. The increase in total
return was due to a decline in interest rates and appreciation in longer term
spreads of Agency MBS over U.S. Treasuries. For the six-month period ended
November 30, 1999 the total return was 1.6% essentially the same as the total
return of 1.7% for the period June 23 to November 30, 1998.
FUND DESIGNATED TARGET REGIONS AT NOVEMBER 30, 1999.
The Fund's Designated Target Regions ("DTRs") are provided by Fund shareholders
at the time of investment. At November 30, 1999 DTRs were:
<TABLE>
<CAPTION>
DTRS AMOUNT
---- ------
<S> <C>
Boston & Cambridge, MA $ 500,000
Massachusetts 10,250,000
New England 17,123,838
New Jersey 1,000,000
-----------
TOTAL $28,874,838
===========
</TABLE>
FUND IMPACT PER THE COMMUNITY REINVESTMENT ACT.
The Fund invests in securities that support community development economic
activity as defined in the Community Reinvestment Act.
At November 30, 1999 the Fund's investments made loans to 575 homebuyers with
incomes below 80% of median income from the following states in the following
numbers.
Massachusetts 420
Connecticut 70
Rhode Island 76
New Jersey 9
---
575
LIQUIDITY DISCUSSION
SALE AND REDEMPTION OF FUND SHARES
Fund shares are sold only to qualified investors who complete a Subscription
Agreement. All investors in the Fund must provide a Designated Target Region as
the desired location for their investment.
On October 13, 1999 two investors purchased a total of 23.316 shares at a Net
Asset Value per share of $96,502.99 resulting in new proceeds of $2,250,000.
These investors designated Massachusetts as their Designated Target Regions. In
the previous quarter ended August 31, 1999, 10.091 Fund shares were sold to one
investor at a Net Asset Value per share of $99,102.54 resulting in total new
proceeds of $1million. In the year ago quarter ended November 30, 1998, 54.42
Fund shares were sold to two investors at a Net Asset Value per share of
$101,065.80 resulting in total new proceeds of $5.5 million.
<PAGE> 11
As discussed in the Private Offering Memorandum, the Fund allows shareholders to
redeem their shares in accordance with Rule 23c-3 of the Investment Company Act
of 1940.
There were no redemptions of Fund shares during this period.
For the six-month period ended November 30, 1999 total Fund shares sold were
$3.25 million, or 33.41 shares. There were no redemptions. For the period from
inception on June 23, 1998 through November 30, 1998 a total of $34.12 million,
or 340.41 shares, Fund shares were sold and a total of $8.5 million, or 84.16
shares, was redeemed.
ITEM 3:
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
A full discussion of the risks associated with ownership of Fund shares appears
in the Fund's Private Offering Memorandum. The Fund's market risks may be
summarized as follows:
CREDIT RISK. All investments made by the Fund must be in securities of Agency or
AAA credit quality. Fund investments will typically have one or more form of
Agency or AAA credit enhancement. All credit risk of default will be borne by
the credit enhancer.
LIQUIDITY RISK. Securities purchased by the Fund will be privately placed debt
instruments. The market for resale of these securities may be limited.
Furthermore, the Fund may pay a premium for securities with special CRA
characteristics without any assurance that a comparable premium can be received
upon sale of the security.
INTEREST RATE RISK. The Fund will generally invest in fixed rate investments
that have their market values directly affected by changes in prevailing
interest rates. An increase in rates will generally reduce the value of Fund
investments and a decline in interest rates will generally increase the value of
those investments. There may be exceptions due to shifts in the yield curve, the
performance of individual securities and other market factors.
<PAGE> 12
Market Risk associated with Fund portfolio holdings at November 30, 1999:
<TABLE>
<CAPTION>
Investments (at market) Variable Rate Fixed Rate
----------------------- ------------- ----------
<S> <C> <C>
Maturities less than 1 year -- $648,253.54 State Street repurchase
agreement
Maturities (or weighted average lives) -- $5,884,512.46 Fed Home Loan Adjustable
greater than 1 year less than 7 Rate MBS
Maturities (or weighted average lives) -- $1,485,376.41 FannieMae 6% MBS
greater than 7 years less than 10 $11,628,132.69 FannieMae 6 1/2% MBS
$1,052,643.23 FreddieMac 6 1/2% MBS
$1,828,364.17 Fannie Mae 6.84% MBS
$6,976,280.86 FannieMae 7% MBS
$591,044.98 FannieMae 7.09% MBS
$461,846.63 FannieMae 7.44% MBS
$2,631,544.53 FannieMae 7 1/2% MBS
Maturities (or weighted average lives)
greater than 10 years -- --
--------------------------------------
TOTAL $33,188,000
</TABLE>
<TABLE>
<CAPTION>
Borrowings Variable Rate Fixed Rate
---------- ------------- ----------
<S> <C> <C>
Maturities less than 1 year ($5,000,000) Reverse
repurchase agreement
with State Street Bank
Maturities (or weighted average lives) greater than 1 year less than 7 -- --
Maturities (or weighted average lives) greater than 7 year less than 10 -- --
Maturities (or weighted average lives) greater than 10 years -- --
----------------------
TOTAL ($5,000,000)
</TABLE>
All Fund activities occur in U.S. dollars.
<PAGE> 13
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
The Company is not involved in any pending legal proceedings.
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
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
filed in form 10-Q for the period ended August
31, 1998.
(ii) Incorporated by Reference from an exhibit
filed 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
filed in form 10-Q for the period ended August
31, 1998.
(iii)(A) Incorporated by Reference from an exhibit
filed 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) None
(24) None
(25) N/A
(26) N/A
(27) Financial Data Schedule
(b) Reports on Form 8-K
None.
<PAGE> 14
SIGNATURES
Pursuant to the requirements 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.
December 18, 2000 /S/ RONALD A. HOMER
---------------------------------------------------------
Ronald A. Homer
Chairman of the Board of Directors
December 18, 2000 /S/ KEVIN J. MULVANEY
---------------------------------------------------------
Kevin J. Mulvaney
Director
December 18, 2000 /S/ PETER BLAMPIED
---------------------------------------------------------
Peter Blampied
Director
December 18, 2000 /S/ DAVID F. SAND
---------------------------------------------------------
David F. Sand
Chief Executive Officer, Principal Financial Officer,
Principal Accounting Officer
