-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, A6AvquW1mo7EbT8PxkaevmcA1T0LvqwtjsqnEZkCtgx99pmHernTffu0zmVQDh6Q wwO02oLVPKZDv5B94tY9Gw== 0000898531-08-000127.txt : 20080423 0000898531-08-000127.hdr.sgml : 20080423 20080423162603 ACCESSION NUMBER: 0000898531-08-000127 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080229 FILED AS OF DATE: 20080423 DATE AS OF CHANGE: 20080423 EFFECTIVENESS DATE: 20080423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACCESS CAPITAL STRATEGIES COMMUNITY INVESTMENT FUND INC/MA CENTRAL INDEX KEY: 0001040241 IRS NUMBER: 043369393 STATE OF INCORPORATION: MD FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-21889 FILM NUMBER: 08772076 BUSINESS ADDRESS: STREET 1: 419 BOYLSTON STREET, SUITE 501 CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 6172367274 MAIL ADDRESS: STREET 1: 419 BOYLSTON STREET, SUITE 501 CITY: BOSTON STATE: MA ZIP: 02116 N-Q 1 acscif-nq.htm ACCESS CAPITAL STRATEGIES COMMUNITY INVESTMENT FUND, INC. QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS 2-29-08 acscif-nq.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549
 
FORM N-Q
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
 
 
Investment Company Act File Number: 811-21889
 
 
Name and Address of Registrant:
 
Access Capital Strategies Community Investment Fund, Inc.
419 Boylston Street
Suite 501
Boston, Massachusetts 02116
 
 
Name and address of agent for service:
 
Access Capital Strategies LLC
419 Boylston Street
Suite 501
Boston, Massachusetts 02116
 
 
Registrant’s telephone number: (617) 236-7274
 
 
Date of fiscal year end: May 31
 
Date of reporting period: February 29, 2008


Item 1.  Schedule of Investments
 
The Schedule of Investments for the Access Capital Strategies Community Investment Fund, Inc. is set forth below.
 
     
Access Capital Strategies Community Investment Fund, Inc.
     
Schedule of Investments
     
2/29/2008 (Unaudited)
                         
 
Face Amount
  
Mortgage-Backed Securities - 116.0%
  
Market Value
Federal National Mortgage Association (FNMA) - 76.1%
     
15 Year Fixed Rate Single Family Mortgage-Backed Securities:
 
 $      2,468,573
      
4.50%,
  
6/1/18 - 3/1/19
        $
              2,493,881
 
         4,151,572
      
5.00%,
  
12/1/17 - 2/1/21
        
                4,232,496
 
         1,941,508
      
5.50%,
  
3/1/16 - 12/1/21
        
                1,996,592
 
              59,001
      
7.00%,
  
1/1/15
        
                     62,330
     
30 Year Fixed Rate Single Family Mortgage-Backed Securities:
 
         3,553,230
      
4.50%,
  
5/1/33 - 8/1/35
        
                3,424,556
 
       60,348,914
      
5.00%,
  
9/1/32 - 2/1/38
        
              59,949,165
 
       68,552,621
      
5.50%,
  
9/1/32 - 2/1/38
        
              69,443,024
 
         1,056,007
      
5.95%,
  
1/1/37
        
                1,097,810
 
       42,641,319
      
6.00%,
  
11/1/31 - 2/1/38
        
              43,846,517
 
         1,218,023
      
6.01%,
  
2/1/37
        
                1,267,143
 
         9,168,545
      
6.50%,
  
3/1/31 - 11/1/37
        
                9,603,142
 
              12,469
      
7.00%,
  
10/1/30
        
                     13,375
 
              27,963
      
7.25%,
  
12/1/29
        
                     30,212
 
            210,042
      
7.50%,
  
1/1/30 - 1/1/31
        
                   228,372
 
            193,059
      
8.00%,
  
2/1/30 - 4/1/30
        
                   210,525
         
Total Single Family Mortgage-Backed Securities
        
            197,899,140
     
Multi Family Mortgage-Backed Securities:
 
       16,878,199
      
4.50%,
  
10/1/18 - 9/1/34
        
              16,577,436
 
            472,718
      
4.78%,
  
5/1/14
        
                   477,473
 
            964,239
      
4.89%,
  
6/1/15
        
                   969,531
 
         9,700,752
      
4.90%,
  
9/1/15
        
                9,823,155
 
       42,379,974
      
5.00%,
  
12/1/18 - 11/1/35
        
              42,164,038
 
       13,600,192
      
5.12%,
  
7/25/41
        
              13,682,185
 
         2,377,242
      
5.22%,
  
6/1/20
        
                2,365,948
 
         3,451,900
      
5.35%,
  
12/1/16
        
                3,525,004
 
         4,841,265
      
5.37%,
  
11/1/21
        
                4,854,023
 
         1,017,968
      
5.41%,
  
2/1/21
        
                1,024,382
 
         2,446,243
      
5.43%,
  
5/1/21
        
                2,494,590
 
         3,348,350
      
5.45%,
  
10/1/17
        
                3,461,531
 
       49,123,699
      
5.50%,
  
7/1/19 - 2/1/38
        
              49,763,740
 
            737,259
      
5.51%,
  
11/1/21
        
                   746,256
 
         5,280,395
      
5.57%,
  
12/1/16
        
                5,522,156
 
         3,767,376
      
5.60%,
  
5/1/23
        
                3,836,927
 
         2,802,539
      
5.80%,
  
12/1/33
        
                2,889,501
 
       17,596,383
      
6.00%,
  
7/1/29 - 2/1/38
        
              18,093,055
 
         1,150,628
      
6.38%,
  
5/1/11
        
                1,229,840
 
            785,305
      
6.39%,
  
8/1/24
        
                   849,524
 
         1,894,400
      
6.50%,
  
4/1/31 - 8/1/34
        
                1,986,711
 
            780,926
      
6.53%,
  
6/1/16
        
                   839,443
 
            631,191
      
6.70%,
  
6/1/19
        
                   689,011
 
            269,150
      
6.85%,
  
8/1/09
        
                   277,614
 
            378,099
      
7.00%,
  
12/1/29
        
                   405,571
 
              63,409
      
7.50%,
  
1/1/30
        
                     68,862
 
            585,629
      
7.58%,
  
5/1/18
        
                   667,500
 
            677,117
      
7.97%,
  
9/1/17
        
                   779,926
         
Total Multi Family Mortgage-Backed Securities
        
            190,064,933
         
Total FNMA Securities
        
            387,964,073
Federal Home Loan Mortgage Corporation - 31.4%
     
15 Year Fixed Rate Single Family Mortgage-Backed Securities:
 
         1,029,750
      
4.50%,
  
1/1/19 - 11/1/19
        
                1,038,051
 
         2,631,913
      
5.00%,
  
11/1/18 - 1/1/21
        
                2,683,751
 
            642,355
      
5.50%,
  
9/1/19 - 11/1/19
        
                   661,357
     
30 Year Fixed Rate Single Family Mortgage-Backed Securities:
 
         1,630,244
      
4.50%,
  
8/1/33 - 9/1/33
        
                1,565,936
 
       35,560,655
      
5.00%,
  
6/1/33 - 2/1/36
        
              35,304,509
 
       67,255,260
      
5.50%,
  
11/1/32 - 8/1/37
        
              68,096,954
 
       40,977,367
      
6.00%,
  
3/1/31 - 11/1/37
        
              42,115,808
 
         7,474,723
      
6.50%,
  
3/1/31 - 9/1/37
        
                7,827,398
 
            379,839
      
7.00%,
  
1/1/31 - 3/1/31
        
                   405,155
 
            387,580
      
7.50%,
  
1/1/30 - 2/1/30
        
                   422,446
         
Total Federal Home Loan Mortgage Corporation
          
         
Single Family Mortgage-Backed Securities
        
            160,121,365
                         
Government National Mortgage Association (GNMA) Pool - 1.2%
     
30 Year Fixed Rate Single Family Mortgage-Backed Securities:
 
            305,711
      
6.00%,
  
12/15/31
        
                319,011
     
Multi Family Mortgage-Backed Securities:
 
            601,287
      
5.13%,
  
3/15/34
        
                   610,481
 
         2,364,799
      
5.50%,
  
1/15/36
        
                2,431,013
 
            671,028
      
5.75%,
  
9/15/23
        
                   708,137
 
            502,798
      
6.25%,
  
9/15/32
        
                   528,908
 
         1,403,584
      
8.25%,
  
12/15/32
        
                1,436,993
         
Total GNMA Pool Mortgage-Backed Securities
        
                6,034,543
Community Reinvestment Revenue Notes - 0.2%
 
            914,393
      
4.21%,
   9/1/19        
                   917,487
         
Total Community Reinvestment Revenue Notes
        
                   917,487
Small Business Administration - 7.1%  
              
 
       27,514,743
      
1.25%,
  
3/1/28
        
                   859,836
 
         1,068,297
      
3.41%,
  
10/26/26
        
                1,067,963
 
         4,393,804
      
4.55%,
  
4/25/28 - 9/25/30 (a)
        
                4,403,973
 
            918,925
      
4.60%,
  
3/25/28 - 2/25/31
        
                   922,764
 
         1,722,726
      
4.63%,
  
6/25/18 - 3/19/32 (a)
        
                1,724,409
 
         1,349,911
      
4.65%,
  
10/25/10 - 3/25/14 (a)
        
                1,351,510
 
         3,261,405
      
4.66%,
  
11/16/24 - 6/8/32
        
                3,260,386
 
            640,724
      
4.75%,
  
11/29/32
        
                   639,322
 
         2,460,179
      
4.88%,
  
1/1/32 - 8/1/32
        
                2,465,658
 
         1,310,790
      
5.00%,
  
6/20/14
        
                1,310,790
 
         1,220,832
      
5.64%,
  
2/7/33 - 1/20/38
        
                1,220,832
 
            107,878
      
5.70%,
  
8/15/17
        
                   109,631
 
            819,453
      
5.85%,
  
9/27/16 - 1/15/27
        
                   829,637
 
            124,047
      
5.86%,
  
12/15/22
        
                   125,287
 
            380,784
      
5.98%,
  
6/9/26
        
                   384,235
 
         1,014,207
      
6.00%,
  
3/9/22 - 4/1/43
        
                1,032,247
 
            556,659
      
6.03%,
  
10/31/32
        
                   561,704
 
            331,492
      
6.10%,
  
9/21/27
        
                   336,050
 
         1,486,397
      
6.13%,
  
7/1/22 - 3/31/31
        
                1,491,590
 
            260,039
      
6.15%,
  
1/10/32
        
                   262,965
 
              47,529
      
6.20%,
  
8/4/14
        
                     47,945
 
            179,953
      
6.25%,
  
9/15/27
        
                   183,102
 
         1,134,032
      
6.28%,
  
7/16/17
        
                1,149,625
 
            264,694
      
6.30%,
  
12/16/13
        
                   267,424
 
              81,921
      
6.33%,
  
3/15/27
        
                     83,252
 
            639,149
      
6.35%,
  
8/13/26
        
                   645,540
 
         1,110,534
      
6.45%,
  
2/19/32
        
                1,121,639
 
            267,884
      
6.50%,
  
3/30/32
        
                   275,251
 
              55,056
      
6.51%,
  
7/26/27
        
                     55,607
 
              93,553
      
6.53%,
  
1/2/27
        
                     96,155
 
              69,640
      
6.69%,
  
5/28/24
        
                     70,075
 
            436,031
      
6.71%,
  
3/15/27
        
                   448,158
 
            347,485
      
7.08%,
  
9/1/13 - 1/19/14
        
                   361,272
 
         1,462,467
      
7.13%,
  
10/25/15
        
                1,529,800
 
            107,028
      
7.27%,
  
8/1/14
        
                   111,477
 
            951,270
      
7.33%,
  
2/23/16 - 7/1/16
        
                   995,300
 
         2,278,807
      
7.38%,
  
1/1/15 - 5/25/16
        
                2,379,362
 
         1,215,442
      
7.58%,
  
12/25/15 - 8/1/16 (a)
        
                1,280,343
 
            345,292
      
7.83%,
  
11/1/13 - 9/28/16
        
                   363,358
 
              88,940
      
7.88%,
  
1/25/09
        
                     89,093
 
              94,898
      
8.08%,
  
2/15/14 - 10/1/16
        
                     99,399
 
                8,841
      
8.33%,
  
11/1/11
        
                       8,886
 
            101,310
      
8.58%,
  
1/29/12 - 2/25/14
        
                   102,692
 
              19,244
      
9.58%,
  
2/15/12
        
                     19,580
 
              21,477
      
9.83%,
  
12/15/11
        
                     21,852
     
Total Small Business Administration Securities
36,166,976
     
Total Mortgage-Backed Securities
 591,204,444
                         
United States Department of Agriculture - 4.8%
        
 
              42,891
      
3.85%,
  
6/25/10
        
                     42,141
 
            325,096
      
4.45%,
  
4/2/18
        
                   317,781
 
            223,319
      
5.09%,
  
3/1/20
        
                   224,715
 
            390,240
      
5.25%,
  
10/26/22
        
                   391,216
 
              86,400
      
5.33%,
  
12/4/14
        
                     87,102
 
            702,000
      
5.55%,
  
10/20/32
        
                   702,000
 
            190,530
      
5.59%,
  
1/20/38
        
                   190,530
 
            551,382
      
5.60%,
  
11/29/30
        
                   552,588
 
         1,112,237
      
5.63%,
  
6/1/20 - 4/15/27
        
                1,125,192
 
            216,900
      
5.66%,
  
10/20/32 - 1/1/38
        
                   216,900
 
            288,423
      
5.70%,
  
1/20/38
        
                   288,423
 
            715,129
      
5.73%,
  
2/1/30 - 4/20/37
        
                   719,126
 
            800,000
      
5.75%,
  
1/3/33
        
                   800,000
 
            207,105
      
5.80%,
  
8/1/20
        
                   212,024
 
            335,764
      
5.83%,
  
12/15/19 - 11/1/20
        
                   343,738
 
              23,228
      
5.88%,
  
1/31/11
        
                     23,293
 
            143,600
      
5.91%,
  
12/4/37
        
                   144,228
 
              90,000
      
5.92%,
  
1/1/33
        
                     90,000
 
            225,000
      
5.93%,
  
2/7/33
        
                   225,000
 
            585,000
      
5.98%,
  
8/23/27 - 12/20/37
        
                   594,563
 
            208,800
      
5.99%,
  
11/1/32
        
                   208,800
 
            712,706
      
6.00%,
  
1/10/37 - 10/1/37
        
                   717,287
 
            540,000
      
6.01%,
  
11/8/32 - 1/20/38
        
                   540,000
 
            364,500
      
6.02%,
  
10/1/37
        
                   364,500
 
            557,816
      
6.04%,
  
2/1/27
        
                   560,288
 
            612,395
      
6.05%,
  
1/5/26 - 1/1/37
        
                   617,000
 
            527,400
      
6.07%,
  
4/20/37
        
                   527,400
 
            148,500
      
6.08%,
  
7/1/32
        
                   148,500
 
            118,380
      
6.09%,
  
5/17/22
        
                   119,712
 
            494,469
      
6.10%,
  
1/1/13 - 8/25/37
        
                   501,829
 
         1,138,573
      
6.11%,
  
7/1/32 - 2/2/37
        
             1,143,494
 
         1,478,635
      
6.12%,
  
7/20/32 - 10/1/37
        
                1,483,452
 
         3,208,849
      
6.13%,
  
5/1/14 - 4/19/27
        
                3,244,097
 
            477,000
      
6.18%,
  
10/1/37 - 1/1/38
        
                   477,000
 
            261,434
      
6.20%,
  
1/1/37
        
                   261,434
 
            769,432
      
6.22%,
  
4/27/27 - 6/1/37
        
                   776,569
 
            482,172
      
6.23%,
  
2/1/27 - 3/14/32
        
                   490,499
 
            618,523
      
6.25%,
  
1/1/37
        
                   628,187
 
            223,859
      
6.28%,
  
3/1/14 - 12/28/27
        
                   226,216
 
              86,123
      
6.33%,
  
3/2/27
        
                     87,092
 
            541,029
      
6.38%,
  
3/1/27 - 2/16/37
        
                   546,361
 
            809,100
      
6.51%,
  
4/20/37
        
                   805,055
 
              81,810
      
6.59%,
  
7/20/37
        
                     81,401
 
            895,862
      
6.63%,
  
12/15/23
        
                   904,821
 
            205,650
      
6.64%,
  
4/20/37
        
                   205,650
 
            691,259
      
6.88%,
  
2/3/17 - 2/3/22
        
                   715,877
 
            672,911
      
7.00%,
  
6/3/22
        
                   689,734
 
            266,159
      
7.13%,
  
12/10/16
        
                   276,888
     
Total United States Department of Agriculture Securities
 24,639,703
         
 
 
  
Corporate Bonds - 0.7% (b)
 
 
                   575,000
  
Atlantic Marine Corps Communities LLC, 5.34%, due 12/1/50 (e)
                         483,397
 
                1,245,000
  
Fort Knox Military Housing Privatization Project, 6.00%, due 11/1/37 (d)
                         1,223,163
 
                2,000,000
  
Pacific Beacon LLC, 5.76%, due 7/15/51 
                         1,869,880
 
 
  
Total Corporate Bonds
                         3,576,440
             
 
 
  
Promissory Notes - 2.0% (b)
 
 
 
                9,375,000
  
Massachusetts Housing Investment Corporation Term Loan, due 4/1/35, initial coupon 6.67% (c)
                       10,232,813
 
 
  
Total Promissory Notes
                       10,232,813
 
 
 
  
Municipal Bonds - 3.6%
 
 
 
                1,345,000
  
Atlanta Urban Residential Finance Authority, 5.24%, due 12/1/14 (e) 
                         1,401,853
 
                1,095,000
  
Atlanta Urban Residential Finance Authority, 5.66%, due 12/1/22 (e) 
                         1,128,135
 
                   535,000
  
Camarillo California Community Development, Community Tax Allocation Bonds (Housing Set-Aside),
                            554,592
            Series A-T, 5.26%, due 9/1/16 (d)     
 
                   140,000
  
Guam Power Authority Revenue Bonds, Series A, 5.13%, due 3/15/34 (d) 
                            126,091
 
                8,225,000
  
Lynchburg Virginia Industrial Development Authority, 15.00%, due  1/1/35 (e)
                         8,225,000
 
                6,790,000
  
Massachusetts Housing Finance Agency, 6.53%, due 12/1/27 (e) 
                         7,121,488
 
 
  
Total Municipal Bonds
                       18,557,159
 
 
 
  
Short-Term Securities - 1.1%
 
 
 
                5,417,244
  
SSGA US Government
                         5,417,244
 
 
  
Total Short-Term Securities
                         5,417,244
 
 
 
  
Total Investments (Cost - $646,690,651*) - 128.2%
                     653,627,803
         
     
Liabilities in Excess of Other Assets - (28.2.%)
                    (143,837,832)
         
     
Net assets - 100.0%
 $                   509,789,971
         
 
   
*
The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows:
 
     
Aggregate cost
 $           646,756,075
  
     
Gross unrealized appreciation
 10,009,489
  
     
Gross unrealized depreciation
(3,137,761
 )
     
Net unrealized appreciation
$              6,871,728
  
 
   
(a)
All or a portion held as collateral in connection with open financial futures contracts.
    
   
(b)
Floating rate note.  
    
   
(c)
Restricted securities as to resale, representing approximately 2.0% of net assets, were as follows:
    
 
               
     
Issue
Acquisition Date    
 Cost
  
 Value
     
Massachusetts Housing Investment Corporation, due 4/1/35,
      
     
initial coupon 6.67%
3/29/05
 $     9,375,000
 
 $    10,232,813
   
(d)
AMBAC Insured.
        
   
(e)
MBIA Insured.
        
 
   
●
Pursuant to the financial futures contracts, the Fund agrees to receive from or pay to the broker an amount equal to the
    
     
daily fluctuation in values of the contract.  Such receipts or payments, which are settled the following business day, are
    
     
known as variation margin and are recorded by the Fund as unrealized gains or losses.  Financial futures contracts sold
    
     
as of February 29, 2008 were as follows:   
    
 
                 
   
Number of
 
Expiration
Face
  
Unrealized
  
   
Contracts
Issue
Date
Value
  
(Depreciation)
  
 
   
265
  
U.S. Thirty-Year Treasury Bonds
June 2008
$         30,501,914
  
 $                         (935,036)
  
   
250
  
Five-Year Swap Contracts
June 2008
 $         27,582,031
  
 $                         (302,031)
  
   
80
  
Ten-Year Swap Contracts
June 2008
 $           8,961,250
  
 $                         (139,150)
  
   
600
  
Ten-Year Swap Contracts
March 2008
 $         65,806,641
  
 $                      (2,802,609)
  
   
 
  
 
 
 
  
 
  
                    
 
    
Total Unrealized Depreciation-Net
 $                    (4,178,826)
  
 

Item 2.  Controls and Procedures
 
(a)  
Based on an evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended, the “Disclosure Controls”) as of a date within 90 days of the filing date (the “Filing Date”) of this Form N-Q (the “Report”), the registrant’s principal executive officer and principal financial officer have concluded that the Disclosure Controls are effectively designed to ensure that information that is required to be disclosed by the registrant in the Report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the registrant’s management, including the registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosures.
 
(b)  
There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
 
Item 3.  Exhibits
 
Certifications for each principal executive and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, (17 CFR 270.30a-2(a)) are filed herewith.
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, 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.
 
/s/David F. Sand
David F. Sand
Chief Executive Officer and Principal Financial Officer of
Access Capital Strategies Community Investment Fund, Inc.
April 22, 2008
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
/s/David F. Sand
David F. Sand
Chief Executive Officer and Principal Financial Officer of
Access Capital Strategies Community Investment Fund, Inc.
April 22, 2008

 
 EX-99.CERT 2 acscif-ex99cert.htm CERTIFICATION acscif-ex99cert.htm
ACCESS CAPITAL COMMUNITY INVESTMENT FUND, INC.
EXHIBIT TO FORM N-Q
 
 
I, David F. Sand, certify that:
 
1.  
I have reviewed this report on Form N-Q of the Access Capital Community Investment Fund;
 
2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.  
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
 
4.  
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
 
(a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c)  
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
 
(d)  
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5.  
The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
(a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
 
(b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
/s/David F. Sand
David F. Sand
Chief Executive Officer and Principal Financial Officer of
Access Capital Strategies Community Investment Fund, Inc.
April 22, 2008
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