<PAGE>   1
                    U. S. SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 10-K

/X/  ANNUAL REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF
           1934 (FEE REQUIRED) FOR THE FISCAL YEAR ENDED: MAY 31, 2000

                        COMMISSION FILE NUMBER: 814-143

          ACCESS CAPITAL STRATEGIES COMMUNITY INVESTMENT FUND, INC./MA
                         (NAME OF ISSUER IN ITS CHARTER)

             MARYLAND                                         04-3369393
(STATE OR OTHER JURISDICTION OF                             (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION)                           IDENTIFICATION NUMBER)

              124 MT. AUBURN STREET, SUITE 200N CAMBRIDGE, MA 02138
               (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)(ZIP CODE)

                     ISSUER'S TELEPHONE NUMBER: 617-576-5858

         SECURITIES REGISTERED UNDER SECTION 12 (b) OF THE EXCHANGE ACT:
                                  COMMON STOCK

                      NAME OF EXCHANGE ON WHICH REGISTERED:
                                       N/A

         SECURITIES REGISTERED UNDER SECTION 12 (g) OF THE EXCHANGE ACT:
                                      NONE

          ------------------------------------------------------------

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Exchange during the past 12 months
(or for such shorter period that the Registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
Days: Yes / / No /X/

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained in this form, and will not be contained, to
the best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K: / /

Documents incorporated by reference: YES




<PAGE>   2


                 ACCESS CAPITAL COMMUNITY INVESTMENT FUND, INC.
                          2000 FORM 10-K ANNUAL REPORT
                                TABLE OF CONTENTS


<TABLE>
<CAPTION>
                                     PART I

                                                                           PAGE
                                                                           ----
<S>                                                                        <C>
Item 1.    DESCRIPTION OF BUSINESS .........................................  3

Item 2.    PROPERTIES.......................................................  3

Item 3.    LEGAL PROCEEDINGS................................................  3

Item 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS..............  3

                                     PART II

Item 5.    MARKET FOR THE REGISTRANT'S COMMON EQUITY AND
              RELATED STOCKHOLDER MATTERS...................................  3

Item 6.    SELECTED FINANCIAL DATA................ .........................  4

Item 7.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
              CONDITION AND RESULTS OF OPERATIONS...........................  5

Item 7A.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
              MARKET RISK...................................................  9

Item 8.    FINANCIAL STATEMENTS............................................. 11

Item 9.    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
              ACCOUNTING AND FINANCIAL DISCLOSURE........................... 23



                                    PART III

                                                                            PAGE
                                                                            ----

Item 10.   DIRECTORS AND EXECUTIVE OFFICERS OF REGISTRANT................... 23

Item 11.   EXECUTIVE COMPENSATION........................................... 24

Item 12.   SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
             AND MANAGEMENT................................................. 25

Item 13.   CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS................... 25


                                     PART IV

Item 14.   EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND
             REPORTS            ............................................ 25

           SIGNATURES....................................................... 28
</TABLE>


<PAGE>   3



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 10-K Annual Report for the Fund
for fiscal year 2000 covering the period from June 1, 1999 to May 31, 2000.

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 31,2000, the Federal National Mortgage
Association ("Fannie Mae") through its affiliate the Fannie Mae American
Communities Fund held a 45% equity interest in Access. At May 31, 2000, the Fund
held $44,061,121 in Fannie Mae mortgage-backed securities representing 88.4% 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, 2000 with $49,877,423 in assets and
525.067 shares owned by fifteen Fund investors. The Net Asset Value per share
was $94,992.49 and the Fund's total return for the year ended May 31, 2000 was
1.69%.

More information on the Fund is contained in the attached Private Offering
Memorandum and 2000 audited Annual Report.

ITEM 2:  PROPERTIES

None
----

ITEM 3.  LEGAL PROCEEDINGS

None
----

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None
----

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS


<PAGE>   4

(a) Market Information: The Fund issues common stock exclusively for which there
is no established public trading market.


(b) Holders: At 31 May 2000 the Fund had fifteen shareholders and 525.067 shares
outstanding compared to eight shareholders and 256.248 shares outstanding at 31
May 1999.

(c) Dividends: 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. Dividends are paid on a calendar quarter basis 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.

Per share income dividends totaling $9,830.57 were paid as follows from
inception of the Fund on June 23, 1998 through the fiscal year ended May 31,
2000:

                  Record Date            Pay date   Dividend per share
                    30-Sep-98           19-Oct-98             1,389.71
                    23-Dec-98           23-Dec-98             1,270.46
                    31-Mar-99           13-Apr-99             1,227.90
                    30-Jun-99            6-Jul-99             1,327.30
                    30-Sep-99           15-Oct-99             1,464.10
                    30-Dec-99           30-Dec-99             1,557.84
                    31-Mar-00           17-Apr-00             1,593.26

The Fund has yet to make a capital gains distribution.


<PAGE>   5

ITEM 6:  SELECTED FINANCIAL DATA

 Selected Financial Data for the Fiscal Year ended May 31, 2000 and the period
        from June 23, 1998 (Commencement of Operations) to May 31, 1999

<TABLE>
<CAPTION>
------------------------------- ------------------------------------------ ----------------------------------------------------
                                Fiscal year ended May 31, 2000             Period from June 23, 1998 (Commencement of
                                                                           Operations) to May 31, 1999
------------------------------- ------------------------------------------ ----------------------------------------------------
<S>                             <C>                                        <C>
SEC Current Yield at end of                                         7.14%                                                5.46%
period
------------------------------- ------------------------------------------ ----------------------------------------------------
Annualized ratio of net                                             6.54%                                                5.03%
investment income to average
net assets
------------------------------- ------------------------------------------ ----------------------------------------------------
Total return                                                        1.69%                                                3.17%
------------------------------- ------------------------------------------ ----------------------------------------------------
Dividends per share                                             $5,942.50                                            $3,888.07
------------------------------- ------------------------------------------ ----------------------------------------------------
Net investment income                                          $2,247,145                                           $1,218,785
------------------------------- ------------------------------------------ ----------------------------------------------------
Net realized loss on                                             -215,414                                              -74,875
investments
------------------------------- ------------------------------------------ ----------------------------------------------------
Unrealized Gain/Loss                                           -1,266,025                                             -329,661
------------------------------- ------------------------------------------ ----------------------------------------------------
Management Fees and Expenses                                     $199,214                                             $140,514
------------------------------- ------------------------------------------ ----------------------------------------------------
</TABLE>

ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
                                 OF OPERATIONS

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 qualified Community Reinvestment
activities.

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 represented by cash, cash items,
government securities, securities of other RICs and


<PAGE>   6

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 year ended May 31, 2000.

FUND OPERATIONS:

INVESTMENT ACTIVITY

During the period June 1, 1999 to May 31, 2000 the Fund made $51.8 million in
purchases of fifty-one CRA securities at yields-to-maturity ranging from 6.9% to
8.1%. In the prior period ending May 31, 1999 the Fund made total purchases of
$38.4 million at yields to maturity ranging from 6.5% to 6.6%.

During the period covered by this report the Fund made $16,281,046 in sales of
the Federal Home Loan Adjustable Rate MBS that was the original investment made
by the Fund in 1998. Realized losses on the sales from June 1, 1999 to May 31,
2000 totaled $228,075. Theses losses when added to net gains result in net
realize loss of $12,661. Sales during the prior period totaled $9 million and
realized losses totaled $74,875.

During fiscal year 2000, the Fund exchanged its position in ten small FannieMae
6 1/2% mortgage backed securities for one $11 million FannieMae MEGA MBS.
FannieMae received a fee of $11,241 for this transaction.

The Fund is permitted to use leverage in its investment program. The Fund had a
6.5% $ 8,600,000 State Street Bank reverse repurchase agreement outstanding at
May 31, 2000. For the year ended May 31, 2000 average borrowings were $6.1
million at an average rate of 5.8%. There was no use of leverage in the year
ended May 31, 1999.

NET ASSETS AND FUND HOLDINGS AT MAY 31, 2000

At May 31, 2000 the Fund's Net Assets were $49.9 million, or $94,992.49 per
share. At May 31, 1999 Net Assets were $25.4 million, or $99,288.88 per share.

The $24.5 million, or 96.5%, year-to-year increase in net assets was due to the
combination of new shares sold in the amount of $25.75 million for the period
June 1, 1999 to May 31, 2000 and a decline in asset values due to higher
interest rates

For the year ended May 31, 2000 the Net Asset Value per share of $94,992.40
represented a decrease of $4,296, or -4.3%%, from the prior year Net Asset Value
per share of $99,288.88. The decline is attributable to an increase in interest
rates and a corresponding decrease in the market values of the Fund's assets.



At May 31, 2000 the Fund's primary investments were:


<PAGE>   7

     1    State Street Bank repurchase agreement $4,203
     1    GinnieMae project loan $2.1 million
     1    U.S. Government guaranteed economic development note $1.3 million
     3    FannieMae multi-family mortgage backed securities with prepayment
          protection $3.2 million
     38   FannieMae fixed rate Mortgage Backed Securities $40.9 million
     11   FreddieMac fixed rate Mortgage Backed Securities $10.7 million

INVESTMENT INCOME

The Fund had investment income net of all fees (as discussed below) of $2.24
million for the year ended May 31, 2000, representing an increase of $1.02
million, or 83.6%, from the year ago period ended May 31, 1999 when the Fund had
investment income of $1.22 million.

The increase is attributable to a number of factors including a lengthening of
maturities and an increase in average Fund assets invested at higher yields for
the year ended May 31, 1999. In addition the Fund's first fiscal year did not
represent a full calendar year as the Fund commenced operations on June 23,
1998.

MANAGEMENT FEES AND 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 year ended May 31, 2000 the Management Fee was $171,736 and the combined
reimbursement of operating expenses was $27,478. For the year ended May 31, 1999
the Management Fees were $121,133 and the combined reimbursement of operating
expenses was $19,381. These increases were due to increases in the net assets of
the Fund and the longer fiscal time period.

YIELD

For the year ended May 31, 2000 the ratio of net investment income to average
net assets was 6.54% compared to 5.03% in the year ago period. At May 31, 2000
the SEC current yield was 7.14% compared with SEC current yield 5.46% at May 31,
1999.

The increase in yields is due to new Fund purchases in a generally higher
interest rate environment and a movement in fiscal year 2000 towards a longer
duration for Fund assets.


<PAGE>   8

REALIZED GAIN/LOSS

For the year ended May 31, 2000 the realized loss was $215,414 compared to a
realized loss of $74,875 in the year ago period. The increase in realized losses
is due to the disposition of the Fund's initial investment during fiscal year
2000 which were reinvested in higher yielding longer term fixed rate investments

DIVIDENDS PAID

During the year ended May 31, 2000 the Fund distributed dividends of $5,942.50
per share compared to $3,888.07 per share in the year ended May 31, 1999. The
Fund's first fiscal year did not represent a full calendar year as the Fund
commenced operations of June 23, 1998; therefore only three calendar quarterly
dividends were paid. The quarterly per share dividend increases are attributable
to the Fund's purchases of higher coupon and longer maturity fixed rate
investments, the accompanying sale of adjustable rate MBS and the use of
leverage to enhance per share income.

TOTAL RETURN

For the year ended May 31, 2000 the Fund's total return was 1.69% compared to a
total return of 3.17% for the year ended May 31, 1999. The decline in total
return was due to an increase in interest rates and a decline in market value
for the Fund's fixed rate MBS investments, which offset an increase in interest
income.

FUND DESIGNATED TARGET REGIONS AT MAY 31, 2000

The Fund's Designated Target Regions ("DTR") are provided by Fund shareholders
at the time of investment. At August 31, 2000 DTRs were:

<TABLE>
<CAPTION>
                          -------------------------------------------- ----------------------------------------------
                                             DTRS                                           AMOUNT
                          -------------------------------------------- ----------------------------------------------
<S>                                                                                                         <C>
                          Boston & Cambridge, MA                                                            $500,000
                          -------------------------------------------- ----------------------------------------------
                          California                                                                       5,000,000
                          -------------------------------------------- ----------------------------------------------
                          Texas/Louisiana                                                                  2,500,000
                          -------------------------------------------- ----------------------------------------------
                          Massachusetts                                                                   10,250,000
                          -------------------------------------------- ----------------------------------------------
                          New England                                                                     17,123,838
                          -------------------------------------------- ----------------------------------------------
                          New Jersey/NY/DC                                                                11,000,000
                          -------------------------------------------- ----------------------------------------------
                          Texas                                                                            5,000,000
                          -------------------------------------------------------------------------------------------
                                 TOTAL                                                                   $51,373,838
                          -------------------------------------------------------------------------------------------
</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.


<PAGE>   9

At May 31, 2000 the Fund's investments made loans to 868 homebuyers with incomes
below 80% of median income from the following states in the following numbers.

California           51
Connecticut          74
Louisiana            20
Massachusetts       451
New Jersey           39
New York             55
Rhode Island         76
Texas                95
Washington, D.C.      7
                  -----
Total                    868

The Fund's investments made loans to sponsors of 357 multi-family affordable
housing rental units in Low Income Housing Tax Credit or HUD insured subsidized
properties from the following states in the following amounts.

California          152
Louisiana            48
New York            157
                    ---
Total                    357

The Fund also owned a U.S. Housing & Urban Development guaranteed security
supporting community development in low-income areas of Boston, Massachusetts.

ITEM 7A. 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
credit enhancement. All risk of default will be borne by the credit enhancer.

LIQUIDITY RISK. Securities purchased by the Fund will generally be privately
placed debt instruments. The market for resale of these securities may be
limited. Furthermore, the Fund may pay a premium for CRA securities purchased
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



<PAGE>   10

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.

Market Risk associated with Fund portfolio holdings at May 31, 2000:

<TABLE>
<CAPTION>
------------------------------------------- ------------------------------------- --------------------------------------------------
Investments (at market)                                Variable Rate                                   Fixed Rate
------------------------------------------- ------------------------------------- --------------------------------------------------
<S>                                         <C>                                   <C>
Maturities less than 1 year                                  -                    $4,202.63 State Street repurchase agreement
------------------------------------------- ------------------------------------- --------------------------------------------------
Maturities (or weighted average lives)                       -                                              -
greater than 1 year less than 7
------------------------------------------- ------------------------------------- --------------------------------------------------
Maturities (or weighted average lives)                       -                    $1,365,989.48 FannieMae 6% MBS
greater than 7 years less than 10                                                 $10,815,185.84 FannieMae 61/2% MBS
                                                                                  $1,016,805.50 FreddieMac 6 1/2% MBS
                                                                                  $1,756,910.46 Fannie Mae 6.84% MBS
                                                                                  $1,281,576.30 US Gov't 6.85% HUD note
                                                                                  $8,828,113.89 FannieMae 7% MBS
                                                                                  $3,915,944.68 FreddieMac 7% MBS
                                                                                  $577,707.12 FannieMae 7.09% MBS
                                                                                  $80,281.87 FannieMae 7 1/4% MBS
                                                                                  $455,302.11 FannieMae 7.44% MBS
                                                                                  $5,808,986.39 FreddieMac 7 1/2% MBS
                                                                                  $13,358,098.35 FannieMae 7 1/2% MBS
                                                                                  $3,133,727.17 FannieMae 8% MBS
------------------------------------------- ------------------------------------- --------------------------------------------------
Maturities (or weighted average lives)                       -                    $257,350.56 FannieMae 6.53%
greater than 10 years                                                             Multi-family housing MBS
                                                                                  $633,751.62 FannieMae 7.5%
                                                                                  Multi-family housing MBS
                                                                                  $2,266,346.04 FannieMae 7.9%
                                                                                  Multi-family housing MBS
                                                                                  $2,066,796.49 GinnieMae 8.25%
                                                                                  Project loan
------------------------------------------- ------------------------------------- --------------------------------------------------
  TOTAL
  $57,632,072
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------------- --------------------- ----------------------------------
<S>                                                                         <C>                   <C>
Borrowings                                                                     Variable Rate                   Fixed Rate
--------------------------------------------------------------------------- --------------------- ----------------------------------
Maturities less than 1 year                                                                       ($8,600,000.00) 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                                -                              -
--------------------------------------------------------------------------- --------------------- ----------------------------------
</TABLE>


<PAGE>   11

<TABLE>
<CAPTION>
--------------------------------------------------------------------------- --------------------- ----------------------------------
<S>                                                                         <C>                   <C>
year less than 10                                                                    -                              -
--------------------------------------------------------------------------- --------------------- ----------------------------------
Maturities (or weighted average lives) greater than 10 years                         -                              -
------------------------------------------------------------------------------------------------------------------------------------
  TOTAL
  ($8,600,000.00)
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

All Fund activities occur in U.S. dollars.



<PAGE>   12


ITEM 8: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

                          INDEPENDENT AUDITORS' REPORT

The Board of Directors and Shareholders of
Access Capital Strategies Community Investment Fund, Inc.:


We have audited the accompanying statement of assets and liabilities of Access
Capital Strategies Community Investment Fund, Inc. (the "Fund") as of May 31,
2000, including the schedule of investments, and the related statement of
operations for the year then ended, the statements of changes in net assets and
the financial highlights for the year then ended and the period from June 23,
1998 (commencement of operations) to May 31, 1999. These financial statements
and financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned as of May 31, 2000 by correspondence with the custodian. Our
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Access
Capital Strategies Community Investment Fund, Inc. as of May 31, 2000 and the
results of its operations, changes in its net assets and the financial
highlights for the periods noted above in conformity with accounting principles
generally accepted in the United States of America.

/s/ KPMG LLP

Boston, Massachusetts
August 20, 2000


<PAGE>   13



                            ACCESS CAPITAL STRATEGIES
                         COMMUNITY INVESTMENT FUND, INC.

                             Schedule of Investments
                                  May 31, 2000

<TABLE>
<CAPTION>
                                                                                PAR VALUE                VALUE
                                                                           ---------------------  ---------------------
<S>                                                                       <C>                             <C>
MORTGAGE-BACKED SECURITIES (116.6%):
 Federal National Mortgage Association (88.4%):
 30 Year Fixed Rate Single Family Mortgage Backed Securities
  6.00%, 4/01/29 - 5/01/29                                                $        1,508,347              1,365,900
  6.50%, 12/01/14 - 6/01/29                                                       11,636,122             10,858,985
  6.84%, 3/01/27                                                                   1,810,883              1,756,910
  7.00%, 1/01/15 - 2/01/30                                                        10,048,161              9,650,091
  7.09%, 3/01/27                                                                     589,309                577,707
  7.25%, 12/01/29                                                                     83,059                 80,282
  7.44%, 3/01/27                                                                     457,842                455,302
  7.50%, 7/01/29 - 5/01/30                                                        12,808,299             12,536,120
  8.00%, 2/01/30  - 4/01/30                                                        3,623,464              3,622,284
                                                                                                  ---------------------
    Total single family mortgage-backed securities                                                       40,903,581
                                                                                                  ---------------------
 Multi-Family Mortgage Backed Securities

  6.53%, 6/01/16                                                                     276,707                257,351
  7.58%, 5/01/18                                                                     635,000                633,752
  7.90%, 1/01/18                                                                   2,192,801              2,266,346
                                                                                                  ---------------------
    Total multi-family mortgage-backed securities                                                         3,157,449
                                                                                                  ---------------------
 GNMA Pool (4.1%):
  8.25%, 12/15/32                                                                  1,991,453              2,066,796
                                                                                                  ---------------------
 Federal Home Loan Mortgage Corporation (21.5%):
  6.50%, 6/01/29                                                                   1,088,226              1,016,806
  7.00%, 10/01/29 - 1/01/30                                                        4,089,760              3,915,944
  7.50%, 12/01/29  - 12/01/30                                                      5,923,790              5,808,986
                                                                                                  ---------------------
    Total Federal Home Loan Mortgage Corporation securities                                              10,741,736
                                                                                                  ---------------------
 Boston, MA, U.S. Government Guaranteed Notes (2.6%):
  6.85%, 8/01/07                                                                   1,290,000              1,281,668
                                                                                                  ---------------------
    Total mortgage-backed securities                                                                     58,151,230
                                                                                                  ---------------------
REPURCHASE AGREEMENT  (0.0%):
 State Street Bank Repurchase Agreement  3.50%,
  dated 5/25/00, due 6/15/00, maturity value $4,211
  (cost $4,203), collateralized by USTN, 6.375%, 01/31/02
  market value $5,056                                                                                         4,203
                                                                                                  ---------------------
    TOTAL INVESTMENTS (cost $59,751,119)(a)                                                              58,155,433

OTHER ASSETS AND LIABILITIES (16.6%)                                                                      (8,278,009)
                                                                                                  ---------------------
    Net assets                                                                                  $        49,877,424
                                                                                                  =====================
</TABLE>

(a) Cost and value for federal and income tax and financial reporting purposes
are the same.

See accompanying notes to financial statements.


<PAGE>   14


            ACCESS CAPITAL STRATEGIES COMMUNITY INVESTMENT FUND, INC.

                      STATEMENTS OF ASSETS AND LIABILITIES
                              MAY 31, 2000 AND 1999

<TABLE>
<CAPTION>
------------------------------------------------------------- ------------------------------ ------------------------------------
                                                                       May 31,2000                           May 31, 1999
------------------------------------------------------------- ------------------------------ ------------------------------------
ASSETS:
------------------------------------------------------------- ------------------------------ ------------------------------------
<S>                                                                          <C>                                     <C>
Investments, at market value (cost: $59,751,118.82 and                       $58,155,433.32                          $24,926,915
$25,256,576, respectively)
------------------------------------------------------------- ------------------------------ ------------------------------------
Interest Receivable                                                             $380,764.49                             $540,615
------------------------------------------------------------- ------------------------------ ------------------------------------
Total Assets:                                                                $58,536,197.81                          $25,467,530
------------------------------------------------------------- ------------------------------ ------------------------------------

------------------------------------------------------------- ------------------------------ ------------------------------------
LIABILITIES:
------------------------------------------------------------- ------------------------------ ------------------------------------

------------------------------------------------------------- ------------------------------ ------------------------------------
Reverse repurchase agreement (including accrued interest of                   $8,610,870.00                                    0
$10,870)
------------------------------------------------------------- ------------------------------ ------------------------------------
Accrued expenses                                                                 $47,903.85                              $24,754
------------------------------------------------------------- ------------------------------ ------------------------------------
Total Liabilities                                                             $8,658,773.85                              $24,754
------------------------------------------------------------- ------------------------------ ------------------------------------

------------------------------------------------------------- ------------------------------ ------------------------------------
NET ASSETS:                                                                  $49,877,423.96                          $25,442,776
------------------------------------------------------------- ------------------------------ ------------------------------------

------------------------------------------------------------- ------------------------------ ------------------------------------
NET ASSETS REPRESENTED BY:

------------------------------------------------------------- ------------------------------ ------------------------------------
Paid in capital                                                              $51,374,972.00                          $25,624,837
------------------------------------------------------------- ------------------------------ ------------------------------------
Accumulated undistributed net investment income                                 $388,427.00                             $222,475
------------------------------------------------------------- ------------------------------ ------------------------------------
Accumulated net realized loss                                                   -290,289.69                              -74,875
------------------------------------------------------------- ------------------------------ ------------------------------------
Net unrealized depreciation on investments                                    -1,595,685.35                             -329,661
------------------------------------------------------------- ------------------------------ ------------------------------------

------------------------------------------------------------- ------------------------------ ------------------------------------
Net assets                                                                   $49,877,423.96                          $25,442,776
------------------------------------------------------------- ------------------------------ ------------------------------------

------------------------------------------------------------- ------------------------------ ------------------------------------
Net asset value per share                                                        $94,992.49                           $99,288.88
------------------------------------------------------------- ------------------------------ ------------------------------------

------------------------------------------------------------- ------------------------------ ------------------------------------
Shares outstanding                                                                  525.067                              256.248
------------------------------------------------------------- ------------------------------ ------------------------------------

---------------------------------------------------------------------------------------------------------------------------------
                 SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>   15



            ACCESS CAPITAL STRATEGIES COMMUNITY INVESTMENT FUND, INC.

                            STATEMENTS OF OPERATIONS

            For the Fiscal Year ended May 31, 2000 and the period from June 23,
               1998 (Commencement of Operations) to May 31, 1999

<TABLE>
<CAPTION>
----------------------------------------------------------- ---------------------------------- ----------------------------------
                                                              June 1, 1999 to May 31, 2000         June 23, 1998 (Commencement of
                                                                      (Fiscal Year)                 Operations) to May 31, 1999
----------------------------------------------------------- ---------------------------------- ----------------------------------
INVESTMENT INCOME:
----------------------------------------------------------- ---------------------------------- ----------------------------------
<S>                                                                                <C>                                <C>
Interest                                                                           $2,764,679                         $1,359,299
----------------------------------------------------------- ---------------------------------- ----------------------------------
EXPENSES:
----------------------------------------------------------- ---------------------------------- ----------------------------------
Administrative fee                                                                    $10,304                             $7,268
----------------------------------------------------------- ---------------------------------- ----------------------------------
Management fee                                                                       $171,736                           $121,133
----------------------------------------------------------- ---------------------------------- ----------------------------------
Custody fee                                                                           $10,304                             $7,268
----------------------------------------------------------- ---------------------------------- ----------------------------------
Organizational expense reimbursement fee                                               $6,869                             $4,845
----------------------------------------------------------- ---------------------------------- ----------------------------------
TOTAL EXPENSE                                                                        $199,213                           $140,514
----------------------------------------------------------- ---------------------------------- ----------------------------------
INTEREST EXPENSE                                                                     $318,321                                  0
----------------------------------------------------------- ---------------------------------- ----------------------------------
TOTAL EXPENSES                                                                       $517,534                           $140,514
----------------------------------------------------------- ---------------------------------- ----------------------------------

----------------------------------------------------------- ---------------------------------- ----------------------------------
NET INVESTMENT INCOME                                                              $2,247,145                         $1,218,785
----------------------------------------------------------- ---------------------------------- ----------------------------------
REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
----------------------------------------------------------- ---------------------------------- ----------------------------------
Net realized loss on investments                                                     -215,414                            -74,875
----------------------------------------------------------- ---------------------------------- ----------------------------------
Change in unrealized depreciation of investments                                   -1,266,025                           -329,661
----------------------------------------------------------- ---------------------------------- ----------------------------------
Net realized and unrealized loss on investments                                    -1,481,439                           -404,536
----------------------------------------------------------- ---------------------------------- ----------------------------------

----------------------------------------------------------- ---------------------------------- ----------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS                                 $765,706                           $814,249
---------------------------------------------------------------------------------------------------------------------------------
                 SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>




<PAGE>   16



            ACCESS CAPITAL STRATEGIES COMMUNITY INVESTMENT FUND, INC.

                       STATEMENTS OF CHANGES IN NET ASSETS
         For the Fiscal Year ended May 31, 2000 and the period June 23,
               1998 (Commencement of Operations) to May 31, 1999

<TABLE>
<CAPTION>
---------------------------------------------------------------- ----------------------------- --------------------------------
                                                                      June 1, 1999 to                    June 23, 1998
                                                                         May 31, 2000                  (Commencement of
                                                                        (Fiscal Year)                     Operations)
                                                                                                        to May 31, 1999
---------------------------------------------------------------- ----------------------------- --------------------------------
<S>                                                                                <C>                              <C>
NET INCREASE (DECREASE) IN NET ASSETS:
---------------------------------------------------------------- ----------------------------- --------------------------------
Operations:
---------------------------------------------------------------- ----------------------------- --------------------------------
Net investment income                                                              $2,247,145                       $1,218,785
---------------------------------------------------------------- ----------------------------- --------------------------------
Net realized loss on investments                                                     -215,414                          -74,875
---------------------------------------------------------------- ----------------------------- --------------------------------
Change in unrealized depreciation of investments                                   -1,266,025                         -329,661
---------------------------------------------------------------- ----------------------------- --------------------------------
Increase in net assets resulting from operations                                     $765,706                         $814,249
---------------------------------------------------------------- ----------------------------- --------------------------------

---------------------------------------------------------------- ----------------------------- --------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
---------------------------------------------------------------- ----------------------------- --------------------------------
Net investment income                                                              -2,081,193                         -996,310
---------------------------------------------------------------- ----------------------------- --------------------------------
Total distribution to shareholders                                                 -2,081,193                         -996,310
---------------------------------------------------------------- ----------------------------- --------------------------------

---------------------------------------------------------------- ----------------------------- --------------------------------
CAPITAL SHARE TRANSACTIONS:
---------------------------------------------------------------- ----------------------------- --------------------------------
Proceeds from sale of shares                                                      $25,750,135                      $34,124,836
---------------------------------------------------------------- ----------------------------- --------------------------------
Shares redeemed                                                                             0                       -8,499,999
---------------------------------------------------------------- ----------------------------- --------------------------------
Change in net assets resulting from capital share transactions                    $25,750,135                      $25,624,837
---------------------------------------------------------------- ----------------------------- --------------------------------

---------------------------------------------------------------- ----------------------------- --------------------------------
Increase (decrease) in net assets                                                 $24,434,648                      $25,442,776
---------------------------------------------------------------- ----------------------------- --------------------------------

---------------------------------------------------------------- ----------------------------- --------------------------------
Net assets at beginning of period                                                 $25,442,776                                0
---------------------------------------------------------------- ----------------------------- --------------------------------

---------------------------------------------------------------- ----------------------------- --------------------------------
NET ASSETS AT END OF PERIOD                                                       $49,877,424                      $25,442,776
---------------------------------------------------------------- ----------------------------- --------------------------------

---------------------------------------------------------------- ----------------------------- --------------------------------
Accumulated undistributed net investment income                                      $388,427                         $222,475
-------------------------------------------------------------------------------------------------------------------------------
                                        SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>





<PAGE>   17



            ACCESS CAPITAL STRATEGIES COMMUNITY INVESTMENT FUND, INC.

                              FINANCIAL HIGHLIGHTS
                               MAY 31, 1999 & 2000

<TABLE>
<CAPTION>
---------------------------------------------------- ----------------------------------- -----------------------------------------
                                                         June 1,1999 to May 31, 2000          June 23,1998 (Commencement of
                                                                                                  Operations) to May 31,1999
----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                          <C>                                      <C>
PER SHARE OPERATING PERFORMANCE:
---------------------------------------------------- ----------------------------------- -----------------------------------------
Net asset value beginning of period                                          $99,288.88                               $100,000.00
---------------------------------------------------- ----------------------------------- -----------------------------------------

---------------------------------------------------- ----------------------------------- -----------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
---------------------------------------------------- ----------------------------------- -----------------------------------------
Net investment income                                                         $5,814.07                                 $4,756.27
---------------------------------------------------- ----------------------------------- -----------------------------------------
Net realized and unrealized loss on investments                               -4,167.96                                 -1,579.32
---------------------------------------------------- ----------------------------------- -----------------------------------------
Total from investment operations                                              $1,646.11                                 $3,176.95
---------------------------------------------------- ----------------------------------- -----------------------------------------

---------------------------------------------------- ----------------------------------- -----------------------------------------
Less distributions from net investment income                                 $5,942.50                                 $3,888.07
---------------------------------------------------- ----------------------------------- -----------------------------------------

---------------------------------------------------- ----------------------------------- -----------------------------------------
Net asset value end of period                                                $94,992.49                                $99,288.88
---------------------------------------------------- ----------------------------------- -----------------------------------------
Net Assets, at end of period ($Millions)                                          $49.9                                     $25.4
---------------------------------------------------- ----------------------------------- -----------------------------------------
Ratio of expenses to Average Net Assets                                           0.58%                                  0.58%(a)
---------------------------------------------------- ----------------------------------- -----------------------------------------
Ratio of Net Investment Income to Average Net                                     6.54%                                  5.03%(a)
Assets
---------------------------------------------------- ----------------------------------- -----------------------------------------
Total return for period                                                           1.69%                                     3.17%
---------------------------------------------------- ----------------------------------- -----------------------------------------
Portfolio turnover                                                                  57%                                       29%
---------------------------------------------------------------------------------------- -----------------------------------------
                          SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
---------------------------------------------------------------------------------------- -----------------------------------------
</TABLE>

(a) Annualized


<PAGE>   18



                           ACCESS CAPITAL STRATEGIES
                        COMMUNITY INVESTMENT FUND, INC.

                    Statements of Cashflows Period ended May
                   31, 2000 and the period from June 23, 1998
                  (commencement of operations) to May 31, 1999

<TABLE>
<CAPTION>
                                                                           2000            1999
                                                                     ---------------------------------
<S>                                                                          <C>           <C>
Cash flows from operating activities:
  Net increase in net assets from operations                              $765,706         814,249
Adjustments to reconcile net increase in net assets from
operations to net cash used in operating activities:
  Net accretion of discount/premium on long term securities                (24,945)          4,813
  Decrease (increase) in interest receivable                               159,850        (540,615)
  Increase in liability for reverse repurchase agreement                 8,610,870             --
  Increase in accrued expenses                                              23,150          24,754
  Unrealized depreciation on investments                                 1,266,025         329,661
  Net realized loss on investments                                         215,414          74,875
                                                                     ---------------------------------
    Net cash provided by operating activities                           11,016,070         707,737
                                                                     ---------------------------------
Cash flows from investing activities:

  Purchase of investment securities                                    (61,733,863)    (37,711,803)
  Proceeds from disposition of investment securities                    22,942,227       6,873,299
  Proceeds from mortgage-backed securities paydowns                      3,411,751       6,201,316
  Purchase and sales of short-term investment securities, net              694,873        (699,076)
                                                                     ---------------------------------
    Net cash used by investing activities                              (34,685,012)    (25,336,264)
                                                                     ---------------------------------
Cash flows from financing activities:

  Capital stock subscriptions                                           25,750,135      34,124,836
  Capital stock redemptions                                                    --       (8,499,999)
  Cash distributions paid                                               (2,081,193)       (996,310)
                                                                     ---------------------------------
    Net cash provided by financing activities                           23,668,942      24,628,527
                                                                     ---------------------------------
Net increase (decrease) in cash                                                --              --
Cash, beginning of year                                                        --              --
                                                                     ---------------------------------
Cash, end of year                                                              --              --
                                                                     =================================
</TABLE>

See accompanying notes to financial statements.


<PAGE>   19


         ACCESS CAPITAL STRATEGIES COMMUNITY INVESTMENT FUND, INC.

                          Notes to Financial Statements

                                  May 31, 2000

(1)      ORGANIZATION

                  Access Capital Strategies Community Investment Fund, Inc.
                  ("Fund"), a Maryland Corporation, is organized as a
                  non-diversified closed-end management investment company
                  electing status as a business development company ("BDC")
                  under the Investment Company Act of 1940 ("1940 Act"). The
                  Fund commenced operations on June 23, 1998.

                  The Fund's investment objective is to invest in geographically
                  specific private placement debt securities specifically
                  designed to support underlying economic activities such as
                  affordable housing, education, small business lending, and
                  community development.

(2)      SIGNIFICANT ACCOUNTING POLICIES

                  The following is a summary of significant accounting policies
                  consistently followed by the Fund in the preparation of the
                  financial statements. The policies are in conformity with
                  generally accepted accounting principles, which require
                  management to make estimates, and assumptions that affect
                  amounts reported therein. Although actual results could differ
                  from these estimates, any such differences are expected to be
                  immaterial to the net assets of the Fund.

         (a)      VALUATION OF SECURITIES

                  On October 29, 1999, the Fund revised its valuation policy.
                  Prior to October 29, 1999 the Fund's valuation policy was as
                  follows:

                  Portfolio securities, the principal market for which is not a
                  securities exchange, are valued at the mean between their
                  latest bid and asked quotations in such principal market. If
                  no such bid and asked prices are available, then the
                  securities are valued in good faith at their respective fair
                  market values using methods determined by the or under the
                  supervision of the Board of Directors of the Fund. This
                  includes the use of proprietary pricing models for
                  mortgage-backed securities, mortgage-related, asset-backed and
                  other debt related instruments, which take into consideration
                  transactions in comparable securities and various
                  relationships among securities and their yield to maturity.

                  Portfolio securities with a remaining maturity of 60 days or
                  less are valued at their amortized cost, which approximates
                  market value.
<PAGE>   20

                  The Fund's revised valuation policy is as follows:

                  Portfolio securities, the principal market for which is a
                  securities exchange will be valued at the closing sales price
                  on that exchange on the day of computation, or, if there have
                  been no sales during such day, at the bid quotations. If no
                  such bid prices are available, then the securities will be
                  valued in good faith at their respective fair market values
                  using methods determined by or under the supervision of the
                  Board of Directors of the Fund. Portfolio securities, the
                  principal market for which is not a securities exchange and
                  for which bid and ask prices are not available but for which
                  the Custodian can obtain a price from an independent pricing
                  agent shall be valued by the Custodian at the price obtained
                  from the independent pricing agent for a comparable security
                  without Community Reinvestment Act characteristics plus a
                  markup of 3/4 of a point. Portfolio securities, the principal
                  market for which is not a securities exchange and for which
                  the Custodian cannot obtain a price from an independent
                  pricing agent shall be valued by the Custodian by using a
                  pricing matrix designed to maintain fair value of that
                  security as provided by the Adviser. All other assets and
                  securities including securities for which market quotations
                  are not readily available are valued at their fair value as
                  determined in good faith under the general supervision of the
                  Board of Directors of the Fund.

         (b)      REPURCHASE AGREEMENTS

                  It is the policy of the Fund to require the custodian bank to
                  take possession, to have legally segregated in the Federal
                  Reserve Book entry system all securities held as collateral in
                  support of the repurchase agreement investments. Additionally,
                  procedures have been established by the Fund to monitor, on a
                  daily basis, the market value of each repurchase agreement's
                  underlying securities to ensure the existence of a proper
                  level of collateral.

                  The Fund will only enter into repurchase agreements with banks
                  and other recognized financial institutions such as
                  broker/dealers, which are deemed by the Fund's advisor to be
                  creditworthy pursuant to guidelines established by the
                  Directors. Risk may arise from potential inability of
                  counterparties to honor the terms of the repurchase agreement.
                  Accordingly, the fund could receive less than the repurchase
                  price on the sale of the collateral securities.

         (c)      REVERSE REPURCHASE AGREEMENTS

                  To obtain short-term financing, the Fund may enter into
                  reverse repurchase agreements with banks and other recognized
                  financial institutions such as broker/dealers, which are
                  deemed by the Fund's advisor to be creditworthy pursuant to
                  the guidelines established by the Directors. Interest on the
                  value of the reverse repurchase agreements is based upon
                  competitive market rates at the time of issuance. At the time
                  the Fund enters into a reverse repurchase agreement, it will
                  establish and maintain a segregated account with the custodian
                  containing qualifying assets having a value not less than the
                  repurchase price, including accrues interest. If the
                  counterparty to the transaction is rendered


<PAGE>   21

                  insolvent, the ultimate realization of the securities to be
                  repurchases by the Fund may be delayed or limited.

         (d)      SECURITY TRANSACTIONS AND INVESTMENT INCOME

                  Security transactions are recorded on trade date. Realized
                  gains and losses from security transactions are reported on an
                  identified-cost basis. Income and expenses are recorded on the
                  accrual basis. Premiums and discounts on mortgage-backed
                  securities are amortized into interest income using the
                  effective-yield method.

                  For federal income tax purposes at May 31, 2000, the cost of
                  investments is $59,751,119 and the appreciation and
                  depreciation on investments are $0 and $1,595,686
                  respectively.

         (e)      FEDERAL INCOME TAXES

                  No provision for federal income or excise taxes is required
                  since the Fund intends to continue to qualify as a regulated
                  investment company and distribute all of its taxable income to
                  its shareholders.

         (f)      RECLASSIFICATION OF CAPITAL ACCOUNTS

                  Distributions are determined in accordance with income tax
                  regulations which may differ from generally accepted
                  accounting principles. Accordingly, periodic reclassifications
                  are made within the Fund's capital accounts to reflect income
                  and gains available for distribution under income tax
                  regulations.

         (g)      DISTRIBUTIONS TO SHAREHOLDERS

                  The Fund declares and distributes dividends quarterly from net
                  investment income and annually from net realized capital
                  gains, if any, after offsetting capital-loss carryovers.

(3)      INVESTMENT MANAGEMENT AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

         Access Capital Strategies LLC ("Access") serves as an Investment
         Manager. Access is a registered investment adviser under the Investment
         Advisers Act 1940 ("Investment Advisers Act"). As of May 31, 2000, the
         Federal National Mortgage Association ("Fannie Mae") through its
         affiliate the FannieMae American Community Fund holds a 45% equity
         interest in Access. At May 31, 2000, the Fund held $44,061,121 in
         Fannie Mae mortgage-backed securities representing 88.4% of the Fund's
         net assets.

         Access receives from the Fund 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.
         Under the terms of the management agreement, Access has agreed to pay
         all operating expenses of the Fund. In turn, Access charges the Fund a
         fee equal to the lesser of three basis points (0.03%) of average
         monthly net assets, paid quarterly, or cumulative


<PAGE>   22

         administrative expenses incurred by Access less cumulative
         administrative expenses reimbursed by the Fund. For the period June 1,
         1999 to May 31, 2000, Access incurred $140,586 in administrative
         expenses and the Fund reimbursed Access $10,304 for such expenses. In
         the event the management agreement between Access and the Fund is
         terminated, the Fund will have no obligation to continue to pay Access
         for non-reimbursed administrative expenses.

         Upon closing of the Fund, Access agreed to pay all organization and
         offering costs of the Fund. In turn, the Fund is charged two basis
         points (0.02%) of the Fund's average monthly net assets, paid
         quarterly, to reimburse Access up to the amount of combined
         organizational and offering expenses. Since inception, the Fund
         incurred $78,508 in organizational expenses and the Fund reimbursed
         Access $6,869 and $4,845 for such expenses in 2000 and 1999
         respectively. In the event the management agreement between Access and
         the Fund is terminated, the Fund will have no obligation to continue to
         pay Access for non-reimbursed organization and offering costs. Also,
         the Fund is charged three basis points (0.03%) of the Fund's monthly
         net assets for custody and fund accounting services.

         For certain issues purchased by the Fund, the issuer may pay a 100
         basis point (1%) structuring fee to the Fund. For the period from June
         1, 1999 to May 31, 2000, the Fund received $0 in structuring fees from
         issuers. In the event that the Fund receives a structuring fee from an
         issuer, Access charges the Fund an investment structuring fee equal to
         100 basis points (1%). For the period from June 1, 1999 to May 31,
         2000, the Fund paid Access $0 in structuring fees.

         Access maintains a shareholder account for each investor in the Fund.
         Investors making a commitment to the Fund pay Access a one-time
         commitment fee of 25 basis points (0.25%) of the commitment. During the
         period from June 1, 1999 to May 31, 2000, Access received $49,375 in
         commitment fees net of $0 in reimbursements.

(4)      CAPITAL SHARE TRANSACTIONS

         The Fund has authorized 10,000 shares of $.01 par value common stock.
         At May 31, 2000, there were 609.203 shares issued and 525.067 shares
         outstanding.

         Investors withdrawing from the Fund receive the then current net asset
         value redeemed, and the total redemption proceeds are subject to 1%
         withdrawal fee. During the period from June 1, 1999 to May 31, 2000,
         Access waived all withdrawal fees.

(5)      CAPITAL LOSS CARRYFORWARD

         For federal income tax purposes, the Fund had capital loss carryovers
         at May 31, 2000 of $153,559 which, if not offset by subsequent capital
         gains, $16,310 will expire in 2007 and $137,249 will expire in 2008. It
         is unlikely that the Board of Directors will authorize distribution of
         any net realized capital gains until the available capital loss has
         been offset or expired.

(6)      SECURITIES TRANSACTIONS


<PAGE>   23

         Cost of purchases and proceeds from sales and pay downs of investment
         securities (excluding short-term securities) were as follows for the
         year ended May 31, 2000:

         Cost of Purchases      Proceeds from Sales     Proceeds from Pay downs
         -----------------      -------------------     -----------------------

         $ 61,733,861           $ 22,942,227            $ 3,411,749

         The Fund had the following reverse repurchase agreement outstanding at
         May 31, 2000:

<TABLE>
<CAPTION>
         Repurchase Amount      Counterparty                   Interest Rate     Maturity Date
         -----------------      ------------                   -------------     -------------
<S>                             <C>                                <C>           <C>
         $ 8,600,000            State Street Bank & Trust Co.      6.5%          6/15/2000
</TABLE>

         The average daily balance, weighted average interest rate and maximum
amount outstanding under these agreements were as follows:

         Average Daily                    Weighted           Maximum
         Balance                      Average Interest       Amount
         Outstanding                        Rate             Outstanding*
         -------------               ------------------      ------------

         $6,108,100                         5.84%            $ 9,731,525


         * The maximum amount outstanding under reverse repurchase agreements
           includes accrued interest.

ITEM 9. CHANGES IN AND  DISAGREEMENTS  WITH  ACCOUNTANTS  ON ACCOUNTING AND
FINANCIAL DISCLOSURE

None.


PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

The Fund's Board of Directors will establish and review policy for the
management of the Fund. A majority of the members of the Board, as required by
Section 56(a) of the 1940 Act, are disinterested. The Board will meet no less
frequently than quarterly. The Board will review and approve annually the
contracts between the Fund, Access, and any other affiliates of Access.
Management will be responsible for all day-to-day business decisions regarding
operations of the Fund. Specifically, all decisions about buying and selling
portfolio investments will be Management's responsibility. The Board will review
and consider the allocation of actual investments as compared to the allocation
indicated by investors' Designated Target Regions.


<PAGE>   24

         At May 31, 2000, the Fund's Directors were:

<TABLE>
<CAPTION>
NAME                     AGE    POSITION    OTHER AFFILIATION                         OTHER BOARDS
<S>                      <C>    <C>         <C>                                       <C>
Peter J. Blampied        55     Director    Former Chairman, President & CEO of       Northeast Investors Trust,
                                            Boston Five Bancorp.                      Environmental Power Corp, A.W. Perry,
                                                                                      Inc. and The Nellie Mae Foundation

Ronald A. Homer*         53     Director    CEO & Co-Managing Member, Access          SallieMae
                                            Capital Strategies LLC.

Kevin J. Mulvaney        49     Director    President, Strategic Advisors Group.      NellieMae Corp (emeritus), PNC Bank,
                                            Formerly president of DRI/McGraw-Hill     New England
                                            and executive vice president of
                                            BankBoston.
</TABLE>

*An "interested" Director.

OFFICERS

         At May 31, 2000, the officers of the Fund were:

<TABLE>
<CAPTION>
NAME                            POSITION              OTHER AFFILIATION                    OFFICER SINCE
----                            --------              -----------------                    -------------

<S>                             <C>                   <C>                                  <C>
Ronald A. Homer                 Chairman              CEO & Co-Managing Member, Access     1998
                                                      Capital Strategies LLC

David F. Sand                   CEO                   President & Co-Managing Member,      1998
                                                      Access Capital Strategies LLC
</TABLE>

         The business backgrounds of the Fund's directors and officers are as
follows:

<TABLE>
<CAPTION>
NAME                    EMPLOYERS(5 YEARS)                  INDUSTRY                       JOB DESCRIPTION
----                    ------------------                  --------                       ---------------

<S>                    <C>                                  <C>                            <C>
Ronald A. Homer        Access Capital Strategies LLC        Investment Advisor             CEO & Co-Managing Member
                       Boston  Bank of Commerce             Banking                        President & CEO (1983-1996)

Peter J.
Blampied               Independent                          Management Consulting          Management  Consultant (1993-1997)
                       Boston Five Bancorp.                 Banking                        Former Chairman, President and CEO
                                                                                           (prior to 1993)

Kevin J.               Strategic Advisors Group             Management Consulting          President  (4/97 - present)
Mulvaney               DRI/McGraw Hill                      Econometrics Publishing        President (1994 - 1997)
                       Bank of Boston                       Banking                        Executive Vice President and Group
                                                                                           Executive National Banking (prior to
                                                                                           1993)

David F. Sand          Access Capital Strategies LLC        Investment Adviser             President & Co-Managing Member
                                                                                            (1997-present)
                       Access Capital Strategies Corp.      Investment Adviser             CIO & CEO (prior to 1997)
                       Commonwealth Capital Strategies      Investment Banking             President  (prior to 1995)
                       Commonwealth Capital Partners        Investment Banking             Managing Director  (prior to 1994)
</TABLE>


ITEM 11. EXECUTIVE COMPENSATION


<PAGE>   25

The Fund will pay no compensation to its officers who are "interested persons"
(as defined in the 1940 Act) of the Manager or to its directors who are
officers, directors or employees of Access or any "affiliated person" thereof
(as defined in the 1940 Act). The Fund's disinterested directors received $2,000
per meeting. There were 4 meetings during the reporting period. Such directors
also will be reimbursed by the Fund for their expenses in attending meetings of
the Board or any committee thereof.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

Beneficial Owners:

At May 31, 2000 BankBoston owned 32.8%, Amalgamated Bank of New York 20.0%,
Union Bank of California 10.0%, Washington Mutual Bank 10.0%, Middlesex Savings
Bank 9.4% and Hibernia National Bank 5.0% of Fund Shares outstanding.

Management

Access Capital Strategies LLC, the Manager of the Fund, owned 0.10 Fund shares
at May 31, 2000.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

The Fund may invest in securities guaranteed and issued by FannieMae. An
affiliate of FannieMae is an investor in Access Capital Strategies LLC, the Fund
Manager. The Fund Directors have adopted policies and procedures to govern the
direct purchase of FannieMae mortgage-backed securities by the Fund from the
FannieMae Customer Service Trading Desk.

At May 31, 2000 the Fund owned $44.1 million in FannieMae mortgage-backed
securities representing 76% of the Fund's total investments.

Part IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS

(a)(1) The following financial statements are incorporated by reference from
 Item 8 hereof:

 Statements of Assets and Liabilities as of May 31, 2000 and 1999

 Statements of Operations for the fiscal year ended May 31, 2000 and the period
 June 23, 1998 (Commencement of Operations) to May 31, 1999

 Statements of Changes in Net Assets for the fiscal year ended May 31, 2000 and
 the period June 23, 1998 (Commencement of Operations) to May 31, 1999

 Financial Highlights for the fiscal year ended May 31, 2000 and the period June
 23, 1998 (Commencement of Operations) to May 31, 1999

 Notes to Financial Statements

 Independent Auditors' Report

 (a)(2) All other schedules for which provision is made in the applicable
 accounting regulations of the Securities and Exchange Commission are omitted
 because of the absence of conditions under which they are required or because
 the required information is included in the financial statements and related
 notes thereto.

 (a)(3) The following exhibits are included as part of this Form 10-K.


<PAGE>   26

  Exhibit No.        Exhibit

              23.        Consent of Independent Public Accountants
              27.        Financial Data Schedule

                           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 on Form 10-Q for the period ended
                                 August 31, 1998
                        (ii)     Incorporated by reference from an exhibit
                                 filed on 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 on Form 10-Q for the period ended
                                 August 31, 1998
                        (iii) (A)Incorporated by reference from an exhibit
                                 filed on 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.



<PAGE>   27

                                   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.

Date:   December 18, 2000      Access Capital Strategies Community Investment
                               Fund, Inc.


                                   /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 Accounting Officer, Principal
                                   Financial Officer