UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x	Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended ~~November~~February 3029, ~~2003~~ 2004

¨	Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File No. 817-00807

Access Capital Strategies Community Investment Fund, Inc.

(Exact name of registrant as specified in its charter)

Maryland		04-3369393
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
(State or other jurisdiction ofincorporation or organization)		(I.R.S. EmployerIdentification No.)
124 Mt. Auburn Street, Suite 200N Cambridge, MA 02138
124 Mt. Auburn Street, Suite 200N		Cambridge, MA 02138
(Address of principal executive offices) (Zip Code)
(Address of principal executive offices)		(Zip Code)

617-576-5858

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant has been required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 126-2 of the Exchange Act): Yes x No ¨

The registrant had 95102 shareholders and 2930,~~087~~826,~~879~~619 shares of common stock outstanding as of ~~November~~February 3029, ~~2003~~2004.

Access Capital Strategies Community Investment Fund, Inc.

~~November~~February 3029, ~~2003~~2004 Form 10-Q Quarterly Report

TABLE OF CONTENTS

			PAGE
PART I. FINANCIAL INFORMATION
	Item 1.	Condensed Financial Statements
		Condensed Statements of Assets and LiabilitiesNovember 30, 2003 (unaudited) and May 31, 2003	3
		Condensed Statements of Assets and LiabilitiesFebruary 29, 2004 (unaudited) and May 31, 2003	3
		Condensed Statements of Operations (unaudited)Three months ended November 30, 2003 and 2002Six months ended November 30, 2003 and 2002	4
		Condensed Statements of Operations (unaudited)Three months ended February 29, 2004 and February 28, 2003Nine months ended February 29, 2004 and February 28, 2003	4
		Condensed Statements of Changes in Net Assets (unaudited)Three months ended November 30, 2003 and 2002Six months ended November 30, 2003 and 2002	5
		Condensed Statements of Changes in Net Assets (unaudited)Three months ended February 29, 2004 and February 28, 2003Nine months ended February 29, 2004 and February 28, 2003	5
		Condensed Statements of Cash Flows (unaudited)Six months ended November 30, 2003 and 2002	6
		Condensed Statements of Cash Flows (unaudited)Nine months ended February 29, 2004 and February 28, 2003	6
		Financial Highlights (unaudited)Three months ended November 30, 2003 and 2002Six months ended November 30, 2003 and 2002	7
		Financial Highlights (unaudited)Three months ended February 29, 2004 and February 28, 2003Nine months ended February 29, 2004 and February 28, 2003	7
		Schedule of Investments (unaudited)November 30, 2003	8
		Schedule of Investments (unaudited)February 29, 2004	8
		Notes to Condensed Financial Statements (unaudited)	11
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1312
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	2120
	Item 4.	Controls and Procedures	2221
PART II. OTHER INFORMATION			2322
	Item 1.	Legal proceedings	2322
	Item 2.	Changes in securities	2322
	Item 3.	Defaults upon senior securities	2322
	Item 4.	Submission of matters to a vote of security holders	2322
	Item 5.	Other information	2322
	Item 6.	Exhibits and reports	2322
	Signatures		2423

Access Capital Strategies Community Investment Fund, Inc.

CONDENSED STATEMENTS OF ASSETS AND LIABILITIES

	November 30, 2003(unaudited)			May 31, 2003
	February 29, 2004 (Unaudited)			May 31, 2003
Assets:
Investments, at value*	$	~~365~~370,~~254~~572,~~153~~386		$	316,614,272
Cash		6650,~~897,028~~893			1,498,826
Receivables:
Capital shares sold		8,018,000			100,000
Interest		1,660,175			1,508,738
Interest		1,669,140			1,508,738
Securities sold		2,969,578			—
Variation margin		376,873			4,344
Principal paydowns		19,916			70,677
Principal paydowns		52,828			70,677
Capital shares sold		—			100,000
Prepaid expenses and other assets		154,315			49,209
Variation margin		—			4,344
Total assets		382,422,337			319,846,066
Prepaid expenses and other assets		182			49,209
Total assets		375,873,130			319,846,066
Liabilities:
Payables:
Reverse repurchase agreements (including accrued interest of $28,424, $18,871, and $25,075, respectively)		85,528,424			47,018,871
Reverse repurchase agreements (including accrued interest of $17,114 and $18,871,
Securities purchased		9,685,900			23,374,300
respectively)		57,217,114			47,018,871
Dividends to shareholders		1,197,924			2,153,075
Securities purchased		10,271,405			23,374,300
Investment advisor		158,781			221,421
Dividends to shareholders		1,306,031			2,153,075
Other affiliates		12,327			14,892
Investment advisor		155,894			221,421
Accrued expenses and other liabilities		—			29,627
Variation margin		150,000			—
Total liabilities		96,583,356			72,812,186
Other affiliates		17,764			14,892
Accrued expenses and other liabilities		17,229			29,627
Total liabilities		69,135,437			72,812,186
Net Assets:
Net Assets	$	~~285~~306,~~838~~737,~~981~~693		$	247,033,880
Net Assets Consist of:
Paid-in capital	$	~~291~~308,~~532~~728,~~828~~483		$	243,079,354
Undistributed (accumulated distributions in excess of) investment income - net		(1,401,841	)		(1,401,829	)
Undistributed (accumulated distributions in excess of) investment income-net		(1,401,839	)		(1,401,829	)
Accumulated realized capital losses on investments-net		(57,~~567~~701,~~135~~037	)		(5,491,453	)
Unrealized appreciation on investments-net		17,~~275~~112,~~129~~086			10,847,808
Total accumulated earnings (losses)-net		(51,~~693~~990,~~847~~790	)		3,954,526
Net Assets	$	~~285~~306,~~838~~737,~~981~~693		$	247,033,880
Net Asset Value Per Share	$	9.8395		$	10.21
* Identified cost	$	363,454,659		$	304,973,620
*Identified cost.	$	363,305,723		$	304,973,620
Shares issued and outstanding, $.0000001 par value, 100,000,000 shares authorized		29,087,879			24,195,706
Shares issued and outstanding, $.0000001 par value, 100,000,000 shares authorized.		30,826,619			24,195,706

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

FINANCIAL INFORMATION (continued)

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

		Three Months Ended						~~Six~~Nine Months Ended
		November 30, 2003			November 30, 2002			November 30, 2003			November 30, 2002
		February 29,2004			February 28,2003			February 29,2004			February 28,2003
~~Investment Income:~~	~~Interest~~Investment Income:	$	~~4,652,512~~		$	~~3,870,513~~		$	~~9,030,392~~		$	~~7,427,657~~
Expenses:	Management fees		429,171			318,440			828,981			605,109
	Interest	$	4,906,079		$	4,151,253		$	13,936,471		$	11,578,910
	Interest expense		189,822			170,025			379,475			301,368
	Expenses:
	Professional fees		49,629			21,446			79,283			44,105
	Management fees		460,522			354,144			1,289,503			959,253
	Accounting services		24,656			22,134			45,681			42,914
	Interest expense		209,545			159,165			589,020			460,533
	Pricing fees		12,893			3,146			23,405			5,612
	Professional fees		51,123			29,248			130,406			73,353
	Director’s fees and expenses		6,599			7,827			13,420			15,762
	Accounting services		30,437			22,314			76,118			65,228
	Custodian fees		9,311			6,035			16,482			11,411
	Pricing fees		15,548			5,783			38,953			11,395
	Organizational fees		—			10,820			—			20,754
	Custodian fees		13,897			6,487			30,379			17,898
	Transfer agent fees		4,539			4,995			8,671			10,060
	Director’s fees and expenses		8,013			5,514			21,433			21,276
	Other		4,296			5,984			8,303			12,097
	Organizational fees		—			11,691			—			32,445
	Total expenses before reimbursement		730,916			570,852			1,403,701			1,069,192
	Transfer agent fees		5,177			4,495			13,848			14,555
	Reimbursement of expenses		60,729			(38,897	)		136,535			(79,174	)
	Other		8,289			4,931			16,592			17,028
	Total expenses after reimbursement		791,645			531,955			1,540,236			990,018
	Total expenses before reimbursement		802,551			603,772			2,206,252			1,672,964
	Investment income-net		3,860,867			3,338,558			7,490,156			6,437,639
	Reimbursement of expenses		51,471			(43,332	)		188,006			(122,506	)
Realized & Unrealized Gain (Loss) on Investments-Net:	Realized gain (loss) on investments-net		1,349,643			(609,931	)		(75,682	)		(3,952,298	)
	Total expenses after reimbursement		854,022			560,440			2,394,258			1,550,458
	Change on unrealized appreciation on investments-net		(410,948	)		(882,091	)		(9,572,679	)		4,263,758
	Investment income-net		4,052,057			3,590,813			11,542,213			10,028,452
	Total realized and unrealized gain (loss) on investments-net		938,695			(1,492,022	)		(9,648,361	)		311,460
	Realized & Unrealized Gain (Loss) on Investments-Net:
	Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,799,562		$	1,846,536		$	(2,158,205	)	$	6,749,099
	Realized loss on investments-net		(2,133,902	)		(1,403,401	)		(2,209,584	)		(5,355,699	)
	Change in unrealized appreciation on investments-net		5,836,957			4,250,444			(3,735,722	)		8,514,202
	Total realized and unrealized gain (loss) on investments-net		3,703,055			2,847,043			(5,945,306	)		3,158,503
	Net Increase in Net Assets Resulting from Operations	$	7,755,112		$	6,437,856		$	5,596,907		$	13,186,955

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

CONDENSED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	Three Months Ended		~~Three Months Ended~~						Nine Months Ended		~~Six Months Ended~~
	Increase (Decrease) in Net Assets:		November 30,2003				November 30,2002				November 30,2003				November 30,2002
	February 29,2004				February 28,2003				February 29,2004				February 28,2003
Operations:	Investment income-net		$	3,860,867			$	3,338,558			$	7,490,156			$	6,437,639
Increase (Decrease) in Net Assets:
	Realized gain (loss) on investments-net			1,349,643				(609,931	)			(75,682	)			(3,952,298	)
Operations:
	Change in unrealized appreciation on investments-net			(410,948	)			(882,091	)			(9,572,679	)			4,263,758
Investment income-net	$	4,052,057			$	3,590,813			$	11,542,213			$	10,028,452
	Net increase (decrease) in net assets resulting from operations			4,799,562				1,846,536				(2,158,205	)			6,749,099
Realized loss on investments-net		(2,133,902	)			(1,403,401	)			(2,209,584	)			(5,355,699	)
Dividends to Shareholders:	Dividends to shareholders from investment income-net			(3,860,862	)			(3,296,895	)			(7,490,168	)			(6,397,771	)
Change in unrealized appreciation on investments-net		5,836,957				4,250,444				(3,735,722	)			8,514,202
Capital Share Transactions	Net proceeds from sale of shares			28,468,000				18,589,620				59,908,000				41,921,343
Net increase in net assets resulting from operations		7,755,112				6,437,856				5,596,907				13,186,955
	Value of shares issued to shareholders in reinvestment of dividends			430,595				365,192				769,626				1,539,024
Dividends to Shareholders:
	Total issued			28,898,595				18,954,812				60,677,626				43,460,367
Dividends to shareholders from investment income-net		(4,052,055	)			(3,465,626	)			(11,542,223	)			(9,863,397	)
	Cost of shares redeemed			(12,224,152	)			—				(12,224,152	)			—
Capital Share Transactions:
	Net increase in net assets resulting from capital share transactions			16,674,443				18,954,812				48,453,474				43,460,367
Net proceeds from sale of shares		18,957,000				10,825,001				78,865,000				52,746,344
Net Assets:	Total increase in net assets			17,613,143				17,504,453				38,805,101				43,811,695
Value of shares issued to shareholders in reinvestment of dividends		352,674				357,472				1,122,300				1,896,496
	Beginning of period			268,225,838				211,191,061				247,033,880				184,883,819
Total issued		19,309,674				11,182,473				79,987,300				54,642,840
	End of period*		$	285,838,981			$	228,695,514			$	285,838,981			$	228,695,514
Cost of shares redeemed		(2,114,019	)			—				(14,338,171	)			—
	* Undistributed (accumulated distributions in excess of) investment income-net		$	(1,401,841	)		$	984,557			$	(1,401,841	)		$	984,557
Net increase in net assets resulting from capital share transactions		17,195,655				11,182,473				65,649,129				54,642,840
Net Assets:
Total increase in net assets		20,898,712				14,154,703				59,703,813				57,966,398
Beginning of period		285,838,981				228,695,514				247,033,880				184,883,819
End of period*	$	306,737,693			$	242,850,217			$	306,737,693			$	242,850,217
* Undistributed (accumulated distributions in excess of) investment income-net	$	(1,401,839	)		$	1,109,744			$	(1,401,839	)		$	1,109,744

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

			Six Months Ended
	Nine Months Ended February 29, 2004				Nine Months Ended February 28, 2003
			November 30,2003				November 30,2002
Cash Used for Operating Activities:
Cash Used for Operating Activities:	Net increase (decrease) in net assets resulting from operations		$	(2,158,205	)		$	6,749,099
Net increase in net assets resulting from operations	$	5,596,907			$	13,186,955
	Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
	(Increase) in receivables			(532,931	)			(208,047	)
Increase in receivables		(147,093	)			(346,761	)
Decrease in deposit from brokers	~~Decrease in deposit from brokers~~	—		—		21,094,066		~~21,094,066~~
	Decrease (increase) in other assets			(105,106	)			214,164
Decrease in other assets		49,027				210,528
	Decrease in other liabilities			(85,279	)			(21,313,390	)
Increase (decrease) in other liabilities		73,190				(20,876,593	)
Realized and unrealized loss (gain) on investments-net	~~Realized and unrealized loss (gain) on investments-net~~	4,256,990		~~10,081,095~~		(7,134,267	)	~~(3,271,177~~	)
Amortization of premium and discount	~~Amortization of premium and discount~~	8,918		~~3,173~~		9,475		~~18,736~~
Proceeds from paydowns and sales of long-term investments	~~Proceeds from paydowns and sales of long-term investments~~	130,558,628		~~94,686,487~~		114,190,397		~~87,612,409~~
Purchases of long-term investments	~~Purchases of long-term investments~~	(204,804,362	)	~~(167,081,187~~	)	(187,873,285	)	~~(144,073,924~~	)
Net cash used for operating activities	~~Net cash used for operating activities~~	(64,407,795	)	~~(65,191,953~~	)	(67,539,485	)	~~(53,178,064~~	)
Cash Provided by Financing Activities:	~~Cash receipts from issuance of common stock-net~~			~~51,990,000~~				~~41,921,343~~
	Cash receipts from reverse repurchase agreements-net			38,500,000				16,500,000
Cash receipts from issuance of common stock-net		78,965,000				52,746,343
	Cash payments on capital shares redeemed-net			(12,224,152	)			—
Cash receipts from reverse repurchase agreements-net		10,200,000				22,200,000
	Dividends paid to shareholders			(7,675,693	)			(4,858,747	)
Cash payments on capital shares redeemed-net		(14,338,171	)			—
	Net cash provided by financing activities			70,590,155				53,562,596
Dividends paid to shareholders		(11,266,967	)			(7,966,901	)
Cash:	Net increase in cash			5,398,202				384,532
Net cash provided by financing activities		63,559,862				66,979,442
	Cash at beginning of period			1,498,826				560,043
Cash:
	Cash at end of period		$	6,897,028			$	944,575
Net decrease in cash		(847,933	)			(560,043	)
Cash Flow Information:	Cash paid for interest		$	369,922			$	311,105
Cash at beginning of period		1,498,826				560,043
Non-Cash Financing Activities:	Capital shares issued in reinvestment of dividends paid to shareholders		$	769,626			$	1,539,024
Cash at end of period	$	650,893			$	—
Cash Flow Information:
Cash paid for interest	$	590,777			$	471,283
Non-Cash Financing Activities:
Capital shares issued in reinvestment of dividends paid to shareholders	$	1,122,300			$	1,896,497

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

FINANCIAL HIGHLIGHTS (UNAUDITED)

The following per share data and ratios have been derived from information provided in the financial statements.

	Three Months Ended		~~Three Months Ended~~						Nine Months Ended		~~Six Months Ended~~
	Increase (Decrease) in Net Asset Value:		November 30,2003				November 30,2002				November 30,2003				November 30, 2002
	February 29,2004				February 28,2003				February 29,2004				February 28,2003
Per Share Operating Performance:	Net asset value, beginning of period		$	9.78			$	10.28			$	10.21			$	10.19
Increase (Decrease) in Net Asset Value:
	Investment income-net			.14	++			.15	++			.28	++			.31	++
Per Share Operating Performance:
	Realized and unrealized gain (loss) on investments-net			.05				(.06	)			(.38	)			.03
Net asset value, beginning of period	$	9.83			$	10.22			$	10.21			$	10.19
	Total from investment operations			.19				.09				(.10	)			.34
Investment income-net***		.14				.16				.42				.47
	Less dividends from investment income-net			(.14	)			(.15	)			(.28	)			(.31	)
Realized and unrealized gain (loss) on investments-net		.11				.12				(.27	)			.15
	Net asset value, end of period		$	9.83			$	10.22			$	9.83			$	10.22
Total from investment operations		.25				.28				.15				.62
Total Investment Return:**	Based on net asset value per share			1.83	% +			.85	% +			(1.02	)% +			3.38	% +
Less dividends from investment income-net		(.13	)			(.16	)			(.41	)			(.47	)
Ratios to Average Net Assets:+++	Expenses, net of reimbursement and excluding interest expense			.87	% *			.67	% *			.87	% *			.66	% *
Net asset value, end of period	$	9.95			$	10.34			$	9.95			$	10.34
	Expenses, excluding interest expense			.78	% *			.74	% *			.77	% *			.74	% *
Total Investment Return:**
	Expenses			1.06	% *			1.06	% *			1.06	% *			1.03	% *
Based on net asset value per share		2.61	%+			2.76	%+			1.55	%+			6.24	%+
	Investment income-net			5.59	% *			6.17	% *			5.64	% *			6.20	% *
Ratios to Average Net Assets:++
Ratios to Average Net Assets, Including Borrowings:+++	Expenses, net of reimbursement and excluding interest expense			.71	% *			.57	% *			.70	% *			.57	% *
Expenses, net of reimbursement and excluding interest expense		.88	%*			.68	%*			.88	%*			.67	%*
Expenses, excluding interest expense	~~Expenses, excluding interest expense~~	.81	%*	~~.64~~	% *	.75	%*	~~.63~~	% *	.78	%*	~~.62~~	% *	.75	%*	~~.64~~	% *
Expenses	~~Expenses~~	1.09	%*	~~.86~~	% *	1.03	%*	~~.90~~	% *	1.07	%*	~~.85~~	% *	1.03	%*	~~.89~~	% *
Investment income-net	~~Investment income-net~~	5.51	%*	~~4.54~~	% *	6.10	%*	~~5.28~~	% *	5.59	%*	~~4.55~~	% *	6.16	%*	~~5.36~~	% *
Supplemental Data:	Net assets, end of period		$	285,839			$	228,696			$	285,839			$	228,696
Ratios to Average Net Assets, Including Borrowings:++
Expenses, net of reimbursement and excluding interest expense		.70	%*			.57	%*			.70	%*			.57	%*
Expenses, excluding interest expense		.64	%*			.63	%*			.63	%*			.64	%*
Expenses		.87	%*			.86	%*			.86	%*			.88	%*
Investment income-net		4.38	%*			5.11	%*			4.49	%*			5.27	%*
Supplemental Data:
Net assets, end of period (in thousands)	$	306,738			$	242,850			$	306,738			$	242,850

*	Annualized.

**	Total investment returns exclude the effects of sales charges.

***	Based on average shares outstanding.

+	Aggregate total investment return.

++ ~~Based~~Effective onJune 1, 2003, the six basis point and two basis point expense reimbursement caps described below were replaced with and superceded by a 25 basis point expense reimbursement cap. To the extent that the Fund’s operating expenses (exclusive of management fees and interest expense) in a given fiscal year are less than .25% of the Fund’s monthly average ~~shares~~net ~~outstanding~~assets, the Fund will repay the Fund’s investment manager (“Access”) and sub-investment manager (“MLIM”) for operating expenses previously borne or reimbursed by Access and MLIM (provided that in no circumstance will the Fund pay or reimburse more than 25 basis points of the Fund’s monthly average assets for operating expenses and expense reimbursement collectively in any fiscal year). Prior to that time, the Fund’s operating expenses were being recorded by the Fund and the Fund was being reimbursed by Access and MLIM for operating expenses in excess of six basis points. Prior to June 1, 2003, the expense reimbursement cap was six basis points (0.06%). During the fiscal year ended May 31, 2003, the Fund also continued to be charged two basis points (0.02%) of the Fund’s total assets, including assets purchased with borrowed funds, to reimburse Access for unreimbursed expenses relating to the Fund paid by Access prior to March 2001.

+++ The Fund’s operating expenses are being recorded by the Fund and the Fund is being reimbursed by Access and MLIM for operating expenses in excess of six basis points. Prior to June 1, 2003, the expense reimbursement cap was six basis points (0.06%). During the fiscal year ended May 31, 2003, the Fund also continued to be charged two basis points (0.02%) of the Fund’s total assets, including assets purchased with borrowed funds, to reimburse Access for unreimbursed expenses relating to the Fund paid by Access prior to March 2001. Effective June 1, 2003, the six basis point and two basis point expense reimbursement caps referred to above have been replaced with and superceded by a 25 basis point expense reimbursement cap. To the extent that the Fund’s operating expenses (exclusive of management fees and interest expense) in a given fiscal year are less than .25% of the Fund’s monthly average net assets, the Fund will repay Access and MLIM for operating expenses previously borne or reimbursed by Access and MLIM (provided that in no circumstance will the Fund pay or reimburse more than 25 basis points of the Fund’s monthly average assets for operating expenses and expense reimbursement collectively in any fiscal year).

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

Schedule of Investments

~~November~~February 3029, ~~2003~~2004 (~~UNAUDITED~~unaudited)

	Face Amount		Market Value
MORTGAGE-BACKED SECURITIES (127.7%):
MORTGAGE-BACKED SECURITIES (120.8%):
Federal National Mortgage Association (FNMA)(88.6%):
Federal National Mortgage Association (FNMA)(80.8%):
15 Year Fixed Rate Single Family Mortgage-Backed Securities
4.50%, 10/1/18	$	961,545	$	960,471
4.50%, 10/1/18 (b)	$	2,324,246	$	2,351,964
5.00%, 12/1/17 - 1/1/18		3,052,681		3,107,634
5.00%, 12/1/17 - 1/1/18 (b)		4,743,119		4,887,393
5.50%, 3/1/16		~~343~~338,~~810~~198		~~357~~355,~~416~~819
7.00%, 1/1/15		~~107~~105,~~165~~572		~~114~~113,~~672~~693
30 Year Fixed Rate Single Family Mortgage-Backed Securities
4.50%, 5/1/33 - 10/1/33		711,~~471~~934,~~196~~275		711,~~116~~666,~~278~~101
5.00%, 7/1/32 - 11/1/33 (c)		86,404,116		85,287,369
5.00%, 7/1/32 - 12/1/33 (c)		82,002,663		82,636,420
5.50%, 9/1/32 - 11/1/33		65,170,073		65,913,410
5.50%, 9/1/32 - 2/1/34		67,562,975		69,503,075
6.00%, 7/1/29 - 10/1/33 (c)		26,778,527		27,655,829
6.00%, 7/1/29 - 3/15/34 (c)		22,737,686		23,800,846
6.50%, 1/1/31 - 11/1/32 (c)		3228,~~110~~056,~~275~~960		3329,~~648~~665,~~236~~299
7.00%, 6/1/29 - 3/1/31		2,~~548~~173,~~171~~592		2,~~702~~319,~~863~~981
7.25%, 12/1/29		8079,~~169~~910		85,~~618~~705
7.50%, 9/1/29 - 1/1/31		41,~~258~~561,~~537~~608		41,~~565~~681,~~567~~301
8.00%, 2/1/30 - 4/1/30		~~533~~530,~~326~~466		~~578~~577,~~910~~386
Total single family mortgage-backed securities				~~232~~229,~~094~~644,~~273~~983
Multi Family Mortgage-Backed Securities
4.66%, 10/1/13		~~999~~996,~~072~~106		~~993~~1,~~298~~012,064
4.93%, 10/1/12		1996,~~000,000~~708		1,~~015~~038,~~220~~789
5.23%, 4/1/21		1,~~987~~981,~~428~~996		12,~~912~~004,~~325~~467
5.37%, 11/1/21		5,~~126~~111,~~000~~248		5,~~126~~424,~~000~~640
5.41%, 2/1/21 - 12/1/21		1,845,421		1,874,769
5.41%, 2/1/21		1,069,291		1,139,395
5.88%, 8/1/21		2,656		2,784
5.51%, 11/1/21		772,132		805,002
6.50%, 5/1/17		1,~~301~~294,~~402~~817		1,~~408~~442,~~288~~573
6.61%, 3/1/20		1,094,645		1,183,612
6.70%, 6/1/19		660,371		750,289
6.70%, 6/1/19		661,887		727,872
7.13%, 1/1/22		442,732		487,470
7.42%, 10/1/18		1,947,379		2,216,223
7.58%, 5/1/18		616,696		719,710
7.90%, 1/1/18 (a)		2,128,141		2,531,275
7.97%, 9/1/17		741,409		881,356
Total multi-family mortgage-backed securities				21,080,202
Total Federal National Mortgage Association securities				253,174,475
Federal Home Loan Mortgage Corporation (36.0%):
15 Year Fixed Rate Single Family Mortgage-Backed Securities 5% (b)		897,900		908,844

	Face Amount		Market Value
30 Year Fixed Rate Single Family Mortgage-Backed Securities
7.13%, 1/1/22	$	439,988	$	499,885
4.50%, 8/1/33 - 9/1/33	$	4,046,086	$	3,854,349
7.42%, 10/1/18		1,942,492		2,296,521
5.00%, 6/1/33 - 10/1/33		27,104,113		26,684,060
7.58%, 5/1/18		615,165		742,352
5.50%, 9/1/29 - 11/1/33 (c)		33,536,705		33,912,877
7.97%, 9/1/17		738,253		910,517
6.00%, 3/1/31 - 10/1/33 (c)		21,426,365		22,135,988
Total multi-family mortgage-backed securities				18,066,494
6.50%, 6/1/29 - 8/1/32		11,683,542		12,250,925
Total Federal National Mortgage Association securities				247,711,477
7.00%, 10/1/29 - 3/1/32		1,802,355		1,910,400
Federal Home Loan Mortgage Corporation (36.3%):
7.50%, 12/1/29 - 3/1/30		1,213,787		1,304,147
15 Year Fixed Rate Single Family Mortgage-Backed Securities
Total Federal Home Loan Mortgage Corporation single family mortgage-backed securities				102,961,590
4.50%, 1/1/19 (b)		1,173,496		1,185,378
GNMA Pool (1.9%):
5%, 11/1/18 - 1/1/19		2,503,537		2,583,488
Multi Family Mortgage-Backed Securities
30 Year Fixed Rate Single Family Mortgage-Backed Securities
5.75%, 9/15/23		766,159		809,822
4.50%, 8/1/33 - 9/1/33		3,879,416		3,795,173
6.00%, 12/15/31		1,106,805		1,151,794
5.00%, 6/1/33 - 3/15/34		26,029,195		26,214,321
6.25%, 9/15/32		532,359		569,203
5.50%, 9/1/29 - 3/15/34 (c)		41,412,748		42,626,395
6.50%, 4/15/32 - 4/20/32		883,632		933,220
6.00%, 3/1/31 - 10/1/33 (c)		20,166,423		21,089,758
7.00%, 4/15/32		263,256		281,253
6.50%, 6/1/29 - 8/1/32		10,608,821		11,214,451
8.25%, 12/15/32		1,572,144		1,795,034
7.00%, 10/1/29 - 4/1/31		1,505,670		1,606,369
Total GNMA Pool multi-family mortgage-backed securities				5,540,326
7.50%, 12/1/29 - 3/1/30		1,114,878		1,204,548
Small Business Administration (1.2%):
Total Federal Home Loan Mortgage Corporation
1.375%, 6/25/18		1,071,021		1,065,169
Single family mortgage-backed securities				111,519,881
1.40%, 10/25/10		1,057,769		1,053,366
GNMA Pool (2.0%):
4.625%, 1/1/09		1,244,000		1,314,753
Multi Family Mortgage-Backed Securities
Total Small Business Administration securities				3,433,288
5.13%, 3/1/34		637,000		660,416
Total mortgage-backed securities				365,109,679
5.75%, 9/15/23		761,233		816,057
MUNICIPAL BONDS (0.1%):
6.00%, 12/15/31		1,006,466		1,057,905
Guam Power Authority Revenue Bonds, Series A, 5% due 10/01/2024		140,000		144,474
6.25%, 9/15/32		530,844		593,335
Total municipal bonds				144,474
6.50%, 4/15/32 - 4/20/32		788,052		835,813
Total investments (cost - $363,454,659) - 127%				365,254,153
7.00%, 4/15/32		262,578		281,041
Variation margin on financial futures contracts* - 0.1%				376,873
Liabilities in excess of other assets - (27.9%)				(79,792,045	)
Net assets - 100.0%			$	285,838,981

* 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 November 30, 2003 were as follows:


	Face Amount		Market Value
8.25%, 12/15/32	$	1,537,166	$	1,796,253


Total GNMA Pool multi-family mortgage-backed securities				6,040,820

Small Business Administration (1.7%):

1.30%, 4/25/28 (a)		1,986,597		1,972,384

1.38%, 6/25/18 (a)		1,054,411		1,048,557

1.40%, 10/25/10		1,009,714		1,005,504

4.63%, 1/25/09		1,074,971		1,126,164

Total Small Business Administration securities				5,152,609

Total mortgage-backed securities				370,424,787

MUNICIPAL BONDS (0.0%):

Guam Power Authority Revenue Bonds, Series A, 5% due 10/01/2024		140,000		147,599

Total municipal bonds				147,599

Total investments (cost - $363,305,723) - 120.8%				370,572,386

Variation margin on financial futures contracts* - 0.0%				(150,000	)
Liabilities in excess of other assets - (20.8%)				(63,684,693	)

Net assets - 100.0%			$	306,737,693

Number of Contracts	Issue	Expiration Date	Face Value		UnrealizedLosses
328	US Five-Year Treasury Bonds	December 2003	$	36,420,841	$	(202,409	)
340	US Ten-Year Treasury Bonds	December 2003		37,896,170		(321,956	)
Total Unrealized Losses-Net					$	(524,365	)

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, 2004 were as follows:


Number of Contracts	Issue	Expiration Date	Face Value		Unrealized Losses
200	U.S. Five-Year Treasury Bonds	June 2004	$	22,439,875	$	(41,375	)
200	U.S. Ten-Year Treasury Bonds	June 2004		22,661,798		(113,202	)

Total Unrealized Losses-Net					$	(154,577	)

(a)	All or a portion held as collateral in connection with open financial futures contracts.

(b)	Represents a “to-be-announced” (TBA) transaction. The Fund has committed to purchasing securities for which all specific information is not available at this time.

(c)	All or a portion held as collateral in connection with open reverse repurchase agreements.

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

1. Basis of Presentation

The accompanying unaudited condensed interim financial statements and financial highlights reflect the results of operations for Access Capital Strategies Community Investment Fund, Inc. (the “Fund”) and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. The results of operations and other data for the ~~six~~nine months and quarter ended ~~November~~February 3029, ~~2003~~2004 are not necessarily indicative of the results that may be expected for any other future interim period or the fiscal year ending May 31, 2004. The information in this report should be read in conjunction with the financial statements and accompanying notes included in the May 31, 2003 Annual Report on Form 10-K/A. The Fund has not changed its accounting and reporting policies from those disclosed in its May 31, 2003 financial statements.

In preparing the condensed interim financial statements and financial highlights, management is required to make estimates and assumptions that ~~effect~~affect the reported amounts of assets and liabilities as of the date of the statement of assets and liabilities, and revenue and expenses for the period. Actual results could differ from those estimates; any such differences are expected to be immaterial to the net assets of the Fund.

These condensed financial statements and financial highlights cover the activity from June 1, 2003 to ~~November~~February 3029, ~~2003~~2004.

2. Fees and Expenses

During the fiscal year ended May 31, 2003, the Fund was charged for custody services portfolio accounting services and operating expenses. To the extent such expenses exceeded six basis points (0.06%) of the Fund’s monthly average net assets, they were reimbursed by Access Capital Strategies LLC (“Access”), the Fund’s Manager, and Merrill Lynch Investment Managers, L.P. (“MLIM”), the Fund’s sub-investment manager. During the fiscal year ended May 31, 2003, the Fund also continued to be charged two basis points (0.02%) of the Fund’s total assets, including assets purchased with borrowed funds, to reimburse Access for unreimbursed expenses relating to the Fund paid by Access prior to March 2001.

Effective as of June 1, 2003, the six basis point and two basis point expense reimbursement caps referred to above have been replaced with and superceded by a 25 basis point expense reimbursement cap. To the extent that the Fund’s operating expenses (exclusive of management fees and interest expense) in a given fiscal year are less than .25% of the Fund’s monthly average net assets, the Fund will repay Access and MLIM for operating expenses previously borne or reimbursed by Access and MLIM (provided that in no circumstance will the Fund pay or reimburse more than 25 basis points of the Fund’s monthly average assets for operating expenses and expense reimbursement collectively in any fiscal year). Total unreimbursed expenses as of February 29, 2004 amount to $545,858. The replacement of the previous expense reimbursement cap and its retroactive impact resulted in a return of previously received expense reimbursements during the three and nine month periods ended February 29, 2004.

Effective as of June 1, 2003, the six basis point and two basis point expense reimbursement caps referred to above have been replaced with and superceded by a 25 basis point expense reimbursement cap. To the extent that the Fund’s operating expenses (exclusive of management fees and interest expense) in a given fiscal year are less than .25% of the Fund’s monthly average net assets, the Fund will repay Access and MLIM for operating expenses previously borne or reimbursed by Access and MLIM (provided that in no circumstance will the Fund pay or reimburse more than 25 basis points of the Fund’s monthly average assets for operating expenses and expense reimbursement collectively in any fiscal year). Total unreimbursed expenses as of November 30, 2003 amount to $597,329. The replacement of the previous expense reimbursement cap and its retroactive impact resulted in a return of previously received expense reimbursements during the three and six month periods ended November 30, 2003.

3. Reclassification

Certain financial statement items have been reclassified in the preceding fiscal year’s condensed interim financial statements to conform with the current interim period’s presentation. These reclassifications had no effect on previously reported net investment income, net increase in net assets resulting from operations, net assets or net asset value per share.

Item 2:

Management’s Discussion and Analysis of Financial Condition and

Results of Operations

This quarterly report contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The Fund’s actual results could differ materially from those projected in the forward-looking statements as a result of, among other factors, changes in interest rates, fluctuations in assets under management and other sources of fee income, and changes in assumptions used in making such forward-looking statements. The Fund’s investment objective is to invest in geographically specific private placement debt securities located in portions of the United States designated by Fund investors.

Overview

The Fund is a non-diversified, closed-end management investment company electing status as a business development company. The Fund’s investment objective is to invest in geographically specific private placement debt securities located in portions of the United States designated by Fund investors. The Fund invests primarily in private placement debt securities specifically designed to support underlying community development activities targeted to low- and moderate-income individuals such as affordable housing, education, small business lending, and job-creating activities in areas of the United States designated by Fund investors.

Investors in the Fund must designate a particular geographic area or region within the United States as part of their agreement to purchase Fund shares. The Fund invests only in areas where Fund shareholders have made targeted designations.

In addition to their geographic specificity, Fund investments must carry a AAA credit rating or carry credit enhancement from a AAA-rated credit enhancer or be issued or guaranteed by the U.S. Government, government agencies or government-sponsored enterprises. The Fund expects (but cannot guarantee) that all investments made by the Fund will be considered eligible for regulatory credit under the Community Reinvestment Act (“CRA”).

Compliance

To qualify as a Regulated Investment Company (“RIC”), the Fund must, among other things, satisfy a diversification standard under the Internal Revenue Code (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 (including its agencies and instrumentalities) 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 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 quarter and nine months ended ~~November~~February 3029, ~~2003~~2004.

1312

Fund Operations

Investment Activity

Purchases

During the quarter ended ~~November~~February 3029, ~~2003~~2004, the Fund purchased $8938.73 million aggregate amount of new community development securities. During the quarter ended ~~November~~February 3028, ~~2002~~2003, the Fund had purchased $5241.30 million aggregate amount of new community development securities.

During the ~~six~~nine months ended ~~November~~February 3029, ~~2003~~2004, the Fund purchased $~~153~~191.47 million aggregate amount of new community development securities. During the ~~six~~nine months ended ~~November~~February 3028, ~~2002~~2003, the Fund had purchased $~~143~~184.0 million aggregate amount of new community development securities.

Sales

During the quarter ended ~~November~~February 3029, ~~2003~~2004, the Fund sold $4838.98 million aggregate amount of securities (including principal paydowns ~~but excluding securities sold short in connection with hedging activities in respect of new investments in the Fund and sales of short-term securities~~). During the quarter ended ~~November~~February 3028, ~~2002~~2003, the Fund had sold $3026.06 million aggregate amount of securities (including principal paydowns but excluding securities sold short in connection with hedging activities in respect of new investments in the Fund and sales of short-term securities).

During the ~~six~~nine months ended February ~~November 30~~29, ~~2003~~2004, the Fund sold $94133.75 million aggregate amount of securities (including principal paydowns ~~but excluding securities sold short in connection with hedging activities in respect of new investments in the Fund and sales of short-term securities~~). During the ~~six~~nine months ended ~~November~~February 3028, ~~2002~~2003, the Fund had sold $82109.62 million aggregate amount of securities (including principal paydowns but excluding securities sold short in connection with hedging activities in respect of new investments in the Fund and sales of short-term securities).

Borrowings

The Fund is permitted to use leverage in its investment program, subject to certain restrictions set forth in its Private Offering Memorandum and the Investment Company Act of 1940 (the “1940 Act”).

For the quarter ended ~~November~~February 3029, ~~2003~~ 2004, the Fund averaged approximately $6773.76 million in borrowings at an average rate of approximately 1.14% compared to the quarter ended ~~November~~February 3028, ~~2002~~2003 when the Fund averaged approximately $3845.79 million in borrowings at an average rate of approximately 1.7839%.

For the ~~six~~nine month period ended ~~November~~February 3029, ~~2003~~2004, the Fund averaged approximately $6668.48 million in borrowings at an average rate of approximately 1.15% compared to the ~~six~~ nine month period ended ~~November~~February 3028, ~~2002~~2003 when the Fund averaged approximately $3337.24 million in borrowings at an average rate of approximately 1.8264%.

In each of the above referenced periods, the total proceeds from borrowings were primarily used to support additional investments in the Fund’s Designated Target Regions.

1413

Net Assets and Fund Holdings at ~~November~~February 3029, ~~2003~~2004

At ~~November~~February 3029, ~~2003~~2004, the Fund’s Net Asset Value was $~~285~~306.87 million, or $9.8395 per share. At the end of the prior fiscal quarter, ~~August~~November 3130, 2003, the Fund’s Net Asset Value was $~~268~~285.28 million, or $9.7883 per share. At the end of the most recent fiscal year, May 31, 2003, the Net Asset Value was $247.0 million, or $10.21 per share. A year ago at ~~November~~February 3028, ~~2002~~2003, the Fund’s Net Asset Value was $~~228~~242.79 million, or $10.2234 per share.

The $1720.69 million, or 67.5631%, quarter-to-quarter increase in net assets from $~~268~~285.28 million to $~~285~~306.87 million was primarily attributable to the sale of $17.2 million of net new shares in the Fund and $5.8 ~~The~~million in net unrealized appreciation in the investments offset by $572.1 million of net realized losses. The $63.8 million, or 2426.9727%, year-to-year increase in net assets was also primarily attributable to the sale of new shares in the Fund.

The Fund’s primary investments are listed on the Schedule of Investments included with this report.

Investment Income

The Fund had investment income net of all fees and expenses (as discussed below) of $34.8605 million for the quarter ended ~~November~~February 3029, ~~2003~~2004, an increase of approximately $0.2319 million, or 64.3492%, from net investment income of $3.6386 million for the prior fiscal quarter, which ended ~~August~~November 3130, 2003, and an increase of approximately $0.5246 million, or 1512.5781%, from net investment income of $3.3459 million for the fiscal quarter ended ~~November~~February 3028, ~~2002~~2003. The increases were each largely due to an increase in the average net assets of the Fund.

The Fund had investment income net of all fees and expenses (as discussed below) of $711.49 54 million for the ~~six~~nine month period ended ~~November 30~~February 29, ~~2003~~2004, an increase of approximately $1.0551 million, or 1615.3005%, from net investment income of $610.4403 million for the ~~six~~nine month period ended ~~November~~February 3028, ~~2002~~2003. The increase is largely due to an increase in average net assets of the Fund.

Management Fees &and Expenses

Access Capital Strategies LLC (“Access”), the Fund’s ~~Manager~~ manager, ischarges ~~paid~~ an annual management fee, paid ~~quarterly~~monthly, of fifty basis points (0.50%) of the Fund’s average monthly gross assets less accrued liabilities, other than indebtedness for borrowing. Merrill Lynch Investment Managers, L.P. (“MLIM”), the Fund’s sub-manager, receives from Access an annual sub-management fee, paid monthly, of twenty-five basis points (0.25%) of the Fund’s average gross monthly assets less accrued liabilities, other than indebtedness for borrowings.

For the quarter ended ~~November~~February 3029, ~~2003~~2004, the management fee paid by the Fund was $~~429~~460,~~171~~522. For the prior quarter ended ~~August~~November 3130, 2003, the management fee paid by the Fund was $~~399~~429,~~810~~171. For the year ago fiscal quarter ended ~~November~~February 3028, ~~2002~~2003, the management fee paid by the Fund was $~~318~~354,~~440~~144. The increases were primarily due to increases in the net assets of the Fund.

For the quarter ended February 29, 2004, total expenses after reimbursement increased by $62,377 compared to the prior quarter ended November 30, 2003 principally reflecting higher management fees and interest expense during the current quarter. Compared to the year ago quarter ended February 28, 2003, total expenses after reimbursement increased by $293,377 during the most recent quarter. This increase is primarily attributable to increased management fees of $106,378, increased interest expense of $50,380 and a $94,803 increase in reimbursement of expense as discussed below.

During the fiscal year ended May 31, 2003, the Fund was charged for custody and portfolio accounting services and operating expenses. To the extent such expenses exceeded six basis points (0.06%) of the Fund’s monthly average net assets, they were reimbursed by Access and MLIM. During the fiscal year ended May 31, 2003, the Fund also continued to be charged two basis points (0.02%) of the Fund’s total assets, including assets purchased with borrowed funds, to reimburse Access for unreimbursed expenses relating to the Fund paid by Access prior to March 2001.

1514

Effective as of June 1, 2003, the six basis point and two basis point expense reimbursement caps referred to above were replaced with and superceded by a 25 basis point expense reimbursement cap. To the extent that the Fund’s operating expenses (exclusive of management fees and interest expense) in a given fiscal year are less than .25% of the Fund’s monthly average net assets, the Fund will repay Access and MLIM for operating expenses previously borne or reimbursed by Access and MLIM (provided that in no circumstance will the Fund pay or reimburse more than 25 basis points of the Fund’s monthly average assets for operating expenses and expense reimbursement collectively in any fiscal year). Total unreimbursed expenses as of ~~November~~February 3029, ~~2003~~2004 amount to $~~597~~545,~~328~~858. The replacement of the previous expense reimbursement cap and its retroactive impact resulted in athe Fund’s return of previously received expense reimbursements during the three months ended ~~November~~February 3029, 2004 of $51,471. For the year earlier fiscal quarter ended February 28, 2003, the Fund received reimbursements of $43,332.

Yield

At the quarter ended ~~November~~February 3029, ~~2003~~2004, the SEC current yield was 54.6194%, compared to 5.0861% for the quarter ended ~~August~~November 3130, 2003 and 5.9087% for the year ago quarter ended ~~November~~February 3028, ~~2002~~2003.

For the quarter ended ~~November~~February 3029, ~~2003~~2004, the ratio of net investment income to average net assets was 5.5951% compared to 5.7059% for the prior quarter, which ended ~~August~~November 3130, 2003, and 6.1710% for the quarter ended February ~~November 30~~28, ~~2002~~2003.

Although interest rates have been unusually volatile, the Fund has consistently maintained a comparatively high current yield. The high yield is primarily due to the Fund’s use of leverage during a time of a steep yield curve.

Realized Gain/Loss

For the quarter ended ~~November~~February 3029, ~~2003~~ 2004, the realized ~~gain~~loss was $12,~~349~~133,~~643~~902 compared to a realized ~~loss~~gain of $1,~~425~~349,~~325~~643 for the prior quarter, which ended ~~August~~November 3130, 2003, and a realized loss of $~~609~~1,~~931~~403,401 for the quarter ended ~~November~~February 3028, ~~2002~~2003. ~~The~~Although ~~gain~~the inFund ~~the~~did ~~current~~sell ~~period~~securities ~~was primarily~~for ~~attributable~~realized togains ~~sales~~during ofthe ~~portfolio~~quarter, ~~investments.~~these ~~The~~gains ~~loss~~were inless than the ~~prior~~losses ~~periods~~realized ~~was~~as ~~primarily~~part ~~attributable~~of to the Fund’s hedging activities. The Fund experiences a realized gain or loss on its hedges when the positions are closed or when they are rolled from one expiration cycle to the next.

For the ~~six~~nine months ended ~~November~~February 3029, ~~2003~~2004, the net realized loss on investments was $752,~~682~~209,584 compared to a net realized loss of $35,~~952~~355,~~298~~699 for the ~~six~~nine months ended February ~~November 30~~28, ~~2002~~2003. InThe ~~the~~Fund ~~current~~experiences ~~period~~a ~~gains~~realized ongain ~~portfolio~~or ~~sales~~loss ~~were~~on ~~offset~~its byhedges ~~losses~~when on the ~~Fund’s~~ ~~hedging~~positions ~~activities.~~are ~~The~~closed ~~loss~~or inwhen ~~the~~they ~~prior~~are ~~period~~rolled ~~was~~from ~~primarily~~one ~~attributable~~expiration cycle to the ~~Fund’s hedging activities~~next.

Dividends Paid

The Fund distributes to shareholders substantially all of its net investment income and net realized capital gains, if any, as determined for income tax purposes. Applicable law, including provisions of the 1940 Act, may limit the amount of dividends and other distributions payable by the Fund. Substantially all of the Fund’s net capital gain (the excess of net long-term capital gain over net short-term capital loss) and the excess of net short-term capital gain over net long-term capital loss, if any, are distributed annually with the Fund’s dividend distribution in December.

The Fund declares and distributes dividends on a monthly basis. Prior to June 1, 2003, the Fund declared and distributed dividends on a calendar quarterly basis. The Fund paid total monthly dividends of $0.~~1376~~1351 during the quarter ended ~~November~~February 3029, ~~2003~~2004. The dividends were paid as follows:

September 2003	$	0.0453
December 2003	$	0.0482
October 2003	$	0.0444
January 2004	$	0.0446
November 2003	$	0.0479
February 2004	$	0.0423

1615

During the previous quarter ended ~~August~~November 3130, 2003, the Fund paid total monthly dividends of $0.~~1412~~1376. A year ago, the ~~Fund~~ Fund paid a quarterly dividend of $0.~~1512~~1549 per share on ~~October~~December 723, 2002 to shareholders of record as of ~~September~~December 3016, 2002. While the Fund’s dividend was lower than in the year earlier period, it did not decline by nearly the amount of ~~prevailing~~ prevailing interest rates. The Fund’s use of leverage during a steep yield curve environment has supported the dividend.

Total Return

For the quarter ended ~~November~~February 3029, ~~2003~~2004, the total return was 12.8361%, compared to a total return of -21.8083% in the quarter ended ~~August~~November 3130, 2003 and a total return of 02.8576% in the comparable period ended ~~November~~February 3028, ~~2002~~2003.

Although interest rates continued to be volatile, the quarter ended ~~November~~February 3029, ~~2003~~2004 was markedly calmer than the quarter ended ~~August~~November 3130, 2003. Rates generally declined and the Fund’s fixed rate holdings increased in value.

Fund Designated Target Regions at ~~November~~February 3029, ~~2003~~2004

The Fund’s Designated Target Regions (“DTRs”) are provided by Fund shareholders at the time of investment. At ~~November~~February 3029, ~~2003~~2004 DTRs were:

DTRs	AMOUNT
AL/FL/GA/LA/MS	$	5,000,000
Alabama	5,000,000
Arizona		10,000,000
California	58,168,939
California		27,073,129
Colorado	1,104,068
CA/NYC		5,095,810
Connecticut	3,082,506
Connecticut		2,074,552
Florida	1,500,000
CA/TX/AZ/NV/NYC/WA/OR		14,450,000
Georgia	500,000
Florida		1,500,000
Hawaii	143,329
Guam		141,286
Illinois	1,050,486
Illinois		600,000
Indiana	200,000
Iowa	150,729	~~150,000~~
Texas/Louisiana		5,000,000
Louisiana	5,000,000
Massachusetts		37,421,245
Maine	104,686
MA/NH/CT		1,000,000
Maryland	650,000
MA/NH/PA/NJ/DE/MD/FL/CA		5,000,000
Massachusetts	56,457,650
MA/NH		5,500,000
Missouri	1,000,000
MA/PA/NJ/CT/RI		10,000,000
Nebraska	10,000,000
Maine		103,267
New York	14,690,469
Missouri		1,000,000
New Jersey	84,362,733
Nebraska		8,668,000
New Mexico	1,106,965
New England		17,123,838
North Carolina	500,000
New York		4,146,623
Ohio	11,531,422
NJ/NY/DC		10,000,000
Oregon	500,000
New Jersey		11,696,425
Pennsylvania	24,750,000
New Mexico/Nevada		6,000,000
Rhode Island	250,000
NM/TX		600,000
South Dakota	5,655,359
New Mexico		500,000
North Carolina		500,000
Ohio		1,524,188
Oregon		500,000
Pennsylvania		4,000,000
PA/NJ		10,673,796
PA/CA/DC/VA		650,000
Rhode Island		250,000
South Carolina		500,000
South Dakota		5,655,359
TN		500,000
Texas		13,681,002
Utah		2,094,743
Utah/NJ		59,186,508
Vermont		100,000
Washington		1,000,000
Wisconsin		500,000
TOTAL	$	291,159,771

1716


Tennessee		600,000
Texas		16,236,635
Utah		4,567,490
Vermont		477,679
Washington		1,000,000
Wisconsin		506,965
TOTAL		310,848,110

Fund Impact per the Community Reinvestment Act

The Fund invests in securities that support community development economic activity as defined in the CRA.

At ~~November~~February 3029, ~~2003~~ 2004, the Fund’s investments had outstanding loans to 4,~~278~~526 homebuyers with incomes below 80% of median income from the following states in the following numbers.

Whole Loans
Alabama		2533
Arizona		~~140~~146
California		~~369~~385
Colorado		828
Connecticut		5560
Delaware		2224
Florida		~~103~~114
Georgia		819
Guam		2
Illinois		4651
Indiana		2
Iowa		4
Kansas		35
Louisiana		2624
Maine		1
Maryland		4
Massachusetts		~~879~~808
Mississippi		47
Missouri		16
Nevada		53
Nebraska		51
New Hampshire		44
Nevada		70
New Jersey		764
New Hampshire		50
New Mexico		58
New Jersey		803
New York		145
New Mexico		63
New York		152
North Carolina		14
Ohio		5129
Oregon		3849
Pennsylvania		~~483~~485
Rhode Island		1021
South Carolina		1013
South Dakota		114
Tennessee		5
Texas		354
Utah		365
Vermont		5
Virginia		3
Washington		36
Washington, D.C.		5
Wisconsin		6
		4,278

1817


South Dakota		120
Tennessee		7
Texas		377
Utah		424
Vermont		7
Virginia		3
Washington		43
Washington, D.C.		5
Wisconsin		7

		4,526

Many of the above loans were made under targeted CRA lending initiatives such as Acorn, Mass Housing Partnership and other individual banks tailor made CRA lending programs.

In addition, as of ~~November~~ 30February 29, ~~2003~~2004, the Fund’s investments had outstanding loans to sponsors of 1,~~258~~088 multi-family, 14 community based non-profit affordable housing rental units and 2245 SBA loans from the following states in the following amounts.

Multi-Family Units
Alabama		52
California		174
Delaware		120
Louisiana		~~128~~124
New York		222
Texas		~~355~~189
Utah		207
		1,258
		1,088
Affordable Housing
Sub Total		5,~~536~~614
Community Based Non-Profit
Rhode Island		14
		14
SBA Loans
Utah		22
CA		1
		22
FL		1
KY		1
MD		1
MN		2
NY		1
UT		38
		45

1918

Liquidity Discussion

Sale and Redemption of Fund Shares

Fund shares are sold only to qualified investors who complete a Subscription Agreement. All investors in the Fund must provide a Designated Target Region as the desired location for their investment.

During the quarter ended ~~November~~February 3029, ~~2003~~2004, new shareholders purchased an additional 21,~~869~~915,~~988~~991 shares of the Fund for total proceeds of $2818,~~468~~957,000. In addition, dividend reinvestments resulted in 4335,~~605~~641 additional new shares being issued by the Fund for total proceeds of $~~430~~352,~~595~~674. During the year ago quarter ended ~~November~~February 3028, ~~2002~~2003, new shareholders purchased an additional 1,~~805~~064,~~626~~417 shares of the Fund for total proceeds of $1810,~~589~~825,~~620~~001, and dividend reimbursements resulted in 35,~~785~~209 additional new shares being issued by the Fund for total proceeds of $~~365~~357,~~192~~472.

As discussed in the Private Offering Memorandum, the Fund allows shareholders to redeem their shares in accordance with Rule 23c-3 of the 1940 Act.

During the quarter ended ~~November~~February 3029, ~~2003~~2004, 1212,~~247,362~~892 shares of the Fund were redeemed for $122,~~224~~114,~~152~~019. There were no redemptions in the year ago quarter ended ~~November~~February 3028, ~~2002~~2003.

2019

Item 3:

Quantitative and Qualitative Disclosures About Market Risk

A full discussion of the risks associated with ownership of Fund shares appears in the Fund’s Private Offering Memorandum. The Fund’s principal market risks may be summarized as follows:

Credit Risk. All investments made by the Fund must be in securities of a U.S. Government Agency or AAA credit quality. Fund investments will typically have one or more forms of credit enhancement.

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 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 interest rates will generally reduce the value of Fund investments and a decline in interest rates will generally increase the value of those investments. There may be exceptions due to shifts in the yield curve, the performance of individual securities, changes in the prepayment rates of mortgages underlying fixed income securities and other market factors.

Derivatives Risk. The Fund may use derivative instruments, including futures, forwards, options, indexed securities, and inverse securities for hedging purposes. Hedging is a strategy in which the Fund uses a derivative to offset the risk that other Fund holdings may decrease in value. While hedging can reduce losses, it can also reduce or eliminate gains if the market moves in a different manner than anticipated by the Fund or if the cost of the derivative outweighs the benefit of the hedge. Hedging also involves the risk that changes in the value of the derivative will not match those of the holdings being hedged as expected by the Fund, in which case any losses on the holdings being hedged may not be reduced. There can be no assurance that the Fund’s hedging strategy will reduce risk or that hedging transactions will be either available or cost effective.

A summary of the Fund’s portfolio holdings as of ~~November~~February 3029, ~~2003~~2004 is contained in Item 1 of this report.

2120

Item 4:

Controls and Procedures

Within the 90-day period prior to the filing of this report, the Fund’s management, including the Chief Executive Officer and principal financial officer, conducted an evaluation of the effectiveness of the design and operation of the Fund’s disclosure controls and procedures. Based on that evaluation, the Chief Executive Officer and principal financial officer concluded that, as of the date of the evaluation, the disclosure controls and procedures were effective in alerting them in a timely manner to material information required to be disclosed in the Fund’s periodic reports filed with the SEC. It should be noted that the design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving it stated goals under all potential future conditions, regardless of how remote. There have been no significant changes in internal controls, or in factors that could significantly affect internal controls, subsequent to the date of the most recent evaluation.

2221

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

The Fund 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
	(a	)		(1)			N/A
	~~(2)~~			(2)	~~None~~		None
	~~(3)~~		~~(i)~~	(3)	~~Articles of Incorporation are incorporated by reference to the Fund’s Form 10-Q for the period ended August 31, 1998.~~	(i)	Articles of Incorporation are incorporated by reference to the Fund’s Form 10-Q for the period ended August 31, 1998.
			~~(ii)~~		~~By-Laws are incorporated by reference to the Fund’s Form 10-Q for the period ended August 31, 1998.~~	(ii)	By-Laws are incorporated by reference to the Fund’s Form 10-Q for the period ended August 31, 1998.
	~~(4)~~			(4)	~~N/A~~		N/A
	~~(5)~~			(5)	~~N/A~~		N/A
	~~(8)~~			(8)	~~N/A~~		N/A
	~~(9)~~			(9)	~~None~~		None
	~~(10)~~		~~(i)~~	(10)	~~Private Offering Memorandum dated February 18, 1998, revised as June 1, 2003, is incorporated by reference to the Fund’s Form 10-K filed on August 29, 2003.~~	(i)	Private Offering Memorandum dated February 18, 1998, revised as June 1, 2003, is incorporated by reference to the Fund’s Form 10-K filed on August 29, 2003.
			~~(iii)(A)~~		~~Management Agreement is incorporated by reference to the Fund’s Form 10-Q for the period ended August 31, 1998.~~	(iii)(A)	Management Agreement is incorporated by reference to the Fund’s Form 10-Q for the period ended August 31, 1998.
			~~(B)~~		~~Amendment to the Management Agreement dated as of May 23, 2003 is incorporated by reference to the Fund’s Form 10-K filed on August 29, 2003~~	(B)	Amendment to the Management Agreement dated as of May 23, 2003 is incorporated by reference to the Fund’s Form 10-K filed on August 29, 2003
	~~(11)~~			(11)	~~N/A~~		N/A
	~~(12)~~			(12)	~~N/A~~		N/A
	~~(13)~~			(13)	~~N/A~~		N/A
	~~(15)~~			(15)	~~N/A~~		N/A
	~~(16)~~			(16)	~~None~~		None
	~~(17)~~			(17)	~~N/A~~		N/A
	~~(18)~~			(18)	~~N/A~~		N/A
	~~(19)~~			(19)	~~N/A~~		N/A
	~~(20)~~			(20)	~~N/A~~		N/A
	~~(21)~~			(21)	~~None~~		None
	~~(22)~~			(22)	~~N/A~~		N/A
	~~(23)~~			(23)	~~N/A~~		N/A
	~~(24)~~			(24)	~~Powers of Attorney incorporated by reference to the Fund’s Form 10-K for the fiscal year ended May 31, 2002 filed on August 29, 2002.~~		Powers of Attorney incorporated by reference to the Fund’s Form 10-K for the fiscal year ended May 31, 2002 filed on August 29, 2002.
	~~(25)~~			(25)	~~N/A~~		N/A
	~~(26)~~			(26)	~~N/A~~		N/A

2322

	~~(27)~~		(27)	~~Reserved~~	Reserved
	~~(28)~~		(28)	~~Reserved~~	Reserved
	~~(29)~~		(29)	~~Reserved~~	Reserved
	~~(30)~~		(30)	~~Reserved~~	Reserved
	~~(31)~~		(31)	~~Certifications required by the Sarbanes-Oxley Act of 2002~~	Certification required by the Sarbanes-Oxley Act of 2002
(b)	Reports on Form 8-K None.
			(32)		Certification required by the Sarbanes-Oxley Act of 2002
	(b	)	Reports on Form 8-K
			None.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		Access Capital Strategies Community Investment Fund, Inc.
Date: January 14, 2004		/ S / Ronald A. Homer* Ronald A. Homer, Chairman
Date: April 14, 2004		/s/ Ronald A. Homer*
Date: January 14, 2004		/ S / Kevin J. Mulvaney* Kevin J. Mulvaney, Director
		Ronald A. Homer, Chairman
Date: January 14, 2004		/ S / Peter Blampied* Peter Blampied, Director
Date: April 14, 2004		/s/ Kevin J. Mulvaney*
Date: January 14, 2004		/ S / M. Colyer Crum* M. Colyer Crum, Director
		Kevin J. Mulvaney, Director
Date: January 14, 2004		/ S / Terry K. Glenn* Terry K. Glenn, Director
Date: April 14, 2004		/s/ Peter Blampied*
Date: January 14, 2004		/ S / Stephen B. Swensrud* Stephen B. Swensrud, Director
		Peter Blampied, Director
Date: January 14, 2004		/ S / David F. Sand* David F. Sand, Chief Executive Officer, Principal Accounting Officer, Principal Financial Officer
Date: April 14, 2004		/s/ M. Colyer Crum*
		M. Colyer Crum, Director
Date: April 14, 2004		/s/ Terry K. Glenn*
		Terry K. Glenn, Director
Date: April 14, 2004		/s/ Stephen B. Swensrud*
		Stephen B. Swensrud, Director
Date: April 14, 2004		/s/ David F. Sand*
		David F. Sand, Chief Executive Officer,
		Principal Accounting Officer, Principal Financial Officer

* By: / s / Brant K. Brown Brant K. Brown Attorney-in-fact

2423

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Filing Compare · ACCESS CAPITAL STRATEGIES COMMUNITY INVESTMENT FUND INC/MA