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 3028, ~~2004~~2005

¨	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.)
124 Mt. Auburn Street, Suite 200N		Cambridge, MA 02138
(Address of principal executive offices)		(Zip Code)

124 Mt. Auburn Street, Suite 200N		Cambridge, MA 02138
(Address of principal executive offices)		(Zip Code)

617–576–5858

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 ~~119~~122 shareholders and 38,~~421~~951,~~302~~974 shares of common stock outstanding as of ~~November~~February 3028, ~~2004~~2005.

Access Capital Strategies Community Investment Fund, Inc.

~~November~~February 3028, ~~2004~~2005 Form 10-–Q Quarterly Report

TABLE OF CONTENTS

		PAGE	~~PAGE~~
PART I. FINANCIAL INFORMATION
Item 1.	~~Item~~Condensed 1.Financial Statements	~~Condensed Financial Statements~~
		Condensed Statements of Assets and LiabilitiesNovember 30, 2004 (unaudited), May 31, 2004, and November 30, 2003 (unaudited)	3
	Condensed Statements of Assets and Liabilities February 28, 2005 (unaudited), May 31, 2004, and February 29, 2004 (unaudited)	3
		Condensed Statements of Operations (unaudited)Three months ended November 30, 2004 and 2003; and Six months ended November 30, 2004 and 2003	4
	Condensed Statements of Operations (unaudited) Three months ended February 28, 2005 and February 29, 2004; and Nine months ended February 28, 2005 and February 29, 2004	4
		Condensed Statements of Changes in Net Assets (unaudited)Three months ended November 30, 2004 and 2003; and Six months ended November 30, 2004 and 2003	5
	Condensed Statements of Changes in Net Assets (unaudited) Three months ended February 28, 2005 and February 29, 2004; and Nine months ended February 28, 2005 and February 29, 2004	5
		Condensed Statements of Cash Flows (unaudited)Six months ended November 30, 2004 and 2003	6
	Condensed Statements of Cash Flows (unaudited) Nine months ended February 28, 2005 and February 29, 2004	6
		Financial Highlights (unaudited)Three months ended November 30, 2004 and 2003; and Six months ended November 30, 2004 and 2003	7
	Financial Highlights (unaudited) Three months ended February 28, 2005 and February 29, 2004; and Nine months ended February 28, 2005 and February 29, 2004	7
		Schedule of Investments November 30, 2004 (unaudited)	8
	Schedule of Investments February 28, 2005 (unaudited)	8
	Notes to Condensed Financial Statements (unaudited)	~~Notes to Condensed Financial Statements (unaudited)~~11	11
Item 2.	~~Item~~Management’s 2.Discussion and Analysis of Financial Condition and Results of Operations	~~Management’s Discussion and Analysis of Financial Condition and Results of Operations~~12	12
Item 3.	~~Item~~Quantitative 3.and Qualitative Disclosures about Market Risk	~~Quantitative and Qualitative Disclosures about Market Risk~~20	20
Item 4.	~~Item~~Controls 4.and Procedures	~~Controls and Procedures~~21	21
PART II. OTHER INFORMATION		22	22
Item 1.	~~Item~~Legal 1.Proceedings	~~Legal Proceedings~~22	22
Item 2.	~~Item~~Unregistered 2.Sales of Equity Securities and Use of Proceeds	~~Changes in Securities~~22	22
Item 3.	~~Item~~Defaults 3.Upon Senior Securities	~~Defaults Upon Senior Securities~~22	22
Item 4.	~~Item~~Submission 4.of Matters to a Vote of Security Holders	~~Submission of Matters to a Vote of Security Holders~~22	22
Item 5.	~~Item~~Other 5.Information	~~Other Information~~22	22
Item 6.	~~Item~~Exhibits 6.and Reports	~~Exhibits and Reports~~22	22
Signatures	~~Signatures~~	24	23

Access Capital Strategies Community Investment Fund, Inc.

PART I — FINANCIAL INFORMATION

Item 1:

Condensed Financial Statements

CONDENSED STATEMENTS OF ASSETS AND LIABILITIES

	CONDENSED STATEMENTS OF ASSETS AND LIABILITIES
	November 30, 2004(unaudited)			May 31, 2004			November 30, 2003(unaudited)
	February 28,2005(unaudited)			May 31, 2004			February 29,2004(unaudited)
Assets:
Investments in unaffiliated securities, at value*	$	~~454~~440,~~229~~421,~~930~~850		$	398,567,401		$	~~365~~370,~~254~~572,~~153~~386
Cash		~~866~~1,~~225~~187,871			—			6650,~~897,028~~893
Receivables:
Capital shares sold		71,~~000~~600,000			14,785,251			~~8,018,000~~—
Interest		2,020,380			1,776,197			1,669,140
Securities sold		5,599,987			—			2,969,578
Securities sold		2,871,343			—			—
Interest		1,996,883			1,776,197			1,660,175
Principal paydowns		~~280~~380,~~972~~102			370,198			5219,~~828~~916
Variation margin		—181,250			191,468			~~376,873~~—
Prepaid expenses and other assets		~~119,402~~270			270			~~154,315~~182
Total assets		~~467~~451,~~388~~368,~~252~~213			415,690,785			~~382~~375,~~422~~873,~~337~~130
Liabilities:
Payables:
Reverse repurchase agreements (including accrued interest of $64,467, $17,180 and $28,424, respectively)		81,364,467			51,117,180			85,528,424
Custodian bank		—			956,797			—
Securities purchased		8,000,432			15,485,800			9,685,900
Reverse repurchase agreements (including accrued interest of $50,224, $17,180 and $17,114, respectively)		64,050,224			51,117,180			57,217,114
Dividends to shareholders		1,178,406			1,310,503			1,197,924
Securities purchased		4,084,819			15,485,800			10,271,405
Custodian bank		—			956,797
Dividends to shareholders		1,216,615			1,310,503			1,306,031
Investment advisor		~~238~~173,~~688~~915			177,414			~~158~~155,~~781~~894
Variation margin		~~31,039~~—			—			—150,000
Other affiliates		83,~~127~~235			2,565			1217,~~327~~764
Accrued expenses and other liabilities		3182,~~197~~271			73,326			—17,229
Total liabilities		9069,~~852~~611,~~356~~079			69,123,585			9669,~~583~~135,~~356~~437
Net Assets:
Net Assets	$	~~376~~381,~~535~~757,~~896~~134		$	346,567,200		$	~~285~~306,~~838~~737,~~981~~693
Net Assets Consist of:
Paid-in capital	$	~~383~~390,~~138~~245,~~336~~109		$	359,732,222		$	~~291~~308,~~532~~728,~~828~~483
Accumulated distributions in excess of investment income - net		(1,~~306~~291,~~395~~491	)		(1,310,503	)		(1,401,~~841~~839	)
Accumulated realized capital loss - net		(8,988,233	)		(7,361,655	)		(5,567,135	)
Accumulated realized capital losses - net		(9,280,661	)		(7,361,655	)		(7,701,037	)
Unrealized appreciation (depreciation) - net		32,~~692~~084,~~188~~177			(4,492,864	)		17,~~275~~112,~~129~~086
Total accumulated loss - net		(6,602,440	)		(13,165,022	)		(5,693,847	)
Total accumulated losses - net		(8,487,975	)		(13,165,022	)		(1,990,790	)
Net Assets	$	~~376~~381,~~535~~757,~~896~~134		$	346,567,200		$	~~285~~306,~~838~~737,~~981~~693
Net Asset Value Per Share	$	9.8075		$	9.62		$	9.8395
* Identified cost	$	~~450~~438,~~663~~510,~~100~~238		$	403,230,291		$	363,~~454~~305,~~659~~723
Shares issued and outstanding, $.0000001 par value, 100,000,000 shares authorized		3839,~~421~~149,~~302~~040			36,035,590			2930,~~087~~826,~~879~~619

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended						~~Six~~Nine Months Ended
	November 30,2004			November 30,2003			November 30,2004			November 30,2003
	February 28,2005			February 29,2004			February 28,2005			February 29,2004
Investment Income:
Interest	$	5,~~625~~922,~~050~~281		$	4,~~652~~906,~~512~~079		$	1016,~~965~~888,~~748~~029		$	913,~~030~~936,~~392~~471
Expenses:
Management fees		~~544~~569,~~965~~693			~~429~~460,~~171~~522			1,~~056~~626,~~629~~322			~~828~~1,~~981~~289,503
Interest expense		~~324~~469,~~410~~567			~~189~~209,~~822~~545			~~518~~987,~~303~~870			~~379~~589,~~475~~020
Professional fees		4135,~~981~~606			4951,~~629~~123			72108,~~726~~332			79130,~~283~~406
Accounting services		2436,~~769~~211			2430,~~656~~437			6197,~~682~~893			4576,~~681~~118
Pricing fees		1014,~~072~~939			1215,~~893~~548			2439,~~255~~194			2338,~~405~~953
Custodian fees		1014,~~506~~783			913,~~311~~897			2439,~~876~~659			1630,~~482~~379
Director’s fees and expenses		57,~~360~~771			68,~~599~~013			1321,~~946~~717			1321,~~420~~433
Transfer agent fees		35,~~573~~181			45,~~539~~177			914,~~297~~478			813,~~671~~848
Other		510,~~164~~756			48,~~296~~289			1223,~~972~~728			816,~~303~~592
Total expenses before reimbursement		~~970~~1,~~800~~164,507			~~730~~802,~~916~~551			12,~~794~~959,~~686~~193			12,~~403~~206,~~701~~252
Reimbursement of expenses		~~171~~159,~~059~~599			6051,~~729~~471			~~308~~468,~~562~~161			~~136~~188,~~535~~006
Total expenses after reimbursement		1,~~141~~324,~~859~~106			~~791~~854,~~645~~022			23,~~103~~427,~~248~~354			12,~~540~~394,~~236~~258
Investment income - net		4,483,191			3,860,867			8,862,500			7,490,156
Investment income – net		4,598,175			4,052,057			13,460,675			11,542,213
Realized & Unrealized Gain (Loss) - Net:
Realized & Unrealized Gain (Loss) – Net:
Realized gain (loss) on:
Investments - net		90,066			256,638			98,316			(239,935	)
Investments – net		(155,326	)		356,935			(57,010	)		117,000
Financial futures contracts - net		32,597			1,093,005			(1,724,894	)		164,253
Financial futures contracts – net		(137,102	)		(2,490,837	)		(1,861,996	)		(2,326,584	)
Change in unrealized appreciation (depreciation) on: Investments - net		(2,839,861	)		(410,948	)		8,229,720			(9,572,679	)
Change in unrealized appreciation (depreciation) on:
Financial futures contracts - net		330,176			—			(44,668	)		—
Investments – net		(1,655,218	)		5,467,170			6,574,502			(4,373,990	)
Total realized and unrealized gain (loss) - net		(2,387,022	)		938,695			6,558,474			(9,648,361	)
Financial futures contracts – net		47,207			369,787			2,539			638,268
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,096,169		$	4,799,562		$	15,420,974		$	(2,158,205	)
Total realized and unrealized gain (loss) – net		(1,900,439	)		3,703,055			4,658,035			(5,945,306	)
Net Increase in Net Assets Resulting from Operations	$	2,697,736		$	7,755,112		$	18,118,710		$	5,596,907

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

CONDENSED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	Three Months Ended						~~Six~~Nine Months Ended
Increase (Decrease) in Net Assets:	~~November~~February 3028,~~2004~~2005			~~November~~February 3029,~~2003~~2004			~~November~~February 3028,~~2004~~2005			~~November~~February 3029,~~2003~~2004
Operations:
Investment income-net	$	4,483,191		$	3,860,867		$	8,862,500		$	7,490,156
Investment income–net	$	4,598,175		$	4,052,057		$	13,460,675		$	11,542,213
Realized gain (loss) - net		122,663			1,349,643			(1,626,578	)		(75,682	)
Realized loss – net		(292,428	)		(2,133,902	)		(1,919,006	)		(2,209,584	)
Change in unrealized appreciation/depreciation - net		(2,509,685	)		(410,948	)		8,185,052			(9,572,679	)
Change in unrealized appreciation (depreciation) – net		(1,608,011	)		5,836,957			6,577,041			(3,735,722	)
Net increase (decrease) in net assets resulting from operations		2,096,169			4,799,562			15,420,974			(2,158,205	)
Net increase in net assets resulting from operations		2,697,736			7,755,112			18,118,710			5,596,907
Dividends to Shareholders:
Dividends to shareholders from investment income-net		(4,479,083	)		(3,860,862	)		(8,858,392	)		(7,490,168	)
Dividends to shareholders from investment income–net		(4,583,271	)		(4,052,055	)		(13,441,663	)		(11,542,223	)
Capital Share Transactions:
Proceeds from sale of shares		12,125,000			28,468,000			26,475,000			59,908,000
Net proceeds from sale of shares		11,500,000			18,957,000			37,975,000			78,865,000
Value of shares issued to shareholders in reinvestment of dividends		~~976~~956,~~953~~948			~~430~~352,~~595~~674			12,~~926~~883,~~432~~380			~~769~~1,~~626~~122,300
Total issued		1312,~~101~~456,~~953~~948			2819,~~898~~309,~~595~~674			2840,~~401~~858,~~432~~380			6079,~~677~~987,~~626~~300
Cost of shares redeemed		—(5,350,175	)		(122,~~224~~114,~~152~~019	)		(410,~~995~~345,~~318~~493	)		(1214,~~224~~338,~~152~~171	)
Net increase in net assets derived from capital share transactions		13,101,953			16,674,443			23,406,114			48,453,474
Net increase in net assets resulting from capital share transactions		7,106,773			17,195,655			30,512,887			65,649,129
Net Assets:
Total increase in net assets		105,~~719~~221,~~039~~238			1720,~~613~~898,~~143~~712			2935,~~968~~189,~~696~~934			3859,~~805~~703,~~101~~813
Beginning of period		~~365~~376,~~816~~535,~~857~~896			~~268~~285,~~225,~~838,981			346,567,200			247,033,880
End of period*	$	~~376~~381,~~535~~757,~~896~~134		$	~~285~~306,~~838~~737,~~981~~693		$	~~376~~381,~~535~~757,~~896~~134		$	~~285~~306,~~838~~737,~~981~~693
* Accumulated distributions in excess of investment income - net	$	(1,306,395	)	$	(1,401,841	)	$	(1,306,395	)	$	(1,401,841	)
* Accumulated distributions in excess of investment income– net	$	(1,291,491	)	$	(1,401,839	)	$	(1,291,491	)	$	(1,401,839	)

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
	November 30,2004			November 30,2003
	February 28,2005			February 29,2004
Cash Used For Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	15,420,974		$	(2,158,205	)
Net increase in net assets resulting from operations	$	18,118,710		$	5,596,907
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used for operating activities:
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Increase in receivables		(52210,~~715~~468	)		(~~532~~147,~~931~~093	)
Increase in other assets		(119,132	)		(105,106	)
Decrease in other assets		—			49,027
Increase in other liabilities		(853,764	)		(85,279	)
Decrease (increase) in other liabilities		(917,637	)		73,190
Realized and unrealized loss (gain) - net		(8,328,036	)		10,081,095
Realized and unrealized gain (loss) – net		(6,517,492	)		4,256,990
Amortization of premium and discount		(52,~~201~~578	)		38,~~173~~918
Proceeds from paydowns and sales of long-term investments		59,886,314			94,686,487
Proceeds from paydowns and sales of long–term investments		107,082,354			130,558,628
Purchases of long-term investments		(117,483,091	)		(167,081,187	)
Purchases of long–term investments		(159,432,761	)		(204,804,362	)
Net cash used for operating activities		(5141,~~534~~874,~~651~~716	)		(6564,~~191~~407,~~953~~795	)
Cash Provided By Financing Activities:
Cash receipts from issuance of common stock		3451,~~260~~160,251			5178,~~990~~965,000
Cash receipts from reverse repurchase agreements - net		30,200,000			38,500,000
Cash receipts from reverse repurchase agreements – net		12,900,000			10,200,000
Cash payments on capital shares redeemed - net		(4,995,318	)		(12,224,152	)
Cash payments on capital shares redeemed – net		(10,345,493	)		(14,338,171	)
Dividends to shareholders		(710,~~064~~652,~~057~~171	)		(711,~~675~~266,~~693~~967	)
Net cash provided by financing activities		5243,~~400~~062,~~876~~587			7063,~~590~~559,~~155~~862
Cash:
Net increase in cash		866,225			5,398,202
Net increase (decrease) in cash		1,187,871			(847,933	)
Cash at beginning of period		—			1,498,826
Cash at end of period	$	~~866~~1,~~225~~187,871		$	6650,~~897,028~~893
Cash Flow Information:
Cash paid for interest	$	~~471~~954,~~016~~826		$	~~369~~590,~~922~~777
Non-Cash Financing Activities:
Non–Cash Financing Activities:
Capital shares issued in reinvestment of dividends paid to shareholders	$	12,~~926~~883,~~432~~380		$	~~769~~1,~~626~~122,300

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						~~Six~~Nine Months Ended
Increase (Decrease) in Net Asset Value:	November 30,2004			November 30,2003			November 30,2004			November 30,2003
	February 28,2005			February 29,2004			February 28,2005			February 29,2004
Per Share Operating Performance:
Net asset value, beginning of period	$	9.8680		$	9.7883		$	9.62		$	10.21
Investment income-net+		.12			.14			.24			.28
Investment income–net++		.12			.14			.36			.42
Realized and unrealized gain (loss) - net		(.06	)		.05			.18			(.38	)
Realized and unrealized gain (loss) – net		(.05	)		.11			.13			(.27	)
Total from investment operations		.0607			.1925			.4249			(.1015	)
Less dividends from investment income - net		(.12	)		(.14	)		(.24	)		(.28	)
Less dividends from investment income – net		(.12	)		(.13	)		(.36	)		(.41	)
Net asset value, end of period	$	9.8075		$	9.8395		$	9.8075		$	9.8395
Total Investment Return:**
Based on net asset value per share		0.6167	%#+		12.8361	%#+		45.4011	%#+		(1.0255	)%#+
Ratios to Average Net Assets:
Expenses, net of reimbursement and excluding interest expense		.8991	%*		.8788	%*		.8889	%*		.8788	%*
Expenses, excluding interest expense		.7074	%*		.7881	%*		.7172	%*		.7778	%*
Expenses		1.0623	%*		1.0609	%*		1.0008	%*		1.0607	%*
Investment income - net		4.88	%*		5.59	%*		4.92	%*		5.64	%*
Investment income – net		4.87	%*		5.51	%*		4.90	%*		5.59	%*
Ratios to Average Net Assets, Excluding Borrowings:
Expenses, net of reimbursement and excluding interest expense		.75	%*		.7170	%*		.75	%*		.70	%*
Expenses, excluding interest expense		.5961	%*		.64	%*		.6061	%*		.6263	%*
Expenses		1.8902	%*		.8687	%*		.8591	%*		.8586	%*
Investment income - net		4.11	%*		4.54	%*		4.19	%*		4.55	%*
Investment income – net		4.04	%*		4.38	%*		4.14	%*		4.49	%*
Supplemental Data:
Net assets, end of period (in thousands)	$	~~376~~381,~~536~~757		$	~~285~~306,~~839~~738		$	~~376~~381,~~536~~757		$	~~285~~306,~~839~~738

*	Annualized.

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

#+ Aggregate total investment return.

++ Based on average shares outstanding. ~~Starting June 1, 2003, the Fund began paying dividends on a monthly basis; previously dividends had been paid on a calendar quarter basis~~. ~~Due to the transition, the fiscal 2003 dividends include fourteen months of income while fiscal 2004 contained twelve months of income.~~

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

SCHEDULE OF INVESTMENTS

~~NOVEMBER~~FEBRUARY 3028, ~~2004~~2005 (UNAUDITED)

	Face Amount		Market Value
MORTGAGE-BACKED SECURITIES (120.1%):
Federal National Mortgage Association (FNMA)(76.7%):
15 Year Fixed Rate Single Family Mortgage-Backed Securities
4.50%, 10/1/18 - 12/15/19(b)	$	7,342,692	$	7,345,671
5.00%, 12/1/17 - 2/1/19		8,852,719		9,037,784
5.50%, 3/1/16 - 7/1/19		1,531,027		1,590,624
7.00%, 1/1/15		78,265		83,509
30 Year Fixed Rate Single Family Mortgage-Backed Securities
4.50%, 5/1/33 - 2/1/34(c)		13,202,724		12,796,334
5.00%, 7/1/32 - 11/1/34(c)		99,316,463		98,820,977
5.50%, 9/1/32 - 12/15/34(b)		86,750,364		88,403,937
6.00%, 11/1/31 - 9/1/34		27,114,202		28,173,559
6.50%, 3/1/31 - 8/1/34		21,361,238		22,560,407
7.00%, 6/1/29 - 3/1/31		1,008,649		1,077,197
7.25%, 12/1/29		79,170		84,942
7.50%, 12/1/29 - 1/1/31		1,156,293		1,246,657
8.00%, 2/1/30 - 4/1/30		373,435		407,698
Total Single Family Mortgage-Backed Securities				271,629,296
Multi Family Mortgage-Backed Securities
4.66%, 10/1/13		986,636		992,174
4.78%, 5/1/14		496,678		500,997
4.93%, 10/1/12		986,552		1,008,587
5.23%, 4/1/21		1,964,496		1,938,351
5.37%, 11/1/21		5,065,594		5,221,348
5.41%, 2/1/21		1,060,745		1,097,770
5.51%, 11/1/21		766,325		776,502
6.38%, 5/1/11		1,204,622		1,323,457
6.50%, 5/1/17		1,279,376		1,380,830
6.70%, 6/1/19		655,625		720,923
7.13%, 1/1/22		431,424		478,929
7.58%, 5/1/18		610,372		714,670
7.97%, 9/1/17		728,359		871,053
Total Multi Family Mortgage-Backed Securities				17,025,591
Total Federal National Mortgage Association Securities				288,654,887
Federal Home Loan Mortgage Corporation (37.7%):
15 Year Fixed Rate Single Family Mortgage-Backed Securities
4.50%, 1/1/19 - 11/1/19		2,978,031		2,979,465
5%, 11/1/18 - 12/15/19(b)		3,870,798		3,946,698
5.50%, 9/1/19 - 12/15/19(b)		1,707,933		1,772,417

MORTGAGE-BACKED SECURITIES (114.9%):


	Face Amount		Market Value
Federal National Mortgage Association (FNMA)(75.0%):

15 Year Fixed Rate Single Family Mortgage-Backed Securities
4.50%, 6/1/18 – 3/1/19 (c)	$	6,260,358	$	6,225,878
5.00%, 12/1/17 – 2/1/19		8,294,361		8,413,394
5.50%, 3/1/16 – 7/1/19		1,442,450		1,488,052
7.00%, 1/1/15		76,946		81,714

30 Year Fixed Rate Single Family Mortgage-Backed Securities
4.50%, 5/1/33 – 9/1/34		17,034,407		16,517,441
5.00%, 7/1/32 – 11/1/35 (c)		93,160,914		92,590,280
5.50%, 9/1/32 – 3/15/35 (b)(c)		94,996,602		96,476,413
6.00%, 7/1/29 – 10/1/34 (c)		25,524,970		26,355,555
6.50%, 1/1/31 – 8/1/34		18,416,912		19,305,020
7.00%, 6/1/29 – 3/1/31		880,709		934,782
7.25%, 12/1/29		78,912		84,582
7.50%, 9/1/29 – 1/1/31		810,250		872,771
8.00%, 2/1/30 – 4/1/30		371,977		402,840

Total Single Family Mortgage-Backed Securities				271,856,515

Multi Family Mortgage-Backed Securities
4.66%, 10/1/13		983,492		986,948
4.78%, 5/1/14		494,983		498,319
4.93%, 10/1/12		983,072		1,000,786
5.23%, 4/1/21		1,958,706		1,953,647
5.37%, 11/1/21		5,049,898		5,264,455
5.41%, 2/1/21		1,057,793		1,106,109
5.51%, 11/1/21		764,320		782,342
6.38%, 5/1/18		1,200,911		1,308,187
6.50%, 5/1/17		1,273,926		1,383,972
6.70%, 6/1/19		653,975		723,821
7.58%, 5/1/18		608,704		714,099
7.97%, 9/1/17		724,914		862,922

Total Multi Family Mortgage-Backed Securities				14,477,814

Total Federal National Mortgage Association Securities				286,334,329

Federal Home Loan Mortgage Corporation (33.9%):

15 Year Fixed Rate Single Family Mortgage-Backed Securities
4.50%, 1/1/19 – 11/1/19		1,951,702		1,941,371
5%, 11/1/18 – 11/1/19		2,598,574		2,637,027
5.50%, 9/1/19 – 11/1/19		1,683,771		1,738,650

	Face Amount		Market Value
30 Year Fixed Rate Single Family Mortgage-Backed Securities
4.50%, 8/1/33 - 9/1/33	$	3,377,144	$	3,271,757
4.50%, 8/1/33 – 9/1/33	$	2,016,203	$	1,955,369
5.00%, 6/1/33 - 12/15/34(b)		33,244,392		33,103,553
5.00%, 6/1/33 – 1/15/35 (c)		33,378,363		33,203,266
5.50%, 9/1/29 - 12/15/34(b)		63,924,911		65,170,761
5.50%, 9/1/29 – 12/1/34 (c)		55,824,998		56,769,920
6.00%, 3/1/31 - 9/1/34		21,330,407		22,144,865
6.00%, 3/1/31 – 12/1/34		21,755,239		22,479,406
6.50%, 6/1/29 - 8/1/32		7,398,327		7,805,719
6.50%, 6/1/29 – 8/1/32		6,449,798		6,758,597
7.00%, 11/1/29 - 4/1/31		988,100		1,054,715
7.00%, 11/1/29 – 4/1/31		868,284		921,170
7.50%, 12/1/29 - 3/1/30		836,830		902,499
7.50%, 12/1/29 – 2/1/30		821,793		885,311
Total Federal Home Loan Mortgage Corporation Single Family Mortgage-Backed Securities				~~142~~129,~~152~~290,~~449~~087
GNMA Pool (1.4%):
GNMA Pool (1.3%):
30 Year Fixed Rate Single Family Mortgage-Backed Securities
6.00%, 12/15/31		~~830~~826,~~164~~533		~~864~~859,~~900~~141
6.50%, 4/15/32 - 4/20/32		522,571		553,837
6.50%, 4/15/32 – 4/20/32		446,036		470,673
7.00%, 4/15/32		~~176~~175,~~453~~904		~~188~~187,~~768~~381
Total Single Family Mortgage-Backed Securities				1,607,505
Multi Family Mortgage-Backed Securities
5.13%, 3/15/34		631,462		632,914
5.13%, 3/1/34		629,331		630,069
5.75%, 9/15/23		~~745~~740,~~987~~745		~~763~~766,~~452~~550
6.25%, 9/15/32		~~526~~524,~~144~~524		~~570~~567,~~317~~608
8.25%, 12/15/32		1,~~450~~447,~~534~~364		1,~~624~~596,~~469~~343
Total Multi Family Mortgage-Backed Securities				3,591,152
Total GNMA Pool Multi Family Mortgage-Backed Securities				5,077,765
Total GNMA Pool Multi Family Mortgage-Backed Securities				5,198,657
Community Reinvestment Revenue Notes (0.8%)
4.21%, 9/01/19		3,000,000		3,000,000
4.21%, 9/1/19		3,000,000		2,970,000
Total Community Reinvestment Revenue Notes				32,~~000~~970,000
Small Business Administration (3.5%)
Small Business Administration (3.9%)
1.55%, 3/25/29(d)		3,202,258		3,173,875
2.55%, 4/25/28 (a)		1,573,671		1,567,925
1.55%, 4/25/28(a)(d)		1,705,703		1,735,012
2.55%, 3/25/29		3,177,243		3,165,679
1.63%, 6/25/18(a)(d)		874,919		868,785
2.60%, 9/1/28		1,563,742		1,559,833
1.65%, 10/25/10(d)		758,315		753,873
2.60%, 9/25/29		2,016,796		2,011,754
1.65%, 3/25/14(d)		2,450,917		2,435,884
2.60%, 11/25/29		2,195,859		2,193,114
2.10%, 9/01/28(d)		1,576,663		1,576,663
2.63%, 6/25/18 (a)		653,585		651,931
2.35%, 9/25/09(d)		2,032,154		2,032,154
2.65%, 10/25/10		663,909		661,769
4.88%, 1/25/09(d)		755,211		783,256
2.65%, 3/25/14		2,321,831		2,316,185
Total Small Business Administration Securities				13,359,502
5.88%, 1/25/09		713,710		739,635
Total Mortgage-Backed Securities				452,365,495
Total Small Business Administration Securities				14,867,825
Total Mortgage-Backed Securities				438,540,006

MUNICIPAL BONDS (0.5%):
Guam Power Authority Revenue Bonds, Series A, 5% due 10/01/2024	140,000		144,050
Utah Housing Corporation Single Family Mortgage Revenue Bonds, 3.36% due 7/1/2014	750,000		726,045
Utah Housing Corporation Single Family Mortgage Revenue Bonds, 3.48% due 7/1/2014	1,000,000		994,340
Total Municipal Bonds			1,864,435
Total investments (cost - $450,663,100) - 120.6%			454,229,930
Liabilities in excess of other assets - (20.6%)			(77,694,034	)
Net assets - 100.0%		$	376,535,896

MUNICIPAL BONDS (0.5%):


	Face Amount		Market Value
Guam Power Authority Revenue Bonds, Series A, 5% due 10/01/2024	$	140,000	$	145,796
Utah Housing Corporation Single Family Mortgage Revenue Bonds, 3.36% due 7/1/2014		750,000		732,908
Utah Housing Corporation Single Family Mortgage Revenue Bonds, 3.48% due 7/1/2014		1,000,000		1,003,140

Total Municipal Bonds				1,881,844

Total investments (cost – $438,510,238) – 115.4%				440,421,850

Liabilities in excess of other assets – (15.4%)				(58,664,716	)

Net assets – 100.0%			$	381,757,134

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 28, 2005 were as follows:


Number of Contracts	Issue	Expiration Date	Face Value		Unrealized Appreciation
200	U.S. Five–Year Treasury Bonds	March 2005	$	21,779,564	$	154,564
200	U.S. Ten–Year Treasury Bonds	March 2005	$	22,193,001		18,001

Total Unrealized Appreciation – Net					$	172,565

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

(b) Represents or includes 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.

(d) Floating rate note.

Number ofContracts	Issue	Expiration Date	Face Value		UnrealizedAppreciation (Depreciation)
33	U.S. Five-Year Treasury Bonds	March 2005	$	3,589,869	$	(1,459	)
247	U.S. Five-Year Treasury Bonds	December 2004	$	27,240,387		139,856
225	U.S. Ten-Year Treasury Bonds	March 2005	$	24,905,711		(13,039	)
Total Unrealized Appreciation - Net					$	125,358

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~~three months ended ~~November~~February 3028, ~~2004~~2005 are not necessarily indicative of the results that may be expected for any other future interim period or the fiscal year ending May 31, 2005. The information in this report should be read in conjunction with the financial statements and accompanying notes included in the May 31, 2004 Annual Report on Form 10-–K. The Fund has not changed its accounting and reporting policies from those disclosed in its May 31, 2004 financial statements.

In preparing the condensed interim financial statements and financial highlights, management is required to make estimates and assumptions that effect the reported amounts of assets and liabilities as of the date of the statement of assets and liabilities, and 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.

This report covers the activity from June 1, 2004 to ~~November~~ 30February 28, ~~2004~~2005.

Item 2:

Management’s Discussion and Analysis of Financial Condition and

Results of Operations

This quarterly report contains certain statements that ~~may~~ 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~~ 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~~ 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 ended ~~November~~February 3028, ~~2004~~2005.

Fund Operations

Investment Activity

Purchases

During the quarter ended ~~November~~February 3028, ~~2004~~2005, the Fund purchased $5338.12 million aggregate amount of new community development securities. During the quarter ended ~~November~~February 3029, ~~2003~~2004, the Fund had purchased $8938.73 million aggregate amount of new community development securities.

During the ~~six~~nine months ended ~~November~~February 3028, ~~2004~~2005, the Fund purchased $~~110~~148.0 million aggregate amount of new community development securities. During the ~~six~~nine months ended ~~November~~February 3029, ~~2003~~2004, the Fund had purchased $~~153~~191.47 million aggregate amount of new community development securities.

Sales

During the quarter ended ~~November~~February 3028, ~~2004~~2005, the Fund sold $3850.32 million aggregate amount of securities (including principal paydowns). During the quarter ended ~~November~~February 3029, ~~2003~~2004, the Fund had sold $4838.98 million aggregate amount of securities (including principal paydowns).

During the ~~six~~nine months ended ~~November~~February 3028, ~~2004~~2005, the Fund sold $62112.7 million aggregate amount of securities (including principal paydowns). During the ~~six~~nine months ended ~~November~~February 3029, ~~2003~~2004, the Fund had sold $94133.75 million aggregate amount of securities (including principal paydowns).

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 3028, ~~2004~~2005, the Fund averaged approximately $6979.05 million in borrowings at an average rate of approximately 12.8639% compared to the quarter ended ~~November~~February 3029, ~~2003~~2004 when the Fund averaged approximately $6773.76 million in borrowings at an average rate of approximately 1.14%.

For the ~~six~~nine month period ended ~~November~~February 3028, ~~2004~~2005, the Fund averaged approximately $6267.07 million in borrowings at an average rate of approximately 1.6595% compared to the ~~six~~nine month period ended ~~November~~February 3029, ~~2003~~2004 when the Fund averaged approximately $6468.48 million in borrowings at an average rate of approximately 1.15%.

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.

Net Assets and Fund Holdings at ~~November~~February 3028, ~~2004~~2005

At ~~November~~February 3028, ~~2004~~2005, the Fund’s Net Asset Value was $~~376~~381.58 million, or $9.8075 per share. At the end of the prior fiscal quarter, ~~August~~November 3130, 2004, the Fund’s Net Asset Value was $~~365~~376.85 million, or $9.8680 per share. At the end of the most recent fiscal year, May 31, 2004, the Net Asset Value was $346.6 million, or $9.62 per share. A year ago at ~~November~~February 3029, ~~2003~~2004, the Fund’s Net Asset Value was $~~285~~306.87 million, or $9.8395 per share.

The $105.73 million, or 21.94%, quarter-–to-–quarter increase in net assets from $~~365~~376.85 million to $~~376~~381.58 million was primarily attributable to the sale of new shares in the Fund. The $9075.71 million, or 3124.75%, 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 $4.56 million for the quarter ended ~~November~~February 3028, ~~2004~~2005, an increase of approximately $0.1 million, or 2.32%, from net investment income of $4.45 million for the prior fiscal quarter, which ended ~~August~~November 3130, 2004, and an increase of approximately $0.65 million, or 1512.42%, from net investment income of $34.91 million for the fiscal quarter ended ~~November~~February 3029, ~~2003~~2004. 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 $813.95 million for the ~~six~~nine month period ended ~~November~~February 3028, ~~2004~~2005, an increase of approximately $12.40 million, or 1817.74% from net investment income of $711.5 million for the ~~six~~nine month period ended ~~November~~February 3029, ~~2003~~2004. The increase is largely due to an increase in average net assets of the Fund.

Management Fees & Expenses

Access Capital Strategies LLC (“Access”), the Fund’s Manager, is paid an annual management fee, paid monthly, of fifty basis points (.50%) of the Fund’s average monthly gross assets less accrued liabilities, other than indebtedness for borrowing. Merrill Lynch Investment Managers, L.P. (“MLIM”) receives from Access an annual sub-–management fee, paid monthly, of twenty-–five basis points (.25%) of the Fund’s average gross monthly assets less accrued liabilities, other than indebtedness for borrowings.

For the quarter and nine- month period ended ~~November~~February 3028, ~~2004~~2005, the management fee paid by the Fund was $~~544~~569,~~965~~693 and $1,626,322, respectively. For the prior quarter ended ~~August~~November 3130, 2004, the management fee paid by the Fund was $~~511~~544,~~664~~965. For the year ago fiscal quarter and ~~six~~ nine-month period ended ~~November~~February 3029, ~~2003~~2004, the management fee paid by the Fund was $~~429~~460,~~171~~522 and $~~828~~1,~~981~~289,503, respectively. The increases were primarily due to increases in the net assets of the Fund.

The Fund’s private offering memorandum provides for reimbursement of expenses relating to the Fund paid by Access and MLIM. Total unreimbursed expenses as of February ~~November 30~~28, ~~2004~~2005 amount to $~~174~~15,~~812~~213 compared to $~~597~~545,~~328~~858 a year ago at ~~November~~ 30February 29, ~~2003~~2004.

Yield

At the quarter ended ~~November~~February 3028, ~~2004~~2005, the SEC current yield was 45.7342%, compared to 4.9073% for the quarter ended ~~August~~November 3130, 2004 and 54.6194% for the year ago quarter ~~ended~~ ~~November~~ended 30February 29, ~~2003~~2004.

For the quarter ended ~~November~~February 3028, ~~2004~~2005, the ratio of ~~net~~ net investment income to average net assets was 4.1187% compared to 4.2811% for the prior quarter, which ended ~~August~~November 3130, 2004, and 5.5951% for the quarter ended ~~November~~February 3029, ~~2003~~2004.

Realized Gain/Loss

For the quarter and nine months ended ~~November~~February 3028, ~~2004~~2005, the net realized ~~gain~~loss was $~~122~~292,~~663~~428 and $1,919,006, respectively, compared to a net realized ~~loss~~gain of $1122,~~749,241~~663 for the prior quarter, which ended ~~August~~November 3130, 2004, and a realized loss of $12,~~349~~133,~~643~~902 and $2,209,584, respectively, for the quarter and nine months ended ~~November~~February 3029, ~~2003~~2004. The net realized losses for the quarter and nine months ended February 28, 2005 were primarily due to the losses on financial futures contracts reflecting the Fund’s hedging activities as the Fund experiences a net realized ~~gain or~~ loss on its hedges when the positions are closed or when they are rolled from one expiration cycle to the 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. The Fund paid total monthly dividends of $.~~119745~~117769 and $.358601, respectively, during the quarter and nine months ended ~~November~~February 3028, ~~2004~~2005. The dividends were paid as follows:

June 2004	$	.040113
July 2004	$	.041624
August 2004	$	.039350
September 2004	$	.040395
October 2004	$	.039403
November 2004	$	.039947
December 2004	$	.042152
January 2005	$	.036253
February 2005	$	.039364

During the previous quarter ended ~~August~~November 3130, 2004, the Fund paid total monthly dividends of $.~~121087~~119745. A year ago, during the quarter ended ~~November~~February 3029, ~~2003~~2004, the Fund paid total monthly dividends of $.~~137550~~135100. The slightly lower dividend in the current period is attributable to the U.S. Federal Reserve raising short -term interest rates by twenty-–five basis points in ~~September~~December 2004 and ~~November~~February 2005. An increase in short term rates elevates the Fund’s cost for borrowings and lowers the net ~~interest~~investment income available for dividends.

Total Return

For the quarter ended ~~November~~February 3028, ~~2004~~2005, the total return was 0.6167%, compared to a total return of 3.7761% in the quarter ended ~~August~~November 3130, 2004 and a total return of 12.8361% in the comparable quarter ended ~~November~~February 3029, ~~2003~~2004.

For the ~~six~~ nine-month period ended ~~November~~February 3028, ~~2004~~2005 the total return was 45.411%. For the ~~six~~ nine-month period ended ~~November~~February 3029, ~~2003~~2004, the total return was -1.055%.

~~The~~Although ~~lower~~short-term ~~total~~rates ~~return~~rose during the ~~quarter~~period, ~~ended~~most ~~November~~of ~~30,~~the ~~2004~~Fund’s isassets ~~attributable~~are topriced ~~pricing~~off ~~pressure~~of onlonger-term ~~fixed~~assets. ~~income~~Longer ~~assets~~maturity ~~during~~issues adid ~~time~~better ofthan ~~interest~~shorter-term instruments ~~rate~~during ~~increases~~most of the period.

Fund Designated Target Regions at February ~~November 30~~28, ~~2004~~2005

The Fund’s Designated Target Regions (“DTRs”) are provided by Fund shareholders at the time of investment. At ~~November~~February 3028, ~~2004~~2005 DTRs were:

DTRs	AMOUNT
Alabama	$	5,000,000
California	$	60,668,939
California		60,668,939
Colorado		1,159,436
Colorado		1,145,660
Connecticut		7,084,919
Florida		1,500,000
Georgia		500,000
Hawaii		~~148~~150,~~786~~594
Illinois		3,~~632~~645,~~476~~018
Indiana		1,~~027~~040,~~479~~042
Iowa		~~512~~618,~~282~~541
Louisiana		5,000,000
Maine		~~108~~109,~~477~~733
Maryland		650,000
Massachusetts		90,~~062~~187,~~013~~269
Nebraska		10,000,000
New York		16,~~864~~928,~~824~~178
New Jersey		95,~~232~~544,~~959~~461
New Mexico		1,~~125~~131,~~571~~734
North Carolina		~~500~~850,000
Ohio		12,~~050~~057,~~747~~148
Oregon		~~500~~2,300,000
Pennsylvania		3334,~~754~~782,~~054~~175
Rhode Island		250,000
South Dakota		5,655,359
Tennessee		600,000
Texas		21,~~002~~090,~~587~~674
Utah		412,~~682~~695,~~430~~228
Vermont		1,~~325~~341,~~745~~773
Washington		1,500,000
Wisconsin		~~525~~531,~~571~~734
TOTAL	$	~~382~~389,~~610~~572,~~878~~955

*	All investors are listed by headquarters location

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 3028, ~~2004~~2005, the Fund’s investments had outstanding loans to 5,~~337~~441 homebuyers with incomes below 80% of median income from the following states in the following numbers.

Whole Loans
Alabama		3728
Arizona		~~159~~111
California		~~404~~411
Colorado		3231
Connecticut		~~107~~122
Delaware		2631
Florida		~~130~~120
Georgia		18
Guam		2
Illinois		7487
Indiana		56
Iowa		1831
Kansas		52
Kentucky		10
Louisiana		1917
Maine		2
Maryland		4
Massachusetts		1,~~061~~021
Michigan		7
Mississippi		87
Missouri		5
Montana		2
Nebraska		5650
Nevada		4845
New Hampshire		6057
New Jersey		1,~~004~~027
New Mexico		70
New York		~~219~~225
North Carolina		1719
Ohio		50
Oregon		5362
Pennsylvania		~~594~~706
Rhode Island		15
South Carolina		14
South Dakota		110
Tennessee		8
Texas		~~438~~463
Utah		370
Vermont		14
Virginia		3
Washington		46
Washington, D.C.		3
Wisconsin		9
		5,441

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.

Utah		369
Vermont		14
Virginia		3
Washington		47
Washington, D.C.		3
Wisconsin		10
		5,337

In addition as of February 28, 2005, the Fund’s investments had outstanding loans to sponsors of 1,345 multi–family rental units, 14 community based non–profit affordable housing rental units, 97 SBA loans and 9 Economic Development loans from the following states in the following amounts.

~~Many~~Multi–Family ofUnits ~~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 30, 2004, the Fund’s investments had outstanding loans to sponsors of 1,380 multi-family, 14 community based non-profit affordable housing rental units and 76 SBA loans from the following states in the following amounts.


Alabama		52
California		160
Delaware		120
Louisiana		230
Mississippi		47
New York		222
South Dakota		48
Texas		294
Utah		172

		1,345

Multi-Family Units

Alabama		52
California		160
Delaware		120
Louisiana		230
Mississippi		47
New York		222
South Dakota		48
Texas		294
Utah		207
		1,380

Affordable Housing

Sub Total 6,~~717~~795

Community Based Non-Profit
Community Based Non–Profit
Rhode Island		1412
Massachusetts		1
Connecticut		1
		14
SBA Loans
CA		2
FL		1
KY		1
MA		7
MD		1
MN		2
NJ		6
NY		1
UT		5576
		76
		97
Economic Development Loans
CA		4
MA		4
TX		1
		9

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 3028, ~~2004~~2005, new shareholders purchased an additional 1,~~234~~171,~~722~~692 shares of the Fund for total proceeds of $1211,~~125~~500,000. In addition, dividend reinvestments resulted in 9997,~~320~~562 additional new shares being issued by the Fund for total proceeds of $~~976~~956,~~953~~948. During the year ago 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, and dividend reimbursements resulted in 4335,~~605~~641 additional new shares being issued by the Fund for total proceeds of $~~430~~352,~~595~~674.

During the ~~six~~nine months ended ~~November~~February 3028, ~~2004~~2005, ~~new~~ new shareholders purchased an additional 23,~~697~~868,~~211~~903 shares of the Fund for total proceeds of $2637,~~475~~975,000. In addition, dividend reinvestments resulted in ~~196~~294,~~672~~234 additional new shares being issued by the Fund for total proceeds of $2,883,380. During the year ago nine months ended February 29, 2004, new shareholders purchased an additional 7,977,600 shares of the Fund for total proceeds of $78,865,000 and dividend reinvestments resulted in 113,567 additional new shares being issued by the Fund for total proceeds of $1,122,300.

~~Fund~~As ~~for~~discussed ~~total~~in ~~proceeds~~the ofPrivate $1Offering Memorandum,~~926,432.~~ ~~During~~ the ~~year~~Fund ~~ago~~allows ~~six months ended November 30, 2003, new~~ shareholders ~~purchased~~to anredeem ~~additional~~their ~~6,061,610~~ shares ofin ~~the~~accordance ~~Fund~~with ~~for total~~Rule ~~proceeds~~23c–3 of ~~$59,908,000 and dividend reimbursements resulted in 77,926 additional new shares being issued by~~ the ~~Fund~~1940 ~~for total proceeds of $769,626~~Act.

AsDuring ~~discussed~~the inquarter ~~the~~ended ~~Private~~February ~~Offering~~28, ~~Memorandum~~2005, 541,516 shares of the Fund ~~allows~~were ~~shareholders~~redeemed tofor ~~redeem~~$5,350,175. ~~their~~During ~~shares~~the inyear ~~accordance~~ago ~~with~~quarter ~~Rule~~February ~~23c-3~~29, 2004, 212,892 shares of the Fund ~~1940~~were ~~Act~~redeemed for $2,114,019.

During the ~~quarter~~nine months ended ~~November~~February 3028, 2005, ~~2004~~1,049,687 ~~there~~shares of the Fund were noredeemed ~~redemptions~~for $10,345,493. During the year ago ~~quarter~~ ~~November~~nine 30months February 29, ~~2003~~2004, 1,~~247~~460,~~362~~254 shares of the Fund were redeemed for $1214,~~224~~338,~~152~~171.

During the six months ended November 30, 2004, 508,171 shares of the Fund were redeemed for $4,995,318. During the year ago six months November 30, 2003, 1,247,363 shares of the Fund were redeemed for $12,224,152.

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.

Most of the Fund’s holdings are in mortgage-backed securities (MBS) that are comprised of pooled mortgages to low and moderate income homebuyers. These homebuyers generally have the right to prepay or refinance their mortgages at anytime making prepayment risk an important component of the market risk for the portfolio. While prepayments can occur for a variety of reasons (e.g., selling a home, death, default) they are most often associated with a consumer refinancing a mortgage to take advantage of lower interest rates. There is, therefore, a structural asymmetry, also known as negative convexity, in the MBS market as lower rates will raise the value of most fixed rate payment streams, but may cause wide scale prepayments for fixed rate MBS due to mortgage refinancing.

An industry standard method for evaluating interest rate risk in a portfolio is to run a scenario analysis that calls for an instantaneous increase or decrease in interest rates across the board. While the scenario is a highly unlikely one, it does produce a widely used measurement for a portfolio’s interest rate convexity and negative convexity.

At ~~November 30~~February 28, ~~2004~~2005 an instant rate increase of 100 basis points (1.0%) would have caused the Fund’s portfolio to decline in value by -–4.95%. An instant rate decrease of 100 basis points (-–1.0%) would have caused the Fund’s portfolio to increase in value by +2.87%. At the previous quarter end, ~~August~~ 31November 30, 2004, a 1% rate increase would have produced a -5–4.29% decrease in value and a 1% rate decrease would have produced a +2.8% increase in value.

Leverage Risk. The Fund may use leverage as part of its investment program. Typically, the Fund will borrow money short term using portions of the portfolio as collateral. The proceeds received from borrowing are invested in additional portfolio securities. Interest income on securities purchased with borrowed funds is usually above the interest expense associated with borrowings although the precise amount is a function of the slope of the yield curve and changes with market conditions. The purchase of additional investments using borrowed funds may increase the portfolio’s interest rate risk. The managers may use derivatives (see below) to hedge the incremental interest rate risk associated with the use of leverage. An important component of a successful leverage strategy is the ability to deleverage without interfering with core portfolio management functions. In the past, the managers have been able to raise and lower the level of leverage in response to changing market conditions. The managers and the Fund’s Board of Directors regularly review the amount of leverage being deployed.

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 3028, ~~2004~~2005 is contained in Item 1 of this report.

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.

PART II -– OTHER INFORMATION

Item 1. Legal Proceedings

The Fund is not involved in any pending legal proceedings.

Item 2. ~~Changes~~Unregistered inSales of Equity Securities and Use of Proceeds

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)	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.
	(4)		N/A
	(5)		N/A
	(8)		N/A
	(9)		None
	(10)	(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, 2004.
		(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, 2004.
	(11)		N/A
	(12)		N/A
	(13)		N/A
	(15)		N/A
	(16)		None
	(17)		N/A
	(18)		N/A
	(19)		N/A
	(20)		N/A
	(21)		None
	(22)		N/A
	(23)		N/A
	(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.
	(25)		N/A
	(26)		N/A
	(27)		Reserved
	(28)		Reserved
	(29)		Reserved
	(30)		Reserved
	(31)		Certifications required by the Sarbanes-Oxley Act of 2002
(b)	Reports on Form 8-K None.


	(17)	N/A

	(18)	N/A

	(19)	N/A

	(20)	N/A

	(21)	None

	(22)	N/A

	(23)	N/A

	(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.

	(25)	N/A

	(26)	N/A

	(27)	Reserved

	(28)	Reserved

	(29)	Reserved

	(30)	Reserved

	(31)	Certification required by the Sarbanes–Oxley Act of 2002

	(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 8, 2005		/S/ Ronald A. Homer*
Date: April 8, 2005		/S/ Ronald A. Homer*
		Ronald A. Homer, Chairman
Date: January 8, 2005		/S/ Kevin J. Mulvaney*
Date: April 8, 2005		/S/ Kevin J. Mulvaney*
		Kevin J. Mulvaney, Director
Date: January 8, 2005		/S/ Peter Blampied*
Date: April 8, 2005		/S/ Peter Blampied*
		Peter Blampied, Director
Date: January 8, 2005		/S/ M. Colyer Crum*
Date: April 8, 2005		/S/ W. Carl Kester*
		M. Colyer Crum, Director
		W. Carl Kester, Director
Date: January 8, 2005		/S/ Terry K. Glenn*
Date: April 8, 2005		/S/ Andrew J. Donohue*
		Terry K. Glenn, Director
		Andrew J. Donohue, Director
Date: January 8, 2005		/S/ Stephen B. Swensrud*
Date: April 8, 2005		/S/ Stephen B. Swensrud*
		Stephen B. Swensrud, Director
Date: January 8, 2005		/S/ David F. Sand*
Date: April 8, 2005		/S/ David F. Sand*
		David F. Sand, Chief Executive Officer,
		Principal Accounting Officer, Principal Financial Officer

* By: /s/ Martin E. Lybecker Martin E. Lybecker Attorney-–in-–fact

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