~~Table~~UNITED ofSTATES ~~Contents~~SECURITIES AND EXCHANGE COMMISSION

~~UNITED~~Washington, ~~STATES~~D.C. 20549

~~SECURITIES~~FORM ~~AND EXCHANGE COMMISSION~~ 10-Q

~~Washington,~~þ ~~D.C.~~Quarterly ~~20549~~Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

~~FORM~~For ~~10–Q~~the quarterly period ended November 30, 2005

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

~~For~~o ~~the~~Transition ~~quarterly~~Report ~~period~~pursuant ~~ended~~to ~~February~~Section ~~28,~~13 ~~2005~~or 15(d) of the Securities Exchange Act of 1934

OrFor the transition period from to

¨Commission ~~Transition~~File ~~Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934~~No. 817-00807

~~For~~Access ~~the~~Capital ~~transition~~Strategies ~~period~~Community ~~from to~~Investment Fund, Inc.

~~Commission~~(Exact ~~File~~name ~~No.~~of ~~817–00807~~registrant as specified in its charter)

Access Capital Strategies Community Investment Fund, Inc.


Maryland (State or other jurisdiction of incorporation or organization)		04-3369393 (I.R.S. Employer Identification No.)

419 Boylston Street, Suite 501		Boston, MA 02116
(Address of principal executive offices)		(Zip Code)

617-236-7274 (~~Exact~~Registrant’s ~~name~~telephone ofnumber, ~~registrant~~including asarea ~~specified in its charter~~code)

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)

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

~~617–576–5858~~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 þ No o

Indicate by check mark whether the registrant is an accelerated filer (~~Registrant’s~~as ~~telephone~~defined ~~number,~~in ~~including~~Rule 126-2 ~~area~~of ~~code~~the Exchange Act): Yes þ No o

~~N/A~~Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

~~(Former~~The ~~name,~~registrant ~~former~~had ~~address~~132 shareholders and ~~former~~47,436,851 ~~fiscal~~shares ~~year,~~of ifcommon ~~changed~~stock ~~since~~outstanding ~~last~~as ~~report)~~of November 30, 2005.

~~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~~Access byCapital ~~check~~Strategies ~~mark~~Community ~~whether~~Investment ~~the~~Fund, ~~registrant~~Inc. isNovember 30, an2005 ~~accelerated~~Form 10-Q ~~filer~~Quarterly ~~(as defined in Rule 126–2 of the Exchange Act): Yes x No ¨~~ Report

~~The registrant~~TABLE ~~had~~OF ~~122 shareholders and 38,951,974 shares of common stock outstanding as of February 28, 2005.~~ CONTENTS


				PAGE
PART I. FINANCIAL INFORMATION

	Item 1.	Condensed Financial Statements

			Condensed Statements of Assets and Liabilities November 30, 2005 (unaudited), May 31, 2005, and November 30, 2004 (unaudited)		3

			Condensed Statements of Operations (unaudited) Three months ended November 30, 2005 and 2004; and Six months ended November 30, 2005 and 2004		4

			Condensed Statements of Changes in Net Assets (unaudited) Three months ended November 30, 2005 and 2004; and Six months ended November 30, 2005 and 2004		5

			Condensed Statements of Cash Flows (unaudited) Six months ended November 30, 2005 and 2004		6

			Financial Highlights (unaudited) Three months ended November 30, 2005 and 2004; and Six months ended November 30, 2005 and 2004		7

			Schedule of Investments November 30, 2005 (unaudited)		8

			Notes to Condensed Financial Statements (unaudited)		11

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations			12

	Item 3.	Quantitative and Qualitative Disclosures about Market Risk			20

	Item 4.	Controls and Procedures			21

PART II. OTHER INFORMATION					22

	Item 1.	Legal Proceedings			22

	Item 2.	Changes in Securities			22

	Item 3.	Defaults Upon Senior Securities			22

	Item 4.	Submission of Matters to a Vote of Security Holders			22

	Item 5.	Other Information			22

	Item 6.	Exhibits and Reports			22

	Signatures				24

2 ~~Access Capital Strategies Community Investment Fund, Inc.~~

~~February~~Access ~~28,~~Capital ~~2005~~Strategies ~~Form~~Community ~~10–Q~~Investment ~~Quarterly~~Fund, ~~Report~~Inc.

~~TABLE~~PART OFI ~~CONTENTS~~— FINANCIAL INFORMATION

		PAGE
PART I. FINANCIAL INFORMATION
Item 1.	Condensed Financial Statements
	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 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 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) Nine months ended February 28, 2005 and February 29, 2004	6
	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 February 28, 2005 (unaudited)	8
	Notes to Condensed Financial Statements (unaudited)	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	20
Item 4.	Controls and Procedures	21
PART II. OTHER INFORMATION		22
Item 1.	Legal Proceedings	22
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	22
Item 3.	Defaults Upon Senior Securities	22
Item 4.	Submission of Matters to a Vote of Security Holders	22
Item 5.	Other Information	22
Item 6.	Exhibits and Reports	22
Signatures		24

Item 1:

2Condensed Financial Statements

~~Table~~CONDENSED ofSTATEMENTS ~~Contents~~OF ASSETS AND LIABILITIES

Access Capital Strategies Community Investment Fund, Inc.


	November 30, 2005						November 30, 2004
	(unaudited)			May 31, 2005			(unaudited)
Assets:
Investments in unaffiliated securities, at value*	$	501,013,924		$	457,698,912		$	454,229,930
Cash		972,537			1,094,568			866,225
Receivables:
Capital shares sold		19,090,000			1,895,289			7,000,000
Interest		2,365,763			2,134,375			2,020,380
Securities sold		—			—			2,871,343
Principal paydowns		361,976			260,794			280,972
Variation margin		57,690			—			—
Prepaid expenses and other assets		561			561			119,402

Total assets		523,862,451			463,084,499			467,388,252


Liabilities:
Payables:
Reverse repurchase agreements (including accrued interest of $108,759, $83,779 and $64,467, respectively)		69,101,759			68,596,779			81,364,467
Securities purchased		2,878,024			4,337,013			8,000,432
Dividends to shareholders		1,222,309			1,488,313			1,178,406
Investment advisor		162,734			141,417			238,688
Variation margin		—			132,813			31,039
Other affiliates		3,394			3,318			8,127
Accrued expenses and other liabilities		107,574			85,906			31,197

Total liabilities		73,475,794			74,785,559			90,852,356


Net Assets:
Net Assets	$	450,386,657		$	388,298,940		$	376,535,896


Net Assets Consist of:
Paid-in capital	$	469,469,502		$	394,186,630		$	383,138,336

Accumulated distributions in excess of investment income — net		(1,310,503	)		(1,310,503	)		(1,306,395	)
Accumulated realized capital losses — net		(9,695,896	)		(10,407,517	)		(8,988,233	)
Unrealized appreciation (depreciation) — net		(8,076,446	)		5,830,330			3,692,188

Total accumulated losses — net		(19,082,845	)		(5,887,690	)		(6,602,440	)

Net Assets	$	450,386,657		$	388,298,940		$	376,535,896

Net Asset Value Per Share	$	9.49		$	9.82		$	9.80



*Identified cost.	$	509,108,287		$	451,642,590		$	450,663,100
Shares issued and outstanding, $.0000001 par value, 100,000,000 shares authorized		47,436,851			39,552,378			38,421,302

~~PART~~See INotes —to ~~FINANCIAL~~Condensed ~~INFORMATION~~Financial Statements.

3 ~~Item 1:~~

~~Condensed~~Access ~~Financial~~Capital ~~Statements~~Strategies Community Investment Fund, Inc.

CONDENSED STATEMENTS OF ~~ASSETS~~OPERATIONS ~~AND LIABILITIES~~ (UNAUDITED)

	CONDENSED STATEMENTS OF ASSETS AND LIABILITIES
	Three Months Ended						Six Months Ended
	February 28,2005(unaudited)			May 31, 2004			February 29,2004(unaudited)
	November 30,			November 30,			November 30,			November 30,
Assets:
	2005			2004			2005			2004
Investments in unaffiliated securities, at value*	$	440,421,850		$	398,567,401		$	370,572,386
Investment Income:
Cash		1,187,871			—			650,893
Interest	$	6,238,608		$	5,625,050		$	12,124,577		$	10,965,748
Receivables:
Expenses:
Capital shares sold		1,600,000			14,785,251			—
Management fees		591,296			544,965			1,162,571			1,056,629
Securities sold		5,599,987			—			2,969,578
Interest expense		670,942			324,410			1,212,712			518,303
Interest		1,996,883			1,776,197			1,660,175
Professional fees		43,393			41,981			83,952			72,726
Principal paydowns		380,102			370,198			19,916
Accounting services		34,321			24,769			67,680			61,682
Variation margin		181,250			191,468			—
Pricing fees		14,680			10,072			28,162			24,255
Prepaid expenses and other assets		270			270			182
Custodian fees		12,912			10,506			26,833			24,876
Total assets		451,368,213			415,690,785			375,873,130
Transfer agent fees		16,996			3,573			21,680			9,297
Liabilities:
Director’s fees and expenses		8,376			5,360			13,997			13,946
Payables:
Other		5,144			5,164			12,335			12,972
Custodian bank		—			956,797			—
Total expenses before reimbursement		1,398,060			970,800			2,629,922			1,794,686
Reverse repurchase agreements (including accrued interest of $50,224, $17,180 and $17,114, respectively)		64,050,224			51,117,180			57,217,114
Reimbursement of expenses		—			171,059			42,408			308,562
Securities purchased		4,084,819			15,485,800			10,271,405
Total expenses after reimbursement		1,398,060			1,141,859			2,672,330			2,103,248
Dividends to shareholders		1,216,615			1,310,503			1,306,031
Investment income-net		4,840,548			4,483,191			9,452,247			8,862,500
Investment advisor		173,915			177,414			155,894
Realized & Unrealized Gain (Loss)-Net:
Variation margin		—			—			150,000
Realized gain (loss) on:
Other affiliates		3,235			2,565			17,764
Investments-net		(212,774	)		90,066			(239,167	)		98,316
Accrued expenses and other liabilities		82,271			73,326			17,229
Financial futures contracts-net		968,241			32,597			950,788			(1,724,894	)
Total liabilities		69,611,079			69,123,585			69,135,437
Change in unrealized appreciation/depreciation on:
Net Assets:
Investments-net		(11,679,113	)		(2,839,861	)		(14,150,685	)		8,229,720
Net Assets	$	381,757,134		$	346,567,200		$	306,737,693
Financial futures contracts-net		440,114			330,176			243,909			(44,668	)
Net Assets Consist of:
Total realized and unrealized gain (loss)-net		(10,483,532	)		(2,387,022	)		(13,195,155	)		6,558,474
Paid-in capital	$	390,245,109		$	359,732,222		$	308,728,483
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(5,642,984	)	$	2,096,169		$	(3,742,908	)	$	15,420,974
Accumulated distributions in excess of investment income - net		(1,291,491	)		(1,310,503	)		(1,401,839	)
Accumulated realized capital losses - net		(9,280,661	)		(7,361,655	)		(7,701,037	)
Unrealized appreciation (depreciation) - net		2,084,177			(4,492,864	)		7,112,086
Total accumulated losses - net		(8,487,975	)		(13,165,022	)		(1,990,790	)
Net Assets	$	381,757,134		$	346,567,200		$	306,737,693
Net Asset Value Per Share	$	9.75		$	9.62		$	9.95
* Identified cost	$	438,510,238		$	403,230,291		$	363,305,723
Shares issued and outstanding, $.0000001 par value, 100,000,000 shares authorized		39,149,040			36,035,590			30,826,619

See Notes to Condensed Financial Statements.

3 4

~~Table~~Access ofCapital ~~Contents~~Strategies Community Investment Fund, Inc.

~~Access~~CONDENSED ~~Capital~~STATEMENTS ~~Strategies~~OF ~~Community~~CHANGES ~~Investment~~IN ~~Fund,~~NET ~~Inc.~~ASSETS (UNAUDITED)

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)


	Three Months Ended						Six Months Ended
	November 30,			November 30,			November 30,			November 30,
Increase (Decrease) in Net Assets:	2005			2004			2005			2004

Operations:
Investment income-net	$	4,840,548		$	4,483,191		$	9,452,247		$	8,862,500
Realized gain (loss) -net		755,467			122,663			711,621			(1,626,578	)
Change in unrealized appreciation/depreciation-net		(11,238,999	)		(2,509,685	)		(13,906,776	)		8,185,052

Net increase (decrease) in net assets resulting from operations		(5,642,984	)		2,096,169			(3,742,908	)		15,420,974


Dividends to Shareholders:
Dividends to shareholders from investment income-net		(4,840,548	)		(4,479,083	)		(9,452,247	)		(8,858,392	)


Capital Share Transactions:
Proceeds from sale of shares		61,680,000			12,125,000			75,030,000			26,475,000
Value of shares issued to shareholders in reinvestment of dividends		1,172,990			976,953			2,200,400			1,926,432

Total issued		62,852,990			13,101,953			77,230,400			28,401,432
Cost of shares redeemed		—			—			(1,947,528	)		(4,995,318	)

Net increase in net assets derived from capital share transactions		62,852,990			13,101,953			75,282,872			23,406,114


Net Assets:
Total increase in net assets		52,369,458			10,719,039			62,087,717			29,968,696
Beginning of period		398,017,199			365,816,857			388,298,940			346,567,200

End of period*	$	450,386,657		$	376,535,896		$	450,386,657		$	376,535,896



*Accumulated distributions in excess of investment income-net	$	(1,310,503	)	$	(1,306,395	)	$	(1,310,503	)	$	(1,306,395	)

	Three Months Ended						Nine Months Ended
	February 28,2005			February 29,2004			February 28,2005			February 29,2004
Investment Income:
Interest	$	5,922,281		$	4,906,079		$	16,888,029		$	13,936,471
Expenses:
Management fees		569,693			460,522			1,626,322			1,289,503
Interest expense		469,567			209,545			987,870			589,020
Professional fees		35,606			51,123			108,332			130,406
Accounting services		36,211			30,437			97,893			76,118
Pricing fees		14,939			15,548			39,194			38,953
Custodian fees		14,783			13,897			39,659			30,379
Director’s fees and expenses		7,771			8,013			21,717			21,433
Transfer agent fees		5,181			5,177			14,478			13,848
Other		10,756			8,289			23,728			16,592
Total expenses before reimbursement		1,164,507			802,551			2,959,193			2,206,252
Reimbursement of expenses		159,599			51,471			468,161			188,006
Total expenses after reimbursement		1,324,106			854,022			3,427,354			2,394,258
Investment income – net		4,598,175			4,052,057			13,460,675			11,542,213
Realized & Unrealized Gain (Loss) – Net:
Realized gain (loss) on:
Investments – net		(155,326	)		356,935			(57,010	)		117,000
Financial futures contracts – net		(137,102	)		(2,490,837	)		(1,861,996	)		(2,326,584	)
Change in unrealized appreciation (depreciation) on:
Investments – net		(1,655,218	)		5,467,170			6,574,502			(4,373,990	)
Financial futures contracts – net		47,207			369,787			2,539			638,268
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.

~~See Notes to Condensed Financial~~5 ~~Statements.~~

4Access Capital Strategies Community Investment Fund, Inc.

~~Table~~CONDENSED ofSTATEMENTS ~~Contents~~OF CASH FLOWS (UNAUDITED)

Access Capital Strategies Community Investment Fund, Inc.


	Six Months Ended
	November 30,			November 30,
	2005			2004

Cash Used for Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	(3,742,908	)	$	15,420,974
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used
for operating activities:
Increase in receivables		(289,078	)		(52,715	)
Increase in other assets		—			(119,132	)
Decrease in other liabilities		(64,772	)		(853,764	)
Realized and unrealized loss (gain)-net		13,195,155			(6,558,474	)
Realized and unrealized gain (loss) on financial futures contracts-net		1,194,697			(1,769,562	)
Amortization of premium and discount		39,150			(5,201	)
Proceeds from paydowns and sales of long-term investments		50,067,010			59,886,314
Purchases of long-term investments		(109,371,195	)		(117,483,091	)

Net cash used for operating activities		(48,971,941	)		(51,534,651	)



Cash Provided by Financing Activities:
Cash receipts from issuance of common stock		57,835,289			34,260,251
Cash receipts from reverse repurchase agreements-net		480,000			30,200,000
Cash payments on capital shares redeemed		(1,947,528	)		(4,995,318	)
Dividends paid to shareholders		(7,517,851	)		(7,064,057	)

Net cash provided by financing activities		48,849,910			52,400,876


Cash:
Net increase (decrease) in cash		(122,031	)		866,225
Cash at beginning of period		1,094,568			—

Cash at end of period	$	972,537		$	866,225


Cash Flow Information:
Cash paid for interest	$	1,187,732		$	471,016


Non-Cash Financing Activities:
Capital shares issued in reinvestment of dividends to shareholders	$	2,200,400		$	1,926,432

~~CONDENSED~~See ~~STATEMENTS~~Notes OFto ~~CHANGES~~Condensed INFinancial ~~NET ASSETS (UNAUDITED)~~ Statements.

	Three Months Ended						Nine Months Ended
Increase (Decrease) in Net Assets:	February 28,2005			February 29,2004			February 28,2005			February 29,2004
Operations:
Investment income–net	$	4,598,175		$	4,052,057		$	13,460,675		$	11,542,213
Realized loss – net		(292,428	)		(2,133,902	)		(1,919,006	)		(2,209,584	)
Change in unrealized appreciation (depreciation) – net		(1,608,011	)		5,836,957			6,577,041			(3,735,722	)
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		(4,583,271	)		(4,052,055	)		(13,441,663	)		(11,542,223	)
Capital Share Transactions:
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		956,948			352,674			2,883,380			1,122,300
Total issued		12,456,948			19,309,674			40,858,380			79,987,300
Cost of shares redeemed		(5,350,175	)		(2,114,019	)		(10,345,493	)		(14,338,171	)
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		5,221,238			20,898,712			35,189,934			59,703,813
Beginning of period		376,535,896			285,838,981			346,567,200			247,033,880
End of period*	$	381,757,134		$	306,737,693		$	381,757,134		$	306,737,693
* Accumulated distributions in excess of investment income– net	$	(1,291,491	)	$	(1,401,839	)	$	(1,291,491	)	$	(1,401,839	)

~~See~~Access ~~Notes~~Capital toStrategies ~~Condensed~~Community ~~Financial Statements.~~Investment Fund, Inc.

5FINANCIAL HIGHLIGHTS (UNAUDITED)

~~Table~~The offollowing ~~Contents~~per share data and ratios have been derived from information provided in the financial statements.

Access Capital Strategies Community Investment Fund, Inc.


	Three Months Ended						Six Months Ended
	November 30,			November 30,			November 30,			November 30,
	2005			2004			2005			2004
Per Share Operating Performance:
Net asset value, beginning of period	$	9.75		$	9.86		$	9.82		$	9.62

Investment income-net##		.11			.12			.23			.24
Realized and unrealized gain (loss) -net		(.26	)		(.06	)		(.33	)		.18

Total from investment operations		(.15	)		.06			(.10	)		.42

Less dividends from investment income-net		(.11	)		(.12	)		(.23	)		(.24	)

Net asset value, end of period	$	9.49		$	9.80		$	9.49		$	9.80


Total Investment Return:**
Based on net asset value per share		(1.50	%)#		0.61	%#		(1.04	%)#		4.40	%#


Ratios to Average Net Assets:
Expenses, net of reimbursement and excluding interest expense		.72	%*		.89	%*		.73	%*		.88	%*

Expenses, excluding interest expense		.72	%*		.70	%*		.71	%*		.71	%*

Expenses		1.38	%*		1.06	%*		1.32	%*		1.00	%*

Investment income-net		4.78	%*		4.88	%*		4.74	%*		4.92	%*


Ratios to Average Net Assets, Plus Average Borrowings:+
Expenses, net of reimbursement and excluding interest expense		.61	%*		.75	%*		.63	%*		.75	%*

Expenses, excluding interest expense		.61	%*		.59	%*		.61	%*		.60	%*

Expenses		1.18	%*		.89	%*		1.13	%*		.85	%*

Investment income-net		4.09	%*		4.11	%*		4.07	%*		4.19	%*


Supplemental Data:
Net assets, end of period (in thousands)	$	450,387		$	376,536		$	450,387		$	376,536

~~CONDENSED~~* ~~STATEMENTS~~Annualized. OF** ~~CASH~~Total ~~FLOWS~~investment ~~(UNAUDITED)~~returns exclude the effects of sales charges. # Aggregate total investment return. ## Based on average shares outstanding. + This ratio is calculated based upon average net assets plus average borrowings.

	Nine Months Ended
	February 28,2005			February 29,2004
Cash Used For Operating Activities:
Net increase in net assets resulting from operations	$	18,118,710		$	5,596,907
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Increase in receivables		(210,468	)		(147,093	)
Decrease in other assets		—			49,027
Decrease (increase) in other liabilities		(917,637	)		73,190
Realized and unrealized gain (loss) – net		(6,517,492	)		4,256,990
Amortization of premium and discount		2,578			8,918
Proceeds from paydowns and sales of long–term investments		107,082,354			130,558,628
Purchases of long–term investments		(159,432,761	)		(204,804,362	)
Net cash used for operating activities		(41,874,716	)		(64,407,795	)
Cash Provided By Financing Activities:
Cash receipts from issuance of common stock		51,160,251			78,965,000
Cash receipts from reverse repurchase agreements – net		12,900,000			10,200,000
Cash payments on capital shares redeemed – net		(10,345,493	)		(14,338,171	)
Dividends to shareholders		(10,652,171	)		(11,266,967	)
Net cash provided by financing activities		43,062,587			63,559,862
Cash:
Net increase (decrease) in cash		1,187,871			(847,933	)
Cash at beginning of period		—			1,498,826
Cash at end of period	$	1,187,871		$	650,893
Cash Flow Information:
Cash paid for interest	$	954,826		$	590,777
Non–Cash Financing Activities:
Capital shares issued in reinvestment of dividends paid to shareholders	$	2,883,380		$	1,122,300

See Notes to Condensed Financial Statements.

~~See Notes to Condensed Financial~~7 ~~Statements.~~

6Access Capital Strategies Community Investment Fund, Inc.

~~Table~~SCHEDULE ofOF ~~Contents~~INVESTMENTS NOVEMBER 30, 2005 (UNAUDITED)

Access Capital Strategies Community Investment Fund, Inc.


	Face Amount		Market Value
MORTGAGE-BACKED SECURITIES (108.7%):
Federal National Mortgage Association (FNMA) (74.5%):

15 Year Fixed Rate Single Family Mortgage-Backed Securities
4.50%, 6/1/18 - 3/1/19 (b)	$	13,135,840	$	12,800,486
5.00%, 12/1/17 - 2/1/19		7,128,446		7,071,419
5.50%, 3/1/16 - 7/1/19		1,382,147		1,396,270
7.00%, 1/1/15		72,836		76,146

30 Year Fixed Rate Single Family Mortgage-Backed Securities
4.50%, 5/1/33 - 8/1/35 (b)		16,461,833		15,505,757
5.00%, 7/1/32 - 11/1/35 (b)		128,715,995		124,749,654
5.50%, 9/1/32 - 11/1/35 (b)		98,195,961		97,356,775
6.00%, 7/1/29 - 10/1/34 (b)		20,848,604		21,093,613
6.50%, 3/1/31 - 8/1/34		13,004,067		13,405,185
7.00%, 6/1/29 - 3/1/31		708,580		744,316
7.25%, 12/1/29		29,338		30,812
7.50%, 12/1/29 - 1/1/31		552,306		583,214
8.00%, 2/1/30 - 4/1/30		201,825		216,238


Total Single Family Mortgage-Backed Securities				295,029,885


Multi Family Mortgage-Backed Securities
4.66%, 10/1/13		973,320		958,367
4.78% 5/1/14		489,756		482,231
4.89%, 6/1/15		994,769		978,992
4.90%, 9/1/15		9,980,876		9,887,355
4.93%, 10/1/12		972,339		966,960
5.22%, 6/1/20		2,482,111		2,476,581
5.23%, 4/1/21		1,939,761		1,899,912
5.37%, 11/1/21		5,001,321		5,120,231
5.41%, 2/1/21		1,048,618		1,076,785
5.51%, 11/1/21		758,085		771,450
5.79%, 12/31/15		870,000		924,511
6.38%, 5/1/11		1,189,361		1,265,442
6.50%, 5/1/17		1,256,313		1,334,694
6.70%, 6/1/19		648,810		703,486
7.12%, 9/1/10		9,472,308		10,219,048
7.58%, 5/1/18		603,481		707,727
7.97%, 9/1/17		714,115		838,902


Total Multi Family Mortgage-Backed Securities				40,612,674


Total Federal National Mortgage Association Securities				335,642,559


Federal Home Loan Mortgage Corporation (27.8%):

15 Year Fixed Rate Single Family Mortgage-Backed Securities
4.50%, 1/1/19 - 11/1/19		1,656,240		4,274,925
5.00%, 11/1/18 - 11/1/19		2,367,691		3,378,244
5.50%, 9/1/19 - 11/1/19		1,424,688		3,815,881

30 Year Fixed Rate Single Family Mortgage-Backed Securities
4.50%, 8/1/33 - 9/1/33		1,989,209		593,973
5.00%, 6/1/33 - 11/1/35 (b)		36,493,924		18,014,989
5.50%, 11/1/32 - 11/1/35 (b)		58,065,837		69,209,860
6.00%, 3/1/31 - 12/1/34		18,273,966		16,149,620
6.50%, 3/1/31 - 8/1/32		4,811,697		8,252,742
7.00%, 11/1/29 - 4/1/31		781,810		1,164,155
7.50%, 12/1/29 - 2/1/30		614,406		349,052

Total Federal Home Loan Mortgage Corporation
Single Family Mortgage-Backed Securities				125,203,441

~~FINANCIAL HIGHLIGHTS (UNAUDITED)~~ 8

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


	Face Amount		Market Value
GNMA Pool (1.0%):

30 Year Fixed Rate Single Family Mortgage-Backed Securities
6.00%, 12/15/31	$	702,140	$	716,772
6.50%, 4/15/32 - 4/20/32		345,682		360,432
7.00%, 4/15/32		174,244		183,839

Multi Family Mortgage-Backed Securities
5.125%, 3/15/34		622,756		615,970
5.75%, 9/15/23		724,518		739,221
6.25%, 9/15/32		519,497		549,426
8.25%, 12/15/32		1,437,439		1,527,344


Total GNMA Pool Mortgage-Backed Securities				4,693,004


Community Reinvestment Revenue Notes (0.7%)
4.21%, 9/1/19		3,000,000		2,912,632

Total Community Reinvestment Revenue Notes				2,912,632


Small Business Administration (c) (4.7%):
4.05%, 4/25/28 (a)		1,421,979		1,413,109
4.05%, 3/25/29		2,884,173		2,866,409
4.10%, 3/25/28		1,265,281		1,259,825
4.10%, 9/25/29		1,613,414		1,606,718
4.10%, 11/25/29		2,151,794		2,142,902
4.10%, 4/25/30		1,748,960		1,741,810
4.125%, 6/25/18 (a)		623,688		620,710
4.15%, 10/25/10		550,492		546,978
4.15%, 3/25/14		1,712,704		1,704,026
6.875%, 10/25/15		3,036,452		3,309,733
6.875%, 11/2/15		1,791,671		1,939,484
6.875%, 5/25/16		1,325,048		1,410,363
7.375%, 1/25/09		529,955		543,232

Total Small Business Administration Securities				21,105,299


Total Mortgage-Backed Securities				489,556,935


FLOATING RATE NOTES (c) (2.1%) :

Massachusetts Housing Investment Corporation Term Loan, due 4/1/35, initial coupon 6.67% (d)		9,375,000		9,642,656


Total Floating Rate Notes				9,642,656


MUNICIPAL BONDS (0.4%):

Guam Power Authority Revenue Bonds, Series A, 5% due 10/01/2024		140,000		144,341
Utah Housing Corporation Single Family Mortgage Revenue Bonds, 3.36% due 7/1/2014		735,000		709,944
Utah Housing Corporation Single Family Mortgage Revenue Bonds, 3.48% due 7/1/2014		970,000		960,048



Total Municipal Bonds				1,814,333




Total investments (cost - $509,108,287*) — 111.2%				501,013,924

Liabilities in excess of other assets — (11.2%)				(50,627,267	)


Net assets — 100.0%			$	450,386,657

	Three Months Ended						Nine Months Ended
	February 28,2005			February 29,2004			February 28,2005			February 29,2004
Per Share Operating Performance:
Net asset value, beginning of period	$	9.80		$	9.83		$	9.62		$	10.21
Investment income–net++		.12			.14			.36			.42
Realized and unrealized gain (loss) – net		(.05	)		.11			.13			(.27	)
Total from investment operations		.07			.25			.49			.15
Less dividends from investment income – net		(.12	)		(.13	)		(.36	)		(.41	)
Net asset value, end of period	$	9.75		$	9.95		$	9.75		$	9.95
Total Investment Return:**
Based on net asset value per share		.67	%+		2.61	%+		5.11	%+		1.55	%+
Ratios to Average Net Assets:
Expenses, net of reimbursement and excluding interest expense		.91	%*		.88	%*		.89	%*		.88	%*
Expenses, excluding interest expense		.74	%*		.81	%*		.72	%*		.78	%*
Expenses		1.23	%*		1.09	%*		1.08	%*		1.07	%*
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	%*		.70	%*		.75	%*		.70	%*
Expenses, excluding interest expense		.61	%*		.64	%*		.61	%*		.63	%*
Expenses		1.02	%*		.87	%*		.91	%*		.86	%*
Investment income – net		4.04	%*		4.38	%*		4.14	%*		4.49	%*
Supplemental Data:
Net assets, end of period (in thousands)	$	381,757		$	306,738		$	381,757		$	306,738

* Annualized.



* The cost and unrealized appreciation (depreciation) of investments as of November 30, 2005, as computed for federal income tax purposes, were as follows:
Aggregate cost	$	509,108,287

Gross unrealized appreciation	$	1,606,612
Gross unrealized depreciation		(9,700,975	)

Net unrealized depreciation	$	(8,094,363	)

**(a) ~~Total~~All ~~investment~~or ~~returns~~a ~~exclude~~portion ~~the~~held ~~effects~~as ofcollateral ~~sales~~in ~~charges~~connection with open financial futures contracts. (b) All or a portion held as collateral in connection with open reverse repurchase agreements. (c) Floating rate notes. (d) Restricted securities as to resale, representing 2.1% of net assets, were as follows:

+ Aggregate total investment return.


Issue	Acquisition Date		Cost		Value
Massachusetts Housing Investment Corporation, due 4/1/35, initial coupon 6.67%		3/29/2005	$	9,375,000	$	9,642,656

++Pursuant ~~Based~~to onthe ~~average~~financial ~~shares~~futures ~~outstanding~~contracts, the Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuation in value of the contracts. 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, 2005 were as follows:

See Notes to Condensed Financial Statements.


		Expiration	Face
Number of Contracts	Issue	Date	Value		Unrealized Appreciation (Depreciation)

127	U.S. Five-Year Treasury Bonds	December 2005	$	13,505,300		$	29,409
123	U.S. Five-Year Treasury Bonds	March 2006	$	13,090,392			60,079
114	U.S. Ten-Year Treasury Bonds	December 2005	$	12,324,914			(70,804)
86	U.S. Ten-Year Treasury Bonds	March 2006	$	9,332,920			(767)

Total Unrealized Appreciation-Net						$	17,917

7See Notes to Condensed Financial Statements.

~~Table of Contents~~10

Access Capital Strategies Community Investment Fund, Inc.

~~SCHEDULE~~NOTES OFTO ~~INVESTMENTS~~CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

~~FEBRUARY~~1. ~~28,~~Basis ~~2005~~of ~~(UNAUDITED)~~ Presentation

~~MORTGAGE-BACKED~~The ~~SECURITIES~~accompanying ~~(114~~unaudited condensed interim financial statements and financial highlights reflect the results of operations for Access Capital Strategies Community Investment Fund, Inc.9% (the “Fund”): and have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles 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 months and quarter ended November 30, 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, 2006. The information in this report should be read in conjunction with the financial statements and accompanying notes included in the May 31, 2005 Annual Report on Form 10-K. The Fund has not changed its accounting and reporting policies from those disclosed in its May 31, 2005 financial statements.

	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

In preparing the condensed interim financial statements and financial highlights, management is required to make estimates and assumptions that 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.

8This report covers the activity from June 1, 2005 to November 30, 2005.

~~Table of Contents~~11

	Face Amount		Market Value
30 Year Fixed Rate Single Family Mortgage-Backed Securities
4.50%, 8/1/33 – 9/1/33	$	2,016,203	$	1,955,369
5.00%, 6/1/33 – 1/15/35 (c)		33,378,363		33,203,266
5.50%, 9/1/29 – 12/1/34 (c)		55,824,998		56,769,920
6.00%, 3/1/31 – 12/1/34		21,755,239		22,479,406
6.50%, 6/1/29 – 8/1/32		6,449,798		6,758,597
7.00%, 11/1/29 – 4/1/31		868,284		921,170
7.50%, 12/1/29 – 2/1/30		821,793		885,311
Total Federal Home Loan Mortgage Corporation Single Family Mortgage-Backed Securities				129,290,087
GNMA Pool (1.3%):
30 Year Fixed Rate Single Family Mortgage-Backed Securities
6.00%, 12/15/31		826,533		859,141
6.50%, 4/15/32 – 4/20/32		446,036		470,673
7.00%, 4/15/32		175,904		187,381
Multi Family Mortgage-Backed Securities
5.13%, 3/1/34		629,331		630,069
5.75%, 9/15/23		740,745		766,550
6.25%, 9/15/32		524,524		567,608
8.25%, 12/15/32		1,447,364		1,596,343
Total GNMA Pool Multi Family Mortgage-Backed Securities				5,077,765
Community Reinvestment Revenue Notes (0.8%)
4.21%, 9/1/19		3,000,000		2,970,000
Total Community Reinvestment Revenue Notes				2,970,000
Small Business Administration (3.9%)
2.55%, 4/25/28 (a)		1,573,671		1,567,925
2.55%, 3/25/29		3,177,243		3,165,679
2.60%, 9/1/28		1,563,742		1,559,833
2.60%, 9/25/29		2,016,796		2,011,754
2.60%, 11/25/29		2,195,859		2,193,114
2.63%, 6/25/18 (a)		653,585		651,931
2.65%, 10/25/10		663,909		661,769
2.65%, 3/25/14		2,321,831		2,316,185
5.88%, 1/25/09		713,710		739,635
Total Small Business Administration Securities				14,867,825
Total Mortgage-Backed Securities				438,540,006

Item 2:

9Management’s Discussion and Analysis of Financial Condition and Results of Operations

~~Table~~ This quarterly report contains certain statements that may be considered forward-looking statements within the meaning of ~~Contents~~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.

~~MUNICIPAL BONDS (0.5%):~~ Overview

	FaceAmount		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

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.

~~Pursuant~~Investors toin the ~~financial futures contracts, the~~ Fund ~~agrees~~must todesignate ~~receive~~a ~~from~~particular orgeographic ~~pay~~area ~~to the broker an amount equal to the daily fluctuation in values of the contract. Such receipts~~ or ~~payments,~~region ~~which~~within ~~are settled~~ the ~~following~~United States ~~business day, are known~~ as ~~variation~~part ~~margin~~of ~~and~~their ~~are recorded~~agreement byto ~~the~~purchase Fund ~~as unrealized gains or losses~~shares. ~~Financial~~The ~~futures~~Fund ~~contracts~~invests ~~sold~~only asin ofareas ~~February~~where Fund ~~28,~~shareholders ~~2005~~have ~~were~~made astargeted ~~follows:~~ designations.

Number of Contracts	Issue	Expiration Date	Face Value		UnrealizedAppreciation
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

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”).

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

To qualify as a Regulated Investment Company (b“RIC”), ~~Represents~~the orFund ~~includes~~must, among other things, satisfy a diversification standard under the Internal Revenue Code (the “~~to–be–announced~~Code”) such that, at the close of each quarter of the Fund’s taxable year, (~~TBA~~i) not ~~transaction.~~more ~~The~~than ~~Fund~~25% ~~has~~of ~~committed~~the tovalue ~~purchasing~~of its total assets is invested in the securities ~~for~~(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 ~~all~~Fund ~~specific~~controls ~~information~~(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 ~~available~~more atthan ~~this~~5% ~~time~~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).

~~(c)~~Management ~~All~~believes orthe aFund ~~portion~~was ~~held~~in ascompliance ~~collateral~~with inthe ~~connection~~above ~~with~~requirements ~~open~~for ~~reverse~~the ~~repurchase~~quarter ended ~~agreements~~November 30, 2005.

~~See~~* ~~Notes~~It is anticipated that the Board of Directors of the Fund will recommend to ~~Condensed~~shareholders ~~Financial~~that ~~Statements~~the Fund voluntarily withdraw its election as a business development company and continue operations as a closed-end interval fund. It is further anticipated that a meeting of shareholders will be held with respect to this recommendation in the first half of 2006.

10 12

~~Table~~Fund ~~of Contents~~Operations

~~Access Capital Strategies Community~~ Investment ~~Fund, Inc.~~ Activity

~~NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)~~ Purchases

1During the quarter ended November 30, 2005, the Fund purchased $72.3 million ~~Basis~~aggregate amount of ~~Presentation~~new community development securities. During the quarter ended November 30, 2004, the Fund had purchased $53.1 million aggregate amount of new community development securities.

~~The~~During ~~accompanying unaudited condensed interim financial statements and financial highlights reflect~~ the ~~results~~six ofmonths ~~operations~~ended ~~for~~November 30, ~~Access Capital Strategies Community Investment Fund~~2005, ~~Inc. (~~the “Fund”) ~~and~~purchased 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$107.9 million ~~Accordingly, they do not include all of the information and footnotes~~aggregate ~~required~~amount ~~by accounting principles generally accepted in the United States~~ of ~~America~~new ~~for~~community ~~annual~~development ~~financial statements~~securities. InDuring the ~~opinion~~six ~~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 nine~~ months ~~and three months~~ ended ~~February~~November 30, 282004, ~~2005 are not necessarily indicative of~~ the ~~results that may be expected for any other future interim period or the fiscal year ending~~ ~~May~~Fund ~~31,~~had ~~2005.~~purchased ~~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~~$110.0 million ~~The~~aggregate ~~Fund~~amount ~~has~~of ~~not~~new ~~changed~~community ~~its~~development ~~accounting and reporting policies from those disclosed in its May 31, 2004 financial statements~~securities.

InSales 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~~During ~~report~~the ~~covers~~quarter ended November 30, 2005, the ~~activity~~Fund ~~from~~sold ~~June~~$20.3 million 1aggregate amount of securities (including principal paydowns, ~~2004~~but toexcluding ~~February~~sales 28of short-term securities). During the quarter ended November 30, ~~2005~~2004, the Fund had sold $38.3 million aggregate amount of securities (including principal paydowns, but excluding sales of short-term securities).

11During the six months ended November 30, 2005, the Fund sold $50.2 million aggregate amount of securities (including principal paydowns, but excluding sales of short-term securities). During the six months ended November 30, 2004, the Fund had sold $62.7 million aggregate amount of securities (including principal paydowns, but excluding sales of short-term securities).

~~Table of Contents~~Borrowings

The Fund is permitted to use leverage in its investment program, subject to certain ~~Item~~restrictions 2:set forth in its Private Offering Memorandum and the Investment Company Act of 1940 (the “1940 Act”).

~~Management’s~~For the quarter ended November 30, 2005, the Fund averaged approximately $68.5 million in ~~Discussion~~borrowings ~~and~~at ~~Analysis~~an average rate of ~~Financial~~approximately ~~Condition~~3.87% ~~and~~compared to the quarter ended November 30, 2004 when the Fund averaged approximately $69.0 million in borrowings at an average rate of approximately 1.86%.

~~Results~~For the six month period ended November 30, 2005, the Fund averaged approximately $65.8 million in borrowings at an average rate of ~~Operations~~approximately 3.62% compared to the six month period ended November 30, 2004 when the Fund averaged approximately $62.0 million in borrowings at an average rate of approximately 1.65%.

~~This~~In ~~quarterly~~each ~~report contains certain statements that may be considered forward–looking statements within the meaning~~ of ~~Section 27A of~~ the ~~Securities~~above ~~Act~~referenced ~~of 1933~~periods, ~~as amended and Section 21E of~~ the ~~Securities~~total ~~Exchange~~proceeds ~~Act~~from ofborrowings ~~1934,~~were asprimarily used ~~amended.~~to ~~The~~support ~~Fund’s~~additional ~~actual~~investments ~~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~~Designated ~~objective~~Target ~~is to invest in geographically specific private placement debt securities located in portions of the United States designated by Fund investors~~Regions.

~~Overview~~ 13

~~The~~Net ~~Fund~~Assets isand ~~a non–diversified, closed–end management investment company electing status as a business development company. The~~ Fund’s ~~investment~~Holdings ~~objective~~at 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 housingNovember 30, ~~education, small business lending, and job–creating activities in areas of the~~2005 ~~United States designated by Fund investors.~~

~~Investors~~At inNovember 30, 2005, the Fund’s ~~must designate~~Net aAsset ~~particular~~Value ~~geographic~~was ~~area~~$450.4 million, or ~~region~~$9.49 ~~within~~per share. At the ~~United~~end ~~States~~of asthe ~~part~~prior offiscal ~~their~~quarter, ~~agreement~~August 31, to2005, ~~purchase~~the Fund’s ~~shares~~Net Asset Value was $398.0 million, ~~The~~or ~~Fund~~$9.75 ~~invests~~per ~~only~~share. inAt ~~areas~~the ~~where~~end of the most recent fiscal year, May 31, 2005, the Net Asset Value was $388.3 million, or $9.82 per share. At November 30, 2004, the Fund’s ~~shareholders~~Net ~~have~~Asset ~~made~~Value ~~targeted~~was $376.5 million, ~~designations~~or $9.80 per share.

InThe ~~addition~~$52.4 million, toor ~~their geographic specificity~~13.2%, ~~Fund~~quarter-to-quarter ~~investments~~increase ~~must~~in ~~carry~~net aassets ~~AAA~~from ~~credit~~$398 million ~~rating~~to or$450.4 million ~~carry~~was ~~credit~~primarily ~~enhancement~~attributable ~~from~~to athe ~~AAA–rated~~sale ~~credit~~of ~~enhancer~~new orshares bein ~~issued or guaranteed by~~ the UFund.S. ~~Government,~~The ~~government agencies~~ $73.9 million, or ~~government–sponsored enterprises~~19.6%, ~~The~~year-to-year ~~Fund~~increase ~~expects~~in ~~(but~~net ~~cannot~~assets ~~guarantee)~~was ~~that~~also ~~all~~primarily ~~investments~~attributable ~~made~~to by the ~~Fund~~sale ~~will~~of benew shares ~~considered~~in ~~eligible for regulatory credit under~~ the ~~Community Reinvestment Act (“CRA”)~~Fund.

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

~~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~~Income 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~~The ~~believes~~Fund ~~the~~had ~~Fund~~investment ~~was~~income innet ~~compliance~~of ~~with~~all ~~the~~fees ~~above~~and ~~requirements~~expenses (as discussed below) of $4.8 million for the quarter ended ~~February~~November 30, 282005, an increase of approximately $.2 million, or 5.0%, from net investment income of $4.6 million for the prior fiscal quarter, which ended August 31, 2005, and an increase of approximately $.3 million, or 8.0%, from net investment income of $4.5 million for the fiscal quarter ended November 30, 2004. The increases were each largely due to an increase in the average net assets of the Fund, the increased income attributable to larger asset size was partially offset by higher interest expense on borrowings.

12The Fund had investment income net of all fees and expenses (as discussed below) of $9.5 million for the six month period ended November 30, 2005, an increase of approximately $.6 million, or 6.7% from net investment income of $8.9 million for the six month period ended November 30, 2004. The increase is largely due to an increase in average net assets of the Fund, the increased income attributable to larger asset size was partially offset by higher interest expense on borrowings.

~~Table~~Management ofFees ~~Contents~~& Expenses

Access Capital Strategies LLC (“Access”), the Fund’s ~~Operations~~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.

~~Investment~~For ~~Activity~~the quarter ended November 30, 2005, the management fees expense of the Fund was $591,296. For the six months ended November 20, 2005 the management fees expense of the Fund was $1,162,571. For the quarter ended August 31, 2005, the management fees expense of the Fund was $571,275. For the quarter and six month period ended November 30, 2004, the management fees expense of the Fund was $544,965 and $1,056,629, respectively. The increases were primarily due to increases in the net assets of the Fund.

~~Purchases~~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 November 30, 2005 amounted to $0 compared to $174,812 at November 30, 2004.

~~During the quarter~~14 ended February 28, 2005, the Fund purchased $38.2 million aggregate amount of new community development securities. During the quarter ended February 29, 2004, the Fund had purchased $38.3 million aggregate amount of new community development securities.

~~During the nine months ended February 28, 2005, the Fund purchased~~Yield $148.0 million aggregate amount of new community development securities. During the nine months ended February 29, 2004, the Fund had purchased $191.7 million aggregate amount of new community development securities.

~~Sales~~At the quarter ended November 30, 2005, the SEC current yield was 4.67%, compared to 4.44% for the quarter ended August 31, 2005 and 4.73% for the quarter ended November 30, 2004.

~~During~~For the quarter ended ~~February 28~~November 30, 2005, the ~~Fund~~ratio ~~sold~~of ~~$50.2~~net ~~million~~investment ~~aggregate~~income ~~amount~~to ofaverage ~~securities~~net assets ~~(including~~was ~~principal~~4.78% ~~paydowns)~~compared to 4. ~~During~~69% for the prior quarter, ~~ended~~which ~~February 29~~ended August 31, ~~2004~~2005, ~~the~~and ~~Fund had sold $38~~4.888% ~~million~~for the ~~aggregate~~quarter ~~amount~~ended ofNovember 30, ~~securities (including principal paydowns)~~2004.

~~During~~Realized ~~the nine months ended February 28, 2005, the Fund sold $112.7 million aggregate amount of securities (including principal paydowns). During the nine months ended~~Gain/Loss ~~February 29, 2004, the Fund had sold $133.5 million aggregate amount of securities (including principal paydowns).~~

~~Borrowings~~For the quarter ended November 30, 2005, the net realized gain was $755,467, compared to a net realized loss of $43,846 for the prior quarter, which ended August 31, 2005, and a net realized gain of $122,663 for the quarter ended November 30, 2004. The net realized gains or losses were primarily due to the Fund’s hedging activities as 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.

~~The~~Dividends ~~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”).~~Paid

~~For~~The ~~the~~Fund ~~quarter~~distributes ~~ended~~to ~~February~~shareholders 28substantially all of its net investment income and net realized capital gains, ~~2005~~if any, ~~the~~as ~~Fund~~determined ~~averaged~~for ~~approximately~~income ~~$79~~tax purposes.5 Applicable law, including ~~million~~provisions inof ~~borrowings~~the at1940 anAct, ~~average~~may ~~rate~~limit the amount of ~~approximately~~dividends ~~2.39%~~and ~~compared~~other todistributions payable by the ~~quarter~~Fund. ~~ended~~Substantially ~~February~~all ~~29,~~of ~~2004~~the ~~when~~Fund’s net capital gain (the ~~Fund~~excess ~~averaged~~of ~~approximately~~net ~~$73.6~~long-term ~~million~~capital gain inover ~~borrowings~~net atshort-term ancapital ~~average~~loss) ~~rate~~and the excess of ~~approximately~~net ~~1.14%.~~short-term capital gain over net long-term capital loss, if any, are distributed annually with the Fund’s dividend distribution in December.

~~For~~The ~~the~~Fund ~~nine~~declares ~~month~~and ~~period~~distributes ~~ended~~dividends ~~February~~on ~~28,~~a ~~2005,~~monthly ~~the~~basis. The Fund ~~averaged~~paid ~~approximately~~total ~~$67.7~~monthly ~~million~~dividends ~~in borrowings at an average rate~~ of ~~approximately~~$ 1.~~95%~~229208 ~~compared~~during to the ~~nine~~six ~~month~~months ~~period~~ ended ~~February 29~~November 30, ~~2004 when the Fund averaged approximately $68~~2005.8 ~~million~~The individends ~~borrowings~~were atpaid ~~an average rate of approximately 1.15%.~~ as follows:

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.


June 2005	$	.038327
July 2005	$	.038598
August 2005	$	.038185
September 2005	$	.040786
October 2005	$	.035454
November 2005	$	.037858

13The Fund paid total monthly dividends of $ .240832 during the six months ended November 30, 2004. The dividends were paid as follows:


June 2004	$	.040113
July 2004	$	.041624
August 2004	$	.039350
September 2004	$	.040395
October 2004	$	.039403
November 2004	$	.039947

~~Net~~The ~~Assets~~slightly lower dividend in the current period is attributable to the U.S. Federal Reserve Board raising short-term interest rates by twenty-five basis points in September and November. An increase in short-term rates elevates the Fund’s ~~Holdings~~cost atfor ~~February~~borrowings ~~28,~~and ~~2005~~lowers the net interest income available for dividends.

~~At February 28, 2005, the Fund’s Net Asset Value was $381.8 million, or $9.75 per~~15 share. At the end of the prior fiscal quarter, November 30, 2004, the Fund’s Net Asset Value was $376.5 million, or $9.80 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 February 29, 2004, the Fund’s Net Asset Value was $306.7 million, or $9.95 per share.

~~The~~Total ~~$5.3 million, or 1.4%, quarter–to–quarter increase in net assets from $376.5 million to $381.8 million was primarily attributable to the sale of new shares~~Return ~~in the Fund. The $75.1 million, or 24.5%, year–to–year increase in net assets was also primarily attributable to the sale of new shares in the Fund.~~

~~The~~For ~~Fund’s~~the ~~primary~~quarter ~~investments~~ended ~~are~~November 30, ~~listed~~2005, on the ~~Schedule~~total return was -1.50%, compared to a total return of ~~Investments~~0.46% ~~included~~in ~~with~~the ~~this~~quarter ~~report~~ended August 31, 2005 and a total return of 0.61% in the quarter ended November 30, 2004.

~~Investment~~For ~~Income~~the six month period ended November 30, 2005 the total return was -1.04%. For the six-month period ended November 30, 2004, the total return was 4.40%.

The ~~Fund~~lower ~~had~~total ~~investment~~return ~~income~~during ~~net of all fees and expenses (as discussed below) of $4.6 million for~~ the quarter ended ~~February 28~~November 30, 2005, anis ~~increase~~attributable ofto ~~approximately~~pricing ~~$0.1~~pressure ~~million,~~on orfixed ~~2.2%, from net investment~~ income ofassets ~~$4.5~~during ~~million~~a ~~for~~time ~~the prior fiscal quarter, which ended November 30, 2004, and an increase~~ of ~~approximately~~interest ~~$0.5~~rate ~~million, or 12.2%, from net investment income of $4.1 million for the fiscal quarter ended February 29, 2004. The~~ increases ~~were each largely due to an increase in the average net assets of the Fund~~.

~~The~~ Fund ~~had~~Designated ~~investment~~Target ~~income~~Regions ~~net~~at ~~of all fees and expenses (as discussed below) of $13.5 million for the nine month period ended February 28~~November 30, 2005~~, an increase of~~ approximately $2.0 million, or 17.4% from net investment income of $11.5 million for the nine month period ended February 29, 2004. The increase is largely due to an increase in average net assets of the Fund.

~~Management~~The ~~Fees~~Fund’s &Designated ~~Expenses~~Target Regions (“DTRs”) are provided by Fund shareholders at the time of investment. At November 30, 2005 DTRs were:

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.


DTRs*	AMOUNT
California	$	60,668,939
Colorado		1,200,976
Connecticut		13,179,066
Florida		500,000
Georgia		500,000
Hawaii		156,043
Illinois		3,682,840
Indiana		1,077,924
Iowa		791,006
Louisiana		5,000,000
Maine		513,519
Maryland		650,000
Massachusetts		144,818,840
Mississippi		507,484
Nebraska		10,000,000
New Jersey		94,449,234
New Mexico		1,150,319
New York		20,619,218
North Carolina		1,250,000
Ohio		12,576,448
Oregon		2,500,000
Pennsylvania		41,301,456
Rhode Island		250,000
South Dakota		5,655,359
Tennessee		2,022,689
Texas		23,856,295
Utah		12,695,228
Vermont		1,390,102
Virginia		3,018,056
Washington		2,000,000
Wisconsin		550,319

	$	474,671,358

~~For~~* ~~the~~All ~~quarter~~investors ~~and~~are ~~nine-~~listed ~~month period ended February 28, 2005, the management fee paid~~ by ~~the~~ ~~Fund~~headquarters was $569,693 and $1,626,322, respectively. For the prior quarter ended November 30, 2004, the management fee paid by the Fund was $544,965. For the year ago fiscal quarter and nine-month period ended February 29, 2004, the management fee paid by the Fund was $460,522 and $1,289,503, respectively. The increases were primarily due to increases in the net assets of the Fund. location

~~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~~16 ~~February 28, 2005 amount to $15,213 compared to $545,858 a year ago at February 29, 2004.~~

14Fund Impact per the Community Reinvestment Act

~~Table~~The ofFund ~~Contents~~invests in securities that support community development economic activity as defined in the CRA.

~~Yield~~At November 30, 2005, the Fund’s investments had outstanding loans to 5,770 homebuyers with incomes below 80% of median income from the following states in the following numbers.

At the quarter ended February 28, 2005, the SEC current yield was 5.42%, compared to 4.73% for the quarter ended November 30, 2004 and 4.94% for the year ago quarter ended February 29, 2004.


Whole Loans
Alabama			28
Arizona			123
California			440
Colorado			43
Connecticut			115
Delaware			33
Florida			124
Georgia			18
Guam			2
Idaho			4
Illinois			103
Indiana			6
Iowa			30
Kansas			2
Kentucky			16
Louisiana			17
Maine			4
Maryland			6
Massachusetts			1,070
Michigan			23
Mississippi			22
Minnesota			8
Missouri			2
Montana			2
Nebraska			71
Nevada			42
New Hampshire			57
New Jersey			1,043
New Mexico			71
New York			262
North Carolina			36
Ohio			61
Oregon			82
Pennsylvania			658
Rhode Island			19
South Carolina			14
South Dakota			107
Tennessee			25
Texas			506
Utah			367
Vermont			18
Virginia			20
Washington			56
Washington, D.C.			5
Wisconsin			9

			5,770

~~For~~Many ~~the~~of ~~quarter ended February 28, 2005,~~ the ~~ratio~~above ~~of net~~loans ~~investment~~were ~~income~~made tounder ~~average~~targeted ~~net~~CRA ~~assets~~lending ~~was~~initiatives ~~4.87%~~such ~~compared~~as ~~to 4.11% for the prior quarter~~Acorn, ~~which~~Mass Housing ~~ended~~Partnership ~~November 30, 2004,~~ and ~~5.51%~~other ~~for~~individual ~~the~~banks ~~quarter~~tailor ~~ended~~made ~~February~~CRA ~~29,~~lending ~~2004~~programs.

~~Realized Gain/Loss~~ 17

~~For~~In ~~the~~addition ~~quarter~~as ~~and~~of ~~nine months ended February 28~~November 30, 2005, the ~~net~~Fund’s ~~realized~~investments ~~loss~~had ~~was~~outstanding ~~$292,428~~loans ~~and $1,919,006, respectively, compared~~ to ~~a net realized gain of $122,663 for~~sponsors ~~the prior quarter, which ended November 30, 2004, and a realized loss~~ of $2,~~133,902~~955 ~~and $2~~multi-family,~~209,584,~~ ~~respectively,~~14 ~~for~~community ~~the~~based ~~quarter~~non-profit ~~and~~affordable ~~nine~~housing ~~months~~rental ~~ended February 29~~units, ~~2004.~~119 ~~The~~SBA ~~net realized losses for the quarter~~ loans and ~~nine~~10 ~~months~~Economic ~~ended~~Development ~~February~~loans ~~28, 2005~~from ~~were primarily due to~~ the ~~losses~~following onstates ~~financial~~in ~~futures contracts reflecting~~ the ~~Fund’s~~following ~~hedging activities as the Fund experiences a net realized loss on its hedges when the positions are closed or when they are rolled from one expiration cycle to the next~~amounts.

~~Dividends~~Multi-Family ~~Paid~~ Units

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.


Alabama			52
California			160
Delaware			120
Louisiana			230
Massachusetts			705
Mississippi			47
New Jersey			205
New York			222
South Dakota			48
Texas			994
Utah			172

			2,955


Community Based Non-Profit
Rhode Island			12
Massachusetts			1
Connecticut			1

			14


SBA Loans

CA			18
FL			2
KY			1
MA			7
MD			1
MN			2
NJ			18
NY			5
UT			65

			119


Economic Development Loans
CA			4
MA			5
TX			1

			10

~~The Fund declares and distributes dividends~~18 ~~on a monthly basis. The Fund paid total monthly dividends of $.117769 and $.358601, respectively, during the quarter and nine months ended February 28, 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

Liquidity Discussion

~~During~~Sale ~~the~~and ~~previous~~Redemption ~~quarter ended November 30, 2004, the Fund paid total monthly dividends~~ of ~~$.119745. A year ago, during the quarter ended February 29, 2004, the~~ Fund ~~paid total monthly dividends of $.135100. The slightly lower dividend in the current period is attributable to the~~Shares U.S. Federal Reserve raising short-term interest rates by twenty–five basis points in December 2004 and February 2005. An increase in short term rates elevates the Fund’s cost for borrowings and lowers the net investment income available for dividends.

15Fund 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.

~~Table~~During the quarter ended November 30, 2005, new shareholders purchased an additional 6,491,197 shares of ~~Contents~~the Fund for total proceeds of $61,680,000. In addition, dividend reinvestments resulted in 123,013 additional new shares being issued by the Fund for total proceeds of $1,172,990. During the quarter ended November 30, 2004, new shareholders purchased an additional 1,234,722 shares of the Fund for total proceeds of $12,125,000, and dividend reinvestments resulted in 99,320 additional new shares being issued by the Fund for total proceeds of $976,953.

~~Total~~During ~~Return~~the six months ended November 30, 2005, new shareholders purchased an additional 7,857,881 shares of the Fund for total proceeds of $75,030,000. In addition, dividend reinvestments resulted in 228,409 additional new shares being issued by the Fund for total proceeds of $2,200,400. During the six months ended November 30, 2004, new shareholders purchased an additional 2,697,211 shares of the Fund for total proceeds of $26,475,000 and dividend reinvestments resulted in 196,672 additional new shares being issued by the Fund for total proceeds of $1,926,432.

~~For~~As ~~the~~discussed ~~quarter~~in ~~ended~~the ~~February~~Private ~~28,~~Offering ~~2005~~Memorandum, the ~~total~~Fund ~~return~~allows ~~was~~shareholders ~~.67%, compared~~ to aredeem ~~total~~their shares ~~return of .61%~~ in ~~the~~accordance ~~quarter~~with ~~ended~~Rule 23c-3 ~~November 30, 2004 and a total return~~ of ~~2.61% in~~ the ~~comparable~~1940 ~~quarter ended February 29, 2004~~Act.

~~For~~During the ~~nine-month~~quarter ~~period~~ ended ~~February 28~~November 30, 2005, ~~the~~and ~~total return was 5.11%. For~~ the ~~nine-month~~quarter ~~period~~ ended ~~February 29~~November 30, 2004, ~~the~~there were ~~total~~no ~~return was 1~~redemptions.~~55%.~~

~~Although~~During ~~short-term~~the ~~rates~~six ~~rose~~months ~~during~~ended ~~the~~November 30, ~~period~~2005, ~~most~~201,817 shares of the Fund’s ~~assets~~were ~~are~~redeemed ~~priced off of longer-term assets~~for $1,947,528. ~~Longer~~During ~~maturity~~the ~~issues~~six ~~did~~months ~~better~~ended ~~than~~November 30, ~~shorter-term instruments~~2004, ~~during~~508,171 ~~most~~shares of the ~~period.~~Fund were redeemed for $4,995,318.

~~Fund Designated Target Regions at~~19 ~~February 28, 2005~~

~~The Fund’s Designated Target Regions (“DTRs”) are provided by Fund shareholders at the time of investment. At February 28, 2005 DTRs were~~Item 3:

DTRs	AMOUNT
California	$	60,668,939
Colorado		1,159,436
Connecticut		7,084,919
Florida		1,500,000
Georgia		500,000
Hawaii		150,594
Illinois		3,645,018
Indiana		1,040,042
Iowa		618,541
Louisiana		5,000,000
Maine		109,733
Maryland		650,000
Massachusetts		90,187,269
Nebraska		10,000,000
New York		16,928,178
New Jersey		95,544,461
New Mexico		1,131,734
North Carolina		850,000
Ohio		12,057,148
Oregon		2,300,000
Pennsylvania		34,782,175
Rhode Island		250,000
South Dakota		5,655,359
Tennessee		600,000
Texas		21,090,674
Utah		12,695,228
Vermont		1,341,773
Washington		1,500,000
Wisconsin		531,734
TOTAL	$	389,572,955

Quantitative and Qualitative Disclosures About Market Risk

*A ~~All~~full ~~investors~~discussion ~~are~~of ~~listed~~the byrisks ~~headquarters~~associated ~~location~~with ownership of Fund shares appears in the Fund’s Private Offering Memorandum. The Fund’s principal market risks may be summarized as follows:

16Credit 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.

~~Table~~Liquidity Risk. Securities purchased by the Fund will generally be privately placed debt instruments. The market for resale of ~~Contents~~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 ~~Impact~~will ~~per~~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 ~~Community~~value ~~Reinvestment~~of ~~Act~~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.

~~The~~Most of the Fund’s ~~invests~~holdings are in mortgage-backed securities (MBS) that ~~support~~are ~~community~~comprised ~~development~~of pooled ~~economic~~mortgages ~~activity~~to aslow and moderate income homebuyers. These homebuyers generally have the right ~~defined~~to inprepay or refinance their mortgages at anytime making prepayment risk an important component of the ~~CRA~~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.

AtAn ~~February~~industry ~~28,~~standard ~~2005,~~method ~~the~~for ~~Fund’s~~evaluating ~~investments~~interest ~~had outstanding~~rate ~~loans~~risk toin ~~5,441~~a ~~homebuyers~~portfolio ~~with~~is ~~incomes~~to ~~below~~run ~~80%~~a scenario ofanalysis ~~median~~that ~~income~~calls ~~from~~for ~~the~~an ~~following~~instantaneous ~~states~~increase or decrease in ~~the~~interest ~~following~~rates ~~numbers~~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.

Whole Loans
Alabama		28
Arizona		111
California		411
Colorado		31
Connecticut		122
Delaware		31
Florida		120
Georgia		18
Guam		2
Illinois		87
Indiana		6
Iowa		31
Kansas		2
Kentucky		10
Louisiana		17
Maine		2
Maryland		4
Massachusetts		1,021
Michigan		7
Mississippi		7
Missouri		5
Montana		2
Nebraska		50
Nevada		45
New Hampshire		57
New Jersey		1,027
New Mexico		70
New York		225
North Carolina		19
Ohio		50
Oregon		62
Pennsylvania		706
Rhode Island		15
South Carolina		14
South Dakota		110
Tennessee		8
Texas		463
Utah		370
Vermont		14
Virginia		3
Washington		46
Washington, D.C.		3
Wisconsin		9
		5,441

At November 30, 2005 an instant rate increase of 100 basis points (1.0%) would have caused the Fund’s portfolio to decline in value by 4.88%. An instant rate decrease of 100 basis points (-1.0%) would have caused the Fund’s portfolio to increase in value by 3.74%. At the previous quarter end, August 31, 2005, a 1% rate increase would have produced a 4.26% decrease in value and a 1% rate decrease would have produced a 2.25% increase in value.

~~Many~~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 ~~loans~~the ~~were~~interest ~~made~~expense associated with ~~under~~borrowings ~~targeted~~although ~~CRA~~the ~~lending~~precise ~~initiatives~~amount ~~such~~is asa ~~Acorn,~~function ~~Mass~~of ~~Housing~~the ~~Partnership~~slope of the yield curve and ~~other~~changes with ~~individual~~market ~~banks~~conditions. The purchase of additional investments using borrowed funds may increase the portfolio’s ~~tailor~~interest ~~-made~~rate ~~CRA~~risk. ~~lending~~The ~~programs~~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.

17Derivatives 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.

~~Table~~A summary of ~~Contents~~the Fund’s portfolio holdings as of November 30, 2005 is contained in Item 1 of this report.

~~In addition as of February 28, 2005, the Fund’s investments had outstanding loans to sponsors of 1,345~~20 ~~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.~~

~~Multi–Family Units~~ Item 4:

Alabama		52
California		160
Delaware		120
Louisiana		230
Mississippi		47
New York		222
South Dakota		48
Texas		294
Utah		172
		1,345

Controls and Procedures

~~Affordable~~Within ~~Housing~~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.

~~Sub~~As ~~Total~~of 6November 30,~~795~~ 2005, the Fund’s management had not completed its assessment of the effectiveness of the Fund’s internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”). The Fund’s management is continuing its Sarbanes-Oxley mandated assessment.* Should any material weakness or significant deficiencies in the effectiveness of internal control over financial reporting be identified, management is prepared to take all reasonable steps necessary pursuant to the requirements of Sarbanes-Oxley and other applicable federal and state law in order to address them.

Community Based Non–Profit
Rhode Island		12
Massachusetts		1
Connecticut		1
		14
SBA Loans
CA		2
FL		1
KY		1
MA		7
MD		1
MN		2
NJ		6
NY		1
UT		76
		97
Economic Development Loans
CA		4
MA		4
TX		1
		9


^*	In the event that the Board of Directors recommends to shareholders that the Fund voluntarily withdraw its election as a business development company and continue operations as a closed-end interval fund and a majority of the Fund’s shareholders votes in favor of such a recommendation, the Section 404 review requirements will no longer apply to the Fund.

18 21

~~Table~~PART ofII ~~Contents~~— OTHER INFORMATION

~~Liquidity~~Item 1. ~~Discussion~~Legal Proceedings

~~Sale~~ The ~~and~~Fund ~~Redemption~~is ofnot ~~Fund~~involved ~~Shares~~in any pending legal proceedings.

~~Fund shares are sold only to qualified investors who complete a Subscription Agreement~~Item 2. ~~All~~Changes ~~investors~~ in ~~the Fund must provide a Designated Target Region as the desired~~Securities ~~location for their investment.~~

~~During the quarter ended February 28, 2005, new shareholders purchased an additional 1,171,692 shares of the Fund for total proceeds of $11,500,000~~ None. ~~In addition, dividend reinvestments resulted in 97,562 additional new shares being issued by the Fund for total proceeds of $956,948. During the~~ year ago quarter ended February 29, 2004, new shareholders purchased an additional 1,915,991 shares of the Fund for total proceeds of $18,957,000, and dividend reimbursements resulted in 35,641 additional new shares being issued by the Fund for total proceeds of $352,674.

~~During the nine months ended February 28, 2005, new shareholders purchased an additional~~ Item 3~~,868,903 shares of the Fund for total proceeds of $37,975,000~~. InDefaults ~~addition,~~Upon ~~dividend~~Senior ~~reinvestments resulted in 294,234 additional new shares being issued by the Fund for total proceeds of $2,883,380. During~~Securities 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.

~~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~~ None.

~~During~~Item 4. ~~the~~Submission ~~quarter ended February 28, 2005, 541,516 shares~~ of ~~the~~Matters ~~Fund~~to ~~were~~a ~~redeemed~~Vote ~~for $5,350,175. During the year ago quarter February 29, 2004, 212,892 shares~~ of ~~the Fund~~Security ~~were redeemed for $2,114,019.~~ Holders

~~During the nine months ended February 28, 2005, 1,049,687 shares of the Fund were redeemed for $10,345,493~~ None. ~~During the year ago nine months February 29, 2004, 1,460,254 shares of the Fund were redeemed for $14,338,171.~~

19Item 5. Other Information

~~Table of Contents~~ None.

Item 6. 3:Exhibits and Reports

~~Quantitative~~ The ~~and Qualitative~~following ~~Disclosures~~Exhibits ~~About~~are ~~Market~~filed ~~Risk~~as part of this Report:

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:


(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.

				Amendment to the Management Agreement dated as of June 16, 2005 is incorporated by reference to the Fund’s Form 10-K filed on August 13, 2005.

	(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

~~Credit Risk. All investments made by the Fund must be in securities of a U.S. Government Agency or AAA credit quality. Fund~~22 ~~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.


		(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.

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 of23 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~~Signatures 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.

AnPursuant ~~industry standard method for evaluating interest rate risk in a portfolio is~~ to ~~run~~the arequirements ~~scenario~~of ~~analysis~~the ~~that~~Securities ~~calls~~Exchange ~~for~~Act anof ~~instantaneous~~1934, ~~increase or decrease in interest rates across~~ the ~~board.~~registrant ~~While~~has ~~the~~duly caused ~~scenario~~this isreport ato ~~highly~~be ~~unlikely~~signed ~~one,~~on itits ~~does~~behalf ~~produce~~by athe ~~widely~~undersigned ~~used~~thereunto ~~measurement~~duly ~~for a portfolio’s interest rate convexity and negative convexity~~authorized.

At February 28, 2005 an instant rate increase of 100 basis points (1.0%) would have caused the Fund’s portfolio to decline in value by –4.5%. An instant rate decrease of 100 basis points (–1.0%) would have caused the Fund’s portfolio to increase in value by +2.7%. At the previous quarter end, November 30, 2004, a 1% rate increase would have produced a –4.9% decrease in value and a 1% rate decrease would have produced a +2.8% increase in value.


		Access Capital Strategies Community Investment Fund, Inc.

Date: January 6, 2006		/s/ Ronald A. Homer

		Ronald A. Homer, Chairman*

Date: January 6, 2006		/s/ Kevin J. Mulvaney

		Kevin J. Mulvaney, Director*

Date: January 6, 2006		/s/ Peter Blampied

		Peter Blampied, Director*

Date: January 6, 2006		/s/ Andrew J. Donohue

		Andrew J. Donohue, Director*

Date: January 6, 2006		/s/ W. Carl Kester

		W. Carl Kester, Director*

Date: January 6, 2006		/s/ David F. Sand

		David F. Sand, Chief Executive Officer,
		Principal Accounting Officer, Principal Financial Officer*

~~Leverage~~* ~~Risk.~~By: 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~~Martin ~~rate risk~~E. ~~The~~Lybecker ~~managers~~Martin ~~may use derivatives (see below) to hedge the incremental interest rate risk associated with the use of leverage~~E. AnLybecker 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 Attorney-in ~~response to changing market conditions. The managers and the Fund’s Board of Directors regularly review the amount of leverage being deployed.~~ -fact

~~Derivatives Risk. The~~24 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 February 28, 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. Unregistered Sales 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)	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: April 8, 2005		/S/ Ronald A. Homer*
		Ronald A. Homer, Chairman
Date: April 8, 2005		/S/ Kevin J. Mulvaney*
		Kevin J. Mulvaney, Director
Date: April 8, 2005		/S/ Peter Blampied*
		Peter Blampied, Director
Date: April 8, 2005		/S/ W. Carl Kester*
		W. Carl Kester, Director
Date: April 8, 2005		/S/ Andrew J. Donohue*
		Andrew J. Donohue, Director
Date: April 8, 2005		/S/ Stephen B. Swensrud*
		Stephen B. Swensrud, Director
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

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