PARTTable I. FINANCIAL INFORMATION PAGE ---- Item 1. Condensed Financial Statements Condensed Statements of Assets and Liabilities .............. 3 February 28, 2003 (unaudited), May 31, 2002 and February 28, 2002 (unaudited) Condensed Statements of Operations (unaudited) .............. 4 Three months ended February 28, 2003 and 2002 Nine months ended February 28, 2003 and 2002 Condensed Statements of Changes in Net Assets (unaudited) ... 5 Three months ended February 28, 2003 and 2002 Nine months ended February 28, 2003 and 2002 Condensed Statements of Cash Flows (unaudited) .............. 6 Three months ended February 28, 2003 and 2002 Nine months ended February 28, 2003 and 2002 Financial Highlights (unaudited) ............................ 7 Three months ended February 28, 2003 and 2002 Nine months ended February 28, 2003 and 2002 Schedule of Investments (unaudited) ......................... 8 February 28, 2003 Notes to Condensed Financial Statements (unaudited) ......... 10 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations ........................... 11 Item 3. Quantitative and Qualitative Disclosures about Market Risk ................................................... 18 PART II. OTHER INFORMATION 19 Item 1. Legal proceedings ............................................. 19 Item 2. Changes in securities ......................................... 19 Item 3. Defaults upon senior securities ............................... 19 Item 4. Submission of matters to a vote of security holders ........... 19 Item 5. Other information ............................................. 19 Item 6. Exhibits and reports .......................................... 19 Signatures ............................................................ 20 Certification ......................................................... 21Contents

~~February~~UNITED ~~28,~~STATES 2003 February 28, 2002 (unaudited) May 31, 2002 (unaudited) ----------------- -------------- ----------------- Assets: Investments, at value* ............................... $ 292,450,807 $ 210,540,038 $ 204,365,148 Cash ................................................. - 560,043 1,147,581 Deposits with broker ................................. - 21,094,066 17,972,267 Receivables: Securities sold .................................. - 4,988,156 - Interest ......................................... 1,580,003 1,215,148 1,206,134 Principal paydowns ............................... 34,367 - 458,663 Variation margin ................................. - 18,094 - Prepaid expenses and other assets .................... 67,847 278,375 223,093 ------------- ------------- ------------- Total assets ......................................... 294,133,024 238,693,920 225,372,886 ------------- ------------- ------------- Liabilities: Securities sold short (proceeds received - $21,094,066 and $17,972,267, respectively) ........... - 21,315,000 18,119,900 Payables: Reverse repurchase agreements (including accrued interest of $24,062, $34,812 and $18,819, respectively) ..................................... 47,424,062 25,234,812 27,318,819 Securities purchased .............................. 3,130,997 6,981,698 2,954,217 Investment advisor ................................ 248,657 184,928 152,521 Custodian bank .................................... 346,642 - - Variation margin .................................. 97,185 - - Accrued expenses and other liabilities ............... 35,264 93,663 47,050 ------------- ------------- ------------- Total liabilities .................................... 51,282,807 53,810,101 48,592,507 ------------- ------------- ------------- Net Assets: Net Assets ........................................... $ 242,850,217 $ 184,883,819 $ 176,780,379 ============= ============= ============= Net Assets Consist of: Paid-in capital ...................................... 235,771,189 181,128,349 171,709,927 ------------- ------------- ------------- Undistributed investment income - net ................ 1,109,744 944,689 778,331 Accumulated realized capital losses on investments-net (6,831,050) (1,475,351) (1,032,521) Unrealized appreciation on investments-net ........... 12,800,334 4,286,132 5,324,642 ------------- ------------- ------------- Total accumulated earnings-net ....................... 7,079,028 3,755,470 5,070,452 ------------- ------------- ------------- Net Assets ........................................... $ 242,850,217 $ 184,883,819 $ 176,780,379 ============= ============= ============= Net Asset Value Per Share ............................ $ 10.34 $ 10.19 $ 10.27 ============= ============= ============= ----------------------------------------------------------------------------------------------------------------------- *Identified Cost .................................... $ 279,632,792 $ 205,524,832 $ 198,892,872 Shares issued and outstanding ........................ 23,477,833 18,139,657 17,206,219 -----------------------------------------------------------------------------------------------------------------------

~~December~~SECURITIES 1,AND ~~2002~~EXCHANGE ~~December~~COMMISSION 1, 2001 June 1, 2002 June 1, 2001 to February to February to February to February 28, 2003 28, 2002 28, 2003 28, 2002 -------------------------------------------------------------------------------------------------------------------------------- Investment Interest ................................. $4,151,253 $2,885,712 $11,578,910 $8,182,946 Income: Expenses: Management fees .......................... 354,144 221,282 959,253 618,552 Interest ................................. 159,165 73,557 460,533 313,899 Professional fees ........................ 29,248 30,528 73,353 70,929 Accounting services ...................... 22,314 21,040 65,228 50,283 Organizational fees ...................... 11,691 7,997 32,445 22,248 Director's fees and expenses ............. 5,514 7,557 21,276 20,286 Custodian fees ........................... 6,487 3,350 17,898 7,131 Transfer agent fees ...................... 4,495 6,687 14,555 16,242 Pricing fees ............................. 5,783 3,962 11,395 7,770 Other .................................... 4,931 7,187 17,028 17,022 ---------------- ------------------ ------------ ------------ Total expenses before reimbursement ...... 603,772 383,147 1,672,964 1,144,362 Reimbursement of expenses ................ (43,332) (56,086) (122,506) (123,152) ---------------- ------------------ ------------ ------------ Total expenses after reimbursement ....... 560,440 327,061 1,550,458 1,021,210 ---------------- ------------------ ------------ ------------ Investment income-net .................... 3,590,813 2,558,651 10,028,452 7,161,736 ---------------- ------------------ ------------ ------------ Realized & Realized gain (loss) on investments-net .. (1,403,401) 56,687 (5,355,699) (80,983) Unrealized Change in unrealized appreciation on Gain (Loss) on investments-net .......................... 4,250,444 268,345 8,514,202 4,183,624 ---------------- ------------------ ------------ ------------ Investments - Total realized and unrealized gain on .... 2,847,043 325,032 3,158,503 4,102,641 investments-net Net: Net Increase in Net Assets Resulting ---------------- ------------------ ------------ ------------ from Operations .......................... $6,437,856 $2,883,683 $13,186,955 $11,264,377 ---------------- ------------------ ------------ ------------

~~December 1~~Washington, ~~2002 December 1, 2001 June 1, 2002 June 1, 2001 to February to February to February to February Increase (Decrease) in Net Assets: 28, 2003 28, 2002 28, 2003 28, 2002 Operations: Investment income-net~~ D.C.~~.............................~~ $20549 3,590,813 $ 2,558,651 $ 10,028,452 $ 7,161,736 Realized gain (loss) on investments-net ............. (1,403,401) 56,687 (5,355,699) (80,983) Change in unrealized appreciation on investments- net ................................................. 4,250,444 268,345 8,514,202 4,183,624 ------------ ------------ ------------ ------------ Net increase in net assets resulting from operations .......................................... 6,437,856 2,883,683 13,186,955 11,264,377 ------------ ------------ ------------ ------------ Dividends to Dividends to shareholders from investment income- Shareholders: net ................................................. (3,465,626) (2,565,438) (9,863,397) (7,006,627) ------------ ------------ ------------ ------------ Capital Share Change in net assets resulting from capital share Transactions: transactions ........................................ 11,182,473 10,991,752 54,642,840 50,334,957 ------------ ------------ ------------ ------------ Net Assets: Total increase in net assets ........................ 14,154,703 11,309,997 57,966,398 54,592,707 Beginning of period ................................. 228,695,514 165,470,382 184,883,819 122,187,672 ------------ ------------ ------------ ------------ End of period* ...................................... $242,850,217 $176,780,379 $242,850,217 $176,780,379 ============ ============ ============ ============ * Undistributed investment income-net ................. $ 1,109,744 $ 778,331 $ 1,109,744 $ 778,331 ============ ============ ============ ============

~~December~~FORM 1, December 1, 2002 2001 June 1, 2002 June 1, 2001 to February to February to February to February 28, 2003 28, 2002 28, 2003 28, 2002 ----------- ----------- ------------ ------------ Cash Provided By Operating Activities: Net increase in net assets resulting from operations ......... $ 6,437,856 $ 2,883,683 $ 13,186,955 $ 11,264,377 Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: Decrease (increase) in receivables ........................ (138,714) 39,457 (346,761) (433,673) Decrease (increase) in deposit from brokers ............... - (10,962,236) 21,094,066 (9,417,605) Decrease (increase) in other assets ....................... (3,636) 122,907 210,528 (223,093) Increase (decrease) in other liabilities .................. 436,797 11,072,805 (20,876,593) 9,696,583 Realized and unrealized gain on investments-~~net~~Q ........... (2,847,043) (325,032) (3,158,503) (4,102,641) Amortization of premium and discount ...................... (9,261) (46,239) 9,475 (234,589) Change in unrealized depreciation on financial futures Contracts-net .................................... 269,644 - 490,458 - Change in unrealized depreciation on short sales-net ...... - (78,915) 220,934 (92,187) Realized gain (loss) on financial futures contracts-net ... (1,285,691) (99,735) (4,681,144) 61,796 Realized loss on short sales-net .......................... - - (6,012) - ------------ ------------ ------------- ------------- Net cash provided by operating activities .................... 2,859,952 2,606,695 6,143,403 6,518,968 ------------ ------------ ------------- ------------- Cash Used for Investing Activities: Proceeds from paydowns and sales of long-term investments .... 26,577,988 38,086,940 114,190,397 118,872,412 Purchases of long-term investments ........................... (43,799,361) (62,066,212) (187,873,285) (187,505,271) Proceeds from sales and maturities of short--term investments-net ............................................. - 3,282,664 - 829,596 ------------ ------------ ------------- ------------- Net cash used for investing activities ....................... (17,221,373) (20,636,608) (73,682,888) (67,803,263) ------------ ------------ ------------- ------------- Cash Provided by Financing Activities: Cash receipts from issuance of common stock .................. 10,825,000 10,592,453 52,746,343 47,512,956 Cash receipts from reverse repurchase agreements ............. 34,100,000 24,300,000 97,316,657 62,200,000 Cash payments on reverse repurchase agreements ............... (28,400,000) (14,200,000 (75,116,657) (43,100,000) Dividends paid to shareholders ............................... (3,108,154) (1,516,139) (7,966,901) (4,184,626) ------------ ------------ ------------- ------------- Net cash provided by financing activities .................... 13,416,846 19,176,314 66,979,442 62,428,330 ------------ ------------ ------------- ------------- Cash: Net increase (decrease) in cash .............................. (944,575) 1,146,401 (560,043) 1,144,035 Cash at beginning of period .................................. 944,575 1,180 560,043 3,546 ------------ ------------ ------------- ------------- Cash at end of period ........................................ $ - $ 1,147,581 $ - $ 1,147,581 ============ ============ ============= ============= Cash Flow Information: Cash paid for interest ....................................... $ 160,178 $ 72,731 $ 471,283 $ 321,793 ============ ============ ============= ============= Non-Cash Financing Activities: Capital shares issued in reinvestment of dividends paid to shareholders ............................................. $ 357,473 $ 1,049,299 $ 1,896,497 $ 2,822,001 ============ ============ ============= =============

~~December~~x QUARTERLY 1,REPORT ~~December~~PURSUANT 1,TO ~~June~~SECTION 1,13 ~~June~~OR 1, 2002 2001 2002 2001 to February to February to February to February Increase (Decrease) in Net Asset Value: 28, 2003 28, 2002 28, 2003 28, 2002## ------------------------------------------------------------------------------------------------------------------------------ Per Share Operating Performance: Net asset value, beginning of period .............................. $ 10.22 $ 10.26 $ 10.19 $ 9.97 ------------- ------------ ---------- ----------- Investment income-net ........................................... .16 ++ .15 .47 ++ .47 Realized and unrealized gain on investments-net ............... .12 .02 .15 .31 ----------- ------------ ---------- ----------- Total from investment operations .................................. .28 .17 .62 .78 ----------- ------------ ---------- ----------- Less dividends from investment income-net ......................... (~~.16~~d) ~~(.16)~~OF ~~(.47)~~THE ~~(.48)~~SECURITIES EXCHANGE ACT OF 1934 ----------- ------------ ---------- ----------- Net asset value, end of period .................................... $ 10.34 $ 10.27 $ 10.34 $ 10.27 ----------- ------------ ---------- ----------- Total Investment Return:** Based on net asset value per share ................................ 2.76% # 1.69% # 6.24% # 7.83% # ----------- ------------ ---------- ----------- Ratios to Average Net Assets:+ Expenses, net of reimbursement and excluding interest expense ..... .68% * .58% * .67% * .58% * ----------- ------------ ---------- ----------- Expenses, excluding interest expense .............................. .75% * .58% * .75% * .58% * ----------- ------------ ---------- ----------- Expenses .......................................................... 1.03% * .75% * 1.03% * .68% * ----------- ------------ ---------- ----------- Investment income-net ............................................. 6.10% * 5.84% * 6.16% * 5.85% * ----------- ------------ ---------- ----------- Ratios to Average Net Assets, Including Borrowings:+ Expenses, net of reimbursement and excluding interest expense .................................................. .57% * .63% * .57% * .64% * ----------- ------------ ---------- ----------- Expenses, excluding interest expense .............................. .63% * .63% * .64% * .64% * ----------- ------------ ---------- ----------- Expenses .......................................................... .86% * .82% * .88% * .75% * ----------- ------------ ---------- ----------- Investment income-net ............................................. 5.11% * 6.40% * 5.27% * 6.44% * ----------- ------------ ---------- ----------- Supplemental Data: Net assets, end of period (in thousands) .......................... $ 242,850 $ 176,780 $242,850 $176,780 ----------- ------------ ---------- -----------

~~Face~~For ~~Amount~~the ~~Market~~quarterly period ~~Value~~ended ~~-------------------~~August ------------------ MORTGAGE-BACKED SECURITIES (119.9%): Federal National Mortgage Association (FNMA) (87.1%): 15 Year Fixed Rate Single Family Mortgage-Backed Securities 5.00%, 12/1/17 - 1/1/18 $ 3,609,081 $ 3,740,587 5.50%, 3/1/16 481,370 506,638 6.00%, 4/1/14 410,440 434,110 6.50%, 6/1/14 - 5/1/17 1,661,920 1,854,908 7.00%, 1/1/15 382,776 410,632 30 Year Fixed Rate Single Family Mortgage-Backed Securities 5.00%, 3/1/29 - 12/1/32 23,822,810 23,998,785 5.23%, 4/30/21 2,000,000 2,062,600 5.41%, 3/1/21 1,079,136 1,123,834 5.50%, 1/1/29 - 2/1/33 28,974,572 29,802,205 6.00%, 7/1/29 - 12/1/32 41,401,512 43,322,787 6.48%, 3/1/32 719,736 752,822 6.50%, 1/1/31 ~~- 7/1/32 63~~,~~649,748~~ ~~66,924,379~~2003 6.61%, 3/1/20 1,102,724 1,239,474 6.70%, 6/1/19 666,247 761,506 7.00%, 5/1/29 - 3/1/31 7,147,336 7,578,848 7.25%, 12/1/29 80,868 86,359 7.50%, 7/1/29 - 2/1/31 8,730,212 9,347,865 7.90%, 1/1/18 2,143,688 2,688,953 8.00%, 2/1/30 - 4/1/30 1,298,769 1,414,564 --------------- Total single family mortgage-backed securities 198,051,856 --------------- Multi-Family Mortgage-Backed Securities 6.53%, 6/1/16 268,441 309,539 7.12%, 9/1/10 7,823,595 9,229,502 7.42%, 10/1/18 1,961,446 2,330,871 7.58%, 5/1/18 621,094 764,382 7.97%, 9/1/17 750,473 928,283 --------------- Total multi-family mortgage-backed securities 13,562,577 --------------- Total Federal National Mortgage Association securities 211,614,433 --------------- Federal Home Loan Mortgage Corporation (29.1%): 30 Year Fixed Rate Single Family Mortgage-Backed Securities 5.50%, 9/1/29 - 11/1/32 6,422,623 6,633,971 6.00%, 3/1/31 - 11/1/32 30,808,769 32,253,407 6.50%, 6/1/29 - 8/1/32 23,352,306 24,561,445 7.00%, 10/1/29 - 3/1/32 4,906,153 5,195,471 7.50%, 12/1/29 - 3/1/30 1,925,699 2,064,648 --------------- Total Federal Home Loan Mortgage Corporation Single family mortgage-backed securities 70,708,942 ---------------

~~Face~~OR Amount Market Value ------------- -------------- GNMA Pool (2.7%): Multi-Family Mortgage-Backed Securities 6.00%, 12/15/31 $ 1,120,159 $ 1,179,219 6.25%, 9/15/32 536,753 589,929 6.50%, 4/15/32 - 4/20/32 1,724,371 1,822,924 7.00%, 4/15/32 864,962 923,669 8.25%, 12/15/32 1,672,742 1,974,210 ------------- Total GNMA Pool multi-family mortgage-backed securities 6,489,951 ------------- Small Business Administration (1.0%) 1.65%, 10/25/10 1,140,758 1,135,636 1.625%, 6/25/18 1,199,347 1,192,573 ------------- Total Small Business Administration 2,328,209 ------------- Total mortgage-backed securities 291,141,535 ------------- GUARANTEED NOTES (0.5%): Boston, MA, U.S. Government Guaranteed Notes 6.85%, 8/1/07 1,290,000 1,309,272 ------------- Total guaranteed notes 1,309,272 ------------- Total investments (cost $279,632,792) - 120.4% $ 292,450,807 Variation margin on financial futures contracts* - 0.0% (97,185) Liabilities in excess of other assets - (20.4%) (49,503,405) ------------- Net assets - 100.0% $ 242,850,217 =============

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 817-00807

Access Capital Strategies Community Investment Fund, Inc.

(Exact name of registrant as specified in its charter)

Maryland

04-3369393

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

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

617-576-5858

(Registrant’s telephone number, including area code)

N/A

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

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

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

The registrant had 88 shareholders and 27,421,648 shares of common stock outstanding as of August 31, 2003.

Access Capital Strategies Community Investment Fund, Inc.

August 31, 2003 Form 10-Q Quarterly Report

TABLE OF CONTENTS

				PAGE
PART I.	FINANCIAL INFORMATION

	Item 1.	Condensed Financial Statements

			Condensed Statements of Assets and Liabilities August 31, 2003 (unaudited), May 31, 2003 and August 31, 2002 (unaudited)	3

			Condensed Statements of Operations (unaudited) Three months ended August 31, 2003 and 2002	4

			Condensed Statements of Changes in Net Assets (unaudited) Three months ended August 31, 2003 and 2002	5

			Condensed Statements of Cash Flows (unaudited) Three months ended August 31, 2003 and 2002	6

			Financial Highlights Three months ended August 31, 2003 and 2002 (unaudited) and years ended May 31, 2003 and 2002	7

			Schedule of Investments (unaudited) August 31, 2003	8

			Notes to Condensed Financial Statements (unaudited)	11

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		13

	Item 3.	Quantitative and Qualitative Disclosures about Market Risk		21

	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			23

Access Capital Strategies Community Investment Fund, Inc.

CONDENSED STATEMENTS OF ASSETS AND LIABILITIES

	*August 31, 2003* (unaudited)			May 31, 2003			August 31, 2002 (unaudited)
Assets:
Investments, at value*	$	326,603,409		$	316,614,272		$	252,904,814
Cash		8,677,672			1,498,826			745,701
Receivables:
Interest		1,589,530			1,508,738			1,470,475
Capital shares sold		4,340,000			100,000			—
Principal paydowns		17,852			70,677			270,266
Variation margin		64,875			4,344			—
Prepaid expenses and other assets		833			49,209			62,545

Total assets		341,294,171			319,846,066			255,453,801

Liabilities:
Payables:
Reverse repurchase agreements (including accrued interest of $35,426, $18,871 and $25,745, respectively)		66,735,426			47,018,871			27,125,745
Securities purchased		4,990,590			23,374,300			16,844,238
Dividends to shareholders		1,166,880			2,153,075			—
Investment advisor		157,155			221,421			204,612
Variation margin		—			—			48,109
Other affiliates		8,965			14,892			—
Accrued expenses and other liabilities		9,317			29,627			40,036

Total liabilities		73,068,333			72,812,186			44,262,740

Net Assets:
Net Assets	$	268,225,838		$	247,033,880		$	211,191,061

Net Assets Consist of:
Paid-in capital	$	274,858,385		$	243,079,354		$	205,633,904

Undistributed (accumulated distributions in excess of) investment income - net		(1,401,846	)		(1,401,829	)		942,894
Accumulated realized capital losses on investments-net		(6,916,778	)		(5,491,453	)		(4,817,718	)
Unrealized appreciation on investments-net		1,686,077			10,847,808			9,431,981

Total accumulated earnings (losses) - net		(6,632,547	)		3,954,526			5,557,157

Net Assets	$	268,225,838		$	247,033,880		$	211,191,061

Net Asset Value Per Share	$	9.78		$	10.21		$	10.28

*Identified Cost.	$	326,636,558		$	304,973,620		$	243,196,612
Shares issued and outstanding, $.0000001 par value, 100,000,000 shares authorized		27,421,648			24,195,706			20,536,796

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

		Three Months Ended
		August 31, 2003			August 31, 2002
Investment Income:	Interest	$	4,377,880		$	3,557,144

Expenses:	Management fees		399,810			286,669
	Interest expense		189,653			131,343
	Professional fees		29,654			22,659
	Accounting services		21,025			20,780
	Director’s fees and expenses		6,821			7,935
	Pricing fees		10,512			2,466
	Custodian fees		7,171			5,376
	Organizational fees		—			9,934
	Transfer agent fees		4,132			5,065
	Other		4,007			6,113

	Total expenses before reimbursement		678,785			498,340
	Reimbursement of expenses		75,806			(40,277	)

	Total expenses after reimbursement		748,591			458,063

	Investment income-net		3,629,289			3,099,081

Realized & Unrealized Gain (Loss) on Investments –Net:	Realized loss on investments-net		(1,425,325	)		(3,342,367	)
	Change in unrealized appreciation on investments-net		(9,161,731	)		5,154,849

	Total realized and unrealized gain (loss) on investments-net		(10,587,056	)		1,803,482

	Net Increase (Decrease) in Net Assets Resulting from Operations	($	6,957,767	)	$	4,902,563

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

CONDENSED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

		Three Months Ended
	*Increase (Decrease) in Net Assets:*	August 31, 2003			August 31, 2002
Operations:	Investment income-net	$	3,629,289		$	3,099,081
	Realized loss on investments-net		(1,425,325	)		(3,342,367	)
	Change in unrealized appreciation on investments-net		(9,161,731	)		5,145,849

	Net increase (decrease) in net assets resulting from operations		(6,957,767	)		4,902,563

Dividends to Shareholders:	Dividends to shareholders from investment income-net		(3,629,306	)		(3,100,876	)

Capital Share Transactions:	Net proceeds from sale of shares		31,440,000			23,331,723
	Value of shares issued to shareholders in reinvestment of dividends		339,031			1,173,832

	Net increase in net assets derived from capital share transactions		31,779,031			24,505,555

Net Assets:	Total increase in net assets		21,191,958			26,307,242
	Beginning of period		247,033,880			184,883,819

	End of period*	$	268,225,838		$	211,191,061

	* Undistributed (accumulated distributions in excess of) investment income-net	$	(1,401,846	)	$	942,894

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

		Three Months Ended
		August 31,2003			August 31,2002
Cash Used for Operating Activities:	Net increase (decrease) in net assets resulting from operations	$	(6,957,767	)	$	4,902,563
	Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
	Increase in receivables		(141,323	)		(237,233	)
	Decrease in deposit from brokers		—			21,094,066
	Decrease in other assets		48,376			215,830
	Increase in other liabilities		(73,948	)		(21,309,901	)
	Realized and unrealized loss (gain) on investments-net		12,170,376			4,209,743
	Amortization of premium and discount		2,939			(14,501	)
	Proceeds from paydowns and sales of long-term investments		45,799,769			57,349,627
	Purchases of long-term investments		(86,293,106	)		(80,909,729	)

	Net cash used for operating activities		(35,444,684	)		(23,119,021	)

Cash Provided By Financing Activities:	Cash receipts from issuance of common stock-net		27,200,000			23,331,723
	Cash receipts from reverse repurchase agreements-net		19,700,000			1,900,000
	Dividends paid to shareholders		(4,276,470	)		(1,927,044	)

	Net cash provided by financing activities		42,623,530			23,304,679

Cash:	Net increase in cash		7,178,846			185,658
	Cash at beginning of period		1,498,826			560,043

	Cash at end of period	$	8,677,672		$	745,701

Cash Flow Information:	Cash paid for interest	$	173,098		$	140,410

Non-Cash Financing Activities:	Capital shares issued in reinvestment of dividends paid to shareholders	$	339,031		$	1,173,832

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

FINANCIAL HIGHLIGHTS

	The following per share data and ratios have been derived from information provided in the financial statements.
		Three Months Ended						Year Ended
	Increase (Decrease) in Net Asset Value:	August 31, 2003 (unaudited)			August 31, 2002 (unaudited)			May 31, 2003			May 31, 2002
Per Share Operating Performance: ##	Net asset value, beginning of period	$	10.21		$	10.19		$	10.19		$	9.97

	Investment income-net		.14	++		.16	++		.62	++		.64
	Realized and unrealized gain (loss) on investments-net		(.43	)		.09			.12			.22

	Total from investment operations		(.29	)		.25			.74			.86

	Less dividends from investment income-net		(.14	)		(.16	)		(.72	)		(.64	)

	Net asset value, end of period	$	9.78		$	10.28		$	10.21		$	10.19

Total Investment Return:**	Based on net asset value per share		(2.80	)% #		2.51	% #		7.46	%		8.88	%

Ratios to Average Net Assets:+	Expenses, net of reimbursement and excluding interest expense		.88	% *		.66	% *		.68	%		.64	%

	Expenses, excluding interest expense		.76	% *		.74	% *		.75	%		.77	%

	Expenses		1.18	% *		1.00	% *		1.04	%		1.06	%

	Investment income-net		5.70	% *		6.24	% *		6.08	%		6.41	%

Ratios to Average Net Assets Including Borrowings:+	Expenses, net of reimbursement and excluding interest expense		.70	% *		.58	% *		.57	%		.58	%

	Expenses, excluding interest expense		.61	% *		.65	% *		.64	%		.68	%

	Expenses		.94	% *		.88	% *		.88	%		.94	%

	Investment income-net		4.56	% *		5.47	% *		5.14	%		5.73	%

Supplemental Data:	Net assets, end of period (in thousands)	$	268,226		$	211,191		$	247,034		$	184,884

*	Annualized.

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

#	Aggregate total investment return.

##	Per share operating performance figures have been adjusted, where appropriate, to reflect a 10,000 for 1 stock split that occurred on July 9, 2001.

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

++	Based on average shares outstanding.

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

SCHEDULE OF INVESTMENTS

AUGUST 31, 2003 (UNAUDITED)

	Face Amount		Market Value
MORTGAGE-BACKED SECURITIES (121.7%):
Federal National Mortgage Association (FNMA) (87.9%):

15 Year Fixed Rate Single Family Mortgage-Backed Securities
5.00%, 12/1/17 - 1/1/18	$	3,202,769	$	3,235,900
5.50%, 3/1/16		349,339		359,943
6.00%, 4/1/14		248,938		259,781
6.50%, 6/1/14		163,193		172,809
7.00%, 1/1/15		108,729		116,151

30 Year Fixed Rate Single Family Mortgage-Backed Securities
4.50%, 5/1/33		4,172,574		3,909,565
5.00%, 3/1/29 – 8/1/33 (b) (c)		69,367,152		67,422,130
5.50%, 1/1/29 – 6/1/33		58,564,177		58,659,178
6.00%, 7/1/29 – 12/1/32 (c)		32,339,818		33,044,564
6.50%, 1/1/31 – 11/1/32 (c)		42,797,930		44,526,364
7.00%, 6/1/29 – 3/1/31		4,393,623		4,657,434
7.25%, 12/1/29		80,410		85,534
7.50%, 9/1/29 – 2/1/31		5,605,889		5,989,162
8.00%, 2/1/30 – 4/1/30		823,530		889,751

Total single family mortgage-backed securities				223,328,266

Multi-Family Mortgage-Backed Securities
5.23%, 4/1/21		1,992,775		1,888,560
5.41%, 2/1/21		1,074,740		1,077,935
6.50%, 5/1/17		1,305,144		1,385,363
6.61%, 3/1/20		1,097,389		1,164,173
6.70%, 6/1/19		663,371		716,366
7.42%, 10/1/18		1,952,166		2,199,066
7.58%, 5/1/18		618,193		715,617
7.90%, 1/1/18 (a)		2,133,436		2,518,427
7.97%, 9/1/17		744,497		877,154

Total multi-family mortgage-backed securities				12,542,661

Total Federal National Mortgage Association securities				235,870,927

	Face Amount		Market Value
Federal Home Loan Mortgage Corporation (30.7%):

30 Year Fixed Rate Single Family Mortgage-Backed Securities
5.00%, 6/1/33 – 8/1/33	$	13,786,193	$	13,370,247
5.50%, 9/1/29 – 5/1/33 (c)		25,328,633		25,384,716
6.00%, 3/1/31 – 11/1/32 (c)		23,619,990		24,118,067
6.50%, 6/1/29 – 8/1/32		14,300,908		14,882,992
7.00%, 10/1/29 – 3/1/32		2,814,752		2,980,697
7.50%, 12/1/29 – 3/1/30		1,434,870		1,536,196

Total Federal Home Loan Mortgage Corporation single family mortgage-backed securities				82,272,915

GNMA Pool (2.3%):
Multi-Family Mortgage-Backed Securities
5.75%, 10/1/23		769,400		804,023
6.00%, 12/15/31		1,111,356		1,141,013
6.25%, 9/15/32		533,848		562,641
6.50%, 4/15/32 - 4/20/32		1,295,930		1,352,181
7.00%, 4/15/32		430,635		457,304
8.25%, 12/15/32		1,606,389		1,810,900

Total GNMA Pool multi-family mortgage-backed securities				6,128,062

Small Business Administration (0.8%):
1.375%, 6/25/18		1,129,474		1,123,301
1.40%, 10/25/10		1,069,748		1,065,264

Total Small Business Administration securities				2,188,565

Total mortgage-backed securities				326,460,469

MUNICIPAL BONDS (0.1%):

Guam Power Authority Revenue Bonds, Series A, 5% due 10/01/2024		140,000		142,940

Total municipal bonds				142,940

Total investments (cost - $326,636,558) - 121.8%				326,603,409

Variation margin on financial futures contracts* - 0.0%				64,875

Liabilities in excess of other assets - (21.8%)				(58,442,446	)

Net assets - 100.0%			$	268,225,838

Pursuant to the financial futures contracts, the Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuation in values of the contract. Such receipts or payments, which are settled the following business day, are known as variation margin and are recorded by the Fund as unrealized gains or losses. Financial futures contracts sold as of August 31, 2003 were as follows:

Number of Contracts	Issue	Expiration Date	Face Value		Unrealized Gains
428	US Five-Year Treasury Bonds	September 2003	$	49,372,915	$	1,657,602
25	US Ten-Year Treasury Bonds	September 2003		2,849,906		61,625

Total Unrealized Gains - Net					$	1,719,227

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

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

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

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

1. Basis of Presentation

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

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

This report covers the activity from June 1, 2003 to August 31, 2003.

2. Realized Gain/Loss

For the quarter ended August 31, 2003, the net realized loss was $1,425,325 compared to a net realized loss of $3,342,367 for the quarter ended August 31, 2002. In each case, the realized loss was 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.

3. Fees and Expenses

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

Effective as of June 1, 2003, the six basis point and two basis point expense reimbursement caps referred to above have been replaced with and superceded by a 25 basis point expense reimbursement cap. To the extent that the Fund’s operating expenses (exclusive of management fees and interest expense) in a given fiscal year are less than .25% of the Fund’s monthly average net assets, the Fund will repay Access and MLIM for operating expenses previously borne or reimbursed by Access and MLIM (provided that in no circumstance will the Fund pay or reimburse more than 25 basis points of the Fund’s monthly average assets for operating expenses and expense reimbursement collectively in any fiscal year). Total unreimbursed expenses as of August 31, 2003 amount to $658,057. The replacement of the previous expense reimbursement cap and its retroactive impact resulted in a return of previously received expense reimbursements during the three months ended August 31, 2003.

4. Reclassification

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

Item 2:

Management’s Discussion and Analysis of Financial Condition and

Results of Operations

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

Overview

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

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

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

Compliance

To qualify as a Regulated Investment Company (“RIC”), the Fund must, among other things, satisfy a diversification standard under the Internal Revenue Code (the “Code”) such that, at the close of each quarter of the Fund’s taxable year, (i) not more than 25% of the value of its total assets is invested in the securities (other than government securities (including its agencies and instrumentalities) or securities of other RICs) of a single issuer, or two or more issuers which the Fund controls (under a 20% test) and which are engaged in the same or similar trades or business or related trades or businesses, and (ii) at least 50% of the market value of its total assets is represented by cash, cash items, government securities, securities of other RICs and other securities (with each investment in such other securities limited so that not more than 5% of the value of the Fund’s total assets is invested in the securities of a single issuer and the Fund does not own more than 10% of the outstanding voting securities of a single issuer).

Management believes the Fund was in compliance with the above requirements for the quarter ended August 31, 2003.

Fund Operations

Investment Activity

Purchases

During the quarter ended August 31, 2003, the Fund purchased $67.9 million aggregate amount of new community development securities. During the quarter ended August 31, 2002, the Fund had purchased $90.8 million aggregate amount of new community development securities.

Sales

During the quarter ended August 31, 2003, the Fund sold $45.7 million aggregate amount of securities (including principal paydowns but excluding securities sold short in connection with hedging activities in respect of new investments in the Fund and sales of short-term securities). During the quarter ended August 31, 2002, the Fund had sold $42.4 million aggregate amount of securities (including principal paydowns but excluding securities sold short in connection with hedging activities in respect of new investments in the Fund and sales of short-term securities).

Borrowings

The Fund is permitted to use leverage in its investment program, subject to certain restrictions set forth in its Private Offering Memorandum and the Investment Company Act of 1940 (the “1940 Act”). For the quarter ended August 31, 2003, the Fund averaged approximately $65.1 million in borrowings at an average rate of approximately 1.16% compared to the quarter ended August 31, 2002 when the Fund averaged approximately $27.9 million in borrowings at an average rate of approximately 1.87% In each of the above referenced periods, the total proceeds from borrowings were primarily used to support additional investments in the Fund’s Designated Target Regions.

Net Assets and Fund Holdings at August 31, 2003

At August 31, 2003, the Fund’s Net Asset Value was $268.2 million, or $9.78 per share. At the end of the most recent fiscal year, May 31, 2003, the Fund’s Net Asset Value was $247.0 million, or $10.21 per share. A year ago at August 31, 2002, the Fund’s Net Asset Value was $211.2 million, or $10.28 per share.

The $21.2 million, or 8.6%, quarter-to-quarter increase in Net Asset Value from $247.0 million to $268.2 million was primarily attributable to the sale of new shares in the Fund. The $57.0 million, or 27.0%, year-to-year increase in net assets was also primarily attributable to the sale of new shares in the Fund.

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

Investment Income

The Fund had investment income net of all fees and expenses (as discussed below) of $3.6 million for the quarter ended August 31, 2003, an increase of approximately $0.53 million, or 17.1%, from net investment income of $3.1 million for the quarter ended August 31, 2002. The increase is largely due to an increase in the average net assets of the Fund.

Management Fees & Expenses

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

For the quarter ended August 31, 2003, the management fee paid by the Fund was $399,810. For the year ago fiscal quarter ended August 31, 2002, the management fee paid by the Fund was $286,669. The increases were primarily due to increases in the net assets of the Fund.

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

Effective as of June 1, 2003, the six basis point and two basis point expense reimbursement caps referred to above were replaced with and superceded by a 25 basis point expense reimbursement cap. To the extent that the Fund’s operating expenses (exclusive of management fees and interest expense) in a given fiscal year are less than .25% of the Fund’s monthly average net assets, the Fund will repay Access and MLIM for operating expenses previously borne or reimbursed by Access and MLIM (provided that in no circumstance will the Fund pay or reimburse more than 25 basis points of the Fund’s monthly average assets for operating expenses and expense reimbursement collectively in any fiscal year). Total unreimbursed expenses as of August 31, 2003 amount to $658,057. The replacement of the previous expense reimbursement cap and its retroactive impact resulted in a return of previously received expense reimbursements during the three months ended August 31, 2003.

Yield

At the quarter ended August 31, 2003, the SEC current yield was 5.08%, compared to 6.08% for the quarter ended August 31, 2002.

For the quarter ended August 31, 2003, the ratio of net investment income to average net assets was 5.70% compared to 6.24% for the year ago quarter ended August 31, 2002.

The quarter ended August 31, 2003 was marked by extraordinary interest rate volatility. In June rates reached lows that have not been seen in modern memory only to be followed in July by a sharp reversal. Throughout this period the Fund has consistently maintained a comparatively high current yield. The high yield is primarily due to the Fund’s use of leverage during a time of a steep yield curve.

Realized Gain/Loss

For the quarter ended August 31, 2003, the realized loss was $1,425,325 compared to a realized loss of $3,342,367 for the year ago quarter ended August 31, 2002. The realized losses in the quarter ended August 31, 2003 were primarily due to the Fund’s hedging activities. The Fund experiences a realized gain or loss on its hedges when the positions are closed or when they are rolled from one expiration cycle to the next.

Dividends Paid

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

The Fund declares and distributes dividends on a monthly basis. Prior to June 1, 2003, the Fund declared and distributed dividends on a calendar quarterly basis. The Fund paid total monthly dividends of $0.1412 during the quarter ended August 31, 2003. The dividends were paid as follows:

June 2003		$0.04692
July 2003		$0.04844
August 2003		$0.04585

A year ago, the Fund paid a quarterly dividend of $0.161 per share on July 10, 2002 to shareholders of record as of July 1, 2002. While the Fund’s dividend was lower than in the year earlier period, it did not decline by nearly the amount of prevailing interest rates. The Fund’s use of leverage during a steep yield curve environment has supported the dividend.

Total Return

For the quarter ended August 31, 2003, the total return based on Net Asset Value was -2.80% compared to a total return of 2.51% in the comparable period ended August 31, 2002.

The negative returns during the quarter are attributable to performance of interest rates during July.

Fund Designated Target Regions at August 31, 2003

The Fund’s Designated Target Regions (“DTRs”) are provided by Fund shareholders at the time of investment. At August 31, 2003 DTRs were:

DTRs		AMOUNT
AL/FL/GA/LA/MS		$5,000,000
Arizona		10,000,000
Boston & Cambridge, MA		500,000
California		34,668,939
Connecticut		2,067,020
CA/TX/AZ/NV/NYC		8,000,000
Florida		1,500,000
Guam		140,000
Illinois		500,000
Texas/Louisiana		5,000,000

Massachusetts		35,360,327
MA/NH/CT		1,000,000
MA/NH/PA/NJ/DE/MD/FL/CA		3,200,000
MA/NH		5,500,000
MA/PA/NJ/CT/RI		10,000,000
Maine		101,920
Missouri		1,000,000
New England		17,123,838
New York		3,104,981
NYC		1,000,000
NY/DC		10,000,000
NY/NJ/TX/FL/CA/MD/DE		10,000,000
New Jersey		10,584,604
New Mexico/Nevada		6,000,000
NM/TX		600,000
New Mexico		500,000
North Carolina		500,000
Ohio		1,117,319
Oregon		500,000
Pennsylvania		4,000,000
PA/NJ		620,966
PA/CA/DC/VA		650,000
Rhode Island		250,000
South Carolina		500,000
South Dakota		5,655,359
TN		500,000
Texas		13,606,493
Utah		1,784,208
Utah/NJ		59,186,508
Washington		1,000,000
Washington/Oregon		2,000,000
Wisconsin		500,000
TOTAL		$274,822,482

Fund Impact per the Community Reinvestment Act

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

At August 31, 2003, the Fund’s investments had outstanding loans to 4,072 homebuyers with incomes below 80% of median income from the following states in the following numbers.

Whole Loans
Alabama		26
Arizona		136
California		334
Connecticut		52
Delaware		15
Florida		89
Georgia		8
Guam		2
Illinois		16
Louisiana		22
Maine		1
Maryland		73
Massachusetts		828
Mississippi		4
Missouri		9
Nevada		41
New Hampshire		44
New Jersey		718
New Mexico		54
New York		130
North Carolina		14
Ohio		44
Oregon		29
Pennsylvania		472
Rhode Island		28
South Carolina		10
South Dakota		69
Tennessee		4
Texas		281
Utah		423
Virginia		12
Washington		28
Washington, D.C.		50
Wisconsin		6

		4,072

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

In addition, as of August 31, 2003, the Fund’s investments had outstanding loans to sponsors of 841 multi-family, 14 community based non-profit affordable housing rental units, and 22 SBA loans from the following states in the following amounts.

Multi-Family Units

Alabama		52
California		174
Louisiana		96
New York		222
Texas		227
Utah		70

		841

Affordable Housing

Sub Total

4,913

Community Based Non-Profit

Rhode Island		14

		14

SBA Loans

Utah		22

		22

Liquidity Discussion

Sale and Redemption of Fund Shares

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

During the quarter ended August 31, 2003, new shareholders purchased an additional 3,191,621 shares of the Fund for total proceeds of $31,440,000. In addition, dividend reinvestments resulted in 34,321 additional new shares being issued by the Fund for total proceeds of $339,031. During the year ago quarter ended August 31, 2002, new shareholders purchased an additional 2.3 million shares of the Fund for total proceeds of $23.3 million, and dividend reimbursements resulted in 117,126 additional new shares being issued by the Fund for total proceeds of $1.2 million.

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.

There were no redemptions of Fund shares during the quarter ended August 31, 2003. There were no redemptions in the year ago quarter period ended August 31, 2002.

Item 3:

Quantitative and Qualitative Disclosures About Market Risk

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

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

Liquidity Risk. Securities purchased by the Fund will generally be privately placed debt instruments. The market for resale of these securities may be limited. Furthermore, the Fund may pay a premium for CRA securities without any assurance that a comparable premium can be received upon sale of the security.

Interest Rate Risk. The Fund will generally invest in fixed rate investments that have their market values directly affected by changes in prevailing interest rates. An increase in interest rates will generally reduce the value of Fund investments and a decline in interest rates will generally increase the value of those investments. There may be exceptions due to shifts in the yield curve, the performance of individual securities, changes in the prepayment rates of mortgages underlying fixed income securities and other market factors.

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

A summary of the Fund’s portfolio holdings as of August 31, 2003 is contained in Item 1 of this report.

Item 4:

Controls and Procedures

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

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

The Fund is not involved in any pending legal proceedings.

Item 2. Changes in Securities

None.

Item 3. Defaults Upon Senior Securities

None.

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

None.

Item 5. Other Information

None.

Item 6. Exhibits and Reports

The following Exhibits are filed as part of this Report:

(a)	(1	)		N/A
	(2	)		None
	(3	)	(i)	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, 2003.
			(iii)(A)	Management Agreement is incorporated by reference to the Fund’s Form 10-Q for the period ended August 31, 1998.
			(B)	Amendment to the Management Agreement dated as of May 23, 2003 is incorporated by reference to the Fund’s Form 10-K filed on August 29, 2003
	(11	)		N/A
	(12	)		N/A
	(13	)		N/A
	(15	)		N/A
	(16	)		None
	(17	)		N/A
	(18	)		N/A
	(19	)		N/A
	(20	)		N/A
	(21	)		None
	(22	)		N/A
	(23	)		N/A
	(24	)		Powers of Attorney incorporated by reference to the Fund’s Form 10-K for the fiscal year ended May 31, 2002 filed on August 29, 2002.
	(25	)		N/A
	(26	)		N/A
	(27	)		Reserved

	(28)	Reserved
	(29)	Reserved
	(30)	Reserved
	(31)	Certifications required by the Sarbanes-Oxley Act of 2002

(b)	Reports on Form 8-K
	None.

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: October 15, 2003		/S/ Ronald A. Homer*
		Ronald A. Homer, Chairman

Date: October 15, 2003		/S/ Kevin J. Mulvaney*
		Kevin J. Mulvaney, Director

Date: October 15, 2003		/S/ Peter Blampied*
		Peter Blampied, Director

Date: October 15, 2003		/S/ M. Colyer Crum*
		M. Colyer Crum, Director

Date: October 15, 2003		/S/ Terry K. Glenn*
		Terry K. Glenn, Director

Date: October 15, 2003		/S/ Stephen B. Swensrud*
		Stephen B. Swensrud, Director

Date: October 15, 2003		/S/ David F. Sand*
		David F. Sand, Chief Executive Officer, Principal Accounting Officer, Principal Financial Officer

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

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