UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x ~~QUARTERLY~~ ~~REPORT~~Quarterly ~~PURSUANT~~Report TOpursuant ~~SECTION~~to Section 13 ORor 15(d) OFof ~~THE~~the ~~SECURITIES EXCHANGE ACT OF 1934~~Securities Exchange Act of 1934

For the quarterly period ended ~~August~~November 3130, 2003

OROr

¨ ~~TRANSITION~~ ~~REPORT~~Transition ~~PURSUANT~~Report TOpursuant ~~SECTION~~to Section 13 ORor 15(d) OFof ~~THE~~the ~~SECURITIES~~Securities ~~EXCHANGE ACT OF 1934~~Exchange Act of 1934

For the transition period from to

Commission File No. 817-00807

Access Capital Strategies Community Investment Fund, Inc.

(Exact name of registrant as specified in its charter)

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

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

617-576-5858

(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 8895 shareholders and 2729,~~421~~087,~~648~~879 shares of common stock outstanding as of ~~August~~November 3130, 2003.

Access Capital Strategies Community Investment Fund, Inc.

~~August~~November 3130, 2003 Form 10-Q Quarterly Report

TABLE OF CONTENTS

			PAGE	~~PAGE~~
PART I.	FINANCIAL INFORMATION
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 Assets and LiabilitiesNovember 30, 2003 (unaudited) and May 31, 2003	3
			Condensed Statements of Operations (unaudited) Three months ended August 31, 2003 and 2002	4
		Condensed Statements of Operations (unaudited)Three months ended November 30, 2003 and 2002Six months ended November 30, 2003 and 2002	4
			Condensed Statements of Changes in Net Assets (unaudited) Three months ended August 31, 2003 and 2002	5
		Condensed Statements of Changes in Net Assets (unaudited)Three months ended November 30, 2003 and 2002Six months ended November 30, 2003 and 2002	5
			Condensed Statements of Cash Flows (unaudited) Three months ended August 31, 2003 and 2002	6
		Condensed Statements of Cash Flows (unaudited)Six months ended November 30, 2003 and 2002	6
			Financial Highlights Three months ended August 31, 2003 and 2002 (unaudited) and years ended May 31, 2003 and 2002	7
		Financial Highlights (unaudited)Three months ended November 30, 2003 and 2002Six months ended November 30, 2003 and 2002	7
			Schedule of Investments (unaudited) August 31, 2003	8
		Schedule of Investments (unaudited)November 30, 2003	8
		Notes to Condensed Financial Statements (unaudited)	~~Notes to Condensed Financial Statements (unaudited)~~11	11
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results ~~ofOperations~~of Operations	13	13
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	21	21
	Item 4.	Controls and Procedures	22	21
PART II.	OTHER INFORMATION			22
PART II. OTHER INFORMATION			23
	Item 1.	Legal proceedings	23	22
	Item 2.	Changes in securities	23	22
	Item 3.	Defaults upon senior securities	23	22
	Item 4.	Submission of matters to a vote of security holders	23	22
	Item 5.	Other information	23	22
	Item 6.	Exhibits and reports	23	22
	Signatures		24	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)
	November 30, 2003(unaudited)			May 31, 2003
Assets:
Investments, at value*	$	~~326~~365,~~603~~254,~~409~~153		$	316,614,272		$	~~252,904,814~~
Cash		86,~~677~~897,~~672~~028			1,498,826			~~745,701~~
Receivables:
Interest		1,589,530			1,508,738			1,470,475
Capital shares sold		8,018,000			100,000
Capital shares sold		4,340,000			100,000			—
Interest		1,669,140			1,508,738
Principal paydowns		17,852			70,677			270,266
Variation margin		376,873			4,344
Variation margin		64,875			4,344			—
Principal paydowns		52,828			70,677
Prepaid expenses and other assets		~~833~~154,315			49,209			~~62,545~~
Total assets		~~341~~382,~~294~~422,~~171~~337			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
Reverse repurchase agreements (including accrued interest of $28,424, $18,871, and $25,075, respectively)		85,528,424			47,018,871
Securities purchased		49,~~990~~685,~~590~~900			23,374,300			~~16,844,238~~
Dividends to shareholders		1,~~166~~197,~~880~~924			2,153,075			—
Investment advisor		~~157~~158,~~155~~781			221,421			~~204,612~~
Variation margin		—			—			48,109
Other affiliates		12,327			14,892
Other affiliates		8,965			14,892			—
Accrued expenses and other liabilities		—			29,627
Accrued expenses and other liabilities		9,317			29,627			40,036
Total liabilities		96,583,356			72,812,186
Total liabilities		73,068,333			72,812,186			44,262,740
Net Assets:
Net Assets:
Net Assets	$	285,838,981		$	247,033,880
Net Assets	$	268,225,838		$	247,033,880		$	211,191,061
Net Assets Consist of:
Net Assets Consist of:
Paid-in capital	$	291,532,828		$	243,079,354
Paid-in capital	$	274,858,385		$	243,079,354		$	205,633,904
Undistributed (accumulated distributions in excess of) investment income - net		(1,401,841	)		(1,401,829	)
Undistributed (accumulated distributions in excess of) investment income - net		(1,401,846	)		(1,401,829	)		942,894
Accumulated realized capital losses on investments-net		(5,567,135	)		(5,491,453	)
Accumulated realized capital losses on investments-net		(6,916,778	)		(5,491,453	)		(4,817,718	)
Unrealized appreciation on investments-net		1,275,129			10,847,808
Unrealized appreciation on investments-net		1,686,077			10,847,808			9,431,981
Total accumulated earnings (losses)-net		(5,693,847	)		3,954,526
Total accumulated earnings (losses) - net		(6,632,547	)		3,954,526			5,557,157
Net Assets	$	285,838,981		$	247,033,880
Net Assets	$	268,225,838		$	247,033,880		$	211,191,061
Net Asset Value Per Share	$	9.83		$	10.21
Net Asset Value Per Share	$	9.78		$	10.21		$	10.28
* Identified cost	$	363,454,659		$	304,973,620
*Identified Cost.	$	326,636,558		$	304,973,620		$	243,196,612
Shares issued and outstanding, $.0000001 par value, 100,000,000 shares authorized		29,087,879			24,195,706
Shares issued and outstanding, $.0000001 par value, 100,000,000 shares authorized		27,421,648			24,195,706			20,536,796

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

FINANCIAL INFORMATION (continued)

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

		Three Months Ended						Six Months Ended
		August 31, 2003			August 31, 2002
		November 30, 2003			November 30, 2002			November 30, 2003			November 30, 2002
Investment Income:	Interest	$	4,~~377~~652,~~880~~512		$	3,~~557~~870,~~144~~513		$	9,030,392		$	7,427,657
Expenses:	Management fees		~~399~~429,~~810~~171			~~286~~318,~~669~~440			828,981			605,109
	Interest expense		189,~~653~~822			~~131~~170,~~343~~025			379,475			301,368
	Professional fees		2949,~~654~~629			2221,~~659~~446			79,283			44,105
	Accounting services		2124,~~025~~656			2022,~~780~~134			45,681			42,914
	Director’s fees and expenses		6,821			7,935
	Pricing fees		12,893			3,146			23,405			5,612
	Pricing fees		10,512			2,466
	Director’s fees and expenses		6,599			7,827			13,420			15,762
	Custodian fees		79,~~171~~311			56,~~376~~035			16,482			11,411
	Organizational fees		—			910,~~934~~820			—			20,754
	Transfer agent fees		4,~~132~~539			54,~~065~~995			8,671			10,060
	Other		4,~~007~~296			65,~~113~~984			8,303			12,097
	Total expenses before reimbursement		~~678~~730,~~785~~916			~~498~~570,~~340~~852			1,403,701			1,069,192
	Reimbursement of expenses		7560,~~806~~729			(4038,~~277~~897	)		136,535			(79,174	)
	Total expenses after reimbursement		~~748~~791,~~591~~645			~~458~~531,~~063~~955			1,540,236			990,018
	Investment income-net		3,~~629~~860,~~289~~867			3,~~099~~338,~~081~~558			7,490,156			6,437,639
Realized & Unrealized Gain (Loss) on Investments –Net:	Realized loss on investments-net		(1,425,325	)		(3,342,367	)
Realized & Unrealized Gain (Loss) on Investments-Net:	Realized gain (loss) on investments-net		1,349,643			(609,931	)		(75,682	)		(3,952,298	)
	Change in unrealized appreciation on investments-net		(9,161,731	)		5,154,849
	Change on unrealized appreciation on investments-net		(410,948	)		(882,091	)		(9,572,679	)		4,263,758
	Total realized and unrealized gain (loss) on investments-net		~~(10~~938,~~587,056~~695	)		(1,~~803~~492,~~482~~022	)		(9,648,361	)		311,460
	Net Increase (Decrease) in Net Assets Resulting from Operations	($	64,~~957~~799,~~767~~562	)	$	41,~~902~~846,~~563~~536		$	(2,158,205	)	$	6,749,099

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

CONDENSED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

		Three Months Ended						Six Months Ended
	Increase (Decrease) in Net Assets:	~~August~~November 3130, 2003			~~August~~November 3130, 2002			November 30,2003			November 30,2002
Operations:	Investment income-net	$	3,~~629~~860,~~289~~867		$	3,~~099~~338,~~081~~558		$	7,490,156		$	6,437,639
	Realized loss on investments-net		(1,425,325	)		(3,342,367	)
	Realized gain (loss) on investments-net		1,349,643			(609,931	)		(75,682	)		(3,952,298	)
	Change in unrealized appreciation on investments-net		(9410,~~161,731~~948	)		5(882,~~145,849~~091	)		(9,572,679	)		4,263,758
	Net increase (decrease) in net assets resulting from operations		(64,~~957~~799,~~767~~562	)		41,~~902~~846,~~563~~536			(2,158,205	)		6,749,099
Dividends to Shareholders:	Dividends to shareholders from investment income-net		(3,~~629~~860,~~306~~862	)		(3,~~100~~296,~~876~~895	)		(7,490,168	)		(6,397,771	)
Capital Share Transactions:	Net proceeds from sale of shares		31,440,000			23,331,723
Capital Share Transactions	Net proceeds from sale of shares		28,468,000			18,589,620			59,908,000			41,921,343
	Value of shares issued to shareholders in reinvestment of dividends		~~339~~430,~~031~~595			1365,~~173,832~~192			769,626			1,539,024
	Net increase in net assets derived from capital share transactions		31,779,031			24,505,555
	Total issued		28,898,595			18,954,812			60,677,626			43,460,367
Net Assets:	Total increase in net assets		21,191,958			26,307,242
	Cost of shares redeemed		(12,224,152	)		—			(12,224,152	)		—
	Beginning of period		247,033,880			184,883,819
	Net increase in net assets resulting from capital share transactions		16,674,443			18,954,812			48,453,474			43,460,367
	End of period*	$	268,225,838		$	211,191,061
Net Assets:	Total increase in net assets		17,613,143			17,504,453			38,805,101			43,811,695
	* Undistributed (accumulated distributions in excess of) investment income-net	$	(1,401,846	)	$	942,894
	Beginning of period		268,225,838			211,191,061			247,033,880			184,883,819
	End of period*	$	285,838,981		$	228,695,514		$	285,838,981		$	228,695,514
	* Undistributed (accumulated distributions in excess of) investment income-net	$	(1,401,841	)	$	984,557		$	(1,401,841	)	$	984,557

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

		Three Months Ended
		Six Months Ended
		August 31,2003			August 31,2002
		November 30,2003			November 30,2002
Cash Used for Operating Activities:	Net increase (decrease) in net assets resulting from operations	$	(62,~~957~~158,~~767~~205	)	$	46,~~902~~749,~~563~~099
	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	)
	(Increase) in receivables		(532,931	)		(208,047	)
	Decrease in deposit from brokers		—			21,094,066
	Decrease in other assets		48,376			215,830
	Decrease (increase) in other assets		(105,106	)		214,164
	Increase in other liabilities		(73,948	)		(21,309,901	)
	Decrease in other liabilities		(85,279	)		(21,313,390	)
	Realized and unrealized loss (gain) on investments-net		1210,~~170~~081,~~376~~095			4(3,~~209~~271,~~743~~177	)
	Amortization of premium and discount		23,~~939~~173			~~(14~~18,~~501~~736	)
	Proceeds from paydowns and sales of long-term investments		4594,~~799~~686,~~769~~487			5787,~~349~~612,~~627~~409
	Purchases of long-term investments		(86167,~~293~~081,~~106~~187	)		(80144,~~909~~073,~~729~~924	)
	Net cash used for operating activities		(3565,~~444~~191,~~684~~953	)		(2353,~~119~~178,~~021~~064	)
Cash Provided By Financing Activities:	Cash receipts from issuance of common stock-net		27,200,000			23,331,723
Cash Provided by Financing Activities:	Cash receipts from issuance of common stock-net		51,990,000			41,921,343
	Cash receipts from reverse repurchase agreements-net		1938,~~700~~500,000			116,~~900~~500,000
	Dividends paid to shareholders		(4,276,470	)		(1,927,044	)
	Cash payments on capital shares redeemed-net		(12,224,152	)		—
	Net cash provided by financing activities		42,623,530			23,304,679
	Dividends paid to shareholders		(7,675,693	)		(4,858,747	)
Cash:	Net increase in cash		7,178,846			185,658
	Net cash provided by financing activities		70,590,155			53,562,596
Cash:	Net increase in cash		5,398,202			384,532
	Cash at beginning of period		1,498,826			560,043
	Cash at end of period	$	86,~~677~~897,~~672~~028		$	~~745~~944,~~701~~575
Cash Flow Information:	Cash paid for interest	$	~~173~~369,~~098~~922		$	~~140~~311,~~410~~105
Non-Cash Financing Activities:	Capital shares issued in reinvestment of dividends paid to shareholders	$	~~339~~769,~~031~~626		$	1,~~173~~539,~~832~~024

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

FINANCIAL HIGHLIGHTS (UNAUDITED)

	The following per share data and ratios havebeen derived from information providedin the financial statements.
		Three Months Ended						Year Ended
	Increase (Decrease) in Net AssetValue:	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

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

		Three Months Ended						Six Months Ended
	*Increase (Decrease) in Net Asset Value:*	November 30, 2003			November 30, 2002			November 30, 2003			November 30, 2002
Per Share Operating Performance:	Net asset value, beginning of period	$	9.78		$	10.28		$	10.21		$	10.19

	Investment income-net		.14	++		.15	++		.28	++		.31	++
	Realized and unrealized gain (loss) on investments-net		.05			(.06	)		(.38	)		.03

	Total from investment operations		.19			.09			(.10	)		.34

	Less dividends from investment income-net		(.14	)		(.15	)		(.28	)		(.31	)

	Net asset value, end of period	$	9.83		$	10.22		$	9.83		$	10.22

Total Investment Return:**	Based on net asset value per share		1.83	% +		.85	% +		(1.02	)% +		3.38	% +

Ratios to Average Net Assets:+++	Expenses, net of reimbursement and excluding interest expense		.87	% *		.67	% *		.87	% *		.66	% *

	Expenses, excluding interest expense		.78	% *		.74	% *		.77	% *		.74	% *

	Expenses		1.06	% *		1.06	% *		1.06	% *		1.03	% *

	Investment income-net		5.59	% *		6.17	% *		5.64	% *		6.20	% *

Ratios to Average Net Assets, Including Borrowings:+++	Expenses, net of reimbursement and excluding interest expense		.71	% *		.57	% *		.70	% *		.57	% *

	Expenses, excluding interest expense		.64	% *		.63	% *		.62	% *		.64	% *

	Expenses		.86	% *		.90	% *		.85	% *		.89	% *

	Investment income-net		4.54	% *		5.28	% *		4.55	% *		5.36	% *

Supplemental Data:	Net assets, end of period	$	285,839		$	228,696		$	285,839		$	228,696

*	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.

+++

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

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

~~SCHEDULE~~Schedule OFof ~~INVESTMENTS~~Investments

~~AUGUST~~November 3130, 2003 (UNAUDITED)

	Face Amount		Market Value
MORTGAGE-BACKED SECURITIES (121.7%):
MORTGAGE-BACKED SECURITIES (127.7%):
Federal National Mortgage Association (FNMA) (87.9%):
Federal National Mortgage Association (FNMA)(88.6%):
15 Year Fixed Rate Single Family Mortgage-Backed Securities
5.00%, 12/1/17 - 1/1/18	$	3,202,769	$	3,235,900
4.50%, 10/1/18	$	961,545	$	960,471
5.50%, 3/1/16		349,339		359,943
5.00%, 12/1/17 - 1/1/18		3,052,681		3,107,634
6.00%, 4/1/14		248,938		259,781
5.50%, 3/1/16		343,810		357,416
6.50%, 6/1/14		163,193		172,809
7.00%, 1/1/15		107,165		114,672
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
4.50%, 5/1/33 - 10/1/33		7,471,196		7,116,278
5.00%, 3/1/29 – 8/1/33 (b) (c)		69,367,152		67,422,130
5.00%, 7/1/32 - 11/1/33 (c)		86,404,116		85,287,369
5.50%, 1/1/29 – 6/1/33		58,564,177		58,659,178
5.50%, 9/1/32 - 11/1/33		65,170,073		65,913,410
6.00%, 7/1/29 – 12/1/32 (c)		32,339,818		33,044,564
6.00%, 7/1/29 - 10/1/33 (c)		26,778,527		27,655,829
6.50%, 1/1/31 – 11/1/32 (c)		42,797,930		44,526,364
6.50%, 1/1/31 - 11/1/32 (c)		32,110,275		33,648,236
7.00%, 6/1/29 – 3/1/31		4,393,623		4,657,434
7.00%, 6/1/29 - 3/1/31		2,548,171		2,702,863
7.25%, 12/1/29		80,~~410~~169		85,~~534~~618
7.50%, 9/1/29 – 2/1/31		5,605,889		5,989,162
7.50%, 9/1/29 - 1/1/31		4,258,537		4,565,567
8.00%, 2/1/30 – 4/1/30		823,530		889,751
8.00%, 2/1/30 - 4/1/30		533,326		578,910
Total single family mortgage-backed securities				~~223~~232,~~328~~094,~~266~~273
Multi-Family Mortgage-Backed Securities
Multi Family Mortgage-Backed Securities
5.23%, 4/1/21		1,992,775		1,888,560
4.66%, 10/1/13		999,072		993,298
5.41%, 2/1/21		1,074,740		1,077,935
4.93%, 10/1/12		1,000,000		1,015,220
6.50%, 5/1/17		1,305,144		1,385,363
5.23%, 4/1/21		1,987,428		1,912,325
6.61%, 3/1/20		1,097,389		1,164,173
5.37%, 11/1/21		5,126,000		5,126,000
6.70%, 6/1/19		663,371		716,366
5.41%, 2/1/21 - 12/1/21		1,845,421		1,874,769
7.42%, 10/1/18		1,952,166		2,199,066
5.88%, 8/1/21		2,656		2,784
7.58%, 5/1/18		618,193		715,617
6.50%, 5/1/17		1,301,402		1,408,288
7.90%, 1/1/18 (a)		2,133,436		2,518,427
6.61%, 3/1/20		1,094,645		1,183,612
7.97%, 9/1/17		744,497		877,154
6.70%, 6/1/19		661,887		727,872
Total multi-family mortgage-backed securities				12,542,661
7.13%, 1/1/22		442,732		487,470
Total Federal National Mortgage Association securities				235,870,927
7.42%, 10/1/18		1,947,379		2,216,223
7.58%, 5/1/18		616,696		719,710
7.90%, 1/1/18 (a)		2,128,141		2,531,275
7.97%, 9/1/17		741,409		881,356
Total multi-family mortgage-backed securities				21,080,202
Total Federal National Mortgage Association securities				253,174,475
Federal Home Loan Mortgage Corporation (36.0%):
15 Year Fixed Rate Single Family Mortgage-Backed Securities 5% (b)		897,900		908,844

	Face Amount		Market Value
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
4.50%, 8/1/33 - 9/1/33	$	4,046,086	$	3,854,349
5.50%, 9/1/29 – 5/1/33 (c)		25,328,633		25,384,716
5.00%, 6/1/33 - 10/1/33		27,104,113		26,684,060
6.00%, 3/1/31 – 11/1/32 (c)		23,619,990		24,118,067
5.50%, 9/1/29 - 11/1/33 (c)		33,536,705		33,912,877
6.50%, 6/1/29 – 8/1/32		14,300,908		14,882,992
6.00%, 3/1/31 - 10/1/33 (c)		21,426,365		22,135,988
7.00%, 10/1/29 – 3/1/32		2,814,752		2,980,697
6.50%, 6/1/29 - 8/1/32		11,683,542		12,250,925
7.50%, 12/1/29 – 3/1/30		1,434,870		1,536,196
7.00%, 10/1/29 - 3/1/32		1,802,355		1,910,400
Total Federal Home Loan Mortgage Corporation single family mortgage-backed securities				82,272,915
7.50%, 12/1/29 - 3/1/30		1,213,787		1,304,147
GNMA Pool (2.3%):
Total Federal Home Loan Mortgage Corporation single family mortgage-backed securities				102,961,590
Multi-Family Mortgage-Backed Securities
GNMA Pool (1.9%):
5.75%, 10/1/23		769,400		804,023
Multi Family Mortgage-Backed Securities
6.00%, 12/15/31		1,111,356		1,141,013
5.75%, 9/15/23		766,159		809,822
6.25%, 9/15/32		533,848		562,641
6.00%, 12/15/31		1,106,805		1,151,794
6.50%, 4/15/32 - 4/20/32		1,295,930		1,352,181
6.25%, 9/15/32		532,359		569,203
7.00%, 4/15/32		430,635		457,304
6.50%, 4/15/32 - 4/20/32		883,632		933,220
8.25%, 12/15/32		1,606,389		1,810,900
7.00%, 4/15/32		263,256		281,253
Total GNMA Pool multi-family mortgage-backed securities				6,128,062
8.25%, 12/15/32		1,572,144		1,795,034
Small Business Administration (0.8%):
Total GNMA Pool multi-family mortgage-backed securities				5,540,326
1.375%, 6/25/18		1,129,474		1,123,301
Small Business Administration (1.2%):
1.40%, 10/25/10		1,069,748		1,065,264
1.375%, 6/25/18		1,071,021		1,065,169
Total Small Business Administration securities				2,188,565
1.40%, 10/25/10		1,057,769		1,053,366
Total mortgage-backed securities				326,460,469
4.625%, 1/1/09		1,244,000		1,314,753
Total Small Business Administration securities				3,433,288
Total mortgage-backed securities				365,109,679
MUNICIPAL BONDS (0.1%):
Guam Power Authority Revenue Bonds, Series A, 5% due 10/01/2024		140,000		~~142~~144,~~940~~474
Total municipal bonds				~~142~~144,~~940~~474
Total investments (cost - $326,636,558) - 121.8%				326,603,409
Total investments (cost - $363,454,659) - 127%				365,254,153
Variation margin on financial futures contracts* - 0.0%				64,875
Variation margin on financial futures contracts* - 0.1%				376,873
Liabilities in excess of other assets - (21.8%)				(58,442,446	)
Liabilities in excess of other assets - (27.9%)				(79,792,045	)
Net assets - 100.0%			$	~~268~~285,~~225,~~838,981

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

Number ofContracts	Issue	ExpirationDate	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

Pursuant to the financial futures contracts, the Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuation in values of the contract. Such receipts or payments, which are settled the following business day, are known as variation margin and are recorded by the Fund as unrealized gains or losses. Financial futures contracts sold as of November 30, 2003 were as follows:

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

Total Unrealized Losses-Net					$	(524,365	)

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

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

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

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

1. Basis of Presentation

The accompanying unaudited condensed interim financial statements and financial highlights reflect the results of operations for Access Capital Strategies Community Investment Fund, Inc. (the “Fund”) and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. The results of operations and other data for the ~~three~~six months and quarter ended ~~August~~November 3130, 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~~These ~~report~~condensed ~~covers~~financial statements and financial highlights cover the activity from June 1, 2003 to ~~August~~ 31November 30, 2003.

2. ~~Realized~~Fees ~~Gain/Loss~~ and Expenses

~~For~~During the ~~quarter~~fiscal year ended ~~August~~May 31, 2003, the ~~net~~Fund ~~realized loss~~ was ~~$1,425,325 compared~~charged tofor acustody ~~net~~services ~~realized~~portfolio ~~loss~~accounting ofservices ~~$3,342,367~~and ~~for~~operating expenses. To the ~~quarter~~extent ~~ended~~such ~~August~~expenses ~~31,~~exceeded ~~2002~~six basis points (0.06%) Inof ~~each~~the ~~case~~Fund’s monthly average net assets, ~~the~~they ~~realized~~were ~~loss~~reimbursed ~~was~~by ~~primarily~~Access ~~due~~Capital toStrategies LLC (“Access”), the Fund’s ~~hedging~~Manager, ~~activities~~and asMerrill Lynch Investment Managers, L.P. (“MLIM”). During the fiscal year ended May 31, 2003, the Fund ~~experiences~~also acontinued ~~realized~~to ~~gain~~be orcharged ~~loss~~two onbasis ~~its~~points ~~hedges~~(0.02%) ~~when~~ of the ~~positions~~Fund’s ~~are~~total ~~closed~~assets, orincluding ~~when~~assets ~~they~~purchased ~~are~~with ~~rolled~~borrowed ~~from~~funds, ~~one~~to ~~expiration~~reimburse ~~cycle~~Access for unreimbursed expenses relating to the ~~next~~Fund paid by Access prior to March 2001.

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~~November 3130, 2003 amount to $~~658~~597,~~057~~329. The replacement of the previous expense reimbursement cap and its retroactive impact resulted in a return of previously received expense reimbursements during the three ~~months~~and six month periods ended ~~August~~November 3130, 2003.

43. 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~~November 3130, 2003.

Fund Operations

Investment Activity

Purchases

During the quarter ended ~~August~~November 3130, 2003, the Fund purchased $6789.97 million aggregate amount of new community development securities. During the quarter ended ~~August~~November 3130, 2002, the Fund had purchased $9052.83 million aggregate amount of new community development securities.

During the six months ended November 30, 2003, the Fund purchased $153.4 million aggregate amount of new community development securities. During the six months ended November 30, 2002, the Fund had purchased $143.0 million aggregate amount of new community development securities.

Sales

During the quarter ended ~~August~~November 3130, 2003, the Fund sold $4548.79 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~~November 3130, 2002, the Fund had sold $4230.40 million aggregate amount of securities (including principal paydowns but excluding securities sold short in connection with hedging activities in respect of new investments in the Fund and sales of short-term securities).

During the six months ended November 30, 2003, the Fund sold $94.7 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 six months ended November 30, 2002, the Fund had sold $82.6 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~~For ~~Assets~~the ~~and~~ quarter ended November 30, 2003, the Fund ~~Holdings~~averaged approximately $67.7 million in borrowings at ~~August~~an 31average rate of approximately 1.14% compared to the quarter ended November 30, ~~2003~~2002 when the Fund averaged approximately $38.7 million in borrowings at an average rate of approximately 1.78%.

AtFor ~~August~~the 31six month period ended November 30, 2003, the Fund~~’s Net~~ ~~Asset~~averaged ~~Value~~approximately ~~was~~ $~~268~~66.24 million, orin ~~$9.78~~borrowings ~~per~~at ~~share.~~an Ataverage ~~the~~rate ~~end~~ of ~~the~~approximately ~~most~~1.15% ~~recent~~compared ~~fiscal~~to ~~year,~~the six ~~May~~month ~~31,~~period ~~2003~~ended November 30, 2002 when the Fund’s ~~Net~~averaged ~~Asset~~approximately ~~Value was~~ $~~247~~33.02 million, orin ~~$10.21~~borrowings ~~per share. A year ago~~ at ~~August~~an ~~31,~~average ~~2002,~~rate ~~the~~of ~~Fund’s~~approximately ~~Net Asset Value was $211~~1.~~2 million, or $10~~82%.28 ~~per share.~~

~~The~~In ~~$21.2~~each ~~million,~~of orthe ~~8.6%, quarter-to-quarter~~above ~~increase~~referenced inperiods, ~~Net~~the ~~Asset~~total ~~Value~~proceeds from ~~$247.0~~borrowings ~~million~~were ~~to $268.2 million was~~ primarily ~~attributable~~used to ~~the~~support ~~sale~~additional ofinvestments ~~new shares~~ in the Fund.’s ~~The~~Designated ~~$57.0 million, or 27.0%, year-to-year increase in net assets was also primarily attributable~~Target ~~to the sale of new shares in the Fund~~Regions.

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.

Net Assets and Fund Holdings at November 30, 2003

At November 30, 2003, the Fund’s Net Asset Value was $285.8 million, or $9.83 per share. At the end of the prior fiscal quarter, 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 Net Asset Value was $247.0 million, or $10.21 per share. A year ago at November 30, 2002, the Fund’s Net Asset Value was $228.7 million, or $10.22 per share.

The $17.6 million, or 6.56%, quarter-to-quarter increase in net assets from $268.2 million to $285.8 million was primarily attributable to the sale of new shares in the Fund. The $57.1 million, or 24.97%, 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 $3.86 million for the quarter ended November 30, 2003, an increase of approximately $0.23 million, or 6.34%, from net investment income of $3.63 million for the prior fiscal quarter, which ended August 31, 2003, and an increase of approximately $0.52 million, or 15.57%, from net investment income of $3.34 million for the fiscal quarter ended November 30, 2002. The increases were each largely due to an increase in the average net assets of the Fund.

The Fund had investment income net of all fees and expenses (as discussed below) of $7.49 million for the six month period ended November 30, 2003, an increase of approximately $1.05 million, or 16.30%, from net investment income of $6.44 million for the six month period ended November 30, 2002. The increase is largely due to an increase in average net assets of the Fund.

Management Fees & Expenses

Access Capital Strategies LLC (“Access”), the Fund’s Manager, is paid an annual management fee, paid 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 November 30, 2003, the management fee paid by the Fund was $429,171. For the prior quarter ended August 31, 2003, the management fee paid by the Fund was $399,810. For the year ago fiscal quarter ended ~~August~~November 3130, 2002, the management fee paid by the Fund was $~~286~~318,~~669~~440. 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.

Effective as of June 1, 2003, the six basis point and two basis point expense reimbursement caps referred to above were replaced with and superceded by a 25 basis point expense reimbursement cap. To the extent that the Fund’s operating expenses (exclusive of management fees and interest expense) in a given fiscal year are less than .25% of the Fund’s monthly average net assets, the Fund will repay Access and MLIM for operating expenses previously borne or reimbursed by Access and MLIM (provided that in no circumstance will the Fund pay or reimburse more than 25 basis points of the Fund’s monthly average assets for operating expenses and expense reimbursement collectively in any fiscal year). Total unreimbursed expenses as of November 30, 2003 amount to $597,328. 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 November 30, 2003.

Yield

At the quarter ended November 30, 2003, the SEC current yield was 5.61%, compared to 5.08% for the quarter ended August 31, 2003 and 5.90% for the year ago quarter ended November 30, 2002.

For the quarter ended November 30, 2003, the ratio of net investment income to average net assets was 5.59% compared to 5.70% for the prior quarter, which ended August 31, 2003, and 6.17% for the quarter ended November 30, 2002.

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

Realized Gain/Loss

For the quarter ended November 30, 2003, the realized gain was $1,349,643 compared to a realized loss of $1,425,325 for the prior quarter, which ended August 31, 2003, and a realized loss of $609,931 for the quarter ended November 30, 2002. The gain in the current period was primarily attributable to sales of portfolio investments. The loss in the prior periods was primarily attributable to the Fund’s hedging activities. The Fund experiences a realized gain or loss on its hedges when the positions are closed or when they are rolled from one expiration cycle to the next.

For the six months ended November 30, 2003, the net realized loss on investments was $75,682 compared to a net realized loss of $3,952,298 for the six months ended November 30, 2002. In the current period gains on portfolio sales were offset by losses on the Fund’s hedging activities. The loss in the prior period was primarily attributable to the Fund’s hedging activities.

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~~1376 during the quarter ended ~~August~~November 3130, 2003. The dividends were paid as follows:

June 2003	$0.04692
September 2003	$	0.0453
July 2003	$0.04844
October 2003	$	0.0444
August 2003	$0.04585
November 2003	$	0.0479

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

During the previous quarter ended August 31, 2003, the Fund paid total monthly dividends of $0.1412. A year ago, the Fund paid a quarterly dividend of $0.1512 per share on October 7, 2002 to shareholders of record as of September 30, 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 November 30, 2003, the total return was 1.83%, compared to a total return of -2.80% in the quarter ended August 31, 2003 and a total return of 0.85% in the comparable period ended November 30, 2002.

Although interest rates continued to be volatile, the quarter ended November 30, 2003 was markedly calmer than the quarter ended August 31, 2003. Rates generally declined and the Fund’s fixed rate holdings increased in value.

Fund Designated Target Regions at November 30, 2003

The Fund’s Designated Target Regions (“DTRs”) are provided by Fund shareholders at the time of investment. At November 30, 2003 DTRs were:

DTRs	AMOUNT
AL/FL/GA/LA/MS	$	5,000,000
Arizona		10,000,000
California		27,073,129
CA/NYC		5,095,810
Connecticut		2,074,552
CA/TX/AZ/NV/NYC/WA/OR		14,450,000
Florida		1,500,000
Guam		141,286
Illinois		600,000
Iowa		150,000
Texas/Louisiana		5,000,000
Massachusetts		37,421,245
MA/NH/CT		1,000,000
MA/NH/PA/NJ/DE/MD/FL/CA		5,000,000
MA/NH		5,500,000
MA/PA/NJ/CT/RI		10,000,000
Maine		103,267
Missouri		1,000,000
Nebraska		8,668,000
New England		17,123,838
New York		4,146,623
NJ/NY/DC		10,000,000
New Jersey		11,696,425
New Mexico/Nevada		6,000,000
NM/TX		600,000
New Mexico		500,000
North Carolina		500,000
Ohio		1,524,188
Oregon		500,000
Pennsylvania		4,000,000
PA/NJ		10,673,796
PA/CA/DC/VA		650,000
Rhode Island		250,000
South Carolina		500,000
South Dakota		5,655,359
TN		500,000
Texas		13,681,002
Utah		2,094,743
Utah/NJ		59,186,508
Vermont		100,000
Washington		1,000,000
Wisconsin		500,000
TOTAL	$	291,159,771

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~~November 3130, 2003, the Fund’s investments had outstanding loans to 4,~~072~~278 homebuyers with incomes below 80% of median income from the following states in the following numbers.

Whole Loans
Alabama		2625
Arizona		~~136~~140
California		~~334~~369
Connecticut		52
Colorado		8
Delaware		15
Connecticut		55
Florida		89
Delaware		22
Florida		103
Georgia		8
Guam		2
Illinois		1646
Louisiana		22
Iowa		4
Kansas		3
Louisiana		26
Maine		1
Maryland		734
Massachusetts		~~828~~879
Mississippi		4
Missouri		916
Nevada		4153
New Hampshire		44
New Jersey		~~718~~764
New Mexico		5458
New York		~~130~~145
North Carolina		14
Ohio		4451
Oregon		2938
Pennsylvania		~~472~~483
Rhode Island		2810
South Carolina		10
South Dakota		69114
Tennessee		45
Texas		~~281~~354
Utah		~~423~~365
Virginia		12
Vermont		5
Washington		28
Virginia		3
Washington, D.C.		50
Washington		36
Washington, D.C.		5
Wisconsin		6
		4,072
		4,278

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.

InMany ~~addition, as~~ of ~~August 31, 2003,~~ the ~~Fund’s~~above ~~investments had outstanding~~ loans towere ~~sponsors~~made ~~of 841~~under ~~multi-family,~~targeted 14CRA ~~community~~lending ~~based~~initiatives ~~non-profit~~such ~~affordable~~as ~~housing rental units~~Acorn, ~~and~~Mass 22Housing ~~SBA~~Partnership ~~loans~~and other ~~from~~individual ~~the~~banks ~~following~~tailor ~~states~~made inCRA ~~the~~lending ~~following amounts~~programs.

~~Multi~~In addition as of November 30, 2003, the Fund’s investments had outstanding loans to sponsors of 1,258 multi-~~Family~~family, ~~Units~~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
Delaware		120
Louisiana		128
New York		222
Texas		~~227~~355
Utah		70207
		841
		1,258
Affordable Housing
Sub Total		5,536
Community Based Non-Profit
Rhode Island		14
		14
SBA Loans
Utah		22
		22

~~Affordable~~19 ~~Housing~~

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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~~November 3130, 2003, new shareholders purchased an additional 32,~~191~~869,~~621~~988 shares of the Fund for total proceeds of $3128,~~440~~468,000. In addition, dividend reinvestments resulted in 3443,~~321~~605 additional new shares being issued by the Fund for total proceeds of $~~339~~430,~~031~~595. During the year ago quarter ended ~~August~~November 3130, 2002, new shareholders purchased an additional ~~2.3~~1,805,626 ~~million~~ shares of the Fund for total proceeds of $~~23.3 million~~18,589,620, and dividend reimbursements resulted in ~~117~~35,~~126~~785 additional new shares being issued by the Fund for total proceeds of $1365,192.2 ~~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.

19During the quarter ended November 30, 2003 1,247,362 shares of the Fund were redeemed for $12,224,152. There were no redemptions in the year ago quarter ended November 30, 2002.

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~~November 3130, 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.

2122

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	~~N/A~~
	(2	)				None
	(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.
	(3)		(i)		Articles of Incorporation are incorporated by reference to the Fund’s Form 10-Q for the period ended August 31, 1998.
			(ii)	~~(ii)~~	By-Laws are incorporated by reference to the Fund’s Form 10-Q for the period ended August 31, 1998.	~~By-Laws are incorporated by reference to the Fund’s Form 10-Q for the period ended August 31, 1998.~~
	(4	)				N/A
	(4)				N/A
	(5	)				N/A
	(5)				N/A
	(8	)				N/A
	(8)				N/A
	(9	)				None
	(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.
	(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)	~~(iii)(A)~~	Management Agreement is incorporated by reference to the Fund’s Form 10-Q for the period ended August 31, 1998.	~~Management Agreement is incorporated by reference to the Fund’s Form 10-Q for the period ended August 31, 1998.~~
			(B)	~~(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	~~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
	(11)				N/A
	(12	)				N/A
	(12)				N/A
	(13	)				N/A
	(13)				N/A
	(15	)				N/A
	(15)				N/A
	(16	)				None
	(16)				None
	(17	)				N/A
	(17)				N/A
	(18	)				N/A
	(18)				N/A
	(19	)				N/A
	(19)				N/A
	(20	)				N/A
	(20)				N/A
	(21	)				None
	(21)				None
	(22	)				N/A
	(22)				N/A
	(23	)				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.
	(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
	(25)				N/A
	(26	)				N/A
	(26)				N/A
	(27	)				Reserved

2223

	(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.
	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*
Date: January 14, 2004		/ S / Ronald A. Homer* Ronald A. Homer, Chairman
		Ronald A. Homer, Chairman
Date: January 14, 2004		/ S / Kevin J. Mulvaney* Kevin J. Mulvaney, Director
Date: October 15, 2003		/S/ Kevin J. Mulvaney*
Date: January 14, 2004		/ S / Peter Blampied* Peter Blampied, Director
		Kevin J. Mulvaney, Director
Date: January 14, 2004		/ S / M. Colyer Crum* M. Colyer Crum, Director
Date: October 15, 2003		/S/ Peter Blampied*
Date: January 14, 2004		/ S / Terry K. Glenn* Terry K. Glenn, Director
		Peter Blampied, Director
Date: January 14, 2004		/ S / Stephen B. Swensrud* Stephen B. Swensrud, Director
Date: October 15, 2003		/S/ M. Colyer Crum*
Date: January 14, 2004		/ S / David F. Sand* David F. Sand, Chief Executive Officer, Principal Accounting Officer, Principal Financial Officer
		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~~Brant EK. ~~Lybecker~~Brown ~~Martin~~Brant EK. ~~Lybecker~~Brown Attorney-in-fact

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