UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended ~~February~~November 2930, 2004

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

For the transition period from to

Commission File No. 817-00807

Access Capital Strategies Community Investment Fund, Inc.

(Exact name of registrant as specified in its charter)

Maryland		04-3369393
(State or other jurisdiction ofincorporation or organization)		(I.R.S. EmployerIdentification No.)
(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 ~~102~~119 shareholders and 3038,~~826~~421,~~619~~302 shares of common stock outstanding as of ~~February~~November 2930, 2004.

Access Capital Strategies Community Investment Fund, Inc.

~~February~~November 2930, 2004 Form 10-Q Quarterly Report

TABLE OF CONTENTS

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

Access Capital Strategies Community Investment Fund, Inc.

PART I — FINANCIAL INFORMATION

Item 1:

Condensed Financial Statements

CONDENSED STATEMENTS OF ASSETS AND LIABILITIES

	February 29, 2004 (Unaudited)			May 31, 2003
	CONDENSED STATEMENTS OF ASSETS AND LIABILITIES
Assets:
	November 30, 2004(unaudited)			May 31, 2004			November 30, 2003(unaudited)
Investments, at value*	$	370,572,386		$	316,614,272
Assets:
Cash		650,893			1,498,826
Investments in unaffiliated securities, at value*	$	454,229,930		$	398,567,401		$	365,254,153
Receivables:
Cash		866,225			—			6,897,028
Interest		1,660,175			1,508,738
Receivables:
Securities sold		2,969,578			—
Capital shares sold		7,000,000			14,785,251			8,018,000
Principal paydowns		19,916			70,677
Interest		2,020,380			1,776,197			1,669,140
Capital shares sold		—			100,000
Securities sold		2,871,343			—			—
Variation margin		—			4,344
Principal paydowns		280,972			370,198			52,828
Prepaid expenses and other assets		182			49,209
Variation margin		—			191,468			376,873
Total assets		375,873,130			319,846,066
Prepaid expenses and other assets		119,402			270			154,315
Liabilities:
Total assets		467,388,252			415,690,785			382,422,337
Payables:
Liabilities:
Reverse repurchase agreements (including accrued interest of $17,114 and $18,871,
Payables:
respectively)		57,217,114			47,018,871
Reverse repurchase agreements (including accrued interest of $64,467, $17,180 and $28,424, respectively)		81,364,467			51,117,180			85,528,424
Securities purchased		108,~~271~~000,~~405~~432			2315,~~374~~485,~~300~~800			9,685,900
Dividends to shareholders		1,~~306~~178,~~031~~406			21,~~153~~310,~~075~~503			1,197,924
Investment advisor		155,894			221,421
Custodian bank		—			956,797
Variation margin		150,000			—
Investment advisor		238,688			177,414			158,781
Other affiliates		17,764			14,892
Variation margin		31,039			—			—
Accrued expenses and other liabilities		17,229			29,627
Other affiliates		8,127			2,565			12,327
Total liabilities		69,135,437			72,812,186
Accrued expenses and other liabilities		31,197			73,326			—
Net Assets:
Total liabilities		90,852,356			69,123,585			96,583,356
Net Assets	$	306,737,693		$	247,033,880
Net Assets:
Net Assets Consist of:
Net Assets	$	376,535,896		$	346,567,200		$	285,838,981
Paid-in capital		308,728,483			243,079,354
Net Assets Consist of:
Undistributed (accumulated distributions in excess of) investment income-net		(1,401,839	)		(1,401,829	)
Paid-in capital	$	383,138,336		$	359,732,222		$	291,532,828
Accumulated realized capital losses on investments-net		(7,701,037	)		(5,491,453	)
Accumulated distributions in excess of investment income - net		(1,306,395	)		(1,310,503	)		(1,401,841	)
Unrealized appreciation on investments-net		7,112,086			10,847,808
Accumulated realized capital loss - net		(8,988,233	)		(7,361,655	)		(5,567,135	)
Total accumulated earnings (losses)-net		(1,990,790	)		3,954,526
Unrealized appreciation (depreciation) - net		3,692,188			(4,492,864	)		1,275,129
Net Assets	$	306,737,693		$	247,033,880
Total accumulated loss - net		(6,602,440	)		(13,165,022	)		(5,693,847	)
Net Asset Value Per Share	$	9.95		$	10.21
Net Assets	$	376,535,896		$	346,567,200		$	285,838,981
*Identified cost.	$	363,305,723		$	304,973,620
Net Asset Value Per Share	$	9.80		$	9.62		$	9.83
Shares issued and outstanding, $.0000001 par value, 100,000,000 shares authorized.		30,826,619			24,195,706
* Identified cost	$	450,663,100		$	403,230,291		$	363,454,659
Shares issued and outstanding, $.0000001 par value, 100,000,000 shares authorized		38,421,302			36,035,590			29,087,879

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended		~~Three Months Ended~~						Six Months Ended		~~Nine Months Ended~~
			February 29,2004				February 28,2003				February 29,2004				February 28,2003
	November 30,2004				November 30,2003				November 30,2004				November 30,2003
Investment Income:	~~Investment Income:~~
Interest	~~Interest~~$	5,625,050	$	~~4,906,079~~	$	4,652,512	$	~~4,151,253~~	$	10,965,748	$	~~13,936,471~~	$	9,030,392	$	~~11,578,910~~
Expenses:	~~Expenses:~~
Management fees	~~Management fees~~	544,965		~~460,522~~		429,171		~~354,144~~		1,056,629		~~1,289,503~~		828,981		~~959,253~~
Interest expense	~~Interest expense~~	324,410		~~209,545~~		189,822		~~159,165~~		518,303		~~589,020~~		379,475		~~460,533~~
Professional fees	~~Professional fees~~	41,981		~~51,123~~		49,629		~~29,248~~		72,726		~~130,406~~		79,283		~~73,353~~
Accounting services	~~Accounting services~~	24,769		~~30,437~~		24,656		~~22,314~~		61,682		~~76,118~~		45,681		~~65,228~~
Pricing fees	~~Pricing fees~~	10,072		~~15,548~~		12,893		~~5,783~~		24,255		~~38,953~~		23,405		~~11,395~~
Custodian fees	~~Custodian fees~~	10,506		~~13,897~~		9,311		~~6,487~~		24,876		~~30,379~~		16,482		~~17,898~~
Director’s fees and expenses	~~Director’s fees and expenses~~	5,360		~~8,013~~		6,599		~~5,514~~		13,946		~~21,433~~		13,420		~~21,276~~
	Organizational fees			—				11,691				—				32,445
Transfer agent fees		3,573				4,539				9,297				8,671
	Transfer agent fees			5,177				4,495				13,848				14,555
Other		5,164				4,296				12,972				8,303
	Other			8,289				4,931				16,592				17,028
Total expenses before reimbursement		970,800				730,916				1,794,686				1,403,701
	Total expenses before reimbursement			802,551				603,772				2,206,252				1,672,964
Reimbursement of expenses		171,059				60,729				308,562				136,535
	Reimbursement of expenses			51,471				(43,332	)			188,006				(122,506	)
Total expenses after reimbursement		1,141,859				791,645				2,103,248				1,540,236
	Total expenses after reimbursement			854,022				560,440				2,394,258				1,550,458
Investment income - net		4,483,191				3,860,867				8,862,500				7,490,156
	Investment income-net			4,052,057				3,590,813				11,542,213				10,028,452
Realized & Unrealized Gain (Loss) - Net:
	Realized & Unrealized Gain (Loss) on Investments-Net:
Realized gain (loss) on:
	Realized loss on investments-net			(2,133,902	)			(1,403,401	)			(2,209,584	)			(5,355,699	)
Investments - net		90,066				256,638				98,316				(239,935	)
	Change in unrealized appreciation on investments-net			5,836,957				4,250,444				(3,735,722	)			8,514,202
Financial futures contracts - net		32,597				1,093,005				(1,724,894	)			164,253
	Total realized and unrealized gain (loss) on investments-net			3,703,055				2,847,043				(5,945,306	)			3,158,503
Change in unrealized appreciation (depreciation) on: Investments - net		(2,839,861	)			(410,948	)			8,229,720				(9,572,679	)
	Net Increase in Net Assets Resulting from Operations		$	7,755,112			$	6,437,856			$	5,596,907			$	13,186,955
Financial futures contracts - net		330,176				—				(44,668	)			—
Total realized and unrealized gain (loss) - net		(2,387,022	)			938,695				6,558,474				(9,648,361	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,096,169			$	4,799,562			$	15,420,974			$	(2,158,205	)

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

CONDENSED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	Three Months Ended						~~Nine~~Six Months Ended
	February 29,2004			February 28,2003			February 29,2004			February 28,2003
Increase (Decrease) in Net Assets:	November 30,2004			November 30,2003			November 30,2004			November 30,2003
Increase (Decrease) in Net Assets:
Operations:
Investment income-net	$	4,~~052~~483,~~057~~191		$	3,~~590~~860,~~813~~867		$	118,~~542~~862,~~213~~500		$	107,~~028~~490,~~452~~156
Realized loss on investments-net		(2,133,902	)		(1,403,401	)		(2,209,584	)		(5,355,699	)
Realized gain (loss) - net		122,663			1,349,643			(1,626,578	)		(75,682	)
Change in unrealized appreciation on investments-net		5,836,957			4,250,444			(3,735,722	)		8,514,202
Change in unrealized appreciation/depreciation - net		(2,509,685	)		(410,948	)		8,185,052			(9,572,679	)
Net increase in net assets resulting from operations		7,755,112			6,437,856			5,596,907			13,186,955
Net increase (decrease) in net assets resulting from operations		2,096,169			4,799,562			15,420,974			(2,158,205	)
Dividends to Shareholders:
Dividends to shareholders from investment income-net		(4,~~052~~479,~~055~~083	)		(3,~~465~~860,~~626~~862	)		(118,~~542~~858,~~223~~392	)		(97,~~863~~490,~~397~~168	)
Capital Share Transactions:
Net proceeds from sale of shares		18,957,000			10,825,001			78,865,000			52,746,344
Proceeds from sale of shares		12,125,000			28,468,000			26,475,000			59,908,000
Value of shares issued to shareholders in reinvestment of dividends		~~352~~976,~~674~~953			~~357~~430,~~472~~595			1,~~122~~926,~~300~~432			1769,~~896,496~~626
Total issued		1913,~~309~~101,~~674~~953			1128,~~182~~898,~~473~~595			7928,~~987~~401,~~300~~432			5460,~~642~~677,~~840~~626
Cost of shares redeemed		~~(2,114,019~~—	)		—(12,224,152	)		(144,~~338~~995,~~171~~318	)		—(12,224,152	)
Net increase in net assets resulting from capital share transactions		17,195,655			11,182,473			65,649,129			54,642,840
Net increase in net assets derived from capital share transactions		13,101,953			16,674,443			23,406,114			48,453,474
Net Assets:
Total increase in net assets		2010,~~898~~719,~~712~~039			1417,~~154~~613,~~703~~143			5929,~~703~~968,~~813~~696			5738,~~966~~805,~~398~~101
Beginning of period		~~285~~365,~~838~~816,~~981~~857			~~228~~268,~~695~~225,~~514~~838			~~247~~346,~~033~~567,~~880~~200			~~184~~247,~~883~~033,~~819~~880
End of period*	$	~~306~~376,~~737~~535,~~693~~896		$	~~242~~285,~~850~~838,~~217~~981		$	~~306~~376,~~737~~535,~~693~~896		$	~~242~~285,~~850~~838,~~217~~981
* Undistributed (accumulated distributions in excess of) investment income-net	$	(1,401,839	)	$	1,109,744		$	(1,401,839	)	$	1,109,744
* Accumulated distributions in excess of investment income - net	$	(1,306,395	)	$	(1,401,841	)	$	(1,306,395	)	$	(1,401,841	)

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Nine Months Ended February 29, 2004			Nine Months Ended February 28, 2003
	Six Months Ended
Cash Used for Operating Activities:
	November 30,2004			November 30,2003
Net increase in net assets resulting from operations	$	5,596,907		$	13,186,955
Cash Used For Operating Activities:
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Net increase (decrease) in net assets resulting from operations	$	15,420,974		$	(2,158,205	)
Increase in receivables		(147,093	)		(346,761	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used for operating activities:
Decrease in deposit from brokers		—			21,094,066
Increase in receivables		(52,715	)		(532,931	)
Decrease in other assets		49,027			210,528
Increase in other assets		(119,132	)		(105,106	)
Increase (decrease) in other liabilities		73,190			(20,876,593	)
Increase in other liabilities		(853,764	)		(85,279	)
Realized and unrealized loss (gain) on investments-net		4,256,990			(7,134,267	)
Realized and unrealized loss (gain) - net		(8,328,036	)		10,081,095
Amortization of premium and discount		8(5,~~918~~201	)		93,~~475~~173
Proceeds from paydowns and sales of long-term investments		~~130~~59,~~558~~886,~~628~~314			~~114~~94,~~190~~686,~~397~~487
Purchases of long-term investments		(~~204~~117,~~804~~483,~~362~~091	)		(~~187~~167,~~873~~081,~~285~~187	)
Net cash used for operating activities		(6451,~~407~~534,~~795~~651	)		(6765,~~539~~191,~~485~~953	)
Cash Provided by Financing Activities:
Cash Provided By Financing Activities:
Cash receipts from issuance of common stock-net		78,965,000			52,746,343
Cash receipts from issuance of common stock		34,260,251			51,990,000
Cash receipts from reverse repurchase agreements-net		10,200,000			22,200,000
Cash receipts from reverse repurchase agreements - net		30,200,000			38,500,000
Cash payments on capital shares redeemed-net		(14,338,171	)		—
Cash payments on capital shares redeemed - net		(4,995,318	)		(12,224,152	)
Dividends paid to shareholders		(11,266,967	)		(7,966,901	)
Dividends to shareholders		(7,064,057	)		(7,675,693	)
Net cash provided by financing activities		6352,~~559~~400,~~862~~876			6670,~~979~~590,~~442~~155
Cash:
Net decrease in cash		(847,933	)		(560,043	)
Net increase in cash		866,225			5,398,202
Cash at beginning of period		~~1,498,826~~—			~~560~~1,~~043~~498,826
Cash at end of period	$	~~650~~866,~~893~~225		$	—6,897,028
Cash Flow Information:
Cash paid for interest	$	~~590~~471,~~777~~016		$	~~471~~369,~~283~~922
Non-Cash Financing Activities:
Capital shares issued in reinvestment of dividends paid to shareholders	$	1,~~122~~926,~~300~~432		$	1769,~~896,497~~626

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

FINANCIAL HIGHLIGHTS (UNAUDITED)

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

	Three Months Ended						~~Nine~~Six Months Ended
	February 29,2004			February 28,2003			February 29,2004			February 28,2003
Increase (Decrease) in Net Asset Value:	November 30,2004			November 30,2003			November 30,2004			November 30,2003
Increase (Decrease) in Net Asset Value:
Per Share Operating Performance:
Net asset value, beginning of period	$	9.8386		$	109.2278		$	109.2162		$	10.1921
Investment income-net***		.14			.16			.42			.47
Investment income-net+		.12			.14			.24			.28
Realized and unrealized gain (loss) on investments-net		.11			.12			(.27	)		.15
Realized and unrealized gain (loss) - net		(.06	)		.05			.18			(.38	)
Total from investment operations		.2506			.2819			.1542			(.6210	)
Less dividends from investment income-net		(.13	)		(.16	)		(.41	)		(.47	)
Less dividends from investment income - net		(.12	)		(.14	)		(.24	)		(.28	)
Net asset value, end of period	$	9.9580		$	109.3483		$	9.9580		$	109.3483
Total Investment Return:**
Based on net asset value per share		20.61	%+#		21.7683	%+#		14.5540	%+#		6(1.2402	)%+#
Ratios to Average Net Assets:++
Ratios to Average Net Assets:
Expenses, net of reimbursement and excluding interest expense		.8889	%*		.6887	%*		.88	%*		.6787	%*
Expenses, excluding interest expense		.8170	%*		.7578	%*		.7871	%*		.7577	%*
Expenses		1.0906	%*		1.0306	%*		1.0700	%*		1.0306	%*
Investment income-net		5.51	%*		6.10	%*		5.59	%*		6.16	%*
Investment income - net		4.88	%*		5.59	%*		4.92	%*		5.64	%*
Ratios to Average Net Assets, Including Borrowings:++
Ratios to Average Net Assets, Excluding Borrowings:
Expenses, net of reimbursement and excluding interest expense		.7075	%*		.5771	%*		.7075	%*		.5770	%*
Expenses, excluding interest expense		.6459	%*		.6364	%*		.6360	%*		.6462	%*
Expenses		.8789	%*		.86	%*		.8685	%*		.8885	%*
Investment income-net		4.38	%*		5.11	%*		4.49	%*		5.27	%*
Investment income - net		4.11	%*		4.54	%*		4.19	%*		4.55	%*
Supplemental Data:
Net assets, end of period (in thousands)	$	~~306~~376,~~738~~536		$	~~242~~285,~~850~~839		$	~~306~~376,~~738~~536		$	~~242~~285,~~850~~839

*	Annualized.

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

~~***~~# ~~Based~~Aggregate ontotal ~~average~~investment ~~shares outstanding~~return.

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

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

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

~~Schedule~~SCHEDULE ofOF ~~Investments~~INVESTMENTS

~~February~~NOVEMBER 2930, 2004 (~~unaudited~~UNAUDITED)

	Face Amount		Market Value
MORTGAGE-BACKED SECURITIES (120.8%):
MORTGAGE-BACKED SECURITIES (120.1%):
Federal National Mortgage Association (FNMA)(80.8%):
Federal National Mortgage Association (FNMA)(76.7%):
15 Year Fixed Rate Single Family Mortgage-Backed Securities
4.50%, 10/1/18 (b)	$	2,324,246	$	2,351,964
4.50%, 10/1/18 - 12/15/19(b)	$	7,342,692	$	7,345,671
5.00%, 12/1/17 - 1/1/18 (b)		4,743,119		4,887,393
5.00%, 12/1/17 - 2/1/19		8,852,719		9,037,784
5.50%, 3/1/16		338,198		355,819
5.50%, 3/1/16 - 7/1/19		1,531,027		1,590,624
7.00%, 1/1/15		~~105~~78,~~572~~265		~~113~~83,~~693~~509
30 Year Fixed Rate Single Family Mortgage-Backed Securities
4.50%, 5/1/33 - 10/1/33		11,934,275		11,666,101
4.50%, 5/1/33 - 2/1/34(c)		13,202,724		12,796,334
5.00%, 7/1/32 - 12/1/33 (c)		82,002,663		82,636,420
5.00%, 7/1/32 - 11/1/34(c)		99,316,463		98,820,977
5.50%, 9/1/32 - 2/1/34		67,562,975		69,503,075
5.50%, 9/1/32 - 12/15/34(b)		86,750,364		88,403,937
6.00%, 7/1/29 - 3/15/34 (c)		22,737,686		23,800,846
6.00%, 11/1/31 - 9/1/34		27,114,202		28,173,559
6.50%, 1/1/31 - 11/1/32 (c)		28,056,960		29,665,299
6.50%, 3/1/31 - 8/1/34		21,361,238		22,560,407
7.00%, 6/1/29 - 3/1/31		21,~~173~~008,~~592~~649		21,~~319~~077,~~981~~197
7.25%, 12/1/29		79,~~910~~170		8584,~~705~~942
7.50%, 9/1/29 - 1/1/31		1,561,608		1,681,301
7.50%, 12/1/29 - 1/1/31		1,156,293		1,246,657
8.00%, 2/1/30 - 4/1/30		~~530~~373,~~466~~435		~~577~~407,~~386~~698
Total single family mortgage-backed securities				229,644,983
Total Single Family Mortgage-Backed Securities				271,629,296
Multi Family Mortgage-Backed Securities
4.66%, 10/1/13		~~996~~986,~~106~~636		1992,~~012,064~~174
4.93%, 10/1/12		996,708		1,038,789
4.78%, 5/1/14		496,678		500,997
5.23%, 4/1/21		1,981,996		2,004,467
4.93%, 10/1/12		986,552		1,008,587
5.37%, 11/1/21		5,111,248		5,424,640
5.23%, 4/1/21		1,964,496		1,938,351
5.41%, 2/1/21		1,069,291		1,139,395
5.37%, 11/1/21		5,065,594		5,221,348
5.51%, 11/1/21		772,132		805,002
5.41%, 2/1/21		1,060,745		1,097,770
6.50%, 5/1/17		1,294,817		1,442,573
5.51%, 11/1/21		766,325		776,502
6.70%, 6/1/19		660,371		750,289
6.38%, 5/1/11		1,204,622		1,323,457
6.50%, 5/1/17		1,279,376		1,380,830
6.70%, 6/1/19		655,625		720,923
7.13%, 1/1/22		431,424		478,929
7.58%, 5/1/18		610,372		714,670
7.97%, 9/1/17		728,359		871,053
Total Multi Family Mortgage-Backed Securities				17,025,591
Total Federal National Mortgage Association Securities				288,654,887
Federal Home Loan Mortgage Corporation (37.7%):
15 Year Fixed Rate Single Family Mortgage-Backed Securities
4.50%, 1/1/19 - 11/1/19		2,978,031		2,979,465
5%, 11/1/18 - 12/15/19(b)		3,870,798		3,946,698
5.50%, 9/1/19 - 12/15/19(b)		1,707,933		1,772,417

	Face Amount		Market Value
7.13%, 1/1/22	$	439,988	$	499,885
7.42%, 10/1/18		1,942,492		2,296,521
7.58%, 5/1/18		615,165		742,352
7.97%, 9/1/17		738,253		910,517
Total multi-family mortgage-backed securities				18,066,494
Total Federal National Mortgage Association securities				247,711,477
Federal Home Loan Mortgage Corporation (36.3%):
15 Year Fixed Rate Single Family Mortgage-Backed Securities
4.50%, 1/1/19 (b)		1,173,496		1,185,378
5%, 11/1/18 - 1/1/19		2,503,537		2,583,488
30 Year Fixed Rate Single Family Mortgage-Backed Securities
4.50%, 8/1/33 - 9/1/33	$	3,~~879~~377,~~416~~144	$	3,~~795~~271,~~173~~757
5.00%, 6/1/33 - 3/15/34		26,029,195		26,214,321
5.00%, 6/1/33 - 12/15/34(b)		33,244,392		33,103,553
5.50%, 9/1/29 - 3/15/34 (c)		41,412,748		42,626,395
5.50%, 9/1/29 - 12/15/34(b)		63,924,911		65,170,761
6.00%, 3/1/31 - 10/1/33 (c)		20,166,423		21,089,758
6.00%, 3/1/31 - 9/1/34		21,330,407		22,144,865
6.50%, 6/1/29 - 8/1/32		107,~~608~~398,~~821~~327		117,~~214~~805,~~451~~719
7.00%, 10/1/29 - 4/1/31		1,505,670		1,606,369
7.00%, 11/1/29 - 4/1/31		988,100		1,054,715
7.50%, 12/1/29 - 3/1/30		1836,~~114,878~~830		1902,~~204,548~~499
Total Federal Home Loan Mortgage Corporation
Total Federal Home Loan Mortgage Corporation Single Family Mortgage-Backed Securities				142,152,449
Single family mortgage-backed securities				111,519,881
GNMA Pool (1.4%):
GNMA Pool (2.0%):
30 Year Fixed Rate Single Family Mortgage-Backed Securities
6.00%, 12/15/31		830,164		864,900
6.50%, 4/15/32 - 4/20/32		522,571		553,837
7.00%, 4/15/32		176,453		188,768
Total Single Family Mortgage-Backed Securities				1,607,505
Multi Family Mortgage-Backed Securities
5.13%, 3/1/34		637,000		660,416
5.13%, 3/15/34		631,462		632,914
5.75%, 9/15/23		~~761~~745,~~233~~987		~~816~~763,~~057~~452
6.00%, 12/15/31		1,006,466		1,057,905
6.25%, 9/15/32		526,144		570,317
6.25%, 9/15/32		530,844		593,335
8.25%, 12/15/32		1,450,534		1,624,469
6.50%, 4/15/32 - 4/20/32		788,052		835,813
Total Multi Family Mortgage-Backed Securities				3,591,152
7.00%, 4/15/32		262,578		281,041
Total GNMA Pool Multi Family Mortgage-Backed Securities				5,198,657
Community Reinvestment Revenue Notes (0.8%)
4.21%, 9/01/19		3,000,000		3,000,000
Total Community Reinvestment Revenue Notes				3,000,000
Small Business Administration (3.5%)
1.55%, 3/25/29(d)		3,202,258		3,173,875
1.55%, 4/25/28(a)(d)		1,705,703		1,735,012
1.63%, 6/25/18(a)(d)		874,919		868,785
1.65%, 10/25/10(d)		758,315		753,873
1.65%, 3/25/14(d)		2,450,917		2,435,884
2.10%, 9/01/28(d)		1,576,663		1,576,663
2.35%, 9/25/09(d)		2,032,154		2,032,154
4.88%, 1/25/09(d)		755,211		783,256
Total Small Business Administration Securities				13,359,502
Total Mortgage-Backed Securities				452,365,495

	Face Amount			Market Value
MUNICIPAL BONDS (0.5%):
8.25%, 12/15/32	$	1,537,166		$	1,796,253
Guam Power Authority Revenue Bonds, Series A, 5% due 10/01/2024	140,000			144,050
Total GNMA Pool multi-family mortgage-backed securities					6,040,820
Utah Housing Corporation Single Family Mortgage Revenue Bonds, 3.36% due 7/1/2014	750,000			726,045
Small Business Administration (1.7%):
Utah Housing Corporation Single Family Mortgage Revenue Bonds, 3.48% due 7/1/2014	1,000,000			994,340
1.30%, 4/25/28 (a)		1,986,597			1,972,384
Total Municipal Bonds				1,864,435
1.38%, 6/25/18 (a)		1,054,411			1,048,557
Total investments (cost - $450,663,100) - 120.6%				454,229,930
1.40%, 10/25/10		1,009,714			1,005,504
Liabilities in excess of other assets - (20.6%)				(77,694,034	)
4.63%, 1/25/09		1,074,971			1,126,164
Net assets - 100.0%			$	376,535,896
Total Small Business Administration securities					5,152,609
Total mortgage-backed securities					370,424,787
MUNICIPAL BONDS (0.0%):
Guam Power Authority Revenue Bonds, Series A, 5% due 10/01/2024		140,000			147,599
Total municipal bonds					147,599
Total investments (cost - $363,305,723) - 120.8%					370,572,386
Variation margin on financial futures contracts* - 0.0%					(150,000	)
Liabilities in excess of other assets - (20.8%)					(63,684,693	)
Net assets - 100.0%				$	306,737,693

* Pursuant to the financial futures contracts, the Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuation in values of the contract. Such receipts or payments, which are settled the following business day, are known as variation margin and are recorded by the Fund as unrealized gains or losses. Financial futures contracts sold as of February 29, 2004 were as follows:

Number of Contracts	Issue	ExpirationDate	Face Value		UnrealizedLosses
200	U.S. Five-Year Treasury Bonds	June 2004	$	22,439,875	$	(41,375	)
200	U.S. Ten-Year Treasury Bonds	June 2004		22,661,798		(113,202	)
Total Unrealized Losses-Net					$	(154,577	)

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

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

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

(d)	Floating rate note.

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, 2004 were as follows:


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

Total Unrealized Appreciation - Net					$	125,358

See Notes to Condensed Financial Statements.

Access Capital Strategies Community Investment Fund, Inc.

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

1. Basis of Presentation

The accompanying unaudited condensed interim financial statements and financial highlights reflect the results of operations for Access Capital Strategies Community Investment Fund, Inc. (the “Fund”) and have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. The results of operations and other data for the ~~nine~~six months and quarter ended ~~February~~November 2930, 2004 are not necessarily indicative of the results that may be expected for any other future interim period or the fiscal year ending May 31, ~~2004~~2005. The information in this report should be read in conjunction with the financial statements and accompanying notes included in the May 31, ~~2003~~2004 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~~2004 financial statements.

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

~~These~~This ~~condensed~~report ~~financial~~covers ~~statements and financial highlights cover~~ the activity from June 1, ~~2003~~2004 to November ~~February 29~~30, 2004.

2. Fees and Expenses

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

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

3. Reclassification

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

Item 2:

Management’s Discussion and Analysis of Financial Condition and

Results of Operations

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

Overview

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

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

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

Compliance

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

Management believes the Fund was in compliance with the above requirements for the quarter ~~and nine months~~ ended ~~February~~November 2930, 2004.

Fund Operations

Investment Activity

Purchases

During the quarter ended ~~February~~November 2930, 2004, the Fund purchased $3853.31 million aggregate amount of new community development securities. During the quarter ended ~~February~~November 2830, 2003, the Fund had purchased $4189.07 million aggregate amount of new community development securities.

During the ~~nine~~six months ended ~~February~~November 2930, 2004, the Fund purchased $~~191~~110.70 million aggregate amount of new community development securities. During the ~~nine~~six months ended ~~February~~November 2830, 2003, the Fund had purchased $~~184~~153.04 million aggregate amount of new community development securities.

Sales

During the quarter ended ~~February~~November 2930, 2004, the Fund sold $38.83 million aggregate amount of securities (including principal paydowns). During the quarter ended ~~February~~November 2830, 2003, the Fund had sold $2648.69 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 ~~nine~~six months ended ~~February~~ 29November 30, 2004, the Fund sold $~~133~~62.57 million aggregate amount of securities (including principal paydowns). During the ~~nine~~six months ended November ~~February 28~~30, 2003, the Fund had sold $~~109~~94.27 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~~paydowns).

Borrowings

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

For the quarter ended ~~February~~November 2930, 2004, the Fund averaged approximately $7369.6 0 million in borrowings at an average rate of approximately 1.1486% compared to the quarter ended ~~February~~November 2830, 2003 when the Fund averaged approximately $4567.97 million in borrowings at an average rate of approximately 1.3914%.

For the ~~nine~~six month period ended ~~February~~November 2930, 2004, the Fund averaged approximately $6862.8 0 million in borrowings at an average rate of approximately 1.1565% compared to the ~~nine~~six month period ended ~~February~~November 2830, 2003 when the Fund averaged approximately $3764.4 million in borrowings at an average rate of approximately 1.6415%.

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 ~~February~~November 2930, 2004

At ~~February~~November 2930, 2004, the Fund’s Net Asset Value was $~~306~~376.75 million, or $9.9580 per share. At the end of the prior fiscal quarter, ~~November~~August 3031, ~~2003~~2004, the Fund’s Net Asset Value was $~~285~~365.8 million, or $9.8386 per share. At the end of the most recent fiscal year, May 31, ~~2003~~2004, the Net Asset Value was $~~247~~346.06 million, or $109.2162 per share. A year ago at ~~February~~November 2830, 2003, the Fund’s Net Asset Value was $~~242~~285.98 million, or $109.3483 per share.

The $2010.97 million, or 72.319%, quarter-to-quarter increase in net assets from $~~285~~365.8 million to $~~306~~376.75 million was primarily attributable to the sale of ~~$17.2 million of net~~ new shares in the Fund ~~and $5~~.8 ~~million in net unrealized appreciation in the investments offset by $2.1 million of net realized losses.~~ The $6390.87 million, or 2631.277%, year-to-year increase in net assets was also primarily attributable to the sale of new shares in the Fund.

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

Investment Income

The Fund had investment income net of all fees and expenses (as discussed below) of $4.055 million for the quarter ended ~~February~~November 2930, 2004, an increase of approximately $0.191 million, or 42.923%, from net investment income of $34.864 million for the prior fiscal quarter, which ended ~~November~~August 3031, ~~2003~~2004, and an increase of approximately $0.466 million, or 1215.814%, from net investment income of $3.599 million for the fiscal quarter ended ~~February~~November 2830, 2003. The increases were each largely due to an increase in the average net assets of the Fund.

The Fund had investment income net of all fees and expenses (as discussed below) of $118.54 9 million for the ~~nine~~six month period ended ~~February~~November 2930, 2004, an increase of approximately $1.514 million, or 1518.057%, from net investment income of $107.035 million for the ~~nine~~six month period ended ~~February~~November 2830, 2003. The increase is largely due to an increase in average net assets of the Fund.

Management Fees ~~and~~& Expenses

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

For the quarter ended ~~February~~November 2930, 2004, the management fee paid by the Fund was $~~460~~544,~~522~~965. For the prior quarter ended ~~November~~August 3031, ~~2003~~2004, the management fee paid by the Fund was $~~429~~511,~~171~~664. For the year ago fiscal quarter and six month period ended ~~February~~November 2830, 2003, the management fee paid by the Fund was $~~354~~429,~~144.~~171 and $828,981, respectively. The increases were primarily due to increases in the net assets of the Fund.

~~For~~The ~~the~~Fund’s ~~quarter ended~~private ~~February~~offering ~~29,~~memorandum ~~2004,~~provides ~~total~~for ~~expenses after~~ reimbursement ~~increased~~of byexpenses ~~$62,377~~relating ~~compared~~ to the ~~prior~~Fund ~~quarter~~paid ~~ended~~by ~~November~~Access ~~30, 2003 principally reflecting higher management fees~~ and ~~interest expense during the current quarter~~MLIM. ~~Compared~~Total tounreimbursed ~~the year~~expenses ~~ago~~as ~~quarter~~of ~~ended~~November ~~February 28~~30, ~~2003,~~2004 ~~total~~amount ~~expenses~~to ~~after reimbursement increased by~~ $~~293~~174,~~377~~812 ~~during~~compared ~~the most recent quarter. This increase is primarily attributable~~ to ~~increased management fees of~~ $~~106~~597,~~378,~~328 ~~increased~~a ~~interest~~year ~~expense~~ago ofat ~~$50,380~~November ~~and a $94~~30,~~803~~ ~~increase in reimbursement of expense as discussed below~~2003.

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 February 29, 2004 amount to $545,858. The replacement of the previous expense reimbursement cap and its retroactive impact resulted in the Fund’s return of previously received expense reimbursements during the three months ended February 29, 2004 of $51,471. For the year earlier fiscal quarter ended February 28, 2003, the Fund received reimbursements of $43,332.

Yield

At the quarter ended ~~February~~November 2930, 2004, the SEC current yield was 4.9473%, compared to 54.6190% for the quarter ended ~~November~~August 3031, ~~2003~~2004 and 5.8761% for the year ago quarter ended November ~~February 28~~30, 2003.

For the quarter ended ~~February~~November 2930, 2004, the ratio of net investment income to average net assets was 54.5111% compared to 54.5928% for the prior quarter, which ended ~~November~~August 3031, ~~2003~~2004, and 65.1059% for the quarter ended ~~February~~ 28November 30, 2003.

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

Realized Gain/Loss

For the quarter ended ~~February~~November 2930, 2004, the realized ~~loss~~gain was $2122,~~133~~663,~~902~~ compared to a realized ~~gain~~loss of $1,~~349~~749,~~643~~241 for the prior quarter, which ended ~~November~~August 3031, ~~2003~~2004, ~~and~~ and a realized loss of $1,~~403~~349,~~401~~643 for the quarter ended ~~February~~November 2830, 2003. ~~Although~~The ~~the Fund did sell securities for~~ realized ~~gains~~losses ~~during the quarter, these gains~~ were ~~less~~primarily ~~than~~due ~~the~~to ~~losses realized as part of~~ the Fund’s hedging activities. ~~The~~ 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.

For the nine months ended February 29, 2004, the net realized loss on investments was $2,209,584 compared to a net realized loss of $5,355,699 for the nine months ended February 28, 2003. 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.~~1351~~119745 during the quarter ended ~~February~~November 2930, 2004. The dividends were paid as follows:

December 2003	$	0.0482
September 2004	$	.040395
January 2004	$	0.0446
October 2004	$	.039403
February 2004	$	0.0423
November 2004	$	.039947

During the previous quarter ended August 31, 2004, the Fund paid total monthly dividends of $.121087. A year ago, during the quarter ended November 30, 2003, the Fund paid total monthly dividends of $.137550. The slightly lower dividend in the current period is attributable to the U.S. Federal Reserve raising short term interest rates by twenty-five basis points in September and November. An increase in short term rates elevates the Fund’s cost for borrowings and lowers the net interest income available for dividends.

During the previous quarter ended November 30, 2003, the Fund paid total monthly dividends of $0.1376. A year ago, the Fund paid a quarterly dividend of $0.1549 per share on December 23, 2002 to shareholders of record as of December 16, 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 ~~February~~November 2930, 2004, the total return was 20.61%, compared to a total return of 13.8377% in the quarter ended ~~November~~August 3031, ~~2003~~2004 and a total return of 21.7683% in the comparable ~~period~~quarter ended ~~February~~November 2830, 2003.

~~Although~~For ~~interest~~the ~~rates~~six ~~continued~~month toperiod ended beNovember ~~volatile~~30, 2004 the ~~quarter~~total ~~ended February~~return ~~29, 2004~~ was ~~markedly~~4.4%. ~~calmer~~For ~~than~~ the ~~quarter~~six month period ended November 30, 2003., ~~Rates generally declined and~~ the ~~Fund’s~~total ~~fixed~~return ~~rate~~was ~~holdings increased in value~~-1.0%.

~~Fund~~The ~~Designated~~lower ~~Target~~total ~~Regions~~return atduring ~~February~~the 29quarter ended November 30, 2004 is attributable to pricing pressure on fixed income assets during a time of interest rate increases.

~~The~~ Fund’s Designated Target Regions ~~(“DTRs”) are provided by Fund shareholders~~ at ~~the~~November ~~time of investment. At February 29~~30, 2004 ~~DTRs were:~~

DTRs		AMOUNT
Alabama		5,000,000
California		58,168,939
Colorado		1,104,068
Connecticut		3,082,506
Florida		1,500,000
Georgia		500,000
Hawaii		143,329
Illinois		1,050,486
Indiana		200,000
Iowa		150,729
Louisiana		5,000,000
Maine		104,686
Maryland		650,000
Massachusetts		56,457,650
Missouri		1,000,000
Nebraska		10,000,000
New York		14,690,469
New Jersey		84,362,733
New Mexico		1,106,965
North Carolina		500,000
Ohio		11,531,422
Oregon		500,000
Pennsylvania		24,750,000
Rhode Island		250,000
South Dakota		5,655,359

The Fund’s Designated Target Regions (“DTRs”) are provided by Fund shareholders at the time of investment. At November 30, 2004 DTRs were:


DTRs	AMOUNT
Alabama	$	5,000,000
California		60,668,939
Colorado		1,145,660
Connecticut		7,084,919
Florida		1,500,000
Georgia		500,000
Hawaii		148,786
Illinois		3,632,476
Indiana		1,027,479
Iowa		512,282
Louisiana		5,000,000
Maine		108,477
Maryland		650,000
Massachusetts		90,062,013
Nebraska		10,000,000
New York		16,864,824
New Jersey		95,232,959
New Mexico		1,125,571
North Carolina		500,000
Ohio		12,050,747
Oregon		500,000
Pennsylvania		33,754,054
Rhode Island		250,000
South Dakota		5,655,359
Tennessee		600,000
Texas		21,002,587
Utah		4,682,430
Vermont		1,325,745
Washington		1,500,000
Wisconsin		525,571

TOTAL	$	382,610,878

*	All investors are listed by headquarters location

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

Fund Impact per the Community Reinvestment Act

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

At ~~February~~November 2930, 2004, the Fund’s investments had outstanding loans to 45,~~526~~337 homebuyers with incomes below 80% of median income from the following states in the following numbers.

Whole Loans
Alabama		3337
Arizona		~~146~~159
California		~~385~~404
Colorado		2832
Connecticut		60107
Delaware		2426
Florida		~~114~~130
Georgia		1918
Guam		2
Illinois		5174
Indiana		25
Iowa		418
Kansas		5
Louisiana		24
Kentucky		10
Maine		1
Louisiana		19
Maine		2
Maryland		4
Massachusetts		~~808~~1,061
Mississippi		7
Michigan		7
Missouri		16
Mississippi		8
Nebraska		51
Missouri		5
Nevada		70
Montana		2
New Hampshire		50
Nebraska		56
New Jersey		803
Nevada		48
New Mexico		63
New Hampshire		60
New York		152
New Jersey		1,004
North Carolina		14
New Mexico		70
Ohio		29
New York		219
Oregon		49
North Carolina		17
Pennsylvania		485
Ohio		50
Rhode Island		21
Oregon		53
South Carolina		13
Pennsylvania		594
Rhode Island		15
South Carolina		14
South Dakota		110
Tennessee		8
Texas		438

South Dakota		120
Utah		369
Tennessee		7
Vermont		14
Texas		377
Utah		424
Vermont		7
Virginia		3
Washington		4347
Washington, D.C.		53
Wisconsin		710
		4,526
		5,337

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 ~~February~~November 2930, 2004, the Fund’s investments had outstanding loans to sponsors of 1,~~088~~380 multi-family, 14 community based non-profit affordable housing rental units and 4576 SBA loans from the following states in the following amounts.

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

Multi-Family Units


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

		1,380

Affordable Housing

Sub Total 6,717


Community Based Non-Profit
Rhode Island		14

		14


SBA Loans

CA		2
FL		1
KY		1
MA		7
MD		1
MN		2
NJ		6
NY		1
UT		55

		76

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 ~~February~~November 2930, 2004, new shareholders purchased an additional 1,~~915~~234,~~991~~722 shares of the Fund for total proceeds of $1812,~~957~~125,000. In addition, dividend reinvestments resulted in 3599,~~641~~320 additional new shares being issued by the Fund for total proceeds of $~~352~~976,~~674~~953. During the year ago quarter ended ~~February~~November 2830, 2003, new shareholders purchased an additional 12,~~064~~869,~~417~~988 shares of the Fund for total proceeds of $1028,~~825~~468,~~001~~000, and dividend reimbursements resulted in 3543,~~209~~605 additional new shares being issued by the Fund for total proceeds of $~~357~~430,~~472~~595.

During the six months ended November 30, 2004, new shareholders purchased an additional 2,697,211 shares of the Fund for total proceeds of $26,475,000. In addition, dividend reinvestments resulted in 196,672 additional new shares being issued by the

Fund for total proceeds of $1,926,432. During the year ago six months ended November 30, 2003, new shareholders purchased an additional 6,061,610 shares of the Fund for total proceeds of $59,908,000 and dividend reimbursements resulted in 77,926 additional new shares being issued by the Fund for total proceeds of $769,626.

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

During the quarter ended ~~February~~November 2930, 2004, ~~212,892~~there ~~shares~~were ofno redemptions. During the ~~Fund~~year ~~were~~ago quarter ~~redeemed~~November ~~for~~30, $22003,~~114~~ 1,~~019.~~247,362 ~~There~~shares ~~were~~of ~~no redemptions in~~ the ~~year~~Fund ~~ago~~were ~~quarter~~redeemed ~~ended~~for ~~February 28~~$12,224,152 ~~2003.~~

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

Item 3:

Quantitative and Qualitative Disclosures About Market Risk

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

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

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

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

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

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

At November 30, 2004 an instant rate increase of 100 basis points (1.0%) would have caused the Fund’s portfolio to decline in value by -4.9%. An instant rate decrease of 100 basis points (-1.0%) would have caused the Fund’s portfolio to increase in value by +2.8%. At the previous quarter end, August 31, 2004, a 1% rate increase would have produced a -5.2% decrease in value and a 1% rate decrease would have produced a +2.8% increase in value.

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 ~~February~~November 2930, 2004 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
(a)	(1)				N/A
	(2)			~~(2)~~	None		~~None~~
	(3)		(i)	~~(3)~~	Articles of Incorporation are incorporated by reference to the Fund’s Form 10-Q for the period ended August 31, 1998.	~~(i)~~	~~Articles of Incorporation are incorporated by reference to the Fund’s Form 10-Q for the period ended August 31, 1998.~~
			(ii)		By-Laws are incorporated by reference to the Fund’s Form 10-Q for the period ended August 31, 1998.	~~(ii)~~	~~By-Laws are incorporated by reference to the Fund’s Form 10-Q for the period ended August 31, 1998.~~
	(4)			~~(4)~~	N/A		~~N/A~~
	(5)			~~(5)~~	N/A		~~N/A~~
	(8)			~~(8)~~	N/A		~~N/A~~
	(9)			~~(9)~~	None		~~None~~
	(10)		(i)	~~(10)~~	Private Offering Memorandum dated February 18, 1998, revised as June 1, 2003, is incorporated by reference to the Fund’s Form 10-K filed on August 29, 2004.	~~(i)~~	~~Private Offering Memorandum dated February 18, 1998, revised as June 1, 2003, is incorporated by reference to the Fund’s Form 10-K filed on August 29, 2003.~~
			(iii)(A)		Management Agreement is incorporated by reference to the Fund’s Form 10-Q for the period ended August 31, 1998.	~~(iii)(A)~~	~~Management Agreement is incorporated by reference to the Fund’s Form 10-Q for the period ended August 31, 1998.~~
			(B)		Amendment to the Management Agreement dated as of May 23, 2003 is incorporated by reference to the Fund’s Form 10-K filed on August 29, 2004.	~~(B)~~	~~Amendment to the Management Agreement dated as of May 23, 2003 is incorporated by reference to the Fund’s Form 10-K filed on August 29, 2003~~
	(11)			~~(11)~~	N/A		~~N/A~~
	(12)			~~(12)~~	N/A		~~N/A~~
	(13)			~~(13)~~	N/A		~~N/A~~
	(15)			~~(15)~~	N/A		~~N/A~~
	(16)			~~(16)~~	None		~~None~~
	(17)			~~(17)~~	N/A		~~N/A~~
	(18)			~~(18)~~	N/A		~~N/A~~
	(19)			~~(19)~~	N/A		~~N/A~~
	(20)			~~(20)~~	N/A		~~N/A~~
	(21)			~~(21)~~	None		~~None~~
	(22)			~~(22)~~	N/A		~~N/A~~
	(23)			~~(23)~~	N/A		~~N/A~~
	(24)			~~(24)~~	Powers of Attorney incorporated by reference to the Fund’s Form 10-K for the fiscal year ended May 31, 2002 filed on August 29, 2002.		~~Powers of Attorney incorporated by reference to the Fund’s Form 10-K for the fiscal year ended May 31, 2002 filed on August 29, 2002.~~
	(25)			~~(25)~~	N/A		~~N/A~~
	(26)			~~(26)~~	N/A		~~N/A~~
	(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.

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

Signatures

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

		Access Capital Strategies Community Investment Fund, Inc.
Date: April 14, 2004		/s/ Ronald A. Homer*
Date: January 8, 2005		/S/ Ronald A. Homer*
		Ronald A. Homer, Chairman
Date: April 14, 2004		/s/ Kevin J. Mulvaney*
Date: January 8, 2005		/S/ Kevin J. Mulvaney*
		Kevin J. Mulvaney, Director
Date: April 14, 2004		/s/ Peter Blampied*
Date: January 8, 2005		/S/ Peter Blampied*
		Peter Blampied, Director
Date: April 14, 2004		/s/ M. Colyer Crum*
Date: January 8, 2005		/S/ M. Colyer Crum*
		M. Colyer Crum, Director
Date: April 14, 2004		/s/ Terry K. Glenn*
Date: January 8, 2005		/S/ Terry K. Glenn*
		Terry K. Glenn, Director
Date: April 14, 2004		/s/ Stephen B. Swensrud*
Date: January 8, 2005		/S/ Stephen B. Swensrud*
		Stephen B. Swensrud, Director
Date: April 14, 2004		/s/ David F. Sand*
Date: January 8, 2005		/S/ David F. Sand*
		David F. Sand, Chief Executive Officer,
		Principal Accounting Officer, Principal Financial Officer

* By: /s/ ~~Brant~~Martin KE. ~~Brown~~Lybecker ~~Brant~~Martin KE. ~~Brown~~Lybecker Attorney-in-fact

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