The committee met in Washington in Sept 16-17 to review progress in the program with respect to a changed set of mission priorities. Our last meeting took place in Dec 2002 after the reorganization that had place the Advanced Fuel Cycle Initiative (AFCI) and GEN IV program together in the Advanced Nuclear Reserach Office (AN-20). Since mission priorities have been evolving, the committee felt that it should wait unti they have settled down before we met again. We have kept in touch during the process, the Chairman meeting several times with Bill Magwood and members of the committee attending the AFCI Semi-Annual Program Review, Santa Fe, New Mexico, Aug 26-28, 2003. Before reporting on the most recent meeting, it is useful to summarize where we were a year ago and our understanding of the new set of priorities.