ACCESSOR FUNDS, INC.
US Bank Centre
1420 5th Avenue, Suite 3130
Seattle, WA 98101
(206) 224-7420
(206) 224-4274 FAX
February 9, 1996
Letter to Shareholders
Accessor Funds, Inc.
Dear Shareholder:
It is our pleasure to review the year 1995 with you, the shareholders of
Accessor Funds, Inc. (the "Accessor Funds") family of Portfolios. We would
also like to take this opportunity to thank you for your investment in the
Portfolios, and are confident the Accessor Funds offer you the opportunity
to maximize your investment returns.
There are currently nine Portfolios of the Accessor Funds, eight of
which are in operation. The objectives of the Portfolios differ, and
together they provide a broad spectrum of equity and fixed-income
investment choices. Each of the Portfolios, except the U.S. Government
Money Portfolio, hires external money managers specializing in a particular
asset class, and, after five calendar quarters, provides for them to be
paid on a performance fee basis. The performance fee is based on the money
manager's performance as compared to an unmanaged index of similar risk and
investment characteristics. For a complete description of the fee
structure, the money managers, and the indices, please refer to the
prospectuses and the Statement of Additional Information of Accessor
Funds. The first of the Portfolios commenced operations on April 9,
1992, and seven of the eight Portfolios now have over three years of
investment results.
Two Portfolios, the Institutional Investor Fixed-Income Portfolio and
the Municipal Intermediate Fixed-Income Portfolio, ceased investment
operations in 1995. The two Portfolios were closed due to a lack of
shareholder demand for those asset classes.
In other business that occurred this year, a Special Meeting of the
Shareholders (the "Meeting") of the Accessor Funds was held on August 15,
1995 to allow shareholders of record as of June 30, 1995 to consider and
act upon five proposals.
Shareholders of the Small Cap Portfolio were asked to approve a change
in money manager due to the acquisition of the old manager, Wells Fargo
Nikko Investment Advisors. The new money manager agreement with Symphony
Asset Management, Inc. was approved by a vote of 2,196,293 votes for the
new agreement, 0 against, and 2244 abstaining. The money manager agreement
was signed effective September 15, 1995, among Accessor Funds, Bennington
Capital Management L.P. ("Bennington") and Symphony Asset Management, Inc.
The second proposal submitted to a vote of the Small Cap shareholders
concerned a change in investment objective for the Portfolio. Shareholders
of the Small Cap Portfolio were asked to approve a change in investment
objective that would allow for a broader coverage of mid cap and micro cap
stocks. There were 2,151,119 votes to approve the change in investment
objective, 172 against the change, and 2668 abstentions. The change in
investment objective became effective September 15, 1995, when the Small
Cap Portfolio became the Small to Mid Cap Portfolio and began tracking the
Wilshire 4500 Index.
At the same Meeting, shareholders of the Value and Income Portfolio were
asked to approve a new money manager agreement for the Portfolio as a
result of a change in control of Martingale Asset Management, L.P. At the
Meeting, there were 1,260,425 votes to approve the new agreement, no votes
in opposition, and 8600 abstentions. The new money manager agreement among
Accessor Funds, Bennington, and Martingale Asset Management, L.P. became
effective September 15, 1995.
At the Meeting, a proposal was submitted to all shareholders of the
Accessor Funds to allow Accessor Funds and Bennington to enter into money
manager agreements without such agreements being approved by the
shareholders of the applicable Portfolio. The proposal was approved, with
34,029,344 votes for the proposal, 2624 against, and 16,928 abstaining.
An amendment to one of the Fund's fundamental investment restrictions to
prohibit investments in real estate limited partnerships was approved at
the Meeting with 33,565,253 votes for the proposal, 2624 votes against, and
9052 abstaining. All changes approved by the shareholders became effective
September 15, 1995.
With three domestic equity, one international equity and four
fixed-income options, shareholders in the Accessor Funds Portfolios have a
wide range of risk and return alternatives to structure an investment
solution that is designed to meet their needs precisely. A key
differentiation in the Accessor Funds Portfolios is that they attempt to
provide benchmark risks so that shareholders can more accurately judge the
risks they bear while investing in the various Portfolios of the Accessor
Funds. The graphic below shows the annualized standard deviation (a
measure of variability, or risk) using monthly performance data since
inception of each Portfolio. The standard deviation of the Portfolios is
compared, with the exception of the U.S. Government Money Portfolio, to
that of the index that the money manager is measured against for the same
time period.
We believe that there are two important conclusions that can be drawn
from the chart below. The first is the relative risk ranking of the
Accessor Funds Portfolios. The higher the standard deviation, the higher
the risk in terms of loss over a quarter or a year. The second, perhaps
more subtle conclusion, is that the Accessor Funds risk has been very close
to the risk of the index the money manager is being compensated against.
========================Bar Chart=======================================
A bar graph appears here that compares the standard deviation of the
Portfolios to that of the index (except for the U.S. Government Money
Portfolio) that the money manager is measured against for the same time
period (inception of the Portfolio through December 1995). The data points
from the graph are as follows:
<PAGE>
Comparisons of Risk
Inception through December 1995
Portfolio - Inception to Index - Inception to
December 95 December 95
Money 0.3%
May 92
Short-Inter 2.5% 2.7%
June 92
Mortgage 3.4% 3.5%
June 92
Intermediate 4.6% 4.5%
July 92
Value 7.8% 8.6%
September 92
Growth 8.5% 8.8%
September 92
Small 10.1% 10.0%
September 92
International Equity 11.5% 13.0%
November 94
The indices are publicly available, and large quantities of data are
available about the indices' historical risks. We believe it important
that investors know the risks they assume before they invest. We believe
that the structure of Accessor Funds allows its shareholders to judge the
risks they are assuming more accurately than can shareholders of most
investment companies.
- - ---------------------------------------------------------------------------
The portfolio risk information quoted is historical. Future risk will
fluctuate, and past risk is not necessarily indicative of future risk. For
more complete information about Accessor Funds, including fees and
expenses, please call 1-800-759-3504 for the prospectuses. Please read
them carefully before you invest.
<PAGE>
We would like to end by saying that we are continuing to search for
additional tools to improve Portfolio performance, and are also constantly
evaluating the ones we currently use. We look forward to serving you, the
shareholders, for many years to come.
Ravindra A. Deo
Treasurer
<PAGE>
Management's Discussion of Fund Performance
For the Year ending December 31, 1995
Accessor Funds, Inc.
The Portfolios of Accessor Funds are designed to provide the tools
investors need to meet a variety of investment needs. The advantage of
Accessor Funds' approach is that investors can customize their individual
portfolios to best suit their different investment objectives and risk
tolerances. Each Portfolio is not designed to be a solution by itself, and
therefore each Portfolio, except the U.S. Government Money Portfolio, may
take more risks than a comparable portfolio otherwise might. All the
Portfolios have been designed by Bennington Capital Management L. P. (the
"Manager"), which provides or oversees all general management, investment
advisory, administration and portfolio management functions. The Manager
selects, subject to the review and approval of the Board of Directors of
Accessor Funds, one or more investment management organizations (collectively
"the money managers"). Each of the money managers specializes in managing a
particular type of asset and makes substantially all of the investment
decisions for the assets of the Portfolio it manages. Each Portfolio, except
the U.S. Government Money Portfolio, is designed to match certain
characteristics, typically measured by the risk behavior of a recognized and
publicly available index. The money managers attempt to structure their
respective Portfolios to outperform the relevant index, while maintaining
essentially the same risk as the index. This also means that derivative
instruments are used, when appropriate, to ensure that the Portfolios match
the risk characteristics of the underlying indices, and not to place
leveraged bets on a particular market forecast or belief. For a further
discussion of derivatives, please refer to the prospectuses and Statement of
Additional Information of Accessor Funds.
In the pages that follow, we compare the performance of various
Portfolios to an applicable index using data from complete calendar months
since inception. The performance numbers in the tables below the graphs show
performance since inception date, which includes data for partial months not
shown in the graph.
<PAGE>
Growth Portfolio
The Growth Portfolio commenced investment operations on August 25, 1992. The
Growth Portfolio is designed to have risk characteristics similar to the
S&P/BARRA Growth Index. For the year ended December 31, 1995, the Portfolio
had a total return of 34.32%. During this period interest rates dropped
almost 2%, and corporate earnings increased strongly. In this environment,
the Portfolio performed as expected, keeping pace with the S&P/BARRA Growth
Index.
================================Line Chart===================================
Comparison of $10,000 investment in the Growth Portfolio and the unmanaged
S&P/BARRA Growth Index.
A chart in the form of a line graph appears here, illustrating the change in
value of a $10,000 investment in the Growth Portfolio and in the unmanaged
S&P/BARRA Growth Index from inception of the Portfolio in August 1992 through
December 1995. The data points from the graph are as follows:
<TABLE>
<CAPTION>
COMPARISON OF $10,000 INVESTMENT IN THE GROWTH PORTFOLIO
AND THE UNMANAGED S&P/BARRA GROWTH INDEX
Date Monthly Return (SEC) 10,000 in Fund 10,000 in Index Monthly Return
<S> <C> <C> <C> <C>
8/31/92 1.00% $10,000 $10,000
9/30/92 0.89% $10,089 $10,118 1.18%
10/30/92 2.54% $10,345 $10,270 1.50%
11/30/92 5.68% $10,933 $10,679 3.98%
12/31/92 -0.37% $10,892 $10,763 0.79%
1/29/93 1.15% $11,017 $10,633 -1.21%
2/26/93 -0.98% $10,909 $10,547 -0.81%
3/31/93 4.92% $11,446 $10,695 1.41%
4/30/93 -3.14% $11,087 $10,202 -4.61%
5/28/93 3.17% $11,438 $10,565 3.56%
6/30/93 -0.52% $11,378 $10,475 -0.85%
7/31/93 -2.32% $11,114 $10,259 -2.06%
8/31/93 5.29% $11,701 $10,634 3.65%
9/30/93 0.21% $11,726 $10,471 -1.53%
10/29/93 3.86% $12,179 $10,861 3.72%
11/30/93 0.35% $12,222 $10,853 -0.07%
12/31/93 1.78% $12,440 $10,929 0.70%
1/31/94 1.41% $12,615 $11,163 2.14%
2/28/94 -1.60% $12,413 $10,963 -1.79%
3/31/94 -3.58% $11,969 $10,456 -4.62%
4/30/94 0.59% $12,039 $10,504 0.45%
5/31/94 1.83% $12,259 $10,675 1.63%
6/30/94 -1.64% $12,059 $10,447 -2.13%
7/29/94 2.35% $12,342 $10,781 3.19%
8/31/94 5.30% $12,996 $11,356 5.34%
9/30/94 -1.44% $12,810 $11,194 -1.43%
10/31/94 1.45% $12,996 $11,455 2.33%
11/30/94 -2.59% $12,659 $11,079 -3.28%
12/31/94 2.19% $12,936 $11,271 1.73%
1/31/95 2.30% $13,233 $11,550 2.48%
2/28/95 3.61% $13,710 $12,001 3.90%
3/31/95 2.98% $14,118 $12,376 3.13%
4/28/95 3.77% $14,650 $12,698 2.60%
5/31/95 4.31% $15,281 $13,153 3.58%
6/30/95 3.05% $15,747 $13,656 3.83%
7/31/95 3.34% $16,273 $14,092 3.19%
8/31/95 -0.84% $16,137 $14,046 -0.33%
9/29/95 3.55% $16,710 $14,739 4.94%
10/31/95 1.36% $16,937 $14,857 0.80%
11/30/95 2.79% $17,410 $15,392 3.60%
12/29/95 -0.20% $17,375 $15,566 1.13%
</TABLE>
Historical Returns
1995..................................................34.32%
Annualized inception to December 31, 1995.............18.29%
The performance data quoted represents past performance, and the investment
return of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. Past
performance is not predictive of future performance.
<PAGE>
Value and Income Portfolio
The Value and Income Portfolio commenced investment operations on
August 25, 1992. The Value and Income Portfolio is designed to have risk
characteristics similar to the S&P/BARRA Value Index. For the year ended
December 31, 1995, the Portfolio had a total return of 33.25%. The Value
and Income Portfolio did as expected and performed in line with the increase
in the S&P/BARRA Value Index. In accordance with its policy of staying as
close to fully invested as possible, the Portfolio also entered into stock
index futures contracts.
================================Line Chart============================
Comparison of $10,000 investment in the Value and Income Portfolio and the
unmanaged S&P/BARRA Value Index
A chart in the form of a line graph appears here, illustrating the change in
value of a $10,000 investment in the Value and Income Portfolio and in the
unmanaged S&P/BARRA Value Index from inception of the Portfolio in August
1992 through December 1995. The data points from the graph are as follows:
<TABLE>
<CAPTION>
COMPARISON OF $10,000 INVESTMENT IN THE VALUE AND INCOME
PORTFOLIO AND THE UNMANAGED S&P/BARRA VALUE INDEX
Monthly 10,000 10,000
Return in in Monthly
Date (SEC) Fund Index Return
<S> <C> <C> <C> <C>
31-Aug-92 0.50% $10,000 $10,000
30-Sep-92 0.56% $10,056 $10,110 1.10%
30-Oct-92 -0.83% $9,973 $10,027 -0.82%
30-Nov-92 3.59% $10,331 $10,300 2.72%
31-Dec-92 2.02% $10,539 $10,493 1.88%
29-Jan-93 2.86% $10,841 $10,775 2.68%
26-Feb-93 3.09% $11,176 $11,146 3.45%
31-Mar-93 2.56% $11,462 $11,454 2.76%
30-Apr-93 -1.25% $11,318 $11,408 -0.40%
28-May-93 1.64% $11,503 $11,621 1.87%
30-Jun-93 1.23% $11,645 $11,775 1.32%
31-Jul-93 0.73% $11,730 $11,921 1.24%
31-Aug-93 3.33% $12,120 $12,388 3.92%
30-Sep-93 -0.63% $12,044 $12,383 -0.04%
29-Oct-93 0.85% $12,146 $12,450 0.54%
30-Nov-93 -1.69% $11,942 $12,227 -1.79%
31-Dec-93 1.22% $12,087 $12,435 1.70%
31-Jan-94 4.05% $12,577 $13,014 4.66%
28-Feb-94 -3.29% $12,163 $12,543 -3.62%
31-Mar-94 -3.49% $11,739 $12,028 -4.11%
30-Apr-94 0.76% $11,828 $12,282 2.11%
31-May-94 0.75% $11,918 $12,485 1.66%
30-Jun-94 -2.21% $11,654 $12,140 -2.77%
29-Jul-94 2.70% $11,970 $12,550 3.38%
31-Aug-94 2.63% $12,285 $12,905 2.83%
30-Sep-94 -2.97% $11,920 $12,451 -3.52%
31-Oct-94 1.82% $12,137 $12,722 2.18%
30-Nov-94 -3.58% $11,702 $12,207 -4.05%
31-Dec-94 1.26% $11,850 $12,357 1.23%
31-Jan-95 2.31% $12,123 $12,692 2.71%
28-Feb-95 3.91% $12,597 $13,184 3.88%
31-Mar-95 2.63% $12,928 $13,547 2.75%
28-Apr-95 2.90% $13,304 $13,993 3.29%
31-May-95 4.96% $13,963 $14,615 4.45%
30-Jun-95 0.23% $13,995 $14,726 0.76%
31-Jul-95 2.76% $14,382 $15,235 3.45%
31-Aug-95 1.22% $14,557 $15,364 0.85%
29-Sep-95 2.76% $14,958 $15,899 3.48%
31-Oct-95 -0.62% $14,866 $15,651 -1.56%
30-Nov-95 4.55% $15,542 $16,471 5.24%
29-Dec-95 1.60% $15,791 $16,927 2.77%
</TABLE>
Historical Returns
1995.................................................33.25%
Annualized inception to December 31, 1995............14.80%
The performance data quoted represents past performance, and the investment
return of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. Past
performance is not predictive of future performance.
<PAGE>
Small to Mid Cap Portfolio
The Small to Mid Cap Portfolio, formerly the Small Cap Portfolio, commenced
investment operations on August 25, 1992. The Small to Mid Cap Portfolio is
designed to have risk characteristics similar to the Wilshire 4500 Index. For
the year ended December 31, 1995, the Portfolio had a total return of 31.98%.
Effective September 15, 1995, the shareholders of this Portfolio voted to change
the investment objective of the Portfolio to conform to a change in the index
from the BARRA Institutional Small Index to the Wilshire 4500 Index, change the
name of the Portfolio from the Small Cap to the Small to Mid Cap Portfolio, and
hire Symphony Asset Management, Inc. as money manager. The Portfolio performed
as expected, and the performance is shown below for the Portfolio against both
the BARRA Institutional Small and Wilshire 4500 indices. The performance is
measured against the BARRA Institutional Small Index from inception through
August 1995 and against the Wilshire 4500 Index from October 1995 through
December 1995. This is consistent with the way the money managers were
running the Portfolio.
==================================Line Chart==============================
Comparison of $10,000 investment in the Small to Mid Cap Portfolio and the
unmanaged Wilshire 4500 Index from October 1995 through December 1995 and the
BARRA Institutional Small Index from August 1992 to October 1995
A chart in the form of a line graph appears here, illustrating the change in
value of a $10,000 investment in the Small to Mid Cap Portfolio and in the
unmanaged BARRA Institutional Small Index from inception of the Portfolio in
August 1992 to October 1995, when the investment objective of the Portfolio
changed and the Index was changed to the Wilshire 4500 Index. The data
points from the graph are as follows:
<TABLE>
<CAPTION>
COMPARISON OF $10,000 INVESTMENT IN THE SMALL TO MID CAP
PORTFOLIO AND THE UNMANAGED BARRA INSTITUTIONAL SMALL
INDEX
Monthly 10,000 10,000
Return in in Monthly
Date (SEC) Fund Index Return
<S> <C> <C> <C> <C>
31-Aug-92 -1.08% $10,000 $10,000
30-Sep-92 0.96% $10,096 $10,196 1.96%
30-Oct-92 3.09% $10,408 $10,458 2.57%
30-Nov-92 6.56% $11,091 $11,208 7.17%
31-Dec-92 3.25% $11,452 $11,597 3.47%
29-Jan-93 2.73% $11,765 $11,967 3.19%
26-Feb-93 -1.51% $11,587 $11,785 -1.52%
31-Mar-93 3.44% $11,986 $12,204 3.56%
30-Apr-93 -3.74% $11,538 $11,781 -3.47%
28-May-93 3.66% $11,960 $12,179 3.38%
30-Jun-93 0.56% $12,027 $12,269 0.74%
31-Jul-93 1.20% $12,171 $12,488 1.78%
31-Aug-93 3.69% $12,620 $13,046 4.47%
30-Sep-93 1.76% $12,842 $13,394 2.67%
29-Oct-93 1.52% $13,037 $13,787 2.93%
30-Nov-93 -2.86% $12,664 $13,308 -3.47%
31-Dec-93 3.45% $13,101 $13,722 3.11%
31-Jan-94 3.04% $13,499 $14,077 2.59%
28-Feb-94 -1.44% $13,304 $13,949 -0.91%
31-Mar-94 -5.07% $12,630 $13,200 -5.37%
30-Apr-94 0.49% $12,692 $13,165 -0.27%
31-May-94 -1.89% $12,452 $13,059 -0.80%
30-Jun-94 -2.72% $12,113 $12,734 -2.49%
29-Jul-94 1.54% $12,300 $12,984 1.96%
31-Aug-94 5.34% $12,957 $13,676 5.33%
30-Sep-94 -0.41% $12,904 $13,676 0.00%
31-Oct-94 -0.21% $12,877 $13,625 -0.37%
30-Nov-94 -4.21% $12,335 $13,107 -3.80%
31-Dec-94 1.88% $12,568 $13,320 1.62%
31-Jan-95 -0.50% $12,505 $13,278 -0.31%
28-Feb-95 3.00% $12,880 $13,808 3.99%
31-Mar-95 1.89% $13,124 $14,101 2.12%
28-Apr-95 2.11% $13,401 $14,382 1.99%
31-May-95 1.60% $13,615 $14,632 1.74%
30-Jun-95 5.17% $14,319 $15,453 5.61%
31-Jul-95 6.95% $15,314 $16,428 6.31%
31-Aug-95 1.46% $15,538 $16,815 2.36%
29-Sep-95 2.43% $10,000 $10,000 2.45%
</TABLE>
Historical Returns
1995.................................................31.98%
Annualized inception to December 31, 1995............15.94%
The performance data quoted represents past performance, and the investment
return of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. Past
performance is not predictive of future performance.
<PAGE>
=========================Line Chart========================================
A chart in the form of a line graph appears here, illustrating the change in
value of a $10,000 investment in the Small to Mid Cap Portfolio and in the
unmanaged Wilshire 4500 Index from change of the investment objective of the
Small to Mid Cap Portfolio in October 1995 through December 1995. The data
points from the graph are as follows:
<TABLE>
<CAPTION>
COMPARISON OF $10,000 INVESTMENT IN THE SMALL TO MIDCAP
PORTFOLIO AND THE UNMANAGED WILSHIRE 4500 INDEX
Monthly 10,000 10,000
Return in in Monthly
Date (SEC) Fund Index Return
<S> <C> <C> <C> <C>
31-Oct-95 -3.33% $9,667 $9,732 -2.68%
30-Nov-95 4.84% $10,135 $10,145 4.25%
29-Dec-95 2.82% $10,421 $10,273 1.26%
</TABLE>
Historical Returns
1995.................................................31.98%
Annualized inception to December 31, 1995............15.94%
The performance data quoted represents past performance, and the investment
return of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. Past
performance is not predictive of future performance.
<PAGE>
International Equity Portfolio
The International Equity Portfolio commenced operations on October 3,
1994. The Portfolio is designed to have risk characteristics similar to that
of the Morgan Stanley Capital International Europe Australia and Far East
Stock Market (MSCI EAFE) Index. For the year 1995 international economies,
especially those of the Germany and Japan, performed significantly worse than
the U.S. economy. This is reflected in the comparatively weak performance of
international markets as compared to the extremely strong performance of the
U.S. stock market. For the year ended December 31, 1995, the Portfolio had
a total return of 7.63%. During the year the Portfolio grew in size
immensely, and the cash inflows hurt the performance of the Portfolio due to
the time delay in investing the cash in stocks on international markets.
From January 1, 1995 through September 15, 1995, the Manager voluntarily
reimbursed certain portfolio expenses above the annualized limits it had set,
and this resulted in better returns than would otherwise have occurred. For
further information, please refer to the prospectus and "fee waivers" on
page 59 of this report.
===============================Line Chart==============================
Comparison of $10,000 investment in the International Equity Portfolio and
the unmanaged Morgan Stanley Capital International-Europe Australia and Far
East Stock Market Index (MSCI-EAFE).
A chart in the form of a line graph appears here, illustrating the change in
value of a $10,000 investment in the International Equity Portfolio and in
the unmanaged MSCI-EAFE from inception of the Portfolio in October 1994
through December 1995. The data points from the graph are as follows:
<TABLE>
<CAPTION>
COMPARISON OF $10,000 INVESTMENT IN THE INTERNATIONAL EQUITY
PORTFOLIO AND THE UNMANAGED MSCI EAFE INDEX
Monthly 10,000 10,000
Return in in Monthly
Date (SEC) Fund Index Return
<S> <C> <C> <C> <C>
31-Oct-94 1.42% $10,000 $10,000 3.20%
30-Nov-94 -5.09% $9,491 $9,519 -4.81%
31-Dec-94 1.04% $9,589 $9,579 0.63%
31-Jan-95 -5.83% $9,030 $9,211 -3.84%
28-Feb-95 -0.36% $8,998 $9,183 -0.30%
31-Mar-95 2.37% $9,211 $9,755 6.23%
28-Apr-95 2.94% $9,482 $10,122 3.76%
31-May-95 -1.47% $9,343 $10,002 -1.19%
30-Jun-95 -0.53% $9,293 $9,826 -1.76%
31-Jul-95 6.98% $9,942 $10,438 6.23%
31-Aug-95 0.91% $10,033 $10,040 -3.81%
29-Sep-95 1.88% $10,221 $10,236 1.95%
31-Oct-95 -2.57% $9,959 $9,960 -2.69%
30-Nov-95 1.32% $10,090 $10,304 3.45%
29-Dec-95 2.28% $10,320 $10,719 4.03%
</TABLE>
Historical Returns
1995..................................................7.63%
Annualized inception to December 31, 1995.............3.75%
The performance data quoted represents past performance, and the investment
return of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. Past
performance is not predictive of future performance.
<PAGE>
Intermediate Fixed-Income Portfolio
The Intermediate Fixed-Income Portfolio commenced investment operations
on June 16, 1992. The Intermediate Fixed-Income Portfolio is designed to have
risk characteristics similar to the Lehman Brothers Government/Corporate
Index. For the year ended December 31, 1995, the Portfolio had a total
return of 18.26%. This period was unusually positive for bonds, largely
driven by the drop in interest rates resulting from a weakening economy with
very low inflation. The Portfolio performed as expected, keeping in line
with the Lehman Brothers Government/Corporate Index.
===================================Line Chart================================
Comparison of $10,000 investment in the Intermediate Fixed-Income Portfolio
and the unmanaged Lehman Brothers Gov./Corp Bond Index
A chart in the form of a line graph appears here, illustrating the change in
value of a $10,000 investment in the Intermediate Fixed-Income Portfolio and
in the unmanaged Lehman Brothers Gov/Corp Bond Index from inception of the
Portfolio in June 1992 through December 1995. The data points from the graph
are as follows:
<TABLE>
<CAPTION>
COMPARISON OF $10,000 INVESTMENT IN THE INTERMEDIATE FIXED-
INCOME PORTFOLIO AND THE UNMANAGED LEHMAN BROTHERS
GOVT/CORP INDEX
Monthly 10,000 10,000
Return in in Monthly
Date (SEC) Fund Index Return
<S> <C> <C> <C> <C>
30-Jun-92 0.53% $10,000 $10,000
31-Jul-92 2.13% $10,213 $10,228 2.28%
31-Aug-92 1.23% $10,339 $10,324 0.95%
30-Sep-92 1.39% $10,483 $10,465 1.36%
30-Oct-92 -1.72% $10,303 $10,316 -1.42%
30-Nov-92 -0.79% $10,222 $10,292 -0.24%
31-Dec-92 1.47% $10,371 $10,450 1.53%
29-Jan-93 2.19% $10,598 $10,665 2.06%
26-Feb-93 1.78% $10,787 $10,860 1.83%
31-Mar-93 0.49% $10,840 $10,900 0.37%
30-Apr-93 0.77% $10,923 $10,986 0.79%
28-May-93 -0.02% $10,922 $10,971 -0.14%
30-Jun-93 1.84% $11,123 $11,182 1.92%
31-Jul-93 0.36% $11,163 $11,231 0.44%
31-Aug-93 1.87% $11,372 $11,449 1.95%
30-Sep-93 0.37% $11,414 $11,493 0.38%
29-Oct-93 0.30% $11,449 $11,532 0.34%
30-Nov-93 -1.11% $11,321 $11,434 -0.85%
31-Dec-93 0.33% $11,359 $11,486 0.45%
31-Jan-94 1.30% $11,507 $11,658 1.50%
28-Feb-94 -2.42% $11,228 $11,404 -2.18%
31-Mar-94 -2.40% $10,959 $11,125 -2.45%
30-Apr-94 -0.94% $10,856 $11,032 -0.83%
31-May-94 -0.22% $10,831 $11,012 -0.18%
30-Jun-94 -0.43% $10,785 $10,987 -0.23%
29-Jul-94 1.71% $10,969 $11,207 2.00%
31-Aug-94 -0.04% $10,965 $11,211 0.04%
30-Sep-94 -1.42% $10,809 $11,042 -1.51%
31-Oct-94 -0.28% $10,779 $11,030 -0.11%
30-Nov-94 -0.48% $10,728 $11,010 -0.18%
31-Dec-94 0.34% $10,764 $11,083 0.66%
31-Jan-95 1.64% $10,941 $11,296 1.92%
28-Feb-95 2.10% $11,171 $11,558 2.32%
31-Mar-95 0.73% $11,253 $11,635 0.67%
28-Apr-95 1.23% $11,391 $11,797 1.39%
31-May-95 4.10% $11,859 $12,291 4.19%
30-Jun-95 0.70% $11,942 $12,389 0.80%
31-Jul-95 -0.45% $11,888 $12,341 -0.39%
31-Aug-95 1.28% $12,040 $12,499 1.28%
29-Sep-95 1.07% $12,169 $12,627 1.02%
31-Oct-95 1.43% $12,342 $12,812 1.47%
30-Nov-95 1.56% $12,535 $13,024 1.65%
29-Dec-95 1.56% $12,730 $13,215 1.47%
</TABLE>
Historical Returns
1995..................................................18.26%
Annualized inception to December 31, 1995..............7.22%
The performance data quoted represents past performance, and the investment
return of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. Past
performance is not predictive of future performance.
<PAGE>
Short-Intermediate Fixed-Income Portfolio
The Short-Intermediate Fixed-Income Portfolio commenced investment
operations on May 18, 1992. The Short-Intermediate Fixed-Income Portfolio is
designed to have risk characteristics similar to the Lehman Brothers
Government/Corporate 1-5 Year Index. For the year ended December 31, 1995,
the Portfolio had a total return of 11.42%. The shorter duration of this
Portfolio's investments reduced gains slightly as compared to the
Intermediate Fixed-Income Portfolio. The Portfolio performed as expected,
keeping in line with the Lehman Brothers Government/Corporate 1-5 Year Index.
=================================Line Chart================================
Comparison of $10,000 investment in the Short-Intermediate Fixed-Income
Portfolio and the unmanaged Lehman Brothers Government/Corporate 1-5 Year
Bond Index
A chart in the form of a line graph appears here, illustrating the change in
value of a $10,000 investment in the Short-Intermediate Fixed-Income
Portfolio and in the unmanaged Lehman Brothers Government/Corporate 1-5 Year
Bond Index from inception of the Portfolio in May 1992 through December 1995.
The data points from the graph are as follows:
<TABLE>
<CAPTION>
COMPARISON OF $10,000 INVESTMENT IN THE SHORT-INTERMEDIATE
FIXED-INCOME PORTFOLIO AND THE UNMANAGED LEHMAN
BROTHERS GOVT/CORP 1-5 YEAR INDEX
Monthly 10,000 10,000
Return in in Monthly
Date (SEC) Fund Index Return
<S> <C> <C> <C> <C>
29-May-92 -1.17% $10,000 $10,000
30-Jun-92 1.19% $10,119 $10,130 1.30%
31-Jul-92 1.45% $10,265 $10,287 1.55%
31-Aug-92 0.82% $10,349 $10,388 0.98%
30-Sep-92 1.08% $10,462 $10,510 1.18%
30-Oct-92 -0.96% $10,362 $10,406 -0.99%
30-Nov-92 -0.39% $10,321 $10,373 -0.32%
31-Dec-92 0.97% $10,421 $10,489 1.12%
29-Jan-93 1.29% $10,555 $10,653 1.56%
26-Feb-93 1.06% $10,667 $10,781 1.20%
31-Mar-93 0.34% $10,703 $10,821 0.37%
30-Apr-93 0.72% $10,781 $10,905 0.78%
28-May-93 -0.29% $10,749 $10,872 -0.30%
30-Jun-93 0.92% $10,848 $10,991 1.09%
31-Jul-93 0.14% $10,863 $11,013 0.20%
31-Aug-93 0.94% $10,965 $11,145 1.20%
30-Sep-93 0.22% $10,989 $11,182 0.33%
29-Oct-93 0.19% $11,009 $11,211 0.26%
30-Nov-93 -0.35% $10,971 $11,188 -0.20%
31-Dec-93 0.31% $11,006 $11,234 0.41%
31-Jan-94 0.81% $11,095 $11,330 0.85%
28-Feb-94 -1.06% $10,977 $11,216 -1.00%
31-Mar-94 -1.09% $10,858 $11,104 -1.00%
30-Apr-94 -0.53% $10,800 $11,040 -0.58%
31-May-94 0.06% $10,807 $11,052 0.11%
30-Jun-94 0.17% $10,825 $11,071 0.17%
29-Jul-94 0.85% $10,917 $11,195 1.12%
31-Aug-94 0.28% $10,947 $11,232 0.33%
30-Sep-94 -0.62% $10,880 $11,172 -0.53%
31-Oct-94 0.06% $10,886 $11,186 0.12%
30-Nov-94 -0.46% $10,835 $11,129 -0.51%
31-Dec-94 0.12% $10,849 $11,153 0.22%
31-Jan-95 1.45% $11,006 $11,324 1.53%
28-Feb-95 1.58% $11,181 $11,520 1.73%
31-Mar-95 0.51% $11,237 $11,585 0.57%
28-Apr-95 0.92% $11,341 $11,707 1.05%
31-May-95 2.11% $11,580 $11,978 2.32%
30-Jun-95 0.44% $11,630 $12,049 0.59%
31-Jul-95 0.15% $11,648 $12,078 0.24%
31-Aug-95 0.68% $11,727 $12,164 0.71%
29-Sep-95 0.49% $11,784 $12,233 0.57%
31-Oct-95 0.84% $11,883 $12,351 0.96%
30-Nov-95 0.90% $11,989 $12,482 1.06%
29-Dec-95 0.82% $12,088 $12,590 0.87%
</TABLE>
Historical Returns
1995..................................................11.42%
Annualized inception to December 31, 1995..............5.36%
The performance data quoted represents past performance, and the investment
return of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. Past
performance is not predictive of future performance.
<PAGE>
Mortgage Securities Portfolio
The Mortgage Securities Portfolio commenced investment operations on
May 18, 1992. The Mortgage Securities Portfolio is designed to have risk
characteristics similar to the Lehman Brothers Mortgage-Backed Securities
Index. For the year ended December 31, 1995, the Portfolio had a total
return of 16.03%. The duration of the Portfolio's investments decreased
significantly during the year due to the sharp rise in prepayments and
refinancing as interest rates fell. The Portfolio's performance paralleled
that of the Lehman Brothers Mortgage-Backed Securities Index.
================================Line Chart==================================
Comparison of $10,000 investment in the Mortgage Securities Portfolio and the
unmanaged Lehman Brothers Mortgage-Backed Securities Index
A chart in the form of a line graph appears here, illustrating the change in
value of a $10,000 investment in the Mortgage Securities Portfolio and in the
unmanaged Lehman Brothers Mortgage-Backed Securities Index from inception of
the Portfolio in May 1992 through December 1995. The data points from the
graph are as follows:
<TABLE>
<CAPTION>
COMPARISON OF $10,000 INVESTMENT IN THE MORTGAGE SECURITIES
PORTFOLIO AND THE UNMANAGED LEHMAN BROTHERS MORTGAGE-
BACKED SECURITIES INDEX
Monthly 10,000 10,000
Return in in Monthly
Date (SEC) Fund Index Return
<S> <C> <C> <C> <C>
29-May-92 -0.94% $10,000 $10,000
30-Jun-92 0.95% $10,095 $10,118 1.18%
31-Jul-92 1.74% $10,271 $10,207 0.88%
31-Aug-92 0.83% $10,356 $10,340 1.30%
30-Sep-92 0.55% $10,413 $10,420 0.78%
30-Oct-92 -1.48% $10,259 $10,329 -0.88%
30-Nov-92 -0.15% $10,244 $10,361 0.31%
31-Dec-92 1.32% $10,379 $10,494 1.29%
29-Jan-93 1.60% $10,545 $10,632 1.31%
25-Feb-93 1.11% $10,662 $10,739 1.01%
31-Mar-93 0.40% $10,705 $10,805 0.61%
30-Apr-93 0.46% $10,754 $10,861 0.52%
28-May-93 0.18% $10,773 $10,923 0.57%
30-Jun-93 1.38% $10,922 $11,006 0.76%
31-Jul-93 0.55% $10,981 $11,050 0.40%
31-Aug-93 0.62% $11,049 $11,102 0.47%
30-Sep-93 0.11% $11,062 $11,112 0.09%
29-Oct-93 0.25% $11,089 $11,144 0.29%
30-Nov-93 -0.20% $11,067 $11,122 -0.20%
31-Dec-93 0.59% $11,133 $11,212 0.81%
31-Jan-94 0.97% $11,240 $11,323 0.99%
28-Feb-94 -0.95% $11,133 $11,244 -0.70%
31-Mar-94 -1.22% $10,998 $10,951 -2.60%
30-Apr-94 -0.80% $10,910 $10,870 -0.74%
31-May-94 -0.10% $10,899 $10,914 0.40%
30-Jun-94 -0.29% $10,867 $10,890 -0.22%
29-Jul-94 1.92% $11,076 $11,107 2.00%
31-Aug-94 -0.04% $11,071 $11,143 0.32%
30-Sep-94 -1.39% $10,917 $10,985 -1.42%
31-Oct-94 -0.14% $10,902 $10,978 -0.06%
30-Nov-94 -0.37% $10,861 $10,944 -0.31%
31-Dec-94 0.81% $10,949 $11,032 0.80%
31-Jan-95 2.07% $11,176 $11,268 2.14%
28-Feb-95 2.40% $11,445 $11,555 2.55%
31-Mar-95 0.56% $11,509 $11,609 0.47%
28-Apr-95 1.23% $11,650 $11,774 1.42%
31-May-95 3.09% $12,010 $12,145 3.15%
30-Jun-95 0.65% $12,089 $12,214 0.57%
31-Jul-95 -0.02% $12,086 $12,235 0.17%
31-Aug-95 0.91% $12,197 $12,362 1.04%
29-Sep-95 0.82% $12,297 $12,471 0.88%
31-Oct-95 0.82% $12,398 $12,582 0.89%
30-Nov-95 1.33% $12,563 $12,726 1.14%
29-Dec-95 1.13% $12,705 $12,885 1.25%
</TABLE>
Historical Returns
1995..................................................16.03%
Annualized inception to December 31, 1995..............6.88%
The performance data quoted represents past performance, and the investment
return of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. Past
performance is not predictive of future performance.
<PAGE>
U.S. Government Money Portfolio
The U.S. Government Money Portfolio commenced operations on April 9,
1992. For the fiscal year ended December 31, 1995, the Portfolio had a total
return of 5.33%, which is appropriate considering its objective. The Manager
voluntarily reimbursed certain Portfolio expenses above the annualized limits
it had set, and this resulted in better returns than would otherwise have
occurred. For further information, please refer to the prospectus and "fee
waivers" on page 60 of this report. Bennington Capital Management assumed
responsibility from State Street Bank and Trust Company for all investment
decisions in this Portfolio as of September 7, 1994.
===============================Line Chart================================
Comparison of $10,000 investment in the U.S. Government Money Portfolio
A chart in the form of a line graph appears here, illustrating the change in
value of a $10,000 investment in the U.S. Government Money Portfolio from
inception of the Portfolio in April 1992 through December 1995. The data
points from the graph are as follows:
<TABLE>
<CAPTION>
$10,000 INVESTMENT IN THE US GOVERNMENT MONEY PORTFOLIO
Date Monthly Return 10,000 in Fund
<S> <C> <C>
30-Apr-92 0.22% $10,000
29-May-92 0.30% $10,030
30-Jun-92 0.30% $10,060
31-Jul-92 0.31% $10,091
31-Aug-92 0.28% $10,120
30-Sep-92 0.24% $10,144
30-Oct-92 0.24% $10,169
30-Nov-92 0.23% $10,192
31-Dec-92 0.24% $10,217
29-Jan-93 0.24% $10,242
26-Feb-93 0.21% $10,263
31-Mar-93 0.23% $10,286
30-Apr-93 0.22% $10,309
28-May-93 0.22% $10,332
30-Jun-93 0.22% $10,354
30-Jul-93 0.23% $10,378
31-Aug-93 0.23% $10,402
30-Sep-93 0.22% $10,425
29-Oct-93 0.23% $10,449
30-Nov-93 0.23% $10,473
31-Dec-93 0.31% $10,505
31-Jan-94 0.23% $10,529
28-Feb-94 0.21% $10,551
31-Mar-94 0.24% $10,576
29-Apr-94 0.27% $10,604
31-May-94 0.28% $10,634
30-Jun-94 0.29% $10,665
29-Jul-94 0.32% $10,699
31-Aug-94 0.33% $10,734
30-Sep-94 0.33% $10,769
31-Oct-94 0.35% $10,807
30-Nov-94 0.36% $10,846
31-Dec-94 0.43% $10,893
31-Jan-95 0.43% $10,940
28-Feb-95 0.40% $10,984
31-Mar-95 0.46% $11,034
28-Apr-95 0.45% $11,084
31-May-95 0.47% $11,135
30-Jun-95 0.45% $11,185
31-Jul-95 0.45% $11,235
31-Aug-95 0.44% $11,285
29-Sep-95 0.42% $11,332
31-Oct-95 0.42% $11,380
30-Nov-95 0.41% $11,426
29-Dec-95 0.41% $11,473
</TABLE>
Historical Returns
1995................................................5.33%
Annualized inception to December 31,1995............3.82%
The performance data quoted represents past performance and the investment
return will fluctuate. Past performance does not guarantee future results.
An investment in the U.S. Government Money Portfolio is neither insured nor
guaranteed by the U.S. Government and there can be no assurance that the
Portfolio will be able to maintain a stable net asset value of $1.00 per
share.
<PAGE>
ACCESSOR FUNDS, INC.
Financial Statements
as of
December 31, 1995
<PAGE>
<TABLE>
ACCESSOR FUNDS, INC.
Growth Portfolio
Schedule of Investments
December 31, 1995
<CAPTION>
Description Shares Value
<S> <C> <C>
COMMON STOCK - 96.9%
Advertising - 0.8%
Interpublic Group of Cos., Inc. .............. 8,900 $ 386,037
-----------
Aerospace-Defense - 2.1%
General Dynamics Corp. ....................... 900 53,212
Raytheon Co. ................................. 20,400 963,900
-----------
1,017,112
Air Travel - 2.0%
Delta Air Lines, Inc. ........................ 13,200 975,150
-----------
Automobiles - 1.3%
Chrysler Corp. ............................... 12,000 664,500
-----------
Banks - 2.6%
NationsBank Corp. ............................ 13,300 926,013
Republic New York Corp. ...................... 800 49,700
Wells Fargo & Co. ............................ 1,300 280,800
-----------
1,256,513
Beverages-Soft Drinks - 3.3%
Coca-Cola Co. ................................ 500 37,125
Pepsico, Inc. ................................ 28,800 1,609,200
----------
1,646,325
Broadcasting - 2.9%
Capital Cities\ABC, Inc. ..................... 11,500 1,418,812
----------
Building Materials - 0.6%
Owens-Corning Fiberglas Corp.*<F1> ........... 6,700 300,663
----------
Chemicals - 4.4%
Dow Chemical Co. ............................. 12,900 907,837
Eastman Chemical Co. ......................... 1,000 62,625
Monsanto Co. ................................. 1,200 147,000
Rohm & Haas Co. .............................. 9,700 624,438
Union Carbide Corp. .......................... 11,400 427,500
----------
2,169,400
Commercial Services - 0.0%
Ecolab, Inc. ................................. 300 9,000
----------
Computer Software & Services - 2.8%
Computer Associates International, Inc. ...... 24,450 1,390,594
----------
Computers - 4.6%
Compaq Computer Corp.*<F1> ................... 26,600 1,276,800
Digital Equipment Corp.*<F1> ................. 400 25,650
International Business Machines Corp. ........ 10,600 972,550
----------
2,275,000
Cosmetics & Toiletries - 0.0%
Alberto Culver Co. Class B.................... 700 $ 24,062
----------
Drugs & Pharmaceuticals - 13.9%
Abbott Laboratories .......................... 25,100 1,047,925
Bristol-Myers Squibb Co. ..................... 21,300 1,829,138
Johnson & Johnson ............................ 14,100 1,207,312
Merck & Co., Inc. ............................ 18,600 1,222,950
Schering-Plough Corp. ........................ 27,900 1,527,525
----------
6,834,850
Electric Utilities - 1.9%
Consolidated Edison Co. of New York .......... 28,600 915,200
---------
Electrical Equipment - 0.7%
Honeywell, Inc. .............................. 4,800 233,400
Thomas & Betts Corp. ......................... 1,700 125,375
----------
358,775
Electronics - 2.4%
National Service Industries, Inc. ............ 12,500 404,688
Tektronix, Inc. ............................. 16,200 795,825
----------
1,200,513
Electronics-Semiconductors - 3.0%
Micron Technology, Inc. ...................... 8,300 328,888
Texas Instruments, Inc. ...................... 22,500 1,164,375
----------
1,493,263
Entertainment - 2.0%
King World Productions, Inc.*<F1> ............ 25,100 975,763
----------
<PAGE>
Food - Processing - 9.4%
Archer-Daniels Midland Co. ................... 18,300 329,400
Campbell Soup Co. ............................ 21,100 1,266,000
Heinz Co., H.J. .............................. 37,200 1,232,250
Hershey Foods Corp. .......................... 700 45,500
Philip Morris Cos., Inc. ..................... 16,900 1,529,450
Sara Lee Corp. ............................... 6,800 216,750
----------
4,619,350
Hardware & Tools - 2.1%
Snap-On Tools Corp. .......................... 22,400 1,013,600
----------
Holding Companies-Diversified - 0.2%
Whitman Corp. ................................ 3,800 88,350
----------
Hospital Management - 1.7%
U.S. Healthcare, Inc. ........................ 17,900 $ 830,113
-----------
Household Products - 3.1%
Clorox Co. ................................... 1,200 85,950
Newell Co. ................................... 37,900 980,663
Procter & Gamble Co. ......................... 5,700 473,100
-----------
1,539,713
Insurance - 2.8%
Allstate Corp. ............................... 14,523 597,258
Lincoln National Corp. ....................... 300 16,125
Transamerica Corp. ........................... 10,200 743,325
----------
1,356,708
Machinery-Diversified - 2.5%
Applied Materials, Inc.*<F1> ................. 27,100 1,063,675
Dover Corp. .................................. 4,500 165,937
----------
1,229,612
Manufacturing-Diversified - 0.6%
Millipore Corp. .............................. 900 37,013
Parker Hannifin Corp. ........................ 6,300 215,775
Teledyne, Inc. ............................... 1,010 25,881
----------
278,669
Medical Equipment & Supplies - 2.7%
Becton, Dickinson & Co. ...................... 13,400 1,005,000
Medtronic, Inc. .............................. 5,800 324,075
----------
1,329,075
Office Equipment & Supplies - 0.8%
Harris Corp. ................................. 7,100 387,837
----------
Oil & Gas - 3.2%
Atlantic Richfield Co. ....................... 2,400 265,800
Baker Hughes, Inc. ........................... 1,900 46,312
Consolidated Natural Gas Co. ................. 300 13,612
Exxon Corp. .................................. 800 64,100
Mobil Corp. .................................. 2,100 235,200
Panhandle Eastern Corp. ...................... 2,800 78,050
Pennzoil Co. ................................. 11,100 468,975
Williams Companies, Inc. ..................... 9,600 421,200
----------
1,593,249
Publishing News - 1.3%
Tribune Co. .................................. 10,100 617,363
----------
Restaurants - 1.2%
Wendy's International, Inc. ................... 27,500 $ 584,375
-----------
Retail Stores - 2.1%
Kroger Co.*<F1> .............................. 28,200 1,057,500
----------
Retail-Trade - 2.4%
Sears Roebuck & Co. .......................... 17,500 682,500
TJX Companies, Inc. .......................... 26,500 500,188
----------
1,182,688
Telecommunications - 7.3%
Ameritech Corp. .............................. 18,400 1,085,600
Bell Atlantic Corp. .......................... 5,800 387,875
Bellsouth Corp. .............................. 5,000 217,500
GTE Corp. .................................... 1,700 74,800
NYNEX Corp. .................................. 1,200 64,800
SBC Communications, Inc. ..................... 15,100 868,250
Sprint Corp. ................................. 22,600 901,175
----------
3,600,000
Transportation - 2.0%
Pittston Services Group*<F1> ................. 31,200 978,900
----------
<PAGE>
Trucking & Freight - 0.2%
Roadway Services, Inc. ....................... 2,200 107,525
----------
TOTAL COMMON STOCK - (Identified Cost $41,771,364) 47,706,159
-----------
<CAPTION>
Principal
Interest Maturity Amount
Rate (1) Date (000)
<F2>
<S> <C> <C> <C> <C>
SHORT-TERM INVESTMENT - 3.1%
Federal National
Mortgage Association ...... 5.50% 01/02/1996 $ 1,535 1,534,765
(Identified Cost $1,534,765)
TOTAL INVESTMENTS - 100.0% - (Identified Cost $43,306,129) $ 49,240,924
=============
<F1> * Non-income producing security.</F1>
<F2> (1) Yield at the time of purchase.</F2>
See notes to financial statements
<PAGE>
<CAPTION>
ACCESSOR FUNDS, INC.
Value & Income Portfolio
Schedule of Investments
December 31, 1995
Description Shares Value
<S> <C> <C>
COMMON STOCK - 98.5%
Aerospace-Defense - 2.6%
Boeing Co. ................................... 400 $ 31,350
McDonnell Douglas Co. ........................ 2,500 230,000
Northrop Grumman Corp. ....................... 3,700 236,800
Raytheon Co. ................................. 3,400 160,650
-----------
658,800
Air Travel - 1.3%
AMR Corp. .................................... 600 44,550
Delta Air Lines, Inc. ........................ 3,700 273,337
-----------
317,887
Automobiles - 5.2%
Chrysler Corp. ............................... 8,600 476,225
Ford Motor Co. ............................... 3,300 95,700
General Motors Corp. ......................... 9,600 507,600
Paccar, Inc. ................................. 5,400 226,800
-----------
1,306,325
Automobiles & Related - 2.0%
Cummins Engine, Inc. ......................... 5,100 188,700
Dana Corp. ................................... 2,500 73,125
Varity Corp.*<F3> ............................ 6,500 241,312
----------
503,137
<PAGE>
Banks - 12.5%
Banc One Corp. ............................... 12,000 453,000
BankAmerica Corp. ............................ 4,300 278,425
Chemical Banking Corp. ....................... 8,300 487,625
Citicorp ..................................... 1,400 94,150
CoreStates Financial Corp. ................... 2,500 94,687
First Chicago NBD BanCorp, Inc. .............. 500 19,750
First Interstate Bancorp ..................... 800 109,200
First Union Corp. ............................ 2,100 116,812
KeyCorp ...................................... 1,200 43,500
Mellon Bank Corp. ............................ 6,100 327,875
NationsBank Corp. ............................ 7,500 522,187
PNC Bank Corp. ............................... 9,000 290,250
Republic New York Corp. ...................... 900 55,912
Wells Fargo & Co. ............................ 1,100 237,600
----------
3,130,973
Chemicals - 3.3%
Dow Chemical Co. ............................. 2,700 190,012
Du Pont (E.I.) de Nemours & Co. .............. 2,500 174,687
Eastman Chemical Co. ......................... 2,600 162,825
PPG Industries, Inc. ......................... 1,900 86,925
Union Carbide Corp. .......................... 5,700 213,750
----------
828,199
Computers - 4.8%
Compaq Computer Corp. ........................ 3,500 $ 168,000
Digital Equipment Corp.*<F3> ................. 3,900 250,088
International Business Machines Corp. ........ 8,600 789,050
----------
1,207,138
Computer Software & Services - 0.1%
Computer Associates International, Inc. ...... 300 17,063
----------
Drugs & Pharmaceuticals - 1.7%
Bristol-Myers Squibb Co. ..................... 3,300 283,387
Schering-Plough .............................. 2,600 142,350
----------
425,737
<PAGE>
Electric Utilities - 7.0%
Detroit Edison Co. ........................... 4,500 155,250
Entergy Corp. ................................ 10,000 292,500
Ohio Edison Co. .............................. 11,500 270,250
Pacific Gas & Electric Co. ................... 13,100 371,712
Philadephia Electric Co. ..................... 3,700 111,462
Public Service Enterprises Group ............. 6,900 211,312
SCECorp. ..................................... 1,300 23,075
Unicom Corp. ................................. 9,900 324,225
----------
1,759,786
Electronics-Semiconductors - 1.7%
Micron Technology, Inc. ...................... 2,200 87,175
National Semiconductor Corp. ................. 6,400 142,400
Texas Instruments, Inc. ...................... 3,900 201,825
----------
431,400
Financial Services - 5.3%
Federal National Mortgage Association ........ 3,800 471,675
Transamerica Corp. ........................... 4,100 298,787
Travelers Group, Inc. ........................ 8,800 553,300
----------
1,323,762
Food Processing - 2.1%
Philip Morris Cos., Inc. ..................... 3,300 298,650
Ralston-Ralston Purina Group ................. 3,800 237,025
----------
535,675
Holding Companies-Diversified - 1.3%
Textron, Inc. ................................ 4,900 330,750
----------
Household Products - 0.7%
Premark International, Inc. .................. 3,700 187,312
----------
<PAGE>
Insurance - 2.9%
Allstate Corp. ............................... 7,972 $ 327,849
Loews Corp. .................................. 5,000 391,875
----------
719,724
Leisure Time - 0.4%
Brunswick Corp. .............................. 1,000 24,000
Outboard Marine Corp. ........................ 3,200 65,200
----------
89,200
Miscellaneous-Manufacturing - 1.9%
Millipore Corp. .............................. 3,900 160,388
Parker Hannifin Corp. ........................ 7,600 260,300
Trinova Corp. ................................ 1,900 54,388
----------
475,076
Metals - 2.1%
ASARCO, Inc. ................................. 5,100 163,200
Cyprus Amax Minerals Co. ..................... 2,400 62,700
Phelps Dodge Corp. ........................... 4,800 298,800
----------
524,700
Oil & Gas - 16.9%
Amoco Corp. .................................. 5,900 424,062
Atlantic Richfield Co. ....................... 2,100 232,575
Chevron Corp. ................................ 2,400 126,000
Coastal Corp. ................................ 7,600 283,100
Exxon Corp. .................................. 18,000 1,442,250
Mobil Corp. .................................. 3,700 414,400
Occidental Petroleum Corp. ................... 10,500 224,438
Panhandle Eastern Corp. ...................... 10,900 303,838
Phillips Petroleum Co. ....................... 6,400 218,400
Royal Dutch Petroleum Co. .................... 4,100 578,613
----------
4,247,676
Packaging & Containers - 1.0%
Temple-Inland, Inc. ......................... 5,600 247,100
----------
<PAGE>
Paper & Forest Products - 2.7%
Boise Cascade Corp. .......................... 2,200 76,175
Champion International Corp. ................. 5,800 243,600
Weyerhaeuser Co. ............................. 7,600 328,700
Willamette Industries, Inc. .................. 700 39,200
----------
687,675
Publishing & Printing - 0.3%
American Greetings Corp. Class A............... 2,700 74,588
----------
Railroads - 1.9%
Burlington Northern, Santa Fe ................ 1,900 $ 148,200
CSX Corp. .................................... 7,200 328,500
-----------
476,700
Restaurants - 0.5%
Ryans Family Steak House, Inc. ............... 15,800 108,625
Wendy's International, Inc. .................. 1,400 29,750
-----------
138,375
Retail -Trade - 1.7%
Dillard Department Stores, Inc. Class A........ 3,800 108,300
Penney (J.C.) Co., Inc. ...................... 1,500 71,438
Price/Costco, Inc.*<F3> ...................... 1,600 24,400
Sears Roebuck & Co. .......................... 5,500 214,500
-----------
418,638
Retail-Specialty - 0.8%
Circuit City Stores, Inc. .................... 7,600 209,950
-----------
Security & Commodity Brokers - 1.3%
Dean Witter Discover & Co. ................... 1,100 51,700
Merrill Lynch & Co., Inc. .................... 700 35,700
Salomon, Inc. ................................ 7,100 252,050
----------
339,450
Shoes & Leather - 1.1%
Reebok International, Ltd. ................... 9,600 271,200
-----------
<PAGE>
Telecommunications - 8.5%
BellSouth Corp. .............................. 6,200 269,700
GTE Corp. .................................... 5,000 220,000
MCI Communications Corp. ..................... 3,700 96,663
NYNEX Corp. .................................. 9,800 529,200
Pacific Telesis Group ........................ 13,800 464,025
SBC Communications, Inc. ..................... 2,000 115,000
Sprint Corp. ................................. 11,100 442,613
----------
2,137,201
Tires & Rubber - 1.5%
Goodyear Tire & Rubber Co. ................... 8,100 367,538
----------
Transportation-Miscellaneous - 1.4%
Pittston Services Group ...................... 5,600 175,700
Ryder Systems, Inc. .......................... 7,500 185,625
----------
361,325
TOTAL COMMON STOCK - (Identified Cost $21,339,875) 24,750,060
-----------
UNIT INVESTMENT TRUST - 0.8%
Standard & Poor's Depository Receipts 3,400 $ 209,047
(Identified Cost $207,948) -----------
<CAPTION>
Principal
Interest Maturity Amount
Rate (1) Date (000)
<F4>
<S> <C> <C> <C> <C>
SHORT-TERM INVESTMENTS - 0.7%
U.S. Treasury Bill ...... 5.21% 03/14/96 $ 180 178,127
(Identified Cost $178,078) __________
TOTAL INVESTMENTS - 100.0% - (Identified Cost $21,725,901) $ 25,137,234
============
<F3> * Non-income producing security.</F3>
<F4> (1) Yield at time of purchase.</F4>
See notes to financial statements
<PAGE>
<CAPTION>
ACCESSOR FUNDS, INC.
Small to Mid Cap Portfolio
Schedule of Investments
December 31, 1995
Description Shares Value
<S> <C> <C>
COMMON STOCK - 100.0%
Advertising - 0.5%
Omnicom Group, Inc. .......................... 6,600 $ 245,850
____________
Aerospace-Defense - 0.1%
Thiokol Corp. ................................ 2,100 71,138
____________
Apparel & Textiles - 0.6%
Dixie Yarns, Inc. ............................ 1,113 4,313
Nautica Enterprises, Inc.*<F5> ............... 5,200 223,600
Tandy Brand Accessories, Inc.*<F5> ........... 950 5,938
Unifirst Corp. ................................ 2,500 45,000
Varsity Spirit Corp. ......................... 2,150 31,175
____________
310,026
Automobiles - 0.0%
Oshkosh Truck Corp. Class B .................. 500 7,500
____________
Automobiles & Related - 0.2%
Autocam Corp.*<F5> ........................... 1,858 25,547
Douglas & Lomason Co. ........................ 900 10,350
Smith (A.O.) Corp. .......................... 2,400 49,800
Strattec Security Corp.*<F5> ................. 720 12,420
____________
98,117
Automobiles-Replacement Parts - 0.2%
Myers Indiana, Inc. .......................... 989 16,195
Wynns International, Inc. .................... 2,100 62,213
____________
78,408
Banks - 7.3%
Bank of New Hampshire Corp. .................. 3,400 146,200
BanPonce Corp. ............................... 4,300 166,625
BayBanks, Inc. ............................... 1,500 146,625
City National Corp. .......................... 12,300 172,200
Commerce Bancorp, Inc. ........................ 7,700 169,400
Cullen/Frost Bankers, Inc. ................... 1,800 89,550
Deposit Guaranty Corp. ....................... 4,500 200,250
Farmers Capital Bank Corp. ................... 100 4,100
First Citizens Bancshares, Inc. .............. 2,000 107,500
Firstier Financial, Inc. ..................... 1,550 67,037
Fulton Financial Corp. ....................... 1,100 22,000
Investors Financial Services Corp. Class A*<F5> 75 1,537
Investors Financial Service Corp.*<F5> ....... 391 8,015
Keystone Financial, Inc. ..................... 3,800 112,100
Mid-Am, Inc. ................................. 4,169 68,267
Northern Trust Corp. ......................... 11,400 631,275
North Fork Bancorporation, Inc. .............. 12,949 326,962
River Forest Bancorp Inc. .................... 1,700 42,925
Trustco Bank Corp. NY ........................ 4,152 91,344
Union Bank of San Francisco .................. 5,700 306,375
Union Planters Corp. ......................... 7,102 226,376
United Carolina Bancshares ................... 4,000 135,000
United Counties Bancorporation ............... 300 $ 68,400
Vermont Financial Services Corp. ............. 3,500 120,750
Westamerica Bancorporation ................... 4,400 188,100
____________
3,618,913
Beverages-Alcoholic - 0.2%
Robert Mondavi Corp. Class A*<F5> ............ 4,300 118,250
____________
Broadcasting - 0.3%
BHC Communications, Inc. Class A ............. 1,700 160,650
____________
Building Materials - 1.7%
Carlisle Cos., Inc. .......................... 3,100 125,162
Florida Rock Industries, Inc. ................ 300 8,775
International Aluminum Corp. ................. 1,900 54,625
NCI Building Systems, Inc.*<F5> .............. 13,400 326,625
Texas Industries, Inc. ....................... 6,000 318,000
____________
833,187
Chemicals - 2.6%
Aceto Corp. .................................. 946 14,427
Airgas, Inc.*<F5> ............................ 4,500 149,625
Blessings Corp. .............................. 1,600 16,600
Cabot Corp. .................................. 6,700 360,963
Cambrex Corp. ................................ 3,900 161,362
Chemed Corp. ................................. 8,100 314,887
Petrolite Corp. .............................. 1,000 27,250
Synalloy Corp. ............................... 6,100 125,050
WD-40 Co. .................................... 2,900 117,450
____________
1,287,614
Commercial Services - 2.1%
Concord EFS, Inc.*<F5> ....................... 8,300 342,375
Devry, Inc.*<F5> ............................. 4,600 124,200
Electro Rent Corp.*<F5> ...................... 3,075 63,806
Labone, Inc. ................................. 2,900 40,600
LSB Industries, Inc. ......................... 5,000 21,875
Regis Corp. .................................. 2,000 47,000
Robert Half International, Inc.*<F5> ......... 4,800 201,000
Wallace Computer Services, Inc. .............. 3,700 202,113
____________
1,042,969
Computer Software & Services - 4.2%
Analysts International Corp. ................. 6,800 204,000
Banctec, Inc.*<F5> ........................... 1,350 24,975
Computer Horizons Corp.*<F5> ................. 17,800 663,050
Electronics for Imaging Inc.*<F5> ............ 11,600 498,800
McAfee Associates*<F5> ....................... 10,300 440,325
Medicus Systems Corp. ........................ 4,900 37,975
Sun Guard Data Systems, Inc.*<F5> ............ 4,200 $ 116,550
Walker Interactive Systems*<F5> .............. 12,500 92,188
____________
2,077,863
Computers - 5.7%
Auspex Systems, Inc.*<F5> .................... 7,000 126,000
Computervision Corp.*<F5> .................... 55,700 856,388
DH Technology, Inc.*<F5> ..................... 6,500 147,875
Fair Isaac & Co., Inc. ....................... 3,700 91,575
Iomega Corp.*<F5> ............................ 8,900 432,763
Optical Data Systems, Inc.*<F5> .............. 11,100 271,950
Seagate Technology, Inc.*<F5> ................ 18,700 888,250
____________
2,814,801
Construction & Mining Equipment - 0.1%
Terex Corp.*<F5> ............................. 8,800 41,800
____________
Cosmetics & Toiletries - 0.3%
Block Drug Co., Inc. Class A ................. 657 22,666
Maybelline, Inc. ............................. 200 7,250
Nature's Sunshine Products, Inc. ............. 5,170 126,665
____________
156,581
Drugs & Pharmaceuticals - 1.2%
Barr Labs, Inc.*<F5> ......................... 200 5,950
Neurogen Corp.*<F5> .......................... 15,000 403,125
Rhone-Poulenc Rorer, Inc. .................... 700 37,275
Syncor International Corp.*<F5> .............. 5,700 38,475
Watson Pharmaceuticals, Inc.*<F5> ............ 2,580 126,098
____________
610,923
Electric Utilities - 4.5%
Bangor Hydro Electric Co. .................... 3,600 41,400
Commonwealth Energy System Inc. .............. 1,600 71,600
Destec Energy, Inc.*<F5> ..................... 13,800 189,750
IES Industries, Inc. ......................... 6,900 182,850
Illinova Corp. ............................... 2,300 69,000
LG&E Energy Corp. ............................ 5,600 236,600
Portland General Corp. ....................... 15,300 445,613
Southwestern Public Service Co. .............. 27,600 903,900
Unitil Corp. .................................. 2,000 42,000
York Research Corp.*<F5> ..................... 11,000 57,750
____________
2,240,463
Electrical Equipment - 0.8%
Kemet Corp.*<F5> ............................. 9,800 232,750
Kuhlman Corp. ................................ 4,300 53,750
Woodhead Industries Inc. ..................... 9,000 126,000
____________
412,500
Electronics - 5.3%
Aurora Electronics, Inc.*<F5> ................ 9,400 $ 19,387
BMC Industries, Inc. ......................... 27,000 627,750
Dynatech Corp.*<F5> .......................... 6,700 113,900
HADCO Corp.*<F5> ............................. 17,100 480,937
Harman International Industries, Inc. ........ 3,885 155,885
Logicon, Inc. ................................ 9,800 269,500
Macromedia, Inc.*<F5> ........................ 3,700 191,938
SCI Systems, Inc.*<F5> ....................... 18,600 571,950
Stratacom, Inc.*<F5> ......................... 500 36,500
Tencor Instruments*<F5> ...................... 3,000 72,750
Zygo Corp.*<F5> .............................. 3,150 77,963
____________
2,618,460
Electronics-Semiconductors - 3.4%
Dallas Semiconductor Corp. ................... 9,800 203,350
International Rectifier Corp.*<F5> ........... 2,600 65,000
Maxim Integrated Products, Inc.*<F5> ......... 17,600 673,200
Photronics, Inc.*<F5> ........................ 18,700 500,225
S3, Inc.*<F5> ................................ 12,600 220,500
____________
1,662,275
Engineering & Construction - 0.2%
Pitt-Des Moines, Inc. ........................ 2,400 91,800
____________
Entertainment - 0.5%
AMC Entertainment, Inc.*<F5> ................. 10,700 250,112
____________
Environmental Control - 0.5%
Continental Waste Industries, Inc.*<F5> ...... 7,167 78,833
Ecology & Environment, Inc. Class A .......... 1,465 12,269
Isco, Inc. ................................... 790 7,307
Met Pro Corp. ................................ 6,300 92,138
Sanifill, Inc.*<F5> .......................... 800 26,700
United Waste Systems, Inc.*<F5> .............. 1,400 51,450
____________
268,697
Financial Services - 1.9%
First USA, Inc. .............................. 1,500 66,562
Green Tree Financial Corp. ................... 21,000 553,875
National Auto Credit, Inc.*<F5> .............. 3,700 60,125
Pioneer Group, Inc. .......................... 1,200 31,800
The Money Store, Inc. ........................ 15,187 235,399
____________
947,761
Food-Processing - 1.9%
Cagle's, Inc. Class A ........................ 5,400 75,600
FoodBrands America, Inc.*<F5> ................. 5,700 65,550
IBP, Inc. .................................... 11,600 585,800
International Multifoods Corp. ............... 5,800 $ 116,725
Tasty Baking Corp. ........................... 5,800 70,325
Wholesome & Hearty Foods, Inc.*<F5> .......... 1,000 7,625
____________
921,625
Food Wholesalers - 0.3%
Nash-Finch Co. ............................... 5,600 99,400
Richfood Holdings, Inc. ...................... 1,530 40,928
____________
140,328
Furnishings & Appliances - 0.3%
Kimball International, Inc. Class B .......... 1,800 45,000
Lifetime Hoan Corp.*<F5> ..................... 120 1,050
National Presto Industries, Inc. ............. 1,000 39,750
Thomas Industries, Inc. ...................... 3,400 79,900
____________
165,700
Gas & Pipeline Utilities - 0.5%
Atmos Energy Corp. ........................... 5,300 121,900
Pennsylvania Enterprises, Inc. ............... 1,700 64,388
Southern Union Co.*<F5> ...................... 1,443 36,436
____________
222,724
Hardware & Tools - 0.1%
Starrett (L.S.) Co. Class A .................. 1,000 25,875
____________
Holding Companies-Diversified - 1.6%
Berkshire Hathaway, Inc.*<F5> ................ 24 770,520
____________
Homebuilding - 0.2%
Champion Enterprises, Inc.*<F5> .............. 200 6,175
D.R. Horton, Inc.*<F5> ....................... 5,520 64,860
NVR, Inc.*<F5> ............................... 4,600 46,000
___________
117,035
Hotel-Motel - 0.9%
La Quinta Motor Inns, Inc. ................... 6,162 168,685
Marcus Corp. ................................. 9,500 260,062
____________
428,747
Household Products - 0.7%
Blyth Industries, Inc.*<F5> .................. 10,200 300,900
Catalina Lighting, Inc.*<F5> ................. 4,900 23,887
____________
324,787
Industrial Machinery - 0.6%
Helix Technology Corp. ....................... 7,800 308,100
____________
Industrial Materials - 0.1%
Zoltek Cos., Inc.*<F5> ....................... 4,200 $ 68,250
____________
Insurance - 9.2%
American Bankers Insurance Group, Inc. ....... 8,700 339,300
Argonaut Group, Inc. ......................... 3,600 117,000
CMAC Investment Corp. ........................ 7,000 308,000
Danielson Holding Corp.*<F5> ................. 8,100 55,687
EMC Insurance Group, Inc. .................... 300 3,975
Foremost Corp. of America .................... 6,100 309,575
Fremont General Corp. ........................ 5,600 205,800
HCC Insurance Holdings, Inc.*<F5> ............ 7,400 273,800
Liberty Financial Co. ........................ 579 17,515
Maxicare Health Plans, Inc.*<F5> ............. 37,100 997,063
Midland Co. .................................. 1,400 68,425
Old Republic International Corp. ............. 27,000 958,500
Orion Capital Corp. .......................... 3,000 130,125
PXRE Corp. ................................... 6,000 159,000
Reinsurance Group of America ................. 1,000 36,625
Stewart Information Services Corp. ........... 850 18,275
Trenwick Group, Inc. ......................... 4,000 224,000
Vesta Insurance Group, Inc. .................. 6,100 332,450
____________
4,555,115
Leisure Time - 1.1%
Anthony Industries, Inc. ..................... 4,585 105,455
Callaway Golf Co. ............................ 13,400 303,175
Coachmen Industries, Inc. .................... 3,600 78,300
Thor Industries, Inc. ........................ 2,500 48,438
____________
535,368
Machinery-Diversified - 1.8%
AGCO Corp. ................................... 2,400 122,400
Fedders Corp. ................................ 20,700 119,025
Kulicke & Soffa Industries, Inc. ............. 1,200 27,600
Manitowoc Company, Inc. ...................... 1,600 49,000
Park-Ohio Industries*<F5> .................... 4,900 79,013
Portec, Inc.*<F5> ............................ 2,614 25,160
Raymond Corp.*<F5> ........................... 5,545 126,149
Regal-Beloit Corp. ........................... 15,500 337,125
Salem Corp. .................................. 750 15,750
____________
901,222
Manufactured Housing - 0.0%
McGrath Rentcorp. ............................ 1,200 22,200
____________
Manufacturing - 1.3%
Gorman Rupp Co. .............................. 1,400 $ 21,700
Graco, Inc. .................................. 5,100 155,550
Innovex, Inc. ................................ 4,950 75,487
Lydall, Inc.*<F5> ............................ 7,800 177,450
Raven Industries, Inc. ....................... 650 11,375
Shelter Components Corp. ..................... 4,450 72,869
Tredegar Industries, Inc. .................... 4,400 143,000
____________
657,431
Medical Equipment & Supplies - 4.0%
ADAC Laboratories ............................ 5,700 67,687
American Medical Response, Inc.*<F5> ......... 1,000 32,500
Beckman Instruments, Inc. .................... 800 28,300
Bio-Rad Laboratories, Class A*<F5> ........... 5,500 233,062
Coherent, Inc.*<F5> .......................... 6,400 259,200
Diagnostic Products Corp. .................... 9,700 367,387
Endosonics Corp.*<F5> ........................ 6,200 92,225
Landauer, Inc. ............................... 5,000 108,750
Life Technologies, Inc. ...................... 1,000 26,625
Marquette Electric, Inc. Class A*<F5> ........ 1,600 32,400
MediSense, Inc.*<F5> ......................... 1,900 60,088
North American Biologicals, Inc.*<F5> ........ 14,800 159,100
Physician Sales & Services, Inc.*<F5> ........ 11,100 310,800
Target Therapeutics, Inc.*<F5> ............... 5,200 222,300
____________
2,000,424
Medical Facilities Management - 2.4%
Advantage Health Corp.*<F5> .................. 5,000 216,250
Apria Healthcare Group, Inc.*<F5> ............ 3,200 90,400
Genesis Health Ventures, Inc.*<F5> ........... 3,200 116,800
Health Management Associates, Inc. Class A*<F5> 2,250 58,781
Living Centers of America, Inc.*<F5> ......... 1,400 49,000
Renal Treatment Centers, Inc.*<F5> ........... 7,800 343,200
Salik Health Care Special*<F5> ............... 2,150 79,550
Universal Health Services, Inc. Class B*<F5> 5,200 230,750
____________
1,184,731
Metals - 1.4%
Barnes Group, Inc. ........................... 5,000 180,000
Castle (A.M.) & Co. .......................... 10,250 288,281
Handy & Harman ............................... 3,800 62,700
Varlen Corp. ................................. 7,205 154,908
____________
685,889
Mining - 0.3%
Cleveland Cliffs, Inc. ....................... 1,100 45,100
Coeur D'Alene Mines Corp. .................... 6,300 107,887
____________
152,987
Office Equipment & Supplies - 0.6%
American Business Products, Inc. ............. 5,350 $ 152,475
CSS Industries, Inc.*<F5> .................... 1,400 30,800
Standard Register Co. ........................ 4,600 92,575
United Stationers, Inc. ...................... 266 7,249
____________
283,099
Oil & Gas - 3.9%
Alexander Energy Corp. ....................... 10,900 48,369
Atwood Oceanics, Inc.*<F5> ................... 3,600 90,900
BJ Services*<F5> ............................. 731 21,199
Chesapeake Energy*<F5> ....................... 4,150 137,987
Fina, Inc. ................................... 100 5,050
Giant Industries, Inc. ....................... 5,400 66,150
KN Energy, Inc. .............................. 8,142 237,136
National Fuel Gas Co. ........................ 13,500 453,938
Newpark Resources, Inc.*<F5> ................. 3,695 82,214
Penn Virginia Corp. .......................... 900 29,025
Phoenix Resource Co., Inc. ................... 9,500 163,875
Quaker State Corp. ........................... 5,300 66,913
Sonat Offshore Drilling Co. .................. 9,000 402,750
Ultramar Corp. ............................... 5,400 139,050
___________
1,944,556
Packaging & Containers - 0.3%
Aptargroup, Inc. ................................ 4,200 156,975
____________
Paper & Forest Products - 0.7%
American Filtrona Corp. ...................... 500 16,750
Bowater, Inc. ................................ 8,800 312,400
Consolidated Papers, Inc. .................... 600 33,675
___________
362,825
Publishing & Printing - 0.4%
Devon Group, Inc.*<F5> ....................... 2,800 81,200
Wiley (John) & Sons, Inc. Class A ............ 2,800 91,700
____________
172,900
Publishing News - 1.4%
Central Newspapers, Inc. Class A ............. 5,800 181,975
Pulitzer Publishing Co. ...................... 10,500 501,375
____________
683,350
Real Estate - 0.8%
HGI Realty, Inc. ............................. 17,100 391,162
____________
Restaurants - 0.6%
Apple South, Inc. ............................ 10,700 $ 227,375
Applebee's International, Inc. ............... 2,000 45,500
Dave & Busters, Inc.*<F5> .................... 1,080 13,095
____________
285,970
Retail Stores-Drug - 1.5%
Eckerd Corp.*<F5> ............................ 16,400 731,850
____________
Retail Stores-Food - 0.7%
Casey General Stores, Inc. ................... 6,700 144,887
Ingles Markets, Inc. Class A ................. 9,400 102,225
Ruddick Corp. ................................ 6,600 75,900
Weis Markets, Inc. ........................... 800 22,600
____________
345,612
Retail-Specialty - 1.4%
CDW Computer Centers, Inc.*<F5> .............. 6,600 262,350
General Nutrition Cos., Inc.*<F5> ............ 1,300 29,900
Leslie's Poolmart*<F5> ....................... 6,877 91,120
Micro Warehouse, Inc.*<F5> ................... 900 38,925
Rex Stores Corp.*<F5> ........................ 8,500 150,875
Russ Berrie & Company, Inc. .................. 6,900 87,113
Wolohan Lumber Co. ........................... 1,200 11,700
____________
671,983
Retail-Trade - 1.3%
Alexander's, Inc.*<F5> ....................... 100 6,950
Mens Warehouse, Inc.*<F5> .................... 25 644
One Price Clothing Stores, Inc.*<F5> ......... 50 138
Patrick Industries, Inc. ..................... 3,700 51,800
Ross Stores .................................. 13,900 265,838
Shopko Stores ................................ 3,100 34,875
Waban Inc.*<F5> .............................. 13,700 256,875
____________
617,120
Savings & Loans - 4.8%
Advantage Bancorp, Inc. ...................... 1,500 56,625
Albank Financial Corp. ....................... 500 15,000
Anchor BanCorp ............................... 1,325 47,369
Citfed Bancorp, Inc. ......................... 4,300 146,200
Coastal Bancorp, Inc. ........................ 7,000 119,875
CSF Holdings, Inc.*<F5> ...................... 5,500 217,937
First Northern Capital Corp. ................. 1,100 17,325
Great Financial Corp. ........................ 3,800 89,300
Haven Bancorp, Inc. .......................... 1,100 25,987
North Side Savings Bank ...................... 3,800 114,475
ONBANcorp, Inc. .............................. 1,400 46,725
Pacific Crest Capital, Inc.*<F5> ............. 206 1,442
Peoples Bank-Bridgeport ...................... 5,200 $ 98,800
Peoples Heritage Financial Group, Inc. ....... 36,400 819,000
TCF Financial Corp. .......................... 11,000 364,375
TR Financial Corp. ........................... 5,600 142,800
United Bankshares, Inc. ...................... 2,300 66,700
____________
2,389,935
Security & Commodity Brokers - 2.2%
BHC Financial, Inc. .......................... 23,900 424,225
Edwards (A.G.), Inc. ......................... 5,675 135,490
McDonald & Company Investments, Inc. ......... 7,120 128,160
Morgan Keegan, Inc. .......................... 4,950 62,494
Raymond James Financial, Inc. ................ 2,000 42,250
Waterhouse Investor Services Inc. ............ 11,400 282,150
____________
1,074,769
Shoes & Leather - 0.0%
K-Swiss, Inc. ................................ 800 8,400
____________
Steel - 0.1%
Roanoke Electric Steel Corp. ................. 2,400 39,900
Schnitzer Steel Industries, Inc. Class A ..... 300 9,000
____________
48,900
Telecommunications - 2.9%
Aydin Corp.*<F5> ............................. 5,900 89,237
C-Tec Corp.*<F5> ............................. 7,600 233,700
Frontier Corp. ............................... 28,200 846,000
Intermedia Commerce of Florida*<F5> .......... 5,800 98,600
Lincoln Telecommunications Co. ............... 8,300 175,337
____________
1,442,874
Textiles - 0.3%
Garan, Inc. .................................. 7,800 131,625
____________
Transportation-Miscellaneous - 2.3%
Alexander & Baldwin, Inc. .................... 1,700 39,100
GATX Corp. ................................... 8,500 413,312
PHH Corp. .................................... 4,800 224,400
Rollins Truck Leasing Corp. .................. 10,300 114,588
UAL Corp.*<F5> ............................... 2,000 357,000
____________
1,148,400
Trucking & Freight - 0.4%
Arnold Industries, Inc. ...................... 8,300 144,213
Matlack Systems, Inc.*<F5> ................... 4,000 35,000
____________
179,213
Water Utilities - 0.3%
California Water Service Co. ................. 2,200 $ 71,775
Connecticut Water Service, Inc. .............. 400 11,000
SJW Corp. .................................... 1,200 45,300
Southwest Water Co. .......................... 630 5,828
____________
133,903
TOTAL INVESTMENTS - 100% -
(Identified Cost $42,813,337) $ 49,461,137
============
<F5> * Non-income producing security. </F5>
See notes to financial statements
<PAGE>
<CAPTION>
ACCESSOR FUNDS, INC.
International Equity Portfolio
Schedule of Investments
December 31, 1995
Description Shares Value
<S> <C> <C>
COMMON STOCK - 79.4%
Australia - 1.9%
Australian Gas & Light Co. ................... 49,000 $ 184,103
Broken Hill Ordinary ......................... 453 6,404
Capral Aliminium ............................. 28,000 68,746
Faulding F.H. & Co. Limited .................. 1,400 6,250
National Australia Bank ...................... 12,179 109,640
News Corporation Ordinary .................... 24,000 128,206
Pioneer International Limited ................ 39,000 100,685
Westfield Holdings ........................... 11,000 126,852
WMC Limited .................................. 20,000 128,563
____________
859,449
Belgium - 0.9%
Banque Bruxelles Lambert (BBL) ............... 900 154,356
Barco N.V. ................................... 1,300 149,890
Tessenderlo Chemie ........................... 270 95,593
____________
399,839
Denmark - 0.9%
Ostasiatiske Kompagni Common ................. 2,900 58,010
Scandinavian Mobility ........................ 4,500 107,857
Sparekassen Bikube Common .................... 2,200 72,950
Tele Danmark A S "B" ......................... 3,000 163,814
____________
402,631
Finland - 0.3%
Kymmene ...................................... 2,000 52,947
Metra B ...................................... 1,200 49,447
Repola Oy .................................... 2,500 47,192
____________
149,586
France - 5.4%
Accor ........................................ 1,430 185,040
Axime Ex Segin*<F6> ........................... 3,300 254,053
Castorama Dubois ............................. 1,900 311,170
Cmb Packaging Group .......................... 4,200 192,118
Compagnie Francaise de Petroleum Total ....... 5,600 377,946
Labinal ...................................... 1,200 133,061
Michelin (CDGE) "B" .......................... 4,300 171,491
Rhone Poulenc ................................ 14 300
Salomon ...................................... 600 349,193
Sidel ........................................ 1,153 359,297
Sidergie ..................................... 500 99,040
____________
2,432,709
Germany - 4.6%
Adidas AG*<F6> ................................ 4,500 237,552
Gehe AG*<F6> .................................. 125 62,369
Kolbenschmidt AG*<F6> ......................... 1,000 $ 143,654
Mannesmann AG ................................ 750 238,755
Merck KGAA*<F6> ............................... 5,400 219,351
Rheinisch-Westfaelisches Elektrizitaetswerk .. 600 218,201
SAP AG ....................................... 2,300 356,067
SGL Carbon AG*<F6> ............................ 3,600 281,172
Siemens AG Ord ............................... 630 346,193
____________
2,103,314
Hong Kong - 2.6%
ASM Pacific .................................. 150,000 129,963
Cheung Kong Limited .......................... 38,000 231,450
Guangdong Inv Limited Hk0.50 ................. 234,000 140,709
Hong Kong & China Gas Co. .................... 131,000 210,908
HSBC Holdings ................................ 14,800 223,923
Kingboard Chemicals Holdings ................. 386,000 78,867
Varitronix ................................... 84,000 155,877
____________
1,171,697
Ireland - 0.3%
Bank of Ireland Common ....................... 10,435 78,854
Grafton Group PLC ............................ 7,140 50,297
____________
129,151
Italy - 1.8%
CN ENI SPA*<F6> ............................... 74,000 259,035
Safilo ....................................... 21,000 272,186
Saipem ....................................... 53,000 122,346
Telecom Italia ............................... 39,400 61,380
Telecomm Italia Mobile SPA*<F6> ............... 69,400 122,342
____________
837,289
Japan - 32.3%
Advantest .................................... 6,000 307,886
Canon ........................................ 30,000 543,157
Chuetsu Pulp & Paper Co. Limited ............. 22,000 131,210
Daiichi Corporation .......................... 21,000 496,103
Dainippon Screen ............................. 44,000 385,961
Daiwa House Industry Y50 ..................... 30,000 493,779
Fujitsu Limited Ordinary ..................... 25,000 278,356
Gunze Limited ................................ 80,000 484,098
Hitachi ...................................... 51,000 513,531
Hitachi Cable ................................ 34,000 240,635
Honda Motor Co. .............................. 30,000 618,677
Hoya Corp. ................................... 13,000 446,822
Izumiya ...................................... 11,000 175,727
Kasumi ....................................... 47,000 486,905
Keyence Corp. ................................ 2,000 $ 230,430
Kokusai Electric ............................. 3,000 62,739
Minebea Co. .................................. 59,000 494,690
Mitsubishi Est ............................... 37,000 462,119
Mitsubishi Gas Chemical ...................... 70,000 315,147
Mitsui Marine & Fire ......................... 67,000 477,436
Nippon Steel ................................. 95,000 325,604
NTT Data Communications Systems Co. .......... 15 503,946
Onward Kashiyama ............................. 28,000 455,439
Promise CO (85) .............................. 10,000 481,193
Ryoden Trading Co. ........................... 24,000 205,645
Ryosan Company Ordinary ...................... 14,000 384,954
Sekisui Chemical ............................. 23,000 338,481
Sony Corp. .................................. 9,000 539,381
Suzuki Motor Co. Limited ..................... 34,000 378,564
Sxl Corp. .................................... 30,000 310,791
Tokyu Construction ........................... 80,000 384,954
Tokyu Corporation Common ..................... 52,000 367,023
Tostem Corp. ................................. 3,000 99,627
Toyoda Machine Works ......................... 30,000 289,006
Toyota Tsusho Corp. .......................... 45,000 290,168
Wacoal Corp. ................................. 23,000 311,759
Yamanouchi Pharmaceutical .................... 17,000 365,397
Yamazen Corp.*<F6> ............................ 41,000 204,831
Yodogawa Steel Works ......................... 63,000 494,070
Yokogawa Electric ............................ 34,000 321,286
____________
14,697,527
Malaysia - 1.9%
Bandar Raya Development Berhad ............... 52,000 74,110
Hong Leong Credit ............................ 33,000 163,701
Hume Industries .............................. 28,000 134,488
Oyl Industries ............................... 13,000 100,827
Sistem Televisyen Maylay ..................... 59,000 212,539
United Engineers ............................. 28,000 178,583
____________
864,248
Netherlands - 3.0%
Baan Company NV*<F6> .......................... 1,300 57,174
Hagemeyer NV ................................. 4,900 256,157
IHC Caland NV*<F6> ............................ 8,200 276,232
Internatio Muller NV ......................... 977 67,592
Koninklijke Ptt Nederland .................... 5,400 196,394
Randstad Holdings NV ......................... 3,600 163,494
Telegraph Holdings ........................... 400 56,394
Vendex International ......................... 6,600 196,394
Volker Stevin ................................ 1,400 84,716
___________
1,354,547
New Zealand - 0.5%
Air New Zealand Limited ...................... 15,000 $ 51,012
Carter Holt Harvey Limited ................... 11,000 23,740
Telecom Corporation of New Zealand ........... 39,000 168,339
____________
243,091
Norway - 0.2%
Sensonor ..................................... 12,000 96,713
____________
Singapore - 0.8%
City Development ............................. 20,000 145,686
Cycle & Carriage ............................. 13,000 129,632
Straits Steam Land ........................... 27,000 91,273
United Overseas Bank ......................... 280 2,693
____________
369,284
Spain - 1.5%
Acerinox SA .................................. 770 77,844
Cristaleria Espanola SA*<F6> .................. 1,600 89,643
Empresa Nacional Celulosa .................... 1,600 25,970
Gas Natural SDG .............................. 1,400 218,011
Hornos Ibericos Alba*<F6> ..................... 7,400 67,067
Telefonica de Espana ......................... 14,000 193,788
____________
672,323
Sweden - 1.4%
Autoliv AB ................................... 3,890 227,479
Ericsson LM .................................. 8,800 172,419
Norbanken AB*<F6> ............................. 13,600 235,719
____________
635,617
Switzerland - 3.9%
Alusuisse Lonza Holding - Bearer ............. 100 79,272
Alusuisse Lonza Holdings ..................... 220 174,398
Ciba-Geigy AG ................................ 400 352,125
Fischer Georg AG ............................. 180 234,172
Holderbank Financiere ........................ 1 763
Nokia Maillefer .............................. 300 157,414
Schw Rueckvers ............................... 300 349,176
Winterthur - Gesellschaft .................... 260 185,360
Winterthur Schweizerische .................... 230 162,775
Zehnder Holdings ............................. 110 55,334
____________
1,750,789
United Kingdom - 14.2%
Bank of Scotland ............................. 68,600 299,366
British Petroleum Co. Ordinary ............... 494 3,521
Burton Group Ordinary ........................ 305,000 637,079
Danka Business Systems PLC ................... 55,000 499,678
Dewhirst ..................................... 28,000 $ 78,271
Dixons Group ................................. 84,073 582,322
GKN Ordinary ................................. 25,818 312,343
Goldsmiths Group ............................. 37,000 127,563
London International Group Ordinary 10 ....... 125,000 248,480
Low & Bonar .................................. 19,000 136,027
Pilkington ................................... 72,000 225,868
Provident Financial .......................... 48,000 610,515
Rank Organisation ............................ 39,000 282,242
Rtz Corp. .................................... 19,000 276,186
Siebe ........................................ 46,000 567,218
Smith (DS) Holdings Ordinary ................. 57,800 254,928
Storehouse ................................... 105,000 541,376
Thorn EMI .................................... 21,000 494,739
Victrex PLC .................................. 70,000 271,775
____________
6,449,497
United States - 1.0%
Memtec Limited Sponsored ADR ................. 7,300 121,363
Nokia Corp. ADR .............................. 1,000 38,875
Videotron Holdings PLC ADR*<F6> ............... 21,200 270,300
____________
430,538
TOTAL COMMON STOCK - (Identified Cost $32,785,674) 36,049,839
____________
PREFERRED STOCKS - 0.6%
Germany - 0.6%
Fresenius .................................... 2,550 284,519
(Identified Cost $130,534) ________
<PAGE>
<CAPTION>
Principal
Interest Maturity Amount
Rate (1) Date (000)
<F7>
<S> <C> <C> <C> <C>
SHORT TERM INVESTMENTS - 20.0%
Commercial Paper - 20.0%
Philip Morris Co. ....... 5.80% 01/02/1996 $ 1,925 1,924,690
UBS Finance Inc. ........ 5.80% 01/02/1996 7,175 7,173,844
_________
TOTAL SHORT TERM INVESTMENTS - (Identified Cost $9,098,534) 9,098,534
__________
TOTAL INVESTMENTS - 100.0% - (Identified Cost $42,014,742) $ 45,432,892
==========
<F6> * Non-income producing security.</F6>
<F7>(1) Yield at time of purchase.</F7>
See notes to financial statements
<PAGE>
<CAPTION>
ACCESSOR FUNDS, INC.
Intermediate Fixed-Income Portfolio
Schedule of Investments
December 31, 1995
Principal
Interest Maturity Amount
Description Rate Date (000) Value
<S> <C> <C> <C> <C>
ASSET BACKED SECURITIES - 4.7%
Ford Credit Grantor Trust
1995-A ........................... 5.900% 05/15/2000 $ 333 $ 334,976
Standard Credit Card Master
Trust Series 1995-2............. 8.625% 01/07/2002 1,000 1,054,723
Standard Credit Card Master
Trust Series 1995-8A ............. 6.700% 09/07/2002 300 310,748
_________
TOTAL ASSET BACKED SECURITIES - (Identified Cost $1,646,061) 1,700,447
COLLATERALIZED MORTGAGE
OBLIGATIONS - 7.2%
Collateralized Mortgage
Securities Corp.................. 9.450% 02/01/2017 566 614,825
Federal Home Loan Mortgage Corp.
Class E, Series 1634 ........... 6.000% 10/15/2023 485 447,525
Federal Home Loan Mortgage Corp.
Class E, Series 1682 ........... 6.500% 02/15/2024 738 707,648
Ford Credit Auto Loan .......... 6.500% 08/15/2002 500 514,291
Merrill Lynch Mortgage
Investors Inc................. 8.150% 07/15/2017 100 107,991
Resorts Condo International..... 8.375% 07/25/2001 236 236,047
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS - (Identified Cost $2,500,756) 2,628,327
_________
CORPORATE BONDS - 20.9%
Banks - 2.3%
First National Bank of Chicago 8.080% 01/05/2018 750 847,579
_________
Financial Services - 3.4%
NBD Bank National Association 8.250% 11/01/2024 1,000 1,212,500
_________
Government Sponsored - 2.8%
Province of Quebec, Eurobond... 9.000% 04/01/2016 500 596,277
Tennessee Valley Authority..... 7.850% 06/15/2044 400 428,500
_________
1,024,777
Industrial Materials - 3.0%
Petronas .................... 7.750% 08/15/2015 1,000 1,091,250
Insurance - 4.4%
Farmers Insurance Exchange..... 8.625% 05/01/2024 500 518,750
Prudential Insurance ........ 8.100% 07/15/2015 1,000 1,063,750
_________
1,582,500
Security & Commodity Brokers - 3.1%
Lehman Brothers Holdings ..... 8.800% 03/01/2015 1,000 1,137,500
_________
Telecommunications - 1.9%
New England Telephone &
Telegraph................. 9.000% 08/01/2031 $ 600 $ 685,500
__________
TOTAL CORPORATE BONDS - (Identified Cost $7,206,982) 7,581,606
-----------
MUNICIPAL BONDS - 1.3%
Eastern Connecticut Resources 7.500% 01/01/2020 500 454,710
(Identified Cost $442,240) __________
GOVERNMENT & AGENCY SECURITIES - 65.9%
U.S. Government Agency Securities - 6.9%
Federal Home Loan Mortgage
Corp.......................... 7.125% 07/21/1999 500 525,055
Federal Home Loan Mortgage
Corp ........................ 5.780% 10/22/2003 500 487,385
Federal National Mortgage
Association................. 6.600% 03/26/2001 1,000 1,001,770
Federal National Mortgage
Association.................. 6.170% 12/02/2003 500 496,255
__________
2,510,465
U.S. Government Securities - 59.0%
United States Treasury Bond 12.375% 05/15/2004 235 340,242
United States Treasury Bond 14.000% 11/15/2011 500 829,590
United States Treasury Bond 8.500% 02/15/2020 1,808 2,362,134
United States Treasury Bond 8.750% 08/15/2020 575 771,109
United States Treasury Note 6.750% 05/31/1997 3,590 3,663,702
United States Treasury Note 6.000% 11/30/1997 1,500 1,521,480
United States Treasury Note 5.125% 06/30/1998 2,420 2,415,233
United States Treasury Note 7.125% 09/30/1999 5,675 6,016,010
United States Treasury Note 7.500% 10/31/1999 1,000 1,073,470
United States Treasury Note 7.750% 12/31/1999 770 835,427
United States Treasury Note 7.875% 11/15/2004 1,000 1,157,350
United States Treasury Note 12.500% 08/15/2014 250 403,755
___________
21,389,502
TOTAL GOVERNMENT & AGENCY
SECURITIES (Identified Cost $22,742,229) 23,899,967
___________
TOTAL INVESTMENTS - 100.0% - (Identified Cost $34,539,268) $ 36,265,057
==========
See notes to financial statements
<PAGE>
<CAPTION>
ACCESSOR FUNDS, INC.
Short-Intermediate Fixed-Income Portfolio
Schedule of Investments
December 31, 1995
Principal
Interest Maturity Amount
Description Rate Date (000) Value
<S> <C> <C> <C> <C>
CORPORATE BONDS - 13.9%
Banks - 3.4%
African Development Bank......... 10.000% 11/01/1997 $ 100 $ 107,625
Asian Development Bank ......... 10.750% 06/01/1997 100 107,125
Export-Import Bank of Japan...... 10.125% 10/28/1997 100 107,500
International Bank For
Reconstruction and Development... 9.875% 10/01/1997 300 322,500
Mellon Financial Co. .......... 6.500% 12/01/1997 200 203,500
Norwest Corp. ................. 9.250% 05/01/1997 210 219,975
Republic New York Corp.......... 8.375% 05/01/1996 100 101,000
_________
1,169,225
Beverages-Alcoholic - 0.8%
Anheuser Busch Cos., Inc........ 8.750% 12/01/1999 270 298,350
________
Beverages-Soft Drinks - 0.3%
Pepsico, Inc. ................. 7.875% 08/15/1996 100 101,500
________
Electric Utilities - 1.2%
Consolidated Edison Company
of New York, Inc. .............. 5.700% 10/01/1998 225 224,719
Southern California Edison
Co. Series E ................... 5.450% 06/15/1998 200 199,250
_______
423,969
Environmental Control - 0.6%
Waste Management, Inc......... 6.375% 07/01/1997 200 202,000
_______
Financial Services - 2.3%
American General Finance Corp.... 7.150% 05/15/1997 100 102,125
Avco Financial Services, Inc..... 8.850% 02/01/1996 100 100,222
Beneficial Corp......... ........ 9.125% 02/15/1998 300 320,625
Chrysler Buildings ............. 9.125% 05/01/1999 250 275,312
_______
798,284
Government Sponsored - 1.0%
Province of Manitoba Series CJ.... 9.500% 10/01/2000 300 347,250
_______
Hospital Supplies - 0.6%
Baxter International, Inc. ....... 9.250% 12/15/1999 200 222,250
_______
Oil & Gas - 2.2%
Exxon Capital Corp................. 7.875% 04/15/1996 300 302,016
Shell Oil Co. .................... 6.625% 07/01/1999 250 257,500
Texaco Capital, Inc. ............. 9.000% 11/15/1997 200 212,250
_______
771,766
Retail-Trade - 0.9%
Wal-Mart Stores .................. 8.000% 05/01/1996 300 302,625
_______
Security & Commodity Brokers - 0.3%
Morgan Stanley Group, Inc. ....... 8.875% 04/01/1996 100 100,713
_______
Telecommunications - 0.3%
GTE California, Inc. ............. 6.250% 01/15/1998 95 95,950
TOTAL CORPORATE BONDS - (Identified Cost $4,801,318) 4,833,882
_________
<CAPTION>
Principal
Interest Maturity Amount
Description Rate Date (000) Value
<S> <C> <C> <C> <C>
GOVERNMENT & AGENCY SECURITIES - 86.1%
Mortgage Pass-Throughs - 5.5%
Federal Home Loan Mortgage Corporation (FHLMC)
FHLMC ............................. 8.500% 02/01/2006 9 9,015
FHLMC ............................. 8.500% 08/01/2006 238 248,407
FHLMC ............................. 7.500% 01/01/2008 343 353,330
Federal National Mortgage Association (FNMA)
FNMA ............................ 8.000% 07/10/1996 300 303,864
FNMA ............................. 7.000% 11/01/2007 102 103,522
FNMA ............................. 7.000% 12/01/2008 292 297,757
FNMA ............................. 7.000% 04/01/2009 242 246,745
Government National Mortgage Association (GNMA)
GNMA ............................. 7.000% 02/15/2008 357 365,337
_________
1,927,977
Mortgage Class Mortgage Pass-Throughs - 0.4%
Federal National Mortgage Association (FNMA)
Guaranteed REMIC Pass-Through Certificates
Trust 1992-109, Class GA .........7.500% 03/25/1997 151 151,937
_________
U.S. Government Agency Securities - 0.6%
Federal Home Loan Bank ........... 8.250% 06/25/1996 200 202,698
_________
U.S. Government Securities - 79.6%
United States Treasury Bill (1)<F8> 4.660% 01/18/1996 260 259,435
United States Treasury Bill (1)<F8> 4.940% 01/18/1996 620 618,573
United States Treasury Bill (1)<F8> 5.300% 01/25/1996 75 74,820
United States Treasury Note........ 6.875% 04/30/1997 900 919,125
United States Treasury Note........ 8.500% 05/15/1997 100 104,31
United States Treasury Note........ 6.375% 06/30/1997 5,000 5,084,100
United States Treasury Note........ 5.125% 04/30/1998 400 399,144
United States Treasury Note........ 9.000% 05/15/1998 1,500 1,624,320
United States Treasury Note........ 8.250% 07/15/1998 1,400 1,499,148
United States Treasury Note........ 5.875% 08/15/1998 400 406,212
United States Treasury Note........ 4.750% 08/31/1998 2,000 1,975,780
United States Treasury Note........ 5.500% 11/15/1998 4,400 $ 4,429,788
United States Treasury Note........ 6.750% 05/31/1999 1,000 1,044,360
United States Treasury Note........ 8.000% 08/15/1999 1,970 2,140,878
United States Treasury Note........ 6.000% 10/15/1999 565 578,351
United States Treasury Note........ 7.750% 01/31/2000 700 760,634
United States Treasury Note........ 7.125% 02/29/2000 2,000 2,129,320
United States Treasury Note........ 5.750% 10/31/2000 1,590 1,613,136
United States Treasury Note........ 7.500% 11/15/2001 500 551,065
United States Treasury Note........ 8.125% 02/15/1998 1,400 1,480,472
__________
27,692,972
TOTAL GOVERNMENT & AGENCY SECURITIES
(Identified Cost $29,598,300) 29,975,584
__________
TOTAL INVESTMENTS - 100.0% - (Identified Cost $34,399,618) $ 34,809,466
==========
<F8>(1) Yield at time of purchase.
See notes to financial statements
<PAGE>
<CAPTION>
ACCESSOR FUNDS, INC.
Mortgage Securities Portfolio
Schedule of Investments
December 31, 1995
Principal
Interest Maturity Amount
Description Rate Date (000) Value
<S> <C> <C> <C> <C>
COMMERCIAL MORTGAGE BACKED
SECURITIES - 11.8%
Community Program Loan Trust 1987 - A ..... 4.500% 10/01/2018 $ 1,250 $ 1,106,250
GMAC Mortgage Securities Series A-4 ....... 8.950% 08/20/2017 145 145,750
Green Tree Home Improvement Loan Trust
Series 1994 - D ........................... 9.050% 01/15/2015 1,000 1,109,375
Merrill Lynch Mortgage Investors 1992 ..... 7.850% 04/15/2012 277 285,832
Paine Webber Mortgage Acceptance
Corp. 1995 Class A........................ 6.700% 01/15/2007 1,000 1,027,249
Rural Housing Trust Series 1987-1 Class 2C 6.830% 04/01/2026 1,284 1,306,482
Salomon Brothers Mortgage Securities
Series 1994-9 Class A ..................... 7.000% 07/25/2024 332 323,127
Standard Credit Card Master Trust
Series 1995-1 Class A ..................... 6.550% 10/07/2007 500 514,844
__________
TOTAL COMMERCIAL MORTGAGE BACKED
SECURITIES - (Identified Cost $5,596,900) 5,818,909
__________
GOVERNMENT & AGENCY SECURITIES - 88.2%
Federal Housing Administration - 2.5%
Blair House Project .......................10.875% 08/01/2028 157 167,115
Cloverdale Project ........................ 6.930% 06/01/2015 317 323,453
GMAC Project .............................. 7.430% 02/01/2020 706 730,911
_______
1,221,479
Federal Home Loan Bank - 12.4%
FHLB Discount Notes ....................... 5.750% 01/02/1996 150 149,976
FHLB Discount Notes ....................... 5.540% 01/08/1996 5,940 5,933,613
_________
6,083,589
Federal Home Loan Mortgage Corporation (FHLMC) - 46.7%
FGLMC Pool C80342 ......................... 6.500% 09/01/2025 466 461,139
FGLMC Pool D62229 ......................... 7.500% 08/01/2025 687 704,793
FGLMC Pool D63397 ......................... 6.500% 09/01/2025 318 314,778
FGLMC Pool D63417 ......................... 6.500% 09/01/2025 496 490,960
FGLMC Pool D63418 ......................... 6.500% 09/01/2025 638 631,282
FGLMC Pool D63471 ......................... 6.500% 09/01/2025 108 107,085
FGLMC Pool D64373 ......................... 7.500% 10/01/2025 290 297,996
FGLMC Pool D66657 ......................... 7.000% 12/01/2025 6,120 6,177,375
FGLMC Pool E00402 ......................... 7.500% 11/01/2010 5,765 5,936,389
FGLMC Pool E20201 ......................... 7.500% 10/01/2010 1,282 1,319,598
FGLMC Pool E61369 ......................... 7.500% 10/01/2010 490 504,548
FGLMC Pool E61879 ......................... 7.500% 11/01/2010 487 501,376
FGLMC Pool E61890 ......................... 7.500% 11/01/2010 1,744 1,795,730
FGLMC Pool E61998 .......................... 7.500% 11/01/2010 427 440,110
FGLMC Pool E62123 .......................... 7.500% 11/01/2010 66 67,608
FGLMC Pool E62210 ......................... 7.500% 12/01/2010 500 514,844
FHLMC Multifamily PC 230105 ............... 8.750% 12/01/2014 56 58,186
FHLMC PC A00813 ........................... 9.000% 10/01/2020 198 211,648
FHLMC PC A00892 ........................... 9.000% 09/01/2018 655 698,452
FHLMC PC 181871 ............................ 7.000% 07/01/2012 553 560,819
FHLMC 1 Year CMT ARM ...................... 7.872% 09/01/2023 540 553,702
FHLMC 49 G ................................ 9.000% 06/15/2020 600 643,406
__________
22,991,824
Federal National Mortgage Association (FNMA) - 8.9%
FNMA Multifamily 10 Year Pool 070511 ...... 8.000% 06/01/2017 344 362,201
FNMA Pool 124856 .......................... 8.000% 10/01/2009 566 589,208
FNMA Pool 286529 .......................... 8.250% 04/01/2001 594 637,051
FNMA Pool 315363 .......................... 7.500% 07/01/2025 488 499,889
FNMA Pool 88-30 D ......................... 9.500% 12/25/2018 384 410,543
FNMA 1 Year CMT ARM ....................... 6.577% 01/01/2021 655 653,420
FNMA 1995 - W3 A .......................... 9.000% 04/25/2025 11,683 1,219,554
_________
4,371,866
Government National Mortgage Association - (GNMA) - 15.8%
GNMA Pool 003147 .......................... 7.250% 12/15/2003 43 44,781
GNMA Pool 005139 .......................... 7.250% 02/15/2005 293 302,463
GNMA Pool 005140 .......................... 7.250% 12/15/2004 443 457,412
GNMA Pool 148590 .......................... 8.500% 02/15/2017 516 545,302
GNMA Pool 161675 .......................... 8.500% 02/15/2017 434 458,381
GNMA Pool 163075 .......................... 8.500% 02/15/2017 73 77,072
GNMA Pool 166018 .......................... 8.500% 06/15/2016 81 85,829
GNMA Pool 169685 .......................... 8.500% 03/15/2017 267 282,027
GNMA Pool 171468 .......................... 8.000% 08/15/2016 222 232,958
GNMA Pool 175724 .......................... 8.000% 08/15/2016 200 209,663
GNMA Pool 176532 .......................... 8.500% 01/15/2017 710 750,801
GNMA Pool 178457 .......................... 8.000% 03/15/2017 164 171,733
GNMA Pool 188277 .......................... 8.500% 02/15/2017 80 84,911
GNMA Pool 200783 .......................... 8.500% 02/15/2017 149 157,562
GNMA Pool 202217 .......................... 8.500% 01/15/2017 241 254,836
GNMA Pool 205548 .......................... 8.500% 02/15/2017 208 219,762
GNMA Pool 206448 .......................... 7.500% 02/15/2017 293 302,879
GNMA Pool 206767 .......................... 8.000% 04/15/2017 106 110,854
GNMA Pool 210594 .......................... 7.500% 06/15/2017 376 388,074
GNMA Pool 215797 .......................... 7.500% 06/15/2017 282 290,932
GNMA Pool 317527 .......................... 8.000% 02/15/2022 519 540,588
GNMA Pool 8595 ............................ 7.000% 02/20/2025 622 633,942
GNMA Project Pool 571 ..................... 8.200% 05/15/2013 49 51,600
GNMA Project Pool 572 ..................... 8.200% 06/15/2012 45 47,976
GNMA 1 Year CMT ARM ....................... 6.500% 04/20/2025 83 84,730
GNMA 1 Year CMT ARM ....................... 6.500% 05/20/2025 486 496,805
GNMA 1 Year CMT ARM ....................... 7.000% 05/20/2025 474 482,002
_________
7,765,875
<PAGE>
U.S. Government Securities - 1.9%
United States Treasury Note ............... 6.125% 09/30/2000 150 154,517
United States Treasury Note ............... 6.500% 05/15/2005 750 798,150
_______
952,667
TOTAL GOVERNMENT & AGENCY
SECURITIES (Identified Cost $42,640,880) 43,387,300
__________
TOTAL INVESTMENTS - 100.0% - ( Identified Cost $48,237,780) $ 49,206,209
==========
See notes to financial statements
<PAGE>
<CAPTION>
ACCESSOR FUNDS, INC.
U.S. Government Money Portfolio
Schedule of Investments
December 31, 1995
Principal
Interest Maturity Amount
Description Rate Date (000) Value
<S> <C> <C> <C> <C>
U.S. GOVERNMENT SECURITIES - 74.4%
United States Treasury Bill (1)<F9> 5.30% 01/11/1996 $ 3,000 $ 2,995,587
United States Treasury Bill (1)<F9> 5.37% 02/01/1996 2,000 1,990,752
United States Treasury Bill (1)<F9> 6.13% 02/08/1996 400 397,412
United States Treasury Bill (1)<F9> 5.35% 02/22/1996 5,000 4,961,397
United States Treasury Bill (1)<F9> 5.34% 02/29/1996 3,000 2,973,770
United States Treasury Bill (1)<F9> 5.30% 03/07/1996 2,000 1,980,567
United States Treasury Bill (1)<F9> 5.00% 03/21/1996 3,000 2,966,667
United States Treasury Bill (1)<F9> 5.32% 04/11/1996 3,000 2,955,265
United States Treasury Bill (1)<F9> 5.30% 04/25/1996 3,000 2,949,208
United States Treasury Bill (1)<F9> 5.78% 05/02/1996 400 392,165
United States Treasury Bill (1)<F9> 5.04% 06/20/1996 2,000 1,952,120
United States Treasury Bill (1)<F9> 5.53% 08/22/1996 2,000 1,928,175
United States Treasury Bill (1)<F9> 5.16% 11/14/1996 3,000 2,863,392
-----------
TOTAL U.S. GOVERNMENT SECURITIES (Identified Cost $31,306,477) 31,306,477
-----------
<PAGE>
REPURCHASE AGREEMENT - 25.6%
Fifth Third Bank ................... 5.40% 01/02/1996 10,793 10,793,000
-----------
(Agreement dated 12/29/1995, to be repurchased at
$10,799,476 on 01/02/1996; collateralized by
$10,261,000 U.S. Treasury Notes, 7.500% due
10/31/1999. The market value of the collateral is
$11,011,336).
(Identified Cost $10,793,000)
TOTAL INVESTMENTS - 100.0% - (Identified Cost $42,099,477) $ 42,099,477
============
<F9>(1) Yield at time of purchase.
See notes to financial statements
<PAGE>
<CAPTION>
ACCESSOR FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
Value & Small to International
Growth Income Mid Cap Equity
Portfolio Portfolio Portfolio Portfolio
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value (1) - Note A............................. $ 49,240,924 $ 25,137,234 $ 49,461,137 $ 45,432,892
Cash........................................................... 5,719 224,644 837,113 6,042
Foreign currencies, at value (368,835) - Note A................ - - - 367,978
Receivable for investments sold................................ 1,405,617 - 711,972 1,862,081
Receivable for portfolio shares sold........................... 15,352 429 14,208 65,930
Dividends receivable........................................... 78,745 70,964 58,403 65,234
Deferred organizational & prepaid expenses..................... 24,956 24,218 25,193 53,791
Due from Manager............................................... - - - -
Unrealized depreciation from forward currency contracts........ - - - (152)
__________ __________ __________ __________
TOTAL ASSETS............................................ 50,771,313 25,457,489 51,108,026 47,853,796
LIABILITIES:
Payable for investments purchased.............................. 1,734,071 - 939,958 8,593,802
Payable for portfolio shares repurchased....................... - - 708 -
Payable due to Bennington - Note B............................. 15,941 9,881 23,716 14,567
Distributions payable.......................................... 393,154 303,934 245,541 -
Money Manager fee payable - Note B............................. 31,207 19,199 22,454 31,883
Accrued expenses & other liabilities........................... 65,360 209,590 72,943 111,069
__________ _________ _________ __________
TOTAL LIABILITIES....................................... 2,239,733 542,604 1,305,320 8,751,321
__________ __________ __________ __________
NET ASSETS..............................................$ 48,531,580 $ 24,914,885 $ 49,802,706 $ 39,102,475
========== ========== ========== ==========
<PAGE>
NET ASSETS CONSIST OF:
Capital paid in................................................$ 41,498,906 $ 20,842,131 $ 41,435,143 $ 35,899,055
Net unrealized appreciation of investments, receivables,
payables and forward foreign currency contracts............. 5,934,795 3,411,333 6,647,800 3,421,768
Undistributed net investment income............................ - - - 216,223
Accumulated net realized gain (loss) on investments, futures
contracts, and foreign currencies........................... 1,097,879 661,421 1,719,763 (434,571)
__________ __________ __________ ___________
NET ASSETS..............................................$ 48,531,580 $ 24,914,885 $ 49,802,706 $ 39,102,475
=========== ========== ========== ==========
Total shares outstanding at end of year........................... 2,698,148 1,566,206 2,829,475 3,114,599
Net asset value, offering price and redemption price per share.... $ 17.99 $ 15.91 $ 17.60 $ 12.55
(1) Investments at cost...........................................$ 43,306,129 $ 21,725,901 $42,813,337 $ 42,014,742
See notes to financial statements.
<PAGE>
<CAPTION>
ACCESSOR FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
Intermediate Short-Intermediate Mortgage U.S.
Fixed-Income Fixed-Income Securities Government
Portfolio Portfolio Portfolio Money Portfolio
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value (1) - Note A...............$ 36,265,057 $ 34,809,466 $ 49,206,209 $ 42,099,477
Cash............................................. 116,062 20,801 4,367 136
Receivable for investments sold.................. - 1,025,290 556,702 -
Receivable for portfolio shares sold............. 1,463 4,493 14,348 2,242
Interest receivable.............................. 698,737 625,730 288,906 4,857
Deferred organizational & prepaid expenses....... 21,201 19,559 19,899 16,819
__________ __________ __________ __________
TOTAL ASSETS.............................. 37,102,520 36,505,339 50,090,431 42,123,531
LIABILITIES:
Payable for investments purchased................ - 1,024,327 - -
Payable for portfolio shares repurchased......... 2,965 - 2,168 4,122
Payable due to Bennington - Note B............... 11,199 10,657 14,604 8,858
Distributions payable............................ 135,288 127,928 155,578 165,028
Money Manager fee payable - Note B............... 13,607 12,867 24,798 -
Accrued expenses & other liabilities............. 61,200 57,599 62,787 63,165
__________ __________ __________ __________
TOTAL LIABILITIES......................... 224,259 1,233,378 259,935 241,173
__________ __________ __________ __________
NET ASSETS................................ $ 36,878,261 $ 35,271,961 $ 49,830,496 $ 41,882,358
============= ============= ============ ============
<PAGE>
NET ASSETS CONSIST OF:
Capital paid in.................................. $ 36,555,579 $ 34,894,171 $ 48,975,609 $ 41,882,171
Net unrealized appreciation of investments....... 1,725,789 409,848 968,429 -
Undistributed net investment income ............. - - - -
Accumulated net realized gain (loss) on
investments.................................... (1,403,107) (32,058) (113,542) 187
____________ __________ __________ __________
NET ASSETS.................................... $ 36,878,261 $ 35,271,961 $ 49,830,496 $ 41,882,358
============= ============= ============ ==============
Total shares outstanding at end of year............. 2,999,800 2,862,134 4,024,225 41,882,171
Net asset value, offering price and redemption price
per share....................................... $ 12.29 $ 12.32 $ 12.38 $ 1.00
(1) Investments at cost............................. $ 34,539,268 $ 34,399,618 $ 48,237,780 $ 42,099,477
See notes to financial statements.
<PAGE>
<CAPTION>
ACCESSOR FUNDS, INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
Value & Small to International
Growth Income Mid Cap Equity
Portfolio Portfolio Portfolio Portfolio
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends......................................................... $ 701,918 $ 804,288 $ 574,442 $ 372,341
Interest.......................................................... 7,482 34,035 60,404 127,102
Foreign taxes withheld............................................ (14) (3,090) (629) (34,743)
_________ _________ _________ __________
TOTAL INVESTMENT INCOME....................................... 709,386 835,233 634,217 464,700
EXPENSES:
Management fees - Note B.......................................... 143,280 105,099 222,426 132,843
Money Manager fees - Note B....................................... 101,767 70,037 78,335 96,625
Transfer agent fees............................................... 32,480 31,587 33,750 22,935
Custodian fees.................................................... 9,593 9,835 9,299 56,883
Audit fees........................................................ 13,401 13,401 13,402 15,751
Legal fees........................................................ 9,188 9,188 16,934 8,405
Registration fees................................................. 11,570 10,591 16,400 22,085
Bennington Sub-Administration fees - Note B....................... 13,758 13,719 14,546 4,726
Sub-Administration fees - Note B.................................. 43,259 43,129 43,601 60,335
Amortization of deferred organizational expenses.................. 13,870 13,870 13,870 13,870
Other............................................................. 9,514 6,889 21,404 31,636
________ ________ _________ _________
TOTAL EXPENSES............................................... 401,680 327,345 483,967 466,094
Expenses reimbursed by Bennington - Note B........................ - - (18) (23,738)
________ ________ ___________ __________
NET EXPENSES................................................. 401,680 327,345 483,949 442,356
________ ________ ___________ ___________
NET INVESTMENT INCOME ............................................... 307,706 507,888 150,268 22,344
<PAGE>
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES
CONTRACTS, AND FORWARD FOREIGN CURRENCY CONTRACTS
Net realized gain (loss) on:
Investments....................................................... 3,836,189 2,301,849 4,030,491 266,556
Futures contracts................................................. - 30,324 - -
Foreign exchange.................................................. - - - (476,765)
Change in unrealized appreciation (depreciation) of:
Investments, receivables and payables.............................. 4,799,659 3,727,015 6,425,559 3,521,462
Futures contracts................................................. - - - -
- - - (746)
Forward foreign currency contracts................................ _________ _________ _________ ___________
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS, FUTURES
CONTRACTS AND FORWARD FOREIGN CURRENCY CONTRACTS.................. 8,635,848 6,059,188 10,456,050 3,310,507
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................$ 8,943,554 $ 6,567,076 $ 10,606,318 $ 3,332,851
========= ========= ========== =========
See notes to financial statements.
<PAGE>
<CAPTION>
ACCESSOR FUNDS, INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
Short- U.S.
Intermediate Intermediate Mortgage Government
Fixed-Income Fixed-Income Securities Money
Portfolio Portfolio Portfolio Portfolio
<S> <C> <C> <C> <C>
INTEREST INCOME............................................. $ 2,424,207 $ 1,987,051 $ 2,761,117 $ 1,371,800
EXPENSES:
Management fees - Note B................................. 124,073 120,579 133,615 60,535
Money Manager fees - Note B.............................. 51,705 50,323 85,091 -
Transfer agent fees...................................... 31,913 31,731 33,281 18,712
Custodian fees........................................... 9,716 3,902 13,919 6,827
Audit fees............................................... 13,401 13,400 13,400 11,365
Legal fees............................................... 9,189 9,189 9,188 9,189
Registration fees........................................ 10,978 10,655 12,032 20,674
Bennington Sub-Administration fees - Note B.............. 13,719 13,719 13,953 -
Sub-Administration fees - Note B......................... 43,129 43,129 43,610 39,213
Amortization of deferred organizational expenses......... 13,870 13,870 13,870 13,870
Other.................................................... 10,244 5,370 9,727 7,650
_________ _________ _________ _________
TOTAL EXPENSES.................................... 331,937 315,867 381,686 188,035
Expenses reimbursed by Bennington - Note B............... - - - (60,112)
_________ __________ __________ ____________
NET EXPENSES...................................... 331,937 315,867 381,686 127,923
_________ __________ __________ ____________
NET INVESTMENT INCOME....................................... 2,092,270 1,671,184 2,379,431 1,243,877
<PAGE>
REALIZED AND UNREALIZED GAIN ON
INVESTMENTS
Net realized gain on:
Investments.............................................. 587,921 89,697 1,067,853 606
Change in unrealized appreciation of:
Investments.............................................. 3,035,121 1,846,672 1,995,702 -
_________ _________ _________ __________
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS.............................................. 3,623,042 1,936,369 3,063,555 606
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS.......................................... $ 5,715,312 $ 3,607,553 $ 5,442,986 $ 1,244,483
=========== ========= =========== ============
See notes to financial statements.
<PAGE>
<CAPTION>
ACCESSOR FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
Growth Portfolio Value & Income Portfolio
Year Ended Year Ended Year Ended Year Ended
12/31/95 12/31/94 12/31/95 12/31/94
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations:
Net investment income....................... $ 307,706 $ 183,798 $ 507,888 $ 363,036
Net realized gain (loss) on:
Investments............................. 3,836,189 426,156 2,301,849 61,637
Futures contracts....................... - - 30,324 (127,275)
Change in unrealized appreciation (depreciation of:
Investments.......................... 4,799,659 336,229 3,727,015 (627,042)
Futures contracts....................... - - - (5,424)
__________ _________ ____________ ___________
Net increase (decrease) in net assets
resulting from operations............... 8,943,554 946,183 6,567,076 (335,068)
Distributions declared to shareholders from:
Net investment income...................... (307,706) (183,798) (507,888) (363,036)
Net realized gain on investments........... (2,871,763) (337,033) (1,565,864) (68,763)
In excess of net realized gain on
investments.............................. - - - (16,735)
__________ _________ ___________ __________
Total distributions.......................... (3,179,469) (520,831) (2,073,752) (448,534)
<PAGE>
Capital share transactions:
Proceeds from subscriptions............... 27,203,646 16,208,450 6,827,525 13,256,790
Net asset value of shares issued to
shareholders in reinvestment of
distributions........................... 2,653,515 358,088 1,570,011 259,798
Cost of redemptions....................... (10,623,668) (2,443,398) (7,975,274)(3,958,260)
____________ ___________ ___________ __________
Net increase resulting from capital share
transactions.............................. 19,233,493 14,123,140 422,262 9,558,328
Total increase in net assets................ 24,997,578 14,548,492 4,915,586 8,774,726
Net assets:
Beginning of year........................ 23,534,002 8,985,510 19,999,299 11,224,573
___________ ____________ ___________ ___________
End of year.............................. $ 48,531,580 $ 23,534,002 $ 24,914,885 $19,999,299
============ ========== =========== ==========
See notes to financial statements.
<PAGE>
<CAPTION>
ACCESSOR FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
Small to International
Mid Cap Portfolio Equity Portfolio
Year Ended Year Ended Year Ended Period Ended*<F10>
12/31/95 12/31/94 12/31/95 12/31/94
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations:
Net investment income (loss)................. $ 150,268 $ (26,617) $ 22,344 $ 4,660
Net realized gain (loss) on:
Investments............................... 4,030,491 282,588 266,556 (7,199)
Futures contracts......................... - (49,525) - -
Foreign exchange.......................... - - (476,765) (27,944)
Change in unrealized appreciation
(depreciation) of:
Investments, receivables, and payables.... 6,425,559 (743,426) 3,521,462 (99,543)
Futures contracts......................... - (6,575) - -
Forward foreign currency contracts........ - - (746) 594
___________ __________ _____________ __________
Net increase (decrease) in net assets
resulting from operations................. 10,606,318 (543,555) 3,332,851 (129,432)
Distributions declared to shareholders from:
Net investment income..................... (150,268) - - -
Net realized gain on investments.......... (2,415,058) (150,881) - -
Return of capital......................... - (7,173) - -
____________ __________ __________ __________
Total distributions.......................... (2,565,326) (158,054) - -
<PAGE>
Capital share transactions:
Proceeds from subscriptions............... 21,782,374 17,047,470 31,331,892 7,742,791
Net asset value of shares issued to
shareholders in reinvestment of
distributions............................. 2,265,982 133,057 - -
Cost of redemptions....................... (6,435,025) (2,121,946) (3,128,393) (47,234)
__________ ___________ ___________ __________
Net increase resulting from capital share
transactions.............................. 17,613,331 15,058,581 28,203,499 7,695,557
Total increase in net assets................. 25,654,323 14,356,972 31,536,350 7,566,125
Net assets:
Beginning of period....................... 24,148,383 9,791,411 7,566,125 -
______________ ___________ ____________ ___________
End of period............................. $ 49,802,706 $ 24,148,383 $ 39,102,475 $ 7,566,125
============ =========== ============ ===========
<F10> * The International Equity Portfolio commenced investment operations on October 3, 1994.
See notes to financial statements.
<PAGE>
<CAPTION>
ACCESSOR FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
Intermediate Short-Intermediate
Fixed-Income Portfolio Fixed-Income Portfolio
Year Ended Year Ended Year Ended Year Ended
12/31/95 12/31/94 12/31/95 12/31/94
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations:
Net investment income............................ $ 2,092,270 $ 1,688,507 $ 1,671,184 $ 1,361,053
Net realized gain (loss) on:
Investments.................................. 587,921 (1,990,090) 89,697 (50,538)
Futures contracts............................ - - - (27,748)
Change in unrealized appreciation
(depreciation) of:
Investments.................................. 3,035,121 (1,255,837) 1,846,672 (1,747,785)
Futures contracts............................ - - - (1,703)
___________ _____________ __________ ____________
Net increase (decrease) in net assets resulting
from operations.............................. 5,715,312 (1,557,420) 3,607,553 (466,721)
Distributions declared to shareholders from:
Net investment income........................ (2,090,907) (1,686,453) (1,666,884) (1,361,051)
Net realized gain on investments............. - (44,622) - -
In excess of net investment income........... - (2,054) - -
____________ ___________ ___________ ____________
Total distributions.............................. (2,090,907) (1,733,129) (1,666,884) (1,361,051)
<PAGE>
Capital share transactions:
Proceeds from subscriptions.................. 10,651,275 10,899,714 5,214,680 4,322,681
Net asset value of shares issued to
shareholders in reinvestment of distributions. 552,315 1,173,226 199,563 776,713
Cost of redemptions.......................... (9,354,668) (4,019,836) (4,315,632) (3,606,565)
____________ ____________ ____________ ____________
Net increase resulting from capital share
transactions................................. 1,848,922 8,053,104 1,098,611 1,492,829
Total increase (decrease) in net assets.......... 5,473,327 4,762,555 3,039,280 (334,943)
Net assets:
Beginning of year............................ 31,404,934 26,642,379 32,232,681 32,567,624
___________ ____________ ____________ ____________
End of year.................................. $ 36,878,261 $ 31,404,934 $ 35,271,961 $ 32,232,681
============ =========== =========== ===========
See notes to financial statements.
<PAGE>
<CAPTION>
ACCESSOR FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
Mortgage U.S. Government
Securities Portfolio Money Portfolio
Year Ended Year Ended Year Ended Year Ended
12/31/95 12/31/94 12/31/95 12/31/94
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations:
Net investment income....................... $ 2,379,431 $ 1,681,310 $ 1,243,877 $ 594,612
Net realized gain (loss) on:
Investments.......................... 1,067,853 (1,220,042) 606 2,570
Change in unrealized appreciation
(depreciation) of:
Investments.......................... 1,995,702 (1,010,567) - -
----------- ---------- ----------- -----------
Net increase (decrease) in net assets
resulting from operations............ 5,442,986 (549,299) 1,244,483 597,182
Distributions declared to shareholders from:
Net investment income................ (2,340,785) (1,681,309) (1,243,877) (594,612)
Net realized gain on investments..... - (26,711) (164) (3,508)
----------- ---------- ---------- ----------
Total distributions......................... (2,340,785) (1,708,020) (1,244,041) (598,120)
<PAGE>
Capital share transactions:
Proceeds from subscriptions.......... 16,270,522 6,478,290 33,424,260 7,519,051
Net asset value of shares issued to
shareholders in reinvestment
of distributions............... 795,226 1,095,786 93,173 141,135
Cost of redemptions.................. (3,312,756) (2,072,636) (3,643,576) (22,343,971)
----------- ---------- ---------- -----------
Net increase (decrease) resulting
from capital share transactions. 13,752,992 5,501,440 29,873,857 (14,683,785)
Total increase (decrease) in net assets..... 16,855,193 3,244,121 29,874,299 (14,684,723)
Net assets:
Beginning of year.................... 32,975,303 29,731,182 12,008,059 26,692,782
----------- ---------- ---------- -----------
End of year.......................... $ 49,830,496 $ 32,975,303 $ 41,882,358 $ 12,008,059
========== ========== ========== ==========
See notes to financial statements.
<PAGE>
<CAPTION>
ACCESSOR FUNDS, INC.
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout the period)
Growth Portfolio Value & Income Portfolio Small to Mid Cap Portfolio
---------------------------- ----------------------------- -----------------------------
1995 1994 1993 1992(1) 1995 1994 1993 1992(1) 1995 1994 1993 1992(1)
<F11> <F11> <F11>
---------------------------- ----------------------------- -----------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning
of period....................... $14.37 $14.16 $13.06 $12.00 $13.01 $13.58 $12.58 $12.00 $14.08 $14.79 $13.56 $12.00
------ ------ ------ ----- ----- ----- ------ ----- ------ ----- ----- -----
Net investment income............. 0.15 0.13 0.14 0.06 0.33 0.25 0.25 0.12 0.06 (0.01) 0.04 0.03
Net realized and unrealized gain
(loss) on investments.......... 4.76 0.42 1.69 1.14 3.96 (0.51) 1.59 0.59 4.42 (0.59) 1.91 1.56
------ ------ ----- ----- ----- ----- ------ ----- ------ ----- ----- -----
Total from investment operations. 4.91 0.55 1.83 1.20 4.29 (0.26) 1.84 0.71 4.48 (0.60) 1.95 1.59
------ ------ ------ ----- ----- ----- ------ ----- ------ ----- ----- -----
Dividends from net
investment income............. (0.15) (0.13) (0.14) (0.06) (0.33) (0.25) (0.25) (0.12) (0.06) - (0.04) (0.03)
Distributions from capital gains (1.14) (0.21) (0.59) (0.08) (1.06) (0.05) (0.59) (0.01) (0.90) (0.10) (0.68) -
Distributions in excess of
capital gains................. - - - - - (0.01) - - - - - -
Return of capital distributions.. - - - - - - - - - (0.01) - -
----- ------ ------ ------ ------ ------ ------ ----- ------ ------ ----- ------
Total distributions.............. (1.29) (0.34) (0.73) (0.14) (1.39) (0.31) (0.84) (0.13) (0.96) (0.11) (0.72) (0.03)
----- ------ ------ ------ ------ ------ ------ ------- ------ ------ ------ ------
Net Asset Value, at end of period $17.99 $14.37 $14.16 $13.06 $15.91 $13.01 $13.58 $12.58 $17.60 $14.08 $14.79 $13.56
====== ====== ===== ====== ====== ====== ===== ===== ===== ===== ===== ======
Total return (2)<F12>............ 34.32% 3.99% 14.21% 10.01% 33.25% (1.93)% 14.69% 5.92% 31.98% (4.07)% 14.39% 13.28%
Net assets, end of period
(in thousands).................$48,532 $23,534 $8,986 $4,253 $24,915 $19,999 $11,225 $3,859 $49,803 $24,148 $9,791 $4,520
======= ======= ====== ====== ====== ====== ====== ===== ====== ====== ====== ======
<PAGE>
Ratio of expenses to average
net assets:
After Bennington fee waivers..... 1.26% 1.76% 1.21% 1.18%* 1.40% 1.77% 1.21% 1.18%* 1.31% 1.98% 1.55% 1.51%*
======= ====== ===== ===== ===== ===== ===== ===== ===== ===== ===== =====
Before Bennington fee waivers.... 1.26% 1.83% 2.64% 3.91%* 1.40% 1.85% 2.61% 4.60%* 1.31% 2.38% 3.33% 5.36%*
====== ====== ===== ====== ===== ===== ===== ===== ===== ===== ===== =====
Ratio of net investment income
to average net assets:
After Bennington fee waivers..... 0.97% 1.02% 1.16% 1.26%* 2.18% 2.00% 2.02% 2.86%* 0.41% (0.18)% 0.30% 0.74%*
====== ====== ===== ====== ====== ===== ===== ===== ===== ===== ===== =====
Before Bennington fee waivers.... 0.97% 0.95% (0.27)% (1.47)%* 2.18% 1.92% 0.62% (0.56)%* 0.41% (0.58)% (1.48)% (3.11)%*
====== ====== ===== ====== ====== ===== ===== ===== ===== ===== ===== =====
Portfolio turnover rate.......... 99.73% 57.71% 60.92% 19.88% 100.88% 54.26% 64.56% 7.94% 84.26% 30.14% 59.20% 12.57%
====== ====== ====== ====== ======= ====== ====== ===== ====== ====== ====== ======
<F11>(1) Portfolio commenced operations on August 25, 1992.</F11>
<F12>(2) Total return is calculated assuming a purchase of shares at net asset value per share
on the first day and a sale at net asset value per share on the last day of each period
reported. Distributions are assumed, for purposes of this calculation, to be reinvested
at the net asset value per share on the respective payment dates of each Portfolio.</F12>
* Annualized.
See notes to financial statements.
<PAGE>
<CAPTION>
ACCESSOR FUNDS, INC.
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout the period)
International Intermediate Short-Intermediate
Equity Portfolio Fixed-Income Portfolio Fixed-Income Portfolio
----------------- ------------------------------------ ------------------------------------
1995 1994(1) 1995 1994 1993 1992(2) 1995 1994 1993 1992(3)
<F13> <F14> <F15>
------------------ ------------------------------------ ------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning
of peiod..................... $ 11.67 $ 12.00 $ 11.04 $ 12.34 $ 12.00 $ 12.00 $ 11.62 $ 12.29 $ 12.16 $ 12.00
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net investment income........... 0.05 0.01 0.71 0.65 0.56 0.36 0.60 0.50 0.46 0.33
Net realized and unrealized gain
(loss) on investments........ 0.83 (0.34) 1.25 (1.28) 0.57 0.15 0.70 (0.67) 0.22 0.16
------ ------ ------ ------ ------ ------ ------ ------- ------ ------
Total from investment operations 0.88 (0.33) 1.96 (0.63) 1.13 0.51 1.30 (0.17) 0.68 0.49
------ ------ ------ ------ ------ ------ ------ ------- ------ ------
Dividends from net
investment income............ - - (0.71) (0.65) (0.56) (0.36) (0.60) (0.50) (0.46) (0.33)
Distributions from capital gains - - - (0.02) (0.23) (0.15) - - (0.07) -
Distributions in excess of
capital gains................ - - - - - - - - (0.02) -
------ ------ ------ ------ ------ ------ ------- ------ ------- ------
Total distributions............. - - (0.71) (0.67) (0.79) (0.51) (0.60) (0.50) (0.55) (0.33)
------ ------ ------ ------- ------ ------- ------- ------ ------- ------
Net Asset Value, at end
of period.................... $ 12.55 $ 11.67 $ 12.29 $ 11.04 $ 12.34 $ 12.00 $ 12.32 $ 11.62 $ 12.29 $ 12.16
======= ======= ====== ====== ====== ====== ======== ====== ====== ======
Total return (4)<F16> .......... 7.63% (2.75)% 18.26% (5.24)% 9.53% 4.26% 11.42% (1.42)% 5.62% 4.12%
Net assets, end of period
(in thousands)............... $39,102 $ 7,566 $ 36,878 $ 31,405 $ 26,642 $ 10,901 $ 35,272 $ 32,233 $ 32,568 $ 13,365
======= ====== ======= ====== ====== ====== ====== ====== ====== ======
<PAGE>
Ratio of expenses to average
net assets:
After Bennington fee waivers.... 1.83% 1.86%* 0.96% 1.24% 1.06% 0.85%* 0.94% 1.18% 1.05% 0.83%*
====== ====== ====== ====== ====== ====== ====== ====== ====== =====
Before Bennington fee waivers... 1.93% 4.06%* 0.96% 1.28% 1.35% 1.50%* 0.94% 1.22% 1.12% 1.42%*
====== ====== ====== ====== ====== ====== ====== ====== ====== =====
Ratio of net investment income
to average net assets:
After Bennington fee waivers.... 0.10% 0.38%* 6.07% 5.65% 4.62% 5.33%* 4.99% 4.17% 3.78% 4.40%*
======= ====== ====== ====== ====== ====== ====== ====== ====== =====
Before Bennington fee waivers... 0.00% (1.82)%* 6.07% 5.61% 4.33% 4.68%* 4.99% 4.13% 3.71% 3.81%*
======= ====== ====== ====== ====== ====== ====== ====== ====== =====
Portfolio turnover rate......... 84.85% 0.82% 187.62% 255.11% 265.06% 100.57% 41.93% 36.54% 88.28% 107.26%
======= ====== ====== ====== ====== ====== ====== ====== ====== =======
<F13>(1) Portfolio commenced operations on October 3, 1994.</F13>
<F14>(2) Portfolio commenced operations on June 16, 1992.</F14>
<F15>(3) Portfolio commenced operations on May 18, 1992.</F15>
<F16>(4) Total return is calculated assuming a purchase of shares at net asset value per share
on the first day and a sale at net asset value per share on the last day of each
period reported. Distributions are assumed, for purposes of this calculation, to be
reinvested at the net asset value per share on the respective payment dates of each
Portfolio.</F16>
* Annualized.
See notes to financial statements.
<PAGE>
<CAPTION>
ACCESSOR FUNDS, INC.
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout the period)
Mortgage Securities Portfolio U.S. Government Money Portfolio
--------------------------------------- ------------------------------------------------
1995 1994 1993 1992(1) 1995 1994 1993 1992(2)
<F17> <F18>
--------------------------------------- ------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning
of period....................... $ 11.36 $ 12.17 $ 12.02 $ 12.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- -------- ------- -------- --------- --------- --------- ---------
Net investment income.............. 0.76 0.60 0.55 0.34 0.05 0.04 0.03 0.02
Net realized and unrealized gain
(loss) on investments........... 1.02 (0.80) 0.31 0.13 - - - -
------- -------- ------- -------- --------- --------- --------- ---------
Total from investment operations... 1.78 (0.20) 0.86 0.47 0.05 0.04 0.03 0.02
------- -------- ------- -------- --------- --------- --------- ---------
Dividends from net
investment income............... (0.76) (0.60) (0.55) (0.34) (0.05) (0.04) (0.03) (0.02)
Distributions from capital gains... - (0.01) (0.16) (0.03) - - - -
Distributions in excess of
capital gains................... - - - (0.08) - - - -
------- -------- ------- -------- --------- --------- --------- ---------
Total distributions................ (0.76) (0.61) (0.71) (0.45) (0.05) (0.04) (0.03) (0.02)
------- -------- ------- -------- --------- --------- --------- ---------
Net Asset Value, at end of period..$ 12.38 $ 11.36 $ 12.17 $ 12.02 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ========= ======== ======== ========== ========== ========= ==========
Total return (3)<F19>.............. 16.03% (1.65)% 7.26% 3.93% 5.33% 3.70% 2.81% 2.40
Net assets, end of period
(in thousands)................. $ 49,830 $ 32,975 $ 29,731 $ 15,356 $ 41,882 $ 12,008 $ 26,693 $ 51,145
======== ========= ======== ======== ========== ========== ========= ==========
<PAGE>
Ratio of expenses to average
net assets:
After Bennington fee waivers....... 1.03 % 1.31 % 1.03 % 0.84 %* 0.53 % 0.45 % 0.45 % 0.32
======== ========= ======== ======== ========== ========== ========= ==========
Before Bennington fee waivers...... 1.03 % 1.35 % 1.18 % 1.40 %* 0.78 % 1.27 % 0.77 % 0.39
======== ========= ======== ======== ========== ========== ========= ==========
Ratio of net investment income
to average net assets:
After Bennington fee waivers....... 6.41 % 5.18 % 4.55 % 4.68 %* 5.14 % 3.51 % 2.71 % 3.25
======== ========= ======== ======== ========== ========== ========= ==========
Before Bennington fee waivers...... 6.41 % 5.14 % 4.40 % 4.12 %* 4.89 % 2.69 % 2.39 % 3.18
======== ========= ======== ======== ========== ========== ========= ==========
Portfolio turnover rate............ 422.56 % 603.51 % 399.19 % 114.04 %
======== ========= ======== ========
<F17>(1) Portfolio commenced operations on May 18, 1992.</F17>
<F18>(2) Portfolio commenced operations on April 9, 1992.</F18>
<F19>(3) Total return is calculated assuming a purchase of shares at net asset value per share
on the first day and a sale at net asset value per share on the last day of each period reported.
Distributions are assumed, for purposes of this calculation, to be reinvested at the net asset
value per share on the respective payment dates of each Portfolio.</F19>
* Annualized.
See notes to financial statements.
</TABLE>
<PAGE>
ACCESSOR FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
A. Organization and Accounting Policies
Accessor Funds, Inc. (the "Fund") is registered under the Investment
Company Act of 1940, as amended, as an open-end management investment
company consisting of eight active diversified investment portfolios:
Growth Portfolio, Value and Income Portfolio, Small to Mid Cap
Portfolio (the "Equity Portfolios"), International Equity Portfolio
(the "International Portfolio"), Intermediate Fixed-Income Portfolio,
Short-Intermediate Fixed-Income Portfolio, Mortgage Securities
Portfolio (the "Bond Portfolios"), and U.S. Government Money
Portfolio (the "Money Portfolio"), and one inactive portfolio, the
International Fixed-Income Portfolio (collectively the
"Portfolios"). The Fund was incorporated in Maryland on June 10,
1991.
The following is a summary of significant accounting policies
consistently followed by the Portfolios. The policies are in
conformity with generally accepted accounting principles:
1.Security Valuation
Securities for which the primary market is a national securities
exchange are valued at the last sale price on such exchange on the
day of valuation or, if no sale occurred on such day, at the
closing bid price. Investments for which the primary market is
believed to be the over-the-counter market are valued at the
closing bid price. Investments for which market quotations are not
readily available are valued at their fair value as determined in
good faith in accordance with procedures adopted by the Board of
Directors. Investments in the U.S. Government Money Portfolio and
short-term investments maturing in 60 days or less are valued at
amortized cost, which approximates market value. The amortized
cost method involves valuing a security at its cost on the date of
purchase and thereafter assuming a constant rate of amortization to
maturity of the difference between the cost and the principal
amount due at maturity.
2.Foreign currency transactions
The books and records of the Portfolios are maintained in U.S.
dollars. Foreign currency amounts are translated into U.S. dollars
on the following basis: market value of investment securities,
assets and liabilities at the current rate of exchange; and
purchase and sales of investment securities, income and expenses at
the relevant rates of exchange prevailing on the respective dates
of such transactions.
The Portfolios report certain foreign currency related security
transactions as components of realized gains for financial
reporting purposes, whereas such components are treated as ordinary
income for Federal income tax purposes. The Portfolios do not
isolate that portion of gains and losses on investments in equity
securities which are due to changes in the foreign exchange rate
from that which is due to changes in market prices of equity
securities.
Foreign security and currency transactions may involve certain
considerations and risks not typically associated with those of
U.S. dollar denominated transactions as a result of, among other
factors, the level of governmental supervision and regulation of
foreign securities markets and the possibility of political or
economic instability.
3.Derivative Financial Instruments
Off-Balance Sheet Risk
The Portfolios may trade financial instruments with off-balance
sheet risk in the normal course of investing activities and to
assist in managing exposure to market risks such as interest rates
and foreign currency exchange rates. These financial instruments
include forward foreign currency exchange contracts and futures
contracts.
The notional or contractual amounts of these instruments represent
the investment the Portfolios have in particular classes of
financial instruments and do not necessarily represent the amounts
potentially subject to risk. The measurement of the risks
associated with these instruments is meaningful only when all
related and offsetting transactions are considered.
Derivative Financial Instruments Held or Issued for Purposes Other
Than Trading
Futures Contracts - The Portfolios (other than the U.S. Government
Money Portfolio) are permitted to enter into financial futures
contracts, stock index futures contracts and related options
("futures contracts") in accordance with their investment
objectives. A Portfolio is required to deposit either in cash or
securities an amount equal to a certain percentage of the contract
amount. Subsequent payments are made or received by a Portfolio
each day, dependent on daily fluctuations in the value of the
underlying security, and are recorded for financial statement
purposes as unrealized gains or losses by a Portfolio. Should
interest or exchange rates move unexpectedly, a Portfolio may not
achieve the anticipated benefits of the financial futures contracts
and may realize a loss.
Forward Foreign Currency Contracts - The Portfolios will generally
enter into forward foreign currency exchange contracts as a way of
managing foreign exchange rate risk. A Portfolio may enter into
these contracts to fix the U.S. dollar value of a security that it
has agreed to buy or sell for the period between the date the trade
was entered into and the date the security is delivered and paid
for. A Portfolio may also use these contracts to hedge the U.S.
dollar value of securities it already owns denominated in foreign
currencies. Forward foreign currency contracts are valued at the
forward rate, and are marked-to-market daily. The change in market
value is recorded by the Portfolio as an unrealized gain or loss.
When the contract is closed, the Portfolio records a realized gain
or loss equal to the difference between the value of the contract
at the time it was opened and the value at the time it was closed.
The use of forward foreign currency contracts does not eliminate
fluctuations in the underlying prices of the Portfolio's
securities, but it does establish a rate of exchange that can be
achieved in the future. Although forward foreign currency
contracts limit the risk of loss due to a decline in the value of
the hedged currency, they also limit any potential gain that might
result should the value of the currency increase. In addition, the
Portfolios could be exposed to risks if the counterparties to the
contracts are unable to meet the terms of their contracts. Open
currency contracts held by the International Equity Portfolio at
December 31, 1995, were as follows:
<TABLE>
<CAPTION>
Unrealized
Forward Foreign Foreign
Currency Settlement Currency Contract Exchange Contract
Contract Date to be sold Value Loss Amount
<S> <C> <C> <C> <C> <C>
Malaysian Ringgit 01/02/96 120,000 $47,255 $ (73) $47,328
French Franc 01/02/96 270,000 55,130 (79) 55,209
--------- ------- --------
$102,385 ($152) $102,537
========= ======= ========
</TABLE>
4.Security Transactions
Securities transactions are accounted for on the date the
securities are purchased or sold (trade date). Realized gains and
losses on the sale of investments are determined on the identified
cost basis, which is also used for Federal income tax purposes.
5.Investment Income
Dividend income, less foreign tax withheld, is recorded on the
ex-dividend date, or upon receipt of ex-dividend notification in
the case of certain foreign securities. Interest income is
recorded on the accrual basis and includes amortization of
discounts and premiums.
6.Federal Income Taxes
Each Portfolio is a separate corporate taxpayer and determines its
net investment income and capital gains (or losses) and the amounts
to be distributed to each Portfolio's shareholders without regard
to the income and capital gains (or losses) of the other
Portfolios. It is each Portfolio's intention to comply with the
requirements of the Internal Revenue Code to qualify as a regulated
investment company and distribute all of its taxable income and
realized gains, if any, to shareholders. In addition, by
distributing all of its taxable income and realized gains to
shareholders, the Portfolios will not be subject to a Federal
excise tax. Accordingly, no provision for Federal income taxes is
required in the financial statements.
7.Repurchase Agreements
The Fund may enter into agreements with institutions that the
Fund's manager and money managers have determined to be
creditworthy to purchase securities and to resell them (repurchase
agreements) at a future date. It is the Fund's policy to take
custody of securities purchased and to ensure that the market value
including accrued interest of the collateral is greater than the
amount owed to the Fund under each such repurchase agreement.
8.Organizational Expenses
Organizational expenses are being amortized on a straight line
basis over a period not to exceed 60 months beginning on the date
of commencement of operations.
B. Agreements
1.Management
The Fund has a management agreement with Bennington Capital
Management L.P. ("Bennington"). Pursuant to this agreement,
Bennington provides or oversees the provision of all general
management, investment advisory and portfolio management services.
Fees currently paid to Bennington under the management agreement
for providing these services are as follows:
Management Fees
as a percentage of
Portfolio average daily net assets
---------- ------------------------
Growth .45%
Value and Income .45
Small to Mid Cap .60
International Equity .55
Intermediate Fixed-Income .36
Short-Intermediate Fixed-Income .36
Mortgage Securities .36
U.S. Government Money .25
Other operating expenses charged to the Portfolios include the fees
of the custodian, transfer agent, sub-administrator, legal counsel
and auditors.
2.Money Managers
Each Portfolio's assets (other than the U.S. Government Money
Portfolio) are invested by an investment management organization
("Money Managers"), researched and recommended by Bennington. For
the first five complete calendar quarters of investment operations
for a Portfolio, each Portfolio will pay its respective Money
Manager on a quarterly basis an annual fee based on the average
daily net assets of the Portfolio managed by such Money Manager.
This fee has two components, the Basic Fee and the Portfolio
Management Fee. Commencing with the sixth calendar quarter of
investment operations for each Portfolio, the Money Manager Fee
consists of two components, the Basic Fee and the Performance Fee.
The performance Fee component is adjusted each quarter based on the
annualized investment performance of each Money Manager relative to
the annualized investment performance of the following indices,
which may be changed only with the approval of the Fund's Board of
Directors:
Portfolio Index
- - --------- -------
Growth S&P/BARRA Growth Index
Value and Income S&P/BARRA Value Index
Small to Mid Cap BARRA Institutional Small Index/Wilshire 4500
(See shareholder letter)
International Equity Morgan Stanley Capital International - Europe
Australia and Far East Stock Market Index
Intermediate Fixed-Income Lehman Brothers Government/Corporate Index
Short-Intermediate Fixed-Income Lehman Brothers Government/Corporate 1-5
Year Index
Mortgage Securities Lehman Brothers Mortgage-Backed Securities
Index
For the year ended December 31, 1995, the following Basic Fees,
Portfolio Management Fees and Performance Fees were effective based
on the average daily net assets of the Portfolios:
<TABLE>
<CAPTION>
Basic Portfolio Performance Total
Money Money Money Money
Management Management Management Management
Portfolio Quarter Fee Fee Fee Fee
<S> <C> <C> <C> <C> <C>
Growth 1st Quarter .10% - .22% .32%
2nd Quarter .10 - .22 .32
3rd Quarter .10 - .22 .32
4th Quarter .10 - .22 .32
Value and Income 1st Quarter .10 - .20 .30
2nd Quarter .10 - .20 .30
3rd Quarter .10 - .20 .30
4th Quarter .10 - .20 .30
Small to Mid Cap 1st Quarter .10 - .10 .20
(See shareholder 2nd Quarter .10 - .15 .25
letter) 3rd Quarter .10 - .10 .20
4th Quarter .10 .10 - .20
International 1st Quarter .20 .20 - .40
Equity 2nd Quarter .20 .20 - .40
3rd Quarter .20 .20 - .40
4th Quarter .20 .20 - .40
Intermediate 1st Quarter .07 - .08 .15
Fixed-Income 2nd Quarter .07 - .08 .15
3rd Quarter .07 - .08 .15
4th Quarter .07 - .08 .15
Short- 1st Quarter .07 - .08 .15
Intermediate 2nd Quarter .07 - .08 .15
Fixed-Income 3rd Quarter .07 - .08 .15
4th Quarter .07 - .08 .15
Mortgage 1st Quarter .07 - .16 .23
Securities 2nd Quarter .07 - .16 .23
3rd Quarter .07 - .16 .23
4th Quarter .07 - .16 .23
</TABLE>
Bennington directly manages the assets of the U.S. Government Money
Portfolio, therefore there is no money manager fee associated with
this portfolio.
3.Distribution Plan
The Fund has adopted a Distribution Plan under Rule 12b-1 under the
Investment Company Act of 1940 pursuant to which Bennington may
make payments to persons rendering assistance in the distribution
or retention of the Fund's shares or servicing of shareholder
accounts. The Fund does not reimburse Bennington for these
payments. Bennington made no such payments for the year ended
December 31, 1995.
4.Transfer Agent & Administration
On December 1, 1995 the Fund entered into a Transfer Agency and
Administrative agreement with Bennington. Pursuant to this
agreement Bennington acts as transfer agent and administrator to
the Fund, performing all transfer agent and certain compliance
services. The fees are computed as the greater of an annual fee
expressed as a percentage of the average daily net assets, per
portfolio, or a minimum dollar amount per portfolio. Prior to
entering into this agreement the Fund had a transfer agent
agreement with State Street Bank and Trust Company and a
sub-transfer agent and sub-administrative agreement with
Bennington.
PFPC Inc. acts as a sub-administrator to the Fund. The fees are
computed as the greater of an annual fee expressed as a percentage
of the average daily net assets, per portfolio, or a minimum dollar
amount per portfolio.
C. Director Fees
Outside directors of the Fund were paid fees of $1,000 per meeting
plus out-of-pocket costs associated with attending Board meetings.
Effective February 6, 1996, outside directors will be paid $2,000 per
meeting plus out of pocket costs.
D. Distributions
Distributions from net investment income are declared daily and paid
monthly for the U.S. Government Money Portfolio; declared and paid
monthly for the Intermediate Fixed-Income, Short-Intermediate
Fixed-Income and Mortgage Securities Portfolios; declared and paid
quarterly for the Growth, Value and Income, and Small to Mid Cap
Portfolios; declared and paid annually for the International Equity
Portfolio. Distributions of net realized gains, if any, will be
declared and paid at least annually for all Portfolios.
Distributions to shareholders are recorded on the ex-dividend date.
Income distributions and capital gain distributions are determined in
accordance with income tax regulations which may differ from
generally accepted accounting principles. These differences may
arise due to differing treatments for mortgage-backed securities,
deferral of losses due to wash sales, futures and options activity
and post October losses. Accordingly, the amount of the net
investment income and net realized gains reported on these financial
statements may differ from that reported on the Fund's tax return,
and consequently, the character of distributions to shareholders
reported in the financial highlights may differ from that reported on
Form 1099-DIV.
E. Shares of Stock
The Fund, incorporated in Maryland on June 10, 1991, is authorized to
issue 15,000,000,000 shares of Common Stock, $.001 par value.
Transactions in shares of the Portfolios were as follows:
<TABLE>
<CAPTION>
Growth Portfolio Value and Income Portfolio
Year Ended December 31, Year Ended December 31,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Shares outstanding,
beginning of year 1,637,255 634,726 1,537,260 826,390
Shares Subscribed 1,512,539 1,150,790 447,056 987,777
Shares issued on
reinvestment
of distributions 147,923 25,192 99,226 19,942
Shares redeemed (599,569) (173,453) (517,336) (296,849)
--------- -------- -------- --------
Shares outstanding,
end of year 2,698,148 1,637,255 1,566,206 1,537,260
========= ========= ========= =========
<CAPTION>
Small to Mid Cap Portfolio International Equity Portfolio
Year Ended December 31, Period Ended December 31,*<F20>
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Shares outstanding,
beginning of period 1,714,864 661,953 648,470 -
Shares Subscribed 1,371,549 1,192,379 2,730,294 652,447
Shares issued on
reinvestment of
distributions 129,518 9,503 - -
Shares redeemed (386,456) (148,971) (264,165) (3,977)
--------- --------- --------- ---------
Shares outstanding,
end of period 2,829,475 1,714,864 3,114,599 648,470
========= ========= ========== =========
<F20> * Period begins at Commence of Investment Operations</F20>
---------------------------------------------------------
International Equity October 3, 1994
<CAPTION>
Intermediate Short-Intermediate
Fixed-Income Portfolio Fixed-Income Portfolio
Year Ended December 31, Year Ended December 31,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Shares outstanding,
beginning of year 2,844,942 2,159,428 2,773,443 2,649,280
Shares Subscribed 904,307 933,219 428,739 361,721
Shares issued on
reinvestment
of distributions 47,086 101,223 16,522 64,815
Shares redeemed (796,535) (348,928) (356,570) (302,373)
--------- --------- --------- ---------
Shares outstanding,
end of year 2,999,800 2,844,942 2,862,134 2,773,443
========= ========= ========== =========
<CAPTION>
Mortgage U.S. Government
Securities Portfolio Money Portfolio
Year Ended December 31, Year Ended December 31,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Shares outstanding,
beginning of year 2,903,456 2,442,316 12,008,314 26,692,099
Shares Subscribed 1,331,508 546,198 33,424,260 7,519,052
Shares issued on
reinvestment
of distributions 66,036 93,333 93,173 141,134
Shares redeemed (276,775) (178,391) (3,643,576) (22,343,971)
--------- --------- ---------- ----------
Shares outstanding,
end of year 4,024,225 2,903,456 41,882,171 12,008,314
========= ========= =========== ==========
</TABLE>
F. Securities Transactions
During the year ended December 31, 1995, purchases and sales of
investments other than short-term investments & government securities
aggregated were as follows:
Portfolio Purchases Sales
Growth $47,756,179 $31,478,891
Value and Income 22,676,641 23,317,399
Small to Mid Cap 49,645,908 30,114,984
International Equity 44,129,180 18,604,366
Intermediate Fixed-Income 10,442,839 8,486,901
Mortgage Securities 5,499,769 2,033,429
The identified cost for federal income tax purposes of investments owned by
each Portfolio and their respective gross unrealized
appreciation/(depreciation) at December 31, 1995 were as follows:
Net
Identified Gross Unrealized Appreciation/
Cost Appreciation (Depreciation) (Depreciation)
Growth $43,306,129 $7,214,246 $(1,279,451) $5,934,795
Value and Income 21,748,506 3,913,552 (524,824) 3,388,728
Small to Mid Cap 42,826,128 7,730,237 (1,095,228) 6,635,009
International Equity 42,381,506 3,868,002 (442,923) 3,425,079
Intermediate 34,549,482 1,749,015 (33,440) 1,715,575
Fixed-Income
Short-Intermediate 34,399,618 454,981 (45,133) 409,848
Fixed-Income
Mortgage Securities 48,237,780 1,029,445 (61,016) 968,429
U.S. Government Money 42,099,477 0 0 0
G. Capital Loss Carryovers
At December 31, 1995, for Federal income tax purposes, the following
Portfolios had capital loss carryovers which may be applied against
future net taxable realized gains of each succeeding year until the
earlier of its utilization or expiration.
Expires in:
2001
------------
Intermediate Fixed-Income $(1,420,793)
Short-Intermediate Fixed-Income (32,124)
Mortgage Securities (182,958)
Independent Auditors' Report
The Shareholders and Board of Directors of Accessor Funds, Inc.
We have audited the accompanying statements of assets and liabilities,
including the schedules of investments of Accessor Funds, Inc. (including
the Growth Portfolio, Value and Income Portfolio, Small to Mid Cap
Portfolio, International Equity Portfolio, Intermediate Fixed-Income
Portfolio, Short-Intermediate Fixed-Income Portfolio, Mortgage Securities
Portfolio, and U.S. Government Money Portfolio) as of December 31, 1995,
the related statements of operations for the period then ended and of
changes in net assets and the financial highlights for each of the periods
presented. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned at December 31, 1995 by correspondence with the custodian
and brokers; where replies were not received from brokers, we performed
other auditing procedures. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of each of the Portfolios constituting Accessor Funds, Inc. as of December
31, 1995, the results of their operations, the changes in their net assets
and financial highlights for the periods presented, in conformity with
generally accepted accounting principles.
Deloitte & Touche LLP
New York, New York
February 9, 1996
ACCESSOR FUNDS, INC.
Pacific First Centre
1420 5th Avenue, Suite 3130
Seattle, WA 98101
(206) 224-7420
(206) 224-4274 FAX
January 25, 1996
TAX INFORMATION FOR SHAREHOLDERS OF THE
MUNICIPAL INTERMEDIATE FIXED-INCOME PORTFOLIO
1995 TAX YEAR
(Unaudited)
Dear Shareholder:
During the Portfolio's fiscal year ended December 31, 1995,
96.33% of the dividends paid by the Municipal Intermediate
Fixed-Income Portfolio were exempt-interest dividends for
purposes of Federal income taxes and free from such taxes. We
have listed below, on a state-by-state basis, the source of the
exempt-interest dividends. We suggest that you consult your tax
advisor concerning the applicability of state and local taxes to
dividends paid by the Portfolio.
% of income % of income
attributable attributable
to securities to securities
issued by issued by
State state State state
Alaska __ Mississippi 3.70
Alabama __ North Carolina 3.85
Arkansas __ Nebraska __
Arizona 4.37 New Jersey 4.15
California 8.56 New Mexico __
Colorado __ Nevada 3.16
Connecticut __ New York 4.88
District of Columbia 4.17 Ohio __
Florida 4.27 Oklahoma 0.88
Georgia 3.19 Oregon __
Hawaii __ Pennsylvania 7.44
Iowa __ Rhode Island __
Idaho __ South Carolina __
Illinois 11.77 South Dakota 1.96
Indiana __ Tennessee __
Kansas __ Texas 11.23
Louisiana __ Utah __
<PAGE>
Maryland 2.46 Virginia 3.11
Massachusetts 3.73 Washington 3.70
Michigan 3.51 Wisconsin 2.24
Minnesota __ Wyoming __
Missouri __ Other 3.67
For more detailed information regarding your state and
local tax regulations, you should contact your tax advisor or the
state/local authorities. If you have any questions, please do
not hesitate to call Accessor Funds, Inc. at (800) 759-3504.
Very truly yours,
Ravindra A. Deo
Treasurer
<PAGE>
ACCESSOR FUNDS, INC.
Pacific First Centre
1420 5th Avenue, Suite 3130
Seattle, WA 98101
(206) 224-7420
(206) 224-4274 FAX
January 25, 1996
IMPORTANT TAX INFORMATION - 1995 TAX YEAR
(Unaudited)
Dear Shareholder:
Outlined below is important tax information for shareholders
of Accessor Funds, Inc. For 1995. Please retain this information
for preparation of your tax return. In many states, your taxable
dividend income can be reduced by the percentage of that income
that is generated from U.S. Treasury securities. Also, Federal
tax law permits corporations who own mutual fund shares to deduct
a percentage of dividends earned on common stock. The table
below displays, on an annual basis, the portion of the
Portfolios' income distributions which may be eligible for the
state and local tax exemption, as well as the percentage eligible
for the corporate dividend exclusion. Of course, you may ignore
this information of your account is exempt from income taxes
(e.g., IRA or Keogh).
% of income
% of income from U.S.
Accessor from U.S. Government- % of dividends
Funds, Inc. Treasury Backed from
Portfolio Securities Securities common stock
Growth 1.05 __ 91.88
Value & Income 4.07 __ 95.93
Small Cap 9.52 __ 90.48
International
Equity __ 7.20 72.75
Intermediate
Fixed-Income 57.32 11.57 __
Short-Intermediate
Fixed-Income 66.47 16.40 __
Mortgage
Securities 5.46 82.77 __
U.S. Government
Money 88.38 11.62 __
For more detailed information regarding your state and
local tax regulations, you should contact your tax advisor or the
state/local authorities. If you have any questions, please do
not hesitate to call Accessor Funds, Inc. at (800) 759-3504.
Very truly yours,
Ravindra A. Deo
Treasurer
ACCESSOR FUNDS, INC.
Directors and Officers
George G. Cobean, III, Director
Geoffrey C. Cross, Director
J. Anthony Whatley, III, Director,
President and Principal Executive Officer
James A. Kraft, Director and Vice President
Ravindra A. Deo, Treasurer, Vice President, Principal
Financial and Accounting Officer
Robert J. Harper, Vice President
Linda V. Whatley, Secretary and Vice President
Joe King, Assistant Secretary and Chief Compliance Officer
_____________________________________________________________________________
Investment Advisor and Administrator
Bennington Capital Management L.P.
U. S. Bank Centre; 1420 5th Avenue; Suite 3130
Seattle, Washington 98101
_____________________________________________________________________________
Custodian
PNC Bank
17th & Chestnut Streets
Philadelphia, PA 19101
______________________________________________________________________________
Transfer Agent
Bennington Capital Management L.P.
U.S. Bank Centre; 1420 5th Avenue; Suite 3130
Seattle, Washington 98101
______________________________________________________________________________
Legal Counsel
Mayer, Brown & Platt
1675 Broadway
New York, New York 10019
_______________________________________________________________________________
Independent Auditors
Deloitte & Touche LLP
2 World Financial Center
New York, New York 10281
______________________________________________________________________________
This report, including the financial statements herein is transmitted to
the shareholders of the Accessor Funds, Inc. for their information. This
is not a prospectus, circular or representation intended for use in the
purchase of shares of the Fund or any securities mentioned in this report.
