ACCESSOR FUNDS, INC.
US Bank Centre
1420 5th Avenue, Suite 3130
Seattle, WA 98101
(206) 224-7420
(206) 224-4274 FAX
August 15, 1996
Letter to Shareholders
Accessor Funds, Inc.
Dear Shareholder:
It is our pleasure to review the first half of 1996 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 to express our confidence that the Accessor
Funds offer you the opportunity to maximize your investment returns.
Accessor Funds currently has eight Portfolios in operation. 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. Three of the
Portfolios have over four years of investment results. 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
manager and money managers, and the indices please refer to the Prospectuses and
the Statement of Additional Information of Accessor Funds.
The International Fixed-Income Portfolio, which never commenced investment
operations, was closed on April 29, 1996, due to a lack of shareholder demand
for that asset class.
With three domestic equity, one international equity and four fixed-income
investment options, shareholders in the Accessor Funds have a wide range of risk
and return alternatives to structure an investment solution that is designed to
meet their needs precisely. A key feature of the Accessor Funds 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.
========================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 June 1996). The data points from the graph are as follows:
Comparisons of Risk
Inception through June 1996
Portfolio - Inception to June 1996 Index - Inception to June 1996
Money
May 92 0.3%
Short-Inter
June 92 2.5% 2.7%
Mortgage
June 92 3.3% 3.4%
Intermediate
July 92 4.6% 4.6%
Value
September 92 7.4% 8.1%
Growth
September 92 8.1% 8.5%
Small
September 92 9.9% 9.9%
International Equity
November 94 10.3% 11.8%
==================================END BAR CHART================================
We believe that there are two important conclusions that can be drawn from
the chart above. The first is the relative risk ranking of the Portfolios of the
Accessor Funds. 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 each Portfolio's risk has been very close to the risk of the index against
which the money manager's performance is compared. We believe that this
structure allows the Accessor Funds' shareholders to judge the risks they are
assuming more accurately than can shareholders of most investment companies. The
indices used 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.
The past six months have seen a sharp increase in the variability of
returns. Fixed-income investments have suffered from the rise in interest rates,
and total returns for the year for the Intermediate Fixed-Income and Mortgage
Securities Portfolios have been negative. Stocks, both domestic and
international, continue to do well with returns for the six months around 10%.
The International Equity Portfolio, which has outperformed its index for the
past few months by a wide margin, has had less variability than its index. This
out-performance coupled with lower risk, although welcome for the shareholders,
is unlikely to continue.
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.
/S/Ravindra A. Deo
Ravindra A. Deo
Treasurer
- --------------------------------------------------------------------------------
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.
Q:\FUNDS\SHRHCOMM\SH9607_1.DOC
- --------------------------------------------------------------------------------
<PAGE>
ACCESSOR FUNDS, INC.
Growth Portfolio
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1996
DESCRIPTION SHARES VALUE
----------- ------ -----
COMMON STOCK - 99.6%
ADVERTISING - 0.7%
Interpublic Group of Cos., Inc. 8,900 $ 417,188
---------
AEROSPACE - DEFENSE - 4.1%
General Dynamics Corp. 900 55,800
McDonnell Douglas Corp. 25,400 1,231,900
Raytheon Co. 20,400 1,053,150
---------
2,340,850
AIR TRAVEL - 1.9%
Delta Air Lines, Inc. 13,200 1,095,600
---------
AUTOMOBILES - 2.7%
Chrysler Corp. 16,500 1,023,000
Ford Motor Co. 16,100 521,238
---------
1,544,238
BANKS - 3.7%
Comerica, Inc. 8,600 383,775
NationsBank Corp. 9,400 776,675
PNC Bank Corp. 31,800 946,050
---------
2,106,500
BEVERAGES - SOFT DRINKS - 4.6%
PepsiCo, Inc. 74,400 2,631,900
---------
BUILDING MATERIALS - 0.5%
Owens Corning 6,700 288,100
---------
CHEMICALS - 2.9%
Dow Chemical Co. 12,900 980,400
Eastman Chemical Co. 1,000 60,875
Rohm & Haas Co. 3,100 194,525
Union Carbide Corp. 10,200 405,450
---------
1,641,250
COMMERCIAL SERVICES - 0.0%
Ecolab, Inc. 300 9,900
---------
COMPUTERS - 4.1%
Hewlett Packard Co. 23,500 2,341,188
---------
COMPUTER SOFTWARE & SERVICES - 3.7%
Cisco Systems, Inc.* 17,100 968,287
Computer Associates International, Inc. 15,650 1,115,062
---------
2,083,349
<PAGE>
ACCESSOR FUNDS, INC.
Growth Portfolio
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1996
DESCRIPTION SHARES VALUE
----------- ------ -----
COMMON STOCK - CONTINUED
COSMETICS & TOILETRIES - 0.0%
Alberto Culver Co. Class B 700 32,462
---------
DRUGS & PHARMACEUTICALS - 16.4%
Abbott Laboratories 23,900 1,039,650
American Home Products Corp. 37,800 2,272,725
Bristol-Myers Squibb Co. 24,100 2,169,000
Johnson & Johnson 17,600 871,200
Merck & Co., Inc. 18,600 1,202,025
Schering-Plough Corp. 27,900 1,750,725
---------
9,305,325
ELECTRIC UTILITIES - 1.5%
Consolidated Edison Co. of New York, Inc. 28,600 836,550
---------
ELECTRONICS - 1.3%
Tektronix, Inc. 16,200 724,950
---------
ELECTRONICS - SEMICONDUCTORS - 1.4%
Intel Corp. 11,000 807,125
---------
ENTERTAINMENT - 1.6%
King World Productions, Inc.* 25,100 913,013
---------
FOOD - PROCESSING - 6.7%
Archer-Daniels Midland Co. 18,300 349,987
Campbell Soup Co. 21,100 1,487,550
Hershey Foods Corp. 2,600 190,775
Philip Morris Companies, Inc. 16,900 1,757,600
---------
3,785,912
HARDWARE & TOOLS - 1.9%
Snap-On, Inc. 22,400 1,061,200
---------
HOLDING COMPANIES - DIVERSIFIED - 0.2%
Whitman Corp. 3,800 91,675
---------
HOSPITAL MANAGEMENT - 3.3%
Tenet Healthcare Corp.* 41,600 889,200
U.S. Healthcare, Inc. 17,900 982,263
---------
1,871,463
HOUSEHOLD PRODUCTS - 2.2%
Clorox Co. 1,200 106,350
Newell Co. 37,900 1,160,688
---------
1,267,038
<PAGE>
ACCESSOR FUNDS, INC.
Growth Portfolio
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1996
DESCRIPTION SHARES VALUE
----------- ------ -----
COMMON STOCK - CONTINUED
INSURANCE - 2.6%
Marsh & McLennan Cos., Inc. 15,400 1,486,100
---------
MACHINERY - DIVERSIFIED - 4.8%
Applied Materials, Inc.* 2,200 66,825
Case Corp. 24,300 1,166,400
Dover Corp. 4,500 207,562
Harnischfeger Industries, Inc. 38,600 1,283,450
---------
2,724,237
MANUFACTURING - DIVERSIFIED - 0.6%
Parker-Hannifin Corp. 8,600 364,425
---------
MEDICAL EQUIPMENT & SUPPLIES - 1.9%
Becton, Dickinson & Co. 13,400 1,075,350
---------
OFFICE EQUIPMENT & SUPPLIES - 0.8%
Harris Corp. 7,100 433,100
---------
OIL & GAS - 3.9%
Atlantic Richfield Co. 2,400 284,400
Baker Hughes, Inc. 1,900 62,462
Consolidated Natural Gas Co. 300 15,675
Exxon Corp. 800 69,500
Mobil Corp. 2,100 235,463
PanEnergy Corp. 2,800 92,050
Pennzoil Co. 11,100 513,375
Phillips Petroleum Co. 12,000 502,500
Williams Companies, Inc. 9,600 475,200
---------
2,250,625
PUBLISHING NEWS - 1.3%
Tribune Co. 10,100 733,513
---------
RETAIL - GROCERY - 3.8%
Great Atlantic & Pacific Tea Co., Inc. 25,600 841,600
Kroger Co.* 33,400 1,319,300
---------
2,160,900
RETAIL - TRADE - 5.3%
Dayton-Hudson Corp. 7,400 763,125
Mercantile Stores Co., Inc. 9,400 551,075
Sears Roebuck & Co. 16,100 782,863
TJX Companies, Inc. 26,500 894,375
---------
2,991,438
<PAGE>
ACCESSOR FUNDS, INC.
Growth Portfolio
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1996
DESCRIPTION SHARES VALUE
----------- ------ -----
COMMON STOCK - CONTINUED
TELECOMMUNICATIONS - 7.6%
Ameritech Corp. 23,100 1,371,562
Bell Atlantic Corp. 5,800 369,750
BellSouth Corp. 31,300 1,326,337
GTE Corp. 1,700 76,075
NYNEX Corp. 1,200 57,000
Pacific Telesis Group 10,800 364,500
SBC Communications, Inc. 15,100 743,675
---------
4,308,899
TRANSPORTATION - 1.6%
Pittston Brink's Group 31,200 908,700
---------
TOTAL COMMON STOCK - (IDENTIFIED COST $47,174,613) 56,634,063
---------
PRINCIPAL
INTEREST MATURITY AMOUNT
RATE (1) DATE (000)
-------- ---- -----
SHORT-TERM INVESTMENT - 0.4%
Federal Home Loan Bank 5.520% 07/01/1996 $ 200 200,000
---------
(IDENTIFIED COST $200,000)
TOTAL INVESTMENTS - 100.0% - (IDENTIFIED COST $47,374,613) $ 56,834,063
============
* Non-income producing security.
(1) Yield at the time of purchase.
See notes to financial statements
<PAGE>
ACCESSOR FUNDS, INC.
Value & Income Portfolio
Schedule of Investments (Unaudited)
June 30, 1996
Description Shares Value
- ----------- ------ -----
COMMON STOCK - 95.0%
Aerospace - Defense - 2.0%
McDonnell Douglas Corp. 8,000 $ 388,000
Raytheon Co. 4,500 232,312
---------
620,312
Air Travel - 1.6%
AMR Corp. * 4,500 409,500
Delta Air Lines, Inc. 1,100 91,300
---------
500,800
Automobiles - 5.9%
Chrysler Corp. 9,600 595,200
Ford Motor Co. 14,400 466,200
General Motors Corp. 15,200 796,100
---------
1,857,500
Automobiles & Related - 0.1%
Dana Corp. 1,100 34,100
---------
Banks - 10.0%
Banc One Corp. 3,100 105,400
BankAmerica Corp. 6,100 462,075
Chase Manhattan Corp. 56 3,955
Citicorp 1,400 115,675
Comerica, Inc. 8,800 392,700
First Union Corp. 8,700 529,612
Mellon Bank Corp. 6,100 347,700
NationsBank Corp. 7,000 578,375
PNC Bank Corp. 9,000 267,750
Republic New York Corp. 5,300 329,925
---------
3,133,167
Beverages - 0.3%
Coca-Cola Co. 1,800 87,975
---------
Chemicals - 5.0%
Dow Chemical Co. 7,100 539,600
Du Pont (E.I.) de Nemours & Co. 2,500 197,812
Eastman Chemical Co. 4,600 280,025
FMC Corp. * 3,400 221,850
Union Carbide Corp. 8,100 321,975
---------
1,561,262
Computers - 4.1%
Compaq Computer Corp.* 6,200 305,350
<PAGE>
ACCESSOR FUNDS, INC.
Value & Income Portfolio
Schedule of Investments (Unaudited)
June 30, 1996
Description Shares Value
- ----------- ------ -----
COMMON STOCK - Continued
Computers - Continued
Digital Equipment Corp.* 2,500 $ 112,500
International Business Machines Corp. 8,600 851,400
---------
1,269,250
Computer Software & Services - 0.1%
Computer Associates International, Inc. 300 21,375
---------
Construction & Mining Equipment - 1.9%
Caterpillar, Inc. 6,200 420,050
Deere & Co. 4,700 188,000
---------
608,050
Drugs & Pharmaceuticals - 1.7%
Bristol-Myers Squibb Co. 3,800 342,000
Schering-Plough Corp. 2,800 175,700
---------
517,700
Electric Utilities - 5.9%
Detroit Edison Co. 2,200 67,925
Edison International 18,200 320,775
Entergy Corp. 10,000 283,750
General Public Utilities Corp. 4,500 158,625
Ohio Edison Co. 14,800 323,750
Pacific Gas & Electric Co. 13,100 304,575
PECO Energy Co. 3,700 96,200
Unicom Corp. 9,900 275,962
---------
1,831,562
Electrical Equipment - 0.5%
General Instrument Corp. * 4,900 141,487
---------
Electronics - Semiconductors - 0.9%
Intel Corp. 4,000 293,500
---------
Environmental Control - 1.1%
Safety Kleen Corp. 19,600 343,000
---------
Financial Services - 3.6%
Federal National Mortgage Association 11,900 398,650
Transamerica Corp. 4,100 332,100
Travelers Group, Inc. 8,850 403,781
---------
1,134,531
<PAGE>
ACCESSOR FUNDS, INC.
Value & Income Portfolio
Schedule of Investments (Unaudited)
June 30, 1996
Description Shares Value
- ----------- ------ -----
COMMON STOCK - Continued
Food Processing - 1.4%
Archer-Daniels Midland Co. 20,000 $ 382,500
CPC International, Inc. 800 57,600
---------
440,100
Food Wholesalers - 1.1%
Supervalu, Inc. 11,000 346,500
---------
Furnishings & Appliances - 0.3%
Maytag Corp. 4,200 87,675
---------
Holding Companies - Diversified - 1.6%
Crane Co. 2,200 90,200
Eastern Enterprises 700 391,387
Textron, Inc. 4,900 23,275
---------
504,862
Homebuilding - 0.2%
Centex Corp. 2,000 62,250
---------
Insurance - 3.0%
Allstate Corp. 1,400 63,875
Cigna Corp. 3,800 447,925
Loews Corp. 5,400 425,925
---------
937,725
Leisure Time - 0.3%
Brunswick Corp. 4,600 92,000
---------
Machinery - Diversified - 1.4%
Applied Materials, Inc.* 7,600 230,850
Dover Corp. 2,500 115,312
Harnischfeger Industries, Inc. 2,500 83,125
---------
429,287
Medical Facilities Management - 0.4%
Tenet Healthcare Corp. *. 6,400 136,800
---------
Metals - 1.1%
Cyprus Amax Minerals Co. 2,400 54,300
Phelps Dodge Corp. 4,800 299,400
---------
353,700
Mining - 0.3%
Barrick Gold Corp. 3,000 81,375
---------
<PAGE>
ACCESSOR FUNDS, INC.
Value & Income Portfolio
Schedule of Investments (Unaudited)
June 30, 1996
Description Shares Value
- ----------- ------ -----
COMMON STOCK - Continued
Miscellaneous - Manufacturing - 0.4%
Millipore Corp. 3,300 $ 138,187
---------
Office Equipment & Supplies - 0.8%
Harris Corp. 700 42,700
Moore Corp. Ltd. 11,400 215,175
---------
257,875
Oil & Gas - 14.9%
Amoco Corp. 1,600 115,800
Atlantic Richfield Co. 1,900 225,150
Burlington Resoures, Inc. 2,100 90,300
Chevron Corp. 2,400 141,600
Coastal Corp. 7,600 317,300
Columbia Gas System, Inc. 7,000 364,875
Exxon Corp. 14,100 1,224,938
Mobil Corp. 6,400 717,600
Phillips Petroleum Co. 10,100 422,938
Royal Dutch Petroleum Co. 3,800 584,250
Sonat, Inc. 2,200 99,000
Texaco, Inc. 2,700 226,463
Williams Companies, Inc. 2,700 133,650
---------
4,663,864
Packaging & Containers - 0.1%
Ball Corp. 1,600 46,000
---------
Paper & Forest Products - 1.0%
Kimberly-Clark Corp. 3,500 270,375
Willamette Industries, Inc. 700 41,475
---------
311,850
Publishing & Printing - 1.1%
American Greetings Corp. Class A. 9,000 245,250
Tribune Co. 1,200 87,150
---------
332,400
Railroads - 1.9%
Burlington Northern, Santa Fe 1,900 153,662
CSX Corp. 9,100 439,075
---------
592,737
Restaurants - 1.0%
Ryan's Family Steak House, Inc.* 33,200 307,100
---------
<PAGE>
ACCESSOR FUNDS, INC.
Value & Income Portfolio
Schedule of Investments (Unaudited)
June 30, 1996
Description Shares Value
- ----------- ------ -----
COMMON STOCK - Continued
Retail - Trade - 3.6%
Dayton-Hudson Corp. 2,100 $ 216,563
Federated Department Stores, Inc.* 4,300 146,738
Gap, Inc. 3,600 115,650
Price/Costco, Inc.* 1,700 36,338
Sears Roebuck & Co. 5,500 267,438
TJX Companies, Inc. 10,400 351,000
---------
1,133,727
Retail - Specialty - 0.6%
Rite Aid Corp. 5,800 172,550
---------
Savings & Loans - 1.0%
Golden West Financial Corp. 5,500 308,000
---------
Security & Commodity Brokers - 2.7%
Dean Witter Discover & Co. 2,400 137,400
Merrill Lynch & Co., Inc. 4,900 319,113
Salomon, Inc. 8,800 387,200
---------
843,713
Shoes & Leather - 0.4%
Reebok International, Ltd. 3,400 114,325
---------
Telecommunications - 7.6%
BellSouth Corp. 4,700 199,163
MCI Communications Corp. 9,600 244,800
NYNEX Corp. 12,300 584,250
Pacific Telesis Group 8,600 290,250
SBC Communications, Inc. 9,900 487,575
Sprint Corp. 11,100 466,200
360 Communications Co. * 3,700 88,800
---------
2,361,038
Textiles - 0.2%
Fruit of the Loom, Inc. Class A* 2,400 61,200
---------
Tires & Rubber - 1.2%
Goodyear Tire & Rubber Co. 8,100 390,825
---------
<PAGE>
ACCESSOR FUNDS, INC.
Value & Income Portfolio
Schedule of Investments (Unaudited)
June 30, 1996
Description Shares Value
- ----------- ------ -----
COMMON STOCK - Continued
Transportation - Miscellaneous - 0.7%
Ryder System, Inc. 7,500 $ 210,938
---------
TOTAL COMMON STOCK - (Identified Cost $25,976,575) 29,674,174
----------
UNIT INVESTMENT TRUST - 2.2%
Standard & Poor's Depository Receipts 10,000 670,937
---------
(Identified Cost $628,719)
Principal
Interest Maturity Amount
Rate (1) Date (000) Value
-------- ---- ----- -----
SHORT-TERM INVESTMENT - 2.8%
U.S. Treasury Bill 4.98% 9/19/1996 $ 900 889,354
---------
(Identified Cost $889,938)
TOTAL INVESTMENTS - 100.0% - (Identified Cost $27,495,232) $ 31,234,465
============
* Non-income producing security.
(1) Yield at time of purchase.
See notes to financial statements
<PAGE>
ACCESSOR FUNDS, INC.
Small to Mid Cap Portfolio
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1996
DESCRIPTION SHARES VALUE
COMMON STOCK - 99.3%
ADVERTISING - 2.1%
Omnicom Group, Inc. 5,600 $1,190,400
----------
AEROSPACE-DEFENSE - 0.2%
Litton Industries, Inc. 3,000 130,500
----------
AIR TRANSPORTATION - 0.8%
Continental Airlines, Inc. 3,400 209,950
Northwest Airlines, Corp. 3,200 126,000
UAL Corp.* 2,400 129,000
----------
464,950
APPAREL & TEXTILES - 0.8%
Nautica Enterprises, Inc.* 5,200 437,000
Varsity Spirit Corp. 2,150 33,863
----------
470,863
AUTOMOBILES & TRUCKS - 0.0%
Oshkosh Truck Corp. Class B 1,800 25,425
----------
AUTOMOBILES & RELATED - 0.1%
Autocam Corp.* 1,858 19,044
Strattec Security Corp.* 720 12,690
----------
31,734
BANKS - 4.3%
BanPonce Corp. 3,600 161,550
Commerce Bancorp, Inc. 5,085 119,497
Deposit Guaranty Corp. 5,100 224,400
First Citizens BancShares, Inc. 2,000 123,000
Investors Financial Services Corp. Class A 75 1,716
North Fork Bancorporation, Inc. 2,949 338,293
Northern Trust Corp. 1,400 658,350
Star Banc Corp. 6,300 424,462
United Carolina Bancshares, Inc. 6,000 133,500
Westamerica Bancorporation 4,400 221,100
----------
2,405,868
BEVERAGES - ALCOHOLIC - 0.2%
Robert Mondavi Corp. Class A* 4,300 135,450
----------
BUILDING MATERIALS - 1.7%
NCI Building Systems, Inc.* 6,600 547,800
Texas Industries, Inc. 5,800 398,025
----------
945,825
<PAGE>
ACCESSOR FUNDS, INC.
Small to Mid Cap Portfolio
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1996
DESCRIPTION SHARES VALUE
COMMON STOCK - CONTINUED
CHEMICALS - 3.6%
Aceto Corp. 946 $ 14,426
Blessings Corp. 1,600 16,400
Cambrex Corp. 4,300 219,837
Chemed Corp. 7,400 276,575
Cytec Industries Inc. 1,200 957,600
Petrolite Corp. 200 6,200
Synalloy Corp. 6,100 96,075
Terra Industries, Inc. 6,400 450,450
----------
2,037,563
COMMERCIAL SERVICES - 2.7%
Affiliated Computer Services, Inc.* 5,900 747,300
Concord EFS, Inc.* 0,700 379,850
LSB Industries, Inc. 5,000 23,750
Regis Corp. 1,250 343,125
----------
1,494,025
COMPUTERS - 1.3%
Auspex Systems, Inc.* 7,000 103,250
Dell Computer Corp.* 2,200 111,650
DH Technology, Inc.* 3,600 81,000
Fair Isaac & Co., Inc. 4,300 190,275
Komag, Inc.* 8,700 227,287
----------
713,462
COMPUTER SOFTWARE & SERVICES - 5.0%
Cadence Design Systems, Inc. 4,350 1,159,312
Computer Horizons Corp.* 3,700 537,725
Electronics for Imaging, Inc.* 1,600 804,750
SunGard Data Systems, Inc.* 4,200 168,000
Walker Interactive Systems, Inc.* 2,500 126,563
----------
2,796,350
CONSTRUCTION & MINING EQUIPMENT - 0.1%
Terex Corp.* 8,800 77,000
----------
COSMETICS & TOILETRIES - 0.4%
Nature's Sunshine Products, Inc. 5,855 149,302
Tambrands, Inc. 2,400 98,100
----------
247,402
DRUGS & PHARMACEUTICALS - 2.6%
Bergen Brunswig Corp. 2,200 616,050
Rhone-Poulenc Rorer, Inc. 1,900 798,788
Syncor International Corp.* 5,700 73,388
----------
1,488,226
<PAGE>
ACCESSOR FUNDS, INC.
Small to Mid Cap Portfolio
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1996
DESCRIPTION SHARES VALUE
COMMON STOCK - CONTINUED
ELECTRIC UTILITIES - 5.8%
Bangor Hydro - Electric Co. 3,600 $ 38,700
Commonwealth Energy System Cos. 7,700 198,275
Destec Energy, Inc.* 0,700 136,425
IES Industries, Inc. 6,900 206,138
LG&E Energy Corp. 1,200 256,200
Portland General Corp. 0,100 1,238,087
Southwestern Public Service Co. 1,000 1,011,375
Unitil Corp. 2,000 45,500
York Research Corp.* 1,000 115,500
----------
3,246,200
ELECTRICAL EQUIPMENT - 0.7%
Charter Power Systems, Inc. 9,400 321,950
Kuhlman Corp. 4,300 74,712
----------
396,662
ELECTRONICS - 5.8%
BMC Industries, Inc. 1,600 1,483,500
CSF Holdings, Inc. Escrow. 5,500 0
Cohu, Inc. 2,200 237,900
Logicon, Inc. 2,800 382,400
SCI Systems, Inc.* 5,800 1,048,125
Zygo Corp.* 3,150 135,450
----------
3,287,375
ELECTRONICS - SEMICONDUCTORS - 2.1%
Analog Devices, Inc. 0,500 777,750
Photronics, Inc.* 5,000 393,750
----------
1,171,500
ENGINEERING & CONSTRUCTION - 0.2%
Pitt - Des Moines, Inc. 2,400 102,000
----------
ENTERTAINMENT - 1.9%
AMC Entertainment, Inc.* 5,300 426,488
Mirage Resorts, Inc. * 2,300 664,200
----------
1,090,688
ENVIRONMENTAL CONTROL - 0.2%
Met - Pro Corp. 6,300 117,337
----------
FINANCIAL SERVICES - 1.3%
Student Loan Marketing Association 8,800 651,200
The Pioneer Group 2,900 77,575
----------
728,775
<PAGE>
ACCESSOR FUNDS, INC.
Small to Mid Cap Portfolio
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1996
DESCRIPTION SHARES VALUE
COMMON STOCK - CONTINUED
FOOD-PROCESSING - 1.3%
Cagle's, Inc. Class A 5,400 $ 87,075
Dole Food Company 3,400 576,200
Tasty Baking Co. 5,800 66,700
Wholesome & Hearty Foods, Inc.* 1,000 7,500
----------
737,475
FOOD WHOLESALERS - 0.2%
Nash-Finch Co. 6,400 100,800
----------
FURNISHINGS & APPLIANCES - 0.4%
Kimball International, Inc. Class B 4,400 121,000
National Presto Industries, Inc. 3,000 114,000
----------
235,000
GAS & PIPELINE UTILITIES - 0.9%
Atmos Energy Corp. 5,600 171,500
Washington Gas Light Co. 4,400 316,800
----------
488,300
HARDWARE & TOOLS - 0.0%
Starrett (L.S.) Co. Class A 1,000 26,000
----------
HOLDING COMPANIES - DIVERSIFIED - 1.8%
Berkshire Hathaway, Inc.* 32 982,400
----------
HOTEL - MOTEL - 0.5%
Marcus Corp. 1,700 293,962
----------
HOUSEHOLD PRODUCTS - 0.6%
Blyth Industries, Inc.* 7,900 358,463
----------
INDUSTRIAL MACHINERY - 0.5%
Helix Technology Corp. 7,800 302,250
----------
INSURANCE - 6.4%
American Bankers Insurance Group, Inc. 7,900 780,888
Argonaut Group, Inc. 3,600 109,800
CMAC Investment Corp. 0,000 575,000
Foremost Corp. of America 5,200 295,100
HCC Insurance Holdings, Inc. 5,750 354,375
Old Republic International Corp. 0,400 1,083,600
Orion Capital Corp. 3,000 153,000
PXRE Corp. 5,500 133,375
Reinsurance Group of America 2,300 86,825
Stewart Information Services Corp. 850 17,106
----------
3,589,069
<PAGE>
ACCESSOR FUNDS, INC.
Small to Mid Cap Portfolio
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1996
DESCRIPTION SHARES VALUE
COMMON STOCK - CONTINUED
LEISURE TIME - 1.0%
Callaway Golf Co. 3,800 $ 458,850
Coachmen Industries, Inc. 3,600 126,000
----------
584,850
MACHINERY - DIVERSIFIED - 1.2%
Fedders Corp. 3,700 240,113
Raymond Corp. 5,022 86,002
Regal-Beloit Corp. 8,400 363,400
----------
689,515
MANUFACTURING - 0.9%
Innovex, Inc. 4,950 84,769
Lydall, Inc.* 6,000 132,000
Raven Industries, Inc. 650 13,162
Shelter Components Corp. 4,450 75,094
Tredegar Industries, Inc. 6,600 199,650
----------
504,675
MEDICAL EQUIPMENT & SUPPLIES - 3.4%
Diagnostic Products Corp. 9,700 373,450
Endosonics Corp.* 6,200 110,050
Guidant Corp. 0,400 1,004,700
Landauer, Inc. 600 12,675
Sola International, Inc.* 4,900 428,375
----------
1,929,250
MEDICAL FACILITIES MANAGEMENT - 2.4%
ABR Information Services, Inc. 9,700 487,425
Apria Healthcare Group, Inc.* 3,200 100,400
Universal Health Services, Inc. Class B* 9,400 768,075
----------
1,355,900
METALS - 1.4%
Castle (A.M.) & Co. 0,812 255,434
Handy & Harman 4,100 239,700
Varlen Corp. 2,656 265,766
----------
760,900
OFFICE EQUIPMENT & SUPPLIES - 0.2%
Standard Register Co. 4,600 113,275
United Stationers, Inc. *. 266 6,052
----------
119,327
OIL & GAS - 5.5%
Atwood Oceanics, Inc.* 3,600 158,400
Giant Industries, Inc. 5,400 78,300
<PAGE>
ACCESSOR FUNDS, INC.
Small to Mid Cap Portfolio
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1996
DESCRIPTION SHARES VALUE
COMMON STOCK - CONTINUED
OIL & GAS - CONTINUED
KN Energy, Inc. 7,742 $ 259,357
National Fuel Gas Co. 4,100 1,227,600
Newpark Resources, Inc.* 0,895 400,391
Penn Virginia Corp. 900 31,500
Seacor Holdings, Inc.* 4,100 181,425
Sonat Offshore Drilling Co. 9,600 484,800
Tosco Corp. 5,900 296,475
----------
3,118,248
PAPER & FOREST PRODUCTS - 0.7%
American Filtrona Corp. 500 15,125
Consolidated Papers, Inc. 2,100 109,200
Fort Howard Corp.* 4,200 282,225
----------
406,550
PUBLISHING NEWS - 2.3%
Central Newspapers, Inc. Class A 1,400 427,500
Lee Enterprises, Inc. 6,800 160,650
Pulitzer Publishing Co. 1,700 693,225
----------
1,281,375
REAL ESTATE INVESTMENT TRUST - 0.8%
Horizon Group, Inc. 1,200 434,600
----------
RESTAURANTS - 0.1%
Dave & Busters, Inc.* 1,080 28,620
----------
RETAIL STORES-FOOD - 1.3%
Ingles Markets, Inc. Class A 6,600 76,725
Safeway, Inc. 9,500 643,500
----------
720,225
RETAIL-SPECIALTY - 2.6%
Leslie's Poolmart* 6,877 118,628
Russ Berrie & Company, Inc. 7,500 321,562
Tiffany & Co. 3,500 985,500
Wolohan Lumber Co. 1,200 12,300
----------
1,437,990
RETAIL-TRADE - 2.8%
Patrick Industries, Inc. 3,700 49,487
Ross Stores, Inc. 4,000 1,529,000
----------
1,578,487
SAVINGS & LOANS - 4.8%
Advantage Bancorp, Inc. 1,875 62,813
<PAGE>
ACCESSOR FUNDS, INC.
Small to Mid Cap Portfolio
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1996
DESCRIPTION SHARES VALUE
COMMON STOCK - CONTINUED
SAVINGS & LOANS - CONTINUED
CitFed Bancorp, Inc. 3,200 $ 125,200
Coastal Bancorp, Inc. 7,000 124,250
First Northern Capital Corp. 1,100 16,638
Great Financial Corporation 8,900 230,288
Haven Bancorp, Inc. 1,100 30,938
North Side Savings Bank 5,100 175,312
Peoples Bank-Bridgeport 2,800 62,300
Peoples Heritage Financial Group, Inc. 8,300 1,187,862
TCF Financial Corp. 1,000 365,750
TR Financial Corp. 4,700 127,487
Washington Mutual, Inc. 6,300 188,212
----------
2,697,050
SECURITY & COMMODITY BROKERS - 3.0%
Bear Stearns Companies, Inc. 9,870 233,179
BHC Financial, Inc. 9,300 402,875
McDonald & Company Investments 7,120 140,620
Paine Webber Group Inc. 7,700 895,375
----------
1,672,049
STEEL - 0.1%
Roanoke Electric Steel Corp. 2,400 32,400
----------
TELECOMMUNICATIONS - 5.5%
Aydin Corp.* 5,900 79,650
Cascade Communications Corp. 1,400 775,200
Frontier Corp. 4,400 747,250
Intermedia Commerce of Florida* 5,800 185,600
Lincoln Telecommunications Co. 1,700 188,662
U. S. Robotics Corp.* 3,200 1,125,300
----------
3,101,662
TEXTILES - 0.2%
Garan, Inc. 7,800 132,600
----------
TOBACCO - 0.6%
Universal Corp. 3,100 347,150
----------
TRANSPORTATION - MISCELLANEOUS - 1.2%
GATX Corp. 3,300 641,725
----------
TRUCKING & FREIGHT - 0.3%
Arnold Industries, Inc. 1,000 154,000
Matlack Systems, Inc.* 4,000 34,000
----------
188,000
<PAGE>
ACCESSOR FUNDS, INC.
Small to Mid Cap Portfolio
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1996
DESCRIPTION SHARES VALUE
COMMON STOCK - CONTINUED
WATER UTILITIES - 0.1%
Connecticut Water Service, Inc. 400 $ 9,900
SJW Corp. 1,200 39,900
----------
49,800
WHOLESALE DISTRIBUTORS - 0.4%
Hughes Supply, Inc. 7,000 243,250
----------
TOTAL COMMON STOCK - (IDENTIFIED COST $48,890,040) 55,965,497
PRINCIPAL
INTEREST MATURITY AMOUNT
RATE DATE (000)
---- ---- -----
U.S. GOVERNMENT SECURITIES - 0.7%
United States Treasury Bill 4.810% 01/09/1997 $200 194,356
United States Treasury Bill 5.040% 01/09/1997 200 194,356
TOTAL U.S. GOVERNMENT SECURITIES - (IDENTIFIED COST $389,493) 388,712
TOTAL INVESTMENTS - 100% - (IDENTIFIED COST $49,279,533) $ 56,354,209
==============
* Non-income producing security.
See notes to financial statements
<PAGE>
ACCESSOR FUNDS, INC.
International Equity Portfolio
Schedule of Investments (Unaudited)
June 30, 1996
Description Shares Value
----------- ------ -----
COMMON STOCK - 99.9%
ARGENTINA - 0.9%
Banco Frances del Rio de la Plata S.A. ADR 10,500 $ 301,875
Perez Companc S.A. ADR 19,200 254,765
-------------
556,640
AUSTRALIA - 2.2%
Australian Gas & Light Co. Limited 2,431 10,108
Memtec Limited ADR 19,800 727,650
Westfield Holdings Limited 34,000 601,290
-------------
1,339,048
AUSTRIA - 0.6%
Wolford AG 1,400 342,868
-------------
BELGIUM - 1.7%
Banque Bruxelles Lambert S.A. (BBL) 1,300 241,310
Barco N.V. 3,700 593,419
Lernout & Hauspie Speech Products N.V. ADR* 9,000 202,500
-------------
1,037,229
BRAZIL - 1.1%
Telecomunicacoes Brasileiras ADR 9,400 654,475
-------------
CHILE - 0.4%
Santa Isabel S. A. ADR 8,800 244,200
-------------
FINLAND - 1.3%
Raision Tehtaat 7,000 418,519
Valmet Corp. 23,000 389,704
-------------
808,223
FRANCE - 7.8%
Assurances Generales de France 21,000 569,201
Axime Ex Segin* 1,800 251,993
Cetelem 2,550 573,663
Christian Dior 3,400 442,932
Coflexip* 12,500 437,488
Dassault Systemes ADR* 13,000 403,000
Flamel Technologies ADR* 30,000 241,875
<PAGE>
ACCESSOR FUNDS, INC.
International Equity Portfolio
Schedule of Investments (Unaudited)
June 30, 1996
Description Shares Value
----------- ------ -----
COMMON STOCK - CONTINUED
FRANCE - CONTINUED
Lagardere S.C.A. 20,500 $ 528,942
Salomon 725 663,256
Sidel 2,300 585,398
-------------
4,697,748
GERMANY - 5.6%
Adidas AG 7,900 658,333
CKAG Colonia Konzern AG 900 718,935
Fresenius 2,600 470,940
Gehe AG 125 84,977
Gerresheimer Glas 2,300 490,697
SGL Carbon AG 4,600 541,354
Siemens AG Ordinary 7,980 428,014
-------------
3,393,250
HONG KONG - 1.7%
Cheung Kong Limited 50,000 360,142
Hong Kong & China Gas Co. 157,200 250,829
HSBC Holdings PLC 25,600 386,977
-------------
997,948
INDIA - 0.3%
Larsen & Toubro Limited GDR 10,000 188,700
-------------
INDONESIA - 0.4%
PT Tambang Timah - Foreign 48,000 88,717
PT Tigaraksa Satria - Foreign 36,000 92,843
PT Wicaksana Overseas - Foreign 18,500 50,892
-------------
232,452
IRELAND - 1.7%
Elan Corp. ADR* 7,500 428,438
Saville Systems Ireland ADR* 22,800 629,850
-------------
1,058,288
ISRAEL - 0.4%
Electronic Industries Limited 10,000 113,750
NICE System Limited ADR* 7,400 140,600
-------------
254,350
<PAGE>
ACCESSOR FUNDS, INC.
International Equity Portfolio
Schedule of Investments (Unaudited)
June 30, 1996
Description Shares Value
----------- ------ -----
COMMON STOCK - CONTINUED
ITALY - 2.3%
CN ENI SPA 74,000 $ 369,396
Olivetti Group* 730,700 394,573
Safilo 21,000 525,171
Telecom Italia 39,400 84,769
-------------
1,373,909
JAPAN - 35.3%
Bank of Tokyo / Mitsubishi 52,000 1,207,037
Bridgestone Corp. 43,000 821,293
Canon 54,000 1,125,154
Daiichi Corp. 41,000 1,191,501
Gunze Limited 110,000 690,610
Hitachi Cable 103,000 864,099
Honda Motor Co. 28,000 726,708
Matsushita Electric Industries 65,000 1,211,789
Minebea Co. 94,000 791,172
Mitsubishi Estate Co. 66,000 910,761
Mitsui Marine & Fire 111,000 883,537
Nichii 12,000 199,589
Nissan Motors Co. 119,000 1,058,140
Okuma Corp. 88,000 981,129
Olympus Optical Co. 90,000 904,729
Onward Kashiyama 61,000 997,852
Sanwa Bank Limited 52,000 964,679
Sekisui Plastics Co. 70,000 428,604
Sony Corp. 17,000 1,120,128
Terumo 83,000 1,054,330
Tokai Rika 58,000 625,451
Toyoda Machine Works 91,000 981,311
Yamazen Corp.* 171,000 1,015,764
Yodogawa Steel Works 91,000 696,066
-------------
21,451,433
KOREA - 0.4%
Korea Mobile Telecommunications GDR* 13,500 219,375
-------------
MALAYSIA - 1.9%
Hume Industries 28,000 136,914
Jaya Tiasa Holdings 17,000 99,479
Malayan Banking 47,000 452,104
Oyl Industries 43,000 448,096
-------------
1,136,593
<PAGE>
ACCESSOR FUNDS, INC.
International Equity Portfolio
Schedule of Investments (Unaudited)
June 30, 1996
Description Shares Value
----------- ------ -----
COMMON STOCK - CONTINUED
MEXICO - 0.9%
Gruma S.A.* 61,550 $ 285,165
Tubos de Acero de Mexico ADR* 27,500 259,531
-------------
544,696
NETHERLANDS - 5.3%
Aegon NV 6,800 313,294
Baan Co. NV* 15,200 520,328
Gucci Group NV ADR 7,600 490,200
Hagemeyer NV 4,900 349,261
IHC Caland NV* 8,200 403,751
ING Groep NV 18,000 537,046
Internatio Muller NV 6,708 147,843
Oce-Van Der Grinten NV 4,038 427,943
-------------
3,189,666
NORWAY - 0.8%
Sensonor* 39,500 340,780
Tomra Systems A/S 15,000 152,519
-------------
493,299
PHILIPPINES - 0.5%
Empire East Land Holdings* 241,000 147,232
Filinvest Land Inc.* 336,000 137,915
-------------
285,147
SINGAPORE - 0.6%
Far East Levingston Shipbuilding 37,000 204,536
Keppel Corp. Limited 22,000 183,983
United Overseas Bank 280 2,679
-------------
391,198
SOUTH AFRICA - 1.3%
Barlow Limited 18,000 188,542
Liberty Life Association of Africa Limited 11,000 353,299
Western Areas Gold Mining Co. Limited 14,000 218,750
-------------
760,591
<PAGE>
ACCESSOR FUNDS, INC.
International Equity Portfolio
Schedule of Investments (Unaudited)
June 30, 1996
Description Shares Value
----------- ------ -----
COMMON STOCK - CONTINUED
SPAIN - 1.5%
Gas Natural SDG 2,400 $ 504,336
Telefonica de Espana 22,000 405,593
-------------
909,929
SWEDEN - 0.6%
Norbanken AB 18,200 351,956
-------------
SWITZERLAND - 4.8%
Ascom Holding AG 365 367,920
CS Holding AG 6,600 628,320
Sandoz AG 805 921,564
Schw Rueckvers 400 411,200
Swissair AG* 630 610,344
-------------
2,939,348
TAIWAN - 0.9%
China Steel Corp. GDR* 12,500 325,000
Want Want Holdings GDR* 86,000 231,340
-------------
556,340
THAILAND - 0.9%
Thai Farmers Bank Public Co. 25,000 273,892
Tipco Asphalt Co. 43,000 254,187
-------------
528,079
TURKEY - 0.1%
Turk Siemens Kablo Ve Elektrik Sanayii ADR 233,000 74,222
-------------
UNITED KINGDOM - 14.9%
Anglian Water 41,000 377,581
British Aerospace PLC 49,000 743,468
British BioTech ADR 7,100 554,688
Danka Business Systems PLC 13,000 94,485
Dixons Group 65,073 534,599
GKN Ordinary 33,569 515,071
Next PLC 58,000 507,117
Provident Financial 80,000 571,504
Reliance Industries GDR 22,000 286,000
Reuters Holdings PLC 57,900 700,467
<PAGE>
ACCESSOR FUNDS, INC.
International Equity Portfolio
Schedule of Investments (Unaudited)
June 30, 1996
Description Shares Value
----------- ------ -----
COMMON STOCK - CONTINUED
UNITED KINGDOM - CONTINUED
Siebe 46,256 $ 656,577
TeleWest Communications* 270,000 677,186
THORN EMI 21,140 588,978
United Utilities 41,000 345,108
Victrex PLC 138,000 594,721
Videotron Holdings PLC ADR* 26,200 487,975
WPP Group 245,000 818,043
-------------
9,053,568
UNITED STATES - 0.8%
Flextronics International, Limited* 19,600 514,500
-------------
TOTAL COMMON STOCK - (IDENTIFIED COST $54,232,763) 60,579,268
-------------
WARRANTS - 0.1%
FINLAND - 0.1%
Raision Tehaat 7,000 57,414
-------------
HONG KONG - 0.0%
Hong Kong & China Gas 13,100 3,427
-------------
MALAYSIA - 0.0%
Oyl Industries 4,300 18,958
-------------
TOTAL WARRANTS AGREEMENTS - (IDENTIFIED COST $0 79,799
-------------
TOTAL INVESTMENTS - 100.0% - ( IDENTIFIED COST $54,232,763) $ 60,659,067
============
* Non-income producing security.
See notes to financial statements
<PAGE>
ACCESSOR FUNDS, INC.
INTERMEDIATE FIXED-INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1996
PRINCIPAL
INTEREST MATURITY AMOUNT
DESCRIPTION RATE DATE (000) VALUE
- ----------- ---- ---- ----- -----
ASSET BACKED SECURITIES - 9.6%
Discover Card Master Trust I 6.050% 08/18/2008 $2,000 $ 1,844,178
Ford Credit Auto Loan 6.500% 08/15/2002 500 498,150
Ford Credit Grantor Trust 1995-A 5.900% 05/15/2000 254 253,924
Standard Credit Card Master Trust
Series 1995-2 8.625% 01/07/2002 1,000 1,019,800
Standard Credit Card Master Trust
Series 1995-8A 6.700% 09/07/2000 300 301,200
World Financial Network Credit
Card Master 6.700% 02/15/2004 1,000 990,700
----------
TOTAL ASSET BACKED SECURITIES - (IDENTIFIED COST $5,036,813) 4,907,952
---------
COLLATERALIZED MORTGAGE
OBLIGATIONS - 1.4%
Collateralized Mortgage
Securities Corp. 9.450% 02/01/2017 593 625,342
Merrill Lynch Mortgage
Investors, Inc. 8.150% 07/15/2017 100 102,755
-------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS - (IDENTIFIED COST $764,276) 728,097
-------
CORPORATE BONDS - 11.7%
BANKS - 0.9%
Banker's Trust of New York 7.500% 11/15/2015 500 477,500
-------
GOVERNMENT SPONSORED - 0.8%
Tennessee Valley Authority 7.850% 06/15/2044 400 394,000
-------
INDUSTRIAL MATERIALS - 1.9%
Petronas 7.750% 08/15/2015 1,000 995,000
-------
INSURANCE - 1.9%
Prudential Insurance 8.100% 07/15/2015 1,000 980,000
-------
SECURITY & COMMODITY BROKERS - 2.0%
CS First Boston 7.750% 05/15/2006 1,000 1,001,250
---------
TELECOMMUNICATIONS - 4.2%
New England Telephone & Telegraph 9.000% 08/01/2031 1,000 1,083,750
US West Communication 8.875% 06/01/2031 1,000 1,072,500
---------
2,156,250
TOTAL CORPORATE BONDS - (IDENTIFIED COST $6,103,666) 6,004,000
---------
<PAGE>
ACCESSOR FUNDS, INC.
INTERMEDIATE FIXED-INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1996
PRINCIPAL
INTEREST MATURITY AMOUNT
DESCRIPTION RATE DATE (000) VALUE
- ----------- ---- ---- ----- -----
GOVERNMENT & AGENCY SECURITIES - 76.3%
U.S. GOVERNMENT AGENCY SECURITIES - 2.8%
Federal Home Loan Mortgage Corp. 7.125% 07/21/1999 $ 500 $ 508,920
Federal Home Loan Mortgage Corp. 5.780% 10/22/2003 500 466,500
Federal National Mortgage
Association 6.170% 12/02/2003 500 471,500
----------
1,446,920
U.S. GOVERNMENT SECURITIES - 73.5%
United States Treasury Bond 10.750% 05/15/2003 3,800 4,659,446
United States Treasury Bond 12.375% 05/15/2004 235 316,061
United States Treasury Bond 14.000% 11/15/2011 500 762,920
United States Treasury Bond 12.500% 08/15/2014 250 368,540
United States Treasury Bond 8.500% 02/15/2015 535 772,096
United States Treasury Bond 8.500% 02/15/2020 808 942,257
United States Treasury Bond 8.750% 08/15/2020 2,600 3,110,536
United States Treasury Note 6.750% 05/31/1997 1,265 1,275,942
United States Treasury Note 5.750% 09/30/1997 3,000 2,993,970
United States Treasury Note 6.125% 03/31/1998 1,465 1,466,626
United States Treasury Note 5.125% 06/30/1998 2,420 2,375,786
United States Treasury Note 7.125% 09/30/1999 5,675 5,799,736
United States Treasury Note 7.500% 10/31/1999 1,000 1,032,720
United States Treasury Note 7.750% 12/31/1999 770 802,625
United States Treasury Note 6.375% 03/31/2001 6,000 5,972,460
United States Treasury Note 6.250% 02/15/2003 5,000 4,914,149
------------
37,565,870
TOTAL GOVERNMENT & AGENCY
SECURITIES (IDENTIFIED COST $38,962,977) 39,012,790
----------
SHORT-TERM INVESTMENT - 1.0%
American Express Credit Corp. 5.374% 07/01/1996 500 500,000
----------
(IDENTIFIED COST $500,000)
TOTAL INVESTMENTS - 100.0% - (IDENTIFIED COST $51,367,732) $51,152,839
===========
<PAGE>
ACCESSOR FUNDS, INC.
SHORT-INTERMEDIATE FIXED-INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1996
PRINCIPAL
INTEREST MATURITY AMOUNT
DESCRIPTION RATE DATE (000) VALUE
- ----------- ----- ---- ----- -----
CORPORATE BONDS - 11.0%
BANKS - 3.0%
African Development Bank 10.000% 11/01/1997 $100 $ 104,625
Asian Development Bank 10.750% 06/01/1997 100 104,000
Export-Import Bank of Japan 10.125% 10/28/1997 100 104,625
International Bank for Reconstruction
and Development 9.875% 10/01/1997 300 312,750
Mellon Financial Co. 6.500% 12/01/1997 200 200,276
Norwest Corp. 9.250% 05/01/1997 210 215,483
-----------
1,041,759
BEVERAGES - ALCOHOLIC - 0.8%
Anheuser-Busch Cos., Inc. 8.750% 12/01/1999 270 286,200
-----------
BEVERAGES - SOFT DRINKS - 0.3%
PepsiCo, Inc. 7.875% 08/15/1996 100 100,250
-----------
ELECTRIC UTILITIES - 1.2%
Consolidated Edison Company
of New York, Inc. 5.700% 10/01/1998 225 221,062
Southern California Edison Co.
Series E 5.450% 06/15/1998 200 196,750
----------
417,812
ENVIRONMENTAL CONTROL - 0.6%
Waste Management, Inc. 6.375% 07/01/1997 200 200,250
---------
FINANCIAL SERVICES - 2.0%
American General Finance Corp. 7.150% 05/15/1997 100 100,963
Beneficial Corp. 9.125% 02/15/1998 300 312,375
Chrysler Buildings 9.125% 05/01/1999 250 265,937
--------
679,275
GOVERNMENT SPONSORED - 0.9%
Province of Manitoba Series CJ 9.500% 10/01/2000 300 329,625
--------
HOSPITAL SUPPLIES - 0.6%
Baxter International, Inc. 9.250% 12/15/1999 200 214,500
--------
OIL & GAS - 1.3%
Shell Oil Co. 6.625% 07/01/1999 250 250,625
Texaco Capital, Inc. 9.000% 11/15/1997 200 207,044
---------
457,669
TELECOMMUNICATIONS - 0.3%
GTE California, Inc. 6.250% 01/15/1998 95 94,525
---------
TOTAL CORPORATE BONDS - (IDENTIFIED COST $3,859,990 3,821,865
---------
See notes to financial statements
<PAGE>
ACCESSOR FUNDS, INC.
SHORT-INTERMEDIATE FIXED-INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1996
PRINCIPAL
INTEREST MATURITY AMOUNT
DESCRIPTION RATE DATE (000) VALUE
- ----------- ----- ---- ----- -----
GOVERNMENT & AGENCY SECURITIES - 89.0%
MORTGAGE PASS-THROUGHS - 5.8%
Federal Home Loan Mortgage
Corporation (FHLMC)
FHLMC 8.500% 02/01/2006 $ 8 $ 8,557
FHLMC 8.500% 08/01/2006 202 208,734
FHLMC 8.500% 08/01/2006 10 10,363
FHLMC 7.500% 01/01/2008 334 335,070
Federal National Mortgage
Association (FNMA)
FNMA 8.000% 07/10/1996 300 300,174
FNMA 7.000% 11/01/2007 95 94,009
FNMA 7.000% 12/01/2008 270 266,802
FNMA 7.000% 07/01/2011 505 498,372
Government National Mortgage
Association (GNMA)
GNMA 7.000% 02/15/2008 333 329,860
---------
2,051,941
MORTGAGE CLASS MORTGAGE
PASS-THROUGHS - 0.3%
Federal National Mortgage
Association (FNMA)
Guaranteed REMIC Pass-Through
Certificates Trust 1992-109,
Class GA 7.500% 03/25/1997 102 91,946
-------
U.S. GOVERNMENT SECURITIES - 82.9%
United States Treasury Bill (1) 4.785% 07/25/1996 15 14,952
United States Treasury Bill (1) 4.970% 07/25/1996 260 259,077
United States Treasury Bill (1) 4.980% 07/25/1996 175 174,402
United States Treasury Bill (1) 5.090% 07/25/1996 250 246,844
United States Treasury Note 8.500% 05/15/1997 100 102,312
United States Treasury Note 8.125% 02/15/1998 1,400 1,444,086
United States Treasury Note 5.125% 02/28/1998 1,000 985,680
United States Treasury Note 5.125% 04/30/1998 400 393,644
United States Treasury Note 9.000% 05/15/1998 1,500 1,575,675
United States Treasury Note 5.375% 05/31/1998 3,700 3,651,437
United States Treasury Note 8.250% 07/15/1998 275 1,326,013
United States Treasury Note 5.875% 08/15/1998 400 397,808
United States Treasury Note 4.750% 08/31/1998 2,000 1,944,220
United States Treasury Note 5.500% 11/15/1998 4,400 4,331,712
United States Treasury Note 6.750% 05/31/1999 1,000 1,011,480
United States Treasury Note 8.000% 08/15/1999 1,970 2,059,970
United States Treasury Note 6.000% 10/15/1999 565 559,474
United States Treasury Note 7.750% 01/31/2000 700 729,778
United States Treasury Note 7.125% 02/29/2000 3,000 3,068,640
United States Treasury Note 5.750% 10/31/2000 1,590 1,548,501
United States Treasury Note 5.625% 11/30/2000 1,000 968,430
United States Treasury Note 6.375% 03/31/2001 85 84,663
<PAGE>
ACCESSOR FUNDS, INC.
SHORT-INTERMEDIATE FIXED-INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1996
PRINCIPAL
INTEREST MATURITY AMOUNT
DESCRIPTION RATE DATE (000) VALUE
- ----------- ----- ---- ----- -----
GOVERNMENT & AGENCY SECURITIES - CONTINUED
U.S. GOVERNMENT SECURITIES - CONTINUED
United States Treasury Note 6.250% 04/30/2001 $1,500 $1,485,390
United States Treasury Note 7.500% 11/15/2001 500 521,995
----------
28,886,183
TOTAL GOVERNMENT & AGENCY SECURITIES
(IDENTIFIED COST $31,287,821) 31,030,070
----------
TOTAL INVESTMENTS - 100.0% - (IDENTIFIED COST $35,147,811) $34,851,935
===========
(1) Yield at time of purchase.
See notes to financial statements
<PAGE>
ACCESSOR FUNDS, INC.
MORTGAGE SECURITIES PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1996
PRINCIPAL
INTEREST MATURITY AMOUNT
DESCRIPTION RATE DATE (000) VALUE
- ----------- ----- ---- ----- -----
COMMERCIAL MORTGAGE BACKED
SECURITIES - 10.3%
Community Program Loan Trust 1987-A 4.500% 10/01/2018 $1,800 $1,495,125
GMAC Mortgage Securities Series A-4 8.950% 08/20/2017 128 127,405
Green Tree Home Improvement Loan Trust
Series 1994-D 9.050% 01/15/2015 1,000 1,055,000
Merrill Lynch Mortgage Investors 1992 7.850% 04/15/2012 224 226,511
Paine Webber Mortgage Acceptance Corp.
1995 Class A 6.700% 01/15/2007 1,000 980,836
Prudential Home Mortgage Securities
1993 Class A-1 8.119% 11/25/2023 574 584,083
Rural Housing Trust Series 1987-1
Class 2C 6.830% 04/01/2026 1,182 1,158,958
Sasco 96 - CFL Class C 6.525% 02/25/2028 850 808,217
---------
TOTAL COMMERCIAL MORTGAGE BACKED
SECURITIES - (IDENTIFIED COST $6,566,632) 6,436,135
---------
GOVERNMENT & AGENCY SECURITIES - 89.7%
FEDERAL HOUSING ADMINISTRATION - 1.4%
Blair House Project 10.875% 08/01/2028 156 164,062
GMAC Project 7.430% 02/01/2020 700 702,802
---------
866,864
FEDERAL HOME LOAN BANK - 1.3%
FHLB Discount Notes 5.520% 07/01/1996 810 810,000
---------
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) - 59.1%
FGLMC Pool A00851 8.500% 12/01/2019 12 12,314
FGLMC Pool C00262 7.000% 10/01/2023 3,263 3,141,014
FGLMC Pool C00354 8.500% 07/01/2024 242 248,099
FGLMC Pool C00418 7.000% 08/01/2025 133 127,682
FGLMC Pool C80362 8.500% 10/01/2025 950 975,408
FGLMC Pool C80412 8.500% 06/01/2026 1,010 1,037,459
FGLMC Pool D54041 7.000% 06/01/2024 777 748,024
FGLMC Pool D54862 8.500% 04/01/2023 651 668,633
FGLMC Pool D56350 8.500% 09/01/2024 570 585,598
FGLMC Pool D59943 8.500% 04/01/2025 330 339,363
FGLMC Pool D61354 8.500% 05/01/2025 61 62,805
FGLMC Pool D61378 8.500% 05/01/2025 505 518,729
FGLMC Pool D61489 8.500% 06/01/2025 1,009 1,036,705
FGLMC Pool D62070 8.500% 03/01/2025 859 882,304
FGLMC Pool D63271 7.000% 09/01/2025 231 222,224
FGLMC Pool D64731 7.000% 10/01/2025 1,000 962,500
FGLMC Pool D65112 7.000% 11/01/2025 497 478,747
<PAGE>
ACCESSOR FUNDS, INC.
MORTGAGE SECURITIES PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1996
PRINCIPAL
INTEREST MATURITY AMOUNT
DESCRIPTION RATE DATE (000) VALUE
- ----------- ----- ---- ----- -----
GOVERNMENT & AGENCY SECURITIES - CONTINUED
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) - CONTINUED
FGLMC Pool D65424 7.000% 11/01/2025 $ 562 $ 540,589
FGLMC Pool D65828 7.000% 12/01/2025 640 616,062
FGLMC Pool D66349 7.000% 12/01/2025 168 161,416
FGLMC Pool D66459 7.000% 12/01/2025 574 552,733
FGLMC Pool D66671 7.000% 12/01/2025 230 221,396
FGLMC Pool D67265 7.000% 01/01/2026 131 126,059
FGLMC Pool D67377 7.000% 01/01/2026 2,900 2,791,598
FGLMC Pool D67486 7.000% 01/01/2026 118 113,100
FGLMC Pool D67991 7.000% 02/01/2026 2,004 1,928,381
FGLMC Pool D69773 7.000% 03/01/2026 26 24,548
FGLMC Pool D71056 7.500% 05/01/2026 740 730,786
FGLMC Pool D71143 7.000% 05/01/2026 600 577,492
FGLMC Pool D71260 7.000% 05/01/2026 470 452,395
FGLMC Pool D71945 7.500% 06/01/2026 1,010 997,375
FGLMC Pool D72278 8.500% 06/01/2026 2,020 2,074,919
FGLMC Pool D72386 7.500% 06/01/2026 1,280 1,263,963
FGLMC Pool D72443 7.500% 06/01/2026 505 498,688
FGLMC Pool D80357 7.000% 11/01/2025 123 118,351
FGLMC 30 Year 85-87 7.000% 05/01/2016 461 463,296
FHLMC Multifamily PC 230105 8.750% 12/01/2014 47 48,214
FHLMC PC A00813 9.000% 10/01/2020 175 183,857
FHLMC PC A00892 9.000% 09/01/2018 556 582,327
FHLMC PC D30092 8.500% 01/01/2023 338 347,057
FHLMC Pool C80335 7.000% 08/01/2025 341 328,616
FHLMC Pool D65259 7.000% 11/01/2025 216 208,103
FHLMC Pool D66340 7.000% 12/01/2025 397 382,068
FHLMC Pool D66947 7.000% 01/01/2026 65 62,501
FHLMC Pool D68682 7.000% 02/01/2026 121 116,280
FHLMC Pool D68714 7.000% 03/01/2026 88 84,867
FHLMC Pool E00397 6.500% 10/01/2010 285 275,891
FHLMC Pool E20190 6.500% 08/01/2010 506 489,902
FHLMC Pool E20193 6.500% 09/01/2010 487 470,766
FHLMC Pool E20196 6.500% 10/01/2011 514 496,847
FHLMC Pool E61175 6.500% 08/01/2010 237 229,308
FHLMC Pool E61205 6.500% 09/01/2010 48 46,272
FHLMC Pool E61228 6.500% 09/01/2010 520 503,509
FHLMC Pool E61287 6.500% 09/01/2010 95 92,216
FHLMC Pool E61580 6.500% 10/01/2010 285 275,521
FHLMC Pool E61583 6.500% 10/01/2010 488 472,347
FHLMC Pool E61633 6.500% 11/01/2010 408 394,496
<PAGE>
ACCESSOR FUNDS, INC.
MORTGAGE SECURITIES PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1996
PRINCIPAL
INTEREST MATURITY AMOUNT
DESCRIPTION RATE DATE (000) VALUE
- ----------- ----- ---- ----- -----
GOVERNMENT & AGENCY SECURITIES - CONTINUED
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) - CONTINUED
FHLMC Pool E61643 6.500% 10/01/2010 $ 475 $ 459,204
FHLMC Pool E62414 6.500% 01/01/2011 476 460,812
FHLMC Pool E62838 6.500% 01/01/2011 308 298,084
FHLMC Pool E63081 6.500% 02/01/2011 417 403,375
FHLMC Pool E63109 6.500% 03/01/2011 95 93,850
FHLMC Pool E63322 6.500% 03/01/2011 202 195,311
FHLMC Pool E63465 6.500% 03/01/2011 94 90,961
FHLMC Pool E63553 6.500% 03/01/2011 101 97,890
FHLMC Pool E63648 6.500% 04/01/2011 75 72,086
FHLMC Pool E63670 6.500% 04/01/2011 209 201,869
FHLMC Pool E63760 6.500% 04/01/2011 48 46,666
FHLMC Pool E63833 6.500% 04/01/2011 415 401,731
FHLMC Pool E63846 6.500% 04/01/2011 354 342,263
FHLMC Pool E63924 6.500% 04/01/2011 391 378,378
FHLMC Pool E63930 6.500% 04/01/2011 164 158,631
FHLMC Pool G10473 6.500% 02/01/2011 414 400,999
FHLMC 1 Year CMT ARM 7.931% 09/01/2023 408 415,339
-----------
36,909,169
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) - 2.9%
FNMA Pool 286529 8.250% 04/01/2001 591 612,349
FNMA Pool 303751 8.000% 01/01/2026 516 526,103
FNMA Pool 303752 8.000% 06/01/2017 315 322,214
FNMA Pool 88-30 D 9.500% 12/25/2018 326 347,885
-----------
1,808,551
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - (GNMA) - 25.0%
GNMA Pool 003147 7.250% 12/15/2003 41 41,581
GNMA Pool 005139 7.250% 02/15/2005 269 271,216
GNMA Pool 005140 7.250% 12/15/2004 405 408,752
GNMA Pool 171468 8.000% 08/15/2016 219 222,543
GNMA Pool 175724 8.000% 08/15/2016 191 194,202
GNMA Pool 178457 8.000% 03/15/2017 153 155,219
GNMA Pool 206448 7.500% 02/15/2017 290 288,418
GNMA Pool 206767 8.000% 04/15/2017 104 106,260
GNMA Pool 210594 7.500% 06/15/2017 352 349,910
GNMA Pool 215797 7.500% 06/15/2017 242 240,332
GNMA Pool 317527 8.000% 02/15/2022 515 519,924
<PAGE>
ACCESSOR FUNDS, INC.
MORTGAGE SECURITIES PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
June 30, 1996
PRINCIPAL
INTEREST MATURITY AMOUNT
DESCRIPTION RATE DATE (000) VALUE
- ----------- ----- ---- ----- -----
GOVERNMENT & AGENCY SECURITIES - CONTINUED
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - (GNMA) - CONTINUED
GNMA Pool 337339 7.000% 07/15/2023 $ 862 $ 826,955
GNMA Pool 339659 7.000% 07/15/2023 284 272,503
GNMA Pool 346746 7.000% 09/15/2023 621 595,387
GNMA Pool 350479 7.000% 05/15/2023 32 30,280
GNMA Pool 357333 7.000% 09/15/2023 78 75,051
GNMA Pool 358578 7.000% 06/15/2023 73 70,278
GNMA Pool 365532 7.500% 01/15/2026 1,957 1,928,411
GNMA Pool 383615 7.500% 02/15/2026 1,838 1,811,937
GNMA Pool 415114 7.500% 02/15/2026 105 103,793
GNMA Pool 416348 7.500% 02/15/2026 1,098 1,081,865
GNMA Pool 418145 7.500% 03/15/2026 1,957 1,929,013
GNMA Pool 420711 7.500% 02/15/2026 1,906 1,878,799
GNMA Pool 423014 7.500% 02/15/2026 80 78,717
GNMA Pool 425081 7.500% 02/15/2026 589 580,635
GNMA Project Pool 571 8.200% 05/15/2013 48 48,440
GNMA Project Pool 572 8.200% 08/20/2023 37 37,119
GNMA 21 Year CMT ARM 7.000% 08/20/2023 301 304,557
GNMA 21 Year CMT ARM 7.250% 09/20/2023 1,105 1,118,730
-----------
15,570,827
TOTAL GOVERNMENT & AGENCY
SECURITIES (IDENTIFIED COST $56,143,688) 55,965,411
----------
TOTAL INVESTMENTS - 100.0% - (IDENTIFIED COST $62,710,320 $62,401,546
==========
See notes to financial statements
<PAGE>
ACCESSOR FUNDS, INC.
U.S. GOVERNMENT MONEY PORTFOLIO
SCHEDULE OF INVESTMENTS (UNAUDITED)
JUNE 30, 1996
PRINCIPAL
INTEREST MATURITY AMOUNT
DESCRIPTION RATE DATE (000) VALUE
----------- ----- ---- ----- -----
U.S. GOVERNMENT SECURITIES - 81.9%
United States Treasury Bill (1) 4.995% 07/05/1996 $2,000 $ 1,998,890
United States Treasury Bill (1) 4.940% 07/11/1996 3,000 2,995,883
United States Treasury Bill (1) 4.875% 07/25/1996 3,000 2,990,250
United States Treasury Bill (1) 4.940% 08/01/1996 3,000 2,987,238
United States Treasury Bill (1) 4.960% 08/08/1996 2,000 1,989,529
United States Treasury Bill (1) 5.525% 08/22/1996 2,000 1,984,039
United States Treasury Bill (1) 4.830% 09/19/1996 3,000 2,967,800
United States Treasury Bill (1) 4.970% 09/26/1996 3,000 2,963,967
United States Treasury Bill (1) 5.155% 11/14/1996 3,000 2,941,577
United States Treasury Bill (1) 5.450% 05/29/1997 2,000 1,899,478
-----------
TOTAL U.S. GOVERNMENT SECURITIES (IDENTIFIED COST $25,718,651) 25,718,651
-----------
REPURCHASE AGREEMENT - 18.1%
Fifth Third Bank 5.000% 07/01/1996 5,695 5,695,000
-----------
(Agreement dated 06/28/1996, to be repurchased at $5,697,373
on 07/01/1996; collateralized by $5,643,000 U.S. Treasury
Notes, 7.500%, due 10/31/1999. The market value of the
collateral is $5,882,444). (IDENTIFIED COST $5,695,000)
TOTAL INVESTMENTS - 100.0% - (IDENTIFIED COST $31,413,651) $31,413,651
===========
(1) Yield at time of purchase.
See notes to financial statements
<PAGE>
ACCESSOR FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)
JUNE 30, 1996
<TABLE>
<CAPTION>
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 $56,834,063 $31,234,465 $56,354,209 $60,659,067
Cash 66,768 118,869 - -
Foreign currencies, at value (1,705,428) - Note A - - - 1,707,511
Receivable for investments sold - - 817,435 737,759
Receivable for portfolio shares sold 101,052 29,655 150,728 51,857
Dividends receivable 80,268 49,119 88,544 209,132
Receivable for futures contracts - 5,625 - -
Deferred organizational & prepaid expenses 20,371 19,565 20,581 49,446
------ ------ ------ ------
TOTAL ASSETS 57,102,522 31,457,298 57,431,497 63,414,772
LIABILITIES:
Cash overdraft - - 80,405 141,526
Payable for investments purchased - - 441,343 1,106,648
Payable for portfolio shares repurchased 58,164 56,901 30,372 131,834
Payable due to Bennington - Note B 21,271 11,669 28,406 26,535
Distributions payable 272,370 168,405 244,842 -
Money Manager fee payable - Note B 48,412 17,989 28,702 26,515
Accrued expenses and other liabilities 43,551 38,246 51,446 89,768
------ ------ ------ ------
TOTAL LIABILITIES 443,768 293,210 905,516 1,381,300
------- ------- ------- ---------
NET ASSETS $56,658,754 $31,164,088 $56,525,981 $62,033,472
=========== ========== ========== ==========
NET ASSETS CONSIST OF:
Capital paid in $45,140,876 $25,819,009 $44,523,005 $53,278,213
Net unrealized appreciation of investments, receivables, payables,
futures contracts, and forward foreign currency contracts 9,459,450 3,747,809 7,074,676 6,428,687
Undistributed net investment income - - - 115,554
Accumulated net realized gain on investments, futures contracts,
and foreign currencies 2,058,428 1,597,270 4,928,300 2,069,492
--------- --------- --------- ---------
NET ASSETS $56,658,754 $31,164,088 $56,525,981 $61,891,946
=========== =========== =========== ===========
Total shares outstanding at end of period 2,942,171 1,857,681 3,011,842 4,413,760
Net asset value, offering price and redemption price per share $ 19.26 $ 16.78 $ 18.77 $ 14.02
(1) Investments at cost $47,374,613 $27,495,232 $49,279,533 $54,232,763
</TABLE>
See notes to financial statements.
<PAGE>
ACCESSOR FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)
JUNE 30, 1996
<TABLE>
<CAPTION>
Intermediate Short-Intermediate Mortgage U.S. Government
Fixed-Income Fixed-Income Securities Money
Portfolio Portfolio Portfolio Portfolio
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value (1) - Note A $51,152,839 $34,851,935 $62,401,546 $31,413,651
Cash 113,382 1,129 2,774 454
Receivable for investments sold - 3,520,294 249,695 -
Receivable for portfolio shares sold 28,106 79,713 73,581 36,444
Interest receivable 964,593 628,329 403,114 2,373
Deferred organizational & prepaid expenses 17,249 14,210 14,667 11,664
------ ------ ------ ------
TOTAL ASSETS 52,276,169 39,095,610 63,145,377 31,464,586
LIABILITIES:
Payable for investments purchased - 3,668,282 251,038 -
Payable for portfolio shares repurchased 141,806 21,990 36,515 400
Payable due to Bennington - Note B 15,170 10,346 18,282 6,418
Distributions payable 173,877 122,422 231,273 111,373
Money Manager fee payable - Note B 17,157 12,944 34,965 -
Payable for futures contracts - - 9,234 -
Accrued expenses and other liabilities 42,601 35,351 45,011 37,725
------ ------ ------ ------
TOTAL LIABILITIES 390,611 3,871,335 626,318 155,916
------- --------- ------- -------
NET ASSETS $51,885,558 $35,224,275 $62,519,059 $31,308,670
=========== =========== =========== ===========
NET ASSETS CONSIST OF:
Capital paid in $53,482,655 $35,566,875 $63,572,567 $31,310,400
Net unrealized depreciation of investments (214,893) (295,876) (424,074) -
Undistributed net investment income 388 3,954 38,157 -
Accumulated net realized loss on investments and
futures contracts (1,382,592) (50,678) (667,591) (1,730)
---------- ------- -------- ------
NET ASSETS $51,885,558 $35,224,275 $62,519,059 $31,308,670
=========== =========== =========== ===========
Total shares outstanding at end of period 4,423,506 2,918,244 5,206,486 31,310,400
Net asset value, offering price and redemption price per share $ 11.73 $ 12.07 $ 12.01 $ 1.00
(1) Investments at cost $51,367,732 $35,147,811 $62,710,320 $31,413,651
See notes to financial statements.
</TABLE>
<PAGE>
ACCESSOR FUNDS, INC.
STATEMENTS OF OPERATIONS (Unaudited)
FOR THE PERIOD ENDED JUNE 30, 1996
<TABLE>
<CAPTION>
Value & Small to International
Growth Income Mid Cap Equity
Portfolio Portfolio Portfolio Portfolio
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends 595,750 348,336 425,506 430,887
Interest 8,780 21,735 21,248 52,406
Foreign taxes withheld - (1,883) (237) (43,939)
------- ------- ------- -------
TOTAL INVESTMENT INCOME 604,530 368,188 446,517 439,354
EXPENSES:
Management fees - Note B 134,385 61,730 164,835 131,773
Money Manager fees - Note B 95,562 37,556 54,945 69,320
Transfer agent fees 35,836 19,891 32,967 28,750
Sub-Administration fees - Note B 29,863 21,563 27,473 34,166
Legal fees 7,872 7,872 10,201 7,943
Custodian fees 7,607 4,219 8,496 36,703
Audit fees 6,991 6,991 6,990 9,446
Amortization of deferred organizational expenses 6,916 6,916 6,916 6,916
Registration fees 6,389 3,592 5,747 6,972
Other 6,846 4,548 10,373 18,815
----- ----- ------ ------
TOTAL EXPENSES 338,267 174,878 328,943 350,804
------- ------- ------- -------
NET INVESTMENT INCOME 266,263 193,310 117,574 88,550
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES
CONTRACTS AND FORWARD FOREIGN CURRENCY CONTRACTS
Net realized gain (loss) on:
Investments 2,058,428 1,520,323 4,929,915 2,389,505
Futures contracts - 99,550 - -
Foreign exchange - - - (74,661)
Change in unrealized appreciation of:
Investments, receivables, and payables 3,524,655 327,900 426,876 3,006,767
Futures contracts - 8,576 - -
Forward foreign currency contracts - - - 152
------- ------- ------- -------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS, FUTURES
CONTRACTS AND FORWARD FOREIGN CURRENCY CONTRACTS 5,583,083 1,956,349 5,356,791 5,321,763
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 5,849,346 2,149,659 5,474,365 5,410,313
========= ========= ========= =========
</TABLE>
See notes to financial statements.
<PAGE>
ACCESSOR FUNDS, INC.
STATEMENTS OF OPERATIONS (Unaudited)
FOR THE PERIOD ENDED JUNE 30, 1996
<TABLE>
<CAPTION>
Short- U.S.
Intermediate Intermediate Mortgage Government
Fixed-Income Fixed-Income Securities Money
Portfolio Portfolio Portfolio Portfolio
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
INTEREST INCOME 1,397,172 1,002,049 2,031,465 905,424
EXPENSES:
Management fees - Note B 74,963 62,545 105,175 42,870
Money Manager fees - Note B 31,235 26,061 67,195 -
Transfer agent fees 24,988 20,848 35,058 21,353
Sub-Administration fees - Note B 22,598 21,563 29,215 19,459
Legal fees 7,872 7,872 7,872 7,872
Custodian fees 4,614 2,991 8,971 3,767
Audit fees 6,990 6,991 6,990 4,778
Amortization of deferred organizational expenses 6,916 6,916 6,916 6,916
Registration fees 4,064 3,526 6,551 6,023
Other 5,205 3,768 6,291 5,505
----- ----- ----- -----
TOTAL EXPENSES 189,445 163,081 280,234 118,543
------- ------- ------- -------
NET INVESTMENT INCOME 1,207,727 838,968 1,751,231 786,881
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FUTURES CONTRACTS
Net realized gain (loss) on:
Investments 20,515 (18,620) (807,206) (1,730)
Futures contracts - - 253,157 -
Change in unrealized depreciation of:
Investments (1,940,682) (705,724) (1,277,203) -
Futures contracts - - (115,300) -
------- ------- ------- -------
NET REALIZED AND UNREALIZED LOSS ON
INVESTMENTS AND FUTURES CONTRACTS. (1,920,167) (724,344) (1,946,552) (1,730)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS (712,440) 114,624 (195,321) 785,151
======== ======= ======== =======
</TABLE>
See notes to financial statements.
<PAGE>
ACCESSOR FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
<TABLE>
<CAPTION>
Growth Portfolio Value & Income Portfolio
Period Ended Year Ended Period Ended Year Ended
06/30/96 12/31/95 06/30/95 12/31/95
-------- -------- -------- --------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations:
Net investment income 266,263 307,706 193,310 507,888
Net realized gain on:
Investments 2,058,428 3,836,189 1,520,323 2,301,849
Futures contracts - - 99,550 30,324
Change in unrealized appreciation of:
Investments 3,524,655 4,799,659 327,900 3,727,015
Futures contracts - - 8,576 -
--------- --------- ------- ---------
Net increase in net assets resulting from operations 5,849,346 8,943,554 2,149,659 6,567,076
Distributions declared to shareholders from:
Net investment income (266,263) (307,706) (193,310) (507,888)
Net realized gain on investments (1,097,879) (2,871,763) (684,024) (1,565,864)
--------- --------- ------- ---------
Total distributions (1,364,142) (3,179,469) (877,334) (2,073,752)
Capital share transactions:
Proceeds from subscriptions 17,625,190 27,203,646 8,161,931 6,827,525
Net asset value of shares issued to shareholders
in reinvestment of distributions 1,031,343 2,653,515 647,223 1,570,011
Cost of redemptions (15,014,563) (10,623,668) (3,832,276) (7,975,274)
--------- --------- ------- ---------
Net increase resulting from capital share transactions 3,641,970 19,233,493 4,976,878 422,262
Total increase in net assets 8,127,174 24,997,578 6,249,203 4,915,586
Net assets:
Beginning of period 48,531,580 23,534,002 24,914,885 19,999,299
--------- --------- ------- ---------
End of period 56,658,754 48,531,580 31,164,088 24,914,885
========== ========== ========== ==========
</TABLE>
See notes to financial statements.
<PAGE>
ACCESSOR FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
<TABLE>
<CAPTION>
Small to Mid Cap Portfolio International Equity Portfolio
Period Ended Year Ended Period Ended Year Ended
06/30/96 12/31/95 06/30/96 12/31/95
-------- -------- -------- --------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations:
Net investment income 117,574 150,268 88,550 22,344
Net realized gain (loss) on:
Investments 4,929,915 4,030,491 2,389,505 266,556
Foreign exchange - - (74,661) (476,765)
Change in unrealized appreciation (depreciation) of:
Investments, receivables, and payables 426,876 6,425,559 3,006,767 3,521,462
Forward foreign currency contracts - - 152 (746)
--------- --------- --------- -------
Net increase in net assets resulting from operations 5,474,365 10,606,318 5,410,313 3,332,851
Distributions declared to shareholders from:
Net investment income (117,574) (150,268) - -
Net realized gain on investments (1,721,378) (2,415,058) - -
--------- --------- --------- -------
Total distributions (1,838,952) (2,565,326) - -
Capital share transactions:
Proceeds from subscriptions 6,611,514 21,782,374 20,570,761 31,331,892
Net asset value of shares issued to shareholders
in reinvestment of distributions 1,577,361 2,265,982 - -
Cost of redemptions (5,101,013) (6,435,025) (3,191,603) (3,128,393)
--------- --------- --------- -------
Net increase resulting from capital share transactions 3,087,862 17,613,331 17,379,158 28,203,499
Total increase in net assets 6,723,275 25,654,323 22,789,471 31,536,350
Net assets:
Beginning of period 49,802,706 24,148,383 39,102,475 7,566,125
--------- --------- --------- -------
End of period 56,525,981 49,802,706 61,891,946 39,102,475
========== ========== ========== ==========
</TABLE>
See notes to financial statements.
<PAGE>
ACCESSOR FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
<TABLE>
<CAPTION>
Intermediate Short-Intermediate
Fixed-Income Portfolio Fixed-Income Portfolio
Period Ended Year Ended Period Ended Year Ended
06/30/96 12/31/95 06/30/96 12/31/95
-------- -------- -------- --------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations:
Net investment income 1,207,727 2,092,270 838,968 1,671,184
Net realized gain (loss) on:
Investments 20,515 587,921 (18,620) 89,697
Change in unrealized appreciation (depreciation) of:
Investments (1,940,682) 3,035,121 (705,724) 1,846,672
---------- --------- -------- ---------
Net increase (decrease) in net assets resulting from operations (712,440) 5,715,312 114,624 3,607,553
Distributions declared to shareholders from:
Net investment income (1,207,339) (2,090,907) (835,014) (1,666,884)
---------- ---------- -------- ----------
Total distributions (1,207,339) (2,090,907) (835,014) (1,666,884)
Capital share transactions:
Proceeds from subscriptions 20,950,180 10,651,275 2,134,124 5,214,680
Net asset value of shares issued to shareholders
in reinvestment of distributions 307,977 552,315 95,297 199,563
Cost of redemptions (4,331,081) (9,354,668) (1,556,717) (4,315,632)
---------- ---------- ---------- ----------
Net increase resulting from capital share transactions 16,927,076 1,848,922 672,704 1,098,611
Total increase (decrease) in net assets 15,007,297 5,473,327 (47,686) 3,039,280
Net assets:
Beginning of period 36,878,261 31,404,934 35,271,961 32,232,681
---------- ---------- ---------- ----------
End of period 51,885,558 36,878,261 35,224,275 35,271,961
========== ========== ========== ==========
</TABLE>
See notes to financial statements.
<PAGE>
ACCESSOR FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
<TABLE>
<CAPTION>
Mortgage U.S. Government
Securities Portfolio Money Portfolio
Period Ended Year Ended Period Ended Period Ended
06/30/96 12/31/95 06/30/96 12/31/95
-------- -------- -------- --------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations:
Net investment income $1,751,231 $2,379,431 $ 786,881 $1,243,877
Net realized gain (loss) on:
Investments (807,206) 1,067,853 (1,730) 606
Futures contracts 253,157 - - -
Change in unrealized appreciation (depreciation) of:
Investments (1,277,203) 1,995,702 - -
Futures contracts (115,300) - - -
---------- ---------- ----------- ----------
Net increase (decrease) in net assets resulting from operations (195,321) 5,442,986 785,151 1,244,483
Distributions declared to shareholders from:
Net investment income (1,713,074) (2,340,785) (786,881) (1,243,877)
Net realized gain on investments - - (187) (164)
----------- ----------- ---------- -----------
Total distributions (1,713,074) (2,340,785) (787,068) (1,244,041)
Capital share transactions:
Proceeds from subscriptions 16,034,739 16,270,522 1,563,528 33,424,260
Net asset value of shares issued to shareholders
in reinvestment of distributions 559,163 795,226 35,344 93,173
Cost of redemptions (1,996,944) (3,312,756) (12,170,643) (3,643,576)
---------- ---------- ----------- ----------
Net increase (decrease) resulting from capital share transactions 14,596,958 13,752,992 (10,571,771) 29,873,857
Total increase (decrease) in net assets 12,688,563 16,855,193 (10,573,688) 29,874,299
Net assets:
Beginning of period 49,830,496 32,975,303 41,882,358 12,008,059
---------- ---------- ---------- ----------
End of period $62,519,059 $49,830,496 $31,308,670 $41,882,358
========== ========== ========== ==========
</TABLE>
See notes to financial statements.
<PAGE>
ACCESSOR FUNDS, INC.
FINANCIAL HIGHLIGHTS (Unaudited)
(For a share outstanding throughout the period)
<TABLE>
<CAPTION>
Growth Portfolio Value & Income Portfolio
---------------- ------------------------
1996(1) 1995 1994 1993 1992(2) 1996(1) 1995 1994 1993 1992(2)
------- ---- ---- ---- ------- ------- ---- ---- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning of period $17.99 $14.37 $14.16 $13.06 $12.00 $15.91 $13.01 $13.58 $12.58 $12.00
Net investment income 0.09 0.15 0.13 0.14 0.06 0.11 0.33 0.25 0.25 0.12
Net realized and unrealized gain (loss)
on investments 1.65 4.76 0.42 1.69 1.14 1.24 3.96 (0.51) 1.59 0.59
---- ---- ---- ---- ---- ---- ---- ----- ---- ----
Total from investment operations 1.74 4.91 0.55 1.83 1.20 1.35 4.29 (0.26) 1.84 0.71
---- ---- ---- ---- ---- ---- ---- ----- ---- ----
Dividends from net investment income (0.09) (0.15) (0.13) (0.14) (0.06) (0.11) (0.33) (0.25) (0.25) (0.12)
Distributions from capital gains (0.38) (1.14) (0.21) (0.59) (0.08) (0.37) (1.06) (0.05) (0.59) (0.01)
Distributions in excess of capital gains - - - - - - - (0.01) - -
Return of capital distributions - - - - - - - - - -
Total distributions (0.47) (1.29) (0.34) (0.73) (0.14) (0.48) (1.39) (0.31) (0.84) (0.13)
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Net Asset Value, at end of period $19.26 $17.99 $14.37 $14.16 $13.06 $16.78 $15.91 $13.01 $13.58 $12.58
====== ===== ===== ===== ===== ===== ===== ===== ===== =====
Total return (3) 9.66% 34.32% 3.99% 14.21% 10.01% 8.55% 33.25% (1.93)% 14.69% 5.92%
Net assets, end of period (in thousands) $56,659 $48,532 $23,534 $ 8,986 $ 4,253 $31,164 $24,915 $19,999 $11,225 $3,859
======= ====== ====== ===== ===== ====== ====== ====== ====== =====
Ratio of expenses to average net assets:
After Bennington fee waivers 1.13%* 1.26% 1.76% 1.21% 1.18%* 1.28%* 1.40% 1.77% 1.21% 1.18%*
==== ==== ==== ==== ==== ==== ==== ==== ==== ====
Before Bennington fee waivers 1.13%* 1.26% 1.83% 2.64% 3.91%* 1.28%* 1.40% 1.85% 2.61% 4.60%*
==== ==== ==== ==== ==== ==== ==== ==== ==== ====
Ratio of net investment income
to average net assets:
After Bennington fee waivers 0.89%* 0.97% 1.02% 1.16% 1.26%* 1.41%* 2.18% 2.00% 2.02% 2.86%*
==== ==== ==== ==== ==== ==== ==== ==== ==== ====
Before Bennington fee waivers 0.89%* 0.97% 0.95% (0.27%) (1.47%*) 1.41%* 2.18% 1.92% 0.62% (0.56%*)
==== ==== ==== ===== ===== ==== ==== ==== ==== =====
Portfolio turnover rate 41.29% 99.73% 57.71% 60.92% 19.88% 45.81% 100.88% 54.26% 64.56% 7.94%
===== ===== ===== ===== ===== ===== ====== ===== ===== ====
Average commission rate paid (4) $ 0.0480 N/A N/A N/A N/A $0.0466 N/A N/A N/A N/A
======== =======
- ----------
<FN>
(1) For the six months ended June 30, 1996.
(2) Portfolio commenced operations on August 25,1992.
(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
of this calculation, to be reinvested at the net asset value per share on
the respective payment dates of each Portfolio.
(4) Computed by dividing the total amount of brokerage commissions paid by the
total shares of investment securities purchased and sold during the period
for which commissions were charged, as required by the SEC for fiscal years
beginning after September 1, 1995.
* Annualized.
</FN>
</TABLE>
See notes to financial statements.
<PAGE>
ACCESSOR FUNDS, INC.
FINANCIAL HIGHLIGHTS (Unaudited)
(For a share outstanding throughout the period)
<TABLE>
<CAPTION>
Small to Mid Cap Portfolio International Equity Portfolio
-------------------------- ------------------------------
1996(1) 1995 1994 1993 1992(2) 1996(1) 1995 1994(3)
------- ---- ---- ---- ------- ------- ---- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning of period $17.60 $14.08 $14.79 $13.56 $12.00 $12.55 $11.67 $12.00
------ ------ ------ ------ ------ ------ ------ ------
Net investment income 0.04 0.06 (0.01) 0.04 0.03 0.02 0.05 0.01
Net realized and unrealized gain (loss)
on investments 1.76 4.42 (0.59) 1.91 1.56 1.45 0.83 (0.34)
---- ---- ----- ---- ---- ---- ---- -----
Total from investment operations 1.80 4.48 (0.60) 1.95 1.59 1.47 0.88 (0.33)
---- ---- ----- ---- ---- ---- ---- -----
Dividends from net investment income (0.04) (0.06) - (0.04) (0.03) - - -
Distributions from capital gains (0.59) (0.90) (0.10) (0.68) - - - -
Distributions in excess of capital gains - - - - - - - -
Return of capital distributions - - (0.01) - - - - -
Total distributions ---- ---- ----- ---- ---- ---- ---- -----
(0.63) (0.96) (0.11) (0.72) (0.03) - - -
----- ----- ----- ----- ----- ---- ---- -----
Net Asset Value, at end of period $18.77 $17.60 $14.08 $14.79 $13.56 $14.02 12.55 11.67
====== ====== ====== ====== ====== ====== ===== =====
Total return (4) 10.16% 31.98% (4.07%) 14.39% 13.28% 11.46% 7.63% (2.75%)
Net assets, end of period (in thousands) $56,526 $49,803 $24,148 $ 9,791 $ 4,520 $61,892 $39,102 $ 7,566
======= ======= ======= ======= ======= ======= ======= =======
Ratio of expenses to average net assets:
After Bennington fee waivers 1.20%* 1.31% 1.98 % 1.55% 1.51 %* 1.46% 1.83% 1.86%*
==== ==== ==== ==== ==== ==== ==== ====
Before Bennington fee waivers 1.20%* 1.31% 2.38 % 3.33% 5.36 %* 1.46% 1.93% 4.06%*
==== ==== ==== ==== ==== ==== ==== ====
Ratio of net investment income
to average net assets:
After Bennington fee waivers 0.43%* 0.41% (0.18)% 0.30% 0.74 %* 0.37% 0.10% 0.38%*
==== ==== ===== ==== ==== ==== ==== ====
Before Bennington fee waivers 0.43%* 0.41% (0.58)% (1.48%) (3.11)%* 0.37% 0.00% (1.82%*)
==== ==== ===== ===== ===== ==== ==== =====
Portfolio turnover rate 68.01% 84.26% 30.14 % 59.20% 12.57 % 81.79% 84.85% 0.82%
===== ===== ===== ===== ===== ===== ===== ====
Average commission rate paid (5) $ 0.0312 N/A N/A N/A N/A $ 0.0189 N/A N/A
======== ========
- ----------
<FN>
(1) For the six months ended June 30, 1996.
(2) Portfolio commenced operations on August 25, 1992.
(3) Portfolio commenced operations on October 3, 1994.
(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.
(5) Computed by dividing the total amount of brokerage commissions paid by the
total shares investment securities purchased and sold during the period for
which commissions were charged, as required by the SEC for fiscal years
beginning after September 1, 1995.
* Annualized.
</FN>
</TABLE>
See notes to financial statements.
<PAGE>
ACCESSOR FUNDS, INC.
FINANCIAL HIGHLIGHTS (Unaudited)
(For a share outstanding throughout the period)
<TABLE>
<CAPTION>
Intermediate Fixed-Income Portfolio Short-Intermediate Fixed-Income Portfolio
----------------------------------- -----------------------------------------
1996(1) 1995 1994 1993 1992(2) 1996(1) 1995 1994 1993 1992(3)
------- ---- ---- ---- ------- ------- ---- ---- ---- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning of period $12.29 $11.04 $12.34 $12.00 $12.00 $12.32 $11.62 $12.29 $12.16 $12.00
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net investment income 0.33 0.71 0.65 0.56 0.36 0.29 0.60 0.50 0.46 0.33
Net realized and unrealized gain (loss)
on investments (0.56) 1.25 (1.28) 0.57 0.15 (0.25) 0.70 (0.67) 0.22 0.16
----- ---- ----- ---- ---- ----- ---- ----- ---- ----
Total from investment operations (0.23) 1.96 (0.63) 1.13 0.51 0.04 1.30 (0.17) 0.68 0.49
----- ---- ----- ---- ---- ---- ---- ----- ---- ----
Dividends from net investment income (0.33) (0.71) (0.65) (0.56) (0.36) (0.29) (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 (0.33) (0.71) (0.67) (0.79) (0.51) (0.29) (0.60) (0.50) (0.55) (0.33)
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Net Asset Value, at end of period $11.73 $12.29 $11.04 $12.34 $12.00 $12.07 $12.32 $11.62 $12.29 $12.16
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
Total return (4) (1.89)% 18.26% (5.24)% 9.53% 4.26% 0.34% 11.42% (1.42)% 5.62% 4.12%
Net assets, end of period (in thousands) $51,886 $36,878 $31,405 $26,642 $10,901 $35,224 $35,272 $32,233 $32,568 $13,365
======= ======= ======= ======= ======= ======= ======= ======= ======= =======
Ratio of expenses to average net assets:
After Bennington fee waivers 0.91%* 0.96% 1.24% 1.06% 0.85%* 0.94 0.94% 1.18% 1.05% 0.83%*
==== ==== ==== ==== ==== ==== ==== ==== ==== ====
Before Bennington fee waivers 0.91%* 0.96% 1.28% 1.35% 1.50%* 0.94 0.94% 1.22% 1.12% 1.42%*
==== ==== ==== ==== ==== ==== ==== ==== ==== ====
Ratio of net investment income
to average net assets:
After Bennington fee waivers 5.80%* 6.07% 5.65% 4.62% 5.33%* 4.83 4.99% 4.17% 3.78% 4.40%*
==== ==== ==== ==== ==== ==== ==== ==== ==== ====
Before Bennington fee waivers 5.80%* 6.07% 5.61% 4.33% 4.68%* 4.83 4.99% 4.13% 3.71% 3.81%*
==== ==== ==== ==== ==== ==== ==== ==== ==== ====
Portfolio turnover rate 57.13% 187.62% 255.11% 265.06% 100.57% 21.02 41.93% 36.54% 88.28% 107.26%
===== ====== ====== ====== ====== ===== ===== ===== ===== ======
- ----------
<FN>
(1) For the six months ended June 30, 1996.
(2) Portfolio commenced operations on June 16, 1992.
(3) Portfolio commenced operations on May 18, 1992.
(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.
* Annualized.
</FN>
</TABLE>
See notes to financial statements.
<PAGE>
ACCESSOR FUNDS, INC.
FINANCIAL HIGHLIGHTS (Unaudited)
(For a share outstanding throughout the period)
<TABLE>
<CAPTION>
Mortgage Securities Portfolio U. S. Government Money Portfolio
----------------------------- --------------------------------
1996(1) 1995 1994 1993 1992(2) 1996(1) 1995 1994 1993 1992(3)
------- ---- ---- ---- ------- ------- ---- ---- ---- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning of period $12.38 $11.36 $12.17 $12.02 $12.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------ ------ ------ ------ -------
Net investment income 0.35 0.76 0.60 0.55 0.34 0.02 0.05 0.04 0.03 0.02
Net realized and unrealized gain (loss)
on investments (0.37) 1.02 (0.80) 0.31 0.13 - - - - -
----- ---- ----- ---- ---- ----- ---- ----- ---- ----
Total from investment operations (0.02) 1.78 (0.20) 0.86 0.47 0.02 0.05 0.04 0.03 0.02
----- ---- ----- ---- ---- ----- ---- ----- ---- ----
Dividends from net investment income (0.35) (0.76) (0.60) (0.55) (0.34) (0.02) (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 (0.35) (0.76) (0.61) (0.71) (0.45) (0.02) (0.05) (0.04) (0.03) (0.02)
----- ---- ----- ---- ---- ----- ---- ----- ---- ----
Net Asset Value, at end of period $12.01 $12.38 $11.36 $12.17 $12.02 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ====== ====== ====== ====== =======
Total return (4) (0.18)% 16.03% (1.65)% 7.26% 3.93% 2.30% 5.33% 3.70% 2.81% 2.40%
Net assets, end of period (in thousands) $62,519 $49,830 $32,975 $29,731 $15,356 $31,309 $41,882 12,008 $26,693 $51,145
======= ======= ======= ======= ======= ======= ======= ====== ======= =======
Ratio of expenses to average net assets:
After Bennington fee waivers 0.96%* 1.03% 1.31% 1.03% 0.84%* 0.69%* 0.53% 0.45% 0.45% 0.32%*
==== ==== ==== ==== ==== ==== ==== ==== ==== ====
Before Bennington fee waivers 0.96%* 1.03% 1.35% 1.18% 1.40%* 0.69%* 0.78% 1.27% 0.77% 0.39%*
==== ==== ==== ==== ==== ==== ==== ==== ==== ====
Ratio of net investment income
to average net assets:
After Bennington fee waivers 5.99%* 6.41% 5.18% 4.55% 4.68%* 4.60%* 5.14% 3.51% 2.71% 3.25%*
==== ==== ==== ==== ==== ==== ==== ==== ==== ====
Before Bennington fee waivers 5.99%* 6.41% 5.14% 4.40% 4.12%* 4.60%* 4.89% 2.69% 2.39% 3.18%*
==== ==== ==== ==== ==== ==== ==== ==== ==== ====
Portfolio turnover rate 265.16% 422.56% 603.51% 399.19% 114.04%
====== ====== ====== ====== ======
- ----------
<FN>
(1) For the six months ended June 30, 1996.
(2) Portfolio commenced operations on May 18, 1992.
(3) Portfolio commenced operations on April 9, 1992.
(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.
* Annualized.
</FN>
</TABLE>
See notes to financial statements.
<PAGE>
ACCESSOR FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited)
June 30,1996
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 & 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
(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 Fund 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 Fund reports 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 Fund does not isolate that portion
of gains and losses on investments 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 (other than U.S. Government Money Portfolio) 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 International Portfolio may
enter into forward foreign currency exchange contracts as a way of
managing foreign exchange rate risk. The 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.
The 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 Portfolio could be exposed to
risks if the counterparties to the contracts are unable to meet the
terms of their contracts. There were no open currency contracts held
by the International Portfolio at June 30, 1996.
<PAGE>
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:
<PAGE>
Management Fees
as a percentage of
Portfolio average daily net assets
--------- ------------------------
Growth .45%
Value & Income .45
Small to Mid Cap .60
International .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 & Income S&P/BARRA Value Index
Small to Mid Cap Wilshire 4500 Index
International MSCI EAFE(R) + EMF 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 period ended June 30, 1996, the following Basic Fees,
Portfolio Management Fees and Performance Fees were effective based
on the average daily net assets of the Portfolios:
<PAGE>
<TABLE>
<CAPTION>
Total
Portfolio Money
Basic Management Performance Management
Portfolio Quarter Fee Fee Fee Fee
<S> <C> <C> <C> <C>
Growth 1st Quarter .10% - .22% .32%
2nd Quarter .10 - .22 .32
Value & Income 1st Quarter .10 - .20 .30
2nd Quarter .10 - .15 .25
Small to Mid Cap 1st Quarter .10 .10% - .20
2nd Quarter .10 .10 - .20
International 1st Quarter .20 .20 - .40
2nd Quarter .20 - .00 .20
Intermediate 1st Quarter .07 - .08 .15
Fixed-Income 2nd Quarter .07 - .08 .15
Short- Intermediate 1st Quarter .07 - .08 .15
Fixed-Income 2nd Quarter .07 - .08 .15
Mortgage 1st Quarter .07 - .16 .23
Securities 2nd 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 period ended June 30, 1996.
4. Transfer Agent & Administration
Bennington Capital Management serves 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 Capital Management.
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 $2,000 per meeting plus
out-of-pocket costs associated with attending Board meetings.
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 & Income, and Small to Mid Cap
Portfolios; declared and paid annually for the International 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:
Growth Portfolio Value & Income Portfolio
Period Year Period Year
Ended Ended Ended Ended
June 30, December 31, June 30, December 31,
1996 1995 1996 1995
---- ---- ---- ----
Shares outstanding,
beginning of period 2,698,148 1,637,255 1,566,206 1,537,260
Shares Subscribed 971,271 1,512,539 480,570 447,056
Shares issued on
reinvestment of
distributions 53,627 147,923 38,565 99,226
Shares redeemed (780,875) (599,569) (227,660) (517,336)
--------- --------- --------- ---------
Shares outstanding,
end of period 2,942,171 2,698,148 1,857,681 1,566,206
<PAGE>
Small to Mid Cap International
Portfolio Portfolio
Period Year Period Year
Ended Ended Ended Ended
June 30, December 31, June 30, December 31,
1996 1995 1996 1995
---- ---- ---- ----
Shares outstanding,
beginning of period 2,829,475 1,714,864 3,114,599 648,470
Shares Subscribed 369,004 1,371,549 1,534,984 2,730,294
Shares issued on
reinvestment of
distributions 84,062 129,518 -0- -0-
Shares redeemed (270,699) (386,456) (235,823) (264,165)
--------- --------- --------- ---------
Shares outstanding,
end of period 3,011,842 2,829,475 4,413,760 3,114,599
Intermediate Short-Intermediate
Fixed-Income Portfolio Fixed-Income Portfolio
Period Year Period Year
Ended Ended Ended Ended
June 30, December 31, June 30, December 31,
1996 1995 1996 1995
---- ---- ---- ----
Shares outstanding,
beginning of period 2,999,800 2,844,942 2,862,134 2,773,443
Shares Subscribed 1,757,932 904,307 175,647 428,739
Shares issued on
reinvestment of
distributions 26,030 47,086 7,846 16,522
Shares redeemed (360,256) (796,535) (127,383) (356,570)
--------- --------- --------- ---------
Shares outstanding,
end of period 4,423,506 2,999,800 2,918,244 2,862,134
Mortgage Securities U.S. Government
Portfolio Money Portfolio
Period Year Period Year
Ended Ended Ended Ended
June 30, December 31, June 30, December 31,
1996 1995 1996 1995
---- ---- ---- ----
Shares outstanding,
beginning of period 4,024,225 2,903,456 41,882,171 12,008,314
Shares Subscribed 1,300,148 1,331,508 1,563,528 33,424,260
Shares issued on
reinvestment of
distributions 46,204 66,036 35,344 93,173
Shares redeemed (164,091) (276,775) (12,170,643) (3,643,576)
--------- --------- ------------ -----------
Shares outstanding,
end of period 5,206,486 4,024,225 31,310,400 41,882,171
<PAGE>
F. Securities Transactions
During the period ended June 30, 1996, purchases and sales of
investments other than short-term investments & government securities
aggregated were as follows:
Portfolio Purchases Sales
--------- --------- -----
Growth $27,030,633 $23,685,958
Value and Income 15,937,379 12,376,150
Small to Mid Cap 33,630,028 32,261,843
International 54,705,927 35,792,488
Intermediate Fixed-Income 39,144,849 23,079,969
Short-Intermediate Fixed Income 9,449,353 7,120,940
Mortgage Securities 189,505,297 167,086,250
The identified cost for federal income tax purposes of investments owned
by each Portfolio and their respective gross unrealized
appreciation/(depreciation) at June 30, 1996 were as follows:
<TABLE>
<CAPTION>
Net
Identified Gross Unrealized Appreciation/
Portfolio Cost Appreciation (Depreciation) (Depreciation)
- --------- ---- ------------ -------------- --------------
<S> <C> <C> <C> <C>
Growth $47,374,613 $9,969,992 $510,542 $9,459,450
Value & Income 27,512,425 4,001,504 279,464 3,722,040
Small to Mid Cap 49,288,016 8,382,315 1,316,122 7,066,193
International 54,251,188 7,515,869 1,107,990 6,407,879
Intermediate
Fixed-Income 51,390,796 252,474 490,431 (237,957)
Short-Intermediate
Fixed-Income 35,147,811 113,873 409,749 (295,876)
Mortgage Securities 62,714,421 154,560 467,435 (312,875)
U.S. Government Money 31,413,651 0 0 0
</TABLE>
G. Capital Loss Carryovers
At June 30, 1996, 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 $1,906,287
Short-Intermediate Fixed-Income 33,029
Mortgage Securities 839,484
<PAGE>
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
Ravindra A. Deo, Treasurer, Vice President, Principal Financial and Accounting
Officer
Robert J. Harper, Vice President
Linda V. Whatley, Vice President and Secretary
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.
P. O. Box 1748
Seattle, Washington 98111
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.
