ACCESSOR FUNDS, INC.
US Bank Centre
1420 5th Avenue, Suite 3130
Seattle, WA 98101
(206) 224-7420
(206) 224-4274 FAX
August 29, 1997
Letter to Shareholders
Accessor Funds, Inc.
Dear Shareholder:
It is our pleasure to review the first half of 1997 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.
There are currently eight Portfolios of the Accessor Funds in
operation. The objectives of the Portfolios differ, and together they provide a
broad spectrum of equity and fixed-income investment choices. Each of the
Portfolios, except the U.S. Government Money Portfolio, hires external money
managers specializing in a particular asset class, and, after five calendar
quarters, provides for them to be paid on a performance fee basis. The
performance fee is based on the money manager's performance as compared to an
unmanaged index of securities with 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 first of the Portfolios commenced operations on April 9, 1992, and
the four fixed-income Portfolios now have over five years of investment results.
The three domestic equity portfolios have over four years of investment results,
and the International Equity portfolio has over two. The money manager for the
Growth Portfolio was changed effective July 21, 1997, from State Street Global
Advisors to Geewax, Terker and Associates. The objective of the Portfolio and
its benchmark remain unchanged. Bennington Capital Management recommended the
change in money manager due to the recent underperformance of State Street
Global Advisors relative to their benchmark. We are confident that the new money
manager will make every effort to add value to the Growth Portfolio.
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
<PAGE>
ACCESSOR FUNDS, INC.
August 29, 1997
Portfolios of the Accessor Funds. The graphic below shows the annualized
standard deviation 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 performance of 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 1997). The data points from the graph are as follows:
Comparison of Risk
Inception through June 1997
Porfolio - Inception to June 1997 Index - Inception to June 1997
Money
May 92 0.3%
Short-Inter
June 92 2.4% 2.5%
Mortgage
June 92 3.4% 3.4%
Intermediate
July 92 4.5% 4.5%
Value
September 92 9.2% 9.3%
Growth
September 92 10.2% 10.7%
Small
September 92 11.3% 11.5%
International Equity
November 94 10.1% 10.7%
============================ END OF 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 we compare the money manager's performance. 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 we use 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.
-2-
<PAGE>
ACCESSOR FUNDS, INC.
August 29, 1997
The past six months have been remarkably favorable for US investors.
Both stock and bond markets did well, with low inflation helping bonds, and
lower interest rates and positive earnings helping stocks. The US stock market
continues to overshadow all other asset classes in returns, although this high
level of performance seems increasingly 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.
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.
- --------------------------------------------------------------------------------
-3-
<PAGE>
ACCESSOR FUNDS, INC.
Growth Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
Description Shares Value
COMMON STOCK (92.3%)
Advertising (1.0%)
Interpublic Group of Companies, Incorporated 14,400 $ 882,900
Aerospace-Defense (0.1%)
General Dynamics Corporation 900 67,500
Air Travel (0.4%)
Delta Air Lines, Incorporated 4,200 344,400
Apparel (0.5%)
VF Corporation 4,700 400,087
Automobiles (0.4%)
Ford Motor Company 9,600 362,400
Banks/Savings & Loans (2.7%)
Bankamerica Corporation 6,200 400,287
Comerica, Inc. 8,600 584,800
First Chicago NBD Corporation 5,700 344,850
First Union Corporation 4,200 388,500
Mellon Bank Corporation 5,100 230,137
Republic of New York Corporation 3,800 408,500
-------
2,357,074
Beverages - Soft Drinks (3.5%)
Coca Cola Company 28,600 1,994,850
PepsiCo, Incorporated 27,400 1,029,212
---------
3,024,062
Chemicals (2.6%)
Dow Chemical Company 8,600 749,275
Dupont de Nemours & Company 18,600 1,169,475
Union Carbide Corporation 6,900 324,730
-------
2,243,480
Commercial Services (1.4%)
Ecolab, Incorporated 16,300 778,325
Shared Medical Systems 7,300 394,200
-------
1,172,525
- -----------------------------------------------------------------------------
See notes to financial statements
.4.
<PAGE>
ACCESSOR FUNDS, INC.
Growth Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Continued)
Description Shares Value
Computer Software & Services (5.5%)
Cisco Systems, Incorporated* 8,600 $ 577,275
Computer Associates International, Incorporated 23,475 1,307,263
Microsoft Corporation* 13,900 1,756,613
Sun Microsystems, Incorporated* 30,300 1,127,727
---------
4,768,878
Computers (2.7%)
Compaq Computer Corporation* 23,200 2,302,600
Cosmetics & Toiletries (0.0%)
Alberto Culver Company Class B 1,400 39,200
Diversified - Conglomerate (1.3%)
Cognizant Corporation 18,500 749,250
National Service Industries, Incorporated 8,000 389,500
-------
1,138,750
Drugs & Pharmaceuticals (16.7%)
Abbot Laboratories 23,900 1,595,325
American Home Products Corporation 14,000 1,071,000
Amgen, Incorporated* 9,300 540,562
Bristol-Myers Squibb Company 43,400 3,515,400
Johnson & Johnson 17,600 1,133,000
Lilly Eli & Company 4,400 480,975
Merck & Company 35,100 3,632,850
Pfizer, Incorporated 3,900 466,050
Schering-Plough 40,600 1,943,725
---------
14,378,887
Electric Utilities (0.1%)
Consolidated Edison Company of New York, 2,500 73,593
Incorporated
Electronics (11.8%)
General Electric Company 51,000 3,334,125
Hewlett Packard 19,500 1,092,000
Honeywell, Incorporated 4,900 371,788
Intel Corporation 24,100 3,417,680
Lucent Technology 14,100 1,016,081
Tektronix, Incorporated 7,500 450,000
Xerox Corporation 5,500 433,813
-------
10,115,487
---------------------------------------------------------------------------
See notes to financial statements
-5-
<PAGE>
ACCESSOR FUNDS, INC.
Growth Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Continued)
Description Shares Value
Entertainment & Leisure (2.0%)
King World Productions, Incorporated* 18,500 $ 647,500
The Walt Disney Company 13,400 1,075,350
---------
1,722,850
Finance (2.0%)
American Express Company Incorporated 5,600 417,200
Greentree Financial 19,600 698,250
Ryder Systems, Incorporated 6,800 224,400
Salomon, Incorporated 6,300 350,438
-------
1,690,288
Foods (5.5%)
Campbell Soup Company 24,200 1,210,000
Conagra, Incorporated 17,800 1,141,425
General Mills, Incorporated 2,600 169,325
Hershey Foods Corporation 2,400 132,750
H.J. Heinz Company 24,200 1,116,225
Quaker Oats Company 21,600 969,300
-------
4,739,025
Hospital Management (0.5%)
Tenet Healthcare Corporation* 13,700 405,006
Hotels & Motels (0.3%)
HFS, Incorporated 2,600 150,800
Hilton Hotels, Incorporated 4,400 116,875
-------
267,675
Household Products (3.2%)
Gillette Company 2,100 198,975
Maytag Corporation 3,500 91,438
Newell Company 23,400 927,225
Procter & Gamble Company 9,500 1,341,875
Tupperware Corporation 6,300 229,950
-------
2,789,463
Insurance (2.7%)
Allstate 4,900 357,700
American International Group 3,600 537,750
Loews Corporation 3,300 330,413
Marsh & McLennan Companies, Incorporated 15,000 1,070,625
---------
2,296,488
- -----------------------------------------------------------------------------
See notes to financial statements
-6-
<PAGE>
ACCESSOR FUNDS, INC.
Growth Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Continued)
Description Shares Value
Machinery (2.1%)
Case Corporation 11,500 $ 792,063
Caterpillar, Incorporated 9,200 987,850
-------
1,779,913
Manufacturing - Diversified (0.6%)
Parker-Hannifin Corporation 8,600 521,913
Medical Equipment & Supplies (0.5%)
Beverly Enterprises* 24,300 394,875
Oil & Gas (2.0%)
Atlantic Richfield Company 3,200 225,600
Baker Hughes, Incorporated 8,300 321,106
Coastal Corporation 4,300 228,706
Rowan Companies, Incorporated* 31,600 890,725
-------
1,666,137
Paper & Forest Products (1.1%)
Kimberly-Clark Corporation 19,000 945,250
Publishing News (1.3%)
Gannet Company, Incorporated 8,300 819,625
Knight Ridder, Incorporated 6,100 299,091
-------
1,118,716
Retail - Grocery (1.5%)
American Stores Company 6,800 335,750
Kroger Company* 33,200 962,800
-------
1,298,550
Retail - Trade (7.0%)
Dayton Hudson Corporation 22,200 1,180,763
Lowe's Companies 21,300 790,763
Price/Costco Incorporated 23,700 779,138
Rite Aid Corporation 3,100 154,613
Sears, Roebuck & Company 6,200 333,250
Tandy Corporation 7,700 431,200
Toys 'R' US, Incorporated* 12,200 427,000
TJX Companies, Incorporated 41,800 1,102,475
Wal-Mart Stores, Incorporated 23,200 784,450
-------
5,983,652
- -----------------------------------------------------------------------------
See notes to financial statements
-7-
<PAGE>
ACCESSOR FUNDS, INC.
Growth Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Concluded)
Description Shares Value
Steel Producer (0.4%)
U.S. Steel Group, Incorporated 10,600 $ 371,663
Telecommunications (6.1%)
Airtouch Communications* 10,400 284,700
AT&T Company 9,900 347,119
Bell Atlantic Corporation 5,800 440,075
Bellsouth Corporation 8,400 389,550
GTE Corporation 1,700 74,588
Motorola, Incorporated 11,800 896,800
NYNEX Corporation 6,800 391,850
SBC Communications, Incorporated 13,700 847,688
Scientific Atlanta, Incorporated 20,700 452,813
Tellabs, Incorporated* 19,400 1,083,975
---------
5,209,158
Tobacco (2.9%)
Philip Morris Companies, Incorporated 56,400 2,502,750
---------
TOTAL COMMON STOCK (Identified Cost $57,467,790) 79,375,195
SHORT TERM INVESTMENTS AND CASH EQUIVALENTS (7.7%)
Interest Maturity Principal
Rate (1) Date Amount
Federal Home Loan Bank
Discount Note 5.50% 07/01/97 3,010,000 3,010,000
Dreyfus Cash Management Plus 5.56% 07/01/97 3,599,204 3,599,205
---------
TOTAL SHORT TERM INVESTMENTS AND CASH EQUIVALENTS
(Identified Cost $6,609,204) 6,609,205
---------
TOTAL INVESTMENTS (100.0%) (Identified Cost $64,076,995) $85,984,400
===========
- ------------------------------------------------
* Non-income producing security
(1) Yield at time of purchase.
- -----------------------------------------------------------------------------
See notes to financial statements
-8-
<PAGE>
ACCESSOR FUNDS, INC.
Value and Income Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
Description Shares Value
COMMON STOCK (92.1%)
Aerospace-Defense (1.8%)
Boeing Company 3,000 $ 159,188
General Dynamics Corporation 3,900 292,500
Northrop Grumman Corporation 8,400 737,625
-------
1,189,313
Air Travel (1.2%)
AMR Corporation 4,500 416,250
Delta Air Lines, Incorporated 4,300 352,600
-------
768,850
Automobiles (4.7%)
Chrysler Corporation 7,000 229,680
Ford Motor Company 38,100 1,438,275
General Motors Corporation 24,800 1,381,050
---------
3,049,005
Banks/Saving & Loans (10.2%)
Bankamerica Corporation 12,200 787,663
Bankers Trust New York Corporation 8,600 748,200
Chase Manhattan Corporation 10,000 970,625
Citicorp 6,900 831,881
Comerica, Incorporated 8,800 598,400
First Chicago NBD Corporation 12,400 750,200
First Union Corporation 12,100 1,119,250
Nationsbank Corporation 2,600 167,700
Republic of New York Corporation 5,300 569,750
-------
6,543,669
Beverages - Soft Drinks (0.2%)
Coca Cola Company 1,800 125,550
Building & Construction (0.7%)
Centex Corporation 11,000 446,875
Chemicals (3.5%)
Dow Chemical Company 7,100 618,588
FMC Corporation* 5,400 428,963
Rohm & Haas Company 5,700 513,356
Union Carbide Corporation 14,400 677,700
-------
2,238,607
- -----------------------------------------------------------------------------
See notes to financial statements
-9-
<PAGE>
ACCESSOR FUNDS, INC.
Value and Income Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Continued)
Description Shares Value
Computer Software & Services (1.3%)
Adobe Systems, Incorporated 5,900 $ 206,869
Seagate Technology* 17,300 608,744
-------
815,613
Computers (3.1%)
Compaq Computer Corporation* 8,300 823,775
International Business Machines Corporation 12,800 1,154,400
---------
1,978,175
Diversified - Conglomerate (0.8%)
Dana Corporation 7,100 269,800
Ceridian Corporation 5,800 245,050
-------
514,850
Electric Utilities (5.7%)
Entergy Corporation 21,400 585,825
GPU, Incorporated 19,200 688,800
Houston Industries 27,300 585,244
Niagara Mohawk Power Corporation* 78,000 667,875
Ohio Edison Company 19,600 427,525
Public Service Enterprise 29,400 735,000
-------
3,690,269
Electronics (2.2%)
Advanced Micro Devices 7,000 252,000
Intel Corporation 2,800 397,075
Micron Technology 13,800 551,138
National Semiconductors 8,000 245,000
-------
1,445,213
Entertainment & Leisure (0.9%)
Brunswick Corporation 17,800 556,250
Finance (4.9%)
Greentree Financial 10,800 384,750
J.P. Morgan & Company 5,300 553,188
Merrill Lynch & Company, Incorporated 15,000 894,375
Ryder Systems, Incorporated 19,400 640,200
Salomon, Incorporated 12,300 684,188
-------
3,156,701
- -----------------------------------------------------------------------------
See notes to financial statements
-10-
<PAGE>
ACCESSOR FUNDS, INC.
Value and Income Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Continued)
Description Shares Value
Foods (3.5%)
Fleming Companies, Incorporated 9,900 $ 178,200
Ralston Purina Company 5,100 419,156
Ryan's Family Steak Houses, Incorporated* 66,600 570,263
SuperValu, Incorporated 17,500 603,750
Whitman Corporation 20,700 496,800
-------
2,268,169
Household Products (0.7%)
Maytag Corporation 18,100 472,863
Insurance (4.4%)
Aegon N.V. 1,867 130,807
Cigna Corporation 4,700 834,250
Loews Corporation 7,400 740,925
MBIA, Incorporated 2,300 259,469
Providian Corporation 4,300 138,138
Torchmark Corporation 8,400 598,500
Traveler's Group, Incorporated 2,300 145,044
-------
2,847,133
Machinery (4.6%)
Caterpillar, Incorporated 7,400 794,575
Crane Company 3,300 137,981
Harnischfeger Industries 6,300 261,450
Ingersoll-Rand Company 11,400 703,950
Paccar, Incorporated 6,200 287,913
Parker-Hannifin Corporation 12,300 746,456
-------
2,932,325
Managed Care (2.5%)
Columbia HCA Healthcare 26,000 1,022,125
Tenet Healthcare Corporation 19,100 564,644
-------
1,586,769
Medical Equipment & Supplies (0.3%)
American Home Products 2,400 183,600
Metals (2.3%)
Alcan Aluminum Limited 10,000 346,875
Phelps Dodge 7,900 672,981
USX - U.S. Steel Group, Incorporated 13,400 469,838
-------
1,489,694
- -----------------------------------------------------------------------------
See notes to financial statements
-11-
<PAGE>
ACCESSOR FUNDS, INC.
Value and Income Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Continued)
Description Shares Value
Office Equipment & Supplies (0.2%)
Harris Corporation 1,700 $ 142,800
Oil & Gas (16.1%)
Amoco Corporation 1,600 139,100
Atlantic Richfield Company 3,800 267,900
Chevron Corporation 18,400 1,360,450
Coastal Corporation 7,600 404,225
Columbia Gas Systems, Incorporated 9,200 600,300
Exxon Corporation 27,600 1,697,400
Mobil Corporation 15,000 1,048,125
Pennzoil 7,200 552,600
Phillips Petroleum Company 16,700 730,625
Rowan Companies, Incorporated 26,700 752,606
Royal Dutch Petroleum Company 3,800 820,800
Texaco, Incorporated 7,100 772,125
Unocal Corporation 14,600 566,663
USX-Marathon Group 22,500 649,688
-------
10,362,607
Paper & Forest Products (1.3%)
American Greetings Corporation, Class A Shares 13,700 508,613
Kimberly-Clark Corporation 7,000 348,250
-------
856,863
Pharmaceuticals (1.2%)
Bristol-Myers Squibb Company 4,200 340,200
Schering-Plough Corporation 9,800 469,175
-------
809,375
Railroads (1.2%)
CSX Corporation 14,200 788,100
Retail - Trade (4.3%)
Dayton Hudson Corporation 10,900 579,744
Federated Department Stores* 8,500 295,375
Sears, Roebuck & Company 8,600 462,250
Tandy Corporation 8,700 487,200
TJX Companies, Incorporated 19,400 511,675
Woolworth Corporation 18,300 439,200
-------
2,775,444
Stock Equivalent (0.6%)
Standard & Poors Depository Receipts 4,400 388,575
- -----------------------------------------------------------------------------
See notes to financial statements
-12-
<PAGE>
ACCESSOR FUNDS, INC.
Value and Income Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Concluded)
Description Shares Value
Telecommunications (7.7%)
AT&T Company 28,900 $ 1,013,306
Ameritech Corporation 13,500 917,156
Bell Atlantic Corporation 6,600 500,775
Bellsouth Corporation 4,700 217,963
Motorola, Incorporated 2,200 167,200
NYNEX Corporation 17,800 1,025,725
SBC Communications, Incorporated 9,900 612,562
U.S. West Communications Group 12,900 486,169
-------
4,940,856
TOTAL COMMON STOCK (Identified Cost $47,683,930) 59,364,113
----------
SHORT-TERM INVESTMENTS AND CASH EQUIVALENTS (7.9%)
Interest Maturity Principal
Rate(1) Date Amount
U.S. Treasury Bill (2) 5.12% 09/18/97 440,000 435,115
Fifth Third Bank Repurchase Agreement
(collateralized by 4,582,000
US Treasury Notes 7.5% 10/31/99,
market value $4,717,311) 5.50% 07/01/97 4,624,430 4,624,430
---------
TOTAL SHORT-TERM INVESTMENTS AND CASH EQUIVALENTS
(Identified Cost $5,059,545) 5,059,545
---------
TOTAL INVESTMENTS (100.0%) (Identified Cost $52,743,474) $64,423,658
============
- ----------------------------------------------
* Non-income producing security
(1) Yield at time of purchase.
(2) Security has been segregated with the custodian to cover margin requirements
for the following open futures contract at June 30, 1997. Future is
equivalent to common stock exposure of $4,471,000 at current market value.
If exchanged for physicals, short-term investment and cash equivalent
positions would be reduced.
Units per Market Unrealized
Type Expiration Contracts Contract Price Equivalent Appreciation
S&P 500
Future 09/22/97 10 500 $894.20 $4,471,000 $5,475
- -----------------------------------------------------------------------------
See notes to financial statements
-13-
<PAGE>
ACCESSOR FUNDS, INC.
Small to Mid Cap Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
Description Shares Value
COMMON STOCK (98.7%)
Advertising (2.0%)
Omnicom Group 40,500 $ 2,495,813
Aerospace - Defense (0.6%)
Alliant Technology 7,600 418,000
Thiokol Corporation 5,100 357,000
-------
775,000
Air Travel (0.9%)
Continental Airlines 5,700 199,144
Midwest Express Holdings 12,600 344,925
UAL Corporation 8,500 608,281
-------
1,152,350
Airlines - Freight (0.5%)
Expeditors International Wash Incorporated 21,100 598,712
Audio/Visual (0.2%)
Carmike Cinemas, Incorporated 7,300 239,075
Automotive Parts & Equipment (1.7%)
Arvin Industry, Incorporated 10,800 294,300
Borg-Warner Automotive, Incorporated 9,200 497,375
Polaris Industry, Incorporated 10,200 332,137
Wynn's International 35,850 1,017,244
---------
2,141,056
Banks/Savings & Loans (10.3%)
Albank Financial Corporation 9,300 367,350
Amsouth Bancorporation 30,600 1,157,063
CitFed Bancorp, Incorporated 8,000 310,000
City National Corporation 32,000 770,000
Deposit Guaranty Corporation 56,700 1,786,050
First Citizens Bancshares Incorporated 2,000 174,000
Great Financial Corporation 12,800 449,600
Greenpoint Financial 10,800 718,875
Imperial Bancorporation 33,800 975,975
North Fork Bancorporation 51,368 1,097,991
Northern Trust Corporation 22,800 1,102,950
Peoples Heritage Financial Savings Bank 24,700 935,513
Popular Incorporated 29,500 1,191,063
Star Banc Corporation 33,000 1,394,250
T R Financial Corporation 11,200 282,100
Washington Mutual, Incorporated 3,900 233,025
-------
12,945,805
- -----------------------------------------------------------------------------
See notes to financial statements
-14-
<PAGE>
ACCESSOR FUNDS, INC.
Small to Mid Cap Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Continued)
Description Shares Value
Broadcasting (0.2%)
United Television Incorporated 3,000 $ 297,000
Brokerage (2.9%)
Bear Stearns Companies Incorporated 27,763 949,148
Interra Financial, Incorporated 2,300 96,456
Lehman Brothers Holdings, Incorporated 39,400 1,595,700
Paine Webber Incorporated 28,700 1,004,500
---------
3,645,804
Building & Construction (0.9%)
NVR, Incorporated* 46,100 703,025
U.S. Home Corporation 17,100 454,219
-------
1,157,244
Chemicals (1.2%)
Chemed Corporation 9,700 363,144
Lyondell Petroleum Company 200 4,362
Terra Industries, Incorporated 36,400 423,150
Tredegar Industries 12,400 688,200
-------
1,478,856
Computer Software & Services (4.4%)
Affiliated COM* 28,500 798,000
Cadence Design Systems, Incorporated* 32,850 1,100,475
Computer Task Group, Incorporated 26,200 975,950
Fiserv, Incorporated 25,621 1,143,337
Keane, Incorporated 28,500 1,482,000
---------
5,499,762
Computers (1.8%)
Stratus Computer, Incorporated 8,100 405,000
Western Digital 59,400 1,878,525
---------
2,283,525
Construction Equipment (1.8%)
NCI Building Systems 12,800 414,400
Southdown, Incorporated 21,100 920,487
Texas Industries, Incorporated 9,500 252,344
USG Corporation 19,800 722,700
-------
2,309,931
Drugs & Pharmaceuticals ( 0.5%)
Dura Pharmaceuticals 7,500 299,062
Perrigo Company 21,600 270,000
-------
569,062
- -----------------------------------------------------------------------------
See notes to financial statements
-15-
<PAGE>
ACCESSOR FUNDS, INC.
Small to Mid Cap Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Continued)
Description Shares Value
Electric Utilities (2.4%)
Central Hudson Gas & Electric 2,200 $ 75,762
Commonwealth Energy System 22,100 529,019
LG&E Corporation 15,000 330,938
Pinnacle West Capital 6,700 201,419
Public Service Company of Colorado 12,700 527,050
Southwestern Public Services Company 33,900 1,332,694
---------
2,996,882
Electrical Equipment (2.6%)
Barnes Group 12,800 379,200
Charter Power Systems 9,400 352,500
Cohu, Incorporated 7,400 231,250
IES Industries 8,000 236,000
IPALCO Enterprises, Incorporated 64,800 2,025,000
---------
3,223,950
Electronics (6.7%)
Dallas Semiconductor Corporation 8,600 337,550
Fluke Corporation 1,200 71,100
Jabil Circuit, Incorporated 27,500 2,306,562
KLA - Tencor Corporation 11,800 575,250
P-Com, Incorporated 26,100 861,300
SCI Systems 10,000 637,500
Teradyne, Incorporated 21,000 824,250
UCAR International 25,600 1,171,200
Unitrode Corporation 22,500 1,133,437
Wyman-Gordon Company 18,300 494,100
-------
8,412,249
Finance (2.9%)
Comdisco, Incorporated 19,500 507,000
Firstplus Financial 17,600 598,400
Student Loan Marketing Association 19,600 2,489,200
---------
3,594,600
Foods (2.2%)
CKE Restaurants, Incorporated 16,800 531,300
Interstate Bakeries 21,700 1,287,081
Morningstar 33,600 987,000
-------
2,805,381
Holding Company (2.4%)
Berkshire Hathaway, Incorporated* 60 2,832,000
SPS Technologies, Incorporated 3,000 212,250
-------
3,044,250
- -----------------------------------------------------------------------------
See notes to financial statements
-16-
<PAGE>
ACCESSOR FUNDS, INC.
Small to Mid Cap Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Continued)
Description Shares Value
Hotel & Motels (1.6%)
Doubletree Corporation* 3,841 $ 157,961
Marcus Corporation 8,700 214,238
Prime Hospitality Corporation 34,200 675,450
Promus Hotel Corporation 24,300 941,625
-------
1,989,274
Human Resources (2.5%)
Corestaff Incorporated 23,700 639,900
CDI Corporation 21,500 896,281
Norrell Corporation 7,900 260,700
Olsten Corporation 17,700 344,044
Personal Group America 17,100 492,694
Robert Half International Incorporated* 11,600 545,925
-------
3,179,544
Insurance (8.0%)
AMBAC, Incorporated 5,900 450,613
American Bankers Insurance Group, Incorporated 6,100 385,825
CMAC Investment Corporation 21,700 1,036,175
Everst Reinsurance Holdings 67,900 2,690,538
Executive Risk, Incorporated 6,900 358,800
Mercury General Corporation 14,500 1,054,875
Old Rep International Corporation 50,000 1,515,625
Orion Capital Corporation 3,000 221,250
Sunamerica, Incorporated 38,000 1,852,500
Washington National Corporation 18,300 521,550
-------
10,087,751
Machinery (1.5%)
Lindsay Manufacturing 4,900 160,475
Manitowoc, Incorporated 20,200 944,350
Robbins & Myers, Incorporated 25,500 828,750
-------
1,933,575
Managed Care (2.2%)
Curative Health Services 25,500 733,125
Hillenbrand Industries 30,900 1,467,750
Novacare Incorporated* 14,800 205,350
Wellpoint Health Networks 8,000 367,000
-------
2,773,225
Medical Equipment & Supplies (4.7%)
Bergen Brunswig Corporation 77,125 2,149,859
Collagen Corporation 7,100 124,250
Lincare Holdings, Incorporated 27,300 1,173,900
Universal Health Services, Incorporated* 46,200 1,778,700
Watson Pharmaceuticals, Incorporated* 14,800 625,300
-------
5,852,009
- -----------------------------------------------------------------------------
See notes to financial statements
-17-
<PAGE>
ACCESSOR FUNDS, INC.
Small to Mid Cap Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Continued)
Description Shares Value
Metals (3.0%)
Amcast Industrial Corporation 12,800 $ 320,000
Handy & Harman 20,900 363,137
Kaydon Corporation 5,600 277,900
Mueller Industries, Incorporated 23,200 1,015,000
National Steel Corporation 2,900 48,756
Precision Castparts Corporation 29,900 1,782,787
---------
3,807,580
Office Equipment & Supplies (1.0%)
Miller Herman, Incorporated 33,400 1,202,400
Oil & Gas (6.6%)
Cliffs Drilling Company 18,200 664,300
Cooper Cameron Corporation 900 42,075
Devon Energy Corporation 8,500 312,375
Global Marine Incorporated* 55,100 1,281,075
Marine Drilling Company, Incorporated 51,000 1,000,875
National Fuel Gas 32,400 1,358,775
Newpark Resources, Incorporated 36,390 1,228,162
Parker & Parsley 16,400 580,150
Tesoro Petroleum Corporation 7,200 106,650
Tosco Corporation 19,500 583,781
Union Texas Petroleum Holdings, Incorporated 8,700 182,156
Vintage Petroleum 28,600 879,450
-------
8,219,824
Other Durable Goods (2.8%)
Avondale Industries, Incorporated 14,700 308,700
Cellstar Corporation 58,450 1,790,031
Harsco Corporation 14,700 595,350
Libbey, Incorporated 7,900 276,500
Newport News Shipbuilding 28,400 552,025
-------
3,522,606
Paper & Forest Products (1.2%)
Fort Howard* 25,400 1,285,875
Paragon Trade Brands Incorporated* 9,500 162,094
-------
1,447,969
Printing & Publishing (1.9%)
Central Newspapers 21,400 1,532,775
Pulitzer Publishing Company 7,700 408,100
Washington Post Company 1,200 477,600
-------
2,418,475
Railroads (0.6%)
GATX Corporation 12,700 733,425
- -----------------------------------------------------------------------------
See notes to financial statements
-18-
<PAGE>
ACCESSOR FUNDS, INC.
Small to Mid Cap Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Continued)
Description Shares Value
Real Estate (0.3%)
Horizon Group, Incorporated 24,600 $ 330,563
Retail - Grocery (0.6%)
Safeway, Incorporated* 17,100 788,738
Retail - Trade (6.4%)
Burlington Coat Factories 6,600 128,700
CompUSA 5,600 120,400
Daisytek International Corporation* 4,100 162,463
Dollar Tree Stores Incorporated 21,200 1,067,950
Ethan Allen Interiors 13,600 775,200
Family Dollar Stores, Incorporated 40,200 1,095,450
Mac Frugals Bargains Close-Outs, Incorporated 6,500 177,125
Ross Stores Incorporated 83,800 2,739,213
Russ Berrie & Company, Incorporated 30,200 662,512
Tech Data Corporation 33,600 1,056,300
---------
7,985,313
Technology (0.2%)
International Game Technology 11,200 198,800
Telecommunications (1.4%)
Aliant Communications 23,200 452,400
Cincinnati Bell Incorporated 32,600 1,026,900
Periphonics Company* 11,700 251,550
-------
1,730,850
Textiles - Apparel (1.7%)
Jones Apparel Group, Inc. 34,400 1,642,600
Westpoint Stevens, Inc. 14,000 547,750
-------
2,190,350
Tobacco (1.0%)
RJR Nabisco Holdings 3,200 105,600
Universal Corporation 34,800 1,104,900
---------
1,210,500
Transportation (0.4%)
Seacor Holdings, Incorporated* 3,400 177,862
Varlen Corporation 12,655 340,103
-------
517,965
TOTAL COMMON STOCK (Identified Cost $102,880,849) 123,787,043
-----------
- -----------------------------------------------------------------------------
See notes to financial statements
-19-
<PAGE>
ACCESSOR FUNDS, INC.
Small to Mid Cap Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Concluded)
SHORT TERM INVESTMENTS AND CASH EQUIVALENTS (1.3%)
Interest Maturity Principal
Rate (1) Date Amount Value
United States
Treasury Bills 5.85% 04/02/98 1,300,000 $ 1,244,190
Fifth Third Bank
Repurchase Agreement
(collateralized by 5.50% 07/01/97 331,630 331,630
329,000 US Treasury
Notes 7.5% 10/31/99,
market value $338,715)
TOTAL SHORT TERM INVESTMENTS AND CASH EQUIVALENTS 1,575,820
(Identified cost $1,575,820) ---------
TOTAL INVESTMENTS (100.0%) (Identified cost $104,456,669) $125,362,863
=============
- -----------------------------------------------------------
* Non-income producing security
(1) Yield at time of purchase.
- -----------------------------------------------------------------------------
See notes to financial statements
-20-
<PAGE>
ACCESSOR FUNDS, INC.
International Equity Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
Description Shares Value
COMMON STOCK (95.6%)
Argentina (1.9%)
Banco Frances Del Rio ADR 16,100 $ 523,250
Disco SA ADR 15,300 606,262
Perez Comanc ADR 34,911 557,246
Telefonica De Argentina 15,500 536,688
------------
2,223,446
Australia (1.9%)
Australian Gas & Light Company 2,431 14,205
Colonial Limited 210,000 531,743
Westpac 170,000 1,015,017
Woolsworth Limited 175,000 570,287
------------
2,131,252
Belgium (2.3%)
Banque Bruxelles Lambert (BBL) 4,380 1,108,706
Barco N.V. (Barco Industries) 3,700 750,292
Dexia Belgium 7,000 752,573
------------
2,611,571
Brazil (2.6%)
Centrais Eletricas ADR 48,000 1,458,000
Telecomunicas ADR 2,500 379,375
Telepar-Telec 465,885 346,207
TV Filme Inc.* 23,300 241,737
Unibanco GDS ADR 15,000 556,875
------------
2,982,194
Chile (0.5%)
Laboratorio Chile SA 19,200 544,800
Denmark (0.9%)
Novo Nordisk B Ordinary 9,000 982,699
Finland (2.3%)
Metsa Serla B 99,600 811,104
Nokia Corporation 13,700 1,010,375
Raision Tehtaat 12,050 828,194
------------
2,649,673
- -----------------------------------------------------------------------------
See notes to financial statements
-21-
<PAGE>
ACCESSOR FUNDS, INC.
International Equity Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Continued)
Description Shares Value
France (4.5%)
Axa UAP 18,000 $ 1,120,605
Cap Gemini* 17,500 924,043
Promodes Cet of Voting 2,800 1,091,683
Sidel 11,100 860,255
Synthelebo 8,900 1,159,696
------------
5,156,282
Germany (5.2%)
Bayer Motoren Werk 1,800 1,485,423
Fresenius* 2,200 455,773
Gehe 8,750 602,571
Lufthansa 63,000 1,212,975
Volkswagen AG 2,840 2,154,609
------------
5,911,351
Great Britain (12.0%)
Airtours 101,800 1,968,728
Bank of Ireland 70,000 768,907
Barclays PLC 72,200 1,432,337
British Aerospace 84,000 1,868,444
Compass Group 57,500 643,086
Glaxo Holdings 71,000 1,468,204
Granada Group 225 2,959
Imperial Chemical Industries 64,400 893,889
Ladbroke Group 401,300 1,576,206
Lloyds TSB Group 146,500 1,501,932
National Power 111,000 964,329
Pizza Express 59,900 627,060
Rolls Royce 754 2,881
------------
13,718,962
Hong Kong (3.7%)
China Resources 114,000 559,164
HSBC Holdings 42,400 1,275,183
Hutchison Whampoa 133,000 1,150,210
Qingling Motors 1,155,000 596,338
Sun Hung Kai Properties 53,000 637,934
------------
4,218,829
India (0.5%)
State Bank of India*(2) 22,500 596,250
- -----------------------------------------------------------------------------
See notes to financial statements
-22-
<PAGE>
ACCESSOR FUNDS, INC.
International Equity Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Continued)
Description Shares Value
Israel (0.9%)
Gilat Satellite* 12,600 $ 418,950
Teva Pharmaceuticals ADR 8,800 569,800
------------
988,750
Italy (1.7%)
Credito Italiano 554,700 1,013,880
Telecom Italia 288,400 932,236
------------
1,946,116
Japan (27.6%)
Advantest 19,300 1,484,226
Bridgestone 34,000 790,352
Canon 30,000 817,967
Fuji Photo Film 19,000 765,446
Fujitsu Ltd. 96,000 1,333,916
Hirose Electric 16,700 1,147,094
Ibiden Company 70,000 1,009,350
Jusco Company 25,000 845,495
Keyence Corporation 7,000 1,039,937
Kyocera Corporation 15,000 1,192,869
Matsushita Kotobuki 25,000 830,202
Mitsui Fudosan 95,000 1,311,719
Nichei Company Ltd 15,600 1,813,160
Nikko Securities 124,000 763,960
Nintendo 9,900 830,551
Orix Corporation 20,400 1,513,554
Rohm Company 10,000 1,031,198
Seven Eleven Japan 16,000 1,210,871
Shin Etsu Chemical Company 53,000 1,408,022
SMC 6,700 566,774
Sony Corporation 17,200 1,501,599
Sumitomo Bakelite Company 100,000 808,354
Sumitomo Bank 91,000 1,495,062
Sumitomo Marine & Fire 152,000 1,248,623
Takeda Chemical Industries 44,000 1,238,136
TDK Corporation 11,000 808,442
Terumo Corporation 83,000 1,588,482
Tokyo Electronics 25,000 1,197,238
------------
31,592,599
- -----------------------------------------------------------------------------
See notes to financial statements
-23-
<PAGE>
ACCESSOR FUNDS, INC.
International Equity Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Continued)
Description Shares Value
Korea (0.5%)
Pohang Iron & Steel ADR 17,500 $ 560,000
SK Telecom Company Limited ADR* 825 8,302
------------
568,302
Luxembourg (0.4%)
Hindalco Industries GDR 13,500 477,225
Mexico (2.6%)
Cifra SA De CV "A" 331,000 605,032
Cifra SA De CV "B" 569,000 1,044,363
Coca-Cola de Mexico ADR 15,100 779,538
Femsa Series B 36,000 214,067
Grupo Financiero Banamex 150,000 392,230
------------
3,035,230
Netherlands (6.3%)
Aegon NV 172 12,027
ASM Lithography Holdings* 27,000 1,564,061
Baan Company 15,200 1,031,785
Getronics 29,000 938,386
ING Groep NV 25,000 1,154,736
Internatio Muller NV 28,042 885,919
OCE Van Der NV 7,801 1,008,111
Philips Electronics 7,900 566,900
------------
7,161,925
Norway (1.6%)
A/S Tomra Systems 42,000 860,562
Petroleum Geo-Services* 20,900 1,021,488
------------
1,882,050
Peru (0.5%)
Credicorp Limited 11,700 257,400
Telefonica Del Peru ADR 10,700 280,206
------------
537,606
Portugal (0.9%)
Portugal Telecom 26,700 1,078,389
Singapore (0.5%)
Parkway Holdings Limited 134,000 599,783
- -----------------------------------------------------------------------------
See notes to financial statements
-24-
<PAGE>
ACCESSOR FUNDS, INC.
International Equity Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Continued)
Description Shares Value
South Africa (1.0%)
Liberty Life 170 $ 4,601
South African Breweries 38,000 1,166,675
------------
1,171,276
Spain (3.1%)
Banco Central 39,300 1,440,313
Fomento De Construcion 7,900 1,009,322
Tabacalera Series "A" 19,800 1,064,921
------------
3,514,556
Sweden (1.7%)
ABB AB "A" 75,000 1,052,393
Netcom Systems AB B 67,000 944,470
------------
1,996,863
Switzerland (6.2%)
Adecco SA Cheserex 2,070 795,143
Ares Serono Group B 1,070 1,552,320
Novartis Registered 1,305 2,089,289
Roche Holdings AG 110 996,364
Schweiz Rueckvers 900 1,274,823
Selecta Group 2,300 350,242
------------
7,058,181
Taiwan (0.8%)
ASE Test Limited* 21,800 921,050
Thailand (0.0%)
Thai Farmers Warrants* 3,125 1,357
Russia (0.6%)
Oil Company Lukoil ADR 9,100 718,133
Venezuela (0.4%)
Mavesa SA Sponsored ADR 46,155 467,319
------------
TOTAL COMMON STOCK (Identified Cost $90,916,156) 109,444,018
- -----------------------------------------------------------------------------
See notes to financial statements
-25-
<PAGE>
ACCESSOR FUNDS, INC.
International Equity Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Concluded)
OPTIONS (0.0%)
Contracts Value
Nikkei 225 Index Put
Strike Price: JPY 18,000.00,
Expiration 9/20/97 1,408 $ 59,061
-------
TOTAL OPTIONS (Identified Cost $616,504) 59,061
CORPORATE BONDS (0.0%)
Interest Maturity Principal
Rate (1) Date Amount Value
Malaysia (0.0%)
AMMB Holdings 5.00% 12/31/02 75,000 70
AMMB Holdings 7.50% 12/31/02 75,000 4
-------
TOTAL CORPORATE BONDS (Identified Cost $59,754) 74
SHORT-TERM INVESTMENTS AND CASH EQUIVALENTS (4.4%)
Commercial Paper
Merrill Lynch 6.20% 07/01/97 2,704,000 2,704,000
Repurchase Agreements
Fifth Third Bank
Repurchase Agreement
(collateralized by 5.50% 07/01/97 2,307,431 2,307,431
2,287,000 US Treasury
Notes 7.50% 10/31/99,
market value $2,354,537)
TOTAL SHORT TERM INVESTMENTS AND CASH EQUIVALENTS 5,011,431
(Identified Cost $5,010,965) -------------
TOTAL INVESTMENTS (100.0%) (Identified Cost $96,603,379) $ 114,514,584
=============
- -----------------------------------------------------
* Non-income producing security
(1) Yield at time of purchase.
- -----------------------------------------------------------------------------
See notes to financial statements
-26-
<PAGE>
ACCESSOR FUNDS, INC.
Intermediate Fixed-Income Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
Interest Maturity Principal
Description Rate Date Amount Value
ASSET BACKED SECURITIES (21.1%)
Bridgestone/Firestone Master
Trust, Series 1996-1 6.170% 07/01/03 1,000,000 $ 992,040
Chemical Master Credit Card
Trust, Series 1996-2 5.980% 09/15/08 2,000,000 1,893,600
Collateralized Mortgage
Securities Corporation 9.450% 02/01/17 608,662 652,347
Delta Funding Home Equity Loan
Trust, Series 1996-1 6,810% 02/25/11 870,000 873,506
Ford Credit Auto Loan Master
Trust, Series 1995-1 6.500% 08/15/02 500,000 499,810
Ford Credit Grantor Trust,
Series 1995-A 5.900% 05/15/00 126,038 126,284
Merrill Lynch Mortgage
Investments, Inc.,
Series 1992-D 8.150% 07/15/17 100,000 104,058
Olympic Auto Receivables
Trust, Series 1996-B 6.500% 12/15/00 1,000,000 1,006,290
Standard Credit Card Master
Trust, Series 1995-8A 6.700% 09/07/00 300,000 301,491
The Money Store Home Equity
Trust, Series 1997-B 6.420% 11/15/09 1,000,000 999,688
World Financial Network
Credit Cark Master
Trust, Series 1996-A 6.700% 02/15/04 1,000,000 1,006,780
----------
TOTAL ASSET BACKED SECURITIES (Identified Cost $3,471,728) 8,455,894
CORPORATE BONDS (20.2%)
Consumer Goods (2.5%)
Coca Cola Enterprises 0.000% 06/20/20 5,000,000 989,590
Electric Utilities (2.6%)
Big River Utility Company 10.700% 09/15/17 1,000,000 1,063,727
Financial (12.4%)
ABN AMRO Bank 7.125% 10/15/93 750,000 688,099
Credit National 7.000% 11/14/05 1,000,000 962,500
Midland Bank PLC 6.120% 09/29/49 200,000 180,600
Mic Financing Trust* 8.375% 02/01/27 1,000,000 992,230
NationsBank Corporation 8.570% 11/15/24 1,000,000 1,141,507
Zurich Capital Trust 8.380% 06/01/37 1,000,000 1,032,520
---------
4,997,456
Telecommunications (2.7%)
U.S. West Communications 8.875% 06/01/31 1,000,000 1,076,549
---------
TOTAL CORPORATE BONDS (Identified Cost $12,927,803) 8,127,322
- -----------------------------------------------------------------------------
See notes to financial statements
-27-
<PAGE>
ACCESSOR FUNDS, INC.
Intermediate Fixed-Income Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Concluded)
Interest Maturity Principal
Description Rate Date Amount Value
U.S. GOVERNMENT AND AGENCY SECURITIES (58.5%)
U.S. Treasury Bonds (29.2%)
United States Treasury Bond 14.000% 11/15/11 500,000 $ 753,750
United States Treasury Bond 10.750% 05/15/03 3,800,000 4,590,875
United States Treasury Bond 9.875% 11/15/15 566,000 744,467
United States Treasury Bond 8.500% 02/15/20 808,000 956,723
United States Treasury Bond 8.750% 08/15/20 800,000 971,500
United States Treasury Bond 6.375% 03/31/01 3,700,000 3,706,937
---------
11,724,252
U.S.Treasury Notes (25.7%)
United States Treasury Note 12.500% 08/15/14 250,000 367,813
United States Treasury Note 6.250% 02/15/03 4,000,000 3,968,752
United States Treasury Note 7.250% 08/15/04 1,000,000 1,042,500
United States Treasury Note 7.125% 09/30/99 800,000 816,500
United States Treasury Note 7.500% 10/31/99 1,000,000 1,028,438
United States Treasury Note 7.750% 12/31/99 770,000 797,431
United States Treasury Note 6.500% 10/15/06 300,000 298,687
United States Treasury Note 6.875% 02/15/00 2,000,000 1,984,376
---------
10,304,497
Federal Home Loan Mortgage Corporation (FHLMC) (2.4%)
FHLMC 7.125% 07/21/99 500,000 508,647
FHLMC 5.780% 10/22/03 500,000 476,668
-------
985,315
Federal National Mortgage Association (FNMA) (1.2%)
FNMA 6.170% 12/02/03 500,000 482,068
----------
TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES
(Identified Cost $ 23,251,903) 23,496,132
----------
SHORT-TERM INVESTMENTS AND CASH EQUIVALENTS (0.2%)
Fifth Third Bank
Repurchase Agreement
(collateralized by 5.500% 07/01/97 65,368 65,368
65,000 US Treasury ----------
Notes, 7.5% 10/31/99,
market value $66,919)
TOTAL SHORT-TERM INVESTMENTS AND CASH EQUIVALENTS
(Identified Cost $65,368) 65,368
----------
TOTAL INVESTMENTS (100.0%) (Identified Cost $39,716,802) $ 40,144,716
-----------
- -----------------------------------------------------------------------------
See notes to financial statements
-28-
<PAGE>
ACCESSOR FUNDS, INC.
Short-Intermediate Fixed-Income Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
Interest Maturity Principal
Description Rate Date Amount Value
CORPORATE BONDS (11.3%)
Consumer Goods (0.7%)
Anheuser Busch Companies 8.750% 12/01/99 270,000 $ 283,167
Electric Utilities (1.9%)
Consolidated Edison Corporation 5.700% 10/01/98 225,000 223,605
Southern California Edison Company 5.450% 06/15/99 200,000 198,635
Baltimore Gas & Electric Company 8.375% 08/15/01 300,000 317,187
-------
739,427
Financial (6.2%)
African Development Bank 10.000% 11/01/97 100,000 101,462
Beneficial Corporation 9.125% 02/15/98 300,000 305,535
Dean Witter 6.875% 05/01/03 400,000 399,332
Export-Import Bank of Japan 10.125% 10/28/97 100,000 101,495
Ford Motor Credit 6.250% 11/08/00 350,000 345,265
Grand Metro 6.500% 06/15/99 500,000 501,285
Mellon Financial Company 6.500% 12/01/97 200,000 200,470
Smith Barney Shearson 5.625% 11/15/98 350,000 346,986
-------
2,301,830
Industrial (1.1%)
Baxter International Incorporated 9.250% 12/15/99 200,000 212,409
Waste Management Incorporated 6.380% 07/01/97 200,000 200,000
-------
412,409
Oil (1.2%)
Shell Oil Corporation 6.625% 07/01/99 250,000 251,336
Texaco Capital Corporation 9.000% 11/15/97 200,000 202,298
-------
453,634
Telecommunications (0.2%)
GTE California Incorporated 6.250% 01/15/98 95,000 95,192
------
TOTAL CORPORATE BONDS (Identified Cost $4,292,891) 4,285,659
---------
FOREIGN GOVERNMENT ISSUES (1.7%)
Canadian Issues (0.9%)
Province of Manitoba 9.500% 10/01/97 300,000 325,764
- -----------------------------------------------------------------------------
See notes to financial statements
-29-
<PAGE>
ACCESSOR FUNDS, INC.
Short-Intermediate Fixed-Income Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Continued)
Interest Maturity Principal
Description Rate Date Amount Value
United Nations Issues (0.8%)
International Bank for
Reconstruction and Development 9.875% 10/01/97 300,000 $ 302,951
--------
TOTAL FOREIGN GOVERNMENT ISSUES (Identified Cost $632,269) 628,715
U.S. GOVERNMENT AND AGENCY SECURITIES (87.0%)
U.S. Treasury Bonds (8.7%)
United States Treasury Bond 6.750% 05/31/99 1,000,000 1,011,563
United States Treasury Bond 6.875% 07/31/99 1,000,000 1,014,688
United States Treasury Bond 6.375% 03/31/01 1,285,000 1,287,409
---------
3,313,660
U.S. Treasury Notes (65.7%)
United States Treasury Note 8.250% 07/15/98 875,000 896,055
United States Treasury Note 7.500% 11/15/01 1,110,000 1,156,829
United States Treasury Note 6.000% 10/15/99 565,000 563,941
United States Treasury Note 6.250% 02/15/03 265,000 262,930
United States Treasury Note 5.125% 04/30/98 330,000 328,350
United States Treasury Note 4.750% 08/31/98 2,000,000 1,974,376
United States Treasury Note 7.125% 09/30/99 4,000,000 4,082,500
United States Treasury Note 7.750% 01/31/00 700,000 725,375
United States Treasury Note 7.125% 02/27/00 3,000,000 3,065,625
United States Treasury Note 5.875% 08/15/98 400,000 399,875
United States Treasury Note 5.750% 10/31/00 159,000 1,564,660
United States Treasury Note 9.000% 05/15/98 300,000 308,156
United States Treasury Note 5.625% 11/30/00 1,000,000 979,688
United States Treasury Note 8.000% 08/15/99 1,970,000 2,042,644
United States Treasury Note 5.625% 02/28/01 500,000 489,062
United States Treasury Note 6.250% 04/30/01 1,000,000 997,500
United States Treasury Note 6.625% 06/30/01 1,000,000 1,010,000
United States Treasury Note 6.000% 08/15/99 1,150,000 1,147,125
United States Treasury Note 6.375% 08/31/01 500,000 502,500
United States Treasury Note 5.875% 11/15/99 565,000 561,292
United States Treasury Note 6.250% 01/31/02 500,000 497,344
United States Treasury Note 6.250% 02/28/02 1,300,000 1,292,687
United States Treasury Note 6.625% 03/31/02 40,000 40,363
------
24,888,877
U.S. Treasury Bills (8.6%)
United States Treasury Bill 5.010% 08/14/97 3,268,000 3,248,099
- -----------------------------------------------------------------------------
See notes to financial statements
-30-
<PAGE>
ACCESSOR FUNDS, INC.
Short-Intermediate Fixed-Income Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Concluded)
Interest Maturity Principal
Description Rate Date Amount Value
Government National Mortgage
Association (GNMA) (0.7%)
GNMA Pool #353193 7.000% 02/15/08 282,773 $ 284,114
Federal Home Loan Mortgage
Corporation (FHLMC) (1.2%)
FHLMC Pool #E30447 8.500% 02/01/06 7,581 7,848
FHLMC Pool #E31817 8.500% 08/01/06 136,753 141,568
FHLMC Pool #E39980 8.500% 09/01/06 8,943 9,258
FHLMC Pool #E43681 7.500% 01/01/08 275,168 280,110
-------
438,784
Federal National Mortgage
Association (FNMA) (2.1%)
FNMA Pool #50953 7.000% 12/01/08 234,118 234,926
FNMA Pool #185550 7.000% 11/01/07 88,074 88,523
FNMA Pool #349371 7.000% 07/01/11 470,432 469,712
-------
793,161
TOTAL U.S. GOVERNMENT AND
AGENCY SECURITIES
(Identified Cost $32,987,927) 32,966,695
----------
TOTAL INVESTMENTS (100.0%)
(Identified Cost $37,913,087) $ 37,881,069
===========
- -----------------------------------------------------------------------------
See notes to financial statements
-31-
<PAGE>
ACCESSOR FUNDS, INC.
Mortgage Securities Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
Interest Maturity Principal
Description Rate Date Amount Value
COMMERCIAL MORTGAGE BACKED
SECURITIES (5.7%)
Community Program Loan Trust
- 1987-A A4 4.500% 10/01/18 1,727,081 $ 1,478,274
GMAC Mortgage Securities
Incorporated 8.950% 08/20/17 105,607 105,387
Green Tree Home Improvement
Loan Trust-GTHIL 1994-D(1) 9.050% 01/15/15 1,000,000 1,070,938
Merrill Lynch Mortgage Investors,
Inc-MLMI 1992-B 7.850% 04/15/12 8,140 8,256
Residential Asset Securitization
Trust 1996-A9 7.500% 01/25/27 1,271,531 1,282,987
Rural Housing Trust 1987-1 -
Rural 2C 6.830% 04/01/26 990,278 984,398
Small Business Administration
Participation Certificates 7.700% 09/01/16 1,230,039 1,270,759
Small Business Administration
Participation Certificates 7.200% 10/01/16 591,349 595,670
Structured Asset Securities
Corporation 6.525% 02/25/28 850,000 833,794
-----------
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 7,630,463
(Identified Cost $6,848,935)
BONDS (7.6%)
Mortgage (5.4%)
Chapel Hill Assisted Living 7.750% 06/01/37 431,130 435,778
Chapel Hill Assisted Living 7.750% 06/01/37 83,870 84,774
CLC Excelsior II Apartments 8.040% 02/01/39 1,000,000 1,019,875
Creekside Square Apartments 7.875% 07/01/37 999,362 1,007,951
Orchard Park Inn 7.840% 03/01/28 840,917 851,145
Orchard Park Inn 7.840% 03/01/28 178,394 180,563
Poplar Towers Apartments 7.750% 06/01/37 400,000 404,812
River Bluff Apartments 7.750% 06/01/37 222,278 224,674
River Bluff Apartments 7.750% 06/01/37 37,722 38,129
Rosewood 8.000% 07/01/37 1,001,856 1,020,829
Scottsdale Links 7.650% 07/01/38 973,266 972,050
----------
6,240,580
- -----------------------------------
(1) Security has been segregated with the custodian to cover margin requirements
for the following open futures contracts at June 30, 1997.
Unrealized
Appreciation/
Type Expiration Contracts (Depreciation)
September 5 Year Note Future 09/15/97 9 50
September 10 Year Note Future 09/15/97 234 (24,039)
September 30 Year Note Future 09/15/97 78 868,307
- -----------------------------------------------------------------------------
See notes to financial statements
-32-
<PAGE>
ACCESSOR FUNDS, INC.
Mortgage Securities Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Continued)
Interest Maturity Principal
Description Rate Date Amount Value
Hillsboro Bay Club 7.950% 03/01/37 695,714 $ 703,866
Hillsboro Bay Club 7.950% 03/01/37 204,782 207,181
----------
7,995,945
Asset Backed (3.0%)
Chase Manhattan Grantor
Trust - CMGT 1996-B 6.610% 09/16/02 602,086 $ 606,722
Chevy Chase Auto Receivables
Trust - 1996-2 5.900% 07/15/03 755,304 751,482
Green Tree Financial
Corporation - 1996-10 7.300% 11/15/28 800,000 790,944
Green Tree Financial
Corporation - 1997-1 7.290% 03/02/28 800,000 789,544
----------
2,938,692
----------
TOTAL BONDS (Identified Cost $8,785,765) 10,934,637
U.S. GOVERNMENT AND AGENCY BONDS (64.5%)
U.S.Treasury Notes (0.2%)
United States Treasury Note 6.500% 11/15/26 320,000 306,700
Government National Mortgage Association (31.2%)
GNMA 30 Year TBA 8.000% 07/21/97 9,500,000 9,704,848
GNMA Pool 000571 8.200% 05/15/13 46,172 48,764
GNMA Pool 000572 8.200% 06/15/12 35,205 37,233
GNMA Pool 344185 7.500% 12/15/22 1,461,189 1,464,846
GNMA Pool 346521 7.500% 04/15/23 69,968 70,143
GNMA Pool 348689 7.500% 05/15/23 4,700,039 4,711,802
GNMA Pool 349477 7.500% 04/15/23 544,375 545,738
GNMA Pool 350479 7.000% 05/15/23 27,779 27,444
GNMA Pool 352001 6.500% 12/15/23 467,335 450,558
GNMA Pool 354049 7.500% 05/15/23 56,709 56,851
GNMA Pool 355616 7.500% 05/15/23 3,231,274 3,257,674
GNMA Pool 360300 7.500% 06/15/23 314,354 315,442
GNMA Pool 364048 7.500% 09/15/23 54,031 54,166
GNMA Pool 373821 7.500% 09/15/23 329,107 329,931
GNMA Pool 410341 8.500% 05/15/26 91,258 94,766
GNMA Pool 412636 8.500% 07/15/26 493,187 512,144
GNMA Pool 415347 8.500% 08/15/26 388,675 403,614
GNMA Pool 415503 8.500% 08/15/26 482,970 501,534
GNMA Pool 420082 8.500% 08/15/26 809,514 840,630
GNMA Pool 422073 8.000% 12/15/26 916,583 936,348
- -----------------------------------------------------------------------------
See notes to financial statements
-33-
<PAGE>
ACCESSOR FUNDS, INC.
Mortgage Securities Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Continued)
Interest Maturity Principal
Description Rate Date Amount Value
GNMA Pool 423487 8.000% 12/15/26 44,354 $ 45,310
GNMA Pool 423700 8.000% 12/01/26 43,622 44,562
GNMA Pool 423962 8.500% 08/15/26 457,840 475,439
GNMA Pool 424761 8.500% 08/15/26 491,751 510,653
GNMA Pool 425670 7.625% 01/01/37 258,559 261,610
GNMA Pool 425670 7.625% 01/01/37 741,441 750,187
GNMA Pool 426659 8.500% 08/15/26 44,154 45,851
GNMA Pool 427329 8.500% 06/15/26 332,555 345,338
GNMA Pool 429144 8.500% 06/15/26 339,515 352,565
GNMA Pool 430373 8.500% 07/15/26 369,802 384,016
GNMA Pool 430989 8.500% 07/15/26 83,500 86,709
GNMA Pool 431959 8.500% 08/15/26 908,318 943,231
GNMA Pool 432755 8.500% 07/15/26 388,751 403,694
GNMA Pool 432874 8.500% 06/15/26 405,015 420,583
GNMA Pool 432903 8.500% 07/15/26 40,554 42,113
GNMA Pool 433172 8.500% 08/15/26 230,612 239,476
GNMA Pool 435133 8.500% 08/15/26 75,886 78,803
GNMA Pool 435643 8.500% 08/15/26 258,656 268,598
GNMA Pool 435855 8.500% 05/15/27 1,000,346 1,038,797
GNMA Pool 437534 8.500% 08/15/26 563,582 585,245
GNMA Pool 437541 8.500% 08/15/26 34,226 35,626
GNMA Pool 438226 8.500% 07/15/26 33,438 34,806
GNMA Pool 438965 8.500% 08/15/26 370,997 386,175
GNMA Pool 171468 8.000% 08/15/16 211,612 219,342
GNMA Pool 175724 8.000% 08/15/16 164,514 170,524
GNMA Pool 178457 8.000% 03/15/17 148,090 153,627
GNMA Pool 206448 7.500% 02/15/17 227,147 230,545
GNMA Pool 206767 8.000% 04/15/17 88,524 91,834
GNMA Pool 210594 7.500% 06/15/17 312,778 317,457
GNMA Pool 215797 7.500% 06/15/17 192,039 194,912
GNMA Pool 317527 8.000% 02/15/22 460,393 473,657
GNMA Pool 330319 7.500% 09/15/23 269,502 270,176
GNMA Pool 342526 7.500% 02/15/23 312,601 313,384
GNMA Pool 342552 7.500% 03/15/23 6,297,184 6,312,945
GNMA Pool 780487 7.250% 12/15/26 594,879 602,053
-------
41,494,319
Federal Housing Authority
(FHA) (0.1%)
Federal Housing Authority
- Blair Project 10.875% 08/01/28 155,207 163,743
- -----------------------------------------------------------------------------
See notes to financial statements
-34-
<PAGE>
ACCESSOR FUNDS, INC.
Mortgage Securities Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Continued)
Interest Maturity Principal
Description Rate Date Amount Value
Federal Home Loan Mortgage
Corporation (28.0%)
FGOLD 15Year TBA 7.000% 07/17/97 10,500,000 $ 10,480,312
FGOLD 15Year TBA 6.500% 07/17/97 4,000,000 3,920,000
FGOLD 15Year TBA 7.500% 07/17/97 2,000,000 2,028,750
FGLMC D71945 7.000% 05/01/26 571,269 563,785
FGLMC D71945 7.500% 06/01/26 149,197 149,998
FGOLD D73380 7.500% 08/01/26 40,962 41,148
FGOLD D74033 7.500% 08/01/26 436,920 438,900
FGOLD D74483 7.500% 09/01/26 49,161 49,384
FGOLD D76961 7.500% 12/01/26 542,931 545,390
FGOLD D78675 7.500% 03/01/27 42,018 42,208
FGOLD D79211 7.500% 04/01/27 522,012 524,132
FGOLD D79611 7.500% 04/01/27 423,086 424,804
FGOLD D79687 7.500% 05/01/27 194,106 194,894
FGOLD D79724 7.500% 05/01/27 576,223 578,562
FGOLD D79847 7.500% 05/01/27 494,657 496,665
FGOLD D80201 7.500% 05/01/27 219,010 219,899
FGLMC D63271 7.000% 09/01/25 213,931 210,461
FGLMC D64731 7.000% 10/01/25 917,432 905,414
FGLMC D65112 7.000% 11/01/25 460,406 452,938
FHLMC D65259 7.000% 11/01/25 180,425 177,499
FGLMC D65424 7.000% 11/01/25 532,363 523,728
FGLMC D65828 7.000% 12/01/25 630,914 620,680
FHLMC D66340 7.000% 12/01/25 373,724 367,663
FGLMC D66349 7.000% 12/01/25 157,159 154,610
FGLMC D66459 7.000% 12/01/25 520,999 512,549
FGLMC D66671 7.000% 12/01/25 211,420 207,990
FGLMC D67991 7.000% 02/01/26 1,786,371 1,765,703
FHLMC E61583 6.500% 10/01/10 448,524 440,787
FHLMC E61633 6.500% 11/01/10 376,932 370,430
FHLMC E61643 6.500% 10/01/10 443,941 436,283
FHLMC E62414 6.500% 01/01/11 370,116 363,732
FHLMC E62838 6.500% 01/01/11 154,960 152,287
FHLMC E63081 6.500% 02/01/11 394,603 387,796
FHLMC E63833 6.500% 04/01/11 374,268 367,288
FHLMC E63846 6.500% 04/01/11 338,395 332,558
FHLMC E63924 6.500% 04/01/11 359,806 353,599
FGOLD E66727 7.500% 04/01/12 407,775 414,010
FGLMC C00262 7.000% 10/01/23 2,992,352 2,955,037
FGLMC C00418 7.000% 08/01/25 123,934 121,924
- -----------------------------------------------------------------------------
See notes to financial statements
-35-
<PAGE>
ACCESSOR FUNDS, INC.
Mortgage Securities Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
(Concluded)
Interest Maturity Principal
Description Rate Date Amount Value
FGOLD C00796 7.500% 02/01/27 471,314 $ 473,228
FGOLD E00478 7.500% 03/01/12 593,383 602,455
FHLMC A00892 9.000% 09/01/18 445,781 476,705
FGLMC A01598 7.000% 05/01/16 339,432 341,937
FHLMC C80335 7.000% 08/01/25 319,995 314,804
FGLMC D80357 7.000% 11/01/25 116,301 114,414
FHLMC E20190 6.500% 08/01/10 448,846 441,103
FHLMC E20193 6.500% 09/01/10 436,631 429,099
FHLMC 230105 8.750% 12/01/14 32,530 34,070
FGLMC D54041 7.000% 06/01/24 692,272 683,204
-------
37,204,816
Federal National Mortgage
Association (4.9%)
FNMA 7 Year TBA 7.000% 07/23/97 1,000,000 1,002,813
FNMA 93-102J 6.800% 06/25/23 2,000,000 1,949,375
FNMA 50726 7.000% 05/01/23 659,702 650,664
FNMA 50930 7.000% 11/01/23 942,724 929,808
FNMA 267862 7.000% 03/01/24 596,048 587,315
FNMA 284726 7.000% 05/01/24 20,098 19,803
FNMA 286529 8.250% 04/01/01 586,102 603,227
FNMA 303751 8.000% 10/01/09 431,743 446,240
FNMA 303752 8.000% 05/01/22 266,698 276,206
-------
6,465,451
TOTAL U.S. GOVERNMENT AND AGENCY BONDS 85,635,029
----------
(Identified Cost $86,997,802)
SHORT-TERM INVESTMENTS AND CASH EQUIVALENTS (22.1%)
Federal Home Loan
Bank Discount Note 5.200% 07/01/97 29,395,000 29,395,000
Fifth Third Bank
Repurchase Agreement
(collateralized by 5.500% 07/01/97 14,373 14,373
15,000 US Treasury ----------
Notes 7.5% 10/31/99,
market value $15,442)
TOTAL SHORT-TERM INVESTMENTS AND CASH EQUIVALENTS
(Identified Cost $29,409,373) 29,409,373
----------
TOTAL INVESTMENTS (100.0%) (Identified Cost $132,041,875) $ 133,609,502
=============
- -----------------------------------------------------------------------------
See notes to financial statements
-36-
<PAGE>
ACCESSOR FUNDS, INC.
U.S. Government Money Portfolio
Schedule of Investments (Unaudited)
June 30, 1997
Interest Maturity Principal
Description Rate Date Amount Value
U.S. GOVERNMENT AND AGENCY
BONDS (80.4%)
Federal Home Loan Mortgage
Corporation (10.1%)
FHLMC Discount Note 5.450% 07/21/97 5,000,000 $ 4,984,861
Federal National Mortgage
Association (40.2%)
FNMA Discount Note 5.490% 07/10/97 5,000,000 4,993,137
FNMA Discount Note 5.300% 09/11/97 5,000,000 4,947,000
FNMA Discount Note 5.550% 10/10/97 5,000,000 4,922,146
FNMA Discount Note 5.480% 11/25/97 5,000,000 4,888,117
---------
19,750,400
Federal Home Loan Bank (30.1%)
FHLB Discount Note 5.480% 08/13/97 5,000,000 4,967,272
FHLB Discount Note 5.410% 09/30/97 5,000,000 4,931,624
FHLB Discount Note 5.900% 11/06/97 5,000,000 4,900,622
---------
14,799,518
TOTAL U.S. GOVERNMENT AND AGENCY BONDS
(Identified Cost $39,534,779) 39,534,779
SHORT TERM INVESTMENTS AND CASH EQUIVALENTS (19.6%)
Repurchase Agreements
Fifth Third Bank
Repurchase Agreement
(collateralized by 5.700% 07/01/97 9,652,341 9,652,341
9,563,000 US Treasury ---------
Notes 7.5% 10/31/99,
market value $9,845,404)
TOTAL SHORT TERM INVESTMENTS AND CASH EQUIVALENTS
(Identified Cost $9,652,341) 9,652,341
---------
TOTAL INVESTMENTS (100.0%) (Identified Cost $49,187,120) $ 49,187,120
===========
- -----------------------------------------------------------------------------
See notes to financial statements
-37-
<PAGE>
<TABLE>
ACCESSOR FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 1997
<CAPTION>
Value and Small to International
Growth Income Mid Cap Equity
Portfolio Portfolio Portfolio Portfolio
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value(1)(Note A) $ 85,984,400 $ 59,799,228 $ 125,031,233 $ 112,207,153
Repurchase agreements, at cost - 4,624,430 331,630 2,307,431
------------- ------------- ------------- -------------
85,984,400 64,423,658 125,362,863 114,514,584
Cash 66,690 167,052 20,993 -
Foreign currencies, at value(Note A) - - - 72,791
Receivable for investments sold - - 2,164,536 2,614,393
Receivable for portfolio shares sold 468,341 596,009 4,805,616 4,964,015
Dividends and interest receivable 115,976 72,695 123,501 332,410
Deferred organizational and prepaid
expenses 1,022 1,325 935 858
------------- ------------- ------------- -------------
TOTAL ASSETS 86,636,429 65,260,739 132,478,444 122,499,051
LIABILITIES:
Cash overdraft - - - 15,514
Distributions payable 133,647 209,025 32,793 -
Payable for investments purchased 2,025,459 - 5,739,238 2,423,682
Payable for portfolio shares repurchased 53,530 41,303 68,538 32,288
Payable due to Bennington (Note B) 28,473 22,828 57,902 45,435
Money Manager fee payable (Note B) 35,480 45,878 69,740 106,544
Accrued expenses and other liabilities 13,921 16,267 6,902 99,197
------------- ------------- ------------- -------------
TOTAL LIABILITIES 2,290,510 335,301 5,975,113 2,722,660
------------- ------------- ------------- -------------
NET ASSETS $ 84,345,919 $ 64,925,438 $ 126,503,331 $ 119,776,391
============= ============= ============= =============
NET ASSETS CONSIST OF:
Capital paid-in $ 57,897,124 $ 49,688,865 $ 102,150,479 $ 97,926,650
Net unrealized appreciation (depreciation)
of investments,
receivables, payables, futures contracts 21,907,405 11,685,659 20,906,194 17,903,854
Undistributed net investment income (loss) 470 707 51 148,434
Accumulated net realized gain (loss) on
investments, future
contracts, and foreign currencies 4,540,920 3,550,207 3,446,607 3,797,453
------------- ------------- ------------- -------------
NET ASSETS $ 84,345,919 $ 64,925,438 $ 126,503,331 $ 119,776,391
============= ============= ============= =============
Total shares outstanding at end of period 3,534,803 3,143,334 5,957,351 7,599,706
Net asset value, offering price
and redemption
price per share $ 23.86 $ 20.65 $ 21.23 $ 15.76
============= ============= ============= =============
(1) Investments at cost $ 64,076,995 $ 52,743,474 $ 104,456,669 $ 96,603,379
<CAPTION>
Short- U.S.
Intermediate Intermediate Mortgage Government
Fixed-Income Fixed-Income Securities Money
Portfolio Portfolio Portfolio Portfolio
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value(1)(Note A) $ 40,079,348 $ 37,881,069 $ 132,750,811 $ 39,534,779
Repurchase agreements, at cost 65,368 - 14,373 9,652,341
------------- ------------- ------------- -------------
40,144,716 37,881,069 132,765,184 49,187,120
Cash 92,175 24,497 204,313 -
Foreign currencies, at value(Note A) - - - -
Receivable for investments sold - - 2,511,141 -
Receivable for portfolio shares sold 241,629 68,315 492,192 -
Dividends and interest receivable 625,669 600,426 623,802 1,528
Deferred organizational and prepaid
expenses 1,574 1,900 2,095 2,346
------------- ------------- ------------- -------------
TOTAL ASSETS 41,105,763 38,576,207 136,598,727 49,190,994
LIABILITIES:
Cash overdraft - - - -
Distributions payable 257,919 195,004 395,193 192,463
Payable for investments purchased - - 36,136,084 -
Payable for portfolio shares repurchased 16,702 15,722 56,973 -
Payable due to Bennington (Note B) 14,729 13,068 24,306 12,152
Money Manager fee payable (Note B) 18,574 18,542 44,728 -
Accrued expenses and other liabilities 18,045 14,761 24,158 20,984
------------- ------------- ------------- -------------
TOTAL LIABILITIES 325,969 257,097 36,681,442 225,599
------------- ------------- ------------- -------------
NET ASSETS $ 40,779,794 $ 38,319,110 $ 99,917,285 $ 48,965,395
============= ============= ============= =============
NET ASSETS CONSIST OF:
Capital paid-in $ 41,843,157 $ 38,400,589 $ 99,155,970 $ 48,970,394
Net unrealized appreciation (depreciation)
of investments,
receivables, payables, futures contracts 427,915 (32,017) 719,681 -
Undistributed net investment income (loss) 96 682 4,107 (150)
Accumulated net realized gain (loss) on
investments, future
contracts, and foreign currencies (1,491,374) (50,144) 37,527 (4,849)
------------- ------------- ------------- -------------
NET ASSETS $ 40,779,794 $ 38,319,110 $ 99,917,285 $ 48,965,395
============= ============= ============= =============
Total shares outstanding at end of period 3,447,529 3,157,294 8,085,459 48,970,448
Net asset value, offering price
and redemption
price per share $ 11.83 $ 12.14 $ 12.36 $ 1.00
============= ============= ============= =============
(1) Investments at cost $ 39,716,802 $ 37,913,087 $ 132,041,875 $ 49,187,120
</TABLE>
- -----------------------------------------------------------------------------
See notes to financial statements
-38-
<PAGE>
ACCESSOR FUNDS, INC.
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE PERIOD ENDED JUNE 30, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
Growth Value and Small to Mid International Intermediate
Portfolio Income Cap Portfolio Equity Fixed-Income
Portfolio Portfolio Portfolio
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends (net of foreign withholding
taxes of $134,052 for
International Equity Portfolio) $ 587,945 $ 515,512 $ 569,542 $ 828,412 $ -
Interest 1,041 88,589 48,901 62,274 1,680,028
----- ------ ------ ------ ---------
TOTAL INVESTMENT INCOME 588,986 604,101 618,443 890,686 1,680,028
EXPENSES:
Management fees (Note B) 154,788 107,630 284,409 259,341 89,541
Money Manager fees (Note B) 74,758 69,644 137,351 225,824 37,309
Transfer agent and administration fees (Note B) 24,040 15,903 41,368 49,585 35,639
Sub-Administration and fund accounting (Note B) 36,666 27,316 20,239 36,696 12,860
Legal fees 10,677 11,179 10,918 11,848 9,955
Audit fees 6,523 6,523 6,444 7,050 6,447
Custodian fees 2,694 4,611 10,021 110,797 2,057
Amortization of deferred organizational expenses 6,878 6,878 6,878 6,878 6,536
Registration fees 3,108 5,570 3,930 17,886 7,885
Other 624 1,427 (2,237) 16,347 3,825
------- ------- ------ ------ -----
TOTAL EXPENSES 320,756 256,681 519,321 742,252 212,054
------- ------- ------- ------- -------
NET INVESTMENT INCOME 268,230 347,420 99,122 148,434 1,467,974
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments 3,369,119 3,109,070 921,103 4,671,486 (63,049)
Foreign exchange - - - (981,932) -
Change in unrealized appreciation
(depreciation) of Investments
and foreign currency 10,872,857 4,893,024 11,615,019 9,640,985 (169,200)
---------- --------- ---------- --------- --------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 14,241,976 8,002,094 12,536,122 13,330,539 (232,249)
---------- --------- ---------- ---------- --------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 14,510,206 $ 8,349,514 $ 12,635,244 $ 13,478,973 $ 1,235,725
------------- ------------ ------------- ------------- ------------
</TABLE>
<TABLE>
<CAPTION>
Short- U.S.
Intermediate Mortgage Government
Fixed-Income Securities Money
Portfolio Portfolio Portfolio
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividends (net of foreign withholding
taxes of $134,052 for
International Equity Portfolio) $ - $ - $ -
Interest 1,210,719 2,550,878 1,722,453
--------- --------- ---------
TOTAL INVESTMENT INCOME 1,210,719 2,550,878 1,722,453
EXPENSES:
Management fees (Note B) 72,274 136,676 79,163
Money Manager fees (Note B) 30,114 87,321 -
Transfer agent and administration fees (Note B) 28,798 33,752 43,635
Sub-Administration and fund accounting (Note B) 14,513 24,851 10,491
Legal fees 9,955 10,578 9,955
Audit fees 6,447 6,444 5,709
Custodian fees 1,012 20,942 1,876
Amortization of deferred organizational expenses 4,510 5,206 2,470
Registration fees 3,654 5,512 9,620
Other 3,181 763 3,068
----- --- -----
TOTAL EXPENSES 174,458 332,045 165,987
------- ------- -------
NET INVESTMENT INCOME 1,036,261 2,218,833 1,556,466
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments 4,453 440,959 (5,036)
Foreign exchange - - -
Change in unrealized appreciation
(depreciation) of Investments (9,100) 221,986 -
--------- --------- ---------
and foreign currency
NET REALIZED AND UNREALIZED (GAIN) LOSS ON INVESTMENTS (4,647) 662,945 (5,036)
------ ------- ------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 1,031,614 $ 2,881,778 $ 1,551,430
============ ============ ============
- -----------------------------------------------------------------------------
See notes to financial statements
</TABLE>
-39-
<PAGE>
ACCESSOR FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
- -----------------------------------------------
<TABLE>
<CAPTION>
Growth Portfolio Value and Income Portfolio
--------------------------- ------------------------------
Period ended Year ended Period ended Year ended
30-Jun-97 31-Dec-96 30-Jun-97 31-Dec-96
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations:
Net investment income $ 268,230 $ 573,187 $ 347,420 $ 444,444
Net realized gain on investments 3,369,119 5,420,155 3,109,070 3,016,614
Change in unrealized appreciation of investments 10,872,857 5,099,753 4,893,024 3,381,302
---------- --------- --------- ---------
Net increase in net assets resulting from operations 14,510,206 11,093,095 8,349,514 6,842,360
Distributions from:
Net investment income (267,760) (574,634) (346,713) (444,511)
Net realized gain on investments - (5,346,233) - (3,236,898)
---------- ---------- --------- ----------
Total distributions (267,760) (5,920,867) (346,713) (3,681,409)
Capital share transactions:
Proceeds from subscriptions 20,515,198 23,578,680 24,579,740 14,623,144
Reinvestment of distributions 133,965 5,043,940 168,983 2,836,151
Cost of redemptions (11,131,464) (21,740,654) (4,193,060) (9,168,157)
----------- ----------- ---------- ----------
Net increase resulting from capital share transactions 9,517,699 6,881,966 20,555,663 8,291,138
Total increase in net assets 23,760,145 12,054,194 28,558,464 11,452,089
Net assets:
Beginning of period 60,585,774 48,531,580 36,366,974 24,914,885
---------- ---------- ---------- ----------
End of period $ 84,345,919 $ 60,585,774 $ 64,925,438 $ 36,366,974
============ ============ ============ ============
</TABLE>
- -----------------------------------------------------------------------------
See notes to financial statements
-40-
<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
30-Jun-97 31-Dec-96 30-Jun-97 31-Dec-96
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations:
Net investment income (loss) $ 99,122 $ 212,770 $ 148,434 $ (142,265)
Net realized gain (loss) on:
Investments 921,103 10,180,396 4,671,486 2,243,683
Foreign exchange - - (981,932) (122,396)
Change in unrealized appreciation of:
Investments 11,615,019 2,643,375 9,640,060 4,841,101
Forward foreign currency contracts - - 925 -
---------- --------- --------- ---------
Net increase in net assets resulting from operations 12,635,244 13,036,541 13,478,973 6,820,123
Distributions from:
Net investment income (99,071) (218,589) - -
Net realized gain on investments - (9,374,655) - (2,243,683)
Excess of net realized gain on investments - - - (107,899)
--------- --------- --------- --------
Total distributions (99,071) (9,593,244) - (2,351,582)
Capital share transactions:
Proceeds from subscriptions 58,268,587 13,443,968 39,253,815 33,602,525
Reinvestment of distributions 68,034 8,335,548 - 1,952,680
Cost of redemptions (9,848,299) (9,546,683) (5,975,777) (6,106,841)
---------- ---------- ---------- ----------
Net increase resulting from capital share transactions 48,488,322 12,232,833 33,278,038 29,448,364
Total increase in net assets 61,024,495 15,676,130 46,757,011 33,916,905
Net assets:
Beginning of period 65,478,836 49,802,706 73,019,380 39,102,475
---------- ---------- ---------- ----------
End of period $ 126,503,331 $ 65,478,836 $ 119,776,391 $ 73,019,380
============= ============= ============= =============
</TABLE>
- -----------------------------------------------------------------------------
See notes to financial statements
-41-
<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
30-Jun-97 31-Dec-96 30-Jun-97 31-Dec-96
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations:
Net investment income $ 1,467,974 $ 2,717,453 $ 1,036,261 $ 1,725,396
Net realized gain (loss) on investments (63,049) (25,218) 4,453 (22,539)
Change in unrealized appreciation (depreciation)
of investments: (169,200) (1,128,675) (9,100) (432,765)
-------- ---------- ------ --------
Net increase in net assets resulting from operations 1,235,725 1,563,560 1,031,614 1,270,092
Distributions from:
Net investment income (1,468,028) (2,717,303) (1,036,144) (1,724,831)
---------- ---------- ---------- ----------
Total distributions (1,468,028) (2,717,303) (1,036,144) (1,724,831)
Capital share transactions:
Proceeds from subscriptions 6,049,871 25,071,653 14,172,714 4,487,350
Reinvestment of distributions 466,681 753,737 114,801 202,949
Cost of redemptions (17,752,190) (9,302,173) (12,664,394) (2,807,002)
----------- ---------- ----------- ----------
Net increase (decrease) resulting from
capital share transactions (11,235,638) 16,523,217 1,623,121 1,883,297
Total increase (decrease) in net assets (11,467,941) 15,369,474 1,618,591 1,428,558
Net assets:
Beginning of period 52,247,735 36,878,261 36,700,519 35,271,961
---------- ---------- ---------- ----------
End of period $ 40,779,794 $ 52,247,735 $ 38,319,110 $ 36,700,519
============ ============ ============ ============
</TABLE>
- -----------------------------------------------------------------------------
See notes to financial statements
-42-
<PAGE>
ACCESSOR FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
- -----------------------------------------------
<TABLE>
<CAPTION>
U.S. Government
Mortgage Securities Portfolio Money Portfolio
----------------------------- ---------------
Period ended Year ended Period ended Year ended
30-Jun-97 31-Dec-96 30-Jun-97 31-Dec-96
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations:
Net investment income $ 2,218,833 $ 3,819,516 $ 1,556,466 $ 2,316,168
Net realized gain (loss) on investments 440,959 (257,919) (5,036) 1,002
Change in unrealized appreciation (depreciation) of investments 221,986 (470,734) - -
------- -------- ------- --------
Net increase in net assets resulting from operations 2,881,778 3,090,863 1,551,430 2,317,170
Distributions from:
Net investment income (2,214,726) (3,819,554) (1,556,616) (2,316,222)
Net realized gain on investments - - - (1,002)
------- -------- ------- --------
Total distributions (2,214,726) (3,819,554) (1,556,616) (2,317,224)
Capital share transactions:
Proceeds from subscriptions 30,778,794 29,029,245 63,789,973 89,392,625
Reinvestment of distributions 603,900 1,196,311 68,884 93,536
Cost of redemptions (5,994,849) (5,464,973) (76,560,206) (69,696,535)
---------- ---------- ----------- -----------
Net increase (decrease) resulting from capital share transactions 25,387,845 24,760,583 (12,701,349) 19,789,626
Total increase (decrease) in net assets 26,054,897 24,031,892 (12,706,535) 19,789,572
Net assets:
Beginning of period 73,862,388 49,830,496 61,671,930 41,882,358
---------- ---------- ---------- ----------
End of period $ 99,917,285 $ 73,862,388 $ 48,965,395 $ 61,671,930
============ ============ ============ ============
</TABLE>
- -----------------------------------------------------------------------------
See notes to financial statements
-43-
<PAGE>
ACCESSOR FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited)
FOR THE SIX MONTHS ENDED JUNE 30, 1997
- --------------------------------------
A. ORGANIZATION AND ACCOUNTING POLICIES
Accessor Funds, Inc. (the "Fund") is registered under the Investment
Company Act of 1940, as amended, as an open-end management investment
company consisting of eight active diversified investment portfolios:
Growth Portfolio, Value and Income Portfolio, Small to Mid Cap Portfolio
(the "Equity Portfolios"), International Equity Portfolio (the
"International Portfolio"), Intermediate Fixed-Income Portfolio,
Short-Intermediate Fixed-Income Portfolio, Mortgage Securities Portfolio
(the "Bond Portfolios"), and U.S. Government Money Portfolio (the "Money
Portfolio") (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 Money Portfolio and short-term investments
maturing in 60 days or less are valued at amortized cost, which
approximates market value.
2. Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results
could differ from those estimates.
3. Foreign Currency Transactions
The books and records of the Portfolios are maintained in U.S.
dollars. Foreign currency amounts are translated into U.S. dollars
on the following basis: market value of investment securities,
assets and liabilities at the current rate of exchange; and purchase
and sales of investment securities, income and expenses at the
relevant rates of exchange prevailing on the respective dates of
such transactions.
The Portfolios report certain foreign currency related security
transactions as components of realized gains for financial reporting
purposes, whereas such components are treated as ordinary income for
Federal income tax purposes. The Portfolios do not isolate that
portion of gains and losses on investments in equity securities
which are due to changes in the foreign exchange rate from that
which is due to changes in market prices of equity securities.
Foreign security and currency transactions may involve certain
considerations and risks not typically associated with those of U.S.
dollar denominated transactions as a result of, among other factors,
the level of governmental supervision and regulation of foreign
securities markets and the possibility of political or economic
instability.
-44-
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
- -----------------------------------------------------
4. Derivative Financial Instruments
Off-Balance Sheet Risk
The Portfolios may trade financial instruments with off-balance
sheet risk in the normal course of investing activities and to
assist in managing exposure to market risks such as interest rates
and foreign currency exchange rates. These financial instruments
include forward foreign currency exchange contracts and futures
contracts.
The notional or contractual amounts of these instruments represent
the investment the Portfolios have in particular classes of
financial instruments and do not necessarily represent the amounts
potentially subject to risk. The measurement of the risks associated
with these instruments is meaningful only when all related and
offsetting transactions are considered.
Derivative Financial Instruments Held or Issued for Purposes Other
Than Trading
Futures Contracts - The Portfolios (other than the Money Portfolio)
are permitted to enter into financial futures contracts, stock index
futures contracts and related options ("future 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 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
will generally enter into forward foreign currency exchange
contracts as a way of managing foreign exchange rate risk. It 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 International 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 as an
unrealized gain or loss. When the contract is closed, a realized
gain or loss is recorded 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 International
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 International Portfolio could be exposed to risks if
the counterparties to the contracts are unable to meet the terms of
their contracts.
5. 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.
6. 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.
-45-
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
- -----------------------------------------------------
7. Distributions
Distributions from net investment income are declared daily and paid
monthly for the Money Portfolio; declared and paid monthly for the
Bond Portfolios; declared and paid quarterly for the Equity
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.
8. 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.
9. 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.
10. 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:
-46-
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
- -----------------------------------------------------
Management Fees as a
Percentage of Average
Portfolio Daily Net Assets
----------- ----------------------
Growth .45%
Value and Income .45
Small to Mid Cap .60
International Equity .55
Intermediate Fixed-Income .36
Short-Intermediate Fixed-Income .36
Mortgage Securities .36
U.S. Government Money .25
2. Money Managers
Each Portfolio's assets (other than the Money Portfolio) are
invested by an investment management organization (individually, a
"Money Manager"; collectively, the "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 benchmark
indices, which may be changed only with the approval of the Fund's
Board of Directors:
Portfolio Index
--------- -----
Growth S&P/BARRA Growth Index
Value and Income S&P/BARRA Value Index
Small to Mid Cap Wilshire 4500 Index
International Equity Morgan Stanley Capital
International
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
-47-
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
- -----------------------------------------------------
For the six months ended June 30, 1997, the following Basic Fees,
Portfolio Management Fees and Performance Fees were calculated based on
the average daily net assets of the Portfolios:
<TABLE>
<CAPTION>
Basic Portfolio Performance Total
Money Money Money Money
Management Management Management Management
Portfolio Quarter Fee Fee Fee Fee
--------- ------- --- --- --- ---
<S> <C> <C> <C> <C> <C>
Growth 1st Quarter .10% - .15% .25%
2nd Quarter .10 - .05 .15
Value and Income 1st Quarter .10 - .15 .25
2nd Quarter .10 - .20 .30
Small to Mid Cap 1st Quarter .10 - .22 .32
2nd Quarter .10 - .22 .32
International Equity 1st Quarter .20 - .30 .50
2nd Quarter .20 - .30 .50
Intermediate Fixed-Income 1st Quarter .07 - .08 .15
2nd Quarter .07 - .08 .15
Short-Intermediate 1st Quarter .07 - .08 .15
Fixed-Income 2nd Quarter .07 - .08 .15
Mortgage Securities 1st Quarter .07 - .16 .23
2nd Quarter .07 - .16 .23
</TABLE>
Bennington directly manages the assets of the 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 six months ended June 30, 1997.
4. Transfer Agent and Administration
The Fund has a Transfer Agency and Administrative Agreement with
Bennington. Pursuant to this agreement, Bennington acts as transfer agent
and administrator to the Fund, performing all transfer agent and certain
compliance services. The fees are computed as the greater of an annual fee
expressed as a percentage of the average daily net assets, per portfolio,
or a minimum dollar amount per portfolio.
-48-
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
- -----------------------------------------------------
C. DIRECTOR'S FEES
Outside directors of the Fund are paid $2,000 per meeting, plus
out-of-pocket costs associated with attending Board Meetings.
D. SHARES OF STOCK
The Fund, incorporated in Maryland on June 10, 1991, is authorized to
issue 15,000,000,000 shares of Common Stock, $.001 par value. Transactions
in shares of the Portfolios were as follows:
<TABLE>
<CAPTION>
Growth Portfolio Value and Income Portfolio
--------------------------------- ----------------------------------
Period ended Year ended Period ended Year ended
30-Jun-97 31-Dec-96 30-Jun-97 31-Dec-96
<S> <C> <C> <C> <C>
Shares outstanding - Beginning
of period 3,105,644 2,698,148 2,048,702 1,566,206
Shares subscribed 940,230 1,273,203 1,305,405 855,546
Shares issued on reinvestment
of distributions 6,175 255,799 8,640 159,904
Shares redeemed (517,246) (1,121,506) (219,413) (532,954)
------------- ----------- ----------- -----------
Shares outstanding - End of
period 3,534,803 3,105,644 3,143,334 2,048,702
============= =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
Small to Mid Cap Portfolio International Equity Portfolio
------------------------------------------ ---------------------------------
Period ended Year ended Period ended Year ended
30-Jun-97 31-Dec-96 30-Jun-97 31-Dec-96
<S> <C> <C> <C> <C>
Shares outstanding - Beginning
of period 3,479,886 2,829,475 5,281,501 3,114,599
Shares subscribed 2,964,351 707,092 2,736,397 2,472,796
Shares issued on reinvestment
of distributions 3,608 444,401 - 142,116
Shares redeemed (490,494) (501,082) (418,192) (448,010)
------------- ---------- ---------- ----------
Shares outstanding - End of
period 5,957,351 3,479,886 7,599,706 5,281,501
============= ========== ========== ==========
</TABLE>
<TABLE>
-49-
<PAGE>
<CAPTION>
Intermediate Short-Intermediate
Fixed-Income Portfolio Fixed-Income Portfolio
---------------------------------- --------------------------------------
Period ended Year ended Period ended Year ended
30-Jun-97 31-Dec-96 30-Jun-97 31-Dec-96
<S> <C> <C> <C> <C>
Shares outstanding - Beginning
of period 4,388,744 2,999,800 3,017,500 2,862,134
Shares subscribed 511,550 2,106,308 1,168,789 368,860
Shares issued on reinvestment
of distributions 39,654 63,707 9,479 16,714
Shares redeemed (1,492,419) (781,071) (1,038,474) (230,208)
-------------- ------------ ------------- ------------
Shares outstanding - End of
period 3,447,529 4,388,744 3,157,294 3,017,500
============== ============ ============= ===========
</TABLE>
<TABLE>
<CAPTION>
Mortgage U.S. Government
Securities Portfolio Money Portfolio
------------------------------ ----------------------------------
Period ended Year ended Period ended Year ended
30-Jun-97 31-Dec-96 30-Jun-97 31-Dec-96
<S> <C> <C> <C> <C>
Shares outstanding - Beginning
of period 6,037,920 4,024,225 61,671,797 41,882,171
Shares subscribed 2,486,969 2,364,663 63,789,973 89,392,625
Shares issued on reinvestment
of distributions 49,413 98,724 68,884 93,536
Shares redeemed (488,843) (449,692) (76,560,206) (69,696,535)
----------- ---------- ------------ --------------
Shares outstanding - End of
period 8,085,459 6,037,920 48,970,448 61,671,797
=========== ========== ============ ==============
</TABLE>
E. SECURITIES TRANSACTIONS
During the six months ended June 30, 1997, purchases and sales of
investments, other than short-term investments and government securities
aggregated, were as follows:
Portfolio Purchases Sales
- --------- --------- -----
Growth $ 26,261,537 $ 14,607,049
Value and Income 28,113,030 8,402,826
Small to Mid Cap 93,878,185 44,810,292
International Equity 126,428,047 93,733,149
Intermediate Fixed-Income 10,562,273 8,452,611
Short-Intermediate Fixed-Income 1,908,940 -
Mortgage Securities 49,273,500 33,336,643
-50-
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Continued)
- -----------------------------------------
During the six months ended June 30, 1997, purchases and sales of
long-term U.S. Government Securities, were as follows:
Purchases Sales
--------- -----
Intermediate Fixed-Income $ 10,367,689 $ 15,705,858
Short-Intermediate Fixed-Income 13,982,580 11,411,308
Mortgage Securities 37,879,543 38,578,815
The identified cost for federal income tax purposes of investments owned
by each Portfolio and their respective gross unrealized
appreciation/(depreciation) at June 30, 1997 were as follows:
<TABLE>
<CAPTION>
Net
Identified Gross Unrealized Appreciation/
Cost Appreciation (Depreciation) Depreciation)
---------- ------------ -------------- -------------
<S> <C> <C> <C> <C>
Growth $ 64,076,595 $ 22,236,332 $ (328,927) $ 21,907,405
Value and Income 52,742,980 12,276,221 (623,487) 11,652,734
Small to Mid Cap 104,456,669 22,304,077 (1,397,883) 20,906,194
International Equity 96,603,379 19,112,372 (1,033,855) 18,078,517
Intermediate Fixed-Income 39,716,802 510,725 (82,810) 427,914
Short-Intermediate Fixed-
Income 37,913,082 154,448 (186,465) (32,017)
Mortgage Securities 132,041,875 1,168,314 (1,449,674) (281,360)
U.S. Government Money 49,187,120 - - -
</TABLE>
F. CAPITAL LOSS CARRYOVERS
At June 30, 1997, for Federal income tax purposes, the following
Portfolios had capital loss carryovers which may be applied against future
net taxable realizable gains of each succeeding year until the earlier of
its utilization or expiration.
Expires in:
2001
Intermediate Fixed-Income $ (1,446,011)
Short-Intermediate Fixed-Income (54,663)
Mortgage Securities (440,877)
-51-
<PAGE>
ACCESSOR FUNDS, INC.
FINANCIAL HIGHLIGHTS (Unaudited)
(For a share outstanding throughout the period)
- -----------------------------------------------
<TABLE>
<CAPTION>
Growth Portfolio
1997(1) 1996 1995 1994 1993 1992(2)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning of period $ 19.51 $ 17.99 $ 14.37 $ 14.16 $ 13.06 $ 12.00
---------- ----------- ---------- --------- ---------- ----------
Net investment income 0.18 0.19 0.15 0.13 0.14 0.06
Net realized and unrealized
gain on investments 4.25 3.35 4.76 0.42 1.69 1.14
---------- ----------- ---------- --------- ---------- ----------
Total from investment operations 4.43 3.54 4.91 0.55 1.83 1.20
---------- ----------- ---------- --------- ---------- ----------
Distributions from net investment income (0.08) (0.19) (0.15) (0.13) (0.14) (0.06)
Distributions from capital gains - (1.83) (1.14) (0.21) (0.59) (0.08)
---------- ----------- ---------- --------- ---------- ----------
Total distributions (0.08) (2.02) (1.29) (0.34) (0.73) (0.14)
---------- ----------- ---------- --------- ---------- ----------
Net Asset Value, end of period $ 23.86 $ 19.51 $ 17.99 $ 14.37 $ 14.16 $ 13.06
========== =========== ========== ========= ========== ==========
Total return (3) 22.74% 19.83% 34.32% 3.99% 14.21% 10.01%
========== =========== ========== ========= ========== ==========
Net assets, end of period (in thousands) $ 84,346 $ 60,586 $ 48,532 $ 23,534 $ 8,986 $ 4,253
========== =========== ========== ========= ========== ==========
Ratios of expenses to average net assets:
After Bennington fee waivers 0.92%* 1.13% 1.26% 1.76% 1.21% 1.18%*
========== =========== ========== ========= ========== ==========
Before Bennington fee waivers 0.92%* 1.13% 1.26% 1.83% 2.64% 3.91%*
========== =========== ========== ========= ========== ==========
Ratio of net investment income to
average net assets:
After Bennington fee waivers 0.76%* 0.97% 0.97% 1.02% 1.16% 1.26%*
========== =========== =========== ========= ========== =========
Before Bennington fee waivers 0.76%* 0.97% 0.97% 0.95% (0.27)% (1.47)%*
========== =========== =========== ========= ========== =========
Portfolio turnover rate 26.23% 81.79% 99.73% 57.71% 60.92% 19.88%
========== =========== =========== ========= ========== =========
Average commission rate paid(4) $ 0.03 $ 0.02
========== ===========
<FN>
(1) For the six months ended June 30, 1997.
(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 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.
(4) Represents the dollar amount of commissions paid on Portfolio transactions
divided by the total number of shares purchased and sold for which
commissions were charged.
* Annualized.
</FN>
</TABLE>
See notes to financial statements
-52-
<PAGE>
ACCESSOR FUNDS, INC.
FINANCIAL HIGHLIGHTS (Unaudited)
(For a share outstanding throughout the period)
- -----------------------------------------------
<TABLE>
<CAPTION>
Value and Income Portfolio
-----------------------------------------------------------------------------
1997(1) 1996 1995 1994 1993 1992(2)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning of period $ 17.75 $ 15.91 $ 13.01 $ 13.58 $ 12.58 $ 12.00
----------- ----------- ----------- ----------- ---------- ----------
Net investment income 0.11 0.24 0.33 0.25 0.25 0.12
Net realized and unrealized
gain (loss) on investments 2.85 3.51 3.96 (0.51) 1.59 0.59
----------- ----------- ----------- ----------- ---------- ----------
Total from investment operations 2.96 3.75 4.29 (0.26) 1.84 0.71
----------- ----------- ----------- ----------- ---------- ----------
Distributions from net investment income (0.06) (0.24) (0.33) (0.25) (0.25) (0.12)
Distributions from capital gains - (1.67) (1.06) (0.05) (0.59) (0.01)
Distributions in excess of capital gains - - - (0.01) - -
----------- ----------- ----------- ----------- ---------- ----------
Total distributions (0.06) (1.91) (1.39) (0.31) (0.84) (0.13)
----------- ----------- ----------- ----------- ---------- ----------
Net Asset Value, end of period $ 20.65 $ 17.75 $ 15.91 $ 13.01 $ 13.58 $ 12.58
=========== =========== =========== =========== ========== ==========
Total return (3) 17.10% 23.94% 33.25% (1.93)% 14.69% 5.92%
=========== =========== =========== =========== ========== ==========
Net assets, end of period (in thousands) $ 64,925 $ 36,367 $ 24,915 $ 19,999 $ 11,225 $ 3,859
=========== =========== =========== =========== ========== ==========
Ratios of expenses to average net assets:
After Bennington fee waivers 1.04%* 1.21% 1.40% 1.77% 1.21% 1.18%*
=========== =========== =========== =========== ========== ==========
Before Bennington fee waivers 1.04%* 1.21% 1.40% 1.85% 2.61% 4.60%*
=========== =========== =========== =========== ========== ==========
Ratio of net investment income
to average net assets:
After Bennington fee waivers 1.44%* 1.43% 2.18% 2.00% 2.02% 2.86%*
=========== =========== =========== =========== ========== ==========
Before Bennington fee waivers 1.44%* 1.43% 2.18% 1.92% 0.62% (0.56)%*
=========== =========== =========== =========== ========== ==========
Portfolio turnover rate 23.31% 93.54% 100.88% 54.26% 64.56% 7.94%
=========== =========== =========== =========== ========== ==========
Average commission rate paid(4) $ 0.04 $ 0.05
=========== ===========
<FN>
(1) For the six months ended June 30, 1997.
(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 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.
(4) Represents the dollar amount of commissions paid on Portfolio transactions
divided by the total number of shares purchased and sold for which
commissions were charged.
* Annualized.
</FN>
</TABLE>
- -----------------------------------------------------------------------------
See notes to financial statements
-53-
<PAGE>
ACCESSOR FUNDS, INC.
FINANCIAL HIGHLIGHTS (Unaudited)
(For a share outstanding throughout the period)
- -----------------------------------------------
<TABLE>
<CAPTION>
Small to Mid Cap Portfolio
--------------------------------------------------------------------------
1997(1) 1996 1995 1994 1993 1992(2)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning of period $ 18.82 $ 17.60 $ 14.08 $ 14.79 $ 13.56 $ 12.00
----------- ---------- ---------- ---------- ---------- ----------
Net investment income (loss) 0.02 0.07 0.06 (0.01) 0.04 0.03
Net realized and unrealized gain
(loss) on investments 2.41 4.22 4.42 (0.59) 1.91 1.56
----------- ---------- ---------- ---------- ---------- ----------
Total from investment operations 2.43 4.29 4.48 (0.60) 1.95 1.59
----------- ---------- ---------- ---------- ---------- ----------
Distributions from net investment income (0.02) (0.07) (0.06) - (0.04) (0.03)
Distributions from capital gains - (3.00) (0.90) (0.10) (0.68) -
Return of capital distributions - - - (0.01) - -
----------- ---------- ---------- ---------- ---------- ----------
Total distributions (0.02) (3.07) (0.96) (0.11) (0.72) (0.03)
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, end of period $ 21.23 $ 18.82 $ 17.60 $ 14.08 $ 14.79 $ 13.56
=========== ========== ========== ========== ========== ==========
Total return (3) 12.92% 24.85% 31.98% (4.07)% 14.39% 13.28%
=========== ========== ========== ========== ========== ==========
Net assets, end of period (in thousands) $ 126,503 $ 65,479 $ 49,803 $ 24,148 $ 9,791 $ 4,520
=========== ========== ========== ========== ========== ==========
Ratios of expenses to average net assets:
After Bennington fee waivers 1.08%* 1.17% 1.31% 1.98% 1.55% 1.51%*
=========== ========== ========== ========== ========== ==========
Before Bennington fee waivers 1.08%* 1.17% 1.31% 2.38% 3.33% 5.36%*
=========== ========== ========== ========== ========== ==========
Ratio of net investment income to
average net assets:
After Bennington fee waivers 0.20%* 0.37% 0.41% (0.18)% 0.30% 0.74%*
=========== ========== ========== ========== ========== ==========
Before Bennington fee waivers 0.20%* 0.37% 0.41% (0.58)% (1.48)% (3.11)%*
=========== ========== ========== ========== ========== ==========
Portfolio turnover rate 47.23% 113.44% 84.26% 30.14% 59.20% 12.57%
=========== ========== ========== ========== ========== ==========
Average commission rate paid(4) $ 0.02 $ 0.03
=========== ==========
<FN>
(1) For the six months ended June 30, 1997.
(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 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.
(4) Represents the dollar amount of commissions paid on Portfolio transactions
divided by the total number of shares purchased and sold for which
commissions were charged.
* Annualized.
</FN>
</TABLE>
- -----------------------------------------------------------------------------
See notes to financial statements
-54-
<PAGE>
ACCESSOR FUNDS, INC.
FINANCIAL HIGHLIGHTS (Unaudited)
(For a share outstanding throughout the period)
- -----------------------------------------------
<TABLE>
<CAPTION>
International Equity Portfolio
---------------------------------------------------------
1997(1) 1996 1995 1994(2)
<S> <C> <C> <C> <C>
Net Asset Value, beginning of period $ 13.83 $ 12.55 $ 11.67 $ 12.00
------------- ------------- ----------- -----------
Net investment income (loss) 0.02 (0.06) 0.05 0.01
Net realized and unrealized gain
(loss) on investments 1.91 1.80 0.83 (0.34)
------------- ------------- ----------- -----------
Total from investment operations 1.93 1.74 0.88 (0.33)
------------- ------------- ----------- -----------
Distributions from capital gains - (0.44) - -
Distributions in excess of
capital gains - (0.02) - -
------------- ------------- ----------- -----------
Total distributions 0.00 (0.46) - -
------------- ------------- ----------- -----------
Net Asset Value, end of period $ 15.76 $ 13.83 $ 12.55 $ 11.67
============= ============= =========== ===========
Total return (3) 13.96% 13.78% 7.63% (2.75)%
============= ============= =========== ===========
Net assets, end of period (in thousands) $ 119,776 $ 73,019 $ 39,102 $ 7,566
============= ============= =========== ===========
Ratios of expenses to average net assets:
After Bennington fee waivers 1.52%* 1.52% 1.83% 1.86%*
============= ============= =========== ===========
Before Bennington fee waivers 1.52%* 1.52% 1.93% 4.06%*
============= ============= =========== ===========
Ratio of net investment income to
average net assets:
After Bennington fee waivers 0.36%* (0.26)% 0.10% 0.38%*
============= ============= =========== ===========
Before Bennington fee waivers 0.36%* (0.26)% 0.00% (1.82)%*
============= ============= =========== ===========
Portfolio turnover rate 105.88% 157.66% 84.85% 0.82%
============= ============= =========== ===========
Average commission rate paid(4) $ 0.01 $ 0.01
============= =============
<FN>
(1) For the six months ended June 30, 1997.
(2) Portfolio commenced operations on October 3, 1994.
(3) Total return is calculated assuming a purchase of shares at net asset
value per share on the first day and a sale at net asset value per share
on the last day of each period reported. Distributions are assumed, for
purposes of this calculation, to be reinvested at the net asset value per
share on the respective payment dates of each Portfolio.
(4) Represents the dollar amount of commissions paid on Portfolio transactions
divided by the total number of shares purchased and sold for which
commissions were charged.
* Annualized.
</FN>
</TABLE>
- -----------------------------------------------------------------------------
See notes to financial statements
-55-
<PAGE>
ACCESSOR FUNDS, INC.
FINANCIAL HIGHLIGHTS (Unaudited)
(For a share outstanding throughout the period)
- -----------------------------------------------
<TABLE>
<CAPTION>
Intermediate Fixed-Income Portfolio
---------------------------------------------------------------------------------------
1997(1) 1996 1995 1994 1993 1992(2)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning of period $ 11.90 $ 12.29 $ 11.04 $ 12.34 $ 12.00 $ 12.00
------------- ------------- ----------- ----------- ------------ ------------
Net investment income 0.42 0.67 0.71 0.65 0.56 0.36
Net realized and unrealized
gain (loss) on investments (0.13) (0.39) 1.25 (1.28) 0.57 0.15
------------- ------------- ----------- ----------- ------------ ------------
Total from investment operations 0.29 0.28 1.96 (0.63) 1.13 0.51
------------- ------------- ----------- ----------- ------------ ------------
Distributions from net
investment income (0.36) (0.67) (0.71) (0.65) (0.56) (0.36)
Distributions from capital gains - - - (0.02) (0.23) (0.15)
Total distributions (0.36) (0.67) (0.71) (0.67) (0.79) (0.51)
------------- ------------- ----------- ----------- ------------ ------------
Net Asset Value, end of period $ 11.83 $ 11.90 $ 12.29 $ 11.04 $ 12.34 $ 12.00
============= ============= =========== =========== ============ ============
Total return (3) 2.41% 2.56% 18.26% (5.24)% 9.53% 4.26%
============= ============= =========== =========== ============ ============
Net assets, end of period (in thousands) $ 40,780 $ 52,248 $ 36,878 $ 31,405 $ 26,642 $ 10,901
============= ============= =========== =========== ============ ============
Ratios of expenses to average net assets:
After Bennington fee waivers 0.84%* 0.88% 0.96% 1.24% 1.06% 0.85%*
============= ============= =========== =========== ============ ============
Before Bennington fee waivers 0.84%* 0.88% 0.96% 1.28% 1.35% 1.50%*
============= ============= =========== =========== ============ ============
Ratio of net investment income to
average net assets:
After Bennington fee waivers 5.80%* 5.79% 6.07% 5.65% 4.62% 5.33%*
============= ============= =========== =========== ============ ============
Before Bennington fee waivers 5.80%* 5.79% 6.07% 5.61% 4.33% 4.68%*
============= ============= =========== =========== ============ ============
Portfolio turnover rate 45.49% 94.69% 187.62% 255.11% 265.06% 100.57%
============= ============= =========== =========== ============ ============
<FN>
(1) For the six months ended June 30, 1997.
(2) Portfolio commenced operations on June 16, 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 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
-56-
<PAGE>
ACCESSOR FUNDS, INC.
FINANCIAL HIGHLIGHTS (Unaudited)
(For a share outstanding throughout the period)
- -----------------------------------------------
<TABLE>
<CAPTION>
Short-Intermediate Fixed-Income Portfolio
---------------------------------------------------------------------------------------
1997(1) 1996 1995 1994 1993 1992(2)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning of period $ 12.16 $ 12.32 $ 11.62 $ 12.29 $ 12.16 $ 12.00
------------- ------------- ----------- ----------- ------------ ------------
Net investment income 0.33 0.59 0.60 0.50 0.46 0.33
Net realized and unrealized gain
(loss) on investments (0.04) (0.16) 0.70 (0.67) 0.22 0.16
------------- ------------- ----------- ----------- ------------ ------------
Total from investment operations 0.29 0.43 1.30 (0.17) 0.68 0.49
------------- ------------- ----------- ----------- ------------ ------------
Distributions from net
investment income (0.31) (0.59) (0.60) (0.50) (0.46) (0.33)
Distributions from capital gains - - - - (0.07) -
Distributions in excess
of capital gains - - - - (0.02) -
------------- ------------- ----------- ----------- ------------ ------------
Total distributions (0.31) (0.59) (0.60) (0.50) (0.55) (0.33)
------------- ------------- ----------- ----------- ------------ ------------
Net Asset Value, end of period $ 12.14 $ 12.16 $ 12.32 $ 11.62 $ 12.29 $ 12.16
============= ============= =========== =========== ============ ============
Total return (3) 2.46% 3.63% 11.42% (1.42)% 5.62% 4.12%
============= ============= =========== =========== ============ ============
Net assets, end of period (in thousands) $ 38,319 $ 36,701 $ 35,272 $ 32,233 $ 32,568 $ 13,365
============= ============= =========== =========== ============ ============
Ratios of expenses to average net assets:
After Bennington fee waivers 0.84%* 0.93% 0.94% 1.18% 1.05% 0.83%*
============= ============= =========== =========== ============ ============
Before Bennington fee waivers 0.84%* 0.93% 0.94% 1.22% 1.12% 1.42%*
============= ============= =========== =========== ============ ============
Ratio of net investment income to
average net assets:
After Bennington fee waivers 5.08%* 4.89% 4.99% 4.17% 3.78% 4.40%*
============= ============= =========== =========== ============ ============
Before Bennington fee waivers 5.08%* 4.89% 4.99% 4.13% 3.71% 3.81%*
============= ============= =========== =========== ============ ============
Portfolio turnover rate 41.42% 31.12% 41.93% 36.54% 88.28% 107.26%
============= ============= =========== =========== ============ ============
<FN>
(1) For the six months ended June 30, 1997.
(2) Portfolio commenced operations on May 18, 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 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
-57-
<PAGE>
ACCESSOR FUNDS, INC.
FINANCIAL HIGHLIGHTS (Unaudited)
(For a share outstanding throughout the period)
- -----------------------------------------------
<TABLE>
<CAPTION>
Mortgage Securities Portfolio
---------------------------------------------------------------------------------------
1997(1) 1996 1995 1994 1993 1992(2)
------- ---- ---- ---- ---- -------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning of period $ 12.23 $ 12.38 $ 11.36 $ 12.17 $ 12.02 $ 12.00
------------- ------------- ----------- ----------- ------------ ------------
Net investment income 0.27 0.73 0.76 0.60 0.55 0.34
Net realized and unrealized
gain (loss) on investments 0.21 (0.15) 1.02 (0.80) 0.31 0.13
------------- ------------- ----------- ----------- ------------ ------------
Total from investment operations 0.48 0.58 1.78 (0.20) 0.86 0.47
------------- ------------- ----------- ----------- ------------ ------------
Distributions from net
investment income (0.35) (0.73) (0.76) (0.60) (0.55) (0.34)
Distributions from capital gains - - - (0.01) (0.16) (0.03)
Distributions in excess
of capital gains - - - - - (0.08)
------------- ------------- ----------- ----------- ------------ ------------
Total distributions (0.35) (0.73) (0.76) (0.61) (0.71) (0.45)
------------- ------------- ----------- ----------- ------------ ------------
Net Asset Value, end of period $ 12.36 $ 12.23 $ 12.38 $ 11.36 $ 12.17 $ 12.02
============= ============= =========== =========== ============ ============
Total return (3) 3.84% 4.95% 16.03% (1.65)% 7.26% 3.93%
============= ============= =========== =========== ============ ============
Net assets, end of period (in thousands) $ 99,917 $ 73,862 $ 49,830 $ 32,975 $ 29,731 $ 15,356
============= ============= =========== =========== ============ ============
Ratios of expenses to average net assets:
After Bennington fee waivers 0.84%* 0.95% 1.03% 1.31% 1.03% 0.84%*
============= ============= =========== =========== ============ ============
Before Bennington fee waivers 0.84%* 0.95% 1.03% 1.35% 1.18% 1.40%*
============= ============= =========== =========== ============ ============
Ratio of net investment income to
average net assets:
After Bennington fee waivers 5.72%* 6.08% 6.41% 5.18% 4.55% 4.68%*
============= ============= =========== =========== ============ ============
Before Bennington fee waivers 5.72%* 6.08% 6.41% 5.14% 4.40% 4.12%*
============= ============= =========== =========== ============ ============
Portfolio turnover rate 96.57% 356.23% 422.56% 603.51% 399.19% 114.04%
============= ============= =========== =========== ============ ============
<FN>
(1) For the six months ended June 30, 1997.
(2) Portfolio commenced operations on May 18, 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 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
-58-
<PAGE>
ACCESSOR FUNDS, INC.
FINANCIAL HIGHLIGHTS (Unaudited)
(For a share outstanding throughout the period)
- -----------------------------------------------
<TABLE>
<CAPTION>
U.S. Government Money Portfolio
------------------------------------------------------------------------------------
1997(1) 1996 1995 1994 1993 1992(2)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- ---------- ---------- ----------
Net investment income 0.02 0.05 0.05 0.04 0.03 0.02
----------- ----------- ----------- ---------- ---------- ----------
Distributions from
net investment income (0.02) (0.05) (0.05) (0.04) (0.03) (0.02)
----------- ----------- ----------- ---------- ---------- ----------
Net Asset Value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== ========== ========== ==========
Total return (3) 2.46% 4.78% 5.33% 3.70% 2.81% 2.40%
=========== =========== =========== ========== ========== ==========
Net assets, end of period (in thousands) $ 48,965 $ 61,672 $ 41,882 $ 12,008 $ 26,693 $ 51,145
=========== =========== =========== ========== ========== ==========
Ratios of expenses to average net assets:
After Bennington fee waivers 0.52%* 0.59% 0.53% 0.45% 0.45% 0.32%*
=========== =========== =========== ========== ========== ==========
Before Bennington fee waivers 0.52%* 0.59% 0.78% 1.27% 0.77% 0.39%*
=========== =========== =========== ========== ========== ==========
Ratio of net investment income
to average net assets:
After Bennington fee waivers 4.84%* 4.73% 5.14% 3.51% 2.71% 3.25%*
=========== =========== =========== ========== ========== ==========
Before Bennington fee waivers 4.84%* 4.73% 4.89% 2.69% 2.39% 3.18%*
=========== =========== =========== ========== ========== ==========
<FN>
(1) For the six months ended June 30, 1997.
(2) Portfolio commenced operations on April 9, 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 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
-59-
<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
Joe King, Vice President, Assistant Treasurer and Chief Compliance Officer
Christine J. Stansbery, Secretary
Linda V. Whatley, Vice President and Assistant Secretary
- --------------------------------------------------------------------------------
Investment Advisor and Administrator
Bennington Capital Management L.P.
U. S. Bank Centre, 1420 5th Avenue, Suite 3130
Seattle, Washington 98101
- --------------------------------------------------------------------------------
Custodian
The Fifth Third Bank
Fifth Third Center
38 Fountain Square Plaza
Cincinnati, OH 45263
- --------------------------------------------------------------------------------
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
1700 Courthouse Plaza NE
Dayton, OH 45402
- --------------------------------------------------------------------------------
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.
