ACCESSOR FUNDS INC, 485APOS, 1999-03-01

ACCESSOR FUNDS INC
485APOS, 1999-03-01

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As filed with the Securities and Exchange Commission on March 1, 1999
Registration No. 33-41245
811-6337
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

-------------------------------

Form N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES /X/
ACT OF 1933
Pre-Effective Amendment No. / /
Post-Effective Amendment No. 14 /X/
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT
COMPANY ACT OF 1940 /X/
Amendment No. 19 /X/
(Check appropriate box or boxes)

-------------------------------
ACCESSOR FUNDS, INC.
(Exact Name of Registrant as Specified in Charter)
1420 Fifth Avenue
Suite 3130
Seattle, Washington 98101
(206) 224-7420
(Address, including zip code, and telephone number, including area code,
of Principal Executive Offices)

-------------------------------
J. ANTHONY WHATLEY III
1420 Fifth Avenue
Suite 3130
Seattle, Washington 98101
(Name and Address of Agent for Service)

-------------------------------
Copies of all communications, including all communications sent to the
agent for service, should be sent to:
PHILIP J. FINA, ESQ.
Kirkpatrick & Lockhart
One International Place
13th Floor
Boston, MA 02110

-------------------------------
Approximate date of proposed public offering: As soon as practicable after the
effective date of the registration statement. It is proposed that this filing
will become effective (check appropriate box):

/ / immediately upon filing pursuant to paragraph (b)
/ / on May 1, 1999 pursuant to paragraph (b)
/X/ 60 days after filing pursuant to paragraph (a)(1)
/ / on (date) pursuant to paragraph (a)(1)
/__/ 75 days after filing pursuant to paragraph (a)(2)
/__/ on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

/__/ this post-effective amendment designates a new effective date for
a previously filed post-effective amendment.

Registrant has elected, pursuant to Rule 24f-2 under the Investment Company Act
of 1940, to register an indefinite number of shares by this Registration
Statement. Registrant filed the Rule 24f-2 notice for its fiscal year ended
December 31, 1998 on March __, 1999.
<PAGE>
[FRONT COVER]
ACCESSOR(R) FUNDS, INC.
[LOGO]
Equity Portfolios
Advisor Class Shares

Growth Portfolio
Value and Income Portfolio
Small to Mid Cap Portfolio
International Equity Portfolio

Prospectus May 1, 1999

The Securities and Exchange Commission has not approved or disapproved these
securities or passed upon the adequacy of this Prospectus. Any representation to
the contrary is a criminal offense.

<PAGE>

These Portfolios are:

----------------------------------------
[bullet]series of Accessor Funds, Inc. Diversification is the spreading of risk
(the "Fund") and part of the among a group of investment assets.
Accessor family of mutual Within a portfolio of bonds, it means
funds, currently eight reducing the risk of any individual bond
portfolios, each with two by holding bonds from a variety of
classes of shares, that offer companies. In a broader context,
investors a variety of diversification means investing among a
fixed-income and equity mutual variety of securities to reduce the
funds. importance of any one type or class of
security.
[bullet]intended to work together to
help investors realize the Asset allocation is a logical extension
benefits of asset allocation of the principle of diversification. It
and diversification. is a method of mixing uncorrelated asset
classes in precise combinations to
[bullet]managed and administered by optimize returns and reduce risks.
Accessor Capital Management
L.P. ("Accessor Capital"). Diversification and asset allocation do
not, however, guarantee investment
[bullet]sub-advised by Money Managers results.
("Money Managers") who are ----------------------------------------
selected and supervised by
Accessor Capital (other than
the U.S. Government Money
Portfolio which is advised
directly by Accessor Capital).

<PAGE>

TABLE OF CONTENTS

SUMMARY.......................................................................4
PERFORMANCE...................................................................8
EXPENSES.....................................................................10
PORTFOLIO OBJECTIVES AND STRATEGIES..........................................12
PRINCIPAL RISKS..............................................................14
MANAGEMENT, ORGANIZATION AND CAPITAL STRUCTURE OF THE PORTFOLIOS.............17
SHAREHOLDER INFORMATION......................................................22
FINANCIAL HIGHLIGHTS.........................................................28
APPENDIX A...................................................................29

<PAGE>
SUMMARY

Investment The Growth Portfolio seeks The Value and Income Portfolio
Objective capital growth through investing seeks generation of current
and Principle primarily in equity securities income and capital growth by
Strategies with greater than average growth investing primarily in income
characteristics selected from producing equity securities
the Standard & Poor's 500 selected from the S&P 500.
Composite Stock Price Index
("S&P 500). The Portfolio
invests primarily in stocks of The Portfolio's Money Manager,
companies chosen from the S&P Martingale Asset Management
500 that Geewax, Terker & ("Martingale"), analyses
Company ("Geewax Terker"), the fundamental information about
Portfolio's Money Manager, companies such as their assets,
believes will experience higher earnings and growth to identify
than average growth of earnings undervalued stocks. The Money
or stock price. The Money Manger attempts to equal or
Manager attempts to equal or exceed the total return
exceed the performance of the performance of the S&P 500/BARRA
S&P 500/BARRA Growth Index over Value Index over a cycle of five
a cycle of five years. years.

Geewax Terker uses a disciplined Martingale focuses primarily on
investment approach and stocks issued by:
quantitative analytical
techniques designed to first [bullet] companies with low
select growth stocks with the price to earnings and/or price
largest market capitalization's to book ratios
and well-established records of
growth in profits and earnings [bullet] companies with
and then eliminate those stocks improving growth of earnings
with the greatest risk. and/or growth of dividends

[bullet] companies with higher
than average dividend yield

Principal The principal risks of investing The principal risks of investing
Investment in the Portfolio include: in the Portfolio include:
Risks
Stock Market Volatility. Stock Stock Market Volatility. Stock
markets are volatile and can markets are volatile and can
decline significantly in decline significantly in
response to adverse issuer, response to adverse issuer,
political, regulatory, market or political, regulatory, market or
economic developments. economic developments.

Company Risk. The value of an Company Risk. The value of an
individual security or individual security or
particular type of security can particular type of security can
be more volatile than the market be more volatile than the market
as a whole and can perform as a whole and can perform
differently than the market as a differently than the market as a
whole. Growth stocks are often whole. Value stocks tend to be
more sensitive to economic and issued by larger, more
market swings than other types established companies, and may
of stocks because market prices underperform in periods of
tend to reflect future general market strength.
expectations.
Value stocks contained in the
S&P 500 have generated less
current income in recent years
than they have in earlier
periods.

- --------------------------------------------------------------------------------
An investment in the Portfolios is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.
- --------------------------------------------------------------------------------
<PAGE>
Investment The Small to Mid Cap Portfolio The International Equity
Objective Portfolio
and
Principal The Small to Mid Cap Portfolio The International Equity
Strategies seeks capital growth through Portfolio seeks capital growth
investing primarily in equity by investing primarily in equity
securities of small to medium securities of companies
capitalization issuers. domiciled in countries other
than the United States and
The Portfolio invests at least traded on foreign stock
65% of its total assets in the exchanges.
stocks of small and medium
capitalization companies that The International Equity
are expected to experience Portfolio normally intends to
higher than average growth of maintain investments in at least
earnings or stock price. three different countries
Symphony Asset Management outside the United States.
("Symphony"), the Portfolio's Nicholas-Applegate Capital
Money Manager, uses a Management ("Nicholas-
quantitative approach to analyze Applegate") uses quantitative
earnings forecasts, price and fundamental analysis to
movements and other factors to construct a portfolio that
identify growth stocks with generally parallels the
attractive fundamentals relative countries comprising Morgan
to price. The Money Manager Stanley Capital International
attempts to equal or exceed the (MSCI) EAFE + EMF Index. The
performance of the Wilshire 4500 Portfolio will invest 65 % of
Index over a cycle of five its total assets in the stocks
years. of companies domiciled in Europe
and the Pacific Rim. The Money
Manager will attempt to equal or
exceed the total return of the
MSCI EAFE + EMF Index.

Company Risk. The value of an Company Risk. The value of an
individual security or individual security or
particular type of security can particular type of security can
be more volatile than the market be more volatile than the market
as a whole and can perform as a whole and can perform
differently than the value of differently than the value of
the market as a whole. Small and the market as a whole.
medium capitalization companies
often have greater volatility, Foreign Exposure. Foreign
lower trading volume and less markets, particularly emerging
liquidity than larger markets, can be more volatile
capitalization companies. than the U.S. market due to
increased risks of adverse
issuer, political, regulatory,
market or economic developments
and can perform differently than
the U.S. market.

PERFORMANCE

The following tables illustrate changes in the performance of Advisor Class
Shares of the Portfolios from year to year and compare the performance of
Advisor Class Shares to the performance of a market index over time. As with all
mutual funds, how the Portfolios have performed in the past is not an indication
of how they will perform in the future.

Growth Portfolio
- ----------------

Year by Year Total Returns

Calendar
Year 1992 1993 1994 1995 1996 1997 1998
- ---- ---- ---- ---- ---- ---- ---- ----
10.01 14.21 3.99 34.32 19.83 33.24 46.65

[Bar
Chart]

Best Quarter: 4th Q 1998 -- 27.65%
Worst Quarter: 3rd Q 1998-- -7.07%

Average Annual Total Returns
As of 12/31/98
1 Year 5 Years Life of Fund*
------ ------- ------------

Growth
Portfolio 46.65% 26.74% 24.90%

S&P 500/ BARRA
Growth Index 42.16% 27.94% 23.19%(1)

- ----------
* From 8/24/92
(1) Index measured from September 1, 1992.

Value and Income Portfolio
- --------------------------

Year by Year Total Returns

Calendar
Year 1992 1993 1994 1995 1996 1997 1998
- ---- ---- ---- ---- ---- ---- ---- ----
5.92 14.69 -1.93 33.25 23.94 32.94 12.89

[Bar
Chart]

Best Quarter: 4th Q 1998 -- 18.96%
Worst Quarter: 3rd Q 1998-- 15.24%

Average Annual Total Returns
As of 12/31/98
1 Year 5 Years Life of Fund*
------ ------- ------------

Value and Income
Portfolio 12.89% 19.87% 18.57%

S&P 500/ BARRA
Value Index 14.67% 19.87% 19.42%(1)

- ----------
* From 8/24/92
(1) Index measured from September 1, 1992.
<PAGE>

Small to Mid Cap Portfolio
- --------------------------

Year by Year Total Returns

Calendar
Year 1992 1993 1994 1995 1996 1997 1998
- ---- ---- ---- ---- ---- ---- ---- ----
13.28 14.39 -4.07 31.98 24.85 36.14 15.98

[Bar
Chart]

Best Quarter: 4th Q 1998 -- 24.23%
Worst Quarter: 3rd Q 1998-- -18.56%

Average Annual Total Returns
As of 12/31/98
1 Year 5 Years Life of Fund*
------ ------- ------------

Small to Mid
Cap Portfolio 15.98% 20.07% 20.28%

Wilshire 4500
Index 8.63% 15.76% 17.01%(1)

Small to Mid 8.63% 15.61% 17.87%(1)
Cap Composite(2)

- ----------
* From 8/24/92
(1) Index measured from September 1, 1992.
(2) The Small to Mid Cap Composite is a hypothetical index constructed by
Accessor Capital Management, which links the BARRA Institutional Small
Index and the Wilshire 4500 Index. Prior to October 1995, the BARRA Index
is used. Starting in October 1995, the Wilshire Index is used. The
performance for periods starting prior to October 1995 and running past
September 1995 links returns for each index for the periods referenced in
the previous sentences.

International Equity Portfolio
- ------------------------------

Year by Year Total Returns

Calendar
Year 1994 1995 1996 1997 1998
- ---- ---- ---- ---- ---- ----
-2.75 7.63 13.78 10.96 16.07

[Bar
Chart]

Best Quarter: 4th Q 1998 -- 14.45%
Worst Quarter: 3rd Q 1998-- -13.36%

Average Annual Total Returns
As of 12/31/98
1 Year Life of Fund*
------ ------------

International Equity Portfolio 16.07% 10.60%

MSCI EAFE + EMF Index 15.23% 5.95%(3)

International Composite(4) 15.23% 6.94%(3)

- ----------
* From 10/3/94
(3) Index measured from November 1, 1994.
(4) The International Composite is a hypothetical index constructed by Accessor
Capital Management, which links the MSCI EAFE Index and the MSCI EAFE+EMF
Index. Prior to May 1996, the MSCI EAFE Index is used. Starting in May
1996, the MSCI EAFE+EMF Index is used. The performance for periods starting
prior to May 1996 and running past April 1996 links returns for each index
for the periods referenced in the previous sentence.

<PAGE>

EXPENSES

The following tables describe the fees and expenses that you may pay if you
buy and hold Advisor Class Shares of the Portfolios.

Shareholder Fees (a)
<TABLE>
<CAPTION>
Portfolios(b)
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
Value Small to International
Growth and Income Mid Cap Equity

Maximum Sales Charge imposed on Purchases (as a None None None None
% of offering price)
Maximum Sales Charge imposed on Reinvested None None None None
Dividends
Maximum Deferred Sales Charge None None None None
Check Redemption Fee (c) None None None None
Exchange Fee None None None None
- -------------------------------------------------
</TABLE>

(a) Shares of the Portfolios are expected to be sold primarily through
financial intermediaries, that may charge shareholders a fee. Such fees are
not included in the tables.
(b) An annual maintenance fee of $25.00 may be charged by the Transfer Agent to
each IRA Account with an aggregate balance of less than $10,000 on December
31 of each year.
(c) The Transfer Agent may charge a processing fee of $10.00 for each
redemption check requested by a shareholder.

Fee Table Portfolios
------------------------------------------------------
<S> <C> <C> <C> <C>
Annual Fund Operating Expenses
(expenses deducted from a Portfolio's assets Value Small to International
as a percentage of average daily net assets) Growth and Income Mid Cap Equity

Management Fees 0.77% 0.77% 1.02% 1.15%
Distribution (12b-1) Fees None None None None
Other Expenses 0.27% 0.29% 0.25% 0.44%
Total Annual Portfolio Operating Expenses 1.04% 1.06% 1.27% 1.59%
</TABLE>
<PAGE>
Expense Example: This example shows what an investor in Advisor Class Shares of
a Portfolio could pay over time. This example is intended to help you compare
the cost of investing in the Portfolios with the cost of investing in other
mutual funds.

The Example assumes that you invest $10,000 in Advisor Class Shares of a
Portfolio for the time periods indicated and then redeem all of your shares
by wire at the end of those periods. The Example does not include the
effect of the $10 fee for check redemption requests. The Example also
assumes that your investment has a 5% rate of return each year and that the
Portfolio's operating expenses remain the same. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:

Portfolios
----------------------------------------------------------
Value Small to Mid International
Growth and Income Cap Equity

1 Year $11 $11 $13 $16
3 Years $33 $34 $40 $50
5 Years $57 $58 $70 $87
10 Years $127 $129 $153 $189

<PAGE>
PORTFOLIO OBJECTIVES AND STRATEGIES

Growth Portfolio

Investment Objective: The Growth Portfolio seeks capital growth through
investing primarily in equity securities with greater than average growth
characteristics selected from the S&P 500.

Investment Strategies:

The Portfolio seeks to achieve its objective by investing principally in
common and preferred stocks, securities convertible into common stocks, and
rights and warrants of such issuers. The Money Manager will attempt to equal or
exceed the total return performance of the S&P 500/BARRA Growth Index over a
market cycle of five years by investing primarily in stocks of companies that
are expected to experience higher than average growth of earnings or growth of
stock price. The Portfolio may engage in various portfolio strategies to reduce
certain risks of its investments and may thereby enhance income, but not for
speculation.

================================================================================
Help Box: The S&P 500/BARRA Growth Index is an unmanaged index of growth stocks
in the S&P 500. The S&P 500 is an unmanaged index of 500 common stocks chosen to
reflect the industries in the U.S. economy. Large capitalization growth stocks
are the stocks within the S&P 500 that generally have high expected earnings
growth and higher than average price-to-book ratios.
================================================================================

Value and Income Portfolio

Investment Objective: The Value and Income Portfolio seeks generation of
current income and capital growth by investing primarily in income-producing
equity securities selected from the S&P 500.

Investment Strategies:

The Portfolio seeks to achieve its objective by investing principally in
common and preferred stocks, convertible securities, and rights and warranties
of companies whose stocks have higher than average dividend yield relative to
other stocks of issuers in the same industry, or whose stocks have lower price
multiples (either price/earnings or price/book value) than others in their
industries, or which, in the opinion of the Money Manager, have improving
fundamentals (such as growth of earnings and dividends). The Money Manager will
attempt to equal or exceed the total return performance of the S&P 500/BARRA
Value Index over a market cycle of five years. The Portfolio may engage in
various portfolio strategies to reduce certain risks of its investments and to
enhance income, but not for speculation.

================================================================================
Help Box: The S&P 500/BARRA Value Index is an unmanaged index of value stocks in
the S&P 500. Large capitalization value stocks are the stocks within the 500
that generally are priced below the market average based on earnings and lower
than average price-to-book ratios.
================================================================================

Small to Mid Cap Portfolio

Investment Objective: The Small to Mid Cap Portfolio seeks capital growth
through investing primarily in equity securities of small to medium
capitalization issuers.

Investment Strategies:

The Portfolio seeks to achieve its objective by investing at least 65% of
the value of its total assets in stocks of small and medium capitalization
issuers. Small capitalization issuers are issuers which have a capitalization of
$1 billion or less at the time of investment whereas medium capitalization
issuers have a capitalization ranging from $1 billion to $5 billion at the time
of investment. The Portfolio invests principally in common and preferred stocks,
securities convertible into common stocks, and rights and warrants of such
issuers. The Money Manager will attempt to equal or exceed the total return
performance of the Wilshire 4500 Index over a market cycle of five years by
investing primarily in stocks of companies that are expected to experience
higher than average growth of earnings or growth of stock price. Under normal
circumstances, up to 20% of the Portfolio's net assets may be invested in common
stocks of foreign issuers with small [to medium?] market capitalizations. The
Portfolio may engage in various portfolio strategies to reduce certain risks of
its investments and may thereby enhance income, but not for speculation.

================================================================================
Help Box: The Wilshire 4500 Index is an unmanaged index of stocks of medium and
small capitalization companies not in the S&P 500.
================================================================================

International Equity Portfolio

Investment Objective: The International Equity Portfolio seeks capital
growth by investing primarily in equity securities of companies domiciled in
countries other than the United States and traded on foreign stock exchanges.

Investment Strategies:

The Portfolio seeks to achieve its objective by investing at least 65% of
its total assets principally in stocks issued by companies domiciled in Europe
(including Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy,
Luxembourg, the Netherlands, Norway, Spain, Sweden, Switzerland and the United
Kingdom) and the Pacific Rim (including Australia, Hong Kong, Japan, Malaysia,
New Zealand and Singapore). The Portfolio may also invest in securities of
countries generally considered to be emerging or developing countries by the
World Bank, the International Finance Corporation, the United Nations or its
authorities ("Emerging Countries"). The Portfolio intends to maintain
investments in at least three different countries outside the United States. The
Portfolio may invest up to 20% of its net assets in fixed-income securities,
including instruments issued by foreign governments and their agencies, and in
securities of U.S. companies which derive, or are expected to derive, a
significant portion of their revenues from their foreign operations. The Money
Manager will attempt to equal or exceed the net yield (after withholding taxes)
of the Morgan Stanley Capital International ("MSCI") EAFE + EMF Index.

================================================================================
Help Box: The MSCI EAFE & EMF Index is an unmanaged index of 41 developed
(excluding the United States) and emerging market countries, including Japan,
the United Kingdom, Germany and France.
================================================================================

All Portfolios

In response to market, economic, political or other conditions, each
Portfolio's Money Manager may temporarily use a different investment strategy
for defensive purposes. If a Money Manager does so, different factors could
affect a Portfolio's performance and the Portfolio may not achieve its
investment objective. Each Portfolio is actively managed. Frequent trading of
portfolio securities will result in increased expenses for the Portfolios and
may result in increased taxable distributions to shareholders.

Each Portfolio's investment objective stated above is fundamental and may
not be changed without shareholder approval.

PRINCIPAL RISKS

This Prospectus describes the principal risks you would face as an investor
in a Portfolio. Many factors affect each Portfolio's performance. A Portfolio's
share price changes daily based on changes in the financial markets and interest
rates and in response to other economic, political or financial developments. A
Portfolio's reaction to these developments will be affected by the financial
condition, industry and economic sector, and geographic location of an issuer,
and the Portfolio's level of investment in the securities of that issuer. When
you sell your shares of a Portfolio, they could be worth more or less than what
you paid for them.

The following factors may significantly affect a Portfolio's performance.

Stock Market Volatility. The value of stocks fluctuates in response to
issuer, political, market and economic developments. In the short term, stock
prices can fluctuate dramatically in response to these developments.

Sector Risk. Different parts of the market can react differently to these
developments. For example, large cap stocks can react differently than small cap
stocks, and "growth" stocks can react differently than "value" stocks. Issuer,
political or economic developments can affect a single issuer, issuers within an
industry or economic sector or geographic region, or the market as a whole.

Interest Rate Changes. The stock market is dependent on general economic
conditions. Changes in interest rates can affect the performance of the stock
market.

Foreign Exposure. Foreign securities, foreign currencies, and securities
issued by U.S. entities with substantial foreign operations can involve
additional risks relating to political, economic or regulatory conditions in
foreign countries. These risks include fluctuations in foreign currencies;
withholding or other taxes; trading, settlement, custodial and other operational
risks; and the less stringent investor protection and disclosure standards of
some foreign markets.

Investing in emerging markets involves risks in addition to and greater
than those generally associated with investing in more developed foreign
markets. The extent of foreign development; political stability, market depth,
infrastructure and capitalization and regulatory oversight are generally less
than in more developed markets. Emerging market economies can be subject to
greater social, economic regulatory and political uncertainties. All of these
factors can make foreign investments, especially those in emerging markets, more
volatile and potentially less liquid than U.S. investments. In addition, foreign
markets can perform differently than the U.S. market.

Company Risk. Changes in the financial condition of an issuer, changes in
specific economic or political conditions that affect a particular type of
issuer, and changes in general economic or political conditions can affect the
credit quality or value of an issuer's securities. The value of securities of
smaller capitalization issuers can be more volatile than that of larger issuers.

================================================================================
Help Box: Like other mutual funds, the Portfolios could be aversely affected by
problems associated with the conversion of European currencies into the Euro and
the ability of computers to recognize the year 2000.

Accessor steps . . .Accessor Capital, as the manager, administrator and transfer
agent of Accessor Funds, has taken charge of ensuring that both Accessor Funds
and Accessor Capital will be able to effectively operate on January 1, 2000.
Accessor Capital has inventoried all computer systems, both hardware and
software, and has sought certification from all critical third party vendors.
Accessor Capital anticipates that Accessor Funds and Accessor Capital will be
fully operational.
================================================================================
<PAGE>
MANAGEMENT, ORGANIZATION AND CAPITAL STRUCTURE OF THE PORTFOLIOS

Management and Administration. Accessor Capital Management LP, 1420 Fifth
Avenue, #3600, Seattle, Washington 98101, is the manager and administrator of
the Portfolios. Accessor Capital develops the investment programs for the
Portfolios, selects the Money Managers for the Portfolios, and monitors the
performance of the Money Managers. J. Anthony Whatley, III, is the Executive
Director of Accessor Capital. Ravindra A. Deo, Vice President and Chief
Investment Officer of Accessor Capital, is primarily responsible for the
day-to-day management of the Portfolios either directly or through interaction
with each Portfolio's Money Manager. Mr. Deo is also responsible for managing
the liquidity reserves of each Portfolio. The SEC issued an exemptive order that
allows the Fund to change a Portfolio's Money Manager without shareholder
approval, as long as, among other things, the Board of Directors has approved
the change in Money Manager and the Fund has notified the shareholders of the
affected Portfolio within 60 days of the change.

Each Portfolio pays Accessor Capital an annual management fee for providing
management and administration services equal to the following percentage of the
Portfolio's average daily net assets:

Management Fee to Accessor Capital
(as a percentage of
Portfolio average daily net assets)
--------- -------------------------

Growth 0.45%
Value and Income 0.45%
Small to Mid Cap 0.60%
International Equity 0.55%

Each Portfolio has also hired Accessor Capital to provide transfer agent,
registrar, dividend disbursing agent and certain other services to the
Portfolios. For providing these services, Accessor Capital receives (i) a fee
equal to 0.13% of the average daily net assets of each Portfolio, and (ii) a
transaction fee of $.50 per transaction.

Set forth below is information on each Portfolio's Money Manager and a
description of how each Money Manager is compensated for the services it
provides.

Growth Portfolio

Geewax Terker, 99 Starr Street, Phoenixville, PA 19460, is the Money
Manager of the Growth Portfolio. John J. Geewax is primarily responsible for the
day-to-day management and investment decisions for the Growth Portfolio. He has
worked at Geewax Terker since its founding in 1982. Mr. Geewax is assisted by
Christopher P. Ouimet. Mr. Ouimet joined Geewax Terker in 1994. Before joining
Geewax Terker, Mr. Ouimet worked at The Vanguard Group.

Geewax Terker earns a management fee calculated and paid quarterly that
consists of a basic fee and a performance fee. The basic fee is equal to an
annual rate of 0.10 % of the Growth Portfolio's average daily net assets. The
performance fee for any quarter depends on the percentage amount by which the
Growth Portfolio's performance exceeds or trails that of the S&P 500/BARRA
Growth Index during the applicable measurement period based on the following
schedule:
<TABLE>
<CAPTION>

Average Annual Performance Total
Differential vs. Annual Annual
Basic Fee Benchmark Index Performance Fee Fee
--------- --------------- --------------- ---
<S> <C> <C> <C>
0.10% Greater Than or Equal to 2.00% 0.22% 0.32%
Greater Than or Equal to 1.00% and Less Than 2.00% 0.20% 0.30%
Greater Than or Equal to 0.50% and Less Than 1.00% 0.15% 0.25%
Greater Than or Equal to 0.00% and Less Than 0.50% 0.10% 0.20%
Greater Than or Equal to -0.50% and Less Than 0.00% 0.05% 0.15%
Less Than -0.50% 0.00% 0.10%
</TABLE>

During the period from the sixth calendar quarter (3rd quarter 1998)
through the 13th calendar quarter (2nd quarter 2000) of Geewax Terker's
management of the Growth Portfolio, the applicable measurement period will be
the entire period since the commencement of Geewax Terker's management of the
Growth Portfolio with the exception of the quarter immediately preceding the
date of calculation. Commencing with the 14th quarter (3rd quarter 2000) of
Geewax Terker's management of the Growth Portfolio, the applicable measurement
period will consist of the 12 most recent calendar quarters, except for the
quarter immediately preceding the date of calculation.

Under the performance fee formula, Geewax Terker will receive a performance
fee if the Growth Portfolio's performance either exceeds the S&P 500/BARRA
Growth Index or trails the S&P 500/BARRA Growth Index by no more than 0.50%.
Under certain circumstances, Geewax Terker may receive a performance fee even if
the Growth Portfolio's total return is negative.

Value and Income Portfolio

Martingale, 222 Berkeley Street, Boston, MA 02116, is the Money Manager of
the Value and Income Portfolio. William E. Jacques is primarily responsible for
the investment decisions for the Value and Income Portfolio. Douglas E. Stark is
primarily responsible for the day-to-day management of the Value and Income
Portfolio. Mr. Jacques joined Martingale in 1987. Mr. Stark joined Martingale in
1996. Before joining Martingale, Mr. Stark was Senior Vice President and
Portfolio Manager at InterCoast Capital Company from 1994 to 1996. Prior to
that, he was Vice President and managed international stock portfolios at State
Street Global Advisors, an area of State Street Bank and Trust Company, from
1990 until 1994.

Martingale earns a management fee calculated and paid quarterly that
consists of a basic fee and a performance fee. The basic fee is equal to an
annual rate of 0.10 % of the Portfolio's average daily net assets. The
performance fee for any quarter depends on the percentage amount by which the
Value and Income Portfolio's performance exceeds or trails that of the S&P
500/BARRA Value Index during the applicable measurement period based on the
following schedule:

Commencing with the 14th quarter (1st quarter 1996) of Martingale's
management of the Value and Income Portfolio, the applicable measurement period
consists of the 12 most recent calendar quarters, excluding the quarter
immediately preceding the date of calculation.

Under the performance fee formula, Martingale will receive a performance
fee if the Value and Income Portfolio's performance either exceeds the S&P
500/BARRA Value Index or trails the S&P 500/BARRA Value Index by no more than
0.50%. Under certain circumstances, Martingale may receive a performance fee
even if the Value and Income Portfolio's total return is negative.

Small to Mid Cap Portfolio

Symphony, 555 California Street, San Francisco, CA 94104, is the money
manager of the Small to Mid Cap Portfolio. Praveen K. Gottipalli is primarily
responsible for the day-to-day management and investment decisions for the Small
to Mid Cap Portfolio. Mr. Gottipalli has been Director of Investments with
Symphony and its predecessor entities since March 1994. From 1985 to 1994, he
was with BARRA, Inc., where he was Director of the Active Strategies Group.

Symphony earns a management fee calculated and paid quarterly that consists
of a performance fee. The performance fee for any quarter depends on the
percentage amount by which the Small to Mid Cap Portfolio's performance exceeds
or trails that of the Wilshire 4500 Index during the applicable measurement
period based on the following schedule:

Average Annualized
Percentage Differential Annualized
vs. Wilshire 4500 Index Performance Fee
----------------------- ----------------

Greater Than or Equal to 3.00% 0.42%
Greater Than or Equal to 2.00% and Less Than 3.00% 0.35%
Greater Than or Equal to 1.00% and Less Than 2.00% 0.30%
Greater Than or Equal to 0.50% and Less Than 1.00% 0.25%
Greater Than or Equal to 0.00% and Less Than 0.50% 0.20%
Greater Than or Equal to -0.50% and Less Than 0.00% 0.15%
Greater Than or Equal to -1.00% and Less Than -0.50% 0.10%
Greater Than or Equal to -1.50% and Less Than -1.00% 0.05%
Less Than -1.50% 0.00%

Commencing in the 14th quarter (1st quarter 1999) of Symphony's management
of the Small to Mid Cap Portfolio, the applicable measurement period consists of
the 12 most recent calendar quarters, excluding the quarter immediately
preceding the date of calculation.

Under the performance fee formula, Symphony will receive a performance fee
if the Small to Mid Cap Portfolio's performance either exceeds the Wilshire 4500
Index or trails the Wilshire 4500 Index by no more than 1.50%. Under certain
circumstances, Symphony may receive a performance fee even if the Small to Mid
Cap Portfolio's total return is negative.

International Equity Portfolio

Nicholas-Applegate, 600 West Broadway, 29th Floor, San Diego, CA 92101, is
the Money Manager for the International Equity Portfolio. Catherine Somhegyi,
Lawrence S. Speidell and Loretta J. Morris are primarily responsible for making
the day-to-day management and investment decisions for the International Equity
Portfolio. Ms. Somhegyi, Chief Investment Officer, Global Equity Management,
joined Nicholas-Applegate in 1987. Mr. Speidell, Partner and Director of Global
and Systematic Portfolio Management, joined Nicholas-Applegate in 1994. From
1983 to 1994, Mr. Speidell was a portfolio manager for Batterymarch Financial
Management. Ms. Morris, Partner and Senior Portfolio Manager, International,
joined Nicholas-Applegate in 1990.

Nicholas-Applegate earns a management fee calculated and paid quarterly
that consists of a basic fee and a performance fee. The basic fee is equal to an
annual rate of 0.20% of the Portfolio's average daily net assets. The
performance fee for any quarter depends on the percentage amount by which the
International Equity Portfolio's performance exceeds or trails that of the MSCI
EAFE + EMF Index during the applicable measurement period based on the following
schedule:
<TABLE>
<CAPTION>

Average Annual Performance Total
Differential vs. Annual Annual
Basic Fee Benchmark Index Performance Fee Fee
--------- --------------- --------------- ---
<S> <C> <C> <C>
0.20% Greater Than or Equal to 4.00% 0.40% 0.60%
Greater Than or Equal to 2.00% and Less Than 4.00% 0.30% 0.50%
Greater Than or Equal to 0.00% and Less Than 2.00% 0.20% 0.40%
Greater Than or Equal to -2.00% and Less Than 0.00% 0.10% 0.30%
Less Than -2.00% 0.00% 0.20%

</TABLE>

As of the 14th quarter (2nd quarter 1998) of Nicholas-Applegate's
management of the International Equity Portfolio, the applicable measurement
period consists of the 12 most recent calendar quarters, excluding the quarter
immediately preceding the date of calculation.

Under the performance fee formula, Nicholas-Applegate will receive a
performance fee if the International Equity Portfolio's performance either
exceeds the MSCI EAFE & EMF Index or trails the MSCI EAFE & EMF Index by no more
than 2.00%. Under certain circumstances, Nicholas-Applegate may receive a
performance fee even if the International Equity Portfolio's total return is
negative.

Total Management Fees for Fiscal Year 1998. The Portfolios paid the
following aggregate management fees in fiscal year 1998 to Accessor Capital and
each Portfolio's Money Manager:

Growth Portfolio: $793,447
Value and Income Portfolio: $884,970
Small to Mid Cap Portfolio: $1,971,674
International Equity Portfolio: $1,930,550

SHAREHOLDER INFORMATION

This section contains information on how to purchase, exchange and redeem
Advisor Class shares. Information regarding the Portfolios' dividend and
distribution policies, as well as tax consequences of owning the Portfolios'
shares, is also discussed.

Advisor Class shares may be purchased directly from Accessor Funds at no
charge or through financial intermediaries, such as banks, broker-dealers,
registered investment advisers and providers of fund supermarkets. These
financial intermediaries may charge transaction, administrative or other fees to
shareholders and may impose other limitations on buying, selling or transferring
shares that are not described in this Prospectus. Some features of the Advisor
Class shares, such as investment minimums, redemption fees and certain trading
restrictions, may be modified or waived by financial intermediaries.
Shareholders should contact their financial intermediary for information on fees
and restrictions.

Purchasing Advisor Class Shares

Investors purchase Advisor Class shares of the Portfolios at the
Portfolios' net asset value per share (NAV). The NAV is calculated by adding the
value of Portfolio assets attributable to Advisor Class shares, subtracting
Portfolio liabilities attributable to the class, and dividing by the number of
outstanding Advisor Class shares. The NAV is calculated each day that the New
York Stock Exchange (NYSE) is open for business. The Portfolios generally
calculate their NAV at the close of regular trading on the NYSE, generally 4:00
p.m. Eastern time. Shares are purchased at the NAV that is next calculated after
purchase requests are received by the Portfolios.

[graphic] Advisor Class shares may not be purchased on days when the NYSE
is closed for trading: New Year's Day, Martin Luther King, Jr., Day,
Presidents Day, Good Friday, Memorial Day, Independence Day, Labor
Day, Thanksgiving Day and Christmas Day.

Short-term or excessive trading into and out of a Portfolio may harm
performance by disrupting portfolio management strategies and by increasing
expenses. Accordingly, a Portfolio may reject any purchase orders, including
exchanges, particularly from market timers or investors, who in Accessor
Capital's opinion, have a pattern of short-term or excessive trading or whose
trading has been or may be disruptive to that Portfolio. For these purposes,
Accessor Capital may consider an investor's trading history in that Portfolio or
other Portfolios, and accounts under common ownership or control.

Where to Purchase Shares. Investors purchase Advisor Class shares from two
primary sources:

[graphic] directly from the Fund.

[graphic] through financial intermediaries, such as banks, broker-dealers,
registered investment advisers and providers of fund supermarkets.

Purchases from the Fund. Investors purchase Advisor Class shares directly
from the Fund for no sales charge or commission. Accessor Capital must receive
payment for shares by 12:00 p.m. Eastern time on the business day following the
purchase request. All purchases must be made in U.S. dollars. Purchases may be
made any of the following ways:

[graphic] By Check. Checks made payable to "Accessor Funds, Inc." and drawn
on a U.S. bank should be mailed with the completed application or with
the account number noted on the check to

Accessor Funds, Inc.
P. 0. Box 1748
Seattle, WA 98111-9865

[graphic] By Federal Funds Wire. Wire instructions are described on the
account application.

[graphic] By Telephone. Shareholders with aggregate account balances of at
least $1 million may purchase Advisor Class shares by telephone at
1-800-759-3504. To prevent unauthorized transactions, Portfolios may
use reasonable procedures to verify telephone requests.

[graphic] By Purchases In Kind. Under some circumstances, the Portfolios
may accept securities as payment for Advisor Class shares. Such
securities would be valued the same way the Portfolios' securities are
valued. (See Valuation of Portfolio Securities, below.) See
"Additional Puchase and Redemption Information" in the Statement of
Additional Information.

Investment Minimums for Advisor Class Shares Purchased from the Fund.

To Open an Account: $5,000 per Portfolio, or

$10,000 aggregated across all Portfolios of the Fund.

To Add to an Account: $1,000 per Portfolio, or

$2,000 aggregated across all the Portfolios of the Fund.

Investment minimums for IRA/Roth IRA Accounts will differ. (See below.)
Also, the Fund may accept smaller purchase amounts or reject any purchase order
that it believes may disrupt the management of the Portfolios.

For further information on purchasing Advisor Class shares, please contact
Accessor Capital at (800) 759-3504.

IRA/Roth IRA Accounts. Investors may purchase Advisor Class shares through
an Individual or Roth Retirement Custodial Account Plan. IRA/Roth IRA Accounts
with an aggregate balance of less than $10,000 across all Portfolios of the Fund
are assessed a $25.00 fee on December 31 of each year.

Investment Minimums for an IRA/Roth IRA Account.

To Open an Account: $2,000 aggregated across all Portfolios of the Fund.

To Add to an Account: $2,000 aggregated across all Portfolios of the Fund.

Copies of the IRA/Roth IRA Account Plan may be obtained from Accessor
Capital at (800) 759-3504.

Exchanging Advisor Class Shares

Advisor Class shares of one Portfolio may be exchanged for shares of any
other Portfolio so long as shareholders meet the normal investment requirements
of the other Portfolio. Shareholders should read the prospectus of any other
Portfolio into which they are considering exchanging.

Exchanges Through the Fund. The Fund does not currently charge fees on
exchanges directly through the Fund. This exchange privilege may be modified or
terminated at any time by the Fund upon 60 days' notice to shareholders.
Exchanges may be made any of the following ways:

[graphic] By Mail. Share exchange instructions may be mailed to Accessor
Capital at P. 0. Box 1748, Seattle, WA 98111-9865.

[graphic] By Fax. Share exchange instructions may be faxed to Accessor
Capital at (206) 224-4274.

[graphic] By Telephone. Shareholders with aggregate account balances of at
least $1 million may exchange shares between Portfolios by telephone
at 1-800-759-3504. To prevent unauthorized transactions, Portfolios
may use reasonable procedures to verify telephone requests.

[graphic] An exchange of shares into a different Portfolio is a redemption
of shares and will be treated as a sale for tax purposes.

You should contact your Financial Intermediary directly to make exchanges.
Your Financial Intermediary may charge additional fees for these transactions.

Redemption of Portfolio Shares

Investors may request to redeem Advisor Class shares on any day that the
NYSE is open for business. Shares will be redeemed at the next NAV calculated
after Accessor Capital receives the redemption request in proper form. Payment
will ordinarily be made within seven days of the request by wire-transfer to a
shareholder's domestic commercial bank account. Shares may be redeemed from the
Fund any of the following ways:

[graphic] By Mail. Redemption requests may be mailed to Accessor Capital at
P. 0. Box 1748, Seattle, WA 98111-9865.

[graphic] By Fax. Redemption requests may be faxed to Accessor Capital at
(206) 224-4274.

[graphic] By Telephone. Shareholders with aggregate account balances of at
least $1 million may request redemption of shares by telephone at
1-800-759-3504. To prevent unauthorized transactions, Portfolios may
use reasonable procedures to verify telephone requests.

Shareholders may request that payment be made by check to the shareholders
of record at the address of record. Such requests must be in writing.
Shareholders may also request that a redemption be made payable to someone other
than the shareholder of record or be sent to an address other than the address
of record. Such requests must be made in writing, be signed by all shareholders
of record, and accompanied by a signature guarantee. The Transfer Agent may
charge a $10.00 processing fee for each redemption check.

[graphic] Redemption requests for shares that were purchased by check will
be honored at the next NAV calculated after receipt of the redemption
request. However, redemption proceeds will not be transmitted until
the check used for the investment has cleared.

Shares also may be redeemed through financial intermediaries from whom
shares were purchased. Financial intermediaries may charge a fee for this
service.

Large redemptions may disrupt the management and performance of the
Portfolios. Each Portfolio reserves the right to delay delivery of your
redemption proceeds -- up to seven days -- if the Portfolio determines that the
redemption amount will disrupt the Portfolio's operation or performance. If you
redeem more than $250,000 worth of a Portfolio's shares within any 90-day
period, the Portfolio reserves the right the pay part or all of the redemption
proceeds above $250,000 in kind, i.e., in securities, rather than cash. If
payment is made in kind, you may incur brokerage commissions if you elect to
sell the securities.

Systematic Withdrawal Plan. Shareholders may request an automatic, monthly
redemption of shares under the Systematic Withdrawal Plan (minimum monthly
amount is $500). Applications for this plan may be obtained from the Fund and
must be received by the Fund ten calendar days before the first scheduled
withdrawal date. Systematic Withdrawal may be discontinued at any time by a
shareholder or the Fund.

Low Account Balances. The Fund may redeem any accounts with balances of
less than $500 per Portfolio or less than $2,000 in aggregate across the
Portfolios if the shareholder is not part of an Automatic Investment Plan.
Shareholders will be notified in writing when they have a low balance and will
have 60 days to purchase additional shares. Shares will not be redeemed if an
account drops below the minimum due to market fluctuations.

In the event of an emergency as determined by the Fund, the Fund may
suspend the right of redemption or postpone payments to shareholders. If the
Board of Directors determines a redemption payment may harm the remaining
shareholders of a Portfolio, the Portfolio may pay a redemption in whole or in
part by a distribution in kind of securities from the Portfolio.

Dividends and Distributions

Dividends. Each Portfolio intends to distribute annually to its
shareholders substantially all of its net investment income and its net realized
long- and short-term capital gains. The Board of Directors presently intends to
declare dividends on the following schedule:

Portfolio Declared Payable
- --------- -------- -------

Growth Quarterly, on last 1st business day
Value and Income business day of following end of
Small to Mid Cap quarter. calendar quarter

International Annually, 2nd to last Last business day
business day of of calendar year
calendar year

Other Distributions. The Board of Directors intends to declare capital
gains distributions annually, generally in mid-December. To satisfy distribution
requirements, however, Portfolios may also declare special year-end dividend and
capital gains distributions during the months of October, November or December.
Such distributions, if received by shareholders by January 31 of the following
year, are deemed to have been paid by Portfolios and received by shareholders on
December 31.

Automatic Reinvestment of Dividends and Distributions. All dividends and
distributions of Advisor Class shares will be automatically reinvested in
additional shares of Advisor Class shares of the Portfolio paying the dividend
or distribution unless shareholders elect to receive them in cash. Shareholders
may alternatively choose to invest dividends or distributions in Advisor Class
shares of any other Portfolio of the Fund.

Valuation of Portfolio Securities

The Portfolios generally value their securities using market quotations.
However, short-term debt securities maturing in less than 60 days are valued
using amortized costs and securities for which market quotations are not readily
available are valued at fair value. Because foreign securities markets are open
on different days from U.S. markets, there may be instances when the NAV of a
Portfolio which invests in foreign securities changes on days when shareholders
are not able to buy or sell shares. If a security's value has been materially
affected by events occurring after the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or market),
that security may be valued by another method that the Board of Director's
believes accurately reflects fair value.

Taxation

Generally, dividends and short-term capital gains distributions that
shareholders receive from the Portfolios are taxable as ordinary income.
Distributions of other net capital gains are taxable as capital gains. Capital
gains taxes on distributions ordinarily depend upon the length of time
Portfolios hold securities, not the length of time shareholders own Portfolio
shares or whether shareholders reinvest distributions or receive them in cash.

The International Portfolio receives dividends and interest from foreign
issuers which may be subject to withholding taxes by foreign governments. If the
amount withheld by foreign governments is material, shareholders may be able to
claim a foreign tax credit.

At the conclusion of each calendar year, shareholders will receive
information regarding the taxability of dividends and distributions paid by the
Portfolios during the preceding year. Portfolios may be required to withhold and
remit to the United States Treasury 31 % of all taxable dividends, distributions
and redemption proceeds payable to shareholders who have not provided the
Portfolio with a taxpayer identification number. Shareholders should consult a
tax adviser for further information regarding the federal, state and local tax
consequences of an investment in the Advisor Class shares of the Fund.

<PAGE>

FINANCIAL HIGHLIGHTS

[To be filed by subsequent amendment.]

<PAGE>

APPENDIX A

Description of Indices

The following information as to each index has been supplied by the
respective preparer of the index or has been obtained from other
publicly-available information.

Standard & Poor's 500 Composite Stock Price Index (1):

The purpose of the Standard & Poor's 500 Composite Stock Price Index (the
"S&P 500") is to portray the pattern of common stock price movement.
Construction of the index proceeds from industry groups to the whole. Currently
there are four groups: 400 Industrials, 40 Utilities, 20 Transportation and 40
Financial. Since some industries are characterized by companies of relatively
small stock capitalization, the index does not comprise the 500 largest
companies listed on the New York Stock Exchange.

Component stocks are chosen solely with the aim of achieving a distribution
by broad industry groupings that approximates the distribution of these
groupings in the New York Stock Exchange common stock population, taken as the
assumed model for the composition of the total market. Each stock added to the
index must represent a viable enterprise and must be representative of the
industry group to which it is assigned. Its market price movements must in
general be responsive to changes in industry affairs.

The formula adopted by S&P is generally defined as a "base-weighted
aggregative" expressed in relatives with the average value for the base period
(1941-1943) equal to 10. Each component stock is weighted so that it will
influence the index in proportion to its respective market importance. The most
suitable weighting factor for this purpose is the number of shares outstanding.
The price of any stock multiplied by number of shares outstanding gives the
current market value for that particular issue. This market value determines the
relative importance of the security.

Market values for individual stocks are added together to obtain their
particular group market value. These group values are expressed as a relative,
or index number, to the base period (1941-1943) market value. As the base period
market value is relatively constant, the index number reflects only fluctuations
in current market values.

S&P/BARRA Growth Index
S&P/BARRA Value Index:

BARRA, in collaboration with Standard and Poor's Corporation, has
constructed the S&P/BARRA Growth Index (the "Growth Index") and S&P/BARRA Value
Index (the "Value Index") to separate the S&P 500 into value stocks and growth
stocks.

The Growth and Value Indices are constructed by dividing the stocks in the
S&P 500 according to their price-to-book ratios. The Value Index contains firms
with lower price-to-book ratios and has 50 percent of the capitalization of the
S&P 500. The Growth Index contains the remaining members of the S&P 500. Each of
the indices is capitalization-weighted and is rebalanced semi-annually on
January 1 and July 1 of each year.

Although the Value Index is created based on price-to-book ratios, the
companies in the index generally have other characteristics associated with
"value" stocks: low price-to-earnings ratios, high dividend yields, and low
historical and predicted earnings growth. Because of these characteristics, the
Value Index historically has had higher weights in the Energy, Utility, and
Financial sectors than the S&P 500.

Companies in the Growth Index tend to have opposite characteristics from
those in the Value Index: high earnings-to-price ratios, low dividend yields,
and high earnings growth. Historically, the Growth Index has been more
concentrated in Electronics, Computers, Health Care and Drugs than the S&P 500.

As of December 31, 1996 there were 339 companies in the Value Index;
consequently there are 161 companies in the Growth Index.

Wilshire 4500 Index (2):

While the S&P 500 Index includes the preponderance of large market
capitalization stocks, it excludes most of the medium and small size companies
which comprise the remaining 33% of the capitalization of the U.S. stock market.
The Wilshire 4500 Index (an unmanaged index) consists of all U.S. stocks that
are not in the S&P 500 and that trade regularly on the New York and American
Stock Exchanges as well as in the NASDAQ over-the-counter market. The Wilshire
4500 Index is constructed from the Wilshire 5000 Equity Index, which measures
the performance of all U.S. headquartered equity securities with readily
available price data. Approximately 6500 capitalization weighted security
returns are used to adjust the Wilshire 5000 Equity Index. The Wilshire 5000
Equity Index was created by Wilshire Associates in 1974 to aid in performance
measurement. The Wilshire 4500 Index consists of the Wilshire 5000 Equity Index
after excluding the companies in the S&P 500.

Wilshire Associates view the performance of the Wilshire 5000's securities
several ways. Price and total return indices using both capital and equal
weightings are computed. The unit value of these four indices was set to 1.0 on
December 31, 1970.

Morgan Stanley Capital International EAFE(R) + EMF Index (3):

The Morgan Stanley Capital International ("MSCI") EAFE(R) + EMF Index is a
market capitalization weighted index composed of companies representative of the
market structure of 41 Developed and Emerging Market countries. The index is
calculated without dividends or with gross dividends reinvested, in both U.S.
Dollars and local currencies.

MSCI EAFE(R) Index is a market capitalization weighted index composed of
companies representative of the market structure of 19 Developed Market
countries in Europe, Australasia and the Far East. The index is calculated
without dividends, with net or with gross dividends reinvested, in both U.S.
Dollars and local currencies.

MSCI Emerging Markets Free ("EMF") Index is a market capitalization
weighted index composed of companies representative of the market structure of
26 Emerging Market countries in Europe, Latin America and the Pacific Basin. The
MSCI EMF Index excludes closed markets and those shares in otherwise free
markets which are not purchasable by foreigners.

The MSCI indices reflect stock market trends by representing the evolution
of an unmanaged portfolio containing a broad selection of domestically listed
companies. A dynamic optimization process which involves maximizing float and
liquidity, reflecting accurately the market's size and industry profiles, and
minimizing cross ownership is used to determine index constituents. Stock
selection also takes into consideration the trading capabilities of foreigners
in emerging market countries.

As of March 31, 1997, the MSCI EAFE(R) + EMF Index consisted of 2,032
companies traded on stock markets in 45 countries. The weighting of the MSCI
EAFE(R) + EMF Index by country was as follows:

Developed Markets: Australia 2.60%, Austria 0.36%, Belgium 1.12%, Denmark 0.84%,
Finland 0.63%, France 6.48%, Germany 8.07%, Hong Kong 3.11%, Ireland 0.30%,
Italy 2.78%, Japan 25.28%, Netherlands 4.44%, New Zealand 0.33%, Norway 0.51%,
Singapore 1.43%, Spain 1.97%, Sweden 2.33%, Switzerland 5.43%, United Kingdom
16.94%.

Emerging Markets: Argentina 0.51%, Brazil 2.08%, Chile 0.56%, China Free 0.08%,
Colombia 0.12%, Czech Republic 0.17%, Greece 0.22%, Hungary 0.07%, India 0.07%,
Indonesia 0.80%, Israel 0.77%, Jordan 0.31%, Korea Free 0.58%, Malaysia 2.32%,
Mexico Free 1.20%, Pakistan 0.10%, Peru 0.16%, Philippines Free 0.49%, Poland
0.07%, Portugal 0.31%, South Africa 1.73%, Sri Lanka 0.01%, Taiwan 1.36%,
Thailand 0.57%, Turkey 0.28%, Venezuela Free 0.15%.

- ------------

(1) "Standard & Poor's," "S&P" and "S&P 500" are trademarks of Standard and
Poor's, a division of The McGraw-Hill Companies, Inc. The Growth and Value
and Income Portfolios are not sponsored, endorsed, sold or promoted by
Standard & Poor's.

(2) "Wilshire 4500" and "Wilshire 5000" are registered trademarks of Wilshire
Associates. The Small to Mid Cap Portfolio is not sponsored, endorsed, sold
or promoted by Wilshire Associates.

(3) "EAFE" is a registered trademark of Morgan Stanley Capital International.
The International Portfolio is not sponsored, endorsed, sold or promoted by
Morgan Stanley Capital International.

<PAGE>
[Back Cover]

Shareholder Reports. The Fund publishes Annual and Semi-Annual Reports, which
contain information about each Portfolio's recent performance, including:

[bullet] management's discussion about recent market conditions, economic
trends and portfolio strategies that affected the Portfolio's
performance over the recent period

[bullet] Portfolio performance data and financial statements

[bullet] Portfolio holdings

Statement of Additional Information. The SAI contains more detailed information
about the Fund and each Portfolio. The SAI is incorporated by reference into
this Prospectus, making it legally part of this Prospectus.

A free copy of the Fund's Annual Report, Semi-Annual Report and SAI are
available by contacting Accessor Capital at 1-800-759-3504 or by visiting
Accessor Capital's web site at www.accessor.com.

================================================================================
Help Box: Shareholder Reports, SAIs and other information are available for your
financial intermediary or from

Accessor Capital Management LP
1420 Fifth Street, #3600
Seattle, Washington 98101
800-759-3504
206-224-7420

web site: www.accessor.com

Securities and Exchange Commission
Washington, DC 20549-6009
800-SEC-0330 (Public Reference Section)

web site: www.sec.gov

You may obtain copies of documents from the SEC, upon payment
of duplicating fees, or view documents at the SEC's Public
Reference Room in Washington, D.C.
================================================================================
Accessor(R) is a registered trademark of Accessor Capital Management LP.

SEC file number: 811-06337.
<PAGE>
[FRONT COVER]
ACCESSOR(R) FUNDS, INC.
[LOGO]
Equity Portfolios
Investor Class Shares

Growth Portfolio
Value and Income Portfolio
Small to Mid Cap Portfolio
International Equity Portfolio

Prospectus May 1, 1999

The Securities and Exchange Commission has not approved or disapproved these
securities or passed upon the adequacy of this Prospectus. Any representation to
the contrary is a criminal offense.

<PAGE>

These Portfolios are:

SUMMARY.......................................................................4
PERFORMANCE...................................................................6
EXPENSES......................................................................8
PORTFOLIO OBJECTIVES AND STRATEGIES..........................................10
PRINCIPAL RISKS..............................................................12
MANAGEMENT, ORGANIZATION AND CAPITAL STRUCTURE OF THE PORTFOLIOS.............14
SHAREHOLDER INFORMATION......................................................18
FINANCIAL HIGHLIGHTS.........................................................25
APPENDIX A...................................................................26

<PAGE>

SUMMARY

[bullet] companies with higher
than average dividend yield

- --------------------------------------------------------------------------------
An investment in the Portfolios is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.
- --------------------------------------------------------------------------------
<PAGE>
Investment Small to Mid Cap Portfolio The International Equity Portfolio
Objective
and The Small to Mid Cap Portfolio The International Equity
Principal seeks capital growth through Portfolio seeks capital growth
Strategies investing primarily in equity by investing primarily in equity
securities of small to medium securities of companies
capitalization issuers. domiciled in countries other
than the United States and
The Portfolio invests at least traded on foreign stock
65% of its total assets in the exchanges.
stocks of small and medium
capitalization companies that The International Equity
are expected to experience Portfolio normally intends to
higher than average growth of maintain investments in at least
earnings or stock price. three different countries
Symphony Asset Management outside the United States.
("Symphony"), the Portfolio's Nicholas-Applegate Capital
Money Manager, uses a Management ("Nicholas-
quantitative approach to analyze Applegate") uses quantitative
earnings forecasts, price and fundamental analysis to
movements and other factors to construct a portfolio that
identify growth stocks with generally parallels the
attractive fundamentals relative countries comprising Morgan
to price. The Money Manager Stanley Capital International
attempts to equal or exceed the (MSCI) EAFE + EMF Index. The
performance of the Wilshire 4500 Portfolio will invest 65 % of
Index over a cycle of five its total assets in the stocks
years. of companies domiciled in Europe
and the Pacific Rim. The Money
Manager will attempt to equal or
exceed the total return of the
MSCI EAFE + EMF Index.

Company Risk. The value of an Company Risk. The value of an
individual security or individual security or
particular type of security can particular type of security can
be more volatile than the market be more volatile than the market
as a whole and can perform as a whole and can perform
differently than the value of differently than the value of
the market as a whole. Small and the market as a whole.
medium capitalization companies
often have greater volatility, Foreign Exposure. Foreign
lower trading volume and less markets, particularly emerging
liquidity than larger markets, can be more volatile
capitalization companies. than the U.S. market due to
increased risks of adverse
issuer, political, regulatory,
market or economic developments
and can perform differently than
the U.S. market.

<PAGE>

PERFORMANCE

The following tables illustrate changes in the performance of Advisor Class
Shares of the Portfolios from year to year and compare the performance of
Advisor Class Shares to the performance of a market index over time. The
performance does not reflect certain fees and expenses of Investor Class Shares,
which, if reflected, would result in lower performance for the periods shown. As
with all mutual funds, how the Portfolios have performed in the past is not an
indication of how they will perform in the future.

Growth Portfolio
- ----------------

Year by Year Total Returns

Calendar
Year 1992 1993 1994 1995 1996 1997 1998
- ---- ---- ---- ---- ---- ---- ---- ----
10.01 14.21 3.99 34.32 19.83 33.24 46.65

[Bar
Chart]

Best Quarter: 4th Q 1998 -- 27.65%
Worst Quarter: 3rd Q 1998-- -7.07%

Average Annual Total Returns
As of 12/31/98
1 Year 5 Years Life of Fund*
------ ------- ------------

Growth
Portfolio 46.65% 26.74% 24.90%

S&P 500/BARRA
Growth Index 42.16% 27.94% 23.19%(1)

- ----------
* From 8/24/92
(1) Index measured from September 1, 1992.

Value and Income Portfolio
- --------------------------

Year by Year Total Returns

Calendar
Year 1992 1993 1994 1995 1996 1997 1998
- ---- ---- ---- ---- ---- ---- ---- ----
5.92 14.69 -1.93 33.25 23.94 32.94 12.89

[Bar
Chart]

Best Quarter: 4th Q 1998 -- 18.96%
Worst Quarter: 3rd Q 1998-- 15.24%

Average Annual Total Returns
As of 12/31/98
1 Year 5 Years Life of Fund*
------ ------- ------------

Value and Income
Portfolio 12.89% 19.87% 18.57%

S&P 500/BARRA
Value Index 14.67% 19.87% 19.42%(1)

- ----------
* From 8/24/92
(1) Index measured from September 1, 1992.
<PAGE>

Small to Mid Cap Portfolio
- --------------------------

Year by Year Total Returns

Calendar
Year 1992 1993 1994 1995 1996 1997 1998
- ---- ---- ---- ---- ---- ---- ---- ----
13.28 14.39 -4.07 31.98 24.85 36.14 15.98

[Bar
Chart]

Best Quarter: 4th Q 1998 -- 24.23%
Worst Quarter: 3rd Q 1998-- -18.56%

Average Annual Total Returns
As of 12/31/98
1 Year 5 Years Life of Fund*
------ ------- ------------

Small to Mid
Cap Portfolio 15.98% 20.07% 20.28%

Wilshire 4500
Index 8.63% 15.76% 17.01%(1)

Small to Mid 8.63% 15.61% 17.87%(1)
Cap Composite(2)

International Equity Portfolio
- ------------------------------

Year by Year Total Returns

Calendar
Year 1994 1995 1996 1997 1998
- ---- ---- ---- ---- ---- ----
-2.75 7.63 13.78 10.96 16.07

[Bar
Chart]

Best Quarter: 4th Q 1998 -- 14.45%
Worst Quarter: 3rd Q 1998-- -13.36%

Average Annual Total Returns
As of 12/31/98
1 Year Life of Fund*
------ ------------

International Equity Portfolio 16.07% 10.60%

MSCI EAFE + EMF Index 15.23% 5.95%(3)

International Composite(4) 15.23% 6.94%(3)

EXPENSES

The following tables describe the fees and expenses that you may pay if you buy
and hold Investor Class Shares of the Portfolios.

(a) Shares of the Portfolios are expected to be sold primarily through
financial intermediaries that may charge shareholders a fee. Such fees are
not included in the tables.
(b) An annual maintenance fee of $25.00 may be charged by the Transfer Agent to
each IRA Account with an aggregate balance of less than $10,000 on December
31 of each year.
(c) The Transfer Agent may charge a processing fee of $10.00 for each
redemption check requested by a shareholder.

Fee Table Portfolios
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
Annual Fund Operating Expenses
(expenses deducted from a Portfolio's assets Value Small to International
as a percentage of average daily net assets) Growth and Income Mid Cap Equity

Management Fees (a) 0.77% 0.77% 1.02% 1.15%
12b-1 Fees (b) 0.25% 0.25% 0.25% 0.25%
Other Expenses 0.27% 0.29% 0.25% 0.44%
Administrative Fees(c) 0.25% 0.25% 0.25% 0.25%
Total Other Expenses 0.52% 0.54% 0.50% 0.69%
Total Annual Portfolio Operating Expenses 1.54% 1.56% 1.77% 2.09%
</TABLE>

(a) Management fees consist of the management fee paid to Accessor and the
Money Manager fees paid to the Money Managers of the Growth, value and
Income, Small to Mid Cap, and International Equity Portfolios.
(b) The combination of the fees paid pursuant to the Distribution Plan and the
Shareholder Service Plan for each Portfolio may be no more than 0.25% of
the annual net assets attributable to that Portfolio's Investor Class
Shares.
(c) Pursuant to an Administrative Services Plan, the Fund may pay financial
intermediaries who have entered into arrangements with the Fund up to 0.25%
of the average daily net assets of their clients who may from time to time
beneficially own Investor Class Shares of the Portfolios.

<PAGE>
Expense Example: This example shows what an investor in Investor Class Shares of
a Portfolio could pay over time. This example is intended to help you compare
the cost of investing in the Portfolios with the cost of investing in other
mutual funds.

The Example assumes that you invest $10,000 in Investor Class Shares of a
Portfolio for the time periods indicated and then redeem all of your shares
by wire at the end of those periods. The Example does not include the
effect of the $10 fee for check redemption requests. The Example also
assumes that your investment has a 5% rate of return each year and that the
Portfolio's operating expenses remain the same. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:

Portfolios
------------------------------------------------------------
Value Small to Mid International
Growth and Income Cap Equity

1 Year $16 $16 $18 $21
3 Years $49 $49 $56 $65
5 Years $84 $85 $96 $112
10 Years $183 $186 $208 $242

<PAGE>
PORTFOLIO OBJECTIVES AND STRATEGIES

Growth Portfolio

Investment Objective: The Growth Portfolio seeks capital growth through
investing primarily in equity securities with greater than average growth
characteristics selected from the S&P 500.

Investment Strategies:

Value and Income Portfolio

Investment Objective: The Value and Income Portfolio seeks generation of
current income and capital growth by investing primarily in income-producing
equity securities selected from the S&P 500.

Investment Strategies:

Small to Mid Cap Portfolio

Investment Objective: The Small to Mid Cap Portfolio seeks capital growth
through investing primarily in equity securities of small to medium
capitalization issuers.

Investment Strategies:

International Equity Portfolio

Investment Strategies:

All Portfolios

Each Portfolio is actively managed. Frequent trading of portfolio
securities will result in increased expenses for the Portfolios and may result
in increased taxable distributions to shareholders.

Each Portfolio's investment objective stated above is fundamental and may
not be changed without shareholder approval.

PRINCIPAL RISKS

The following factors may significantly affect a Portfolio's performance.

Interest Rate Changes. The stock market is dependent on general economic
conditions. Changes in interest rates can affect the performance of the stock
market.

Each Portfolio pays Accessor Capital an annual management fee for providing
management and administration services equal to the following percentage of the
Portfolio's average daily net assets:

Management Fee to Accessor Capital
(as a percentage of
Portfolio average daily net assets)
--------- -------------------------

Growth 0.45%
Value and Income 0.45%
Small to Mid Cap 0.60%
International Equity 0.55%

Set forth below is information on each Portfolio's Money Manager and a
description of how each Money Manager is compensated for the services it
provides.

Growth Portfolio

Value and Income Portfolio

Small to Mid Cap Portfolio

Average Annualized
Percentage Differential Annualized
vs. Wilshire 4500 Index Performance Fee
----------------------- ----------------

International Equity Portfolio

Average Annual Performance Total
Differential vs. Annual Annual
Basic Fee Benchmark Index Performance Fee Fee
--------- --------------- --------------- ---
<S> <C> <C> <C>
0.20% Greater Than or Equal to 4.00% 0.40% 0.60%
Greater Than or Equal to 2.00% and Less Than 4.00% 0.30% 0.50%
Greater Than or Equal to 0.00% and Less Than 2.00% 0.20% 0.40%
Greater Than or Equal to -2.00% and Less Than 0.00% 0.10% 0.30%
Less Than -2.00% 0.00% 0.20%

</TABLE>

Total Management Fees for Fiscal Year 1998. The Portfolios paid the
following aggregate management fees in fiscal year 1998 to Accessor Capital and
each Portfolio's Money Manager:

Growth Portfolio: $793,447
Value and Income Portfolio: $884,970
Small to Mid Cap Portfolio: $1,971,674
International Equity Portfolio: $1,930,550

SHAREHOLDER INFORMATION

This section contains information on how to purchase, exchange and redeem
Investor Class shares. Information regarding the Portfolios' dividend and
distribution policies, as well as tax consequences of owning the Portfolios'
shares, is also discussed.

Investor Class shares are usually purchased through financial
intermediaries, such as banks, broker-dealers, registered investment advisers
and providers of fund supermarkets, who may receive a payment from Accessor
Funds for distribution, shareholder services and/or administrative services.
These financial intermediaries may also charge transaction, administrative or
other fees to shareholders, and may impose other limitations on buying, selling
or transferring shares, which are not described in this Prospectus. Some
features of the Investor Class shares, such as investment minimums, redemption
fees and certain trading restrictions, may be modified or waived by financial
intermediaries. Shareholders should contact their financial intermediary for
information on fees and restrictions.

Purchasing Investor Class Shares

Investors purchase Investor Class shares of the Portfolios at the
Portfolios' net asset value per share (NAV). The NAV is calculated by adding the
value of Portfolio assets attributable to Investor Class shares, subtracting
Portfolio liabilities attributable to the class, and dividing by the number of
outstanding Investor Class shares. The NAV is calculated each day that the New
York Stock Exchange (NYSE) is open for business. The Portfolios generally
calculate their NAV at the close of regular trading on the NYSE, generally 4:00
p.m. Eastern time. Shares are purchased at the NAV that is next calculated after
purchase requests are received by the Portfolios.

[graphic] Investor Class shares may not be purchased on days when the NYSE
is closed for trading: New Year's Day, Martin Luther King, Jr., Day,
Presidents Day, Good Friday, Memorial Day, Independence Day, Labor
Day, Thanksgiving Day and Christmas Day.

Where to Purchase Shares. Investors purchase Investor Class shares from two
primary sources:

[graphic] directly from the Fund.

[graphic] through financial intermediaries, such as banks, broker-dealers,
registered investment advisers and providers of fund supermarkets.

Purchases from the Fund. Investors purchase Investor Class shares directly
from the Fund for no sales charge or commission. Accessor Capital must receive
payment for shares by 12:00 p.m. Eastern time on the business day following the
purchase request. All purchases must be made in U.S. dollars. Purchases may be
made any of the following ways:

[graphic] By Check. Checks made payable to "Accessor Funds, Inc." and drawn
on a U.S. bank should be mailed with the completed application or with
the account number noted on the check to

Accessor Funds, Inc.
P. 0. Box 1748
Seattle, WA 98111-9865

[graphic] By Federal Funds Wire. Wire instructions are described on the
account application.

[graphic] By Telephone. Shareholders with aggregate account balances of at
least $1 million may purchase Investor Class shares by telephone at
1-800-759-3504. To prevent unauthorized transactions, Portfolios may
use reasonable procedures to verify telephone requests.

[graphic] By Purchases In Kind. Under some circumstances, the Portfolios
may accept securities as payment for Investor Class shares. Such
securities would be valued the same way the Portfolios' securities are
valued. (See Valuation of Portfolio Securities, below.) See
"Additional Puchase and Redemption Information" in the Statement of
Additional Information.

Investment Minimums for Investor Class Shares Purchased from the Fund.

To Open an Account: $5,000 per Portfolio, or

$10,000 aggregated across all Portfolios of the Fund.

To Add to an Account: $1,000 per Portfolio, or

$2,000 aggregated across all the Portfolios of the Fund.

For further information on purchasing Investor Class shares, please contact
Accessor Capital at (800) 759-3504.

IRA/Roth IRA Accounts. Investors may purchase Investor Class shares through
an Individual or Roth Retirement Custodial Account Plan. IRA/Roth IRA Accounts
with an aggregate balance of less than $10,000 across all Portfolios of the Fund
are assessed a $25.00 fee on December 31 of each year.

Investment Minimums for an IRA/Roth IRA Account.

To Open an Account: $2,000 aggregated across all Portfolios of the Fund.

To Add to an Account: $2,000 aggregated across all Portfolios of the Fund.

Copies of the IRA/ Roth IRA Account Plan may be obtained from Accessor Capital
at (800) 759-3504.

Exchanging Investor Class Shares

Investor Class shares of one Portfolio may be exchanged for shares of any
other Portfolio so long as shareholders meet the normal investment requirements
of the other Portfolio. Shareholders should read the prospectus of any other
Portfolio into which they are considering exchanging.

[graphic] By Mail. Share exchange instructions may be mailed to Accessor
Capital at P. 0. Box 1748, Seattle, WA 98111-9865.

[graphic] By Fax. Share exchange instructions may be faxed to Accessor
Capital at (206) 224-4274.

[graphic] An exchange of shares into a different Portfolio is a redemption
of shares and will be treated as a sale for tax purposes.

You should contact your Financial Intermediary directly to make exchanges.
Your Financial Intermediary may charge additional fees for these transactions.

Redemption of Portfolio Shares

Investors may request to redeem Investor Class shares on any day that the
NYSE is open for business. Shares will be redeemed at the next NAV calculated
after Accessor Capital receives the redemption request in proper form. Payment
will ordinarily be made within seven days of the request by wire-transfer to a
shareholder's domestic commercial bank account. Shares may be redeemed from the
Fund any of the following ways:

[graphic] By Mail. Redemption requests may be mailed to Accessor Capital at
P. 0. Box 1748, Seattle, WA 98111-9865.

[graphic] By Fax. Redemption requests may be faxed to Accessor Capital at
(206) 224-4274.

Shares also may be redeemed through financial intermediaries from whom
shares were purchased. Financial intermediaries may charge a fee for this
service.

Dividends and Distributions

Portfolio Declared Payable
- --------- -------- -------

Growth Quarterly, on last 1st business day
Value and Income business day of following end of
Small to Mid Cap quarter. calendar quarter

International Annually, 2nd to last Last business day
business day of of calendar year
calendar year

Automatic Reinvestment of Dividends and Distributions. All dividends and
distributions of Investor Class shares will be automatically reinvested in
additional shares of Investor Class shares of the Portfolio paying the dividend
or distribution unless shareholders elect to receive them in cash. Shareholders
may alternatively choose to invest dividends or distributions in Investor Class
shares of any other Portfolio of the Fund.

Valuation of Portfolio Securities

Taxation

Distribution, Shareholder Service and Administrative Services Arrangements

The Fund has adopted a 12b-1 Plan that allows the Investor Class shares of
the Portfolios to pay distribution fees to financial intermediaries for sales
and distribution-related activities. The Fund has also adopted a shareholder
service plan under which the Investor Class shares of the Portfolios may pay
financial intermediaries for providing non-distribution related shareholder
services The combination of fees under the 12b-1 Plan and the shareholder
service plan will not exceed 0.25% in the aggregate annually.

The Fund has also adopted an administrative services plan to allow the
Investor Class shares of the Portfolios to pay financial intermediaries for
non-distribution related administrative services provided to shareholders. The
administrative services fees will not exceed 0.25% annually.

<PAGE>

FINANCIAL HIGHLIGHTS

[To be filed by subsequent amendment.]

<PAGE>

APPENDIX A

Description of Indices

The following information as to each index has been supplied by the
respective preparer of the index or has been obtained from other
publicly-available information.

Standard & Poor's 500 Composite Stock Price Index (1):

S&P/BARRA Growth Index
S&P/BARRA Value Index:

As of December 31, 1996 there were 339 companies in the Value Index;
consequently there are 161 companies in the Growth Index.

Wilshire 4500 Index (2):

Morgan Stanley Capital International EAFE(R) + EMF Index (3):

As of March 31, 1997, the MSCI EAFE(R) + EMF Index consisted of 2,032
companies traded on stock markets in 45 countries. The weighting of the MSCI
EAFE(R) + EMF Index by country was as follows:

Unlike other broad-based indices, the number of stocks included in MSCI
EAFE(R) + EMF Index is not fixed and may vary to enable the Index to continue to
reflect the primary home markets of the constituent countries. Changes in the
Index will be announced when made. MSCI EAFE(R) + EMF Index is a
capitalization-weighted index calculated by Morgan Stanley Capital International
based on the official closing prices for each stock in its primary local or home
market. The base value of the MSCI EAFE(R) + EMF Index was equal to 100.0 on
January 1, 1988. As of March month-end 1997, the current value of the MSCI
EAFE(R) + EMF Index was 188.5 (with gross dividends reinvested).
- ------------
(1) "Standard & Poor's," "S&P" and "S&P 500" are trademarks of Standard and
Poor's, a division of The McGraw-Hill Companies, Inc. The Growth and Value
and Income Portfolios are not sponsored, endorsed, sold or promoted by
Standard & Poor's.
(2) "Wilshire 4500" and "Wilshire 5000" are registered trademarks of Wilshire
Associates. The Small to Mid Cap Portfolio is not sponsored, endorsed, sold
or promoted by Wilshire Associates.
(3) "EAFE" is a registered trademark of Morgan Stanley Capital International.
The International Portfolio is not sponsored, endorsed, sold or promoted by
Morgan Stanley Capital International.

<PAGE>

[Back Cover]

Shareholder Reports. The Fund publishes Annual and Semi-Annual Reports, which
contain information about each Portfolio's recent performance, including:

[bullet] management's discussion about recent market conditions, economic
trends and portfolio strategies that affected the Portfolio's
performance over the recent period
[bullet] Portfolio performance data and financial statements
[bullet] Portfolio holdings

A free copy of the Fund's Annual Report, Semi-Annual Report and SAI are
available by contacting Accessor Capital at 1-800-759-3504 or by visiting
Accessor Capital's web site at www.accessor.com.

================================================================================
Help Box: Shareholder Reports, SAIs and other information are available for your
financial intermediary or from

Accessor Capital Management LP
1420 Fifth Street, #3600
Seattle, Washington 98101
800-759-3504
206-224-7420

web site: www.accessor.com

Securities and Exchange Commission
Washington, DC 20549-6009
800-SEC-0330 (Public Reference Section)

web site: www.sec.gov

SEC file number: 811-06337.
<PAGE>
[FRONT COVER]
ACCESSOR(R) FUNDS, INC.
[LOGO]
Fixed-Income Portfolios
Advisor Class Shares

Intermediate Fixed-Income Portfolio
Short-Intermediate Fixed-Income Portfolio
Mortgage Securities Portfolio
U.S. Government Money Portfolio

Prospectus May 1, 1999

The Securities and Exchange Commission has not approved or disapproved these
securities or passed upon the adequacy of this Prospectus. Any representation to
the contrary is a criminal offense.

<PAGE>

These Portfolios are:

<PAGE>

TABLE OF CONTENTS

SUMMARY.......................................................................4
PERFORMANCE...................................................................7
EXPENSES......................................................................9
PORTFOLIO OBJECTIVES AND STRATEGIES..........................................11
PRINICIPAL RISKS.............................................................13
MANAGEMENT, ORGANIZATION AND CAPITAL STRUCTURE OF THE PORTFOLIOS.............15
SHAREHOLDER INFORMATION......................................................18
FINANCIAL HIGHLIGHTS.........................................................24
APPENDIX A...................................................................25
<PAGE>
SUMMARY

Investment The Intermediate Fixed-Income The Short-Intermediate
Objective Portfolio seeks generation of Fixed-Income Portfolio seeks
and current income by investing preservation of capital and
Principle primarily in fixed-income generation of current income by
Strategies securities with durations of investing primarily in
between three and ten years and fixed-income securities with
a dollar-weighted average durations of between one and
portfolio duration that does not five years and a dollar-weighted
vary more or less than 20% from average portfolio duration that
that of the Lehman Brothers does not vary more or less than
Government/Corporate Index or 20% from that of the Lehman
another relevant index approved Brothers Government/Corporate
by the Board of Directors. 1-5 Year Index or another
relevant index approved by the
Board of Directors.

Cypress Asset Management Cypress is the Money Manager of
("Cypress") is the Money Manager the Portfolio. Cypress uses
of the Portfolio. Cypress uses quantitative analysis and risk
quantitative analyses and risk control methods to ensure that
control methods to ensure that the Portfolio's overall risk and
the Portfolio's overall risk and duration characteristics are
duration characteristics are consistent with the Lehman
consistent with the Lehman Brothers Government/ Corporate
Brothers Government/ Corporate 1-5 Year Index. Cypress seeks to
Index. The Portfolio seeks to enhance returns by
enhance returns by systematically overweighting its
systematically overweighting its investment in the corporate
investment in the corporate sector as compared to the Index.
sector as compared to the Index. The Portfolio also seeks to
The Portfolio also seeks to enhance returns by purchasing
enhance returns by purchasing odd lot securities and by
odd lot securities and by investing in undervalued
investing in undervalued securities.
securities.

Company Risk. Changes in the Company Risk. Changes in the
financial condition of an financial condition of an
issuer, changes in specific issuer, changes in specific
economic or political conditions economic or political conditions
that affect a particular issuer, that affect a particular issuer,
and changes in general economic and changes in general economic
or political conditions can or political conditions can
adversely affect the credit adversely affect the credit
quality or value of an issuer's quality or value of an issuer's
securities. securities.

<PAGE>
SUMMARY

Investment Mortgage Securities Portfolio U.S. Government Money Portfolio
Objective The Mortgage Securities
and portfolio seeks generation of The U.S. Government Money
Principle current income by investing Portfolio seeks maximum current
Strategies primarily in mortgage-related income consistent with the
securities with an aggregate preservation of principal and
dollar-weighted average liquidity by investing primarily
portfolio duration that does not in short-term obligations issued
vary outside of a band of plus or guaranteed by the U.S.
or minus 20% from that of the Government, its agencies or
Lehman Brothers Mortgage-Backed instrumentalities.
Securities Index (the "LBM
Index") or another relevant
index approved by the Board of
Directors.

BlackRock, Inc. ("BlackRock") is Accessor Capital directly
the Money Manager of the invests the assets of the
Portfolio. BlackRock uses Portfolio. Accessor Capital uses
quantitative risk control quantitative analysis to
methods to ensure that the maximize the Portfolio's yield.
Portfolio's overall risk and The Portfolio seeks to maintain
duration characteristics are an average maturity of 90 days
consistent with an appropriate or less, while maintaining
benchmark. BlackRock's liquidity and maximizing current
investment philosophy and yield.
process centers around four key
principles: controlled duration;
relative value sector rotation
and security selection; rigorous
quantitative analysis to the
valuation of securities and
portfolios; and quality credit
analysis.

BlackRock's Investment Strategy
Committee determines the firm's
broad investment strategy based
on macroeconomics and market
trends, as well as input from
Risk Management and Credit
Committee professionals.
Portfolio managers then
implement this strategy by
selecting the sectors and
securities which offer the
greatest relative value within
the parameters of investment
guidelines

Principal The principal risks of investing The principal risks of investing
Investment in the Portfolio include: in the Portfolio include:
Risks
Interest Rate Risk. Increases in Interest Rate Risk. The
interest rates can cause the Portfolio's yield will vary and
price of a debt security to is expected to react to changes
decrease. The price of in short-term interest rates.
mortgage-related securities may
decrease more in relation to Inflation Risk: Over time, the
interest rate increases than real value of the Portfolio's
other debt securities. yield may be eroded by
inflation.
Issuer-Specific Risks. Changes
in the financial conditions of Stable Net Asset Value: Although
an issuer, changes in specific the U.S. Government Money
economic or political conditions Portfolio seeks to preserve the
that affect a particular issuer, value of your investment at
and changes in general economic $1.00 per share, it is possible
or political conditions can to lose money by investing in
adversely affect the credit the Portfolio.
quality or value of an issuer's
securities.

The following tables illustrate changes in the performance of Advisor Class
Shares of the Portfolios from year to year and compare the performance of
Advisor Class Shares to the performance of a market index over time. As with all
mutual funds, how the portfolios have performed in the past is not an indication
of how they will perform in the future.

Intermediate Fixed-Income Portfolio
- -----------------------------------

Year by Year Total Returns

Calendar
Year 1992 1993 1994 1995 1996 1997 1998
- ---- ---- ---- ---- ---- ---- ---- ----
4.26 9.53 -5.24 18.26 2.56 8.62 8.38

[Bar
Chart]

Best Quarter: 2nd Q 1995 -- 6.13%
Worst Quarter: 1st Q 1994 -- -3.53%

Average Annual Total Returns
As of 12/31/98
1 Year 5 Years Life of
------ ------- -------
Fund*
Intermediate
Fixed-Income 8.38% 6.23% 6.87%
Portfolio

Lehman Brothers
Government/
Corporate Index 9.47% 7.30% 7.84%(1)

- ----------
* From 6/15/92
(1) Index measured from July 1, 1992.

Short-Intermediate Fixed-Income Portfolio
- -----------------------------------------

Year by Year Total Returns

Calendar
Year 1992 1993 1994 1995 1996 1997 1998
- ---- ---- ---- ---- ---- ---- ---- ----
4.12 5.63 -1.43 11.42 3.63 6.33 6.87

[Bar
Chart]

Best Quarter: 1st Q 1995 -- 3.58%
Worst Quarter: 1st Q 1994 -- -1.34%

Average Annual Total Returns
As of 12/31/98
1 Year 5 Years Life of
------ ------- -------
Fund*
Short-Intermediate
Fixed-Income 6.87% 5.28% 5.46%
Portfolio

Lehman Brothers
Government/
Corporate 1-5 7.64% 6.23% 6.57%(2)
Year Index

- ----------
* From 5/18/92
(2) Index measured from June 1, 1992.

<PAGE>

Mortgage Securities Portfolio
- -----------------------------

Year by Year Total Returns

Calendar
Year 1992 1993 1994 1995 1996 1997 1998
- ---- ---- ---- ---- ---- ---- ---- ----
3.93 7.26 -1.65 16.03 4.95 9.53 6.43

[Bar
Chart]

Best Quarter: 1st Q 1995 -- 5.11%
Worst Quarter: 1st Q 1994-- -1.21%

Average Annual Total Returns
As of 12/31/98
1 Year 5 Years Life of
------ ------- -------
Fund*
Mortgage
Securities 6.43% 6.90% 6.91%
Portfolio

Lehman Brothers
Mortgage-Backed
Securities Index 6.97% 7.23% 7.30%(1)

- ----------
* From 5/18/92
(1) Index measured from June 1, 1992.

U.S. Government Money Portfolio
- -------------------------------

Year by Year Total Returns

Calendar
Year 1992 1993 1994 1995 1996 1997 1998
- ---- ---- ---- ---- ---- ---- ---- ----
2.40 2.81 3.70 5.33 4.78 5.07 5.00

[Bar
Chart]

Best Quarter: 2nd Q 1995 -- 1.37%
Worst Quarter: 2nd Q 1993-- 0.66%

Average Annual Total Returns
As of 12/31/98
1 Year 5 Years Life of
------ ------- -------
Fund*
U.S.
Government 5.00% 4.77% 4.32%
Money Portfolio

90-day T-bill _____% _____% ______%

* From 4/9/92

The U.S. Government Money Portfolio's 7-day effective yield on 12/31/98 was
4.58%. For the Portfolio's current yield call toll-free (800) 759-3504.

<PAGE>

EXPENSES

The following tables describe the fees and expenses that you may pay if you
buy and hold Advisor Class Shares of the Portfolios.
<TABLE>
<CAPTION>

Shareholder Fees(a) Portfolios(b)
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
Intermediate Short-Intermediate Mortgage U.S. Government
Fixed-Income Fixed-Income Securities Money

- -------------------------------------------------

(a) Shares of the Portfolios are expected to be sold primarily through
financial intermediaries that may charge shareholders a fee. These fees are
not included in the tables.
(b) An annual maintenance fee of $25.00 may be charged by the Transfer Agent to
each IRA Account with an aggregate balance of less than $10,000 on December
31 of each year.
(c) The Transfer Agent may charge a processing fee of $10.00 for each
redemption check requested by a shareholder.

<TABLE>
<CAPTION>
Fee Table Portfolios
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
Intermediate Short-Intermediate Mortgage U.S. Government
Annual Fund Operating Expenses Fixed-Income Fixed-Income Securities Money
(expenses deducted from a Portfolio's assets
as a percentage of average daily net assets)

Management Fees (a) 0.40% 0.40% 0.59% 0.25%
12b-1 Fees None None None None
Total Other Expenses 0.33% 0.35% 0.29% 0.28%
Total Annual Portfolio Operating Expenses 0.73% 0.75% 0.88% 0.53%

</TABLE>

(a) Management fees consist of the management fee paid to Accessor and the
Money Manager fees paid to the Money Managers of the Intermediate
Fixed-Income, Short-Intermediate Fixed-Income and Mortgage Securities
Portfolios. Accessor Capital receives only the management fee and not a
Money Manager fee for the U.S. Government Money Portfolio that it manages
directly.

<PAGE>
Expense Example: This example shows what an investor in Advisor Class Shares of
a Portfolio could pay over time. This example is intended to help you compare
the cost of investing in the Portfolios with the cost of investing in other
mutual funds.

Portfolios
-------------------------------------------------------------------
Intermediate Short-Intermediate Mortgage U.S. Government
Fixed-Income Fixed-Income Securities Money

1 Year $ 7 $ 8 $ 9 $ 5
3 Years $23 $24 $28 $17
5 Years $41 $42 $49 $30
10 Years $91 $93 $108 $66

<PAGE>
PORTFOLIO OBJECTIVES AND STRATEGIES

Intermediate Fixed-Income Portfolio

Investment Objective. Seeks generation of current income by investing
primarily in fixed-income securities with durations of between three and ten
years and a dollar-weighted average portfolio duration that does not vary more
or less than 20% from that of the Lehman Brothers Government/Corporate Index or
another relevant index approved by the Board of Directors.

[bullet] U.S. government and agency bonds
[bullet] corporate bonds
[bullet] mortgage and asset backed securities

Investment selections will be based on fundamental economic, market and
other factors leading to variation by sector, maturity, quality and other
criteria appropriate to meet the Portfolio's objective. The Money Manager will
attempt to equal or exceed the total return performance of the Lehman Brothers
Government/Corporate Index (the "LBGC Index"). The Portfolio may utilize options
on U.S. Government securities, interest rate futures contracts and options on
interest rate futures contracts to reduce certain risks of its investments and
to attempt to enhance income, but not for speculation.

================================================================================
Help Box: The LBGC Index is an unmanaged index of fixed-rate government
and corporate bonds rated investment grade or higher.
================================================================================

Short-Intermediate Fixed Income Portfolio

Investment Objective. Seeks preservation of capital and generation of
current income by investing primarily in fixed-income securities with durations
of between one and five years and a dollar-weighted average portfolio duration
that does not vary more or less than 20% from that of the Lehman Brothers
Government/Corporate 1-5 Year Index or another relevant index approved by the
Board of Directors.

Investment Strategies. The Portfolio seeks to achieve its objective by
investing at least 65% and generally more than 80% of its total assets in
fixed-income securities and will have a dollar-weighted average duration of not
less than two years nor more than five years. The Portfolio invests principally
in fixed-income securities with durations between two and five years and rated A
or higher by S&P or Moody's or determined to be of equivalent quality by the
Money Manager or Accessor Capital at the time of purchase. The Money Manager
will attempt to equal or exceed the total return performance of the Lehman
Brothers Government/Corporate 1-5 Year Index. The Portfolio may utilize options
on U.S. Government securities, interest rate futures contracts and options on
interest rate futures contracts to reduce certain risks of its investments and
to attempt to enhance income, but not for speculation.

================================================================================
Help Box: The LBGC 1-5 Year Index is an unmanaged index of fixed-rate
government and corporate bonds rated investment grade or higher, all with
maturities of one to five years.
================================================================================

================================================================================
Help box: Securities rated A or higher by S&P and Moody's are considered
to be of "investment grade" and to have a strong capacity to pay interest and
repay principal.
================================================================================

Mortgage Securities Portfolio.

Investment Objective. Seeks generation of current income by investing
primarily in mortgage-related securities with an aggregate dollar-weighted
average portfolio duration that does not vary outside of a band of plus or minus
20% from that of the Lehman Brothers Mortgage-Backed Securities Index (the "LBM
Index") or another relevant index approved by the Board of Directors.

[bullet] U.S. government and agency mortgage backed securities
[bullet] corporate bonds
[bullet] mortgage backed securities

Investment selections will be based on fundamental economic, market and
other factors leading to variation by sector, maturity, quality and such other
criteria appropriate to meet the Portfolio's objective. The Money Manager will
attempt to equal or exceed the total return performance of the LBM Index. The
Portfolio may utilize options on U.S. Government securities, interest rate
futures contracts and options on interest rate futures contracts to reduce
certain risks of its investments and to attempt to enhance income, but not for
speculation.

================================================================================
Help Box: The LBGC Index is an unmanaged index of fixed-rate securities
backed by mortgage pools of the Government National Mortgage Association (GNMA),
Federal Loan Mortgage Corporations (FHLMC) and Federal National Mortgage
Association (FNMA).
================================================================================

U.S. Government Money Portfolio.

Investment Objective. Seeks maximum current income consistent with the
preservation of principal and liquidity by investing primarily in short-term
obligations issued or guaranteed by the U.S. Government, its agencies or
instrumentalities.

Investment Strategies. The Portfolio follows industry guidelines concerning
the quality and maturity of the Portfolio's investments. The dollar-weighted
average portfolio maturity of the Portfolio will not exceed 90 days. The
Portfolio seeks to achieve its objective by investing at least 65% and generally
more than 80% of the Portfolio's total assets in fixed-income securities. The
Portfolio may enter into repurchase agreements collateralized by U.S. Government
securities.

The U.S. Government Money Portfolio seeks to maintain a stable share par of
$1.00 per share, although there is no assurance that it will be able to do so.
It is possible to lose money by investing in the U.S. Government Money
Portfolio.

All Portfolios

In response to market, economic, political or other conditions, each
Portfolio's Money Manager may adopt a temporary defensive position, including
investing in short-term and money market instruments. If a Money Manager does
so, different factors could affect a Portfolio's performance and the Portfolio
may not achieve its investment objective.

Each Portfolio is actively managed. Frequent trading of portfolio
securities will result in increased expenses for the Portfolios and may result
in increased taxable distributions to shareholders.

Each Portfolio's investment objective stated above is fundamental and may
not be changed without shareholder approval.

PRINCIPAL RISKS

Many factors affect the performance of the Portfolios. Each Portfolio's
yield and (except the U.S. Government Money Portfolio's) share price change
daily based on changes in interest rates and market conditions and in response
to other economic, political or financial developments. Each Portfolio's
reaction to these developments will be affected by the types, durations, and
maturities of the securities in which the Portfolio invests, the financial
condition, industry and economic sector, and geographic location of an issuer,
and the Portfolio's level of investment in the security types of that issuer.
When you sell your shares of a Portfolio, they may be worth more or less than
what you paid for them.

The following factors may significantly affect each Portfolio's
performance:

Market Volatility. Individual securities are expected to fluctuate a
response to issuers, general economic and market changes. An individual security
or category of securities may, however, fluctuate more or less than the market
as a whole.

Company Risks. Changes in the financial condition of an issuer, changes in
specific economic or political conditions that affect a particular type of
issuer, and changes in general economic or political conditions can adversely
affect the credit quality or value of an issuer's securities. The value of an
individual security or category of securities may be more volatile than the debt
market as a whole. Entities providing credit support or a maturity-shortening
structure are also affected by these types of changes. Any of a Portfolio's
holdings could have its credit downgraded or could default, which could affect
the Portfolio's performance. The risk of a credit rating downgrade or default of
U.S. Government securities, however, is considered remote,

Interest Rate Changes. Debt and money market securities have varying levels
of sensitivity to changes in interest rates. In general, the price of a debt or
money market security falls when interest rates rise and rises when interest
rates fall. Securities with longer durations generally are more sensitive to
interest rate changes. In other words, the longer the duration of a security,
the greater the impact a change in interest rates is likely to have on the
security's price. In addition, short-term securities tend to react to changes in
short-term interest rates, and long-term securities tend to react to changes in
long-term interest rates. Prepayments on assets underlying mortgage or other
asset backed securities held by a Portfolio can adversely affect those
securities' yield and price. When interest rates fall, the U.S. Government Money
Portfolio's yield will generally fall as well.

Prepayment Risk. Many types of debt securities, including mortgage
securities, are subject to prepayment risk. Prepayment occurs when the issuer of
a security can repay principal prior to the security's maturity. Securities
subject to prepayment generally offer less potential for gains during periods of
declining interest rates and similar or greater potential for loss in periods of
rising interest rates. In addition, the potential impact of prepayment features
on the price of a debt security can be difficult to predict and result in
greater volatility.

Inflation Risk. The real value of the U.S. Government Money Market
Portfolio's yield may be eroded by inflation over time. The Portfolio may
underperform the bond and equity markets over time.

================================================================================
Help Box: Like other mutual funds, the Portfolios could be adversely affected by
problems associated with the ability of computer systems to recognize the Year
2000.

Accessor Steps . . . Accessor Capital, as the manager transfer agent and
administrator of Accessor Funds, has taken charge of ensuring that both Accessor
Funds and Accessor Capital will be able to effectively operate on January 1,
2000. Accessor Capital has inventoried all computer systems, both hardware and
software, and has sought certification from all critical third party vendors.
Accessor Capital anticipates that Accessor Funds and Accessor Capital will be
fully operational.
================================================================================

MANAGEMENT, ORGANIZATION AND CAPITAL STRUCTURE OF THE PORTFOLIOS

Management and Administration. Accessor Capital Management LP, 1420 Fifth
Avenue, #3600 Seattle, Washington 98101, is the manager and administrator of the
Portfolios. Accessor Capital develops the investment programs for the
Portfolios, selects the Money Managers for the Portfolios, and monitors the
performance of the Money Managers. In addition, Accessor Capital invests the
assets of the U.S. Government Money Portfolio. J. Anthony Whatley, III, is the
Executive Director of Accessor Capital. Ravindra A. Deo, Vice President and
Chief Investment Officer of Accessor Capital, is primarily responsible for the
day-to-day management of the Portfolios either directly or through interaction
with each Portfolio's Money Manager. Mr. Deo is also responsible for managing
the liquidity reserves of each Portfolio. The SEC issued an exemptive order that
allows the Fund to change a Portfolio's Money Manager without shareholder
approval, as long as, among other things, the Board of Directors has approved
the change in Money Manager and the Fund has notified the shareholders of the
affected Portfolio within 60 days of the change.

Each Portfolio pays Accessor Capital an annual management fee for providing
management and administration services equal to the following percentage of the
Portfolio's average daily net assets:

Management Fee to Accessor Capital
(as a percentage of
Portfolio average daily net assets)
--------- -------------------------

Intermediate Fixed-Income 0.36%
Short-Intermediate Fixed-Income 0.36%
Mortgage Securities 0.36%
U.S. Government Money 0.25%

Set forth below is information on each Portfolio's Money Manager and a
description of how each Money Manager is compensated for the services it
provides.

Intermediate Fixed-Income and Short-Intermediate Fixed-Income

Cypress Asset Management ("Cypress") became the Money Manager of the
Intermediate Fixed-Income Portfolio and the Short-Intermediate Fixed-Income
Portfolio on September 21, 1998. Mr. Xavier Urpi, President and Chief Investment
Officer, is primarily responsible for day-to-day management and investment
decisions and is assisted by Ms. Rosemary Brooks, Manager of Operations. Mr.
Urpi founded Cypress in 1995. Prior to that, Mr. Urpi was at Smith Barney
Capital as a Director of Fixed-Income from March 1989 to September 1995. Ms.
Brooks joined Cypress in January 1998. Prior to that, Ms. Brooks was owner of
Brooks Finance, and a registered representative with H.D. Vest from June 1994 to
July 1997.

Cypress earns a management fee from each Portfolio calculated and paid
quarterly that consists of a basic fee and a portfolio management fee. During
the first five complete calendar quarters of management, the basic fee and the
portfolio management fee are both equal to an annual rate of 0.02%, or 0.04%, of
the Portfolio's average daily net assets.

Before Cypress became the money manager of these Portfolios, Smith Barney
Capital Management was the money manager of the Intermediate Fixed-Income
Portfolio and Bankers Trust Company was the money manager of the
Short-Intermediate Fixed-Income Portfolio. The former money managers each
managed their Portfolio from inception in 1992 until April 30, 1998. Beginning
on May 1, 1998, until September 21, 1998, when Cypress started, Accessor Capital
invested the assets of these two Portfolios directly.

The overall maximum fee for the first five complete calendar quarters
payable to the former money managers was 0.15% (comprised of a basic fee of
0.07% and a portfolio management fee of 0.08%). Although each Portfolio has
currently negotiated a reduction in the Money Manager fee to a maximum of 0.04%
payable to Cypress during the first five calendar quarters of management, it is
possible that in the future the fee could be modified. In no event, however,
shall the maximum Money Manager fee payable by these Portfolios be greater than
0.15% during the first five complete calendar quarters, without a vote of the
shareholders.

Beginning with the sixth complete calendar quarter, Cypress will earn the
basic fee described above and a performance fee, calculated and paid quarterly.
The performance fee for any quarter depends on the percentage amount by which
each Portfolio's performance exceeds or trails that of its respective Benchmark
Index, the Lehman Brothers Government/Corporate Index (Intermediate
Fixed-Income) and the Lehman Brothers Government/Corporate 1-5 Year Index
(Short-Intermediate Fixed-Income) during the applicable measurement period based
on the following schedule:

Average Annual
Performance Total
Differential vs. Annual Annual
Basic Fee Benchmark Index Performance Fee Fee
--------- --------------- --------------- ---

0.02% Less Than 0.35% 0.00% 0.02%

Greater Than or
Equal to 0.35% and
Less than or Equal
to 0.50% 0.05% 0.07%

Greater Than 0.50% and
Less than or Equal 0.05% plus 1/2
to 0.70% (P-0.50%)* Up to 0.17%

Greater Than 0.70% 0.15% 0.17%
- -------------
*P = Performance. Example: If Cypress outperforms the benchmark index by 0.60%,
the fee would be calculated as [0.02% basic fee + 0.05% Performance Fee +
{(0.60%-0.50%)/2}] = 0.12%

The measurement period from the sixth calendar quarter (2nd quarter 2000)
through the 13th calendar quarter (2nd quarter 2002) of Cypress' management of
each Portfolio, will be the entire period since the commencement of Cypress'
management of each Portfolio, excluding the quarter immediately preceding the
date of calculation. Commencing with the 14th quarter (3rd quarter 2002) of
Cypress' management of each Portfolio, the applicable measurement period will
consist of the 12 most recent calendar quarters, excluding the quarter
immediately preceding the date of calculation.

Under the performance fee formula, Cypress will receive a performance fee
if either Intermediate Fixed Income Portfolio's or Short-Intermediate
Fixed-Income Portfolio's performance either exceeds the Lehman Brothers
Corporate Government Index or the Lehman Brother Corporate Government 1-5 Year
Index, respectively, or trails the respective Index by no more than 0.35%. Under
certain circumstances, Cypress may receive a performance fee even if a
Portfolio's total return is negative.

Mortgage Securities Portfolio

BlackRock is the Money Manager of the Mortgage Securities Portfolio.
BlackRock is a registered investment adviser and is organized such that
day-to-day management and investment decisions are made by a committee and no
one person is primarily responsible for making recommendations to that
committee.

The Mortgage Securities Portfolio pays BlackRock a management fee that
consists of a basic fee and a performance fee. The management fee is calculated
and paid quarterly. The basic fee is equal to an annual rate of 0.07 % of the
Portfolio's average daily net assets. The performance fee for any quarter
depends on the percentage amount by which the Mortgage Securities Portfolio's
performance exceeds or trails that of the Lehman Brothers Mortgage-Backed
Securities Index Value Index during the applicable measurement period based on
the following schedule:

Average Annual
Performance Total
Differential vs. Annual Annual
Basic Fee Benchmark Index Performance Fee Fee
--------- --------------- --------------- ---

0.07% Greater Than or Equal
To 2.00% 0.18% 0.25%

Greater Than or
Equal To 0.50% and
Less Than 2.00% 0.16% 0.23%

Greater Than or
Equal To 0.25% and
Less Than 0.50% 0.12% 0.19%

Greater Than or
Equal To -025. and
Less Than 0.25% 0.08% 0.15%

Greater Than -0.50% and
Less Than -0.25% 0.04% 0.11%

Less Than or
Equal To -0.50% 0.00% 0.07%

The measurement period consists of the 12 most recent calendar quarters,
excluding the quarter immediately preceding the date of calculation.

Under the performance fee formula, BlackRock will receive a performance fee
if the Mortgage Securities Portfolio's performance either exceeds the Lehman
Brothers Mortgage-Backed Securities Index or trails the Lehman Brothers
Mortgage-Backed Securities Index by no more than 0.50%. Under certain
circumstances, BlackRock may receive a performance fee even if the Mortgage
Securities Portfolio's total return is negative.

U.S. Government Money Portfolio

Accessor Capital directly invests the assets of the U.S. Government Money
Portfolio. Accessor Capital receives no additional fee beyond its management
fee, described above, for this service.

Total Management Fees for Fiscal Year 1998. The Portfolios paid the
following aggregate management fees in fiscal year 1998 to Accessor Capital and
the Portfolio's Money Manager:

Intermediate Fixed-Income Portfolio: $222,380
Short-Intermediate Fixed-Income Portfolio: $196,789
Mortgage Securities Portfolio: $804,501
U.S. Government Money Portfolio: $175,047

SHAREHOLDER INFORMATION

Purchasing Advisor Class Shares

Investors purchase Advisor Class shares of the Portfolios at the net asset
value per share (NAV). The NAV is calculated by adding the value of Portfolio
assets attributable to Advisor Class shares, subtracting Portfolio liabilities
attributable to the class, and dividing by the number of outstanding Advisor
Class shares. The NAV is calculated each day that the New York Stock Exchange
(NYSE) is open for business. The Portfolios generally calculate their NAV at the
close of regular trading on the NYSE, generally 4:00 p.m. Eastern time. Shares
are purchased at the NAV that is next calculated after purchase requests are
received by the Portfolios.

Short-term or excessive trading into and out of a Portfolio may harm
performance by disrupting portfolio management strategies and by increasing
expenses. Accordingly, a Portfolio may reject any purchase orders, including
exchanges, particularly from market timers or investors, who in the Money
Manager's opinion, have a pattern of short-term or excessive trading or whose
trading has been or may be disruptive to that Portfolio. For these purposes, the
Money Manager may consider an investor's trading history in that Portfolio or
other Portfolios, and accounts under common ownership or control.

Where to Purchase Shares. Investors purchase Advisor Class shares from two
primary sources:

[graphic] directly from the Fund.

[graphic] through financial intermediaries, such as banks, broker-dealers,
registered investment advisers and providers of fund supermarkets.

If Accessor Capital receives a purchase order for shares of U.S. Government
Money Portfolio on any business day and the invested monies are wired before
9:00 a.m., Pacific time, the shareholder will be entitled to receive that day's
dividend.

[graphic] By Check. Checks made payable to "Accessor Funds, Inc." and drawn
on a U.S. bank should be mailed with the completed application or with
the account number noted on the check to

Accessor Funds, Inc.
P. 0. Box 1748
Seattle, WA 98111-9865

[graphic] By Federal Funds Wire. Wire instructions are described on the
account application.

[graphic] By Purchases In Kind. Under some circumstances, the Portfolios
may accept securities as payment for Advisor Class shares. Such
securities would be valued the same way the Portfolios' securities are
valued. (See Valuation of Portfolio Securities, below.) See
"Additional Purchase and Redemption Information" in the Statement of
Additional Information.

Investment Minimums for Advisor Class Shares Purchased from the Fund.
- ---------------------------------------------------------------------

To Open an Account: $5,000 per Portfolio, or

$10,000 aggregated across all Portfolios of the Fund.

To Add to an Account: $1,000 per Portfolio, or

$2,000 aggregated across all the Portfolios of the Fund.

For further information on purchasing Advisor Class shares, please contact
Accessor Capital at (800) 759-3504.

Investment Minimums for an IRA/Roth IRA Account.
- ------------------------------------------------

To Open an Account: $2,000 aggregated across all Portfolios of the Fund.

To Add to an Account: $2,000 aggregated across all Portfolios of the Fund.

Copies of the IRA/Roth IRA Account Plan may be obtained from Accessor Capital at
(800) 759-3504.

Exchanging Advisor Class Shares

Advisor Class shares may be exchanged for shares of any other Portfolio so
long as shareholders meet the normal investment requirements of the other
Portfolio. Shareholders should read the prospectus of any other Portfolio into
which they are considering exchanging.

[graphic] By Mail. Share exchange instructions may be mailed to Accessor
Capital at P. 0. Box 1748, Seattle, WA 98111-9865.

[graphic] By Fax. Share exchange instructions may be faxed to Accessor
Capital at (206) 224-4274.

An exchange of shares into a different Portfolio is a redemption of shares
and will be treated as a sale for tax purposes.

You should contact your Financial Intermediary directly to make exchanges.
Your Financial Intermediary may charge additional fees for these transactions.

Redemption of Portfolio Shares

[graphic] By Mail. Redemption requests may be mailed to Accessor Capital at
P. 0. Box 1748, Seattle, WA 98111-9865.

[graphic] By Fax. Redemption requests may be faxed to Accessor Capital at
(206) 224-4274.

Shares also may be redeemed through financial intermediaries from whom
shares were purchased. Financial intermediaries may charge a fee for this
service.

Dividends and Distributions

Portfolio Declared Payable
- --------- -------- -------

U.S. Government Money Daily 1st business day
following end of
calendar quarter

Intermediate Fixed-Income Monthly, on last 1st business day
Short-Intermediate Fixed-Income business day of following end of
Mortgage Securities month calendar quarter

Valuation of Portfolio Securities

Taxation

<PAGE>

FINANCIAL HIGHLIGHTS
[To be filed by subsequent amendment]

<PAGE>

APPENDIX A
DESCRIPTION OF INDICES

The following information as to each index has been supplied by the
respective preparer of the index or has been obtained from other
publicly-available information.

Lehman Brothers Government/Corporate Index (Intermediate Fixed-Income Portfolio)
Lehman Brothers Government/Corporate 1-5 Year Index (Short-Intermediate Fixed-
Income Portfolio)
Lehman Brothers Mortgage-Backed Securities Index (Mortgage Securities
Portfolio)

The Lehman Brothers Bond Indices include fixed-rate debt issues rated
investment grade or higher by Moody's, S&P, or Fitch Investors Service, Inc. All
issues have at least one year to maturity and an outstanding par value of at
least $100 million for U.S. Government issues and $25 million for all others.
Price, coupon and total return are reported for all sectors on a month-end to
month-end basis. All returns are market value weighted inclusive of accrued
interest.

The Lehman Brothers Government/Corporate Index is made up of the Government
and Corporate Bond Indices.

The Government Bond Index is made up of the Treasury Bond Index (all public
obligations of the United States Treasury, excluding flower bonds and foreign
targeted issues) and the Agency Bond Index (all publicly issued debt of U.S.
Government agencies and quasi-federal corporations, and corporate debt
guaranteed by the U.S. Government). The Government Bond Index also includes the
1-3 Year Government Index, composed of Agency and Treasury securities with
maturities of one to three years, and the 20 Year Treasury Index, comprising
Treasury issues with 20 years or more to maturity.

The Corporate Bond Index includes all publicly issued, fixed-rate,
nonconvertible investment grade domestic corporate debt. Also included are
Yankee bonds, which are dollar-denominated SEC registered public, nonconvertible
debt issued or guaranteed by foreign sovereign governments, municipalities or
governmental agencies, or international agencies.

The 1-5 Year Government/Corporate Index is composed of Agency and Treasury
securities and corporate securities of the type referred to in the preceding
paragraph, all with maturities of one to five years.

The Mortgage-Backed Securities Index covers all fixed-rate securities
backed by mortgage pools of the Government National Mortgage Association (GNMA),
Federal Home Loan Mortgage Corporation (FHLMC) and Federal National Mortgage
Association (FNMA). Graduated Payment Mortgages (GPMs) are included, but
Graduated Equity Mortgages (GEMs) are not.

<PAGE>
[Back Cover]

Shareholder Reports. The Fund publishes Annual and Semi-Annual Reports, which
contain information about each Portfolio's recent performance, including:

A free copy of the Fund's Annual Report, Semi-Annual Report and SAI are
available by contacting Accessor Capital at 1-800-759-3504 or by visiting
Accessor Capital's web site at www.accessor.com.

================================================================================
Help Box: Shareholder Reports, SAIs and other information are
available for your financial intermediary or from

Accessor Capital Management LP
1420 Fifth Street, #3600
Seattle, Washington 98101
800-759-3504
206-224-7420

web site: www.accessor.com

Securities and Exchange Commission
Washington, DC 20549-6009
800-SEC-0330 (Public Reference Section)

web site: www.sec.gov

SEC file number: 811-06337.

<PAGE>
[FRONT COVER]
ACCESSOR(R) FUNDS, INC.
[LOGO]
Fixed-Income Portfolios
Investor Class Shares

Intermediate Fixed-Income Portfolio
Short-Intermediate Fixed-Income Portfolio
Mortgage Securities Portfolio
U.S. Government Money Portfolio

Prospectus May 1, 1999

The Securities and Exchange Commission has not approved or disapproved these
securities or passed upon the adequacy of this Prospectus. Any representation to
the contrary is a criminal offense.

<PAGE>

These Portfolios are:

TABLE OF CONTENTS

SUMMARY........................................................................4
PERFORMANCE....................................................................6
EXPENSES.......................................................................8
PORTFOLIO OBJECTIVES AND STRATEGIES...........................................10
PRINICIPAL RISKS..............................................................12
MANAGEMENT, ORGANIZATION AND CAPITAL STRUCTURE OF THE
PORTFOLIOS....................................................................13
SHAREHOLDER INFORMATION.......................................................16
FINANCIAL HIGHLIGHTS..........................................................23
APPENDIX A....................................................................24

<PAGE>
SUMMARY

<PAGE>

PERFORMANCE

The following tables illustrate changes in the performance of Advisor Class
Shares of the Portfolios from year to year and compare the performance of
Advisor Class Shares to the performance of a market index over time. The
performance does not reflect certain fees and expenses of Investor Class Shares,
which, if reflected, would result in lower performance for the periods shown. As
with all mutual funds, how the Portfolios have performed in the past is not an
indication of how they will perform in the future.

Intermediate Fixed-Income Portfolio
- -----------------------------------

Year by Year Total Returns

Calendar
Year 1992 1993 1994 1995 1996 1997 1998
- ---- ---- ---- ---- ---- ---- ---- ----
4.26 9.53 -5.24 18.26 2.56 8.62 8.38

[Bar
Chart]

Best Quarter: 2nd Q 1995 -- 6.13%
Worst Quarter: 1st Q 1994-- -3.53%

Average Annual Total Returns
As of 12/31/98
1 Year 5 Years Life of
------ ------- -------
Fund*
Intermediate
Fixed-Income 8.38% 6.23% 6.87%
Portfolio

Lehman Brothers
Government/
Corporate Index 9.47% 7.30% 7.84%(1)

- ----------
* From 6/15/92
(1) Index measured from July 1, 1992.

Short-Intermediate Fixed-Income Portfolio
- -----------------------------------------

Year by Year Total Returns

Calendar
Year 1992 1993 1994 1995 1996 1997 1998
- ---- ---- ---- ---- ---- ---- ---- ----
4.12 5.63 -1.43 11.42 3.63 6.33 6.87

[Bar
Chart]

Best Quarter: 1st Q 1995 -- 3.58%
Worst Quarter: 1st Q 1994-- -1.34%

Average Annual Total Returns
As of 12/31/98
1 Year 5 Years Life of
------ ------- -------
Fund*
Short-Intermediate
Fixed-Income 6.87% 5.28% 5.46%
Portfolio

Lehman Brothers
Government/
Corporate 1-5 7.64% 6.23% 6.57%(2)
Year Index

- ----------
* From 5/18/92
(2) Index measured from June 1, 1992.

<PAGE>
Mortgage Securities Portfolio

Year by Year Total Returns

Calendar
Year 1992 1993 1994 1995 1996 1997 1998
- ---- ---- ---- ---- ---- ---- ---- ----
3.93 7.26 -1.65 16.03 4.95 9.53 6.43

[Bar
Chart]

Best Quarter: 1st Q 1995 -- 5.11%
Worst Quarter: 1st Q 1994-- -1.21%

Average Annual Total Returns
As of 12/31/98
1 Year 5 Years Life of
------ ------- -------
Fund*
Mortgage
Securities 6.43% 6.90% 6.91%
Portfolio

Lehman Brothers
Mortgage-Backed
Securities Index 6.97% 7.23% 7.30%(1)

- ----------
* From 5/18/92
(1) Index measured from June 1, 1992.

U.S. Government Money Portfolio
- -------------------------------

Year by Year Total Returns

Calendar
Year 1992 1993 1994 1995 1996 1997 1998
- ---- ---- ---- ---- ---- ---- ---- ----
2.40 2.81 3.70 5.33 4.78 5.07 5.00

[Bar
Chart]
Best Quarter: 2nd Q 1995 -- 1.37%
Worst Quarter: 2nd Q 1993 -- 0.66%

Average Annual Total Returns
As of 12/31/98
1 Year 5 Years Life of
------ ------- -------
Fund*
U.S.
Government 5.00% 4.77% 4.32%
Money Portfolio

90-day T-bill _____% _____% ______%

- ----------
* From 4/9/92

The U.S. Government Money Portfolio's 7-day yield on 12/31/98 was 4.58%. For the
Portfolio's current yield call toll-free (800) 759-3504.

<PAGE>

EXPENSES

The following tables describe the fees and expenses that you may pay if you
buy and hold Investor Class Shares of the Portfolios.

<TABLE>
Shareholder Fees(a) Portfolios(b)
--------------------------------------------------------------------
<CAPTION>
Short-Intermediate U.S. Government
Intermediate Fixed-Income Mortgage Money
Fixed-Income Securities
<S> <C> <C> <C> <C>
Maximum Sales Charge imposed on Purchases (as a None None None None
% of offering price)
Maximum Sales Charge imposed on Reinvested None None None None
Dividends
Maximum Deferred Sales Charge (Load) None None None None
Check Redemption Fee (c) None None None None
Exchange Fee None None None None
</TABLE>
- -------------------------------------------------
(a) Shares of the Portfolios are expected to be sold primarily through
financial intermediaries, which may charge shareholders a fee. Such fees
are not included in the tables.
(b) An annual maintenance fee of $25.00 may be charged by the Transfer Agent to
each IRA Account with an aggregate balance of less than $10,000 on December
31 of each year.
(c) The Transfer Agent may charge a processing fee of $10.00 for each
redemption check requested by a shareholder.

<TABLE>
<CAPTION>
Fee Table Portfolios
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
Annual Fund Operating Expenses Intermediate Short-Intermediate Mortgage U.S. Government
(expenses deducted from a Portfolio's assets Fixed-Income Fixed-Income Securities Money
as a percentage of average daily net assets)

Management Fees (a) 0.40% 0.40% 0.59% 0.25%
Distribution (12b-1) Fees and Shareholder
Servicing Fees(b) 0.25% 0.25% 0.25% 0.25%
Other Expenses 0.33% 0.35% 0.29% 0.28%
Administrative Services Fee(c) 0.25% 0.25% 0.25% 0.25%
Total Other Expenses 0.58% 0.60% 0.54% 0.53%
Total Annual Portfolio Operating Expenses 1.23% 1.25% 1.38% 1.03%
</TABLE>
- -------------------------------------------------
(a) Management fees consist of the management fee paid to Accessor and the
Money Manager fees paid to the Money Managers of the Intermediate
Fixed-Income, Short-Intermediate Fixed-Income and Mortgage Securities
Portfolios. Accessor Capital receives only the management fee and not a
Money Manager fee for the U. S. Government Money Portfolio that it manages
directly.
(b) The combination of the fees paid pursuant to the Distribution Plan and the
Shareholder Service Plan for each Portfolio may be no more than 0.25% of
the annual net assets attributable to that Portfolio's Investor Class
Shares.
(c) Pursuant to the Administrative Services Plan, the Fund may pay financial
intermediaries who have entered into arrangements with the Fund up to 0.25%
of the average daily net assets of their clients who may from time to time
beneficially own Investor Class Shares of the Portfolios.

<PAGE>

Expense Example: This example shows what an investor in Investor Class Shares of
a Portfolio could pay over time. This example is intended to help you compare
the cost of investing in the Portfolios with the cost of investing in other
mutual funds.

The Example assumes that you invest $10,000 in Investor Class Shares of a
Portfolio for the time periods indicated and then redeem all of your shares
by wire at the end of those periods. The Example does not include the
effect of the $10 fee per transaction for check redemption requests. The
Example also assumes that your investment has a 5% rate of return each year
and that the Portfolio's operating expenses remain the same. Although your
actual costs may be higher or lower, based on these assumptions your costs
would be:
Portfolios
--------------------------------------------------------------------
Intermediate Short-Intermediate Mortgage U.S. Government
Fixed-Income Fixed-Income Securities Money

1 Year $13 $13 $14 $11
3 Years $39 $40 $44 $33
5 Years $68 $69 $76 $57
10 Years $149 $151 $166 $126

<PAGE>

PORTFOLIO OBJECTIVES AND STRATEGIES