[LOGO] S ACCESSOR FUNDS, INC.
ANNUAL REPORT
AUDITED DECEMBER 31, 1999
GROWTH FUND
VALUE FUND
SMALL TO MID CAP FUND
INTERNATIONAL EQUITY FUND
INTERMEDIATE FIXED-INCOME FUND
SHORT-INTERMEDIATE FIXED-INCOME FUND
MORTGAGE SECURITIES FUND
U.S. GOVERNMENT MONEY FUND
ACCESSOR
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<PAGE>
ACCESSOR FUNDS, INC.
1420 FIFTH AVENUE, SUITE 3600
SEATTLE, WASHINGTON 98101
TEL 206 224 7420
FAX 206 224 4274
February 28, 2000
Dear Shareholder,
It is our pleasure to provide you with the 1999 Annual Report for Accessor
Funds. It explains in detail how your investments performed last year and covers
several important issues, including fees and portfolio management. However,
before we review 1999 results, we'd like to first thank you for your investment
in the Funds and take a closer look at what we think makes Accessor Funds
special.
With three domestic equity, one international equity and four fixed-income
investment options, shareholders in the Accessor Funds have a wide range of risk
and return alternatives to structure an investment solution designed to meet
their specific needs. We believe our eight Funds offer more than just a broad
spectrum of equity and fixed-income investment choices. We also believe they
offer a better way of managing mutual fund assets. Each of the Funds, except the
U.S. Government Money Fund, is run by an external money manager specializing in
that Fund's asset class. Each of those managers is governed by strict investment
mandates to run the Funds in a style pure fashion. This means the Growth Fund
can only invest in growth stocks, and so on. The mandates assure that
shareholders actually invest in the asset class they intended to. Finally, after
five calendar quarters, managers are paid on a performance fee basis. The fee is
based on the manager's performance compared to an unmanaged index of securities
with similar risk and investment characteristics. We believe this structure and
approach offers the best chance for above average performance at lower than
average risk. For a complete description of the fee structure, the manager and
money managers, and the indices, please refer to the Prospectuses and Statement
of Additional Information of Accessor Funds. If you have any questions about
these documents or this report, please call our Shareholder Services Department
at 800-759-3504. They'll be happy to help you.
In closing, on behalf of everyone at Accessor, I'd like to thank you again
for your confidence in us. We take the responsibility of managing your money
very seriously and will continue to work toward delivering style pure funds that
offer superior performance at below average risk.
Ravindra A. Deo
Treasurer
ACCESSOR
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ACCESSOR 1
<PAGE>
GROWTH FUND
The Growth Fund ("Fund") seeks capital growth through investing primarily
in equity securities with greater than average growth characteristics selected
from the 500 issuers which make up the Standard & Poor's 500 Composite Stock
Price Index ("S&P 500 Index"). The Fund is designed to have risk characteristics
similar to its benchmark, the S&P 500/BARRA Growth Index ("Index"). The money
manager of the Fund is Geewax, Terker & Company*.
The Fund is available in two classes of shares. The Advisor Class commenced
operations on August 24, 1992. The Investor Class Shares of the Growth Fund were
first issued on July 1, 1998.
For the Advisor Class Shares, the return for the year ended December 31,
1999 was 25.87%, as compared to 28.25% for the Index. The Investor Class Shares
had a total return of 25.23% for the year ended December 31, 1999.
The Fund seeks to add value over the benchmark through a disciplined
investment process that is designed to avoid the riskiest growth stocks in the
Index and to overweight stocks with the highest appreciation potential. In 1999,
the Fund performed well in an absolute sense, with a third consecutive year of
over 20% returns, and a five year compound return of over 30%. The Fund also
outperformed the S&P 500 Index handily, but it underperformed its benchmark due
to a slight overweight in financials, which were hurt by a rise in interest
rates, and due to an overweighting in the more cyclical components of the
technology sector.
*ON FEBRUARY 4, 2000, THE GROWTH FUND BOARD OF DIRECTORS APPROVED A NEW
MANAGEMENT CONTRACT WITH CHICAGO EQUITY PARTNERS, WHICH IS EXPECTED TO TAKE
EFFECT ON MAY 1, 2000.
ACCESSOR 2
<PAGE>
GROWTH FUND
PERFORMANCE SUMMARY
GROWTH OF $10,000 - ADVISOR CLASS SHARES
GROWTH FUND VS. UNMANAGED S&P 500/BARRA GROWTH INDEX
8/31/92 THROUGH 12/31/99
[PLOT POINTS CHART]
ACCESSOR GROWTH
DATE 10,000 IN FUND 10,000 IN INDEX
31-Aug-92 10,000 10,000
30-Sep-92 10,089 10,118
30-Oct-92 10,345 10,270
30-Nov-92 10,933 10,679
31-Dec-92 10,892 10,763
29-Jan-93 11,017 10,633
26-Feb-93 10,909 10,547
31-Mar-93 11,446 10,695
30-Apr-93 11,087 10,202
28-May-93 11,438 10,565
30-Jun-93 11,378 10,475
31-Jul-93 11,114 10,259
31-Aug-93 11,701 10,634
30-Sep-93 11,726 10,471
29-Oct-93 12,179 10,861
30-Nov-93 12,222 10,853
31-Dec-93 12,440 10,929
31-Jan-94 12,615 11,163
28-Feb-94 12,413 10,963
31-Mar-94 11,969 10,456
30-Apr-94 12,039 10,504
31-May-94 12,259 10,675
30-Jun-94 12,059 10,447
29-Jul-94 12,342 10,781
31-Aug-94 12,996 11,356
30-Sep-94 12,810 11,194
31-Oct-94 12,996 11,455
30-Nov-94 12,659 11,079
31-Dec-94 12,936 11,271
31-Jan-95 13,233 11,550
28-Feb-95 13,710 12,001
31-Mar-95 14,118 12,376
28-Apr-95 14,650 12,698
31-May-95 15,281 13,153
30-Jun-95 15,747 13,656
31-Jul-95 16,273 14,092
31-Aug-95 16,137 14,046
29-Sep-95 16,710 14,739
31-Oct-95 16,937 14,857
30-Nov-95 17,410 15,392
29-Dec-95 17,375 15,566
31-Jan-96 18,051 16,161
29-Feb-96 18,388 16,308
29-Mar-96 18,283 16,241
30-Apr-96 18,709 16,556
31-May-96 18,981 17,165
28-Jun-96 19,053 17,379
31-Jul-96 18,123 16,578
30-Aug-96 18,509 16,823
30-Sep-96 19,557 17,991
31-Oct-96 20,063 18,381
29-Nov-96 21,512 19,754
31-Dec-96 20,821 19,298
31-Jan-97 22,304 20,809
28-Feb-97 22,431 20,984
31-Mar-97 21,419 19,987
30-Apr-97 22,938 21,600
30-May-97 24,275 22,881
30-Jun-97 25,557 24,041
31-Jul-97 27,497 25,945
29-Aug-97 25,751 24,220
30-Sep-97 27,051 25,455
31-Oct-97 26,142 24,689
28-Nov-97 27,554 26,028
31-Dec-97 27,741 26,348
30-Jan-98 28,732 27,234
27-Feb-98 30,815 29,126
31-Mar-98 32,201 30,633
30-Apr-98 32,150 30,889
29-May-98 31,777 30,270
30-Jun-98 34,297 32,427
31-Jul-98 34,256 32,408
31-Aug-98 29,573 28,192
30-Sep-98 31,871 30,078
30-Oct-98 34,188 32,600
30-Nov-98 36,687 34,809
30-Dec-98 40,682 37,456
31-Jan-99 43,668 39,744
28-Feb-99 41,838 38,186
31-Mar-99 44,386 40,035
30-Apr-99 43,849 39,958
31-May-99 42,034 38,793
30-Jun-99 44,703 41,571
31-Jul-99 43,116 40,255
31-Aug-99 43,073 40,814
30-Sep-99 42,293 40,119
31-Oct-99 45,376 42,893
30-Nov-99 46,847 44,728
31-Dec-99 51,199 48,039
ADVISOR CLASS HISTORICAL RATE OF RETURN(1)
PERIODS ENDING 12/31/99
ONE YEAR .........................................25.87%
FIVE YEARS .......................................31.68%
SINCE INCEPTION(2) ...............................25.03%
INVESTOR CLASS HISTORICAL RATE OF RETURN(1)
PERIODS ENDING 12/31/99
ONE YEAR .........................................25.23%
SINCE INCEPTION(3) ...............................28.94%
(1) Annualized.
(2) Since inception rate of return assumes initial investment on August 24,
1992. Comparison with the S&P 500/BARRA Growth Index assumes initial investment
on August 31, 1992.
(3) The inception date of the Investor Class is July 1, 1998.
PERFORMANCE DATA QUOTED IS HISTORICAL AND ASSUMES REINVESTMENT OF ALL DIVIDENDS
AND CAPITAL GAINS. PERFORMANCE IN THE GRAPH IS FOR THE ADVISOR CLASS SHARES
ONLY. INVESTOR CLASS SHARES HAVE HIGHER EXPENSES WHICH WILL CAUSE PERFORMANCE TO
BE LOWER THAN ADVISOR CLASS SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS
THAN WHEN PURCHASED. PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS.
ACCESSOR 3
<PAGE>
VALUE FUND
The Value Fund ("Fund") (formerly known as the Value and Income Portfolio)
seeks generation of current income and capital growth by investing primarily in
income-producing equity securities selected from the 500 issuers which make up
the S&P 500 Index. The Fund is designed to have risk characteristics similar to
its current benchmark, the S&P 500/BARRA Value Index ("Index"). Martingale Asset
Management L.P. is the money manager of the Fund. The name of the Fund was
changed effective May 1, 1999 to reflect the trend that value stocks contained
in the S&P 500 have generated less current income in recent years than they have
in earlier periods.
The Value Fund is available in two classes of shares. The Advisor Class
commenced operations on August 24, 1992. The Investor Class Shares of the Value
Fund were first issued on July 1, 1998.
For the Advisor Class Shares, the return for the year ended December 31,
1999 was 6.87%, as compared to 12.72% for the Index. The Investor Class Shares
had a total return of 6.35% for the year ended December 31, 1999.
Relative to the broad market, value stocks had yet another challenging year
in 1999, despite the fact that they still produced respectable returns as
compared to long term historical averages or as compared to fixed-income or
money market alternatives. Investors have been greatly rewarded in recent years
for following earnings momentum and price momentum, and so have paid less
attention to the valuation of stocks in general. The money manager for the Value
Fund uses sophisticated quantitative methods to pick those stocks in the S&P 500
Index that have attractive long term growth prospects yet are selling at
reasonable valuations. The market environment in 1999 proved to be difficult for
this strategy, and therefore the Value Fund lagged its performance benchmark. A
market environment in which investors pay more attention to the valuation of
stocks in general would be more favorable to the strategy used in the Value
Fund.
ACCESSOR 4
<PAGE>
VALUE FUND
PERFORMANCE SUMMARY
GROWTH OF $10,000 - ADVISOR CLASS SHARES
VALUE FUND VS. UNMANAGED S&P 500/BARRA VALUE INDEX
8/31/92 THROUGH 12/31/99
[PLOT POINTS CHART]
ACCESSOR VALUE & INCOME
DATE 10,000 IN FUND 10,000 IN INDEX
31-Aug-92 10,000 10,000
30-Sep-92 10,056 10,110
30-Oct-92 9,973 10,027
30-Nov-92 10,331 10,300
31-Dec-92 10,539 10,493
29-Jan-93 10,841 10,775
26-Feb-93 11,176 11,146
31-Mar-93 11,462 11,454
30-Apr-93 11,318 11,408
28-May-93 11,503 11,621
30-Jun-93 11,645 11,775
31-Jul-93 11,730 11,921
31-Aug-93 12,120 12,388
30-Sep-93 12,044 12,383
29-Oct-93 12,146 12,450
30-Nov-93 11,942 12,227
31-Dec-93 12,087 12,435
31-Jan-94 12,577 13,014
28-Feb-94 12,163 12,543
31-Mar-94 11,739 12,028
30-Apr-94 11,828 12,282
31-May-94 11,918 12,485
30-Jun-94 11,654 12,140
29-Jul-94 11,970 12,550
31-Aug-94 12,285 12,905
30-Sep-94 11,920 12,451
31-Oct-94 12,137 12,722
30-Nov-94 11,702 12,207
31-Dec-94 11,850 12,357
31-Jan-95 12,123 12,692
28-Feb-95 12,597 13,184
31-Mar-95 12,928 13,547
28-Apr-95 13,304 13,993
31-May-95 13,963 14,615
30-Jun-95 13,995 14,726
31-Jul-95 14,382 15,235
31-Aug-95 14,557 15,364
29-Sep-95 14,958 15,899
31-Oct-95 14,866 15,651
30-Nov-95 15,542 16,471
29-Dec-95 15,791 16,927
31-Jan-96 16,256 17,433
29-Feb-96 16,455 17,597
29-Mar-96 16,758 18,009
30-Apr-96 17,017 18,191
31-May-96 17,247 18,465
28-Jun-96 17,142 18,376
31-Jul-96 16,437 17,601
30-Aug-96 17,029 18,086
30-Sep-96 17,760 18,861
31-Oct-96 18,466 19,500
29-Nov-96 19,922 20,992
31-Dec-96 19,571 20,650
31-Jan-97 20,630 21,599
28-Feb-97 20,751 21,757
31-Mar-97 19,847 21,013
30-Apr-97 20,809 21,801
30-May-97 22,160 23,168
30-Jun-97 22,920 24,053
31-Jul-97 25,040 25,977
29-Aug-97 24,106 24,803
30-Sep-97 25,673 26,256
31-Oct-97 24,777 25,290
28-Nov-97 25,493 26,254
31-Dec-97 26,018 26,837
30-Jan-98 25,844 26,506
27-Feb-98 27,699 28,494
31-Mar-98 29,392 29,938
30-Apr-98 29,630 30,292
29-May-98 29,230 29,866
30-Jun-98 29,130 30,093
31-Jul-98 28,195 29,439
31-Aug-98 23,588 24,705
30-Sep-98 24,690 26,206
30-Oct-98 26,961 28,259
30-Nov-98 28,320 29,731
30-Dec-98 29,371 30,775
31-Jan-99 29,665 31,397
28-Feb-99 28,798 30,721
31-Mar-99 29,510 31,652
30-Apr-99 32,121 34,381
31-May-99 31,871 33,773
30-Jun-99 33,349 35,070
31-Jul-99 31,935 33,992
31-Aug-99 30,760 33,131
30-Sep-99 29,321 31,834
31-Oct-99 31,062 33,631
30-Nov-99 30,655 33,434
31-Dec-99 31,391 34,690
ADVISOR CLASS HISTORICAL RATE OF RETURN(1)
PERIODS ENDING 12/31/99
ONE YEAR ..........................................6.87%
FIVE YEARS .......................................21.51%
SINCE INCEPTION(2) ...............................16.91%
INVESTOR CLASS HISTORICAL RATE OF RETURN(1)
PERIODS ENDING 12/31/99
ONE YEAR ..........................................6.35%
SINCE INCEPTION(3) ................................3.43%
(1) Annualized.
(2) Since inception rate of return assumes initial investment on August 24,
1992. Comparison with the S&P 500/BARRA Value Index assumes initial investment
on August 31, 1992.
(3) The inception date of the Investor Class is July 1, 1998.
PERFORMANCE DATA QUOTED IS HISTORICAL AND ASSUMES REINVESTMENT OF ALL DIVIDENDS
AND CAPITAL GAINS. PERFORMANCE IN THE GRAPH IS FOR THE ADVISOR CLASS SHARES
ONLY. INVESTOR CLASS SHARES HAVE HIGHER EXPENSES WHICH WILL CAUSE PERFORMANCE TO
BE LOWER THAN ADVISOR CLASS SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS
THAN WHEN PURCHASED. PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS.
ACCESSOR 5
<PAGE>
SMALL TO MID CAP FUND
The Small to Mid Cap Fund ("Fund") seeks capital growth through investing
primarily in equity securities of small to medium capitalization issuers. The
Fund is designed to have risk characteristics similar to its benchmark, the
Wilshire 4500 Index. In September 1995, the investment objective of the Fund was
changed by a vote of the shareholders. The performance for periods prior to
October 1995 shows performance of the Fund before the restatement of the
investment objective. The BARRA Institutional Small Index was used and is
provided in the first graph only for comparative depiction of the prior period.
The money manager of the Fund is Symphony Asset Management L.L.C.
The Small to Mid Cap Fund is available in two classes of shares. The
Advisor Class commenced operations on August 24, 1992. The Investor Class Shares
of the Small to Mid Cap Fund were first issued on June 24, 1998.
For the Advisor Class Shares, the return for the year ended December 31,
1999 was 27.26%, as compared to 34.85% for the Wilshire 4500 Index. The Investor
Class Shares had a total return of 26.60% for the year ended December 31, 1999.
The money manager for the Small to Mid Cap Fund uses sophisticated
quantitative tools to select stocks and construct funds. Its investment process
combines screens on liquidity, profitability, valuation, and other
characteristics of the stocks in the Wilshire 4500 Index, as well as earnings
estimates of Wall Street analysts (the money manager gives more weight to those
analysts who they know, from past experience, give more accurate forecasts).
Information on corporate insider transactions is also considered. This strategy
has proven to be especially suited for small to mid cap stocks as a vast
quantity of information can be quickly and efficiently processed on thousands of
stocks. In addition, the money manager tries to enhance performance by
controlling the transaction costs via electronic trading networks. Small and mid
cap stocks outperformed large cap stocks in 1999, powered by a tremendous
increase in Internet stocks and IPOs. The money manager's process, which looks
at valuation and profitability, caused the Fund to miss out on some of the
year's hottest stocks, which had high valuations by historical standards, and
skimpy or no earnings. As a consequence, the Small to Mid Cap Fund
underperformed its benchmark for the year, although the Fund's long term record
is still strong relative to its benchmark (since inception).
ACCESSOR 6
<PAGE>
SMALL TO MID CAP FUND
PERFORMANCE SUMMARY
PERFORMANCE DATA QUOTED IS HISTORICAL AND ASSUMES REINVESTMENT OF ALL DIVIDENDS
AND CAPITAL GAINS. PERFORMANCE IN THE FOLLOWING GRAPHS IS FOR THE ADVISOR CLASS
SHARES ONLY. INVESTOR CLASS SHARES HAVE HIGHER EXPENSES WHICH WILL CAUSE
PERFORMANCE TO BE LOWER THAN THAT SHOWN HERE. INVESTMENT RETURN AND PRINCIPAL
VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH
MORE OR LESS THAN WHEN PURCHASED. PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE
RESULTS.
GROWTH OF $10,000 - ADVISOR CLASS SHARES
SMALL TO MID CAP FUND VS. UNMANAGED BARRA INSTITUTIONAL SMALL INDEX
8/31/92 THROUGH 9/15/95
[PLOT POINTS CHART]
ACCESSOR SMALL TO MID CAP
SEPARATE PERIODS
10,000 IN BARRA
DATE 10,000 IN FUND INSTITUTIONAL INDEX
31-Aug-92 10,000 10,000
30-Sep-92 10,096 10,196
30-Oct-92 10,408 10,458
30-Nov-92 11,091 11,208
31-Dec-92 11,452 11,597
29-Jan-93 11,765 11,967
26-Feb-93 11,587 11,785
31-Mar-93 11,986 12,204
30-Apr-93 11,538 11,781
28-May-93 11,960 12,179
30-Jun-93 12,027 12,269
30-Jul-93 12,171 12,488
31-Aug-93 12,620 13,046
30-Sep-93 12,842 13,394
29-Oct-93 13,037 13,787
30-Nov-93 12,664 13,308
31-Dec-93 13,101 13,722
31-Jan-94 13,499 14,077
28-Feb-94 13,304 13,949
31-Mar-94 12,630 13,200
29-Apr-94 12,692 13,165
31-May-94 12,452 13,059
30-Jun-94 12,113 12,734
29-Jul-94 12,300 12,984
31-Aug-94 12,957 13,676
30-Sep-94 12,904 13,676
31-Oct-94 12,877 13,625
30-Nov-94 12,335 13,107
30-Dec-94 12,568 13,320
31-Jan-95 12,505 13,278
28-Feb-95 12,880 13,808
31-Mar-95 13,124 14,101
28-Apr-95 13,401 14,382
31-May-95 13,615 14,632
30-Jun-95 14,319 15,453
31-Jul-95 15,314 16,428
31-Aug-95 15,538 16,815
29-Sep-95 15,916 17,227
GROWTH OF $10,000 - ADVISOR CLASS SHARES
SMALL TO MID CAP FUND VS. UNMANAGED WILSHIRE 4500 INDEX
9/15/95 THROUGH 12/31/99
[PLOT POINTS CHART]
ACCESSOR SMALL TO MID CAP
SEPARATE PERIODS
10,000 IN
DATE 10,000 IN FUND WILSHIRE 4500
29-Sep-95 10,000 10,000
31-Oct-95 9,667 9,732
30-Nov-95 10,135 10,145
29-Dec-95 10,421 10,273
31-Jan-96 10,379 10,379
29-Feb-96 10,811 10,716
29-Mar-96 10,957 10,880
30-Apr-96 11,472 11,386
31-May-96 11,732 11,745
28-Jun-96 11,479 11,377
31-Jul-96 10,788 10,522
30-Aug-96 11,583 11,091
30-Sep-96 12,215 11,619
31-Oct-96 12,270 11,448
29-Nov-96 12,895 11,931
31-Dec-96 13,010 12,039
31-Jan-97 13,362 12,427
28-Feb-97 12,996 12,165
31-Mar-97 12,472 11,529
30-Apr-97 12,950 11,557
30-May-97 14,099 12,707
30-Jun-97 14,691 13,310
31-Jul-97 16,041 14,226
31-Aug-97 16,181 14,355
30-Sep-97 17,651 15,350
31-Oct-97 16,944 14,765
28-Nov-97 17,223 14,770
31-Dec-97 17,714 15,131
30-Jan-98 17,780 14,915
27-Feb-98 19,355 16,055
31-Mar-98 20,321 16,886
30-Apr-98 20,695 17,100
29-May-98 19,745 16,301
30-Jun-98 20,307 16,555
31-Jul-98 18,870 15,617
31-Aug-98 15,586 12,591
30-Sep-98 16,539 13,500
30-Oct-98 17,048 14,267
30-Nov-98 18,260 15,154
30-Dec-98 20,546 16,437
31-Jan-99 20,154 16,701
28-Feb-99 19,080 15,792
31-Mar-99 19,900 16,409
30-Apr-99 21,271 17,717
31-May-99 21,122 17,564
30-Jun-99 22,271 18,301
31-Jul-99 21,857 17,747
31-Aug-99 21,392 17,305
30-Sep-99 21,663 17,170
31-Oct-99 22,842 18,047
30-Nov-99 24,073 19,570
31-Dec-99 26,143 22,267
ACCESSOR 7
<PAGE>
SMALL TO MID CAP FUND
PERFORMANCE SUMMARY
GROWTH OF $10,000 - ADVISOR CLASS SHARES
SMALL TO MID CAP FUND VS. UNMANAGED SMALL TO MID CAP COMPOSITE INDEX(2)
8/31/92 THROUGH 12/31/99
[PLOT POINTS CHART]
ACCESSOR SMALL TO MID CAP
TOTAL HISTORY
10,000 IN SMALL TO
DATE 10,000 IN FUND MID COMPOSITE INDEX
31-Aug-92 10,000 10,000
30-Sep-92 10,096 10,196
30-Oct-92 10,408 10,458
30-Nov-92 11,091 11,208
31-Dec-92 11,452 11,597
29-Jan-93 11,765 11,967
26-Feb-93 11,587 11,785
31-Mar-93 11,986 12,204
30-Apr-93 11,538 11,781
28-May-93 11,960 12,179
30-Jun-93 12,027 12,269
30-Jul-93 12,171 12,488
31-Aug-93 12,620 13,046
30-Sep-93 12,842 13,394
29-Oct-93 13,037 13,787
30-Nov-93 12,664 13,308
31-Dec-93 13,101 13,722
31-Jan-94 13,499 14,077
28-Feb-94 13,304 13,949
31-Mar-94 12,630 13,200
29-Apr-94 12,692 13,165
31-May-94 12,452 13,059
30-Jun-94 12,113 12,734
29-Jul-94 12,300 12,984
31-Aug-94 12,957 13,676
30-Sep-94 12,904 13,676
31-Oct-94 12,877 13,625
30-Nov-94 12,335 13,107
30-Dec-94 12,568 13,320
31-Jan-95 12,505 13,278
28-Feb-95 12,880 13,808
31-Mar-95 13,124 14,101
28-Apr-95 13,401 14,382
31-May-95 13,615 14,632
30-Jun-95 14,319 15,453
31-Jul-95 15,314 16,428
31-Aug-95 15,538 16,815
29-Sep-95 15,916 17,227
31-Oct-95 15,386 16,766
30-Nov-95 16,131 17,478
29-Dec-95 16,586 17,698
31-Jan-96 16,520 17,880
29-Feb-96 17,207 18,462
29-Mar-96 17,439 18,744
30-Apr-96 18,259 19,616
31-May-96 18,673 20,234
28-Jun-96 18,270 19,599
31-Jul-96 17,170 18,127
30-Aug-96 18,435 19,106
30-Sep-96 19,442 20,017
31-Oct-96 19,529 19,721
29-Nov-96 20,524 20,554
31-Dec-96 20,706 20,739
31-Jan-97 21,267 21,409
28-Feb-97 20,685 20,956
31-Mar-97 19,851 19,861
30-Apr-97 20,611 19,910
30-May-97 22,440 21,892
30-Jun-97 23,382 22,929
31-Jul-97 25,531 24,508
31-Aug-97 25,753 24,730
30-Sep-97 28,094 26,444
31-Oct-97 26,967 25,437
28-Nov-97 27,412 25,444
31-Dec-97 28,193 26,067
30-Jan-98 28,298 25,694
27-Feb-98 30,805 27,659
31-Mar-98 32,342 29,090
30-Apr-98 32,937 29,458
29-May-98 31,425 28,082
30-Jun-98 32,321 28,519
31-Jul-98 30,033 26,904
31-Aug-98 24,807 21,691
30-Sep-98 26,323 23,256
30-Oct-98 27,133 24,578
30-Nov-98 29,063 26,107
30-Dec-98 32,701 28,317
31-Jan-99 32,077 28,771
28-Feb-99 30,367 27,206
31-Mar-99 31,673 28,268
30-Apr-99 33,855 30,522
31-May-99 33,618 30,257
30-Jun-99 35,447 31,528
31-Jul-99 34,788 30,573
31-Aug-99 34,047 29,812
30-Sep-99 34,479 29,579
31-Oct-99 36,355 31,091
30-Nov-99 38,314 33,714
31-Dec-99 41,609 38,360
ADVISOR CLASS HISTORICAL RATE OF RETURN(1)
PERIODS ENDING 12/31/99
ONE YEAR .........................................27.26%
FIVE YEARS .......................................27.06%
SINCE INCEPTION(3) ...............................21.21%
INVESTOR CLASS HISTORICAL RATE OF RETURN(1)
PERIODS ENDING 12/31/99
ONE YEAR .........................................26.60%
SINCE INCEPTION(4) ...............................19.31%
(1) Annualized.
(2) The Small to Mid Cap Composite Index is a hypothetical index constructed by
Accessor Capital, which combines the BARRA Institutional Small Index and the
Wilshire 4500 Index. The Composite is intended to provide a benchmark for
comparison that reflects the different investment policies that the Fund has
followed in the past. In August 1995, shareholders approved changes to the
Fund's investment policies to change the Fund from a small cap fund to a small
to medium cap fund. Accordingly, prior to October 1995, the BARRA Index is used.
Starting October 1995, the Wilshire Index is used.
(3) Since inception rate of return assumes initial investment on August 24,
1992. Comparison with BARRA Institutional Small Index assumes initial investment
on August 31, 1992 and through the period ended September 15, 1995. Beginning in
September 1995, the Wilshire 4500 Index is used as the Fund's benchmark.
(4) The inception date of the Investor Class is June 24, 1998.
ACCESSOR 8
<PAGE>
INTERNATIONAL EQUITY FUND
The International Equity Fund ("Fund") 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. The Fund is designed to
have risk characteristics similar to its benchmark, the Morgan Stanley Capital
International ("MSCI") EAFE(R)+EMF Index ("Index"). Performance for periods
prior to May 1996 shows comparisons with the previous benchmark index, the MSCI
EAFE Index. The MSCI EAFE Index is provided in the first graph only for
comparative depiction of the prior period. The money manager of the Fund is
Nicholas-Applegate Capital Management.
The Fund is available in two classes of shares. The Advisor Class commenced
operations on October 3, 1994. The Investor Class Shares of the Fund were first
issued on July 6, 1998.
For the Advisor Class Shares, the return for the year ended December 31,
1999 was 48.93%, as compared to 30.32% for the MSCI EAFE+EMF Index. The Investor
Class Shares had a total return of 48.23% for the year ended December 31, 1999.
Last year international markets performed well on all fronts. European
markets performed well with the Euro zone reaping benefits of a larger, more
liquid market for goods and services. The Pacific Rim performance was driven by
a Japanese market that benefited both from strength in earnings and a sign of
an economic recovery and the appreciation of the Yen. Emerging markets bottomed
out from the crisis of 1998 and started their recovery, with markets like India
and Korea showing extraordinary gains. Thanks to some astute stock selection,
the money manager added to the strong performance of the benchmark, and the Fund
produced significant value added relative to its benchmark.
ACCESSOR 9
<PAGE>
INTERNATIONAL EQUITY FUND
PERFORMANCE SUMMARY
PERFORMANCE DATA QUOTED IS HISTORICAL AND ASSUMES REINVESTMENT OF ALL DIVIDENDS
AND CAPITAL GAINS. PERFORMANCE IN THE FOLLOWING GRAPHS IS FOR THE ADVISOR CLASS
SHARES ONLY. INVESTOR CLASS SHARES HAVE HIGHER EXPENSES WHICH WILL CAUSE
PERFORMANCE TO BE LOWER THAN THAT SHOWN HERE. INVESTMENT RETURN AND PRINCIPAL
VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH
MORE OR LESS THAN WHEN PURCHASED. PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE
RESULTS.
GROWTH OF $10,000 - ADVISOR CLASS SHARES
INTERNATIONAL EQUITY FUND VS. UNMANAGED MSCI EAFE INDEX
10/31/94 THROUGH 4/30/96
[PLOT POINTS CHART]
ACCESSOR INTERNATIONAL EQUITY
SEPARATE PERIODS
10,000 IN
DATE 10,000 IN FUND MSCI EAFE INDEX
31-Oct-94 10,000 10,000
30-Nov-94 9,491 9,519
31-Dec-94 9,589 9,579
31-Jan-95 9,030 9,211
28-Feb-95 8,998 9,183
31-Mar-95 9,211 9,755
28-Apr-95 9,482 10,122
31-May-95 9,343 10,002
30-Jun-95 9,293 9,826
31-Jul-95 9,942 10,438
31-Aug-95 10,033 10,040
29-Sep-95 10,221 10,236
31-Oct-95 9,959 9,960
30-Nov-95 10,090 10,304
29-Dec-95 10,320 10,719
31-Jan-96 10,304 10,763
29-Feb-96 10,533 10,800
29-Mar-96 10,886 11,029
30-Apr-96 11,313 11,350
GROWTH OF $10,000 - ADVISOR CLASS SHARES
INTERNATIONAL EQUITY FUND VS. UNMANAGED MSCI EAFE + EMF INDEX
4/30/96 THROUGH 12/31/99
[PLOT POINTS CHART]
ACCESSOR INTERNATIONAL EQUITY
SEPARATE PERIODS
10,000 IN MSCI
DATE 10,000 IN FUND EAFE + EMF INDEX
30-Apr-96 10,000 10,000
31-May-96 10,015 9,840
28-Jun-96 10,182 9,898
31-Jul-96 9,674 9,569
30-Aug-96 9,769 9,609
30-Sep-96 9,907 9,828
31-Oct-96 9,907 9,700
29-Nov-96 10,321 10,057
31-Dec-96 10,380 9,948
31-Jan-97 10,387 9,733
28-Feb-97 10,424 9,927
31-Mar-97 10,499 9,933
30-Apr-97 10,552 10,010
30-May-97 11,227 10,618
30-Jun-97 11,828 11,220
31-Jul-97 12,533 11,424
29-Aug-97 11,684 10,514
30-Sep-97 12,508 11,081
31-Oct-97 11,395 10,117
28-Nov-97 11,320 10,002
31-Dec-97 11,517 10,111
30-Jan-98 11,882 10,433
27-Feb-98 12,472 11,121
31-Mar-98 13,031 11,487
30-Apr-98 13,435 11,571
29-May-98 13,558 11,359
30-Jun-98 13,481 11,336
31-Jul-98 14,041 11,481
31-Aug-98 12,123 9,895
30-Sep-98 11,680 9,667
30-Oct-98 12,022 10,678
30-Nov-98 12,636 11,255
30-Dec-98 13,368 11,652
31-Jan-99 13,780 11,607
28-Feb-99 13,313 11,362
31-Mar-99 14,025 11,919
30-Apr-99 14,595 12,489
31-May-99 13,891 11,901
30-Jun-99 14,807 12,454
31-Jul-99 15,149 12,754
31-Aug-99 15,308 12,810
30-Sep-99 15,293 12,887
31-Oct-99 15,851 13,352
30-Nov-99 17,309 13,886
31-Dec-99 19,912 15,185
ACCESSOR 10
<PAGE>
INTERNATIONAL EQUITY FUND
PERFORMANCE SUMMARY
GROWTH OF $10,000 - ADVISOR CLASS SHARES
INTERNATIONAL EQUITY FUND VS. UNMANAGED INTERNATIONAL COMPOSITE INDEX(2)
10/31/94 THROUGH 12/31/99
[PLOT POINTS CHART]
ACCESSOR INTERNATIONAL EQUITY
TOTAL HISTORY
10,000 IN INTL
DATE 10,000 IN FUND COMPOSITE INDEX
31-Oct-94 10,000 10,000
30-Nov-94 9,491 9,519
31-Dec-94 9,589 9,579
31-Jan-95 9,030 9,211
28-Feb-95 8,998 9,183
31-Mar-95 9,211 9,755
28-Apr-95 9,482 10,122
31-May-95 9,343 10,002
30-Jun-95 9,293 9,826
31-Jul-95 9,942 10,438
31-Aug-95 10,033 10,040
29-Sep-95 10,221 10,236
31-Oct-95 9,959 9,960
30-Nov-95 10,090 10,304
29-Dec-95 10,320 10,719
31-Jan-96 10,304 10,763
29-Feb-96 10,533 10,800
29-Mar-96 10,886 11,029
30-Apr-96 11,313 11,350
31-May-96 11,330 11,168
28-Jun-96 11,519 11,234
31-Jul-96 10,944 10,861
30-Aug-96 11,052 10,906
30-Sep-96 11,207 11,154
31-Oct-96 11,207 11,009
29-Nov-96 11,676 11,414
31-Dec-96 11,742 11,291
31-Jan-97 11,751 11,047
28-Feb-97 11,793 11,267
31-Mar-97 11,878 11,274
30-Apr-97 11,937 11,361
30-May-97 12,701 12,051
30-Jun-97 13,381 12,735
31-Jul-97 14,178 12,966
29-Aug-97 13,218 11,933
30-Sep-97 14,150 12,576
31-Oct-97 12,891 11,482
28-Nov-97 12,806 11,352
31-Dec-97 13,029 11,476
30-Jan-98 13,442 11,841
27-Feb-98 14,110 12,623
31-Mar-98 14,742 13,038
30-Apr-98 15,199 13,133
29-May-98 15,339 12,893
30-Jun-98 15,251 12,866
31-Jul-98 15,884 13,030
31-Aug-98 13,714 11,231
30-Sep-98 13,214 10,971
30-Oct-98 13,601 12,119
30-Nov-98 14,295 12,775
30-Dec-98 15,124 13,224
31-Jan-99 15,589 13,174
28-Feb-99 15,061 12,896
31-Mar-99 15,867 13,528
30-Apr-99 16,511 14,175
31-May-99 15,715 13,507
30-Jun-99 16,751 14,135
31-Jul-99 17,138 14,476
31-Aug-99 17,318 14,539
30-Sep-99 17,300 14,627
31-Oct-99 17,932 15,155
30-Nov-99 19,581 15,761
31-Dec-99 22,527 17,234
ADVISOR CLASS HISTORICAL RATE OF RETURN(1)
PERIODS ENDING 12/31/99
ONE YEAR .........................................48.93%
FIVE YEARS .......................................18.62%
SINCE INCEPTION(3) ...............................17.05%
INVESTOR CLASS HISTORICAL RATE OF RETURN(1)
PERIODS ENDING 12/31/99
ONE YEAR .........................................48.23%
SINCE INCEPTION(4) ...............................26.75%
(1) Annualized.
(2) The International Composite Index is a hypothetical index constructed by
Accessor Capital, which combines the MSCI EAFE Index and the MSCI EAFE+EMF
Index. The Composite is intended to provide a benchmark for comparison that
reflects the different investment policies that the Fund has followed in the
past. Prior to May 1996, the Fund did not invest in emerging market securities.
Beginning in May 1996, the Fund was permitted to do so. Accordingly, prior to
May 1996, the MSCI EAFE Index is used. Starting in May 1996, the MSCI EAFE+EMF
Index is used.
(3) Inception assumes initial investment on October 3, 1994. Comparison with the
MSCI EAFE Index assumes initial investment on October 31, 1994 and through the
period ended April 30, 1996. Beginning in May 1996, the MSCI EAFE+EMF Index is
used as the Fund's benchmark.
(4) The inception date of the Investor Class is July 6, 1998.
ACCESSOR 11
<PAGE>
INTERMEDIATE FIXED-INCOME FUND
The Intermediate Fixed-Income Fund ("Fund") seeks generation of current
income by investing primarily in fixed-income securities with durations of
between three and ten years and dollar-weighted average portfolio duration that
does not vary more or less than 20% from that of its benchmark, the Lehman
Brothers Government/Corporate Index ("Index") or another relevant index approved
by the Board of Directors. Under normal market conditions, the Fund will have a
dollar-weighted average duration of not less than three years and not more than
ten years. The Fund is designed to have risk characteristics similar to the
Index. The money manager of the Fund is Cypress Asset Management.
The Intermediate Fixed-Income Fund is available in two classes of shares.
The Advisor Class commenced operations on June 15, 1992. The Investor Class
Shares of the Intermediate Fixed-Income Fund were first issued on July 14, 1998.
For the Advisor Class Shares, the return for the year ended December 31,
1999 was -3.58%, as compared to -2.15% for the Index. The Investor Class Shares
had a total return of -4.05% for the year ended December 31, 1999.
A strong economy and the fear of inflation caused the Federal Reserve to
raise rates during the year, resulting in weak results for fixed-income
products. Deviation from the benchmark is principally due to the payment of
operating expenses by the Fund, whereas the Index results do not include
expenses of any kind.
Cypress has developed a highly disciplined approach to managing
fixed-income funds. It seeks to tightly control the interest rate risk
characteristics of the Fund to match that of the benchmark index and to strive
to provide added value mainly through security selection, and by overweighting
corporate bonds.
In May of 1999, the Board of Directors unanimously approved a change to
allow the Fund to invest up to 20% of the assets of the Fund in securities rated
BBB by S&P or Baa by Moody's and up to 6% of the assets of the Fund in
securities rated BB by S&P or Ba by Moody's at the time of purchase. The money
manager believes that adding this flexibility will increase the Fund's
performance over time, and intends to purchase these securities when their
yields compensate for the incremental risk. The money manager will continue to
maintain the duration controls described in the prospectus.
ACCESSOR 12
<PAGE>
INTERMEDIATE FIXED-INCOME FUND
PERFORMANCE SUMMARY
GROWTH OF $10,000 - ADVISOR CLASS SHARES
INTERMEDIATE FIXED-INCOME FUND VS. UNMANAGED LEHMAN BROTHERS GOVT/CORP INDEX
6/30/92 THROUGH 12/31/99
[PLOT POINTS CHART]
ACCESSOR INTERMEDIATE FIXED INCOME
DATE 10,000 IN FUND 10,000 IN INDEX
30-Jun-92 10,000 10,000
31-Jul-92 10,213 10,228
31-Aug-92 10,339 10,324
30-Sep-92 10,483 10,465
30-Oct-92 10,303 10,316
30-Nov-92 10,222 10,292
31-Dec-92 10,371 10,450
29-Jan-93 10,598 10,665
26-Feb-93 10,787 10,860
31-Mar-93 10,840 10,900
30-Apr-93 10,923 10,986
28-May-93 10,922 10,971
30-Jun-93 11,123 11,182
31-Jul-93 11,163 11,231
31-Aug-93 11,372 11,449
30-Sep-93 11,414 11,493
29-Oct-93 11,449 11,532
30-Nov-93 11,321 11,434
31-Dec-93 11,359 11,486
31-Jan-94 11,507 11,658
28-Feb-94 11,228 11,404
31-Mar-94 10,959 11,125
30-Apr-94 10,856 11,032
31-May-94 10,831 11,012
30-Jun-94 10,785 10,987
29-Jul-94 10,969 11,207
31-Aug-94 10,965 11,211
30-Sep-94 10,809 11,042
31-Oct-94 10,779 11,030
30-Nov-94 10,728 11,010
31-Dec-94 10,764 11,083
31-Jan-95 10,941 11,296
28-Feb-95 11,171 11,558
31-Mar-95 11,253 11,635
28-Apr-95 11,391 11,797
31-May-95 11,859 12,291
30-Jun-95 11,942 12,389
31-Jul-95 11,888 12,341
31-Aug-95 12,040 12,499
29-Sep-95 12,169 12,627
31-Oct-95 12,342 12,812
30-Nov-95 12,535 13,024
29-Dec-95 12,730 13,215
31-Jan-96 12,794 13,297
29-Feb-96 12,535 13,015
29-Mar-96 12,439 12,906
30-Apr-96 12,352 12,817
31-May-96 12,335 12,795
28-Jun-96 12,489 12,966
31-Jul-96 12,508 12,996
30-Aug-96 12,462 12,965
30-Sep-96 12,673 13,196
31-Oct-96 12,943 13,503
29-Nov-96 13,204 13,752
31-Dec-96 13,055 13,599
31-Jan-97 13,055 13,615
28-Feb-97 13,080 13,641
31-Mar-97 12,923 13,479
30-Apr-97 13,108 13,676
30-May-97 13,206 13,803
30-Jun-97 13,369 13,968
31-Jul-97 13,774 14,396
29-Aug-97 13,615 14,235
30-Sep-97 13,821 14,458
31-Oct-97 14,012 14,689
28-Nov-97 14,027 14,767
31-Dec-97 14,181 14,922
30-Jan-98 14,388 15,133
27-Feb-98 14,331 15,103
31-Mar-98 14,374 15,149
30-Apr-98 14,411 15,225
29-May-98 14,576 15,388
30-Jun-98 14,713 15,545
31-Jul-98 14,720 15,557
31-Aug-98 14,980 15,861
30-Sep-98 15,334 16,314
30-Oct-98 15,207 16,199
30-Nov-98 15,309 16,296
30-Dec-98 15,370 16,335
31-Jan-99 15,460 16,451
28-Feb-99 15,052 16,059
31-Mar-99 15,110 16,140
30-Apr-99 15,119 16,180
31-May-99 14,921 16,013
30-Jun-99 14,824 15,964
31-Jul-99 14,794 15,919
31-Aug-99 14,788 15,906
30-Sep-99 14,954 16,049
31-Oct-99 14,955 16,091
30-Nov-99 14,948 16,081
31-Dec-99 14,819 15,983
ADVISOR CLASS HISTORICAL RATE OF RETURN(1)
PERIODS ENDING 12/31/99
ONE YEAR .........................................-3.58%
FIVE YEARS ........................................6.60%
SINCE INCEPTION(2) ................................5.42%
INVESTOR CLASS HISTORICAL RATE OF RETURN(1)
PERIODS ENDING 12/31/99
ONE YEAR .........................................-4.05%
SINCE INCEPTION(3) ................................0.04%
(1) Annualized.
(2) Since inception rate of return assumes initial investment on June 15, 1992.
Comparison with Lehman Brothers Government/Corporate Index assumes initial
investment on June 30, 1992.
(3) The inception date of the Investor Class is July 14, 1998.
PERFORMANCE DATA QUOTED IS HISTORICAL AND ASSUMES REINVESTMENT OF ALL DIVIDENDS
AND CAPITAL GAINS. PERFORMANCE IN THE GRAPH IS FOR THE ADVISOR CLASS SHARES
ONLY. INVESTOR CLASS SHARES HAVE HIGHER EXPENSES WHICH WILL CAUSE PERFORMANCE TO
BE LOWER THAN ADVISOR CLASS SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS
THAN WHEN PURCHASED. PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS.
ACCESSOR 13
<PAGE>
SHORT-INTERMEDIATE FIXED-INCOME FUND
The Short-Intermediate Fixed-Income Fund ("Fund") 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
its benchmark, the Lehman Brothers Government/Corporate 1-5 Year Index ("Index")
or another relevant index approved by the Board of Directors. Under normal
market conditions, the Fund will have a dollar-weighted average duration of not
less than two years and not more than five years. The Fund is designed to have
risk characteristics similar to the Index. The money manager of the Fund is
Cypress Asset Management.
The Short-Intermediate Fixed-Income Fund is available in two classes of
shares. The Advisor Class commenced operations on May 18, 1992. The Investor
Class Shares of the Short-Intermediate Fixed-Income Fund were first issued on
July 14, 1998.
For the Advisor Class Shares, the return for the year ended December 31,
1999 was 1.22%, as compared to 2.09% for the Index. The Investor Class Shares
had a total return of 0.70% for the year ended December 31, 1999.
A strong economy and the fear of inflation caused the Federal Reserve to
raise rates during the year, resulting in weak results for fixed-income
products. Deviation from the benchmark is principally due to the payment of
operating expenses by the Fund, whereas the Index results do not include
expenses of any kind.
Cypress has developed a highly disciplined approach to managing
fixed-income funds. It intends to tightly control the interest rate risk
characteristics of the Fund to match that of the benchmark index and to strive
to provide added value mainly through security selection and by overweighting
corporate bonds.
In May of 1999, the Board of Directors unanimously approved a change to
allow the Fund to invest up to 20% of the assets of the Fund in securities rated
BBB by S&P or Baa by Moody's and up to 6% of the assets of the Fund in
securities rated BB by S&P or Ba by Moody's at the time of purchase. The money
manager believes that adding this flexibility will increase the Fund's
performance over time, and intends to purchase these securities when their
yields compensate for the incremental risk. The money manager will continue to
maintain the duration controls described in the prospectus.
ACCESSOR 14
<PAGE>
SHORT-INTERMEDIATE FIXED-INCOME FUND
PERFORMANCE SUMMARY
GROWTH OF $10,000 - ADVISOR CLASS SHARES
SHORT-INT FIXED-INCOME FUND VS. UNMANAGED LEHMAN BROTHERS GOVT/CORP
1-5 YEAR INDEX
5/31/92 THROUGH 12/31/99
[PLOT POINTS CHART]
ACCESSOR SHT INTER FIXED INCOME
DATE 10,000 IN FUND 10,000 IN INDEX
29-May-92 10,000 10,000
30-Jun-92 10,119 10,130
31-Jul-92 10,265 10,287
31-Aug-92 10,349 10,388
30-Sep-92 10,462 10,510
30-Oct-92 10,362 10,406
30-Nov-92 10,321 10,373
31-Dec-92 10,421 10,489
29-Jan-93 10,555 10,653
26-Feb-93 10,667 10,781
31-Mar-93 10,703 10,821
30-Apr-93 10,781 10,905
28-May-93 10,749 10,872
30-Jun-93 10,848 10,991
31-Jul-93 10,863 11,013
31-Aug-93 10,965 11,145
30-Sep-93 10,989 11,182
29-Oct-93 11,009 11,211
30-Nov-93 10,971 11,188
31-Dec-93 11,006 11,234
31-Jan-94 11,095 11,330
28-Feb-94 10,977 11,216
31-Mar-94 10,858 11,104
30-Apr-94 10,800 11,040
31-May-94 10,807 11,052
30-Jun-94 10,825 11,071
29-Jul-94 10,917 11,195
31-Aug-94 10,947 11,232
30-Sep-94 10,880 11,172
31-Oct-94 10,886 11,186
30-Nov-94 10,835 11,129
31-Dec-94 10,849 11,153
31-Jan-95 11,006 11,324
28-Feb-95 11,181 11,520
31-Mar-95 11,237 11,585
28-Apr-95 11,341 11,707
31-May-95 11,580 11,978
30-Jun-95 11,630 12,049
31-Jul-95 11,648 12,078
31-Aug-95 11,727 12,164
29-Sep-95 11,784 12,233
31-Oct-95 11,883 12,351
30-Nov-95 11,989 12,482
29-Dec-95 12,088 12,590
31-Jan-96 12,186 12,706
29-Feb-96 12,103 12,620
29-Mar-96 12,052 12,580
30-Apr-96 12,030 12,570
31-May-96 12,031 12,579
28-Jun-96 12,130 12,690
31-Jul-96 12,160 12,736
30-Aug-96 12,181 12,767
30-Sep-96 12,313 12,909
31-Oct-96 12,468 13,090
29-Nov-96 12,578 13,215
31-Dec-96 12,529 13,181
31-Jan-97 12,592 13,242
28-Feb-97 12,600 13,268
31-Mar-97 12,551 13,226
30-Apr-97 12,666 13,354
30-May-97 12,740 13,452
30-Jun-97 12,837 13,558
31-Jul-97 13,007 13,758
29-Aug-97 12,967 13,739
30-Sep-97 13,091 13,867
31-Oct-97 13,215 13,992
28-Nov-97 13,217 14,018
31-Dec-97 13,320 14,121
30-Jan-98 13,463 14,284
27-Feb-98 13,445 14,284
31-Mar-98 13,483 14,334
30-Apr-98 13,540 14,405
29-May-98 13,622 14,493
30-Jun-98 13,681 14,574
31-Jul-98 13,742 14,635
31-Aug-98 13,924 14,840
30-Sep-98 14,153 15,117
30-Oct-98 14,180 15,160
30-Nov-98 14,172 15,148
30-Dec-98 14,236 15,199
31-Jan-99 14,305 15,275
28-Feb-99 14,175 15,145
31-Mar-99 14,263 15,259
30-Apr-99 14,294 15,309
31-May-99 14,214 15,248
30-Jun-99 14,220 15,291
31-Jul-99 14,227 15,306
31-Aug-99 14,266 15,340
30-Sep-99 14,388 15,462
31-Oct-99 14,394 15,504
30-Nov-99 14,431 15,530
31-Dec-99 14,411 15,518
ADVISOR CLASS HISTORICAL RATE OF RETURN(1)
PERIODS ENDING 12/31/99
ONE YEAR ..........................................1.22%
FIVE YEARS ........................................5.84%
SINCE INCEPTION(2) ................................4.90%
INVESTOR CLASS HISTORICAL RATE OF RETURN(1)
PERIODS ENDING 12/31/99
ONE YEAR ..........................................0.70%
SINCE INCEPTION(3) ................................2.90%
(1) Annualized.
(2) Since inception rate of return assumes initial investment on May 18, 1992.
Comparison with Lehman Brothers Government/Corporate 1-5 Year Index assumes
initial investment on May 31, 1992.
(3) The inception date of the Investor Class is July 14, 1998.
PERFORMANCE DATA QUOTED IS HISTORICAL AND ASSUMES REINVESTMENT OF ALL DIVIDENDS
AND CAPITAL GAINS. PERFORMANCE IN THE GRAPH IS FOR THE ADVISOR CLASS SHARES
ONLY. INVESTOR CLASS SHARES HAVE HIGHER EXPENSES WHICH WILL CAUSE PERFORMANCE TO
BE LOWER THAN ADVISOR CLASS SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS
THAN WHEN PURCHASED. PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS.
ACCESSOR 15
<PAGE>
MORTGAGE SECURITIES FUND
The Mortgage Securities Fund ("Fund") 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 by a band
of plus or minus 20% from that of its benchmark, the Lehman Brothers
Mortgage-Backed Securities Index ("Index") or another relevant index approved by
the Board of Directors. The Fund is designed to have risk characteristics
similar to the Index. The money manager of the Fund is BlackRock Financial
Management, Inc.
The Mortgage Securities Fund is available in two classes of shares. The
Advisor Class commenced operations on May 18, 1992. The Investor Class Shares of
the Mortgage Securities Fund were first issued on July 10, 1998.
For the Advisor Class Shares, the return for the year ended December 31,
1999 was 1.19%, as compared to 1.86% for the Index. The Investor Class Shares
had a total return of 0.69% for the year ended December 31, 1999.
Deviation from the benchmark is principally due to the payment of operating
expenses by the Fund, whereas the Index results do not include expenses of any
kind.
A strong economy and rate tightening by the Federal Reserve provided a very
challenging environment for mortgage-backed securities. Nevertheless, the money
manager of the Mortgage Fund produced good performance through its disciplined
and quantitatively sophisticated investment process.
ACCESSOR 16
<PAGE>
MORTGAGE SECURITIES FUND
PERFORMANCE SUMMARY
GROWTH OF $10,000 - ADVISOR CLASS SHARES
MORTGAGE SECURITIES FUND VS. UNMANAGED LEHMAN BROTHERS MORTGAGE-BACKED
SECURITIES INDEX
5/31/92 THROUGH 12/31/99
[PLOT POINTS CHART]
ACCESSOR MORTGAGE SECURITIES
DATE 10,000 IN FUND 10,000 IN INDEX
29-May-92 10,000 10,000
30-Jun-92 10,095 10,118
31-Jul-92 10,271 10,207
31-Aug-92 10,356 10,340
30-Sep-92 10,413 10,420
30-Oct-92 10,259 10,329
30-Nov-92 10,244 10,361
31-Dec-92 10,379 10,494
29-Jan-93 10,545 10,632
26-Feb-93 10,662 10,739
31-Mar-93 10,705 10,805
30-Apr-93 10,754 10,861
28-May-93 10,773 10,923
30-Jun-93 10,922 11,006
31-Jul-93 10,981 11,050
31-Aug-93 11,049 11,102
30-Sep-93 11,062 11,112
29-Oct-93 11,089 11,144
30-Nov-93 11,067 11,122
31-Dec-93 11,133 11,212
31-Jan-94 11,240 11,323
28-Feb-94 11,133 11,244
31-Mar-94 10,998 10,951
30-Apr-94 10,910 10,870
31-May-94 10,899 10,914
30-Jun-94 10,867 10,890
29-Jul-94 11,076 11,107
31-Aug-94 11,071 11,143
30-Sep-94 10,917 10,985
31-Oct-94 10,902 10,978
30-Nov-94 10,861 10,944
31-Dec-94 10,949 11,032
31-Jan-95 11,176 11,268
28-Feb-95 11,445 11,555
31-Mar-95 11,509 11,609
28-Apr-95 11,650 11,774
31-May-95 12,010 12,145
30-Jun-95 12,089 12,214
31-Jul-95 12,086 12,235
31-Aug-95 12,197 12,362
29-Sep-95 12,297 12,471
31-Oct-95 12,398 12,582
30-Nov-95 12,563 12,726
29-Dec-95 12,705 12,885
31-Jan-96 12,775 12,981
29-Feb-96 12,653 12,874
29-Mar-96 12,596 12,827
30-Apr-96 12,560 12,791
31-May-96 12,531 12,754
28-Jun-96 12,684 12,930
31-Jul-96 12,720 12,978
30-Aug-96 12,713 12,978
30-Sep-96 12,932 13,195
31-Oct-96 13,171 13,453
29-Nov-96 13,408 13,646
31-Dec-96 13,337 13,575
31-Jan-97 13,411 13,675
28-Feb-97 13,461 13,720
31-Mar-97 13,306 13,591
30-Apr-97 13,548 13,808
30-May-97 13,693 13,943
30-Jun-97 13,848 14,106
31-Jul-97 14,086 14,371
29-Aug-97 14,058 14,337
30-Sep-97 14,249 14,519
31-Oct-97 14,423 14,680
28-Nov-97 14,455 14,728
31-Dec-97 14,608 14,862
30-Jan-98 14,789 15,010
27-Feb-98 14,776 15,041
31-Mar-98 14,829 15,104
30-Apr-98 14,920 15,190
29-May-98 15,023 15,291
30-Jun-98 15,090 15,364
31-Jul-98 15,161 15,442
31-Aug-98 15,290 15,583
30-Sep-98 15,374 15,771
30-Oct-98 15,362 15,751
30-Nov-98 15,472 15,830
30-Dec-98 15,547 15,898
31-Jan-99 15,641 16,011
28-Feb-99 15,577 15,947
31-Mar-99 15,711 16,053
30-Apr-99 15,740 16,127
31-May-99 15,618 16,037
30-Jun-99 15,562 15,981
31-Jul-99 15,459 15,872
31-Aug-99 15,475 15,872
30-Sep-99 15,736 16,129
31-Oct-99 15,796 16,223
30-Nov-99 15,803 16,231
31-Dec-99 15,730 16,192
ADVISOR CLASS HISTORICAL RATE OF RETURN(1)
PERIODS ENDING 12/31/99
ONE YEAR ..........................................1.19%
FIVE YEARS ........................................7.51%
SINCE INCEPTION(2) ................................6.14%
INVESTOR CLASS HISTORICAL RATE OF RETURN(1)
PERIODS ENDING 12/31/99
ONE YEAR ..........................................0.69%
SINCE INCEPTION(3) ................................2.14%
(1) Annualized.
(2) Since inception rate of return assumes initial investment on May 18, 1992.
Comparison with Lehman Brothers Mortgage-Backed Securities Index assumes initial
investment on May 31, 1992.
(3) The inception date of the Investor Class is July 10, 1998.
PERFORMANCE DATA QUOTED IS HISTORICAL AND ASSUMES REINVESTMENT OF ALL DIVIDENDS
AND CAPITAL GAINS. PERFORMANCE IN THE GRAPH IS FOR THE ADVISOR CLASS SHARES
ONLY. INVESTOR CLASS SHARES HAVE HIGHER EXPENSES WHICH WILL CAUSE PERFORMANCE TO
BE LOWER THAN ADVISOR CLASS SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS
THAN WHEN PURCHASED. PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS.
ACCESSOR 17
<PAGE>
U.S. GOVERNMENT MONEY FUND
The U.S. Government Money Fund ("Fund") 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. The U.S. Government Money Fund is managed by
Accessor Capital Management LP.
The U.S. Government Money Fund is available in two classes of shares. The
Advisor Class commenced operations on April 9, 1992. The Investor Class Shares
of the Fund were first issued on July 29, 1998.
For the Advisor Class Shares, the return for the year ended December 31,
1999 was 4.72%. The Investor Class Shares had a total return of 4.20% for the
year ended December 31, 1999.
A healthy U.S. economy, low inflation, low interest rates, and high
consumer confidence continued to fuel the booming housing market in 1999. As a
result, there were high levels of discount note issuance by the government
agencies such as Fannie Mae, Freddie Mac, and Federal Home Loan Bank. As these
agency discount notes offered attractive yield spreads over Treasury Bills of
similar maturities, the bulk of the assets in the U.S. Government Money Fund
were invested in these securities. The assets in the U.S. Government Money Fund
more than doubled in 1999, resulting in trading efficiencies and a continued
reduction in the fund expense ratio. The competitive yield of the U.S.
Government Money Fund compared favorably with other U.S. Government money funds
as ranked by IBC's Money Fund Report.
ACCESSOR 18
<PAGE>
U.S. GOVERNMENT MONEY FUND
PERFORMANCE SUMMARY
GROWTH OF $10,000 - ADVISOR CLASS SHARES
U.S. GOVERNMENT MONEY FUND
4/9/92 THROUGH 12/31/99
[PLOT POINTS CHART]
ACCESSOR US GOVERNMENT MONEY
DATE 10,000 IN FUND
9-Apr-92 10,000
29-May-92 10,030
30-Jun-92 10,060
31-Jul-92 10,091
31-Aug-92 10,120
30-Sep-92 10,144
30-Oct-92 10,169
30-Nov-92 10,192
31-Dec-92 10,217
29-Jan-93 10,242
26-Feb-93 10,263
31-Mar-93 10,286
30-Apr-93 10,309
28-May-93 10,332
30-Jun-93 10,354
30-Jul-93 10,378
31-Aug-93 10,402
30-Sep-93 10,425
29-Oct-93 10,449
30-Nov-93 10,473
31-Dec-93 10,505
31-Jan-94 10,529
28-Feb-94 10,551
31-Mar-94 10,576
29-Apr-94 10,604
31-May-94 10,634
30-Jun-94 10,665
29-Jul-94 10,699
31-Aug-94 10,734
30-Sep-94 10,769
31-Oct-94 10,807
30-Nov-94 10,846
31-Dec-94 10,893
31-Jan-95 10,940
28-Feb-95 10,984
31-Mar-95 11,034
28-Apr-95 11,084
31-May-95 11,135
30-Jun-95 11,185
31-Jul-95 11,235
31-Aug-95 11,285
29-Sep-95 11,333
31-Oct-95 11,379
30-Nov-95 11,415
29-Dec-95 11,462
31-Jan-96 11,490
29-Feb-96 11,532
29-Mar-96 11,576
30-Apr-96 11,620
31-May-96 11,667
28-Jun-96 11,708
31-Jul-96 11,755
30-Aug-96 11,803
30-Sep-96 11,846
31-Oct-96 11,896
29-Nov-96 11,935
31-Dec-96 11,978
31-Jan-97 12,027
28-Feb-97 12,071
31-Mar-97 12,121
30-Apr-97 12,170
30-May-97 12,222
30-Jun-97 12,272
31-Jul-97 12,325
31-Aug-97 12,377
30-Sep-97 12,429
31-Oct-97 12,482
28-Nov-97 12,533
31-Dec-97 12,585
30-Jan-98 12,638
27-Feb-98 12,686
31-Mar-98 12,740
30-Apr-98 12,792
29-May-98 12,846
30-Jun-98 12,897
31-Jul-98 12,951
31-Aug-98 13,006
30-Sep-98 13,059
30-Oct-98 13,115
30-Nov-98 13,165
30-Dec-98 13,216
31-Jan-99 13,266
28-Feb-99 13,312
31-Mar-99 13,361
30-Apr-99 13,412
31-May-99 13,459
30-Jun-99 13,507
31-Jul-99 13,561
31-Aug-99 13,613
30-Sep-99 13,666
31-Oct-99 13,722
30-Nov-99 13,778
31-Dec-99 13,837
ADVISOR CLASS HISTORICAL RATE OF RETURN(1)
PERIODS ENDING 12/31/99
ONE YEAR ..........................................4.72%
FIVE YEARS ........................................4.98%
SINCE INCEPTION(2) ................................4.37%
INVESTOR CLASS HISTORICAL RATE OF RETURN(1)
PERIODS ENDING 12/31/99
ONE YEAR ..........................................4.20%
SINCE INCEPTION(3) ................................4.24%
(1) Annualized.
(2) Since inception rate of return assumes initial investment on April 9, 1992.
(3) The inception date of the Investor Class is July 29, 1998.
PERFORMANCE DATA QUOTED IS HISTORICAL AND ASSUMES REINVESTMENT OF ALL DIVIDENDS
AND CAPITAL GAINS. PERFORMANCE IN THE GRAPH IS FOR THE ADVISOR CLASS SHARES
ONLY. INVESTOR CLASS SHARES HAVE HIGHER EXPENSES WHICH WILL CAUSE PERFORMANCE TO
BE LOWER THAN ADVISOR CLASS SHARES. INVESTMENT RETURN AND PRINCIPAL VALUE WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS
THAN WHEN PURCHASED. PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS.
ACCESSOR 19
<PAGE>
GROWTH FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK (92.9%)
BEVERAGES & TOBACCO (0.5%)
PEPSICO 58,600 $ 2,065,650
------------
2,065,650
CHEMICALS (0.3%)
ECOLAB 24,100 942,913
------------
942,913
COMMERICAL SERIVCES (0.8%)
INTERPUBLIC GROUP 24,600 1,419,113
OMNICOM GROUP 17,600 1,760,000
------------
3,179,113
COMMUNICATION SERVICES (8.7%)
AT&T 200,799 10,190,549
BELLSOUTH 126,000 5,898,375
MCI WORLDCOM * 28,238 1,498,352
NEXTEL COMMUNICATIONS * 32,700 3,372,188
SBC COMMUNICATIONS 257,018 12,529,628
------------
33,489,092
COMPUTER HARDWARE (18.0%)
CISCO SYSTEMS* 263,300 28,206,013
COMVERSE TECHNOLOGY * 13,500 1,954,125
DELL COMPUTER* 175,130 8,931,630
EMC* 43,200 4,719,600
GATEWAY * 8,730 629,106
LEXMARK INTERNATIONAL GROUP CLASS A * 7,050 638,025
LUCENT TECHNOLOGIES 92,520 6,921,652
NETWORK APPLIANCE * 20,020 1,662,911
QUALCOMM * 40,400 7,120,500
SUN MICROSYSTEMS * 63,300 4,901,794
TELLABS* 56,600 3,633,012
------------
69,318,368
COMPUTER SERVICES (1.9%)
PAYCHEX 12,150 486,000
YAHOO! * 15,500 6,706,656
------------
7,192,656
COMPUTER SOFTWARE(14.4%)
ADOBE SYSTEMS 15,200 1,022,200
AMERICA ONLINE* 152,600 11,511,763
BMC SOFTWARE * 14,100 1,127,119
COMPUTER ASSOCIATES INTERNATIONAL 35,230 2,463,898
MICROSOFT* 290,300 33,892,525
ORACLE * 45,800 5,132,462
------------
55,149,967
CONSUMER SERVICES (0.6%)
COMCAST CLASS A 18,200 914,550
SYSCO 36,000 1,424,250
------------
2,338,800
ELECTRICAL EQUIPMENT (8.2%)
GENERAL ELECTRIC 200,950 31,097,013
SOLECTRON * 4,100 390,012
------------
31,487,025
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 20
<PAGE>
GROWTH FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
ELECTRONICS (7.4%)
APPLIED MATERIALS * 54,600 $ 6,917,137
INTEL 206,800 17,022,225
PE CORP-PE BIOSYSTEMS GROUP 16,400 1,973,125
TEXAS INSTRUMENTS 8,100 784,688
XILINX * 41,000 1,864,219
------------
28,561,394
FOOD & HOUSEWARES (4.3%)
COLGATE-PALMOLIVE 33,900 2,203,500
GENERAL MILLS 23,200 829,400
KIMBERLY-CLARK 30,160 1,967,940
PROCTER & GAMBLE 95,480 10,461,027
QUAKER OATS 18,700 1,227,188
------------
16,689,055
HOMEBUILDING & FURNISHING (0.2%)
BLACK & DECKER 11,200 585,200
------------
585,200
INSURANCE (0.7%)
BERKSHIRE HATHAWAY CLASS B * 1,418 2,594,940
------------
2,594,940
LEISURE (0.3%)
MCGRAW HILL COMPANIES 15,900 979,838
------------
979,838
MANUFACTURING (2.2%)
AVERY DENNISON 8,300 604,863
CORNING 25,900 3,339,481
DANAHER 4,240 204,580
HONEYWELL INTERNATIONAL 53,300 3,074,744
MILLIPORE 12,400 478,950
PITNEY BOWES 17,750 857,547
------------
8,560,165
OTHER FINANCIALS (1.0%)
CHARLES SCHWAB 52,110 1,999,721
FREDDIE MAC 8,100 381,206
PROVIDIAN FINANCIAL 6,900 628,331
SLM HOLDING 15,140 639,665
------------
3,648,923
OTHER HEALTH CARE (6.5%)
ABBOTT LABORATORIES 91,950 3,338,934
ALLERGAN 15,550 773,613
BRISTOL-MYERS SQUIBB 186,170 11,949,787
GUIDANT * 17,600 827,200
JOHNSON & JOHNSON 88,200 8,213,625
------------
25,103,159
PHARMACEUTICALS (6.6%)
AMGEN* 56,800 3,411,550
ELI LILLY 25,500 1,695,750
MERCK 199,500 13,378,968
SCHERING-PLOUGH 160,200 6,758,437
------------
25,244,705
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 21
<PAGE>
GROWTH FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
RETAIL (10.3%)
BED, BATH & BEYOND * 24,000 $ 834,000
HOME DEPOT 215,100 14,747,794
KOHLS* 13,000 938,437
STAPLES* 93,700 1,944,275
TANDY 8,550 420,553
WAL-MART STORES 300,600 20,778,975
------------
39,664,034
TOTAL COMMON STOCK (IDENTIFIED COST $245,391,798) 356,794,997
------------
INVESTMENT COMPANIES (4.8%)
STANDARD & POORS DEPOSITORY RECEIPTS 126,200 18,535,625
------------
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $17,470,320) 18,535,625
------------
INTEREST MATURITY PRINCIPAL
SHORT-TERM INVESTMENTS (1.9%) RATE DATE AMOUNT VALUE
FIFTH THIRD BANK REPURCHASE AGREEMENT 1.55% 01/03/2000 $7,335,506 7,335,506
DATED 12/31/99 (Collateralized by 7,490,000 GNMA ------------
Pool #780848, 6.50%, 8-15-13, market value $7,346,445)
TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $7,335,506) 7,335,506
------------
TOTAL INVESTMENTS (99.6%)(IDENTIFIED COST $270,197,624)(1) 382,666,128
------------
OTHER ASSETS LESS LIABILITIES (0.4%) 1,403,209
------------
NET ASSETS (100.0%) $384,069,337
============
</TABLE>
* Non-income producing security.
(1) See Note 6 for important tax information.
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 22
<PAGE>
VALUE FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK (96.6%)
AEROSPACE & DEFENSE (2.2%)
B.F. GOODRICH 2,500 $ 68,750
BOEING 59,400 2,468,812
GENERAL DYNAMICS 24,800 1,308,200
------------
3,845,762
AGRICULTURAL PAPER & FOREST PRODUCTS (2.1%)
GEORGIA PACIFIC 50,100 2,542,575
WEYERHAEUSER 15,300 1,098,731
------------
3,641,306
AUTOMOBILES (3.6%)
FORD MOTOR COMPANY 68,300 3,649,781
GENERAL MOTORS 16,900 1,228,419
SNAP-ON 56,800 1,508,750
------------
6,386,950
BANKS AND SAVINGS & LOANS (10.9%)
AMSOUTH BANCORPORATION 73,700 1,423,331
BANK OF AMERICA 82,900 4,160,544
BANK ONE 28,700 920,194
CHASE MANHATTAN 48,600 3,775,612
FIRSTAR 97,000 2,049,125
FLEET BOSTON FINANCIAL 74,500 2,593,531
GOLDEN WEST FINANCIAL 15,600 522,600
PNC BANK 43,800 1,949,100
SOUTHTRUST 11,200 423,500
US BANCORP 31,000 738,188
WELLS FARGO 15,300 618,694
------------
19,174,419
BEVERAGES & TOBACCO (1.4%)
PHILIP MORRIS COMPANIES 109,400 2,536,713
------------
2,536,713
CHEMICALS (2.3%)
E.I. DU PONT DE NEMOURS 8,900 586,288
ENGELHARD 49,800 939,975
FMC * 35,000 2,005,937
PRAXAIR 10,200 513,188
------------
4,045,388
COMMUNICATION SERVICES (10.5%)
ALLTEL 19,300 1,595,869
AT&T 78,700 3,994,025
BELL ATLANTIC 73,100 4,500,219
BELLSOUTH 18,500 866,031
GTE 4,000 282,250
MCI WORLDCOM * 123,450 6,550,565
SPRINT-FON GROUP 9,700 652,931
------------
18,441,890
COMPUTER HARDWARE (3.8%)
APPLE COMPUTER * 11,900 1,223,468
COMPAQ COMPUTER 26,800 725,275
HEWLETT PACKARD 22,800 2,597,775
MOTOROLA 11,500 1,693,375
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 23
<PAGE>
VALUE FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
COMPUTER HARDWARE - CONTINUED
SCIENTIFIC ATLANTA 7,200 $ 400,500
SEAGATE TECHNOLOGY * 1,100 51,219
------------
6,691,612
COMPUTER SERVICES (1.6%)
COMPUTER SCIENCES * 12,200 1,154,425
ELECTRONIC DATA SYSTEMS 23,600 1,579,725
------------
2,734,150
CONSUMER SERVICES (6.5%)
CARDINAL HEALTH 34,000 1,627,750
CBS * 55,300 3,535,744
DELUXE 32,400 888,975
GREAT ATLANTIC & PACIFIC TEA COMPANY 31,700 883,637
SUPERVALU 100,000 2,000,000
THE WALT DISNEY COMPANY 8,700 254,475
VIACOM CLASS B * 37,000 2,236,188
------------
11,426,769
ELECTRONICS (3.6%)
ADAPTEC * 16,000 798,000
ANALOG DEVICES * 10,900 1,013,700
EASTMAN KODAK 22,600 1,497,250
KLA-TENCOR * 7,100 790,762
MICRON TECHNOLOGY * 27,400 2,130,350
------------
6,230,062
FOODS & HOUSEWARES (0.5%)
CONAGRA 32,500 733,281
DARDEN RESTAURANTS 9,400 170,375
------------
903,656
HOMEBUILDING & FURNISHING (0.1%)
FLEETWOOD ENTERPRISES 3,300 68,063
------------
68,063
INSURANCE (5.1%)
AMERICAN INTERNATIONAL GROUP 29,675 3,208,609
CIGNA 6,500 523,656
LINCOLN NATIONAL 18,800 752,000
LOEWS 30,200 1,832,762
MBIA 21,200 1,119,625
MGIC INVESTMENT 25,600 1,540,800
------------
8,977,452
LEISURE (4.4%)
BRUNSWICK 22,600 502,850
CARNIVAL CRUISE LINE 59,400 2,840,062
GANNETT 32,400 2,642,625
MEREDITH 8,300 346,006
TRIBUNE 26,800 1,475,675
------------
7,807,218
MANUFACTURING (2.7%)
BRIGGS & STRATTON 10,500 563,063
CUMMINS ENGINE 24,900 1,202,981
DOVER 18,100 821,288
HONEYWELL INTERNATIONAL 9,300 536,494
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 24
<PAGE>
VALUE FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
MANUFACTURING - CONTINUED
JOHNSON CONTROLS 29,700 $ 1,689,188
------------
4,813,014
OIL & GAS (12.3%)
APACHE 41,300 1,525,519
CHEVRON 21,700 1,879,763
EXXON MOBIL 65,588 5,283,933
KERR-MCGEE 25,300 1,568,600
OCCIDENTAL PETROLEUM 85,900 1,857,587
PHILLIPS PETROLEUM 36,300 1,706,100
ROWAN COMPANIES * 33,200 720,025
ROYAL DUTCH PETROLEUM 41,300 2,496,069
TEXACO 17,400 945,038
TOSCO 58,800 1,598,625
USX-MARATHON GROUP 78,700 1,942,906
------------
21,524,165
OTHER FINANCIALS (10.6%)
AMERICAN EXPRESS 2,600 432,250
ASSOCIATES FIRST CAPITAL CLASS A 55,600 1,525,525
BEAR STEARNS 5,800 247,950
CITIGROUP 137,200 7,623,175
FREDDIE MAC 1,500 70,594
FANNIE MAE 8,100 505,744
HOUSEHOLD INTERNATIONAL 58,900 2,194,025
LEHMAN BROTHERS HOLDINGS 15,400 1,304,188
MORGAN STANLEY DEAN WITTER 29,100 4,154,025
T. ROWE PRICE ASSOCIATES 14,300 528,205
------------
18,585,681
OTHER HEALTH CARE (1.1%)
BECTON, DICKINSON & COMPANY 8,300 222,025
QUINTILES TRANSNATIONAL * 44,000 822,250
UNITED HEALTHCARE 15,700 834,063
------------
1,878,338
RETAIL (3.7%)
CIRCUIT CITY STORES 13,900 626,369
FEDERATED DEPARTMENT STORES * 12,100 611,806
LOWE'S 6,900 412,275
OFFICE DEPOT * 84,600 925,313
SEARS, ROEBUCK & COMPANY 66,800 2,033,225
SHERWIN-WILLIAMS 41,800 877,800
TOYS 'R' US * 70,700 1,011,894
------------
6,498,682
TRANSPORTATION (1.4%)
DELTA AIR LINES 18,000 896,625
UNION PACIFIC 33,800 1,474,525
------------
2,371,150
UTILITIES (6.2%)
COASTAL 46,400 1,644,300
DTE ENERGY 54,800 1,719,350
ENTERGY 50,900 1,310,675
FPL GROUP 13,700 586,531
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 25
<PAGE>
VALUE FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES - CONTINUED
GPU 9,700 $ 290,394
NICOR 2,600 84,500
PECO ENERGY 3,300 114,675
PEOPLES ENERGY 26,400 884,400
PUBLIC SERVICE ENTERPRISE GROUP 55,000 1,914,688
RELIANT ENERGY 61,600 1,409,100
TEXAS UTILITIES 24,000 853,500
------------
10,812,113
TOTAL COMMON STOCK (IDENTIFIED COST $162,039,837) 169,394,553
------------
INVESTMENT COMPANIES (0.8%)
STANDARD & POORS DEPOSITORY RECEIPTS 10,000 1,468,750
------------
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $1,457,594) 1,468,750
------------
INTEREST MATURITY PRINCIPAL
SHORT-TERM INVESTMENTS (1.5%) RATE DATE AMOUNT VALUE
U.S. TREASURY BILLS(1),(2) 5.110% 03/16/2000 $ 610,000 603,489
FIFTH THIRD REPURCHASE AGREEMENT DATED 12/31/99 1.550% 01/03/2000 2,002,488 2,002,488
(Collateralized by 2,050,000 GNMA #780848, 6.50%, ------------
08-15-13, market value $2,010,709)
TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $2,605,977) 2,605,977
------------
TOTAL INVESTMENTS (98.9%)(IDENTIFIED COST $166,103,408)(3) 173,469,280
OTHER ASSETS LESS LIABILITIES (1.1%) 1,979,900
------------
NET ASSETS (100.0%) $175,449,180
============
</TABLE>
- --------------------------------------------------------------------------------
OUTSTANDING FUTURES CONTRACTS
<TABLE>
<CAPTION>
UNITS PER CURRENT UNREALIZED
TYPE EXPIRATION CONTRACTS CONTRACT VALUE APPRECIATION
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
S&P 500 FUTURES 03/20/2000 5 250 $ 1,855,250 $ 73,063
</TABLE>
* Non-income producing security.
(1) Yield at time of purchase.
(2) Security has been segregated as collateral to cover margin requirements for
the open futures contracts at December 31, 1999.
(3) See Note 6 for important tax information.
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 26
<PAGE>
SMALL TO MID CAP FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK (97.3%)
AEROSPACE & DEFENSE (0.3%)
ALLIANT TECHSYSTEMS * 9,200 $ 573,275
CORDANT TECHNOLOGIES 34,300 1,131,900
------------
1,705,175
AUTOMOBILES (0.6%)
ARVIN INDUSTRIES 76,000 2,156,500
BORG-WARNER AUTOMOTIVE 16,000 648,000
------------
2,804,500
BANKS AND SAVINGS & LOANS (6.0%)
ASTORIA FINANCIAL 42,800 1,302,725
BANK UNITED CLASS A 26,200 713,950
CITY NATIONAL 118,600 3,906,387
COMMERCE BANCORP NEW JERSEY 15,881 642,188
COMMERCE BANCSHARES 22,932 776,821
DIME BANCORP 180,500 2,730,063
GOLDEN STATE BANCORP * 15,200 262,200
HUDSON UNITED BANCORP 56,032 1,432,318
M & T BANK 15,100 6,255,175
MERCANTILE BANKSHARES 26,400 843,150
NORTH FORK BANCORPORATION 75,552 1,322,160
PFF BANCORP 24,400 472,750
POPULAR 31,600 882,825
ROSLYN BANCORP 85,060 1,573,610
SILICON VALLEY BANCSHARES * 37,000 1,831,500
UNIONBANCAL 120,200 4,740,387
------------
29,688,209
BEVERAGES & TOBACCO (0.1%)
CANANDAIGUA BRANDS CLASS A * 4,900 249,900
------------
249,900
CHEMICALS (1.4%)
CYTEC INDUSTRIES * 30,600 707,625
H. B. FULLER 24,200 1,353,688
LUBRIZOL 99,500 3,072,062
SPARTECH 18,400 593,400
TEXAS INDUSTRIES 28,400 1,208,775
------------
6,935,550
COMMERCIAL SERVICES (5.5%)
CMGI * 29,700 8,223,188
DOLLAR THRIFTY AUTOMOTIVE GROUP * 12,400 296,825
DOUBLECLICK * 6,500 1,644,906
EBAY * 21,400 2,679,013
HERTZ 106,600 5,343,325
NCO GROUP * 57,500 1,732,187
TMP WORLDWIDE * 50,300 7,142,600
------------
27,062,044
COMMUNICATION SERVICES (5.2%)
BROADWING 215,300 7,939,187
COMMONWEALTH TELEPHONE ENTERPRISE * 5,000 264,375
EXODUS COMMUNICATIONS * 17,200 1,527,575
LEVEL 3 COMMUNICATIONS * 40,600 3,324,125
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 27
<PAGE>
SMALL TO MID CAP FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
COMMUNICATION SERVICES - CONTINUED
METROMEDIA FIBER NETWORK * 28,300 $ 1,356,631
TALK.COM * 34,800 617,700
TELEPHONE & DATA SYSTEMS 71,600 9,021,600
UNITED STATES CELLULAR * 14,800 1,493,875
VOICESTREAM WIRELESS * 2,300 327,319
------------
25,872,387
COMPUTER HARDWARE (3.8%)
CABLE DESIGN TECHNOLOGIES * 141,400 3,252,200
CARRIER ACCESS * 30,500 2,053,031
CIENA * 3,800 218,500
FOUNDRY NETWORKS * 6,700 2,021,306
IN FOCUS SYSTEMS * 13,900 322,306
MERCURY COMPUTER SYSTEMS * 7,000 245,000
MICROS SYSTEMS * 3,000 222,000
POLYCOM * 10,500 668,719
QWEST COMMUNICATIONS INTERNATIONAL * 126,900 5,456,700
SYCAMORE NETWORKS * 7,700 2,371,600
XIRCOM * 26,000 1,950,000
------------
18,781,362
COMPUTER SERVICES (7.0%)
COMDISCO 17,600 655,600
COMMERCE ONE * 3,100 609,150
DST SYSTEMS * 33,000 2,518,313
ELECTRONICS FOR IMAGING * 62,000 3,603,750
GO2NET * 42,600 3,706,200
INFOSPACE.COM * 6,600 1,412,400
INKTOMI * 6,800 603,500
INTERVOICE-BRITE * 8,700 205,809
MEDQUIST * 117,800 3,040,713
NATIONAL COMPUTER SYSTEMS 15,600 586,950
NETWORK SOLUTIONS * 42,600 9,268,162
PORTAL SOFTWARE * 11,400 1,172,775
PRICELINE.COM * 61,700 2,923,038
PROXICOM * 100 12,431
RED HAT * 8,700 1,837,875
USWEB * 52,500 2,332,969
------------
34,489,635
COMPUTER SOFTWARE (8.5%)
AMERICAN MANAGEMENT SYSTEMS * 97,100 3,046,512
ARIBA * 8,400 1,489,950
BROADVISION * 9,900 1,683,619
BROCADE COMMUNICATIONS SYSTEMS * 8,100 1,433,700
CADENCE DESIGN SYSTEMS * 142,400 3,417,600
CONCORD COMMUNICATIONS * 36,500 1,619,687
CSG SYSTEMS INTERNATIONAL * 60,000 2,392,500
GREAT PLAINS SOFTWARE * 2,200 164,450
INTUIT * 23,600 1,414,525
LYCOS * 5,700 453,506
MERCURY INTERACTIVE * 107,000 11,549,313
PHONE.COM * 12,400 1,437,625
PROGRESS SOFTWARE * 13,600 771,800
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 28
<PAGE>
SMALL TO MID CAP FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
COMPUTER SOFTWARE - CONTINUED
REALNETWORKS * 10,900 $ 1,320,944
SERENA SOFTWARE * 8,600 266,062
SIEBEL SYSTEMS * 20,900 1,755,600
STERLING COMMERCE * 7,800 265,688
THQ * 29,850 692,147
VERISIGN * 10,800 2,060,100
VERITAS SOFTWARE * 24,600 3,520,875
VIGNETTE * 7,400 1,206,200
------------
41,962,403
CONSUMER SERVICES (7.0%)
AMFM * 27,500 2,151,875
AT HOME * 52,300 2,242,363
CHRIS CRAFT INDUSTRIES 25,900 1,868,037
ENTERCOM COMMUNICATIONS * 1,600 105,600
HISPANIC BROADCASTING * 39,500 3,642,641
INTERIM SERVICES * 101,900 2,522,025
PIXAR * 70,800 2,504,550
PRIORITY HEALTHCARE * 35,850 1,037,409
UNIVISION COMMUNICATIONS * 122,900 12,558,844
VALASSIS COMMUNICATIONS * 136,850 5,781,912
------------
34,415,256
ELECTRICAL EQUIPMENT (3.4%)
AVX 33,400 1,667,912
BLACK BOX * 21,000 1,407,000
C&D TECHNOLOGIES 12,700 539,750
HARMAN INTERNATIONAL INDUSTRIES 15,800 886,775
KEMET * 55,000 2,478,438
SPX * 6,900 557,606
VISHAY INTERTECHNOLOGY * 299,600 9,474,850
------------
17,012,331
ELECTRONICS (8.9%)
BROADCOM CLASS A * 20,400 5,556,450
CONEXANT SYSTEMS * 25,100 1,666,012
IMATION * 67,400 2,262,113
JDS UNIPHASE * 31,100 5,016,819
LINEAR TECHNOLOGY 21,500 1,538,594
MAXIM INTEGRATED PRODUCTS * 36,200 1,708,187
METHODE ELECTRONICS CLASS A 21,600 693,900
NVIDIA * 13,700 643,044
POWER INTEGRATIONS * 98,800 4,736,225
QLOGIC * 49,000 7,833,875
RF MICRO DEVICES * 102,400 7,008,000
VARIAN * 70,200 1,579,500
VITESSE SEMICONDUCTOR * 14,600 765,587
ZEBRA TECHNOLOGIES * 54,200 3,170,700
------------
44,179,006
FOODS & HOUSEWARES (2.7%)
BRINKER INTERNATIONAL * 81,500 1,956,000
CHURCH & DWIGHT 63,200 1,686,650
DIAL 32,700 795,019
HORMEL FOODS 60,300 2,449,687
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 29
<PAGE>
SMALL TO MID CAP FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
FOODS & HOUSEWARES - CONTINUED
IBP 187,800 $ 3,380,400
JACK IN THE BOX * 94,000 1,944,625
KEEBLER FOODS * 33,300 936,563
THE EARTHGRAINS COMPANY 20,200 325,725
------------
13,474,669
HOMEBUILDING & FURNISHING (2.2%)
LA-Z-BOY 15,000 252,187
NVR * 40,900 1,952,975
SALTON * 15,500 518,281
U.S. HOME * 9,900 253,069
USG 171,600 8,086,650
------------
11,063,162
INSURANCE (3.3%)
ARTHUR J. GALLAGHER & COMPANY 15,200 984,200
AXA FINANCIAL 71,200 2,411,900
BERKSHIRE HATHAWAY CLASS A * 182 10,210,200
HARTFORD LIFE CLASS A 38,300 1,685,200
NATIONWIDE FINANCIAL SERVICES 34,300 958,256
------------
16,249,756
LEISURE (2.0%)
A.H. BELO 26,500 505,156
CENTRAL NEWSPAPERS 38,700 1,523,813
FOSSIL * 122,025 2,821,828
MANDALAY RESORT GROUP * 93,400 1,879,675
MGM GRAND * 7,700 387,406
MIDWAY GAMES * 6,800 162,775
STATION CASINOS * 67,600 1,516,775
THE MCCLATCHY COMPANY 12,800 553,600
WASHINGTON POST 1,175 653,153
------------
10,004,181
MANUFACTURING (2.3%)
AMERICAN STANDARD COMPANIES * 15,300 701,888
CARLISLE COMPANIES 21,600 777,600
COGNEX * 37,400 1,458,600
CTS 12,200 919,575
OSHKOSH TRUCK 8,850 259,416
RYERSON TULL 51,900 1,008,806
SPS TECHNOLOGIES * 12,600 402,412
TECUMSEH PRODUCTS 28,700 1,354,281
TEREX * 40,800 1,132,200
THE MANITOWOC COMPANY 69,300 2,356,200
WALLACE COMPUTER SERVICES 200 3,325
YORK INTERNATIONAL 43,000 1,179,813
------------
11,554,116
METALS (0.3%)
AK STEEL HOLDING 77,200 1,457,150
------------
1,457,150
OIL & GAS (2.9%)
HOUSTON EXPLORATION * 66,600 1,319,512
LOUIS DREYFUS NATURAL GAS * 17,600 319,000
MURPHY OIL 15,600 895,050
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 30
<PAGE>
SMALL TO MID CAP FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
OIL & GAS - CONTINUED
NOBLE DRILLING * 111,200 $ 3,641,800
STONE ENERGY * 6,800 242,250
TIDEWATER 124,600 4,485,600
ULTRAMAR DIAMOND SHAMROCK 59,700 1,354,444
VASTAR RESOURCES 34,200 2,017,800
------------
14,275,456
OTHER FINANCIALS (7.8%)
A.G. EDWARDS 57,700 1,850,006
AMBAC FINANCIAL GROUP 82,100 4,284,594
ARDEN REALTY 31,200 625,950
BOSTON PROPERTIES 21,800 678,525
CARRAMERICA REALTY 8,200 173,225
CHARTER ONE FINANCIAL 41,580 795,218
CRESCENT REAL ESTATE EQUITIES 98,300 1,806,262
FEDERAL REALTY INVESTMENT TRUST 36,000 677,250
FELCOR LODGING TRUST 66,500 1,163,750
FINANCIAL SECURITY ASSURANCE HOLDING 24,300 1,266,638
GOLDMAN SACHS GROUP 76,100 7,167,669
HEALTHCARE REALTY TRUST 61,700 964,062
HIGHWOODS PROPERTIES 42,400 985,800
HOSPITALITY PROPERTIES TRUST 30,500 581,406
KILROY REALTY 27,300 600,600
LNR PROPERTY 8,900 176,888
MACK-CALI REALTY 15,300 398,756
METRIS 107,000 3,818,562
MIDAS GROUP 18,400 402,500
MILLS 9,400 168,025
NATIONAL HEALTH INVESTORS 51,800 770,525
PMI GROUP 68,100 3,324,131
PRENTISS PROPERTIES 31,400 659,400
REGENCY REALTY 16,600 332,000
ROUSE COMPANY 45,700 971,125
SEI INVESTMENTS 7,200 856,913
SL GREEN REALTY 19,000 413,250
STORAGE USA 15,200 459,800
TELESCAN * 7,600 187,625
THE MACERICH COMPANY 33,400 695,138
U.S. TRUST 19,600 1,571,675
------------
38,827,268
OTHER HEALTH CARE (2.0%)
BECKMAN COULTER 3,400 172,975
LINCARE HOLDINGS * 36,000 1,248,750
THE COOPER COMPANIES 89,600 2,699,200
TRIGON HEALTHCARE * 103,500 3,053,250
VISX * 53,700 2,778,975
------------
9,953,150
PHARMACEUTICALS (4.3%)
ALPHARMA CLASS A 44,700 1,374,525
BIOGEN * 123,300 10,418,850
GENENTECH * 2,500 336,250
IMMUNEX * 18,200 1,989,488
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 31
<PAGE>
SMALL TO MID CAP FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
PHARMACEUTICALS - CONTINUED
MEDIMMUNE * 43,600 $ 7,232,150
------------
21,351,263
RETAIL (4.4%)
AMAZON.COM 43,800 3,334,275
AMERICAN EAGLE OUTFITTERS 19,400 873,000
ANNTAYLOR STORES * 64,700 2,228,106
BJ'S WHOLESALE CLUB 27,700 1,011,050
ROSS STORES 127,400 2,285,238
SAKS * 112,800 1,755,450
TIFFANY & COMPANY 69,000 6,158,250
ZALE * 81,600 3,947,400
------------
21,592,769
TEXTILES AND FOOTWEAR (0.9%)
JONES APPAREL GROUP * 56,500 1,532,562
MOHAWK INDUSTRIES * 65,900 1,738,113
QUIKSILVER * 70,700 1,095,850
------------
4,366,525
TRANSPORTATION (1.2%)
AMERICA WEST HOLDINGS * 38,300 794,725
CNF TRANSPORTATION 44,600 1,538,700
USFREIGHTWAYS 51,100 2,446,413
UAL * 13,700 1,062,606
------------
5,842,444
UTILITIES (3.3%)
ALLEGHENY ENERGY 53,000 1,427,688
AMERICAN WATER WORKS 19,900 422,875
ENERGY EAST 170,900 3,556,856
EQUITABLE RESOURCES 21,400 714,225
KEYSPAN 92,800 2,151,800
MINNESOTA POWER & LIGHT 62,900 1,065,369
NATIONAL FUEL GAS 34,900 1,622,850
OGE ENERGY 60,300 1,145,700
PHILADELPHIA SUBURBAN 21,700 448,919
PUBLIC SERVICE COMPANY OF NEW MEXICO 70,900 1,152,125
UTILICORP UNITED 137,250 2,667,797
------------
16,376,204
TOTAL INVESTMENTS (97.3%)(IDENTIFIED COST $415,112,497)(1) 481,545,871
OTHER ASSETS LESS LIABILITIES (2.7%) 13,517,432
------------
NET ASSETS (100.0%) $495,063,303
============
</TABLE>
* Non-income producing security
(1) See Note 6 for important tax information
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 32
<PAGE>
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK (96.9%)
BELGIUM (1.7%)
FORTIS (B) 129,700 $ 4,657,004
------------
4,657,004
BRAZIL (1.0%)
ARACRUZ CELULOSE SA 28,900 758,625
CIA SIDERURGICA NACIONAL 21,700,000 846,943
ELETROPAULO METROPOLITANA - ELETRICIDADE DE SAO PAULO SA* 13,900,000 906,770
TELE CENTRO SUL PARTICIPACOES SA ADR 3,700 335,775
------------
2,848,113
CHINA (0.9%)
CHINA MERCHANTS HOLDINGS INTERNATIONAL 1,578,000 1,299,183
CHINA SOUTHERN AIRLINES* 3,198,000 699,376
YIZHENG CHEMICAL FIBRE* 1,823,000 510,069
------------
2,508,628
DENMARK (1.5%)
TELE DANMARK AS 56,200 4,155,730
------------
4,155,730
FINLAND (2.6%)
NOKIA ADR 6,500 1,235,000
STORA ENSO OYJ 339,200 5,885,644
------------
7,120,644
FRANCE (8.7%)
AXA 39,700 5,507,667
BOUYGUES 4,100 2,593,309
CARREFOUR SA 5,100 936,051
CREDIT LYONNAIS* 45,000 2,047,903
ELF AQUITAINE SA 7 1,074
LAFARGE SA 5,500 637,326
RHODIA SA 49,200 1,106,698
SOCIETE TELEVISION FRANCAISE 1 12,100 6,307,101
TOTAL FINA SA 36,659 4,868,975
------------
24,006,104
GERMANY (10.8%)
BAYERISCHE MOTOREN WERKE AG* 116,300 3,549,834
BAYERISCHE HYPO-UNDO VEREINSBANK AG 35,500 2,412,677
DEUTSCHE BANK AG 38,100 3,209,991
DEUTSCHE TELEKOM AG 6,100 427,108
EM TV & MERCHANDISING AG 36,100 2,370,225
EPCOS AG* 6,300 467,319
FRESENIUS MEDICAL CARE 24,000 2,026,853
INTERSHOP COMMUNICATIONS AG* 2,900 825,577
MANNESMANN AG 25,200 6,072,619
SAP AG-VORZUG PREFERRED 4,100 2,488,508
SCHERING AG 6,000 721,728
THYSSEN KRUPP AG* 165,500 5,101,339
------------
29,673,778
GREAT BRITAIN (14.8%)
ANTOFAGASTA PLC 223,400 1,548,231
ARM HOLDINGS PLC* 42,600 2,867,862
BP AMOCO PLC 442,100 4,435,515
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 33
<PAGE>
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
GREAT BRITAIN - CONTINUED
BRITISH AEROSPACE AMORTISING LOAN STOCK 1 $ 2
BRITISH AEROSPACE PLC 95,835 632,504
BRITISH TELECOMMUNICATIONS PLC 346,800 8,456,725
CMG PLC 15,500 1,138,400
CORUS GROUP PLC 198,100 514,037
HANSON PLC 170,500 1,426,185
HSBC HOLDINGS PLC 159,200 2,232,302
INVENSYS PLC 670,700 3,621,240
LLOYDS TSB GROUP PLC 1 12
MARCONI PLC * 223,500 3,940,752
ROYAL & SUN ALLIANCE INSURANCE GROUP 369,600 2,808,652
SAATCHI & SAATCHI PLC 295,200 1,765,121
SHELL TRANSPORT & TRADING COMPANY PLC 75,100 622,744
SMITH & NEPHEW 977,300 3,276,238
THUS PLC 41,900 264,043
VODAFONE AIRTOUCH PLC 273,800 1,353,637
------------
40,904,202
HONG KONG (1.1%)
CATHAY PACIFIC AIRWAYS 1,153,000 2,054,293
LAI SUN DEVELOPMENT * 19,901,000 1,036,844
------------
3,091,137
ISRAEL (0.4%)
ECTEL LIMITED * 23,900 436,175
PARTNER COMMUNICATIONS ADR * 26,200 677,925
------------
1,114,100
ITALY (5.6%)
ASSICURAZIONI GENERALI 23,900 785,801
ENI SPA * 288,200 1,577,349
MEDIASET SPA * 204,500 3,165,058
SEAT-PAGINE GIALLE SPA 1,078,300 3,523,695
TELECOM ITALIA MOBILE SPA 582,500 6,475,429
------------
15,527,332
JAPAN (28.3%)
ASATSU 66,000 4,449,221
DAI ICHI KANGYO BANK, LTD 126,000 1,175,614
FANUC LTD 59,000 7,499,292
FUJI SOFT ABC 60 4,690
FUJITISU 95,000 4,325,143
KEYENCE 10,000 4,054,516
KIRIN BREWERY 572,000 6,007,523
KYOCERA 45,000 11,650,628
MATSUSHITA COMMUNICATION INDUSTRIAL 3,000 791,363
MURATA MANUFACTURING COMPANY, LTD 15,000 3,517,171
NTT 338 5,778,907
NOMURA SECURITIES COMPANY, LTD 141,000 2,541,595
NTT MOBILE COMMUNICATIONS 58 2,226,955
ORIX CORPORATION ADR 8,800 998,250
SAKURA BANK 146,000 844,434
SANWA BANK 111,000 1,347,985
SEVEN ELEVEN JAPAN 25,000 3,956,817
SOFTBANK 500 477,749
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 34
<PAGE>
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
JAPAN - CONTINUED
SONY 16,700 $ 4,943,676
TAKEDA CHEMICAL INDUSTRIES 13,000 641,395
YAMATO TRANSPORT COMPANY, LTD 275,000 10,639,441
------------
77,872,365
MEXICO (1.0%)
CARSO GLOBAL TELECOM * 72,000 675,949
CIFRA SA DE CV * 281,000 534,730
TELEFONOS DE MEXICO SA ADR 13,600 1,530,000
------------
2,740,679
NETHERLANDS (5.4%)
AEGON NV 18,500 1,778,408
ASM LITHOGRAPHY HOLDING ADR * 9,800 1,114,750
EQUANT NV * 8,200 926,358
ING GROEP NV 44,600 2,679,740
PHILIPS ELECTRONICS 19,200 2,592,000
STMICROELECTRONICS NV 25,500 3,861,656
UNITED PAN-EUROPE COMMUNICATIONS NV * 14,300 1,820,459
------------
14,773,371
SINGAPORE (1.5%)
CHARTERED SEMICONDUCTOR * 88,000 480,672
DATACRAFT ASIA LIMITED 128,000 1,062,400
DBS GROUP HOLDINGS limited 126,578 2,074,177
INTERNATIONAL PRESS SOFTCOM limited 1,029,000 540,440
------------
4,157,689
SOUTH AFRICA (1.2%)
ANGLO AMERICAN SA 34,250 2,208,242
DATATEC LIMITED 28,400 500,892
IMPALA PLATINUM HOLDINGS LIMITED 11,700 473,131
------------
3,182,265
SOUTH KOREA (0.5%)
KOREA TELECOM ADR 18,800 1,405,300
------------
1,405,300
SPAIN (2.5%)
BANCO SANTANDER CENTRAL HISPANO SA 161,800 1,822,997
TELEFONICA SA * 200,700 4,989,305
------------
6,812,302
SWEDEN (2.7%)
LM ERICSSON TELECOMMUNICATIONS ADR 66,000 4,335,376
SKANDIA FORSAKRINGS AB 102,000 3,068,477
------------
7,403,853
SWITZERLAND (3.5%)
ABB * 37,200 4,525,957
JULIUS BAER HOLDING LTD 890 2,674,392
ROCHE HOLDING AG * 200 2,361,467
------------
9,561,816
TAIWAN (1.0%)
CHINA STEEL GDR(1) 56,600 847,585
TAIWAN SEMICONDUCTOR ADR * 41,992 1,889,640
------------
2,737,225
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 35
<PAGE>
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
UNITED STATES (0.2%)
COMVERSE TECHNOLOGY * 4,200 $ 607,950
------------
607,950
TOTAL COMMON STOCK (IDENTIFIED COST $200,307,844) 266,861,587
------------
INTEREST MATURITY PRINCIPAL
SHORT-TERM INVESTMENTS (1.2%) RATE DATE AMOUNT VALUE
ASSOCIATES CORPORATION COMMERCIAL PAPER(2) 4.000% 01/03/2000 $ 3,340,000 3,339,258
------------
TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $3,339,258) 3,339,258
------------
TOTAL INVESTMENTS (98.1%)(IDENTIFIED COST $203,647,102)(3) 270,200,845
OTHER ASSETS LESS LIABILITIES (1.9%) 5,315,462
------------
NET ASSETS (100.0%) $275,516,307
============
</TABLE>
- --------------------------------------------------------------------------------
FORWARD CURRENCY CONTRACTS
<TABLE>
<CAPTION>
UNREALIZED
EXCHANGE CONTRACT APPRECIATION/ DELIVERY
CURRENCY RATE(4) VALUE (DEPRECIATION) DATE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
LIABILITIES
EURO (Sell) 0.984 $ 2,465,349 $ (32,355) 1/07/00
EURO (Sell) 0.985 505,969 (6,200) 1/05/00
EURO (Sell) 0.985 417,173 (5,112) 1/05/00
GREAT BRITISH POUND (SELL) 0.617 383,798 (1,936) 1/10/00
GREAT BRITISH POUND (BUY) 0.621 285,540 (65) 1/10/00
MEXICAN PESO (SELL) 9.391 544,343 (5,688) 1/03/00
JAPANESE YEN (BUY) 104.890 1,028,192 (25,958) 1/06/00
JAPANESE YEN (BUY) 104.890 367,020 (9,266) 1/06/00
-----------
$ (86,580)
===========
</TABLE>
* Non-income producing security.
(1) Restricted security - Investments in securities not registered under the
Securities Act of 1933.
<TABLE>
<CAPTION>
ACQUISITION ACQUISITION PERCENTAGE
SECURITY DATE COST VALUE OF NET ASSETS
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CHINA STEEL GDR 9/27/1999 $ 1,156,250 $ 748,750 0.3%
CHINA STEEL GDR 9/28/1999 147,180 98,835 0.0%
</TABLE>
(2) Yield at time of purchase.
(3) See Note 6 for important tax information.
(4) Contract rate.
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 36
<PAGE>
INTERMEDIATE FIXED-INCOME FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS (0.5%)
COLATERALIZED MORTGAGE SECURITIES
CORPORATION I-3 9.450% 02/01/2017 $ 279,395 $ 292,050
MERRILL LYNCH MORTGAGE INVESTMENTS 1992-D 8.150% 07/15/2017 76,148 76,484
------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $377,222) 368,534
------------
ASSET-BACKED SECURITIES (6.5%)
BRIDGESTONE/FIRESTONE MASTER TRUST 1996-1A 6.170% 07/01/2003 916,667 915,933
CAPTIVA CBO 1997-1AA(1) 6.860% 11/30/2009 1,200,000 1,141,560
CARCO AUTO LOAN MASTER TRUST 1997-1A 6.689% 08/15/2004 631,320 630,683
FORD CREDIT AUTO LOAN MASTER TRUST 1995-1 6.500% 08/15/2002 500,000 499,850
ONYX ACCEPTANCE AUTO TRUST 1996-2A 6.400% 10/15/2001 188,415 188,438
WORLD FINANCIAL NETWORK CREDIT CARD
MASTER TRUST 1996-AA 6.700% 02/15/2004 1,000,000 999,170
------------
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $4,427,037) 4,375,634
------------
CORPORATE BONDS (70.8%)
ENERGY (4.2%)
ENRON OIL & GAS 6.000% 12/15/2008 1,000,000 884,071
MOBIL (EXXON MOBIL) 8.000% 08/12/2032 1,000,000 1,018,618
PHILLIPS PETROLEUM 7.920% 04/15/2023 1,000,000 966,895
------------
2,869,584
FINANCE - BANKS (8.6%)
ABN AMRO BANK NV 7.300% 12/01/2026 250,000 228,140
BANK OF AMERICA 7.125% 03/01/2009 500,000 484,805
BANK ONE 7.625% 10/15/2026 500,000 479,340
CITICORP 7.000% 01/02/2004 500,000 488,302
FIRST NATIONAL BANK (BANKBOSTON NA) 7.375% 09/15/2006 1,000,000 985,339
HOUSEHOLD BANK 6.500% 07/15/2003 500,000 483,276
NATIONSBANK (BANK OF AMERICA) 8.570% 11/15/2024 1,000,000 1,061,847
SOUTHTRUST 8.625% 05/15/2004 1,000,000 1,028,480
STANDARD FEDERAL BANCORP 7.750% 07/17/2006 600,000 596,827
------------
5,836,356
FINANCE - BROKER RELATED (4.5%)
BEAR STEARNS 6.125% 02/01/2003 1,250,000 1,206,299
BEAR STEARNS 6.450% 08/01/2002 500,000 490,709
MERRILL LYNCH 6.000% 07/15/2005 750,000 703,090
MORGAN STANLEY GROUP 7.000% 10/01/2013 738,000 674,988
------------
3,075,086
FINANCE - OTHER (12.2%)
AMERICAN EXPRESS 8.625% 05/15/2022 500,000 512,929
CHRYSLER FINANCIAL 5.875% 02/07/2001 315,000 312,282
EXECUTIVE RISK (CHUBB) 7.125% 12/15/2007 1,000,000 970,838
GENERAL ELECTRIC CAPITAL 8.650% 05/15/2009 375,000 405,376
GENERAL ELECTRIC CAPITAL 7.260% 04/29/2002 500,000 504,531
MBIA 8.200% 10/01/2022 500,000 499,870
MIC FINANCING TRUST I(1) 8.375% 02/01/2027 1,000,000 891,971
NYNEX CAPITAL FUNDING 8.750% 12/01/2004 1,000,000 1,057,102
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 37
<PAGE>
INTERMEDIATE FIXED-INCOME FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FINANCE - OTHER - CONTINUED
PHOENIX HOME LIFE MUTUAL(1) 6.950% 12/01/2006 $ 1,000,000 $ 937,672
SEARS ROEBUCK ACCEPTANCE CORPORATION 6.000% 03/20/2003 600,000 573,679
TEXTRON FINANCIAL(1) 7.370% 10/15/2003 1,250,000 1,247,669
WESTERN NATIONAL (AMERICAN GENERAL) 7.125% 02/15/2004 330,000 326,938
------------
8,240,857
INDUSTRIALS (23.4%)
AMGEN 6.500% 12/01/2007 1,000,000 946,933
ANHEUSER-BUSCH 6.750% 06/01/2005 500,000 490,263
ANHEUSER-BUSCH 5.750% 01/15/2011 500,000 434,414
AVNET 6.450% 08/15/2003 1,000,000 980,853
CARDINAL HEALTH 6.250% 07/15/2008 1,000,000 909,258
CYTEC INDUSTRIES 6.750% 03/15/2008 1,000,000 895,017
DAYTON HUDSON 8.600% 01/15/2012 500,000 540,965
DEERE & COMPANY 8.950% 06/15/2019 500,000 539,063
GENERAL MOTORS 8.100% 06/15/2024 1,000,000 975,903
HEALTHSOUTH 6.875% 06/15/2005 1,000,000 874,806
JC PENNEY 8.250% 08/15/2022 1,000,000 889,760
JC PENNEY 7.400% 04/01/2037 500,000 474,194
KAISER FOUNDATION HOSPITAL 8.750% 08/11/2003 1,200,000 1,255,954
MCDONALD'S 6.000% 06/23/2002 500,000 491,040
MCDONALD'S 6.625% 09/01/2005 500,000 491,838
SCIENCE APPLICATIONS INTERNATIONAL 6.750% 02/01/2008 1,000,000 919,315
SEAGATE TECHNOLOGY 7.125% 03/01/2004 500,000 461,699
SERVICE CORPORATION INTERNATIONAL 6.000% 12/15/2005 1,000,000 743,191
SERVICE CORPORATION INTERNATIONAL 6.300% 03/15/2003 1,000,000 849,651
VF CORPORATION 6.750% 06/01/2005 750,000 728,624
VF CORPORATION 7.600% 04/01/2004 1,000,000 998,429
------------
15,891,170
TRANSPORTATION (2.8%)
CONTINENTAL AIRLINES 6.320% 11/01/2008 1,000,000 926,340
US AIRWAYS 8.360% 07/20/2020 1,000,000 968,790
------------
1,895,130
UTILITIES (13.5%)
BELLSOUTH TELECOMMUNICATIONS 7.875% 08/01/2032 500,000 479,019
BELLSOUTH TELECOMMUNICATIONS 6.300% 12/15/2015 442,705 416,584
CAROLINA POWER & LIGHT 6.750% 10/01/2002 1,000,000 989,167
CAROLINA TELPHONE & TELECOMMUNICATION 6.750% 08/15/2013 375,000 345,304
CENTRAL POWER & LIGHT 6.625% 07/01/2005 1,000,000 965,580
CHESAPEAKE AND POTOMAC TELEPHONE 7.625% 12/01/2012 865,000 860,816
ENTERGY MISSISSIPPI 6.450% 04/01/2008 1,000,000 918,164
GTE HAWAIIAN TELEPHONE 7.375% 09/01/2006 500,000 494,055
IDAHO POWER 8.750% 03/15/2027 400,000 403,846
NATIONAL FUEL GAS 6.303% 05/27/2008 1,000,000 905,956
NATIONAL RURAL UTILITIES 6.750% 09/01/2001 1,000,000 998,250
PACIFIC BELL (SBC COMMUNICATIONS) 7.500% 02/01/2033 405,000 367,299
PACIFIC GAS & ELECTRIC 8.250% 11/01/2022 500,000 489,180
VIRGINIA ELECTRIC AND POWER 7.200% 11/01/2004 500,000 491,072
------------
9,124,292
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 38
<PAGE>
INTERMEDIATE FIXED-INCOME FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
YANKEE (1.6%)
FAIRFAX FINANCIAL HOLDINGS 7.375% 03/15/2006 $ 1,000,000 $ 900,678
MIDLAND BANK PLC 6.250% 09/29/2049 200,000 166,190
------------
1,066,868
TOTAL CORPORATE BONDS (IDENTIFIED COST $50,867,943) 47,999,343
------------
U.S. GOVERNMENT AND AGENCY SECURITIES (19.8%)
U.S. TREASURY BONDS (9.2%)
UNITED STATES TREASURY BOND 8.750% 08/15/2020 500,000 605,782
UNITED STATES TREASURY BOND 8.125% 08/15/2021 2,840,000 3,258,900
UNITED STATES TREASURY BOND 5.250% 02/15/2029 1,100,000 909,907
UNITED STATES TREASURY BOND 6.125% 08/15/2029 1,500,000 1,430,157
------------
6,204,746
U.S. TREASURY NOTES (2.1%)
UNITED STATES TREASURY NOTE 6.250% 02/15/2003 200,000 199,375
UNITED STATES TREASURY NOTE 5.500% 05/31/2003 1,000,000 973,125
UNITED STATES TREASURY NOTE 6.125% 08/15/2007 250,000 243,672
------------
1,416,172
FEDERAL FARM CREDIT BANK (FFCB) (0.1%)
FFCB 6.190% 01/14/2008 100,000 93,342
------------
93,342
FEDERAL HOME LOAN BANK (FHLB) (5.4%)
FHLB 7.280% 08/23/2004 2,000,000 1,991,138
FHLB 6.095% 03/16/2005 1,000,000 955,857
FHLB 5.750% 03/03/2008 245,000 224,901
FHLB 5.925% 04/09/2008 400,000 371,228
FHLB 6.010% 04/22/2008 100,000 93,315
------------
3,636,439
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) (0.2%)
FHLMC 5.900% 02/14/2006 100,000 94,675
FHLMC 6.980% 01/22/2007 75,000 73,454
------------
168,129
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (2.8%)
FNMA 5.125% 02/13/2004 516,000 484,152
FNMA 6.350% 05/18/2005 500,000 482,290
FNMA 6.460% 06/26/2008 500,000 470,474
FNMA 6.690% 02/02/2011 500,000 468,066
------------
1,904,982
TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (IDENTIFIED COST $14,170,484) 13,423,810
------------
SHORT-TERM INVESTMENTS (0.5%)
FIFTH THIRD REPURCHASE AGREEMENT DATED 1.550% 01/03/2000 361,108 361,108
12/31/99 (collateralized by 370,000 GNMA #780848, ------------
6.50%, 08-15-13, market value $362,908)
TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $361,108) 361,108
------------
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 39
<PAGE>
INTERMEDIATE FIXED-INCOME FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TOTAL INVESTMENTS (98.1%)(IDENTIFIED COST $70,203,794)(2) $ 66,528,429
OTHER ASSETS LESS LIABILITIES (1.9%) 1,273,545
------------
NET ASSETS (100.0%) $ 67,801,974
============
</TABLE>
(1) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers.
(2) See Note 6 for important tax information.
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 40
<PAGE>
SHORT-INTERMEDIATE FIXED-INCOME FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CORPORATE BONDS (58.1%)
ENERGY (1.1%)
CHEVRON TRUST FUND 8.110% 12/01/2004 $ 650,587 $ 664,848
------------
664,848
FINANCE - BANKS (6.6%)
BANK ONE 6.400% 08/01/2002 1,000,000 982,644
BANKBOSTON (FLEETBOSTON FINANCIAL) 6.380% 08/11/2000 245,000 244,606
CHASE MANHATTAN 8.625% 05/01/2002 400,000 413,705
FIRST BANK MINNESOTA (US BANK NA) 6.250% 08/15/2005 500,000 486,557
FIRST USA BANK 6.625% 12/03/2001 1,115,000 1,110,133
NCNB (BANK OF AMERICA) 9.500% 06/01/2004 285,000 308,438
SECURITY PACIFIC (BANK OF AMERICA) 10.300% 05/15/2001 125,000 129,899
SOUTHTRUST 8.625% 05/15/2004 300,000 308,544
------------
3,984,526
FINANCE - BROKER RELATED (4.8%)
BEAR STEARNS 6.125% 02/01/2003 500,000 482,520
BEAR STEARNS 6.450% 08/01/2002 500,000 490,709
GOLDMAN SACHS GROUP 6.600% 07/15/2002 450,000 442,328
MERRILL LYNCH 6.000% 03/01/2001 500,000 494,441
SALOMON SMITH BARNEY HOLDINGS 6.250% 05/15/2003 500,000 484,787
SALOMON SMITH BARNEY HOLDINGS 9.000% 03/13/2002 500,000 520,565
------------
2,915,350
FINANCE - OTHER (11.0%)
ASSOCIATES 6.750% 08/01/2001 1,130,000 1,127,651
FORD MOTOR CREDIT 6.250% 11/08/2000 650,000 647,808
GENERAL MOTORS ACCEPTANCE CORPORATION 6.700% 04/30/2001 395,000 394,816
GENERAL MOTORS ACCEPTANCE CORPORATION 5.375% 09/30/2002 500,000 479,438
GENERAL MOTORS ACCEPTANCE CORPORATION 5.875% 01/22/2003 1,000,000 965,008
INTERNATIONAL LEASE FINANCE CORPORATION 5.780% 03/01/2001 350,000 346,332
NORDSTROM CREDIT 6.700% 07/01/2005 500,000 485,921
SAFECO 7.875% 04/01/2005 500,000 492,216
SEARS ROEBUCK ACCEPTANCE CORPORATION 6.400% 10/11/2000 350,000 348,371
SEARS ROEBUCK ACCEPTANCE CORPORATION 6.630% 07/09/2002 542,000 531,316
SEARS ROEBUCK ACCEPTANCE CORPORATION 6.360% 12/04/2001 525,000 515,011
WESTERN NATIONAL (AMERICAN GENERAL) 7.125% 02/15/2004 330,000 326,938
------------
6,660,826
INDUSTRIALS (14.4%)
ANHEUSER-BUSCH 6.750% 06/01/2005 500,000 490,262
ARVIN INDUSTRIES 6.875% 02/15/2001 250,000 247,732
AUTOZONE 6.000% 11/01/2003 1,000,000 936,449
AVNET 6.450% 08/15/2003 1,000,000 980,853
ENGELHARD 6.500% 09/01/2000 445,000 444,425
GENERAL MOTORS 9.125% 07/15/2001 1,085,000 1,117,905
MCDONALD'S 6.625% 09/01/2005 500,000 491,837
SEAGATE TECHNOLOGY 7.125% 03/01/2004 500,000 461,699
SERVICE CORPORATION INTERNATIONAL 6.375% 10/01/2000 500,000 473,100
SERVICE CORPORATION INTERNATIONAL 6.300% 03/15/2003 1,000,000 849,651
TOYS 'R' US 8.250% 02/01/2017 267,000 267,331
VF CORPORATION 6.750% 06/01/2005 1,000,000 971,499
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 41
<PAGE>
SHORT-INTERMEDIATE FIXED-INCOME FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INDUSTRIALS - CONTINUED
VF CORPORATION 7.600% 04/01/2004 $ 1,000,000 $ 998,429
------------
8,731,172
TRANSPORTATION (1.9%)
SOUTHWEST AIRLINES 8.750% 10/15/2003 500,000 523,434
UNION PACIFIC RAILROAD 7.320% 02/01/2002 150,000 149,105
UNION PACIFIC RAILROAD 7.060% 05/15/2003 500,000 489,085
------------
1,161,624
UTILITIES (17.0%)
BALTIMORE GAS & ELECTRIC 8.375% 08/15/2001 300,000 306,687
CAROLINA POWER & LIGHT 6.750% 10/01/2002 1,000,000 989,167
CENTRAL POWER & LIGHT 6.875% 02/01/2003 1,000,000 990,687
IOWA ELECTRIC POWER & LIGHT 8.625% 05/15/2001 395,000 402,998
METROPOLITAN EDISON 7.220% 01/30/2003 500,000 496,579
PACIFICORP (SCOTTISH POWER) 6.310% 07/28/2003 550,000 533,306
PENNSYLVANIA POWER & LIGHT (PP&L RESOURCES) 6.000% 06/01/2000 750,000 749,178
PUBLIC SERVICE ELECTRIC & GAS 7.875% 11/01/2001 275,000 277,989
SOUTHERN CALIFORNIA EDISON 5.875% 01/15/2001 90,000 89,160
SOUTHERN CALIFORNIA GAS 6.875% 08/15/2002 1,000,000 996,378
SOUTHWESTERN BELL TELEPHONE 5.880% 10/06/2003 1,000,000 955,823
U.S. WEST COMMUNICATIONS 8.875% 06/01/2031 250,000 254,865
UNITED TELEPHONE-FLORIDA 6.250% 05/15/2003 1,000,000 972,309
VIRGINIA ELECTRIC AND POWER 7.200% 11/01/2004 500,000 491,072
WISCONSIN ELECTRIC AND POWER 6.625% 12/01/2002 750,000 742,668
WORLDCOM (MCI WORLDCOM) 8.875% 01/15/2006 1,000,000 1,044,870
------------
10,293,736
YANKEE (1.3%)
AMOCO CANADA (BP AMOCO) 7.250% 12/01/2002 500,000 502,930
PROVINCE OF MANITOBA 9.500% 10/01/2000 300,000 306,534
------------
809,464
TOTAL CORPORATE BONDS (IDENTIFIED COST $36,124,121) 35,221,546
------------
U.S. GOVERNMENT AND AGENCY SECURITIES (38.7%)
U.S. TREASURY NOTES (13.6%)
UNITED STATES TREASURY NOTE 5.875% 06/30/2000 500,000 500,625
UNITED STATES TREASURY NOTE 5.625% 02/28/2001 500,000 497,032
UNITED STATES TREASURY NOTE 6.375% 03/31/2001 35,000 35,077
UNITED STATES TREASURY NOTE 5.750% 06/30/2001 2,000,000 1,987,500
UNITED STATES TREASURY NOTE 6.500% 08/31/2001 500,000 502,031
UNITED STATES TREASURY NOTE 6.250% 10/31/2001 1,300,000 1,300,000
UNITED STATES TREASURY NOTE 6.250% 01/31/2002 1,400,000 1,400,000
UNITED STATES TREASURY NOTE 6.250% 02/28/2002 1,300,000 1,299,594
UNITED STATES TREASURY NOTE 6.625% 03/31/2002 40,000 40,275
UNITED STATES TREASURY NOTE 6.500% 05/31/2002 430,000 432,150
UNITED STATES TREASURY NOTE 5.625% 12/31/2002 250,000 245,235
------------
8,239,519
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) (6.2%)
FHLMC 6.150% 03/06/2003 1,250,000 1,222,893
FHLMC 5.750% 07/15/2003 1,750,000 1,693,183
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 42
<PAGE>
SHORT-INTERMEDIATE FIXED-INCOME FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) - CONTINUED
FHLMC POOL E30447 8.500% 02/01/2006 $ 5,476 $ 5,635
FHLMC POOL E39980 8.500% 08/01/2006 3,613 3,717
FHLMC 7.214% 03/19/2007 500,000 489,550
FHLMC 6.540% 11/06/2007 250,000 236,983
FHLMC POOL E43681 7.500% 01/01/2008 109,544 110,707
------------
3,762,668
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (10.3%)
FNMA 5.320% 05/08/2001 1,000,000 985,514
FNMA 6.640% 08/28/2002 1,000,000 993,867
FNMA 5.740% 02/09/2004 2,500,000 2,395,347
FNMA 8.500% 02/01/2005 200,000 200,331
FNMA 6.350% 05/18/2005 500,000 482,291
FNMA 6.430% 05/23/2005 500,000 482,838
FNMA POOL 50953 7.000% 11/01/2007 131,614 130,935
FNMA 6.500% 07/07/2008 585,000 551,342
FNMA POOL 185550 7.000% 12/01/2008 57,086 56,812
------------
6,279,277
FEDERAL HOME LOAN BANK (FHLB) (8.6%)
FHLB 6.000% 03/27/2002 1,000,000 984,772
FHLB 5.780% 03/05/2003 100,000 97,027
FHLB 7.280% 08/23/2004 2,000,000 1,991,138
FHLB 6.095% 03/16/2005 2,000,000 1,911,714
FHLB 6.250% 04/06/2005 50,000 48,013
FHLB 6.400% 05/26/2005 125,000 120,385
FHLB 7.330% 04/02/2007 50,000 49,318
------------
5,202,367
TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (IDENTIFIED COST $24,093,880) 23,483,831
------------
SHORT-TERM INVESTMENTS (1.3%)
FIFTH THIRD REPURCHASE AGREEMENT DATED 1.550% 01/03/2000 806,349 806,349
12/31/99 (collateralized by 830,000 GNMA Pool ------------
#780848, 6.50%, 8-15-13, market value $814,092)
TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $806,349) 806,349
------------
TOTAL INVESTMENTS (98.1%)(IDENTIFIED COST $61,024,350)(1) 59,511,726
OTHER ASSETS LESS LIABILITIES (1.9%) 1,126,988
------------
NET ASSETS (100.0%) $ 60,638,714
============
</TABLE>
(1) See Note 6 for important tax information.
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 43
<PAGE>
MORTGAGE SECURITIES FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSET-BACKED SECURITIES(3.0%)
COPEL COMPANY CAPITAL FUNDING 1999-B-A3 6.610% 12/18/2002 $ 1,600,000 $ 1,593,856
GREEN TREE HOME IMPROVEMENT LOAN TRUST
1994-D-M2(1) 9.050% 01/15/2015 715,662 727,613
MERRILL LYNCH FHA 42 7.430% 09/01/2022 1,198,535 1,194,555
TMS SBA LOAN TRUST 1999 -1A 6.002% 07/15/2025 1,150,806 1,146,491
------------
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $4,720,468) 4,662,515
------------
PROJECT LOANS (4.9%)
CHAPEL HILL ASSISTED LIVING 7.750% 11/15/2038 540,680 536,051
COUNTRY CLUB VILLAGE 7.530% 09/15/2038 1,668,507 1,630,693
DESERT MIRAGE APARTMENTS 7.250% 09/15/2039 1,542,050 1,511,956
EVERGREEN TOWERS(2) 7.375% 01/01/2039 1,004,700 959,900
PRAIRIE DISTRICT LOFTS(2) 7.405% 05/01/2039 945,000 907,619
TRIANGLE POINT 7.750% 09/01/2039 983,331 965,691
VILLAGES AT CLEAR SPRINGS 7.495% 12/15/2038 1,091,240 1,063,457
------------
TOTAL PROJECT LOANS (IDENTIFIED COST $7,814,172) 7,575,367
------------
COLLATERALIZED MORTGAGE OBLIGATIONS (4.6%)
CHASE COMMERCIAL MORTGAGE SECURITIES 1998-1-A2 6.560% 05/18/2008 535,000 507,031
COMMERCIAL MORTGAGE ASSET TRUST 1999-C1-A1 6.250% 08/17/2006 966,056 929,346
DEUTSCHE MORTGAGE AND ASSET RECEIVING
CORPORATION 1998-C1-A1 6.220% 09/15/2007 561,232 539,187
DLJ COMMERCIAL MORTGAGE 1999-CG3-A1B 7.340% 09/10/2009 565,000 558,666
GMAC COMMERCIAL MORTGAGE SECURITIES 1998-C2-X 0.627% 08/15/2023 16,620,000 623,083
GS MORTGAGE SECURITIES 1999-3-A(3) 8.000% 08/19/2029 1,600,000 1,594,000
LB COMMERCIAL MORTGAGE TRUST 1998-C4-AB 6.210% 10/15/2008 1,655,000 1,524,454
MORGAN STANLEY CAPITAL I-1998-CF1-X(3) 0.833% 12/15/2012 5,823,237 259,483
MORGAN STANLEY CAPITAL I-1998-CF1-A1 6.330% 10/15/2007 525,760 507,506
------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $7,547,787) 7,042,756
------------
U.S. GOVERNMENT AND AGENCY BONDS (83.3%)
U.S. TREASURY NOTES (3.0%)
UNITED STATES TREASURY NOTE (CPI) 3.875% 04/15/2029 5,003,448 4,673,536
------------
4,673,536
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (24.6%)
GNMA 8.200% 06/15/2012 28,691 28,976
GNMA 8.200% 05/15/2013 41,536 41,906
GNMA 6.000% 04/15/2014 967,621 916,619
GNMA 8.000% 08/15/2016 197,245 201,739
GNMA 8.000% 03/15/2017 36,925 37,764
GNMA 8.000% 04/15/2017 59,260 60,607
GNMA 8.000% 02/15/2022 269,049 273,208
GNMA 7.500% 12/15/2022 771,723 763,684
GNMA 7.000% 05/15/2023 490,079 477,430
GNMA 7.500% 05/15/2023 631,970 628,660
GNMA 7.000% 07/15/2023 980,442 955,138
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 44
<PAGE>
MORTGAGE SECURITIES FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) - CONTINUED
GNMA 7.000% 08/15/2023 $ 339,246 $ 330,491
GNMA 6.500% 10/15/2023 200,418 188,268
GNMA 6.500% 11/15/2023 755,444 709,645
GNMA 6.500% 12/15/2023 5,058,518 4,782,087
GNMA 7.000% 12/15/2023 748,031 728,725
GNMA 6.500% 01/15/2024 1,495,553 1,404,885
GNMA 6.500% 02/15/2024 597,877 561,631
GNMA 6.500% 03/15/2024 216,058 202,960
GNMA 6.500% 04/15/2024 1,154,709 1,084,704
GNMA 7.000% 06/15/2024 711,219 692,315
GNMA 8.000% 02/15/2025 24,635 24,937
GNMA 8.000% 05/15/2025 24,238 24,536
GNMA 8.000% 07/15/2025 331,942 336,012
GNMA 8.000% 08/15/2025 31,456 31,842
GNMA 8.000% 09/15/2025 147,694 149,505
GNMA 8.000% 11/15/2025 359,129 363,533
GNMA 6.500% 03/15/2026 175,094 165,164
GNMA 7.500% 08/15/2026 79,418 78,694
GNMA 8.000% 09/20/2026 1,087,661 1,095,559
GNMA 7.250% 12/15/2026 294,152 297,411
GNMA 7.500% 08/15/2027 35,724 35,352
GNMA 7.500% 09/15/2027 261,107 258,387
GNMA 7.500% 10/15/2027 77,448 76,641
GNMA 7.000% 11/15/2027 36,298 35,136
GNMA 7.500% 11/15/2027 94,267 93,285
GNMA 7.000% 06/15/2028 3,476,090 3,360,598
GNMA 7.000% 07/15/2028 876,433 847,314
GNMA 7.000% 08/15/2028 882,789 853,459
GNMA 7.000% 09/15/2028 1,223,148 1,182,509
GNMA 7.000% 10/15/2028 741,062 716,440
GNMA 7.000% 11/15/2028 483,820 467,745
GNMA 7.000% 12/15/2028 722,342 698,343
GNMA 6.500% 02/15/2029 485,846 456,392
GNMA 6.000% 02/20/2029 1,457,945 1,323,407
GNMA 7.000% 03/15/2029 957,100 924,898
GNMA 7.500% 08/15/2029 2,493,347 2,467,375
GNMA 7.500% 09/15/2029 1,490,710 1,475,181
GNMA 7.500% 12/15/2029 5,000,500 4,948,411
------------
37,859,508
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) (19.1%)
FHLMC 8.848% 08/15/2008 188,176 189,447
FHLMC 6.625% 09/15/2009 2,865,000 2,775,477
FHLMC 6.500% 08/01/2010 249,728 243,933
FHLMC 6.500% 09/01/2010 250,510 244,697
FHLMC 6.500% 10/01/2010 528,995 516,720
FHLMC 6.500% 11/01/2010 257,102 251,136
FHLMC 6.500% 01/01/2011 342,272 334,329
FHLMC 6.500% 02/01/2011 288,303 281,613
FHLMC 6.500% 04/01/2011 700,197 683,387
FHLMC 7.500% 03/01/2012 294,179 296,963
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 45
<PAGE>
MORTGAGE SECURITIES FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) - CONTINUED
FHLMC 7.000% 07/01/2012 $ 288,678 $ 286,205
FHLMC 6.500% 12/01/2012 2,723,403 2,651,971
FHLMC 6.500% 02/01/2013 198,296 193,095
FHLMC 6.500% 04/01/2013 20,878 20,306
FHLMC 6.500% 05/01/2013 438,052 426,563
FHLMC 5.500% 06/01/2013 42,380 39,411
FHLMC 5.500% 11/01/2013 67,048 62,351
FHLMC 5.500% 12/01/2013 1,913,062 1,779,032
FHLMC 5.500% 01/01/2014 2,000,199 1,860,063
FHLMC 6.500% 01/01/2014 527,442 512,998
FHLMC 5.500% 02/01/2014 28,881 26,858
FHLMC 5.500% 03/01/2014 1,413,494 1,313,813
FHLMC 6.000% 03/01/2014 1,324,178 1,258,659
FHLMC 5.500% 04/01/2014 322,504 299,761
FHLMC 5.500% 05/01/2014 1,984,465 1,844,611
FHLMC 5.500% 06/01/2014 263,516 244,933
FHLMC 6.000% 06/01/2014 186,821 177,577
FHLMC 5.500% 07/01/2014 770,224 715,907
FHLMC 8.750% 12/01/2014 9,523 9,949
FHLMC 6.500% 04/01/2018 800,611 764,401
FHLMC 9.000% 09/01/2018 217,857 229,701
FHLMC 7.000% 06/01/2024 28,606 27,808
FHLMC 8.000% 07/01/2024 789,666 796,923
FHLMC 8.000% 08/01/2024 100,708 101,634
FHLMC 8.000% 06/01/2025 13,441 13,603
FHLMC 8.000% 07/01/2025 638,303 644,877
FHLMC 8.000% 09/01/2025 16,193 16,336
FHLMC 8.000% 11/01/2025 22,973 23,175
FHLMC 8.000% 12/01/2025 128,904 130,232
FHLMC 8.000% 01/01/2026 9,394 9,476
FHLMC 7.000% 05/01/2026 113,179 110,023
FHLMC 8.000% 06/01/2026 222,653 224,605
FHLMC 6.918% 07/01/2027 1,575,929 1,573,685
FHLMC 8.000% 09/01/2027 8,000 8,073
FHLMC 6.000% 02/01/2029 975,308 894,383
FHLMC 6.000% 03/01/2029 1,941,795 1,780,675
FHLMC 7.500% 05/01/2029 591,732 586,392
FHLMC 6.500% 06/01/2029 114,592 108,111
FHLMC 7.500% 08/01/2029 1,844,425 1,827,518
------------
29,413,396
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (36.6%)
FNMA 6.140% 09/10/2008 1,190,000 1,100,612
FNMA 6.625% 09/15/2009 2,610,000 2,532,092
FNMA 8.000% 10/01/2009 231,707 235,649
FNMA 8.000% 11/01/2010 747,693 754,009
FNMA 7.000% 05/01/2011 2,321,535 2,305,373
FNMA 7.000% 09/01/2011 1,531,924 1,518,073
FNMA 6.500% 03/01/2013 26,740 25,980
FNMA 6.500% 05/01/2013 22,351 21,715
FNMA 6.000% 07/01/2013 69,882 66,407
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 46
<PAGE>
MORTGAGE SECURITIES FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) - CONTINUED
FNMA 6.000% 08/01/2013 $ 441,494 $ 419,543
FNMA 5.500% 10/01/2013 2,783,194 2,584,573
FNMA 6.000% 11/01/2013 405,543 385,380
FNMA 5.500% 12/01/2013 2,623,328 2,436,116
FNMA 6.000% 12/01/2013 89,814 85,348
FNMA 5.500% 01/01/2014 684,597 635,742
FNMA 6.000% 01/01/2014 492,269 467,763
FNMA 5.500% 02/01/2014 2,066,343 1,918,040
FNMA 6.000% 02/01/2014 595,299 565,207
FNMA 5.500% 03/01/2014 2,128,075 1,975,469
FNMA 6.000% 03/01/2014 249,335 236,767
FNMA 5.500% 04/01/2014 53,775 49,916
FNMA 6.000% 04/01/2014 34,765 33,002
FNMA 6.000% 05/01/2014 1,193,529 1,134,468
FNMA 6.000% 06/01/2014 1,141,332 1,083,433
FNMA 5.500% 07/01/2014 638,825 592,976
FNMA 6.000% 07/01/2014 509,721 483,863
FNMA 5.500% 08/01/2014 969,730 900,132
FNMA 6.000% 08/01/2014 82,099 77,934
FNMA 8.000% 08/01/2014 1,345,443 1,379,354
FNMA 5.500% 09/01/2014 26,343 24,452
FNMA 6.000% 09/01/2014 36,020 34,193
FNMA 6.500% 05/01/2018 1,634,768 1,564,430
FNMA 8.000% 05/01/2022 140,282 142,554
FNMA 7.500% 08/01/2023 220,779 219,404
FNMA 6.500% 11/01/2024 542,061 516,750
FNMA 7.000% 10/01/2025 596,172 579,011
FNMA 7.500% 02/01/2026 549,196 544,394
FNMA 7.000% 09/01/2026 361,162 350,766
FNMA 7.500% 09/01/2026 553,187 547,959
FNMA 7.000% 04/01/2027 572,291 554,350
FNMA 7.500% 05/01/2027 142,536 141,078
FNMA 7.500% 11/01/2027 188,027 186,103
FNMA 7.500% 12/01/2027 1,170,821 1,158,842
FNMA 6.500% 01/01/2028 133,428 126,257
FNMA 7.500% 01/01/2028 32,350 32,025
FNMA 7.500% 02/01/2028 281,817 279,353
FNMA 6.500% 04/01/2028 809,958 764,954
FNMA 6.500% 05/01/2028 256,385 242,140
FNMA 7.500% 06/01/2028 250,204 247,690
FNMA 6.000% 10/01/2028 3,632,301 3,327,435
FNMA 7.500% 10/01/2028 61,598 60,963
FNMA 6.000% 11/01/2028 209,280 191,714
FNMA 6.000% 12/01/2028 812,974 744,739
FNMA 6.000% 01/01/2029 1,507,393 1,380,470
FNMA 6.000% 02/01/2029 366,009 335,289
FNMA 6.500% 02/01/2029 687,424 649,229
FNMA 7.000% 02/01/2029 175,230 169,499
FNMA 6.500% 04/01/2029 579,674 547,465
FNMA 6.027% 05/01/2029 915,177 889,238
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 47
<PAGE>
MORTGAGE SECURITIES FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) - CONTINUED
FNMA 6.000% 06/01/2029 $ 1,714,486 $ 1,569,765
FNMA 6.500% 06/01/2029 404,522 381,389
FNMA 7.500% 06/01/2029 119,824 118,576
FNMA 6.000% 07/01/2029 72,874 66,718
FNMA 7.500% 07/01/2029 30,636 30,317
FNMA 6.000% 08/01/2029 2,866,740 2,624,561
FNMA 7.000% 08/01/2029 2,249,736 2,176,151
FNMA 8.500% 08/01/2029 1,954,704 2,004,793
FNMA 8.000% 09/01/2029 892,535 900,065
FNMA 7.000% 10/01/2029 566,071 547,556
FNMA 8.000% 10/01/2029 514,643 518,986
FNMA 7.500% 11/01/2029 2,999,701 2,968,454
------------
56,465,013
TOTAL U.S. GOVERNMENT AND AGENCY BONDS (IDENTIFIED COST $131,524,940) 128,411,453
------------
SHORT-TERM INVESTMENTS (3.6%)
FIFTH THIRD REPURCHASE AGREEMENT DATED 1.550% 01/03/2000 5,500,000 5,500,000
12/31/99 (collateralized by 5,610,000 GNMA ------------
#780848, 6.50%, 8-15-13, market value $5,502,477)
TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $5,500,000) 5,500,000
------------
TOTAL INVESTMENTS (99.4%) (IDENTIFIED COST $157,107,367)(4) 153,192,091
OTHER ASSETS LESS LIABILITIES (0.6%) 916,596
------------
NET ASSETS (100.0%) $154,108,687
============
</TABLE>
- --------------------------------------------------------------------------------
FORWARD COMMITMENTS
<TABLE>
<CAPTION>
PRINCIPAL DELIVERY COUPON MARKET
AGENCY AMOUNT DATE RATE VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TBA PURCHASE COMMITMENTS AT DECEMBER 31, 1999
(COST PAYABLE $13,227,508)
FHLMC $ 1,000,000 01/19/2000 6.500% $ 943,125
FHLMC 2,000,000 01/19/2000 7.500% 1,980,624
FHLMC 2,000,000 01/19/2000 7.000% 1,935,624
FHLMC 3,000,000 01/24/2000 7.000% 2,968,125
FNMA 5,300,000 01/24/2000 7.500% 5,331,471
------------
$ 13,158,969
============
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 48
<PAGE>
MORTGAGE SECURITIES FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
PRINCIPAL DELIVERY COUPON MARKET
AGENCY AMOUNT DATE RATE VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TBA SALE COMMITMENTS AT DECEMBER 31, 1999
(PROCEEDS RECEIVABLE $7,764,488)
FNMA $ 2,017,166 01/19/2000 7.000% $ 1,933,750
FNMA 450,000 01/19/2000 8.000% 453,515
FNMA 2,000,000 01/19/2000 7.500% 1,978,124
GNMA 3,400,000 01/25/2000 7.500% 3,362,811
------------
$ 7,728,200
============
</TABLE>
- --------------------------------------------------------------------------------
OUTSTANDING FUTURES CONTRACTS
<TABLE>
<CAPTION>
UNREALIZED
UNITS PER CURRENT APPRECIATION/
TYPE EXPIRATION CONTRACTS CONTRACT VALUE (DEPRECIATION)
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
30 YEAR BOND FUTURE (BUY) 03/20/2000 38 1,000 $ 3,455,625 $ (69,829)
10 YEAR NOTE FUTURE (SELL) 03/20/2000 2 1,000 (191,719) 938
5YR NOTE FUTURE (SELL) 03/20/2000 90 1,000 (8,821,406) 60,726
------------
$ (8,165)
============
</TABLE>
- --------------------------------------------------------------------------------
THE FUND'S ACTIVITY IN WRITTEN OPTIONS FOR THE
YEAR ENDED DECEMBER 31, 1999 WAS AS FOLLOWS:
<TABLE>
<CAPTION>
NUMBER OF CONTRACT
CONTRACTS PREMIUM
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
OPTIONS OUTSTANDING AT BEGINNING OF PERIOD 0 $ 0
OPTIONS SOLD 30 13,594
OPTIONS CANCELED IN CLOSING TRANSACTION 0 0
OPTIONS EXPIRED PRIOR TO EXERCISE (30) (13,594)
----------- ----------
OPTIONS OUTSTANDING AT END OF PERIOD 0 $ 0
=========== ==========
</TABLE>
(1) Security has been segregated with the custodian to cover margin requirements
for the open futures contracts at December 31, 1999.
(2) A portion of this security was purchased on a delayed delivery basis.
(3) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers.
(4) See Note 6 for important tax information.
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 49
<PAGE>
U.S. GOVERNMENT MONEY FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. AGENCY BONDS (83.9%)
FEDERAL FARM CREDIT BANK (FFCB) (2.5%)
FFCB DISCOUNT NOTE 4.880% 05/16/2000 $ 10,000,000 $ 9,817,533
------------
9,817,533
FEDERAL HOME LOAN BANK (FHLB) (35.4%)
FHLB DISCOUNT NOTE 5.070% 01/21/2000 10,000,000 9,970,528
FHLB DISCOUNT NOTE 4.670% 02/01/2000 10,000,000 9,958,667
FHLB DISCOUNT NOTE 5.390% 02/01/2000 10,000,000 9,952,294
FHLB DISCOUNT NOTE 5.460% 02/09/2000 15,000,000 14,909,487
FHLB DISCOUNT NOTE 5.380% 02/11/2000 15,000,000 14,906,383
FHLB DISCOUNT NOTE 5.470% 02/15/2000 15,000,000 14,895,938
FHLB DISCOUNT NOTE 5.460% 02/18/2000 10,000,000 9,926,267
FHLB DISCOUNT NOTE 5.470% 03/15/2000 13,942,000 13,784,951
FHLB DISCOUNT NOTE 5.590% 03/17/2000 15,000,000 14,822,667
FHLB DISCOUNT NOTE 5.640% 04/24/2000 15,000,000 14,734,475
FHLB DISCOUNT NOTE 4.790% 04/27/2000 10,000,000 9,845,300
------------
137,706,957
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) (32.0%)
FHLMC DISCOUNT NOTE 4.970% 01/10/2000 15,000,000 14,979,338
FHLMC DISCOUNT NOTE 5.070% 01/14/2000 15,000,000 14,970,479
FHLMC DISCOUNT NOTE 4.940% 01/19/2000 10,000,000 9,974,000
FHLMC DISCOUNT NOTE 5.150% 01/27/2000 20,000,000 19,922,982
FHLMC DISCOUNT NOTE 5.380% 02/03/2000 15,000,000 14,924,100
FHLMC DISCOUNT NOTE 5.460% 02/22/2000 10,000,000 9,920,267
FHLMC DISCOUNT NOTE 5.560% 02/24/2000 15,000,000 14,873,730
FHLMC DISCOUNT NOTE 5.470% 02/25/2000 10,000,000 9,915,667
FHLMC DISCOUNT NOTE 5.570% 03/07/2000 15,000,000 14,846,000
------------
124,326,563
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (14.0%)
FNMA DISCOUNT NOTE 5.600% 03/02/2000 15,000,000 14,856,650
FNMA DISCOUNT NOTE 5.590% 03/09/2000 15,000,000 14,840,908
FNMA DISCOUNT NOTE 5.700% 05/05/2000 15,000,000 14,706,771
FNMA DISCOUNT NOTE 5.830% 05/09/2000 10,000,000 9,793,958
------------
54,198,287
TOTAL U.S. AGENCY BONDS (IDENTIFIED COST $326,049,340) 326,049,340
------------
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 50
<PAGE>
U.S. GOVERNMENT MONEY FUND
SCHEDULE OF INVESTMENTS
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SHORT-TERM INVESTMENTS (16.4%)
BANC OF AMERICA REPURCHASE AGREEMENT 4.000% 01/03/2000 $ 62,000,000 $ 62,000,000
DATED 12/31/99 (collateralized by 27,910,000
FFCB Discount Note, 11-02-00, market value
$26,486,590,
20,900,000 FFCB, 6.40%, 10-28-02,
market value $20,998,230,
16,090,000 FNMA Note, 5-19-03,
market value $15,782,681)
FIFTH THIRD REPURCHASE AGREEMENT 1.550% 01/03/2000 1,931,405 1,931,405
DATED 12/31/99 (collateralized by 1,980,000 ------------
GNMA Pool #780848, 6.50%, 8-15-13,
market value $1,942,051)
TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $63,931,405) 63,931,405
------------
TOTAL INVESTMENTS (100.3%)(IDENTIFIED COST $389,980,745)(1) 389,980,745
OTHER ASSETS LESS LIABILITIES (-0.3%) (1,327,659)
------------
NET ASSETS (100.0%) $388,653,086
============
</TABLE>
(1) The identified cost for Federal Tax purposes is the same as shown above.
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 51
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
SMALL TO INTERNATIONAL
GROWTH VALUE MID CAP EQUITY
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS:
INVESTMENTS, AT VALUE (Note 2) $ 375,330,622 $ 171,466,792 $ 481,545,871 $ 270,200,845
REPURCHASE AGREEMENTS, AT COST 7,335,506 2,002,488 -- --
-------------------------------------------------------------------
TOTAL INVESTMENTS (*) 382,666,128 173,469,280 481,545,871 270,200,845
CASH -- -- -- 1,179
FOREIGN CURRENCY AT VALUE -- -- -- 976,786
RECEIVABLE FOR INVESTMENTS SOLD -- -- 26,294,595 1,679,216
RECEIVABLE FOR CAPITAL SHARES SOLD 1,954,798 2,095,202 5,838,411 8,104,953
DIVIDENDS AND INTEREST RECEIVABLE 214,299 317,659 249,845 562,057
RECEIVABLE FOR FUTURES CONTRACT SETTLEMENT -- 4,250 -- --
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 384,835,225 175,886,391 513,928,722 281,525,036
- -------------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
CASH OVERDRAFT -- -- 187,398 --
OPEN FORWARD CURRENCY CONTRACTS -- -- -- 86,580
PAYABLE FOR INVESTMENTS PURCHASED -- -- 17,535,104 5,293,452
PAYABLE FOR CAPITAL SHARES REPURCHASED 218,862 161,142 271,973 97,798
PAYABLE DUE TO ACCESSOR CAPITAL (Note 3) 141,484 65,381 244,908 117,999
MONEY MANAGER FEE PAYABLE (Note 3) 284,217 142,784 470,398 321,687
ACCRUED EXPENSES AND OTHER LIABILITIES 121,325 67,904 155,638 91,213
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 765,888 437,211 18,865,419 6,008,729
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 384,069,337 $ 175,449,180 $ 495,063,303 $ 275,516,307
===============================================================================================================================
NET ASSETS CONSIST OF:
PAID-IN CAPITAL $ 271,725,224 $ 167,002,582 $ 386,441,613 $ 190,330,962
NET UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS, RECEIVABLES,
PAYABLES, AND FUTURES CONTRACTS 112,468,504 7,438,934 66,433,374 66,446,736
UNDISTRIBUTED NET INVESTMENT INCOME -- -- -- --
ACCUMULATED DISTRIBUTIONS IN EXCESS OF
REALIZED GAIN ON INVESTMENTS (124,391) -- -- --
ACCUMULATED NET REALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES CONTRACTS,
OPTIONS, AND FOREIGN CURRENCIES -- 1,007,664 42,188,316 18,738,609
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 384,069,337 $ 175,449,180 $ 495,063,303 $ 275,516,307
===============================================================================================================================
NET ASSETS:
ADVISOR CLASS $ 339,590,001 $ 149,182,638 $ 447,665,144 $ 236,868,992
INVESTOR CLASS 44,479,336 26,266,542 47,398,159 38,647,315
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL $ 384,069,337 $ 175,449,180 $ 495,063,303 $ 275,516,307
===============================================================================================================================
OUTSTANDING SHARES:
ADVISOR CLASS 9,681,619 7,206,507 16,344,653 11,005,923
INVESTOR CLASS 1,277,548 1,268,853 1,744,869 1,811,714
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL 10,959,167 8,475,360 18,089,522 12,817,637
===============================================================================================================================
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE:
ADVISOR CLASS $ 35.08 $ 20.70 $ 27.39 $ 21.52
===============================================================================================================================
INVESTOR CLASS $ 34.82 $ 20.70 $ 27.16 $ 21.33
===============================================================================================================================
(*) INVESTMENTS, AT COST (Note 6) $ 270,197,624 $ 166,103,408 $ 415,112,497 $ 203,647,102
</TABLE>
Please see "Notes to Financial Statements" for further information.
ACCESSOR 52
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
INTERMEDIATE SHORT-INT MORTGAGE U.S. GOVERNMENT
FIXED-INCOME FIXED-INCOME SECURITIES MONEY
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS:
INVESTMENTS, AT VALUE (Note 2) $ 66,167,321 $ 58,705,377 $ 147,692,091 $ 326,049,340
REPURCHASE AGREEMENTS, AT COST 361,108 806,349 5,500,000 63,931,405
---------------------------------------------------------------------
TOTAL INVESTMENTS (*) 66,528,429 59,511,726 153,192,091 389,980,745
CASH -- -- 145,721 --
RECEIVABLE FOR INVESTMENTS SOLD -- -- 8,218,453 --
RECEIVABLE FOR CAPITAL SHARES SOLD 122,915 103,371 52,947 392,288
DIVIDENDS AND INTEREST RECEIVABLE 1,253,532 1,121,141 1,018,540 6,972
RECEIVABLE FOR FUTURES CONTRACT SETTLEMENT -- -- 9,938 --
TBA PURCHASE COMMITMENTS, AT VALUE -- -- 13,158,969 --
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 67,904,876 60,736,238 175,796,659 390,380,005
- ---------------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
DISTRIBUTIONS PAYABLE -- -- -- 1,539,538
PAYABLE FOR INVESTMENTS PURCHASED -- -- 13,658,090 --
PAYABLE FOR CAPITAL SHARES REPURCHASED 50,427 45,278 94,911 4,269
PAYABLE DUE TO ACCESSOR CAPITAL (Note 3) 20,937 18,427 48,261 76,514
MONEY MANAGER FEE PAYABLE (Note 3) 6,781 7,762 91,926 --
TBA SALE COMMITMENTS, AT VALUE -- -- 7,728,200 --
ACCRUED EXPENSES AND OTHER LIABILITIES 24,757 26,057 66,584 106,598
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 102,902 97,524 21,687,972 1,726,919
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 67,801,974 $ 60,638,714 $ 154,108,687 $ 388,653,086
=================================================================================================================================
NET ASSETS CONSIST OF:
PAID-IN CAPITAL $ 72,611,629 $ 62,365,182 $ 159,775,916 $ 388,655,460
NET UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS, RECEIVABLES,
PAYABLES, AND FUTURES CONTRACTS (3,675,364) (1,512,625) (3,955,691) --
UNDISTRIBUTED NET INVESTMENT INCOME -- 150 -- --
ACCUMULATED NET REALIZED GAIN (LOSS)
ON INVESTMENTS, FUTURES CONTRACTS,
OPTIONS, AND FOREIGN CURRENCIES (1,134,291) (213,993) (1,711,538) (2,374)
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 67,801,974 $ 60,638,714 $ 154,108,687 $ 388,653,086
=================================================================================================================================
NET ASSETS:
ADVISOR CLASS $ 56,894,744 $ 50,199,641 $ 127,306,931 $ 380,619,503
INVESTOR CLASS 10,907,230 10,439,073 26,801,756 8,033,583
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL $ 67,801,974 $ 60,638,714 $ 154,108,687 $ 388,653,086
=================================================================================================================================
OUSTANDING SHARES:
ADVISOR CLASS 5,032,911 4,242,644 10,622,432 380,622,918
INVESTOR CLASS 964,897 882,181 2,236,390 8,033,419
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL 5,997,808 5,124,825 12,858,822 388,656,337
=================================================================================================================================
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE:
ADVISOR CLASS $ 11.30 $ 11.83 $ 11.98 $ 1.00
=================================================================================================================================
INVESTOR CLASS $ 11.30 $ 11.83 $ 11.98 $ 1.00
=================================================================================================================================
(*) INVESTMENTS, AT COST (Note 6) $ 70,203,794 $ 61,024,350 $ 157,107,367 $ 389,980,745
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 53
<PAGE>
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
SMALL TO INTERNATIONAL
GROWTH VALUE MID CAP EQUITY
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
DIVIDENDS (NET OF FOREIGN WITHHOLDING
TAXES OF $5,456 FOR GROWTH FUND, $30,755
FOR VALUE FUND, $1,833 FOR SMALL TO MID CAP
FUND AND $351,494 FOR INTERNATIONAL
EQUITY FUND) $ 1,996,655 $ 2,651,771 $ 2,536,577 $ 2,691,127
INTEREST 217,734 235,189 395,211 301,330
COMMISSION RECAPTURE 11,780 39,053 -- 99,062
- ----------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME 2,226,169 2,926,013 2,931,788 3,091,519
- ----------------------------------------------------------------------------------------------------------------------
EXPENSES:
MANAGEMENT FEES (Note 3) 1,303,628 700,745 2,284,100 1,106,695
MONEY MANAGER FEES (Note 3) 892,951 483,273 1,598,859 1,183,332
TRANSFER AGENT & ADMINISTRATION FEES (Note 3) 382,129 208,457 505,087 266,729
FUND ACCOUNTING FEES 66,847 56,653 89,852 57,281
LEGAL FEES 49,903 34,570 87,892 50,236
AUDIT FEES 33,869 23,411 60,389 20,049
CUSTODIAN FEES 22,896 11,492 51,238 174,583
REGISTRATION FEES 59,561 38,222 95,907 7,059
DIRECTORS FEES 6,649 3,531 8,381 4,471
PRINTING/POSTAGE EXPENSE 7,438 1,708 10,525 5,104
OTHER 2,389 2,688 3,183 10,834
INVESTOR CLASS ONLY (Notes 2 & 3):
SHAREHOLDER SERVICE FEES 79,969 47,090 73,718 64,073
ADMINISTRATIVE SERVICES FEES 79,969 47,090 73,718 64,073
- ----------------------------------------------------------------------------------------------------------------------
NET EXPENSES 2,988,198 1,658,930 4,942,849 3,014,519
- ----------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) (762,029) 1,267,083 (2,011,061) 77,000
- ----------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAINS (LOSSES):
NET REALIZED GAIN (LOSS) ON:
INVESTMENTS 11,743,235 14,376,407 83,802,315 62,616,090
FUTURES -- 384,809 -- --
FOREIGN EXCHANGE -- -- -- (3,846,269)
CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS 60,006,532 (7,756,671) 25,104,037 32,634,417
CHANGE IN UNREALIZED DEPRECIATION OF
FOREIGN CURRENCY -- -- -- (90,955)
- ----------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) 71,749,767 7,004,545 108,906,352 91,313,283
- ----------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) RESULTING FROM
OPERATIONS $ 70,987,738 $ 8,271,628 $ 106,895,291 $ 91,390,283
======================================================================================================================
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 54
<PAGE>
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
INTERMEDIATE SHORT-INT MORTGAGE U.S. GOVERNMENT
FIXED-INCOME FIXED-INCOME SECURITIES MONEY
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
INTEREST $ 4,090,001 $ 3,307,285 $ 10,884,534 $ 14,841,985
- ------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME 4,090,001 3,307,285 10,884,534 14,841,985
- ------------------------------------------------------------------------------------------------------------------
EXPENSES:
MANAGEMENT FEES (Note 3) 223,782 197,809 576,290 722,217
MONEY MANAGER FEES (Note 3) 24,865 21,979 368,188 --
TRANSFER AGENT & ADMINISTRATION FEES (Note 3) 84,625 74,633 214,600 380,028
FUND ACCOUNTING FEES 43,175 41,758 94,247 69,330
LEGAL FEES 13,358 11,367 41,395 56,910
AUDIT FEES 4,016 2,365 23,357 37,199
CUSTODIAN FEES 4,574 4,473 49,615 13,651
REGISTRATION FEES 20,237 26,336 36,167 97,360
DIRECTORS FEES 1,751 1,523 5,123 7,365
PRINTING/POSTAGE EXPENSE 1,665 1,629 3,079 4,385
OTHER 368 313 775 1,702
INVESTOR CLASS ONLY (Notes 2 & 3):
SHAREHOLDER SERVICE FEES 25,690 18,031 56,040 15,524
ADMINISTRATIVE SERVICES FEES 25,690 18,031 56,040 15,524
- ------------------------------------------------------------------------------------------------------------------
NET EXPENSES 473,796 420,247 1,524,916 1,421,195
- ------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) 3,616,205 2,887,038 9,359,618 13,420,790
- ------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAINS (LOSSES):
NET REALIZED GAIN (LOSS) ON:
INVESTMENTS (1,131,230) (213,994) (2,621,566) --
FUTURES -- -- 987,090 --
OPTIONS -- -- 13,594 --
CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS (4,734,021) (1,990,052) (5,938,309) --
- ------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) (5,865,251) (2,204,046) (7,559,191) --
- ------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) RESULTING FROM
OPERATIONS $ (2,249,046) $ 682,992 $ 1,800,427 $ 13,420,790
==================================================================================================================
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 55
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
GROWTH VALUE
---------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DEC. 31, 1999 DEC. 31, 1998 DEC. 31, 1999 DEC. 31, 1998
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
NET INVESTMENT INCOME (LOSS) $ (762,029) $ 143,454 $ 1,267,083 $ 1,187,583
NET REALIZED GAIN ON INVESTMENTS
AND FUTURES 11,743,235 13,472,712 14,761,216 10,807,315
CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS 60,006,532 36,852,522 (7,756,671) 763,235
- ---------------------------------------------------------------------------------------------------------------
NET INCREASE RESULTING FROM OPERATIONS 70,987,738 50,468,688 8,271,628 12,758,133
DISTRIBUTIONS:
FROM NET INVESTMENT INCOME
ADVISOR CLASS -- (157,895) (1,191,237) (1,171,149)
INVESTOR CLASS -- -- (78,542) (28,451)
---------------------------------------------------------------------
-- (157,895) (1,269,779) (1,199,600)
FROM NET REALIZED GAIN ON INVESTMENTS
ADVISOR CLASS (11,586,172) (13,128,264) (10,864,288) (10,936,917)
INVESTOR CLASS (1,499,831) (1,458,188) (1,906,043) (1,071,932)
---------------------------------------------------------------------
(13,086,003) (14,586,452) (12,770,331) (12,008,849)
IN EXCESS OF NET REALIZED GAIN
ON INVESTMENTS
ADVISOR CLASS (110,134) -- -- (882,256)
INVESTOR CLASS (14,257) -- -- (86,511)
---------------------------------------------------------------------
(124,391) -- -- (968,767)
- ---------------------------------------------------------------------------------------------------------------
NET DECREASE FROM DISTRIBUTIONS (13,210,394) (14,744,347) (14,040,110) (14,177,216)
CAPITAL SHARE TRANSACTIONS (Note 4):
PROCEEDS FROM SUBSCRIPTIONS 241,899,882 105,180,652 96,691,710 84,974,025
REINVESTMENT OF DISTRIBUTIONS 9,531,779 10,503,938 7,679,620 8,519,703
COST OF REDEMPTIONS (105,016,033) (59,439,572) (50,868,882) (45,486,053)
- ---------------------------------------------------------------------------------------------------------------
NET INCREASE FROM CAPITAL
SHARE TRANSACTIONS 146,415,628 56,245,018 53,502,448 48,007,675
TOTAL INCREASE IN NET ASSETS 204,192,972 91,969,359 47,733,966 46,588,592
- ---------------------------------------------------------------------------------------------------------------
NET ASSETS:
BEGINNING OF PERIOD 179,876,365 87,907,006 127,715,214 81,126,622
- ---------------------------------------------------------------------------------------------------------------
END OF PERIOD $ 384,069,337 $ 179,876,365 $ 175,449,180 $ 127,715,214
===============================================================================================================
UNDISTRIBUTED NET INVESTMENT INCOME $ -- $ -- $ -- $ --
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 56
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
SMALL TO MID CAP INTERNATIONAL EQUITY
---------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DEC. 31, 1999 DEC. 31, 1998 DEC. 31, 1999 DEC. 31, 1998
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
NET INVESTMENT INCOME (LOSS) $ (2,011,061) $ (505,434) $ 77,000 $ (443,058)
NET REALIZED GAIN ON INVESTMENTS, FUTURES
OPTIONS, AND FOREIGN CURRENCY 83,802,315 15,196,539 58,769,821 3,399,692
CHANGE IN UNREALIZED APPRECIATION
OF INVESTMENTS 25,104,037 18,018,953 32,543,462 21,019,700
- ------------------------------------------------------------------------------------------------------------------
NET INCREASE RESULTING FROM OPERATIONS 106,895,291 32,710,058 91,390,283 23,976,334
DISTRIBUTIONS:
FROM NET REALIZED GAIN ON INVESTMENTS
ADVISOR CLASS (38,517,171) (16,858,274) (35,386,773) (2,754,762)
INVESTOR CLASS (3,955,314) (1,270,675) (5,533,026) (344,546)
---------------------------------------------------------------------
(42,472,485) (18,128,949) (40,919,799) (3,099,308)
- ------------------------------------------------------------------------------------------------------------------
NET DECREASE FROM DISTRIBUTIONS (42,472,485) (18,128,949) (40,919,799) (3,099,308)
CAPITAL SHARE TRANSACTIONS (Note 4):
PROCEEDS FROM SUBSCRIPTIONS 444,260,319 229,596,797 223,464,726 126,134,699
REINVESTMENT OF DISTRIBUTIONS 22,982,051 8,422,677 21,770,610 1,671,525
COST OF REDEMPTIONS (316,761,064) (97,662,830) (188,543,431) (131,770,463)
- ------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) FROM CAPITAL
SHARE TRANSACTIONS 150,481,306 140,356,644 56,691,905 (3,964,239)
TOTAL INCREASE IN NET ASSETS 214,904,112 154,937,753 107,162,389 16,912,787
- ------------------------------------------------------------------------------------------------------------------
NET ASSETS:
BEGINNING OF PERIOD 280,159,191 125,221,438 168,353,918 151,441,131
- ------------------------------------------------------------------------------------------------------------------
END OF PERIOD $ 495,063,303 $ 280,159,191 $ 275,516,307 $ 168,353,918
==================================================================================================================
UNDISTRIBUTED NET INVESTMENT INCOME $ -- $ -- $ -- $ --
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 57
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
INTERMEDIATE FIXED-INCOME SHORT-INT FIXED-INCOME
-----------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DEC. 31, 1999 DEC. 31, 1998 DEC. 31, 1999 DEC. 31, 1998
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
NET INVESTMENT INCOME $ 3,616,205 $ 2,855,371 $ 2,887,038 $ 2,408,090
NET REALIZED GAIN (LOSS) ON INVESTMENTS (1,131,230) 1,805,578 (213,994) 615,501
CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS (4,734,021) (618,921) (1,990,052) 87,741
- ------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) FROM OPERATIONS (2,249,046) 4,042,028 682,992 3,111,332
DISTRIBUTIONS:
FROM NET INVESTMENT INCOME
ADVISOR CLASS (3,061,711) (2,691,289) (2,556,610) (2,311,435)
INVESTOR CLASS (558,053) (140,300) (349,042) (76,102)
-----------------------------------------------------------------
(3,619,764) (2,831,589) (2,905,652) (2,387,537)
FROM NET REALIZED GAIN ON INVESTMENTS
ADVISOR CLASS (207,907) (172,760) (40,343) (455,892)
INVESTOR CLASS (39,824) (32,535) (5,575) (66,763)
-----------------------------------------------------------------
(247,731) (205,295) (45,918) (522,655)
- ------------------------------------------------------------------------------------------------------------
NET DECREASE FROM DISTRIBUTIONS (3,867,495) (3,036,884) (2,951,570) (2,910,192)
CAPITAL SHARE TRANSACTIONS (Note 4):
PROCEEDS FROM SUBSCRIPTIONS 37,321,032 44,151,859 26,019,953 24,488,550
REINVESTMENT OF DISTRIBUTIONS 1,134,879 998,916 497,165 669,137
COST OF REDEMPTIONS (22,172,673) (43,717,552) (12,318,689) (17,592,006)
- ------------------------------------------------------------------------------------------------------------
NET INCREASE FROM CAPITAL
SHARE TRANSACTIONS 16,283,238 1,433,223 14,198,429 7,565,681
TOTAL INCREASE IN NET ASSETS 10,166,697 2,438,367 11,929,851 7,766,821
- ------------------------------------------------------------------------------------------------------------
NET ASSETS:
BEGINNING OF PERIOD 57,635,277 55,196,910 48,708,863 40,942,042
- ------------------------------------------------------------------------------------------------------------
END OF PERIOD $ 67,801,974 $ 57,635,277 $ 60,638,714 $ 48,708,863
============================================================================================================
UNDISTRIBUTED NET INVESTMENT INCOME $ -- $ 3,185 $ 150 $ 18,764
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 58
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
MORTGAGE SECURITIES U.S. GOVERNMENT MONEY
---------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DEC. 31, 1999 DEC. 31, 1998 DEC. 31, 1999 DEC. 31, 1998
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
NET INVESTMENT INCOME $ 9,359,618 $ 7,613,803 $ 13,420,790 $ 3,379,885
NET REALIZED GAIN (LOSS) ON INVESTMENTS (1,620,882) 1,178,903 -- 2,662
CHANGE IN UNREALIZED DEPRECIATION
OF INVESTMENTS (5,938,309) (454,778) -- --
- ----------------------------------------------------------------------------------------------------------------
NET INCREASE RESULTING FROM OPERATIONS 1,800,427 8,337,928 13,420,790 3,382,547
DISTRIBUTIONS:
FROM NET INVESTMENT INCOME
ADVISOR CLASS (8,213,968) (7,113,868) (13,164,547) (3,286,631)
INVESTOR CLASS (1,259,772) (434,773) (256,889) (93,249)
---------------------------------------------------------------------
(9,473,740) (7,548,641) (13,421,436) (3,379,880)
FROM NET REALIZED GAIN ON INVESTMENTS
ADVISOR CLASS (337,227) (1,038,630) -- --
INVESTOR CLASS (46,868) (98,940) -- --
---------------------------------------------------------------------
(384,095) (1,137,570) -- --
- ----------------------------------------------------------------------------------------------------------------
NET DECREASE FROM DISTRIBUTIONS (9,857,835) (8,686,211) (13,421,436) (3,379,880)
CAPITAL SHARE TRANSACTIONS (Note 4):
PROCEEDS FROM SUBSCRIPTIONS 64,170,211 74,612,172 728,508,500 276,126,293
REINVESTMENT OF DISTRIBUTIONS 1,860,720 1,725,139 359,219 151,860
COST OF REDEMPTIONS (50,021,841) (39,579,070) (498,433,133) (168,971,567)
- ----------------------------------------------------------------------------------------------------------------
NET INCREASE FROM CAPITAL
SHARE TRANSACTIONS 16,009,090 36,758,241 230,434,586 107,306,586
TOTAL INCREASE IN NET ASSETS 7,951,682 36,409,958 230,433,940 107,309,253
- ----------------------------------------------------------------------------------------------------------------
NET ASSETS:
BEGINNING OF PERIOD 146,157,005 109,747,047 158,219,146 50,909,893
- ----------------------------------------------------------------------------------------------------------------
END OF PERIOD $ 154,108,687 $ 146,157,005 $ 388,653,086 $ 158,219,146
================================================================================================================
UNDISTRIBUTED NET INVESTMENT INCOME $ -- $ 111,203 $ -- $ --
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 59
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1999
- --------------------------------------------------------------------------------
1. ORGANIZATION
Accessor Funds, Inc. ("Accessor Funds") is registered under the Investment
Company Act of 1940, as amended, as an open-end management investment company
consisting of eight diversified investment funds: Growth Fund, Value Fund, Small
to Mid Cap Fund (the "Equity Funds"), International Equity Fund (the
"International Fund"), Intermediate Fixed-Income Fund, Short-Intermediate
Fixed-Income Fund, Mortgage Securities Fund (the "Bond Funds"), and U.S.
Government Money Fund (the "Money Fund") (individually, a "Fund", collectively,
the "Funds"). Accessor Funds was incorporated in Maryland on June 10, 1991. Each
Fund offers two classes of shares, Advisor Class Shares and Investor Class
Shares. Both classes of shares have identical rights and privileges except with
respect to expenses specific to each class, and voting rights on matters
affecting a single class, including distribution, shareholder service and
administrative service arrangements.
- --------------------------------------------------------------------------------
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by
the Funds.
* SECURITY VALUATION
Equity securities listed and traded principally on a national securities
exchange are valued on the basis of last sale price on such exchange on the day
of valuation or, if no sale occurred on such day, at the closing bid price on
the primary exchange on which the security is traded. Domestic over-the-counter
equity and fixed-income securities and options are valued on the basis of the
closing bid price. International securities traded over-the-counter are valued
on the basis of the mean of bid prices. Futures contracts are valued on the
basis of the last sales price.
Domestic fixed-income securities and other assets for which market
quotations are readily available (other than obligations with remaining
maturities of 60 days or less) are valued on the basis of quotations obtained
from dealers or pricing services with consideration of such factors as
institutional-sized trading in similar groups of securities, quality, yield,
coupon rate, maturity, type of issue, trading characteristics and other market
data.
Investments in the Money Fund and short-term investments maturing in 60
days or less are valued at amortized cost, which approximates market value.
Investments for which market quotations are not readily available are
valued at their fair value as determined in good faith in accordance with
procedures adopted by the Board of Directors.
* SECURITY TRANSACTIONS AND INVESTMENT INCOME
Securities transactions are accounted for on the date the securities are
purchased or sold (trade date). Interest income is recorded on the accrual
basis. All premiums and discounts are amortized or accreted for both financial
statement and tax reporting purposes as required by federal income tax
regulations. Dividend income, less foreign tax withheld, is recorded on the
ex-dividend date or upon receipt of ex-dividend notification in the case of
certain foreign securities. Realized gains and losses on the sale of investments
are determined on the identified cost basis.
* FOREIGN CURRENCY TRANSACTIONS
The books and records of the Funds are maintained in U.S. dollars. The Bond
Funds may purchase debt obligations that are payable in a foreign currency, and
the International Fund and Equity Funds may purchase equity securities that are
payable in a foreign currency. For these Funds, investment securities, other
assets and liabilities denominated in a foreign currency are translated into
U.S. dollars at the exchange rate on the day of valuation. Purchases and sales
of securities, income receipts and expense payments are translated into U.S.
dollars at the rate on the dates of the transactions.
Reported net realized foreign exchange gains or losses arise from sales of
securities denominated in foreign currencies, purchases and sales of foreign
currencies, currency gains or losses realized between the trade and settlement
dates of securities transactions, and the difference between the amount of
expenses recorded on each of the Fund's books and the U.S. dollar equivalent of
the amounts actually received or paid. Net unrealized foreign exchange gains or
losses arise from changes in the value of assets and liabilities, including
investments in securities, resulting from changes in the exchange rates.
The Funds (other than the Money Fund) report certain foreign currency
related security transactions as components of realized gains and losses in the
statements of operations for financial reporting purposes, whereas such
components are treated as ordinary income for federal income tax purposes. The
Funds isolate that portion of the results of operations resulting from changes
in the foreign exchange rates on investments from the fluctuation arising from
changes in market prices of equity securities.
ACCESSOR 60
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1999
Foreign security and currency transactions may involve certain
considerations and risks not typically associated with those of U.S. dollar
denominated transactions. These risks include political or economic instability
in the country of the issuer, the difficulty of predicting international trade
patterns, the possibility of imposition of exchange controls and the risk of
currency fluctuations.
* OFF-BALANCE SHEET RISK
The Funds may trade financial instruments with off-balance sheet risk in the
normal course of investing activities and to assist in managing exposure to
market risks such as interest rates and foreign currency exchange rates. These
financial instruments include forward foreign currency exchange contracts,
futures contracts and options transactions.
The notional or contractual amounts of these instruments represent the
investment the Funds have in particular classes of financial instruments and do
not necessarily represent the amounts potentially subject to risk. The
measurement of the risks associated with these instruments is meaningful only
when all related and offsetting transactions are considered.
* FUTURES CONTRACTS
The Funds (other than the Money Fund) are permitted to enter into financial
futures contracts and stock index futures contracts in accordance with their
investment objectives. The International Fund may also purchase and write
futures contracts on foreign currencies. A Fund is required to deposit either in
cash or securities an amount equal to a certain percentage of the contract
amount. Subsequent payments are made or received by a Fund each day, dependent
on daily fluctuations in the value of the contract. Such payments or receipts
are known as variation margin and are recorded for financial statement purposes
as unrealized gains or losses by a Fund. Should interest rates move
unexpectedly, a Fund may not achieve the anticipated benefits of the financial
futures contracts and may realize a loss. When the contract is closed, a Fund
records a realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed. The
potential risk to the Funds is that the change in the value of the underlying
securities may not correlate to the change in value of the contracts.
* FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
The International Fund will generally enter into forward foreign currency
exchange contracts as a way of managing foreign exchange rate risk. It may enter
into these contracts to fix the U.S. dollar value of a security that it has
agreed to buy or sell for the period between the date the trade was entered into
and the date the security is delivered and paid for. The International Fund may
also use these contracts to hedge the U.S. dollar value of securities it already
owns denominated in foreign currencies. Forward foreign currency contracts are
valued at the forward rate, and are marked-to-market daily. The change in market
value is recorded as an unrealized gain or loss until the contract settlement
date, at which time the Fund records a realized gain or loss equal to the
difference between the value of the contract at the time it was opened and the
value at the time it was closed.
The use of forward foreign currency contracts does not eliminate
fluctuations in the underlying prices of the International Fund's securities,
but it does establish a rate of exchange that can be achieved in the future.
Although forward foreign currency contracts limit the risk of loss due to a
decline in the value of the hedged currency, they also limit any potential gain
that might result should the value of the currency increase. In addition, the
International Fund could be exposed to risks if the counterparties to the
contracts are unable to meet the terms of their contracts.
* OPTIONS TRANSACTIONS
The Funds (other than the Money Fund) may purchase and sell call and put options
on securities and securities indices, provided such options are traded on a
national securities exchange or in an over-the-counter market. These Funds may
also purchase and sell call and put options on foreign currencies. The Equity
Funds may utilize options to equitize liquidity reserve balances.
When any of the Funds writes a covered call or put option, an amount equal
to the premium received is included in that Fund's statement of assets and
liabilities as a liability. The amount of the liability is subsequently
marked-to-market to reflect the current market value of the option. If an option
expires on its stipulated expiration date or if the Fund enters into a closing
purchase transaction, a gain or loss is realized. If a written call option is
exercised, a gain or loss is realized for the sale of the underlying security
and the proceeds from the sale are increased by the premium originally received.
If a written put option is exercised, the cost of the security acquired is
decreased by the premium originally received. As a writer of an option, the Fund
has no control over whether the underlying securities are subsequently sold
(call) or purchased (put) and, as a result, bears the market risk of an
unfavorable change in the price of the security underlying the written option.
ACCESSOR 61
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1999
When any of the Funds purchases a call or put option, an amount equal to
the premium paid is included in that Fund's statement of assets and liabilities
as an investment, and is subsequently marked-to-market to reflect the current
market value of the option. If an option expires on the stipulated expiration
date or if a Fund enters into a closing sale transaction, a gain or loss is
realized. If a Fund exercises a call, the cost of the security acquired is
increased by the premium paid for the call. If a Fund exercises a put option, a
gain or loss is realized from the sale of the underlying security, and the
proceeds from such sale are decreased by the premium originally paid. Written
and purchased options are non-income producing securities.
The option techniques utilized are to hedge against changes in interest
rates, foreign currency exchange rates or securities' prices in order to
establish more definitely the effective return on securities or currencies held
or intended to be acquired by a Fund, to reduce the volatility of the currency
exposure associated with investment in non-U.S. securities, or as an efficient
means of adjusting exposure to the bond, equity and currency markets and not for
speculation.
* REPURCHASE AGREEMENTS
The Funds may enter into repurchase agreements (agreements to purchase U.S.
Treasury notes and bills, subject to the seller's agreement to repurchase them
at a specified time and price) with well-established dealers or institutions
that the Funds' management has determined to be creditworthy. It is the Funds'
policy to take possession of the underlying securities and, on a daily basis,
mark-to-market such securities to ensure that the market value including accrued
interest is at least equal to the amount owed to the Funds under each repurchase
agreement.
* DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net investment income are declared daily and paid monthly for
the Money Fund; declared and paid monthly for the Bond Funds; declared and paid
quarterly for the Equity Funds; declared and paid annually for the International
Fund. Distributions of net realized gains, if any, will be declared and paid at
least annually for all Funds. Distributions to shareholders are recorded on the
ex-dividend date.
Income distributions and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally accepted
accounting principles.
* FEDERAL INCOME TAXES
It is each Fund's intention to comply with the requirements of the Internal
Revenue Code (the "Code") to qualify as a regulated investment company and
distribute all of its taxable income and realized gains, if any, to
shareholders. In addition, by distributing all of its taxable income and
realized gains to shareholders, the Funds will not be subject to a Federal
excise tax. Accordingly, no provision for federal income taxes is required in
the financial statements.
Each Fund files a tax return annually using tax accounting methods required
under provisions of the Code which may differ from generally accepted accounting
principles, the basis on which these financial statements are prepared. The
differences arise primarily from the treatment of foreign currency transactions
and futures contracts and the deferral of certain losses under Federal income
tax regulations. Accordingly, the amount of net investment income and net
realized gains or losses reported in these financial statements may differ from
that reported in each Fund's tax return and, consequently, the character of
distributions to shareholders reported in the financial highlights may differ
from that reported to shareholders for Federal income tax purposes.
Distributions which exceed net investment income and net realized gains for
financial reporting purposes but not for tax purposes, if any, are shown as
distributions in excess of net investment income and net realized gains in the
accompanying financial statements. Net investment loses, for tax purposes, are
reclassified to paid-in capital.
* FORWARD COMMITMENTS
The Funds may contract to purchase securities for a fixed price at a future date
beyond the customary settlement period (i.e., "when issued," "delayed delivery,"
"forward commitment" or "TBA") consistent with a Fund's ability to manage its
investment portfolio and meet redemption requests. These transactions involve a
commitment by a Fund to purchase or sell securities for a predetermined price or
yield with payment and delivery taking place more than three days in the future,
or after a period longer than the customary settlement period for that type of
security. No interest will be earned by a Fund on such purchases until the
securities are delivered; however, the market value may change prior to
delivery.
The Funds may enter into TBA sale commitments to hedge their Fund positions
or to sell mortgage-backed securities under delayed delivery arrangements.
Proceeds of TBA sale commitments are not received until the contractual
settlement date. During the time a TBA sale commitment is outstanding,
equivalent deliverable securities, or an offsetting TBA purchase commitment
deliverable on or before the sale commitment date, are held as "cover" for the
transaction.
ACCESSOR 62
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1999
Unsettled TBA sale commitments are valued at the current market value of
the underlying securities, generally according to the procedures described under
"Security Valuation" above. The contract is "marked-to-market" daily and the
change in market value is recorded by the Fund as an unrealized gain or loss. If
the TBA sale commitment is closed through the acquisition of an offsetting
purchase commitment, the Fund realizes a gain or loss from the sale of the
securities based upon the unit price established at the date the commitment was
entered into.
* OTHER
Shared expenses incurred by Accessor Funds are allocated among the Funds based
on each Fund's ratio of relative net assets to the combined net assets.
Specifically identified direct expenses are charged to each Fund as incurred to
the extent practicable. Investment income, realized and unrealized gains and
losses and Fund expenses not specific to any class of shares are prorated among
the classes based upon the relative net assets of each class. Certain
specifically identified direct expenses of each class are charged to that class
as incurred.
* ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
* RESTRICTED SECURITIES
The Funds are permitted to invest in securities that are subject to legal or
contractual restrictions on resale. These securities generally may be resold in
transactions exempt from registration or to the public if the securities are
registered. Disposal of these securities may involve time-consuming negotiations
and expense, and prompt sale at an acceptable price may be difficult.
Information relating to restricted securities held at December 31, 1999, is
detailed in the Schedules of Investments, as applicable.
* COMMISSION RECAPTURE
Certain Funds directed portfolio trades to brokers who reimburse the applicable
Funds a portion of the commissions paid on such transactions. These amounts have
been reflected as commission recapture in the Statement of Operations.
- --------------------------------------------------------------------------------
3. RELATED PARTY TRANSACTIONS
* MANAGER
Accessor Funds has a management agreement with Accessor Capital Management LP
("Accessor Capital"). Pursuant to this agreement, Accessor Capital operates and
administers the provision of all general management, investment advisory and
Fund management services. Accessor Capital also manages and provides investment
advisory services to the U.S. Government Money Fund. Fees paid to Accessor
Capital are computed monthly based on the following annualized rates calculated
on the average daily net assets of each Fund.
---------------------------------------------------------------------------
FUND ANNUAL MANAGEMENT FEE
---------------------------------------------------------------------------
GROWTH 0.45%
VALUE 0.45
SMALL TO MID CAP 0.60
INTERNATIONAL EQUITY 0.55
INTERMEDIATE FIXED-INCOME 0.36
SHORT-INTERMEDIATE FIXED-INCOME 0.36
MORTGAGE SECURITIES 0.36
U.S. GOVERNMENT MONEY 0.25
===========================================================================
* MONEY MANAGERS
Each Fund's assets (other than the U.S. Government Money Fund) are invested by
an investment management organization (individually, a "Money Manager" and
collectively, the "Money Managers"), researched and recommended by Accessor
Capital. For the first five complete calendar quarters of management by its
Money Manager, each Fund will pay its respective Money
ACCESSOR 63
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1999
Manager on a quarterly basis an annual fee based on the average daily net assets
of the Fund managed by such Money Manager. This fee has two components, the
Basic Fee and the Fund Management Fee. Commencing with the sixth calendar
quarter of management for each Fund (other than the Small to Mid Cap Fund), the
Money Manager fee consists of two components, the Basic Fee and the Performance
Fee. The Money Manager of the Small to Mid Cap Fund receives only a Performance
Fee.
The Performance Fee component is adjusted each quarter based on the
annualized investment performance of each Money Manager relative to the
annualized investment performance of the following benchmark indices, which may
be changed only with the approval of Accessor Funds' Board of Directors:
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
FUND INDEX
------------------------------------------------------------------------------------------
<S> <C>
GROWTH S&P/BARRA Growth Index
VALUE S&P/BARRA Value Index
SMALL TO MID CAP Wilshire 4500 Index
INTERNATIONAL EQUITY Morgan Stanley Capital International EAFE(R)+ EMF Index
INTERMEDIATE FIXED-INCOME Lehman Brothers Government/Corporate Index
SHORT-INTERMEDIATE FIXED-INCOME Lehman Brothers Government/Corporate 1-5 Year Index
MORTGAGE SECURITIES Lehman Brothers Mortgage-Backed Securities Index
==========================================================================================
</TABLE>
For the year ended December 31, 1999, the following Basic Fees, Fund
Management Fees and Performance Fees were calculated based on the average daily
net assets of the Funds, except as noted:
---------------------------------------------------------------------------
FUND
BASIC MANAGEMENT PERFORMANCE TOTAL
FUND QUARTER FEE FEE FEE FEE
---------------------------------------------------------------------------
GROWTH FIRST 0.10% - 0.15% 0.25%
SECOND 0.10% - 0.22% 0.32%
THIRD 0.10% - 0.22% 0.32%
FOURTH 0.10% - 0.22% 0.32%
VALUE FIRST 0.10% - 0.20% 0.30%
SECOND 0.10% - 0.22% 0.32%
THIRD 0.10% - 0.20% 0.30%
FOURTH 0.10% - 0.22% 0.32%
SMALL TO MID CAP* FIRST - - 0.42% 0.42%
SECOND - - 0.42% 0.42%
THIRD - - 0.42% 0.42%
FOURTH - - 0.42% 0.42%
INTERNATIONAL FIRST 0.20% - 0.40% 0.60%
EQUITY** SECOND 0.20% - 0.40% 0.60%
THIRD 0.18% - 0.40% 0.58%
FOURTH 0.17% - 0.40% 0.57%
INTERMEDIATE FIRST 0.02% 0.02% - 0.04%
FIXED-INCOME SECOND 0.02% 0.02% - 0.04%
THIRD 0.02% 0.02% - 0.04%
FOURTH 0.02% 0.02% - 0.04%
SHORT- FIRST 0.02% 0.02% - 0.04%
INTERMEDIATE SECOND 0.02% 0.02% - 0.04%
FIXED-INCOME THIRD 0.02% 0.02% - 0.04%
FOURTH 0.02% 0.02% - 0.04%
MORTGAGE FIRST 0.07% - 0.16% 0.23%
SECURITIES SECOND 0.07% - 0.16% 0.23%
THIRD 0.07% - 0.16% 0.23%
FOURTH 0.07% - 0.16% 0.23%
---------------------------------------------------------------------------
*Effective July 1, 1998, the Basic Fee component was removed from the
Small to Mid Cap Fund's Money Manager agreement.
**Effective September 1, 1999, the International Equity Fund's Money
Manager agreement was amended to limit the potential amount that could be
earned under the Basic Fee component to $400,000 on an annual basis.
===========================================================================
ACCESSOR 64
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1999
* DISTRIBUTION PLAN AND SHAREHOLDER SERVICE PLAN
Accessor Funds has adopted a Distribution Plan under Rule 12b-1 of the
Investment Company Act of 1940 with respect to the Investor Class Shares of each
Fund to reimburse third party intermediaries or other service organizations each
month for distribution-related expenses incurred. Under the terms of the
Distribution Plan, Accessor Funds will reimburse third party selling and
distribution agents responsible for sales and promotional efforts including
printing of prospectuses and reports used for sales purposes. To date no
payments have been made pursuant to the Distribution Plan. Accessor Funds has
adopted a Shareholder Service Plan with respect to the Investor Class Shares of
each Fund to compensate third party service organizations who provide account
maintenance services.
The maximum amount payable to service organizations under the Distribution
Plan and Shareholder Service Plan, in aggregate, may not exceed on an annual
basis 0.25% of the average daily net assets of each Fund attributable to
Investor Class Shares.
* ADMINISTRATIVE SERVICES PLAN
Accessor Funds has adopted an Administrative Service Plan with respect to the
Investor Class Shares of each Fund to compensate third party service
organizations who provide administrative and support services. The maximum
amount payable to service organizations under the Administrative Services Plan
on an annual basis is 0.25% of the average daily net assets of each Fund
attributable to Investor Class Shares, provided, however, that no Fund shall
directly or indirectly pay any distribution-related amounts that will be
allocated under Accessor Funds' Distribution Plan.
* TRANSFER AGENT AND ADMINISTRATION
Accessor Funds has a Transfer Agency and Administrative Agreement with Accessor
Capital. Pursuant to this agreement, Accessor Capital acts as transfer agent and
administrator to Accessor Funds, performing all transfer agent and certain
compliance services. The fees are computed as a percentage of the average daily
net assets, per Fund.
- --------------------------------------------------------------------------------
4. SHARES OF STOCK
Accessor Funds, incorporated in Maryland on June 10, 1991, is authorized to
issue 8 billion shares of Common Stock, $.001 par value. Transactions in shares
of the Funds were as follows:
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS INVESTOR CLASS
-------------------------------------------------------------------
FUND SHARES AMOUNT SHARES AMOUNT
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
GROWTH
YEAR ENDED DECEMBER 31, 1999
SHARES SUBSCRIBED 7,086,374 $ 219,531,756 722,667 $ 22,368,126
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 235,632 8,143,904 40,391 1,387,875
SHARES REDEEMED (3,103,729) (97,301,224) (251,571) (7,714,809)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 4,218,277 $ 130,374,436 511,487 $ 16,041,192
YEAR ENDED DECEMBER 31, 1998
SHARES SUBSCRIBED 3,402,974 $ 85,951,964 732,542 $ 19,228,688
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 321,041 9,129,445 47,659 1,374,493
SHARES REDEEMED (2,335,317) (59,072,350) (14,140) (367,222)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 1,388,698 $ 36,009,059 766,061 $ 20,235,959
- -----------------------------------------------------------------------------------------------------------------------
VALUE
YEAR ENDED DECEMBER 31, 1999
SHARES SUBSCRIBED 3,461,012 $ 77,352,172 861,228 $ 19,339,538
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 312,729 6,448,703 59,907 1,230,917
SHARES REDEEMED (2,019,934) (44,998,350) (269,545) (5,870,532)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 1,753,807 $ 38,802,525 651,590 $ 14,699,923
YEAR ENDED DECEMBER 31, 1998
SHARES SUBSCRIBED 3,235,994 $ 71,808,692 575,624 $ 13,165,333
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 351,229 7,460,324 50,458 1,059,379
SHARES REDEEMED (2,019,203) (45,293,298) (8,819) (192,755)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 1,568,020 $ 33,975,718 617,263 $ 14,031,957
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
ACCESSOR 65
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS INVESTOR CLASS
-------------------------------------------------------------------
FUND SHARES AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SMALL TO MID CAP
YEAR ENDED DECEMBER 31, 1999
SHARES SUBSCRIBED 17,138,769 $ 421,036,567 936,522 $ 23,223,752
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 732,070 19,780,216 119,392 3,201,835
SHARES REDEEMED (12,609,616) (313,278,030) (136,402) (3,483,034)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 5,261,223 $ 127,538,753 919,512 $ 22,942,553
YEAR ENDED DECEMBER 31, 1998
SHARES SUBSCRIBED 9,320,690 $ 210,763,396 787,121 $ 18,833,401
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 308,678 7,185,331 53,104 1,237,346
SHARES REDEEMED (4,285,782) (97,340,937) (14,868) (321,893)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 5,343,586 $ 120,607,790 825,357 $ 19,748,854
- -----------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY
YEAR ENDED DECEMBER 31, 1999
SHARES SUBSCRIBED 11,071,905 $ 209,851,318 724,316 $ 13,613,408
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 776,169 16,468,480 251,613 5,302,130
SHARES REDEEMED (9,683,714) (183,248,942) (289,322) (5,294,489)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 2,164,360 $ 43,070,856 686,607 $ 13,621,049
YEAR ENDED DECEMBER 31, 1998
SHARES SUBSCRIBED 6,463,056 $ 106,249,826 1,122,863 $ 19,884,873
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 79,349 1,335,439 20,017 336,086
SHARES REDEEMED (7,914,102) (131,480,826) (17,773) (289,637)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) (1,371,697) $ (23,895,561) 1,125,107 $ 19,931,322
- -----------------------------------------------------------------------------------------------------------------------
INTERMEDIATE FIXED-INCOME
YEAR ENDED DECEMBER 31, 1999
SHARES SUBSCRIBED 2,722,973 $ 32,286,179 423,309 $ 5,034,853
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 74,623 875,304 22,179 259,575
SHARES REDEEMED (1,653,954) (19,644,353) (214,224) (2,528,320)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 1,143,642 $ 13,517,130 231,264 $ 2,766,108
YEAR ENDED DECEMBER 31, 1998
SHARES SUBSCRIBED 2,812,050 $ 34,756,600 758,860 $ 9,395,259
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 72,912 899,472 7,981 99,444
SHARES REDEEMED (3,524,161) (43,301,432) (33,208) (416,120)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) (639,199) $ (7,645,360) 733,633 $ 9,078,583
- -----------------------------------------------------------------------------------------------------------------------
SHORT-INTERMEDIATE FIXED-INCOME
YEAR ENDED DECEMBER 31, 1999
SHARES SUBSCRIBED 1,702,023 $ 20,592,469 452,771 $ 5,427,484
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 37,641 452,897 3,689 44,268
SHARES REDEEMED (941,208) (11,333,032) (81,776) (985,657)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 798,456 $ 9,712,334 374,684 $ 4,486,095
YEAR ENDED DECEMBER 31, 1998
SHARES SUBSCRIBED 1,468,493 $ 18,169,344 506,360 $ 6,319,206
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 49,077 600,883 5,534 68,254
SHARES REDEEMED (1,410,917) (17,537,006) (4,397) (55,000)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 106,653 $ 1,233,221 507,497 $ 6,332,460
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
ACCESSOR 66
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS INVESTOR CLASS
-------------------------------------------------------------------
FUND SHARES AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MORTGAGE SECURITIES
YEAR ENDED DECEMBER 31, 1999
SHARES SUBSCRIBED 4,242,191 $ 52,530,916 944,333 $ 11,639,295
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 135,564 1,661,787 16,335 198,933
SHARES REDEEMED (3,983,686) (48,752,849) (103,766) (1,268,992)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 394,069 $ 5,439,854 856,902 $ 10,569,236
YEAR ENDED DECEMBER 31, 1998
SHARES SUBSCRIBED 4,501,044 $ 57,136,825 1,378,173 $ 17,475,347
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 127,522 1,611,774 9,003 113,365
SHARES REDEEMED (3,112,328) (39,481,462) (7,688) (97,608)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 1,516,238 $ 19,267,137 1,379,488 $ 17,491,104
- -----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT MONEY
YEAR ENDED DECEMBER 31, 1999
SHARES SUBSCRIBED 719,802,962 $ 719,802,961 9,007,594 $ 9,007,592
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 349,079 349,079 10,139 10,139
SHARES REDEEMED (492,679,826) (492,679,826) (6,055,361) (6,055,361)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 227,472,215 $ 227,472,214 2,962,372 $ 2,962,370
YEAR ENDED DECEMBER 31, 1998
SHARES SUBSCRIBED 268,676,066 $ 268,676,067 7,450,226 $ 7,450,226
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 151,613 151,613 247 247
SHARES REDEEMED (166,592,141) (166,592,141) (2,379,426) (2,379,426)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 102,235,538 $ 102,235,539 5,071,047 $ 5,071,047
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
5. SECURITIES TRANSACTIONS
During the year ended December 31, 1999, purchases and sales of
investments, other than short-term investments and government securities
aggregated, were as follows:
---------------------------------------------------------------------------
FUND PURCHASES SALES
---------------------------------------------------------------------------
GROWTH $ 402,138,608 $ 276,374,521
VALUE 292,647,427 254,436,847
SMALL TO MID CAP 593,228,573 497,495,627
INTERNATIONAL EQUITY 504,294,792 500,832,558
INTERMEDIATE FIXED-INCOME 38,722,482 22,325,049
SHORT-INTERMEDIATE FIXED-INCOME 25,202,619 12,321,882
MORTGAGE SECURITIES 40,771,483 70,747,502
===========================================================================
During the year ended December 31, 1999, purchases and sales of long-term U.S.
Government Securities, were as follows:
---------------------------------------------------------------------------
FUND PURCHASES SALES
---------------------------------------------------------------------------
INTERMEDIATE FIXED-INCOME $ 14,765,093 $ 14,286,315
SHORT-INTERMEDIATE FIXED-INCOME 10,126,913 10,138,776
MORTGAGE SECURITIES 387,711,313 347,582,381
===========================================================================
ACCESSOR 67
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1999
- --------------------------------------------------------------------------------
6. IDENTIFIED COST
The identified cost for federal income tax purposes of investments owned by
each Fund, their respective gross unrealized appreciation / (depreciation), and
resulting net unrealized appreciation / (depreciation) as applicable at December
31, 1999 were as follows:
------------------------------------------------------------------------------
GROSS GROSS NET
IDENTIFIED UNREALIZED UNREALIZED UNREALIZED
FUND COST APPRECIATION (DEPRECIATION) APPRECIATION
------------------------------------------------------------------------------
GROWTH $270,589,035 $122,133,659 $(10,056,566) $112,077,093
VALUE 166,804,199 19,448,960 (12,710,817) 6,738,143
SMALL TO MID CAP 415,277,986 96,895,379 (30,627,494) 66,267,885
INTERNATIONAL EQUITY 203,973,888 70,143,442 (3,916,485) 66,226,957
INTERMEDIATE FIXED-
INCOME 70,238,801 43,309 (3,753,680) (3,710,371)
SHORT-INTERMEDIATE
FIXED-INCOME 61,024,350 12,387 (1,525,012) (1,512,625)
MORTGAGE SECURITIES 157,202,491 204,970 (4,267,360) (4,062,390)
==============================================================================
- --------------------------------------------------------------------------------
7. CAPITAL LOSS CARRYOVERS
At December 31, 1999, for federal income tax purposes, the following Funds
had capital loss carryovers which may be applied against future net taxable
realizable gains of each succeeding year until the earlier of its utilization or
expiration.
------------------------------------------------------------------------------
FUND EXPIRES IN 2007
------------------------------------------------------------------------------
INTERMEDIATE FIXED-INCOME $ 1,099,238
SHORT-INTERMEDIATE FIXED-INCOME 213,944
MORTGAGE SECURITIES 1,624,583
==============================================================================
ACCESSOR 68
<PAGE>
GROWTH FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS SHARES 1999 1998 1997 1996 1995
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 28.88 $ 21.57 $ 19.51 $ 17.99 $ 14.37
NET INVESTMENT INCOME (LOSS) (0.06) 0.04 0.13 0.19 0.15
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS 7.51 9.91 6.31 3.35 4.76
- -------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS 7.45 9.95 6.44 3.54 4.91
- -------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME 0.00 (0.03) (0.13) (0.19) (0.15)
DISTRIBUTIONS FROM CAPITAL GAINS (1.24) (2.61) (4.25) (1.83) (1.14)
DISTRIBUTIONS IN EXCESS OF CAPITAL GAINS (0.01) -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (1.25) (2.64) (4.38) (2.02) (1.29)
- -------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 35.08 $ 28.88 $ 21.57 $ 19.51 $ 17.99
=========================================================================================================================
TOTAL RETURN(2) 25.87% 46.65% 33.24% 19.83% 34.32%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 339,590 $ 157,799 $ 87,907 $ 60,586 $ 48,532
RATIO OF EXPENSES TO AVERAGE NET ASSETS 0.97% 0.92% 0.93% 1.13% 1.26%
RATIO OF NET INVESTMENT INCOME (LOSS)
TO AVERAGE NET ASSETS (0.21)% 0.16% 0.56% 0.97% 0.97%
- -------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 96.55% 112.42% 131.75% 81.79% 99.73%
- -------------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS SHARES(1) 1999 1998
- -------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 28.82 $ 26.38
NET INVESTMENT LOSS (0.16) (0.05)
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS 7.41 4.52
- -------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS 7.25 4.47
- -------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME 0.00 0.00
DISTRIBUTIONS FROM CAPITAL GAINS (1.24) (2.03)
DISTRIBUTIONS IN EXCESS OF CAPITAL GAINS (0.01) --
- -------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (1.25) (2.03)
- -------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 34.82 $ 28.82
=========================================================================================================================
TOTAL RETURN(2) 25.23% 16.96%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 44,479 $ 22,077
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.47% 1.41%*
RATIO OF NET INVESTMENT LOSS
TO AVERAGE NET ASSETS (0.71)% (0.40)%*
- -------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 96.55% 112.42%
</TABLE>
(1) Class commenced operations on July 1, 1998.
(2) Total return is calculated assuming a purchase of shares at net asset value
per share on the first day and a sale at net asset value per share on the last
day of each period reported. Distributions are assumed, for purposes of this
calculation, to be reinvested at the net asset value per share on the respective
payment dates of each Fund.
* Annualized
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 69
<PAGE>
VALUE FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS SHARES 1999 1998 1997 1996 1995
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 21.04 $ 20.88 $ 17.75 $ 15.91 $ 13.01
NET INVESTMENT INCOME 0.18 0.24 0.26 0.24 0.33
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS 1.25 2.45 5.54 3.51 3.96
- ----------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS 1.43 2.69 5.80 3.75 4.29
- ----------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.18) (0.24) (0.26) (0.24) (0.33)
DISTRIBUTIONS FROM CAPITAL GAINS (1.59) (2.12) (2.41) (1.67) (1.06)
DISTRIBUTIONS IN EXCESS OF CAPITAL GAINS 0.00 (0.17) 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (1.77) (2.53) (2.67) (1.91) (1.39)
- ----------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 20.70 $ 21.04 $ 20.88 $ 17.75 $ 15.91
======================================================================================================================
TOTAL RETURN(2) 6.87% 12.89% 32.94% 23.94% 33.25%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 149,183 $ 114,728 $ 81,127 $ 36,367 $ 24,915
RATIO OF EXPENSES TO AVERAGE NET ASSETS 0.97% 1.03% 1.05% 1.21% 1.40%
RATIO OF NET INVESTMENT INCOME TO
AVERAGE NET ASSETS 0.86% 1.06% 1.32% 1.43% 2.18%
- ----------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 167.70% 104.85% 68.14% 93.54% 100.88%
- ----------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS SHARES(1) 1999 1998
- ----------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 21.04 $ 23.41
NET INVESTMENT INCOME 0.07 0.05
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS 1.25 (0.31)
- ----------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS 1.32 (0.26)
- ----------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.07) (0.06)
DISTRIBUTIONS FROM CAPITAL GAINS (1.59) (1.90)
DISTRIBUTIONS IN EXCESS OF CAPITAL GAINS 0.00 (0.15)
- ----------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (1.66) (2.11)
- ----------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 20.70 $ 21.04
======================================================================================================================
TOTAL RETURN(2) 6.35% (1.09)%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 26,267 $ 12,987
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.47% 1.55%*
RATIO OF NET INVESTMENT INCOME TO
AVERAGE NET ASSETS 0.36% 0.44%*
- ----------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 167.70% 104.85%
</TABLE>
(1) Class commenced operations on July 1, 1998.
(2) Total return is calculated assuming a purchase of shares at net asset value
per share on the first day and a sale at net asset value per share on the last
day of each period reported. Distributions are assumed, for purposes of this
calculation, to be reinvested at the net asset value per share on the respective
payment dates of each Fund.
* Annualized
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 70
<PAGE>
SMALL TO MID CAP FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS SHARES 1999 1998 1997 1996 1995
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 23.53 $ 21.82 $ 18.82 $ 17.60 $ 14.08
NET INVESTMENT INCOME (LOSS) (0.10) (0.05) 0.00 0.07 0.06
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS 6.46 3.50 6.75 4.22 4.42
- -------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS 6.36 3.45 6.75 4.29 4.48
- -------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME 0.00 0.00 0.00 (0.07) (0.06)
DISTRIBUTIONS FROM CAPITAL GAINS (2.50) (1.74) (3.73) (3.00) (0.90)
DISTRIBUTION IN EXCESS OF NET INVESTMENT
INCOME 0.00 0.00 (0.02) 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (2.50) (1.74) (3.75) (3.07) (0.96)
- -------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 27.39 $ 23.53 $ 21.82 $ 18.82 $ 17.60
=========================================================================================================================
TOTAL RETURN(2) 27.26% 15.98% 36.14% 24.85% 31.98%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 447,665 $ 260,792 $ 125,221 $ 65,479 $ 49,803
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.25% 1.22% 1.15% 1.17% 1.31%
RATIO OF NET INVESTMENT INCOME (LOSS)
TO AVERAGE NET ASSETS (0.47)% (0.22)% 0.00% 0.37% 0.41%
- -------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 133.14% 110.07% 129.98% 113.44% 84.26%
- -------------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS SHARES(1) 1999 1998
- -------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 23.47 $ 24.44
NET INVESTMENT LOSS (0.12) (0.09)
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS 6.31 0.86
- -------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS 6.19 0.77
- -------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME 0.00 0.00
DISTRIBUTIONS FROM CAPITAL GAINS (2.50) (1.74)
- -------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (2.50) (1.74)
- -------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 27.16 $ 23.47
=========================================================================================================================
TOTAL RETURN(2) 26.60% 3.32%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 47,398 $ 19,367
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.75% 1.77%*
RATIO OF NET INVESTMENT LOSS TO
AVERAGE NET ASSETS (0.97)% (0.84)%*
- -------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 133.14% 110.07%
</TABLE>
(1) Class commenced operations on June 24, 1998.
(2) Total return is calculated assuming a purchase of shares at net asset value
per share on the first day and a sale at net asset value per share on the last
day of each period reported. Distributions are assumed, for purposes of this
calculation, to be reinvested at the net asset value per share on the respective
payment dates of each Fund.
* Annualized
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 71
<PAGE>
INTERNATIONAL EQUITY FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS SHARES 1999 1998 1997 1996 1995
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 16.90 $ 14.83 $ 13.83 $ 12.55 $ 11.67
NET INVESTMENT INCOME (LOSS) 0.02 (0.03) (0.02) (0.06) 0.05
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS 8.17 2.41 1.54 1.80 0.83
- ----------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS 8.19 2.38 1.52 1.74 0.88
- ----------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM CAPITAL GAINS (3.57) (0.31) (0.50) (0.44) 0.00
DISTRIBUTIONS IN EXCESS OF CAPITAL GAINS 0.00 0.00 (0.02) (0.02) 0.00
- ----------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (3.57) (0.31) (0.52) (0.46) 0.00
- ----------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 21.52 $ 16.90 $ 14.83 $ 13.83 $ 12.55
======================================================================================================================
TOTAL RETURN(2) 48.93% 16.07% 10.96% 13.78% 7.63%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 236,869 $ 149,391 $ 151,441 $ 73,019 $ 39,102
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
AFTER ACCESSOR CAPITAL FEE WAIVERS 1.37% 1.59% 1.55% 1.52% 1.83%
BEFORE ACCESSOR CAPITAL FEE WAIVERS 1.37% 1.59% 1.55% 1.52% 1.93%
RATIO OF NET INVESTMENT INCOME (LOSS)
TO AVERAGE NET ASSETS:
AFTER ACCESSOR CAPITAL FEE WAIVERS 0.04% (0.24)% (0.20)% (0.26)% 0.10%
BEFORE ACCESSOR CAPITAL FEE WAIVERS 0.04% (0.24)% (0.20)% (0.26)% 0.00%
- ----------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 251.23% 196.37% 196.66% 157.66% 84.85%
- ----------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS SHARES(1) 1999 1998
- ----------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 16.85 $ 17.88
NET INVESTMENT LOSS (0.08) (0.06)
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS 8.13 (0.66)
- ----------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS 8.05 (0.72)
- ----------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM CAPITAL GAINS (3.57) (0.31)
- ----------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (3.57) (0.31)
- ----------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 21.33 $ 16.85
======================================================================================================================
TOTAL RETURN(2) 48.23% (4.01)%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 38,647 $18,963
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.87% 2.05%*
RATIO OF NET INVESTMENT INCOME (LOSS)
TO AVERAGE NET ASSETS (0.46)% (0.68)%*
- ----------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 251.23% 196.37%
</TABLE>
(1) Class commenced operations on July 6, 1998.
(2) Total return is calculated assuming a purchase of shares at net asset value
per share on the first day and a sale at net asset value per share on the last
day of each period reported. Distributions are assumed, for purposes of this
calculation, to be reinvested at the net asset value per share on the respective
payment dates of each Fund.
* Annualized.
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 72
<PAGE>
INTERMEDIATE FIXED-INCOME FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS SHARES 1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.47 $ 12.19 $ 11.90 $ 12.29 $ 11.04
NET INVESTMENT INCOME 0.68 0.67 0.71 0.67 0.71
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS (1.12) 0.32 0.29 (0.39) 1.25
- --------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS (0.44) 0.99 1.00 0.28 1.96
- --------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.68) (0.67) (0.71) (0.67) (0.71)
DISTRIBUTIONS FROM CAPITAL GAINS (0.05) (0.04) 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (0.73) (0.71) (0.71) (0.67) (0.71)
- --------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 11.30 $ 12.47 $ 12.19 $ 11.90 $ 12.29
==========================================================================================================================
TOTAL RETURN(2) (3.58)% 8.38% 8.62% 2.56% 18.26%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 56,895 $ 48,489 $ 55,197 $ 52,248 $ 36,878
RATIO OF EXPENSES TO AVERAGE NET ASSETS 0.68% 0.79% 0.84% 0.88% 0.96%
RATIO OF NET INVESTMENT INCOME TO
AVERAGE NET ASSETS 5.89% 5.46% 5.88% 5.79% 6.07%
- --------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 60.40% 113.00% 84.35% 94.69% 187.62%
- --------------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS SHARES(1) 1999 1998
- --------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.47 $ 12.29
NET INVESTMENT INCOME 0.63 0.28
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS (1.12) 0.24
- --------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS (0.49) 0.52
- --------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.63) (0.30)
DISTRIBUTIONS FROM CAPITAL GAINS (0.05) (0.04)
- --------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (0.68) (0.34)
- --------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 11.30 $ 12.47
==========================================================================================================================
TOTAL RETURN(2) (4.05)% 4.29%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 10,907 $ 9,146
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.18% 1.27%*
RATIO OF NET INVESTMENT INCOME TO AVERAGE
NET ASSETS 5.39% 4.75%*
- --------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 60.40% 113.00%
</TABLE>
(1) Class commenced operations on July 14, 1998.
(2) Total return is calculated assuming a purchase of shares at net asset value
per share on the first day and a sale at net asset value per share on the last
day of each period reported. Distributions are assumed, for purposes of this
calculation, to be reinvested at the net asset value per share on the respective
payment dates of each Fund.
* Annualized
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 73
<PAGE>
SHORT-INTERMEDIATE FIXED-INCOME FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS SHARES 1999 1998 1997 1996 1995
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.33 $ 12.27 $ 12.16 $ 12.32 $ 11.62
NET INVESTMENT INCOME 0.63 0.68 0.64 0.59 0.60
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (0.49) 0.14 0.11 (0.16) 0.70
- -------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS 0.14 0.82 0.75 0.43 1.30
- -------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.63) (0.63) (0.64) (0.59) (0.60)
DISTRIBUTIONS FROM CAPITAL GAINS (0.01) (0.13) 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (0.64) (0.76) (0.64) (0.59) (0.60)
- -------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 11.83 $ 12.33 $ 12.27 $ 12.16 $ 12.32
=========================================================================================================================
TOTAL RETURN(2) 1.22% 6.87% 6.33% 3.63% 11.42%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 50,200 $ 42,454 $ 40,942 $ 36,701 $ 35,272
RATIO OF EXPENSES TO AVERAGE NET ASSETS 0.70% 0.82% 0.86% 0.93% 0.94%
RATIO OF NET INVESTMENT INCOME TO
AVERAGE NET ASSETS 5.32% 5.12% 5.20% 4.89% 4.99%
- -------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 45.89% 69.64% 53.30% 31.12% 41.93%
- -------------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS SHARES(1) 1999 1998
- -------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.33 $ 12.32
NET INVESTMENT INCOME 0.58 0.27
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS (0.49) 0.17
- -------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS 0.09 0.44
- -------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.58) (0.30)
DISTRIBUTIONS FROM CAPITAL GAINS (0.01) (0.13)
- -------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (0.59) (0.43)
- -------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 11.83 $ 12.33
=========================================================================================================================
TOTAL RETURN(2) 0.70% 3.55%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 10,439 $ 6,255
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.20% 1.31%*
RATIO OF NET INVESTMENT INCOME TO
AVERAGE NET ASSETS 4.82% 4.57%*
- -------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 45.89% 69.64%
</TABLE>
(1) Class commenced operations on July 14, 1998.
(2) Total return is calculated assuming a purchase of shares at net asset value
per share on the first day and a sale at net asset value per share on the last
day of each period reported. Distributions are assumed, for purposes of this
calculation, to be reinvested at the net asset value per share on the respective
payment dates of each Fund.
* Annualized
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 74
<PAGE>
MORTGAGE SECURITIES FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS SHARES 1999 1998 1997 1996 1995
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.59 $ 12.60 $ 12.23 $ 12.38 $ 11.36
NET INVESTMENT INCOME 0.73 0.70 0.72 0.73 0.76
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS (0.58) 0.09 0.42 (0.15) 1.02
- -------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS 0.15 0.79 1.14 0.58 1.78
- -------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.73) (0.70) (0.72) (0.73) (0.76)
DISTRIBUTIONS FROM CAPITAL GAINS (0.03) (0.10) (0.05) 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (0.76) (0.80) (0.77) (0.73) (0.76)
- -------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 11.98 $ 12.59 $ 12.60 $ 12.23 $ 12.38
=========================================================================================================================
TOTAL RETURN(2) 1.19% 6.43% 9.53% 4.95% 16.03%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 127,307 $ 128,788 $ 109,747 $ 73,862 $ 49,830
RATIO OF EXPENSES TO AVERAGE NET ASSETS 0.89% 0.88% 0.84% 0.95% 1.03%
RATIO OF NET INVESTMENT INCOME TO
AVERAGE NET ASSETS 5.91% 5.59% 5.93% 6.08% 6.41%
- -------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 273.95% 278.18% 211.66% 356.23% 422.56%
- -------------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS SHARES(1) 1999 1998
- -------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.59 $ 12.67
NET INVESTMENT INCOME 0.66 0.31
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (0.58) 0.01
- -------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS 0.08 0.32
- -------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.66) (0.33)
DISTRIBUTIONS FROM CAPITAL GAINS (0.03) (0.07)
- -------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (0.69) (0.40)
- -------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 11.98 $ 12.59
=========================================================================================================================
TOTAL RETURN(2) 0.69% 2.46%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 26,802 $ 17,369
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.39% 1.41%*
RATIO OF NET INVESTMENT INCOME TO
AVERAGE NET ASSETS 5.41% 5.09%*
- -------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 273.95% 278.18%
</TABLE>
(1) Class commenced operations on July 10, 1998.
(2) Total return is calculated assuming a purchase of shares at net asset value
per share on the first day and a sale at net asset value per share on the last
day of each period reported. Distributions are assumed, for purposes of this
calculation, to be reinvested at the net asset value per share on the respective
payment dates of each Fund.
* Annualized
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 75
<PAGE>
U.S. GOVERNMENT MONEY FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS SHARES 1999 1998 1997 1996 1995
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
NET INVESTMENT INCOME 0.05 0.05 0.05 0.05 0.05
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.05) (0.05) (0.05) (0.05) (0.05)
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
===================================================================================================================================
TOTAL RETURN(2) 4.72% 5.00% 5.07% 4.78% 5.33%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 380,620 $ 153,148 $ 50,910 $ 61,672 $ 41,882
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
AFTER ACCESSOR CAPITAL FEE WAIVERS 0.48% 0.53% 0.54% 0.59% 0.53%
BEFORE ACCESSOR CAPITAL FEE WAIVERS 0.48% 0.53% 0.54% 0.59% 0.78%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:
AFTER ACCESSOR CAPITAL FEE WAIVERS 4.66% 4.83% 4.96% 4.73% 5.14%
BEFORE ACCESSOR CAPITAL FEE WAIVERS 4.66% 4.83% 4.96% 4.73% 4.89%
- -----------------------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS SHARES(1) 1999 1998
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00
NET INVESTMENT INCOME 0.04 0.02
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.04) (0.02)
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00
===================================================================================================================================
TOTAL RETURN(2) 4.20% 1.83%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 8,034 $ 5,071
RATIO OF EXPENSES TO AVERAGE NET ASSETS: 0.98% 1.03%*
RATIO OF NET INVESTMENT INCOME
TO AVERAGE NET ASSETS 4.16% 4.40%*
</TABLE>
(1) Class commenced operations on July 29, 1998.
(2) Total return is calculated assuming a purchase of shares at net asset value
per share on the first day and a sale at net asset value per share on the last
day of each period reported. Distributions are assumed, for purposes of this
calculation, to be reinvested at the net asset value per share on the respective
payment dates of each Fund.
* Annualized.
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
ACCESSOR 76
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Shareholders and Board of Directors
Accessor Funds, Inc.
We have audited the accompanying statements of assets and liabilities, including
the schedules of investments, of Accessor Funds, Inc. (the "Funds"), including
the Growth Fund, Value Fund, Small to Mid Cap Fund, International Equity Fund,
Intermediate Fixed-Income Fund, Short-Intermediate Fixed-Income Fund, Mortgage
Securities Fund, and U.S. Government Money Fund, as of December 31, 1999, the
related statements of operations for the year then ended, the statements of
changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the five years in the period then ended.
These financial statements and financial highlights are the responsibility of
the Funds' management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1999, by correspondence with the Funds' custodian and brokers. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of the Funds as of
December 31, 1999, the results of their operations, the changes in their net
assets and their financial highlights for the respective stated periods, in
conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
NEW YORK, NEW YORK
February 11, 2000
ACCESSOR 77
<PAGE>
TAX YEAR 1999
(UNAUDITED)
The following is provided for your information. Some states allow you to reduce
the amount of income you report on state income taxes by the proportion to which
such income was earned from investments in U.S. Government obligations. All
income shown is taxable for federal income tax purposes.
---------------------------------------------------------------------------
U.S. TREASURIES NON-QUALIFYING
AND QUALIFYING GOVT GOVT AGENCY
FUND AGENCY ISSUES(1) ISSUES(2) OTHER SOURCES(3)
---------------------------------------------------------------------------
GROWTH 0.00% 0.00% 100.00%
VALUE 0.95 0.00 99.05
SMALL TO MID CAP 0.00 0.00 100.00
INTERNATIONAL EQUITY 0.00 0.00 100.00
INTERMEDIATE FIXED-INCOME 12.54 6.00 81.46
SHORT-INT FIXED-INCOME 26.38 22.37 51.25
MORTGAGE SECURITIES 4.57 74.26 21.17
U.S. GOVERNMENT MONEY 19.51 69.62 10.87
---------------------------------------------------------------------------
(1) May include income from obligations of the U.S. Treasury and/or the
following Qualifying Government Agencies: Federal Farm Credit Bank, Federal
Home Loan Bank, Student Loan Marketing Association, Resolution Funding
Corp. and Tennessee Valley Authority.
(2) May include income from obligations of the following Non-Qualifying
Government Agencies: Federal National Mortgage Association, Federal Home
Loan Mortgage Corporation and the Government National Mortgage Association.
(3) Includes income from all other sources other than those listed above.
===========================================================================
The following represents the percent of the income generated in the Accessor
Funds that is designated as qualifying dividends. This breakdown may have tax
benefits to certain corporate shareholders of the Accessor Funds. Please consult
your tax advisor.
---------------------------------------------------------------------------
FUND PERCENT OF QUALIFYING DIVIDENDS
---------------------------------------------------------------------------
GROWTH 0.00%
VALUE 88.80
SMALL TO MID CAP 0.00
INTERNATIONAL EQUITY 0.00
INTERMEDIATE FIXED-INCOME 0.00
SHORT-INTERMEDIATE FIXED-INCOME 0.00
MORTGAGE SECURITIES 0.00
U.S. GOVERNMENT MONEY 0.00
===========================================================================
ACCESSOR 78
<PAGE>
ACCESSOR FUNDS, INC.
DIRECTORS AND OFFICERS
George G. Cobean, III, Director
Geoffrey C. Cross, Director
J. Anthony Whatley, III, Director, President and Principal Executive Officer
Ravindra A. Deo, Treasurer, Vice President, Principal Financial and
Accounting Officer
Robert J. Harper, Vice President
Christine J. Stansbery, Secretary
Linda V. Whatley, Vice President
INVESTMENT ADVISOR AND ADMINISTRATOR
Accessor Capital Management LP
1420 Fifth Avenue, Suite 3600
Seattle, Washington 98101
CUSTODIAN
The Fifth Third Bank
Fifth Third Center
38 Fountain Square Plaza
Cincinnati, Ohio 45263
TRANSFER AGENT
Accessor Capital Management
P.O. Box 1748
Seattle, Washington 98111
LEGAL COUNSEL
Kirkpatrick & Lockhart LLP
One International Place
13th Floor
Boston, Massachusetts 02110
INDEPENDENT AUDITORS
Deloitte & Touche LLP
Two World Financial Center
New York, New York 10281
This report, including the financial statements herein, is transmitted to the
shareholders of Accessor Funds, Inc. for their information. This is not a
prospectus, circular or representation intended for use in the purchase of share
of Accessor Funds, Inc., or any securities mentioned in this report.
www.accessor.com
