ACCESSOR FUNDS INC, 485BPOS, 2000-12-22

ACCESSOR FUNDS INC
485BPOS, 2000-12-22

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As filed with the Securities and Exchange Commission on December 22, 2000
Registration No. 33-41245
811-6337
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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Form N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES /X/
ACT OF 1933 Pre-Effective Amendment No. / /
Post-Effective Amendment No. 20 /X/
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT
COMPANY ACT OF 1940 /X/
Amendment No. 25 /X/
(Check appropriate box or boxes)

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ACCESSOR FUNDS, INC.
(Exact Name of Registrant as Specified in Charter)
1420 Fifth Avenue
Suite 3600
Seattle, Washington 98101
(206) 224-7420
(Address, including zip code, and telephone
number, including area code, of Principal
Executive Offices)
---------------------------------
J. ANTHONY WHATLEY III
1420 Fifth Avenue
Suite 3600
Seattle, Washington 98101
(Name and Address of Agent for Service)

---------------------------------
Copies of all communications, including all communications sent to the agent for
service, should be sent to:
PHILIP J. FINA
Kirkpatrick & Lockhart LLP
75 State Street
Boston, MA 02109

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

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

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

If appropriate, check the following box:

/ / this post-effective amendment designates a new effective date for a
previously filed post-effective amendment.
<PAGE>

This amendment to the Registrant's Registration Statement relates solely to the
following series of the Registrant:

Accessor Income Allocation Fund
Accessor Income and Growth Allocation Fund
Accessor Balanced Allocation Fund
Accessor Growth and Income Allocation Fund
Accessor Growth Allocation Fund
Accessor Aggressive Growth Allocation Fund
<PAGE>
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ADVISOR CLASS SHARES ACCESSOR(R)FUNDS, INC. Prospectus December 22, 2000
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Accessor ALLOCATION Funds

Accessor Income Allocation
Accessor Income and Growth Allocation
Accessor Balanced Allocation
Accessor Growth and Income Allocation
Accessor Growth Allocation
Accessor Aggressive Growth Allocation

[GRAPHIC]
[Horseshoe] [Key]
[Umbrella] [Piggybank]
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[LOGO]
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The Securities and Exchange Commission has not approved or disapproved these
securities or passed upon the adequacy of this Prospectus. Any representation to
the contrary is a criminal offense.
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<PAGE>
THE ACCESSOR FUNDS

[graphic] A family of 15 mutual funds, each with two classes of shares, offering
a variety of fixed-income, equity and balanced mutual funds. For information
about the other Accessor Funds, please request the current Accessor Funds
Prospectuses.

[graphic] Designed to help investors realize the benefits of ASSET ALLOCATION
and DIVERSIFICATION.

[graphic] Managed and administered by Accessor Capital Management LP ("Accessor
Capital").

This prospectus describes the six Accessor Allocation Funds. Each of the
Accessor Allocation Funds is a fund of funds. A fund of funds is a mutual fund
that invests its assets in other mutual funds. This gives you several
advantages, such as:

[graphic] Active asset allocation and periodic rebalancing.
[graphic] Immediate diversification across different types of investments.

[graphic] The benefit of professional money managers.

[graphic] For most small investors, a cost advantage over investing in
individual stocks.
[graphic] For some investors, tax advantages over trying to rebalance using
individual mutual funds.
================================================================================

DIVERSIFICATION is the spreading of risk among a group of investment assets.
Within a portfolio of investments, it means reducing the risk of any individual
security by holding securities from a variety of companies. In a broader
context, diversification means investing among a variety of security types to
reduce the importance of any one type or class of security.

ASSET ALLOCATION is a logical extension of the principle of diversification. It
is a method of mixing different types of investments (for example, equity and
fixed-income securities) in an effort to enhance returns and reduce risks.

DIVERSIFICATION AND ASSET ALLOCATION DO NOT, HOWEVER, GUARANTEE INVESTMENT
RESULTS.
================================================================================

The theory of diversification holds that investors can reduce their overall risk
by spreading assets among a variety of investments. Each type of investment
follows a cycle of its own and responds differently to changes in the economy
and the marketplace. A decline in one investment can be balanced by returns in
other investments that are stable or rising. Therefore, a major benefit of the
Accessor Allocation Funds is the potential for attractive long-term returns with
reduced volatility.

If you are a periodic investor, you can face the dilemma of trying to buy the
right mix of mutual funds for a relatively small dollar amount each month. By
investing in one of the Accessor Allocation Funds, you get a diversified
portfolio, assembled by a professional money manager, that allows you access to
more funds than you might be able to afford on your own. Each Fund can be used
in both taxable and tax-deferred accounts.

Before choosing your investment option, consider your investment goals, your
time horizon for achieving them, and your tolerance for risk. The Accessor
Allocation Fund or Funds you select should not represent your complete
investment program or be used for short-term trading purposes.

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<PAGE>

TABLE OF CONTENTS

THE FUNDS

FUND SUMMARIES.................................................................1
PERFORMANCE....................................................................4
EXPENSES.......................................................................4
OBJECTIVES AND STRATEGIES......................................................7
DESCRIPTION OF UNDERLYING FUNDS...............................................11
PRINCIPAL RISKS OF INVESTING IN THE FUNDS.....................................15
PRINCIPAL RISKS OF UNDERLYING FUNDS...........................................16
MANAGEMENT, ORGANIZATION AND CAPITAL STRUCTURE................................19

SHAREHOLDER INFORMATION

PURCHASING FUND SHARES........................................................22
EXCHANGING FUND SHARES........................................................24
REDEEMING FUNDS SHARES........................................................25
DIVIDENDS AND OTHER DISTRIBUTIONS.............................................26
VALUATION OF SECURITIES.......................................................26
FEDERAL INCOME TAXATION.......................................................27
DEFENSIVE DISTRIBUTION PLAN...................................................27
FINANCIAL HIGHLIGHTS..........................................................27

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<PAGE>
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FUND SUMMARIES
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Each of the Accessor Allocation Funds (referred to in this prospectus as the
"Fund" or "Funds") is a "fund of funds" and shares the same investment approach.
Each Fund seeks to maintain a mix of asset classes within an established range,
and each invests in a combination of the Advisor Class Shares of other Accessor
Funds (referred to in this prospectus as the "Underlying Funds"), which
represent specific market segments. The Funds are designed to help investors
realize the benefits of asset allocation and diversification. Each Fund pursues
a different investment goal by investing in different combinations of the
Underlying Funds. You may choose to invest in any of the Funds based on your
investment goals, investment time horizons, personal risk tolerances, and
financial circumstances. Each Fund's performance will reflect the performance of
different asset classes or different segments within an asset class. By
investing in a combination of mutual funds, the Funds can offer additional
diversification within a single investment.

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WHAT IS EACH FUND'S OBJECTIVES?

The investment objective of each Fund is not fundamental and may be changed
without shareholder approval by the Board of Directors of the Fund.

[graphic] ACCESSOR INCOME ALLOCATION FUND seeks high current income and some
stability of principal.

[graphic] ACCESSOR INCOME AND GROWTH ALLOCATION FUND seeks high current income
and some potential capital appreciation.

[graphic] ACCESSOR BALANCED ALLOCATION FUND seeks moderate current income and
some potential capital appreciation.

[graphic] ACCESSOR GROWTH AND INCOME ALLOCATION FUND seeks moderate potential
capital appreciation and some current income.

[graphic] ACCESSOR GROWTH ALLOCATION FUND seeks high potential capital
appreciation and some current income.

[graphic] ACCESSOR AGGRESSIVE GROWTH ALLOCATION FUND seeks high potential
capital appreciation.

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WHAT IS EACH FUND'S PRINCIPAL INVESTMENT STRATEGY?

Each Fund invests substantially all of its assets in a select group of the
Underlying Funds.

Each Fund seeks to maintain broad exposure to several markets in an attempt to
reduce the impact of markets that are declining and to benefit from good
performance in particular market segments that are rising. The level of
diversification the Funds obtain from being invested in a number of Underlying
Funds reduces the risk associated with an investment in a single Underlying
Fund. This risk is further reduced because each Underlying Fund's investments
are also spread over a range of issuers, industries and, in the case of the
international Underlying Fund, countries.

The ACCESSOR INCOME ALLOCATION FUND can invest in a combination of the
Underlying Funds, including the four fixed-income Underlying Funds: High Yield
Bond Fund, Intermediate Fixed-Income Fund, Short-Intermediate Fixed-Income Fund
and Mortgage Securities Fund and the money market Underlying Fund: U.S.
Government Money Fund. This Fund uses a conservative asset allocation strategy -
the Fund maintains a current asset allocation target of approximately 70% in
fixed-income Underlying Funds and 30% in the money market Underlying Fund.

The ACCESSOR INCOME AND GROWTH ALLOCATION FUND can invest in a combination of
the four equity Underlying Funds: Growth Fund, Value Fund, Small to Mid Cap Fund
and International Equity Fund, the four fixed-income Underlying Funds: High
Yield Bond Fund, Intermediate Fixed-Income Fund, Short-Intermediate Fixed-Income
Fund and Mortgage Securities Fund and the money market Underlying Fund: U.S.
Government Money Fund. This Fund uses a conservative asset allocation strategy -
the Fund maintains a current asset allocation target of approximately 30% in
equity Underlying Funds, 55% in fixed-income Underlying Funds and 15% in the
money market Underlying Fund.

<PAGE>
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FUND SUMMARIES
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The ACCESSOR BALANCED ALLOCATION FUND can invest in a combination of the four
equity Underlying Funds: Growth Fund, Value Fund, Small to Mid Cap Fund and
International Equity Fund, the four fixed-income Underlying Funds: High Yield
Bond Fund, Intermediate Fixed-Income Fund, Short-Intermediate Fixed-Income Fund
and Mortgage Securities Fund and the money market Underlying Fund: U.S.
Government Money Fund. This Fund uses a moderate asset allocation strategy - the
Fund maintains a current asset allocation target of approximately 50% in
equity Underlying Funds, 41% in fixed-income Underlying Funds and 9% in the
money market Underlying Fund.

The ACCESSOR GROWTH AND INCOME ALLOCATION FUND can invest in a combination of
the four equity Underlying Funds: Growth Fund, Value Fund, Small to Mid Cap Fund
and International Equity Fund, the four fixed-income Underlying Funds: High
Yield Bond Fund, Intermediate Fixed-Income Fund, Short-Intermediate Fixed-Income
Fund and Mortgage Securities Fund and the money market Underlying Fund: U.S.
Government Money Fund. This Fund uses a moderate asset allocation strategy - the
Fund maintains a current asset allocation target of approximately 60% in
equity Underlying Funds, 36% in fixed-income Underlying Funds and 4% in the
money market Underlying Fund.

The ACCESSOR GROWTH ALLOCATION FUND can invest in a combination of the four
equity Underlying Funds: Growth Fund, Value Fund, Small to Mid Cap Fund and
International Equity Fund, the four fixed-income Underlying Funds: High Yield
Bond Fund, Intermediate Fixed-Income Fund, Short-Intermediate Fixed-Income Fund
and Mortgage Securities Fund and the money market Underlying Fund: U.S.
Government Money Fund. This Fund uses an aggressive asset allocation strategy -
the Fund maintains a current asset allocation target of approximately 80% in
equity Underlying Funds and 20% in fixed-income Underlying Funds.

The ACCESSOR AGGRESSIVE GROWTH ALLOCATION FUND can invest in a combination of
the Underlying Funds, including the four equity Underlying Funds: Growth Fund,
Value Fund, Small to Mid Cap Fund and International Equity Fund and the money
market Underlying Fund: U.S. Government Money Fund. This Fund uses a very
aggressive asset allocation strategy - the Fund maintains a current asset
allocation target of approximately 100% in equity Underlying Funds.

Each Fund seeks to obtain the greatest return for the level of risk assumed by
that Fund. Each Fund's investment strategy emphasizes asset allocation.

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WHAT ARE THE PRINCIPAL INVESTMENT RISKS OF INVESTING IN THE FUNDS?

LOSS OF MONEY IS A RISK OF INVESTING IN EACH FUND. AN INVESTMENT IN A FUND IS
NOT A DEPOSIT OF ANY BANK AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY. While the Funds
offer a greater level of diversification than most other types of mutual funds,
a single Fund may not provide a complete investment program for an investor.

The following summarizes important risks that apply to the Funds and may result
in a loss of your investment. There can be no assurance that a Fund will achieve
its investment objective.

[graphic] ALLOCATION RISK Each Fund's investment performance depends upon how
its assets are allocated and reallocated among particular Underlying Funds. A
principal risk of investing in a Fund is that the allocation techniques and
decisions will not produce the desired results, and a Fund may not achieve its
investment objective.

[graphic] UNDERLYING FUNDS RISK The investments of each Fund are concentrated in
the Underlying Funds, and each Fund's investment performance is directly related
to the investment performance of the Underlying Funds held by it. A Fund's share
prices will fluctuate as the prices of the Underlying Funds rise or fall with
changing market conditions. Because the Funds invest in the Underlying Funds,
the Funds' shareholders will be affected by the investment policies and
principal risks of the Underlying Funds in direct proportion to the amount of
assets the Funds allocate to those Underlying Funds. Because the Fund's
allocation among the Underlying Funds will vary, your investment may be subject
to any and all of these risks at different times and to different degrees.
<PAGE>
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FUND SUMMARIES
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The following table sets forth the principal risks of the Underlying Funds that
could adversely effect the net asset value, yield and total return of a Fund:
<TABLE>
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LEVEL OF PRINCIPAL RISK
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Risk Income Income Balanced Growth Growth Aggressive
and Growth and Income Growth
<S> <C> <C> <C> <C> <C> <C>
Stock Market Volatility [graphic] n/a [graphic] low [graphic] medium [graphic] high [graphic] high [graphic] high
Bond Market Volatility [graphic] medium [graphic] high [graphic] high [graphic] medium [graphic] low [graphic] n/a
Foreign Exposure [graphic] n/a [graphic] low [graphic] medium [graphic] medium [graphic] high [graphic] high
Sector Risk [graphic] low [graphic] low [graphic] low [graphic] medium [graphic] medium [graphic] medium
Company Risk [graphic] low [graphic] low [graphic] low [graphic] medium [graphic] medium [graphic] medium
Bond Issuer Risk [graphic] medium [graphic] high [graphic] high [graphic] medium [graphic] low [graphic] n/a
Lower Rated Debt Securities [graphic] medium [graphic] medium [graphic] medium [graphic] medium [graphic] low [graphic] n/a
Inflation Risk [graphic] high [graphic] high [graphic] medium [graphic] medium [graphic] low [graphic] low
Prepayment Risk [graphic] medium [graphic] medium [graphic] medium [graphic] low [graphic] low [graphic] n/a

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Level of Principal Risk Key: [graphic] n/a [graphic] Low [graphic] Medium [graphic] High
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</TABLE>

DEFINITIONS

Stock Market Volatility. Stock markets are volatile and can decline
significantly in response to adverse issuer, political, regulatory, market or
economic developments.

Bond Market Volatility. Individual securities are expected to fluctuate in
response to issuer, general economic and interest rate changes.

Foreign Exposure. Foreign markets, particularly emerging markets, can be more
volatile than the U.S. market due to increased risks of adverse issuer,
political, regulatory, market or economic developments and can perform
differently than the U.S. market.

Sector Risk. Issuers within an industry or
economic sector or geographic region can react differently to issuer, political
or economic developments than the market as a whole.

Company Risk. The value of an individual security or particular type of security
can be more volatile than the stock market as a whole and can perform
differently than the value of the market as a whole.

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

Lower Rated Debt Securities. Lower rated debt securities, commonly referred to
as "junk bonds", and comparable unrated debt securities have speculative
characteristics and are subject to greater risks than higher rated securities.

Inflation Risk. Over time, the real value of the your investment in a Fund may
be eroded by inflation.

Prepayment Risk. The ability of an issuer of a debt security to repay principal
prior to a security's maturity can cause greater price volatility if interest
rates change.

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Please see "Principal Risks of Underlying Funds" for a description of these and
other risks associated with the Underlying Funds and an investment in a Fund.
<PAGE>
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FUND SUMMARIES
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Each Fund's investment goals may be consistent with investors with the following
risk profiles and investment goals:

The ACCESSOR INCOME ALLOCATION FUND - designed to provide income for investors
with a low risk tolerance and a 1-3 year investment time horizon.

The ACCESSOR INCOME AND GROWTH ALLOCATION FUND - designed to provide income and
some capital appreciation for investors with a low risk tolerance and a 3-5 year
investment time horizon.

The ACCESSOR BALANCED ALLOCATION FUND - designed to provide a balanced mix of
current income and capital appreciation to investors with a moderate risk
tolerance and a 5-10 year investment time horizon.

The ACCESSOR GROWTH AND INCOME ALLOCATION FUND - designed to provide a balanced
mix of current capital appreciation and current income to investors with a
moderate risk tolerance and a 5-10 year investment time horizon.

The ACCESSOR GROWTH ALLOCATION FUND - designed to provide capital appreciation
and some current income to investors with a high risk tolerance and an
investment time horizon of 10 years or more.

The ACCESSOR AGGRESSIVE GROWTH ALLOCATION FUND - designed to provide capital
appreciation to investors with a very high risk tolerance and an investment time
horizon of 10 years or more.

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PERFORMANCE
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The Funds are recently created mutual funds and consequently performance figures
for the Funds are not currently available.

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EXPENSES
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The Funds are no load mutual funds. There are no fees or charges to buy or sell
fund shares, reinvest dividends, or exchange into other Funds or into the
Underlying Funds. You should keep in mind that shareholders of each Fund bear
indirectly the expenses of the Underlying Funds in which the Funds invest. The
Funds will indirectly bear their pro rata share of the fees and expenses
(including management fees) incurred by the Underlying Funds that are borne by
all Underlying Fund shareholders. The investment returns of each Fund, then,
will be net of that Fund's share of the expenses of the Underlying Funds in
which the Fund is invested. THE FOLLOWING TABLE DESCRIBES THE FEES AND EXPENSES
THAT YOU MAY PAY IF YOU BUY AND HOLD ADVISOR CLASS SHARES OF A FUND.
<PAGE>
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EXPENSES
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<TABLE>
<CAPTION>
ACCESSOR ALLOCATION FUND
INCOME INCOME BALANCED
AND GROWTH
<S> <C> <C> <C>
Shareholder Fees(1)(2)
(fees paid directly from your investment)
MAXIMUM SALES CHARGE IMPOSED
ON PURCHASES (as a percent of offering price) none none none
MAXIMUM SALES CHARGE IMPOSED
ON REINVESTED DIVIDENDS none none none
MAXIMUM DEFERRED SALES CHARGE none none none
REDEMPTION FEE(3) none none none
Annual Fund Operating Expenses
(expenses deducted from Fund assets)
MANAGEMENT FEES 0.10% 0.10% 0.10%
DISTRIBUTION AND SERVICE (12b-1) FEE none none none
-------------------------------
OTHER EXPENSES(4) 0.17 0.17 0.17
TOTAL ANNUAL FUND OPERATING
EXPENSES 0.27 0.27 0.27
FEE WAIVER (AND/OR EXPENSE REIMBURSEMENT) (0.17) (0.17) (0.17)
-------------------------------
NET EXPENSES 0.10% 0.10% 0.10%
===============================
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ACCESSOR ALLOCATION FUND
GROWTH GROWTH AGGRESSIVE
AND INCOME GROWTH
Shareholder Fees(1)(2)
(fees paid directly from your investment)
MAXIMUM SALES CHARGE IMPOSED none none none
ON PURCHASES (as a percent of offering price)
MAXIMUM SALES CHARGE IMPOSED
ON REINVESTED DIVIDENDS none none none
MAXIMUM DEFERRED SALES CHARGE none none none
REDEMPTION FEE(3) none none none
Annual Fund Operating Expenses
(expenses deducted from Fund assets)
MANAGEMENT FEES 0.10% 0.10% 0.10%
DISTRIBUTION AND SERVICE (12b-1) FEE none none none
-------------------------------
OTHER EXPENSES(4) 0.17 0.17 0.17
TOTAL ANNUAL FUND OPERATING
EXPENSES 0.27 0.27 0.27
FEE WAIVER (AND/OR EXPENSE REIMBURSEMENT) (0.17) (0.17) (0.17)
-------------------------------
NET EXPENSES 0.10% 0.10% 0.10%
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<FN>
(1) Shares of the Funds are expected to be sold primarily through financial
intermediaries that may charge shareholders a fee. These fees are not included
in the tables.

(2) An annual maintenance fee of $25.00 may be charged by Accessor Capital, as
the Transfer Agent to each IRA with an aggregate balance of less than $10,000 on
December 31 of each year.

(3) The Transfer Agent may charge a processing fee of $10.00 for each check
redemption request.

(4) "Other Expenses" (such as custodian, accounting and legal fees, securities
registration fees, and the costs of shareholder reports) are the estimated
annual costs of operating the Funds for the fiscal year ending December 31,
2001. The Funds have applied to the Securities and Exchange Commission for an
exemptive order allowing the Funds to enter into an agreement with the
Underlying Funds under which the Underlying Funds will bear certain of the
Funds' Other Expenses to the extent that the Underlying Funds derive financial
and other benefits as a result of investments from the Funds; there is no
assurance that the Commission will grant the exemptive order. To the extent that
these Other Expenses are not paid by the Underlying Funds, Accessor Capital has
agreed to pay the Other Expenses of the Funds for the fiscal years ended
December 31, 2000 through 2003. Consequently, the Funds do not expect to bear
any "Other Expenses" for such periods. If the exemptive order is granted,
Investors in the Funds will indirectly bear a portion of such "Other Expenses"
through the Funds' investment in the Underlying Funds.

</FN>
</TABLE>

<PAGE>
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EXPENSES
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The following table provides a range of estimated average weighted expense
ratios for Advisor Class Shares of each Fund, which includes the indirect
expenses of the Underlying Funds. Ranges are given instead of a single number
because the pro-rata share of expenses fluctuates along with the changes in the
average assets in each of the Underlying Funds.

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Accessor Allocation Fund
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Income Allocation 0.74% - 0.84%
Income and Growth Allocation 0.85% - 0.95%
Balanced Allocation 0.93% - 1.03%
Growth and Income Allocation 0.96% - 1.06%
Growth Allocation 1.02% - 1.12%
Aggressive Growth Allocation 1.08% - 1.18%
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EXPENSE EXAMPLE
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The Example shows what an investor in Advisor Class Shares of a Fund could pay
over time. The Example is intended to help you compare the cost of investing in
the Funds with the cost of investing in other mutual funds. The Example assumes
that you invest $10,000 in a Fund for the time periods indicated and then redeem
all of your shares by wire at the end of those periods. The Example does not
include the effect of the $10 fee for check redemption requests. The Example
also assumes that your investment has a 5% rate of return each year and that the
Fund's operating expenses remain the same. Although your actual costs may be
higher or lower, the following table uses the midpoints of the ranges shown
above. Based on these assumptions your costs would be:
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ACCESSOR ALLOCATION FUND ONE YEAR THREE YEARS
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Income Allocation $81 $254
Income and Growth Allocation $91 $285
Balanced Allocation $100 $311
Growth and Income Allocation $103 $323
Growth Allocation $109 $339
Aggressive Growth Allocation $115 $359

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<PAGE>
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OBJECTIVES AND STRATEGIES
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ASSET ALLOCATION

The investment strategy of the Funds focuses on asset allocation (varying the
concentration of asset classes in the Funds). Accessor Capital manages the asset
class risk to which the Funds are exposed by varying the concentration of asset
classes in the Funds. The table below reflects the current target and potential
ranges of investments in various asset classes.
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Asset Class Income Income and Balanced
Growth
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Equity Funds Target 0% 30% 50%
Range 0%-5% 20%-40% 40%-60%

Fixed-Income Target 70% 55% 41%
Funds Range 60%-100% 40%-80% 30%-60%

Money Market Target 30% 15% 9%
Fund Range 0%-35% 0%-20% 0%-10%

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Asset Class Growth and Growth Aggressive
Income Growth
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Equity Funds Target 60% 80% 100%
Range 50%-70% 70%-90% 85%-100%

Fixed-Income Target 36% 20% 0%
Funds Range 20%-50% 5%-30% 0%-10%

Money Market Target 4% 0% 0%
Fund Range 0%-10% 0%-5% 0%-5%
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Accessor Capital decides how much of each Fund's assets to allocate to
Underlying Fund investments within the ranges set forth in the following pages
based on its outlook for, and on the relative valuations of, the Underlying
Funds and the various markets in which they invest. Each Fund may sell the
Underlying Funds or other securities for a variety of reasons, such as to secure
gains, limit losses, or redeploy assets into more promising opportunities. The
Funds expect to be fully invested in the Underlying Funds at all times. To
provide liquidity as well as to assist in achieving the Fund's investment
objective, each Fund may invest in the underlying U.S. Government Money Fund.
Each Fund may invest in shares of the same Underlying Fund; however the
percentage of each Fund's assets so invested will vary depending upon the Fund's
investment objective. Based on its asset allocation analysis, Accessor Capital
determines the mix of Underlying Funds appropriate for each Fund.

================================================================================
TARGET ALLOCATION: Target allocation represents the Funds' current target for
investments in the Underlying Funds. You should note that the Funds' actual
allocations may differ from the target due to market fluctuations and other
factors and that Accessor Capital has the discretion to change each Fund's
target allocation.
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<PAGE>
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OBJECTIVES AND STRATEGIES
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Accessor Income Allocation Fund
-------------------------------
INVESTMENT OBJECTIVE The Income Allocation Fund seeks high current income and
some stability of principal.

INVESTMENT STRATEGY The Fund can invest in a combination of the Underlying
Funds, including the four fixed-income funds and one money market fund. This
Fund uses a conservative asset allocation strategy designed to provide income
for investors with a low risk tolerance and a 1-3 year investment time horizon.

Short-Intermediate Fixed-Income 30% 20-60% 30%

Mortgage Securities 10% 5-30% 10%

U.S. Government Money*** 30% 0-35% 30%

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Accessor Income and Growth Allocation Fund
------------------------------------------
INVESTMENT OBJECTIVE The Income and Growth Allocation Fund seeks high current
income and some potential capital appreciation.

Asset Allocation PIE CHART OF
Underlying Fund** Target* Potential Range TARGET* ALLOCATION
Data Points
Growth 9% 4-14% 9%
Value 9% 4-14% 9%
Small to Mid Cap 7% 2-12% 7%
International Equity 5% 0-10% 5%
High Yield Bond 15% 10-20% 15%
Intermediate Fixed-Income 10% 5-20% 10%

Short-Intermediate Fixed-Income 25% 15-40% 25%

Mortgage Securities 5% 0-15% 5%

U.S. Government Money*** 15% 0-20% 15%

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

*Target allocation represents the Funds' current target for
investments in the Underlying Funds. You should note that the Funds' actual
allocations may differ from the target due to market fluctuations and other
factors and that Accessor Capital has the discretion to change each Fund's
target allocation.
**Invested in Advisor Class shares of the Underlying Fund only.
***Investments in the U.S. Government Money Fund are not insured or guaranteed
by the Federal Deposit Insurance Corporation (FDIC) or any other government
agency. The U.S. Government Money Fund's goal is to preserve the value of your
investment at $1.00 per share. However, it is possible to lose money by
investing in this Fund.
<TABLE>
====================================================================================================================================
<CAPTION>
KEY TO PIE CHART:
<S> <C> <C> <C> <C>
[graphic] Growth [graphic] Small to Mid Cap [graphic] High Yield Bond [graphic] Short-Intermediate [graphic] U.S. Government
Fixed-Income Money
[graphic] Value [graphic] International [graphic] Intermediate [graphic] Mortgage
Equity Fixed-Income Securities

====================================================================================================================================
</TABLE>
<PAGE>
--------------------------------------------------------------------------------
OBJECTIVES AND STRATEGIES
--------------------------------------------------------------------------------
Accessor Balanced Allocation Fund
---------------------------------
INVESTMENT OBJECTIVE The Balanced Allocation Fund seeks moderate current income
and some potential capital appreciation.

INVESTMENT STRATEGY The Fund can invest in a combination of four equity funds,
four fixed-income funds and one money market fund. This Fund uses a moderate
asset allocation strategy designed to provide a balanced mix of current income
and capital appreciation to investors with a moderate risk tolerance and a 5-10
year investment time horizon.

Asset Allocation PIE CHART OF
Underlying Fund** Target* Potential Range TARGET* ALLOCATION
Data Points
Growth 15% 10-20% 15%
Value 15% 10-20% 15%
Small to Mid Cap 10% 5-15% 10%
International Equity 10% 5-15% 10%
High Yield Bond 15% 5-20% 15%
Intermediate Fixed-Income 6% 3-20% 6%

Short-Intermediate Fixed-Income 15% 5-25% 15%

Mortgage Securities 5% 0-20% 5%
U.S. Government Money*** 9% 0-10% 9%
--------------------------------------------------------------------------------
Accessor Growth and Income Allocation Fund
------------------------------------------
INVESTMENT OBJECTIVE The Growth and Income Allocation Fund seeks moderate
potential capital appreciation and some current income.

INVESTMENT STRATEGY The Accessor Growth and Income Allocation Fund can invest in
a combination of four equity funds, four fixed-income funds and one money market
fund. This Fund uses a moderate asset allocation strategy designed to provide a
balanced mix of current capital appreciation and current income to investors
with a moderate risk tolerance and a 5-10 year investment time horizon.

Asset Allocation PIE CHART OF
Underlying Fund** Target* Potential Range TARGET* ALLOCATION
Data Points
Growth 17% 12-22% 17%
Value 17% 12-22% 17%
Small to Mid Cap 11% 6-16% 11%
International Equity 15% 10-20% 15%
High Yield Bond 16% 5-20% 16%
Intermediate Fixed-Income 5% 0-20% 5%
Short-Intermediate Fixed-Income 15% 5-20% 15%
Mortgage Securities 0% 0-15% 0%
U.S. Government Money*** 4% 0-10% 4%

---------------
*Target allocation represents the Funds' current target for
investments in the Underlying Funds. You should note that the Funds' actual
allocations may differ from the target due to market fluctuations and other
factors and that Accessor Capital has the discretion to change each Fund's
target allocation.
**Invested in Advisor Class shares of the Underlying Fund only.
***Investments in the U.S. Government Money Fund are not insured or guaranteed
by the Federal Deposit Insurance Corporation (FDIC) or any other government
agency. The U.S. Government Money Fund's goal is to preserve the value of your
investment at $1.00 per share. However, it is possible to lose money by
investing in this Fund.
<TABLE>
====================================================================================================================================
<CAPTION>
KEY TO PIE CHART:
<S> <C> <C> <C> <C>
[graphic] Growth [graphic] Small to Mid Cap [graphic] High Yield Bond [graphic] Short-Intermediate [graphic] U.S. Government
Fixed-Income Money
[graphic] Value [graphic] International [graphic] Intermediate [graphic] Mortgage
Equity Fixed-Income Securities
====================================================================================================================================
</TABLE>
<PAGE>
--------------------------------------------------------------------------------
OBJECTIVES AND STRATEGIES
--------------------------------------------------------------------------------
Accessor Growth Allocation Fund
-------------------------------
INVESTMENT OBJECTIVE The Growth Allocation Fund seeks high potential capital
appreciation and some current income.

INVESTMENT STRATEGY The Fund can invest in a combination of four equity funds,
four fixed-income funds and one money market fund. This Fund uses an aggressive
asset allocation strategy designed to provide capital appreciation to investors
with a high risk tolerance and an investment time horizon of 10 years or more.

Asset Allocation PIE CHART OF
Underlying Fund** Target* Potential Range TARGET* ALLOCATION
Data Points
Growth 23% 19-30% 23%
Value 23% 19-30% 23%
Small to Mid Cap 14% 7-20% 14%
International Equity 20% 15-25% 20%
High Yield Bond 12% 5-15% 12%
Intermediate Fixed-Income 0% 0-15% 0%
Short-Intermediate Fixed-Income 8% 0-15% 8%
Mortgage Securities 0% 0-15% 0%
U.S. Government Money*** 0% 0-5% 0%

--------------------------------------------------------------------------------
Accessor Aggressive Growth Allocation Fund
------------------------------------------
INVESTMENT OBJECTIVE The Aggressive Growth Allocation Fund seeks high potential
capital appreciation.

INVESTMENT STRATEGY The Fund can invest in a combination of the Underlying
Funds, including the four equity funds and one money market fund. This Fund uses
a very aggressive asset allocation strategy designed to provide capital
appreciation to investors with a very high risk tolerance and an investment time
horizon of 10 years or more.

Asset Allocation PIE CHART OF
Underlying Fund** Target* Potential Range TARGET* ALLOCATION
Data Points
Growth 29% 25-35% 29%
Value 29% 25-35% 29%
Small to Mid Cap 18% 10-25% 18%
International Equity 24% 19-30% 24%
High Yield Bond 0% 0-5% 0%
Intermediate Fixed-Income 0% 0-5% 0%
Short-Intermediate Fixed-Income 0% 0-5% 0%
Mortgage Securities 0% 0-5% 0%
U.S. Government Money*** 0% 0-5% 0%
----------------
*Target allocation represents the Funds' current target for
investments in the Underlying Funds. You should note that the Funds' actual
allocations may differ from the target due to market fluctuations and other
factors and that Accessor Capital has the discretion to change each Fund's
target allocation.
**Invested in Advisor Class shares of the Underlying Fund only.
***Investments in the U.S. Government Money Fund are not insured or guaranteed
by the Federal Deposit Insurance Corporation (FDIC) or any other government
agency. The U.S. Government Money Fund's goal is to preserve the value of your
investment at $1.00 per share. However, it is possible to lose money by
investing in this Fund.
<TABLE>
====================================================================================================================================
<CAPTION>
KEY TO PIE CHART:
<S> <C> <C> <C> <C>
[graphic] Growth [graphic] Small to Mid Cap [graphic] High Yield Bond [graphic] Short-Intermediate [graphic] U.S. Government
Fixed-Income Money
[graphic] Value [graphic] International [graphic] Intermediate [graphic] Mortgage
Equity Fixed-Income Securities
====================================================================================================================================
</TABLE>
<PAGE>

--------------------------------------------------------------------------------
DESCRIPTION OF UNDERLYING FUNDS
--------------------------------------------------------------------------------
The particular Underlying Funds in which each Fund may invest and the allocation
targets and ranges in each Underlying Fund may be changed from time to time
without shareholder approval. In addition, each Fund's investment objectives and
all policies not specifically designated as fundamental in this Prospectus or
the Statement of Additional Information are non-fundamental and may be changed
by the Board of Directors without shareholder approval. If there is a change in
a Fund's investment objective or policies, you should consider whether that Fund
remains an appropriate investment in light of your then current financial
position and needs. Each Fund's investment objective, investment strategy,
current target allocations in the Underlying Funds and potential ranges of
allocations in the Underlying Funds are set forth in the previous tables.

The table below gives a brief description of the principal investment programs
of the Underlying Funds. Additional information about the investment practices
and policies of the Underlying Funds can be found in the Statement of Additional
Information. No offer is made in this Prospectus of any of the Underlying Funds.
================================================================================
UNDERLYING FUND INVESTMENT PROGRAM
--------------------------------------------------------------------------------
Growth Seeks capital growth through investing primarily in equity
Fund securities with greater than average growth characteristics
selected from the Standard & Poor's 500 Composite Stock
Price Index ("S&P 500").

The Money Manager, Chicago Equity Partners, selects stocks
that it believes will outperform peer companies while
maintaining an overall risk level similar to that of the
benchmark.
------------------------------------------------------------
EQUITY SECURITIES represent an ownership interest, or the
right to acquire an ownership interest, in an issuer.
Different types of equity securities provide different
voting and the bankruptcy dividend of rights the and issuer.
priority Equity in securities the include event common of
stocks, preferred stocks, convertible securities and
warrants.

The Money Manager, Martingale Asset Management, analyzes
fundamental information about companies such as their
assets, earnings and growth to identify undervalued stocks,
focusing primarily on stocks issued by companies with low
price to earnings and/or price to book ratios and companies
with improving growth of earnings and/or growth of
dividends.

On November 16, 2000, the Board of Directors of Accessor
Funds approved the replacement of Martingale as money
manager of the Value Fund. The Board of Directors, including
continued on next page all of the Directors who are not
"interested persons" of Accessor Funds, have approved the

continued on next page
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
OBJECTIVES AND STRATEGIES
================================================================================
UNDERLYING FUND INVESTMENT PROGRAM
--------------------------------------------------------------------------------
Value appointment of Wellington Management Company, LLP
Fund ("Wellington Management") as the money manager of the Value
(con't) Fund, effective January 10, 2001. Wellington Management uses
a disciplined structured investment approach and
quantitative analytical techniques designed to identify
stocks with the highest probability of outperforming their
peers coupled with a portfolio construction process designed
to keep the overall portfolio risk characteristics similar
to that of the benchmark.
------------------------------------------------------------
EQUITY SECURITIES represent an ownership interest, or the
right to acquire an ownership interest, in an issuer.
Different types of equity securities provide different
voting and the bankruptcy dividend of rights the and issuer.
priority Equity in securities the include event common of
stocks, preferred stocks, convertible securities and
warrants.

The S&P 500 INDEX is an unmanaged index of 500 common stocks
chosen to reflect the industries in the U.S. economy. Large
capitalization growth stocks are the stocks within the S&P
500 that generally have high expected earnings growth and
higher than average price-to-book ratios. Large
capitalization value stocks are the stocks within the S&P
500 that generally are priced below the market average based
on earnings and lower than average price-to-book ratios.
--------------------------------------------------------------------------------
Small to Seeks capital growth through investing primarily in equity
Mid Cap securities of small to medium capitalization issuers.
Fund
The Fund invests at least 65% of its total assets in the
stocks of small and medium capitalization companies that are
expected to experience higher than average growth of
earnings or stock price. The Money Manager, Symphony Asset
Management, uses a quantitative approach to analyze earnings
forecasts, price movements and other factors to identify
growth stocks with attractive fundamentals relative to
price.
------------------------------------------------------------
Generally, small capitalization issuers are issuers that
have a capitalization of $1 billion or less at the time of
investment and medium capitalization issuers have a
capitalization ranging from $1 billion to $10 billion at the
time of investment.
--------------------------------------------------------------------------------
International Seeks capital growth by investing primarily in equity
Equity securities of companies domiciled in countries other than
Fund the United States and traded on foreign stock exchanges.

The Fund will have at least 65% of its total assets in the
stocks of companies domiciled in Europe and the Pacific Rim.
The Fund normally intends to maintain investments in at
least three different countries outside the United States.
The Money Manager, Nicholas-Applegate Capital Management,
reflects a focus on individual security selection.
Nicholas-Applegate uses fundamental qualitative and
quantitative analysis to seek companies that are industry
leaders in the process of positive change to construct a
portfolio that generally parallels the countries comprising
the Morgan Stanley Capital International ("MSCI") EAFE(R) +
EMF Index. The firm's bottom-up approach drives the
portfolio toward issues demonstrating positive fundamental
change, evidence of sustainability and timeliness. The Money
Manager attempts to exceed the total return of the MSCI EAFE
+ EMF Index.
-------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
OBJECTIVES AND STRATEGIES
================================================================================
UNDERLYING FUND INVESTMENT PROGRAM
--------------------------------------------------------------------------------

High Yield Seeks current income by investing primarily in lower-rated,
Bond Fund high-yield corporate debt securities.

The Fund invests primarily in lower-rated, high-yield
corporate debt securities commonly referred to as "junk
bonds." Under normal conditions, at least 65% of the Fund's
total assets will be invested in debt securities rated lower
than Baa by Moody's Investors Service, Inc. ("Moody's") or
BBB by Standard and Poor's, a division of The McGraw-Hill
Companies, Inc. ("S&P"), or securities judged to be of
equivalent quality by the Money Manager. The Fund will
normally maintain an aggregate dollar-weighted average
portfolio duration that does not vary outside of a band of
plus or minus 20% from that of the Lehman Brothers U.S.
Corporate High Yield Index. The Money Manager, Financial
Management Advisors, Inc. ("FMA"), selects debt securities
on a company-by-company basis, emphasizing fundamental
research and a long-term investment horizon. Their analysis
focuses on the nature of a company's business, its strategy,
and the quality of its management. Based on this analysis,
the Money Manager looks primarily for companies whose
prospects are stable or improving, and whose bonds offer an
attractive yield. Companies with improving prospects are
normally more attractive in the opinion of the Money Manager
because they offer better assurance of debt repayment.

------------------------------------------------------------
DURATION, one of the fundamental tools used by money
managers in security selection of fixed-income securities,
is a measure of the price sensitivity of a debt security or
a portfolio of debt securities to relative changes in
interest rates. For instance, a duration of "three" means
that a portfolio's or security's price would be expected to
decrease by approximately 3% with a 1% increase in interest
rates.

The duration of the Lehman Brothers U.S. Corporate High
Yield Index as of September 30, 2000 is 7.60 years.

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

Intermediate Seeks generation of current income by investing primarily in
Fixed-Income fixed-income securities with durations of between three and
Fund ten years and a dollar-weighted average portfolio duration
that does not vary more or less than 20% from that of the
Lehman Brothers Duration, one of the Government/Credit
Index.

The Fund primarily invests in investment grade debt
securities or debt securities unrated but of similar
quality, but may invest up to 20% of the net assets in
securities rated BBB by S&P or Baa by Moody's, and up to 6%
of the net assets of the Fund in securities rated BB by S&P
or Ba by Moody's or debt securities unrated but of similar
quality. The Money Manager, Cypress Asset Management, uses
quantitative analyses and risk control methods to ensure
that the Fund's overall risk and duration characteristics
are consistent with the Lehman Brothers Government/Credit
Index. Cypress Asset Management seeks to enhance the Fund's
returns by systematically overweighting its investments in
the corporate sector as compared to the index.
------------------------------------------------------------
DURATION, one of the fundamental tools used by money
managers in security selection of fixed-income securities,
is a measure of the price sensitivity of a debt security or
a portfolio of debt securities to relative changes in
interest rates. For instance, a duration of "three" means
that a portfolio's or security's price would be expected to
decrease by approximately 3% with a 1% increase in interest
rates.

The duration of the Lehman Brothers Government/Credit
Index as of September 30, 2000 is 5.42 years.

--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
OBJECTIVES AND STRATEGIES
================================================================================
UNDERLYING FUND INVESTMENT
PROGRAM
--------------------------------------------------------------------------------
Short- Seeks preservation of capital and generation of current
Intermediate current income by investing primarily in fixed-income
Fixed-Income securities with durations of between one and five years and
Fund a dollar-weighted average portfolio duration that does not
vary more or less than 20% from that of the Lehman Brothers
Government/Credit 1-5 Year Index.

The Fund primarily invests in investment grade debt
securities or debt securities unrated but of similar
quality, but may invest up to 20% of the net assets in
securities rated BBB by S&P or Baa by Moody's and up to 6%
of the net assets in securities rated BB by S&P or Ba by
Moody's or debt securities unrated but of similar quality.
The Money Manager, Cypress Asset Management, uses
quantitative analyses and risk control methods to ensure
that the Fund's overall risk and duration characteristics
are consistent with the Lehman Brothers Government/Credit
1-5 Year Index. Cypress Asset Management seeks to enhance
the Fund's returns by systematically overweighting its
investments in the corporate sector as compared to the
index.
------------------------------------------------------------
DURATION, one of the fundamental tools used by money
managers in security selection of fixed-income securities,
is a measure of the price sensitivity of a debt security or
a portfolio of debt securities to relative changes in
interest rates. For instance, a duration of "three" means
that a portfolio's or security's price would be expected to
decrease by approximately 3% with a 1% increase in interest
rates.

The duration of the Lehman Brothers Government/Credit 1-5
Index as of September 30, 2000 is 2.38 years.

--------------------------------------------------------------------------------
Mortgage Seeks generation of current income by investing primarily in
Securities mortgage-related securities with an aggregate
Fund dollar-weighted average portfolio duration that does not
vary outside of a band of plus or minus 20% from that of the
Lehman Brothers Duration, one of the Mortgage-Backed
Securities Index.

The Fund seeks to achieve its objective by investing
security selection of at least 65% and generally more than
80% of its total assets in mortgage related securities. The
Fund invests principally in mortgage related securities
issued or guaranteed by the U.S. Government, its agencies or
instrumentalities, and will only invest in non-U.S.
Government mortgage related securities rated A or higher by
S&P or Moody's or determined to be of equivalent quality by
the Money Manager or Accessor Capital at the time of
purchase.

The Money Manager, BlackRock Financial Management, Inc.,
uses quantitative risk control methods to ensure that the
Fund's overall risk and duration characteristics are
consistent with the Index.
------------------------------------------------------------
DURATION, one of the fundamental tools used by money
managers in security selection of fixed-income securities,
is a measure of the price sensitivity of a debt security or
a portfolio of debt securities to relative changes in
interest rates. For instance, a duration of "three" means
that a portfolio's or security's price would be expected to
decrease by approximately 3% with a 1% increase in interest
rates.

The duration of the Lehman Brothers Mortgage-Backed
Securities Index as of September 30, 2000 is 3.98 years.

--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
OBJECTIVES AND STRATEGIES
================================================================================
UNDERLYING FUND INVESTMENT
PROGRAM
--------------------------------------------------------------------------------
U.S. Seeks maximum current income consistent with the
Government preservation of principal and liquidity by investing
Money primarily in short-term obligations issued or guaranteed by
Fund the U.S. Government, its agencies or instrumentalities.
Accessor Capital Management directly invests the assets of
the Fund.

--------------------------------------------------------------------------------
PRINCIPAL RISKS OF INVESTING IN THE FUNDS
--------------------------------------------------------------------------------
[graphic] UNDERLYING FUND RISKS. The investments of each Fund are concentrated
in the Underlying Funds, and each Fund's investment performance is directly
related to the investment performance of the Underlying Funds held by it. The
ability of each Fund to meet its investment objective is directly related to the
ability of the Underlying Funds to meet their objectives as well as the
allocation among those Underlying Funds by Accessor Capital. The value of the
Underlying Funds' investments, and the net asset values ("NAV") of the shares of
both the Funds and the Underlying Funds, will fluctuate in response to various
market and economic factors related to the equity and fixed-income markets, as
well as the financial condition and prospects of issues in which the Underlying
Funds invest. There can be no assurance that the investment objective of any
Fund or any Underlying Fund will be achieved.

Because the Funds invest in the Underlying Funds, the Funds' shareholders will
be affected by the investment policies of the Underlying Funds in direct
proportion to the amount of assets the Funds allocate to those Underlying Funds.
Each Fund may invest in certain Underlying Funds that in turn invest in small
capitalization companies and foreign issuers and thus are subject to additional
risks, including changes in foreign currency exchange rates and political risk.
Foreign investments may include securities of issuers located in emerging
countries in Asia, Latin America, Eastern Europe and Africa. Each Fund may also
invest in certain Underlying Funds that in turn invest in non-investment grade
fixed-income securities ("junk bonds"), which are considered speculative by
traditional standards. In addition, certain Underlying Funds may purchase
derivative securities; enter into forward currency transactions; lend their
portfolio securities; enter into futures contracts and options transactions;
purchase zero coupon bonds and payment-in-kind bonds; purchase securities issued
by real estate investment trusts ("REITs") and other issuers in the real estate
industry; purchase restricted and illiquid securities; purchase securities on a
when-issued or delayed delivery basis; enter into repurchase agreements; borrow
money; and engage in various other investment practices. The risks presented by
these investment practices are discussed in this Prospectus and in the Statement
of Additional Information.

[graphic] ALLOCATION RISK. Each Fund's investment performance depends upon how
its assets are allocated and reallocated among particular Underlying Funds
according to the Fund's equity/fixed-income allocation targets and ranges. A
principal risk of investing in each Fund is that Accessor Capital will make less
than optimal or poor asset allocation decisions. Accessor Capital attempts to
identify asset classes and sub-classes represented by the Underlying Funds that
will provide consistent, quality performance for the Funds, but there is no
guarantee that Accessor Capital's allocation techniques will produce the desired
results. It is possible that Accessor Capital will focus on Underlying Funds
that perform poorly or underperform other available mutual funds under various
market conditions. You could lose money on your investment in a Fund as a result
of these allocation decisions.
<PAGE>
--------------------------------------------------------------------------------
PRINCIPAL RISKS OF UNDERLYING FUNDS
--------------------------------------------------------------------------------
Risks of the Funds depend on the risks of the Underlying Funds. To determine how
much each Fund is subject to the risks below, please refer to the Objectives and
Strategies section to see what proportion of the Fund's assets may be invested
in each Underlying Fund.
--------------------------------------------------------------------------------
Principal Risks of Underlying Equity Funds
------------------------------------------
[graphic]STOCK MARKET VOLATILITY. Stock values fluctuate in response to issuer,
political, market and economic developments. In the short term, stock prices can
fluctuate dramatically in response to these developments. Securities that
undergo an initial public offering may trade at a premium in the secondary
markets. However, there is no guarantee that a Fund will have the ability to
participate in such offerings on an ongoing basis.

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

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

[graphic]FOREIGN EXPOSURE. Foreign exposure is a principal risk for the
International Equity Fund, which concentrates its investments in foreign
securities, and may also be a risk for the other Equity Funds. Foreign
securities, foreign currencies and securities issued by U.S. entities with
substantial foreign operations can involve additional risks relating to
political, economic or regulatory conditions in foreign countries. These risks
include fluctuations in foreign currencies; withholding or other taxes; trading,
settlement, custodial and other operational risks; and the less stringent
investor protection and disclosure standards of some foreign markets.

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

Each Underlying Fund's portfolio securities usually are valued on the basis of
the most recent closing market prices at 4 p.m. Eastern time when each Fund
calculates its NAV. Most of the securities in which the International Equity
Underlying Fund invests, however, are traded in markets that close before that
time. For securities primarily traded in the Far East, for example, the most
recent closing prices may be as much as 15 hours old at 4 p.m. Normally,
developments that could affect the values of portfolio securities that occur
between the close of the foreign market and 4 p.m. Eastern time will not be
reflected in the International Equity Underlying Fund's NAVs. However, if the
International Equity Underlying Fund determines that such developments are so
significant that they will clearly and materially affect the value of the
International Equity Underlying Fund's securities, the International Equity
Underlying Fund may adjust the previous closing prices for these securities to
reflect fair value.

--------------------------------------------------------------------------------
Principal Risks of the Underlying Fixed-Income Funds
----------------------------------------------------
[graphic]BOND MARKET VOLATILITY. Individual securities are expected to fluctuate
in response to issuer, general economic and market changes. An individual
security or category of securities may, however, fluctuate more or less than the
market as a whole.
<PAGE>
--------------------------------------------------------------------------------
PRINCIPAL RISKS OF UNDERLYING FUNDS
--------------------------------------------------------------------------------
Debt and money market securities have varying levels of sensitivity to changes
in interest rates. In general, the price of a debt or money market security
falls when interest rates rise and rises when interest rates fall. Securities
with longer durations generally are more sensitive to interest rate changes. In
other words, the longer the duration of a security, the greater the impact a
change in interest rates is likely to have on the security's price. In addition,
short-term securities tend to react to changes in short-term interest rates, and
long-term securities tend to react to changes in long-term interest rates. When
short-term interest rates fall, the U.S. Government Money Fund's yield will
generally fall as well.

[graphic]BOND ISSUER RISK. Changes in the financial condition of an issuer,
changes in specific economic or political conditions that affect a particular
type of issuer, and changes in general economic or political conditions can
adversely affect the credit quality or value of an issuer's securities. The
value of an individual security or category of securities may be more volatile
than the debt market as a whole. Entities providing credit support or a
maturity-shortening structure are also affected by these types of changes. Any
of a Fund's holdings could have its credit downgraded or could default, which
could affect the Fund's performance.

Credit risk is a principal risk for the High Yield Bond Fund, which concentrates
its investments in securities with lower credit quality, and is a possible risk
for the Intermediate and Short-Intermediate Fixed-Income Funds. Credit risk is
the possibility that an issuer will fail to make timely payments of interest or
principal. Some issuers may not make payments on debt securities held by a Fund,
causing a loss. Or, an issuer may suffer adverse changes in its financial
condition that could lower the credit quality of a security, leading to greater
volatility in the price of the security and in shares of a Fund. A change in the
quality rating of a bond or other security can also affect the security's
liquidity and make it more difficult for a Fund to sell. Lower quality debt
securities and comparable unrated debt securities are more susceptible to these
problems than higher quality obligations.

Because of its concentration in investments in junk bonds, the High Yield Bond
Fund is subject to substantial credit risk. Credit quality in the high-yield
bond market can change suddenly and unexpectedly, and even recently issued
credit ratings may not fully reflect the actual risks of a particular high-yield
bond. The Funds' Money Managers will not rely solely on ratings issued by
established credit rating agencies, but will utilize these ratings in
conjunction with its own independent and ongoing credit analysis.

[graphic]LOWER RATED DEBT SECURITIES. Lower rated debt securities are a
principal risk for the High Yield Bond Fund, which concentrates its investments
in lower rated debt securities, and are also a risk for the Intermediate and
Short-Intermediate Fixed-Income Funds. Debt securities rated lower than BBB by
S&P or lower than Baa by Moody's are commonly referred to as "junk bonds." Lower
rated debt securities and comparable unrated debt securities have speculative
characteristics and are subject to greater risks than higher rated securities.
These risks include the possibility of default on principal or interest payments
and bankruptcy of the issuer. During periods of deteriorating economic or
financial conditions, the ability of issuers of lower rated debt securities to
service their debt, meet projected goals or obtain additional financing may be
impaired. In addition, the market for lower rated debt securities has in the
past been more volatile and less liquid than the market for higher rated debt
securities. These risks could adversely affect the Funds that invest in these
debt securities.

[graphic]PREPAYMENT RISK. Prepayment risk is a principal risk for the Mortgage
Securities Fund, which concentrates its investments in mortgage securities, and
may also be a risk for the other Fixed-Income Funds. Many types of debt
securities, including mortgage securities, are subject to prepayment risk.
Prepayment occurs when the issuer of a security can repay principal prior to the
security's maturity. For example, if interest rates are dropping and an issuer
pays off an obligation or a bond before maturity, the Fund may have to reinvest
at a lower interest rate. Securities subject to prepayment generally offer less
potential for gains during periods of declining interest rates and similar or
greater potential for loss in periods of rising interest rates. In addition, the
potential impact of prepayment features on the price of a debt security can be
difficult to predict and result in greater volatility. Prepayments on assets
underlying mortgage or other asset backed securities held by a Fund can
adversely affect those securities' yield and price.
<PAGE>
--------------------------------------------------------------------------------
PRINCIPAL RISKS OF UNDERLYING FUNDS
--------------------------------------------------------------------------------

[graphic]INFLATION RISK. The real value of the U.S. Government Money Fund's
yield may be eroded by inflation over time. The U.S. Government Money Fund may
underperform the bond and equity markets over time.

--------------------------------------------------------------------------------
Other Risks of Investing in the Funds
-------------------------------------

[graphic]AFFILIATED PERSONS. In managing the Funds, Accessor Capital will have
the authority to select and substitute Underlying Funds. Accessor Capital is
subject to conflicts of interest in allocating Fund assets among the various
Underlying Funds both because the fees payable to it and/or its affiliates by
some Underlying Funds are higher than the fees payable by other Underlying Funds
and because Accessor Capital is also responsible for managing and administering
the Underlying Funds. The Board of Directors and officers of Accessor Funds may
also have conflicting interests in fulfilling their fiduciary duties to both the
Funds and the Underlying Funds.

[graphic]EXPENSES. You may invest in the Underlying Funds directly. By investing
in the Underlying Funds indirectly through a Fund, you will incur not only a
proportionate share of the expenses of the Underlying Funds held by the Fund
(including operating costs and investment management fees), but also the
expenses of the Fund.

[graphic]SHORT-TERM AND TEMPORARY DEFENSIVE INVESTMENTS. Although the Funds
normally seek to remain substantially invested in the Underlying Funds, each
Fund may invest a portion of its assets in high-quality, short-term debt
obligations (including commercial paper, certificates of deposit, bankers'
acceptances, repurchase agreements, debt obligations backed by the full faith
and credit of the U.S. Government and demand and time deposits of domestic and
foreign banks and savings and loan associations) to maintain liquidity, to meet
shareholder redemptions and for other short-term cash needs. Also, there may be
times when, in the opinion of Accessor Capital, abnormal market or economic
conditions warrant that, for temporary defensive purposes, a Fund may invest
without limitation in short-term obligations. When a Fund's assets are invested
in such investments, the Fund may not be achieving its investment objective.

<PAGE>
--------------------------------------------------------------------------------
MANAGEMENT, ORGANIZATION AND CAPITAL STRUCTURE
--------------------------------------------------------------------------------
MANAGER AND ADMINISTRATOR Accessor Capital Management LP, 1420 Fifth Avenue,
Suite 3600, Seattle, WA 98101

Each Fund is a portfolio of Accessor Funds, Inc. ("Accessor Funds"), a Maryland
corporation. The Board of Directors is responsible for managing the business and
affairs of the Funds. Accessor Capital develops the investment programs for the
Funds and decides how to allocate the assets of each Fund among the Underlying
Funds. J. Anthony Whatley, III, is the Executive Director of Accessor Capital.
Ravindra A. Deo, Vice President and Chief Investment Officer of Accessor
Capital, is primarily responsible for the day-to-day management of the Funds.

The Funds will pay Accessor Capital an annual management fee equal to 0.10% of
each Fund's average daily net assets for asset allocation and other services.

Accessor Capital develops the investment programs for the Underlying Funds,
selects the Money Managers for the Underlying Funds, and monitors the
performance of the Money Managers. In addition, Accessor Capital invests the
assets of the U.S. Government Money Fund. The Securities and Exchange Commission
issued an exemptive order that allows Accessor Funds to change an Underlying
Fund's Money Manager without shareholder approval, as long as, among other
things, the Board of Directors has approved the change in Money Manager and
Accessor Funds has notified the shareholders of the affected Funds within 60
days of the change.

Accessor Funds has applied to the Securities and Exchange Commission for an
exemptive order that will allow the Underlying Funds to pay the expenses of the
Funds other than the Funds' direct management fees to the extent that the
Underlying Funds derive financial and other benefits as a result of investments
in the Funds. To the extent these expenses are not paid by the Underlying Funds,
Accessor Capital has agreed to pay these expenses for the fiscal years ended
December 31, 2000 through 2003.

Below is a description of the current Money Managers of each Underlying Fund:
--------------------------------------------------------------------------------
GROWTH FUND
-----------
CHICAGO EQUITY PARTNERS LLC, 180 N.LaSalle Street, Suite 3800, Chicago, IL 60697

Chicago Equity Partners utilizes a team approach to managing portfolios. David
Johnsen is the Senior Portfolio Manager responsible for the day-to-day
management of the Fund. David has been with Chicago Equity Partners and its
predecessors for over 23 years. Prior to Chicago Equity Partners, Geewax, Terker
& Company was the money manager of the Growth Fund. The former money manager
managed the Fund from July 27, 1997 until March 15, 2000.
--------------------------------------------------------------------------------
VALUE FUND
----------
MARTINGALE ASSET MANAGEMENT, L.P., 222 Berkeley Street, Boston, MA 02116

William E. Jacques, Chief Investment Officer since co-founding Martingale in
1987, is primarily responsible for the investment decisions for the Value Fund.
Samuel Nathans, Senior Portfolio Manager, is primarily responsible for the
day-to-day management of the Value Fund. Mr. Nathans joined Martingale in 1999.
Before joining Martingale, Mr. Nathans was the Portfolio Manager and Director of
Research for the AIG Equity Market Neutral Fund, a quantitative long/short hedge
fund administered by the American International Group, Inc. Before AIG, Mr.
Nathans served as Vice President for Quantitative Research at M.D. Sass Investor
Services, Inc. Mr. Nathans was Director of Trading and Developmental Research at
Saje Asset Management prior to his service at M.D. Sass.

continued on next page
<PAGE>

Effective January 10, 2001, Wellington Management will replace Martingale Asset
Management as the Value Funds money manager.

WELLINGTON MANAGEMENT COMPANY, LLP, 75 State Street, Boston, MA 02109

Doris Dwyer Chu is the Portfolio manager responsible for the day-to-day
management of the Fund. Ms. Chu has been with Wellington Management since 1998,
prior to that she was a partner and international portfolio manager at Grantham,
Mayo, Van Otterloo & Company. Doris relies on fundamental research provided by
Wellington Management's Global Industry Analysts.

--------------------------------------------------------------------------------
SMALL TO MID CAP FUND
---------------------

SYMPHONY ASSET MANAGEMENT LLC, 555 California Street, San Francisco, CA 94104

Praveen K. Gottipalli is primarily responsible for the day-to-day management and
investment decisions for the Small to Mid Cap Fund; he is assisted by David
Wang. Mr. Gottipalli has been Director of Investments with Symphony and its
predecessor entities since March 1994. From 1985 to 1994, he was with BARRA,
Inc., where he was Director of the Active Strategies Group. Since May 1994, Mr.
Wang has been a portfolio manager with Symphony Asset Management, Inc., which
owns 50% of Symphony Asset Management LLC. From 1993 to 1994, Mr. Wang was a
Programmer-Analyst with BARRA, Inc.
--------------------------------------------------------------------------------
INTERNATIONAL EQUITY
--------------------

NICHOLAS-APPLEGATE CAPITAL MANAGEMENT, 600 West Broadway, 29th Floor, San Diego,
CA 92101

Catherine Somhegyi, Lawrence S. Speidell and Loretta J. Morris are primarily
responsible for making the day-to-day management and investment decisions for
the International Equity Fund. Ms. Somhegyi, Chief Investment Officer, Global
Equity Management, joined Nicholas-Applegate in 1987. Mr. Speidell, Partner and
Director of Research, joined Nicholas-Applegate in 1994. From 1983 to 1994, Mr.
Speidell was a portfolio manager for Batterymarch Financial Management. Ms.
Morris, Partner and Portfolio Manager, International, joined Nicholas-Applegate
in 1990. Nicholas-Applegate is expecting to complete a transaction during the
first quarter of 2001 which will cause a change of control.
--------------------------------------------------------------------------------

HIGH YIELD BOND FUND
--------------------

FINANCIAL MANAGEMENT ADVISORS, INC., 1900 Avenue of the Stars, Suite 900, Los
Angeles, CA 90067

FMA uses a team approach. Kenneth D. Malamed and Steven S. Michaels are
primarily responsible for the day-to-day management of the Fund. Mr. Malamed,
President and Chief Investment Officer, founded FMA in 1985. In 1992, the
assets, operations and client base of FMA were acquired by Wertheim Schroder
Investment Services, Inc. (later renamed Schroder Wertheim Investment Services,
Inc.), where Ken Malamed served as Managing Director, Director of Fixed-Income
and Chairman of the Credit Committee. In November 1995, Mr. Malamed terminated
his association with Schroder Wertheim. In December of 1995, he re-established
FMA and continued on with a portion of the investment advisory business. Mr.
Michaels, Senior Vice President and Managing Director of High Yield Fixed
Income, joined FMA in 1991. He was Senior High Yield Credit Analyst at Schroder
Wertheim Investment Services, Inc. from 1992 to 1995. He continued on with Mr.
Malamed in January 1996 at the re-established FMA.
<PAGE>
--------------------------------------------------------------------------------
INTERMEDIATE FIXED-INCOME FUND
SHORT-INTERMEDIATE FIXED-INCOME FUND
------------------------------------
CYPRESS ASSET MANAGEMENT, 26607 Carmel Center Place, Carmel, CA 93923

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

--------------------------------------------------------------------------------
MORTGAGE SECURITIES FUND
------------------------
BLACKROCK FINANCIAL MANAGEMENT, INC., 345 Park Avenue, New York, NY 10154

BlackRock's Investment Strategy Group has primary responsibility for setting the
broad investment strategy and for overseeing the ongoing management of all
client portfolios. Mr. Andrew J. Phillips, Managing Director, is primarily
responsible for the day-to-day management and investment decisions for the
Mortgage Securities Fund. Mr. Phillips' primary responsibility is the management
of the firm's investment activities in fixed-rate mortgage securities, including
pass-throughs and CMOs. He directs the development of investment strategy and
coordinates execution for all client portfolios. Prior to joining BlackRock in
1991, Mr. Phillips was a portfolio manager at Metropolitan Life Insurance
Company.
--------------------------------------------------------------------------------
U.S. GOVERNMENT MONEY FUND
--------------------------
ACCESSOR CAPITAL MANAGEMENT LP, 1420 Fifth Avenue, Suite 3600, Seattle, WA 98101

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

<PAGE>
--------------------------------------------------------------------------------
PURCHASING FUND SHARES
--------------------------------------------------------------------------------
WHERE TO PURCHASE
-----------------
[graphic] Direct. Investors may purchase Advisor Class Shares directly from
Accessor Funds for no sales charge or commission.

[graphic] Financial Intermediaries. Advisor Class Shares may be purchased
through financial intermediaries, such as banks, broker-dealers, registered
investment advisers and providers of fund supermarkets. In certain cases where
Accessor Funds has entered into an agreement with a financial intermediary, a
Fund will be deemed to have received a purchase or redemption when it is
received by the financial intermediary. The order will be priced at the next
calculated NAV. Financial intermediaries are responsible for transmitting
accepted orders to the Funds within the time period agreed upon by them. You
should contact your financial intermediary to learn whether it is authorized to
accept orders for the Fund. These financial intermediaries may also charge
transaction, administrative or other fees to shareholders, and may impose other
limitations on buying, selling or transferring shares, which are not described
in this Prospectus. Some features of the Advisor Class Shares, such as
investment minimums, redemption fees and certain trading restrictions, may be
modified or waived by financial intermediaries. Shareholders should contact
their financial intermediary for information on fees and restrictions.
--------------------------------------------------------------------------------
HOW TO PURCHASE
---------------
Purchase orders are accepted on each business day that the New York Stock
Exchange is open and must be received in proper form prior to the close of the
New York Stock Exchange, normally 4:00 p.m. Eastern time. All purchases must be
made in U.S. dollars. Purchases may be made in any of the following ways:

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

Accessor Funds, Inc.
Attn: Shareholder Services
P. O. Box 1748
Seattle, WA 98111-1748

If you pay with a check that does not clear or if your payment is not timely
received, your purchase will be canceled. You will be responsible for any losses
or expenses incurred by each Fund or the transfer agent, and the Fund can redeem
shares you own in this or another identically registered Accessor Fund account
as reimbursement. Each Fund and its agents have the right to reject or cancel
any purchase, exchange, or redemption due to nonpayment.

[graphic] By Federal Funds Wire. Wire instructions are described in the
operations manual and must be accompanied or preceded by a trade sheet.

[graphic] By Telephone. Shareholders with aggregate account balances of at least
$1 million may purchase Advisor Class Shares by telephone at (800) 759-3504. To
prevent unauthorized transactions, Accessor Funds may use reasonable procedures
to verify telephone requests.
================================================================================
Advisor Class Shares may not be purchased on days when the NYSE is closed for
trading: New Year's Day, Martin Luther King, Jr. Day, Presidents Day, Good
Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and
Christmas Day.
================================================================================
<PAGE>
--------------------------------------------------------------------------------
PURCHASING FUND SHARES
--------------------------------------------------------------------------------
IRA/ROTH IRAS
-------------
Investors may purchase Advisor Class Shares through an Individual or Roth
Retirement Custodial Account Plan. An IRA or Roth IRA with an aggregate balance
of less than $10,000 on December 31 of any year may be assessed a $25.00 fee.
Copies of an IRA or Roth IRA Plan may be obtained from Accessor Capital by
calling (800) 759-3504.
--------------------------------------------------------------------------------
INVESTMENT MINIMUMS
-------------------

[graphic] Regular Accounts. Initial investments must be at least $5,000 in one
Fund. Subsequent investments must be at least $1,000.

[graphic] Retirement Accounts. Initial and subsequent investments must be at
least $2,000 in one Fund.

Accessor Funds may accept small purchase amounts or reject any purchase order it
believes may disrupt the management of the Funds.
--------------------------------------------------------------------------------
SHARE PRICING
-------------
Investors purchase Advisor Class Shares of a Fund at its net asset value per
share ("NAV"). The NAV is calculated by adding the value of Fund assets
attributable to Advisor Class Shares, subtracting Fund liabilities attributable
to the class, and dividing by the number of outstanding Advisor Class Shares.
The NAV is calculated each day that the New York Stock Exchange ("NYSE") is open
for business. The Funds generally calculate their NAV at the close of regular
trading on the NYSE, generally 4:00 p.m. Eastern time. Shares are purchased at
the NAV that is next calculated after purchase requests are received by the
Funds.
--------------------------------------------------------------------------------
MARKET TIMING
-------------
Short-term or excessive trading into and out of a Fund may harm performance by
disrupting portfolio management strategies and by increasing expenses. A Fund
may temporarily or permanently terminate the exchange privilege of any investor
who makes more than four exchanges out of a Fund per calendar year. Moreover, a
Fund may reject any purchase orders, including exchanges, particularly from
market timers or investors who, in Accessor Capital's opinion, have a pattern of
short-term or excessive trading or whose trading has been or may be disruptive
to that Fund. For these purposes, Accessor Capital may consider an investor's
trading history in that Fund or other Funds, and accounts under common ownership
or control.
--------------------------------------------------------------------------------
FOR MORE INFORMATION
--------------------
For additional information about purchasing shares of the Accessor Funds, please
contact us at (800) 759-3504.
<PAGE>
--------------------------------------------------------------------------------
EXCHANGING FUND SHARES
--------------------------------------------------------------------------------
As a shareholder, you have the privilege of exchanging shares of the Funds for
shares of other Accessor Funds. Advisor Class Shares may be exchanged for shares
of any other Fund on days when the NYSE is open for business, as long as
shareholders meet the normal investment requirements of the other Fund. The
request must be received in proper form by the Fund or certain financial
intermediaries prior to the close of the NYSE, normally 4:00 p.m. Eastern time.
Shares will be exchanged at the next NAV calculated after Accessor Capital
receives the exchange request in proper form. The Fund may temporarily or
permanently terminate the exchange privilege of any investor who makes more than
four exchanges out of the Fund per calendar year. Shareholders should read the
prospectus of any other Fund into which they are considering exchanging.
--------------------------------------------------------------------------------
EXCHANGES THROUGH ACCESSOR FUNDS
--------------------------------
Accessor Funds does not currently charge fees on exchanges directly through it.
This exchange privilege may be modified or terminated at any time by Accessor
Funds upon 60 days notice to shareholders. Exchanges may be made any of the
following ways:

[graphic]By Mail. Share exchange instructions may be mailed to:

Accessor Funds, Inc.
Attn: Shareholder Services
P. O. Box 1748
Seattle, WA 98111-1748

[graphic] By Fax. Instructions may be faxed to Accessor Funds at (206) 224-4274.

AN EXCHANGE OF SHARES FROM A FUND INVOLVES A REDEMPTION OF THOSE SHARES AND WILL
BE TREATED AS A SALE FOR TAX PURPOSES.
--------------------------------------------------------------------------------
EXCHANGES THROUGH FINANCIAL INTERMEDIARIES
------------------------------------------

You should contact your financial intermediary directly to make exchanges. Your
financial intermediary may charge additional fees for these transactions.
<PAGE>
--------------------------------------------------------------------------------
REDEEMING FUNDS SHARES
--------------------------------------------------------------------------------

Investors may request to redeem Advisor Class Shares on any day that the NYSE is
open for business. The request must be received in proper form by the Fund or
certain financial intermediaries prior to the close of the NYSE, normally 4:00
p.m. Eastern time. Shares will be redeemed at the next NAV calculated after
Accessor Capital receives the redemption request in proper form. Payment will
ordinarily be made within seven days of the request by wire-transfer to a
shareholder's domestic commercial bank account. Shares may be redeemed from
Accessor Funds in any of the following ways:

[graphic] By Mail. Redemption requests may be mailed to:

Accessor Funds, Inc.
Attn: Shareholder Services
P. O. Box 1748
Seattle, WA 98111-1748

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

Shareholders may request that payment be made by check to the shareholders of
record at the address of record. Such requests must be in writing and signed by
all shareholders of record. Shareholders may also request that a redemption be
made payable to someone other than the shareholder of record or be sent to an
address other than the address of record. Such requests must be made in writing,
be signed by all shareholders of record, and accompanied by a signature
guarantee. The Transfer Agent may charge a $10.00 processing fee for each
redemption check. Shares may also be redeemed through financial intermediaries
from whom shares were purchased. Financial intermediaries may charge a fee for
this service.

Large redemptions may disrupt the management and performance of the Funds. Each
Fund reserves the right to delay delivery of your redemption proceeds for up to
seven days if the Fund determines that the redemption amount will disrupt its
operation or performance. If you redeem more than $250,000 worth of a Fund's
shares within any 90-day period, the Fund reserves the right to pay part or all
of the redemption proceeds above $250,000 in kind, i.e., in Underlying Fund
shares or other eligible securities, rather than cash. The Underlying Funds may,
in turn, distribute securities rather than cash under their respective in kind
redemption policies. If payment is made in kind, you may incur brokerage
commissions if you elect to sell the securities, or market risk if you elect to
hold them.

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

[graphic] Low Account Balances. Accessor Funds may redeem any account with a
balance of less than $500 per Fund or less than $2,000 in aggregate across the
Funds. Shareholders will be notified in writing when they have a low balance and
will have 60 days to purchase additional shares to increase the balance to the
required minimum. Shares will not be redeemed if an account drops below the
minimum due to market fluctuations.

In the event of an emergency as determined by the SEC, Accessor Funds may
suspend the right of redemption or postpone payments to shareholders. If the
Board of Directors determines a redemption payment may harm the remaining
shareholders of a Fund, the Fund may pay a redemption in whole or in part by a
distribution in kind of securities from the Fund.
================================================================================
Redemption requests for shares that were purchased by check will be honored at
the next NAV calculated after receipt of the redemption request. However,
redemption proceeds will not be transmitted until the check used for the
investment has cleared.
================================================================================
<PAGE>
--------------------------------------------------------------------------------
REDEEMING FUNDS SHARES
--------------------------------------------------------------------------------
SIGNATURE GUARANTEES
---------------------
A signature guarantee is designed to protect the shareholders and the Funds
against fraudulent transactions by unauthorized persons. When a signature
guarantee is required, each signature must be guaranteed by a domestic bank or
trust company, credit union, broker, dealer, national securities exchange,
registered securities association, clearing agency, or savings associations as
defined by federal law. The transfer agent may reject a signature guarantee if
the guarantor is not a member of or participant in a signature guarantee
program. A notary public stamp or seal is not a signature guarantee, and will
not be accepted by the Fund. Accessor Capital at its discretion reserves the
right to require a signature guarantee on any transaction request.

The Fund requires a guaranteed signature for the following:

[graphic] Transfer of ownership to another individual or organization.
[graphic] Requests that redemption proceeds be sent to a different name or
address than is registered on the account.
[graphic] Requests that fed-wire instructions be changed.
[graphic] Requests for name changes.
[graphic] Adding or removing a shareholder on an account.
[graphic] Establishing or changing certain services after the account is open.
--------------------------------------------------------------------------------
DIVIDENDS AND OTHER DISTRIBUTIONS
--------------------------------------------------------------------------------
[graphic] Dividends. Each Fund intends to annually distribute substantially all
of its net investment income, which will include dividends it receives from the
Underlying Funds in which it invests, as dividends to its shareholders. The
Board of Directors presently intends to declare dividends quarterly, in March,
June, September and December.

[graphic] Other Distributions. The Board of Directors intends to distribute to
each Fund's shareholders substantially all of its net realized long- and
short-term capital gains annually, generally in late December, these gains will
consist almost entirely of (1) any distributions to it from the net capital gain
realized by the Underlying Funds in which it invests and (2) net gains it
realizes on its disposition of Underlying Fund shares (generally occasioned by
its reallocating its assets under the Underlying Funds or by the need to make
distributions and/or payments of redemption proceeds in excess of available
cash). A Fund may need to make additional distributions at year-end to avoid
federal income or excise taxes.

[graphic] Automatic Reinvestment of Dividends and other Distributions. All
dividends and other distributions on Advisor Class Shares of a Fund will be
automatically reinvested in additional Advisor Class Shares of that Fund at
their NAV unless a shareholder elects to receive them in cash. Shareholders that
elect to receive their dividends in cash and request checks will be charged
$10.00. Shareholders may alternatively choose to invest dividends and/or other
distributions in Advisor Class Shares of any other Fund.

--------------------------------------------------------------------------------
VALUATION OF SECURITIES
--------------------------------------------------------------------------------
Each Fund's assets consist primarily of shares of the Underlying Funds, which
are valued at their respective NAVs. The Underlying Funds generally value their
securities using market quotations. However, short-term debt securities maturing
in less than 60 days are valued using amortized cost, and securities for which
market quotations are not readily available are valued at fair value. Because
foreign securities markets are open on different days from U.S. markets, there
may be instances when the NAV of an Underlying Fund that invests in foreign
securities changes on days when shareholders are not able to buy or sell shares.
If a security's value has been materially affected by events occurring after the
close of the exchange or market on which the security is principally traded (for
example, a foreign exchange or market), that security may be valued by another
method that the Underlying Fund's Board of Director's believes accurately
reflects fair value.
<PAGE>
--------------------------------------------------------------------------------
FEDERAL INCOME TAXATION
--------------------------------------------------------------------------------
Each Fund intends to elect to be, and to qualify for treatment as a regulated
investment company under Subchapter M of the Internal Revenue Code of 1986. In
any year in which a Fund qualifies as a regulated investment company and
distributes substantially all of its investment company taxable income (which
includes, among other items, net investment income and the excess of net
short-term capital gain over net long-term capital loss) and its net capital
gain (the excess of net long-term capital gain over net short-term capital
loss), the Fund will not be subject to federal income tax to the extent it
distributes that income and gain to its shareholders in a timely manner.

Dividends and other distributions that shareholders receive from a Fund, whether
received in cash or reinvested in additional shares of the Fund, are subject to
federal income tax and may also be subject to state and local tax. Generally,
dividends from a Fund's investment company taxable income (consisting almost
entirely of income dividends from the Underlying Funds in which it invests) and
distributions of its net short-term capital gain, if any, are taxable as
ordinary income, while distributions of its net capital gain (consisting of the
gain described above under "Dividends and Other Distributions--Other
Distributions") are taxable as long-term capital gain (generally, at a maximum
rate of 20% for non-corporate shareholders). The rate of tax to a shareholder on
distributions from a Fund of capital gain depends on the length of time the Fund
held the securities that generated the gain, not the length of time the
shareholder owned his or her shares.

Dividends and other distributions declared by a Fund in October, November, or
December of any year generally are taxable to shareholders as though received on
December 31 of that year even if paid to them during the following January.
Accordingly, those distributions will be taxed to shareholders for the year in
which that December 31 falls.

A redemption of a Fund's shares or an exchange of a Fund's shares for shares of
another Fund or any other Accessor Fund will be treated as a sale of the Fund's
shares, and any gain on the transaction will be subject to federal income tax.

After the conclusion of each calendar year, shareholders will receive
information regarding the taxability of dividends and other distributions paid
by the Funds during that year. The Funds are required to withhold and remit to
the U.S. Treasury 31% of all dividends, capital gain distributions, and
redemption proceeds payable to individuals and certain other non-corporate
shareholders who have not provided the Fund with a correct taxpayer
identification number. Withholding at that rate also is required from dividends
and capital gain distributions payable to those shareholders who otherwise are
subject to backup withholding.

The foregoing is only a brief summary of certain federal income tax consequences
of investing in the Funds. Please see the Statement of Additional Information
for a further discussion. Shareholders should consult a tax adviser for further
information regarding the federal, state, and local tax consequences of an
investment in Advisor Class Shares.

--------------------------------------------------------------------------------
DEFENSIVE DISTRIBUTION PLAN
--------------------------------------------------------------------------------
The Funds have adopted a Defensive Distribution and Service Plan pursuant to
Rule 12b-1 under the Investment Company Act of 1940 that recognizes that
Accessor Capital may use its management or administrative fees, in addition to
its past profits or its other resources, to pay for expenses incurred in
connection with providing services intended to result in the sale of Fund shares
and/or shareholder support services. Accessor Capital may pay significant
amounts to intermediaries, such as banks, broker-dealers and other
service-providers, that provide those services. The Board of Directors has
currently authorized such payments for the Funds.

--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------

The Funds are recently created mutual funds and consequently, Financial
Highlights for the Funds are not currently available.
<PAGE>

[Back Cover]

Statement of Additional Information - Accessor Allocation Funds ("SAI"). The SAI
contains more detailed information about the Funds. The SAI is incorporated by
reference into this Prospectus, making it legally part of this Prospectus.

Contact Accessor Capital at 1-800-759-3504 for shareholder inquiries or to
receive a free copy of the Funds' SAI or visit Accessor Capital's web site at
www.accessor.com.

Free copies of Accessor Funds' Shareholder Reports, SAI and other information
are available from your financial intermediary or from:

ACCESSOR CAPITAL MANAGEMENT LP
1420 Fifth Avenue, # 3600
Seattle, Washington 98101
(800) 759-3504
(206) 224-7420
web site: www.accessor.com

You may obtain copies of documents from the SEC, upon payment of duplicating
fees, or view documents at the SEC's Public Reference Room in Washington, D.C.

SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-6009
Public Reference Section: (202) 942-8090
(for inquiries regarding hours of
operation only)
e-mail: [email protected]
web site: www.sec.gov

Accessor(R) is a registered trademark of Accessor Capital Management LP.

SEC file number: 811-06337.
<PAGE>

--------------------------------------------------------------------------------
INVESTOR CLASS SHARES ACCESSOR(R)FUNDS, INC. Prospectus December 22, 2000
--------------------------------------------------------------------------------

Accessor ALLOCATION Funds

Accessor Income Allocation
Accessor Income and Growth Allocation
Accessor Balanced Allocation
Accessor Growth and Income Allocation
Accessor Growth Allocation
Accessor Aggressive Growth Allocation

[graphic] Designed to help investors realize the benefits of ASSET ALLOCATION
and DIVERSIFICATION.

[graphic] Managed and administered by Accessor Capital Management LP ("Accessor
Capital").

[graphic] Active asset allocation and periodic rebalancing.
[graphic] Immediate diversification across different types of investments.

[graphic] The benefit of professional money managers.

DIVERSIFICATION AND ASSET ALLOCATION DO NOT, HOWEVER, GUARANTEE INVESTMENT
RESULTS.
================================================================================

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

<PAGE>

TABLE OF CONTENTS

THE FUNDS

SHAREHOLDER INFORMATION

PURCHASING FUND SHARES........................................................22
EXCHANGING FUND SHARES........................................................24
REDEEMING FUNDS SHARES........................................................25
DIVIDENDS AND OTHER DISTRIBUTIONS.............................................26
VALUATION OF SECURITIES.......................................................26
FEDERAL INCOME TAXATION.......................................................27
DISTRIBUTION AND SERVICE ARRANGEMENTS AND ADMINISTRATIVE SERVICES PLAN........27
FINANCIAL HIGHLIGHTS..........................................................27

<PAGE>
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<PAGE>
--------------------------------------------------------------------------------
FUND SUMMARIES
--------------------------------------------------------------------------------

Each of the Accessor Allocation Funds (referred to in this prospectus as the
"Fund" or "Funds") is a "fund of funds" and shares the same investment approach.
Each Fund seeks to maintain a mix of asset classes within an established range,
and each invests in a combination of the Investor Class Shares of other Accessor
Funds (referred to in this prospectus as the "Underlying Funds"), which
represent specific market segments. The Funds are designed to help investors
realize the benefits of asset allocation and diversification. Each Fund pursues
a different investment goal by investing in different combinations of the
Underlying Funds. You may choose to invest in any of the Funds based on your
investment goals, investment time horizons, personal risk tolerances, and
financial circumstances. Each Fund's performance will reflect the performance of
different asset classes or different segments within an asset class. By
investing in a combination of mutual funds, the Funds can offer additional
diversification within a single investment.