[LOGO] ACCESSOR FUNDS, INC.
SEMI-ANNUAL
REPORT
UNAUDITED JUNE 30, 2000
GROWTH FUND
VALUE FUND
SMALL TO MID CAP FUND
INTERNATIONAL EQUITY FUND
HIGH YIELD BOND FUND
INTERMEDIATE FIXED-INCOME FUND
SHORT-INTERMEDIATE FIXED-INCOME FUND
MORTGAGE SECURITIES FUND
U.S. GOVERNMENT MONEY FUND
ACCESSOR
------
<PAGE>
A LETTER FROM THE PRESIDENT
August 14, 2000
Dear Shareholder,
Accessor Funds is pleased to present its 2000 Semi-Annual Report. This report
covers information on the nine Funds in the Accessor family.
We have continued our focus on the "...value of time-honored traditions
combined with leading-edge investment technology." We remain committed to
providing you, our shareholders, with superior investment products to meet your
varying financial goals. These efforts have proven effective as our Funds have
continued to earn favorable rankings from public rating services such as
Morningstar.
We are also working towards enhancing the means with which you can access
information on the Accessor Funds. We invite you to visit our website at
WWW.ACCESSOR.COM frequently. We update the information on the site regularly and
are always working to add new features and information.
We look forward to having the opportunity to work with you in the future
and we hope to continue to earn your support and trust. Thank you for your
confidence and investment in the Accessor Funds.
Sincerely,
/s/ J. Anthony Whatley III
J. Anthony Whatley III
President and Chief Executive Officer
Accessor Capital Management LP
accessor 1
<PAGE>
GROWTH FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK (100.4%)
AEROSPACE AND DEFENSE (0.3%)
UNITED TECHNOLOGIES 20,800 $ 1,224,600
------------
1,224,600
AUTOMOBILES (0.3%)
HARLEY-DAVIDSON 27,200 1,047,200
------------
1,047,200
BEVERAGES (3.6%)
ANHEUSER-BUSCH 67,300 5,026,469
COCA-COLA ENTERPRISES 74,400 4,273,350
PEPSICO 115,250 5,121,422
------------
14,421,241
BIOTECHNOLOGY (1.2%)
AMGEN* 68,200 4,791,050
------------
4,791,050
COMMERCIAL SERVICES & SUPPLIES (1.1%)
AUTOMATIC DATA PROCESSING 40,700 2,179,994
AVERY DENNISON 9,600 644,400
PAYCHEX 41,700 1,751,400
------------
4,575,794
COMMUNICATIONS EQUIPMENT (15.1%)
ADC TELECOMMUNICATIONS* 43,300 3,631,788
CISCO SYSTEMS* 426,900 27,134,831
COMVERSE TECHNOLOGY* 19,500 1,813,500
CORNING 27,700 7,475,538
LUCENT TECHNOLOGIES 82,500 4,888,125
NORTEL NETWORKS 182,600 12,462,450
QUALCOMM* 32,800 1,968,000
SCIENTIFIC-ATLANTA 16,400 1,221,800
------------
60,596,032
COMPUTERS & PERIPHERALS (9.2%)
APPLE COMPUTER* 12,200 638,975
DELL COMPUTER* 151,600 7,475,775
EMC* 132,800 10,217,300
HEWLETT PACKARD 7,000 874,125
INTERNATIONAL BUSINESS MACHINES 52,369 5,737,679
NCR* 14,900 580,169
NETWORK APPLIANCE* 26,200 2,109,100
SUN MICROSYSTEMS* 103,600 9,421,125
------------
37,054,248
DIVERSIFIED FINANCIALS (0.9%)
CHARLES SCHWAB 65,700 2,209,162
PROVIDIAN FINANCIAL 17,100 1,539,000
------------
3,748,162
DIVERSIFIED TELECOMMUNICATION SERVICES (1.5%)
SBC COMMUNICATIONS 39,200 1,695,400
US WEST 37,600 3,224,200
WORLDCOM* 28,237 1,295,372
------------
6,214,972
ELECTRONIC EQUIPMENT AND INSTRUMENTS (0.6%)
AGILENT TECHNOLOGIES* 6,064 447,220
MILLIPORE 6,700 505,012
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
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<PAGE>
GROWTH FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
ELECTRONIC EQUIPMENT AND INSTRUMENTS - CONTINUED
SOLECTRON* 35,700 $ 1,494,938
------------
2,447,170
FOOD & DRUG RETAILING (0.5%)
SYSCO 47,900 2,017,787
------------
2,017,787
FOOD PRODUCTS (1.3%)
BESTFOODS 19,300 1,336,525
CONAGRA 55,000 1,048,438
QUAKER OATS 35,800 2,689,475
------------
5,074,438
HEALTH CARE EQUIPMENT & SUPPLIES (2.2%)
ALLERGAN 39,400 2,935,300
BAXTER INTERNATIONAL 25,100 1,764,844
BIOMET 32,800 1,260,750
BOSTON SCIENTIFIC* 42,800 938,925
PE CORP-PE BIOSYSTEMS GROUP 32,800 2,160,700
------------
9,060,519
HEALTH CARE PROVIDERS & SERVICES (0.6%)
CARDINAL HEALTH 33,800 2,501,200
------------
2,501,200
HOUSEHOLD PRODUCTS (1.3%)
COLGATE-PALMOLIVE 49,400 2,957,825
KIMBERLY-CLARK 39,500 2,266,312
------------
5,224,137
INDUSTRIAL CONGLOMERATES (7.3%)
GENERAL ELECTRIC 499,900 26,494,700
TYCO INTERNATIONAL 56,300 2,667,213
------------
29,161,913
INTERNET SOFTWARE & SERVICES (2.7%)
AMERICA ONLINE* 127,400 6,720,350
YAHOO!* 32,500 4,025,938
------------
10,746,288
MEDIA (3.6%)
DOW JONES & COMPANY 9,000 659,250
OMNICOM GROUP 21,300 1,897,031
TIME WARNER 76,300 5,798,800
VIACOM-CLASS B* 88,700 6,048,231
------------
14,403,312
MULTILINE RETAIL (4.2%)
KOHLS* 43,400 2,414,125
WAL-MART STORES 251,100 14,469,638
------------
16,883,763
PERSONAL PRODUCTS (0.3%)
AVON PRODUCTS 33,800 1,504,100
------------
1,504,100
PHARMACEUTICALS (14.5%)
BRISTOL-MYERS SQUIBB 38,700 2,254,275
ELI LILLY 78,400 7,830,200
JOHNSON & JOHNSON 92,000 9,372,500
MERCK 150,100 11,501,412
PFIZER 432,850 20,776,800
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 3
<PAGE>
GROWTH FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
PHARMACEUTICALS - CONTINUED
SCHERING-PLOUGH 123,700 $ 6,246,850
------------
57,982,037
SEMICONDUCTOR EQUIPMENT & PRODUCTS (12.7%)
ADVANCED MICRO DEVICES* 18,100 1,398,225
ALTERA* 22,400 2,283,400
ANALOG DEVICES* 30,600 2,325,600
APPLIED MATERIALS* 65,800 5,963,125
INTEL 188,300 25,173,356
MICRON TECHNOLOGY 42,300 3,725,044
NATIONAL SEMICONDUCTOR* 7,000 397,250
TERADYNE* 12,700 933,450
TEXAS INSTRUMENTS 92,900 6,381,069
XILINX* 28,300 2,336,519
------------
50,917,038
SOFTWARE (11.3%)
ADOBE SYSTEMS 13,500 1,755,000
COMPUTER ASSOCIATES INTERNATIONAL 36,200 1,852,987
MICROSOFT* 268,000 21,440,000
ORACLE* 189,800 15,955,062
SIEBEL SYSTEMS* 10,900 1,782,831
SAPIENT* 3,700 395,669
VERITAS SOFTWARE* 21,800 2,463,741
------------
45,645,290
SPECIALTY RETAIL (2.7%)
BEST BUY* 29,000 1,834,250
HOME DEPOT 152,600 7,620,462
LIMITED 64,200 1,388,325
------------
10,843,037
WIRELESS TELECOMMUNICATION SERVICES (1.4%)
NEXTEL COMMUNICATIONS - CLASS A* 75,600 4,625,775
SPRINT* 13,900 827,050
------------
5,452,825
TOTAL COMMON STOCK (IDENTIFIED COST $286,549,744) 403,538,153
------------
INVESTMENT COMPANIES (0.7%)
STANDARD & POORS DEPOSITARY RECEIPTS 18,000 2,615,062
------------
TOTAL INVESTMENT COMPANIES (IDENTIFIED COST $2,306,790) 2,615,062
------------
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 4
<PAGE>
GROWTH FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
RATE DATE AMOUNT VALUE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SHORT-TERM INVESTMENTS (0.4%)
FIFTH THIRD REPURCHASE AGREEMENT 6.62% 07/03/2000 $ 1,634,552 $ 1,634,552
DATED 6/30/00 (Collateralized by 1,737,843 FHLMC
Pool #786784, 6.486%, 8-01-29, market value $1,667,243)
TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $1,634,552) 1,634,552
------------
TOTAL INVESTMENTS (101.5%) (IDENTIFIED COST $290,491,086) 407,787,767
OTHER ASSETS LESS LIABILITIES (-1.5%) (5,882,928)
------------
NET ASSETS (100.0%) $401,904,839
============
</TABLE>
*Non-income producing security.
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 5
<PAGE>
VALUE FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK (98.5%)
AEROSPACE & DEFENSE (1.5%)
BOEING 45,900 $ 1,919,194
HONEYWELL INTERNATIONAL 20,900 704,069
------------
2,623,263
AIRLINES (0.9%)
DELTA AIR LINES 31,900 1,612,944
------------
1,612,944
AUTO COMPONENTS (0.0%)
VISTEON* 5,054 61,280
------------
61,280
AUTOMOBILES (2.5%)
FORD MOTOR COMPANY 38,600 1,659,800
GENERAL MOTORS 44,900 2,607,006
------------
4,266,806
BANKS (7.6%)
BANK OF AMERICA 91,500 3,934,500
CHASE MANHATTAN 58,800 2,708,475
COMERICA 43,600 1,956,550
FLEET BOSTON FINANCIAL 83,900 2,852,600
HUNTINGTON BANCSHARES 38,300 605,619
US BANCORP 39,100 752,675
WELLS FARGO 10,600 410,750
------------
13,221,169
CHEMICALS (2.0%)
FMC* 30,200 1,751,600
PPG INDUSTRIES 24,900 1,103,381
W.R. GRACE & COMPANY* 56,700 687,487
------------
3,542,468
COMMERICAL SERVICES & SUPPLIES (1.4%)
H&R BLOCK 24,700 799,663
SABRE HOLDINGS* 54,900 1,564,650
------------
2,364,313
COMMUNICATIONS EQUIPMENT (1.4%)
3COM* 10,800 622,350
MOTOROLA 62,700 1,822,219
------------
2,444,569
COMPUTERS & PERIPHERALS (3.1%)
COMPAQ COMPUTER 40,300 1,030,169
GATEWAY* 8,000 454,000
HEWLETT PACKARD 27,600 3,446,550
NCR* 9,900 385,481
------------
5,316,200
DIVERSIFIED FINANCIALS (11.7%)
AMERICAN EXPRESS 9,100 474,337
ASSOCIATES FIRST CAPITAL CLASS A 57,200 1,276,275
BEAR STEARNS 40,100 1,669,163
CITIGROUP 133,800 8,061,450
FANNIE MAE 24,600 1,283,812
FREDDIE MAC 4,200 170,100
HOUSEHOLD INTERNATIONAL 29,400 1,221,938
J.P. MORGAN & COMPANY 18,800 2,070,350
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 6
<PAGE>
VALUE FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
DIVERSIFIED FINANCIALS - CONTINUED
LEHMAN BROTHERS HOLDINGS 14,400 $ 1,361,700
MERRILL LYNCH 7,100 816,500
MORGAN STANLEY DEAN WITTER 22,700 1,889,775
------------
20,295,400
DIVERSIFIED TELECOMMUNICATION SERVICES (12.4%)
AT&T 121,500 3,842,438
BELL ATLANTIC (VERIZON COMMUNICATIONS AS OF 7/3/2000) 70,100 3,561,956
BELLSOUTH 98,700 4,207,087
CENTURYTEL 16,000 460,000
SBC COMMUNICATIONS 66,200 2,863,150
SPRINT-FON GROUP 9,700 494,700
WORLDCOM* 131,750 6,044,031
------------
21,473,362
ELECTRIC UTILITIES (4.0%)
ENTERGY 47,800 1,299,563
PG&E 50,100 1,233,713
PINNACLE WEST CAPITAL 39,800 1,348,225
PPL 57,100 1,252,631
PUBLIC SERVICE ENTERPRISE GROUP 34,800 1,204,950
TXU 15,600 460,200
------------
6,799,282
FOOD & DRUG RETAILING (1.4%)
ALBERTSON'S 18,600 618,450
KROGER* 17,700 390,506
SUPERVALU 74,500 1,420,156
------------
2,429,112
GAS UTILITIES (1.6%)
ONEOK 6,300 163,406
PEOPLES ENERGY 25,000 809,375
SEMPRA ENERGY 107,300 1,824,100
------------
2,796,881
HEALTH CARE EQUIPMENT & SUPPLIES (0.5%)
BECTON, DICKINSON & COMPANY 18,300 524,981
MALLINCKRODT 7,700 334,469
------------
859,450
HEALTH CARE PROVIDERS & SERVICES (1.4%)
CARDINAL HEALTH 31,700 2,345,800
------------
2,345,800
HOTELS, RESTAURANTS & LEISURE (0.4%)
CARNIVAL 38,500 750,750
------------
750,750
HOUSEHOLD DURABLES (1.8%)
NEWELL RUBBERMAID 29,800 767,350
PULTE 31,300 676,863
WHIRLPOOL 36,100 1,683,162
------------
3,127,375
HOUSEHOLD PRODUCTS (0.7%)
PROCTOR & GAMBLE 20,200 1,156,450
------------
1,156,450
INDUSTRIAL CONGLOMERATES (1.2%)
ITT INDUSTRIES 35,700 1,084,388
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 7
<PAGE>
VALUE FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL CONGLOMERATES - CONTINUED
TYCO INTERNATIONAL 21,700 $ 1,028,037
------------
2,112,425
INSURANCE (6.3%)
ALLSTATE 7,200 160,200
AMERICAN INTERNATIONAL GROUP 32,975 3,874,562
LINCOLN NATIONAL 24,300 877,838
LOEWS 38,600 2,316,000
MBIA 11,800 568,612
MGIC INVESTMENT 40,200 1,829,100
TORCHMARK 51,700 1,276,344
------------
10,902,656
IT CONSULTING & SERVICES (1.3%)
ELECTRONIC DATA SYSTEMS 33,400 1,377,750
UNISYS* 57,000 830,062
------------
2,207,812
LEISURE EQUIPMENT & PRODUCTS (1.0%)
BRUNSWICK 100,300 1,661,219
------------
1,661,219
MACHINERY (1.7%)
BRIGGS & STRATTON 26,500 907,625
DOVER 18,100 734,181
EATON 14,300 958,100
INGERSOLL-RAND 8,600 346,150
------------
2,946,056
MEDIA (3.8%)
GANNETT 37,500 2,242,969
THE WALT DISNEY COMPANY 108,700 4,218,919
------------
6,461,888
METALS & MINING (1.3%)
ALCOA 35,200 1,020,800
USX-U.S. STEEL GROUP 64,900 1,204,706
------------
2,225,506
MULTILINE RETAIL (2.1%)
FEDERATED DEPARTMENT STORES* 44,500 1,501,875
SEARS, ROEBUCK & COMPANY 65,100 2,123,888
------------
3,625,763
OFFICE ELECTRONICS (0.4%)
XEROX 30,500 632,875
------------
632,875
OIL & GAS (13.6%)
APACHE 26,100 1,535,006
CHEVRON 28,900 2,451,081
EXXON MOBIL 97,388 7,644,958
OCCIDENTAL PETROLEUM 96,900 2,040,956
PHILLIPS PETROLEUM 48,000 2,433,000
ROWAN COMPANIES* 48,600 1,476,225
ROYAL DUTCH PETROLEUM 38,700 2,382,469
TEXACO 5,300 282,225
TOSCO 48,300 1,367,494
USX-MARATHON GROUP 78,700 1,972,419
------------
23,585,833
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 8
<PAGE>
VALUE FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
PAPER & FOREST PRODUCTS (2.5%)
GEORGIA PACIFIC 34,500 $ 905,625
WESTVACO 66,200 1,642,588
WEYERHAEUSER 15,300 657,900
WILLAMETTE INDUSTRIES 39,600 1,079,100
------------
4,285,213
PHARMACEUTICALS (1.7%)
PHARMACIA 56,000 2,894,500
------------
2,894,500
ROAD & RAIL (0.9%)
BURLINGTON NORTHERN SANTA FE 71,900 1,649,206
------------
1,649,206
SEMICONDUCTOR EQUIPMENT & PRODUCTS (0.9%)
ADVANCED MICRO DEVICES* 5,400 417,150
KLA-TENCOR* 11,700 685,181
NATIONAL SEMICONDUCTORS* 8,000 454,000
------------
1,556,331
SOFTWARE (0.7%)
BMC SOFTWARE* 18,800 685,906
COMPUWARE* 45,400 471,025
------------
1,156,931
SPECIALTY RETAIL (1.3%)
AUTOZONE* 17,600 387,200
LOWE'S 22,600 928,012
OFFICE DEPOT* 48,000 300,000
SHERWIN-WILLIAMS 28,300 599,606
------------
2,214,818
TOBACCO (1.5%)
PHILIP MORRIS COMPANIES 98,700 2,621,719
------------
2,621,719
TOTAL COMMON STOCK (IDENTIFIED COST $177,976,665) 170,227,625
------------
</TABLE>
<TABLE>
<CAPTION>
INTEREST MATURITY PRINCIPAL
RATE DATE AMOUNT VALUE
<S> <C> <C> <C> <C>
SHORT-TERM INVESTMENTS (1.5%)
U.S. TREASURY BILLS(1),(2) 5.63% 09/21/2000 $ 610,000 602,374
FIFTH THIRD REPURCHASE AGREEMENT 6.62% 07/03/2000 1,992,318 1,992,318
DATED 6/30/00 (Collateralized by 2,140,106 FNMA ------------
#441197, 6.50%, 01-01-19, market value $2,032,164)
TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $2,594,692) 2,594,692
------------
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 9
<PAGE>
VALUE FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
TOTAL INVESTMENTS (100.0%) (IDENTIFIED COST $180,571,357) $172,822,317
OTHER ASSETS LESS LIABILITIES (0.0%) (28,094)
------------
NET ASSETS (100.0%) $172,794,223
============
</TABLE>
OUTSTANDING FUTURES CONTRACTS
<TABLE>
<CAPTION>
UNITS PER CURRENT UNREALIZED
TYPE EXPIRATION CONTRACTS CONTRACT VALUE APPRECIATION
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
S&P 500 FUTURES 09/15/00 6 250 $ 2,202,150 $ 11,050
</TABLE>
* Non-income producing security.
(1) Yield at time of purchase.
(2) Security has been segregated as collateral to cover margin requirements for
the open futures contracts at June 30, 2000.
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 10
<PAGE>
SMALL TO MID CAP FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK (99.0%)
AEROSPACE & DEFENSE (0.1%)
ALLIANT TECHSYSTEMS* 9,200 $ 620,425
------------
620,425
AIR FREIGHT & COURIERS (0.2%)
CNF TRANSPORTATION 44,600 1,014,650
------------
1,014,650
AIRLINES (0.6%)
AMERICA WEST HOLDINGS - CLASS B* 38,300 655,888
UAL* 34,800 2,024,925
------------
2,680,813
AUTO COMPONENTS (0.4%)
BORG WARNER 16,000 562,000
CARLISLE COMPANIES 21,600 972,000
MIDAS 18,400 368,000
------------
1,902,000
BANKS (3.8%)
ASTORIA FINANCIAL 42,800 1,102,100
BANK UNITED - CLASS A 34,900 1,228,044
CHARTER ONE FINANCIAL 41,580 956,340
CITY NATIONAL 118,600 4,210,300
M & T BANK 6,600 2,970,000
MERCANTILE BANKSHARES 26,400 787,050
NORTH FORK BANCORPORATION 75,552 1,142,724
POPULAR 31,600 602,375
SILICON VALLEY BANCSHARES* 74,000 3,154,250
UNIONBANCAL 105,600 1,960,200
------------
18,113,383
BEVERAGES (0.1%)
CANANDAIGUA BRANDS - CLASS A* 4,900 247,144
------------
247,144
BIOTECHNOLOGY (1.9%)
DIVERSA* 11,800 390,875
GENENTECH* 10,500 1,806,000
IMMUNEX* 108,100 5,344,194
MAXYGEN* 7,600 431,419
MEDIMMUNE* 12,200 902,800
SEQUENOM* 9,100 412,912
------------
9,288,200
BUILDING PRODUCTS (0.7%)
AMERICAN STANDARD* 50,200 2,058,200
YORK INTERNATIONAL 43,000 1,123,375
------------
3,181,575
CHEMICALS (1.3%)
CYTEC INDUSTRIES* 30,600 755,438
GEORGIA GULF 87,100 1,812,769
H. B. FULLER 24,200 1,102,612
LUBRIZOL 91,300 1,917,300
SYMYX TECHNOLOGIES* 18,600 792,534
------------
6,380,653
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 11
<PAGE>
SMALL TO MID CAP FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
COMMERCIAL SERVICES & SUPPLIES (1.9%)
ADMINISTAFF* 30,800 $ 1,955,800
INTERIM SERVICES* (SPHERION AS OF 7/7/2000) 66,100 1,173,275
ORGANIC* 26,000 253,500
TMP WORLDWIDE* 79,600 5,875,475
------------
9,258,050
COMMUNICATIONS EQUIPMENT (9.5%)
ANIXTER INTERNATIONAL* 38,300 1,014,950
BROCADE COMMUNICATIONS SYSTEM* 29,300 5,376,092
CHOICE ONE COMMUNICATIONS* 31,400 1,281,513
EFFICIENT NETWORKS* 13,700 1,007,806
EXTREME NETWORKS* 35,700 3,766,350
FINISAR* 35,700 934,894
FOUNDRY NETWORKS* 17,300 1,911,650
INTERSIL HOLDING* 22,100 1,194,781
JDS UNIPHASE* 97,100 11,639,863
JUNIPER NETWORKS* 37,600 5,473,150
METROMEDIA FIBER NETWORK - CLASS A* 50,800 2,016,125
NETRO* 16,800 963,900
PARADYNE NETWORKS* 29,700 967,106
PC-TEL* 19,200 729,600
SDL* 9,300 2,652,244
SILICON IMAGE* 12,700 633,413
TELAXIS COMMUNICATIONS* 16,200 506,250
UNIVERSAL ACCESS* 21,700 531,650
VIRATA* 48,500 2,891,812
WESTELL TECHNOLOGIES - CLASS A* 5,900 88,500
------------
45,581,649
COMPUTERS & PERIPHERALS (1.3%)
CROSSROADS SYSTEMS* 9,600 242,400
NETSILICON* 35,700 1,169,175
PALM* 11,300 377,137
REDBACK NETWORKS* 16,000 2,848,000
SAGE* 31,900 412,706
SMARTDISK* 26,900 739,750
T/R SYSTEMS* 59,200 377,400
------------
6,166,568
CONSTRUCTION & ENGINEERING (1.8%)
DYCOM INDUSTRIES* 78,300 3,601,800
NVR* 19,900 1,134,300
QUANTA SERVICES* 65,550 3,605,250
------------
8,341,350
CONSTRUCTION MATERIALS (0.2%)
TEXAS INDUSTRIES 28,400 820,050
------------
820,050
DIVERSIFIED FINANCIALS (4.3%)
A.G. EDWARDS 32,000 1,248,000
ALLIANCE CAPITAL MGMT HOLDINGS 25,400 1,204,913
AXA FINANCIAL 19,100 649,400
BERKSHIRE HATHAWAY - CLASS A* 182 9,791,600
GOLDMAN SACHS GROUP 29,100 2,760,862
JOHN HANCOCK FINANCIAL SERVICES* 164,700 3,901,331
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 12
<PAGE>
SMALL TO MID CAP FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
DIVERSIFIED FINANCIALS - CONTINUED
SEI INVESTMENTS 21,600 $ 859,950
------------
20,416,056
DIVERSIFIED TELECOMMUNICATION SERVICES (5.3%)
BROADWING 81,100 2,103,531
CARRIER ACCESS* 30,500 1,612,688
COPPER MOUNTAIN NETWORKS* 16,700 1,471,687
CYPRESS COMMUNICATIONS* 51,600 374,100
INET TECHNOLOGIES* 17,700 960,225
ITXC* 13,700 485,066
LEVEL 3 COMMUNICATIONS* 43,100 3,792,800
MCK COMMUNICATIONS* 18,400 425,500
NET2000 COMMUNICATIONS* 31,400 514,175
NEXT LEVEL COMMUNICATIONS* 17,900 1,534,925
NORTHPOINT COMMUNICATIONS* 35,200 393,800
NTL* 55,950 3,350,006
PAC-WEST TELECOMM* 37,700 754,000
QWEST COMMUNICATIONS INTERNATIONAL* 91,300 4,536,469
TURNSTONE SYSTEMS* 7,400 1,225,972
WILLIAMS COMMUNICATIONS GROUP* 44,600 1,480,162
Z-TEL TECHNOLOGIES* 27,900 334,800
------------
25,349,906
ELECTRICAL EQUIPMENT (4.5%)
AMPHENOL CLASS A* 1,700 112,519
AUDIOVOX - CLASS A* 59,400 1,310,512
AVANEX* 3,400 324,700
AVX 66,800 1,532,225
C&D TECHNOLOGIES 25,400 1,435,100
CIENA* 17,900 2,983,706
EXAR* 13,800 1,203,188
GLOBESPAN* 18,900 2,307,277
VISHAY INTERTECHNOLOGY* 277,050 10,510,584
------------
21,719,811
ELECTRONIC EQUIPMENT & INSTRUMENTS (2.2%)
BELDEN 24,400 625,250
INTEGRATED CIRCUIT SYSTEMS* 64,000 1,096,000
INTEGRATED SILICON SOLUTIONS* 38,400 1,459,200
JNI* 14,700 464,887
KEMET* 110,000 2,756,875
MKS INSTRUMENTS* 23,600 923,350
QUICKLOGIC* 70,400 1,566,400
SILICON LABORATORIES* 15,500 823,438
SPX* 6,900 834,469
------------
10,549,869
ENERGY EQUIPMENT & SERVICES (0.4%)
ATWOOD OCEANICS* 37,200 1,655,400
------------
1,655,400
FOOD PRODUCTS (1.3%)
HORMEL FOODS 120,600 2,027,587
KEEBLER FOODS 68,300 2,535,638
MCCORMICK & COMPANY 53,700 1,745,250
------------
6,308,475
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 13
<PAGE>
SMALL TO MID CAP FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
GAS UTILITIES (0.9%)
EQUITABLE RESOURCES 21,400 $ 1,032,550
KEYSPAN 92,800 2,853,600
LOUIS DREYFUS NATURAL GAS* 17,600 551,100
------------
4,437,250
HEALTH CARE EQUIPMENT & SUPPLIES (3.6%)
AMERISOURCE HEALTH - CLASS A* 90,000 2,790,000
ASPECT MEDICAL SYSTEMS* 30,500 823,500
BECKMAN COULTER 18,500 1,079,937
COOPER COMPANIES 144,900 5,270,736
PRIORITY HEALTHCARE - CLASS B* 70,150 5,213,022
TECHNE* 16,500 2,145,000
------------
17,322,195
HEALTH CARE PROVIDERS & SERVICES (1.2%)
LINCARE HOLDINGS* 19,900 490,037
TRIGON HEALTHCARE* 103,500 5,336,719
------------
5,826,756
HOTELS, RESTAURANTS & LEISURE (2.6%)
ARGOSY GAMING* 46,800 672,750
BRINKER INTERNATIONAL* 46,700 1,365,975
DOLLAR THRIFTY AUTOMOTIVE GROUP* 12,400 228,625
HERTZ - CLASS A 91,800 2,576,138
JACK IN THE BOX* 94,000 2,314,750
MGM GRAND 15,400 494,725
STARWOOD HOTELS & RESORTS WORLDWIDE 118,300 3,822,569
STATION CASINOS* 30,200 755,000
------------
12,230,532
HOUSEHOLD DURABLES (0.6%)
HARMAN INTERNATIONAL INDUSTRIES 15,800 963,800
SALTON* 56,500 2,083,437
------------
3,047,237
HOUSEHOLD PRODUCTS (0.2%)
CHURCH & DWIGHT 63,200 1,137,600
------------
1,137,600
INSURANCE (1.8%)
AMBAC FINANCIAL GROUP 33,200 1,819,775
METLIFE* 48,800 1,027,850
NATIONWIDE FINANCIAL SERVICES - CLASS A 51,500 1,693,062
OLD REPUBLIC INTERNATIONAL 46,100 760,650
THE PMI GROUP 68,100 3,234,750
------------
8,536,087
INTERNET & CATALOG RETAIL (0.6%)
AMAZON.COM* 43,800 1,590,488
EBAY* 25,500 1,384,969
------------
2,975,457
INTERNET SOFTWARE & SERVICES (10.8%)
ACCRUE SOFTWARE* 22,300 791,650
ACTUATE* 20,700 1,104,863
ALTEON WEBSYSTEMS* 5,100 510,319
ARIBA* 25,000 2,451,172
AT HOME - SERIES A* 30,500 632,875
BEA SYSTEMS* 32,000 1,582,000
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 14
<PAGE>
SMALL TO MID CAP FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
INTERNET SOFTWARE & SERVICES - CONTINUED
BROADVISION* 29,700 $ 1,509,131
CACHEFLOW* 15,800 972,688
CAIS INTERNET* 19,600 275,625
C-BRIDGE INTERNET SOLUTIONS* 17,600 305,800
CMGI* 34,600 1,585,112
COMMERCE ONE* 17,800 807,953
CYSIVE* 23,000 549,125
DIGEX* 10,900 740,519
DOUBLECLICK* 9,800 373,625
EGAIN COMMUNICATIONS* 22,800 276,450
ENTRUST TECHNOLOGIES* 24,000 1,986,000
EXODUS COMMUNICATIONS* 41,600 1,916,200
F5 NETWORKS* 31,400 1,713,262
GO2NET* 27,500 1,383,594
IBASIS* 26,000 1,119,625
INFOSPACE* 26,400 1,458,600
INTERNAP NETWORK SERVICES* 21,600 896,738
INTERNET CAPITAL GROUP* 6,800 251,706
INTERNET PICTURES* 35,800 541,475
I2 TECHNOLOGIES* 17,800 1,855,928
KANA COMMUNICATIONS* 18,200 1,126,125
NAVISITE* 14,200 593,738
NIKU* 15,500 523,125
PACKETEER* 54,600 1,590,225
REALNETWORKS* 14,700 743,269
RED HAT* 85,300 2,308,431
SAFEGUARD SCIENTIFICS* 63,200 2,026,350
SONICWALL* 36,100 3,179,056
SYCAMORE NETWORKS* 30,300 3,344,363
TUMBLEWEED COMMUNICATIONS* 6,100 310,338
VERISIGN* 25,105 4,431,033
VERSATA* 27,400 1,104,562
VIA NET.WORKS* 17,900 276,331
VIGNETTE* 22,200 1,154,747
WATCHGUARD TECHNOLOGIES* 28,400 1,560,225
------------
51,863,953
IT CONSULTING & SERVICES (4.8%)
BSQUARE* 20,600 462,213
COGNIZANT TECHNOLOGY SOLUTIONS* 16,200 537,637
COMDISCO 17,600 392,700
CSG SYSTEMS INTERNATIONAL* 60,000 3,363,750
DST SYSTEMS* 18,500 1,408,313
IMATION* 31,800 934,125
INFONET SERVICES - CLASS B* 68,400 816,525
LIBERATE TECHNOLOGIES* 27,600 809,025
METASOLV SOFTWARE* 11,900 523,600
METRIS COMPANIES 160,500 4,032,562
PREDICTIVE SYSTEMS* 14,800 531,875
SCIENT* 34,600 1,526,725
STARTEK* 21,600 1,088,100
TELETECH HOLDINGS* 35,300 1,096,506
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 15
<PAGE>
SMALL TO MID CAP FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
IT CONSULTING & SERVICES - CONTINUED
TIBCO SOFTWARE* 36,300 $ 3,892,608
VITRIA TECHNOLOGY* 22,800 1,393,650
------------
22,809,914
MACHINERY (0.7%)
MANITOWOC 69,300 1,853,775
SPS TECHNOLOGIES* 12,600 517,388
TECUMSEH PRODUCTS 28,700 1,095,981
------------
3,467,144
MEDIA (6.2%)
ADVO* 20,700 869,400
CENTRAL NEWSPAPERS - CLASS A 35,900 2,270,675
CHARTER COMMUNICATIONS - CLASS A* 117,600 1,933,050
CHRIS-CRAFT INDUSTRIES* 26,677 1,762,349
ECHOSTAR COMMUNICATIONS - CLASS A* 23,400 774,759
HISPANIC BROADCASTING* 121,000 4,008,125
INFINITY BROADCASTING - CLASS A* 69,800 2,543,338
MARTHA STEWART LIVING - CLASS A* 39,700 873,400
PIXAR* 80,800 2,848,200
THE MCCLATCHY COMPANY - CLASS A 17,300 573,063
UNITEDGLOBALCOM - CLASS A* 60,200 2,814,350
UNIVISION COMMUNICATIONS* 49,700 5,143,950
VALASSIS COMMUNICATIONS* 73,650 2,807,906
WASHINGTON POST - CLASS B 1,175 561,650
------------
29,784,215
METALS & MINING (0.2%)
MUELLER* 25,200 705,600
------------
705,600
MULTILINE RETAIL (1.0%)
BJ'S WHOLESALE CLUB* 27,700 914,100
PAYLESS SHOESOURCE* 26,000 1,356,875
ZALE* 67,000 2,445,500
------------
4,716,475
MULTI-UTILITIES (1.9%)
ALLEGHENY ENERGY 39,300 1,075,837
DYNEGY - CLASS A 44,600 3,046,738
ENERGY EAST 119,300 2,274,156
MINNESOTA POWER 62,900 1,088,956
NATIONAL FUEL GAS 34,900 1,701,375
------------
9,187,062
OFFICE ELECTRONICS (0.1%)
INFOCUS* 13,900 447,406
------------
447,406
OIL & GAS (2.9%)
HOUSTON EXPLORATION* 66,600 1,673,325
MURPHY OIL 15,600 927,225
NOBLE DRILLING* 111,200 4,580,050
STONE ENERGY* 6,800 406,300
TIDEWATER 43,100 1,551,600
ULTRAMAR DIAMOND SHAMROCK 59,700 1,481,306
VINTAGE PETROLEUM 138,700 3,129,419
------------
13,749,225
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 16
<PAGE>
SMALL TO MID CAP FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
PAPER & FOREST PRODUCTS (0.2%)
RAYONIER 19,300 $ 692,388
------------
692,388
PHARMACEUTICALS (3.9%)
ALBANY MOLECULAR RESEARCH* 22,100 1,203,069
ALPHARMA - CLASS A 44,700 2,782,575
IVAX* 170,700 7,084,050
JONES PHARMA 136,400 5,447,475
MEDICIS PHARMACEUTICAL - CLASS A* 41,900 2,388,300
------------
18,905,469
REAL ESTATE (3.3%)
ARDEN REALTY 31,200 733,200
BOSTON PROPERTIES 21,800 842,025
CARRAMERICA REALTY 8,200 217,300
CRESCENT REAL ESTATE EQUITIES 98,300 2,015,150
EQUITY RESIDENTIAL PROPERTIES TRUST 33,600 1,545,600
FEDERAL REALTY INVESTMENT TRUST 36,000 720,000
FELCOR LODGING TRUST 66,500 1,230,250
HEALTHCARE REALTY TRUST 61,700 1,052,756
HIGHWOODS PROPERTIES 42,400 1,017,600
HOSPITALITY PROPERTIES TRUST 30,500 688,156
KILROY REALTY 27,300 708,094
LNR PROPERTY 36,400 709,800
MACK-CALI REALTY 15,300 393,019
MILLS 9,400 176,838
NATIONAL HEALTH INVESTORS 28,900 317,900
PRENTISS PROPERTIES TRUST 31,400 753,600
REGENCY REALTY 16,600 394,250
ROUSE COMPANY 45,700 1,131,075
SL GREEN REALTY 19,000 508,250
THE MACERICH COMPANY 33,400 736,887
------------
15,891,750
ROAD & RAIL (0.3%)
USFREIGHTWAYS 51,100 1,255,144
------------
1,255,144
SEMICONDUCTOR EQUIPMENT & PRODUCTS (2.7%)
APPLIED MICRO CIRCUITS* 15,700 1,550,375
ATMEL* 28,400 1,047,250
FAIRCHILD SEMICONDUCTOR - CLASS A* 30,100 1,219,050
INSILICON* 53,100 829,687
LTX* 100,300 3,504,231
QUANTUM EFFECT DEVICES* 14,300 815,100
RUDOLPH TECHNOLOGIES* 41,400 1,604,250
THERMA-WAVE* 45,600 1,017,450
VITESSE SEMICONDUCTOR* 20,300 1,493,319
------------
13,080,712
SOFTWARE (3.9%)
CADENCE DESIGN SYSTEMS* 36,000 733,500
EMBARCADERO TECHNOLOGIES* 4,800 141,000
INKTOMI* 13,500 1,596,375
INTERTRUST TECHNOLOGIES* 19,600 403,025
INTUIT* 165,100 6,831,012
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 17
<PAGE>
SMALL TO MID CAP FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
SOFTWARE - CONTINUED
MERCURY COMPUTER SYSTEMS* 33,200 $ 1,072,775
NATIONAL COMPUTER SYSTEMS 15,600 768,300
NVIDIA* 44,600 2,834,888
PORTAL SOFTWARE* 19,300 1,232,788
QUEST SOFTWARE* 21,600 1,196,100
SERENA SOFTWARE* 41,400 1,879,819
------------
18,689,582
SPECIALTY RETAIL (0.4%)
ANNTAYLOR STORES* 64,700 2,143,186
------------
2,143,186
TEXTILES & APPAREL (0.7%)
FOSSIL* 105,725 2,055,030
JONES APPAREL GROUP* 56,500 1,327,750
------------
3,382,780
TRADING COMPANIES (0.4%)
UNITED STATIONERS* 64,300 2,081,712
------------
2,081,712
WIRELESS TELECOMMUNICATIONS (1.3%)
PRICE COMMUNICATIONS* 88,800 2,092,350
VOICESTEAM WIRELESS* 32,200 3,744,760
WIRELESS FACILITIES* 12,300 626,531
------------
6,463,641
TOTAL COMMON STOCK (IDENTIFIED COST $454,552,853) 474,426,499
------------
</TABLE>
<TABLE>
<CAPTION>
INTEREST MATURITY PRINCIPAL
SHORT-TERM INVESTMENTS (2.4%) RATE DATE AMOUNT VALUE
<S> <C> <C> <C> <C>
FIFTH THIRD REPURCHASE AGREEMENT 6.62% 07/03/2000 $ 11,791,123 11,791,123
DATED 6/30/00 (Collateralized by 12,665,774 FNMA ------------
#323553, 6.50%, 2-01-19, market value $12,026,945)
TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $11,791,123) 11,791,123
------------
TOTAL INVESTMENTS (101.4%) (IDENTIFIED COST $466,343,976) 486,217,622
OTHER ASSETS LESS LIABILITIES (-1.4%) (6,847,772)
------------
NET ASSETS (100.0%) $479,369,850
============
</TABLE>
* Non-income producing security.
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 18
<PAGE>
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK (97.9%)
BELGIUM (0.9%)
FORTIS (B) 79,000 $ 2,308,232
------------
2,308,232
BRAZIL (1.1%)
ARACRUZ CELULOSE SA 36,600 706,838
ELETROPAULO METROPOLITANA DE SAO PAULO SA 5,900,000 412,096
TELE NORTE LESTE PARTICIPACOES SA ADR 61,886 1,462,057
TELESP CELULAR PARTICIPACOES SA ADR 8,100 363,488
------------
2,944,479
CANADA (2.1%)
ABITIBI-CONSOLIDATED 241,700 2,265,938
BALLARD POWER SYSTEMS* 3,000 269,438
PRECISION DRILLING* 72,800 2,811,900
------------
5,347,276
CHINA (0.1%)
YIZHENG CHEMICAL FIBRE COMPANY 1,823,000 362,481
------------
362,481
DENMARK (1.5%)
TELE DANMARK AS 56,200 3,798,468
------------
3,798,468
FINLAND (2.4%)
HELSINGIN PUHELIN OYJ 6,700 658,961
NOKIA ADR 63,500 3,171,031
SONERA OYJ 48,300 2,210,843
------------
6,040,835
FRANCE (12.5%)
ACCOR SA 44,400 1,827,180
ALCATEL SA 22,800 1,501,513
AVENTIS SA 5,600 410,396
AXA 39,700 6,279,309
BOUYGUES 5,713 3,833,537
GROUPE DANONE 14,200 1,892,085
FRANCE TELECOM SA 5,900 828,000
RHODIA SA 32,400 546,632
SOCIETE TELEVISION FRANCAISE 1 73,000 5,108,379
TOTAL FINA ELF SA 58,259 8,969,041
VIVENDI SA 8,100 717,843
------------
31,913,915
GERMANY (4.7%)
BAYERISCHE MOTOREN WERKE AG 119,000 3,604,719
DEUTSCHE TELEKOM AG 25,900 1,479,733
EM TV & MERCHANDISING AG 18,100 1,070,536
INTERSHOP COMMUNICATIONS AG* 700 317,392
SAG SOLARSTROM AG 21,600 3,240,451
SCHERING AG 42,900 2,385,189
------------
12,098,020
GREAT BRITAIN (18.3%)
ARM HOLDINGS PLC* 97,000 1,039,686
ASTRAZENECA PLC 55,600 2,596,732
BAE SYSTEMS PLC 517,930 3,228,508
BG GROUP PLC 573,800 3,709,246
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 19
<PAGE>
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
GREAT BRITAIN - CONTINUED
BILLITON PLC 178,500 $ 726,922
BP AMOCO PLC 237,900 2,283,394
BRITISH AIRWAYS PLC 910,600 5,241,964
CENTRICA PLC 847,600 2,829,416
DIAGEO PLC 122,900 1,103,326
HANSON PLC 233,900 1,653,653
HSBC HOLDINGS PLC 195,600 2,233,192
INVENSYS PLC 851,000 3,195,056
ROLLS-ROYCE PLC 297,900 1,065,466
SAINSBURY (J) PLC 577,300 2,621,923
SHELL TRANSPORT & TRADING COMPANY 729,300 6,089,041
STANDARD CHARTERED PLC 121,200 1,510,079
VODAFONE AIRTOUCH PLC 1,417,407 5,729,319
------------
46,856,923
GREECE (0.4%)
INTRACOM SA 26,200 982,230
------------
982,230
HONG KONG (1.4%)
CHINA MOBILE (HONG KONG) LIMITED* 218,000 1,922,633
HUTCHISON WHAMPOA 108,900 1,369,056
PACIFIC CENTURY CYBERWORKS LIMITED* 92,000 181,751
------------
3,473,440
HUNGARY (0.3%)
MATAV RT. ADR 23,200 798,950
------------
798,950
ISRAEL (1.8%)
BANK HAPOALIM LTD 185,100 536,772
TEVA PHARMACEUTICALS 72,400 4,013,675
------------
4,550,447
ITALY (2.4%)
ALLEANZA ASSICURAZIONI SPA 184,600 2,468,558
ENI SPA 180,300 1,045,655
FINMECCANICA SPA* 1,559,300 2,152,433
TIM SPA 46,700 479,003
------------
6,145,649
JAPAN (24.0%)
ASATSU - DK 6,000 246,680
DAIKIN 26,000 605,737
EAST JAPAN RAILWAY 98 570,559
FANUC 56,000 5,710,883
FUJI BANK LTD 49,000 373,272
HITACHI LTD 207,000 2,993,337
HONDA MOTOR 24,000 818,865
JAPAN AIR LINES 237,000 902,708
KDD 10,000 1,011,294
KEYENCE 3,700 1,223,950
KIRIN BREWERY 640,000 8,014,744
MITSUI FUDOSAN 153,000 1,662,965
MURATA MANUFACTURING COMPANY, LTD 22,000 3,164,690
NIKON 15,000 557,157
NIPPON STEEL 318,000 670,233
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 20
<PAGE>
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
JAPAN - CONTINUED
NIPPON TELEGRAPH & TELEPHONE 38 $ 506,403
NISSAN MOTOR* 39,000 230,377
NOMURA SECURITIES COMPANY, LTD 192,000 4,709,040
NTT DOCOMO 42 1,139,266
OKI ELECTRIC INDUSTRY COMPANY* 167,000 1,302,160
OMRON 24,000 653,277
PIONEER 45,000 1,756,533
PROMISE COMPANY LTD 7,400 586,097
SAKURA BANK LTD 126,000 872,908
SHIN-ETSU CHEMICAL COMPANY 7,000 355,938
SOFTBANK 9,900 1,347,384
SONY 21,600 2,021,077
SUMITOMO 373,000 4,205,746
SUMITOMO CHEMICAL COMPANY 419,000 2,526,554
TAKEDA CHEMICAL INDUSTRIES LTD 32,000 2,105,004
TOKYO ELECTRIC POWER 105,300 2,572,662
TOYOTA MOTOR 75,000 3,423,751
TREND MICRO* 1,500 248,098
YAMATO TRANSPORT COMPANY, LTD 93,000 2,316,100
------------
61,405,449
MEXICO (0.5%)
CARSO GLOBAL TELECOM 288,000 819,221
GRUPO TELEVISA SA ADR 8,500 585,969
------------
1,405,190
NETHERLANDS(5.2%)
AEGON NV 54,900 1,961,414
ASM LITHOGRAPHY HOLDING ADR* 41,800 1,844,425
ING GROEP NV 31,300 2,124,296
KONINKLIJKE KPN NV 31,400 1,410,187
PHILIPS ELECTRONICS NY SHARES 66,600 3,163,500
STMICROELECTRONICS NV 28,000 1,797,250
VNU NV 20,800 1,078,693
------------
13,379,765
SINGAPORE (2.1%)
DATACRAFT ASIA LIMITED 133,120 1,171,456
DBS GROUP HOLDINGS LTD 126,578 1,625,235
SINGAPORE AIRLINES 254,000 2,512,087
------------
5,308,778
SOUTH AFRICA (0.1%)
IMPALA PLATINUM HOLDINGS LTD 5,400 200,867
------------
200,867
SOUTH KOREA (1.4%)
KOREA ELECTRIC POWER 15,130 469,494
KOREA TELECOM 2,920 257,164
KOREA TELECOM ADR 2,100 101,588
POHANG IRON & STEEL ADR 37,980 911,520
SAMSUNG ELECTRONICS 5,810 1,922,728
------------
3,662,494
SPAIN (4.0%)
ALTADIS SA 95,000 1,465,268
ENDESA SA 282,200 5,488,787
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 21
<PAGE>
INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
DESCRIPTION SHARES VALUE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
SPAIN - CONTINUED
TELEFONICA SA 155,900 $ 3,362,529
------------
10,316,584
SWEDEN (5.1%)
TELEFONAKTIEBOLAGET LM ERICSSON AB 182,300 3,646,000
NORDIC BALTIC HOLDING AB 271,100 2,055,427
SKANDIA FORSAKRINGS AB 98,500 2,616,634
SVENSKA HANDELSBANKEN 329,700 4,811,492
------------
13,129,553
SWITZERLAND (5.1%)
ABB LTD 30,800 3,698,235
GIVAUDAN* 314 95,874
JULIUS BAER HOLDING AG 490 1,943,607
SWISSCOM AG 1,434 498,253
UBS AG 47,000 6,907,939
------------
13,143,908
TAIWAN (0.5%)
ASE TEST LTD* 46,900 1,380,619
------------
1,380,619
TOTAL COMMON STOCK (IDENTIFIED COST $227,770,980) 250,954,552
------------
</TABLE>
<TABLE>
<CAPTION>
INTEREST MATURITY PRINCIPAL
SHORT-TERM INVESTMENTS (3.7%) RATE DATE AMOUNT VALUE
<S> <C> <C> <C> <C>
FIFTH THIRD REPURCHASE AGREEMENT 6.62% 07/03/2000 $ 9,471,499 9,471,499
DATED 6/30/00 (Collateralized by 10,037,112 FHLMC ------------
#E72394, 6.50%, 09-01-13, market value $ 9,660,929)
TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $9,471,499) 9,471,499
------------
TOTAL INVESTMENTS (101.6%) (IDENTIFIED COST $237,242,479) 260,426,051
OTHER ASSETS LESS LIABILITIES (-1.6%) (3,989,665)
------------
NET ASSETS (100.0%) $256,436,386
============
</TABLE>
FORWARD CURRENCY CONTRACTS
<TABLE>
<CAPTION>
UNREALIZED
EXCHANGE CONTRACT APPRECIATION/ DELIVERY
CURRENCY RATE(1) VALUE (DEPRECIATION) DATE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
LIABILITIES
EURO (SELL) 1.063 $ 179,598 $ ($3,437) 7/03/00
BRITISH POUND (SELL) 0.670 359,658 (5,010) 7/03/00
BRITISH POUND (SELL) 0.666 753,827 (5,897) 7/05/00
JAPANESE YEN (SELL) 106.910 900,875 (9,409) 7/03/00
------------
$ (23,753)
============
</TABLE>
* Non-income producing security.
(1) Contract rate.
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 22
<PAGE>
HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CORPORATE BONDS (90.7%)
FINANCE - BANKS (2.4%)
SOVEREIGN BANCORP 10.500% 11/15/2006 $ 500,000 $ 493,750
------------
493,750
FINANCE - OTHER (2.2%)
HOST MARRIOTT (HMH PROPERTIES) 7.875% 08/01/2008 500,000 448,750
------------
448,750
INDUSTRIALS - AUTOMOTIVE (4.4%)
AMERICAN AXLE & MANUFACTURING 9.750% 03/01/2009 500,000 466,250
EXIDE 10.000% 04/15/2005 500,000 430,000
------------
896,250
INDUSTRIALS - BASIC (8.6%)
LTV 8.200% 09/15/2007 500,000 365,000
P&L COAL HOLDINGS 9.625% 05/15/2008 500,000 463,750
RUSSEL METALS 10.000% 06/01/2009 500,000 475,625
WCI STEEL 10.000% 12/01/2004 500,000 465,000
------------
1,769,375
INDUSTRIALS - CAPITAL GOODS (3.8%)
FAIRFIELD MANUFACTURING 9.625% 10/15/2008 500,000 415,000
NEENAH 11.125% 05/01/2007 500,000 367,500
------------
782,500
INDUSTRIALS - ENERGY (9.5%)
EOTT ENERGY PARTNERS 11.000% 10/01/2009 500,000 507,500
HS RESOURCES 9.250% 11/15/2006 500,000 486,250
R & B FALCON 6.950% 04/15/2008 500,000 427,500
VERITAS DGC 9.750% 10/15/2003 500,000 505,000
------------
1,926,250
INDUSTRIALS - ENTERTAINMENT (2.3%)
VAIL RESORTS 8.750% 05/15/2009 500,000 465,000
------------
465,000
INDUSTRIALS - GAMING (11.5%)
HARRAH'S OPERATING COMPANY 7.875% 12/15/2005 500,000 470,000
INTERNATIONAL GAMING TECHNOLOGY 8.375% 05/15/2009 500,000 472,500
ISLE OF CAPRI CASINOS 8.750% 04/15/2009 500,000 462,500
MOHEGAN TRIBAL GAMING 8.750% 01/01/2009 500,000 475,000
STATION CASINOS 8.875% 12/01/2008 500,000 476,250
------------
2,356,250
INDUSTRIALS - MEDIA-CABLE (8.10%)
ADELPHIA COMMUNICATIONS 7.875% 05/01/2009 500,000 421,250
CHARTER COMMUNICATIONS HOLDINGS 0.000% 04/01/2011 500,000 283,750
ECHOSTAR DBS 9.375% 02/01/2009 500,000 480,000
TELEWEST COMMUNICATIONS PLC 0.000% 10/01/2007 500,000 473,750
------------
1,658,750
INDUSTRIALS - MEDIA-NONCABLE (4.9%)
CHANCELLOR MEDIA (AMFM) 9.000% 10/01/2008 500,000 515,000
HOLLINGER INTERNATIONAL PUBLISHING 9.250% 02/01/2006 500,000 493,125
------------
1,008,125
INDUSTRIALS - OTHER CONSUMER CYCLICAL (3.8%)
CENTRAL GARDEN AND PET COMPANY 6.000% 11/15/2003 500,000 335,625
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 23
<PAGE>
HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INDUSTRIALS - OTHER CONSUMER CYCLICAL - CONTINUED
CSK AUTO 11.000% 11/01/2006 $ 500,000 $ 445,000
------------
780,625
INDUSTRIALS - OTHER CONSUMER NON-CYCLICAL (2.6%)
DEL MONTE 12.250% 04/15/2007 500,000 525,000
------------
525,000
INDUSTRIALS - SERVICES (2.3%)
COINMACH 11.750% 11/15/2005 500,000 480,000
------------
480,000
INDUSTRIALS - TECHNOLOGY (5.4%)
COVAD COMMUNICATIONS GROUP 0.000% 03/15/2008 500,000 245,000
INTERMEDIA COMMUNICATIONS 0.000% 07/15/2007 500,000 392,500
PSINET 10.000% 02/15/2005 500,000 460,000
------------
1,097,500
INDUSTRIALS - TELECOMMUNICATIONS-WIRED (9.9%)
GLOBAL CROSSING HOLDING LIMITED 9.625% 05/15/2008 500,000 485,000
LEVEL 3 COMMUNICATIONS 0.000% 12/01/2008 500,000 303,750
MCLEODUSA 8.125% 02/15/2009 500,000 451,250
NEXTLINK COMMUNICATIONS 0.000% 04/15/2008 500,000 305,000
WILLIAMS COMMUNICATIONS GROUP 10.875% 10/01/2009 500,000 488,750
------------
2,033,750
INDUSTRIALS - TELECOMMUNICATIONS-WIRELESS (1.8%)
NEXTEL COMMUNICATIONS 0.000% 02/15/2008 500,000 366,250
------------
366,250
UTILITIES (4.7%)
AES 8.375% 08/15/2007 500,000 455,000
WESTERN GAS RESOURCES 10.000% 06/15/2009 500,000 516,250
------------
971,250
YANKEE (2.5%)
KAPPA BEHEER 10.625% 07/15/2009 500,000 507,500
------------
507,500
TOTAL CORPORATE BONDS (IDENTIFIED COST $18,724,224) 18,566,875
------------
CONVERTIBLE PREFERRED STOCK (2.6%) SHARES
CSC HOLDINGS (CABLEVISION SYSTEMS) 11.125% 04/01/2008 5,000 526,250
------------
TOTAL CONVERTIBLE PREFERRED STOCK (IDENTIFIED COST $535,000) 526,250
------------
PRINCIPAL
SHORT-TERM INVESTMENTS (6.0%) AMOUNT
FIFTH THIRD REPURCHASE AGREEMENT DATED 6.620% 07/03/2000 $ 1,219,232 1,219,232
6/30/2000 (COLLATERALIZED BY 1,247,510 FNMA #313704, ------------
7.50%,09-01-12, MARKET VALUE $1,243,617)
TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $1,219,232) 1,219,232
------------
TOTAL INVESTMENTS (99.3%) (IDENTIFIED COST $20,478,456) 20,312,357
OTHER ASSETS LESS LIABILITIES (0.7%) 147,483
------------
NET ASSETS (100.0%) $ 20,459,840
============
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 24
<PAGE>
INTERMEDIATE FIXED-INCOME FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS (0.5%)
COLLATERALIZED MORTGAGE SECURITIES CORP I-3 9.450% 02/01/2017 $ 255,474 $ 266,480
MERRILL LYNCH MORTGAGE INVESTMENTS 1992-D 8.150% 07/15/2017 57,338 57,224
------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $334,177) 323,704
------------
ASSET-BACKED SECURITIES (5.7%)
BRIDGESTONE/FIRESTONE MASTER TRUST 1996-1A 6.170% 07/01/2003 416,667 416,416
CAPTIVA CBO 1997-1AA(1) 6.860% 11/30/2009 1,200,000 1,166,796
CARCO AUTO LOAN MASTER TRUST 1997-1A 6.689% 08/15/2004 509,472 507,577
FORD CREDIT AUTO LOAN MASTER TRUST 1995-1 6.500% 08/15/2002 500,000 499,650
ONYX ACCEPTANCE GRANTOR TRUST 1996-2A 6.400% 10/15/2001 93,140 92,991
WORLD FINANCIAL NETWORK CREDIT CARD
MASTER TRUST 1996-AA 6.700% 02/15/2004 1,000,000 995,410
------------
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $3,711,899) 3,678,840
------------
CORPORATE BONDS (66.8%)
FINANCE - BANKS (7.3%)
ABN AMRO BANK NV/CHICAGO 7.300% 12/01/2026 250,000 220,332
BANK OF AMERICA 7.125% 03/01/2009 500,000 479,931
BANK ONE 7.625% 10/15/2026 996,000 921,987
FIRST NATIONAL BANK (BANKBOSTON NA) 7.375% 09/15/2006 1,000,000 973,333
HOUSEHOLD BANK 6.500% 07/15/2003 500,000 480,880
NATIONSBANK (BANK OF AMERICA) 8.570% 11/15/2024 1,000,000 1,072,249
STANDARD FEDERAL BANCORP 7.750% 07/17/2006 600,000 592,783
------------
4,741,495
FINANCE - BROKER RELATED (4.8%)
BEAR STEARNS 6.450% 08/01/2002 500,000 488,697
BEAR STEARNS 6.125% 02/01/2003 1,250,000 1,204,836
MERRILL LYNCH 6.000% 07/15/2005 750,000 701,938
MORGAN STANLEY GROUP 7.000% 10/01/2013 738,000 678,819
------------
3,074,290
FINANCE - OTHER (12.1%)
AMERICAN EXPRESS 8.625% 05/15/2022 500,000 506,247
EXECUTIVE RISK (CHUBB) 7.125% 12/15/2007 1,000,000 949,904
GENERAL ELECTRIC CAPITAL 8.650% 05/15/2009 375,000 407,903
GENERAL ELECTRIC CAPITAL 7.260% 04/29/2002 500,000 500,617
MBIA 8.200% 10/01/2022 500,000 489,874
MIC FINANCING TRUST I(1) 8.375% 02/01/2027 1,000,000 870,432
NYNEX CAPITAL FUNDING 8.750% 12/01/2004 1,000,000 1,047,475
PHOENIX HOME LIFE MUTUAL(1) 6.950% 12/01/2006 1,000,000 945,467
SEARS ROEBUCK ACCEPTANCE CORPORATION 6.000% 03/20/2003 600,000 575,233
TEXTRON FINANCIAL(1) 7.370% 10/15/2003 1,250,000 1,244,767
WESTERN NATIONAL (AMERICAN GENERAL) 7.125% 02/15/2004 330,000 324,033
------------
7,861,952
INDUSTRIALS - AUTOMOTIVE (1.5%)
GENERAL MOTORS 8.100% 06/15/2024 1,000,000 975,349
------------
975,349
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 25
<PAGE>
INTERMEDIATE FIXED-INCOME FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INDUSTRIALS - BASIC (2.9%)
CYTEC INDUSTRIES 6.846% 05/11/2005 $ 1,000,000 $ 948,754
CYTEC INDUSTRIES 6.750% 03/15/2008 1,000,000 904,841
------------
1,853,595
INDUSTRIALS - ENERGY (2.8%)
NATIONAL FUEL GAS COMPANY 6.303% 08/27/2008 1,000,000 909,487
PHILLIPS PETROLEUM 7.920% 04/15/2023 1,000,000 926,651
------------
1,836,138
INDUSTRIALS - HEALTHCARE (6.1%)
AMGEN 6.500% 12/01/2007 1,000,000 958,302
CARDINAL HEALTH 6.250% 07/15/2008 1,000,000 911,528
HEALTHSOUTH 6.875% 06/15/2005 1,000,000 856,992
KAISER FOUNDATION HOSPITALS 8.750% 08/11/2003 1,200,000 1,241,028
------------
3,967,850
INDUSTRIALS - OTHER CONSUMER CYCLICAL (1.5%)
COOPER TIRE & RUBBER 7.750% 12/15/2009 1,000,000 973,502
------------
973,502
INDUSTRIALS - OTHER CONSUMER NON-CYCLICAL (1.4%)
ANHEUSER-BUSCH 6.750% 06/01/2005 500,000 488,127
ANHEUSER-BUSCH 5.750% 01/15/2011 500,000 437,282
------------
925,409
INDUSTRIALS - OTHER (3.9%)
AVNET 6.450% 08/15/2003 1,000,000 976,943
DEERE & COMPANY 8.950% 06/15/2019 500,000 546,565
MCDONALD'S 6.000% 06/23/2002 500,000 488,385
MCDONALD'S 6.625% 09/01/2005 500,000 486,801
------------
2,498,694
INDUSTRIALS - RETAILERS (0.8%)
DAYTON HUDSON (TARGET) 8.600% 01/15/2012 500,000 530,953
------------
530,953
INDUSTRIALS - SERVICES (3.2%)
SCIENCE APPLICATIONS INTERNATIONAL 6.750% 02/01/2008 1,000,000 935,900
SERVICE CORPORATION INTERNATIONAL 6.300% 03/15/2003 1,000,000 622,500
SERVICE CORPORATION INTERNATIONAL 6.000% 12/15/2005 1,000,000 540,000
------------
2,098,400
INDUSTRIALS - TECHNOLOGY (2.2%)
APPLIED MATERIALS 7.125% 10/15/2017 1,000,000 917,992
SEAGATE TECHNOLOGY 7.125% 03/01/2004 500,000 475,651
------------
1,393,643
INDUSTRIALS - TRANSPORTATION (2.9%)
CONTINENTAL AIRLINES 6.320% 11/01/2008 1,000,000 903,380
US AIRWAYS PASS-THROUGH TRUST 8.360% 01/20/2019 1,000,000 990,830
------------
1,894,210
UTILITIES (10.3%)
BELLSOUTH TELECOMMUNICATIONS 6.300% 12/15/2015 434,495 409,728
CAROLINA TELPHONE & TELECOMMUNICATION 6.750% 08/15/2013 375,000 344,669
CENTRAL POWER & LIGHT 6.625% 07/01/2005 1,000,000 959,909
CHESAPEAKE AND POTAMAC TELEPHONE 7.625% 12/01/2012 865,000 851,431
ENTERGY MISSISSIPPI 6.450% 04/01/2008 1,000,000 918,824
GTE HAWAIIAN TELEPHONE 7.375% 09/01/2006 500,000 483,588
IDAHO POWER 8.750% 03/15/2027 400,000 403,071
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 26
<PAGE>
INTERMEDIATE FIXED-INCOME FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
UTILITIES - CONTINUED
PACIFIC BELL (SBC COMMUNICATIONS) 7.500% 02/01/2033 $ 405,000 $ 362,991
PACIFIC GAS & ELECTRIC 8.250% 11/01/2022 500,000 486,869
PUBLIC SERVICE COMPANY OF COLORADO 6.000% 04/15/2003 1,000,000 967,999
VIRGINIA ELECTRIC AND POWER 7.200% 11/01/2004 500,000 494,783
------------
6,683,862
YANKEE (3.1%)
CITICORP 7.000% 01/02/2004 500,000 486,878
FAIRFAX FINANCIAL HOLDINGS 7.375% 03/15/2006 1,000,000 871,382
MIDLAND BANK PLC (HSBC BANK) 6.750% 09/29/2049 200,000 158,240
ROYAL CARIBBEAN CRUISES 7.125% 09/18/2002 500,000 481,761
------------
1,998,261
TOTAL CORPORATE BONDS (IDENTIFIED COST $46,364,811) 43,307,603
------------
U.S. GOVERNMENT AND AGENCY SECURITIES (23.2%)
U.S. TREASURY BONDS (9.8%)
UNITED STATES TREASURY BOND 8.125% 08/15/2021 1,400,000 1,707,125
UNITED STATES TREASURY BOND 6.125% 08/15/2029 4,610,000 4,658,981
------------
6,366,106
U.S. TREASURY NOTES (4.7%)
UNITED STATES TREASURY NOTE 6.250% 02/15/2003 200,000 199,438
UNITED STATES TREASURY NOTE 5.500% 05/31/2003 1,000,000 977,500
UNITED STATES TREASURY NOTE 5.875% 11/15/2004 900,000 886,500
UNITED STATES TREASURY NOTE 6.750% 05/15/2005 700,000 716,407
UNITED STATES TREASURY NOTE 6.125% 08/15/2007 250,000 248,516
------------
3,028,361
FEDERAL FARM CREDIT BANK (FFCB) (0.2%)
FFCB 6.190% 01/14/2008 100,000 93,399
------------
93,399
FEDERAL HOME LOAN BANK (FHLB) (2.2%)
FHLB 7.280% 08/23/2004 500,000 495,486
FHLB 6.095% 03/16/2005 1,000,000 955,894
------------
1,451,380
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) (3.4%)
FHLMC 5.900% 02/14/2006 100,000 94,731
FHLMC 6.980% 01/22/2007 75,000 73,354
FHLMC 6.625% 09/15/2009 1,100,000 1,060,840
FHLMC 7.000% 03/15/2010 1,000,000 991,575
------------
2,220,500
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (2.9%)
FMNA 5.125% 02/13/2004 516,000 484,781
FNMA 6.350% 05/18/2005 500,000 481,582
FNMA 6.460% 06/26/2008 500,000 470,082
FNMA 6.690% 02/02/2011 500,000 468,223
------------
1,904,668
TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (IDENTIFIED COST $15,118,489) 15,064,414
------------
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 27
<PAGE>
INTERMEDIATE FIXED-INCOME FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SHORT-TERM INVESTMENTS (2.8%)
FIFTH THIRD REPURCHASE AGREEMENT DATED 6.620% 07/03/2000 $ 1,839,145 $ 1,839,145
6/30/2000 (Collateralized by 1,917,514 FNMA #535255, ------------
7.00%, 04-01-15, market value $1,875,928)
TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $1,839,145) 1,839,145
------------
TOTAL INVESTMENTS (99.0%) (IDENTIFIED COST $67,368,521) 64,213,706
OTHER ASSETS LESS LIABILITIES (1.0%) 669,686
------------
NET ASSETS (100.0%) $ 64,883,392
============
</TABLE>
(1) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers.
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 28
<PAGE>
SHORT-INTERMEDIATE FIXED-INCOME FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CORPORATE BONDS (61.3%)
FINANCE - BANKS (6.0%)
BANK BOSTON (FLEET BOSTON FINANCIAL) 6.380% 08/11/2000 $ 245,000 $ 244,867
BANK ONE 6.400% 08/01/2002 1,000,000 981,847
CHASE MANHATTAN 8.625% 05/01/2002 400,000 408,343
FIRST BANK MINNESOTA (US BANK NA) 6.250% 08/15/2005 500,000 491,392
FIRST USA BANK 6.625% 12/03/2001 1,115,000 1,105,297
NCNB (BANK OF AMERICA) 9.500% 06/01/2004 285,000 303,435
SECURITY PACIFIC (BANK OF AMERICA) 10.300% 05/15/2001 125,000 127,725
------------
3,662,906
FINANCE - BROKER RELATED (4.8%)
BEAR STEARNS 6.450% 08/01/2002 500,000 488,697
BEAR STEARNS 6.125% 02/01/2003 500,000 481,935
GOLDMAN SACHS GROUP 6.600% 07/15/2002 450,000 443,256
MERRILL LYNCH 6.000% 03/01/2001 500,000 496,364
SALOMON SMITH BARNEY HOLDINGS 9.000% 03/13/2002 500,000 512,587
SALOMON SMITH BARNEY HOLDINGS 6.250% 05/15/2003 500,000 484,415
------------
2,907,254
FINANCE - OTHER (15.2%)
WESTERN NATIONAL (AMERICAN GENERAL) 7.125% 02/15/2004 330,000 324,033
ASSOCIATES 5.500% 02/15/2002 1,500,000 1,456,901
FORD MOTOR CREDIT 5.750% 02/23/2004 1,000,000 940,220
FORD MOTOR CREDIT 7.500% 03/15/2005 1,000,000 994,522
GENERAL MOTORS ACCEPTANCE CORPORATION 6.700% 04/30/2001 395,000 393,242
GENERAL MOTORS ACCEPTANCE CORPORATION 5.375% 09/30/2002 500,000 479,253
GENERAL MOTORS ACCEPTANCE CORPORATION 5.875% 01/22/2003 1,000,000 963,377
INTERNATIONAL LEASE FINANCE 5.780% 03/01/2001 350,000 346,988
MOBIL OIL EMPLOYEE STOCK 5.875% 09/03/2002 1,000,000 975,888
NORDSTROM CREDIT 6.700% 07/01/2005 500,000 481,254
SAFECO 7.875% 04/01/2005 500,000 496,407
SEARS ROEBUCK ACCEPTANCE CORPORATION 6.400% 10/11/2000 350,000 349,495
SEARS ROEBUCK ACCEPTANCE CORPORATION 6.360% 12/04/2001 525,000 516,579
SEARS ROEBUCK ACCEPTANCE CORPORATION 6.630% 07/09/2002 542,000 532,313
------------
9,250,472
INDUSTRIALS - AUTOMOTIVE (1.8%)
GENERAL MOTORS 9.125% 07/15/2001 1,085,000 1,105,760
------------
1,105,760
INDUSTRIALS - BASIC (0.4%)
CYTEC INDUSTRIES 6.500% 03/15/2003 250,000 241,646
------------
241,646
INDUSTRIALS - CAPITAL GOODS (1.6%)
COOPER INDUSTRIES 5.880% 02/20/2003 1,000,000 958,500
------------
958,500
INDUSTRIALS - ENERGY (2.5%)
CHEVRON TRUST FUND 8.110% 12/01/2004 566,640 578,823
NATIONAL FUEL GAS COMPANY 6.214% 08/12/2027 1,000,000 970,359
------------
1,549,182
INDUSTRIALS - HEALTH CARE (1.7%)
KAISER FOUNDATION HOSPITALS 9.000% 11/01/2001 1,000,000 1,027,175
------------
1,027,175
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 29
<PAGE>
SHORT-INTERMEDIATE FIXED-INCOME FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INDUSTRIALS - OTHER CONSUMER NON-CYCLICAL (0.8%)
ANHEUSER-BUSCH 6.750% 06/01/2005 $ 500,000 $ 488,127
------------
488,127
INDUSTRIALS - OTHER (3.6%)
ARVIN INDUSTRIES 6.875% 02/15/2001 250,000 247,150
AVNET 6.450% 08/15/2003 1,000,000 976,943
ENGLEHARD 6.500% 09/01/2000 445,000 444,757
MCDONALD'S 6.625% 09/01/2005 500,000 486,801
------------
2,155,651
INDUSTRIALS - RETAILERS (1.6%)
AUTOZONE 6.000% 11/01/2003 1,000,000 949,762
------------
949,762
INDUSTRIALS - SERVICES (2.9%)
COMDISCO 5.950% 04/30/2002 540,000 513,614
SERVICE CORPORATION INTERNATIONAL 6.300% 03/15/2003 1,000,000 622,500
SERVICE CORPORATION INTERNATIONAL 7.375% 04/15/2004 1,000,000 600,000
------------
1,736,114
INDUSTRIALS - TECHNOLOGY (1.2%)
ORACLE 6.720% 02/15/2004 250,000 245,104
SEAGATE TECHNOLOGY 7.125% 03/01/2004 500,000 475,652
------------
720,756
INDUSTRIALS - TRANSPORTATION (2.7%)
SOUTHWEST AIRLINES 8.750% 10/15/2003 500,000 517,896
UNION PACIFIC RAILROAD 7.320% 02/01/2002 150,000 149,169
UNION PACIFIC RAILROAD 7.060% 05/15/2003 1,000,000 973,470
------------
1,640,535
UTILITIES (12.4%)
BALTIMORE GAS & ELECTRIC 8.375% 08/15/2001 300,000 303,487
CENTRAL POWER & LIGHT 6.875% 02/01/2003 1,000,000 982,575
IOWA ELECTRIC LIGHT & POWER 8.625% 05/15/2001 395,000 399,865
METROPOLITAN EDISON 7.220% 01/30/2003 500,000 493,860
PUBLIC SERVICE COMPANY OF COLORADO 6.000% 04/15/2003 1,000,000 967,999
PUBLIC SERVICE ELECTRIC & GAS 7.875% 11/01/2001 275,000 276,809
PACIFICORP (SCOTTISH POWER PLC) 6.310% 07/28/2003 550,000 528,423
SOUTHERN CALIFORNIA EDISON 5.875% 01/15/2001 90,000 89,526
U.S. WEST COMMUNICATIONS (QWEST) 8.875% 06/01/2031 250,000 252,211
UNITED TELEPHONE COMPANY OF FLORIDA 6.250% 05/15/2003 1,000,000 972,593
VIRGINIA ELECTRIC AND POWER 7.200% 11/01/2004 500,000 494,783
WISCONSIN ELECTRIC POWER 6.625% 12/01/2002 750,000 743,330
WORLDCOM 8.875% 01/15/2006 1,000,000 1,030,430
------------
7,535,891
YANKEE (2.1%)
PROVINCE OF MANITOBA 9.500% 10/01/2000 300,000 301,850
ROYAL CARIBBEAN CRUISES 7.125% 09/18/2002 1,000,000 963,523
------------
1,265,373
TOTAL CORPORATE BONDS (IDENTIFIED COST $38,315,339) 37,195,104
------------
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 30
<PAGE>
SHORT-INTERMEDIATE FIXED-INCOME FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GOVERNMENT AND AGENCY SECURITIES (33.8%)
U.S. TREASURY NOTES (10.4%)
UNITED STATES TREASURY NOTE 5.625% 02/28/2001 $ 500,000 $ 497,344
UNITED STATES TREASURY NOTE 6.375% 03/31/2001 35,000 34,956
UNITED STATES TREASURY NOTE 5.750% 06/30/2001 2,000,000 1,985,625
UNITED STATES TREASURY NOTE 6.500% 08/31/2001 500,000 500,000
UNITED STATES TREASURY NOTE 6.250% 10/31/2001 1,300,000 1,295,532
UNITED STATES TREASURY NOTE 6.250% 01/31/2002 300,000 298,875
UNITED STATES TREASURY NOTE 6.625% 03/31/2002 40,000 40,075
UNITED STATES TREASURY NOTE 5.625% 12/31/2002 250,000 245,547
UNITED STATES TREASURY NOTE 5.875% 11/15/2004 400,000 394,000
UNITED STATES TREASURY NOTE 6.750% 05/15/2005 1,000,000 1,023,438
------------
6,315,392
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) (4.2%)
FHLMC 6.150% 03/06/2003 1,250,000 1,221,503
FHLMC 5.750% 07/15/2003 750,000 724,471
FHLMC POOL E30447 8.500% 02/01/2006 5,006 5,080
FHLMC POOL E39980 8.500% 08/01/2006 3,260 3,309
FHLMC 7.214% 03/19/2007 500,000 489,233
FHLMC POOL E43681 7.500% 01/01/2008 104,582 104,748
------------
2,548,344
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (7.5%)
FNMA 5.320% 05/08/2001 1,000,000 987,850
FNMA 5.740% 02/09/2004 2,500,000 2,392,068
FNMA 6.350% 05/18/2005 500,000 481,583
FNMA 6.430% 05/23/2005 500,000 482,537
FNMA 7.330% 04/02/2007 50,000 49,201
FNMA POOL 185550 7.000% 11/01/2007 53,409 52,771
FNMA POOL 50953 7.000% 12/01/2008 120,021 118,459
------------
4,564,469
FEDERAL HOME LOAN BANK (FHLB) (11.7%)
FHLB 6.000% 03/27/2002 1,000,000 984,246
FHLB 5.780% 03/05/2003 100,000 96,972
FHLB 6.125% 04/22/2004 500,000 482,422
FHLB 7.280% 08/23/2004 3,500,000 3,468,402
FHLB 6.095% 03/16/2005 2,000,000 1,911,788
FHLB 6.250% 04/06/2005 50,000 48,013
FHLB 6.400% 05/26/2005 125,000 120,445
------------
7,112,288
TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (IDENTIFIED COST $21,016,245) 20,540,493
------------
SHORT-TERM INVESTMENTS (3.9%)
FIFTH THIRD REPURCHASE AGREEMENT DATED 6.620% 07/03/2000 2,370,073 2,370,073
06/30/00 (COLLATERALIZED BY 2,425,252 FNMA POOL #313525, ------------
7.50%, 5-1-12, MARKET VALUE $2,417,474)
TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $2,370,073) 2,370,073
------------
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 31
<PAGE>
SHORT-INTERMEDIATE FIXED-INCOME FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
---------------------------------------------------------------------------------------------------------------------
<S> <C>
TOTAL INVESTMENTS (99.0%) (IDENTIFIED COST $61,701,657) $ 60,105,670
OTHER ASSETS LESS LIABILITIES (1.0%) 604,878
------------
NET ASSETS (100.0%) $ 60,710,548
============
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 32
<PAGE>
MORTGAGE SECURITIES FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSET-BACKED SECURITIES (3.3%)
GREEN TREE HOME IMPROVEMENT LOAN
TRUST 1994-D-M2(1) 9.050% 01/15/2015 $ 404,976 $ 407,706
MBNA MASTER CREDIT CARD TRUST 1995-C-A 6.450% 02/15/2008 1,000,000 971,800
MERRILL LYNCH FHA 42 7.430% 09/01/2022 1,180,157 1,167,683
SEARS CREDIT ACCOUNT MASTER TRUST 1999-1A 5.650% 03/17/2009 1,000,000 950,370
TMS SBA LOAN TRUST 1999 -1A 6.715% 07/15/2025 1,078,473 1,073,415
------------
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $4,615,148) 4,570,974
------------
PROJECT LOANS (1.3%)
EVERGREEN TOWERS(2) 7.375% 09/01/2039 1,004,700 964,351
PRAIRIE DISCRICT LOFTS(2) 7.405% 05/01/2039 945,000 910,167
------------
TOTAL PROJECT LOANS (IDENTIFIED COST $1,951,850) 1,874,518
------------
COLLATERALIZED MORTGAGE OBLIGATIONS (4.5%)
DEUTSCHE MORTGAGE AND ASSET RECEIVING
CORPORATION 1998-C1-A1 6.220% 09/15/2007 438,539 421,314
GMAC COMMERCIAL MORTGAGE SECURITIES
1998-C2-X 0.625% 08/15/2023 16,305,987 598,593
GS MORTGAGE SECURITIES 1999-3-A(3) 8.000% 08/19/2029 1,491,519 1,505,271
LB COMMERCIAL MORTGAGE TRUST 1998-C4-A1A 5.870% 08/15/2006 1,632,100 1,553,596
LB COMMERCIAL MORTGAGE TRUST 1999-C1-A2 6.780% 04/15/2009 715,000 684,342
MORGAN STANLEY CAPITAL I-1998-CF1-X(3) 0.830% 12/15/2012 5,498,831 239,096
PRUDENTIAL SECURITIES SECURED FINANCING
CORPORATION 1998-C1-A1B 6.506% 07/15/2008 1,400,000 1,313,396
------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $6,758,889) 6,315,608
------------
U.S. GOVERNMENT AND AGENCY BONDS (86.3%)
U.S. TREASURY BONDS (0.3%)
UNITED STATES TREASURY BOND 8.500% 02/15/2020 410,000 513,141
------------
513,141
U.S. TREASURY NOTES (1.3%)
UNITED STATES TREASURY NOTE 6.500% 02/15/2010 1,750,000 1,809,610
------------
1,809,610
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (26.8%)
GNMA 7.250% 04/15/2006 249,226 246,904
GNMA 6.000% 04/15/2014 924,077 879,573
GNMA 6.500% 06/15/2014 793,992 772,497
GNMA 6.500% 08/15/2014 1,470,661 1,430,847
GNMA 6.500% 01/15/2015 911,518 885,046
GNMA 8.000% 08/15/2016 184,134 187,543
GNMA 8.000% 03/15/2017 36,377 37,079
GNMA 8.000% 04/15/2017 57,490 58,599
GNMA 8.000% 02/15/2022 254,968 258,955
GNMA 7.500% 12/15/2022 712,503 707,916
GNMA 7.000% 05/15/2023 442,826 432,346
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 33
<PAGE>
MORTGAGE SECURITIES FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - CONTINUED
GNMA 7.500% 05/15/2023 $ 623,981 $ 622,533
GNMA 7.000% 07/15/2023 941,430 919,150
GNMA 7.000% 08/15/2023 317,431 309,919
GNMA 6.500% 10/15/2023 189,892 180,202
GNMA 6.500% 11/15/2023 712,089 675,750
GNMA 6.500% 12/15/2023 4,810,244 4,580,520
GNMA 7.000% 12/15/2023 711,212 694,379
GNMA 6.500% 01/15/2024 1,449,007 1,375,063
GNMA 6.500% 02/15/2024 576,500 547,080
GNMA 7.000% 02/15/2024 2,363,183 2,306,217
GNMA 6.500% 03/15/2024 213,761 202,853
GNMA 6.500% 04/15/2024 1,082,414 1,027,178
GNMA 7.000% 06/15/2024 667,170 651,087
GNMA 7.000% 10/15/2024 601,438 586,939
GNMA 8.000% 02/15/2025 24,479 24,830
GNMA 8.000% 05/15/2025 22,579 22,903
GNMA 8.000% 07/15/2025 311,666 316,138
GNMA 8.000% 08/15/2025 26,767 27,150
GNMA 8.000% 09/15/2025 133,253 135,165
GNMA 8.000% 11/15/2025 325,308 329,975
GNMA 6.500% 03/15/2026 163,258 155,422
GNMA 7.500% 08/15/2026 78,893 78,473
GNMA 8.000% 09/20/2026 990,965 998,008
GNMA 7.500% 08/15/2027 33,667 33,450
GNMA 7.500% 09/15/2027 245,342 243,763
GNMA 7.500% 10/15/2027 71,989 71,525
GNMA 7.000% 11/15/2027 32,385 31,524
GNMA 7.500% 11/15/2027 93,215 92,615
GNMA 7.000% 06/15/2028 3,298,759 3,209,137
GNMA 7.000% 07/15/2028 853,549 830,359
GNMA 7.000% 08/15/2028 868,077 844,493
GNMA 7.000% 09/15/2028 333,462 324,402
GNMA 7.000% 10/15/2028 619,644 602,808
GNMA 6.000% 02/20/2029 1,417,939 1,298,877
GNMA 6.500% 03/15/2029 411,678 390,716
GNMA 7.000% 03/15/2029 928,640 903,223
GNMA 8.000% 01/15/2030 179,883 181,877
GNMA 8.000% 04/15/2030 5,808,644 5,873,054
------------
37,596,062
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) (26.3%)
FHLMC 7.000% 07/15/2005 1,850,000 1,841,157
FHLMC 7.956% 08/15/2008 188,331 186,907
FHLMC 6.500% 08/01/2010 228,456 221,838
FHLMC 6.500% 09/01/2010 230,759 224,074
FHLMC 6.500% 10/01/2010 509,101 494,354
FHLMC 6.500% 11/01/2010 237,082 230,214
FHLMC 6.500% 01/01/2011 287,460 279,133
FHLMC 6.500% 02/01/2011 247,173 240,013
FHLMC 6.500% 04/01/2011 653,639 634,261
FHLMC 7.500% 03/01/2012 269,827 269,771
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 34
<PAGE>
MORTGAGE SECURITIES FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FEDERAL HOME LOAN MORTGAGE CORPORATION - CONTINUED
FHLMC 7.000% 07/01/2012 $ 270,418 $ 265,761
FHLMC 6.000% 08/01/2012 482,563 458,522
FHLMC 6.000% 09/01/2012 67,559 64,193
FHLMC 6.500% 12/01/2012 2,549,333 2,465,283
FHLMC 6.500% 02/01/2013 182,994 176,961
FHLMC 6.500% 04/01/2013 19,719 19,038
FHLMC 6.500% 05/01/2013 423,973 409,995
FHLMC 5.500% 06/01/2013 41,087 38,145
FHLMC 6.000% 06/01/2013 497,759 472,092
FHLMC 5.500% 11/01/2013 65,326 60,650
FHLMC 5.500% 12/01/2013 1,854,123 1,721,383
FHLMC 6.000% 12/01/2013 467,395 443,294
FHLMC 5.500% 01/01/2014 1,913,935 1,776,912
FHLMC 6.500% 01/01/2014 499,928 482,650
FHLMC 5.500% 02/01/2014 25,702 23,862
FHLMC 6.000% 02/01/2014 464,242 440,304
FHLMC 5.500% 03/01/2014 1,359,110 1,261,114
FHLMC 6.000% 03/01/2014 398,407 377,786
FHLMC 5.500% 04/01/2014 313,757 291,134
FHLMC 5.500% 05/01/2014 4,908,424 4,554,610
FHLMC 6.000% 05/01/2014 583,557 553,350
FHLMC 5.500% 06/01/2014 255,971 237,514
FHLMC 5.500% 07/01/2014 795,673 738,303
FHLMC 6.000% 07/01/2014 448,550 425,420
FHLMC 6.000% 09/01/2014 93,331 88,500
FHLMC 7.000% 01/01/2015 480,924 472,403
FHLMC 6.500% 04/01/2018 767,064 732,009
FHLMC 9.000% 09/01/2018 197,408 205,259
FHLMC 7.000% 06/01/2024 27,533 26,674
FHLMC 8.000% 07/01/2024 731,732 737,835
FHLMC 8.000% 08/01/2024 93,305 94,083
FHLMC 8.000% 06/01/2025 13,290 13,434
FHLMC 8.000% 07/01/2025 514,096 518,800
FHLMC 8.000% 09/01/2025 15,417 15,532
FHLMC 8.000% 11/01/2025 20,712 20,867
FHLMC 8.000% 12/01/2025 121,579 122,692
FHLMC 8.000% 01/01/2026 8,517 8,581
FHLMC 7.000% 05/01/2026 112,116 108,620
FHLMC 8.000% 06/01/2026 206,007 207,509
FHLMC 8.000% 09/01/2027 6,467 6,521
FHLMC 6.000% 01/01/2029 1,965,605 1,801,901
FHLMC 6.000% 02/01/2029 949,263 870,205
FHLMC 6.000% 03/01/2029 2,978,139 2,729,587
FHLMC 6.500% 04/01/2029 2,238,492 2,114,408
FHLMC 6.000% 05/01/2029 320,909 294,028
FHLMC 6.500% 05/01/2029 525,938 496,602
FHLMC 6.000% 06/01/2029 1,463,709 1,341,101
FHLMC 6.500% 07/01/2029 1,033,938 975,755
FHLMC STRIP_206 PO 0.000% 12/15/2029 614,903 403,877
FHLMC 7.500% 05/01/2030 73,865 72,867
------------
36,859,648
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 35
<PAGE>
MORTGAGE SECURITIES FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (31.6%)
FNMA 8.000% 10/01/2009 $ 202,685 $ 204,373
FNMA 7.000% 05/01/2011 2,071,760 2,042,220
FNMA 6.500% 03/01/2013 24,978 24,101
FNMA 6.500% 05/01/2013 20,061 19,357
FNMA 6.000% 07/01/2013 65,863 62,370
FNMA 6.000% 08/01/2013 388,234 367,645
FNMA 5.500% 10/01/2013 2,631,202 2,439,060
FNMA 6.000% 11/01/2013 379,534 359,407
FNMA 8.000% 11/01/2013 680,340 683,373
FNMA 5.500% 12/01/2013 2,083,589 1,931,435
FNMA 6.000% 12/01/2013 87,607 82,961
FNMA 6.000% 01/01/2014 472,755 447,674
FNMA 5.500% 02/01/2014 44,115 40,867
FNMA 6.000% 02/01/2014 567,014 536,806
FNMA 6.000% 03/01/2014 236,961 224,344
FNMA 6.000% 04/01/2014 1,863,327 1,763,950
FNMA 6.000% 05/01/2014 2,532,924 2,397,836
FNMA 6.000% 06/01/2014 1,815,154 1,718,354
FNMA 5.500% 07/01/2014 499,950 463,442
FNMA 6.000% 07/01/2014 4,374,251 4,140,961
FNMA 6.000% 08/01/2014 47,890 45,336
FNMA 8.000% 08/01/2014 1,187,852 1,194,644
FNMA 6.000% 09/01/2014 24,629 23,315
FNMA 6.000% 01/01/2015 28,186 26,682
FNMA 6.000% 03/01/2015 335,801 317,892
FNMA 6.500% 05/01/2018 1,568,625 1,499,750
FNMA 6.000% 01/25/2022 473,671 442,234
FNMA 8.000% 05/01/2022 127,000 128,027
FNMA 7.500% 08/01/2023 211,511 209,930
FNMA 6.500% 11/01/2024 519,234 493,777
FNMA 7.000% 10/01/2025 560,515 542,109
FNMA 7.500% 02/01/2026 515,733 511,221
FNMA 7.000% 09/01/2026 343,982 332,685
FNMA 7.500% 09/01/2026 495,144 490,307
FNMA 7.000% 04/01/2027 549,218 530,939
FNMA 7.500% 05/01/2027 125,168 123,659
FNMA 7.500% 11/01/2027 170,795 168,735
FNMA 7.500% 12/01/2027 1,162,500 1,148,482
FNMA 7.500% 01/01/2028 29,481 29,167
FNMA 7.500% 02/01/2028 263,844 261,535
FNMA 6.500% 04/01/2028 786,544 742,185
FNMA 6.500% 05/01/2028 243,083 229,374
FNMA 7.500% 06/01/2028 248,648 246,005
FNMA 6.000% 10/01/2028 3,531,162 3,236,481
FNMA 7.500% 10/01/2028 45,576 44,991
FNMA 6.000% 11/01/2028 190,684 174,771
FNMA 6.000% 12/01/2028 789,557 723,668
FNMA 6.000% 01/01/2029 1,480,023 1,355,753
FNMA 6.000% 02/01/2029 354,204 324,645
FNMA 6.500% 02/01/2029 877,910 828,033
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 36
<PAGE>
MORTGAGE SECURITIES FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) - CONTINUED
FNMA 6.500% 03/01/2029 $ 663,563 $ 626,140
FNMA 6.500% 04/01/2029 558,731 527,221
FNMA 6.000% 06/01/2029 748,464 685,442
FNMA 6.500% 06/01/2029 704,432 664,412
FNMA 7.500% 06/01/2029 113,787 112,233
FNMA 6.500% 07/01/2029 380,236 358,633
FNMA 7.500% 07/01/2029 27,368 26,994
FNMA 6.000% 08/01/2029 2,806,761 2,569,622
FNMA 7.000% 08/01/2029 964,170 930,856
FNMA 6.500% 09/01/2029 174,228 164,330
FNMA 8.000% 09/01/2029 52,929 53,180
FNMA 7.500% 11/01/2029 971,576 958,313
FNMA 7.000% 02/01/2030 197,728 190,895
------------
44,245,139
TOTAL U.S. GOVERNMENT AND AGENCY BONDS (IDENTIFIED COST $122,727,899) 121,023,600
------------
SHORT-TERM INVESTMENTS (3.2%)
FIFTH THIRD REPURCHASE AGREEMENT DATED 6.620% 07/03/2000 4,450,000 4,450,000
06/30/00 (Collateralized by 4,780,096 FNMA Pool ------------
#413208, 6.50%, 3-1-18, market value $4,539,000)
TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $4,450,000) 4,450,000
------------
TOTAL INVESTMENTS (98.6%) (IDENTIFIED COST $140,503,786) 138,234,700
OTHER ASSETS LESS LIABILITIES (1.4%) 1,964,502
------------
NET ASSETS (100.0%) $140,199,202
============
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 37
<PAGE>
MORTGAGE SECURITIES FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
FORWARD COMMITMENTS
---------------------------------------------------------------------------------------------------------------------
PRINCIPAL DELIVERY COUPON MARKET
AGENCY AMOUNT DATE RATE VALUE
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TBA PURCHASE COMMITMENTS AT JUNE 30, 2000
(Cost payable $7,586,117)
FHLMC $ 6,600,000 07/17/2000 6.500% $ 6,224,625
FNMA 1,500,000 07/20/2000 5.500% 1,388,437
------------
$ 7,613,062
============
TBA SALE COMMITMENTS AT JUNE 30, 2000
(Proceeds receivable $4,602,610)
FHLMC 600,000 07/17/2000 6.500% $ 565,875
FNMA 1,100,000 07/20/2000 6.000% 1,040,188
GNMA 3,100,000 07/20/2000 6.500% 3,008,938
------------
$ 4,615,001
============
</TABLE>
OUTSTANDING FUTURES CONTRACTS
<TABLE>
<CAPTION>
UNREALIZED
UNITS PER CURRENT APPRECIATION/
TYPE EXPIRATION CONTRACTS CONTRACT VALUE (DEPRECIATION)
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
30 YEAR BOND FUTURE (BUY) 09/29/2000 7 1,000 $ 681,406 $ 8,746
10 YEAR BOND FUTURE (SELL) 09/29/2000 41 1,000 (4,037,859) (14,334)
5 YEAR NOTE FUTURE (BUY) 09/29/2000 47 1,000 4,653,734 5,682
------------
$ 94
============
</TABLE>
(1) Security has been segregated with the custodian to cover margin requirements
for the open futures contracts at June 30, 2000.
(2) A portion of this security was purchased on a delayed delivery basis.
(3) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 38
<PAGE>
U.S. GOVERNMENT MONEY FUND
SCHEDULE OF INVESTMENTS
AS OF JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
INTEREST MATURITY PRINCIPAL
DESCRIPTION RATE DATE AMOUNT VALUE
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. AGENCY BONDS (86.5%)
FEDERAL HOME LOAN BANK (FHLB) (13.5%)
FHLB DISCOUNT NOTE 6.437% 07/03/2000 $ 15,000,000 $ 15,000,000
FHLB DISCOUNT NOTE 5.930% 07/14/2000 10,000,000 9,980,261
FHLB DISCOUNT NOTE 6.420% 09/08/2000 10,000,000 9,880,144
FHLB DISCOUNT NOTE 6.500% 10/05/2000 15,000,000 14,746,983
FHLB DISCOUNT NOTE 6.610% 11/22/2000 11,795,000 11,493,055
------------
61,100,443
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) (25.7%)
FHLMC DISCOUNT NOTE 4.390% 07/06/2000 12,500,000 12,493,906
FHLMC DISCOUNT NOTE 6.040% 07/18/2000 15,000,000 14,959,870
FHLMC DISCOUNT NOTE 6.200% 07/25/2000 10,000,000 9,960,522
FHLMC DISCOUNT NOTE 6.380% 08/10/2000 15,000,000 14,897,083
FHLMC DISCOUNT NOTE 6.440% 08/24/2000 15,000,000 14,859,145
FHLMC DISCOUNT NOTE 6.490% 08/31/2000 15,000,000 14,839,471
FHLMC DISCOUNT NOTE 6.130% 09/14/2000 14,795,000 14,610,794
FHLMC DISCOUNT NOTE 6.510% 09/28/2000 20,000,000 19,686,921
------------
116,307,712
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (47.3%)
FNMA DISCOUNT NOTE 5.500% 07/13/2000 15,000,000 14,974,813
FNMA DISCOUNT NOTE 5.630% 07/20/2000 15,000,000 14,957,925
FNMA DISCOUNT NOTE 5.980% 07/27/2000 20,000,000 19,917,253
FNMA DISCOUNT NOTE 5.770% 08/03/2000 15,000,000 14,923,404
FNMA DISCOUNT NOTE 5.880% 08/08/2000 14,500,000 14,412,855
FNMA DISCOUNT NOTE 5.850% 08/17/2000 15,000,000 14,888,625
FNMA DISCOUNT NOTE 6.120% 09/07/2000 15,000,000 14,831,095
FNMA DISCOUNT NOTE 6.150% 09/21/2000 17,198,000 16,963,343
FNMA DISCOUNT NOTE 6.570% 09/26/2000 15,000,000 14,768,375
FNMA DISCOUNT NOTE 6.640% 10/02/2000 15,000,000 14,749,750
FNMA DISCOUNT NOTE 6.220% 10/12/2000 15,000,000 14,740,346
FNMA DISCOUNT NOTE 6.230% 10/19/2000 15,000,000 14,722,350
FNMA DISCOUNT NOTE 6.450% 10/26/2000 15,000,000 14,694,531
FNMA DISCOUNT NOTE 6.570% 11/02/2000 15,000,000 14,670,854
------------
214,215,519
TOTAL U.S. AGENCY BONDS (IDENTIFIED COST $391,623,674) 391,623,674
------------
SHORT-TERM INVESTMENTS (14.0%)
FIFTH THIRD REPURCHASE AGREEMENT DATED 6.620% 07/03/2000 63,515,694 63,515,694
6/30/2000 (Collateralized by 66,222,195 FNMA ------------
#535255, 7.00%, 04-01-15, market value $64,786,008)
TOTAL SHORT-TERM INVESTMENTS (IDENTIFIED COST $63,515,694) 63,515,694
------------
TOTAL INVESTMENTS (100.5%) (IDENTIFIED COST $455,139,368)(1) 455,139,368
OTHER ASSETS LESS LIABILITIES (-0.5%) (2,247,201)
------------
NET ASSETS (100.0%) $452,892,167
============
</TABLE>
(1) The identified cost for Federal tax purposes is the same as shown above.
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 39
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
SMALL TO
GROWTH VALUE MID CAP
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS:
INVESTMENTS, AT VALUE (Note 2) $ 406,153,215 $ 170,829,999 $ 474,426,499
REPURCHASE AGREEMENTS, AT COST 1,634,552 1,992,318 11,791,123
-----------------------------------------------------------
TOTAL INVESTMENTS* 407,787,767 172,822,317 486,217,622
CASH -- -- --
FOREIGN CURRENCY, AT VALUE -- -- --
RECEIVABLE FOR INVESTMENTS SOLD 24,872,890 11,826,713 11,787,685
RECEIVABLE FOR CAPITAL SHARES SOLD 1,387,800 1,773,680 25,116,312
DIVIDENDS AND INTEREST RECEIVABLE 126,072 322,274 255,647
RECEIVABLE FOR FUTURES CONTRACT SETTLEMENT -- 15,150 --
TBA PURCHASE COMMITMENTS, AT VALUE -- -- --
------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 434,174,529 186,760,134 523,377,266
------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
OPEN FORWARD CURRENCY CONTRACTS -- -- --
DISTRIBUTIONS PAYABLE 267,017 2,382,209 42,353,808
PAYABLE FOR INVESTMENTS PURCHASED 30,716,886 10,767,567 --
PAYABLE FOR CAPITAL SHARES REPURCHASED 868,691 673,293 813,875
PAYABLE DUE TO ACCESSOR CAPITAL (Note 3) 154,225 71,190 260,172
MONEY MANAGERS FEE PAYABLE (Note 3) 197,763 50,773 503,278
PAYABLE FOR FUTURES CONTRACT SETTLEMENT -- -- --
TBA SALE COMMITMENTS, AT VALUE -- -- --
ACCRUED EXPENSES AND OTHER LIABILITIES 65,108 20,879 76,283
------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 32,269,690 13,965,911 44,007,416
------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 401,904,839 $ 172,794,223 $ 479,369,850
========================================================================================================================
NET ASSETS CONSIST OF:
PAID-IN CAPITAL $ 283,716,621 $ 178,237,361 $ 424,871,335
NET UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS, RECEIVABLES,
PAYABLES, AND FUTURES CONTRACTS 117,296,681 (7,737,990) 19,873,646
UNDISTRIBUTED NET INVESTMENT INCOME -- 2,914 --
ACCUMULATED NET REALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES CONTRACTS,
OPTIONS, AND FOREIGN CURRENCIES 891,537 2,291,938 34,624,869
------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 401,904,839 $ 172,794,223 $ 479,369,850
========================================================================================================================
NET ASSETS:
ADVISOR CLASS $ 349,353,282 $ 145,189,035 $ 441,445,595
INVESTOR CLASS 52,551,557 27,605,188 37,924,255
------------------------------------------------------------------------------------------------------------------------
TOTAL $ 401,904,839 $ 172,794,223 $ 479,369,850
========================================================================================================================
OUTSTANDING SHARES:
ADVISOR CLASS 9,827,812 7,600,171 18,067,224
INVESTOR CLASS 1,493,549 1,445,103 1,572,833
------------------------------------------------------------------------------------------------------------------------
TOTAL 11,321,361 9,045,274 19,640,057
========================================================================================================================
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE:
ADVISOR CLASS $ 35.55 $ 19.10 $ 24.43
========================================================================================================================
INVESTOR CLASS $ 35.19 $ 19.10 $ 24.11
========================================================================================================================
*INVESTMENTS, AT COST (Note 6) $ 290,491,086 $ 180,571,357 $ 466,343,976
------------------------------------------------------------------------------------------------------------------------
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 40
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD INTERMEDIATE
EQUITY BOND FIXED-INCOME
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS:
INVESTMENTS, AT VALUE (Note 2) $ 250,954,552 $ 19,093,125 $ 62,374,561
REPURCHASE AGREEMENTS, AT COST 9,471,499 1,219,232 1,839,145
-----------------------------------------------------------
TOTAL INVESTMENTS* 260,426,051 20,312,357 64,213,706
CASH 3,321 -- --
FOREIGN CURRENCY, AT VALUE 147,465 -- --
RECEIVABLE FOR INVESTMENTS SOLD 3,116,013 -- --
RECEIVABLE FOR CAPITAL SHARES SOLD 12,067,906 110,093 297,694
DIVIDENDS AND INTEREST RECEIVABLE 567,909 366,860 1,136,757
RECEIVABLE FOR FUTURES CONTRACT SETTLEMENT -- -- --
TBA PURCHASE COMMITMENTS, AT VALUE -- -- --
------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 276,328,665 20,789,310 65,648,157
------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
OPEN FORWARD CURRENCY CONTRACTS 23,753 -- --
DISTRIBUTIONS PAYABLE 18,993,091 139,642 369,451
PAYABLE FOR INVESTMENTS PURCHASED -- -- --
PAYABLE FOR CAPITAL SHARES REPURCHASED 332,635 164,250 358,819
PAYABLE DUE TO ACCESSOR CAPITAL (Note 3) 123,693 6,156 20,329
MONEY MANAGERS FEE PAYABLE (Note 3) 353,182 4,430 3,241
PAYABLE FOR FUTURES CONTRACT SETTLEMENT -- -- --
TBA SALE COMMITMENTS, AT VALUE -- -- --
ACCRUED EXPENSES AND OTHER LIABILITIES 65,925 14,992 12,925
------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 19,892,279 329,470 764,765
------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 256,436,386 $ 20,459,840 $ 64,883,392
========================================================================================================================
NET ASSETS CONSIST OF:
PAID-IN CAPITAL $ 221,309,556 $ 20,625,926 $ 70,267,741
NET UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS, RECEIVABLES,
PAYABLES, AND FUTURES CONTRACTS 22,550,696 (166,099) (3,154,815)
UNDISTRIBUTED NET INVESTMENT INCOME 920,850 13 372
ACCUMULATED NET REALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES CONTRACTS,
OPTIONS, AND FOREIGN CURRENCIES 11,655,284 -- (2,229,906)
------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 256,436,386 $ 20,459,840 $ 64,883,392
========================================================================================================================
NET ASSETS:
ADVISOR CLASS $ 221,898,747 $ 8,824,847 $ 55,254,557
INVESTOR CLASS 34,537,639 11,634,993 9,628,835
------------------------------------------------------------------------------------------------------------------------
TOTAL $ 256,436,386 $ 20,459,840 $ 64,883,392
========================================================================================================================
OUTSTANDING SHARES:
ADVISOR CLASS 12,467,195 744,282 4,925,929
INVESTOR CLASS 1,964,136 981,309 858,396
------------------------------------------------------------------------------------------------------------------------
TOTAL 14,431,331 1,725,591 5,784,325
========================================================================================================================
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE:
ADVISOR CLASS $ 17.80 $ 11.86 $ 11.22
========================================================================================================================
INVESTOR CLASS $ 17.58 $ 11.86 $ 11.22
========================================================================================================================
*INVESTMENTS, AT COST (Note 6) $ 237,242,479 $ 20,478,456 $ 67,368,521
------------------------------------------------------------------------------------------------------------------------
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 41
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
SHORT-INTERMEDIATE MORTGAGE U.S. GOVERNMENT
FIXED-INCOME SECURITIES MONEY
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS:
INVESTMENTS, AT VALUE (Note 2) $ 57,735,597 $ 133,784,700 $ 391,623,674
REPURCHASE AGREEMENTS, AT COST 2,370,073 4,450,000 63,515,694
TOTAL INVESTMENTS* 60,105,670 138,234,700 455,139,368
CASH -- 47,804 --
FOREIGN CURRENCY, AT VALUE -- -- --
RECEIVABLE FOR INVESTMENTS SOLD -- 11,885,835 --
RECEIVABLE FOR CAPITAL SHARES SOLD 216,409 320,239 --
DIVIDENDS AND INTEREST RECEIVABLE 1,120,663 856,132 35,039
RECEIVABLE FOR FUTURES CONTRACT SETTLEMENT -- 5,141 --
TBA PURCHASE COMMITMENTS, AT VALUE -- 7,613,062 --
-------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 61,442,742 158,962,913 455,174,407
-------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
OPEN FORWARD CURRENCY CONTRACTS -- -- --
DISTRIBUTIONS PAYABLE 318,276 752,469 2,143,935
PAYABLE FOR INVESTMENTS PURCHASED -- 12,747,096 --
PAYABLE FOR CAPITAL SHARES REPURCHASED 376,899 456,732 --
PAYABLE DUE TO ACCESSOR CAPITAL (Note 3) 19,067 44,495 90,101
MONEY MANAGERS FEE PAYABLE (Note 3) 4,918 84,264 --
PAYABLE FOR FUTURES CONTRACT SETTLEMENT -- 5,578 --
TBA SALE COMMITMENTS, AT VALUE -- 4,615,001 --
ACCRUED EXPENSES AND OTHER LIABILITIES 13,034 58,076 48,204
-------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 732,194 18,763,711 2,282,240
-------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 60,710,548 $ 140,199,202 $ 452,892,167
=========================================================================================================================
NET ASSETS CONSIST OF:
PAID-IN CAPITAL $ 62,936,632 $ 145,326,000 $ 452,894,541
NET UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS, RECEIVABLES,
PAYABLES, AND FUTURES CONTRACTS (1,595,987) (2,242,862) --
UNDISTRIBUTED NET INVESTMENT INCOME -- -- --
ACCUMULATED NET REALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES CONTRACTS,
OPTIONS, AND FOREIGN CURRENCIES (630,097) (2,883,936) (2,374)
-------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 60,710,548 $ 140,199,202 $ 452,892,167
=========================================================================================================================
NET ASSETS:
ADVISOR CLASS $ 51,375,417 $ 121,651,432 $ 444,864,627
INVESTOR CLASS 9,335,131 18,547,770 8,027,540
-------------------------------------------------------------------------------------------------------------------------
TOTAL $ 60,710,548 $ 140,199,202 $ 452,892,167
=========================================================================================================================
OUTSTANDING SHARES:
ADVISOR CLASS 4,378,161 10,105,376 444,868,697
INVESTOR CLASS 795,545 1,540,660 8,027,372
-------------------------------------------------------------------------------------------------------------------------
TOTAL 5,173,706 11,646,036 452,896,069
=========================================================================================================================
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE:
ADVISOR CLASS $ 11.73 $ 12.04 $ 1.00
=========================================================================================================================
INVESTOR CLASS $ 11.73 $ 12.04 $ 1.00
=========================================================================================================================
*INVESTMENTS, AT COST (Note 6) $ 61,701,657 $ 140,503,786 $ 455,139,368
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 42
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
SMALL TO
GROWTH VALUE MID CAP
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME:
DIVIDENDS (NET OF FOREIGN WITHHOLDING
TAXES OF $458 FOR GROWTH FUND AND
$1,011 FOR SMALL TO MID CAP FUND) $ 1,008,342 $ 1,708,909 $ 1,655,928
INTEREST 171,680 138,099 356,944
COMMISSION RECAPTURE 34,637 49,853 --
--------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME 1,214,659 1,896,861 2,012,872
--------------------------------------------------------------------------------------------------------------
EXPENSES:
MANAGEMENT FEES (Note 3) 876,353 397,563 1,534,046
MONEY MANAGERS FEES (Note 3) 428,267 130,289 1,073,834
TRANSFER AGENT & ADMINISTRATION FEES (Note 3) 259,757 118,782 338,773
FUND ACCOUNTING FEES 39,663 26,480 46,646
LEGAL FEES 29,557 15,026 34,005
AUDIT FEES 5,638 6,572 19,379
CUSTODIAN FEES 12,519 5,833 27,635
REGISTRATION FEES 30,747 11,507 17,801
DIRECTORS FEES 3,348 2,037 5,127
PRINTING/POSTAGE EXPENSE 3,179 24 570
OTHER 10,678 4,310 13,406
INVESTOR CLASS ONLY (Notes 2 & 3):
DISTRIBUTION & SHAREHOLDER SERVICE FEES 60,268 35,352 52,789
ADMINISTRATIVE SERVICES FEES 60,268 35,352 52,789
--------------------------------------------------------------------------------------------------------------
NET EXPENSES 1,820,242 789,127 3,216,800
--------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) (605,583) 1,107,734 (1,203,928)
--------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAINS (LOSSES):
NET REALIZED GAIN (LOSS) ON:
INVESTMENTS 1,282,945 3,250,811 34,790,361
FUTURES -- (173,264) --
FOREIGN EXCHANGE -- -- --
CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS 4,828,177 (15,176,924) (46,559,728)
CHANGE IN UNREALIZED DEPRECIATION
OF FOREIGN CURRENCY -- -- --
--------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) 6,111,122 (12,099,377) (11,769,367)
--------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) RESULTING
FROM OPERATIONS $ 5,505,539 $ (10,991,643) $ (12,973,295)
==============================================================================================================
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 43
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
INTERNATIONAL HIGH YIELD INTERMEDIATE
EQUITY BOND(1) FIXED-INCOME
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME:
DIVIDENDS (NET OF FOREIGN WITHHOLDING
TAXES OF $235,220 FOR INTERNATIONAL
EQUITY FUND) $ 1,760,633 $ 139 $ --
INTEREST 938,588 260,452 2,431,620
COMMISSION RECAPTURE 233,561 -- --
--------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME 2,932,782 260,591 2,431,620
--------------------------------------------------------------------------------------------------------------
EXPENSES:
MANAGEMENT FEES (Note 3) 764,022 10,633 119,954
MONEY MANAGERS FEES (Note 3) 757,299 4,430 6,664
TRANSFER AGENT & ADMINISTRATION FEES (Note 3) 184,578 3,915 45,339
FUND ACCOUNTING FEES 50,782 5,145 21,924
LEGAL FEES 15,050 267 5,688
AUDIT FEES 7,463 251 1,546
CUSTODIAN FEES 109,027 450 1,463
REGISTRATION FEES 13,823 1,809 7,978
DIRECTORS FEES 2,706 50 737
PRINTING/POSTAGE EXPENSE 3,518 63 2,256
OTHER 7,626 168 1,071
INVESTOR CLASS ONLY (Notes 2 & 3):
DISTRIBUTION & SHAREHOLDER SERVICE FEES 48,019 4,776 13,159
ADMINISTRATIVE SERVICES FEES 48,019 4,776 13,159
--------------------------------------------------------------------------------------------------------------
NET EXPENSES 2,011,932 36,733 240,938
--------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) 920,850 223,858 2,190,682
--------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAINS (LOSSES):
NET REALIZED GAIN (LOSS) ON:
INVESTMENTS 13,788,054 -- (1,095,615)
FUTURES -- -- --
FOREIGN EXCHANGE (1,878,289) -- --
CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS (43,370,170) (166,099) 520,549
CHANGE IN UNREALIZED DEPRECIATION
OF FOREIGN CURRENCY (525,870) -- --
--------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) (31,986,275) (166,099) (575,066)
--------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) RESULTING
FROM OPERATIONS $ (31,065,425) $ 57,759 $ 1,615,616
==============================================================================================================
</TABLE>
(1) For the period of May 1, 2000 (commencement of operations) through June 30,
2000.
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 44
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
SHORT-INTERMEDIATE MORTGAGE U.S. GOVERNMENT
FIXED-INCOME SECURITIES MONEY
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME:
INTEREST $ 1,999,954 $ 5,312,590 $ 11,825,058
COMMISSION RECAPTURE 1,296 -- --
--------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME 2,001,250 5,312,590 11,825,058
--------------------------------------------------------------------------------------------------------------
EXPENSES:
MANAGEMENT FEES (Note 3) 109,204 270,596 492,215
MONEY MANAGERS FEES (Note 3) 6,066 172,882 --
TRANSFER AGENT & ADMINISTRATION FEES (Note 3) 41,054 100,606 260,271
FUND ACCOUNTING FEES 19,064 46,205 37,458
LEGAL FEES 4,440 13,881 31,665
AUDIT FEES 82 6,449 11,302
CUSTODIAN FEES 1,322 30,978 8,141
REGISTRATION FEES 12,157 5,099 32,725
DIRECTORS FEES 486 2,188 3,856
PRINTING/POSTAGE EXPENSE 333 2,067 5,218
OTHER 1,507 3,965 9,952
INVESTOR CLASS ONLY (Notes 2 & 3):
DISTRIBUTION & SHAREHOLDER SERVICE FEES 11,385 32,549 9,854
ADMINISTRATIVE SERVICES FEES 11,385 32,549 9,854
--------------------------------------------------------------------------------------------------------------
NET EXPENSES 218,485 720,014 912,511
--------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) 1,782,765 4,592,576 10,912,547
--------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAINS (LOSSES):
NET REALIZED GAIN (LOSS) ON:
INVESTMENTS (416,104) (1,298,801) --
FUTURES -- 126,403 --
FOREIGN EXCHANGE -- -- --
CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS (83,362) 1,712,829 --
CHANGE IN UNREALIZED DEPRECIATION
OF FOREIGN CURRENCY -- -- --
--------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) (499,466) 540,431 --
--------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) RESULTING
FROM OPERATIONS $ 1,283,299 $ 5,133,007 $ 10,912,547
==============================================================================================================
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 45
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
GROWTH VALUE
-------------------------------------------------------------------------------
PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED
JUNE 30, 2000 DEC. 31, 1999 JUNE 30, 2000 DEC. 31, 1999
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
NET INVESTMENT INCOME (LOSS) $ (605,583) $ (762,029) $ 1,107,734 $ 1,267,083
NET REALIZED GAIN ON INVESTMENTS
AND FUTURES 1,282,945 11,743,235 3,077,547 14,761,216
CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS 4,828,177 60,006,532 (15,176,924) (7,756,671)
----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) FROM OPERATIONS 5,505,539 70,987,738 (10,991,643) 8,271,628
DISTRIBUTIONS:
FROM NET INVESTMENT INCOME
ADVISOR CLASS -- -- (986,807) (1,191,237)
INVESTOR CLASS -- -- (118,013) (78,542)
-------------------------------------------------------------------------------
-- -- (1,104,820) (1,269,779)
FROM NET REALIZED GAIN ON INVESTMENTS
ADVISOR CLASS (231,727) (11,586,172) (1,507,121) (10,864,288)
INVESTOR CLASS (35,290) (1,499,831) (286,152) (1,906,043)
-------------------------------------------------------------------------------
(267,017) (13,086,003) (1,793,273) (12,770,331)
IN EXCESS OF NET REALIZED GAIN
ON INVESTMENTS
ADVISOR CLASS -- (110,134) -- --
INVESTOR CLASS -- (14,257) -- --
-------------------------------------------------------------------------------
-- (124,391) -- --
----------------------------------------------------------------------------------------------------------------------------------
NET DECREASE FROM DISTRIBUTIONS (267,017) (13,210,394) (2,898,093) (14,040,110)
CAPITAL SHARE TRANSACTIONS (Note 4):
PROCEEDS FROM SUBSCRIPTIONS 80,002,926 241,899,882 35,645,424 96,691,710
REINVESTMENT OF DISTRIBUTIONS 178,472 9,531,779 1,347,686 7,679,620
COST OF REDEMPTIONS (67,584,418) (105,016,033) (25,758,331) (50,868,882)
----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE FROM CAPITAL SHARE TRANSACTIONS 12,596,980 146,415,628 11,234,779 53,502,448
TOTAL INCREASE (DECREASE) IN NET ASSETS 17,835,502 204,192,972 (2,654,957) 47,733,966
----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
BEGINNING OF PERIOD 384,069,337 179,876,365 175,449,180 127,715,214
----------------------------------------------------------------------------------------------------------------------------------
END OF PERIOD $ 401,904,839 $ 384,069,337 $ 172,794,223 $ 175,449,180
==================================================================================================================================
UNDISTRIBUTED NET INVESTMENT INCOME $ -- $ -- $ 2,914 $ --
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 46
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
SMALL TO MID CAP INTERNATIONAL EQUITY
-------------------------------------------------------------------------------
PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED
JUNE 30, 2000 DEC. 31, 1999 JUNE 30, 2000 DEC. 31, 1999
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
NET INVESTMENT INCOME (LOSS) $ (1,203,928) $ (2,011,061) $ 920,850 $ 77,000
NET REALIZED GAIN ON INVESTMENTS AND
FOREIGN CURRENCY 34,790,361 83,802,315 11,909,765 58,769,821
CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS AND
FOREIGN CURRENCY (46,559,728) 25,104,037 (43,896,040) 32,543,462
----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) FROM OPERATIONS (12,973,295) 106,895,291 (31,065,425) 91,390,283
DISTRIBUTIONS:
FROM NET REALIZED GAIN ON INVESTMENTS
ADVISOR CLASS (39,033,708) (38,517,171) (16,480,076) (35,386,773)
INVESTOR CLASS (3,320,100) (3,955,314) (2,513,014) (5,533,026)
-------------------------------------------------------------------------------
(42,353,808) (42,472,485) (18,993,090) (40,919,799)
----------------------------------------------------------------------------------------------------------------------------------
NET DECREASE FROM DISTRIBUTIONS (42,353,808) (42,472,485) (18,993,090) (40,919,799)
CAPITAL SHARE TRANSACTIONS (Note 4):
PROCEEDS FROM SUBSCRIPTIONS 237,576,379 444,260,319 178,676,999 223,464,726
REINVESTMENT OF DISTRIBUTIONS 21,899,558 22,982,051 10,538,694 21,770,610
COST OF REDEMPTIONS (219,842,287) (316,761,064) (158,237,099) (188,543,431)
----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE FROM CAPITAL SHARE TRANSACTIONS 39,633,650 150,481,306 30,978,594 56,691,905
TOTAL INCREASE (DECREASE) IN NET ASSETS (15,693,453) 214,904,112 (19,079,921) 107,162,389
----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
BEGINNING OF PERIOD 495,063,303 280,159,191 275,516,307 168,353,918
----------------------------------------------------------------------------------------------------------------------------------
END OF PERIOD $ 479,369,850 $ 495,063,303 $ 256,436,386 $ 275,516,307
==================================================================================================================================
UNDISTRIBUTED NET INVESTMENT INCOME $ -- $ -- $ 920,850 $ --
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 47
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
HIGH YIELD BOND(1) INTERMEDIATE FIXED-INCOME
------------------------------------------------------------
PERIOD ENDED PERIOD ENDED YEAR ENDED
JUNE 30, 2000 JUNE 30, 2000 DEC. 31, 1999
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
NET INVESTMENT INCOME $ 223,858 $ 2,190,682 $ 3,616,205
NET REALIZED GAIN (LOSS) ON INVESTMENTS -- (1,095,615) (1,131,230)
CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS (166,099) 520,549 (4,734,021)
--------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) FROM OPERATIONS 57,759 1,615,616 (2,249,046)
DISTRIBUTIONS:
FROM NET INVESTMENT INCOME
ADVISOR CLASS (94,366) (1,865,729) (3,061,711)
INVESTOR CLASS (129,479) (324,581) (558,053)
------------------------------------------------------------
(223,845) (2,190,310) (3,619,764)
FROM NET REALIZED GAIN ON INVESTMENTS
ADVISOR CLASS -- -- (207,907)
INVESTOR CLASS -- -- (39,824)
------------------------------------------------------------
-- -- (247,731)
--------------------------------------------------------------------------------------------------------
NET DECREASE FROM DISTRIBUTIONS (223,845) (2,190,310) (3,867,495)
CAPITAL SHARE TRANSACTIONS (Note 4):
PROCEEDS FROM SUBSCRIPTIONS 20,864,939 13,907,973 37,321,032
REINVESTMENT OF DISTRIBUTIONS 38,394 534,321 1,134,879
COST OF REDEMPTIONS (277,407) (16,786,182) (22,172,673)
--------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) FROM
CAPITAL SHARE TRANSACTIONS 20,625,926 (2,343,888) 16,283,238
TOTAL INCREASE (DECREASE) IN NET ASSETS 20,459,840 (2,918,582) 10,166,697
--------------------------------------------------------------------------------------------------------
NET ASSETS:
BEGINNING OF PERIOD -- 67,801,974 57,635,277
--------------------------------------------------------------------------------------------------------
END OF PERIOD $ 20,459,840 $ 64,883,392 $ 67,801,974
========================================================================================================
UNDISTRIBUTED NET INVESTMENT INCOME $ 13 $ 372 $ --
</TABLE>
(1) For the period of May 1, 2000 (commencement of operations) through June 30,
2000.
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 48
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
SHORT-INTERMEDIATE FIXED-INCOME MORTGAGE SECURITIES
---------------------------------------------------------------------------------
PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED
JUNE 30, 2000 DEC. 31, 1999 JUNE 30, 2000 DEC. 31, 1999
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE IN NET ASSETS:
FROM OPERATIONS:
NET INVESTMENT INCOME $ 1,782,765 $ 2,887,038 $ 4,592,576 $ 9,359,618
NET REALIZED GAIN (LOSS) ON INVESTMENTS
AND FUTURES (416,104) (213,994) (1,172,398) (1,620,882)
CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS (83,362) (1,990,052) 1,712,829 (5,938,309)
-----------------------------------------------------------------------------------------------------------------------------
NET INCREASE RESULTING FROM OPERATIONS 1,283,299 682,992 5,133,007 1,800,427
DISTRIBUTIONS:
FROM NET INVESTMENT INCOME
ADVISOR CLASS (1,541,480) (2,556,610) (3,850,402) (8,213,968)
INVESTOR CLASS (241,447) (349,042) (743,453) (1,259,772)
---------------------------------------------------------------------------------
(1,782,927) (2,905,652) (4,593,855) (9,473,740)
FROM NET REALIZED GAIN ON INVESTMENTS
ADVISOR CLASS -- (40,343) -- (337,227)
INVESTOR CLASS -- (5,575) -- (46,868)
---------------------------------------------------------------------------------
-- (45,918) -- (384,095)
-----------------------------------------------------------------------------------------------------------------------------
NET DECREASE FROM DISTRIBUTIONS (1,782,927) (2,951,570) (4,593,855) (9,857,835)
CAPITAL SHARE TRANSACTIONS (Note 4):
PROCEEDS FROM SUBSCRIPTIONS 11,046,015 26,019,953 17,487,787 64,170,211
REINVESTMENT OF DISTRIBUTIONS 278,237 497,165 701,006 1,860,720
COST OF REDEMPTIONS (10,752,790) (12,318,689) (32,637,430) (50,021,841)
-----------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) FROM
CAPITAL SHARE TRANSACTIONS 571,462 14,198,429 (14,448,637) 16,009,090
TOTAL INCREASE (DECREASE) IN NET ASSETS 71,834 11,929,851 (13,909,485) 7,951,682
-----------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
BEGINNING OF PERIOD 60,638,714 48,708,863 154,108,687 146,157,005
-----------------------------------------------------------------------------------------------------------------------------
END OF PERIOD $ 60,710,548 $ 60,638,714 $ 140,199,202 $ 154,108,687
=============================================================================================================================
UNDISTRIBUTED NET INVESTMENT INCOME $ -- $ 150 $ -- $ --
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 49
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
JUNE 30, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------
U.S. GOVERNMENT MONEY
-------------------------------------
PERIOD ENDED YEAR ENDED
JUNE 30, 2000 DEC. 31, 1999
---------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE IN NET ASSETS:
FROM OPERATIONS:
NET INVESTMENT INCOME $ 10,912,547 $ 13,420,790
NET REALIZED GAIN ON INVESTMENTS -- --
CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS -- --
---------------------------------------------------------------------------------------
NET INCREASE RESULTING FROM OPERATIONS 10,912,547 13,420,790
DISTRIBUTIONS:
FROM NET INVESTMENT INCOME
ADVISOR CLASS (10,714,397) (13,164,547)
INVESTOR CLASS (198,802) (256,889)
-------------------------------------
(10,913,199) (13,421,436)
---------------------------------------------------------------------------------------
NET DECREASE FROM DISTRIBUTIONS (10,913,199) (13,421,436)
CAPITAL SHARE TRANSACTIONS (Note 4):
PROCEEDS FROM SUBSCRIPTIONS 476,969,729 728,508,500
REINVESTMENT OF DISTRIBUTIONS 473,528 359,219
COST OF REDEMPTIONS (413,203,524) (498,433,133)
---------------------------------------------------------------------------------------
NET INCREASE FROM CAPITAL SHARE TRANSACTIONS 64,239,733 230,434,586
TOTAL INCREASE IN NET ASSETS 64,239,081 230,433,940
---------------------------------------------------------------------------------------
NET ASSETS:
BEGINNING OF PERIOD 388,653,086 158,219,146
---------------------------------------------------------------------------------------
END OF PERIOD $ 452,892,167 $ 388,653,086
=======================================================================================
UNDISTRIBUTED NET INVESTMENT INCOME $ -- $ --
</TABLE>
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 50
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
--------------------------------------------------------------------------------
1. ORGANIZATION
Accessor Funds, Inc. ("Accessor Funds") is registered under the Investment
Company Act of 1940, as amended, as an open-end management investment company
consisting of nine diversified investment funds: Growth Fund, Value Fund, Small
to Mid Cap Fund (the "Equity Funds"), International Equity Fund (the
"International Fund"), High Yield Bond Fund, Intermediate Fixed-Income Fund,
Short-Intermediate Fixed-Income Fund, Mortgage Securities Fund (the "Bond
Funds"), and U.S. Government Money Fund (the "Money Fund") (individually, a
"Fund", collectively, the "Funds"). Accessor Funds was incorporated in Maryland
on June 10, 1991. Each Fund offers two classes of shares, Advisor Class Shares
and Investor Class Shares. Both classes of shares have identical rights and
privileges except with respect to expenses specific to each class, and voting
rights on matters affecting a single class, including distribution, shareholder
service and administrative service arrangements.
--------------------------------------------------------------------------------
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by
the Funds.
* SECURITY VALUATION
Equity securities listed and traded principally on a national securities
exchange are valued on the basis of last sale price on such exchange on the day
of valuation or, if no sale occurred on such day, at the closing bid price on
the primary exchange on which the security is traded. Domestic over-the-counter
equity and fixed-income securities and options are valued on the basis of the
closing bid price. International securities traded over-the-counter are valued
on the basis of the mean of bid prices. Futures contracts are valued on the
basis of the last sales price.
Fixed-income securities and other assets for which market quotations are
readily available (other than obligations with remaining maturities of 60 days
or less) are valued on the basis of quotations obtained from dealers or pricing
services with consideration of such factors as institutional-sized trading in
similar groups of securities, quality, yield, coupon rate, maturity, type of
issue, trading characteristics and other market data.
Investments in the Money Fund and short-term investments maturing in 60
days or less are valued at amortized cost, which approximates market value.
An investments for which market quotations are not readily available is
valued at its fair value as determined in good faith in accordance with
procedures adopted by the Board of Directors.
* SECURITY TRANSACTIONS AND INVESTMENT INCOME
Securities transactions are accounted for on the date the securities are
purchased or sold (trade date). Interest income is recorded on the accrual
basis. All premiums and discounts are amortized or accreted for both financial
statement and tax reporting purposes as required by Federal income tax
regulations. Dividend income, less foreign tax withheld, is recorded on the
ex-dividend date or upon receipt of ex-dividend notification in the case of
certain foreign securities. Realized gains and losses on the sale of investments
are determined on the identified cost basis.
* FOREIGN CURRENCY TRANSACTIONS
The books and records of the Funds are maintained in U.S. dollars. The Bond
Funds may purchase debt obligations that are payable in a foreign currency, and
the International Fund and Equity Funds may purchase equity securities that are
payable in a foreign currency. For these Funds, investment securities, other
assets and liabilities denominated in a foreign currency are translated into
U.S. dollars at the exchange rate on the day of valuation. Purchases and sales
of securities, income receipts and expense payments are translated into U.S.
dollars at the rate on the dates of the transactions.
Reported net realized foreign exchange gains or losses arise from sales of
securities denominated in foreign currencies, purchases and sales of foreign
currencies, currency gains or losses realized between the trade and settlement
dates of securities transactions, and the difference between the amount of
expenses recorded on each of the Fund's books and the U.S. dollar equivalent of
the amounts actually received or paid. Net unrealized foreign exchange gains or
losses arise from changes in the value of assets and liabilities, including
investments in securities, resulting from changes in the exchange rates.
The Funds (other than the Money Fund) report certain foreign
currency-related security transactions as components of realized gains and
losses in the statements of operations for financial reporting purposes, whereas
such components are treated as ordinary income for Federal income tax purposes.
The Funds isolate that portion of the results of operations resulting from
changes in the foreign exchange rates on investments from the fluctuation
arising from changes in market prices of equity securities.
accessor 51
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
--------------------------------------------------------------------------------
Foreign security and currency transactions may involve certain
considerations and risks not typically associated with those of U.S. dollar
denominated transactions. These risks include political or economic instability
in the country of the issuer, the difficulty of predicting international trade
patterns, the possibility of imposition of exchange controls and the risk of
currency fluctuations.
* OFF-BALANCE SHEET RISK
The Funds may trade financial instruments with off-balance sheet risk in the
normal course of investing activities and to assist in managing exposure to
market risks such as interest rates and foreign currency exchange rates. These
financial instruments include forward foreign currency exchange contracts,
futures contracts and options transactions.
The notional or contractual amounts of these instruments represent the
investment the Funds have in particular classes of financial instruments and do
not necessarily represent the amounts potentially subject to risk. The
measurement of the risks associated with these instruments is meaningful only
when all related and offsetting transactions are considered.
* FUTURES CONTRACTS
The Funds (other than the Money Fund) are permitted to enter into financial
futures contracts and stock index futures contracts in accordance with their
investment objectives. The International Fund may also purchase and write
futures contracts on foreign currencies. A Fund is required to deposit either in
cash or securities an amount equal to a certain percentage of the contract
amount. Subsequent payments are made or received by a Fund each day, dependent
on daily fluctuations in the value of the contract. Such payments or receipts
are known as variation margin and are recorded for financial statement purposes
as unrealized gains or losses by a Fund. Should interest rates move
unexpectedly, a Fund may not achieve the anticipated benefits of the financial
futures contracts and may realize a loss. When the contract is closed, a Fund
records a realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed. The
potential risk to the Funds is that the change in the value of the underlying
securities may not correlate to the change in value of the contracts.
* FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
The International Fund will generally enter into forward foreign currency
exchange contracts as a way of managing foreign exchange rate risk. It may enter
into these contracts to fix the U.S. dollar value of a security that it has
agreed to buy or sell for the period between the date the trade was entered into
and the date the security is delivered and paid for. The International Fund may
also use these contracts to hedge the U.S. dollar value of securities it already
owns denominated in foreign currencies. Forward foreign currency contracts are
valued at the forward rate, and are marked-to-market daily. The change in market
value is recorded as an unrealized gain or loss until the contract settlement
date, at which time the Fund records a realized gain or loss equal to the
difference between the value of the contract at the time it was opened and the
value at the time it was closed.
The use of forward foreign currency contracts does not eliminate
fluctuations in the underlying prices of the International Fund's securities,
but it does establish a rate of exchange that can be achieved in the future.
Although forward foreign currency contracts limit the risk of loss due to a
decline in the value of the hedged currency, they also limit any potential gain
that might result should the value of the currency increase. In addition, the
International Fund could be exposed to risks if the counterparties to the
contracts are unable to meet the terms of their contracts.
* OPTIONS TRANSACTIONS
The Funds (other than the Money Fund) may purchase and sell call and put options
on securities and securities indices, provided such options are traded on a
national securities exchange or in an over-the-counter market. These Funds may
also purchase and sell call and put options on foreign currencies. The Equity
Funds may utilize options to equitize liquidity reserve balances.
When any of the Funds writes a covered call or put option, an amount equal
to the premium received is included in that Fund's statement of assets and
liabilities as a liability. The amount of the liability is subsequently
marked-to-market to reflect the current market value of the option. If an option
expires on its stipulated expiration date or if the Fund enters into a closing
purchase transaction, a gain or loss is realized. If a written call option is
exercised, a gain or loss is realized for the sale of the underlying security
and the proceeds from the sale are increased by the premium originally received.
If a written put option is exercised, the cost of the security acquired is
decreased by the premium originally received. As writer of an option, the Fund
has no control over whether the underlying securities are subsequently sold
(call) or purchased (put) and, as a result, bears the market risk of an
unfavorable change in the price of the security underlying the written option.
When any of the Funds purchases a call or put option, an amount equal to
the premium paid is included in that Fund's statement of assets and liabilities
as an investment, and is subsequently marked-to-market to reflect the current
market value of the option. If an option expires on the stipulated expiration
date or if a Fund enters into a closing sale transaction, a gain or loss is
accessor 52
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
--------------------------------------------------------------------------------
realized. If a Fund exercises a call, the cost of the security acquired is
increased by the premium paid for the call. If a Fund exercises a put option, a
gain or loss is realized from the sale of the underlying security, and the
proceeds from such sale are decreased by the premium originally paid. Written
and purchased options are non-income producing securities.
The option techniques utilized are to hedge against changes in interest
rates, foreign currency exchange rates or securities prices in order to
establish more definitely the effective return on securities or currencies held
or intended to be acquired by a Fund, to reduce the volatility of the currency
exposure associated with investment in non-U.S. securities, or as an efficient
means of adjusting exposure to the bond, equity and currency markets and not for
speculation.
* REPURCHASE AGREEMENTS
The Funds may enter into repurchase agreements (agreements to purchase
securities of the U.S. Government, its agencies or instrumentalities, subject to
the seller's agreement to repurchase them at a specified time and price) with
well-established dealers or institutions that the Funds' management has
determined to be creditworthy. It is the Funds' policy to take possession of the
underlying securities and, on a daily basis, mark-to-market such securities to
ensure that the market value including accrued interest is at least equal to the
amount owed to the Funds under each repurchase agreement.
* DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net investment income are declared daily and paid monthly for
the Money Fund; declared and paid monthly for the Bond Funds; declared and paid
quarterly for the Equity Funds; declared and paid annually for the International
Fund. Distributions of net realized gains, if any, will be declared and paid at
least annually for all Funds. Distributions to shareholders are recorded on the
ex-dividend date.
Income distributions and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally accepted
accounting principles.
* FEDERAL INCOME TAXES
It is each Fund's intention to comply with the requirements of the Internal
Revenue Code (the "Code") to qualify as a regulated investment company and
distribute all of its taxable income and realized gains, if any, to
shareholders. In addition, by distributing all of its taxable income and
realized gains to shareholders, the Funds will not be subject to a Federal
excise tax. Accordingly, no provision for Federal income taxes is required in
the financial statements.
Each Fund files a tax return annually using tax accounting methods required
under provisions of the Code which may differ from generally accepted accounting
principles, the basis on which these financial statements are prepared. The
differences arise primarily from the treatment of foreign currency transactions
and futures contracts and the deferral of certain losses under Federal income
tax regulations. Accordingly, the amount of net investment income and net
realized gains or losses reported in these financial statements may differ from
that reported in each Fund's tax return and, consequently, the character of
distributions to shareholders reported in the financial highlights may differ
from that reported to shareholders for Federal income tax purposes.
Distributions which exceed net investment income and net realized gains for
financial reporting purposes but not for tax purposes, if any, are shown as
distributions in excess of net investment income and net realized gains in the
accompanying financial statements. Net investment losses, for tax purposes, are
reclassified to paid-in capital.
* FORWARD COMMITMENTS
The Funds may contract to purchase securities for a fixed price at a future date
beyond the customary settlement period (i.e. "when issued," "delayed delivery,"
"forward commitment" or "TBA") consistent with a Fund's ability to manage its
investment portfolio and meet redemption requests. These transactions involve a
commitment by a Fund to purchase or sell securities for a predetermined price or
yield with payment and delivery taking place more than three days in the future,
or after a period longer than the customary settlement period for that type of
security. No interest will be earned by a Fund on such purchases until the
securities are delivered; however the market value may change prior to delivery.
The Funds may enter into TBA sale commitments to hedge their Fund positions
or to sell mortgage-backed securities it owns under delayed delivery
arrangements. Proceeds of TBA sale commitments are not received until the
contractual settlement date. During the time a TBA sale commitment is
outstanding, equivalent deliverable securities, or an offsetting TBA purchase
commitment deliverable on or before the sale commitment date, are held as
"cover" for the transaction.
Unsettled TBA sale commitments are valued at the current market value of
the underlying securities, generally according to the procedures described under
"Security Valuation" above. The contract is "marked-to-market" daily and the
change in market value is recorded by the Fund as an unrealized gain or loss. If
the TBA sale commitment is closed through the acquisition of an offsetting
purchase commitment, the Fund realizes a gain or loss from the sale of the
securities based upon the unit price
accessor 53
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
--------------------------------------------------------------------------------
established at the date the commitment was entered into.
* OTHER
Shared expenses incurred by Accessor Funds are allocated among the Funds based
on each Fund's ratio of relative net assets to the combined net assets.
Specifically identified direct expenses are charged to each Fund as incurred to
the extent practicable. Investment income, realized and unrealized gains and
losses and Fund expenses not specific to any class of shares are prorated among
the classes based upon the relative net assets of each class. Certain
specifically identified direct expenses of each class are charged to that class
as incurred.
* ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
* RESTRICTED SECURITIES
The Funds are permitted to invest in securities that are subject to legal or
contractual restrictions on resale. These securities generally may be resold in
transactions exempt from registration or to the public if the securities are
registered. Disposal of these securities may however, involve time-consuming
negotiations, expense, and in some cases registration and prompt sale at an
acceptable price may be difficult. Information relating to restricted securities
held at June 30, 2000 is detailed in the Schedules of Investments, as
applicable.
* COMMISSION RECAPTURE
Certain Funds directed portfolio trades to brokers who reimburse the applicable
Funds a portion of the commissions paid on such transactions. These amounts have
been reflected as commission recapture in the Statement of Operations.
--------------------------------------------------------------------------------
3. RELATED PARTY TRANSACTIONS
* MANAGER
Accessor Funds has a management agreement with Accessor Capital Management LP
("Accessor Capital"). Pursuant to this agreement, Accessor Capital operates and
administers the provision of all general management, investment advisory and
Fund management services. Accessor Capital also manages the U.S. Government
Money Fund. Fees paid to Accessor Capital are computed monthly based on the
following annualized rates calculated on the average daily net assets of each
Fund.
---------------------------------------------------------------------------
FUND ANNUAL MANAGEMENT FEE
---------------------------------------------------------------------------
GROWTH 0.45%
VALUE 0.45
SMALL TO MID CAP 0.60
INTERNATIONAL EQUITY 0.55
HIGH YIELD BOND 0.36
INTERMEDIATE FIXED-INCOME 0.36
SHORT-INTERMEDIATE FIXED-INCOME 0.36
MORTGAGE SECURITIES 0.36
U.S. GOVERNMENT MONEY 0.25
===========================================================================
* MONEY MANAGERS
Each Fund's assets (other than the U.S. Government Money Fund) are invested by
an investment management organization (individually, a "Money Manager";
collectively, the "Money Managers"), researched and recommended by Accessor
Capital. For the first five complete calendar quarters of management by its
Money Manager, each Fund will pay its respective Money Manager on a quarterly
basis an annual fee based on the average daily net assets of the Fund managed by
such Money Manager. This fee has two components, the Basic Fee and the Fund
Management Fee. Commencing with the sixth calendar quarter of management for
each Fund (other than the Small to Mid Cap Fund), the Money Manager fee consists
of two components, the Basic Fee and the Performance Fee. The Money Manager of
the Small to Mid Cap Fund receives only a Performance Fee.
accessor 54
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
--------------------------------------------------------------------------------
The Performance Fee component is adjusted each quarter based on the
annualized investment performance of each Money Manager relative to the
annualized investment performance of the following benchmark indices, which may
be changed only with the approval of Accessor Funds' Board of Directors:
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
FUND INDEX
------------------------------------------------------------------------------------------
<S> <C>
GROWTH S&P 500/BARRA Growth Index
VALUE S&P 500/BARRA Value Index
SMALL TO MID CAP Wilshire 4500 Index
INTERNATIONAL EQUITY Morgan Stanley Capital International EAFE(R)+ EMF Index
HIGH YIELD BOND Lehman Brothers U.S. Corporate High Yield Index
INTERMEDIATE FIXED-INCOME Lehman Brothers Government/Credit Index
SHORT-INTERMEDIATE FIXED-INCOME Lehman Brothers Government/Credit 1-5 Year Index
MORTGAGE SECURITIES Lehman Brothers Mortgage-Backed Securities Index
==========================================================================================
</TABLE>
For the six months ended June 30, 2000, the following Basic Fees, Fund
Management Fees and Performance Fees were calculated based on the average daily
net assets of the Funds:
---------------------------------------------------------------------------
FUND
BASIC MANAGEMENT PERFORMANCE TOTAL
FUND QUARTER FEE FEE FEE FEE
---------------------------------------------------------------------------
GROWTH* FIRST 0.10% - 0.15% 0.25%
SECOND 0.10% 0.10% - 0.20%
VALUE FIRST 0.10% - 0.10% 0.20%
SECOND 0.10% - 0.00% 0.10%
SMALL TO MID CAP** FIRST - - 0.42% 0.42%
SECOND - - 0.42% 0.42%
INTERNATIONAL FIRST 0.14% - 0.40% 0.54%
EQUITY*** SECOND 0.15% - 0.40% 0.55%
HIGH YIELD FIRST - - - -
BOND**** SECOND 0.08% 0.07% - 0.15%
INTERMEDIATE FIRST 0.02% - 0.00% 0.02%
FIXED-INCOME SECOND 0.02% - 0.00% 0.02%
SHORT- FIRST 0.02% - 0.00% 0.02%
INTERMEDIATE SECOND 0.02% - 0.00% 0.02%
FIXED-INCOME
MORTGAGE FIRST 0.07% - 0.16% 0.23%
SECURITIES SECOND 0.07% - 0.16% 0.23%
---------------------------------------------------------------------------
*The Growth Fund changed Money Managers on March 15, 2000. From March 16,
2000, the new Money Manager received the Basic Fee of 0.10% and the Fund
Management Fee of 0.10%.
**Effective July 1, 1998, the Basic Fee component was removed from the
Small to Mid Cap Fund's Money Manager agreement.
***Effective September 1, 1999, the International Equity Fund's Money
Manager agreement was amended to limit the potential amount that could be
earned under the Basic Fee component to $400,000 on an annual basis.
****The High Yield Bond Fund began its operations on May 1, 2000.
===========================================================================
accessor 55
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
--------------------------------------------------------------------------------
* DISTRIBUTION AND SERVICE PLAN
Accessor Funds has adopted a Distribution and Service Plan under Rule 12b-1 of
the Investment Company Act of 1940 with respect to the Investor Class Shares of
each Fund to compensate third party intermediaries or other service
organizations each month for providing distribution and non-distribution-related
services to certain shareholders of Accessor Funds. Under the terms of this
plan, Accessor Funds will pay third party selling and distribution agents
responsible for sales and promotional efforts including printing of prospectuses
and reports used for sales purposes. Accessor Funds will also pay third party
service organizations for providing non-distribution related services such as
account maintenance services.
The maximum amount payable to service organizations under the Distribution
Plan and Shareholder Service Plan, in aggregate, may not exceed on an annual
basis 0.25% of the average daily net assets of each Fund attributable to
Investor Class Shares.
* ADMINISTRATIVE SERVICES PLAN
Accessor Funds has adopted an Administrative Services Plan with respect to the
Investor Class Shares of each Fund to reimburse third party service
organizations who provide administrative and support services. The maximum
amount payable to service organizations under the Administrative Services Plan
for these expenses on an annual basis is 0.25% of the average daily net assets
of each Fund attributable to Investor Class Shares, provided, however, that no
Fund shall directly or indirectly pay any distribution related amounts that will
be allocated under Accessor Funds' Distribution and Service Plan.
* TRANSFER AGENT AND ADMINISTRATION
Accessor Funds has a Transfer Agency and Administrative Agreement with Accessor
Capital. Pursuant to this agreement, Accessor Capital acts as transfer agent and
administrator to Accessor Funds, performing all transfer agent and certain
compliance services. The fees are computed as a percentage of the average daily
net assets, per Fund.
--------------------------------------------------------------------------------
4. SHARES OF STOCK
Accessor Funds, incorporated in Maryland on June 10, 1991, is authorized to
issue 9 billion shares of Common Stock, $.001 par value. Transactions in shares
of the Funds were as follows:
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS INVESTOR CLASS
-------------------------------------------------------------------
FUND SHARES AMOUNT SHARES AMOUNT
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
GROWTH
SIX MONTHS ENDED JUNE 30, 2000
SHARES SUBSCRIBED 2,024,316 $ 69,234,555 314,997 $ 10,768,371
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 4,164 147,915 866 30,557
SHARES REDEEMED (1,882,287) (64,182,751) (99,862) (3,401,667)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 146,193 $ 5,199,719 216,001 $ 7,397,261
YEAR ENDED DECEMBER 31, 1999
SHARES SUBSCRIBED 7,086,374 $ 219,531,756 722,667 $ 22,368,126
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 235,632 8,143,904 40,391 1,387,875
SHARES REDEEMED (3,103,729) (97,301,224) (251,571) (7,714,809)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 4,218,277 $ 130,374,436 511,487 $ 16,041,192
-----------------------------------------------------------------------------------------------------------------------
VALUE
SIX MONTHS ENDED JUNE 30, 2000
SHARES SUBSCRIBED 1,415,054 $ 28,058,568 381,893 $ 7,586,856
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 58,363 1,124,184 11,658 223,502
SHARES REDEEMED (1,079,753) (21,404,481) (217,301) (4,353,850)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 393,664 $ 7,778,271 176,250 $ 3,456,508
YEAR ENDED DECEMBER 31, 1999
SHARES SUBSCRIBED 3,461,012 $ 77,352,172 861,228 $ 19,339,538
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 312,729 6,448,703 59,907 1,230,917
SHARES REDEEMED (2,019,934) (44,998,350) (269,545) (5,870,532)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 1,753,807 $ 38,802,525 651,590 $ 14,699,923
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
accessor 56
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS INVESTOR CLASS
-------------------------------------------------------------------
FUND SHARES AMOUNT SHARES AMOUNT
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SMALL TO MID CAP
SIX MONTHS ENDED JUNE 30, 2000
SHARES SUBSCRIBED 8,350,834 $ 226,015,208 428,825 $ 11,561,171
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 791,050 19,325,020 106,783 2,574,538
SHARES REDEEMED (7,419,313) (200,549,154) (707,643) (19,293,133)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 1,722,571 $ 44,791,074 (172,035) $ (5,157,424)
YEAR ENDED DECEMBER 31, 1999
SHARES SUBSCRIBED 17,138,769 $ 421,036,567 936,522 $ 23,223,752
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 732,070 19,780,216 119,392 3,201,835
SHARES REDEEMED (12,609,616) (313,278,030) (136,402) (3,483,034)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 5,261,223 $ 127,538,753 919,512 $ 22,942,553
-----------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY
SIX MONTHS ENDED JUNE 30, 2000
SHARES SUBSCRIBED 8,688,381 $ 173,131,671 264,497 $ 5,545,328
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 455,603 8,109,440 138,183 2,429,254
SHARES REDEEMED (7,682,712) (153,279,576) (250,258) (4,957,523)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 1,461,272 $ 27,961,535 152,422 $ 3,017,059
YEAR ENDED DECEMBER 31, 1999
SHARES SUBSCRIBED 11,071,905 $ 209,851,318 724,316 $ 13,613,408
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 776,169 16,468,480 251,613 5,302,130
SHARES REDEEMED (9,683,714) (183,248,942) (289,322) (5,294,489)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 2,164,360 $ 43,070,856 686,607 $ 13,621,049
-----------------------------------------------------------------------------------------------------------------------
HIGH YIELD BOND
PERIOD FROM MAY 1, 2000 TO JUNE 30, 2000
SHARES SUBSCRIBED 748,238 $ 8,907,560 997,479 $ 11,957,379
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 1,542 18,231 1,706 20,163
SHARES REDEEMED (5,498) (65,418) (17,876) (211,989)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 744,282 $ 8,860,373 981,309 $ 11,765,553
-----------------------------------------------------------------------------------------------------------------------
INTERMEDIATE FIXED-INCOME
SIX MONTHS ENDED JUNE 30, 2000
SHARES SUBSCRIBED 1,077,014 $ 12,067,842 162,693 $ 1,820,131
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 36,148 424,384 11,609 129,937
SHARES REDEEMED (1,220,144) (13,678,017) (280,802) (3,108,165)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) (106,982) $ (1,185,791) (106,500) $ (1,158,097)
YEAR ENDED DECEMBER 31, 1999
SHARES SUBSCRIBED 2,722,973 $ 32,286,179 423,309 $ 5,034,853
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 74,623 875,304 22,179 259,575
SHARES REDEEMED (1,653,954) (19,644,353) (214,224) (2,528,320)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 1,143,642 $ 13,517,130 231,264 $ 2,766,108
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
accessor 57
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS INVESTOR CLASS
-------------------------------------------------------------------
FUND SHARES AMOUNT SHARES AMOUNT
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SHORT-INTERMEDIATE FIXED-INCOME
SIX MONTHS ENDED JUNE 30, 2000
SHARES SUBSCRIBED 652,835 $ 7,658,960 289,868 $ 3,387,055
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 19,914 232,545 3,913 45,692
SHARES REDEEMED (537,232) (6,297,920) (380,417) (4,454,870)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 135,517 $ 1,593,585 (86,636) $ (1,022,123)
YEAR ENDED DECEMBER 31, 1999
SHARES SUBSCRIBED 1,702,023 $ 20,592,469 452,771 $ 5,427,484
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 37,641 452,897 3,689 44,268
SHARES REDEEMED (941,208) (11,333,032) (81,776) (985,657)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 798,456 $ 9,712,334 374,684 $ 4,486,095
-----------------------------------------------------------------------------------------------------------------------
MORTGAGE SECURITIES
SIX MONTHS ENDED JUNE 30, 2000
SHARES SUBSCRIBED 1,078,345 $ 12,881,780 385,819 $ 4,606,007
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 48,344 576,221 10,466 124,785
SHARES REDEEMED (1,643,745) (19,626,761) (1,092,015) (13,010,669)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) (517,056) $ (6,168,760) (695,730) $ (8,279,877)
YEAR ENDED DECEMBER 31, 1999
SHARES SUBSCRIBED 4,242,191 $ 52,530,916 944,333 $ 11,639,295
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 135,564 1,661,787 16,335 198,933
SHARES REDEEMED (3,983,686) (48,752,849) (103,766) (1,268,992)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 394,069 $ 5,439,854 856,902 $ 10,569,236
-----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT MONEY
SIX MONTHS ENDED JUNE 30, 2000
SHARES SUBSCRIBED 470,570,482 $ 470,570,482 6,399,247 $ 6,399,247
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 437,096 437,096 36,432 36,432
SHARES REDEEMED (406,761,798) (406,761,798) (6,441,726) (6,441,726)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 64,245,780 $ 64,245,780 (6,047) $ (6,047)
YEAR ENDED DECEMBER 31, 1999
SHARES SUBSCRIBED 719,802,962 $ 719,802,961 9,007,594 $ 9,007,592
SHARES ISSUED ON REINVESTMENT OF DISTRIBUTIONS 349,079 349,079 10,139 10,139
SHARES REDEEMED (492,679,826) (492,679,826) (6,055,361) (6,055,361)
------------- ------------- ------------- -------------
NET INCREASE (DECREASE) 227,472,215 $ 227,472,214 2,962,372 $ 2,962,370
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
accessor 58
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
--------------------------------------------------------------------------------
5. SECURITIES TRANSACTIONS
During the six months ended June 30, 2000, purchases and sales of
investments, other than short-term investments and government securities
aggregated, were as follows:
---------------------------------------------------------------------------
FUND PURCHASES SALES
---------------------------------------------------------------------------
GROWTH $ 234,307,672 $ 209,596,942
VALUE 130,321,966 119,093,540
SMALL TO MID CAP 362,571,084 357,920,374
INTERNATIONAL EQUITY 256,369,234 242,674,107
HIGH YIELD BOND* 18,082,500 0
INTERMEDIATE FIXED-INCOME 5,562,476 10,036,123
SHORT-INTERMEDIATE FIXED-INCOME 11,819,308 8,877,467
MORTGAGE SECURITIES 18,038,248 24,533,262
---------------------------------------------------------------------------
*Period from May 1, 2000 to June 30, 2000.
===========================================================================
During the six months ended June 30, 2000, purchases and sales of long-term
U.S. Government Securities, were as follows:
---------------------------------------------------------------------------
FUND PURCHASES SALES
---------------------------------------------------------------------------
INTERMEDIATE FIXED-INCOME $ 7,842,073 $ 6,605,616
SHORT-INTERMEDIATE FIXED-INCOME 3,360,488 6,256,437
MORTGAGE SECURITIES 203,714,568 210,199,295
===========================================================================
accessor 59
<PAGE>
GROWTH FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS SHARES 2000(1) 1999 1998 1997 1996 1995
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 35.08 $ 28.88 $ 21.57 $ 19.51 $ 17.99 $ 14.37
NET INVESTMENT INCOME (LOSS) (0.04) (0.06) 0.04 0.13 0.19 0.15
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS 0.53 7.51 9.91 6.31 3.35 4.76
-------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS 0.49 7.45 9.95 6.44 3.54 4.91
-------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME 0.00 0.00 (0.03) (0.13) (0.19) (0.15)
DISTRIBUTIONS FROM CAPITAL GAINS (0.02) (1.24) (2.61) (4.25) (1.83) (1.14)
DISTRIBUTIONS IN EXCESS OF CAPITAL GAINS 0.00 (0.01) 0.00 0.00 0.00 0.00
-------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (0.02) (1.25) (2.64) (4.38) (2.02) (1.29)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 35.55 $ 35.08 $ 28.88 $ 21.57 $ 19.51 $ 17.99
=========================================================================================================================
TOTAL RETURN(2) 1.41% 25.87% 46.65% 33.24% 19.83% 34.32%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $349,353 $339,590 $157,799 $ 87,907 $ 60,586 $ 48,532
RATIO OF EXPENSES TO AVERAGE NET ASSETS 0.87%* 0.97% 0.92% 0.93% 1.13% 1.26%
RATIO OF NET INVESTMENT INCOME (LOSS)
TO AVERAGE NET ASSETS (0.25)%* (0.21)% 0.16% 0.56% 0.97% 0.97%
-------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 54.58% 96.55% 112.42% 131.75% 81.79% 99.73%
=========================================================================================================================
INVESTOR CLASS SHARES(3) 2000(1) 1999 1998
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 34.82 $ 28.82 $ 26.38
NET INVESTMENT LOSS (0.13) (0.16) (0.05)
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS 0.52 7.41 4.52
-------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS 0.39 7.25 4.47
-------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME 0.00 0.00 0.00
DISTRIBUTIONS FROM CAPITAL GAINS (0.02) (1.24) (2.03)
DISTRIBUTIONS IN EXCESS OF CAPITAL GAINS 0.00 (0.01) 0.00
-------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (0.02) (1.25) (2.03)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 35.19 $ 34.82 $ 28.82
=========================================================================================================================
TOTAL RETURN(2) 1.13% 25.23% 16.96%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 52,552 $ 44,479 $ 22,077
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.37%* 1.47% 1.41%*
RATIO OF NET INVESTMENT LOSS TO AVERAGE
NET ASSETS (0.75)%* (0.71)% (0.40)%*
-------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 54.58% 96.55% 112.42%
</TABLE>
(1) For the six months ended on June 30, 2000 (unaudited).
(2) Total return is calculated assuming a purchase of shares at net asset value
per share on the first day and a sale at net asset value per share on the
last day of each period reported. Distributions are assumed, for purposes of
this calculation, to be reinvested at the net asset value per share on the
respective payment dates of each Fund.
(3) Class commenced operations on July 1, 1998.
* Annualized
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 60
<PAGE>
VALUE FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS SHARES 2000(1) 1999 1998 1997 1996 1995
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 20.70 $ 21.04 $ 20.88 $ 17.75 $ 15.91 $ 13.01
NET INVESTMENT INCOME 0.13 0.18 0.24 0.26 0.24 0.33
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (1.40) 1.25 2.45 5.54 3.51 3.96
-------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS (1.27) 1.43 2.69 5.80 3.75 4.29
-------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.13) (0.18) (0.24) (0.26) (0.24) (0.33)
DISTRIBUTIONS FROM CAPITAL GAINS (0.20) (1.59) (2.12) (2.41) (1.67) (1.06)
DISTRIBUTIONS IN EXCESS OF CAPITAL GAINS 0.00 0.00 (0.17) 0.00 0.00 0.00
-------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (0.33) (1.77) (2.53) (2.67) (1.91) (1.39)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 19.10 $ 20.70 $ 21.04 $ 20.88 $ 17.75 $ 15.91
=========================================================================================================================
TOTAL RETURN(2) (6.14)% 6.87% 12.89% 32.94% 23.94% 33.25%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $145,189 $149,183 $114,728 $ 81,127 $ 36,367 $ 24,915
RATIO OF EXPENSES TO AVERAGE NET ASSETS 0.81%* 0.97% 1.03% 1.05% 1.21% 1.40%
RATIO OF NET INVESTMENT INCOME
TO AVERAGE NET ASSETS 1.33%* 0.86% 1.06% 1.32% 1.43% 2.18%
-------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 69.57% 167.70% 104.85% 68.14% 93.54% 100.88%
=========================================================================================================================
INVESTOR CLASS SHARES(3) 2000(1) 1999 1998
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 20.70 $ 21.04 $ 23.41
NET INVESTMENT INCOME 0.08 0.07 0.05
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (1.40) 1.25 (0.31)
-------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS (1.32) 1.32 (0.26)
-------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.08) (0.07) (0.06)
DISTRIBUTIONS FROM CAPITAL GAINS (0.20) (1.59) (1.90)
DISTRIBUTIONS IN EXCESS OF CAPITAL GAINS 0.00 0.00 (0.15)
-------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (0.28) (1.66) (2.11)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 19.10 $ 20.70 $ 21.04
=========================================================================================================================
TOTAL RETURN(2) (6.38)% 6.35% (1.09)%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 27,605 $ 26,267 $ 12,987
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.31%* 1.47% 1.55%*
RATIO OF NET INVESTMENT INCOME
TO AVERAGE NET ASSETS 0.83%* 0.36% 0.44%*
-------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 69.57% 167.70% 104.85%
</TABLE>
(1) For the six months ended on June 30, 2000 (unaudited).
(2) Total return is calculated assuming a purchase of shares at net asset value
per share on the first day and a sale at net asset value per share on the
last day of each period reported. Distributions are assumed, for purposes of
this calculation, to be reinvested at the net asset value per share on the
respective payment dates of each Fund.
(3) Class commenced operations on July 1, 1998.
* Annualized
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 61
<PAGE>
SMALL TO MID CAP FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS SHARES 2000(1) 1999 1998 1997 1996 1995
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 27.39 $ 23.53 $ 21.82 $ 18.82 $ 17.60 $ 14.08
NET INVESTMENT INCOME (LOSS) (0.06) (0.10) (0.05) 0.00 0.07 0.06
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (0.63) 6.46 3.50 6.75 4.22 4.42
-------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS (0.69) 6.36 3.45 6.75 4.29 4.48
-------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME 0.00 0.00 0.00 0.00 (0.07) (0.06)
DISTRIBUTIONS FROM CAPITAL GAINS (2.27) (2.50) (1.74) (3.73) (3.00) (0.90)
DISTRIBUTION IN EXCESS OF NET
INVESTMENT INCOME 0.00 0.00 0.00 (0.02) 0.00 0.00
-------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (2.27) (2.50) (1.74) (3.75) (3.07) (0.96)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 24.43 $ 27.39 $ 23.53 $ 21.82 $ 18.82 $ 17.60
=========================================================================================================================
TOTAL RETURN(2) (2.52)% 27.26% 15.98% 36.14% 24.85% 31.98%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $441,446 $447,665 $260,792 $125,221 $ 65,479 $ 49,803
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.22%* 1.25% 1.22% 1.15% 1.17% 1.31%
RATIO OF NET INVESTMENT INCOME
(LOSS) TO AVERAGE NET ASSETS (0.43)%* (0.47)% (0.22)% 0.00% 0.37% 0.41%
-------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 72.96% 133.14% 110.07% 129.98% 113.44% 84.26%
=========================================================================================================================
INVESTOR CLASS SHARES(3) 2000(1) 1999 1998
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 27.16 $ 23.47 $ 24.44
NET INVESTMENT LOSS (0.12) (0.12) (0.09)
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (0.66) 6.31 0.86
-------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS (0.78) 6.19 0.77
-------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME 0.00 0.00 0.00
DISTRIBUTIONS FROM CAPITAL GAINS (2.27) (2.50) (1.74)
-------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (2.27) (2.50) (1.74)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 24.11 $ 27.16 $ 23.47
=========================================================================================================================
TOTAL RETURN(2) (2.88)% 26.60% 3.32%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 37,924 $ 47,398 $ 19,367
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.72%* 1.75% 1.77%*
RATIO OF NET INVESTMENT LOSS
TO AVERAGE NET ASSETS (0.93)%* (0.97)% (0.84)%*
-------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 72.96% 133.14% 110.07%
</TABLE>
(1) For the six months ended on June 30, 2000 (unaudited).
(2) Total return is calculated assuming a purchase of shares at net asset value
per share on the first day and a sale at net asset value per share on the
last day of each period reported. Distributions are assumed, for purposes of
this calculation, to be reinvested at the net asset value per share on the
respective payment dates of each Fund.
(3) Class commenced operations on June 24, 1998.
* Annualized
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 62
<PAGE>
INTERNATIONAL EQUITY FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS SHARES 2000(1) 1999 1998 1997 1996 1995
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 21.52 $ 16.90 $ 14.83 $ 13.83 $ 12.55 $ 11.67
NET INVESTMENT INCOME (LOSS) 0.07 0.02 (0.03) (0.02) (0.06) 0.05
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (2.41) 8.17 2.41 1.54 1.80 0.83
--------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS (2.34) 8.19 2.38 1.52 1.74 0.88
--------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM CAPITAL GAINS (1.38) (3.57) (0.31) (0.50) (0.44) 0.00
DISTRIBUTIONS IN EXCESS OF CAPITAL GAINS 0.00 0.00 0.00 (0.02) (0.02) 0.00
--------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (1.38) (3.57) (0.31) (0.52) (0.46) 0.00
--------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 17.80 $ 21.52 $ 16.90 $ 14.83 $ 13.83 $ 12.55
==========================================================================================================================
TOTAL RETURN(2) (10.88)% 48.93% 16.07% 10.96% 13.78% 7.63%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $221,899 $236,869 $149,391 $151,441 $ 73,019 $ 39,102
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
AFTER ACCESSOR CAPITAL FEE WAIVERS 1.38%* 1.37% 1.59% 1.55% 1.52% 1.83%*
BEFORE ACCESSOR CAPITAL FEE WAIVERS 1.38%* 1.37% 1.59% 1.55% 1.52% 1.93%*
RATIO OF NET INVESTMENT INCOME
(LOSS) TO AVERAGE NET ASSETS:
AFTER ACCESSOR CAPITAL FEE WAIVERS 0.73%* 0.04% (0.24)% (0.20)% (0.26)% 0.10%*
BEFORE ACCESSOR CAPITAL FEE WAIVERS 0.73%* 0.04% (0.24)% (0.20)% (0.26)% 0.00%*
--------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 92.20% 251.23% 196.37% 196.66% 157.66% 84.85%
==========================================================================================================================
INVESTOR CLASS SHARES(3) 2000(1) 1999 1998
--------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 21.33 $ 16.85 $ 17.88
NET INVESTMENT INCOME (LOSS) 0.02 (0.08) (0.06)
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (2.39) 8.13 (0.66)
--------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS (2.37) 8.05 (0.72)
--------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM CAPITAL GAINS (1.38) (3.57) (0.31)
--------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (1.38) (3.57) (0.31)
--------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 17.58 $ 21.33 $ 16.85
==========================================================================================================================
TOTAL RETURN(2) (11.12)% 48.23% (4.01)%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 34,538 $ 38,647 $ 18,963
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.88%* 1.87% 2.05%*
RATIO OF NET INVESTMENT INCOME
(LOSS) TO AVERAGE NET ASSETS 0.23%* (0.46)% (0.68)%*
--------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 92.20% 251.23% 196.37%
</TABLE>
(1) For the six months ended on June 30, 2000 (unaudited).
(2) Total return is calculated assuming a purchase of shares at net asset value
per share on the first day and a sale at net asset value per share on the
last day of each period reported. Distributions are assumed, for purposes of
this calculation, to be reinvested at the net asset value per share on the
respective payment dates of each Fund.
(3) Class commenced operations on July 6, 1998.
* Annualized
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 63
<PAGE>
HIGH YIELD BOND FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS SHARES 2000(1) 1999 1998 1997 1996 1995
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.00
NET INVESTMENT INCOME 0.14
NET REALIZED AND UNREALIZED
LOSS ON INVESTMENTS (0.14)
-------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS 0.00
-------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.14)
DISTRIBUTIONS FROM CAPITAL GAINS 0.00
-------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (0.14)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 11.86
=========================================================================================================================
TOTAL RETURN(2) 0.00%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 8,825
RATIO OF EXPENSES TO AVERAGE NET ASSETS 0.89%*
RATIO OF NET INVESTMENT INCOME
TO AVERAGE NET ASSETS 8.03%*
-------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 0.00%
=========================================================================================================================
INVESTOR CLASS SHARES 2000(1)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.00
NET INVESTMENT INCOME 0.13
NET REALIZED AND UNREALIZED
LOSS ON INVESTMENTS (0.14)
-------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS (0.01)
-------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.13)
DISTRIBUTIONS FROM CAPITAL GAINS 0.00
-------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (0.13)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 11.86
=========================================================================================================================
TOTAL RETURN(2) (0.07)%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $11,635
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.40%*
RATIO OF NET INVESTMENT INCOME
TO AVERAGE NET ASSETS 7.11%*
-------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 0.00%
</TABLE>
(1) For the period of May 1, 2000 (commencement of operations) through June 30,
2000 (unaudited).
(2) Total return is calculated assuming a purchase of shares at net asset value
per share on the first day and a sale at net asset value per share on the
last day of each period reported. Distributions are assumed, for purposes of
this calculation, to be reinvested at the net asset value per share on the
respective payment dates of each Fund.
* Annualized
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 64
<PAGE>
INTERMEDIATE FIXED-INCOME FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS SHARES 2000(1) 1999 1998 1997 1996 1995
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.30 $ 12.47 $ 12.19 $ 11.90 $ 12.29 $ 11.04
NET INVESTMENT INCOME 0.38 0.68 0.67 0.71 0.67 0.71
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (0.08) (1.12) 0.32 0.29 (0.39) 1.25
-------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS 0.30 (0.44) 0.99 1.00 0.28 1.96
-------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.38) (0.68) (0.67) (0.71) (0.67) (0.71)
DISTRIBUTIONS FROM CAPITAL GAINS 0.00 (0.05) (0.04) 0.00 0.00 0.00
-------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (0.38) (0.73) (0.71) (0.71) (0.67) (0.71)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 11.22 $ 11.30 $ 12.47 $ 12.19 $ 11.90 $ 12.29
=========================================================================================================================
TOTAL RETURN(2) 2.67% (3.58)% 8.38% 8.62% 2.56% 18.26%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 55,255 $ 56,895 $ 48,489 $ 55,197 $ 52,248 $ 36,878
RATIO OF EXPENSES TO AVERAGE NET ASSETS 0.64%* 0.68% 0.79% 0.84% 0.88% 0.96%
RATIO OF NET INVESTMENT INCOME
TO AVERAGE NET ASSETS 6.65%* 5.89% 5.46% 5.88% 5.79% 6.07%
-------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 21.11% 60.40% 113.00% 84.35% 94.69% 187.62%
=========================================================================================================================
INVESTOR CLASS SHARES(3) 2000(1) 1999 1998
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.30 $ 12.47 $ 12.29
NET INVESTMENT INCOME 0.35 0.63 0.28
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (0.08) (1.12) 0.24
-------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS 0.27 (0.49) 0.52
-------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.35) (0.63) (0.30)
DISTRIBUTIONS FROM CAPITAL GAINS 0.00 (0.05) (0.04)
-------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (0.35) (0.68) (0.34)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 11.22 $ 11.30 $ 12.47
=========================================================================================================================
TOTAL RETURN(2) 2.42% (4.05)% 4.29%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 9,629 $ 10,907 $ 9,146
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.14%* 1.18% 1.27%*
RATIO OF NET INVESTMENT INCOME
TO AVERAGE NET ASSETS 6.15%* 5.39% 4.75%*
-------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 21.11% 60.40% 113.00%
</TABLE>
(1) For the six months ended on June 30, 2000 (unaudited).
(2) Total return is calculated assuming a purchase of shares at net asset value
per share on the first day and a sale at net asset value per share on the
last day of each period reported. Distributions are assumed, for purposes of
this calculation, to be reinvested at the net asset value per share on the
respective payment dates of each Fund.
(3) Class commenced operations on July 14, 1998.
* Annualized
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 65
<PAGE>
SHORT-INTERMEDIATE FIXED-INCOME FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS SHARES 2000(1) 1999 1998 1997 1996 1995
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.83 $ 12.33 $ 12.27 $ 12.16 $ 12.32 $ 11.62
NET INVESTMENT INCOME 0.35 0.63 0.68 0.64 0.59 0.60
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (0.10) (0.49) 0.14 0.11 (0.16) 0.70
-------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS 0.25 0.14 0.82 0.75 0.43 1.30
-------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.35) (0.63) (0.63) (0.64) (0.59) (0.60)
DISTRIBUTIONS FROM CAPITAL GAINS 0.00 (0.01) (0.13) 0.00 0.00 0.00
-------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (0.35) (0.64) (0.76) (0.64) (0.59) (0.60)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 11.73 $ 11.83 $ 12.33 $ 12.27 $ 12.16 $ 12.32
=========================================================================================================================
TOTAL RETURN(2) 2.19% 1.22% 6.87% 6.33% 3.63% 11.42%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 51,375 $ 50,200 $ 42,454 $ 40,942 $ 36,701 $ 35,272
RATIO OF EXPENSES TO AVERAGE NET ASSETS 0.64%* 0.70% 0.82% 0.86% 0.93% 0.94%
RATIO OF NET INVESTMENT INCOME
TO AVERAGE NET ASSETS 5.95%* 5.32% 5.12% 5.20% 4.89% 4.99%
-------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 27.18% 45.89% 69.64% 53.30% 31.12% 41.93%
=========================================================================================================================
INVESTOR CLASS SHARES(3) 2000(1) 1999 1998
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.83 $ 12.33 $ 12.32
NET INVESTMENT INCOME 0.33 0.58 0.27
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (0.10) (0.49) 0.17
-------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS 0.23 0.09 0.44
-------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.33) (0.58) (0.30)
DISTRIBUTIONS FROM CAPITAL GAINS 0.00 (0.01) (0.13)
-------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (0.33) (0.59) (0.43)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 11.73 $ 11.83 $ 12.33
=========================================================================================================================
TOTAL RETURN(2) 1.96% 0.70% 3.55%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 9,335 $ 10,439 $ 6,255
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.14%* 1.20% 1.31%*
RATIO OF NET INVESTMENT INCOME
TO AVERAGE NET ASSETS 5.45%* 4.82% 4.57%*
-------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 27.18% 45.89% 69.64%
</TABLE>
(1) For the six months ended on June 30, 2000 (unaudited).
(2) Total return is calculated assuming a purchase of shares at net asset value
per share on the first day and a sale at net asset value per share on the
last day of each period reported. Distributions are assumed, for purposes of
this calculation, to be reinvested at the net asset value per share on the
respective payment dates of each Fund.
(3) Class commenced operations on July 14, 1998.
* Annualized
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 66
<PAGE>
MORTGAGE SECURITIES FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS SHARES 2000(1) 1999 1998 1997 1996 1995
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.98 $ 12.59 $ 12.60 $ 12.23 $ 12.38 $ 11.36
NET INVESTMENT INCOME 0.37 0.73 0.70 0.72 0.73 0.76
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS 0.06 (0.58) 0.09 0.42 (0.15) 1.02
-------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS 0.43 0.15 0.79 1.14 0.58 1.78
-------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.37) (0.73) (0.70) (0.72) (0.73) (0.76)
DISTRIBUTIONS FROM CAPITAL GAINS 0.00 (0.03) (0.10) (0.05) 0.00 0.00
-------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (0.37) (0.76) (0.80) (0.77) (0.73) (0.76)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 12.04 $ 11.98 $ 12.59 $ 12.60 $ 12.23 $ 12.38
=========================================================================================================================
TOTAL RETURN(2) 3.69% 1.19% 6.43% 9.53% 4.95% 16.03%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $121,651 $127,307 $128,788 $109,747 $ 73,862 $ 49,830
RATIO OF EXPENSES TO AVERAGE NET ASSETS 0.87%* 0.89% 0.88% 0.84% 0.95% 1.03%
RATIO OF NET INVESTMENT INCOME
TO AVERAGE NET ASSETS 6.20%* 5.91% 5.59% 5.93% 6.08% 6.41%
-------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 159.89% 273.95% 278.18% 211.66% 356.23% 422.56%
=========================================================================================================================
INVESTOR CLASS SHARES(3) 2000(1) 1999 1998
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.98 $ 12.59 $ 12.67
NET INVESTMENT INCOME 0.34 0.66 0.31
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS 0.06 (0.58) 0.01
-------------------------------------------------------------------------------------------------------------------------
TOTAL FROM INVESTMENT OPERATIONS 0.40 0.08 0.32
-------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.34) (0.66) (0.33)
DISTRIBUTIONS FROM CAPITAL GAINS 0.00 (0.03) (0.07)
-------------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS (0.34) (0.69) (0.40)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 12.04 $ 11.98 $ 12.59
=========================================================================================================================
TOTAL RETURN(2) 3.44% 0.69% 2.46%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 18,548 $ 26,802 $ 17,369
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.37%* 1.39% 1.41%*
RATIO OF NET INVESTMENT INCOME
TO AVERAGE NET ASSETS 5.70%* 5.41% 5.09%*
-------------------------------------------------------------------------------------------------------------------------
PORTFOLIO TURNOVER RATE 159.89% 273.95% 278.18%
</TABLE>
(1) For the six months ended on June 30, 2000 (unaudited).
(2) Total return is calculated assuming a purchase of shares at net asset value
per share on the first day and a sale at net asset value per share on the
last day of each period reported. Distributions are assumed, for purposes
of this calculation, to be reinvested at the net asset value per share on
the respective payment dates of each Fund.
(3) Class commenced operations on July 10, 1998.
* Annualized
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 67
<PAGE>
U.S. GOVERNMENT MONEY FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
ADVISOR CLASS SHARES 2000(1) 1999 1998 1997 1996 1995
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
NET INVESTMENT INCOME 0.03 0.05 0.05 0.05 0.05 0.05
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.03) (0.05) (0.05) (0.05) (0.05) (0.05)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========================================================================================================================
TOTAL RETURN(2) 2.82% 4.72% 5.00% 5.07% 4.78% 5.33%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $444,865 $380,620 $153,148 $ 50,910 $ 61,672 $ 41,882
RATIO OF EXPENSES TO AVERAGE NET ASSETS:
AFTER ACCESSOR CAPITAL FEE WAIVERS 0.45%* 0.48% 0.53% 0.54% 0.59% 0.53%
BEFORE ACCESSOR CAPITAL FEE WAIVERS 0.45%* 0.48% 0.53% 0.54% 0.59% 0.78%
RATIO OF NET INVESTMENT INCOME
TO AVERAGE NET ASSETS:
AFTER ACCESSOR CAPITAL FEE WAIVERS 5.55%* 4.66% 4.83% 4.96% 4.73% 5.14%
BEFORE ACCESSOR CAPITAL FEE WAIVERS 5.55%* 4.66% 4.83% 4.96% 4.73% 4.89%
=========================================================================================================================
INVESTOR CLASS SHARES(3) 2000(1) 1999 1998
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00
NET INVESTMENT INCOME 0.03 0.04 0.02
DISTRIBUTIONS FROM NET INVESTMENT INCOME (0.03) (0.04) (0.02)
-------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00
=========================================================================================================================
TOTAL RETURN(2) 2.56% 4.20% 1.83%
NET ASSETS, END OF PERIOD (IN THOUSANDS) $ 8,027 $ 8,034 $ 5,071
RATIO OF EXPENSES TO AVERAGE NET ASSETS: 0.95%* 0.98% 1.03%*
RATIO OF NET INVESTMENT INCOME
TO AVERAGE NET ASSETS 5.05%* 4.16% 4.40%*
</TABLE>
(1) For the six months ended on June 30, 2000 (unaudited).
(2) Total return is calculated assuming a purchase of shares at net asset value
per share on the first day and a sale at net asset value per share on the
last day of each period reported. Distributions are assumed, for purposes of
this calculation, to be reinvested at the net asset value per share on the
respective payment dates of each Fund.
(3) Class commenced operations on July 29, 1998.
* Annualized.
PLEASE SEE "NOTES TO FINANCIAL STATEMENTS" FOR FURTHER INFORMATION.
accessor 68
<PAGE>
ACCESSOR FUNDS, INC.
DIRECTORS AND OFFICERS
George G. Cobean, III, Director
Geoffrey C. Cross, Director
J. Anthony Whatley, III, Director, President and Principal Executive Officer
Ravindra A. Deo, Treasurer, Vice President, Principal Financial and Accounting
Officer
Robert J. Harper, Vice President
Christine J. Stansbery, Secretary
Linda V. Whatley, Vice President
INVESTMENT ADVISOR AND ADMINISTRATOR
Accessor Capital Management LP
1420 Fifth Avenue, Suite 3600
Seattle, Washington 98101
CUSTODIAN
The Fifth Third Bank
Fifth Third Center
38 Fountain Square Plaza
Cincinnati, Ohio 45263
TRANSFER AGENT
Accessor Capital Management
P.O. Box 1748
Seattle, Washington 98111
LEGAL COUNSEL
Kirkpatrick & Lockhart LLP
One International Place
13th Floor
Boston, Massachusetts 02110
INDEPENDENT AUDITORS
Deloitte & Touche LLP
Two World Financial Center
New York, New York 10281
This report, including the financial statements herein, is transmitted to the
shareholders of Accessor Funds, Inc. for their information. This is not a
prospectus, circular or representation intended for use in the purchase of share
of Accessor Funds, Inc., or any securities mentioned in this report.
www.accessor.com
