--------------------------------------------------------------------------------
[graphic] ADVISOR CLASS SHARES November 22, 2000
--------------------------------------------------------------------------------
SUPPLEMENT
TO THE April 29, 2000 PROSPECTUS
--------------------------------------------------------------------------------
This supplement provides new and additional information beyond that contained in
the prospectus, and should be read in conjunction with such prospectus.
Capitalized terms not defined herein should have the meanings set forth in the
prospectus.
--------------------------------------------------------------------------------
ACCESSOR FUNDS, INC. [logo]
--------------------------------------------------------------------------------
ACCESSOR VALUE FUND
--------------------------------------------------------------------------------
On November 16, 2000, the Board of Directors of Accessor Funds, Inc. ("Accessor
Funds") approved the replacement of Martingale Asset Management, L.P.
("Martingale") as money manager of the Value Fund. The Board of Directors,
including all of the Directors who are not "interested persons" of Accessor
Funds, have approved the appointment of Wellington Management Company, LLP
("Wellington Management") as the money manager of the Value Fund, effective
January 10, 2001. The appointment of Wellington Management will not require
shareholder approval. This procedure for adding or replacing money managers was
approved by the Portfolio's shareholders at a Special Meeting of Shareholders
held on August 15, 1995, and was authorized by an exemptive order issued to
Accessor Funds by the Securities and Exchange Commission on September 4, 1996.
The Money Manager Agreement among Accessor Capital Management LP ("Accessor
Capital"), Accessor Funds and Wellington Management relating to the Value Fund
is substantially similar to that between Accessor Capital, Accessor Funds and
Martingale. Specifically, the fees paid to Wellington Management are based on
the same fee schedule as that of Martingale. The duties to be performed under
this Money Manager Agreement are similar, and the standard of care and
termination provisions of the agreement are identical to other Money Manager
Agreements with other money managers of Accessor Funds. The Money Manager
Agreement with Martingale will remain in effect until close of business on
January 9, 2001. Beginning January 10, 2001, Wellington Management will make
investment decisions for the assets of the Value Fund allocated to it by
Accessor Capital, and continuously review, supervise, and administer the Value
Fund's investment program with respect to these assets. Wellington Management is
independent of Accessor Capital and discharges its responsibilities subject to
Accessor Capital's and the Board of Directors' supervision and in a manner
consistent with the Value Fund's investment objective, policies and limitations.
In connection with the appointment of Wellington Management as the money manager
of the Value Fund, the following language is inserted in the following sections
of the Advisor Class Prospectus:
On page 2, the following is added to the Summary - Principal Strategies -- Value
Fund following the Second full paragraph:
Effective January 10, 2001, Wellington Management Company, LLP ("Wellington
Management") will serve as the Fund's Money Manager. As the Fund's Money
Manager, Wellington Management will seek to meet the Fund's investment objective
by investing primarily in stocks of companies chosen from the S&P 500 that
Wellington Management believes will outperform peer companies, while maintaining
an overall risk level similar to that of the benchmark. Wellington Management
will attempt to exceed the performance of the S&P 500/BARRA Value Index over a
cycle of five years.
Wellington Management uses a disciplined structured investment approach and
quantitative analytical techniques designed to identify stocks with the highest
probability of outperforming their peers coupled with a portfolio construction
process designed to keep the overall portfolio risk characteristics similar to
that of the benchmark.
On page 29, the following is added to the Management, Organization and Capital
Structure -- Value Fund following the fourth full paragraph in that section:
Effective January 10, 2001, Wellington Management will serve as the Fund's Money
Manager Money Manager Wellington Management Company, LLP, 75 State Street,
Boston, MA 02109 Doris Dwyer Chu will be the Portfolio manager responsible for
the day to day management of the Fund. Ms. Chu has been with Wellington
Management since 1998, prior to that she was a partner and international
portfolio manager at Grantham, Mayo, Van Otterloo & Company. Ms. Chu relies on
fundamental research provided by Wellington Management's Global Industry
Analysts.
For the first five calendar quarters of management of the Value Fund, Wellington
Management will earn a management fee of 0.20% that consists of a basic fee of
0.10% and a portfolio management fee of 0.10%.
Beginning with the sixth calendar quarter of management by Wellington
Management, the basic fee will be equal to an annual rate of 0.10 % of the Value
Fund's average daily net assets. The performance fee for any quarter depends on
the percentage amount by which the Value Fund's performance exceeds or trails
that of the S&P 500/BARRA Value Index during the applicable measurement period
based on the following schedule:
<TABLE>
<CAPTION>
Average Annual Performance Total
Differential vs. Annual Annual
Basic Fee Benchmark Index Performance Fee Fee
--------- --------------- --------------- ---
<S> <C> <C> <C>
0.10% Greater Than or Equal to 2.00% 0.22% 0.32%
Greater Than or Equal to 1.00% and Less Than 2.00% 0.20% 0.30%
Greater Than or Equal to 0.50% and Less Than 1.00% 0.15% 0.25%
Greater Than or Equal to 0.00% and Less Than 0.50% 0.10% 0.20%
Greater Than or Equal to -0.50% and Less Than 0.00% 0.05% 0.15%
Less Than -0.50% 0.00% 0.10%
</TABLE>
During the period from the sixth calendar quarter through the 13th calendar
quarter of Wellington Management's management of the Value Fund, the applicable
measurement period will be the entire period since the commencement of its
management of the Value Fund with the exception of the quarter immediately
preceding the date of calculation. Commencing with the 14th quarter of
Wellington Management's management of the Value Fund, the applicable measurement
period will consist of the 12 most recent calendar quarters, except for the
quarter immediately preceding the date of calculation.
<PAGE>
--------------------------------------------------------------------------------
[graphic] INVESTOR CLASS SHARES November 22, 2000
--------------------------------------------------------------------------------
SUPPLEMENT
TO THE April 29, 2000 PROSPECTUS
--------------------------------------------------------------------------------
This supplement provides new and additional information beyond that contained in
the prospectus, and should be read in conjunction with such prospectus.
Capitalized terms not defined herein should have the meanings set forth in the
prospectus.
--------------------------------------------------------------------------------
ACCESSOR FUNDS, INC. [logo]
--------------------------------------------------------------------------------
ACCESSOR VALUE FUND
--------------------------------------------------------------------------------
On November 16, 2000, the Board of Directors of Accessor Funds, Inc. ("Accessor
Funds") approved the replacement of Martingale Asset Management, L.P.
("Martingale") as money manager of the Value Fund. The Board of Directors,
including all of the Directors who are not "interested persons" of Accessor
Funds, have approved the appointment of Wellington Management Company, LLP
("Wellington Management") as the money manager of the Value Fund, effective
January 10, 2001. The appointment of Wellington Management will not require
shareholder approval. This procedure for adding or replacing money managers was
approved by the Portfolio's shareholders at a Special Meeting of Shareholders
held on August 15, 1995, and was authorized by an exemptive order issued to
Accessor Funds by the Securities and Exchange Commission on September 4, 1996.
The Money Manager Agreement among Accessor Capital Management LP ("Accessor
Capital"), Accessor Funds and Wellington Management relating to the Value Fund
is substantially similar to that between Accessor Capital, Accessor Funds and
Martingale. Specifically, the fees paid to Wellington Management are based on
the same fee schedule as that of Martingale. The duties to be performed under
this Money Manager Agreement are similar, and the standard of care and
termination provisions of the agreement are identical to other Money Manager
Agreements with other money managers of Accessor Funds. The Money Manager
Agreement with Martingale will remain in effect until close of business on
January 9, 2001. Beginning January 10, 2001, Wellington Management will make
investment decisions for the assets of the Value Fund allocated to it by
Accessor Capital, and continuously review, supervise, and administer the Value
Fund's investment program with respect to these assets. Wellington Management is
independent of Accessor Capital and discharges its responsibilities subject to
Accessor Capital's and the Board of Directors' supervision and in a manner
consistent with the Value Fund's investment objective, policies and limitations.
In connection with the appointment of Wellington Management as the money manager
of the Value Fund, the following language is inserted in the following sections
of the Investor Class Prospectus:
On page 2, the following is added to the Summary - Principal Strategies -- Value
Fund following the Second full paragraph:
Effective January 10, 2001, Wellington Management Company, LLP ("Wellington
Management") will serve as the Fund's Money Manager. As the Fund's Money
Manager, Wellington Management will seek to meet the Fund's investment objective
by investing primarily in stocks of companies chosen from the S&P 500 that
Wellington Management believes will outperform peer companies, while maintaining
an overall risk level similar to that of the benchmark. Wellington Management
will attempt to exceed the performance of the S&P 500/BARRA Value Index over a
cycle of five years.
Wellington Management uses a disciplined structured investment approach and
quantitative analytical techniques designed to identify stocks with the highest
probability of outperforming their peers coupled with a portfolio construction
process designed to keep the overall portfolio risk characteristics similar to
that of the benchmark.
On page 29, the following is added to the Management, Organization and Capital
Structure -- Value Fund following the fourth full paragraph in that section:
Effective January 10, 2001, Wellington Management will serve as the Fund's Money
Manager Money Manager Wellington Management Company, LLP, 75 State Street,
Boston, MA 02109 Doris Dwyer Chu will be the Portfolio manager responsible for
the day to day management of the Fund. Ms. Chu has been with Wellington
Management since 1998, prior to that she was a partner and international
portfolio manager at Grantham, Mayo, Van Otterloo & Company. Ms. Chu relies on
fundamental research provided by Wellington Management's Global Industry
Analysts.
For the first five calendar quarters of management of the Value Fund, Wellington
Management will earn a management fee of 0.20% that consists of a basic fee of
0.10% and a portfolio management fee of 0.10%.
Beginning with the sixth calendar quarter of management by Wellington
Management, the basic fee will be equal to an annual rate of 0.10 % of the Value
Fund's average daily net assets. The performance fee for any quarter depends on
the percentage amount by which the Value Fund's performance exceeds or trails
that of the S&P 500/BARRA Value Index during the applicable measurement period
based on the following schedule:
<TABLE>
<CAPTION>
Average Annual Performance Total
Differential vs. Annual Annual
Basic Fee Benchmark Index Performance Fee Fee
--------- --------------- --------------- ---
<S> <C> <C> <C>
0.10% Greater Than or Equal to 2.00% 0.22% 0.32%
Greater Than or Equal to 1.00% and Less Than 2.00% 0.20% 0.30%
Greater Than or Equal to 0.50% and Less Than 1.00% 0.15% 0.25%
Greater Than or Equal to 0.00% and Less Than 0.50% 0.10% 0.20%
Greater Than or Equal to -0.50% and Less Than 0.00% 0.05% 0.15%
Less Than -0.50% 0.00% 0.10%
</TABLE>
During the period from the sixth calendar quarter through the 13th calendar
quarter of Wellington Management's management of the Value Fund, the applicable
measurement period will be the entire period since the commencement of its
management of the Value Fund with the exception of the quarter immediately
preceding the date of calculation. Commencing with the 14th quarter of
Wellington Management's management of the Value Fund, the applicable measurement
period will consist of the 12 most recent calendar quarters, except for the
quarter immediately preceding the date of calculation.
<PAGE>
ACCESSOR(R) FUNDS, INC.
1420 Fifth Avenue, Suite 3600
Seattle, WA 98101
(206) 224-7420/(800) 759-3504
www.accessor.com
SUPPLEMENT DATED NOVEMBER 22, 2000
TO STATEMENT OF ADDITIONAL INFORMATION
DATED APRIL 29, 2000
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE STATEMENT OF ADDITIONAL INFORMATION, AND SHOULD BE READ IN CONJUNCTION WITH
SUCH STATEMENT OF ADDITIONAL INFORMATION. CAPITALIZED TERMS NOT DEFINED HEREIN
SHOULD HAVE THE MEANINGS SET FORTH IN THE STATEMENT OF ADDITIONAL INFORMATION.
On November 16, 2000, the Board of Directors of Accessor Funds, Inc. ("Accessor
Funds") approved the replacement of Martingale Asset Management, L.P.
("Martingale") as money manager of the Value Fund. The Board of Directors,
including all of the Directors who are not "interested persons" of Accessor
Funds, have approved the appointment of Wellington Management Company, LLP
("Wellington Management") as the money manager of the Value Fund, effective
January 10, 2001. The appointment of Wellington Management will not require
shareholder approval. This procedure for adding or replacing money managers was
approved by the Portfolio's shareholders at a Special Meeting of Shareholders
held on August 15, 1995, and was authorized by an exemptive order issued to
Accessor Funds by the Securities and Exchange Commission on September 4, 1996.
The Money Manager Agreement among Accessor Capital Management LP ("Accessor
Capital"), Accessor Funds and Wellington Management relating to the Value Fund
is substantially similar to that between Accessor Capital, Accessor Funds and
Martingale. Specifically, the fees paid to Wellington Management are based on
the same fee schedule as that of Martingale. The duties to be performed under
this Money Manager Agreement are similar, and the standard of care and
termination provisions of the agreement are identical to other Money Manager
Agreements with other money managers of Accessor Funds. The Money Manager
Agreement with Martingale will remain in effect until close of business January
9, 2001. Beginning January 10, 2001, Wellington Management will make investment
decisions for the assets of the Value Fund allocated to it by Accessor Capital,
and continuously review, supervise, and administer the Value Fund's investment
program with respect to these assets. Wellington Management is independent of
Accessor Capital and discharges its responsibilities subject to Accessor
Capital's and the Board of Directors' supervision and in a manner consistent
with the Value Fund's investment objective, policies and limitations.
In connection with the appointment of Wellington Management as the money manager
of the Value Fund, the following language is inserted in the following sections
of the Statement of Additional Information:
On page 33, the following is added to the end of the third complete paragraph:
A new Money Manager Agreement for the Value Fund was approved by the Board of
Directors, including all the Directors who are not "interested persons" of
Accessor Funds and who have no direct or indirect interest in the Money Manager
Agreement, on November 16, 2000, in connection with the change of Money Manager
to Wellington Management Company, LLC.
On pages 34-35, the following is added to the SAI in the section Investment
Advisory and other Services - Money Managers following the paragraph entitled
"Martingale":
Effective January 10, 2001, Wellington Management Company, LLP
("Wellington Management"), a Massachusetts limited liability
partnership, will serve as the Money Manager for the Value Portfolio.
The Wellington Management expects to maintain a well-diversified
portfolio of stocks in the Value Portfolio, holding market
representation in all major economic sectors. Wellington Management
uses a disciplined, structured investment process to identify stocks
that have a higher probability of outperforming peer companies. These
stocks tend to have strong earnings value and trade at reasonable
multiples as compared to their peers. Once the highest ranked stocks
are identified, Wellington Management builds portfolios that resemble
the benchmark in terms of major risk components like industry and
sector weight and market capitalization. As of September 30, 2000,
Wellington Management managed assets of approximately $266 billion.
On Page 37, the following paragraph is added to the end of the second paragraph
in the section Investment Advisory and other Services - Money Manager Fees:
Effective January 10, 2001 ,Wellington Management will serve as the Money
Manager of Value Fund.. During the first five calendar quarters of management,
Wellington Management's fees will have two components, the Basic Fee and Fund
Management Fee. Effective January 10, 2001 Wellington Management will earn an
annual fee of 0.20% , which includes a 0.10% Basic Fee and a 0.10% portfolio
management fee, for serving as Money Manager to the Value Fund.
