Advisor Class Shares

ACCESSOR^® FUNDS, INC. Prospectus April 30, 2001

Updated June 1, 2001

Equity Funds

Growth

Value

Small to Mid Cap

International Equity

Fixed-Income Funds

High Yield Bond

Intermediate Fixed-Income

Short-Intermediate Fixed-Income

Mortgage Securities

U.S. Government Money

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

	ADVISOR CLASS SHARES	December 17, 2001
SUPPLEMENT TO THE APRIL 30, 2001 PROSPECTUS Updated June 1, 2001
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.

On December 7, 2001, the Board of Directors of Accessor Funds, Inc. (“Accessor Funds”) approved the replacement of Nicholas-Applegate Capital Management (“Nicholas-Applegate”) as money manager of the International Equity Fund. The Board of Directors, including all of the Directors who are not “interested persons” of Accessor Funds, have approved the appointment of JPMorgan Fleming Asset Management, Inc. (“JPMorgan Fleming”) as the money manager of the International Equity Fund, effective January 7, 2002. The appointment of JPMorgan Fleming 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 JPMorgan Fleming relating to the International Equity Fund is substantially similar to that between Accessor Capital, Accessor Funds and Nicholas-Applegate. Specifically, the fees paid to JPMorgan Fleming are based on the same fee schedule as that of Nicholas-Applegate. 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 Nicholas-Applegate will remain in effect until close of business on January 4, 2002. Beginning January 7, 2002, JPMorgan Fleming will make investment decisions for the assets of the International Equity Fund allocated to it by Accessor Capital, and continuously review, supervise, and administer the International Equity Fund’s investment program with respect to these assets. JPMorgan Fleming 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 International Equity Fund’s investment objective, policies and limitations.

THE ACCESSOR FUNDS

A family of 15 mutual funds, each with two classes of shares. This Prospectus describes the Advisor Class Shares of nine of the Funds (each a "Fund"): Growth, Value, Small to Mid Cap, International Equity, High Yield Bond, Intermediate Fixed-Income, Short-Intermediate Fixed-Income, Mortgage Securities and U.S. Government Money Funds. For information about the other Accessor Funds, please request the current Prospectus.

A variety of equity, fixed-income and balanced mutual funds.

When used together, designed to help investors realize the benefits of asset allocation and diversification.

Managed and administered by Accessor Capital Management LP (“Accessor Capital”).

Sub-advised by Money Managers (“Money Managers”) who are selected and supervised by Accessor Capital (other than the U.S. Government Money Fund which is advised directly by Accessor Capital).

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

Asset allocationis a logical extension of the principle of diversification. It is a method of mixing different types of investments (for example, stocks and bonds) in an effort to enhance returns and reduce risks.

Diversification and asset allocation do not, however, guarantee investment results.

TABLE OF CONTENTS

THE FUNDS

Fund Summaries.................................................................................... 1

Performance........................................................................................ 10

Equity Funds' Expenses.......................................................................... 14

Fixed-Income Funds' Expenses............................................................... 15

Equity Funds' Objectives and Strategies.................................................. 16

Equity Funds' Securities and Risks.......................................................... 18

Fixed-Income Funds' Objectives and Strategies........................................ 20

Fixed-Income Funds' Securities and Risks................................................ 23

Management, Organization and Capital Structure..................................... 26

SHAREHOLDER INFORMATION

Purchasing Fund Shares........................................................................ 34

Exchanging Fund Shares........................................................................ 36

Redeeming Fund Shares........................................................................ 37

Dividends and Distributions.................................................................... 38

Valuation of Securities........................................................................... 39

Taxation.............................................................................................. 39

Financial Highlights............................................................................... 40

APPENDIX A

Description of Fund Indices.................................................................... 49

GRAPHIC Growth Fund
Summary

Investment Objective The Growth Fund seeks capital growth through investing primarily in equity securities with greater than average growth characteristics selected from the Standard & Poor’s 500 Composite Stock Price Index (“S&P 500”).

Principal Strategies The Fund invests primarily in stocks of companies chosen from the S&P 500 that Chicago Equity Partners LLC (“Chicago Equity Partners”), the Fund’s Money Manager, believes will outperform peer companies, while maintaining an overall risk level similar to that of the benchmark. The Money Manager attempts to exceed the performance of the S&P 500/BARRA Growth Index over a cycle of five years.

Chicago Equity Partners 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. Chicago Equity Partners seeks companies that generally have above-average growth and more attractive valuation characteristics than their peers. Chicago Equity Partners will sell a stock if it determines that the company’s growth potential is not met or if better opportunities are identified among its peers.

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

Company Risk.The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently than the market as a whole. Growth stocks are often more sensitive to economic and market swings than other types of stocks because market prices tend to reflect future expectations.

Sector Risk. Issuers within an industry or economic sector or geographic region can react differently to political or economic developments than the market as a whole. For instance, airline stocks may behave very differently than the market as a whole to a decline or increase in the price of oil.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund.

GRAPHIC Value Fund

Summary

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

Principal Strategies Wellington Management Company, LLP (“Wellington Management”) serves as the Fund’s Money Manager. As the Fund’s Money Manager, Wellington Management seeks to meet the Fund’s investment objective by investing primarily in stocks of companies chosen from the S&P 500 that Wellington Management believes are under-valued and that will outperform peer companies, while maintaining an overall risk level similar to that of the benchmark. Wellington Management attempts 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. Wellington Management focuses on companies that may be temporarily out of favor or whose earnings or assets may not be fully reflected in their stock prices. Securities are sold when the Money Manager believes that the investment has achieved its intended purpose, when upside potential is considered limited, or when more attractive opportunities are available.

Principal Investment Risks

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

Company Risk.The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently than the market as a whole. The value stocks that the Value Fund invests in tend to be issued by larger, more established companies, and may underperform in periods of general market strength. Value stocks contained in the S&P 500 have generated less current income in recent years than they have in earlier periods.

Portfolio Turnover. The Value Fund’s annual turnover rate may exceed 100%. A fund with a high turnover rate (100% or more) pays more commissions and may generate more capital gains than a fund with a lower rate. Brokerage commissions are expenses and reduce returns. Capital gains distributions will reduce after tax returns for shareholders holding Value Fund shares in taxable accounts.

GRAPHIC Small to Mid Cap Fund

Summary

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

Principal Strategies The Fund invests at least 65% of its total assets in the stocks of small and medium capitalization companies that are expected to experience higher than average growth of earnings or stock price. The Fund will maintain an average market capitalization similar to the average market capitalization of the Wilshire 4500 Index, and will attempt to have a roughly similar distribution of stocks by market capitalization as the Wilshire 4500 Index.

SSgA Funds Management, Inc. (“SSgA”), the Fund’s Money Manager, uses a solid multi-factor stock evaluation model to help them identify the best stocks within each industry. Their sophisticated model takes into account transaction costs and the complex risk characteristics of the portfolio relative to the index. The Money Manager attempts to exceed the performance of the Wilshire 4500 Index over a cycle of five years.

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

Company Risk.The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently than the market as a whole. Small and medium capitalization companies often have greater volatility, lower trading volume and less liquidity than larger capitalization companies.

Portfolio Turnover. The Small to Mid Cap Fund’s annual turnover rate may exceed 100%. A fund with a high turnover rate (100% or more) pays more commissions and may generate more capital gains than a fund with a lower rate. Brokerage commissions are expenses and reduce returns. Capital gains distributions will reduce after tax returns for shareholders holding Small to Mid Cap Fund shares in taxable accounts.

GRAPHIC International Equity Fund

Summary

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

Principal Strategies The Fund will invest at least 65% of its total assets in the stocks of companies domiciled in Europe and the Pacific Rim. The Fund normally intends to maintain investments in at least three different countries outside the United States. This Fund is intended to provide investors with exposure to a broad spectrum of international equity securities. Therefore, this Fund may invest in companies that are in developed countries, as well as companies that are in emerging economies. The Fund may invest in companies that exhibit growth characteristics as well as those that might be considered good values, and these companies may vary in size from small to very large.

The investment approach of Nicholas-Applegate Capital Management (“Nicholas-Applegate”), the Fund’s Money Manager, reflects a focus on individual security selection(commonly referred to as a bottom up approach). Nicholas-Applegate uses fundamental qualitative and quantitative analysis to seek companies that are industry leaders and in the process of positive change to construct a portfolio that generally parallels the countries comprising the Morgan Stanley Capital International (“MSCI”) EAFEÒ+EMF Index. They will attempt to find companies that are changing in a positive way, whose change is sustainable, and whose change will be recognized by the market. They will attempt to buy securities that in their opinion will out-perform the index. The Money Manager attempts to exceed the total return of the MSCI EAFE+EMF Index.

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

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

Portfolio Turnover. The International Equity Fund’s annual turnover rate may exceed 100%. A fund with a high turnover rate (100% or more) pays more commissions and may generate more capital gains than a fund with a lower rate. Brokerage commissions are expenses and reduce returns. Capital gains distributions will reduce after tax returns for shareholders holding International Equity Fund shares in taxable accounts.

GRAPHIC High Yield Bond Fund

Summary

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

Principal Strategies The Fund invests primarily in lower-rated, high-yield corporate debt securities commonly referred to as “junk bonds.” Under normal conditions, at least 65% of the Fund’s total assets will be invested in debt securities rated lower than BBB by Standard & Poor’s Corporation (“S&P”) or lower than Baa by Moody’s Investors Services, Inc. (“Moody’s”), or unrated securities judged to be of comparable quality by the Money Manager. The Fund will normally maintain an aggregate dollar-weighted average portfolio duration that does not vary outside of a band of plus or minus 20% from that of the Lehman Brothers U.S. Corporate High Yield Index.

Financial Management Advisors, Inc. (“FMA”), the Fund’s Money Manager, selects debt securities on a company-by company basis, emphasizing fundamental research and a long-term investment horizon. Their analysis focuses on the nature of a company’s business, its strategy, and the quality of its management. Based on this analysis, FMA looks primarily for companies whose prospects are stable or improving, and whose bonds offer an attractive yield. Companies with improving prospects are normally more attractive, in the opinion of FMA, because they offer better assurance of debt repayment.

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

Interest Rate Risk. Increases in interest rates can cause the price of a debt security to decrease. Debt securities with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities.

Issuer Risk. Changes in the financial condition of an issuer, changes in specific economic or political conditions that affect a particular issuer, and changes in general economic or political conditions can adversely affect the credit quality or value of an issuer’s securities. Lower rated debt securities can be more sensitive to these factors.

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

Lower Rated Debt Securities. Debt securities rated lower than BBB by S&P or lower than Baa by Moody’s are commonly referred to as “junk bonds.” Lower rated debt securities and comparable unrated debt securities have speculative characteristics and are subject to greater risks than higher rated securities. Because of its investments in junk bonds, the High Yield Bond Fund is subject to substantial Credit Risk. Credit quality in the high-yield bond market can change suddenly and unexpectedly, and even recently-issued credit ratings may not fully reflect the actual risks of a particular high-yield bond. Lower rated debt securities can be difficult to resell and issuers may fail to pay principal and interest when due causing the Fund to incur losses and reducing the Fund’s return.

GRAPHIC Intermediate Fixed-Income Fund

Summary

Investment Objective The Intermediate Fixed-Income Fund seeks generation of current income by investing primarily in fixed‑income securities with durations of between three and ten years and a dollar-weighted average portfolio duration that does not vary more or less than 20% from that of the Lehman Brothers Government/Credit Index (the "LBGC Index").

Principal Strategies The Fund primarily invests in corporate bonds or U.S. Government or agency securities that are of investment grade quality or that are unrated but judged to be of comparable quality or higher by the Money Manager. The Fund may also invest up to 20% of the Fund’s net assets in securities rated BBB by S&P or Baa by Moody's and up to 6% of the Fund’s net assets in securities rated BB by S&P or Ba by Moody's, or debt securities that are unrated but judged to be of comparable quality by the Money Manager. Cypress Asset Management (“Cypress”), the Fund's Money Manager, uses quantitative analyses and risk control methods to ensure that the Fund’s overall risk and duration characteristics are consistent with the LBGC Index. Cypress seeks to enhance the Fund's returns by systematically overweighting its investments in the corporate sector as compared to the index.

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

GRAPHIC Short-Intermediate Fixed-Income Fund

Summary

Investment Objective The Short-Intermediate Fixed-Income Fund seeks preservation of capital and generation of current income by investing primarily in fixed‑income securities with durations of between one and five years and a dollar-weighted average portfolio duration that does not vary more or less than 20% from that of the Lehman Brothers Government/Credit 1-5 Year Index (the "LBGC 1-5 Index").

Principal Strategies The Fund primarily invests in corporate bonds or U.S. Government or agency securities that are of investment grade quality or that are unrated but judged to be of comparable quality or higher by the Money Manager. The Fund may also invest up to 20% of the Fund’s net assets in securities rated BBB by S&P or Baa by Moody's and up to 6% of the Fund’s net assets in securities rated BB by S&P or Ba by Moody's, or debt securities that are unrated but judged to be of comparable quality by the Money Manager. Cypress, the Fund's Money Manager, uses quantitative analyses and risk control methods to ensure that the Fund’s overall risk and duration characteristics are consistent with the LBGC1-5 Index. Cypress seeks to enhance the Fund's returns by systematically overweighting its investments in the corporate sector as compared to the index.

Lower Rated Debt Securities. Debt securities rated lower than BBB by S&P or lower than Baa by Moody’s are commonly referred to as “junk bonds.”. Lower rated debt securities and comparable unrated debt securities have speculative characteristics and are subject to greater risks than higher rated securities.

GRAPHIC Mortgage Securities Fund

Summary

Investment Objective The Mortgage Securities Fund seeks generation of current income by investing primarily in mortgage‑related securities with an aggregate dollar-weighted average portfolio duration that does not vary outside of a band of plus or minus 20% from that of the Lehman Brothers Mortgage-Backed Securities Index (the “LBM Index”).

Principal Strategies Under normal market conditions, the Fund invests at least 65% and generally more than 80% of its total assets in mortgage-related securities issued by the U.S. Government or its agencies or non-U.S. Government mortgage-related securities rated A or higher by S&P or Moody’s. BlackRock Financial Management, Inc. (“BlackRock”), the Fund's Money Manager, uses quantitative risk control methods to ensure that the Fund’s overall risk and duration characteristics are consistent with the LBM Index. BlackRock’s investment philosophy and process centers around four key principles:

controlled duration (controlling sensitivity to interest rates);

relative value sector rotation and security selection (analyzing a sector’s and a security’s impact on the overall portfolio);

rigorous quantitative analysis to security valuation (mathematically analyzing a security’s value); and

quality credit analysis (analyzing a security’s credit quality).

BlackRock’s Investment Strategy Committee determines the firm’s broad investment strategy based on macroeconomics (for example, interest rate trends) and market trends, as well as input from risk management and credit committee professionals. Fund managers then implement this strategy by selecting the sectors and securities which offer the greatest relative value within investment guidelines.

Interest Rate Risk. Increases in interest rates can cause the price of a debt security to decrease. The market value of mortgage related securities can and will fluctuate as interest rates and market conditions change. Fixed-rate mortgages can decline in value during periods of rising interest rates.

Prepayment Risk. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change. For example, if interest rates are dropping and an issuer pays off an obligation or a bond before maturity, the Fund may have to reinvest at a lower interest rate.

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

Portfolio Turnover. The Mortgage Securities Fund’s annual turnover rate may exceed 100%. A fund with a high turnover rate (100% or more) pays more commissions and may generate more capital gains than a fund with a lower rate. Brokerage commissions are expenses and reduce returns. Capital gains distributions will reduce after tax returns for shareholders holding Mortgage Securities Fund shares in taxable accounts.

GRAPHIC U.S. Government Money Fund

Summary

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

Principal Strategies Accessor Capital directly invests the assets of the Fund. Accessor Capital uses quantitative analysis to maximize the Fund’s yield. The Fund follows industry standard requirements concerning the quality, maturity and diversification of its investments. The Fund seeks to maintain an average maturity of 90 days or less, while maintaining liquidity and maximizing current yield.

Principal Investment Risks Interest Rate Risk. The Fund’s yield will vary and is expected to react to changes in short-term interest rates.

Inflation Risk. Over time, the real value of the Fund’s yield may be eroded by inflation.

Stable Net Asset Value. Although the U.S. Government Money Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

PERFORMANCE

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

Growth Fund Annual Returns

DATA POINTS

As of 12/31 each year

1993	14.21%	Best Quarter
1994	3.99	27.65%
1995	34.32	4^th Qtr 1998
1996	19.83	Worst Quarter
1997	33.24	-18.60%
1998	46.65	4^th Qtr 2000
1999	25.87
2000	-23.58

Average Annual Total Return 1 Yr 5 Yrs Since Incept*

As of 12/31/00 Fund -23.58% 17.63% 17.88%

S&P 500/BARRA Growth Index⁽¹⁾ -22.07% 19.19% 17.16%**

*8/24/92 Inception Date **Index measured from 9/1/92

⁽¹⁾ The S&P 500 is an unmanaged index of 500 common stocks chosen to reflect the industries in the U.S. economy. The S&P 500/BARRA Growth Index is an unmanaged index of growth stocks in the S&P 500. Large capitalization growth stocks are the stocks within the S&P 500 that generally have high expected earnings growth and higher than average price-to-book ratios.

Value Fund Annual Returns

DATA POINTS

As of 12/31 each year

1993	14.69%	Best Quarter
1994	-1.93	18.96%
1995	33.25	4^th Qtr 1998
1996	23.94	Worst Quarter
1997	32.94	-15.24%
1998	12.89	3^rd Qtr 1998
1999	6.87
2000	2.38

Average Annual Total Return

As of 12/31/00

1 Yr 5 Yrs Since Incept*

Fund 2.38% 15.27% 15.07%

S&P 500/BARRA Value Index⁽¹⁾ 6.09% 16.81% 16.92%**

*--8/24/92 Inception Date **Index measured from 9/1/92

⁽¹⁾ The S&P 500/BARRA Value Index is an unmanaged index of value stocks in the S&P 500. Large capitalization value stocks are the stocks within the S&P 500 that generally are priced below the market average based on earnings and lower than average price-to-book ratios.

Small to Mid Cap Fund Annual Returns

DATA POINTS

As of 12/31 each year

1993 14.39%

1994 -4.07

1995 31.98

1996 24.85

1997 36.14

1998 15.98

1999 27.26

2000 -18.22

Best Quarter:

24.23%

4^th Qtr 1998

Worst Quarter:

-18.56%

3^rd Qtr 1998

Average Annual Total Return

As of 12/31/00

1 Yr 5 Yrs Since Incept*

Fund -18.22% 15.46% 15.64%

Wilshire 4500 Index(1) -15.77% 12.80% 14.48%**

Small to Mid Cap Composite Index (2) -15.77% 12.80% 15.11%**

*--8/24/92 Inception Date **Index measured from 9/1/92

⁽¹⁾ The Wilshire 4500 Index is an unmanaged index of stocks of medium and small capitalization companies not in the S&P 500.

⁽²⁾ The Small to Mid Cap Composite Index is a hypothetical index constructed by Accessor Capital, which combines the BARRA Institutional Small Index and the Wilshire 4500 Index. The Composite is intended to provide a benchmark for comparison that reflects the different investment policies that the Fund has followed in the past. In 1995, shareholders approved changes to the Fund's investment policies to change the Fund from a small cap fund to a small to medium cap fund. Accordingly, prior to October 1995, the BARRA Index is used. Starting October 1995, the Wilshire Index is used.

International Equity Fund Annual Returns

DATA POINTS

As of 12/31 each year

1995 7.63

1996 13.78

1997 10.96

1998 16.07

1999 48.93

2000 -24.55

Best Quarter

30.20%

4^th Qtr 1999

Worst Quarter

-13.36%

3^rd Qtr 1998

Average Annual Total Return

As of 12/31/00

1 Yr 5 Yrs Since Incept*

Fund -24.55% 10.49% 9.11%

MSCI EAFE+EMF Index(1) -15.87% 6.36% 5.82%**

International Composite Index(2) -15.87% 6.29% 6.26%**

*10/3/94 Inception Date **Index measured from 11/1/94

⁽¹⁾The MSCI EAFE + EMF Index is an unmanaged index of 46 developed (excluding the United States and Canada) and emerging market countries, including Japan, the United Kingdom, Germany and France.

⁽²⁾ The International Composite Index is a hypothetical index constructed by Accessor Capital, which combines the MSCI EAFE Index and the MSCI EAFE+EMF Index. The Composite is intended to provide a benchmark for comparison that reflects the different investment policies that the Fund has followed in the past. Prior to May 1996, the Fund did not invest in emerging market securities. Beginning in May 1996, the Fund was permitted to do so. Accordingly, prior to May 1996, the MSCI EAFE Index is used. Starting in May 1996, the MSCI EAFE+EMF Index is used.

High Yield Bond Fund Annual Returns

Note: As of April 30, 2001, the High Yield Bond Fund has not had a full calendar year of returns, and thus its performance is not reflected in the Prospectus.

Intermediate Fixed-Income Fund Annual Returns

DATA POINTS

As of 12/31 each year

1993 9.53

1994 -5.24

1995 18.26

1996 2.56

1997 8.62

1998 8.38

1999 -3.58

2000 10.17

Best Quarter

6.13%

2^nd Qtr 1995

Worst Quarter

-3.53%

1^st Qtr 1994

Average Annual Total Return

As of 12/31/00

1 Yr 5 Yrs Since Incept*

Fund 10.17% 5.10% 5.97%

Lehman Bros Govt/Credit Index(1) 11.84% 6.23% 6.90%**

*6/15/92 Inception Date **Index measured from 7/1/92

⁽¹⁾ The Lehman Brothers Government/Credit Index is an unmanaged index of fixed-rate government and corporate bonds rated investment grade or higher.

Short-Intermediate Fixed-Income Fund Annual Returns

DATA POINTS

As of 12/31 each year

1993 5.63

1994 -1.42

1995 11.42

1996 3.63

1997 6.33

1998 6.87

1999 1.22

2000 7.54

Best Quarter

3.58%

1^ST Qtr 1995

Worst Quarter

-1.34%

1^st Qtr 1994

Average Annual Total Return

As of 12/31/00

1 Yr 5 Yrs Since Incept*

Fund 7.54% 5.09% 5.20%

Lehman Bros Govt/Credit 1-5 Yr Index (1) 8.92% 6.07% 6.31%**

*5/18/92 Inception Date **Index measured from 6/1/92

⁽¹⁾ The Lehman Brothers Government/Credit 1-5 Year Index is an unmanaged index of fixed-rate government and corporate bonds rated investment grade or higher, all with maturities of one to five years.

Mortgage Securities Fund Annual Returns

DATA POINTS

As of 12/31 each year

1993 7.26

1994 -1.65

1995 16.03

1996 4.95

1997 9.53

1998 6.43

1999 1.19

2000 11.11

Best Quarter

5.11%

1^ST Qtr 1995

Worst Quarter

-1.21%

1^st Qtr 1994

Average Annual Total Return

As of 12/31/00

1 Yr 5 Yrs Since Incept*

Fund 11.11% 6.59% 6.71%

Lehman Bros Mortgage-Backed

Securities Index(1) 11.17% 6.92% 7.09%**

*5/18/92 Inception Date **Index measured from 6/1/92

⁽¹⁾ The Lehman Brothers Mortgage-Backed Securities Index is an unmanaged index of fixed-rate securities backed by mortgage pools of the Government National Mortgage Association (“GNMA”), Federal Home Loan Mortgage Corporation (“FHLMC”) and Federal National Mortgage Association (“FNMA”).

U.S. Government Money Fund Annual Returns

DATA POINTS

As of 12/31 each year

1993 2.81

1994 3.70

1995 5.33

1996 4.78

1997 5.07

1998 5.00

1999 4.72

2000 5.99

Best Quarter

1.53%

4^th Qtr 2000

Worst Quarter

0.66%

2^nd Qtr 1993

Average Annual Total Return

As of 12/31/00

1 Yr 5 Yrs Since Incept*

Fund 5.99% 5.11% 4.56%

Salomon Brothers U.S. 3 Month

T-Bill Index (1) 5.96% 5.25% 4.80%**

*4/9/92 Inception Date **Index measured from 5/1/92

(1) The Salomon Brothers U.S. 3 Month T-bill Index is designed to measure the return of the 3 month Treasury bills.

The U.S. Government Money Fund’s 7-day effective yield on 12/29/2000 was 6.24%. For the Fund’s current yield, call toll-free (800) 759-3504.

EQUITY FUNDS’ EXPENSES

The following tables describe the fees and expenses that you may pay if you buy and hold Advisor Class Shares of the Equity Funds. Except where noted, the tables reflect historical fees and expenses of the Funds.

Growth Value Small to International

Mid Cap Equity

Shareholder Fees ^{(1)
(2)}

(fees paid directly from your investment)

Maximum Sales Charge imposed on

Purchases (as a percent of offering price) None None None None

Maximum Sales Charge imposed on

Reinvested Dividends None None None None

Maximum Deferred Sales Charge None None None None

Redemption Fee⁽³⁾ None None None None

Annual Fund Operating Expenses

(expenses deducted from Fund assets)

Management Fees ⁽⁴⁾ 0.65% 0.65% 0.80% 1.10%

Distribution and Service (12b-1) Fee None None None None

Other Expenses⁽⁵⁾ 0.24 0.24 0.24 0.32

Total Annual Fund Operating Expenses 0.89 0.89 1.04 1.42

⁽¹⁾ Shares of the Funds are expected to be sold primarily through financial intermediaries that may charge shareholders a fee. These fees are not included in the tables.

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

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

⁽⁴⁾ Management fees consist of the management fee paid to Accessor Capital and the fees paid to the Money Managers of the Funds. Management fees have been restated to reflect the estimated maximum fee to be paid to the current Money Managers during the current fiscal year under their respective contracts.

⁽⁵⁾ Other Expenses are restated to reflect estimated other expenses for the current fiscal year.

Expense Example: The Example shows what an investor in Advisor Class Shares of a Fund could pay over time. The Example is intended to help you compare the cost of investing in the Funds with the cost of investing in other mutual funds.

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

One Year Three Years Five Years 10 Years

GROWTH $ 91.00 $ 284.00 $ 493.00 $ 1,096.00

VALUE 91.00 284.00 493.00 1,096.00

SMALL TO MID CAP

106.00 331.00 574.00 1,271.00

INTERNATIONAL EQUITY 145.00 449.00 776.00 1,702.00

FIXED-INCOME FUNDS’ EXPENSES

The following tables describe the fees and expenses that you may pay if you buy and hold Advisor Class Shares of the Fixed-Income Funds. Except where noted, the tables reflect historical fees and expenses of the Funds.

Short-

High Intermediate Intermediate Mortgage U.S.

Yield Fixed- Fixed- Securities Govern-

Bond Income Income ment

Money

Shareholder Fees⁽¹⁾⁽²⁾

(fees paid directly from your investment)

Maximum Sales Charge imposed on

Purchases (as a percent of offering price) None None None None None

Maximum Sales Charge imposed on

Reinvested Dividends None None None None None

Maximum Deferred Sales Charge None None None None None

Redemption Fee⁽³⁾ None None None None None

Annual Fund Operating Expenses

(expenses deducted from Fund assets)

Management Fees ⁽⁴⁾ 0. 51% 0.38 % _0.38 % 0.59 % 0.25%

Distribution and Service (12b-1) Fee none none none none none

Other Expenses 0.35 0.28 0.28 0.28 0.20

Total Annual Fund Operating Expenses 0.86 0.66 0.66 0.87 0.45

⁽¹⁾ Shares of the Funds are expected to be sold primarily through financial intermediaries that may charge shareholders a fee. These fees are not included in the tables.

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

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

⁽⁴⁾ Management fees consist of the management fee paid to Accessor Capital and the fees paid to the Money Managers of the Funds. Accessor Capital receives only the management fee and not a Money Manager fee for the U. S. Government Money Fund that it manages directly.

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

FUND One Year Three Years Five Years 10 Years

One Year Three Years Five Years 10 Years

HIGH YIELD BOND $ 88.00 $ 274.00 $ 477.00 $ 1,061.00

INTERMEDIATE FIXED-INCOME 67.00 211.00 368.00 822.00

SHORT-INTERMEDIATE FIXED-INCOME 67.00 211.00 368.00 822.00

MORTGAGE SECURITIES 89.00 278.00 482.00 1,073.00

U.S. GOVERNMENT MONEY 46.00 144.00 252.00 567.00

EQUITY FUNDS' OBJECTIVES AND STRATEGIES

Growth Fund

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

Principal Investment Strategies The Fund seeks to achieve its objective by investing principally in common and preferred stocks, securities convertible into common stocks, and rights and warrants of such issuers. The Money Manager will attempt to exceed the total return performance of the S&P 500/BARRA Growth Index over a market cycle of five years by investing primarily in stocks of companies that are expected to experience higher than average growth of earnings or growth of stock price.

Other Investment Strategies The Fund may be invested in common stocks of foreign issuers with large market capitalizations whose securities have greater than average growth characteristics. The Fund may engage in various portfolio strategies (for example, options) to reduce certain risks of its investments and may thereby enhance income, but not for speculation.

Value Fund

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

Principal Investment Strategies The Fund seeks to achieve its objective by investing principally in common and preferred stocks, convertible securities, and rights and warrants of companies whose stocks have lower price multiples (either price/earnings or price/book value) than others in their industries; or which, in the opinion of the Money Manager, have improving fundamentals (such as growth of earnings and dividends). The Money Manager will attempt to exceed the total return performance of the S&P 500/BARRA Value Index over a market cycle of five years. Value stocks contained in the S&P 500 have generated less current income in recent years than they have in earlier periods.

Other Investment Strategies The Fund may be invested in equity securities of foreign issuers with large market capitalizations. The Fund may engage in various portfolio strategies (for example, options) to reduce certain risks of its investments and to enhance income, but not for speculation.

Small to Mid Cap Fund

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

Principal Investment Strategies The Fund seeks to achieve its objective by investing at least 65% of the value of its total assets in stocks of small and medium capitalization issuers. The Fund will attempt to maintain an average market capitalization similar to the average market capitalization of the Wilshire 4500 Index, and will attempt to have a roughly similar distribution of stocks by market capitalization as the Wilshire 4500 Index. Generally, small capitalization issuers are issuers that have a capitalization of $1 billion or less at the time of investment and medium capitalization issuers have a capitalization ranging from $1 billion to $10 billion at the time of investment. The Money Manager will attempt to exceed the total return performance of the Wilshire 4500 Index over a market cycle of five years by investing primarily in stocks of companies that are expected to experience higher than average growth of earnings or growth of stock price. The Fund invests principally in common and preferred stocks, securities convertible into common stocks, and rights and warrants of such issuers.

Other Investment Strategies The Fund may invest up to 20% of its net assets in common stocks of foreign issuers with small to medium market capitalizations. The Fund may engage in various portfolio strategies (for example, options) to reduce certain risks of its investments and may thereby enhance income, but not for speculation.

International Equity Fund

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

Principal Investment Strategies The Fund seeks to achieve its objective by investing at least 65% of its total assets principally in stocks issued by companies domiciled in Europe (including Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Spain, Sweden, Switzerland and the United Kingdom) and the Pacific Rim (including Australia, Hong Kong, Japan, New Zealand and Singapore). The Fund intends to maintain investments in at least three different countries outside the United States. This Fund is intended to provide investors with exposure to a broad spectrum of international equity securities. Therefore, this Fund may invest in companies that are in developed countries, as well as companies that are in emerging economies. The Fund may invest in companies that exhibit growth characteristics as well as those that might be considered good values, and these companies may vary in size from small to very large. The Fund’s Money Manager, reflects a focus on individual security selection (commonly referred to as a bottom up approach). Nicholas-Applegate uses fundamental qualitative and quantitative analysis to seek companies that are industry leaders and in the process of positive change to construct a portfolio that generally parallels the countries comprising MSCI EAFE+EMF Index. They will attempt to find companies that are changing in a positive way, whose change is sustainable, and whose change will be recognized by the market. They will attempt to buy securities that in their opinion will out-perform the index. The Money Manager attempts to exceed the total return of the MSCI EAFE+EMF Index. See Appendix A for a list of countries included in the MSCI EAFE+EMF Index.

Other Investment Strategies The Fund may also invest in securities of countries generally considered to be emerging or developing countries by the World Bank, the International Finance Corporation, the United Nations or its authorities (“Emerging Countries”) See Appendix A for a full list of the countries. The Fund may invest up to 20% of its net assets in fixed-income securities, including instruments issued by foreign governments and their agencies, and in securities of U.S. companies that derive, or are expected to derive, a significant portion of their revenues from their foreign operations. The Fund may engage in various portfolio strategies (for example, options) to reduce certain risks of its investments and may thereby enhance income, but not for speculation.

EQUITY FUNDS' SECURITIES AND RISKS

This section describes the security types for and risks of investing in the Growth, Value, Small to Mid Cap, and International Equity Funds, the Accessor Funds’ “Equity Funds.”

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

In response to market, economic, political or other conditions, each Fund’s Money Manager may temporarily use a different investment strategy for defensive purposes, including investing in short-term and money market instruments. If a Money Manager does so, different factors could affect a Fund’s performance and the Fund may not achieve its investment objective. Each Fund is actively managed. Frequent trading of portfolio securities will result in increased expenses for the Funds and may result in increased taxable distributions to shareholders and may adversely affect the Funds’ performance. Each Fund’s investment objective stated in the Equity Funds' Objectives and Strategies section is fundamental and may not be changed without shareholder approval.

Principal Security Types

Equity Securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Different types of equity securities provide different voting and dividend rights and priority in the event of the bankruptcy of the issuer. Equity securities include common stocks, preferred stocks, convertible securities and warrants.

Other Security Types

Debt Securities are used by issuers to borrow money. The issuer usually pays a fixed, variable or floating rate of interest, and must repay the amount borrowed at the maturity of the security. Some debt securities, such as zero coupon bonds, do not pay current interest but are sold at a discount from their face values. Debt securities include corporate debt securities, including convertible bonds, government securities, and mortgage and other asset-backed securities.

Options, Futures and Other Derivatives. The Funds may use techniques such as buying and selling options or futures contracts in an attempt to change the Funds’ exposure to security prices, currency values, or other factors that affect the value of the Funds’ portfolios.

Principal Risks

Stock Market Volatility.Stock values fluctuate in response to issuer, political, market and economic developments. In the short term, stock prices can fluctuate dramatically in response to these developments. Securities that undergo an initial public offering may trade at a premium in the secondary markets. However, there is no guarantee that a Fund will have the ability to participate in such offerings on an ongoing basis.

Company Risk. Changes in the financial condition of an issuer, changes in specific economic or political conditions that affect a particular type of issuer, and changes in general economic or political conditions can affect the credit quality or value of an issuer’s securities. Securities of small and medium capitalization issuers often have greater volatility, lower trading volume and less liquidity than larger capitalization companies

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

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

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

Other Risks

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

FIXED-INCOME FUNDS' OBJECTIVES AND STRATEGIES

High Yield Bond Fund

Investment Objective The Fund seeks high current income by investing primarily in lower-rated, high-yield corporate debt securities.

Principal Investment Strategies The Fund seeks to achieve its objective by investing primarily in a diversified portfolio of lower-rated, high-yield corporate debt securities, commonly referred to as “junk bonds.” Under normal conditions the Fund will invest at least 65% of its total assets in high-yield corporate debt securities rated lower than BBB by S&P or lower than Baa by Moody’s or unrated securities that are judged to be of comparable quality by the Money Manager. The Fund will not invest in securities that, at the time of initial investment, are rated higher than BBB+ or lower than CCC- by S&P or higher than Baa3 or lower than B3 by Moody’s.

The Fund will maintain an aggregate dollar-weighted average portfolio duration that does not vary outside of a band of plus or minus 20% from that of the Lehman Brothers U.S. Corporate High Yield Index or another relevant index approved by the Board of Directors.

Investment selections will be based on fundamental economic, market and other factors leading to variation by sector, maturity, quality and such other criteria appropriate to meet the Fund’s objective. The Money Manager will attempt to exceed the total return performance of the Lehman Brothers U.S. Corporate High Yield Index.

Other Investment Strategies The Fund may also invest in bonds of foreign issuers provided that the Fund will not invest in foreign bonds that are rated lower than BBB by S&P or lower than Baa by Moody’s or unrated securities that are judged to be of comparable quality by the Money Manager. The Fund will not invest in securities that, at the time of initial investment, are rated higher than BBB+ or lower than CCC- by S&P or higher than Baa3 or lower than B3 by Moody’s, or in unrated securities that the Money Manager or Accessor Capital determines to be of comparable quality. The Fund may also invest in preferred stocks, convertible securities, and non-income producing high-yield bonds, such as zero coupon bonds, which pay interest only at maturity, or payment-in-kind bonds, which pay interest in the form of additional securities. The Fund may utilize options on U.S. Government securities, interest rate futures contracts and options on interest rate futures contracts to reduce certain risks of its investments and attempt to enhance income, but not for speculation.

Intermediate Fixed-Income Fund

Principal Investment Strategies The Fund seeks to achieve its objective by investing at least 65% and generally more than 80% of its total assets in fixed-income securities and will have a dollar-weighted average duration of between three and ten years. The Fund invests principally in debt securities with durations of between three and ten years and rated A or higher by S&P or Moody's at the time of purchase. The Fund may invest up to 20% of its net assets in securities rated BBB by S&P or Baa by Moody's and up to 6% of its net assets in securities rated BB by S&P or Ba by Moody's. The Money Manager may also invest in debt securities not rated by S&P or Moody’s if the Money Manager or Accessor Capital determines the securities to be of comparable quality to rated securities at the time of purchase. The Fund may invest in the following debt securities: 1) corporate bonds, 2) U.S. Government and agency bonds, and 3) mortgage-backed or asset-backed securities.

Investment selections will be based on fundamental economic, market and other factors leading to variation by sector, maturity, quality and other criteria appropriate to meet the Fund's objective. The Fund may purchase lower rated debt securities when the Money Manager views the issuer's credit as stable or improving, and the difference in the yield offered by investment grade and below investment grade securities is large enough to compensate for the increased risks associated with investing in lower rated securities. The Money Manager will attempt to exceed the total return performance of the LBGC Index.

Other Investment Strategies The Fund may be invested in debt securities of foreign issuers if the Money Manager or Accessor Capital determines the securities to be of comparable quality to securities rated A or higher at the time of purchase. The Money Manager will also seek to enhance returns through the use of certain trading strategies such as purchasing odd lot securities. The Fund may utilize options on U.S. Government securities, interest rate futures contracts and options on interest rate futures contracts to reduce certain risks of its investments and to attempt to enhance income, but not for speculation.

Short-Intermediate Fixed-Income Fund