Forward Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06722

FORWARD FUNDS

(Exact name of registrant as specified in charter)

433 California Street, 11^th Floor

San Francisco, CA 94104

(Address of principal executive offices) (Zip code)

J. Alan Reid, Jr., President

Forward Funds

433 California Street, 11^th Floor

San Francisco, CA 94104

(Name and address of agent for service)

Registrant’s Telephone Number, including Area Code: (800) 999-6809

Date of fiscal year end: December 31

Date of reporting period: June 30, 2009

Form N-CSR is to be used by management investment companies to file reports with the Commission, not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1 - Reports to Stockholders

The following is a copy of the reports transmitted to shareholders of the Accessor Growth Fund, Accessor Value Fund, Accessor Small to Mid Cap Fund, Accessor International Equity Fund, Accessor Total Return Fund, Accessor Strategic Alternatives Fund, Accessor Frontier Markets Fund, Accessor High Yield Bond Fund, Accessor Investment Grade Fixed-Income Fund, Accessor Mortgage Securities Fund, Accessor Limited Duration U.S. Government Fund, Accessor U.S. Government Money Fund, Accessor Income Allocation Fund, Accessor Income & Growth Allocation Fund, Accessor Balanced Allocation Fund, Accessor Growth & Income Allocation Fund, Accessor Growth Allocation Fund and Accessor Aggressive Growth Allocation Fund, each a series of the registrant, pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1). The report transmitted to shareholders of the Accessor series, which were reorganized as series of the registrant effective September 1, 2008, has been or will be submitted in a separate Form N-CSR.

Semiannual Report

Equity Funds

Accessor Growth

Accessor Value

Accessor Small to Mid Cap

Accessor International Equity

Accessor Total Return

Accessor Strategic Alternatives

Accessor Frontier Markets

Fixed Income Funds

Accessor High Yield Bond

Accessor Investment Grade Fixed-Income

Accessor Mortgage Securities

Accessor Limited Duration U.S. Government

Accessor U.S. Government Money

Asset Allocation Funds

Accessor Income Allocation

Accessor Income & Growth Allocation

Accessor Balanced Allocation

Accessor Growth & Income Allocation

Accessor Growth Allocation

Accessor Aggressive Growth Allocation

June 30, 2009

ACCESSOR FUNDS: Table of Contents

Shareholder Update	2
Fund Performance	4
Disclosure of Fund Expenses	10
Summary of Portfolio Holdings	19
Schedule of Investments	24
Statement of Assets and Liabilities	75
Statement of Operations	85
Statement of Changes in Net Assets	91
Financial Highlights	109
Notes to Financial Statements	179
Approval of the Investment Sub-Advisory Agreements	211
Additional Fund Information	213

Accessor Funds are distributed by SEI Investments Distribution Co., Oaks, PA 19456

The report has been prepared for the general information of Accessor Funds’ shareholders. It is not authorized for distribution to prospective investors unless accompanied or proceeded by a current Accessor Funds Prospectus, which contains more complete information about Accessor Funds’ investment policies, management fees and expenses. Investors are reminded to read the prospectus carefully before investing or sending money.

1

Shareholder Update June 30, 2009

A MESSAGE FROM: J. Alan Reid, Jr.
Chief Executive Officer

Dear Shareholder:

Over the last few years, investors have faced a crisis of confidence as perceived investment wisdom has been turned on its head. Traditional asset allocation has suffered as investments that typically were not correlated became correlated during the recent market crisis, and traditional safe-haven investments like CD’s, bonds, real estate and large cap stocks also were drawn into question. In response, government officials and global central bankers provided massive capital infusions to help jump start the markets. Starting in early 2009, these support measures began to pay off as credit spreads began narrowing, and the overall outlook started to improve.

In March of this year, a recovery in the global equity markets began to signal that the worst days of this economic crisis might be behind us. During the second quarter, banks, REITs and other leveraged players around the globe began to issue equity in an effort to avoid default and strengthen their balance sheets. In addition, banks began repaying government capital infusions and were in the process of being able to function normally on their own once again.

The markets still have a way to go before we can conclude that there has been a complete recovery. There will be much need for continued strengthening in consumer, government and corporate balance sheets. Legal and regulatory structures will no doubt be overhauled, as one of the biggest lessons learned was that too much leverage is hazardous to the markets.

In reviewing the past six months, I found it interesting to note that companies and countries with less debt—like technology companies and emerging market countries—performed strongly in the rebound as they were able to bounce back more quickly. As the recovery phase unfolded, many high yielding securities enjoyed a significant improvement as the panic mentality surrounding the market began to decline. I also was intrigued to see that diversification internationally and across asset classes began to reassert itself as a powerful driver of investment returns. We have always believed that an asset allocation with non-correlated asset classes is the best way to maintain a strong portfolio.

We remain focused on asset classes that will benefit from the continued recovery, as well as overall global growth. In June 2009, we added four new funds to the Forward Funds and Accessor Funds family. These funds, formerly the Kensington Funds, add additional diversification options for our shareholders seeking exposure to global infrastructure, real estate and income-oriented portfolios. The portfolio management teams for these funds have built deep expertise investing in real estate and infrastructure, and these portfolios offer investors access to companies involved in the ownership, development, management and financing of commercial real estate and infrastructure assets throughout the world. With low valuations in real estate—and the potential for substantial yield opportunities —our newest funds offer our investors solid investment alternatives. To learn more about our newest portfolios, visit www.forwardfunds.com.

June 30, 2009 2

As always, we remain committed to helping our shareholders attain true portfolio diversification and achieve their long-term financial goals. We also believe that transparent practices give our investors access to the information they need to make important investment decisions. I invite you to review the information in this report and the performance of the Accessor Funds in the first half of 2009, and thank you for the continued confidence that you place in our Funds.

Best regards,

J. Alan Reid, Jr.

Chief Executive Officer

Forward Management, LLC

The statements and opinions expressed herein are those of the author and should not be considered investment advice.

You should consider the investment objectives, risks, charges and expenses of the Accessor Funds carefully before investing. A prospectus with this and other information may be obtained by calling (800) 882-9612 or by downloading one from www.accessor.com. It should be read carefully before investing.

REIT funds will be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographic sector. Risks also include declines in the value of real estate, general and economic conditions.

Certain of the Funds will invest in lower-rated debt securities and may utilize derivatives for hedging purposes.

There are risks involved with investing, including loss of principal. Past performance does not guarantee future results.

J. Alan Reid, Jr. is a registered representative of ALPS Distributors, Inc.

Forward Funds are distributed by ALPS Distributors, Inc.

Not FDIC Insured | No Bank Guarantee | May Lose Value

3 June 30, 2009

Fund Performance (Unaudited)

Performance Results for Periods Ended June 30, 2009

The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Investment performance reflects fee waivers in effect. In the absence of fee waivers, total return would be lower. Total return is based on NAV, assuming reinvestment of all distributions. Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance data current to the most recent month end may be obtained at www.accessor.com.

When investing in small cap stocks you may notice greater fluctuations in market value. By investing in international stocks, including emerging markets and frontier markets, you may be subject to currency fluctuations and political and economic instability. By investing in high yield bonds you may be subjected to greater price volatility based on fluctuations in issuer and credit quality. When investing in bonds, you are subject to, but not limited to, the same interest rate, inflation and credit risks associated with the underlying bonds owned by the Fund. Mortgage-backed securities are subject to prepayment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities. Return of principal is not guaranteed. The Accessor Frontier Markets, Strategic Alternatives and Total Return Funds are non-diversified funds. An investor will indirectly bear the expenses of a fund’s underlying investments. In addition, a fund’s underlying investments (such as structured notes, derivatives, commodities and levered ETFs) will involve heightened risks related to liquidity, increased volatility, and unfavorable fluctuations in currency values. The underlying international and real estate investments of the Accessor Frontier Markets, Strategic Alternatives and Total Return Funds may also be subject to economic or political instability in the US and other countries, credit risk and interest rate fluctuations.

Accessor Growth Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	-24.60%	-2.83%	-4.52%	6.40%	08/24/92
Investor Class	-24.27%	-3.00%	-4.82%	-2.21%	07/01/98
C Class (without load)(a)	-25.32%	-3.78%	N/A	0.74%	12/30/02
C Class (load adjusted)(b)	-26.07%	-3.78%	N/A	0.74%	12/30/02
A Class (without load)(c)	-24.88%	-3.16%	N/A	-0.43%	09/29/03
A Class (load adjusted)(d)	-29.21%	-4.30%	N/A	-1.45%	09/29/03
Z Class(f)	N/A	N/A	N/A	2.35%	05/05/09

June 30, 2009 4

Fund Performance (Unaudited)

Performance Results for Periods Ended June 30, 2009

See page 4 for important performance disclosure information about the Accessor Funds

Accessor Value Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	-31.12%	-3.86%	-2.93%	5.56%	08/24/92
Investor Class	-31.47%	-4.29%	-3.36%	-2.05%	07/01/98
C Class (without load)(a)	-31.78%	-4.81%	N/A	0.60%	12/30/02
C Class (load adjusted)(b)	-32.45%	-4.81%	N/A	0.60%	12/30/02
A Class (without load)(c)	-31.35%	-4.16%	N/A	-1.14%	09/29/03
A Class (load adjusted)(d)	-35.28%	-5.29%	N/A	-2.14%	09/29/03
Z Class(f)	N/A	N/A	N/A	1.11%	05/05/09

Accessor Small to Mid Cap Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	-30.74%	-2.51%	-0.61%	7.33%	08/24/92
Investor Class	-31.08%	-2.95%	-1.07%	0.03%	06/24/98
C Class (without load)(a)	-31.41%	-3.48%	N/A	3.60%	12/30/02
C Class (load adjusted)(b)	-32.09%	-3.48%	N/A	3.60%	12/30/02
A Class (without load)(c)	-30.96%	-2.85%	N/A	0.71%	09/29/03
A Class (load adjusted)(d)	-34.94%	-4.00%	N/A	-0.32%	09/29/03
Z Class(f)	N/A	N/A	N/A	-0.15%	05/05/09

Accessor International Equity Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	-39.76%	0.58%	-0.82%	3.08%	10/03/94
Investor Class	-40.02%	0.16%	-1.25%	-0.61%	07/06/98
C Class (without load)(a)	-40.34%	-0.42%	N/A	4.66%	12/30/02
C Class (load adjusted)(b)	-40.91%	-0.42%	N/A	4.66%	12/30/02
A Class (without load)(c)	-39.95%	0.25%	N/A	3.22%	09/29/03
A Class (load adjusted)(d)	-43.39%	-0.94%	N/A	2.16%	09/29/03
Z Class(f)	N/A	N/A	N/A	8.08%	05/05/09

Accessor Total Return Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
	-34.65%	N/A	N/A	-29.12%	09/10/07

5 June 30, 2009

Fund Performance (Unaudited)

Performance Results for Periods Ended June 30, 2009

See page 4 for important performance disclosure information about the Accessor Funds

Accessor Strategic Alternatives Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	-16.14%	N/A	N/A	-10.48%	01/30/08
Investor Class(f)	N/A	N/A	N/A	-1.38%	12/31/08
Z Class(f)	N/A	N/A	N/A	3.00%	05/05/09

Accessor Frontier Markets Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class(f)	N/A	N/A	N/A	3.17%	12/31/08
Investor Class(f)	N/A	N/A	N/A	3.25%	12/31/08
Z Class(f)	N/A	N/A	N/A	14.10%	05/05/09

Accessor High Yield Bond Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	-5.68%	3.03%	N/A	4.76%	05/01/00
Investor Class	-6.22%	2.72%	N/A	4.36%	05/01/00
C Class (without load)(a)	-6.72%	2.00%	N/A	4.98%	12/30/02
C Class (load adjusted)(b)	-7.57%	2.00%	N/A	4.98%	12/30/02
A Class (without load)(c)	-5.95%	2.76%	N/A	3.70%	09/29/03
A Class (load adjusted)(e)	-10.45%	1.77%	N/A	2.82%	09/29/03
Z Class(f)	N/A	N/A	N/A	3.38%	05/05/09

Accessor Investment Grade Fixed-Income Fund

	1 YEAR	5 YEAR		10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	6.96%	3.16%	��	4.98%	5.33%	06/15/92
Investor Class	6.33%	2.70%		4.49%	4.12%	07/14/98
C Class (without load)(a)	5.90%	2.12%		N/A	2.10%	12/30/02
C Class (load adjusted)(b)	4.90%	2.12%		N/A	2.10%	12/30/02
Z Class(f)	N/A	N/A		N/A	4.06%	05/05/09

June 30, 2009 6

Fund Performance (Unaudited)

Performance Results for Periods Ended June 30, 2009

See page 4 for important performance disclosure information about the Accessor Funds

Accessor Mortgage Securities Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	5.73%	4.46%	5.24%	5.74%	05/18/92
Investor Class	5.29%	4.01%	4.78%	4.57%	07/08/98
C Class (without load)(a)	4.67%	3.43%	N/A	2.80%	12/30/02
C Class (load adjusted)(b)	3.67%	3.43%	N/A	2.80%	12/30/02
Z Class(f)	N/A	N/A	N/A	2.03%	05/05/09

Accessor Limited Duration U.S. Government Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
	3.67%	N/A	N/A	3.71%	07/06/04

Accessor U.S. Government Money Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	1.16%	3.00%	2.97%	3.54%	04/09/92
Investor Class	0.82%	2.55%	2.51%	2.65%	07/29/98
C Class (without load)(a)	0.55%	2.17%	N/A	1.75%	12/30/02
C Class (load adjusted)(b)	-0.45%	2.17%	N/A	1.75%	12/30/02
A Class	0.97%	2.77%	N/A	2.46%	09/29/03
Z Class	1.40%	N/A	N/A	3.12%	01/04/07

Accessor Income Allocation Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	2.77%	2.46%	N/A	3.38%	12/27/00
Investor Class	2.25%	1.96%	N/A	2.86%	12/27/00
C Class (without load)(a)	1.67%	1.43%	N/A	1.59%	12/30/02
C Class (load adjusted)(b)	0.70%	1.43%	N/A	1.59%	12/30/02
A Class (without load)(c)	2.43%	2.20%	N/A	2.07%	09/29/03
A Class (load adjusted)(e)	-2.41%	1.21%	N/A	1.22%	09/29/03

7 June 30, 2009

Fund Performance (Unaudited)

Performance Results for Periods Ended June 30, 2009

See page 4 for important performance disclosure information about the Accessor Funds

Accessor Income & Growth Allocation Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	-8.39%	1.20%	N/A	2.03%	12/27/00
Investor Class	-8.86%	0.72%	N/A	1.53%	12/27/00
C Class (without load)(a)	-9.28%	0.20%	N/A	2.13%	12/30/02
C Class (load adjusted)(b)	-10.16%	0.20%	N/A	2.13%	12/30/02
A Class (without load)(c)	-8.73%	0.84%	N/A	1.73%	09/29/03
A Class (load adjusted)(d)	-13.96%	-0.35%	N/A	0.69%	09/29/03

Accessor Balanced Allocation Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	-14.06%	0.66%	N/A	1.25%	12/27/00
Investor Class	-14.50%	0.18%	N/A	0.74%	12/27/00
C Class (without load)(a)	-14.91%	-0.34%	N/A	2.67%	12/30/02
C Class (load adjusted)(b)	-15.73%	-0.34%	N/A	2.67%	12/30/02
A Class (without load)(c)	-14.32%	0.32%	N/A	1.84%	09/29/03
A Class (load adjusted)(d)	-19.25%	-0.86%	N/A	0.80%	09/29/03

Accessor Growth & Income Allocation Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	-18.13%	-0.05%	N/A	0.47%	12/27/00
Investor Class	-18.56%	-0.55%	N/A	-0.02%	12/27/00
C Class (without load)(a)	-18.99%	-1.06%	N/A	2.50%	12/30/02
C Class (load adjusted)(b)	-19.77%	-1.06%	N/A	2.50%	12/30/02
A Class (without load)(c)	-18.42%	-0.42%	N/A	1.44%	09/29/03
A Class (load adjusted)(d)	-23.11%	-1.59%	N/A	0.41%	09/29/03

Accessor Growth Allocation Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	-24.20%	-0.91%	N/A	-0.64%	12/27/00
Investor Class	-24.56%	-1.38%	N/A	-1.12%	12/27/00
C Class (without load)(a)	-24.94%	-1.89%	N/A	2.77%	12/30/02
C Class (load adjusted)(b)	-25.66%	-1.89%	N/A	2.77%	12/30/02
A Class (without load)(c)	-24.49%	-1.26%	N/A	1.26%	09/29/03
A Class (load adjusted)(d)	-28.82%	-2.43%	N/A	0.23%	09/29/03

June 30, 2009 8

Fund Performance (Unaudited)

Performance Results for Periods Ended June 30, 2009

See page 4 for important performance disclosure information about the Accessor Funds

Accessor Aggressive Growth Allocation Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	-29.76%	-2.01%	N/A	-2.16%	12/27/00
Investor Class	-30.13%	-2.51%	N/A	-2.66%	12/27/00
C Class (without load)(a)	-30.47%	-2.99%	N/A	2.27%	12/30/02
C Class (load adjusted)(b)	-31.14%	-2.99%	N/A	2.27%	12/30/02
A Class (without load)(c)	-30.05%	-2.36%	N/A	0.61%	09/29/03
A Class (load adjusted)(d)	-34.06%	-3.51%	N/A	-0.42%	09/29/03

^(a) Excludes the 1.00% contingent deferred sales charge.

^(b) Includes the 1.00% contingent deferred sales charge.

^(c) Excludes sales charge.

^(d) Includes the effect of the maximum 5.75% sales charge.

^(e) Includes the effect of the maximum 4.75% sales charge.

^(f) “Since inception” performance is not annualized for a “since inception” period that is less than 1 year.

9 June 30, 2009

Disclosure of Fund Expenses (Unaudited)

For the Six Months Ended June 30, 2009

As a shareholder of the Accessor Funds, you incur two types of costs: (1) transaction costs, including applicable sales charges (loads); and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, shareholder services fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the (six-month) period and held for the entire period January 1, 2009 through June 30, 2009.

Actual Expenses

The first line for each share class of each Fund in the table provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the applicable line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example For Comparison Purposes

The second line for each share class of each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the second line for each share class of each Fund of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.

June 30, 2009 10

Disclosure of Fund Expenses (Unaudited)

For the Six Months Ended June 30, 2009

	BEGINNING ACCOUNT VALUE ON 01/01/09		ENDING ACCOUNT VALUE ON 06/30/09		EXPENSE RATIO(a)	EXPENSES PAID DURING THE PERIOD 01/01/09-06/30/09(b)
ACCESSOR GROWTH
Institutional Class
Actual	$	1,000.00	$	1,045.10	1.07%	$	5.43
Hypothetical	$	1,000.00	$	1,019.49	1.07%	$	5.36
Investor Class
Actual	$	1,000.00	$	1,042.60	1.52%	$	7.68
Hypothetical	$	1,000.00	$	1,017.21	1.52%	$	7.58
C Class
Actual	$	1,000.00	$	1,040.40	2.03%	$	10.24
Hypothetical	$	1,000.00	$	1,014.69	2.03%	$	10.11
A Class
Actual	$	1,000.00	$	1,043.40	1.37%	$	6.92
Hypothetical	$	1,000.00	$	1,017.95	1.37%	$	6.84
Z Class(c)
Actual	$	1,000.00	$	1,023.50	0.91%	$	1.41
Hypothetical	$	1,000.00	$	1,020.28	0.91%	$	4.56
ACCESSOR VALUE
Institutional Class
Actual	$	1,000.00	$	952.40	1.08%	$	5.23
Hypothetical	$	1,000.00	$	1,019.44	1.08%	$	5.41
Investor Class
Actual	$	1,000.00	$	950.30	1.54%	$	7.43
Hypothetical	$	1,000.00	$	1,017.11	1.54%	$	7.68
C Class
Actual	$	1,000.00	$	947.90	2.04%	$	9.83
Hypothetical	$	1,000.00	$	1,014.64	2.04%	$	10.16
A Class
Actual	$	1,000.00	$	951.00	1.38%	$	6.66
Hypothetical	$	1,000.00	$	1,017.90	1.38%	$	6.89
Z Class(c)
Actual	$	1,000.00	$	1,011.10	0.93%	$	1.43
Hypothetical	$	1,000.00	$	1,020.18	0.93%	$	4.66

11 June 30, 2009

Disclosure of Fund Expenses (Unaudited)

For the Six Months Ended June 30, 2009

	BEGINNING ACCOUNT VALUE ON 01/01/09		ENDING ACCOUNT VALUE ON 06/30/09		EXPENSE RATIO(a)	EXPENSES PAID DURING THE PERIOD 01/01/09-06/30/09(b)
ACCESSOR SMALL TO MID CAP
Institutional Class
Actual	$	1,000.00	$	1,049.70	1.32%	$	6.71
Hypothetical	$	1,000.00	$	1,018.25	1.32%	$	6.61
Investor Class
Actual	$	1,000.00	$	1,047.40	1.79%	$	9.06
Hypothetical	$	1,000.00	$	1,015.87	1.79%	$	8.92
C Class
Actual	$	1,000.00	$	1,044.90	2.29%	$	11.58
Hypothetical	$	1,000.00	$	1,013.40	2.29%	$	11.40
A Class
Actual	$	1,000.00	$	1,048.50	1.63%	$	8.26
Hypothetical	$	1,000.00	$	1,016.67	1.63%	$	8.13
Z Class(c)
Actual	$	1,000.00	$	998.50	1.19%	$	1.82
Hypothetical	$	1,000.00	$	1,018.89	1.19%	$	5.96
ACCESSOR INTERNATIONAL EQUITY
Institutional Class
Actual	$	1,000.00	$	1,092.70	1.51%	$	7.84
Hypothetical	$	1,000.00	$	1,017.31	1.51%	$	7.55
Investor Class
Actual	$	1,000.00	$	1,091.90	1.96%	$	10.14
Hypothetical	$	1,000.00	$	1,015.03	1.96%	$	9.77
C Class
Actual	$	1,000.00	$	1,088.50	2.46%	$	12.70
Hypothetical	$	1,000.00	$	1,012.56	2.46%	$	12.24
A Class
Actual	$	1,000.00	$	1,091.90	1.81%	$	9.36
Hypothetical	$	1,000.00	$	1,015.78	1.81%	$	9.02
Z Class(c)
Actual	$	1,000.00	$	1,080.80	1.32%	$	2.11
Hypothetical	$	1,000.00	$	1,018.25	1.32%	$	6.61
ACCESSOR TOTAL RETURN
Actual	$	1,000.00	$	970.60	0.88%	$	4.30
Hypothetical	$	1,000.00	$	1,020.43	0.88%	$	4.41

June 30, 2009 12

Disclosure of Fund Expenses (Unaudited)

For the Six Months Ended June 30, 2009

	BEGINNING ACCOUNT VALUE ON 01/01/09		ENDING ACCOUNT VALUE ON 06/30/09		EXPENSE RATIO(a)	EXPENSES PAID DURING THE PERIOD 01/01/09-06/30/09(b)
ACCESSOR STRATEGIC ALTERNATIVES
Institutional Class
Actual	$	1,000.00	$	985.10	1.02%	$	5.02
Hypothetical	$	1,000.00	$	1,019.74	1.02%	$	5.11
Investor Class
Actual	$	1,000.00	$	986.20	1.00%	$	4.91
Hypothetical	$	1,000.00	$	1,019.78	1.00%	$	4.99
Z Class(c)
Actual	$	1,000.00	$	1,030.00	0.94%	$	1.46
Hypothetical	$	1,000.00	$	1,020.13	0.94%	$	4.71
ACCESSOR FRONTIER MARKETS
Institutional Class
Actual	$	1,000.00	$	1,031.70	1.56%	$	7.86
Hypothetical	$	1,000.00	$	1,017.06	1.56%	$	7.80
Investor Class
Actual	$	1,000.00	$	1,032.50	1.67%	$	8.39
Hypothetical	$	1,000.00	$	1,016.47	1.67%	$	8.33
Z Class(c)
Actual	$	1,000.00	$	1,141.00	1.10%	$	1.81
Hypothetical	$	1,000.00	$	1,019.34	1.10%	$	5.51
ACCESSOR HIGH YIELD BOND
Institutional Class
Actual	$	1,000.00	$	1,196.00	0.96%	$	5.23
Hypothetical	$	1,000.00	$	1,020.03	0.96%	$	4.81
Investor Class
Actual	$	1,000.00	$	1,192.00	1.40%	$	7.59
Hypothetical	$	1,000.00	$	1,017.80	1.40%	$	6.99
C Class
Actual	$	1,000.00	$	1,189.40	1.92%	$	10.39
Hypothetical	$	1,000.00	$	1,015.23	1.92%	$	9.57
A Class
Actual	$	1,000.00	$	1,193.40	1.17%	$	6.35
Hypothetical	$	1,000.00	$	1,018.94	1.17%	$	5.84
Z Class(c)
Actual	$	1,000.00	$	1,033.80	0.85%	$	1.33
Hypothetical	$	1,000.00	$	1,020.58	0.85%	$	4.26

13 June 30, 2009

Disclosure of Fund Expenses (Unaudited)

For the Six Months Ended June 30, 2009

	BEGINNING ACCOUNT VALUE ON 01/01/09		ENDING ACCOUNT VALUE ON 06/30/09		EXPENSE RATIO(a)	EXPENSES PAID DURING THE PERIOD 01/01/09-06/30/09(b)
ACCESSOR INVESTMENT GRADE FIXED-INCOME
Institutional Class
Actual	$	1,000.00	$	1,032.10	1.06%	$	5.34
Hypothetical	$	1,000.00	$	1,019.54	1.06%	$	5.31
Investor Class
Actual	$	1,000.00	$	1,028.60	1.50%	$	7.52
Hypothetical	$	1,000.00	$	1,017.31	1.50%	$	7.48
C Class
Actual	$	1,000.00	$	1,027.10	1.99%	$	9.97
Hypothetical	$	1,000.00	$	1,014.89	1.99%	$	9.91
Z Class(c)
Actual	$	1,000.00	$	1,040.60	0.85%	$	1.33
Hypothetical	$	1,000.00	$	1,020.58	0.85%	$	4.26
ACCESSOR MORTGAGE SECURITIES
Institutional Class
Actual	$	1,000.00	$	1,055.20	1.07%	$	5.45
Hypothetical	$	1,000.00	$	1,019.49	1.07%	$	5.36
Investor Class
Actual	$	1,000.00	$	1,052.60	1.54%	$	7.82
Hypothetical	$	1,000.00	$	1,017.11	1.54%	$	7.68
C Class
Actual	$	1,000.00	$	1,049.90	2.05%	$	10.39
Hypothetical	$	1,000.00	$	1,014.59	2.05%	$	10.21
Z Class(c)
Actual	$	1,000.00	$	1,020.30	0.96%	$	1.49
Hypothetical	$	1,000.00	$	1,020.03	0.96%	$	4.81
ACCESSOR LIMITED DURATION U.S. GOVERNMENT
Institutional Class
Actual	$	1,000.00	$	1,013.10	0.67%	$	3.34
Hypothetical	$	1,000.00	$	1,021.47	0.67%	$	3.36

June 30, 2009 14

Disclosure of Fund Expenses (Unaudited)

For the Six Months Ended June 30, 2009

	BEGINNING ACCOUNT VALUE ON 01/01/09		ENDING ACCOUNT VALUE ON 06/30/09		EXPENSE RATIO(a)	EXPENSES PAID DURING THE PERIOD 01/01/09-06/30/09(b)
ACCESSOR U.S. GOVERNMENT MONEY
Institutional Class
Actual	$	1,000.00	$	1,002.10	0.48%	$	2.38
Hypothetical	$	1,000.00	$	1,022.41	0.48%	$	2.41
Investor Class
Actual	$	1,000.00	$	1,001.30	0.65%	$	3.22
Hypothetical	$	1,000.00	$	1,021.51	0.65%	$	3.25
C Class
Actual	$	1,000.00	$	1,001.10	0.67%	$	3.32
Hypothetical	$	1,000.00	$	1,021.41	0.67%	$	3.35
A Class
Actual	$	1,000.00	$	1,001.50	0.61%	$	3.02
Hypothetical	$	1,000.00	$	1,021.71	0.61%	$	3.05
Z Class
Actual	$	1,000.00	$	1,003.30	0.24%	$	1.19
Hypothetical	$	1,000.00	$	1,023.60	0.24%	$	1.20
ACCESSOR INCOME ALLOCATION
Institutional Class
Actual	$	1,000.00	$	1,071.00	0.46%	$	2.36
Hypothetical	$	1,000.00	$	1,022.51	0.46%	$	2.31
Investor Class
Actual	$	1,000.00	$	1,068.40	0.97%	$	4.96
Hypothetical	$	1,000.00	$	1,019.93	0.97%	$	4.84
C Class
Actual	$	1,000.00	$	1,065.20	1.46%	$	7.46
Hypothetical	$	1,000.00	$	1,017.51	1.46%	$	7.28
A Class
Actual	$	1,000.00	$	1,069.80	0.71%	$	3.63
Hypothetical	$	1,000.00	$	1,021.22	0.71%	$	3.55

15 June 30, 2009

Disclosure of Fund Expenses (Unaudited)

For the Six Months Ended June 30, 2009

	BEGINNING ACCOUNT VALUE ON 01/01/09		ENDING ACCOUNT VALUE ON 06/30/09		EXPENSE RATIO(a)	EXPENSES PAID DURING THE PERIOD 01/01/09-06/30/09(b)
ACCESSOR INCOME & GROWTH ALLOCATION
Institutional Class
Actual	$	1,000.00	$	1,058.10	0.27%	$	1.38
Hypothetical	$	1,000.00	$	1,023.46	0.27%	$	1.35
Investor Class
Actual	$	1,000.00	$	1,054.80	0.78%	$	3.96
Hypothetical	$	1,000.00	$	1,020.87	0.78%	$	3.90
C Class
Actual	$	1,000.00	$	1,052.30	1.28%	$	6.50
Hypothetical	$	1,000.00	$	1,018.40	1.28%	$	6.39
A Class
Actual	$	1,000.00	$	1,055.60	0.63%	$	3.20
Hypothetical	$	1,000.00	$	1,021.61	0.63%	$	3.15
ACCESSOR BALANCED ALLOCATION
Institutional Class
Actual	$	1,000.00	$	1,052.80	0.18%	$	0.92
Hypothetical	$	1,000.00	$	1,023.90	0.18%	$	0.90
Investor Class
Actual	$	1,000.00	$	1,050.30	0.69%	$	3.50
Hypothetical	$	1,000.00	$	1,021.31	0.69%	$	3.45
C Class
Actual	$	1,000.00	$	1,047.70	1.19%	$	6.03
Hypothetical	$	1,000.00	$	1,018.84	1.19%	$	5.94
A Class
Actual	$	1,000.00	$	1,051.90	0.54%	$	2.74
Hypothetical	$	1,000.00	$	1,022.06	0.54%	$	2.70

June 30, 2009 16

Disclosure of Fund Expenses (Unaudited)

For the Six Months Ended June 30, 2009

	BEGINNING ACCOUNT VALUE ON 01/01/09		ENDING ACCOUNT VALUE ON 06/30/09		EXPENSE RATIO(a)	EXPENSES PAID DURING THE PERIOD 01/01/09-06/30/09(b)
ACCESSOR GROWTH & INCOME ALLOCATION
Institutional Class
Actual	$	1,000.00	$	1,052.30	0.19%	$	0.97
Hypothetical	$	1,000.00	$	1,023.85	0.19%	$	0.95
Investor Class
Actual	$	1,000.00	$	1,049.80	0.70%	$	3.55
Hypothetical	$	1,000.00	$	1,021.27	0.70%	$	3.50
C Class
Actual	$	1,000.00	$	1,046.50	1.20%	$	6.07
Hypothetical	$	1,000.00	$	1,018.84	1.20%	$	5.99
A Class
Actual	$	1,000.00	$	1,050.60	0.55%	$	2.73
Hypothetical	$	1,000.00	$	1,022.01	0.55%	$	2.70
ACCESSOR GROWTH ALLOCATION
Institutional Class
Actual	$	1,000.00	$	1,043.50	0.19%	$	0.96
Hypothetical	$	1,000.00	$	1,023.85	0.19%	$	0.95
Investor Class
Actual	$	1,000.00	$	1,040.10	0.70%	$	3.53
Hypothetical	$	1,000.00	$	1,021.27	0.70%	$	3.50
C Class
Actual	$	1,000.00	$	1,037.90	1.19%	$	6.00
Hypothetical	$	1,000.00	$	1,018.84	1.19%	$	5.94
A Class
Actual	$	1,000.00	$	1,040.90	0.54%	$	2.73
Hypothetical	$	1,000.00	$	1,022.06	0.54%	$	2.70

17 June 30, 2009

Disclosure of Fund Expenses (Unaudited)

For the Six Months Ended June 30, 2009

	BEGINNING ACCOUNT VALUE ON 01/01/09		ENDING ACCOUNT VALUE ON 06/30/09		EXPENSE RATIO(a)	EXPENSES PAID DURING THE PERIOD 01/01/09-06/30/09(b)
ACCESSOR AGGRESSIVE GROWTH ALLOCATION
Institutional Class
Actual	$	1,000.00	$	1,034.00	0.26%	$	1.31
Hypothetical	$	1,000.00	$	1,023.51	0.26%	$	1.30
Investor Class
Actual	$	1,000.00	$	1,031.60	0.76%	$	3.82
Hypothetical	$	1,000.00	$	1,020.97	0.76%	$	3.80
C Class
Actual	$	1,000.00	$	1,028.80	1.26%	$	6.32
Hypothetical	$	1,000.00	$	1,018.50	1.26%	$	6.29
A Class
Actual	$	1,000.00	$	1,031.80	0.61%	$	3.06
Hypothetical	$	1,000.00	$	1,021.71	0.61%	$	3.05

^(a) Annualized, based on the Portfolio’s most recent fiscal half-year expenses.

^(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (181), then divided by 365.

^(c) The Z Class for Accessor Growth, Accessor Value, Accessor Small to Mid Cap, Accessor International Equity, Accessor Strategic Alternatives, Accessor Frontier Markets, Accessor High Yield, Accessor Investment Grade Fixed-Income and Accessor Mortgage Securities Funds commenced operations on May 5, 2009. The information presented above is calculated for the full six month period. The Funds’ actual expenses have been annualized and are from the period of May 5, 2009 through June 30, 2009. The Z Class for the Accessor Growth, Accessor Value, Accessor Small to Mid Cap, Accessor International Equity, Accessor Strategic Alternatives, Accessor Frontier Markets, Accessor High Yield Bond, Accessor Investment Grade Fixed-Income and Accessor Mortgage Securities Funds non annualized expense ratios are 0.14%, 0.14%, 0.18%, 0.20%, 0.14%, 0.17%, 0.13%, 0.13% and 0.15%, respectively.

June 30, 2009 18

Summary of Portfolio Holdings (Unaudited)

ACCESSOR GROWTH
Sector Allocation as of 6/30/09
Information Technology	29.4%
Energy	20.5%
Health Care	15.3%
Consumer Staples	10.8%
Consumer Discretionary	8.7%
Industrials	7.2%
Financials	6.5%
Materials	1.3%
Exchange Traded Fund	0.3%
	100.0%
ACCESSOR VALUE
Sector Allocation as of 6/30/09
Financials	21.9%
Health Care	14.1%
Industrials	13.3%
Consumer Staples	10.4%
Information Technology	9.7%
Consumer Discretionary	7.4%
Telecommunication Services	7.2%
Materials	6.5%
Utilities	5.9%
Energy	3.6%
	100.0%
ACCESSOR SMALL TO MID CAP
Sector Allocation as of 6/30/09
Financials	20.6%
Information Technology	17.6%
Consumer Discretionary	15.2%
Industrials	11.9%
Health Care	10.5%
Energy	9.5%
Materials	5.5%
Consumer Staples	3.6%
Utilities	3.4%
Telecommunication Services	2.2%
	100.0%

ACCESSOR INTERNATIONAL EQUITY
Sector Allocation as of 6/30/09
Financials	25.0%
Energy	11.0%
Industrials	9.8%
Materials	9.5%
Consumer Discretionary	9.3%
Consumer Staples	8.4%
Health Care	8.1%
Information Technology	7.3%
Telecommunication Services	6.2%
Utilities	5.4%
	100.0%
ACCESSOR TOTAL RETURN
Sector Allocation as of 6/30/09
Exchange Traded Fund	62.2%
Industrials	10.1%
Information Technology	7.6%
Energy	6.4%
Consumer Discretionary	5.4%
Financials	2.2%
Consumer Staples	1.9%
Investment Company	1.9%
Telecommunication Services	1.2%
Materials	1.1%
	100.0%
ACCESSOR STRATEGIC ALTERNATIVES
Sector Allocation as of 6/30/09
Exchange Traded Fund	32.3%
Structured Notes	21.4%
U.S. Government	18.8%
Exchange Traded Note	17.8%
Others	9.7%
	100.0%

19 June 30, 2009

Summary of Portfolio Holdings (Unaudited)

ACCESSOR FRONTIER MARKETS
Sector Allocation as of 6/30/09
Exchange Traded Fund	41.9%
Financials	24.2%
Warrants	17.9%
U. S. Government and Agency	7.3%
Investment Company	6.6%
Telecommunication Services	1.1%
Energy	0.6%
Consumer Staples	0.4%
	100.0%
ACCESSOR HIGH YIELD BOND
Sector Allocation as of 6/30/09
Consumer Discretionary	23.2%
Energy	12.9%
Consumer Staples	12.8%
Telecommunication Services	11.2%
Health Care	9.7%
Information Technology	6.7%
Industrials	6.0%
Materials	6.0%
Financials	5.8%
Utilities	5.7%
	100.0%
ACCESSOR INVESTMENT GRADE FIXED-INCOME
Sector Allocation as of 6/30/09
Collateralized Mortgage Obligations	50.3%
Corporate Bonds	31.5%
U.S. Government and Agency	8.1%
Asset Backed	5.8%
Municipal Bonds	4.3%
	100.0%
Credit Quality as of 6/30/09
U.S. Government and Agency	51.2%
AAA	8.5%
AA	9.9%
A	19.4%
BBB	5.5%
BB	3.7%
B	0.9%

ACCESSOR INVESTMENT GRADE FIXED-INCOME (continued)
CCC	0.5%
CC	0.1%
NR	0.3%
Average Credit Quality	AA-
ACCESSOR MORTGAGE SECURITIES
Sector Allocation as of 6/30/09
Collateralized Mortgage Obligations	99.6%
Asset Backed	0.4%
	100.0%
Credit Quality as of 6/30/09
U.S. Government and Agency	90.6%
AAA	5.4%
BBB	1.4%
BB	1.8%
B	0.8%
Average Credit Quality	AAA
ACCESSOR LIMITED DURATION U.S. GOVERNMENT
Sector Allocation as of 6/30/09
U.S. Government and Agency	100.0%
Credit Quality as of 6/30/09
U.S. Government and Agency	100.00%
Average Credit Quality	Govt. Equiv.
ACCESSOR U.S. GOVERNMENT MONEY FUND
Sector Allocation as of 6/30/09
U.S. Government and Agency	87.9%
Other	12.1%
	100.0%
Credit Quality as of 6/30/09
U.S. Government and Agency	100.00%
Average Credit Quality	Govt. Equiv.

June 30, 2009 20

Accessor Income Allocation Fund (Unaudited)

Fund Allocation as of 6/30/09

	UNDERLYING ACCESSOR FUND AND FUND ADVISOR OR SUB-ADVISOR	# OF ISSUES	ALLOCATION
	Fixed-Income Funds
	Accessor High Yield Bond — First Western	101	19.0%
	Accessor Investment Grade Fixed-Income — PIMCO	155	51.0%
	Accessor Mortgage Securities — BlackRock Financial Mgmt	113	24.9%
	Accessor U.S. Government Money — Forward Mgmt	32	5.1%
	Total	401	100.0%

Accessor Income & Growth Allocation Fund (Unaudited)

Fund Allocation as of 6/30/09

	UNDERLYING ACCESSOR FUND AND FUND ADVISOR OR SUB-ADVISOR	# OF ISSUES	ALLOCATION
	Equity Funds
	Accessor Growth — Smith Asset Mgmt	100	6.1%
	Accessor Value — Acadian Asset Mgmt	198	5.9%
	Accessor Small to Mid Cap — LA Capital Mgmt	500	7.5%
	Accessor International Equity — Lazard Asset Mgmt	210	6.8%
	Accessor Strategic Alternatives — Forward Mgmt	11	15.0%
	Accessor Frontier Markets — Forward Mgmt	20	3.3%
	Fixed-Income Funds
	Accessor High Yield Bond — First Western	101	11.6%
	Accessor Investment Grade Fixed-Income — PIMCO	161	28.4%
	Accessor Mortgage Securities — BlackRock Financial Mgmt	113	15.4%
	Accessor U.S. Government Money — Forward Mgmt	32	0.0%
	Total	1,446	100.0%

21 June 30, 2009

Accessor Balanced Allocation Fund (Unaudited)

Fund Allocation as of 6/30/09

	UNDERLYING ACCESSOR FUND AND FUND ADVISOR OR SUB-ADVISOR	# OF ISSUES	ALLOCATION
	Equity Funds
	Accessor Growth — Smith Asset Mgmt	100	9.8%
	Accessor Value — Acadian Asset Mgmt	198	9.7%
	Accessor Small to Mid Cap — LA Capital Mgmt	500	12.7%
	Accessor International Equity — Lazard Asset Mgmt	210	11.2%
	Accessor Strategic Alternatives — Forward Mgmt	11	12.6%
	Accessor Frontier Markets — Forward Mgmt	20	4.0%
	Fixed-Income Funds
	Accessor High Yield Bond — First Western	101	7.7%
	Accessor Investment Grade Fixed-Income — PIMCO	161	19.8%
	Accessor Mortgage Securities — BlackRock Financial Mgmt	113	10.8%
	Accessor U.S. Government Money — Forward Mgmt	32	1.7%
	Total	1,446	100.0%

Accessor Growth & Income Allocation Fund (Unaudited)

Fund Allocation as of 6/30/09

	UNDERLYING ACCESSOR FUND AND FUND ADVISOR OR SUB-ADVISOR	# OF ISSUES	ALLOCATION
	Equity Funds
	Accessor Growth — Smith Asset Mgmt	100	13.5%
	Accessor Value — Acadian Asset Mgmt	198	13.3%
	Accessor Small to Mid Cap — LA Capital Mgmt	500	14.3%
	Accessor International Equity — Lazard Asset Mgmt	210	14.5%
	Accessor Strategic Alternatives — Forward Mgmt	11	8.2%
	Accessor Frontier Markets — Forward Mgmt	20	5.3%
	Fixed-Income Funds
	Accessor High Yield Bond — First Western	101	6.1%
	Accessor Investment Grade Fixed-Income — PIMCO	161	16.2%
	Accessor Mortgage Securities — BlackRock Financial Mgmt	113	8.6%
	Total	1,414	100.0%

June 30, 2009 22

Accessor Growth Allocation Fund (Unaudited)

Fund Allocation as of 6/30/09

	UNDERLYING ACCESSOR FUND AND FUND ADVISOR OR SUB-ADVISOR	# OF ISSUES	ALLOCATION
	Equity Funds
	Accessor Growth — Smith Asset Mgmt	100	16.9%
	Accessor Value — Acadian Asset Mgmt	198	17.0%
	Accessor Small to Mid Cap — LA Capital Mgmt	500	19.1%
	Accessor International Equity — Lazard Asset Mgmt	210	18.5%
	Accessor Strategic Alternatives — Forward Mgmt	11	7.2%
	Accessor Frontier Markets — Forward Mgmt	20	6.0%
	Fixed-Income Funds
	Accessor High Yield Bond — First Western	101	2.8%
	Accessor Investment Grade Fixed-Income — PIMCO	161	8.1%
	Accessor Mortgage Securities — BlackRock Financial Mgmt	113	4.4%
	Total	1,414	100.0%

Accessor Aggressive Growth Allocation Fund (Unaudited)

Fund Allocation as of 6/30/09

	UNDERLYING ACCESSOR FUND AND FUND ADVISOR OR SUB-ADVISOR	# OF ISSUES	ALLOCATION
	Equity Funds
	Accessor Growth — Smith Asset Mgmt	100	20.2%
	Accessor Value — Acadian Asset Mgmt	198	20.3%
	Accessor Small to Mid Cap — LA Capital Mgmt	500	24.4%
	Accessor International Equity — Lazard Asset Mgmt	210	21.5%
	Accessor Strategic Alternatives — Forward Mgmt	11	6.2%
	Accessor Frontier Markets — Forward Mgmt	20	7.4%
	Total	1,039	100.0%

23 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Growth Fund

Shares		Value
COMMON STOCKS (99.4%)
Aerospace & Defense (3.7%)
6,470	General Dynamics	$	358,373
9,200	Honeywell International		288,880
8,500	L-3 Communications Holdings — Class 3		589,730
10,180	Lockheed Martin		821,017
7,400	Raytheon		328,782
7,900	United Technologies		410,484
			2,797,266
Air Freight & Logistics (1.0%)
6,800	CH Robinson Worldwide		354,620
12,500	Expeditors International of Washington		416,750
			771,370
Beverages (2.5%)
4,100	Coca-Cola Company		196,759
30,600	PepsiCo		1,681,776
			1,878,535
Biotechnology (3.0%)
17,800	Amgen*		942,332
14,100	Biogen Idec*		636,615
15,100	Gilead Sciences*		707,284
			2,286,231
Capital Markets (4.1%)
12,200	Federated Investors — Class B		293,898
7,200	Franklin Resources		518,472
10,350	Goldman Sachs		1,526,004
9,900	T Rowe Price Group		412,533
13,000	Waddell & Reed Financial — Class A		342,810
			3,093,717
Chemicals (0.6%)
5,800	Monsanto		431,172
Commercial Services & Supplies (0.4%)
13,000	Equifax		339,300
Communications Equipment (5.4%)
119,380	Cisco Systems*		2,225,243
80,100	Motorola		531,063
29,100	QUALCOMM		1,315,320
			4,071,626

Shares		Value
Computers & Peripherals (9.0%)
18,830	Apple Computer*	$	2,681,957
45,900	EMC*		601,290
27,500	Hewlett-Packard		1,062,875
21,000	International Business Machines		2,192,820
20,500	SanDisk		301,145
			6,840,087
Construction & Engineering (0.3%)
5,300	Jacobs Engineering Group*		223,077
Consumer Finance (0.7%)
23,200	American Express		539,168
Diversified Consumer Services (0.3%)
3,100	Apollo Group — Class A*		220,472
Electrical Equipment (0.7%)
11,000	Emerson Electric		356,400
5,200	General Cable*		195,416
			551,816
Energy Equipment & Services (1.8%)
2,600	Diamond Offshore Drilling		215,930
21,080	Schlumberger		1,140,639
			1,356,569
Food & Staples Retailing (2.1%)
17,600	Kroger		388,080
24,600	Wal-Mart Stores		1,191,624
			1,579,704
Food Products (1.3%)
17,680	General Mills		990,434
Health Care Equipment & Supplies (3.5%)
10,590	Baxter International		560,846
43,700	Boston Scientific*		443,118
2,600	C.R. Bard		193,570
26,700	Medtronic		931,563
13,000	Resmed*		529,490
			2,658,587

June 30, 2009 24 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Growth Fund

Shares		Value
Health Care Providers & Services (2.4%)
9,500	Express Scripts — Class A*	$	653,125
27,920	UnitedHealth Group		697,442
9,800	WellPoint Inc.*		498,722
			1,849,289
Hotels, Restaurants & Leisure (2.3%)
20,500	McDonald’s		1,178,545
16,000	Yum! Brands		533,440
			1,711,985
Household Products (2.9%)
42,600	Procter & Gamble		2,176,860
Industrial Conglomerates (1.0%)
12,300	3M		739,230
Insurance (1.6%)
11,340	Aflac		352,561
44,000	Progressive		664,840
6,200	Torchmark		229,648
			1,247,049
Internet & Catalog Retail (1.0%)
9,500	Amazon.com*		794,770
Internet Software & Services (3.3%)
4,810	Google — Class A*		2,027,848
31,300	Yahoo!*		490,158
			2,518,006
IT Services (2.6%)
41,700	Genpact Ltd.*		489,975
15,900	Lender Processing Services		441,543
2,700	Mastercard — Class A		451,737
10,500	SAIC*		194,775
21,800	Western Union		357,520
			1,935,550
Life Sciences Tools & Services (0.6%)
10,400	Thermo Fisher Scientific*		424,008
Media (2.2%)
35,500	Comcast — Class A		514,395
14,600	McGraw Hill		439,606

Shares		Value
10,700	Time Warner Cable — Class A	$	338,869
16,200	Viacom — Class B*		367,740
			1,660,610
Metals & Mining (0.8%)
11,360	Freeport-McMoRan Copper & Gold		569,249
Multi-Line Retail (0.7%)
12,500	Target		493,375
Oil, Gas & Consumable Fuels (18.7%)
10,900	Anadarko Petroleum		494,751
10,000	Apache		721,500
16,300	Chesapeake Energy		323,229
36,680	ChevronTexaco		2,430,050
22,200	ConocoPhillips		933,732
6,500	Consol Energy		220,740
12,400	Devon Energy		675,800
87,870	Exxon Mobil		6,142,992
6,500	Hess		349,375
8,900	Murphy Oil		483,448
13,000	Occidental Petroleum		855,530
8,400	Southwestern Energy*		326,340
15,300	Tesoro Petroleum		194,769
			14,152,256
Personal Products (1.5%)
36,900	Mead Johnson Nutrition — Class A		1,172,313
Pharmaceuticals (5.7%)
7,800	Abbott Laboratories		366,912
7,300	Allergan		347,334
46,300	Johnson & Johnson		2,629,840
23,660	Watson Pharmaceuticals*		797,105
4,500	Wyeth		204,255
			4,345,446
Semiconductors & Semiconductor Equipment (2.5%)
8,200	Broadcom — Class A*		203,278
59,780	Intel		989,359
34,600	Texas Instruments		736,980
			1,929,617

See Notes to Financial Statements 25 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Growth Fund

Shares		Value
Software (6.5%)
134,000	Microsoft	$	3,185,180
24,500	Oracle		524,790
14,600	Red Hat*		293,898
11,000	Salesforce.com*		419,870
30,100	Symantec*		468,356
			4,892,094
Specialty Retail (2.3%)
2,600	Autozone*		392,886
29,700	Home Depot		701,811
20,000	TJX		629,200
			1,723,897
Tobacco (0.4%)
4,900	Lorillard		332,073
	Total Common Stocks (Identified Cost $81,402,117)		75,296,808

Shares		Value
EXCHANGE TRADED FUND (0.3%)
Exchange Traded Fund (0.3%)
5,500	iShares S&P 500 Growth Index	$	262,735
	Total Exchange Traded Fund (Identified Cost $363,407)		262,735
	Total Investments (99.7%) (Identified Cost $81,765,524)1		75,559,543
	Total Other Assets Less Liabilities (0.3%)		214,367
	Total Net Assets (100.0%)	$	75,773,910

* Non-income producing security.

¹ See Note 6 for important tax information.

June 30, 2009 26 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Value Fund

Shares		Value
COMMON STOCKS (98.7%)
Aerospace & Defense (3.8%)
2,000	Esterline Technologies*	$	54,140
4,800	General Dynamics		265,872
10,000	Honeywell International		314,000
11,300	L-3 Communications Holdings — Class 3		783,994
13,140	Northrop Grumman		600,235
16,000	Raytheon		710,880
			2,729,121
Air Freight & Logistics (0.5%)
7,400	United Parcel Service — Class B		369,926
Airlines (0.2%)
20,800	Hawaiian Holdings*		125,216
Auto Components (0.3%)
14,000	Superior Industries International		197,400
Automobiles (0.6%)
71,000	Ford Motor*		430,970
Biotechnology (0.1%)
44,681	Insmed*		44,681
3,914	Maxygen*		26,302
			70,983
Building Products (0.1%)
2,100	Armstrong World Industries*		34,629
346	Griffon*		2,879
			37,508
Capital Markets (5.9%)
45,920	Bank of New York Mellon		1,345,915
500	Goldman Sachs		73,720
36,100	Morgan Stanley		1,029,211
18,000	Northern Trust		966,240
17,871	State Street		843,511
			4,258,597
Chemicals (3.3%)
2,700	Ashland		75,735
2,200	CF Industries Holdings		163,108
46,300	Dow Chemical		747,282
21,700	Eastman Chemical		822,430

Shares		Value
21,600	Huntsman	$	108,648
2,500	Innophos Holdings		42,225
3,400	OM Group*		98,668
3,408	Schulman A		51,495
3,900	Scotts Miracle-Gro — Class A		136,695
4,500	Spartech		41,355
2,347	Stepan		103,643
			2,391,284
Commercial Banks (3.7%)
3,900	Bank of Hawaii		139,737
1,300	First Financial Bankshares		65,468
100	FirstMerit		1,698
3,100	Home Bancshares		59,024
8,720	Marshall & Ilsley		41,856
16,500	National Penn Bancshares		76,065
5,199	NBT Bancorp		112,870
1,700	Prosperity Bancshares		50,711
27,200	Regions Financial		109,888
8,800	Republic Bancorp — Class A		198,792
1,500	SunTrust Banks		24,675
73,400	Wells Fargo		1,780,684
			2,661,468
Commercial Services & Supplies (1.4%)
35,700	APAC Customer Services*		183,141
11,141	Brink’s		323,423
44,767	RR Donnelley & Sons		520,193
798	Standard Register		2,601
			1,029,358
Communications Equipment (0.2%)
35,623	3Com*		167,784
Computers & Peripherals (4.0%)
8,960	Hewlett-Packard		346,304
21,900	International Business Machines		2,286,798
14,900	Lexmark International — Class A*		236,165
			2,869,267

See Notes to Financial Statements 27 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Value Fund

Shares		Value
Construction & Engineering (0.5%)
4,600	Fluor	$	235,934
3,046	Michael Baker*		129,029
			364,963
Consumer Finance (0.8%)
3,918	Advance America Cash Advance Centers		17,357
23,500	American Express		546,140
			563,497
Containers & Packaging (1.5%)
8,700	Bemis		219,240
2,500	Bway Holding*		43,825
3,000	Owens-Illinois*		84,030
4,900	Packaging Corp of America		79,380
20,200	Pactiv*		438,340
19,300	Temple-Inland		253,216
			1,118,031
Distributors (0.0%)
100	Core-Mark Holding*		2,606
Diversified Consumer Services (0.1%)
2,800	H&R Block		48,244
Diversified Financial Services (5.5%)
102,400	Bank of America		1,351,680
24,900	Citigroup		73,953
70,710	JP Morgan Chase		2,411,918
7,876	PHH*		143,186
			3,980,737
Diversified Telecommunication Services (6.5%)
153,200	AT&T		3,805,488
28,200	Verizon Communications		866,586
			4,672,074
Electric Utilities (3.4%)
5,300	American Electric Power		153,117
59,700	Duke Energy		871,023
600	Edison International		18,876
12,300	Exelon		629,883
14,640	FirstEnergy		567,300

Shares		Value
1,900	FPL Group	$	108,034
2,900	Southern		90,364
			2,438,597
Electronic Equipment & Instruments (0.4%)
3,000	Tech Data*		98,130
25,500	Vishay Intertechnology*		173,145
			271,275
Energy Equipment & Services (0.2%)
1,300	SEACOR Holdings*		97,812
3,600	Willbros Group*		45,036
			142,848
Food & Staples Retailing (4.2%)
25,220	Kroger		556,101
5,300	Nash Finch		143,418
48,000	Wal-Mart Stores		2,325,120
			3,024,639
Food Products (0.9%)
1,600	Archer-Daniels-Midland		42,832
7,300	Dean Foods*		140,087
47,800	Del Monte Foods		448,364
1,800	Kraft Foods — Class A		45,612
			676,895
Health Care Equipment & Supplies (0.1%)
4,300	Cantel Medical*		69,789
Health Care Providers & Services (3.9%)
4,900	Aetna		122,745
13,800	AmerisourceBergen — Class A		244,812
22,400	Cigna		539,616
4,900	Gentiva Health Services*		80,654
13,874	Health Management Associates — Class A*		68,538
15,300	Kindred Healthcare*		189,261
13,200	McKesson		580,800
9,300	Universal American*		81,096
18,000	WellPoint Inc.*		916,020
			2,823,542

June 30, 2009 28 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Value Fund

Shares		Value
Hotels, Restaurants & Leisure (1.2%)
11,630	McDonald’s	$	668,609
14,900	Ruby Tuesday*		99,234
7,600	Steak N Shake*		66,424
			834,267
Household Durables (0.3%)
18,500	Furniture Brands International		56,055
4,400	Whirlpool		187,264
			243,319
Household Products (0.9%)
33,400	Central Garden and Pet*		367,066
2,639	Central Garden and Pet — Class A*		25,994
5,500	Procter & Gamble		281,050
			674,110
Independent Power Producers & Energy Traders (0.6%)
15,500	AES*		179,955
11,800	Calpine*		131,570
5,856	Mirant*		92,174
			403,699
Industrial Conglomerates (3.9%)
233,900	General Electric		2,741,308
7,396	Tredegar		98,515
			2,839,823
Insurance (2.1%)
5,500	Aflac		170,995
35,713	American Equity Investment Life Holding		199,279
5,595	Assured Guaranty Ltd.		69,266
42,703	Conseco*		101,206
7,900	Genworth Financial — Class A		55,221
11,290	Hartford Financial Services Group		134,012
9,800	Horace Mann Educators		97,706
8,500	Metlife		255,085
6,100	Prudential Financial		227,042
434	Torchmark		16,075
10,400	Unum Group		164,944
			1,490,831

Shares		Value
Internet & Catalog Retail (0.4%)
24,331	HSN*	$	257,179
Internet Software & Services (0.1%)
13,036	Earthlink*		96,597
IT Services (3.3%)
25,681	Acxiom		226,763
2,400	Affiliated Computer Services — Class A*		106,608
24,600	Automatic Data Processing		871,824
2,700	Broadridge Financial Solutions		44,766
600	CACI International — Class A*		25,626
22,100	Computer Sciences*		979,030
1,700	Hewitt Associates — Class A*		50,626
1,900	Lender Processing Services		52,763
			2,358,006
Machinery (0.6%)
8,000	Chart Industries*		145,440
18,400	Timken		314,272
			459,712
Marine (0.1%)
19,800	Paragon Shipping — Class A		72,270
Media (2.5%)
85,300	Comcast — Class A		1,235,997
14,000	Interpublic Group*		70,700
4,229	Time Warner Cable — Class A		133,933
14,049	Time Warner		353,894
			1,794,524
Metals & Mining (0.1%)
8,400	Alcoa		86,772
591	United States Steel		21,122
			107,894
Multi-Line Retail (0.1%)
6,100	Dillard’s — Class A		56,120
853	Family Dollar Stores		24,140
			80,260
Multi-Utilities (1.9%)
5,000	Consolidated Edison		187,100
4,900	Dominion Resources		163,758

See Notes to Financial Statements 29 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Value Fund

Shares		Value
Multi-Utilities (continued) (1.9%)
11,600	DTE Energy	$	371,200
500	NorthWestern		11,380
6,300	NSTAR		202,293
23,900	Xcel Energy		439,999
			1,375,730
Oil, Gas & Consumable Fuels (3.4%)
4,900	Calumet Specialty Products Partners LP		75,950
26,400	ConocoPhillips		1,110,384
49	Delek US Holdings		415
10,000	Marathon Oil		301,300
9,800	Sunoco		227,360
9,860	Tesoro Petroleum		125,518
18,200	Valero Energy		307,398
27,782	Western Refining		196,141
2,100	World Fuel Services		86,583
			2,431,049
Paper & Forest Products (1.4%)
1,406	Clearwater Paper*		35,558
38,700	Glatfelter		344,430
14,838	International Paper		224,499
25,010	Louisiana-Pacific		85,534
15,900	MeadWestvaco		260,919
3,400	Schweitzer-Mauduit International		92,514
			1,043,454
Pharmaceuticals (9.8%)
17,400	Abbott Laboratories		818,496
59,000	Bristol-Myers Squibb		1,198,290
15,600	Eli Lilly		540,384
24,100	Merck		673,836
19,900	Mylan*		259,695
212,500	Pfizer		3,187,500
12,400	Watson Pharmaceuticals*		417,756
100	Wyeth		4,539
			7,100,496

Shares		Value
Real Estate (2.7%)
300	Boston Properties	$	14,310
14,721	PS Business Parks		713,085
10,500	Rayonier		381,675
12,512	Simon Property Group		643,492
6,200	Ventas		185,132
			1,937,694
Road & Rail (1.7%)
23,308	Dollar Thrifty Automotive Group*		325,147
2,800	Marten Transport Ltd.*		58,128
2,000	Ryder System		55,840
15,100	Union Pacific		786,106
			1,225,221
Semiconductors & Semiconductor Equipment (1.2%)
45,800	Intel		757,990
6,400	Xilinx		130,944
			888,934
Software (0.4%)
1,600	Compuware*		10,976
13,895	i2 Technologies*		174,382
61,784	OpenTV — Class A*		81,555
			266,913
Specialty Retail (1.5%)
6,000	Buckle		190,620
8,000	Kirkland’s*		96,080
30,100	RadioShack		420,196
22,321	Rent-A-Center — Class A*		397,983
			1,104,879
Textiles, Apparel & Luxury Goods (0.4%)
11,500	Carter’s*		283,015
Thrifts & Mortgage Finance (0.9%)
6,800	MGIC Investment		29,920
34,206	NewAlliance Bancshares		393,369
9,644	Ocwen Financial*		125,083
69,900	PMI Group		138,402
			686,774

June 30, 2009 30 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Value Fund

Shares		Value
Tobacco (4.2%)
45,100	Alliance One International*	$	171,380
135,200	Altria Group		2,215,928
14,600	Philip Morris International		636,852
			3,024,160
Trading Companies & Distributors (0.3%)
7,900	WESCO International*		197,816
Wireless Telecommunication Services (0.6%)
97,700	Sprint Nextel*		469,937
	Total Common Stocks (Identified Cost $83,350,687)		71,285,182
	Total Investments (98.7%) (Identified Cost $83,350,687)1		71,285,182
	Total Other Assets Less Liabilities (1.3%)		905,502
	Total Net Assets (100.0%)	$	72,190,684

* Non-income producing security.

¹ See Note 6 for important tax information.

See Notes to Financial Statements 31 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Small to Mid Cap Fund

Shares		Value
COMMON STOCKS (99.7%)
Aerospace & Defense (0.3%)
5,857	Alliant Techsystems*	$	482,382
Air Freight & Logistics (0.1%)
78,431	Pacer International		174,901
Airlines (1.1%)
17,600	Alaska Air Group*		321,376
48,208	AMR*		193,796
34,434	Continental Airlines — Class B*		305,085
71,501	Delta Air Lines*		413,991
25,480	Skywest		259,896
48,829	UAL*		155,765
63,272	US Airways Group*		153,751
			1,803,660
Auto Components (0.3%)
9,115	BorgWarner		311,277
17,860	Cooper Tire & Rubber		177,171
			488,448
Beverages (0.2%)
12,588	Hansen Natural*		387,962
Biotechnology (1.4%)
11,705	Alexion Pharmaceuticals*		481,310
4,153	Biogen Idec*		187,508
4,988	Cephalon*		282,570
14,918	Martek Biosciences		315,516
6,482	Myriad Genetics*		231,083
1,621	Myriad Pharmaceuticals*		7,535
13,410	OSI Pharmaceuticals*		378,564
12,670	Vertex Pharmaceuticals*		451,559
			2,335,645
Capital Markets (2.3%)
8,586	Affiliated Managers Group*		499,619
3,356	BlackRock — Class A		588,709
14,888	Cohen & Steers		222,575
19,123	Eaton Vance		511,540
7,140	Evercore Partners — Class A		140,230
24,814	FCStone Group*		98,015

Shares		Value
33,932	GFI Group	$	228,702
30,463	Hercules Technology Growth Capital		254,671
14,534	Knight Capital Group — Class A*		247,805
14,787	optionsXpress Holdings		229,642
13,841	SWS Group		193,359
18,168	TD Ameritrade Holding*		318,667
12,660	Waddell & Reed Financial — Class A		333,844
			3,867,378
Chemicals (3.2%)
5,571	Airgas		225,793
9,046	Arch Chemicals		222,441
8,406	Ashland		235,788
18,534	Cabot		233,158
11,850	Celanese — Class A		281,437
12,099	Cytec Industries		225,283
11,103	FMC		525,172
14,888	HB Fuller		279,448
32,004	Huntsman		160,980
9,862	Innophos Holdings		166,569
8,887	Koppers Holdings		234,350
4,760	Lubrizol		225,196
11,748	Mosaic		520,436
22,382	Nalco Holding		376,913
8,184	OM Group*		237,500
28,463	RPM International		399,620
14,332	Schulman A		216,557
9,419	Sensient Technologies		212,587
7,831	Terra Industries		189,667
16,305	WR Grace*		201,693
			5,370,588
Commercial Banks (2.0%)
5,945	Bank of Hawaii		213,009
6,300	Chemical Financial		125,433
5,267	City National		193,984
14,843	Columbia Banking System		151,844

June 30, 2009 32 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Small to Mid Cap Fund

Shares		Value
Commercial Banks (continued) (2.0%)
5,668	Cullen	$	261,408
28,744	First Financial Bancorp		216,155
7,619	Hancock Holding		247,541
13,902	Independent Bank		273,870
10,432	Independent Bank		13,770
11,850	Nara Bancorp		61,383
18,927	Old National Bancorp		185,863
9,233	Prosperity Bancshares		275,420
19,648	Umpqua Holdings		152,469
14,609	United Community Banks		87,505
11,334	Westamerica Bancorporation		562,280
19,746	Wilmington Trust		269,730
			3,291,664
Commercial Services & Supplies (3.0%)
8,209	Advisory Board*		210,971
1,830	Amrep*		20,185
18,390	Brink’s		533,862
10,938	CDI		121,959
2,099	Compx International		13,035
18,404	Covanta Holding*		312,132
3,161	Dun & Bradstreet		256,705
11,796	FTI Consulting*		598,293
18,710	Geo Group*		347,632
11,142	Heidrick & Struggles International		203,341
7,034	IHS — Class A*		350,785
19,345	Korn/Ferry International*		205,831
7,191	Manpower		304,467
11,440	Mine Safety Appliances		275,704
15,701	Robert Half International		370,857
4,928	United Stationers*		171,889
9,933	Waste Connections*		257,364
11,146	Watson Wyatt Worldwide — Class A		418,309
			4,973,321
Communications Equipment (0.7%)
11,391	CommScope*		299,128
15,815	InterDigital*		386,519

Shares		Value
8,103	Neutral Tandem*	$	239,200
12,500	Riverbed Technology*		289,875
			1,214,722
Computers & Peripherals (1.6%)
24,585	Lexmark International — Class A*		389,672
33,676	NCR*		398,387
18,564	Novatel Wireless*		167,447
50,740	Seagate Technology		530,740
9,355	Synaptics*		361,571
29,019	Western Digital*		769,004
			2,616,821
Construction & Engineering (1.5%)
13,555	Dycom Industries*		150,054
18,268	EMCOR Group*		367,552
20,762	KBR		382,851
22,420	Quanta Services*		518,575
12,052	Shaw Group*		330,345
12,900	Tutor Perini*		223,944
10,447	URS*		517,336
			2,490,657
Construction Materials (0.3%)
27,810	Headwaters*		93,442
3,032	Martin Marietta Materials		239,164
5,358	Texas Industries		168,027
			500,633
Consumer Finance (0.2%)
15,955	AmeriCredit*		216,190
4,344	Credit Acceptance*		94,917
2,496	Student Loan		92,851
			403,958
Containers & Packaging (0.6%)
18,911	Crown Holdings*		456,512
6,051	Greif — Class A		267,575
8,001	Sonoco Products		191,624
			915,711

See Notes to Financial Statements 33 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Small to Mid Cap Fund

Shares		Value
Diversified Consumer Services (1.7%)
9,900	Brink’s Home Security Holdings*	$	280,269
12,950	Career Education*		322,326
8,109	DeVry		405,774
12,112	Hillenbrand		201,544
4,403	ITT Educational Services*		443,206
11,850	Regis		206,309
3,767	Strayer Education		821,620
14,180	Universal Technical Institute*		211,707
			2,892,755
Diversified Financial Services (0.8%)
8,837	Asta Funding		48,073
637	CME Group — Class A		198,177
8,001	Encore Capital Group*		106,013
16,572	Financial Federal		340,555
9,599	MSCI — Class A*		234,599
23,898	PHH*		434,466
			1,361,883
Diversified Telecommunication Services (0.5%)
85,887	Cincinnati Bell*		243,919
12,356	General Communication — Class A*		85,627
203,768	Level 3 Communications*		307,690
21,061	tw telecom — Class A*		216,296
			853,532
Electric Utilities (0.7%)
18,718	Hawaiian Electric Industries		356,765
24,864	Portland General Electric		484,351
12,061	Unisource Energy		320,099
			1,161,215
Electrical Equipment (1.3%)
9,124	AO Smith		297,169
10,736	Belden		179,291
4,234	First Solar*		686,416
8,913	General Cable*		334,951
7,900	Roper Industries		357,949
14,496	Sunpower — Class A*		386,173
			2,241,949

Shares		Value
Electronic Equipment & Instruments (4.1%)
11,669	Amphenol — Class A	$	369,207
10,444	Anixter International*		392,590
19,142	Arrow Electronics*		406,576
21,066	Avnet*		443,018
25,040	Benchmark Electronics*		360,576
68,695	Brightpoint*		430,718
16,103	Checkpoint Systems*		252,656
14,078	Cognex		198,922
12,755	Dolby Laboratories — Class A*		475,506
20,906	FLIR Systems*		471,639
17,926	Ingram Micro — Class A*		313,705
37,483	Jabil Circuit		278,124
29,625	L-1 Identity Solutions — Class 1*		229,297
28,495	Methode Electronics		200,035
7,495	Multi-Fineline Electronix*		160,393
8,352	Rofin-Sinar Technologies*		167,124
10,229	Scansource*		250,815
9,824	SYNNEX*		245,502
13,141	Tech Data*		429,842
21,612	Trimble Navigation Ltd.*		424,244
39,430	Vishay Intertechnology*		267,730
			6,768,219
Energy Equipment & Services (1.8%)
17,082	Dresser-Rand Group*		445,840
19,290	Exterran Holdings*		309,412
7,386	FMC Technologies*		277,566
8,145	Gulf Island Fabrication		128,935
17,200	Helix Energy Solutions Group*		186,964
13,654	Helmerich & Payne		421,499
4,507	Oceaneering International*		203,717
21,254	Pride International*		532,625
13,294	Superior Energy Services*		229,587
11,417	Unit*		314,767
			3,050,912
Food & Staples Retailing (1.0%)
17,500	BJ’s Wholesale Club*		564,025

June 30, 2009 34 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Small to Mid Cap Fund

Shares		Value
Food & Staples Retailing (continued) (1.0%)
12,861	Casey’s General Stores	$	330,399
14,776	Nash Finch		399,838
109,211	RITE AID*		164,909
6,659	United Natural Foods*		174,799
			1,633,970
Food Products (1.6%)
11,586	Bunge Ltd.		698,056
35,601	Chiquita Brands International*		365,266
10,715	Corn Products International		287,055
10,533	Flowers Foods		230,041
13,369	Fresh Del Monte Produce*		217,380
6,483	Hormel Foods		223,923
7,097	Ralcorp Holdings*		432,349
17,408	Smithfield Foods*		243,190
			2,697,260
Gas Utilities (1.6%)
15,199	Energen		606,440
16,584	EQT		578,948
17,290	Laclede Group		572,818
12,541	National Fuel Gas		452,479
10,776	Northwest Natural Gas		477,592
			2,688,277
Health Care Equipment & Supplies (3.4%)
7,264	Angiodynamics*		96,393
9,484	Cooper		234,539
12,154	CryoLife*		67,333
13,424	Cutera*		115,715
8,772	Cynosure — Class A*		67,106
10,618	Edwards Lifesciences*		722,342
13,972	Gen-Probe*		600,517
19,759	Hologic*		281,171
7,374	ICU Medical*		303,440
14,302	Idexx Laboratories*		660,752
21,037	Immucor*		289,469
1,168	Intuitive Surgical*		191,155
8,036	Kensey Nash*		210,624

Shares		Value
17,817	Meridian Bioscience	$	402,308
13,301	Palomar Medical Technologies*		194,993
20,920	Quidel*		304,595
16,085	Resmed*		655,142
7,900	Somanetics*		130,429
7,394	STERIS		192,835
			5,720,858
Health Care Providers & Services (2.7%)
16,220	AMERIGROUP*		435,507
13,145	Amsurg — Class A*		281,829
9,514	Chemed		375,613
10,533	Community Health Systems*		265,958
12,328	Hanger Orthopedic Group*		167,537
47,200	Health Management Associates — Class A*		233,168
19,702	Health Net*		306,366
23,787	Healthspring*		258,327
6,989	Henry Schein*		335,122
17,137	inVentiv Health*		231,864
5,976	Laboratory Corp of America Holdings*		405,113
12,351	LHC Group*		274,316
7,214	LifePoint Hospitals*		189,367
8,001	Magellan Health Services*		262,593
7,805	Mednax*		328,825
40,223	Nighthawk Radiology Holdings*		148,825
			4,500,330
Health Care Technology (0.1%)
13,584	Omnicell*		146,028
Hotels, Restaurants & Leisure (1.9%)
9,723	Bally Technologies*		290,912
17,657	Brinker International		300,699
6,371	Chipotle Mexican Grill — Class A*		509,680
19,952	CKE Restaurants		169,193
32,754	Domino’s Pizza*		245,327
40,078	Las Vegas Sands*		315,013
9,895	Peet’s Coffee & Tea*		249,354
15,900	Pinnacle Entertainment*		147,711

See Notes to Financial Statements 35 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Small to Mid Cap Fund

Shares		Value
Hotels, Restaurants & Leisure (continued) (1.9%)
18,433	Royal Caribbean Cruises	$	249,583
96,106	Wendy’s/Arby’s Group — Class A		384,424
11,486	WMS Industries*		361,924
			3,223,820
Household Durables (1.2%)
20,387	Centex		172,474
10,634	Garmin Ltd.		253,302
99,210	Hovnanian Enterprises — Class A*		234,136
17,420	Jarden*		326,625
25,490	Lennar — Class A		246,998
7,900	Mohawk Industries*		281,872
73,569	Standard Pacific*		149,345
17,825	Toll Brothers*		302,490
			1,967,242
Household Products (0.2%)
7,347	Energizer Holdings*		383,807
Independent Power Producers & Energy Traders (0.3%)
19,330	Calpine*		215,530
65,443	RRI Energy*		327,869
			543,399
Industrial Conglomerates (0.4%)
20,256	McDermott International*		411,399
13,014	Tredegar		173,347
			584,746
Insurance (9.0%)
10,837	AMERISAFE*		168,624
9,723	Axis Capital Holdings Ltd.		254,548
3,134	Berkshire Hathaway — Class B*		9,075,218
10,331	Delphi Financial Group — Class A		200,731
18,231	eHealth*		321,959
15,192	Endurance Specialty Holdings Ltd.		445,126
14,620	Fidelity National Financial — Class A		197,809
14,382	Hilltop Holdings*		170,714
10,100	Infinity Property & Casualty		368,246
29,455	Meadowbrook Insurance Group		192,341
7,090	Platinum Underwriters Holdings Ltd.		202,703

Shares		Value
13,537	ProAssurance*	$	625,545
20,661	Protective Life		236,362
19,069	Reinsurance Group of America — Class A		665,699
5,519	RLI		247,251
5,758	Safety Insurance Group		175,965
11,600	SeaBright Insurance Holdings*		117,508
18,635	Selective Insurance Group		237,969
12,255	StanCorp Financial Group		351,473
15,496	Tower Group		383,991
21,358	Unitrin		256,723
8,710	Zenith National Insurance		189,355
			15,085,860
Internet & Catalog Retail (0.3%)
72,716	Liberty Media-Interactive*		364,307
12,113	NutriSystem		175,639
			539,946
Internet Software & Services (0.6%)
22,027	LivePerson*		88,108
44,336	United Online		288,627
22,004	Valueclick*		231,482
9,478	VistaPrint Ltd.*		404,237
			1,012,454
IT Services (3.9%)
4,744	Alliance Data Systems*		195,405
13,268	Broadridge Financial Solutions		219,983
12,007	CSG Systems International*		158,973
12,947	DST Systems*		478,392
5,469	Global Payments		204,869
31,172	Heartland Payment Systems		298,316
20,894	Hewitt Associates — Class A*		622,223
20,736	Integral Systems*		172,524
13,600	MAXIMUS		561,000
11,503	NeuStar — Class A*		254,907
36,662	SAIC*		680,080
36,040	VeriFone Holdings*		270,660
39,389	Visa — Class A		2,452,359
			6,569,691

June 30, 2009 36 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Small to Mid Cap Fund

Shares		Value
Leisure Equipment & Products (0.2%)
96,350	Eastman Kodak	$	285,196
Life Sciences Tools & Services (1.6%)
26,539	Bruker*		245,751
11,088	Charles River Laboratories International*		374,220
12,821	Covance*		630,793
9,547	Illumina*		371,760
18,243	Kendle International*		223,295
10,674	Luminex*		197,896
10,457	Techne		667,261
			2,710,976
Machinery (2.4%)
13,152	Actuant — Class A		160,454
14,900	AGCO*		433,143
23,261	Briggs & Stratton		310,302
3,622	Flowserve		252,852
24,709	Force Protection*		218,428
9,163	Gencor Industries*		62,308
8,152	Hardinge		34,646
6,737	Joy Global		240,646
10,446	Lydall*		35,516
38,357	Mueller Water Products — Class A		143,455
8,824	Navistar International*		384,726
19,344	Oshkosh		281,262
16,068	Pentair		411,662
10,057	PMFG*		88,602
15,799	Terex*		190,694
10,634	Timken		181,629
13,875	Trinity Industries		188,977
13,398	Wabtec		431,014
			4,050,316
Marine (0.4%)
7,538	Alexander & Baldwin		176,691
15,779	Kirby*		501,614
			678,305
Media (3.5%)
26,261	Cablevision Systems		509,726
32,820	Discovery Communications — Class A*		740,091

Shares		Value
30,965	DISH Network — Class A*	$	501,943
17,891	DreamWorks Animation SKG — Class A*		493,613
49,882	Gannett		178,079
20,458	Harte-Hanks		189,236
38,181	Liberty Global — Class A*		606,696
47,069	Liberty Media*		1,259,096
57,314	Live Nation*		278,546
12,557	Morningstar*		517,725
11,702	Time Warner Cable — Class A		370,602
27,607	Valassis Communications*		168,679
			5,814,032
Metals & Mining (1.5%)
15,394	Cliffs Natural Resources		376,691
23,598	Commercial Metals		378,276
6,685	Reliance Steel & Aluminum		256,637
3,343	Schnitzer Steel Industries — Class A		176,711
15,496	Southern Copper		316,738
23,699	Steel Dynamics		349,086
23,401	Stillwater Mining*		133,620
8,790	Walter Energy		318,550
19,315	Worthington Industries		247,039
			2,553,348
Multi-Line Retail (0.5%)
8,406	Big Lots*		176,778
9,419	Dollar Tree*		396,540
15,091	Macy’s		177,470
			750,788
Multi-Utilities (0.7%)
9,743	Black Hills		223,992
10,229	MDU Resources Group		194,044
28,921	NorthWestern		658,242
15,317	PNM Resources		164,045
			1,240,323
Oil, Gas & Consumable Fuels (7.6%)
12,977	Arch Coal		199,456
35,302	Atlas Pipeline Partners1		281,004

See Notes to Financial Statements 37 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Small to Mid Cap Fund

Shares		Value
Oil, Gas & Consumable Fuels (continued) (7.6%)
14,423	Buckeye Partners1	$	617,737
11,424	Cimarex Energy		323,756
9,664	Continental Resources*		268,176
18,230	CVR Energy*		133,626
26,200	Denbury Resources*		385,926
18,197	Enbridge Energy Partners1		702,040
60,121	Endeavour International*		81,765
15,941	Energy Transfer Equity1		404,423
18,903	Enterprise Products Partners LP1		471,441
24,003	EXCO Resources*		310,119
30,847	Kinder Morgan Energy Partners1		1,576,899
16,190	Kinder Morgan Management LLC*		731,298
11,880	Magellan Midstream Partners1		412,949
19,800	Mariner Energy*		232,650
60,640	McMoRan Exploration*		361,414
13,338	Newfield Exploration*		435,752
4,052	NuStar Energy1		218,930
11,415	NuStar GP Holdings LLC1		263,686
27,557	PetroHawk Energy*		614,521
7,741	Pioneer Natural Resources		197,396
15,714	Plains All American Pipeline1		668,631
13,968	Plains Exploration & Production*		382,164
24,600	Quicksilver Resources*		228,534
15,192	Southern Union		279,381
5,951	Sunoco		138,063
11,040	Targa Resources Partners1		153,125
17,521	TEPPCO Partners		523,177
19,206	Ultra Petroleum*		749,034
9,139	World Fuel Services		376,801
			12,723,874
Paper & Forest Products (0.1%)
9,663	Domtar*		160,213
Personal Products (0.3%)
16,127	Herbalife Ltd.		508,646
Pharmaceuticals (1.3%)
23,804	Endo Pharmaceuticals Holdings*		426,568

Shares		Value
20,740	King Pharmaceuticals*	$	199,726
20,432	Medicis Pharmaceutical — Class A		333,450
19,892	Noven Pharmaceuticals*		284,456
11,812	Obagi Medical Products*		86,109
23,324	Pain Therapeutics*		125,250
16,719	Perrigo		464,454
12,488	Sepracor*		216,292
			2,136,305
Real Estate (5.3%)
12,052	AMB Property		226,698
26,870	Annaly Capital Management		406,812
89,806	Anthracite Capital		55,680
39,542	Anworth Mortgage Asset		285,098
94,525	Capital Trust		137,061
135,500	Chimera Investment		472,895
24,813	Duke Realty		217,610
12,228	Entertainment Properties Trust		251,897
33,523	Equity One		444,515
21,167	Franklin Street Properties		280,463
34,572	Hatteras Financial		988,413
14,483	Hospitality Properties Trust		172,203
49,287	Inland Real Estate		345,009
16,098	Investors Real Estate Trust		143,111
14,889	Kimco Realty		149,634
13,068	LaSalle Hotel Properties		161,259
24,573	LTC Properties		502,518
12,356	Mack-Cali Realty		281,717
28,006	Medical Properties Trust		169,996
47,641	MFA Financial		329,676
22,026	National Retail Properties		382,151
10,503	Nationwide Health Properties		270,347
56,854	NorthStar Realty Finance		160,897
23,505	Omega Healthcare Investors		364,798
13,641	Potlatch		331,340
32,900	Redwood Trust		485,604
26,514	Resource Capital		84,845

June 30, 2009 38 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Small to Mid Cap Fund

Shares		Value
Real Estate (continued) (5.3%)
10,432	SL Green Realty	$	239,310
11,850	Sovran Self Storage		291,510
7,496	Ventas		223,830
			8,856,897
Road & Rail (0.7%)
8,305	Arkansas Best		218,837
10,356	Con-way		365,670
16,461	Kansas City Southern*		265,187
7,495	Old Dominion Freight Line*		251,607
			1,101,301
Semiconductors & Semiconductor Equipment (3.8%)
30,804	Applied Micro Circuits*		250,437
40,772	Integrated Device Technology*		246,263
38,066	Intersil — Class A		478,490
31,669	Lam Research*		823,394
75,254	Marvell Technology Group Ltd.*		875,957
36,865	Maxim Integrated Products		578,412
22,801	Microsemi*		314,654
12,188	Monolithic Power Systems*		273,133
30,079	National Semiconductor		377,491
24,112	Nvidia*		272,224
71,707	ON Semiconductor*		491,910
60,102	RF Micro Devices*		225,984
6,880	Silicon Laboratories*		261,027
10,765	Standard Microsystems*		220,144
7,854	Varian Semiconductor Equipment Associates*		188,417
15,743	Veeco Instruments*		182,461
20,500	Zoran*		223,450
			6,283,848
Software (2.9%)
114,481	Activision Blizzard*		1,445,895
17,304	ANSYS*		539,193
75,680	Cadence Design Systems*		446,512
33,637	Red Hat*		677,113
7,519	SPSS*		250,909

Shares		Value
11,647	Sybase*	$	365,017
27,699	Symyx Technologies*		162,039
10,526	Synopsys*		205,362
27,418	Take-Two Interactive Software		259,648
16,254	Taleo — Class A*		296,961
32,611	TIBCO Software*		233,821
			4,882,470
Specialty Retail (5.1%)
15,317	Aaron’s		456,753
9,115	Abercrombie & Fitch — Class A		231,430
9,146	Aeropostale*		313,433
44,147	American Eagle Outfitters		625,563
24,205	AnnTaylor Stores*		193,156
17,434	Barnes & Noble		359,663
8,204	Buckle		260,641
30,111	Carmax*		442,632
16,306	Cato — Class A		284,377
11,873	Charlotte Russe Holding*		152,924
26,523	Christopher & Banks		177,969
16,508	Collective Brands*		240,522
34,442	Foot Locker		360,608
16,205	Gap		265,762
8,913	Group 1 Automotive		231,916
5,874	Gymboree*		208,410
17,443	J Crew Group*		471,310
12,062	Jo-Ann Stores*		249,322
9,217	Men’s Wearhouse		176,782
23,900	OfficeMax		150,092
13,977	O’Reilly Automotive*		532,244
13,396	Penske Auto Group		222,909
9,419	PetSmart		202,132
13,877	RadioShack		193,723
17,456	Rent-A-Center — Class A*		311,240
10,432	Ross Stores		402,675
11,125	Signet Jewelers Ltd.		231,623
15,415	Urban Outfitters*		321,711

See Notes to Financial Statements 39 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Small to Mid Cap Fund

Shares		Value
Specialty Retail (continued) (5.1%)
25,220	Williams-Sonoma	$	299,361
			8,570,883
Textiles, Apparel & Luxury Goods (0.5%)
11,679	Fossil*		281,230
23,478	Iconix Brand Group*		361,092
19,520	Jones Apparel Group		209,450
			851,772
Thrifts & Mortgage Finance (0.9%)
16,016	Bank Mutual		139,659
25,623	First Niagara Financial Group		292,615
10,093	Flushing Financial		94,369
37,009	TFS Financial		393,036
62,391	Trustco Bank NY		368,731
7,257	United Financial Bancorp		100,292
7,611	ViewPoint Financial Group		115,915
			1,504,617
Tobacco (0.2%)
5,105	Lorillard		345,966
Trading Companies & Distributors (0.6%)
25,434	Aircastle Ltd.		186,940
12,104	Kaman		202,137
9,908	Textainer Group Holdings Ltd.		113,843
36,818	United Rentals*		238,949
11,141	WESCO International*		278,970
			1,020,839
Wireless Telecommunication Services (1.7%)
30,122	Crown Castle International*		723,531
9,385	Leap Wireless International*		309,048
26,535	MetroPCS Communications*		353,181
21,572	NII Holdings*		411,378

Shares		Value
25,623	SBA Communications — Class A*	$	628,788
11,900	Telephone & Data Systems		336,770
			2,762,696
	Total Common Stocks (Identified Cost $186,150,663)		166,740,215
	Total Investments (99.7%) (Identified Cost $186,150,663)2		166,740,215
	Total Other Assets Less Liabilities (0.3%)		539,632
	Total Net Assets (100.0%)	$	167,279,847

* Non-income producing security.

¹ Security considered a Master Limited Partnership. At June 30, 2009, these securities amounted to $5,770,865 or 3.4% of net assets.

² See Note 6 for important tax information.

June 30, 2009 40 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor International Equity Fund

Shares		Value
COMMON STOCKS (98.5%)
Australia (3.7%)
140,447	Australian Worldwide Exploration Ltd.	$	290,673
12,023	Cochlear Ltd.		558,660
9,551	CSL Ltd.		247,280
86,685	Downer EDI Ltd.		390,224
32,841	JB Hi-Fi Ltd.		407,283
11,540	Macquarie Group Ltd.		363,363
18,500	National Australia Bank Ltd.		334,313
399,207	OZ Minerals Ltd.		295,764
8,601	Rio Tinto Ltd.		361,558
20,064	Westpac Banking		327,191
			3,576,309
Austria (0.3%)
7,824	OMV AG		292,834
Belgium (1.0%)
8,876	Anheuser-Busch InBev NV		320,383
1,600	Bekaert SA		164,261
3,164	Groupe Bruxelles Lambert SA		231,163
25,551	Nyrstar		216,415
			932,222
Brazil (3.4%)
3,800	Cia Brasileira de Distribuicao Grupo Pao de Acucar — ADR		146,148
18,100	Cia de Saneamento Basico do Estado de Sao Paulo — ADR		542,819
22,900	EDP — Energias do Brasil SA		311,070
34,100	Natura Cosmeticos SA		446,299
33,300	Petroleo Brasileiro SA — Class A —ADR		1,110,888
42,900	Vale SA — Class B — ADR		658,515
			3,215,739
Chile (0.1%)
14,808	Cia Cervecerias Unidas SA		103,350
China (4.1%)
88,000	Anta Sports Products Ltd.		110,036

Shares		Value
486,720	Chaoda Modern Agriculture Holdings Ltd.	$	285,770
712,000	China BlueChemical Ltd.		373,939
1,176,000	China Construction Bank — Class H		912,028
208,000	China Oilfield Services Ltd. — Class H		225,728
684,000	Dongfeng Motor Group Ltd. — Class H		577,245
316,000	Industrial & Commercial Bank of China		220,195
186,000	PetroChina Co. Ltd. — Class H		206,413
76,000	Shandong Weigao Group Medical Polymer Ltd. — Class H		195,161
29,000	Tencent Holdings Ltd.		338,480
64,000	Weichai Power Ltd. — Class H		212,246
228,000	Yanzhou Coal Mining Ltd. — Class H		313,631
			3,970,872
Czech Republic (0.3%)
6,760	CEZ		304,763
Denmark (1.3%)
36	A P Moller — Maersk A		215,605
18,810	Novo Nordisk A — Class B		1,016,719
			1,232,324
Egypt (0.2%)
25,170	Commercial International Bank		220,513
France (8.2%)
60,200	AXA SA		1,130,370
13,500	BNP Paribas		875,566
62,100	Credit Agricole SA		772,952
9,841	Sanofi-Aventis		577,811
4,819	Schneider Electric SA		366,944
15,280	Societe Generale		833,199
30,629	STMicroelectronics NV		229,059
48,000	Total SA		2,590,119
3,226	Unibail-Rodamco SE		480,252
			7,856,272
Germany (6.8%)
10,800	BASF SE		429,056
12,016	Daimler AG		434,396

See Notes to Financial Statements 41 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor International Equity Fund

Shares		Value
Germany (continued) (6.8%)
10,322	Deutsche Bank AG	$	625,231
3,400	Deutsche Boerse AG		263,567
5,574	K+S AG		312,893
5,578	MTU Aero Engines Holding AG		203,374
9,744	Muenchener Rueckversicherungs AG		1,314,349
18,165	RWE AG		1,428,777
7,743	Siemens AG		533,783
21,400	ThyssenKrupp AG		530,866
7,000	Wincor Nixdorf AG		391,468
			6,467,760
Great Britian (16.4%)
12,200	Anglo American PLC		353,936
80,746	Antofagasta PLC		780,402
13,239	Ashtead Group PLC		12,360
34,968	AstraZeneca PLC		1,536,217
29,172	Atkins WS PLC		286,023
78,374	BAE Systems PLC		436,435
79,000	Barclays PLC		367,792
28,775	BG Group PLC		481,895
54,706	BHP Billiton PLC		1,227,548
40,250	British American Tobacco PLC		1,107,774
264,200	BT Group PLC — Class A		441,152
76,236	Centrica PLC		279,675
48,592	Compass Group PLC		273,189
108,000	Game Group PLC		292,266
106,644	GlaxoSmithKline PLC		1,874,564
98,700	Hiscox Ltd.		470,062
143,225	HSBC Holdings PLC		1,183,980
43,700	Micro Focus International PLC		269,229
24,114	Next PLC		582,747
48,026	Pearson PLC		481,548
38,500	Petrofac Ltd.		424,351
6,417	Reckitt Benckiser Group PLC		291,994
45,595	Royal Dutch Shell PLC — Class A		1,138,619
75,235	Tesco PLC		437,645
190,396	Vodafone Group PLC		367,092

Shares		Value
27,929	Wetherspoon (J.D.) PLC	$	178,040
16,299	WH Smith PLC		112,147
			15,688,682
Hong Kong (3.2%)
152,000	China Unicom Hong Kong Ltd.		201,241
87,000	Hutchison Whampoa Ltd.		568,624
167,000	Hysan Development Ltd.		428,841
553,000	Noble Group Ltd.		695,213
65,000	Sun Hung Kai Properties Ltd.		811,923
58,000	VTech Holdings Ltd.		395,922
			3,101,764
India (1.7%)
1,600	HDFC Bank Ltd.		165,008
8,000	Infosys Technologies Ltd.		294,240
11,300	State Bank of India Ltd.		802,300
40,300	Tata Motors Ltd.		343,356
			1,604,904
Indonesia (0.7%)
164,500	Astra International		383,833
160,000	Tambang Batubara Bukit Asam		181,961
155,500	Unilever Indonesia		141,017
			706,811
Ireland (0.3%)
12,857	CRH PLC		292,979
Israel (0.5%)
25,700	Partner Communications		439,213
Italy (2.7%)
50,965	Banco Popolare Scarl		380,213
7,155	DiaSorin SpA		177,694
75,974	Enel SpA		369,690
39,301	ENI SpA		928,639
31,100	Fiat SpA		312,260
154,092	UniCredito Italiano SpA		387,872
			2,556,368

June 30, 2009 42 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor International Equity Fund

Shares		Value
Japan (18.6%)
100,000	77 Bank Ltd.	$	583,351
11,400	Astellas Pharma		404,692
29,100	Canon		954,495
3,200	East Japan Railway		192,983
42,600	FUJIFILM Holdings		1,353,083
64,000	Godo Steel Ltd.		191,322
68,000	Gunma Bank Ltd.		379,033
25,300	Hitachi Chemical Ltd.		408,886
10,500	Hitachi Information Systems Ltd.		221,793
142,000	Hokuhoku Financial Group		356,695
30,600	Honda Motor Ltd.		844,883
29	INPEX		232,385
79,000	IWATANI		222,223
20,000	Japan Steel Works Ltd.		247,457
53,000	JFE Shoji Holdings		196,398
201	KDDI		1,068,217
69,000	KUREHA		365,985
7,700	Kurita Water Industries Ltd.		249,367
84,000	Marubeni		373,178
58,200	Mitsubishi UFJ Financial Group		361,258
28,000	Mitsui Fudosan Ltd.		489,143
8,100	Mitsui Sumitomo Insurance Group Holdings		213,136
156,000	Nippon Express Ltd.		710,857
39,000	Nippon Meat Packers		493,471
63,000	Nippon Oil		372,742
11,700	Nippon Telegraph & Telephone		476,064
35,400	Nissan Motor Co. Ltd.		215,325
217	NTT DoCoMo		318,044
17,300	Omron		250,503
8,180	ORIX		493,313
84,000	Osaka Gas Ltd.		268,549
19,700	Sony		516,322
46,000	Sumitomo Electric Industries Ltd.		518,539
6,600	Sumitomo Mitsui Financial Group		269,234
14,000	Sumitomo Realty & Development Ltd.		257,359
76,500	Sumitomo		779,770

Shares		Value
106,000	Tokyo Gas Ltd.	$	379,593
22,400	Toyota Motor		853,311
51,000	UNY Ltd.		436,735
81	West Japan Railway		268,206
			17,787,900
Luxembourg (0.3%)
6,761	Oriflame Cosmetics SA		294,063
Malaysia (0.5%)
2,400	Public Bank BHD		6,183
205,000	Tenaga Nasional BHD		446,413
			452,596
Mexico (1.1%)
21,112	Cemex SAB de CV — ADR*		197,186
274,900	GEO SAB de CV*		530,768
277,447	Grupo Mexico SAB de CV		303,219
			1,031,173
Netherlands (2.6%)
8,528	ArcelorMittal		279,719
84,049	ING Groep NV		845,311
5,895	Koninklijke DSM NV		184,593
90,993	Reed Elsevier NV		1,000,769
7,315	Ten Cate NV		176,589
			2,486,981
Norway (2.7%)
117,200	DnB NOR ASA		892,946
6,150	Fred Olsen Energy ASA		208,943
35,000	StatoilHydro ASA		688,974
18,000	Tandberg ASA		302,971
36,600	Telenor ASA		281,416
8,750	Yara International ASA		244,896
			2,620,146
Philippines (0.3%)
5,900	Philippine Long Distance Telephone		293,712
Poland (0.1%)
4,269	KGHM Polska Miedz SA		109,672

See Notes to Financial Statements 43 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor International Equity Fund

Shares		Value
Russia (1.3%)
10,683	LUKOIL	$	474,005
10,100	Mobile Telesystems		372,993
10,379	Pharmstandard*		156,723
36,203	Rosneft Oil		197,306
			1,201,027
Singapore (0.9%)
106,000	Oversea-Chinese Banking Ltd.		489,107
96,000	Wilmar International Ltd.		332,887
			821,994
South Africa (1.8%)
40,725	AVI Ltd.		89,866
15,400	Group Ltd.		236,497
13,751	Impala Platinum Holdings Ltd.		304,239
72,875	Shoprite Holdings Ltd.		520,265
59,100	Truworths International Ltd.		283,840
18,703	Wilson Bayly Holmes-Ovcon Ltd.		257,822
			1,692,529
South Korea (2.8%)
2,385	Hyundai Heavy Industries		357,047
9,610	KB Financial Group		323,228
16,510	Korea Electric Power		384,693
1,602	Korea Zinc Ltd.		174,363
19,700	LG Dacom		273,246
8,220	LG Display Ltd.		205,419
46,210	LG Telecom Ltd.		291,241
2,300	POSCO — ADR		190,141
551	Samsung Electronics Co. Ltd.		256,339
9,460	STX Engine Ltd.		202,582
			2,658,299
Spain (2.9%)
140,162	Banco Santander SA		1,682,471
17,492	Enagas		343,776
34,729	Telefonica SA		785,056
			2,811,303
Sweden (0.2%)
14,543	Assa Abloy AB — Class B		202,675

Shares		Value
Switzerland (4.2%)
2,542	Baloise Holding AG	$	188,690
57,156	Nestle SA		2,152,622
6,400	Roche Holding AG		870,023
4,600	Zurich Financial Services AG		810,345
			4,021,680
Taiwan (2.3%)
57,050	HON HAI Precision Industry Ltd.		176,327
13,000	HTC		183,678
319,000	KGI Securities Ltd.		145,706
17,000	MediaTek		202,923
63,000	Siliconware Precision Industries — ADR		390,600
53,000	Taiwan Semiconductor Manufacturing Co. Ltd.		498,730
172,000	TSRC		209,501
259,000	Yuanta Financial Holding Ltd.		174,297
141,000	Zinwell		227,558
			2,209,320
Thailand (0.5%)
56,300	Bangkok Bank PCL		185,241
1,141,100	Charoen Pokphand Foods PCL		160,237
323,200	CP ALL PCL		162,359
			507,837
Turkey (0.5%)
55,898	Haci Omer Sabanci Holding AS		150,321
78,650	Turkiye Is Bankasi — Class C		231,939
69,900	Turkiye Vakiflar Bankasi Tao — Class D		105,792
			488,052
	Total Common Stocks (Identified Cost $86,487,786)		94,254,638
	Total Investments (98.5%) (Identified Cost $86,487,786)1		94,254,638
	Total Other Assets Less Liabilities (1.5%)		1,448,069
	Total Net Assets (100.0%)	$	95,702,707

* Non-income producing security.

¹ See Note 6 for important tax information.

ADR — American Depositary Receipt

June 30, 2009 44 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Total Return Fund

Shares		Value
COMMON STOCKS (29.0%)
Aerospace & Defense (0.9%)
5,100	Boeing	$	216,750
Capital Markets (1.1%)
10,000	Morgan Stanley		285,100
Computers & Peripherals (4.9%)
18,200	Hewlett-Packard		703,430
5,056	International Business Machines		527,948
			1,231,378
Containers & Packaging (0.6%)
11,000	Temple-Inland		144,320
Diversified Telecommunication Services (1.1%)
9,000	Verizon Communications		276,570
Hotels, Restaurants & Leisure (0.5%)
2,350	McDonald’s		135,101
Industrial Conglomerates (3.0%)
8,411	3M		505,501
10,000	Carlisle		240,400
			745,901
Internet & Catalog Retail (0.3%)
2,000	NetFlix*		82,680
Internet Software & Services (1.6%)
15,000	Akamai Technologies*		287,700
250	Google — Class A*		105,397
			393,097
Machinery (2.5%)
9,000	Bucyrus International — Class A		257,040
9,800	CIRCOR International		231,378
4,000	Joy Global		142,880
			631,298
Metals & Mining (0.5%)
6,600	Vale SA —Class B		116,358
Oil, Gas & Consumable Fuels (5.8%)
4,100	Apache		295,815
13,000	Linn Energy LLC1		254,410
12,683	Massey Energy		247,826

Shares		Value
9,486	Royal Dutch Shell PLC — Class A — ADR	$	476,102
12,500	Williams Cos		195,125
			1,469,278
Semiconductors & Semiconductor Equipment (0.4%)
10,000	Nvidia*		112,900
Specialty Retail (4.1%)
20,000	Home Depot		472,600
5,000	J Crew Group*		135,100
12,500	Lowe’s		242,625
17,073	Sonic Automotive — Class A		173,462
			1,023,787
Tobacco (1.7%)
27,000	Altria Group		442,530
	Total Common Stocks (Identified Cost $6,986,706)		7,307,048
EXCHANGE TRADED FUNDS (56.8%)
40,150	Consumer Discretionary Select Sector SPDR Fund		926,662
32,700	Consumer Staples Select Sector SPDR Fund		751,773
9,000	Energy Select Sector SPDR Fund		432,630
138,000	Financial Select Sector SPDR Fund		1,651,860
77,350	Health Care Select Sector SPDR Fund		2,035,079
	iShares Dow Jones US Basic Materials Sector Index Fund		867,800
10,222	iShares Dow Jones US Broker Dealers Index Fund		261,683
15,900	iShares Dow Jones US Energy Sector Index Fund		455,535
	iShares iBoxx Investment Grade Corporate Bond Fund		300,840
77,500	iShares MSCI Emerging Markets Index Fund		2,497,825
15,750	Powershares QQQ		572,985
51,734	ProShares Ultra S&P500		1,352,327
35,000	ProShares UltraShort Gold		535,150
20,940	Rydex S&P Equal Weight Technology ETF		715,101

See Notes to Financial Statements 45 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Total Return Fund

Shares		Rate		Value
51,000	Technology Select Sector SPDR Fund			$	926,670
					14,283,920
	Total Exchange Traded Funds (Identified Cost $15,583,129)				14,283,920
PREFERRED STOCKS (3.8%)
Capital Markets (0.9%)
10,000	Goldman Sachs Group	6.200	%		227,500
Industrial-Other (2.9%)
21,400	CORTS Trust for Walt Disney	6.875	%		538,210
8,000	PreferredPlus Trust — CCR1 — Class 1	7.250	%		178,720
					716,930
	Total Preferred Stocks (Identified Cost $948,891)				944,430

Shares		Value
INVESTMENT COMPANIES (1.7%)
Investment Companies (1.7%)
20,000	Evergreen Income Advantage Fund	$	162,200
57,384	Neuberger Berman Income Opportunity Fund		262,245
			424,445
	Total Investment Companies (Identified Cost $459,527)		424,445
	Total Investments (91.3%) (Identified Cost $23,978,253)2		22,959,843
	Total Other Assets Less Liabilities (8.7%)		2,195,091
	Total Net Assets (100.0%)	$	25,154,934

* Non-income producing security.

¹ Security considered a Master Limited Partnership. At June 30, 2009, these securities amounted to $254,410 or 1.0% of net assets.

² See Note 6 for important tax information.

ADR — American Depositary Receipt

MSCI — Morgan Stanley Capital International

SPDR — Standard & Poor’s Depositary Receipt

June 30, 2009 46 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Strategic Alternatives Fund

Shares		Value
EXCHANGE TRADED FUNDS (40.5%)
359,400	iShares Cohen & Steers Realty Majors Index Fund	$	12,916,836
104,550	Market Vectors — Coal ETF		2,418,242
56,000	Market Vectors — Steel Index Fund		2,359,280
626,300	SPDR DJ Wilshire International Real Estate		17,993,599
145,818	Vanguard REIT ETF		4,521,816
	Total Exchange Traded Funds (Identified Cost $59,782,641)		40,209,773
EXCHANGE TRADED NOTE (17.1%)
Exchange Traded Note (17.1%)
384,500	iPath Optimized Currency Carry*		17,006,435
	Total Exchange Traded Note (Identified Cost $19,105,315)		17,006,435
Principal Amount
STRUCTURED NOTES (20.6%)
$6,500,000	Svensk Exportkredit AB CTI Note1,2 0.049%, 08/12/2009		9,495,200
8,000,000	Svensk Exportkredit AB MTN — Linked to DB Balanced Currency Harvest Index1* 0.000%, 04/28/2011		7,174,400
4,500,000	Svensk Exportkredit AB MTN — Linked to DB Balanced Currency Harvest Index1* 0.000%, 03/16/2012		3,825,000
			20,494,600
	Total Structured Notes (Identified Cost $19,000,000)		20,494,600

Principal Amount		Value
U.S. GOVERNMENT AND AGENCY SECURITIES (18.1%)
Federal Farm Credit Bank (FFCB) (10.1%)
$10,000,000	FFCB2 0.235%, 06/22/2010	$	9,992,340
Federal Home Loan Bank (FHLB) (8.0%)
8,000,000	FHLB2 0.244%, 08/13/2009		7,999,512
	Total U.S. Government And Agency Securities (Identified Cost $18,004,541)		17,991,852
	Total Investments (96.3%) (Identified Cost $115,892,497)3		95,702,660
	Total Other Assets Less Liabilities (3.7%)		3,716,587
	Total Net Assets (100.0%)	$	99,419,247

^* Non-income producing security.

¹ Fair Valued security under procedures established by the Fund’s Board of Trustees.

² Represents a variable or increasing rate security. Rate disclosed is as of June 30, 2009.

³ See Note 6 for important tax information.

CTI — Comparative Tracking Index

ETF — Exchange Traded Fund

MTN — Medium Term Note

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipt

See Notes to Financial Statements 47 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Frontier Markets Fund

Shares		Value
COMMON STOCKS (5.3%)
Commercial Banks (1.6%)
13,000	Banco Macro SA — ADR *	$	210,470
1,800	Banque Audi sal- Audi Saradar Group		117,000
11,000	BBVA Banco Frances SA — ADR *		51,590
1,700	BLOM Bank SAL		124,100
			503,160
Diversified Telecommunication Services (0.9%)
22,500	Telecom Argentina SA — ADR *		288,675
Food Products (0.4%)
11,000	Cresud SACIF y A — ADR		103,730
Oil, Gas & Consumable Fuels (0.5%)
25,500	Petrobras Energia Participaciones SA — ADR		151,470
Real Estate (1.9%)
24,500	Solidere*		586,775
	Total Common Stocks (Identified Cost $1,551,521)		1,633,810
EXCHANGE TRADED PRODUCTS (36.8%)
219,124	Barclays Middle East Equities Non ETN*1		5,336,984
10,150	DB X-Trackers FTSE Vietnam ETF*		440,098
30,206	Market Vectors — Gulf States ETF1		620,126
147,500	Market Vectors Africa Index ETF1		3,954,490
40,899	PowerShares MENA Frontier Countries Portfolio*		533,323
39,590	WisdomTree Middle East Dividend Fund		557,427
	Total Exchange Traded Products (Identified Cost $9,640,785)		11,442,448
INVESTMENT COMPANY (5.8%)
1,800,000	Accessor U.S. Government Money		1,800,000
	Total Investment Company (Identified Cost $1,800,000)		1,800,000

Principal Amount		Value
U.S. GOVERNMENT AND AGENCY SECURITIES (24.2%)
Federal National Mortgage Corp (FNMA) (17.8%)
$5,500,000	FNMA 1.875%, 04/08/2011	$	5,525,982
U.S. Treasury Bonds & Notes (6.4%)
2,000,000	United States Treasury Bill2,3 0.371%, 9/24/2009		1,999,174
	Total U.S. Government and Agency Securities (Identified Cost $7,498,253)		7,525,156
Shares
WARRANTS (15.7%)
9,500	MSCI GCC Countries Ex-Saudi Arabia, Expires 02/24/10, Strike Price: $0.000001*1		4,877,300
	Total Warrants (Identified Cost $4,401,614)		4,877,300
	Total Investments (87.8%) (Identified Cost $24,892,173)4		27,278,714
	Total Other Assets Less Liabilities (12.2%)		3,778,310
	Total Net Assets (100.0%)	$	31,057,024

* Non-income producing security.

¹ Fair Valued security under procedures established by the Fund’s Board of Trustees.

² Rate shown represents the bond equivalent yield to maturity at date of purchase.

³ Security, or a portion of, has been pledged as collateral for swap contracts.

⁴ See Note 6 for important tax information.

ADR — American Depositary Receipt

ETF — Exchange Traded Fund

ETN — Exchange Traded Note

GCC — Gulf Cooperation Council

LIBOR — London Interbank Offered Rate

MSCI — Morgan Stanley Capital International

June 30, 2009 48 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Frontier Markets Fund

OUTSTANDING TOTAL RETURN SWAP CONTRACTS

Counterparty	Reference Entry/Obligation	Fund Pays	Fund Receives	Termination Date	Notional Amount	Net Unrealized Gain (Loss)
Barclays Capital	Eastern Europe Basket of Securities	1-month LIBOR plus 85 Bps	Total Return	04/29/2010	4,089,299	$	42,959
Barclays Capital	MSCI GCC Countries Ex-Saudi Arabia	1-month LIBOR plus 50 Bps	Price Return	04/26/2010	6,823,487		(179,337)
						$	(136,378)

See Notes to Financial Statements 49 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor High Yield Bond Fund

Principal Amount		Value
CORPORATE BONDS (98.0%)
Automobiles (1.9%)
$1,000,000	Ford Motor 6.500%, 08/01/2018	$	590,000
1,500,000	Penske Auto Group 7.750%, 12/15/2016		1,211,250
			1,801,250
Computers & Peripherals (2.0%)
1,000,000	GameStop 8.000%, 10/01/2012		1,012,500
1,000,000	Maxtor 2.375%, 08/15/2012		856,250
			1,868,750
Consumer Finance (2.1%)
1,500,000	Ford Motor Credit LLC 8.000%, 06/01/2014		1,213,677
1,000,000	GMAC LLC1 6.750%, 12/01/2014		785,000
			1,998,677
Electric Utilities (2.5%)
1,000,000	Mirant Americas Generation LLC1 8.500%, 10/01/2021		790,000
1,000,000	PSEG Energy Holdings LLC 8.500%, 06/15/2011		1,009,616
1,000,000	Texas Competitive Electric Holdings LLC 10.250%, 11/01/2015		622,500
			2,422,116
Electrical Equipment (1.9%)
1,000,000	L-3 Communications 5.875%, 01/15/2015		887,500
1,000,000	Sanmina-SCI1,2 3.379%, 06/15/2010		960,000
			1,847,500
Finance-Other (0.9%)
1,000,000	Pinnacle Foods Finance LLC 10.625%, 04/01/2017		845,000
Food & Staples Retailing (3.2%)
1,500,000	Chiquita Brands International 4.250%, 08/15/2016		1,053,750
1,000,000	Ingles Markets1 8.875%, 05/15/2017		985,000

Principal Amount		Value
$1,000,000	SUPERVALU 7.500%, 05/15/2012	$	990,000
			3,028,750
Health Care Providers & Services (3.7%)
1,000,000	Community Health Systems 8.875%, 07/15/2015		980,000
1,000,000	HCA 9.000%, 12/15/2014		828,847
1,000,000	LifePoint Hospitals 3.500%, 05/15/2014		802,500
1,000,000	Tenet Healthcare 9.250%, 02/01/2015		915,000
			3,526,347
Industrial Energy (2.0%)
1,000,000	Arch Western Finance LLC 6.750%, 07/01/2013		912,500
1,500,000	Massey Energy 3.250%, 08/01/2015		990,000
			1,902,500
Industrial-Automotive (1.6%)
1,500,000	Goodyear Tire & Rubber 10.500%, 05/15/2016		1,515,000
Industrial-Basic (1.0%)
1,000,000	Nalco Finance Holdings3 9.000%, 02/01/2014		980,000
Industrial-Capital Goods (2.0%)
1,000,000	Case New Holland 7.125%, 03/01/2014		912,500
1,000,000	Columbus McKinnon 8.875%, 11/01/2013		1,001,250
			1,913,750
Industrial-Energy (11.8%)
1,000,000	Berry Petroleum 8.250%, 11/01/2016		857,500
1,000,000	Chesapeake Energy 2.250%, 12/15/2038		613,750
1,000,000	KCS Energy 7.125%, 04/01/2012		942,500

June 30, 2009 50 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor High Yield Bond Fund

Principal Amount		Value
Industrial-Energy (continued) (11.8%)
$1,500,000	MarkWest Energy Partners1 6.875%, 11/01/2014	$	1,237,500
950,000	NRG Energy 8.500%, 06/15/2019		920,313
1,500,000	Parker Drilling 2.125%, 07/15/2012		1,140,000
1,000,000	Plains Exploration & Production 7.000%, 03/15/2017		875,000
1,000,000	Quicksilver Resources 7.125%, 04/01/2016		780,000
1,000,000	Regency Energy Partners 8.375%, 12/15/2013		965,000
1,000,000	SunPower 1.250%, 02/15/2027		766,250
1,500,000	Targa Resources Partners 8.250%, 07/01/2016		1,271,250
1,000,000	Western Refining1 11.250%, 06/15/2017		887,500
			11,256,563
Industrial-Gaming (1.9%)
1,000,000	MGM Mirage1 11.125%, 11/15/2017		1,060,000
1,000,000	River Rock Entertainment 9.750%, 11/01/2011		750,000
		��	1,810,000
Industrial-Health Care (5.8%)
1,000,000	Alliance HealthCare Services 7.250%, 12/15/2012		970,000
1,000,000	AMR HoldCo 10.000%, 02/15/2015		1,015,000
1,000,000	DaVita 6.625%, 03/15/2013		942,500
1,000,000	Healthsouth 10.750%, 06/15/2016		1,005,000
1,000,000	Omnicare 3.250%, 12/15/2035		692,500
1,000,000	Universal Hospital Services 8.500%, 06/01/2015		942,500
			5,567,500

Principal Amount		Value
Industrial-Media Cable (3.4%)
$1,000,000	CSC Holdings 7.625%, 07/15/2018	$	926,250
1,000,000	DirecTV Holdings LLC 6.375%, 06/15/2015		925,000
1,500,000	Mediacom LLC 9.500%, 01/15/2013		1,428,750
			3,280,000
Industrial-Media-Non-Cable (1.2%)
1,500,000	Marquee Holdings3 9.505%, 08/15/2014		1,155,000
Industrial-Other (14.8%)
1,000,000	Corrections Corp of America 6.250%, 03/15/2013		947,500
1,000,000	Domtar 10.750%, 06/01/2017		960,000
1,000,000	Exopack Holding 11.250%, 02/01/2014		820,000
1,000,000	Georgia-Pacific LLC 9.500%, 12/01/2011		1,030,000
1,000,000	Graham Packaging 9.875%, 10/15/2014		930,000
1,000,000	Graphic Packaging International 9.500%, 08/15/2013		955,000
1,500,000	Hertz 7.625%, 06/01/2012		1,230,000
1,000,000	Interface1 11.375%, 11/01/2013		1,035,000
1,250,000	Lennar 5.600%, 05/31/2015		984,375
1,000,000	Rock-Tenn 5.625%, 03/15/2013		898,750
1,000,000	Rockwood Specialties 7.500%, 11/15/2014		940,000
1,000,000	RSC Equipment Rental 9.500%, 12/01/2014		802,500
1,000,000	Service International 7.500%, 04/01/2027		785,000
1,000,000	Solo Cup 8.500%, 02/15/2014		820,000

See Notes to Financial Statements 51 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor High Yield Bond Fund

Principal Amount		Value
Industrial-Other (continued) (14.8%)
$1,000,000	WMG Acquisition1 9.500%, 06/15/2016	$	995,000
			14,133,125
Industrial-Other Consumer Cyclicals (3.5%)
1,000,000	Carrols 9.000%, 01/15/2013		937,500
1,500,000	Denny’s Holdings 10.000%, 10/01/2012		1,455,000
1,000,000	Land O’ Lakes 8.750%, 11/15/2011		1,005,000
			3,397,500
Industrial-Other Consumer Non-Cyclicals (1.0%)
1,000,000	Visant Holding3 10.250%, 12/01/2013		992,500
Industrial-Retailers (7.3%)
1,000,000	AmeriGas Partners 7.125%, 05/20/2016		915,000
1,000,000	Ferrellgas Partners 8.750%, 06/15/2012		930,000
1,000,000	Jo-Ann Stores 7.500%, 03/01/2012		940,000
1,000,000	Pantry 3.000%, 11/15/2012		767,500
907,000	Phillips-Van Heusen 8.125%, 05/01/2013		891,127
1,000,000	Rite Aid 7.500%, 03/01/2017		782,500
1,000,000	Toys R US 7.875%, 04/15/2013		835,000
1,000,000	Vitamin Shoppe Industries2 8.383%, 08/15/2009		945,000
			7,006,127
Industrial-Technology (3.1%)
1,000,000	First Data1 9.875%, 09/24/2015		710,000
1,500,000	Sungard Data Systems 10.250%, 08/15/2015		1,385,625
1,000,000	Viasystems 10.500%, 01/15/2011		890,000
			2,985,625

Principal Amount		Value
Industrial-Telecommunications-Wired (5.1%)
$1,000,000	Frontier Communications 9.000%, 08/15/2031	$	825,000
1,000,000	PAETEC Holding1 8.875%, 06/30/2017		940,000
1,000,000	Qwest Communications International 7.500%, 02/15/2014		912,500
1,000,000	Sprint Nextel 6.000%, 12/01/2016		817,500
500,000	Syniverse Technologies 7.750%, 08/15/2013		470,000
1,000,000	Windstream 7.000%, 03/15/2019		870,000
			4,835,000
Industrial-Telecommunication-Wireless (3.0%)
500,000	Intelsat Jackson Holdings Ltd. 9.250%, 06/15/2016		442,500
500,000	Intelsat Subsidiary Holding Ltd. 8.875%, 01/15/2015		482,500
1,000,000	MetroPCS Wireless 9.250%, 11/01/2014		993,750
1,000,000	Telesat Canada1 12.500%, 11/01/2017		985,000
			2,903,750
Industrial-Transportation (1.0%)
1,000,000	RailAmerica1 9.250%, 07/01/2017		965,000
Insurance (0.9%)
1,000,000	Fairfax Financial Holdings Ltd. 7.750%, 06/15/2017		895,000
Media (1.4%)
1,500,000	Liberty Media LLC 5.700%, 05/15/2013		1,297,500
Real Estate (1.8%)
1,000,000	Felcor Lodging 9.000%, 06/01/2011		880,000
1,000,000	Host Hotels & Resorts1 2.625%, 04/15/2027		848,750
			1,728,750

June 30, 2009 52 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor High Yield Bond Fund

Principal Amount		Value
Semiconductors & Semiconductor Equipment (0.5%)
$1,125,000	Conexant Systems 4.000%, 03/01/2026	$	485,156
Specialty Retail (1.0%)
1,000,000	Sally Holdings LLC 9.250%, 11/15/2014		995,000
Textiles, Apparel & Luxury Goods (1.0%)
1,000,000	Levi Strauss 9.750%, 01/15/2015		982,500
Transportation (1.0%)
1,000,000	Kansas City Southern Railway 8.000%, 06/01/2015		930,000
Utilities (2.7%)
1,000,000	AES 7.750%, 03/01/2014		947,500
1,000,000	Edison Mission Energy 7.200%, 05/15/2019		745,000
1,000,000	Suburban Propane Partners 6.875%, 12/15/2013		920,000
			2,612,500
	Total Corporate Bonds (Identified Cost $91,568,838)		93,863,736
	Total Investments (98.0%) (Identified Cost $91,568,838)4		93,863,736
	Total Other Assets Less Liabilities (2.0%)		1,956,013
	Total Net Assets (100.0%)	$	95,819,749

¹ Securities 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. These securities have been determined to be liquid in accordance with procedures adopted by the Fund’s Board.

² Represents an adjustable rate security. Rate disclosed is as of June 30, 2009.

³ Represents a step bond. Rate disclosed is the effective yield as of June 30, 2009.

⁴ See Note 6 for important tax information.

See Notes to Financial Statements 53 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Investment Grade Fixed-Income Fund

Principal Amount		Value
ASSET BACKED SECURITIES (6.4%)
$85,925,761	Bear Stearns Commercial Mortgage Securities1,2,4 0.270%, 11/11/2041	$	1,040,105
20,153,044	Captec Franchise Trust1,2,4,7 0.926%, 10/25/2018		280,542
1,060,000	CBC Insurance Revenue Securitization LLC2,7 8.880%, 02/15/2023		921,882
385,000	CDO Repack SPC Ltd.2,7 7.110%, 05/20/2030		155,039
715,324	CDO Repackaging Trust Series1,2,7 2.931%, 01/17/2036		346,036
350,929	Centex Home Equity Company, LLC1,2,7 3.814%, 07/25/2034		44,708
12,320,689	CNL Funding1,2,4,7 1.477%, 09/18/2012		284,608
910,000	Commercial Industrial Finance1,2,7 4.668%, 03/01/2021		53,781
98,496	Countrywide Home Loan Mortgage Pass Through Trust 5.250%, 12/25/2009		98,762
9,153,692	Falcon Franchise Loan1,2,4,7 3.604%, 06/05/2020		856,786
236,282	Falcon Franchise Loan2,7 6.067%, 01/05/2023		253,531
548,523	Falcon Franchise Loan2 4.856%, 01/05/2025		461,869
250,000	Falcon Franchise Loan2,7 7.074%, 01/05/2025		85,625
3,325,560	Falcon Franchise1,2,4,7 3.317%, 01/05/2023		232,457
236,853	Home Equity Mortgage Trust3 5.367%, 07/25/2036		46,388
1,711,957	Luxembourg Fund Holdings of KODIAK Currency1,2,7 2.486%, 08/07/2037		34,024
947,994	Orion Ltd. CDO1,2,7 3.823%, 09/10/2046		18,836
2,150,000	Restructured Asset Securities1,2,7 2.278%, 01/29/2022		549,245
			5,764,224
	Total Asset Backed Securities (Identified Cost $15,503,725)		5,764,224

Principal Amount		Value
COLLATERALIZED MORTGAGE OBLIGATIONS (46.5%)
$   230,533	Attentus CDO Ltd.2,7 9.532%, 10/11/2042	$	2,490
1,000,000	Banc of America Large Loan1,2 3.319%, 03/15/2022		268,659
1,000,000	Banc of America SST2 6.274%, 10/11/2033		812,836
1,717,887	Capco America Securitization Corp.1 2.499%, 10/15/2030		1,154
12,782	Collateralized Mortgage Securities 9.450%, 02/01/2017		13,988
870,000	Commercial Mortgage1,2 7.197%, 02/14/2034		717,246
1,040,480	Countrywide Alternative Loan Trust 6.000%, 05/25/2036		546,090
611,000	Entertainment Properties Trust2 6.223%, 02/15/2018		380,194
34,183	FHLMC — Gold 5.500%, 06/01/2038		35,334
805,378	FHLMC — Gold 5.500%, 07/01/2038		832,507
546,626	FHLMC 4.500%, 03/15/2019		565,851
691,728	FHLMC 6.000%, 02/15/2034		719,857
1,720,000	FHLMC 5.500%, 10/15/2034		1,730,086
1,955,469	FNMA 5.580%, 06/01/2011		2,052,897
121,965	FNMA 6.000%, 09/01/2022		128,928
239,086	FNMA 5.500%, 02/01/2023		250,727
489,922	FNMA 5.500%, 10/01/2023		513,365
270,992	FNMA 5.500%, 11/01/2023		283,959
2,271,000	FNMA 5.500%, 11/25/2032		2,378,488
584,498	FNMA 6.000%, 03/01/2033		611,055

June 30, 2009 54 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Investment Grade Fixed-Income Fund

Principal Amount		Value
$     305,331	FNMA1 3.950%, 05/01/2034	$	314,196
1,373,296	FNMA1 0.962%, 02/25/2035		6,940
15,901	FNMA 5.500%, 06/01/2036		16,448
38,392	FNMA 6.000%, 04/01/2037		40,180
941,645	FNMA 6.000%, 06/01/2037		985,509
755,124	FNMA 5.500%, 08/01/2037		780,602
940,279	FNMA 6.000%, 09/01/2037		984,960
817,474	FNMA 6.000%, 10/01/2037		855,554
933,088	FNMA 6.000%, 10/01/2037		976,553
939,412	FNMA 6.000%, 11/01/2037		983,172
83,834	FNMA 6.000%, 02/01/2038		87,721
925,203	FNMA 5.500%, 03/01/2038		956,367
2,375,111	FNMA 5.500%, 05/01/2038		2,455,114
947,404	FNMA 6.000%, 09/01/2038		991,334
897,830	FNMA 6.000%, 09/01/2038		939,462
439,533	FNMA 6.000%, 11/01/2038		459,914
369,219	FNMA 6.000%, 11/01/2038		386,340
642,705	FNMA 5.500%, 02/01/2039		664,354
1,831,585	FNMA 4.000%, 06/01/2039		1,775,345
668,415	FNMA 4.000%, 06/01/2039		647,891
42,481,953	FNMA1,4 0.000%, 06/17/2040		5,854

Principal Amount		Value
$    1,530,000	GMAC Mortgage Corp. Loan Trust1 4.291%, 12/19/2033	$	1,455,492
13,751,250	GNMA TRUST IO1,4 0.640%, 01/16/2042		259,479
136,995	GNMA 3.360%, 08/16/2022		137,678
1,635,422	GNMA 6.000%, 12/15/2037		1,705,886
1,809,204	GNMA 6.000%, 08/15/2038		1,886,873
742,699	GNMA 6.000%, 11/15/2038		773,263
12,607,846	GNMA1 0.417%, 08/16/2043		186,751
877,041	Government Lease Trust2 4.000%, 05/18/2011		906,031
10,590	Harborview Mortgage Loan Trust1 1.070%, 06/19/2034		4,810
551,219	JP Morgan Commercial Mortgage Securities 4.475%, 07/15/2041		549,051
2,839,176	LB Commercial Conduit Mortgage Trust1,4 0.900%, 10/25/2026		1,400
1,014,000	LB-UBS Commercial Mortgage Trust1 4.333%, 02/15/2037		586,060
282,835,992	LB-UBS Commercial Mortgage Trust1,2 0.043%, 06/15/2038		280,602
250,000	LNR CDO Ltd.7 6.000%, 02/28/2043		4,992
1,298,453	Marathon Structured Finance CDO Ltd.1,2,7 4.492%, 07/26/2046		798,938
19,265,711	Merrill Lynch Mortgage Investments1,4 0.756%, 11/15/2026		518,932
1,000,000	Morgan Stanley Capital I1,2 7.151%, 06/03/2030		560,000
650,000	Preferred Term Securities XIII Ltd.1,2 2.184%, 03/24/2034		78,000
128,721,363	Salomon Brothers Mortgage Securities VII1,2 1.133%, 11/13/2011		2,059,323

See Notes to Financial Statements 55 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Investment Grade Fixed-Income Fund

Principal Amount		Value
$1,907,680	Washington Mutual1 5.613%, 01/25/2036	$	705,536
			41,618,618
	Total Collateralized Mortgage Obligations (Identified Cost $50,153,186)		41,618,618
CORPORATE BONDS (35.0%)
Diversified Financial Services (2.4%)
500,000	General Electric Capital 5.720%, 08/22/2011		504,754
725,000	General Electric Capital 6.900%, 09/15/2015		726,737
400,000	General Electric Capital 5.400%, 02/15/2017		387,286
600,000	General Electric Capital 6.150%, 08/07/2037		494,226
			2,113,003
Electric Utilities (3.5%)
1,200,000	Dominion Resources1 1.664%, 06/17/2010		1,194,154
1,000,000	FPL Group Capital1 1.494%, 06/17/2011		1,010,291
766,722	MP Environmental Funding LLC7 4.982%, 07/15/2014		916,079
			3,120,524
Finance-Banking (16.1%)
1,700,000	American General Finance 5.375%, 09/01/2009		1,648,568
600,000	Bank of America 5.750%, 12/01/2017		534,257
800,000	Bank of America 5.650%, 05/01/2018		706,905
1,800,000	Bank of America5 8.846%, 07/17/2028		235,283
810,000	Centura Capital Trust2 8.845%, 06/01/2027		631,912
3,000,000	Citigroup 6.125%, 11/21/2017		2,630,283
240,000	Colonial Bank NA Montgomery 9.375%, 06/01/2011		170,618

Principal Amount		Value
$   500,000	Goldman Sachs Group 6.250%, 09/01/2017	$	495,493
1,000,000	Goldman Sachs Group 5.950%, 01/18/2018		969,959
1,300,000	HSBC Holdings PLC 6.800%, 06/01/2038		1,306,452
200,000	HSBC1 2.013%, 09/29/2049		93,000
500,000	JPMorgan Chase Bank1 0.959%, 06/13/2016		407,612
1,000,000	M&T Trust1,2 2.097%, 04/01/2013		785,987
800,000	Morgan Stanley1 0.848%, 01/09/2014		718,226
200,000	Royal Bank of Scotland Group PLC 5.000%, 10/01/2014		159,882
100,000	Royal Bank of Scotland Group PLC1,9 7.648%, 08/31/2049		49,500
300,000	SLM1 1.322%, 10/25/2011		243,070
700,000	Wachovia Bank1 1.806%, 05/14/2010		700,041
1,500,000	Wachovia Bank 4.800%, 11/01/2014		1,453,819
400,000	Wachovia Bank1 0.959%, 03/15/2016		315,780
100,000	Wachovia 5.300%, 10/15/2011		104,210
			14,360,857
Finance-Broker Related (Brokerage) (3.4%)
300,000	Goldman Sachs Group 6.150%, 04/01/2018		292,073
270,000	Jefferies Group 6.250%, 01/15/2036		186,266
900,000	JPMorgan Chase 5.375%, 10/01/2012		942,547
695,000	Lehman Brothers Holdings6 5.750%, 04/25/2011		102,512
1,300,000	Lehman Brothers Holdings6 6.875%, 05/02/2018		208,000

June 30, 2009 56 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Investment Grade Fixed-Income Fund

Principal Amount		Value
Finance-Broker Related (Brokerage) (continued) (3.4%)
$   200,000	Morgan Stanley 6.750%, 04/15/2011	$	209,514
1,100,000	Morgan Stanley 6.625%, 04/01/2018		1,096,597
			3,037,509
Finance-Other (2.0%)
1,400,000	American Express Credit 5.875%, 05/02/2013		1,390,156
250,000	NLV Financial2 7.500%, 08/15/2033		188,012
1,000,000	Regional Diversified Funding 1,2,7 2.412%, 01/25/2036		241,300
			1,819,468
Financial (1.0%)
200,000	Citigroup 8.500%, 05/22/2019		203,448
800,000	Morgan Stanley1 1.611%, 07/15/2009		685,553
			889,001
Industrial-Capital Goods (1.0%)
1,000,000	Eaton 6.500%, 06/01/2025		928,750
Industrial-Energy (1.6%)
700,000	Suncor Energy 6.850%, 06/01/2039		688,316
750,000	Sunoco 9.000%, 11/01/2024		769,798
			1,458,114
Industrial-Other (1.4%)
1,300,000	Barnett Capital III1 1.653%, 02/01/2027		689,688
1,625,000	Canal Pointe LLC1,2,7 4.048%, 06/25/2014		544,375
			1,234,063
Industrial-Telecommunications-Wired (1.3%)
1,000,000	AT&T 8.000%, 11/15/2031		1,154,181

Principal Amount		Value
Insurance (0.5%)
$   200,000	International Lease Finance 5.750%, 06/15/2011	$	165,852
400,000	International Lease Finance1 1.489%, 07/13/2012		288,382
			454,234
Utilities (0.8%)
700,000	Entergy Arkansas 4.500%, 06/01/2010		709,090
	Total Corporate Bonds (Identified Cost $34,898,196)		31,278,794
MUNICIPAL BONDS (4.8%)
1,000,000	Chicago Transit Authority 6.899%, 12/01/2040		1,069,570
1,100,000	Chicago Transit Authority 6.899%, 12/01/2040		1,176,527
900,000	Florida State Turnpike Authority 6.800%, 07/01/2039		907,767
250,000	Fort Walton Defense Housing5 5.208%, 10/15/2009		247,658
900,000	Port Authority of New York & New Jersey 5.859%, 12/01/2024		921,465
			4,322,987
	Total Municipal Bonds (Identified Cost $4,143,441)		4,322,987
U.S. GOVERNMENT AND AGENCY SECURITIES (9.0%)
Department of Housing & Urban Development (HUD) (0.3%)
295,000	HUD 6.330%, 08/01/2013		295,676
Federal Home Loan Mortgage Corp (FHLMC) (1.7%)
1,825,000	FHLMC5 6.750%, 09/15/2014		1,499,936
7,747	FHLMC1 7.000%, 01/15/2037		6,625
			1,506,561
Federal Home Loan Mortgage Corp (FHLMC) — Discount Note (0.2%)
137,000	FHLMC5 0.280%, 11/23/2009		136,873

See Notes to Financial Statements 57 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Investment Grade Fixed-Income Fund

Principal Amount		Value
Federal National Mortgage Association (FNMA) (1.1%)
$   450,000	FNMA 5.500%, 07/30/2025	$	445,531
500,000	FNMA 6.000%, 07/25/2033		525,288
			970,819
Federal National Mortgage Association (FNMA) — Discount Note (0.6%)
400,000	FNMA5 0.025%, 07/21/2009		399,980
181,000	FNMA5 0.081%, 11/18/2009		180,839
			580,819
Small Business Administration-Pass-Through-Agency (SBA) (1.0%)
900,200	SBA 4.640%, 05/01/2023		927,501
U.S. Treasury Bonds & Notes (4.1%)
59,000	U.S. Treasury Note11 0.875%, 04/30/2011		58,827
36	U.S. Treasury STRIP5,8 0.000%, 11/15/2017		26
226,254	United States Treasury Inflation Indexed Bonds 2.000%, 07/15/2014		231,557
422,960	United States Treasury Inflation Indexed Bonds 2.375%, 01/15/2017		441,333
1,887,080	United States Treasury Inflation Indexed Bonds 2.125%, 01/15/2019		1,948,999
429,752	United States Treasury Inflation Indexed Bonds 2.000%, 01/15/2026		420,754
496,600	United States Treasury Inflation Indexed Bonds 2.500%, 01/15/2029		527,637
			3,629,133
	Total U.S. Government and Agency Securities (Identified Cost $8,292,151)		8,047,382
	Total Investments (101.7%) (Identified Cost $112,990,699)10	$	91,032,005

Contracts		Value
WRITTEN OPTIONS (-0.0%)
8	CME APUT Euro Expires September 2009, Strike Price $98.50 Put	$	(350	)
	Total Written Options (Identified Proceeds $1,815)		(350	)
	Total Liabilities Less Other Assets (-1.7%)		(1,538,721	)
	Total Net Assets (100.0%)	$	89,492,934
Principal Amount
FORWARD COMMITMENT
TBA Purchase Commitments at June 30, 2009 (Cost Payable $13,388,281) (15.1%)
$  2,000,000	FNMA 5.500%, 07/01/2022		2,092,500
2,000,000	FNMA 5.500%, 07/01/2022		2,092,500
500,000	FNMA 4.000%, 08/13/2039		482,969
8,500,000	GNMA 6.000%, 07/21/2038		8,853,277
		$	13,521,246
TBA Sale Commitments at June 30, 2009 (Proceeds Receivable $5,127,746) (-5.8%)
(1,000,000)	FNMA 6.000%, 07/01/2037		(1,045,000	)
(1,000,000)	FNMA 6.000%, 07/01/2037		(1,045,000	)
(3,000,000)	FNMA 5.500%, 07/14/2038		(2,064,376	)
(1,000,000)	FNMA 5.500%, 07/14/2038		(1,032,188	)
		$	(5,186,564	)

¹ Represents a variable or increasing rate security. Rate disclosed is as of June 30, 2009.

² Securities 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. These securities have been determined to be liquid in accordance with procedures adopted by the Fund’s Board.

June 30, 2009 58 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Investment Grade Fixed-Income Fund

³ Represents a step bond. Rate disclosed is the effective yield as of June 30, 2009.

⁴ Interest only security.

⁵ Represents a zero coupon bond. Rate disclosed is the effective yield as of June 30, 2009.

⁶ Security in default on interest payments.

⁷ Fair Valued security under procedures established by the Fund’s Board of Trustees.

⁸ Principal only security.

⁹ Perpetual Maturity date.

¹⁰ See Note 6 for important tax information.

¹¹ Security, or a portion of, has been pledged as collateral for futures contracts.

CDO — Collateralized Debt Obligation

STRIP — Separate Trading of Registered Interest and Principal of Securities

OUTSTANDING FUTURES CONTRACTS

Type	Expiration	Contracts	Units Per Contract	Unrealized Appreciation/ (Depreciation)
90 Day Euro Future (Buy)	03/15/10	132	2,500	$	439,726
90 Day Euro Future (Buy)	12/17/09	150	2,500		134,225
90 Day Euro Future (Buy)	06/14/10	20	2,500		(7,217)
U.S. 10 Year Treasury Note Future (Buy)	09/22/09	48	1,000		(23,734)
U.S. 2 Year Treasury Note Future (Buy)	10/01/09	3	2,000		(1,828)
U.S. 5 Year Treasury Note Future (Buy)	09/22/09	18	1,000		(35,155)
				$	506,017

See Notes to Financial Statements 59 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Mortgage Securities Fund

Principal Amount		Value
ASSET BACKED SECURITIES (0.4%)
$171,609	JP Morgan Mortgage Acquisition1 0.374%, 03/25/2047	$	123,227
126,937	Merrill Lynch First Franklin Mortgage Loan Trust1 0.434%, 04/25/2037		104,805
			228,032
	Total Asset Backed Securities (Identified Cost $283,972)		228,032
PROJECT LOANS (0.0%)
2,342	Merrill Lynch 422 7.430%, 09/01/2022		2,356
	Total Project Loans (Identified Cost $2,411)		2,356
COLLATERALIZED MORTGAGE OBLIGATIONS (90.0%)
Collateralized Mortgage Obligation — Other (11.8%)
152,878	Banc of America Alternative Loan Trust (2003-10 6A2) 5.500%, 12/25/2018		144,709
213,182	Banc of America Alternative Loan Trust (2004-3 4A1) 5.000%, 04/25/2019		188,600
398,582	Bear Stearns Adjustable Rate Mortgage Trust1 4.767%, 12/25/2035		308,103
153,921	Countrywide Alternative Loan Trust 6.000%, 02/25/2017		150,602
78,579	Countrywide Alternative Loan Trust 5.000%, 07/25/2018		75,019
88,573	Countrywide Alternative Loan Trust 5.000%, 01/25/2020		78,359
399,226	Countrywide Alternative Loan Trust 5.500%, 01/25/2035		303,772
133,308	Countrywide Alternative Loan Trust 5.250%, 03/25/2035		99,902
581,020	Countrywide Alternative Loan Trust 5.500%, 07/25/2035		373,123
397,002	Countrywide Alternative Loan Trust 5.500%, 02/25/2036		298,620
347,275	Countrywide Alternative Loan Trust 5.750%, 03/25/2037		234,956

Principal Amount		Value
$   256,498	Countrywide Home Loan Mortgage Pass Through Trust1 5.018%, 05/20/2034	$	176,110
567,013	Deutsche ALT-A Securities Alternate Loan Trust1 0.814%, 02/25/2035		286,500
151,177	First Horizon Alternative Mortgage Securities 5.500%, 03/25/2035		124,653
418,288	GSR Mortgage Loan Trust1 5.171%, 10/25/2035		297,983
872,043	GSR Mortgage Loan Trust1 5.176%, 01/25/2036		584,730
187,122	GSR Mortgage Loan Trust 5.750%, 02/25/2036		170,147
279,375	GSR Mortgage Loan Trust1 0.504%, 08/25/2046		171,813
331,927	Indymac INDA Mortgage Loan Trust1 5.947%, 03/25/2037		198,075
214,138	JP Morgan Mortgage Trust 5.500%, 12/25/2019		202,695
182,440	Lehman Mortgage Trust 5.500%, 12/25/2035		137,855
281,999	Residential Accredit Loans 5.500%, 12/25/2017		264,110
184,461	Residential Accredit Loans 5.000%, 03/25/2019		168,724
401,346	Residential Accredit Loans 5.500%, 04/25/2035		296,766
460,000	Residential Funding Mortgage Securities I 5.250%, 07/25/2035		279,490
167,218	Residential Funding Mortgage Securities I 6.000%, 02/25/2037		142,207
1,742,907	Wells Fargo Alternative Loan Trust 6.000%, 06/25/2037		1,089,045
			6,846,668
Federal Home Loan Mortgage Corp (FHLMC) (1.9%)
252,591	FHLMC1 4.673%, 03/01/2038		257,157
456,029	FHLMC1 5.145%, 03/01/2038		472,921

June 30, 2009 60 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Mortgage Securities Fund

Principal Amount		Value
Federal Home Loan Mortgage Corp (FHLMC) (continued) (1.9%)
$   349,398	FHLMC1 5.177%, 07/01/2038	$	363,530
			1,093,608
Federal Home Loan Mortgage Corp (FHLMC)-Pass-Through- Agency (9.8%)
9,714	FHLMC - Gold 7.500%, 09/01/2014		10,336
227	FHLMC - Gold 7.000%, 06/01/2015		242
2,826	FHLMC - Gold 8.000%, 07/01/2024		3,124
33,523	FHLMC - Gold 8.000%, 07/01/2024		37,049
413	FHLMC - Gold 8.000%, 07/01/2024		456
2,073	FHLMC - Gold 8.000%, 08/01/2024		2,291
26,789	FHLMC - Gold 8.000%, 07/01/2025		29,589
264	FHLMC - Gold 8.000%, 09/01/2025		293
890	FHLMC - Gold 8.000%, 11/01/2025		985
3,660	FHLMC - Gold 8.000%, 12/01/2025		4,042
339	FHLMC - Gold 8.000%, 01/01/2026		376
6,734	FHLMC - Gold 8.000%, 06/01/2026		7,458
18,159	FHLMC - Gold 5.500%, 01/01/2029		18,868
1,857,759	FHLMC - Gold 4.500%, 03/01/2029		1,871,375
1,354,053	FHLMC - Gold 5.000%, 09/01/2033		1,384,678
1,856,731	FHLMC - Gold 5.500%, 08/01/2038		1,919,273
395,000	FHLMC - Gold 4.500%, 07/01/2039		393,700
			5,684,135

Principal Amount		Value
Federal National Mortgage Association (FNMA)- Pass-Through-Agency (65.3%)
$       55,197	FNMA 7.500%, 09/01/2029	$	60,132
6,406	FNMA 7.500%, 12/01/2031		6,993
14,962,545	FNMA 5.500%, 02/01/2033		15,539,859
3,467,402	FNMA 5.000%, 11/01/2033		3,547,464
859,676	FNMA 5.000%, 03/01/2034		879,522
235,332	FNMA 5.000%, 08/01/2034		240,335
77,202	FNMA 5.000%, 08/01/2034		78,984
604,134	FNMA 5.000%, 10/01/2034		618,081
343,689	FNMA 5.000%, 12/01/2034		351,623
3,512,748	FNMA 5.500%, 03/01/2035		3,642,795
1,129,777	FNMA 5.000%, 12/01/2035		1,154,977
2,733,062	FNMA 5.000%, 02/01/2036		2,792,313
280,525	FNMA 6.000%, 03/01/2036		293,855
951,314	FNMA 6.000%, 01/01/2037		996,520
167,474	FNMA 6.000%, 01/01/2037		175,433
1,450,000	FNMA 6.000%, 10/01/2037		1,517,544
1,040,895	FNMA 6.000%, 12/01/2037		1,089,382
335,478	FNMA1 4.467%, 06/01/2038		340,668
402,351	FNMA1 5.160%, 07/01/2038		418,726
338,595	FNMA1 4.837%, 08/01/2038		350,688

See Notes to Financial Statements 61 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Mortgage Securities Fund

Principal Amount		Value
Federal National Mortgage Association (FNMA)- Pass-Through-Agency (continued) (65.3%)
$   435,550	FNMA1 5.319%, 08/01/2038	$	454,718
20,722	FNMA 5.500%, 12/01/2038		21,420
24,648	FNMA 4.500%, 02/01/2039		24,631
1,830,026	FNMA 6.000%, 04/01/2039		1,914,701
164,697	FNMA 4.500%, 05/01/2039		164,567
240,000	FNMA 4.500%, 06/01/2039		239,810
65,000	FNMA 4.500%, 06/01/2039		64,949
385,000	FNMA 4.500%, 06/01/2039		384,695
50,000	FNMA 4.500%, 06/01/2039		49,960
195,000	FNMA 4.500%, 06/01/2039		194,846
80,000	FNMA 4.500%, 07/01/2039		79,937
			37,690,128
Federal National Mortgage Corp (FNMA) (0.8%)
827,460	FNMA1,3 5.000%, 10/01/2036		133,049
299,154	FNMA4 0.000%, 06/25/2039		244,893
593,476	FNMA1,3 5.500%, 05/01/2037		86,809
			464,751
Government National Mortgage Association (GNMA) (0.2%)
909,155	GNMA1,3 6.082%, 01/16/2038		100,337
Government National Mortgage Association (GNMA)-Pass- Through-Agency (0.2%)
35,232	GNMA 5.500%, 04/15/2014		36,881
3,171	GNMA 6.500%, 08/15/2014		3,387

Principal Amount		Value
$       1,151	GNMA 8.000%, 03/15/2017	$	1,234
19,273	GNMA 6.500%, 12/15/2023		20,482
35,420	GNMA 8.000%, 09/20/2026		38,929
3,742	GNMA 7.500%, 10/15/2029		4,107
			105,020
	Total Collateralized Mortgage Obligations (Identified Cost $53,014,910)		51,984,647
	Total Investments (90.4%) (Identified Cost $53,301,293)5		52,215,035
	Total Liabilities Less Other Assets (9.6%)		5,529,023
	Total Net Assets (100.0%)	$	57,744,058
FORWARD COMMITMENTS
TBA Purchase Commitments at June 30, 2009 (Cost Payable $32,169,570) (56.1%)
100,000	FHLMC - Gold 6.000%, 07/15/2032		104,344
3,900,000	FHLMC - Gold 5.500%, 07/01/2037		4,025,533
100,000	FHLMC 6.000%, 08/15/2018		105,406
200,000	FHLMC 4.500%, 08/01/2019		203,188
2,900,000	FHLMC 5.000%, 07/01/2036		2,948,937
1,600,000	FNMA 30YR TBA 6.500%, 08/15/2037		1,697,000
900,000	FNMA 4.000%, 07/17/2018		900,000
100,000	FNMA 6.000%, 08/18/2021		105,531
1,700,000	FNMA 5.000%, 07/01/2022		1,758,970
1,000,000	FNMA 4.500%, 07/01/2037		997,812

June 30, 2009 62 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Mortgage Securities Fund

Principal Amount		Value
TBA Purchase Commitments at June 30, 2009 (continued) (Cost Payable $32,169,570) (56.1%)
$       600,000	FNMA 6.000%, 07/01/2037	$	627,000
2,100,000	FNMA 4.000%, 07/13/2039		2,034,375
2,200,000	GNMA 5.500%, 07/01/2033		2,271,500
11,600,000	GNMA 6.000%, 07/21/2038		12,082,119
1,500,000	GNMA 5.000%, 08/20/2038		1,522,968
1,000,000	GNMA 4.500%, 07/15/2039		998,125
		$	32,382,808
TBA Sale Commitments at June 30, 2009 (Proceeds Receivable $22,648,677) (-39.4%)
(2,100,000)	FHLMC 4.500%, 07/13/2036		(2,090,155	)
(100,000)	FNMA 5.000%, 07/12/2033		(101,813	)
(115,000)	FNMA 4.500%, 08/01/2033		(114,317	)
(4,200,000)	FNMA 6.000%, 08/01/2033		(4,374,560	)
(11,800,000)	FNMA 5.500%, 08/01/2037		(12,135,568	)
(3,800,000)	GNMA 6.000%, 08/01/2033		(3,948,436	)
		$	(22,764,849	)

¹ Represents a variable or increasing rate security. Rate disclosed is as of June 30, 2009.

² Fair Valued security under procedures established by the Fund’s Board of Trustees.

³ Interest only security.

⁴ Principal only security.

⁵ See Note 6 for important tax information.

TBA — To be announced.

See Notes to Financial Statements 63 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Limited Duration U.S. Government Fund

Principal Amount		Value
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (19.6%)
Federal Home Loan Mortgage Corp (FHLMC) (7.4%)
$   135,868	FHLMC Stated Final 3.255%, 12/15/2010	$	135,979
1,451,171	FHLMC 4.000%, 06/15/2013		1,486,957
1,239,635	FHLMC 5.250%, 05/15/2017		1,301,556
			2,924,492
Federal National Mortgage Association (FNMA) — Pass-Through-Agency��(4.2%)
250,000	FNMA 4.500%, 09/25/2020		260,030
1,474,721	FNMA1 2.701%, 03/25/2027		1,397,842
			1,657,872
Federal National Mortgage Corp (FNMA) (8.0%)
1,134,439	FNMA 5.500%, 12/25/2014		1,204,909
1,883,615	FNMA 5.500%, 02/25/2017		1,970,568
			3,175,477
	Total Agency Collateralized Mortgage Obligations (Identified Cost $7,516,569)		7,757,841
U.S. AGENCY BONDS (74.0%)
Federal Farm Credit Bank (FFCB) (4.8%)
1,000,000	FFCB 3.950%, 07/15/2011		1,018,188
890,000	FFCB 3.750%, 09/29/2011		896,425
			1,914,613
Federal Home Loan Bank (FHLB) (7.6%)
1,000,000	FHLB 3.250%, 09/25/2009		1,007,015
1,000,000	FHLB 4.200%, 07/21/2011		1,002,050
1,000,000	FHLB 4.875%, 10/19/2011		1,012,760
			3,021,825

Principal Amount		Value
Federal Home Loan Mortgage Corp (FHLMC) — Pass-Through-Agency (12.4%)
$   734,505	FHLMC — Gold 4.500%, 09/01/2013	$	753,765
160,844	FHLMC — Gold 4.000%, 04/01/2014		163,681
1,540,023	FHLMC — Gold 4.000%, 05/01/2014		1,567,151
1,517,173	FHLMC — Gold 4.500%, 06/01/2014		1,558,656
816,200	FHLMC — Gold 5.000%, 10/01/2014		844,275
			4,887,528
Federal National Mortgage Association (FNMA) — Pass-Through-Agency (8.6%)
760,679	FNMA 4.500%, 05/01/2014		780,624
1,547,225	FNMA 4.500%, 07/01/2014		1,587,900
996,259	FNMA 5.000%, 02/01/2015		1,031,297
			3,399,821
Federal National Mortgage Corp (FNMA) (2.5%)
1,000,000	FNMA 3.460%, 02/21/2012		1,003,875
Small Business Administration — Pass-Through-Agency (SBA) (33.1%)
97,571	SBA1 1.250%, 09/25/2010		97,270
11,496	SBA1 3.125%, 03/25/2011		11,432
50,011	SBA1 1.125%, 03/25/2013		49,735
71,123	SBA1 0.875%, 07/25/2013		70,511
1,064,718	SBA1 1.250%, 10/25/2013		1,059,655
2,406	SBA1 1.250%, 01/25/2014		2,394
169,368	SBA1 4.265%, 05/25/2014		173,879

June 30, 2009 64 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Limited Duration U.S. Government Fund

Principal Amount		Value
Small Business Administration — Pass-Through-Agency (SBA) (continued) (33.1%)
$       3,413	SBA1 5.250%, 06/25/2014	$	3,542
798,227	SBA1 2.575%, 11/25/2014		808,304
12,855	SBA1 1.625%, 04/25/2016		12,538
31,152	SBA1 3.625%, 07/25/2016		31,348
23,744	SBA 7.100%, 02/01/2017		25,776
11,538	SBA1 1.250%, 03/25/2017		11,476
37,454	SBA1 1.375%, 07/25/2017		37,347
5,665	SBA1 1.375%, 09/25/2017		5,649
221,520	SBA1 1.250%, 11/25/2017		220,286
231,511	SBA1 1.250%, 12/25/2017		230,220
21,268	SBA1 1.250%, 02/25/2018		21,149
508,106	SBA1 1.250%, 02/25/2018		505,266
126,998	SBA1 1.250%, 02/25/2018		126,288
138,246	SBA1 1.250%, 04/25/2018		137,472
1,631,647	SBA1 0.800%, 05/25/2018		1,607,384
143,916	SBA1 1.250%, 05/25/2018		143,110
368,078	SBA1 1.000%, 08/25/2018		364,472
114,855	SBA1 1.625%, 10/25/2018		113,472
34,598	SBA1 0.950%, 01/25/2019		34,207
80,920	SBA1 1.250%, 06/25/2019		80,464

Principal Amount		Value
$1,557,346	SBA1 0.750%, 06/25/2020	$	1,530,293
56,328	SBA1 0.750%, 04/25/2021		55,436
6,158	SBA1 3.625%, 04/25/2021		6,111
9,705	SBA1 3.125%, 07/25/2021		9,701
539,149	SBA1 1.000%, 09/25/2021		534,205
173,827	SBA1 0.875%, 10/25/2021		171,683
57,280	SBA 7.125%, 06/25/2024		60,889
23,556	SBA1 3.625%, 10/25/2024		24,800
368,041	SBA1 1.000%, 11/25/2024		364,533
413,773	SBA1 0.875%, 01/25/2025		408,387
34,940	SBA1 3.875%, 02/25/2025		36,680
14,516	SBA1 3.125%, 06/25/2025		14,743
28,930	SBA1 3.375%, 09/25/2025		29,208
28,581	SBA1 3.625%, 10/25/2025		29,959
442,164	SBA1 0.700%, 02/25/2030		432,935
384,300	SBA1 0.625%, 03/25/2030		375,168
791,574	SBA1 0.600%, 09/25/2030		774,738
656,383	SBA1 0.570%, 09/25/2031		641,622
687,545	SBA1 0.570%, 11/25/2031		672,057
940,620	SBA1 1.400%, 09/25/2032		941,537
			13,099,331

See Notes to Financial Statements 65 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Limited Duration U.S. Government Fund

Principal Amount		Value
U.S. Treasury Bonds & Notes (5.0%)
$1,000,000	U.S. Treasury Note 1.875%, 06/15/2012	$	1,007,270
1,000,000	U.S. Treasury Note 1.750%, 03/31/2014		967,188
			1,974,458
	Total U.S. Agency Bonds (Identified Cost $29,102,237)		29,301,451
	Total Investments (93.6%) (Identified Cost $36,618,806)2		37,059,292
	Total Other Assets Less Liabilities (6.4%)		2,542,903
	Total Net Assets (100.0%)	$	39,602,195

¹ Represents an adjustable rate security. Rate disclosed is as of June 30, 2009.

² See Note 6 for important tax information.

June 30, 2009 66 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor U.S. Government Money Fund

Principal Amount		Value
U.S. AGENCY BONDS (89.5%)
Federal Farm Credit Bank (FFCB) (8.4%)
$20,000,000	FFCB2 1.008%, 07/01/2009	$	20,000,000
50,000,000	FFCB2 0.215%, 07/20/2009		50,000,000
			70,000,000
Federal Home Loan Bank (FHLB) (52.4%)
30,000,000	FHLB2 0.311%, 07/07/2009		30,000,000
14,700,000	FHLB 5.375%, 07/17/2009		14,731,498
20,000,000	FHLB 3.875%, 07/24/2009		20,042,517
25,000,000	FHLB 2.560%, 08/04/2009		25,038,232
20,000,000	FHLB 2.000%, 08/18/2009		20,039,061
11,000,000	FHLB2 0.245%, 08/21/2009		10,998,302
25,000,000	FHLB 5.250%, 09/11/2009		25,225,326
25,000,000	FHLB 5.000%, 09/18/2009		25,134,907
11,800,000	FHLB2 0.920%, 10/23/2009		11,812,791
12,000,000	FHLB 4.250%, 11/20/2009		12,164,216
20,000,000	FHLB 0.580%, 12/09/2009		20,000,000
75,000,000	FHLB2 0.750%, 02/02/2010		75,000,000
50,000,000	FHLB2 0.718%, 02/18/2010		50,000,000
20,000,000	FHLB 5.000%, 03/12/2010		20,619,051
22,000,000	FHLB3 1.500%, 05/05/2010		22,000,000
8,575,000	FHLB 4.875%, 05/14/2010		8,898,030
20,000,000	FHLB 0.650%, 06/10/2010		20,000,000

Principal Amount		Value
$25,000,000	FHLB 0.650%, 07/06/2010	$	25,000,000
			436,703,931
Federal Home Loan Bank (FHLB) — Discount Note (4.5%)
7,788,000	FHLB1 0.551%, 07/31/2009		7,784,431
30,000,000	FHLB1 0.461%, 11/02/2009		29,952,467
			37,736,898
Federal Home Loan Mortgage Corp (FHLMC) (13.8%)
10,000,000	FHLMC 4.125%, 09/01/2009		10,055,013
30,000,000	FHLMC2 0.246%, 10/19/2009		29,975,944
15,000,000	FHLMC 2.680%, 11/16/2009		15,096,600
10,000,000	FHLMC 4.125%, 11/30/2009		10,141,395
50,000,000	FHLMC2 0.650%, 01/08/2010		50,000,000
			115,268,952
Federal Home Loan Mortgage Corp (FHLMC) — Discount Note (4.4%)
12,015,000	FHLMC1 0.500%, 09/15/2009		12,002,342
25,000,000	FHLMC1 0.240%, 10/05/2009		24,984,000
			36,986,342
Federal National Mortgage Association (FNMA) — Discount Note (6.0%)
25,000,000	FNMA1 0.471%, 08/10/2009		24,986,944
25,000,000	FNMA1 0.492%, 08/17/2009		24,984,007
			49,970,951
	Total U.S. Agency Bonds (Identified Cost $746,667,074)		746,667,074

See Notes to Financial Statements 67 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor U.S. Government Money Fund

Principal Amount		Value
SHORT-TERM INVESTMENTS (12.3%)
$103,000,000	SOUTH STREET REPURCHASE AGREEMENT DATED 06/30/2009 (Repurchase value $103,000,372 by U.S. Government Agency securities)4 0.130%, 07/01/2009	$	103,000,000
	Total Short-Term Investments (Identified Cost $103,000,000)		103,000,000
	Total Investments (101.8%) (Identified Cost $849,667,074)5		849,667,074
	Total Liabilities Less Other Assets (-1.8%)		(15,463,826	)
	Total Net Assets (100.0%)	$	834,203,248

¹ Represents a zero coupon bond. Rate disclosed is the effective yield as of June 30, 2009.

² Represents an adjustable rate security. Rate disclosed as of June 30, 2009.

³ Represents a step bond. Rate disclosed is the effective yield as of June 30, 2009.

⁴ See Note 2 for collateral information.

⁵ See Note 6 for important tax information.

June 30, 2009 68 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Income Allocation Fund

Shares		Allocation	Value
AFFILIATED INVESTMENT COMPANIES (98.3%)
Accessor Funds — Z Class Shares (98.3%)
423,621	Accessor High Yield Bond	18.7%	$	3,600,780
971,839	Accessor Investment Grade Fixed-Income	50.2%		9,669,795
378,316	Accessor Mortgage Securities	24.4%		4,713,813
965,619	Accessor U.S. Government Money	5.0%		965,619
				18,950,007
	Total Affiliated Investment Companies (Identified Cost $20,955,756)			18,950,007
	Total Investments (98.3%) (Identified Cost $20,955,756)1			18,950,007
	Total Other Assets Less Liabilities (1.7%)			328,497
	Total Net Assets (100.0%)		$	19,278,504

¹ See Note 6 for important tax information.

See Notes to Financial Statements 69 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Income & Growth Allocation Fund

Shares		Allocation	Value
AFFILIATED INVESTMENT COMPANIES (94.6%)
Accessor Funds — Z Class Shares (94.6%)
109,136	Accessor Frontier Markets	3.1%	$	1,351,108
135,947	Accessor Growth	5.8%		2,547,648
569,524	Accessor High Yield Bond	11.0%		4,840,955
238,121	Accessor International Equity	6.4%		2,833,636
1,188,379	Accessor Investment Grade Fixed-Income	26.9%		11,824,372
512,142	Accessor Mortgage Securities	14.5%		6,381,289
162,168	Accessor Small to Mid Cap	7.1%		3,121,733
620,328	Accessor Strategic Alternatives	14.2%		6,246,705
265	Accessor U.S. Government Money	0.0%		265
184,280	Accessor Value	5.6%		2,461,975
				41,609,686
	Total Affiliated Investment Companies (Identified Cost $47,587,262)			41,609,686
	Total Investments (94.6%) (Identified Cost $47,587,262)1			41,609,686
	Total Other Assets Less Liabilities (5.4%)			2,362,189
	Total Net Assets (100.0%)		$	43,971,875

¹ See Note 6 for important tax information.

June 30, 2009 70 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Balanced Allocation Fund

Shares		Allocation		Value
AFFILIATED INVESTMENT COMPANIES (99.3%)
Accessor Funds — Z Class Shares (99.3%)
346,730	Accessor Frontier Markets	4.0	%	$	4,292,523
560,674	Accessor Growth	9.7	%		10,507,022
977,854	Accessor High Yield Bond	7.7	%		8,311,763
1,015,166	Accessor International Equity	11.1	%		12,080,471
2,143,666	Accessor Investment Grade Fixed-Income	19.7	%		21,329,474
931,947	Accessor Mortgage Securities	10.7	%		11,612,060
712,617	Accessor Small to Mid Cap	12.6	%		13,717,884
1,345,844	Accessor Strategic Alternatives	12.5	%		13,552,649
1,855,937	Accessor U.S. Government Money	1.7	%		1,855,937
778,514	Accessor Value	9.6	%		10,400,941
					107,660,724
	Total Affiliated Investment Companies (Identified Cost $127,536,573)				107,660,724
	Total Investments (99.3%) (Identified Cost $127,536,573)1				107,660,724
	Total Other Assets Less Liabilities (0.7%)				800,937
	Total Net Assets (100.0%)			$	108,461,661

¹ See Note 6 for important tax information.

See Notes to Financial Statements 71 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Growth & Income Allocation Fund

Shares		Allocation		Value
AFFILIATED INVESTMENT COMPANIES (97.9%)
Accessor Funds — Z Class Shares (97.9%)
433,380	Accessor Frontier Markets	5.2	%	$	5,365,244
725,103	Accessor Growth	13.2	%		13,588,427
724,767	Accessor High Yield Bond	6.0	%		6,160,518
1,228,421	Accessor International Equity	14.2	%		14,618,204
1,641,659	Accessor Investment Grade Fixed-Income	15.8	%		16,334,509
699,063	Accessor Mortgage Securities	8.5	%		8,710,325
748,874	Accessor Small to Mid Cap	14.0	%		14,415,816
823,122	Accessor Strategic Alternatives	8.0	%		8,288,835
1,003,691	Accessor Value	13.0	%		13,409,306
					100,891,184
	Total Affiliated Investment Companies (Identified Cost $124,234,093)				100,891,184
	Total Investments (97.9%) (Identified Cost $124,234,093)1				100,891,184
	Total Other Assets Less Liabilities (2.1%)				2,210,727
	Total Net Assets (100.0%)			$	103,101,911

¹ See Note 6 for important tax information.

June 30, 2009 72 See Notes to Financial Statements

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Growth Allocation Fund

Shares		Allocation		Value
AFFILIATED INVESTMENT COMPANIES (99.3%)
Accessor Funds — Z Class Shares (99.3%)
476,211	Accessor Frontier Markets	5.9	%	$	5,895,487
887,024	Accessor Growth	16.7	%		16,622,828
330,445	Accessor High Yield Bond	2.8	%		2,808,786
1,532,287	Accessor International Equity	18.4	%		18,234,221
799,490	Accessor Investment Grade Fixed-Income	8.0	%		7,954,927
352,662	Accessor Mortgage Securities	4.4	%		4,394,168
977,394	Accessor Small to Mid Cap	19.0	%		18,814,830
706,720	Accessor Strategic Alternatives	7.2	%		7,116,673
1,252,056	Accessor Value	16.9	%		16,727,467
					98,569,387
	Total Affiliated Investment Companies (Identified Cost $124,155,231)				98,569,387
	Total Investments (99.3%) (Identified Cost $124,155,231)1				98,569,387
	Total Other Assets Less Liabilities (0.7%)				722,480
	Total Net Assets (100.0%)			$	99,291,867

¹ See Note 6 for important tax information.

See Notes to Financial Statements 73 June 30, 2009

Schedule of Investments as of June 30, 2009 (Unaudited)

Accessor Aggressive Growth Allocation Fund

Shares		Allocation		Value
AFFILIATED INVESTMENT COMPANIES (99.0%)
Accessor Funds — Z Class Shares (99.0%)
294,781	Accessor Frontier Markets	7.4	%	$	3,649,394
531,113	Accessor Growth	20.0	%		9,953,055
890,102	Accessor International Equity	21.3	%		10,592,214
622,702	Accessor Small to Mid Cap	24.1	%		11,987,017
300,856	Accessor Strategic Alternatives	6.1	%		3,029,617
749,384	Accessor Value	20.1	%		10,011,766
					49,223,063
	Total Affiliated Investment Companies (Identified Cost $64,286,699)				49,223,063
	Total Investments (99.0%) (Identified Cost $64,286,699)1				49,223,063
	Total Other Assets Less Liabilities (1.0%)				506,737
	Total Net Assets (100.0%)			$	49,729,800

¹ See Note 6 for important tax information.

June 30, 2009 74 See Notes to Financial Statements

Statements of Assets & Liabilities (Unaudited)

	ACCESSOR GROWTH			ACCESSOR VALUE			ACCESSOR SMALL TO MID CAP
ASSETS:
Investments, at value (Note 2)	$	75,559,543		$	71,285,182		$	166,740,215
Cash		78,196			391,536			2,131,297
Receivable for investments sold		—			—			712,575
Receivable for capital shares sold		321,540			556,137			279,601
Dividends and interest receivable		27,861			152,182			120,568
Prepaid expenses and other assets		16,681			15,911			21,973
Total Assets		76,003,821			72,400,948			170,006,229
LIABILITIES:
Payable for investments securities purchased		—			—			2,296,631
Payable for capital shares redeemed		153,567			137,430			232,122
Payable to investment advisor (Note 3)		29,422			27,553			80,560
Payable to money managers (Note 3)		16,346			15,307			53,706
Payable to administrator (Note 3)		5,468			5,186			9,638
Payable for 12b-1 & administrative services fees (Note 3)		4,110			3,680			10,958
Payable for shareholder services (Note 3)		1,741			1,486			8,367
Payable for chief compliance officer fee (Note 3)		—			—			290
Accrued expenses and other liabilities		19,257			19,622			34,110
Total Liabilities		229,911			210,264			2,726,382
NET ASSETS	$	75,773,910		$	72,190,684		$	167,279,847
NET ASSETS CONSIST OF:
Paid-in capital	$	121,842,123		$	125,673,804		$	241,272,247
Net unrealized appreciation (depreciation) of investments		(6,205,981	)		(12,065,505	)		(19,410,448	)
Undistributed (distributions in excess) net investment income (loss)		(218	)		1,626			115,191
Accumulated net realized gain (loss) on investments		(39,862,014	)		(41,419,241	)		(54,697,143	)
TOTAL NET ASSETS	$	75,773,910		$	72,190,684		$	167,279,847
INVESTMENTS, AT COST	$	81,765,524		$	83,350,687		$	186,150,663

See Notes to Financial Statements 75 June 30, 2009

Statements of Assets & Liabilities (Unaudited)

	ACCESSOR GROWTH		ACCESSOR VALUE		ACCESSOR SMALL TO MID CAP
PRICING OF SHARES
Institutional Class:
Net Asset Value, offering & redemption price per share		$18.75		$13.37		$19.25
Net Assets	$	21,036,381	$	18,259,215	$	100,180,444
Shares of beneficial interest outstanding		1,121,970		1,365,942		5,203,577
Investor Class:
Net Asset Value, offering & redemption price per share		$18.30		$13.39		$18.37
Net Assets	$	551,294	$	582,365	$	1,283,430
Shares of beneficial interest outstanding		30,120		43,497		69,858
C Class:
Net Asset Value & offering price per share1		$18.02		$13.37		$18.19
Net Assets	$	494,116	$	238,942	$	531,857
Shares of beneficial interest outstanding		27,423		17,874		29,238
A Class:
Net Asset Value & redemption price per share		$18.59		$13.37		$18.92
Public offering price per share2		$19.72		$14.19		$20.07
Net Assets	$	459,298	$	84,202	$	3,227,629
Shares of beneficial interest outstanding		24,702		6,300		170,566
Z Class:
Net Asset Value, offering and redemption price per share		$18.74		$13.36		$19.25
Net Assets	$	53,232,821	$	53,025,960	$	62,056,487
Shares of beneficial interest outstanding		2,839,860		3,967,923		3,223,755

¹ The redemption price per shares excludes the applicable contingent deferred sales charges.

² NAV/0.9425, based on maximum sales charge of 5.75% of the offering price.

June 30, 2009 76 See Notes to Financial Statements

Statements of Assets & Liabilities (Unaudited)

	ACCESSOR INTERNATIONAL EQUITY			ACCESSOR TOTAL RETURN			ACCESSOR STRATEGIC ALTERNATIVES
ASSETS:
Investments, at value (Note 2)	$	94,254,638		$	22,959,843		$	95,702,660
Cash		517,669			1,780,471			4,640,050
Receivable for capital shares sold		159,444			—			279,225
Dividend tax reclaim		197,237			—			—
Dividends and interest receivable		303,926			26,067			275,669
Receivable for investments sold		662,715			2,194,375			—
Unrealized gain on foreign currency spot contracts		2,745			—			—
Prepaid expenses and other assets		25,446			376			10,274
Total Assets		96,123,820			26,961,132			100,907,878
LIABILITIES:
Cash overdraft of foreign currency		76,110			—			—
Payable for capital shares redeemed		201,860			—			1,303
Payable for investments securities purchased		—			1,776,502			1,409,154
Payable to investment advisor (Note 3)		43,986			2,536			58,167
Payable to money managers (Note 3)		35,988			10,568			—
Payable for 12b-1 & administrative services fees (Note 3)		6,459			—			—
Payable to administrator (Note 3)		6,330			1,388			8,583
Payable for shareholder services (Note 3)		2,535			—			5,000
Payable for chief compliance officer fee (Note 3)		14			32			41
Unrealized loss on foreign currency spot contracts		851			—			—
Accrued expenses and other liabilities		46,980			15,172			6,383
Total Liabilities		421,113			1,806,198			1,488,631
NET ASSETS	$	95,702,707		$	25,154,934		$	99,419,247
NET ASSETS CONSIST OF:
Paid-in capital	$	183,601,897		$	54,302,628		$	120,370,725
Net unrealized appreciation (depreciation) of investments		7,766,852			(1,018,410	)		(20,189,837	)
Net unrealized appreciation (depreciation) on foreign currencies		8,607			—			—
Undistributed net investment income (loss)		5,633,954			34,608			17,944
Accumulated net realized gain (loss) on investments, futures contracts, options and foreign currencies		(101,308,603	)		(28,163,892	)		(779,585	)
TOTAL NET ASSETS	$	95,702,707		$	25,154,934		$	99,419,247
INVESTMENTS, AT COST	$	86,487,786		$	23,978,253		$	115,892,497

See Notes to Financial Statements 77 June 30, 2009

Statements of Assets & Liabilities (Unaudited)

	ACCESSOR INTERNATIONAL EQUITY		ACCESSOR TOTAL RETURN		ACCESSOR STRATEGIC ALTERNATIVES
PRICING OF SHARES
Total Return:
Net Asset Value, offering & redemption price per share		N/A		$5.19		N/A
Net Assets		N/A	$	25,154,934		N/A
Shares of beneficial interest outstanding		N/A		4,847,991		N/A
Institutional Class:
Net Asset Value, offering & redemption price per share		$11.90		N/A		$10.06
Net Assets	$	30,165,496		N/A	$	61,181,963
Outstanding shares		2,534,560		N/A		6,081,717
Investor Class:
Net Asset Value, offering & redemption price per share		$11.41		N/A		$10.07
Net Assets	$	1,650,276		N/A	$	19,805
Shares of beneficial interest outstanding		144,677		N/A		1,967
C Class:
Net Asset Value & offering price per share1		$11.32		N/A		N/A
Net Assets	$	844,383		N/A		N/A
Shares of beneficial interest outstanding		74,600		N/A		N/A
A Class:
Net Asset Value & redemption price per share		$11.76		N/A		N/A
Public offering price per share2		$12.48		N/A		N/A
Net Assets	$	4,663,900		N/A		N/A
Shares of beneficial interest outstanding		396,717		N/A		N/A
Z Class:
Net Asset Value, offering and redemption price per share		$11.90		N/A		$10.07
Net Assets	$	58,378,652		N/A	$	38,217,479
Shares of beneficial interest outstanding		4,904,096		N/A		3,796,870

¹ The redemption price per shares excludes the applicable contingent deferred sales charges.

² NAV/0.9425, based on maximum sales charge of 5.75% of the offering price.

June 30, 2009 78 See Notes to Financial Statements

Statements of Assets & Liabilities (Unaudited)

	ACCESSOR FRONTIER MARKETS			ACCESSOR HIGH YIELD BOND			ACCESSOR INVESTMENT GRADE FIXED-INCOME
ASSETS:
Investments, at value (Note 2)	$	27,278,714		$	93,863,736		$	91,032,005
Cash		4,292,688			—			1,041,309
TBA purchase commitments, at value (Cost payable $0, $0 and $13,388,281, respectively)		—			—			13,521,246
Dividends and interest receivable		83,156			1,781,121			982,301
Receivable for investments sold		—			5,861,500			5,774,165
Receivable for capital shares sold		66,490			152,947			38,867
Unrealized gain on swap contracts		42,959			—			—
Prepaid expenses and other assets		5,815			22,607			15,639
Total Assets		31,769,822			101,681,911			112,405,532
LIABILITIES:
Payable to custodian		—			390,582			—
Payable for investments securities purchased and TBA purchase commitments		499,978			5,190,830			15,659,053
TBA sale commitments, at value (proceeds receivable $0, $0 and $5,127,746, respectively)		—			—			5,186,564
Unrealized loss on swap contracts		179,337			—			—
Written Options (proceeds $0, $0, $1,815)		—			—			350
Payable for capital shares redeemed		—			191,133			1,893,420
Payable to investment advisor (Note 3)		21,242			28,555			24,429
Payable to money managers (Note 3)		—			19,830			18,506
Payable to administrator (Note 3)		1,477			6,252			5,877
Payable for 12b-1 & administrative services fees (Note 3)		—			2,608			3,166
Payable for shareholder services (Note 3)		639			5,454			1,882
Payable for chief compliance officer fee (Note 3)		41			90			—
Variation margin		—			—			24,556
Accrued expenses and other liabilities		10,084			26,828			94,795
Total Liabilities		712,798			5,862,162			22,912,598
NET ASSETS	$	31,057,024		$	95,819,749		$	89,492,934
NET ASSETS CONSIST OF:
Paid-in capital	$	26,607,573		$	112,030,271		$	100,463,049
Net unrealized appreciation (depreciation) of investments and options		2,386,541			2,294,898			(10,086,276	)
Net unrealized appreciation (depreciation) on swap contracts		(136,378	)		—			—
Net unrealized appreciation (depreciation) on futures contracts		—			—			506,017
Undistributed net investment income		8,667			132,809			315,319
Accumulated net realized gain (loss) on investments, options and foreign currencies		2,190,621			(18,638,229	)		(1,705,175	)
TOTAL NET ASSETS	$	31,057,024		$	95,819,749		$	89,492,934
INVESTMENTS, AT COST	$	24,892,173		$	91,568,838		$	112,990,699

See Notes to Financial Statements 79 June 30, 2009

Statements of Assets & Liabilities (Unaudited)

	ACCESSOR FRONTIER MARKETS		ACCESSOR HIGH YIELD BOND		ACCESSOR INVESTMENT GRADE FIXED-INCOME
PRICING OF SHARES
Institutional Class:
Net Asset Value, offering & redemption price per share		$12.38		$8.51		$9.95
Net Assets	$	9,427,752	$	65,966,246	$	21,125,245
Shares of beneficial interest outstanding		761,537		7,752,892		2,122,981
Investor Class:
Net Asset Value, offering & redemption price per share		$12.39		$8.51		$9.94
Net Assets	$	1,068,540	$	2,913,409	$	692,890
Shares of beneficial interest outstanding		86,255		342,337		69,682
C Class:
Net Asset Value & offering price per share1		N/A		$8.49		$9.95
Net Assets		N/A	$	781,963	$	591,198
Shares of beneficial interest outstanding		N/A		92,069		59,419
A Class:
Net Asset Value & redemption price per share		N/A		$8.50		N/A
Public offering price per share2		N/A		$8.92		N/A
Net Assets		N/A	$	423,671		N/A
Shares of beneficial interest outstanding		N/A		49,825		N/A
Z Class:
Net Asset Value, offering and redemption price per share		$12.38		$8.50		$9.95
Net Assets	$	20,560,732	$	25,734,460	$	67,083,601
Shares of beneficial interest outstanding		1,660,239		3,026,212		6,745,033

¹ The redemption price per shares excludes the applicable contingent deferred sales charges.

² NAV/0.9525, based on maximum sales charge of 4.75% of the offering price.

June 30, 2009 80 See Notes to Financial Statements

Statements of Assets & Liabilities (Unaudited)

	ACCESSOR MORTGAGE SECURITIES			ACCESSOR LIMITED DURATION U.S. GOVERNMENT			ACCESSOR U.S. GOVERNMENT MONEY
ASSETS:
Investments, at value (Note 2)	$	52,215,035		$	37,059,292		$	746,667,074
Repurchase agreements, at value		—			—			103,000,000
Total Investments		52,215,035			37,059,292			849,667,074
Cash		7,553,531			5,129,215			6,919,797
Receivable for investments sold and TBA sale commitments		88,677,766			—			—
TBA purchase commitments, at value (Cost payable $32,169,570, $0 and $0, respectively)		32,382,808			—			—
Dividends and interest receivable		229,376			167,095			2,957,922
Receivable for investments sold		—			532,752			—
Receivable for capital shares sold		327,473			1,255			151,147
Prepaid expenses and other assets		19,255			1,684			44,772
Total Assets		181,405,244			42,891,293			859,740,712
LIABILITIES:
Distribution payable		—			—			174,667
Payable for investments securities purchased and TBA purchase commitments		100,777,722			1,005,938			25,000,000
TBA sale commitments, at value (proceeds receivable $22,648,677, $0 and $0, respectively)		22,764,849			—			—
Payable for capital shares redeemed		55,103			2,244,624			134,109
Payable to investment advisor (Note 3)		16,622			4,604			55,440
Payable to money managers (Note 3)		11,543			11,646			—
Payable to administrator (Note 3)		4,288			2,584			45,418
Payable for 12b-1 & administrative services fees (Note 3)		1,173			—			1,976
Payable for chief compliance officer fee (Note 3)		—			—			1,119
Payable for shareholder services (Note 3)		1,681			—			61,296
Accrued expenses and other liabilities		28,205			19,702			63,439
Total Liabilities		123,661,186			3,289,098			25,537,464
NET ASSETS	$	57,744,058		$	39,602,195		$	834,203,248
NET ASSETS CONSIST OF:
Paid-in capital	$	62,691,967		$	38,905,878		$	834,099,921
Net unrealized appreciation (depreciation) of investments		(989,192	)		440,486			—
Undistributed net investment income (loss)		218,175			(4,600	)		3
Accumulated net realized gain (loss) on investments, futures contracts, options, and foreign currencies		(4,176,892	)		260,431			103,324
TOTAL NET ASSETS	$	57,744,058		$	39,602,195		$	834,203,248
INVESTMENTS, AT COST	$	53,301,293		$	36,618,806		$	849,667,074

See Notes to Financial Statements 81 June 30, 2009

Statements of Assets & Liabilities (Unaudited)

	ACCESSOR MORTGAGE SECURITIES			ACCESSOR LIMITED DURATION U.S. GOVERNMENT		ACCESSOR U.S. GOVERNMENT MONEY
PRICING OF SHARES
Limited Duration U.S. Government:
Net Asset Value, offering & redemption price per share		N/A			$12.16		N/A
Net Assets		N/A		$	39,602,195		N/A
Shares of beneficial interest outstanding		N/A			3,256,245		N/A
Institutional Class:
Net Asset Value, offering & redemption price per share		$12.46			N/A		$1.00
Net Assets	$	20,847,965			N/A	$	348,800,331
Shares of beneficial interest outstanding		1,673,340			N/A		348,751,490
Investor Class:
Net Asset Value, offering & redemption price per share		$12.46			N/A		$1.00
Net Assets	$	681,508			N/A	$	7,987,771
Shares of beneficial interest outstanding		54,713			N/A		7,986,187
C Class:
Net Asset Value & offering price per share		$12.48	1		N/A		$1.00
Net Assets	$	400,456			N/A	$	1,946,679
Shares of beneficial interest outstanding		32,089			N/A		1,946,589
A Class:
Net Asset Value, offering and redemption price per share		N/A			N/A		$1.00
Net Assets		N/A			N/A	$	508,041
Shares of beneficial interest outstanding		N/A			N/A		507,966
Z Class:
Net Asset Value, offering and redemption price per share1		$12.46			N/A		$1.00
Net Assets	$	35,814,129			N/A	$	474,960,426
Shares of beneficial interest outstanding		2,874,130			N/A		474,908,712

¹ The redemption price per shares excludes the applicable contingent deferred sales charges.

June 30, 2009 82 See Notes to Financial Statements

Statements of Assets & Liabilities (Unaudited)

	ACCESSOR INCOME ALLOCATION			ACCESSOR INCOME & GROWTH ALLOCATION			ACCESSOR BALANCED ALLOCATION
ASSETS:
Investments in affiliates, at value (Note 2)	$	18,950,007		$	41,609,686		$	107,660,724
Cash		339,272			1,692,562			949,217
Receivable for capital shares sold		4,809			698,227			95,091
Due from advisor		300			500			1,300
Dividends and interest receivable		276			—			531
Prepaid expenses and other assets		19,663			18,892			21,257
Total Assets		19,314,327			44,019,867			108,728,120
LIABILITIES:
Payable for capital shares redeemed		23,373			29,257			230,935
Payable for 12b-1 & administrative services fees (Note 3)		3,468			8,846			23,068
Payable for chief compliance officer fee (Note 3)		—			—			2
Payable to administrator (Note 3)		382			827			2,121
Accrued expenses and other liabilities		8,600			9,062			10,333
Total Liabilities		35,823			47,992			266,459
NET ASSETS	$	19,278,504		$	43,971,875		$	108,461,661
NET ASSETS CONSIST OF:
Paid-in capital	$	21,690,726		$	50,193,579		$	129,250,658
Net unrealized appreciation (depreciation) of investments		(2,005,749	)		(5,977,576	)		(19,875,849	)
Undistributed (distribution in excess) net investment income (loss)		(1,151	)		(1,857	)		(3,889	)
Accumulated net realized gain (loss) on investments		(405,322	)		(242,271	)		(909,259	)
TOTAL NET ASSETS	$	19,278,504		$	43,971,875		$	108,461,661
INVESTMENTS, AT COST	$	20,955,756		$	47,587,262		$	127,536,573
PRICING OF SHARES
Institutional Class:
Net Asset Value, offering & redemption price per share		$13.32			$13.09			$12.94
Net Assets	$	13,865,200		$	31,541,550		$	67,537,807
Shares of beneficial interest outstanding		1,041,053			2,410,224			5,218,460
Investor Class:
Net Asset Value, offering & redemption price per share		$13.31			$13.08			$12.93
Net Assets	$	1,444,282		$	3,621,417		$	9,449,433
Shares of beneficial interest outstanding		108,514			276,935			730,641
C Class:
Net Asset Value & offering price per share1		$13.28			$13.04			$12.91
Net Assets	$	2,806,246		$	5,731,499		$	11,700,466
Shares of beneficial interest outstanding		211,238			439,667			906,324
A Class:
Net Asset Value & redemption price per share		$13.31			$13.07			$12.93
Public offering price per share		$13.97	2		$13.87	3		$13.72	3
Net Assets	$	1,162,776		$	3,077,409		$	19,773,955
Shares of beneficial interest outstanding		87,336			235,475			1,529,752

¹ The redemption price per shares excludes the applicable contingent deferred sales charges.

² NAV/0.9525, based on maximum sales charge of 4.75% of the offering price.

³ NAV/0.9425, based on maximum sales charge of 5.75% of the offering price.

See Notes to Financial Statements 83 June 30, 2009

Statements of Assets & Liabilities (Unaudited)

	ACCESSOR GROWTH & INCOME ALLOCATION			ACCESSOR GROWTH ALLOCATION			ACCESSOR AGGRESSIVE GROWTH ALLOCATION
ASSETS:
Investments in affiliates, at value (Note 2)	$	100,891,184		$	98,569,387		$	49,223,063
Cash		2,297,697			705,889			482,932
Due from advisor		3,200			3,800			1,900
Receivable for capital shares sold		67,000			72,319			29,553
Prepaid expenses and other assets		25,772			22,387			19,458
Total Assets		103,284,853			99,373,782			49,756,906
LIABILITIES:
Payable for capital shares redeemed		119,895			28,263			3,526
Payable for 12b-1 & administrative services fees (Note 3)		49,134			40,696			13,391
Payable for chief compliance officer fee (Note 3)		57			5			—
Payable to administrator (Note 3)		2,062			1,994			962
Payable to ReFlow (Note 2)		451			—			—
Accrued expenses and other liabilities		11,343			10,957			9,227
Total Liabilities		182,942			81,915			27,106
NET ASSETS	$	103,101,911		$	99,291,867		$	49,729,800
NET ASSETS CONSIST OF:
Paid-in capital	$	129,170,576		$	126,184,661		$	65,374,175
Net unrealized appreciation (depreciation) of investments		(23,342,909	)		(25,585,844	)		(15,063,636	)
Undistributed (distributions in excess) net investment income (loss)		(6,152	)		(5,706	)		(2,385	)
Accumulated net realized gain (loss) on investments		(2,719,604	)		(1,301,244	)		(578,354	)
TOTAL NET ASSETS	$	103,101,911		$	99,291,867		$	49,729,800
INVESTMENTS, AT COST	$	124,234,093		$	124,155,231		$	64,286,699
PRICING OF SHARES
Institutional Class:
Net Asset Value, offering & redemption price per share		$12.43			$12.01			$11.54
Net Assets	$	43,200,062		$	42,689,559		$	28,412,640
Shares of beneficial interest outstanding		3,475,378			3,554,610			2,462,513
Investor Class:
Net Asset Value, offering & redemption price per share		$12.41			$12.00			$11.26
Net Assets	$	11,476,611		$	11,825,311		$	7,511,516
Shares of beneficial interest outstanding		924,597			985,396			667,077
C Class:
Net Asset Value & offering price per share1		$12.37			$11.94			$11.09
Net Assets	$	30,611,588		$	27,148,193		$	5,990,467
Shares of beneficial interest outstanding		2,473,781			2,273,477			540,148
A Class:
Net Asset Value & redemption price per share		$12.39			$12.00			$11.42
Public offering price per share2		$13.15			$12.73			$12.12
Net Assets	$	17,813,650		$	17,628,804		$	7,815,177
Shares of beneficial interest outstanding		1,437,238			1,468,706			684,221

¹ The redemption price per shares excludes the applicable contingent deferred sales charges.

² NAV/0.9425, based on maximum sales charge of 5.75% of the offering price.

June 30, 2009 84 See Notes to Financial Statements

Statements of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	ACCESSOR GROWTH			ACCESSOR VALUE			ACCESSOR SMALL TO MID CAP			ACCESSOR INTERNATIONAL EQUITY
INVESTMENT INCOME:
Dividends	$	692,837		$	1,211,509		$	1,245,214		$	2,276,876
Foreign taxes withheld		—			—			—			(282,701	)
Total Investment Income		692,837			1,211,509			1,245,214			1,994,175
EXPENSES:
Management fees (Note 3)		169,580			156,456			410,266			241,127
Money managers fees (Note 3)		101,461			91,315			273,510			197,285
Distribution and service fees (Note 3)
Investor Class		862			834			1,803			1,887
C Class		3,568			2,060			2,901			4,860
A Class		764			138			5,282			7,335
Administrative services fees — Investor Class (Note 3)		862			834			1,803			1,887
Shareholder servicing fees — Institutional Class		4,389			3,870			17,479			5,999
Chief compliance officer fees (Note 3)		612			598			758			624
Transfer agent & administration fees (Note 3)		46,823			42,225			80,856			53,813
Fund accounting fees		22,315			20,782			38,387			25,526
Registration fees		17,162			16,938			19,789			22,871
Audit fees		10,875			10,651			11,103			9,580
Legal fees		3,223			2,952			5,558			12,575
Printing/postage expense		4,545			4,109			9,942			6,194
Custodian fees		3,454			5,980			13,536			54,374
Trustees fees		3,420			3,156			5,919			4,004
ReFlow fees (Note 3)		—			—			251			642
Other expenses		3,728			4,048			7,268			9,834
Total net expenses		397,643			366,946			906,411			660,417
NET INVESTMENT INCOME:		295,194			844,563			338,803			1,333,758
Net realized loss on investments:		(6,851,824	)		(13,883,944	)		(23,970,194	)		(3,457,856	)
Net realized loss on foreign currency transactions		—			—			—			(56,353	)
Net change in unrealized appreciation on investments		10,204,142			9,609,736			30,248,202			9,724,633
Net change in unrealized appreciation on translations of assets and liabilities in foreign currencies		—			—			—			19,932
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY		3,352,318			(4,274,208	)		6,278,008			6,230,356
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,647,512		$	(3,429,645	)	$	6,616,811		$	7,564,114

See Notes to Financial Statements 85 June 30, 2009

Statements of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	ACCESSOR TOTAL RETURN			ACCESSOR STRATEGIC ALTERNATIVES			ACCESSOR FRONTIER MARKETS			ACCESSOR HIGH YIELD BOND
INVESTMENT INCOME:
Interest	$	—		$	35,942		$	25,614		$	4,390,484
Dividends		338,524			985,253			26,971			4,152
Swap income		—			—			79,358			—
Foreign taxes withheld		(3,410	)		—			—			—
Total Investments Income		335,114			1,021,195			131,943			4,394,636
EXPENSES:
Management fees (Note 3)		15,732			325,614			74,507			142,291
Money managers fees (Note 3)		65,550			—			—			98,813
Distribution and service fees (Note 3)
Investor Class		N/A			—		��	—			2,106
C Class		N/A			N/A			N/A			3,666
A Class		N/A			N/A			N/A			466
Administrative services fees — Investor Class (Note 3)		—			—			—			2,106
Shareholder servicing fees — Institutional Class		—			10,461			1,350			11,109
Chief compliance officer fees (Note 3)		984			643			117			1,072
Transfer agent & administration fees (Note 3)		9,727			52,486			3,720			42,180
Audit fees		11,404			14,030			11,664			12,213
Custodian fees		—			—			2,316			1,517
Fund accounting fees		6,886			30,428			17,367			23,323
Legal fees		1,230			17,957			2,344			3,746
Registration fees		634			10,300			4,196			14,644
Printing/postage expense		1,475			6,824			3,903			9,036
Trustees fees		1,230			4,190			540			3,125
ReFlow fees (Note 3)		—			—			—			707
Other expenses		—			—			1,252			11,360
Total net expenses		114,852			472,933			123,276			383,480
NET INVESTMENT INCOME:		220,262			548,262			8,667			4,011,156
Net realized gain (loss) on investments		(3,817,466	)		87,272			(177,926	)		(2,247,644	)
Net realized loss on foreign currency transactions		—			—			(1,302	)		—
Net realized gain on swap contracts		—			—			2,369,849			—
Net change in unrealized appreciation (depreciation) on investments		2,242,885			(2,075,955	)		2,386,541			11,771,383
Net change in unrealized depreciation on swap contracts		—			—			(136,378	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, SWAP CONTRACTS AND FOREIGN CURRENCY		(1,574,581	)		(1,988,683	)		4,440,784			9,523,739
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,354,319	)	$	(1,440,421	)	$	4,449,451		$	13,534,895

June 30, 2009 86 See Notes to Financial Statements

Statements of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	ACCESSOR INVESTMENT GRADE FIXED-INCOME		ACCESSOR MORTGAGE SECURITIES		ACCESSOR LIMITED DURATION U.S. GOVERNMENT		ACCESSOR U.S. GOVERNMENT MONEY
INVESTMENT INCOME:
Interest	$	2,779,624	$	1,649,570	$	821,560	$	4,572,714
Total Investments Income		2,779,624		1,649,570		821,560		4,572,714
EXPENSES:
Management fees (Note 3)		111,296		104,145		30,388		395,794
Money managers fees (Note 3)		84,315		72,323		75,705		—
Distribution and service fees (Note 3)
Investor Class		1,123		1,003		N/A		13,576
C Class		3,138		2,773		N/A		10,595
A Class		1,123		—		N/A		920
Administrative services fees — Investor Class (Note 3)		—		1,003		N/A		13,576
Shareholder services fees — Institutional Class		4,856		3,964		N/A		496,839
Investor Class		—		—		N/A		13,576
C Class		—		—		N/A		2,649
A Class		—		—		N/A		919
Chief compliance officer fees (Note 3)		641		571		563		—
Transfer agent & administration fees (Note 3)		35,057		32,711		18,926		273,895
Registration fees		15,086		14,503		1,647		42,040
Audit fees		12,314		14,348		11,842		13,219
Fund accounting fees		20,312		17,718		13,327		258,139
Custodian fees		9,314		20,273		1,938		20,109
Legal fees		16,747		2,743		2,492		68,507
Printing/postage expense		4,379		3,458		2,969		60,980
ReFlow fees (Note 3)		3,849		—		—		—
Trustees fees		3,101		2,719		2,337		45,471
Other expenses		13,953		15,094		8,341		25,677
Total expenses before waiver		340,604		309,349		170,475		1,756,481
Less fees waived:
Distribution and service fees
Investor Class		N/A		N/A		N/A		(11,311	)
C Class		N/A		N/A		N/A		(8,587	)
A Class		N/A		N/A		N/A		(440	)
Administrative services fees — Investor Class (Note 2 and 3):		N/A		N/A		N/A		(6,526	)
Shareholder services fees
Institutional Class		N/A		N/A		N/A		(27,390	)
Investor Class		N/A		N/A		N/A		(725	)
C Class		N/A		N/A		N/A		(156	)
A Class		N/A		N/A		N/A		(48	)
Total net expenses		340,604		309,349		170,475		1,701,298
NET INVESTMENT INCOME:		2,439,020		1,340,221		651,085		2,871,416

See Notes to Financial Statements 87 June 30, 2009

Statements of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	ACCESSOR INVESTMENT GRADE FIXED-INCOME			ACCESSOR MORTGAGE SECURITIES			ACCESSOR LIMITED DURATION U.S. GOVERNMENT			ACCESSOR U.S. GOVERNMENT MONEY
Net realized gain (loss) on investments and options contracts	$	(1,286,705	)	$	1,272,914		$	234,091		$	(14,853	)
Net realized gain on futures contracts		205,481			—			—			—
Net change in unrealized appreciation (depreciation) on investments and options contracts		1,793,756			459,532			(189,485	)
Net change in unrealized depreciation on futures contracts		(68,427	)		(38,203	)		—			—
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS CONTRACTS AND FOREIGN CURRENCY		644,105			1,694,243			44,606			(14,853	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,083,125		$	3,034,464		$	695,691		$	2,856,563

June 30, 2009 88 See Notes to Financial Statements

Statements of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	ACCESSOR INCOME ALLOCATION			ACCESSOR INCOME & GROWTH ALLOCATION			ACCESSOR BALANCED ALLOCATION
INVESTMENT INCOME:
Dividends from affiliated investment company shares	$	516,834		$	760,351		$	1,561,313
Total Investment Income		516,834			760,351			1,561,313
EXPENSES:
Management fees (Note 3)		8,622			18,509			47,863
Distribution and service fees (Note 3)
Investor Class		2,159			4,231			11,858
C Class		13,569			28,592			57,409
A Class		1,349			4,855			32,680
Administrative services fees — Investor Class (Note 3)		2,159			4,231			11,858
Chief compliance officer fees (Note 3)		494			538			680
Registration fees		17,314			16,890			20,393
Audit fees		7,288			7,310			7,373
Printing/postage expense		1,049			2,175			5,796
Custodian fees		2,989			3,001			3,000
Fund accounting fees		1,088			2,325			6,018
Legal fees		783			1,652			4,255
Transfer agent & administration fees (Note 3)		1,266			2,323			6,186
Trustees fees		741			1,598			4,176
ReFlow fees (Note 3)		—			77			—
Other expense		1,701			2,166			3,663
Total expenses before waiver		62,571			100,473			223,208
Less fees waived of management fees and transfer agent fees		(3,693	)		(7,762	)		(20,119	)
Total net expenses		58,878			92,711			203,089
NET INVESTMENT INCOME:		457,956			667,640			1,358,224
Net realized gain (loss) on affiliated investments		27,045			(132,361	)		(381,474	)
Net change in unrealized appreciation on investments		725,364			1,472,390			4,034,572
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		752,409			1,340,029			3,653,098
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,210,365		$	2,007,669		$	5,011,322

See Notes to Financial Statements 89 June 30, 2009

Statements of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	ACCESSOR GROWTH & INCOME ALLOCATION			ACCESSOR GROWTH ALLOCATION			ACCESSOR AGGRESSIVE GROWTH ALLOCATION
INVESTMENT INCOME:
Dividends from affiliated investment company shares	$	1,355,378		$	898,038		$	219,160
Total Investment Income		1,355,378			898,038			219,160
EXPENSES:
Management fees (Note 3)		47,634			45,756			21,719
Distribution and service fees (Note 3)
Investor Class		13,288			14,525			8,312
C Class		145,375			126,019			27,472
A Class		30,732			28,719			12,378
Administrative services fees — Investor Class (Note 3)		13,288			14,525			8,312
Chief compliance officer fees (Note 3)		655			656			547
Registration fees		23,432			20,850			19,082
Printing/postage expense		5,907			5,890			2,873
Audit fees		7,350			7,342			7,288
Fund accounting fees		5,976			5,742			2,720
Legal fees		4,192			4,008			1,851
Transfer agent & administration fees (Note 3)		9,941			10,955			5,609
Trustees fees		4,301			4,077			1,914
Custodian fees		3,014			3,020			2,990
ReFlow fees (Note 3)		450			629			—
Other expense		3,887			3,731			2,441
Total expenses before waiver		319,422			296,444			125,508
Less fees waived of management fees		(23,268	)		(24,038	)		(12,108	)
Total net expenses		296,154			272,406			113,400
NET INVESTMENT INCOME:		1,059,224			625,632			105,760
Net realized loss on affiliated investments		(1,549,373	)		(729,906	)		(386,611	)
Net change in unrealized appreciation on investments		4,733,803			3,972,003			1,774,319
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		3,184,430			3,242,097			1,387,708
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,243,654		$	3,867,729		$	1,493,468

June 30, 2009 90 See Notes to Financial Statements

Statements of Changes in Net Assets

	ACCESSOR GROWTH						ACCESSOR VALUE
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008			PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008
OPERATIONS:
Net investment income	$	295,194		$	289,271		$	844,563		$	2,031,361
Net realized loss on investments transactions		(6,851,824	)		(23,708,308	)		(13,883,944	)		(25,617,477	)
Change in unrealized net appreciation (depreciation) of investments		10,204,142			(25,075,007	)		9,609,736			(28,460,785	)
Net increase/(decrease) in net assets resulting from operations		3,647,512			(48,494,044	)		(3,429,645	)		(52,046,901	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Institutional Class		(176,202	)		(317,608	)		(574,664	)		(1,993,893	)
Investor Class		(1,073	)		(7,267	)		(6,335	)		(17,696	)
C Class		—			—			(2,220	)		(12,780	)
A Class		(1,084	)		(695	)		(845	)		(2,217	)
Z Class		(117,053	)		—			(264,823	)		—
Total distributions		(295,412	)		(325,570	)		(848,887	)		(2,026,586	)
SHARE TRANSACTIONS:
Institutional Class
Proceeds from sales of shares		3,154,808			20,439,421			5,055,724			17,608,490
Issued to shareholders in reinvestment of distributions		52,079			60,746			127,185			328,686
Cost of shares redeemed		(64,603,407	)		(54,462,088	)		(60,415,964	)		(28,588,494	)
Net decrease from share transactions		(61,396,520	)		(33,961,921	)		(55,233,055	)		(10,651,318	)
Investor Class
Proceeds from sales of shares		47,539			175,921			57,255			192,690
Issued to shareholders in reinvestment of distributions		745			5,411			4,738			12,709
Cost of shares redeemed		(328,309	)		(869,709	)		(222,997	)		(783,104	)
Net decrease from share transactions		(280,025	)		(688,377	)		(161,004	)		(577,705	)
C Class
Proceeds from sales of shares		115,107			427,569			17,353			343,902
Issued to shareholders in reinvestment of distributions		—			—			392			6,492
Cost of shares redeemed		(500,787	)		(4,122,446	)		(310,364	)		(3,213,618	)
Net decrease from share transactions		(385,680	)		(3,694,877	)		(292,619	)		(2,863,224	)
A Class
Proceeds from sales of shares		6,820			98,342			353			660
Issued to shareholders in reinvestment of distributions		1,030			668			845			2,217
Cost of shares redeemed		(92,643	)		(116,019	)		(2,761	)		(91,617	)
Net decrease from share transactions		(84,793	)		(17,009	)		(1,563	)		(88,740	)
Z Class
Proceeds from sales of shares		58,843,034			—			59,007,641			—
Cost of shares redeemed		(7,092,491	)		—			(6,488,588	)		—
Net increase from share transactions		51,750,543			—			52,519,053			—
Total decrease from share transactions		(10,396,475	)		(38,362,184	)		(3,169,188	)		(14,180,987	)
Net decrease in net assets		(7,044,375	)		(87,181,798	)		(7,447,720	)		(68,254,474	)

See Notes to Financial Statements 91 June 30, 2009

Statements of Changes in Net Assets

	ACCESSOR GROWTH						ACCESSOR VALUE
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008			PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008
NET ASSETS:
Beginning of period	$	82,818,285		$	170,000,083		$	79,638,404		$	147,892,878
End of period (including undistributed (distributions in excess) net investment income (loss) of $(218), $0, $1,626 and $5,950 respectively)	$	75,773,910		$	82,818,285		$	72,190,684		$	79,638,404
Other Informations:
SHARE TRANSACTIONS:
Institutional Class
Sold		179,910			885,590			389,828			970,385
Distributions reinvested		2,887			2,994			10,052			18,487
Redeemed		(3,538,162	)		(2,295,917	)		(4,536,461	)		(1,417,173	)
Net decrease in shares outstanding		(3,355,365	)		(1,407,333	)		(4,136,581	)		(428,301	)
Investor Class
Sold		2,920			7,764			4,814			9,141
Distributions reinvested		42			317			374			719
Redeemed		(19,008	)		(37,731	)		(17,578	)		(39,991	)
Net decrease in shares outstanding		(16,046	)		(29,650	)		(12,390	)		(30,131	)
C Class
Sold		6,911			17,996			1,370			16,149
Distributions reinvested		—			—			32			322
Redeemed		(29,505	)		(173,520	)		(24,504	)		(150,435	)
Net decrease in shares outstanding		(22,594	)		(155,524	)		(23,102	)		(133,964	)
A Class
Sold		381			5,487			29			36
Distributions reinvested		57			39			67			124
Redeemed		(5,066	)		(4,796	)		(205	)		(4,504	)
Net increase (decrease) in shares outstanding		(4,628	)		730			(109	)		(4,344	)
Z Class
Sold		3,207,926			—			4,441,339			—
Redeemed		(368,066	)		—			(473,416	)		—
Net increase in shares outstanding		2,839,860			—			3,967,923			—

June 30, 2009 92 See Notes to Financial Statements

Statements of Changes in Net Assets

	ACCESSOR SMALL TO MID CAP						ACCESSOR INTERNATIONAL EQUITY
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008			PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008
OPERATIONS:
Net investment income	$	338,803		$	162,655		$	1,333,758		$	4,448,882
Net realized loss on investments		(23,970,194	)		(30,368,797	)		(3,457,856	)		(97,714,944	)
Net realized gain (loss) on foreign currency transactions		—			—			(56,353	)		73,194
Change in unrealized appreciation (depreciation) on investments		30,248,202			(69,855,089	)		9,724,633			(26,209,806	)
Change in unrealized appreciation on translations of assets and liabilities in foreign currencies		—			—			19,932			42,875
Net increase (decrease) from operations		6,616,811			(100,061,231	)		7,564,114			(119,359,799	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Institutional Class		(528,432	)		—			—			(114,367	)
Investor Class		(3,502	)		—			—			(2,508	)
C Class		(346	)		—			—			—
A Class		(9,043	)		—			—			(6,014	)
Z Class		(97,686	)		—			—			—
From net realized gains on investments
Advisor Class		—			(975,244	)		—			(7,588,239	)
Investor Class		—			(15,268	)		—			(166,429	)
C Class		—			(5,615	)		—			(105,285	)
A Class		—			(23,620	)		—			(399,020	)
Z Class		—			—			—			—
Total distributions		(639,009	)		(1,019,747	)		—			(8,381,862	)
SHARE TRANSACTIONS:
Institutional Class
Proceeds from sales of shares		11,571,641			45,620,395			2,858,975			29,392,704
Issued to shareholders in reinvestment of distributions		124,814			270,692			—			2,139,881
Cost of shares redeemed		(56,113,621	)		(102,828,344	)		(70,304,013	)		(61,029,776	)
Net decrease from share transactions		(44,417,166	)		(56,937,257	)		(67,445,038	)		(29,497,191	)
Investor Class
Proceeds from sales of shares		82,767			352,528			316,165			1,034,076
Issued to shareholders in reinvestment of distributions		3,141			13,544			—			149,340
Cost of shares redeemed		(566,124	)		(1,918,175	)		(615,077	)		(3,303,489	)
Net decrease from share transactions		(480,216	)		(1,552,103	)		(298,912	)		(2,120,073	)
C Class
Proceeds from sales of shares		11,649			261,593			17,701			887,540
Issued to shareholders in reinvestment of distributions		246			5,615			—			93,469
Cost of shares redeemed		(185,917	)		(2,170,745	)		(358,171	)		(5,508,725	)
Net decrease from share transactions		(174,022	)		(1,903,537	)		(340,470	)		(4,527,716	)
A Class
Proceeds from sales of shares		296,331			1,157,447			211,215			3,143,435
Issued to shareholders in reinvestment of distributions		9,021			23,558			—			401,381
Cost of shares redeemed		(447,239	)		(1,492,307	)		(665,372	)		(4,421,462	)
Net decrease from share transactions		(141,887	)		(311,302	)		(454,157	)		(876,646	)

See Notes to Financial Statements 93 June 30, 2009

Statements of Changes in Net Assets

	ACCESSOR SMALL TO MID CAP						ACCESSOR INTERNATIONAL EQUITY
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008			PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008
Z Class
Proceeds from sales of shares	$	62,546,785		$	—		$	54,163,345		$	—
Cost of shares redeemed		—			—			(200,000	)		—
Net increase from share transactions		62,546,785			—			53,963,345			—
Total increase (decrease) from share transactions		17,333,494			(60,704,199	)		(14,575,232	)		(37,021,626	)
Net increase/(decrease) in net assets		23,311,296			(161,785,177	)		(7,011,118	)		(164,763,287	)
NET ASSETS:
Beginning of period		143,968,551			305,753,728			102,713,825			267,477,112
End of period (including undistributed (distributions in excess) net investment income (loss) of $115,191, $415,397, $5,633,954 and $4,300,196 respectively)	$	167,279,847		$	143,968,551		$	95,702,707		$	102,713,825
Other Informations:
SHARE TRANSACTIONS:
Institutional Class
Sold		670,896			1,893,129			272,633			1,779,746
Distributions reinvested		7,050			9,822			—			118,831
Redeemed		(2,981,763	)		(3,806,911	)		(6,456,124	)		(3,268,184	)
Net decrease in shares outstanding		(2,303,817	)		(1,903,960	)		(6,183,491	)		(1,369,607	)
Investor Class
Sold		5,204			13,570			31,651			57,045
Distributions reinvested		189			514			—			8,618
Redeemed		(34,747	)		(73,447	)		(63,291	)		(171,180	)
Net decrease in shares outstanding		(29,354	)		(59,363	)		(31,640	)		(105,517	)
C Class
Sold		700			10,020			1,785			44,257
Distributions reinvested		15			215			—			5,412
Redeemed		(11,594	)		(79,726	)		(33,956	)		(272,680	)
Net decrease in shares outstanding		(10,879	)		(69,491	)		(32,171	)		(223,011	)
A Class
Sold		17,249			47,093			20,636			158,618
Distributions reinvested		520			869			—			22,499
Redeemed		(27,460	)		(58,917	)		(68,911	)		(237,907	)
Net decrease in shares outstanding		(9,691	)		(10,955	)		(48,275	)		(56,790	)
Z Class
Sold		3,223,755			—			4,920,903			—
Redeemed		—			—			(16,807	)		—
Net increase in shares outstanding		3,223,755			—			4,904,096			—

June 30, 2009 94 See Notes to Financial Statements

Statements of Changes in Net Assets

	ACCESSOR TOTAL RETURN						ACCESSOR STRATEGIC ALTERNATIVES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008			PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			PERIOD ENDED DECEMBER 31, 2008*
OPERATIONS:
Net investment income	$	220,262		$	829,085		$	548,262		$	1,396,722
Net realized gain (loss) on investments		(3,817,466	)		(23,412,690	)		87,272			(922,670	)
Change in unrealized appreciation (depreciation) of investments and other assets and liabilities		2,242,885			(2,876,328	)		(2,075,955	)		(18,113,882	)
Net decrease from operations		(1,354,319	)		(25,459,933	)		(1,440,421	)		(17,639,830	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Total Return		(206,048	)		(837,875	)		N/A			N/A
Institutional Class		N/A			N/A			(436,553	)		(1,391,852	)
Investor Class		N/A			N/A			(109	)		—
C Class		N/A			N/A			N/A			N/A
A Class		N/A			N/A			N/A			N/A
Z Class		N/A			N/A			(93,656	)		—
From net realized gains on investments
Institutional Class		N/A			N/A			N/A			N/A
Investor Class		N/A			N/A			—			—
C Class		N/A			N/A			N/A			N/A
A Class		N/A			N/A			N/A			N/A
Z Class		N/A			N/A			—			—
Total distributions		(206,048	)		(837,875	)		(530,318	)		(1,391,852	)
SHARE TRANSACTIONS:
Total Return
Proceeds from sales of shares		706,451			23,772,119			N/A			N/A
Issued to shareholders in reinvestment of distributions		22,463			88,714			N/A			N/A
Cost of shares redeemed		(5,195,598	)		(23,447,977	)		N/A			N/A
Net increase (decrease) from share transactions		(4,466,684	)		412,856			N/A			N/A
Institutional Class
Proceeds from sales of shares		N/A			N/A			14,247,002			139,308,853
Issued to shareholders in reinvestment of distributions		N/A			N/A			59,100			115,143
Cost of shares redeemed		N/A			N/A			(52,376,409	)		(18,065,231	)
Net increase (decrease) from share transactions		N/A			N/A			(38,070,307	)		121,358,765
Investor Class
Proceeds from sales of shares		N/A			N/A			19,900			—
Issued to shareholders in reinvestment of distributions		N/A			N/A			109			—
Cost of shares redeemed		N/A			N/A			—			—
Net increase from share transactions		N/A			N/A			20,009			—
Z Class
Proceeds from sales of shares		N/A			N/A			41,713,201			—
Cost of shares redeemed		N/A			N/A			(4,600,000	)		—
Net increase from share transactions		N/A			N/A			37,113,201			—
Total increase (decrease) from share transactions		(4,466,684	)		412,856			(937,097	)		121,358,765
Net increase/(decrease) in net assets		(6,027,051	)		(25,884,952	)		(2,907,836	)		102,327,083

See Notes to Financial Statements 95 June 30, 2009

Statements of Changes in Net Assets

	ACCESSOR TOTAL RETURN						ACCESSOR STRATEGIC ALTERNATIVES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008			PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			PERIOD ENDED DECEMBER 31, 2008*
NET ASSETS:
Beginning of period	$	31,181,985		$	57,066,937		$	102,327,083		$	—
End of period (including undistributed (distributions in excess) net investment income (loss) of $34,608, $20,394, $17,944 and $0 respectively)	$	25,154,934		$	31,181,985		$	99,419,247		$	102,327,083
Other Informations:
SHARE TRANSACTIONS:
Total Return
Sold		159,399			3,176,023			N/A			N/A
Distributions reinvested		4,675			13,537			N/A			N/A
Redeemed		(1,098,128	)		(3,203,735	)		N/A			N/A
Net decrease in shares outstanding		(934,054	)		(14,175	)		N/A			N/A
Institutional Class
Sold		N/A			N/A			1,464,602			11,643,738
Distributions reinvested		N/A			N/A			6,128			10,377
Redeemed		N/A			N/A			(5,356,283	)		(1,686,845	)
Net increase (decrease) in shares outstanding		N/A			N/A			(3,885,553	)		9,967,270
Investor Class
Sold		N/A			N/A			1,956			N/A
Distributions reinvested		N/A			N/A			11			N/A
Redeemed		N/A			N/A			—			N/A
Net increase in shares outstanding		N/A			N/A			1,967			N/A
Z Class
Sold		N/A			N/A			4,243,434			N/A
Redeemed		N/A			N/A			(446,564	)		N/A
Net increase in shares outstanding		N/A			N/A			3,796,870			N/A

* Commenced operations on January 29, 2008.

June 30, 2009 96 See Notes to Financial Statements

Statements of Changes in Net Assets

	ACCESSOR FRONTIER MARKETS			ACCESSOR HIGH YIELD BOND
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)(a)			PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008
OPERATIONS:
Net investment income	$	8,667		$	4,011,156		$	5,422,676
Net realized loss on investments		(177,926	)		(2,247,644	)		(12,953,473	)
Net realized loss on foreign currency transactions		(1,302	)		—			—
Net realized gain on swap contracts		2,369,849			—			—
Change in unrealized appreciation (depreciation) of investments and other assets and liabilities		2,386,541			11,771,383			(7,908,646	)
Change in unrealized depreciation on swap contracts		(136,378	)		—			—
Net increase (decrease) from operations		4,449,451			13,534,895			(15,439,443	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Institutional Class		—			(3,354,026	)		(5,231,439	)
Investor Class		—			(82,660	)		(71,005	)
C Class		—			(32,922	)		(69,204	)
A Class		—			(17,577	)		(74,635	)
Z Class		—			(391,162	)		—
From net realized gains on investments
Advisor Class		—			—			—
Investor Class		—			—			—
C Class		—			—			—
A Class		—			—			—
Z Class		—			—			—
Total distributions		—			(3,878,347	)		(5,446,283	)
SHARE TRANSACTIONS:
Institutional Class
Proceeds from sales of shares		27,240,407			41,609,361			21,486,546
Issued to shareholders in reinvestment of distributions		—			1,038,268			1,507,563
Cost of shares redeemed		(19,414,567	)		(36,385,746	)		(24,577,935	)
Net increase (decrease) from share transactions		7,825,840			6,261,883			(1,583,826	)
Investor Class
Proceeds from sales of shares		1,037,770			2,886,934			278,565
Issued to shareholders in reinvestment of distributions		—			68,433			48,638
Cost of shares redeemed		—			(774,397	)		(1,429,834	)
Net increase (decrease) from share transactions		1,037,770			2,180,970			(1,102,631	)
C Class
Proceeds from sales of shares		N/A			296,304			122,297
Issued to shareholders in reinvestment of distributions		N/A			15,288			29,957
Cost of shares redeemed		N/A			(252,399	)		(656,924	)
Net increase (decrease) from share transactions		N/A			59,193			(504,670	)
A Class
Proceeds from sales of shares		N/A			39,555			101,323
Issued to shareholders in reinvestment of distributions		N/A			4,771			8,176
Cost of shares redeemed		N/A			(2,123	)		(970,901	)
Net increase (decrease) from share transactions		N/A			42,203			(861,402	)

^(a) Commenced operations on December 31, 2008.

See Notes to Financial Statements 97 June 30, 2009

Statements of Changes in Net Assets

	ACCESSOR FRONTIER MARKETS			ACCESSOR HIGH YIELD BOND
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)(a)			PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008
Z Class
Proceeds from sales of shares	$	19,393,963		$	25,276,692		$	—
Cost of shares redeemed		(1,650,000	)		—			—
Net increase from share transactions		17,743,963			25,276,692			—
Total increase (decrease) from share transactions		26,607,573			33,820,941			(4,052,529	)
Net increase/(decrease) in net assets		31,057,024			43,477,489			(24,938,255	)
NET ASSETS:
Beginning of period		—			52,342,260			77,280,515
End of period (including undistributed (distributions in excess) net investment income (loss) of $8,667, $132,809 and $0 respectively)	$	31,057,024		$	95,819,749		$	52,342,260
Other Informations:
SHARE TRANSACTIONS:
Institutional Class
Sold		2,550,878			5,229,645			2,513,284
Distributions reinvested		—			128,424			172,700
Redeemed		(1,789,341	)		(4,441,162	)		(2,801,317	)
Net increase (decrease) in shares outstanding		761,537			916,907			(115,333	)
Investor Class
Sold		86,255			361,549			27,682
Distributions reinvested		—			8,352			5,150
Redeemed		—			(92,701	)		(144,804	)
Net increase (decrease) in shares outstanding		86,255			277,200			(111,972	)
C Class
Sold		—			36,926			13,895
Distributions reinvested		—			1,902			3,270
Redeemed		—			(30,500	)		(69,181	)
Net increase (decrease) in shares outstanding		—			8,328			(52,016	)
A Class
Sold		—			4,843			10,004
Distributions reinvested		—			592			896
Redeemed		—			(272	)		(101,351	)
Net increase (decrease) in shares outstanding		—			5,163			(90,451	)
Z Class
Sold		1,787,462			3,026,212			—
Redeemed		(127,223	)		—			—
Net increase in shares outstanding		1,660,239			3,026,212			—

^(a) Commenced operations on December 31, 2008.

June 30, 2009 98 See Notes to Financial Statements

Statements of Changes in Net Assets

	ACCESSOR INVESTMENT GRADE FIXED-INCOME						ACCESSOR MORTGAGE SECURITIES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008			PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008
OPERATIONS:
Net investment income	$	2,439,020		$	4,107,592		$	1,340,221		$	3,270,562
Net realized gain (loss) on investments and options contracts		(1,286,705	)		297,616			1,272,914			(925,961	)
Net realized gain on future contracts		205,481			—			—			—
Change in unrealized net appreciation (depreciation) of investments and options contracts		1,793,756			(6,989,480	)		459,532			(1,986,476	)
Change in unrealized appreciation (depreciation) on futures contracts		(68,427	)		—			(38,203	)		—
Net increase/(decrease) in net assets resulting from operations		3,083,125			(2,584,272	)		3,034,464			358,125
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Institutional Class		(1,447,329	)		(4,162,656	)		(908,848	)		(3,108,781	)
Investor Class		(26,172	)		(148,319	)		(13,355	)		(45,426	)
C Class		(16,513	)		(34,459	)		(8,085	)		(25,490	)
Z Class		(594,687	)		—			(191,758	)		—
From net realized gains on investments
Institutional Class		(198,391	)		—			—			—
Investor Class		(2,332	)		—			—			—
C Class		(1,978	)		—			—			—
Z Class		—			—			—			—
Total distributions		(2,287,402	)		(4,345,434	)		(1,122,046	)		(3,179,697	)
SHARE TRANSACTIONS:
Institutional Class
Proceeds from sales of shares		6,197,398			21,382,866			1,904,249			28,775,383
Issued to shareholders in reinvestment of distributions		484,419			1,585,253			316,478			1,159,290
Shares issued in connection with merger (Note 11)		36,540,066			—			—			—
Cost of shares redeemed		(84,807,880	)		(24,002,191	)		(48,173,273	)		(24,266,601	)
Net increase (decrease) from share transactions		(41,585,997	)		(1,034,072	)		(45,952,546	)		5,668,072
Investor Class
Proceeds from sales of shares		86,224			1,011,246			194,974			213,048
Issued to shareholders in reinvestment of distributions		20,528			125,112			11,552			29,362
Shares issued in connection with merger (Note 11)		147,495			—			—			—
Cost of shares redeemed		(807,184	)		(6,571,460	)		(503,302	)		(503,938	)
Net decrease from share transactions		(552,937	)		(5,435,102	)		(296,776	)		(261,528	)
C Class
Proceeds from sales of shares		70,474			136,833			33,022			142,477
Issued to shareholders in reinvestment of distributions		5,250			3,631			2,695			7,216
Shares issued in connection with merger (Note 11)		452,976			—			—			—
Cost of shares redeemed		(543,835	)		(329,208	)		(278,186	)		(353,045	)
Net decrease from share transactions		(15,135	)		(188,744	)		(242,469	)		(203,352	)

See Notes to Financial Statements 99 June 30, 2009

Statements of Changes in Net Assets

	ACCESSOR INVESTMENT GRADE FIXED-INCOME						ACCESSOR MORTGAGE SECURITIES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008			PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008
Z Class
Proceeds from sales of shares	$	69,424,566		$	—		$	35,326,619		$	—
Cost of shares redeemed		(4,333,411	)		—			—			—
Net increase from share transactions		65,091,155			—			35,326,619			—
Total increase (decrease) from share transactions		22,937,086			(6,657,918	)		(11,165,172	)		5,203,192
Net increase/(decrease) in net assets		23,732,809			(13,587,624	)		(9,252,754	)		2,381,620
NET ASSETS:
Beginning of period		65,760,125			79,347,749			66,996,812			64,615,192
End of period (including undistributed (distributions in excess) net investment income (loss) of $315,319, ($39,000), $218,175 and $0, respectively)	$	89,492,934		$	65,760,125		$	57,744,058		$	66,996,812
Other Informations:
SHARE TRANSACTIONS:
Institutional Class
Sold		637,935			2,070,213			155,949			2,293,338
Distributions reinvested		49,525			159,310			25,964			95,523
Shares issued in connection with merger (Note 11)		3,790,485			—			—			—
Redeemed		(8,752,850	)		(2,407,716	)		(3,941,540	)		(1,986,500	)
Net increase (decrease) in shares outstanding		(4,274,905	)		(178,193	)		(3,759,627	)		402,361
Investor Class
Sold		8,952			94,916			15,976			17,263
Distributions reinvested		2,102			12,134			948			2,412
Shares issued in connection with merger (Note 11)		15,309			—			—			—
Redeemed		(82,883	)		(633,457	)		(41,471	)		(41,801	)
Net decrease in shares outstanding		(56,520	)		(526,407	)		(24,547	)		(22,126	)
C Class
Sold		7,115			13,962			2,657			11,523
Distributions reinvested		541			362			221			591
Shares issued in connection with merger (Note 11)		46,984			—			—			—
Redeemed		(55,244	)		(33,150	)		(22,530	)		(29,229	)
Net decrease in shares outstanding		(604	)		(18,826	)		(19,652	)		(17,115	)
Z Class
Sold		7,189,417			—			2,874,130			—
Redeemed		(444,384	)		—			—			—
Net increase in shares outstanding		6,745,033			—			2,874,130			—

June 30, 2009 100 See Notes to Financial Statements

Statements of Changes in Net Assets

	ACCESSOR LIMITED DURATION U.S. GOVT.						ACCESSOR U.S. GOVERNMENT MONEY
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008			PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008
OPERATIONS:
Net investment income	$	651,085		$	2,127,058		$	2,871,416		$	29,149,191
Net realized gain (loss) on investments		234,091			462,896			(14,853	)		118,177
Change in unrealized net depreciation of investments		(189,485	)		(94,986	)		—			—
Net increase/(decrease) in net assets resulting from operations		695,691			2,494,968			2,856,563			29,267,368
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Limited Duration U.S. Government Fund		(655,685	)		(2,106,718	)		N/A			N/A
U.S. Government Money Fund
Institutional Class		N/A			N/A			(837,118	)		(15,638,986	)
Investor Class		N/A			N/A			(14,291	)		(184,820	)
C Class		N/A			N/A			(2,412	)		(21,517	)
A Class		N/A			N/A			(1,115	)		(18,172	)
Z Class		N/A			N/A			(2,016,477	)		(13,285,691	)
From net realized gains on investments
Limited Duration U.S. Government Fund		—			(202,154	)		N/A			N/A
Total distributions		(655,685	)		(2,308,872	)		(2,871,413	)		(29,149,186	)
SHARE TRANSACTIONS:
Limited Duration
Proceeds from sales of shares		4,840,498			20,011,045			N/A			N/A
Issued to shareholders in reinvestment of distributions		63,240			161,092			N/A			N/A
Cost of shares redeemed		(20,452,032	)		(28,412,140	)		N/A			N/A
Net decrease from share transactions		(15,548,294	)		(8,240,003	)		N/A			N/A
Institutional Class
Proceeds from sales of shares		N/A			N/A			579,598,012			939,586,306
Issued to shareholders in reinvestment of distributions		N/A			N/A			43,346			708,171
Cost of shares redeemed		N/A			N/A			(623,433,914	)		(1,892,044,845	)
Net decrease from share transactions		N/A			N/A			(43,792,556	)		(951,750,368	)
Investor Class
Proceeds from sales of shares		N/A			N/A			3,983,811			10,456,049
Issued to shareholders in reinvestment of distributions		N/A			N/A			13,630			175,804
Cost of shares redeemed		N/A			N/A			(6,706,792	)		(11,138,524	)
Net decrease from share transactions		N/A			N/A			(2,709,351	)		(506,671	)
C Class
Proceeds from sales of shares		N/A			N/A			957,772			3,684,586
Issued to shareholders in reinvestment of distributions		N/A			N/A			2,317			20,434
Cost of shares redeemed		N/A			N/A			(950,121	)		(3,275,310	)
Net increase from share transactions		N/A			N/A			9,968			429,710
A Class
Proceeds from sales of shares		N/A			N/A			663,601			1,583,430
Issued to shareholders in reinvestment of distributions		N/A			N/A			1,080			17,983
Cost of shares redeemed		N/A			N/A			(864,628	)		(2,263,596	)
Net decrease from share transactions		N/A			N/A			(199,947	)		(662,183	)

See Notes to Financial Statements 101 June 30, 2009

Statements of Changes in Net Assets

	ACCESSOR LIMITED DURATION U.S. GOVT.						ACCESSOR U.S. GOVERNMENT MONEY
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008			PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008
Z Class
Proceeds from sales of shares	$	N/A		$	N/A		$	734,669,811		$	2,300,347,644
Issued to shareholders in reinvestment of distributions		N/A			N/A			14,806			82,947
Cost of shares redeemed		N/A			N/A			(1,006,007,866	)		(1,621,457,478	)
Net increase (decrease) from share transactions		N/A			N/A			(271,323,249	)		678,973,113
Total decrease from share transactions		(15,548,294	)		(8,240,003	)		(318,015,135	)		(273,516,399	)
Net decrease in net assets		(15,508,288	)		(8,053,907	)		(318,029,985	)		(273,398,217	)
NET ASSETS:
Beginning of period		55,110,483			63,164,390			1,152,233,233			1,425,631,450
End of period (including undistributed (distributions in excess) net investment income (loss) of $(4,600), $0, $3 and $0 respectively)	$	39,602,195		$	55,110,483		$	834,203,248		$	1,152,233,233
Other Informations:
SHARE TRANSACTIONS:
Limited Duration
Sold		398,009			1,642,121			N/A			N/A
Distributions reinvested		5,199			13,253			N/A			N/A
Redeemed		(1,680,855	)		(2,334,057	)		N/A			N/A
Net decrease in shares outstanding		(1,277,647	)		(678,683	)		N/A			N/A
Institutional Class
Sold		N/A			N/A			579,598,011			939,586,306
Distributions reinvested		N/A			N/A			43,348			708,171
Redeemed		N/A			N/A			(623,433,913	)		(1,892,044,845	)
Net decrease in shares outstanding		N/A			N/A			(43,792,554	)		(951,750,368	)
Investor Class
Sold		N/A			N/A			3,983,811			10,456,049
Distributions reinvested		N/A			N/A			13,630			175,804
Redeemed		N/A			N/A			(6,706,792	)		(11,138,524	)
Net decrease in shares outstanding		N/A			N/A			(2,709,351	)		(506,671	)
C Class
Sold		N/A			N/A			957,772			3,684,586
Distributions reinvested		N/A			N/A			2,317			20,434
Redeemed		N/A			N/A			(950,121	)		(3,275,310	)
Net increase in shares outstanding		N/A			N/A			9,968			429,710
A Class
Sold		N/A			N/A			663,601			1,583,430
Distributions reinvested		N/A			N/A			1,080			17,983
Redeemed		N/A			N/A			(864,628	)		(2,263,596	)
Net decrease in shares outstanding		N/A			N/A			(199,947	)		(662,183	)
Z Class
Sold		N/A			N/A			734,669,811			2,300,347,644
Distributions reinvested		N/A			N/A			14,806			82,947
Redeemed		N/A			N/A			(1,006,007,866	)		(1,621,457,478	)
Net increase (decrease) in shares outstanding		N/A			N/A			(271,323,249	)		678,973,113

June 30, 2009 102 See Notes to Financial Statements

Statements of Changes in Net Assets

	ACCESSOR INCOME ALLOCATION						ACCESSOR INCOME & GROWTH ALLOCATION
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008			PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008
OPERATIONS:
Net investment income	$	457,956		$	906,575		$	667,640		$	1,369,827
Net realized gain (loss) on affiliated investments		27,045			(179,328	)		(132,361	)		162,528
Change in unrealized appreciation (depreciation) of investments and other assets and liabilities		725,364			(2,117,508	)		1,472,390			(10,194,986	)
Net increase/(decrease) in net assets resulting from operations		1,210,365			(1,390,261	)		2,007,669			(8,662,631	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Institutional Class		(325,698	)		(607,865	)		(487,798	)		(991,740	)
Investor Class		(43,082	)		(124,319	)		(56,904	)		(142,888	)
C Class		(62,179	)		(116,503	)		(81,582	)		(236,502	)
A Class		(28,795	)		(58,483	)		(49,022	)		(113,968	)
From net realized gains on investments
Advisor Class		—			—			—			(163,526	)
Investor Class		—			—			—			(25,450	)
C Class		—			—			—			(48,758	)
A Class		—			—			—			(20,150	)
Total distributions		(459,754	)		(907,170	)		(675,306	)		(1,742,982	)
SHARE TRANSACTIONS:
Institutional Class
Proceeds from sales of shares		4,699,916			11,502,129			10,749,730			17,020,892
Issued to shareholders in reinvestment of distributions		210,953			422,781			392,559			919,954
Cost of shares redeemed		(2,026,055	)		(11,672,186	)		(5,416,490	)		(11,456,011	)
Net increase from share transactions		2,884,814			252,724			5,725,799			6,484,835
Investor Class
Proceeds from sales of shares		218,065			910,491			374,973			1,208,215
Issued to shareholders in reinvestment of distributions		42,433			123,024			56,904			168,058
Cost of shares redeemed		(921,284	)		(1,735,823	)		(379,270	)		(1,839,267	)
Net increase (decrease) from share transactions		(660,786	)		(702,308	)		52,607			(462,994	)
C Class
Proceeds from sales of shares		868,096			1,421,956			378,115			1,853,991
Issued to shareholders in reinvestment of distributions		56,606			99,258			79,691			276,624
Cost of shares redeemed		(710,364	)		(1,585,618	)		(1,145,579	)		(4,309,294	)
Net increase (decrease) from share transactions		214,338			(64,404	)		(687,773	)		(2,178,679	)
A Class
Proceeds from sales of shares		270,988			1,415,713			771,325			1,568,475
Issued to shareholders in reinvestment of distributions		20,791			44,604			46,898			123,290
Cost of shares redeemed		(172,295	)		(1,003,229	)		(431,812	)		(1,533,085	)
Net increase (decrease) from share transactions		119,484			457,088			386,411			158,680
Total increase (decrease) from share transactions		2,557,850			(56,900	)		5,477,044			4,001,842
Net increase/(decrease) in net assets		3,308,461			(2,354,331	)		6,809,407			(6,403,771	)

See Notes to Financial Statements 103 June 30, 2009

Statements of Changes in Net Assets

	ACCESSOR INCOME ALLOCATION						ACCESSOR INCOME & GROWTH ALLOCATION
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008			PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008
NET ASSETS:
Beginning of period	$	15,970,043		$	18,324,374		$	37,162,468		$	43,566,239
End of period (including undistributed (distributions in excess) net investment income (loss) of $(1,151), $647, $(1,857) and $5,809 respectively)	$	19,278,504		$	15,970,043		$	43,971,875		$	37,162,468
Other Informations:
SHARE TRANSACTIONS:
Institutional Class
Sold		363,448			825,813			848,982			1,162,207
Distributions reinvested		16,292			31,324			31,468			64,784
Redeemed		(157,907	)		(847,549	)		(441,975	)		(791,580	)
Net increase in shares outstanding		221,833			9,588			438,475			435,411
Investor Class
Sold		16,849			65,321			30,288			81,358
Distributions reinvested		3,287			9,093			4,572			11,775
Redeemed		(71,025	)		(127,521	)		(31,265	)		(125,499	)
Net increase (decrease) in shares outstanding		(50,889	)		(53,107	)		3,595			(32,366	)
C Class
Sold		67,985			104,206			30,997			129,373
Distributions reinvested		4,387			7,383			6,432			19,407
Redeemed		(55,304	)		(116,722	)		(95,809	)		(298,354	)
Net increase (decrease) in shares outstanding		17,068			(5,133	)		(58,380	)		(149,574	)
A Class
Sold		20,996			99,957			62,264			106,546
Distributions reinvested		1,607			3,304			3,768			8,643
Redeemed		(13,363	)		(72,894	)		(36,131	)		(109,205	)
Net increase in shares outstanding		9,240			30,367			29,901			5,984

June 30, 2009 104 See Notes to Financial Statements

Statements of Changes in Net Assets

	ACCESSOR BALANCED ALLOCATION						ACCESSOR GROWTH & INCOME ALLOCATION
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008			PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008
OPERATIONS:
Net investment income	$	1,358,224		$	2,897,470		$	1,059,224		$	2,612,805
Net realized gain (loss) on investments		(381,474	)		215,375			(1,549,373	)		67,343
Change in unrealized appreciation (depreciation) of investments and other assets and liabilities		4,034,572			(36,542,158	)		4,733,803			(50,151,599	)
Net increase/(decrease) in net assets resulting from operations		5,011,322			(33,429,313	)		4,243,654			(47,471,451	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Institutional Class		(868,784	)		(1,956,961	)		(507,479	)		(1,531,848	)
Investor Class		(122,115	)		(328,262	)		(116,163	)		(323,841	)
C Class		(117,862	)		(376,736	)		(241,407	)		(776,785	)
A Class		(253,352	)		(687,198	)		(200,329	)		(639,527	)
From net realized gains on investments
Advisor Class		—			(593,212	)		—			(879,131	)
Investor Class		—			(110,694	)		—			(235,171	)
C Class		—			(159,020	)		—			(721,388	)
A Class		—			(221,543	)		—			(436,783	)
Total distributions		(1,362,113	)		(4,433,626	)		(1,065,378	)		(5,544,474	)
SHARE TRANSACTIONS:
Institutional Class
Proceeds from sales of shares		20,912,705			25,145,480			7,904,998			17,855,906
Issued to shareholders in reinvestment of distributions		657,130			2,089,256			426,541			2,118,731
Cost of shares redeemed		(9,240,780	)		(17,608,499	)		(6,741,080	)		(26,000,460	)
Net increase (decrease) from share transactions		12,329,055			9,626,237			1,590,459			(6,025,823	)
Investor Class
Proceeds from sales of shares		905,906			3,669,629			766,174			3,514,790
Issued to shareholders in reinvestment of distributions		121,934			438,192			116,163			559,029
Cost of shares redeemed		(2,142,124	)		(5,039,210	)		(866,167	)		(3,835,236	)
Net increase (decrease) from share transactions		(1,114,284	)		(931,389	)		16,170			238,583
C Class
Proceeds from sales of shares		383,766			3,582,243			1,394,789			7,544,249
Issued to shareholders in reinvestment of distributions		113,276			516,384			231,579			1,430,978
Cost of shares redeemed		(1,890,239	)		(6,583,756	)		(3,919,130	)		(16,140,217	)
Net decrease from share transactions		(1,393,197	)		(2,485,129	)		(2,292,762	)		(7,164,990	)
A Class
Proceeds from sales of shares		1,694,940			4,566,540			828,650			4,947,755
Issued to shareholders in reinvestment of distributions		242,194			873,430			191,262			1,027,547
Cost of shares redeemed		(2,345,954	)		(7,752,377	)		(3,983,692	)		(5,885,890	)
Net increase (decrease) from share transactions		(408,820	)		(2,312,407	)		(2,963,780	)		89,412
Total increase (decrease) from share transactions		9,412,754			3,897,312			(3,649,913	)		(12,862,818	)
Net increase/(decrease) in net assets		13,061,963			(33,965,627	)		(471,637	)		(65,878,743	)

See Notes to Financial Statements 105 June 30, 2009

Statements of Changes in Net Assets

	ACCESSOR BALANCED ALLOCATION						ACCESSOR GROWTH & INCOME ALLOCATION
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008			PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008
NET ASSETS:
Beginning of period	$	95,399,698		$	129,365,325		$	103,573,548		$	169,452,291
End of period (including undistributed (distributions in excess) net investment income (loss) of $(3,889), $0, $(6,152) and $2 respectively)	$	108,461,661		$	95,399,698		$	103,101,911		$	103,573,548
Other Informations:
SHARE TRANSACTIONS:
Institutional Class
Sold		1,694,752			1,623,393			669,424			1,124,123
Distributions reinvested		53,877			143,874			36,446			147,927
Redeemed		(768,765	)		(1,193,637	)		(605,178	)		(1,700,702	)
Net increase (decrease) in shares outstanding		979,864			573,630			100,692			(428,652	)
Investor Class
Sold		74,547			244,623			65,716			230,473
Distributions reinvested		10,033			30,220			9,961			39,333
Redeemed		(175,502	)		(334,057	)		(75,612	)		(256,949	)
Net increase (decrease) in shares outstanding		(90,922	)		(59,214	)		65			12,857
C Class
Sold		31,771			226,328			122,115			503,027
Distributions reinvested		9,333			35,576			19,968			100,802
Redeemed		(160,788	)		(455,595	)		(350,159	)		(1,089,427	)
Net decrease in shares outstanding		(119,684	)		(193,691	)		(208,076	)		(485,598	)
A Class
Sold		141,112			298,017			72,214			322,504
Distributions reinvested		19,905			59,999			16,445			72,200
Redeemed		(196,678	)		(514,430	)		(343,407	)		(402,414	)
Net decrease in shares outstanding		(35,661	)		(156,414	)		(254,748	)		(7,710	)

June 30, 2009 106 See Notes to Financial Statements

Statements of Changes in Net Assets

	ACCESSOR GROWTH ALLOCATION						ACCESSOR AGGRESSIVE GROWTH ALLOCATION
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008			PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008
OPERATIONS:
Net investment income	$	625,632		$	1,239,747		$	105,760		$	112,207
Net realized gain (loss) on investments		(729,906	)		803,477			(386,611	)		517,308
Change in unrealized appreciation (depreciation) of investments and other assets and liabilities		3,972,003			(57,329,670	)		1,774,319			(32,914,014	)
Net increase/(decrease) in net assets resulting from operations		3,867,729			(55,286,446	)		1,493,468			(32,284,499	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Institutional Class		(342,593	)		(1,056,535	)		(87,203	)		(362,213	)
Investor Class		(73,112	)		(248,820	)		(9,254	)		(69,595	)
C Class		(99,925	)		(351,589	)		—			(46,236	)
A Class		(115,710	)		(394,213	)		(14,131	)		(83,421	)
From net realized gains on investments
Advisor Class		—			(1,187,230	)		—			(847,654	)
Investor Class		—			(369,156	)		—			(224,946	)
C Class		—			(803,344	)		—			(203,766	)
A Class		—			(536,548	)		—			(259,266	)
Total distributions		(631,340	)		(4,947,435	)		(110,588	)		(2,097,097	)
SHARE TRANSACTIONS:
Institutional Class
Proceeds from sales of shares		6,696,015			12,099,617			5,014,408			8,332,013
Issued to shareholders in reinvestment of distributions		289,806			2,019,337			76,384			1,100,051
Cost of shares redeemed		(4,970,733	)		(14,635,659	)		(2,848,676	)		(9,089,184	)
Net increase (decrease) from share transactions		2,015,088			(516,705	)		2,242,116			342,880
Investor Class
Proceeds from sales of shares		918,610			5,426,611			816,735			2,619,890
Issued to shareholders in reinvestment of distributions		72,330			611,999			9,215			293,446
Cost of shares redeemed		(2,150,800	)		(4,635,190	)		(460,645	)		(3,685,000	)
Net increase (decrease) from share transactions		(1,159,860	)		1,403,420			365,305			(771,664	)
C Class
Proceeds from sales of shares		1,804,760			5,886,276			449,039			1,758,195
Issued to shareholders in reinvestment of distributions		97,622			1,123,236			—			248,084
Cost of shares redeemed		(2,420,090	)		(9,059,099	)		(557,804	)		(1,739,378	)
Net increase (decrease) from share transactions		(517,708	)		(2,049,587	)		(108,765	)		266,901
A Class
Proceeds from sales of shares		989,868			4,294,091			485,131			2,063,788
Issued to shareholders in reinvestment of distributions		108,074			869,366			12,537			302,759
Cost of shares redeemed		(1,809,100	)		(5,692,197	)		(512,939	)		(1,986,423	)
Net increase (decrease) from share transactions		(711,158	)		(528,740	)		(15,271	)		380,124
Total increase (decrease) from share transactions		(373,638	)		(1,691,612	)		2,483,385			218,241
Net increase/(decrease) in net assets		2,862,751			(61,925,493	)		3,866,265			(34,163,355	)

See Notes to Financial Statements 107 June 30, 2009

Statements of Changes in Net Assets

	ACCESSOR GROWTH ALLOCATION						ACCESSOR AGGRESSIVE GROWTH ALLOCATION
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008			PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			YEAR ENDED DEC. 31, 2008
NET ASSETS:
Beginning of period	$	96,429,116		$	158,354,609		$	45,863,535		$	80,026,890
End of period (including undistributed (distributions in excess) net investment income (loss) of $(5,706), $2, $(2,385) and $2,443 respectively)	$	99,291,867		$	96,429,116		$	49,729,800		$	45,863,535
Other Informations:
SHARE TRANSACTIONS:
Institutional Class
Sold		604,123			781,609			468,280			519,563
Distributions reinvested		25,825			138,103			7,203			72,991
Redeemed		(451,495	)		(988,660	)		(282,004	)		(587,772	)
Net increase (decrease) in shares outstanding		178,453			(68,948	)		193,479			4,782
Investor Class
Sold		83,436			342,734			80,099			172,607
Distributions reinvested		6,504			42,073			908			19,844
Redeemed		(189,982	)		(302,794	)		(46,871	)		(236,937	)
Net increase (decrease) in shares outstanding		(100,042	)		82,013			34,136			(44,486	)
C Class
Sold		164,118			381,050			45,114			113,944
Distributions reinvested		8,861			77,801			—			16,884
Redeemed		(221,093	)		(597,610	)		(56,503	)		(117,198	)
Net increase (decrease) in shares outstanding		(48,114	)		(138,759	)		(11,389	)		13,630
A Class
Sold		89,794			265,739			47,204			126,978
Distributions reinvested		9,674			59,650			1,206			20,185
Redeemed		(164,877	)		(375,972	)		(48,372	)		(129,074	)
Net increase (decrease) in shares outstanding		(65,409	)		(50,583	)		38			18,089

June 30, 2009 108 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth Fund

	INSTITUTIONAL CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	18.01		$	27.48		$	26.03		$	24.49		$	23.08		$	20.77
Net investment income (loss)1		0.05			0.06			0.08			0.07			0.05			0.13
Net realized and unrealized gain (loss) on investments1		0.76			(9.46	)		1.44			1.54			1.43			2.26
Total from investment operations		0.81			(9.40	)		1.52			1.61			1.48			2.39
Distributions from net investment income		(0.07	)		(0.07	)		(0.07	)		(0.07	)		(0.07	)		(0.08	)
Total Distributions		(0.07	)		(0.07	)		(0.07	)		(0.07	)		(0.07	)		(0.08	)
REDEMPTION FEES		—			0.00	3		0.00	3		0.00	3		0.00	3		0.00	3
NET ASSET VALUE, END OF PERIOD	$	18.75		$	18.01		$	27.48		$	26.03		$	24.49		$	23.08
TOTAL RETURN2		4.51	%		(34.24	)%		5.86	%		6.56	%		6.44	%		11.52	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	21,036		$	80,617		$	161,713		$	178,084		$	133,132		$	113,110
RATIO OF EXPENSES TO AVERAGE NET ASSETS4		1.07	%*		1.02	%		1.12	%		1.20	%		1.22	%		0.91	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		0.60	%*		0.26	%		0.30	%		0.29	%		0.21	%		0.60	%
PORTFOLIO TURNOVER RATE		43.57	%		166.14	%		190.94	%		130.94	%		97.70	%		141.00	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Less than $0.005 per share.

⁴ The effect of any custody credits on this ratio is less than 0.01%.

* Annualized

See Notes to Financial Statements 109 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth Fund

	INVESTOR CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	17.58		$	26.87		$	25.49		$	24.00		$	22.65		$	20.42
Net investment income (loss)1		0.02			0.06			(0.01	)		0.02			(0.03	)		0.01
Net realized and unrealized gain (loss) on investments1		0.73			(9.19	)		1.41			1.51			1.41			2.23
Total from investment operations		0.75			(9.13	)		1.40			1.53			1.38			2.24
Distributions from net investment income		(0.03	)		(0.16	)		(0.02	)		(0.04	)		(0.03	)		(0.01	)
Total Distributions		(0.03	)		(0.16	)		(0.02	)		(0.04	)		(0.03	)		(0.01	)
REDEMPTION FEES		—			—			—			0.00	3		0.00	3		0.00	3
NET ASSET VALUE, END OF PERIOD	$	18.30		$	17.58		$	26.87		$	25.49		$	24.00		$	22.65
TOTAL RETURN2		4.26	%		(33.96	)%		5.49	%		6.36	%		6.11	%		10.96	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	551		$	812		$	2,037		$	2,293		$	2,682		$	2,687
RATIO OF EXPENSES TO AVERAGE NET ASSETS4		1.52	%*		1.00	%		1.47	%		1.39	%		1.54	%		1.37	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		0.29	%*		0.26	%		(0.05	)%		0.06	%		(0.13	)%		0.05	%
PORTFOLIO TURNOVER RATE		43.57	%		166.14	%		190.94	%		130.94	%		97.70	%		141.00	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Less than $0.005 per share.

⁴ The effect of any custody credits on this ratio is less than 0.01%.

* Annualized

June 30, 2009 110 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth Fund

		C CLASS SHARES
		PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
	��				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD		$	17.32		$	26.61		$	25.39		$	24.07		$	22.83		$	20.68
Net investment income (loss)1			(0.01	)		(0.19	)		(0.18	)		(0.17	)		(0.18	)		(0.07	)
Net realized and unrealized gain (loss) on investments1			0.71			(9.10	)		1.40			1.49			1.42			2.22
Total from investment operations			0.70			(9.29	)		1.22			1.32			1.24			2.15
Distributions from net investment income			—			—			—			—			—			—
Total Distributions			—			—			—			—			—			—
REDEMPTION FEES			—			—			—			0.00	3		0.00	3		0.00	3
NET ASSET VALUE, END OF PERIOD		$	18.02		$	17.32		$	26.61		$	25.39		$	24.07		$	22.83
TOTAL RETURN2			4.04	%		(34.91	)%		4.81	%		5.48	%		5.43	%		10.40	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)		$	494		$	866		$	5,470		$	5,269		$	4,095		$	3,327
RATIO OF EXPENSES TO AVERAGE NET ASSETS4			2.03	%*		2.00	%		2.10	%		2.20	%		2.22	%		1.92	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS			(0.16	)%*		(0.81	)%		(0.70	)%		(0.71	)%		(0.80	)%		(0.35	)%
PORTFOLIO TURNOVER RATE			43.57	%		166.14	%		190.94	%		130.94	%		97.70	%		141.00	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Less than $0.005 per share.

⁴ The effect of any custody credits on this ratio is less than 0.01%.

* Annualized

See Notes to Financial Statements 111 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth Fund

	A CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	17.86		$	27.30		$	25.89		$	24.40		$	23.02		$	20.75
Net investment income (loss)1		0.04			(0.02	)		(0.01	)		(0.01	)		(0.03	)		0.17
Net realized and unrealized gain (loss) on investments1		0.73			(9.40	)		1.43			1.52			1.44			2.13
Total from investment operations		0.77			(9.42	)		1.42			1.51			1.41			2.30
Distributions from net investment income		(0.04	)		(0.02	)		(0.01	)		(0.02	)		(0.03	)		(0.03	)
Total Distributions		(0.04	)		(0.02	)		(0.01	)		(0.02	)		(0.03	)		(0.03	)
REDEMPTION FEES		—			—			—			0.00	3		0.00	3		0.00	3
NET ASSET VALUE, END OF PERIOD	$	18.59		$	17.86		$	27.30		$	25.89		$	24.40		$	23.02
TOTAL RETURN2,4		4.34	%		(34.49	)%		5.50	%		6.20	%		6.13	%		11.10	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	459		$	524		$	780		$	779		$	746		$	175
RATIO OF EXPENSES TO AVERAGE NET ASSETS5		1.37	%*		1.38	%		1.46	%		1.55	%		1.62	%		1.30	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		0.44	%*		(0.09	)%		(0.04	)%		(0.05	)%		(0.11	)%		(0.77	)%
PORTFOLIO TURNOVER RATE		43.57	%		166.14	%		190.94	%		130.94	%		97.70	%		141.00	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Less than $0.005 per share.

⁴ A Class total return does not include the one-time front-end sales charge.

⁵ The effect of any custody credits on this ratio is less than 0.01%.

* Annualized

June 30, 2009 112 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the period presented

Accessor Growth Fund

	Z CLASS SHARES
	PERIOD ENDED JUNE 30, 20094 (UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD	$	18.35
Net investment income (loss)1		0.04
Net realized and unrealized gain (loss) on investments1		0.39
Total from investment operations		0.43
Distributions from net investment income		(0.04	)
Total Distributions		(0.04	)
REDEMPTION FEES		—
NET ASSET VALUE, END OF PERIOD	$	18.74
TOTAL RETURN2		2.35	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	53,233
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		0.91	%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		1.41	%*
PORTFOLIO TURNOVER RATE		43.57	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

⁴ Commenced operations on May 5, 2009.

* Annualized

See Notes to Financial Statements 113 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Value Fund

	INSTITUTIONAL CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	14.21		$	23.85		$	23.94		$	20.86		$	19.93		$	17.58
Net investment income (loss)1		0.16			0.36			0.26			0.31			0.27			0.23
Net realized and unrealized gain (loss) on investments1		(0.85	)		(9.64	)		0.55			3.09			0.93			2.33
Total from investment operations		(0.69	)		(9.28	)		0.81			3.40			1.20			2.56
Distributions from net investment income		(0.15	)		(0.36	)		(0.24	)		(0.32	)		(0.27	)		(0.21	)
Distributions from capital gains		—			—			(0.66	)		—			—			—
Total Distributions		(0.15	)		(0.36	)		(0.90	)		(0.32	)		(0.27	)		(0.21	)
REDEMPTION FEES		—			0.00	3		0.00	3		0.00	3		—			0.00	3
NET ASSET VALUE, END OF PERIOD	$	13.37		$	14.21		$	23.85		$	23.94		$	20.86		$	19.93
TOTAL RETURN2		(4.76	)%		(39.18	)%		3.32	%		16.42	%		6.09	%		14.67	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	18,259		$	78,171		$	141,422		$	127,895		$	109,228		$	94,222
RATIO OF EXPENSES TO AVERAGE NET ASSETS4		1.08	%*		1.01	%		0.97	%		0.99	%		1.00	%		0.84	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS4		1.08	%*		1.01	%		0.97	%		0.99	%		0.85	%		0.84	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		2.55	%*		1.87	%		1.04	%		1.40	%		1.36	%		1.27	%
PORTFOLIO TURNOVER RATE		67.40	%		144.57	%		158.41	%		64.20	%		70.01	%		88.83	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Less than 0.005 per share

⁴ The effect of any custody credits on this ratio is less than 0.01%.

* Annualized

June 30, 2009 114 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Value Fund

	INVESTOR CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	14.23		$	23.87		$	23.97		$	20.88		$	19.95		$	17.57
Net investment income (loss)1		0.13			0.26			0.13			0.20			0.21			0.14
Net realized and unrealized gain (loss) on investments1		(0.85	)		(9.64	)		0.55			3.10			0.93			2.34
Total from investment operations		(0.72	)		(9.38	)		0.68			3.30			1.14			2.48
Distributions from net investment income		(0.12	)		(0.26	)		(0.12	)		(0.21	)		(0.21	)		(0.10	)
Distributions from capital gains		—			—			(0.66	)		—			—			—
Total Distributions		(0.12	)		(0.26	)		(0.78	)		(0.21	)		(0.21	)		(0.10	)
REDEMPTION FEES		—			—			—			0.00	3		—			0.00
NET ASSET VALUE, END OF PERIOD	$	13.39		$	14.23		$	23.87		$	23.97		$	20.88		$	19.95
TOTAL RETURN2		(4.97	)%		(39.49	)%		2.76	%		15.88	%		5.78	%		14.13	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	582		$	795		$	2,053		$	2,207		$	2,448		$	2,372
RATIO OF EXPENSES TO AVERAGE NET ASSETS4		1.54	%*		1.50	%		1.47	%		1.47	%		1.29	%		1.30	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS4		1.54	%*		1.50	%		1.47	%		1.47	%		1.14	%		1.30	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		2.00	%*		1.32	%		0.53	%		0.91	%		1.06	%		0.78	%
PORTFOLIO TURNOVER RATE		67.40	%		144.57	%		158.41	%		64.20	%		70.01	%		88.83	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Less than 0.005 per share

⁴ The effect of any custody credits on this ratio is less than 0.01%.

* Annualized

See Notes to Financial Statements 115 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Value Fund

	C CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	14.19		$	23.79		$	23.92		$	20.84		$	19.92		$	17.57
Net investment income (loss)1		0.10			0.15			0.01			0.09			0.07			0.05
Net realized and unrealized gain (loss) on investments1		(0.84	)		(9.59	)		0.54			3.09			0.93			2.33
Total from investment operations		(0.74	)		(9.44	)		0.55			3.18			1.00			2.38
Distributions from net investment income		(0.08	)		(0.16	)		(0.02	)		(0.10	)		(0.08	)		(0.03	)
Distributions from capital gains		—			—			(0.66	)		—			—			—
Total Distributions		(0.08	)		(0.16	)		(0.68	)		(0.10	)		(0.08	)		(0.03	)
REDEMPTION FEES		—			—			—			—			—			—
NET ASSET VALUE, END OF PERIOD	$	13.37		$	14.19		$	23.79		$	23.92		$	20.84		$	19.92
TOTAL RETURN2		(5.21	)%		(39.79	)%		2.23	%		15.31	%		5.02	%		13.56	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	239		$	581		$	4,162		$	3,831		$	3,314		$	3,020
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		2.04	%*		1.99	%		1.97	%		1.99	%		2.00	%		1.84	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS3		2.04	%*		1.99	%		1.97	%		1.99	%		1.85	%		1.84	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		1.58	%*		0.75	%		0.03	%		0.40	%		0.36	%		0.26	%
PORTFOLIO TURNOVER RATE		67.40	%		144.57	%		158.41	%		64.20	%		70.01	%		88.83	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

* Annualized

June 30, 2009 116 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Value Fund

	A CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	14.21		$	23.84		$	23.95		$	20.84		$	19.91		$	17.57
Net investment income (loss)1		0.13			0.29			0.18			0.25			0.20			0.20
Net realized and unrealized gain (loss) on investments1		(0.83	)		(9.63	)		0.53			3.10			0.93			2.29
Total from investment operations		(0.70	)		(9.34	)		0.71			3.35			1.13			2.49
Distributions from net investment income		(0.14	)		(0.29	)		(0.16	)		(0.24	)		(0.20	)		(0.15	)
Distributions from capital gains		—			—			(0.66	)		—			—			—
Total Distributions		(0.14	)		(0.29	)		(0.82	)		(0.24	)		(0.20	)		(0.15	)
REDEMPTION FEES		—			—			—			0.00	3		—			0.00	3
NET ASSET VALUE, END OF PERIOD	$	13.37		$	14.21		$	23.84		$	23.95		$	20.84		$	19.91
TOTAL RETURN2,4		(4.90	)%		(39.38	)%		3.07	%		16.00	%		5.72	%		14.24	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	84		$	91		$	256		$	160		$	1,096		$	1,075
RATIO OF EXPENSES TO AVERAGE NET ASSETS5		1.38	%*		1.35	%		1.25	%		1.35	%		1.34	%		1.18	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS5		1.38	%*		1.35	%		1.25	%		1.35	%		1.19	%		1.18	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		2.12	%*		1.48	%		0.70	%		1.05	%		1.00	%		1.00	%
PORTFOLIO TURNOVER RATE		67.40	%		144.57	%		158.41	%		64.20	%		70.01	%		88.83	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Less than 0.005 per share

⁴ A Class total return does not include the one-time front-end sales charge.

⁵ The effect of any custody credits on this ratio is less than 0.01%.

* Annualized

See Notes to Financial Statements 117 June 30, 2009

Financial Highlights

For a share outstanding throughout the period presented

Accessor Value Fund

	Z CLASS SHARES
	PERIOD ENDED JUNE 30, 20094 (UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD	$	13.28
Net investment income (loss)1		0.04
Net realized and unrealized gain (loss) on investments1		0.11
Total from investment operations		0.15
Distributions from net investment income		(0.07	)
Total Distributions		(0.07	)
REDEMPTION FEES		—
NET ASSET VALUE, END OF PERIOD	$	13.36
TOTAL RETURN2		1.11	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	53,026
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		0.93	%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS3		0.93	%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		2.06	%*
PORTFOLIO TURNOVER RATE		67.40	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

⁴ Commenced operations on May 5, 2009.

* Annualized

June 30, 2009 118 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Small to Mid Cap Fund

	INSTITUTIONAL CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	18.42		$	31.02		$	32.06		$	28.20		$	24.96		$	21.00
Net investment income (loss)1		0.05			0.03			0.05			0.05			0.03			(0.02	)
Net realized and unrealized gain (loss) on investments1		0.86			(12.50	)		(0.97	)		3.83			3.21			3.98
Total from investment operations		0.91			(12.47	)		(0.92	)		3.88			3.24			3.96
Distributions from net investment income		(0.08	)		—			(0.07	)		(0.02	)		—			0.00	3
Distributions from capital gains		—			(0.13	)		(0.05	)		—			—			—
Total Distributions		(0.08	)		(0.13	)		(0.12	)		(0.02	)		—			0.00	3
REDEMPTION FEES		—			0.00	3		0.00	3		0.00	3		0.00	3		0.00	3
NET ASSET VALUE, END OF PERIOD	$	19.25		$	18.42		$	31.02		$	32.06		$	28.20		$	24.96
TOTAL RETURN2		4.97	%		(40.33	)%		(2.89	)%		13.75	%		12.98	%		18.86	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	100,180		$	138,263		$	291,934		$	288,277		$	155,235		$	163,878
RATIO OF EXPENSES (INCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS4,5		1.32	%*		1.52	%		1.26	%		1.22	%		1.26	%		1.20	%
RATIO OF EXPENSES (EXCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS4,5		1.32	%*		1.34	%		1.20	%		1.22	%		1.26	%		1.20	%
RATIO OF NET INVESTMENT INCOME (LOSS) (INCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS4,5		0.57	%*		0.10	%		0.15	%		0.18	%		0.13	%		(0.09	)%
RATIO OF NET INVESTMENT INCOME (LOSS) (EXCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS4,5		0.57	%*		0.28	%		0.21	%		0.18	%		0.13	%		(0.09	)%
PORTFOLIO TURNOVER RATE		43.55	%		139.69	%		57.25	%		37.24	%		41.64	%		46.31	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Less than $0.005 per share.

⁴ The effect of any custody credits on this ratio is less than 0.01%.

⁵ Dividend expense totaled 0.00%, 0.18%, 0.06%, 0.00%, 0.00% and 0.00%, respectively, of average net assets for the six month period ended June 30, 2009 and the years ended December 31, 2008, 2007, 2006, 2005 and 2004, respectively.

* Annualized

See Notes to Financial Statements 119 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Small to Mid Cap Fund

	INVESTOR CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	17.58		$	29.76		$	30.84		$	27.24		$	24.20		$	20.46
Net investment income (loss)1		0.01			(0.11	)		(0.10	)		(0.08	)		(0.06	)		(0.12	)
Net realized and unrealized gain (loss) on investments1		0.82			(11.94	)		(0.93	)		3.68			3.10			3.86
Total from investment operations		0.83			(12.05	)		(1.03	)		3.60			3.04			3.74
Distributions from net investment income		(0.04	)		—			—			—			—			—
Distributions from capital gains		—			(0.13	)		(0.05	)		—			—			—
Total Distributions		(0.04	)		(0.13	)		(0.05	)		—			—			—
REDEMPTION FEES		—			—			(0.00	)3		0.00	3		0.00	3		0.00	3
NET ASSET VALUE, END OF PERIOD	$	18.37		$	17.58		$	29.76		$	30.84		$	27.24		$	24.20
TOTAL RETURN2		4.74	%		(40.63	)%		(3.35	)%		13.22	%		12.56	%		18.28	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	1,283		$	1,744		$	4,719		$	4,396		$	4,028		$	3,414
RATIO OF EXPENSES (INCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS4,5		1.79	%*		2.02	%		1.74	%		1.68	%		1.64	%		1.67	%
RATIO OF EXPENSES (EXCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS4,5		1.79	%*		1.84	%		1.68	%		1.68	%		1.64	%		1.67	%
RATIO OF NET INVESTMENT INCOME (LOSS) (INCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS4,5		0.09	%*		(0.44	)%		(0.33	)%		(0.29	)%		(0.24	)%		(0.56	)%
RATIO OF NET INVESTMENT INCOME (LOSS) (EXCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS4,5		0.09	%*		(0.26	)%		(0.27	)%		(0.29	)%		(0.24	)%		(0.56	)%
PORTFOLIO TURNOVER RATE		43.55	%		139.69	%		57.25	%		37.24	%		41.64	%		46.31	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Less than $0.005 per share.

⁴ The effect of any custody credits on this ratio is less than 0.01%.

⁵ Dividend expense totaled 0.00%, 0.18%, 0.06%, 0.00%, 0.00% and 0.00%, respectively, of average net assets for the six month period ended June 30, 2009 and the years ended December 31, 2008, 2007, 2006, 2005 and 2004, respectively.

* Annualized

June 30, 2009 120 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Small to Mid Cap Fund

	C CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	17.42		$	29.65		$	30.88		$	27.43		$	24.52		$	20.84
Net investment income (loss)1		(0.03	)		(0.25	)		(0.27	)		(0.24	)		(0.21	)		(0.23	)
Net realized and unrealized gain (loss) on investments1		0.81			(11.85	)		(0.91	)		3.69			3.12			3.91
Total from investment operations		0.78			(12.10	)		(1.18	)		3.45			2.91			3.68
Distributions from net investment income		(0.01	)		—			—			—			—			—
Distributions from capital gains		—			(0.13	)		(0.05	)		—			—			—
Total Distributions		(0.01	)		(0.13	)		(0.05	)		—			—			—
REDEMPTION FEES		—			—			—			(0.00	)3		(0.00	)3		(0.00	)3
NET ASSET VALUE, END OF PERIOD	$	18.19		$	17.42		$	29.65		$	30.88		$	27.43		$	24.52
TOTAL RETURN2		4.49	%		(40.95	)%		(3.83	)%		12.58	%		11.87	%		17.66	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	532		$	699		$	3,250		$	3,272		$	2,617		$	2,439
RATIO OF EXPENSES (INCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS4,5		2.29	%*		2.53	%		2.26	%		2.22	%		2.27	%		2.20	%
RATIO OF EXPENSES (EXCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS4,5		2.29	%*		2.53	%		2.20	%		2.22	%		2.27	%		2.20	%
RATIO OF NET INVESTMENT INCOME (LOSS) (INCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS4,5		(0.41	)%*		(0.97	)%		(0.85	)%		(0.82	)%		(0.84	)%		(1.09	)%
RATIO OF NET INVESTMENT INCOME (LOSS) (EXCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS4,5		(0.41	)%*		(0.79	)%		(0.79	)%		(0.82	)%		(0.84	)%		(1.09	)%
PORTFOLIO TURNOVER RATE		43.55	%		139.69	%		57.25	%		37.24	%		41.64	%		46.31	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Less than $0.005 per share.

⁴ The effect of any custody credits on this ratio is less than 0.01%.

⁵ Dividend expense totaled 0.00%, 0.18%, 0.06%, 0.00%, 0.00% and 0.00%, respectively, of average net assets for the six-month period ended June 30, 2009 and the years ended December 31, 2008, 2007, 2006, 2005 and 2004, respectively.

* Annualized

See Notes to Financial Statements 121 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Small to Mid Cap Fund

	A CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	18.10		$	30.60		$	31.67		$	27.94		$	24.83		$	20.98
Net investment income (loss)1		0.02			(0.06	)		(0.03	)		(0.05	)		(0.05	)		(0.10	)
Net realized and unrealized gain (loss) on investments1		0.85			(12.31	)		(0.98	)		3.78			3.16			3.95
Total from investment operations		0.87			(12.37	)		(1.01	)		3.73			3.11			3.85
Distributions from net investment income		(0.05	)		—			(0.01	)		—			—			—
Distributions from capital gains		—			(0.13	)		(0.05	)		—			—			—
Total Distributions		(0.05	)		(0.13	)		(0.06	)		—			—			—
REDEMPTION FEES		—			—			—			(0.00	)4		(0.00	)4		(0.00	)4
NET ASSET VALUE, END OF PERIOD	$	18.92		$	18.10		$	30.60		$	31.67		$	27.94		$	24.83
TOTAL RETURN2,3		4.85	%		(40.56	)%		(3.24	)%		13.39	%		12.53	%		18.35	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	3,228		$	3,263		$	5,851		$	354		$	704		$	622
RATIO OF EXPENSES (INCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS5,6		1.63	%*		1.87	%		1.58	%		1.57	%		1.62	%		1.55	%
RATIO OF EXPENSES (EXCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS5,6		1.63	%*		1.69	%		1.52	%		1.57	%		1.62	%		1.55	%
RATIO OF NET INVESTMENT INCOME (LOSS) (INCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS5,6		0.23	%*		(0.23	)%		(0.08	)%		(0.17	)%		(0.21	)%		(0.42	)%
RATIO OF NET INVESTMENT INCOME (LOSS) (EXCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS5,6		0.23	%*		(0.50	)%		(0.02	)%		(0.17	)%		(0.21	)%		(0.42	)%
PORTFOLIO TURNOVER RATE		43.55	%		139.69	%		57.25	%		37.24	%		41.64	%		46.31	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 A Class total return does not include the one-time front-end sales charge.

⁴ Less than $0.005 per share.

⁵ The effect of any custody credits on this ratio is less than 0.01%.

⁶ Dividend expense totaled 0.00%, 0.18%, 0.06%, 0.00%, 0.00% and 0.00%, respectively, of average net assets for the six-month period ended June 30, 2009 and the years ended December 31, 2008, 2007, 2006, 2005 and 2004, respectively.

* Annualized

June 30, 2009 122 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the period presented

Accessor Small to Mid Cap Fund

	Z CLASS SHARES
	PERIOD ENDED JUNE 30, 20094 (UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD	$	19.31
Net investment income (loss)1		0.00	5
Net realized and unrealized gain (loss) on investments1		(0.03	)
Total from investment operations		(0.03	)
Distributions from net investment income		(0.03	)
Total Distributions		(0.03	)
REDEMPTION FEES		—
NET ASSET VALUE, END OF PERIOD	$	19.25
TOTAL RETURN2		(0.15	)%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	62,056
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		1.19	%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		0.07	%*
PORTFOLIO TURNOVER RATE		43.55	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

⁴ Commenced operations on May 5, 2009.

⁵ Less than $0.005 per share.

* Annualized

See Notes to Financial Statements 123 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor International Equity Fund

	INSTITUTIONAL CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.89		$	23.93		$	22.99		$	17.35		$	15.21		$	12.96
Net investment income (loss)1		0.15			0.46			0.24			0.10			0.14			0.15
Net realized and unrealized gain (loss) on investments1		0.86			(12.63	)		2.71			5.65			2.04			2.15
Total from investment operations		1.01			(12.17	)		2.95			5.75			2.18			2.30
Distributions from net investment income		—			(0.01	)		(0.20	)		(0.11	)		(0.04	)		(0.05	)
Distributions from capital gains		—			(0.86	)		(1.81	)		—			—			—
Total Distributions		—			(0.87	)		(2.01	)		(0.11	)		(0.04	)		(0.05	)
REDEMPTION FEES		—			0.00	4		0.00	4		(0.00	)4		(0.00	)4		(0.00	)4
NET ASSET VALUE, END OF PERIOD	$	11.90		$	10.89		$	23.93		$	22.99		$	17.35		$	15.21
TOTAL RETURN2		9.27	%		(52.29	)%		12.97	%		33.13	%		14.33	%		17.76	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	30,165		$	94,963		$	241,397		$	152,545		$	100,146		$	87,790
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		1.51	%*		1.25	%		1.33	%		1.44	%		1.41	%		1.24	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		2.94	%*		2.49	%		0.96	%		0.53	%		0.89	%		1.09	%
PORTFOLIO TURNOVER RATE		46.61	%		102.02	%		73.71	%		93.54	%		127.58	%		15.91	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

⁴ Less than $0.005 per share.

* Annualized

June 30, 2009 124 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor International Equity Fund

	INVESTOR CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.46		$	23.14		$	22.32		$	16.85		$	14.79		$	12.61
Net investment income (loss)1		0.12			0.37			0.07			0.03			0.10			0.09
Net realized and unrealized gain (loss) on investments1		0.83			(12.20	)		2.66			5.46			1.96			2.09
Total from investment operations		0.95			(11.83	)		2.73			5.49			2.06			2.18
Distributions from net investment income		—			(0.01	)		(0.10	)		(0.02	)		—			—
Distributions from capital gains		—			(0.86	)		(1.81	)		—			—			—
Total Distributions		—			(0.87	)		(1.91	)		(0.02	)		—			—
REDEMPTION FEES		—			0.02			0.00	4		(0.00	)4		(0.00	)4		(0.00	)4
NET ASSET VALUE, END OF PERIOD	$	11.41		$	10.46		$	23.14		$	22.32		$	16.85		$	14.79
TOTAL RETURN2		9.19	%		(52.57	)%		12.37	%		32.59	%		13.93	%		17.29	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	1,650		$	1,845		$	6,523		$	1,746		$	1,200		$	1,159
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		1.96	%*		1.76	%		1.79	%		1.92	%		1.68	%		1.69	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		2.47	%*		2.05	%		0.27	%		0.18	%		0.65	%		0.67	%
PORTFOLIO TURNOVER RATE		46.61	%		102.02	%		73.71	%		93.54	%		127.58	%		15.91	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

⁴ Less than $0.005 per share.

* Annualized

See Notes to Financial Statements 125 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor International Equity Fund

	C CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.41		$	23.14		$	22.33		$	16.94		$	14.97		$	12.83
Net investment income (loss)1		0.11			0.14			(0.01	)		(0.09	)		(0.02	)		0.01
Net realized and unrealized gain (loss) on investments1		0.80			(12.01	)		2.63			5.48			1.99			2.13
Total from investment operations		0.91			(11.87	)		2.62			5.39			1.97			2.14
Distributions from net investment income		—			—			—			—			—			—
Distributions from capital gains		—			(0.86	)		(1.81	)		—			—			—
Total Distributions		—			(0.86	)		(1.81	)		—			—			—
REDEMPTION FEES		—			—			0.00	4		0.00	4		0.00	4		0.00	4
NET ASSET VALUE, END OF PERIOD	$	11.32		$	10.41		$	23.14		$	22.33		$	16.94		$	14.97
TOTAL RETURN2		8.85	%		(52.82	)%		11.85	%		31.82	%		13.16	%		16.68	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	844		$	1,111		$	7,631		$	5,095		$	2,392		$	1,748
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		2.46	%*		2.27	%		2.33	%		2.41	%		2.41	%		2.24	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		2.17	%*		0.75	%		(0.03	)%		(0.48	)%		(0.12	)%		0.10	%
PORTFOLIO TURNOVER RATE		46.61	%		102.02	%		73.71	%		93.54	%		127.58	%		15.91	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

⁴ Less than $0.005 per share.

* Annualized

June 30, 2009 126 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor International Equity Fund

	A CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.78		$	23.77		$	22.87		$	17.27		$	15.17		$	12.94
Net investment income (loss)1		0.14			0.40			(0.02	)		0.05			0.08			0.15
Net realized and unrealized gain (loss) on investments1		0.84			(12.52	)		2.86			5.60			2.02			2.11
Total from investment operations		0.98			(12.12	)		2.84			5.65			2.10			2.26
Distributions from net investment income		—			(0.01	)		(0.13	)		(0.05	)		—			(0.03	)
Distributions from capital gains		—			(0.86	)		(1.81	)		—			—			—
Total Distributions		—			(0.87	)		(1.94	)		(0.05	)		—			(0.03	)
REDEMPTION FEES		—			—			0.00	5		0.00	5		0.00	5		0.00	5
NET ASSET VALUE, END OF PERIOD	$	11.76		$	10.78		$	23.77		$	22.87		$	17.27		$	15.17
TOTAL RETURN2,3		9.19	%		(52.47	)%		12.56	%		32.73	%		13.84	%		17.45	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	4,664		$	4,795		$	11,927		$	709		$	521		$	360
RATIO OF EXPENSES TO AVERAGE NET ASSETS4		1.81	%*		1.59	%		1.57	%		1.90	%		1.77	%		1.56	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		2.72	%*		2.21	%		(0.09	)%		0.22	%		0.50	%		1.01	%
PORTFOLIO TURNOVER RATE		46.61	%		102.02	%		73.71	%		93.54	%		127.58	%		15.91	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 A Class total return does not include the one-time front-end sales charge.

⁴ The effect of any custody credits on this ratio is less than 0.01%.

⁵ Less than $0.005 per share.

* Annualized

See Notes to Financial Statements 127 June 30, 2009

Financial Highlights

For a share outstanding throughout the period presented

Accessor International Equity Fund

	Z CLASS SHARES
	PERIOD ENDED JUNE 30, 20093 (UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.01
Net investment income1		0.06
Net realized and unrealized gain on investments1		0.83
Total from investment operations		0.89
Distributions from net investment income		—
Total Distributions		—
REDEMPTION FEES		—
NET ASSET VALUE, END OF PERIOD	$	11.90
TOTAL RETURN2		8.08	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	58,379
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		1.32	%*
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		3.52	%*
PORTFOLIO TURNOVER RATE		46.61	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Commenced operations on May 5, 2009.

* Annualized

June 30, 2009 128 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Total Return Fund

	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			20073
NET ASSET VALUE, BEGINNING OF PERIOD	$	5.39		$	9.85		$	10.00
Net investment income (loss)1		0.04			0.14			0.07
Net realized and unrealized gain (loss) on investments1		(0.20	)		(4.46	)		(0.16	)
Total from investment operations		(0.16	)		(4.32	)		(0.09	)
Distributions from net investment income		(0.04	)		(0.14	)		(0.06	)
Total Distributions		(0.04	)		(0.14	)		(0.06	)
NET ASSET VALUE, END OF PERIOD	$	5.19		$	5.39		$	9.85
TOTAL RETURN2		(2.94	)%		(44.13	)%		(0.96	)%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	25,155		$	31,182		$	57,067
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.88	%*		0.89	%		0.87	%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		1.68	%*		1.76	%		2.37	%*
PORTFOLIO TURNOVER RATE		759.32	%4		1219.95	%4		512.93	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Commenced operations on September 10, 2007.

⁴ The Fund from time to time utilizes short term trading strategies, it will dispose of securities without regard to the time they have been held is such action seems advisable. The portfolio turnover rate of the Fund may exceed 100%.

* Annualized

See Notes to Financial Statements 129 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Strategic Alternatives Fund

	INSTITUTIONAL CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEAR ENDED DECEMBER 31,  20083
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.27		$	12.00
Net investment income (loss)1		0.05			0.16
Net realized and unrealized gain (loss) on investments1		(0.21	)		(1.74	)
Total from investment operations		(0.16	)		(1.58	)
Distributions from net investment income		(0.05	)		(0.15	)
Total Distributions		(0.05	)		(0.15	)
REDEMPTION FEES		—			0.00	4
NET ASSET VALUE, END OF PERIOD	$	10.06		$	10.27
TOTAL RETURN2		(1.49	)%		(13.25	)%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	61,182		$	102,327
RATIO OF EXPENSES TO AVERAGE NET ASSETS4		1.02	%*		1.04	%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		1.04	%*		1.54	%*
PORTFOLIO TURNOVER RATE		27.21	%		158.92	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Commenced operations on January 29, 2008.

⁴ The effect of any custody credits on this ratio is less than 0.01%.

* Annualized

June 30, 2009 130 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the period presented

Accessor Strategic Alternatives Fund

	INVESTOR CLASS SHARES
	PERIOD ENDED JUNE 30, 20093 (UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.27
Net investment income (loss)1		0.06
Net realized and unrealized gain (loss) on investments1		(0.20	)
Total from investment operations		(0.14	)
Distributions from net investment income		(0.06	)
Distributions from capital gains		—
Total Distributions		(0.06	)
REDEMPTION FEES		—
NET ASSET VALUE, END OF PERIOD	$	10.07
TOTAL RETURN2		(1.38	)%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	20
RATIO OF EXPENSES TO AVERAGE NET ASSETS4		1.00	%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		1.27	%*
PORTFOLIO TURNOVER RATE		27.21	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Commenced operations on December 31, 2008.

⁴ The effect of any custody credits on this ratio is less than 0.01%.

* Annualized

See Notes to Financial Statements 131 June 30, 2009

Financial Highlights

For a share outstanding throughout the period presented

Accessor Strategic Alternatives Fund

	Z CLASS SHARES
	PERIOD ENDED JUNE 30, 20093 (UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD	$	9.80
Net investment income (loss)1		0.03
Net realized and unrealized gain (loss) on investments1		0.26
Total from investment operations		0.29
Distributions from net investment income		(0.02	)
Total Distributions		(0.02	)
REDEMPTION FEES		—
NET ASSET VALUE, END OF PERIOD	$	10.07
TOTAL RETURN2		3.00	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	38,217
RATIO OF EXPENSES TO AVERAGE NET ASSETS4		0.94	%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		2.11	%*
PORTFOLIO TURNOVER RATE		27.21	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Commenced operations on May 5, 2009.

⁴ The effect of any custody credits on this ratio is less than 0.01%.

* Annualized

June 30, 2009 132 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the period presented

Accessor Frontier Markets Fund

	INSTITUTIONAL CLASS SHARES
	PERIOD ENDED JUNE 30, 20093 (UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.00
Net investment income (loss)1		(0.02	)
Net realized and unrealized gain (loss) on investments1		0.40
Total from investment operations		0.38
Distributions from net investment income		—
Total Distributions		—
REDEMPTION FEES		—
NET ASSET VALUE, END OF PERIOD	$	12.38
TOTAL RETURN2		3.17	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	9,428
RATIO OF EXPENSES TO AVERAGE NET ASSETS		1.56	%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		(0.42	)%*
PORTFOLIO TURNOVER RATE		54.53	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Commenced operations on December 31, 2008.

* Annualized

See Notes to Financial Statements 133 June 30, 2009

Financial Highlights

For a share outstanding throughout the period presented

Accessor Frontier Markets Fund

	INVESTOR CLASS SHARES
	PERIOD ENDED JUNE 30, 20093 (UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.00
Net investment income (loss)1		(0.03	)
Net realized and unrealized gain (loss) on investments1		0.42
Total from investment operations		0.39
Distributions from net investment income		—
Total Distributions		—
REDEMPTION FEES		—
NET ASSET VALUE, END OF PERIOD	$	12.39
TOTAL RETURN2		3.25	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	1,069
RATIO OF EXPENSES TO AVERAGE NET ASSETS		1.67	%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		(0.52	)%*
PORTFOLIO TURNOVER RATE		54.53	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Commenced operations on December 31, 2008.

* Annualized

June 30, 2009 134 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the period presented

Accessor Frontier Markets Fund

	Z CLASS SHARES
	PERIOD ENDED JUNE 30, 20093 (UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.85
Net investment income (loss)1		0.02
Net realized and unrealized gain (loss) on investments1		1.51
Total from investment operations		1.53
Distributions from net investment income		—
Total Distributions		—
REDEMPTION FEES		—
NET ASSET VALUE, END OF PERIOD	$	12.38
TOTAL RETURN2		14.10	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	20,561
RATIO OF EXPENSES TO AVERAGE NET ASSETS		1.10	%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		1.00	%*
PORTFOLIO TURNOVER RATE		54.53	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Commenced operations on May 5, 2009.

* Annualized

See Notes to Financial Statements 135 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor High Yield Bond Fund

	INSTITUTIONAL CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	7.45		$	10.44		$	11.01		$	10.72		$	11.31		$	11.18
Net investment income (loss)1		0.41			0.77			0.80			0.80			0.82			0.89
Net realized and unrealized gain (loss) on investments1		1.03			(2.98	)		(0.57	)		0.31			(0.58	)		0.12
Total from investment operations		1.44			(2.21	)		0.23			1.11			0.24			1.01
Distributions from net investment income		(0.38	)		(0.78	)		(0.80	)		(0.82	)		(0.83	)		(0.88	)
Total Distributions		(0.38	)		(0.78	)		(0.80	)		(0.82	)		(0.83	)		(0.88	)
REDEMPTION FEES		—			0.00	4		0.00	4		0.00	4		0.00	4		0.00	4
NET ASSET VALUE, END OF PERIOD	$	8.51		$	7.45		$	10.44		$	11.01		$	10.72		$	11.31
TOTAL RETURN2		19.60	%		(22.16	)%		2.10	%		10.82	%		2.20	%		9.49	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	65,966		$	50,902		$	72,604		$	59,931		$	50,311		$	50,920
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		0.96	%*		0.96	%		0.91	%		0.90	%		0.93	%		0.83	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		10.20	%*		8.16	%		7.38	%		7.52	%		7.51	%		8.00	%
PORTFOLIO TURNOVER RATE		97.93	%		109.77	%		86.29	%		87.80	%		62.75	%		75.03	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

⁴ Less than $0.005 per share

* Annualized

June 30, 2009 136 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor High Yield Bond Fund

	INVESTOR CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	7.45		$	10.45		$	11.01		$	10.73		$	11.30		$	11.18
Net investment income (loss)1		0.39			0.71			0.76			0.82			0.78			0.84
Net realized and unrealized gain (loss) on investments1		1.04			(2.98	)		(0.56	)		0.28			(0.55	)		0.11
Total from investment operations		1.43			(2.27	)		0.20			1.10			0.23			0.95
Distributions from net investment income		(0.37	)		(0.73	)		(0.76	)		(0.82	)		(0.80	)		(0.83	)
Total Distributions		(0.37	)		(0.73	)		(0.76	)		(0.82	)		(0.80	)		(0.83	)
REDEMPTION FEES		—			—			—			0.00	4		0.00	4		0.00	4
NET ASSET VALUE, END OF PERIOD	$	8.51		$	7.45		$	10.45		$	11.01		$	10.73		$	11.30
TOTAL RETURN2		19.20	%		(22.54	)%		1.85	%		10.71	%		2.11	%		8.95	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	2,913		$	486		$	1,850		$	498		$	471		$	1,277
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		1.40	%*		1.45	%		1.29	%		0.91	%		1.22	%		1.28	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		9.56	%*		7.32	%		7.02	%		7.54	%		7.29	%		7.47	%
PORTFOLIO TURNOVER RATE		97.93	%		109.77	%		86.29	%		87.80	%		62.75	%		75.03	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

⁴ Less than $0.005 per share

* Annualized

See Notes to Financial Statements 137 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor High Yield Bond Fund

	C CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	7.44		$	10.43		$	10.99		$	10.71		$	11.29		$	11.17
Net investment income (loss)1		0.37			0.67			0.69			0.70			0.71			0.77
Net realized and unrealized gain (loss) on investments1		1.02			(2.98	)		(0.56	)		0.29			(0.57	)		0.13
Total from investment operations		1.39			(2.31	)		0.13			0.99			0.14			0.90
Distributions from net investment income		(0.34	)		(0.68	)		(0.69	)		(0.71	)		(0.72	)		(0.78	)
Total Distributions		(0.34	)		(0.68	)		(0.69	)		(0.71	)		(0.72	)		(0.78	)
REDEMPTION FEES		—			—			—			0.00	4		0.00	4		0.00	4
NET ASSET VALUE, END OF PERIOD	$	8.49		$	7.44		$	10.43		$	10.99		$	10.71		$	11.29
TOTAL RETURN2		18.94	%		(22.97	)%		1.17	%		9.65	%		1.29	%		8.39	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	782		$	623		$	1,416		$	1,804		$	1,565		$	1,935
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		1.92	%*		1.96	%		1.89	%		1.90	%		1.93	%		1.83	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		9.19	%*		7.03	%		6.37	%		6.53	%		6.51	%		6.99	%
PORTFOLIO TURNOVER RATE		97.93	%		109.77	%		86.29	%		87.80	%		62.75	%		75.03	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

⁴ Less than $0.005 per share

* Annualized

June 30, 2009 138 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor High Yield Bond Fund

	A CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	7.44		$	10.44		$	11.00		$	10.72		$	11.30		$	11.17
Net investment income (loss)1		0.40			0.74			0.77			0.77			0.79			0.86
Net realized and unrealized gain (loss) on investments1		1.03			(2.99	)		(0.55	)		0.30			(0.57	)		0.13
Total from investment operations		1.43			(2.25	)		0.22			1.07			0.22			0.99
Distributions from net investment income		(0.37	)		(0.75	)		(0.78	)		(0.79	)		(0.80	)		(0.86	)
Total Distributions		(0.37	)		(0.75	)		(0.78	)		(0.79	)		(0.80	)		(0.86	)
REDEMPTION FEES		—			—			—			0.00	5		0.00	5		0.00	5
NET ASSET VALUE, END OF PERIOD	$	8.50		$	7.44		$	10.44		$	11.00		$	10.72		$	11.30
TOTAL RETURN2,3		19.34	%		(22.38	)%		1.96	%		10.44	%		2.05	%		9.25	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	424		$	332		$	1,410		$	158		$	144		$	136
RATIO OF EXPENSES TO AVERAGE NET ASSETS4		1.17	%*		1.20	%		1.17	%		1.16	%		1.18	%		1.07	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		9.94	%*		7.54	%		7.18	%		7.27	%		7.28	%		7.70	%
PORTFOLIO TURNOVER RATE		97.93	%		109.77	%		86.29	%		87.80	%		62.75	%		75.03	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 A Class total return does not include the one-time front-end sales charge.

⁴ The effect of any custody credits on this ratio is less than 0.01%.

⁵ Less than $0.005 per share

* Annualized

See Notes to Financial Statements 139 June 30, 2009

Financial Highlights

For a share outstanding throughout the period presented

Accessor High Yield Bond Fund

	Z CLASS SHARES
	PERIOD ENDED JUNE 30, 20094 (UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD	$	8.35
Net investment income (loss)1		0.13
Net realized and unrealized gain (loss) on investments1		0.15
Total from investment operations		0.28
Distributions from net investment income		(0.13	)
Total Distributions		(0.13	)
REDEMPTION FEES		—
NET ASSET VALUE, END OF PERIOD	$	8.50
TOTAL RETURN2		3.80	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	25,734
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		0.85	%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		9.73	%*
PORTFOLIO TURNOVER RATE		97.93	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Less than $0.005 per share

⁴ Commenced operations on May 5, 2009.

* Annualized

June 30, 2009 140 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Investment Grade Fixed-Income Fund

	INSTITUTIONAL CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	9.99		$	10.86		$	11.24		$	11.64		$	11.91		$	12.13
Net investment income (loss)1		0.35			0.56			0.75			0.79			0.63			0.60
Net realized and unrealized gain (loss) on investments1		(0.04	)		(0.84	)		(0.36	)		(0.38	)		(0.20	)		(0.14	)
Total from investment operations		0.31			(0.28	)		0.39			0.41			0.43			0.46
Distributions from net investment income		(0.31	)		(0.59	)		(0.77	)		(0.81	)		(0.66	)		(0.59	)
Distributions from capital gains		(0.04	)		—			—			—			(0.04	)		(0.09	)
Total Distributions		(0.35	)		(0.59	)		(0.77	)		(0.81	)		(0.70	)		(0.68	)
NET ASSET VALUE, END OF PERIOD	$	9.95		$	9.99		$	10.86		$	11.24		$	11.64		$	11.91
TOTAL RETURN2		3.21	%		(2.43	)%		3.64	%		3.73	%		3.69	%		3.88	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	21,125		$	63,900		$	71,409		$	36,331		$	56,312		$	51,548
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		1.06	%*		0.88	%		0.79	%		0.73	%		0.73	%		0.87	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		7.27	%*		5.49	%		6.87	%		6.90	%		5.36	%		5.04	%
PORTFOLIO TURNOVER RATE		180.88	%		259.79	%		71.66	%		102.65	%		93.26	%		125.84	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

* Annualized

See Notes to Financial Statements 141 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Investment Grade Fixed-Income Fund

	INVESTOR CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	9.99		$	10.85		$	11.23		$	11.63		$	11.91		$	12.13
Net investment income (loss)1		0.37			0.51			0.70			0.75			0.61			0.53
Net realized and unrealized gain (loss) on investments1		(0.09	)		(0.83	)		(0.36	)		(0.39	)		(0.22	)		(0.13	)
Total from investment operations		0.28			(0.32	)		0.34			0.36			0.39			0.40
Distributions from net investment income		(0.29	)		(0.54	)		(0.72	)		(0.76	)		(0.63	)		(0.53	)
Distributions from capital gains		(0.04	)		—			—			—			(0.04	)		(0.09	)
Total Distributions		(0.33	)		(0.54	)		(0.72	)		(0.76	)		(0.67	)		(0.62	)
NET ASSET VALUE, END OF PERIOD	$	9.94		$	9.99		$	10.85		$	11.23		$	11.63		$	11.91
TOTAL RETURN2		2.86	%		(2.85	)%		3.15	%		3.30	%		3.36	%		3.37	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	693		$	1,260		$	7,083		$	1,646		$	1,552		$	982
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		1.50	%*		1.33	%		1.29	%		1.15	%		0.97	%		1.38	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		7.65	%*		4.91	%		6.45	%		6.64	%		5.12	%		4.23	%
PORTFOLIO TURNOVER RATE		180.88	%		259.79	%		71.66	%		102.65	%		93.26	%		125.84	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

* Annualized

June 30, 2009 142 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Investment Grade Fixed-Income Fund

	C CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	9.99		$	10.86		$	11.23		$	11.63		$	11.91		$	12.12
Net investment income (loss)1		0.27			0.45			0.71			0.70			0.52			0.47
Net realized and unrealized gain (loss) on investments1		(0.01	)		(0.83	)		(0.44	)		(0.40	)		(0.22	)		(0.12	)
Total from investment operations		0.26			(0.38	)		0.27			0.30			0.30			0.35
Distributions from net investment income		(0.26	)		(0.49	)		(0.64	)		(0.70	)		(0.54	)		(0.47	)
Distributions from capital gains		(0.04	)		—			—			—			(0.04	)		(0.09	)
Total Distributions		(0.30	)		(0.49	)		(0.64	)		(0.70	)		(0.58	)		(0.56	)
NET ASSET VALUE, END OF PERIOD	$	9.95		$	9.99		$	10.86		$	11.23		$	11.63		$	11.91
TOTAL RETURN2		2.71	%		(3.40	)%		2.51	%		2.76	%		2.59	%		2.95	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	591		$	600		$	856		$	5,119		$	846		$	865
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		1.99	%*		1.87	%		1.72	%		1.74	%		1.73	%		1.87	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		5.65	%*		4.47	%		6.26	%		6.08	%		4.37	%		3.96	%
PORTFOLIO TURNOVER RATE		180.88	%		259.79	%		71.66	%		102.65	%		93.26	%		125.84	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

* Annualized

See Notes to Financial Statements 143 June 30, 2009

Financial Highlights

For a share outstanding throughout the period presented

Accessor Investment Grade Fixed-Income Fund

	Z CLASS SHARES
	PERIOD ENDED JUNE 30, 20094 (UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD	$	9.65
Net investment income (loss)1		0.11
Net realized and unrealized gain (loss) on investments1		0.28
Total from investment operations		0.39
Distributions from net investment income		(0.09	)
Total Distributions		(0.09	)
NET ASSET VALUE, END OF PERIOD	$	9.95
TOTAL RETURN2		4.06	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	67,084
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		0.85	%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		7.18	%*
PORTFOLIO TURNOVER RATE		180.88	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

⁴ Commenced operations on May 5, 2009.

* Annualized

June 30, 2009 144 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Mortgage Securities Fund

	INSTITUTIONAL CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.04		$	12.42		$	12.21		$	12.39		$	12.65		$	12.69
Net investment income (loss)1		0.27			0.53			0.56			0.52			0.45			0.46
Net realized and unrealized gain (loss) on investments1		0.39			(0.39	)		0.19			(0.05	)		(0.20	)		0.02
Total from investment operations		0.66			0.14			0.75			0.47			0.25			0.48
Distributions from net investment income		(0.24	)		(0.52	)		(0.54	)		(0.58	)		(0.49	)		(0.45	)
Distributions from capital gains		—			—			—			(0.07	)		(0.02	)		(0.07	)
Total Distributions		(0.24	)		(0.52	)		(0.54	)		(0.65	)		(0.51	)		(0.52	)
NET ASSET VALUE, END OF PERIOD	$	12.46		$	12.04		$	12.42		$	12.21		$	12.39		$	12.65
TOTAL RETURN2		5.52	%		1.17	%		6.28	%		3.92	%		1.96	%		3.87	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	20,848		$	65,419		$	62,498		$	48,202		$	158,056		$	163,913
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		1.07	%*		0.98	%		0.95	%		1.00	%		0.92	%		0.81	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		4.54	%*		4.34	%		4.54	%		4.24	%		3.56	%		3.65	%
PORTFOLIO TURNOVER RATE		237.83	%		654.15	%		496.94	%		578.95	%		474.16	%		324.40	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

* Annualized

See Notes to Financial Statements 145 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Mortgage Securities Fund

	INVESTOR CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.04		$	12.42		$	12.21		$	12.38		$	12.64		$	12.69
Net investment income (loss)1		0.24			0.72			0.50			0.45			0.41			0.40
Net realized and unrealized gain (loss) on investments1		0.39			(0.64	)		0.19			(0.03	)		(0.20	)		0.02
Total from investment operations		0.63			0.08			0.69			0.42			0.21			0.42
Distributions from net investment income		(0.21	)		(0.46	)		(0.48	)		(0.52	)		(0.45	)		(0.40	)
Distributions from capital gains		—			—			—			(0.07	)		(0.02	)		(0.07	)
Total Distributions		(0.21	)		(0.46	)		(0.48	)		(0.59	)		(0.47	)		(0.47	)
NET ASSET VALUE, END OF PERIOD	$	12.46		$	12.04		$	12.42		$	12.21		$	12.38		$	12.64
TOTAL RETURN2		5.26	%		0.67	%		5.76	%		3.55	%		1.59	%		3.40	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	682		$	954		$	1,259		$	894		$	1,111		$	1,226
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		1.54	%*		1.48	%		1.45	%		1.56	%		1.22	%		1.29	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		3.99	%*		3.78	%		4.12	%		3.72	%		3.25	%		3.16	%
PORTFOLIO TURNOVER RATE		237.83	%		654.15	%		496.94	%		578.95	%		474.16	%		324.40	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

* Annualized

June 30, 2009 146 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Mortgage Securities Fund

	C CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.06		$	12.44		$	12.23		$	12.40		$	12.67		$	12.71
Net investment income (loss)1		0.21			0.27			0.44			0.38			0.33			0.33
Net realized and unrealized gain (loss) on investments1		0.39			(0.25	)		0.18			(0.03	)		(0.21	)		0.03
Total from investment operations		0.60			0.02			0.62			0.35			0.12			0.36
Distributions from net investment income		(0.18	)		(0.40	)		(0.41	)		(0.45	)		(0.37	)		(0.33	)
Distributions from capital gains		—			—			—			(0.07	)		(0.02	)		(0.07	)
Total Distributions		(0.18	)		(0.40	)		(0.41	)		(0.52	)		(0.39	)		(0.40	)
NET ASSET VALUE, END OF PERIOD	$	12.48		$	12.06		$	12.44		$	12.23		$	12.40		$	12.67
TOTAL RETURN2		4.99	%		0.17	%		5.22	%		2.94	%		0.90	%		2.85	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	400		$	624		$	857		$	778		$	1,522		$	1,015
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		2.05	%*		1.97	%		1.92	%		2.10	%		1.92	%		1.81	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		3.45	%*		3.42	%		3.57	%		3.13	%		2.58	%		2.63	%
PORTFOLIO TURNOVER RATE		237.83	%		654.15	%		496.94	%		578.95	%		474.16	%		324.40	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

* Annualized

See Notes to Financial Statements 147 June 30, 2009

Financial Highlights

For a share outstanding throughout the period presented

Accessor Mortgage Securities Fund

	Z CLASS SHARES
	PERIOD ENDED JUNE 30, 20094 (UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.28
Net investment income (loss)1		0.10
Net realized and unrealized gain (loss) on investments1		0.15
Total from investment operations		0.25
Distributions from net investment income		(0.07	)
Total Distributions		(0.07	)
REDEMPTION FEES		—
NET ASSET VALUE, END OF PERIOD	$	12.46
TOTAL RETURN2		2.03	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	35,814
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		0.96	%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		5.06	%*
PORTFOLIO TURNOVER RATE		237.83	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

⁴ Commenced operations on May 5, 2009.

* Annualized

June 30, 2009 148 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Limited Duration U.S. Government Fund

	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			20043
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.16		$	12.12		$	11.92		$	11.87		$	11.96		$	12.00
Net investment income (loss)1		0.16			0.42			0.53			0.43			0.31			0.09
Net realized and unrealized gain (loss) on investments1		—			0.08			0.19			0.08			(0.07	)		(0.04	)
Total from investment operations		0.16			0.50			0.72			0.51			0.24			0.05
Distributions from net investment income		(0.16	)		(0.42	)		(0.52	)		(0.46	)		(0.33	)		(0.09	)
Distributions from capital gains		—			(0.04	)		—			—			—			—
Total distributions		(0.16	)		(0.46	)		(0.52	)		(0.46	)		(0.33	)		(0.09	)
NET ASSET VALUE, END OF PERIOD	$	12.16		$	12.16		$	12.12		$	11.92		$	11.87		$	11.96
TOTAL RETURN2		1.31	%		4.22	%		6.22	%		4.36	%		2.00	%		0.44	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	39,602		$	55,110		$	63,172		$	54,721		$	58,140		$	58,963
RATIO OF EXPENSES TO AVERAGE NET ASSETS4		0.67	%*		0.65	%		0.53	%		0.65	%		0.58	%		0.57	%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		2.57	%*		3.46	%		4.40	%		3.60	%		2.61	%		1.66	%*
PORTFOLIO TURNOVER RATE		29.62	%		54.13	%		103.74	%		40.85	%		65.48	%		29.46	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Fund commenced operations on July 6, 2004.

⁴ The effect of any custody credits on this ratio is less than 0.01%.

* Annualized

See Notes to Financial Statements 149 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor U.S. Government Money Fund

	INSTITUTIONAL CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income (loss)1		0.00	4		0.03			0.05			0.04			0.03			0.01
Net realized and unrealized gain (loss) on investments1		0.00	4		(0.01	)		—			—			—			—
Total from investment operations		0.00			0.02			0.05			0.04			0.03			0.01
Distributions from net investment income		(0.00	)4		(0.02	)		(0.05	)		(0.04	)		(0.03	)		(0.01	)
NET ASSET VALUE, END OF PERIOD	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN2		0.21	%		2.30	%		4.72	%		4.49	%		2.75	%		0.93	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	348,800		$	392,599		$	1,344,292	��	$	1,433,080		$	1,266,322		$	1,260,063
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		0.49	%*		0.49	%		0.46	%		0.47	%		0.45	%		0.46	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS3		0.48	%*		0.49	%		0.46	%		0.47	%		0.45	%		0.46	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO (EXCLUDING WAIVER) AVERAGE NET ASSETS		0.41	%*		2.53	%		4.60	%		4.37	%		2.68	%		0.94	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		0.42	%*		2.53	%		4.60	%		4.37	%		2.68	%		0.94	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

⁴ Less than $0.005 per share.

* Annualized

June 30, 2009 150 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor U.S. Government Money Fund

	INVESTOR CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income (loss)1		0.00	4		0.02			0.04			0.04			0.02			0.01
Net realized and unrealized gain (loss) on investments1		0.00	4		—			—			—			—			—
Total from investment operations		0.00			0.02			0.04			0.04			0.02			0.01
Distributions from net investment income		(0.00	)4		(0.02	)		(0.04	)		(0.04	)		(0.02	)		(0.01	)
NET ASSET VALUE, END OF PERIOD	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN2		0.13	%		1.79	%		4.20	%		3.97	%		2.27	%		0.68	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	7,988		$	10,697		$	11,203		$	9,286		$	6,355		$	12,689
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		0.99	%*		0.99	%		0.96	%		0.98	%		0.91	%		0.71	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS3		0.65	%*		0.99	%		0.96	%		0.98	%		0.91	%		0.71	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO (EXCLUDING WAIVER) AVERAGE NET ASSETS		(0.08	)%*		1.84	%		4.09	%		3.89	%		2.19	%		0.63	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		0.26	%*		1.84	%		4.09	%		3.89	%		2.19	%		0.63	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

⁴ Less than $0.005 per share.

* Annualized

See Notes to Financial Statements 151 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor U.S. Government Money Fund

	C CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income (loss)1		0.00	4		0.01			0.04			0.03			0.02			0.01
Net realized and unrealized gain (loss) on investments1		—			—			—			—			—			—
Total from investment operations		—			0.01			0.04			0.03			0.02			0.01
Distributions from net investment income		(0.00	)4		(0.01	)		(0.04	)		(0.03	)		(0.02	)		(0.01	)
NET ASSET VALUE, END OF PERIOD	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN2		0.11	%		1.29	%		3.70	%		3.45	%		1.91	%		0.68	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	1,947		$	1,937		$	1,507		$	2,808		$	2,014		$	1,989
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		1.49	%*		1.50	%		1.46	%		1.47	%		1.29	%		0.71	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS3		0.67	%*		1.50	%		1.46	%		1.47	%		1.29	%		0.71	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO (EXCLUDING WAIVER) AVERAGE NET ASSETS		(0.60	)%*		1.24	%		3.59	%		3.42	%		1.88	%		0.79	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		0.23	%*		1.24	%		3.59	%		3.42	%		1.88	%		0.79	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

⁴ Less than $0.005 per share.

* Annualized

June 30, 2009 152 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor U.S. Government Money Fund

	A CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income (loss)1		0.00	5		0.02			0.04			0.04			0.03			0.01
Net realized and unrealized gain (loss) on investments1		—			—			—			—			—			—
Total from investment operations		—			0.02			0.04			0.04			0.03			0.01
Distributions from net investment income		0.00	5		(0.02	)		(0.04	)		(0.04	)		(0.03	)		(0.01	)
NET ASSET VALUE, END OF PERIOD	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN2,3		0.15	%		2.05	%		4.46	%		4.27	%		2.54	%		0.68	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	508		$	708		$	1,370		$	290		$	109		$	49
RATIO OF EXPENSES TO AVERAGE NET ASSETS4		0.74	%*		0.74	%		0.72	%		0.70	%		0.65	%		0.72	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS4		0.61	%*		0.74	%		0.72	%		0.70	%		0.65	%		0.72	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO (EXCLUDING WAIVER) AVERAGE NET ASSETS		0.17	%*		2.22	%		4.28	%		4.30	%		2.63	%		0.94	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		0.30	%*		2.22	%		4.28	%		4.30	%		2.63	%		0.94	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 A Class total return does not include the one-time front-end sales charge.

⁴ The effect of any custody credits on this ratio is less than 0.01%.

⁵ Less than $0.005 per share.

* Annualized

See Notes to Financial Statements 153 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor U.S. Government Money Fund

	Z CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			20075
NET ASSET VALUE, BEGINNING OF PERIOD	$	1.00		$	1.00		$	1.00
Net investment income (loss)1		0.00	4		0.02			0.05
Net realized and unrealized gain (loss) on investments1		0.00	4		0.01			—
Total from investment operations		0.00			0.03			0.05
Distributions from net investment income		(0.00	)4		(0.03	)		(0.05	)
NET ASSET VALUE, END OF PERIOD	$	1.00		$	1.00		$	1.00
TOTAL RETURN2		0.33	%		2.55	%		4.97	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	474,960		$	746,292		$	67,259
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		0.24	%*		0.24	%		0.21	%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS3		0.24	%*		0.24	%		0.21	%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO (EXCLUDING WAIVER) AVERAGE NET ASSETS		0.70	%*		2.31	%		4.78	%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		0.70	%*		2.31	%		4.78	%*

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 The effect of any custody credits on this ratio is less than 0.01%.

⁴ Less than $0.005 per share.

⁵ Class commenced operations on January 4, 2007.

* Annualized

June 30, 2009 154 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Income Allocation Fund

	INSTITUTIONAL CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.77		$	14.45		$	14.84		$	14.94		$	15.17		$	15.29
Net investment income (loss)1		0.36			0.69			0.84			0.73			0.60			0.50
Net realized and unrealized gain (loss) on investments1		0.54			(1.66	)		(0.38	)		(0.10	)		(0.23	)		(0.09	)
Total from investment operations		0.90			(0.97	)		0.46			0.63			0.37			0.41
Distributions from net investment income		(0.35	)		(0.71	)		(0.85	)		(0.73	)		(0.59	)		(0.49	)
Distributions from capital gains		—			—			—			—			(0.01	)		(0.04	)
Total distributions		(0.35	)		(0.71	)		(0.85	)		(0.73	)		(0.60	)		(0.53	)
NET ASSET VALUE, END OF PERIOD	$	13.32		$	12.77		$	14.45		$	14.84		$	14.94		$	15.17
TOTAL RETURN2		7.10	%		(6.79	)%		3.16	%		4.32	%		2.38	%		2.83	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	13,865		$	10,464		$	11,696		$	10,440		$	8,415		$	7,410
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.50	%*		0.46	%		0.29	%		0.35	%		0.36	%		0.42	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.46	%*		0.46	%		0.29	%		0.20	%		0.20	%		0.20	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		5.49	%*		5.09	%		5.75	%		4.76	%		3.79	%		3.06	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		5.54	%*		5.09	%		5.75	%		4.91	%		3.94	%		3.28	%
PORTFOLIO TURNOVER RATE		7.00	%		45.58	%		60.59	%		14.19	%		19.91	%		33.21	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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

See Notes to Financial Statements 155 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Income Allocation Fund

	INVESTOR CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.76		$	14.43		$	14.83		$	14.93		$	15.17		$	15.29
Net investment income (loss)1		0.32			0.63			0.77			0.65			0.52			0.42
Net realized and unrealized gain (loss) on investments1		0.55			(1.66	)		(0.40	)		(0.10	)		(0.23	)		(0.08	)
Total from investment operations		0.87			(1.03	)		0.37			0.55			0.29			0.34
Distributions from net investment income		(0.32	)		(0.64	)		(0.77	)		(0.65	)		(0.52	)		(0.42	)
Distributions from capital gains		—			—			—			—			(0.01	)		(0.04	)
Total distributions		(0.32	)		(0.64	)		(0.77	)		(0.65	)		(0.53	)		(0.46	)
NET ASSET VALUE, END OF PERIOD	$	13.31		$	12.76		$	14.43		$	14.83		$	14.93		$	15.17
TOTAL RETURN2		6.84	%		(7.20	)%		2.58	%		3.81	%		1.92	%		2.28	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	1,444		$	2,035		$	3,067		$	3,037		$	3,399		$	3,266
RATIO OF EXPENSES TO AVERAGE NET ASSETS		1.01	%*		0.95	%		0.79	%		0.83	%		0.82	%		0.92	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.97	%*		0.95	%		0.79	%		0.69	%		0.66	%		0.70	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		4.92	%*		4.62	%		5.24	%		4.23	%		3.32	%		2.54	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		4.97	%*		4.62	%		5.24	%		4.37	%		3.48	%		2.77	%
PORTFOLIO TURNOVER RATE		7.00	%		45.58	%		60.59	%		14.19	%		19.91	%		33.21	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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

June 30, 2009 156 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Income Allocation Fund

	C CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.74		$	14.41		$	14.81		$	14.91		$	15.15		$	15.28
Net investment income (loss)1		0.29			0.57			0.69			0.60			0.44			0.37
Net realized and unrealized gain (loss) on investments1		0.54			(1.67	)		(0.39	)		(0.12	)		(0.23	)		(0.11	)
Total from investment operations		0.83			(1.10	)		0.30			0.48			0.21			0.26
Distributions from net investment income		(0.29	)		(0.57	)		(0.70	)		(0.58	)		(0.44	)		(0.35	)
Distributions from capital gains		—			—			—			—			(0.01	)		(0.04	)
Total distributions		(0.29	)		(0.57	)		(0.70	)		(0.58	)		(0.45	)		(0.39	)
NET ASSET VALUE, END OF PERIOD	$	13.28		$	12.74		$	14.41		$	14.81		$	14.91		$	15.15
TOTAL RETURN2		6.52	%		(7.68	)%		2.07	%		3.31	%		1.38	%		1.77	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	2,806		$	2,474		$	2,872		$	3,033		$	1,546		$	1,529
RATIO OF EXPENSES TO AVERAGE NET ASSETS		1.51	%*		1.46	%		1.29	%		1.40	%		1.36	%		1.43	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		1.46	%*		1.46	%		1.29	%		1.20	%		1.20	%		1.20	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		4.52	%*		4.18	%		4.74	%		3.79	%		2.79	%		2.20	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		4.56	%*		4.18	%		4.74	%		3.99	%		2.95	%		2.43	%
PORTFOLIO TURNOVER RATE		7.00	%		45.58	%		60.59	%		14.19	%		19.91	%		33.21	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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

See Notes to Financial Statements 157 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Income Allocation Fund

	A CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.77		$	14.44		$	14.84		$	14.92		$	15.17		$	15.29
Net investment income (loss)1		0.34			0.69			0.80			0.73			0.56			0.50
Net realized and unrealized gain (loss) on investments1		0.54			(1.68	)		(0.39	)		(0.12	)		(0.25	)		(0.12	)
Total from investment operations		0.88			(0.99	)		0.41			0.61			0.31			0.38
Distributions from net investment income		(0.34	)		(0.68	)		(0.81	)		(0.69	)		(0.55	)		(0.46	)
Distributions from capital gains		—			—			—			—			(0.01	)		(0.04	)
Total distributions		(0.34	)		(0.68	)		(0.81	)		(0.69	)		(0.56	)		(0.50	)
NET ASSET VALUE, END OF PERIOD	$	13.31		$	12.77		$	14.44		$	14.84		$	14.92		$	15.17
TOTAL RETURN2,3		6.98	%		(7.03	)%		2.88	%		4.13	%		2.06	%		2.53	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	1,163		$	997		$	689		$	617		$	720		$	581
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.75	%*		0.71	%		0.57	%		0.54	%		0.61	%		0.68	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.71	%*		0.71	%		0.57	%		0.45	%		0.45	%		0.45	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		5.25	%*		5.03	%		5.45	%		4.62	%		3.57	%		2.93	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		5.29	%*		5.03	%		5.45	%		4.71	%		3.73	%		3.16	%
PORTFOLIO TURNOVER RATE		7.00	%		45.58	%		60.59	%		14.19	%		19.91	%		33.21	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 A Class total return does not include the one-time front-end sales charge.

* Annualized

June 30, 2009 158 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Income & Growth Allocation Fund

	INSTITUTIONAL CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.61		$	16.22		$	16.27		$	15.57		$	15.38		$	14.83
Net investment income (loss)1		0.24			0.52			0.62			0.56			0.45			0.39
Net realized and unrealized gain (loss) on investments1		0.48			(3.47	)		0.03			0.71			0.20			0.55
Total from investment operations		0.72			(2.95	)		0.65			1.27			0.65			0.94
Distributions from net investment income		(0.24	)		(0.57	)		(0.69	)		(0.56	)		(0.45	)		(0.37	)
Distributions from capital gains		—			(0.09	)		(0.01	)		(0.01	)		(0.01	)		(0.02	)
Total distributions		(0.24	)		(0.66	)		(0.70	)		(0.57	)		(0.46	)		(0.39	)
NET ASSET VALUE, END OF PERIOD	$	13.09		$	12.61		$	16.22		$	16.27		$	15.57		$	15.38
TOTAL RETURN2		5.81	%		(18.61	)%		4.03	%		8.33	%		4.29	%		6.45	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	31,542		$	24,869		$	24,914		$	15,923		$	14,277		$	12,381
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.31	%*		0.29	%		0.24	%		0.28	%		0.28	%		0.33	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.27	%*		0.29	%		0.24	%		0.20	%		0.20	%		0.20	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.80	%*		3.63	%		3.78	%		3.44	%		2.87	%		2.45	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.85	%*		3.63	%		3.78	%		3.52	%		2.95	%		2.58	%
PORTFOLIO TURNOVER RATE		14.23	%		20.29	%		48.68	%		19.31	%		11.49	%		19.76	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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

See Notes to Financial Statements 159 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Income & Growth Allocation Fund

	INVESTOR CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.60		$	16.21		$	16.26		$	15.57		$	15.37		$	14.83
Net investment income (loss)1		0.21			0.44			0.53			0.49			0.37			0.31
Net realized and unrealized gain (loss) on investments1		0.48			(3.47	)		0.04			0.69			0.22			0.55
Total from investment operations		0.69			(3.03	)		0.57			1.18			0.59			0.86
Distributions from net investment income		(0.21	)		(0.49	)		(0.61	)		(0.48	)		(0.38	)		(0.30	)
Distributions from capital gains		—			(0.09	)		(0.01	)		(0.01	)		(0.01	)		(0.02	)
Total distributions		(0.21	)		(0.58	)		(0.62	)		(0.49	)		(0.39	)		(0.32	)
NET ASSET VALUE, END OF PERIOD	$	13.08		$	12.60		$	16.21		$	16.26		$	15.57		$	15.37
TOTAL RETURN2		5.48	%		(18.97	)%		3.51	%		7.76	%		3.89	%		5.88	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	3,621		$	3,445		$	4,955		$	5,263		$	2,740		$	4,602
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.82	%*		0.78	%		0.74	%		0.78	%		0.72	%		0.83	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.78	%*		0.78	%		0.74	%		0.69	%		0.64	%		0.70	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.27	%*		3.00	%		3.19	%		3.01	%		2.31	%		1.93	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.31	%*		3.00	%		3.19	%		3.10	%		2.39	%		2.06	%
PORTFOLIO TURNOVER RATE		14.23	%		20.29	%		48.68	%		19.31	%		11.49	%		19.76	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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

June 30, 2009 160 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Income & Growth Allocation Fund

	C CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.57		$	16.16		$	16.21		$	15.52		$	15.33		$	14.81
Net investment income (loss)1		0.17			0.38			0.44			0.40			0.30			0.27
Net realized and unrealized gain (loss) on investments1		0.48			(3.46	)		0.05			0.70			0.20			0.51
Total from investment operations		0.65			(3.08	)		0.49			1.10			0.50			0.78
Distributions from net investment income		(0.18	)		(0.42	)		(0.53	)		(0.40	)		(0.30	)		(0.24	)
Distributions from capital gains		—			(0.09	)		(0.01	)		(0.01	)		(0.01	)		(0.02	)
Total distributions		(0.18	)		(0.51	)		(0.54	)		(0.41	)		(0.31	)		(0.26	)
NET ASSET VALUE, END OF PERIOD	$	13.04		$	12.57		$	16.16		$	16.21		$	15.52		$	15.33
TOTAL RETURN2		5.23	%		(19.38	)%		3.02	%		7.22	%		3.29	%		5.32	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	5,731		$	6,258		$	10,464		$	10,376		$	8,856		$	6,755
RATIO OF EXPENSES TO AVERAGE NET ASSETS		1.32	%*		1.28	%		1.24	%		1.27	%		1.28	%		1.33	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		1.28	%*		1.28	%		1.24	%		1.20	%		1.20	%		1.20	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.75	%*		2.60	%		2.70	%		2.44	%	��	1.86	%		1.66	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.79	%*		2.60	%		2.70	%		2.51	%		1.94	%		1.79	%
PORTFOLIO TURNOVER RATE		14.23	%		20.29	%		48.68	%		19.31	%		11.49	%		19.76	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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

See Notes to Financial Statements 161 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Income & Growth Allocation Fund

	A CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.60		$	16.20		$	16.25		$	15.56		$	15.37		$	14.83
Net investment income (loss)1		0.22			0.48			0.57			0.52			0.40			0.37
Net realized and unrealized gain (loss) on investments1		0.47			(3.48	)		0.02			0.68			0.20			0.52
Total from investment operations		0.69			(3.00	)		0.59			1.20			0.60			0.89
Distributions from net investment income		(0.22	)		(0.51	)		(0.63	)		(0.50	)		(0.40	)		(0.33	)
Distributions from capital gains		—			(0.09	)		(0.01	)		(0.01	)		(0.01	)		(0.02	)
Total distributions		(0.22	)		(0.60	)		(0.64	)		(0.51	)		(0.41	)		(0.35	)
NET ASSET VALUE, END OF PERIOD	$	13.07		$	12.60		$	16.20		$	16.25		$	15.56		$	15.37
TOTAL RETURN2,3		5.56	%		(18.86	)%		3.61	%		7.96	%		3.94	%		6.05	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	3,077		$	2,590		$	3,233		$	1,787		$	3,437		$	2,332
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.67	%*		0.63	%		0.59	%		0.59	%		0.63	%		0.68	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.63	%*		0.63	%		0.59	%		0.55	%		0.55	%		0.55	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.44	%*		3.28	%		3.42	%		3.14	%		2.54	%		2.23	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.48	%*		3.28	%		3.42	%		3.18	%		2.62	%		2.36	%
PORTFOLIO TURNOVER RATE		14.23	%		20.29	%		48.68	%		19.31	%		11.49	%		19.76	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 A Class total return does not include the one-time front-end sales charge.

* Annualized

June 30, 2009 162 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Balanced Allocation Fund

	INSTITUTIONAL CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.48		$	17.29		$	17.14		$	15.89		$	15.38		$	14.40
Net investment income (loss)1		0.19			0.42			0.49			0.45			0.36			0.31
Net realized and unrealized gain (loss) on investments1		0.46			(4.62	)		0.29			1.24			0.51			0.96
Total from investment operations		0.65			(4.20	)		0.78			1.69			0.87			1.27
Distributions from net investment income		(0.19	)		(0.47	)		(0.63	)		(0.44	)		(0.36	)		(0.29	)
Distributions from capital gains		—			(0.14	)		—			(0.00	)3		—			0.00	4
Total distributions		(0.19	)		(0.61	)		(0.63	)		(0.44	)		(0.36	)		(0.29	)
NET ASSET VALUE, END OF PERIOD	$	12.94		$	12.48		$	17.29		$	17.14		$	15.89		$	15.38
TOTAL RETURN2		5.28	%		(24.73	)%		4.57	%		10.81	%		5.72	%		9.00	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	67,538		$	52,881		$	63,372		$	53,958		$	35,693		$	27,584
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.23	%*		0.20	%		0.18	%		0.23	%		0.22	%		0.26	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.18	%*		0.20	%		0.18	%		0.20	%		0.20	%		0.20	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.05	%*		2.79	%		2.79	%		2.70	%		2.29	%		2.04	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.09	%*		2.79	%		2.79	%		2.73	%		2.31	%		2.11	%
PORTFOLIO TURNOVER RATE		13.79	%		26.31	%		23.56	%		13.27	%		3.20	%		20.59	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Less than ($0.005) per share

* Annualized

See Notes to Financial Statements 163 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Balanced Allocation Fund

		INVESTOR CLASS SHARES
		PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
					2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD		$	12.47		$	17.28		$	17.13		$	15.88		$	15.38		$	14.39
Net investment income (loss)1			0.15			0.34			0.40			0.36			0.29			0.23
Net realized and unrealized gain (loss) on investments1			0.47			(4.61	)		0.29			1.25			0.49			0.98
Total from investment operations			0.62			(4.27	)		0.69			1.61			0.78			1.21
Distributions from net investment income			(0.16	)		(0.40	)		(0.54	)		(0.36	)		(0.28	)		(0.22	)
Distributions from capital gains			—			(0.14	)		—			(0.00	)3		—			0.00	3
Total distributions			(0.16	)		(0.54	)		(0.54	)		(0.36	)		(0.28	)		(0.22	)
NET ASSET VALUE, END OF PERIOD		$	12.93		$	12.47		$	17.28		$	17.13		$	15.88		$	15.38
TOTAL RETURN2	��		5.03	%		(25.12	)%		4.06	%		10.29	%		5.24	%		8.49	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)		$	9,449		$	10,243		$	15,219		$	12,970		$	12,161		$	7,219
RATIO OF EXPENSES TO AVERAGE NET ASSETS			0.73	%*		0.70	%		0.68	%		0.71	%		0.69	%		0.75	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS			0.69	%*		0.70	%		0.68	%		0.69	%		0.67	%		0.69	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)			2.53	%*		2.24	%		2.29	%		2.18	%		1.82	%		1.53	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)			2.56	%*		2.24	%		2.29	%		2.20	%		1.84	%		1.59	%
PORTFOLIO TURNOVER RATE			13.79	%		26.31	%		23.56	%		13.27	%		3.20	%		20.59	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Less than ($0.005) per share

* Annualized

June 30, 2009 164 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Balanced Allocation Fund

	C CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.45		$	17.25		$	17.11		$	15.86		$	15.36		$	14.38
Net investment income (loss)1		0.12			0.26			0.31			0.28			0.20			0.17
Net realized and unrealized gain (loss) on investments1		0.47			(4.60	)		0.29			1.25			0.51			0.97
Total from investment operations		0.59			(4.34	)		0.60			1.53			0.71			1.14
Distributions from net investment income		(0.13	)		(0.32	)		(0.46	)		(0.28	)		(0.21	)		(0.16	)
Distributions from capital gains		—			(0.14	)		—			(0.00	)3		—			(0.00	)3
Total distributions		(0.13	)		(0.46	)		(0.46	)		(0.28	)		(0.21	)		(0.16	)
NET ASSET VALUE, END OF PERIOD	$	12.91		$	12.45		$	17.25		$	17.11		$	15.86		$	15.36
TOTAL RETURN2		4.77	%		(25.49	)%		3.49	%		9.75	%		4.64	%		8.01	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	11,700		$	12,770		$	21,040		$	21,272		$	16,448		$	11,900
RATIO OF EXPENSES TO AVERAGE NET ASSETS		1.23	%*		1.20	%		1.18	%		1.22	%		1.22	%		1.26	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		1.19	%*		1.20	%		1.18	%		1.20	%		1.20	%		1.20	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		1.99	%*		1.72	%		1.77	%		1.69	%		1.28	%		1.14	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.03	%*		1.72	%		1.77	%		1.71	%		1.30	%		1.20	%
PORTFOLIO TURNOVER RATE		13.79	%		26.31	%		23.56	%		13.27	%		3.20	%		20.59	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Less than ($0.005) per share

* Annualized

See Notes to Financial Statements 165 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Balanced Allocation Fund

	A CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.46		$	17.27		$	17.13		$	15.88		$	15.37		$	14.39
Net investment income (loss)1		0.16			0.36			0.45			0.39			0.30			0.29
Net realized and unrealized gain (loss) on investments1		0.48			(4.61	)		0.26			1.25			0.51			0.94
Total from investment operations		0.64			(4.25	)		0.71			1.64			0.81			1.23
Distributions from net investment income		(0.17	)		(0.42	)		(0.57	)		(0.39	)		(0.30	)		(0.25	)
Distributions from capital gains		—			(0.14	)		—			(0.00	)4		—			(0.00	)4
Total distributions		(0.17	)		(0.56	)		(0.57	)		(0.39	)		(0.30	)		(0.25	)
NET ASSET VALUE, END OF PERIOD	$	12.93		$	12.46		$	17.27		$	17.13		$	15.88		$	15.37
TOTAL RETURN2,3		5.19	%		(25.02	)%		4.16	%		10.45	%		5.37	%		8.69	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	19,774		$	19,506		$	29,735		$	10,820		$	6,450		$	4,416
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.58	%*		0.55	%		0.54	%		0.58	%		0.57	%		0.61	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.54	%*		0.55	%		0.54	%		0.55	%		0.55	%		0.55	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.66	%*		2.40	%		2.57	%		2.38	%		1.95	%		1.95	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.70	%*		2.40	%		2.57	%		2.41	%		1.97	%		2.01	%
PORTFOLIO TURNOVER RATE		13.79	%		26.31	%		23.56	%		13.27	%		3.20	%		20.59	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 A Class total return does not include the one-time front-end sales charge.

⁴ Less than ($0.005) per share

* Annualized

June 30, 2009 166 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth & Income Allocation Fund

	INSTITUTIONAL CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.97		$	17.72		$	17.49		$	15.97		$	15.32		$	14.15
Net investment income (loss)1		0.15			0.35			0.42			0.38			0.31			0.27
Net realized and unrealized gain (loss) on investments1		0.47			(5.41	)		0.39			1.51			0.65			1.17
Total from investment operations		0.62			(5.06	)		0.81			1.89			0.96			1.44
Distributions from net investment income		(0.16	)		(0.43	)		(0.58	)		(0.37	)	��	(0.30	)		(0.25	)
Distributions from capital gains		—			(0.26	)		—			(0.00	)3		(0.01	)		(0.02	)
Total distributions		(0.16	)		(0.69	)		(0.58	)		(0.37	)		(0.31	)		(0.27	)
NET ASSET VALUE, END OF PERIOD	$	12.43		$	11.97		$	17.72		$	17.49		$	15.97		$	15.32
TOTAL RETURN2		5.23	%		(29.16	)%		4.66	%		11.96	%		6.43	%		10.21	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	43,200		$	40,382		$	67,402		$	54,430		$	45,890		$	34,118
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.25	%*		0.20	%		0.18	%		0.22	%		0.20	%		0.25	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.19	%*		0.20	%		0.18	%		0.20	%		0.20	%		0.20	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.61	%*		2.28	%		2.31	%		2.23	%		2.03	%		1.82	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.66	%*		2.28	%		2.31	%		2.25	%		2.03	%		1.88	%
PORTFOLIO TURNOVER RATE		13.61	%		35.22	%		18.45	%		14.32	%		1.95	%		12.74	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Less than ($0.005) per share

* Annualized

See Notes to Financial Statements 167 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth & Income Allocation Fund

	INVESTOR CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.95		$	17.70		$	17.47		$	15.96		$	15.31		$	14.14
Net investment income (loss)1		0.12			0.27			0.33			0.27			0.24			0.19
Net realized and unrealized gain (loss) on investments1		0.47			(5.41	)		0.40			1.53			0.66			1.19
Total from investment operations		0.59			(5.14	)		0.73			1.80			0.90			1.38
Distributions from net investment income		(0.13	)		(0.35	)		(0.50	)		(0.29	)		(0.24	)		(0.19	)
Distributions from capital gains		—			(0.26	)		—			(0.00	)3		(0.01	)		(0.02	)
Total distributions		(0.13	)		(0.61	)		(0.50	)		(0.29	)		(0.25	)		(0.21	)
NET ASSET VALUE, END OF PERIOD	$	12.41		$	11.95		$	17.70		$	17.47		$	15.96		$	15.31
TOTAL RETURN2		4.98	%		(29.56	)%		4.16	%		11.40	%		5.91	%		9.79	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	11,477		$	11,049		$	16,134		$	11,166		$	7,546		$	6,361
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.75	%*		0.70	%		0.68	%		0.69	%		0.63	%		0.74	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.70	%*		0.70	%		0.68	%		0.67	%		0.63	%		0.68	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.11	%*		1.81	%		1.83	%		1.78	%		1.57	%		1.38	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.16	%*		1.81	%		1.83	%		1.80	%		1.57	%		1.43	%
PORTFOLIO TURNOVER RATE		13.61	%		35.22	%		18.45	%		14.32	%		1.95	%		12.74	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Less than ($0.005) per share

* Annualized

June 30, 2009 168 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth & Income Allocation Fund

	C CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.91		$	17.64		$	17.42		$	15.91		$	15.27		$	14.13
Net investment income (loss)1		0.09			0.20			0.23			0.22			0.16			0.14
Net realized and unrealized gain (loss) on investments1		0.47			(5.40	)		0.40			1.50			0.65			1.15
Total from investment operations		0.56			(5.20	)		0.63			1.72			0.81			1.29
Distributions from net investment income		(0.10	)		(0.27	)		(0.41	)		(0.21	)		(0.16	)		(0.13	)
Distributions from capital gains		—			(0.26	)		—			(0.00	)4		(0.01	)		(0.02	)
Total distributions		(0.10	)		(0.53	)		(0.41	)		(0.21	)		(0.17	)		(0.15	)
NET ASSET VALUE, END OF PERIOD	$	12.37		$	11.91		$	17.64		$	17.42		$	15.91		$	15.27
TOTAL RETURN2		4.65	%		(29.86	)%		3.60	%		10.88	%		5.32	%		9.12	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	30,612		$	31,953		$	55,880		$	48,233		$	37,020		$	23,072
RATIO OF EXPENSES TO AVERAGE NET ASSETS		1.24	%*		1.20	%		1.18	%		1.22	%		1.20	%		1.25	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		1.20	%*		1.20	%		1.18	%		1.20	%		1.20	%		1.20	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		1.59	%*		1.29	%		1.30	%		1.24	%		1.03	%		0.92	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		1.64	%*		1.29	%		1.30	%		1.26	%		1.03	%		0.97	%
PORTFOLIO TURNOVER RATE		13.61	%		35.22	%		18.45	%		14.32	%		1.95	%		12.74	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Less than ($0.005) per share

* Annualized

See Notes to Financial Statements 169 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth & Income Allocation Fund

	A CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.93		$	17.67		$	17.44		$	15.93		$	15.29		$	14.13
Net investment income (loss)1		0.13			0.30			0.36			0.34			0.26			0.25
Net realized and unrealized gain (loss) on investments1		0.47			(5.41	)		0.39			1.48			0.65			1.14
Total from investment operations		0.60			(5.11	)		0.75			1.82			0.91			1.39
Distributions from net investment income		(0.14	)		(0.37	)		(0.52	)		(0.31	)		(0.26	)		(0.21	)
Distributions from capital gains		—			(0.26	)		—			(0.00	)4		(0.01	)		(0.02	)
Total distributions		(0.14	)		(0.63	)		(0.52	)		(0.31	)		(0.27	)		(0.23	)
NET ASSET VALUE, END OF PERIOD	$	12.39		$	11.93		$	17.67		$	17.44		$	15.93		$	15.29
TOTAL RETURN2,3		5.06	%		(29.44	)%		4.32	%		11.56	%		5.97	%		9.93	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	17,814		$	20,190		$	30,036		$	20,836		$	20,121		$	10,961
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.59	%*		0.55	%		0.53	%		0.56	%		0.55	%		0.60	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.55	%*		0.55	%		0.53	%		0.55	%		0.55	%		0.55	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.24	%*		1.96	%		1.98	%		1.92	%		1.70	%		1.61	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.28	%*		1.96	%		1.98	%		1.93	%		1.70	%		1.67	%
PORTFOLIO TURNOVER RATE		13.61	%		35.22	%		18.45	%		14.32	%		1.95	%		12.74	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 A Class total return does not include the one-time front-end sales charge.

⁴ Less than ($0.005) per share

* Annualized

June 30, 2009 170 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth Allocation Fund

	INSTITUTIONAL CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.61		$	18.68		$	18.21		$	16.14		$	15.17		$	13.62
Net investment income (loss)1		0.10			0.21			0.24			0.23			0.20			0.18
Net realized and unrealized gain (loss) on investments1		0.40			(6.64	)		0.71			2.06			0.96			1.55
Total from investment operations		0.50			(6.43	)		0.95			2.29			1.16			1.73
Distributions from net investment income		(0.10	)		(0.30	)		(0.47	)		(0.22	)		(0.19	)		(0.18	)
Distributions from capital gains		—			(0.34	)		(0.01	)		—			—			—
Total distributions		(0.10	)		(0.64	)		(0.48	)		(0.22	)		(0.19	)		(0.18	)
NET ASSET VALUE, END OF PERIOD	$	12.01		$	11.61		$	18.68		$	18.21		$	16.14		$	15.17
TOTAL RETURN2		4.35	%		(35.05	)%		5.19	%		14.30	%		7.73	%		12.75	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	42,690		$	39,210		$	64,364		$	51,586		$	39,186		$	30,623
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.25	%*		0.20	%		0.18	%		0.22	%		0.20	%		0.25	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.19	%*		0.20	%		0.18	%		0.20	%		0.20	%		0.20	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		1.72	%*		1.35	%		1.24	%		1.33	%		1.30	%		1.24	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		1.78	%*		1.35	%		1.24	%		1.35	%		1.30	%		1.30	%
PORTFOLIO TURNOVER RATE		17.40	%		31.17	%		7.43	%		18.90	%		1.76	%		15.63	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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

See Notes to Financial Statements 171 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth Allocation Fund

	INVESTOR CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.61		$	18.66		$	18.19		$	16.12		$	15.17		$	13.62
Net investment income (loss)1		0.07			0.13			0.14			0.15			0.13			0.11
Net realized and unrealized gain (loss) on investments1		0.39			(6.61	)		0.72			2.06			0.94			1.55
Total from investment operations		0.46			(6.48	)		0.86			2.21			1.07			1.66
Distributions from net investment income		(0.07	)		(0.23	)		(0.38	)		(0.14	)		(0.12	)		(0.11	)
Distributions from capital gains		—			(0.34	)		(0.01	)		—			—			—
Total distributions		(0.07	)		(0.57	)		(0.39	)		(0.14	)		(0.12	)		(0.11	)
NET ASSET VALUE, END OF PERIOD	$	12.00		$	11.61		$	18.66		$	18.19		$	16.12		$	15.17
TOTAL RETURN2		4.01	%		(35.60	)%		4.70	%		13.77	%		7.12	%		12.22	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	11,825		$	12,597		$	18,724		$	15,282		$	14,422		$	9,746
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.75	%*		0.70	%		0.68	%		0.69	%		0.67	%		0.75	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.70	%*		0.70	%		0.68	%		0.68	%		0.67	%		0.69	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		1.21	%*		0.86	%		0.76	%		0.83	%		0.82	%		0.81	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		1.26	%*		0.86	%		0.76	%		0.82	%		0.82	%		0.75	%
PORTFOLIO TURNOVER RATE		17.40	%		31.17	%		7.43	%		18.90	%		1.76	%		15.63	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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

June 30, 2009 172 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth Allocation Fund

	C CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.55		$	18.57		$	18.12		$	16.07		$	15.12		$	13.59
Net investment income (loss)1		0.04			0.05			0.05			0.06			0.05			0.06
Net realized and unrealized gain (loss) on investments1		0.39			(6.58	)		0.71			2.05			0.95			1.52
Total from investment operations		0.43			(6.53	)		0.76			2.11			1.00			1.58
Distributions from net investment income		(0.04	)		(0.15	)		(0.30	)		(0.06	)		(0.05	)		(0.05	)
Distributions from capital gains		—			(0.34	)		(0.01	)		—			—			—
Total distributions		(0.04	)		(0.49	)		(0.31	)		(0.06	)		(0.05	)		(0.05	)
NET ASSET VALUE, END OF PERIOD	$	11.94		$	11.55		$	18.57		$	18.12		$	16.07		$	15.12
TOTAL RETURN2		3.79	%		(35.66	)%		4.18	%		13.15	%		6.64	%		11.67	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	27,148		$	26,814		$	45,687		$	38,013		$	26,399		$	15,330
RATIO OF EXPENSES TO AVERAGE NET ASSETS		1.25	%*		1.20	%		1.18	%		1.22	%		1.19	%		1.25	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		1.19	%*		1.20	%		1.18	%		1.20	%		1.19	%		1.20	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		0.71	%*		0.34	%		0.25	%		0.34	%		0.31	%		0.34	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		0.76	%*		0.34	%		0.25	%		0.36	%		0.31	%		0.39	%
PORTFOLIO TURNOVER RATE		17.40	%		31.17	%		7.43	%		18.90	%		1.76	%		15.63	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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

See Notes to Financial Statements 173 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth Allocation Fund

	A CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.61		$	18.67		$	18.19		$	16.13		$	15.17		$	13.62
Net investment income (loss)1		0.08			0.15			0.18			0.16			0.15			0.15
Net realized and unrealized gain (loss) on investments1		0.39			(6.62	)		0.72			2.06			0.95			1.53
Total from investment operations		0.47			(6.47	)		0.90			2.22			1.10			1.68
Distributions from net investment income		(0.08	)		(0.25	)		(0.41	)		(0.16	)		(0.14	)		(0.13	)
Distributions from capital gains		—			(0.34	)		(0.01	)		—			—			—
Total distributions		(0.08	)		(0.59	)		(0.42	)		(0.16	)		(0.14	)		(0.13	)
NET ASSET VALUE, END OF PERIOD	$	12.00		$	11.61		$	18.67		$	18.19		$	16.13		$	15.17
TOTAL RETURN2,3		4.09	%		(35.25	)%		4.91	%		13.85	%		7.32	%		12.43	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	17,629		$	17,808		$	29,580		$	21,064		$	20,159		$	11,388
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.60	%*		0.55	%		0.53	%		0.57	%		0.55	%		0.60	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.54	%*		0.55	%		0.53	%		0.55	%		0.55	%		0.55	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		1.41	%*		0.99	%		0.92	%		0.99	%		0.96	%		1.04	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		1.36	%*		0.99	%		0.92	%		0.97	%		0.96	%		0.98	%
PORTFOLIO TURNOVER RATE		17.40	%		31.17	%		7.43	%		18.90	%		1.76	%		15.63	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 A Class total return does not include the one-time front-end sales charge.

* Annualized

June 30, 2009 174 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Aggressive Growth Allocation Fund

	INSTITUTIONAL CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.20		$	19.48		$	18.81		$	16.27		$	14.97		$	13.08
Net investment income (loss)1		0.04			0.07			0.10			0.09			0.06			0.05
Net realized and unrealized gain (loss) on investments1		0.34			(7.82	)		0.98			2.50			1.26			1.86
Total from investment operations		0.38			(7.75	)		1.08			2.59			1.32			1.91
Distributions from net investment income		(0.04	)		(0.16	)		(0.38	)		(0.05	)		(0.02	)		(0.02	)
Distributions from capital gains		—			(0.37	)		(0.03	)		—			—			—
Total distributions		(0.04	)		(0.53	)		(0.41	)		(0.05	)		(0.02	)		(0.02	)
NET ASSET VALUE, END OF PERIOD	$	11.54		$	11.20		$	19.48		$	18.81		$	16.27		$	14.97
TOTAL RETURN2		3.40	%		(40.46	)%		5.71	%		15.95	%		8.86	%		14.60	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	28,413		$	25,412		$	44,106		$	37,716		$	21,970		$	15,590
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.32	%*		0.25	%		0.20	%		0.26	%		0.24	%		0.30	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.26	%*		0.25	%		0.20	%		0.20	%		0.20	%		0.20	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		0.70	%*		0.44	%		0.49	%		0.48	%		0.35	%		0.27	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		0.75	%*		0.44	%		0.49	%		0.54	%		0.39	%		0.37	%
PORTFOLIO TURNOVER RATE		18.68	%		30.06	%		10.36	%		10.73	%		2.01	%		3.61	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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

See Notes to Financial Statements 175 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Aggressive Growth Allocation Fund

	INVESTOR CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.93		$	19.06		$	18.42		$	15.98		$	14.76		$	12.94
Net investment income (loss)1		0.01			(0.01	)		0.00			(0.01	)		(0.02	)		(0.02	)
Net realized and unrealized gain (loss) on investments1		0.33			(7.64	)		0.95			2.47			1.25			1.84
Total from investment operations		0.34			(7.65	)		0.95			2.46			1.23			1.82
Distributions from net investment income		(0.01	)		(0.11	)		(0.28	)		(0.02	)		(0.01	)		0.00	3
Distributions from capital gains		—			(0.37	)		(0.03	)		—			—			—
Total distributions		(0.01	)		(0.48	)		(0.31	)		(0.02	)		(0.01	)		0.00	3
NET ASSET VALUE, END OF PERIOD	$	11.26		$	10.93		$	19.06		$	18.42		$	15.98		$	14.76
TOTAL RETURN2		3.16	%		(40.77	)%		5.15	%		15.39	%		8.31	%		14.01	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	7,512		$	6,920		$	12,913		$	11,518		$	12,353		$	9,782
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.82	%*		0.75	%		0.70	%		0.73	%		0.74	%		0.80	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.76	%*		0.75	%		0.70	%		0.69	%		0.70	%		0.70	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		0.19	%*		(0.09	)%		(0.02	)%		(0.09	)%		(0.14	)%		(0.24	)%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		0.25	%*		(0.09	)%		(0.02	)%		(0.05	)%		(0.11	)%		(0.14	)%
PORTFOLIO TURNOVER RATE		18.68	%		30.06	%		10.36	%		10.73	%		2.01	%		3.61	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 Less than ($0.005) per share

* Annualized

June 30, 2009 176 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Aggressive Growth Allocation Fund

	C CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.78		$	18.86		$	18.24		$	15.89		$	14.74		$	13.00
Net investment income (loss)1		(0.01	)		(0.08	)		(0.09	)		(0.08	)		(0.09	)		(0.07	)
Net realized and unrealized gain (loss) on investments1		0.32			(7.55	)		0.95			2.43			1.24			1.81
Total from investment operations		0.31			(7.63	)		0.86			2.35			1.15			1.74
Distributions from net investment income		—			(0.08	)		(0.21	)		—			—			—
Distributions from capital gains		—			(0.37	)		(0.03	)		—			—			—
Total distributions		—			(0.45	)		(0.24	)		—			—			—
NET ASSET VALUE, END OF PERIOD	$	11.09		$	10.78		$	18.86		$	18.24		$	15.89		$	14.74
TOTAL RETURN2		2.88	%		(41.05	)%		4.69	%		14.79	%		7.80	%		13.38	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	5,990		$	5,944		$	10,144		$	7,966		$	5,399		$	3,474
RATIO OF EXPENSES TO AVERAGE NET ASSETS		1.32	%*		1.25	%		1.20	%		1.25	%		1.24	%		1.30	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		1.26	%*		1.25	%		1.20	%		1.20	%		1.20	%		1.20	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		(0.32	)%*		(0.56	)%		(0.49	)%		(0.55	)%		(0.64	)%		(0.61	)%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		(0.27	)%*		(0.56	)%		(0.49	)%		(0.50	)%		(0.61	)%		(0.50	)%
PORTFOLIO TURNOVER RATE		18.68	%		30.06	%		10.36	%		10.73	%		2.01	%		3.61	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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

See Notes to Financial Statements 177 June 30, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Aggressive Growth Allocation Fund

	A CLASS SHARES
	PERIOD ENDED JUNE 30, 2009 (UNAUDITED)			FOR THE YEARS ENDED DECEMBER 31,
				2008			2007			2006			2005			2004
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.09		$	19.31		$	18.66		$	16.17		$	14.92		$	13.07
Net investment income (loss)1		0.02			0.02			0.03			0.03			0.01			0.03
Net realized and unrealized gain (loss) on investments1		0.33			(7.75	)		0.96			2.49			1.25			1.83
Total from investment operations		0.35			(7.73	)		0.99			2.52			1.26			1.86
Distributions from net investment income		(0.02	)		(0.12	)		(0.31	)		(0.03	)		(0.01	)		(0.01	)
Distributions from capital gains		—			(0.37	)		(0.03	)		—			—			—
Total distributions		(0.02	)		(0.49	)		(0.34	)		(0.03	)		(0.01	)		(0.01	)
NET ASSET VALUE, END OF PERIOD	$	11.42		$	11.09		$	19.31		$	18.66		$	16.17		$	14.92
TOTAL RETURN2,3		3.18	%		(40.66	)%		5.30	%		15.56	%		8.46	%		14.23	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	7,815		$	7,587		$	12,864		$	9,032		$	5,589		$	2,375
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.67	%*		0.60	%		0.55	%		0.61	%		0.59	%		0.65	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.61	%*		0.60	%		0.55	%		0.55	%		0.55	%		0.55	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		0.34	%*		0.11	%		0.16	%		0.12	%		0.03	%		0.13	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		0.39	%*		0.11	%		0.16	%		0.18	%		0.06	%		0.23	%
PORTFOLIO TURNOVER RATE		18.68	%		30.06	%		10.36	%		10.73	%		2.01	%		3.61	%

¹ Per share amounts are based upon average shares outstanding.

² Total return is for the period indicated and has not been annualized. 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 A Class total return does not include the one-time front-end sales charge.

* Annualized

June 30, 2009 178 See Notes to Financial Statements

Notes to Financial Statements (Unaudited)

1. Organization

Forward Funds (the “Trust”) is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust offers multiple separate series each with its own investment objective and policies, eighteen of which are known as the Accessor Funds (each a “Fund” or “Accessor Fund” and collectively, the “Funds” or “Accessor Funds”). Each of the Accessor Funds (with the exception of the Accessor Frontier Markets Fund and the Investment Grade Fixed-Income Fund) are successors to previously operational funds which were series of Accessor Funds, Inc., a Maryland corporation, and were reorganized into the corresponding Accessor Fund effective September 1, 2008. This semi-annual report covers the eighteen Accessor Funds, which consist of eight diversified and two non-diversified investment portfolios (the “Underlying Funds”); six diversified funds of funds investment portfolios (the “Allocation Funds”); one additional diversified investment portfolio; and one additional non-diversified investment portfolio. The Underlying Funds in this report are the Accessor Growth Fund, Accessor Value Fund, Accessor Small to Mid Cap Fund, and Accessor International Equity Fund (the “Equity Funds”); the Accessor High Yield Bond Fund, Accessor Investment Grade Fixed-Income Fund (formerly the “Accessor Intermediate Fixed-Income Fund”), Accessor Mortgage Securities Fund (the “Bond Funds”) and Accessor U.S. Government Money Fund (the “Money Fund”) (collectively with the Bond Funds, the “Fixed-Income Funds”); and the Accessor Frontier Markets Fund and Accessor Strategic Alternatives Fund (collectively, the “Alternative Funds”). The six Allocation Funds are the Accessor Income Allocation Fund, Accessor Income & Growth Allocation Fund, Accessor Balanced Allocation Fund, Accessor Growth & Income Allocation Fund, Accessor Growth Allocation Fund and Accessor Aggressive Growth Allocation Fund. The report also covers the Accessor Total Return Fund and Accessor Limited Duration U.S. Government Fund.

The Accessor Growth Fund, Accessor Value Fund, Accessor Small to Mid Cap Fund, Accessor International Equity Fund and Accessor High Yield Bond Fund each offer five classes of shares: Institutional Class Shares (formerly Advisor Class Shares), Investor Class Shares, A Class Shares, C Class Shares and Z Class Shares. The Accessor U.S. Government Money Fund also offers five classes of shares: Institutional Class Shares (formerly Advisor Class Shares), Investor Class Shares, A Class Shares, C Class Shares and Z Class Shares (formerly Institutional Class Shares). The Accessor Frontier Markets and Strategic Alternatives Funds currently offer three classes of shares: Institutional Class Shares (formerly Advisor Class Shares), Investor Class Shares and Z Class Shares. The Accessor Investment Grade Fixed-Income Fund and Accessor Mortgage Securities Fund each offer four classes of shares: Institutional Class Shares (formerly Advisor Class Shares), Investor Class Shares, C Class Shares and Z Class Shares. The Allocation Funds each offer four classes of shares: Institutional Class Shares (formerly Advisor Class Shares), Investor Class Shares, A Class Shares and C Class Shares. The Accessor Strategic Alternatives Fund offers three classes of shares: Institutional Class Shares (formerly Advisor Class Shares), Investor Class Shares and Z Class Shares. The Accessor Total Return Fund and Accessor Limited Duration U.S. Government Fund each offer one undesignated class of shares. Each class of shares of each Accessor Fund has identical rights and privileges as the other classes of shares of such Accessor Fund, except that (i) each class of shares bears class-specific expenses allocated to it, (ii) each class of shares has exclusive voting rights on any matter submitted to shareholders that relates solely to the

179 June 30, 2009

Notes to Financial Statements (Unaudited)

distribution or service arrangements of such classes, and (iii) each class has separate voting rights on any matter submitted to the shareholders in which interests of one class differ from the interests of the shareholders of the other classes of shares.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”). The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the financial statements may differ from the value the Funds ultimately realize upon sale of the securities. To the extent that the Allocation Funds are invested in each of the Underlying Funds, the Allocation Funds will also be exposed to certain estimates, assumptions, and security transactions indirectly. The financial statements have been prepared as of the close of the New York Stock Exchange on June 30, 2009.

Security Valuation: Net Asset Value (“NAV”) per share of each Fund is calculated as of the close of regular trading of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m. Eastern Time), except that the NAV per share of the Money Fund is calculated at 5:00 p.m. Eastern Time. If the NYSE closes early, the Funds may close early and may value their shares at an earlier time.

The Funds generally value their securities using prices obtained from a pricing service. Equity securities (both domestic and international) and fixed-income securities listed and traded principally on a national securities exchange are typically valued on the basis of last reported sale price or a market’s official closing 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. Because foreign securities markets are open on different days from U.S. markets, there may be instances when prices of foreign securities in which a Fund invests change on days when shareholders are not able to buy or sell Fund shares. Over-the-counter equity securities, options, and futures contracts are generally valued on the basis of the last reported sale price or a market’s official closing price or, if believed to more accurately reflect the fair market value, the mean between the bid and asked prices. Many fixed income securities do not trade each day and thus the last sale or bid price are frequently not available. Fixed-income securities may be valued using prices provided by a pricing service, including a qualified broker quote, when such prices are believed by Forward Management, LLC (“Forward Management”) and the appropriate sub-advisor, an unaffiliated investment management organization (referred to herein each as a “Money Manager” and collectively, as the “Money Managers”) to reflect the fair market value of such securities. To the extent that such fixed-income securities do not trade each day and last sale or bid prices are not available, the Board of Trustees has authorized the use of matrix pricing or similar valuation methods used by such pricing sources. Investments held by the Money Fund are valued at amortized cost and short-term debt securities maturing in 60 days or less may be valued at amortized cost, which approximates market value. Investments by the Allocation Funds in shares of the Underlying Funds are valued at the NAV per share of the applicable Underlying Fund.

Investments by any Fund in exchange-traded open-end investment companies or closed-end

June 30, 2009 180

Notes to Financial Statements (Unaudited)

investment companies are priced as equity securities as stated above.

An investment for which a price is not readily available as described above is valued at its fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees. The fair value of a security may be determined in circumstances, including, but not limited to, when (i) the exchange or market on or in which a security is traded does not open for trading for an entire trading day and no other market prices are available, (ii) a security does not trade regularly or has had its trading halted, (iii) a security does not have a price source due to its lack of liquidity, (iv) Forward Management or the appropriate Money Manager believes a market quotation from a broker-dealer is unreliable (e.g., where it varies significantly from a recent trade), (v) the security is thinly traded, or (vi) there has been a significant subsequent event. A significant event is one where it is believed with a reasonably high degree of certainty that a particular event has caused the price of the security to no longer reflect its current value as of the time of the Fund’s NAV calculation. The Funds anticipate using fair value pricing for securities primarily traded on U.S. exchanges only under very limited circumstances. The Funds (specifically the Accessor Frontier Markets Fund, Accessor Strategic Alternatives Fund and Accessor International Equity Fund) may, however, use fair value pricing more frequently for securities primarily traded in non-U.S. markets because, among other things, most foreign markets close well before a Fund normally values its securities at 4:00 p.m. Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may occur before a Fund values its securities. To account for this, the Funds (particularly the Accessor Frontier Markets Fund, Accessor Strategic Alternatives Fund and Accessor International Equity Fund) may frequently value many foreign equity securities using the fair value procedures adopted by the Board of Trustees. On days when a change has occurred in the closing level of a benchmark index by an amount approved by the Board of Trustees from the previous trading day’s closing level and other criteria have been met, the Board of Trustees has authorized the use of an independent fair valuation service to provide the fair value for foreign equity securities. Forward Management and the Money Managers review the fair values provided, review periodically the methodology and procedures used in providing values to the Funds, and evaluate the accuracy of the prices provided.

Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards (“SFAS”) No. 157 is effective for the Funds’ financial statements issued after December 31, 2007. SFAS No. 157 defines fair value, establishes a fair value hierarchy and specifies that a valuation technique used to measure fair value shall maximize the use of observable inputs and minimize the use of unobservable inputs. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under SFAS No. 157 are described below:

Level 1—Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;

Level 2—Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

181 June 30, 2009

Notes to Financial Statements (Unaudited)

Level 3—Significant unobservable prices or inputs (including a Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

As required by SFAS No.157, investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs and may include Level 1 or Level 2 inputs as components of the overall fair value measurement. The designated inputs levels are not necessarily an indication of the risks or liquidity associated with these investments.

The following is a summary of the inputs used as of June 30, 2009 in valuing the Funds’ investments carried at value:

Accessor Growth Fund
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Common Stocks	$	75,296,808	$	—	$	—	$	75,296,808
Exchange Traded Funds		262,735		—		—		262,735
Total Investments in Securities	$	75,559,543	$	—	$	—	$	75,559,543
Accessor Value Fund
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Common Stocks	$	71,285,182	$	—	$	—	$	71,285,182
Total Investments in Securities	$	71,285,182	$	—	$	—	$	71,285,182
Accessor Small to Mid Cap Fund
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Common Stocks	$	166,740,215	$	—	$	—	$	166,740,215
Total Investments in Securities	$	166,740,215	$	—	$	—	$	166,740,215
Accessor International Equity Fund
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Common Stocks	$	94,254,638	$	—	$	—	$	94,254,638
Total Investments in Securities	$	94,254,638	$	—	$	—	$	94,254,638
Accessor Total Return Fund
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Common Stocks	$	7,307,048	$	—	$	—	$	7,307,048
Exchange Traded Funds		14,283,920		—		—		14,283,920
Preferred Stocks		944,430		—		—		944,430
Investment Companies		424,445		—		—		424,445
Total Investments in Securities	$	22,959,843	$	—	$	—	$	22,959,843

June 30, 2009 182

Notes to Financial Statements (Unaudited)

Accessor Strategic Alternatives Fund
	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Exchange Traded Funds	$	40,209,773		$	—		$	—	$	40,209,773
Exchange Traded Note		17,006,435			—			—		17,006,435
Structured Notes		—			20,494,600			—		20,494,600
U.S. Government and Agency Securities		—			17,991,852			—		17,991,852
Total Investments in Securities	$	57,216,208		$	38,486,452		$	—	$	95,702,660
Accessor Frontier Markets Fund
	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Exchange Traded Funds	$	6,105,464		$	5,336,984		$	—	$	11,442,448
U.S. Government and Agency Security		—			7,525,156			—		7,525,156
Warrant		—			4,877,300			—		4,877,300
Investment Company		1,800,000			—			—		1,800,000
Common Stock		1,633,810			—			—		1,633,810
Total Investments in Securities	$	9,539,274		$	17,739,440		$	—	$	27,278,714
	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Other Financial Instruments
Total Return Swap Contracts	$	—		$	(136,378	)	$	—	$	(136,378	)
Total Investments in Securities	$	—		$	(136,378	)	$	—	$	(136,378	)
Accessor High Yield Bond Fund
	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Corporate Bonds	$	—		$	93,863,736		$	—	$	93,863,736
Total Investments in Securities	$	—		$	93,863,736		$	—	$	93,863,736
Accessor Investment Grade Fixed-Income Fund
	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Asset Backed Securities	$	—		$	1,647,124		$	4,117,100	$	5,764,224
Collateralized Mortgage Obligations		—			40,812,198			806,420		41,618,618
Corporate Bonds		—			29,577,040			1,701,754		31,278,794
Municipal Bonds		—			4,322,987			—		4,322,987
U.S. Government and Agency Securities		—			8,047,382			—		8,047,382
Total Investments in Securities	$	—		$	84,406,731		$	6,625,274	$	91,032,005
	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Other Financial Instruments
Futures — Unrealized appreciation	$	573,951		$	—		$	—	$	573,951
Futures — Unrealized depreciation		(67,934	)		—			—		(67,934	)
Written Options		(350	)		—			—		(350	)
TBA Purchase Commitments		—			13,521,246			—		13,521,246
TBA Sale Commitments		—			(5,186,564	)		—		(5,186,564	)
Total Investments in Securities	$	505,667		$	8,334,682		$	—	$	8,840,349

183 June 30, 2009

Notes to Financial Statements (Unaudited)

Accessor Mortgage Securities Fund
	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Project Loans	$	—	$	—		$	2,356	$	2,356
Collateralized Mortgage Obligations		—		51,984,647			—		51,984,647
Asset Backed Securities		—		228,032			—		228,032
Total Investments in Securities	$	—	$	52,212,679		$	2,356	$	52,215,035
	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL
Other Financial Instruments
TBA Purchase Commitments	$	—	$	32,382,808		$	—	$	32,382,808
TBA Sale Commitments		—		(22,764,849	)		—		(22,764,849	)
Total Investments in Securities	$	—	$	9,617,959		$	—	$	9,617,959
Accessor Limited Duration U.S. Government Fund
	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Agency Collateralized Mortgage Obligations	$	—	$	7,757,841		$	—	$	7,757,841
U.S. Agency Bonds		—		29,301,451			—		29,301,451
Total Investments in Securities	$	—	$	37,059,292		$	—	$	37,059,292
Accessor U.S. Government Money Fund
	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
U.S. Agency Bonds	$	—	$	746,667,074		$		$	746,667,074
Short-Term Investment		—		103,000,000					103,000,000
Total Investments in Securities	$	—	$	849,667,074		$	—	$	849,667,074
Accessor Income Allocation Fund
	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Affiliated Investment Companies	$	18,950,007	$	—		$	—	$	18,950,007
Total Investments in Securities	$	18,950,007	$	—		$	—	$	18,950,007
Accessor Income & Growth Allocation Fund
	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Affiliated Investment Companies	$	41,609,686	$	—		$	—	$	41,609,686
Total Investments in Securities	$	41,609,686	$	—		$	—	$	41,609,686
Accessor Balanced Allocation Fund
	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Affiliated Investment Companies	$	107,660,724	$	—		$	—	$	107,660,724
Total Investments in Securities	$	107,660,724	$	—		$	—	$	107,660,724
Accessor Growth & Income Allocation Fund
	LEVEL 1		LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Affiliated Investment Companies	$	100,891,184	$	—		$	—	$	100,891,184
Total Investments in Securities	$	100,891,184	$	—		$	—	$	100,891,184

June 30, 2009 184

Notes to Financial Statements (Unaudited)

Accessor Growth Allocation Fund
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Affiliated Investment Companies	$	98,569,387	$	—	$	—	$	98,569,387
Total Investments in Securities	$	98,569,387	$	—	$	—	$	98,569,387
Accessor Aggressive Growth Allocation Fund
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Affiliated Investment Companies	$	49,223,063	$	—	$	—	$	49,223,063
Total Investments in Securities	$	49,223,063	$	—	$	—	$	49,223,063

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value:

Accessor International Equity Fund(a)
	COMMON STOCKS
Beginning balance as of January 1, 2009	$	2,397,670
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Net purchases/sales		—
Net transfer in and/or out of Level 3		(2,397,670	)
Ending balance as of June 30, 2009		—
Net change in unrealized appreciation/depreciation included in earnings related to investments still held at June 30, 2009	$	7,766,852
Accessor Investment Grade Fixed-Income Fund(a)
	ASSET BACKED SECURITIES
Beginning balance as of January 1, 2009	$	1,171,885
Accrued discounts/premiums		(45,339	)
Realized gain/(loss)		4,793,048
Change in unrealized appreciation/(depreciation)		(3,284,087	)
Net purchase/sales		(22,591	)
Net transfers in/and or out of Level 3		1,504,184
Ending balance as of June 30, 2009	$	4,117,100
	COLLATERALIZED MORTGAGE OBLIGATIONS
Beginning balance as of January 1, 2009	$	149,078
Accrued discounts/premiums		688
Realized gain/(loss)		1,015,118
Change in unrealized appreciation/(depreciation)		(385,183	)
Net purchase/sales		26,718
Net transfers in/and or out of Level 3		—
Ending balance as of June 30, 2009	$	806,419

	CORPORATE BONDS
Beginning balance as of January 1, 2009	$	981,402
Accrued discounts/premiums		34,832
Realized gain/(loss)		1,106,722
Change in unrealized appreciation/(depreciation)		(421,201	)
Net purchase/sales		—
Net transfers in/and or out of Level 3		—
Ending balance as of June 30, 2009	$	1,701,755
Net change in unrealized appreciation/depreciation included in earnings related to investments still held at June 30, 2009	$	(10,086,276	)
Accessor Mortgage Securities Fund(a)
	PROJECT LOANS
Beginning balance as of January 1, 2009	$	—
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		—
Net purchases/sales		—
Net transfer in and/or out of Level 3		2,356
Ending balance as of June 30, 2009	$	2,356
Net change in unrealized appreciation/depreciation included in earnings related to investments still held at June 30, 2009	$	(989,192	)

^(a) Net realized gain/(loss) and net unrealized appreciation/(depreciation) are included in the related amounts on investments in the Statement of Operations.

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 financial statement

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reporting purposes using the effective interest method. 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 denominated in a foreign currency; and the Equity Funds and the Alternative Funds may purchase equity securities that are denominated in a foreign currency. Investment securities and other assets and liabilities that are denominated in a foreign currency are translated into U.S. dollars at the exchange rate in effect on the day of valuation. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rates in effect on the dates of the transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuation arising from changes in market prices of securities. Reported net realized foreign exchange gains or losses arise from 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 translated amount of income or expenses initially recorded in each of the Fund’s accounting records and the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities, excluding investments in securities, resulting from changes in the exchange rates.

The Funds 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 or federal income tax purposes. 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 (other than the Accessor Limited Duration U.S. Government Fund, the U.S. Government Money Fund and the Allocation 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 Accessor Limited Duration U.S. Government Fund, the U.S. Government Money Fund and the Allocation Funds) are permitted to enter into financial futures contracts and stock index futures contracts in accordance with their investment objectives. A Fund may do so for a variety of reasons including for cash management purposes. The Accessor International Equity 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

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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. In addition, the Funds could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts.

Forward Foreign Currency Exchange Contracts: The Accessor International Equity 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 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 Accessor International Equity 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 Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts.

Options Transactions: Certain Funds may purchase and write call and put options on securities and securities indices, provided such options are traded on a national securities exchange or an over-the-counter market. The Accessor International Equity Fund may also purchase and sell call and put options on foreign currencies.

When any of the Funds writes or purchases 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 or index 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

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stipulated expiration date or if a Fund enters into a closing sale transaction, a gain or loss is realized. If a Fund exercises a call, the cost of the security acquired is increased by the premium paid for the call. If a Fund exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities.

The option techniques utilized are to hedge against changes in interest rates, foreign currency exchange rates or securities prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by a Fund, to reduce the volatility of the currency exposure associated with an 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.

Swap Agreements: Certain Funds may enter into interest rate, index, equity, currency exchange rate, total return and credit default swap agreements as well as purchase and sell options to enter into such swap agreements, for hedging and non-hedging purposes. These transactions would be entered into in an attempt to obtain a particular return when it is considered desirable to do so, possibly at a lower cost to a Fund than if the Fund had invested directly in the asset that yielded the desired return. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index).

Forms of swap agreements include interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified level, or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa, in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. Credit default swaps are a type of swap agreement in which the protection “buyer” is generally obligated to pay the protection “seller” an upfront and/or a periodic stream of payments over the term of the contract provided that no credit event, such as a default, on a reference obligation has occurred. The credit default swap agreement may have as reference obligations one or more securities that are not currently held by a Fund. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. A Fund may be either the buyer or seller in the transaction. If a Fund is a buyer and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. As a seller, a Fund generally receives an upfront payment and/or a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund

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would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. Credit default swap agreements involve greater risks than if a Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. A Fund will enter into credit default swap agreements only with counterparties that meet certain standards of creditworthiness.

Total return swap agreements are contracts in which one party agrees to make periodic payments based on the change in market value of underlying assets, which may include a specified security, basket of securities, defined portfolios of bonds, loans and mortgages, or securities indexes during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical custody of such security or market. Total return swap agreements may effectively add leverage to a Fund’s portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. Total return swaps are a mechanism for the user to accept the economic benefits of asset ownership without utilizing the balance sheet. The other leg of the swap, usually LIBOR, is spread to reflect the non-balance sheet nature of the product. Total return swaps can be designed with any underlying asset agreed between two parties. Typically no notional amounts are exchanged with total return swaps. Total return swap agreements entail the risk that a party will default on its payment obligations to a Fund thereunder. Swap agreements also entail the risk that a Fund will not be able to meet its obligation to the counterparty. Generally, a Fund will enter into total return swaps on a net basis (i.e., the two payment streams are netted out with the Fund receiving or paying, as the case may be, only the net amount of the two payments).

Most swap agreements entered into by a Fund calculate the obligations of the parties to the agreement on a “net basis.” Consequently, a Fund’s current obligations (or rights) under a swap agreement will generally be equal only to the net present value of amounts to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the “net amount”). A Fund’s current obligations under a swap agreement will be accrued daily (offset against amounts owed to the Fund), and any accrued but unpaid net amounts owed to a swap counterparty will be covered by the maintenance of a segregated account consisting of assets determined to be liquid by Forward Management or the appropriate Money Manager, in accordance with procedures established by the Board of Trustees to limit any potential leveraging of a Fund’s portfolio.

Obligations under swap agreements so covered will not be construed to be “senior securities” for purposes of the Funds’ investment restriction concerning senior securities. A Fund will not enter into a swap agreement with any single party if the net amount owed or to be received under existing contracts with that party would exceed 5% of the Fund’s assets.

Whether a Fund’s use of swap agreements will be successful in furthering its investment objective will depend on Forward Management’s or the appropriate Money Manager’s ability to correctly predict whether certain types of investments are likely to produce greater returns than other investments. Because they are two-party contracts and because they may have terms of greater than seven days, swap agreements may be considered to be illiquid investments. Moreover, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or

189 June 30, 2009

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bankruptcy of a swap agreement counterparty. A Fund will enter into swap agreements only with counterparties that meet certain standards for creditworthiness (generally, such counterparties would have to be eligible counterparties under the terms of the Fund’s repurchase agreement guidelines). Certain restrictions imposed on the Funds by the Internal Revenue Code of 1986, as amended (the “Code”), may limit a Fund’s ability to use swap agreements. The swap market is a relatively new market and is largely unregulated. It is possible that developments in the swap market, including potential government regulation, could adversely affect a Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

Structured Notes: The Accessor Strategic Alternatives Fund, as part of its investment objective, may invest in structured notes, which are debt obligations that also contain an embedded derivative component with characteristics that adjust the obligation’s risk/return profile. Generally, the performance of a structured note will track that of the underlying debt obligation and the derivative embedded within it. The Fund has the right to receive periodic interest payments from the issuer of the structured notes at an agreed-upon interest rate and a return of the principal at the maturity date.

Structured notes are typically privately negotiated transactions between two or more parties. The Fund bears the risk that the issuer of the structured note will default or become bankrupt. The Fund bears the risk of the loss of its principal investment and periodic interest payments expected to be received for the duration of its investment in the structures notes.

In the case of structured notes on credit default swaps, the Fund is also subject to the credit risk of the corporate credits underlying the credit default swaps. If one of the underlying corporate credit defaults, the Fund may receive the security that has defaulted, or alternatively a cash settlement may occur, and the Funds’ principal investment in the structured note would be reduced by the corresponding face value of the defaulted security.

The Fund intends to invest in equity-linked structured notes (which would be linked to an equity index) to a significant extent. A highly liquid secondary market may not exist for the structured notes the Fund invests in, and there can be no assurance that a highly liquid secondary market will develop. The lack of a highly liquid secondary market may make it difficult for the Fund to sell the structured notes they hold at an acceptable price or accurately value such notes.

The market for structured notes may be, or suddenly can become, illiquid. The other parties to the transaction may be the only investors with sufficient understanding of the derivative to be interested in bidding for it. Changes in liquidity may result in significant, rapid, and unpredictable changes in the prices for structured notes. In certain cases, a market price for a credit-linked security may not be available. The collateral for a structured not may be one or more credit default swaps, which are subject to additional risks.

Forward Commitments: The Funds (other than the Allocation Funds) may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (i.e., “when issued,” “delayed delivery,” “forward commitment,” or “TBA transactions”) 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 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.

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Each Fund may enter into TBA sale commitments to hedge its 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 (purchase) commitments are valued at the current market value of the underlying securities, according to the procedures described under “Security Valuation” above. The contract is adjusted to market value daily and the change in market value is recorded by the Fund as an unrealized gain or loss. If the TBA sale (purchase) commitment is closed through the acquisition of an offsetting purchase (sale) commitment, the Fund realizes a gain or loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.

Dollar Rolls: The Funds may enter into mortgage dollar rolls (principally using TBAs) in which each Fund sells mortgage securities for delivery in the current month and simultaneously contracts to repurchase substantially similar securities at an agreed upon price on a fixed date. Each Fund accounts for such dollar rolls under the purchases and sales method and receives compensation as consideration for entering into the commitment to repurchase. Each Fund must maintain liquid securities having a value not less than the repurchase price (including accrued interest) for such dollar rolls. The market value of the securities that each Fund is required to purchase may decline below the agreed upon repurchase price of those securities.

Collateralized Debt Obligations: The Funds may invest in collateralized debt obligations (“CDOs”), which include collateralized loan obligations (“CLOs”) and other similarly structured securities. CLOs are a type of asset-backed securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. CDOs may charge management fees and administrative expenses. For CDOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the “equity” tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CDO trust typically has a higher rating and lower yield than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CDO senior tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CDO securities as a class. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. Normally, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by the Funds as illiquid securities; however, an active dealer market may exist for CDOs allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities (e.g., interest rate risk and default risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the

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collateral may decline in value or default; (iii) the Funds may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Stripped Mortgage-Backed Securities: Stripped mortgage-backed securities are derivative multiple-class mortgage-backed securities. Stripped mortgage-backed securities usually have two classes that receive different proportions of interest and principal distributions on a pool of mortgage assets. Typically, one class will receive some of the interest and most of the principal, while the other class will receive most of the interest and the remaining principal. In extreme cases, one class will receive all of the interest (“interest only” or “IO” class) while the other class will receive the entire principal (“principal only” or “PO” class). The cash flow and yields on IOs and POs are extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage loans or mortgage-backed securities. A rapid rate of principal payments may adversely affect the yield to maturity of IOs. Slower than anticipated prepayments of principal may adversely affect the yield to maturity of a PO. The yields and market risk of interest only and principal only stripped mortgage-backed securities, respectively, may be more volatile than those of other fixed income securities, including traditional mortgage-backed securities.

Repurchase Agreements: The Funds may enter into repurchase agreements (agreements to purchase securities—generally 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 Forward Management or the appropriate Money Manager has determined to be creditworthy. It is the Funds’ policy to take possession of the underlying securities as collateral 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.

Set forth below is the collateral for the Money Fund’s Repurchase Agreement on June 30, 2009. As of June 30, 2009, this is the only Accessor Fund with a Repurchase Agreement.

ISSUER OF REPURCHASE AGREEMENT	ISSUER(S)	PAR	INTEREST RATE	MATURITY DATE	MARKET VALUE
South Street	Various U.S. Government Agencies	$15,688,200-$37,500,000	0.140%-1.750%	8/6/09-4/20/11	$105,060,075

Distributions to Shareholders: Distributions from net investment income, if any, are declared daily and paid monthly for the Money Fund; declared and paid monthly for the Bond Funds, the Accessor Limited Duration U.S. Government Fund, Accessor Income Allocation Fund, Accessor Income & Growth Allocation Fund and Accessor Balanced Allocation Fund; declared and paid quarterly for the other Equity Funds, the Accessor Total Return Fund, Accessor Strategic Alternatives Fund, and the other Allocation Funds; and declared and paid annually for the Accessor International Equity Fund and Accessor Frontier Markets 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.

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Federal Income Taxes: It is each Fund’s intention to continue to comply with the requirements of Subchapter M of the Code to qualify as a regulated investment company. Subchapter M requires a regulated investment company to distribute substantially all of its taxable income and net realized gains, if any, to shareholders. By distributing all of its taxable income and realized gains to shareholders, a Fund will not be subject to Federal income or 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 the annual financial statements may differ from that reported in each Fund’s tax return and, consequently, the character of distributions to shareholders reported in the statements of changes in net assets and financial highlights may differ from that reported to shareholders for Federal income tax purposes.

Other Expenses: Shared expenses incurred by the Trust 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.

Illiquid or Restricted Securities: The Funds (other than the Accessor Limited Duration U.S. Government Fund, the U.S. Government Money Fund and the Allocation 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 once the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information relating to restricted securities held as of June 30, 2009 is detailed in the Schedules of Investments, as applicable.

Each Fund (except the Allocation Funds) may invest a portion of its net assets not to exceed 15% in securities that are illiquid (except the Money Fund, which may not exceed 10%). Illiquid securities are securities that cannot be sold within seven days in the ordinary course of business at the approximate amount at which the Funds have valued the securities. Certain restricted securities are not subject to the 15% limitation if Forward Management determines that such security is liquid pursuant to procedures approved by the Board of Trustees.

Redemption Fees: Shares exchanged or redeemed from the Equity Funds, the Accessor High Yield Bond Fund and Accessor Strategic Alternatives Fund within 90 days from the date of purchase were previously subject to a redemption fee equal to 2% of the proceeds of the redeemed or exchanged shares. These fees, which are retained by these Funds, are accounted for as an addition to paid-in-capital. Cost of redemptions reported in the Statements of Changes in Net Assets is reported net of such fees. Effective September 1, 2008, the 2% redemption fee on these Funds was eliminated.

ReFlow Transactions: Effective September 1, 2008, the Funds may participate in ReFlow, a

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program designed to provide an alternative liquidity source for mutual funds experiencing redemptions of their shares. In order to pay cash to shareholders who redeem their shares on a given day, a mutual fund typically must hold cash in its portfolio, liquidate portfolio securities, or borrow money, all of which impose certain costs on the Fund. ReFlow provides participating mutual funds with another source of cash by standing ready to purchase shares from a Fund equal to the amount of the Fund’s net redemptions on a given day. ReFlow then generally redeems those shares when the Fund experiences net subscriptions. In return for this service, the Funds will pay a fee to ReFlow at a rate determined by a daily auction with other participating mutual funds. The costs to a Fund for participating in ReFlow are expected to be influenced by and comparable to the cost of other sources of liquidity, such as the Fund’s short-term lending arrangements or the costs of selling portfolio securities to meet redemptions. ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of any Fund.

ReFlow Management Co., LLC, the entity that facilitates the day-to-day operations of ReFlow, is under common control with Forward Management, the investment advisor to the Funds. In light of this, the Board of Trustees has adopted certain procedures to govern the Funds’ participation in ReFlow. ReFlow fees that were incurred by the Accessor Small to Mid Cap Fund, Accessor International Equity Fund, Accessor High Yield Bond Fund, Accessor Investment Grade Fixed-Income, Accessor Income & Growth Allocation Fund, Accessor Growth & Income Allocation Fund and Accessor Growth Allocation Fund during the six months ended June 30, 2009 are recorded in the Statement of Operations. During that same period, there were no ReFlow fees incurred by the other Accessor Funds.

Lending of Portfolio Securities: Each Fund from time to time may lend portfolio securities to broker-dealers, banks or institutional borrowers of securities. The loans are secured by collateral in the form of cash that is equal to at least 102% of the fair value of the securities loaned plus accrued interest, if any. Upon lending its securities to third parties, a Fund receives compensation in the form of income on the investment of the cash collateral. Gain or loss in the fair value of the securities loaned that may occur during the term of the loan will be for the account of the Fund. The Fund has the right under the lending agreement to recover the securities from the borrower on demand, and loans are subject to termination by the lending Fund or the borrower at any time. While the lending Fund does not have the right to vote securities on loan, it intends, to the extent practicable, to terminate the loan and regain the right to vote if the matter to be voted upon is considered significant with respect to the investment. Additionally, the Fund does not have the right to sell or repledge collateral received in the form of securities unless the borrower goes into default. The risks to a Fund of securities lending are that the borrower may not provide additional collateral when required or return the securities when due. The Fund receives cash collateral which may be invested in the Brown Brothers Investment Trust Securities Lending Investment Fund. The Fund bears the risk of any income or gains and losses from investing and reinvesting cash pledged as collateral. This collateral must be valued daily and should the market value of the loaned securities increase the borrower must furnish additional collateral to the lending Fund. During the time portfolio securities are on loan, the borrower pays the lending Fund the economic equivalent of any dividends or interest paid on such securities. In the event the borrower defaults on its obligation to the lending Fund, the lending Fund could experience delays in recovering its securities and possible capital

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losses. As of June 30, 2009, there were no Funds with securities on loan and during the six-month period June 30, 2009 there was no securities lending activity in the Funds.

3. Related Party Transactions

Manager: The Trust has entered into an investment management agreement with Forward Management pursuant to which Forward Management provides investment management services to the Funds and is entitled to receive a fee calculated daily and payable monthly at the following annual rates (prior to September 1, 2008, Accessor Capital Management LP was the Accessor Funds’ investment manager and the fees were identical):

FUND	ANNUAL MANAGEMENT FEE
Accessor Growth	0.45	%
Accessor Value	0.45	%
Accessor Small to Mid Cap	0.60	%
Accessor International Equity	0.55	%
Accessor Total Return	0.12	%
Accessor Strategic Alternatives	0.70	%
Accessor Frontier Markets	0.85	%
Accessor High Yield Bond	0.36	%
Accessor Investment Grade Fixed-Income	0.33	%
Accessor Mortgage Securities	0.36	%
Accessor Limited Duration U.S. Government	0.12	%
Accessor U.S. Government Money	0.08	%
Accessor Income Allocation	0.10	%1
Accessor Income & Growth Allocation	0.10	%1
Accessor Balanced Allocation	0.10	%1
Accessor Growth & Income Allocation	0.10	%1
Accessor Growth Allocation	0.10	%1
Accessor Aggressive Growth Allocation	0.10	%1

¹ Forward Management has contractually agreed to waive its investment management fee and reimburse the Allocation Fund’s transfer agent fees until April 30, 2010.

The Trust has obtained an exemptive order from the Securities and Exchange Commission (“SEC”) that allows the Allocation Funds to enter into a special servicing agreement with the Underlying Funds under which the Underlying Funds will pay the expenses of the Allocation Funds (other than the Allocation Funds’ direct management fees, distribution and service fees, and administrative services fees) to the extent that the Underlying Funds derive additional financial and other benefits as a result of investments from the Allocation Funds. None of the expenses incurred by the Allocation Funds for the period ended June 30, 2009 were paid by the Underlying Funds.

Money Managers: Each Fund (other than the Money Fund, the Alternative Funds and the Allocation Funds) is sub-advised by a Money Manager, researched and recommended by Forward Management. During the period ended June 30, 2009, the Money Managers received a fee based on the average daily net assets aggregated across all the classes of each Fund as set forth below. This fee is accrued daily and paid monthly.

FUND	ANNUAL FEE
Accessor Growth	0.25%
Accessor Value	0.25%
Accessor Small to Mid Cap	0.40%
Accessor International Equity	0.45% on assets up to $500 million
	0.425% on assets over $500 million and up to $1 billion
	0.40% on assets over $1 billion
Accessor Total Return	0.50%
Accessor High Yield Bond	0.25%
Accessor Investment Grade Fixed-Income	0.25%
Accessor Mortgage Securities	0.25% on assets up to $100 million
	0.20% on assets over $100 million up to $200 million
	0.15% over $200 million
Accessor Limited Duration U.S. Government	0.35% on assets up to $25 million
	0.25% on assets over $25 million up to $100 million
	0.20% on all assets above $100 million

195 June 30, 2009

Notes to Financial Statements (Unaudited)

For the Money Managers of the Accessor Growth Fund and Accessor Value Fund (Smith Asset Management Group and Acadian Asset Management, respectively) each Money Manager is paid a base fee (“Base Rate”) of 0.25% plus a performance component (“Performance Adjustment”). The Performance Adjustment rate will increase or decrease proportionately to the difference in performance (the “Performance Difference”) between the Fund and its benchmark index.

With regard to the Accessor Growth Fund, to the extent that the Performance Difference between the Fund and the S&P 500/Citigroup Growth Index falls within a “null zone” that is equal to plus 100 basis points (1.00%) or minus 100 basis points (-1.00%), the Performance Adjustment rate shall be zero and there shall be no Performance Adjustment. The Performance Adjustment rate shall not exceed an absolute value of 15 basis points (0.15%) and the maximum Performance Adjustment rate shall be made when the Performance Difference reaches plus or minus 350 basis points (3.50%). Therefore, the minimum possible annual fee payable to the Money Manager will be 10 basis points (0.10%) and the maximum possible annual fee will be 40 basis points (0.40%).

With regard to the Accessor Value Fund, to the extent that the Performance Difference between the Fund and the S&P 500/Citigroup Value Index falls within a “null zone” that is equal to plus 75 basis points (0.75%) or minus 75 basis points (-0.75%), the Performance Adjustment rate shall be zero and there shall be no Performance Adjustment. The Performance Adjustment rate shall not exceed an absolute value of 5 basis points (0.05%) and the maximum Performance Adjustment rate shall be made when the Performance Difference reaches plus or minus 325 basis points (3.25%). Therefore, the minimum possible annual fee payable to the Money Manager will be 20 basis points (0.20%) and the maximum possible annual fee will be 30 basis points (0.30%).

FUND	BASE ADVISORY FEE		PERFORMANCE FEE ADJUSTMENT RATE		PERFORMANCE DIFFERENCE
Growth	0.25	%	+/-0.15	%	1.00	%
Value	0.25	%	+/-0.05	%	0.75	%

During the period ended June 30, 2009, the Funds’ Money Manager fees were adjusted in accordance with the policy described above as follows:

FUND	BASE ADVISORY FEE		PERFORMANCE FEE ADJUSTMENT RATE		MONEY MANAGER FEE
Growth	$	94,211	$	23,259	$	117,470
Value		86,920		4,395		91,315

Distribution and Service Plans: The Trust has adopted Distribution and Service Plans (the “Plans”) under Rule 12b-1 of the 1940 Act with respect to the Investor Class Shares, A Class Shares and C Class Shares of each Fund to compensate the distributor of the Accessor Funds, SEI Investments Distribution Co. (the “Distributor”), and/or third party intermediaries or other service organizations for providing distribution and non-distribution-related services to certain shareholders of the Trust. Under the terms of these Plans, the Trust will pay the Distributor and/or third party selling and distribution agents for sales and promotional efforts including printing of prospectuses and reports used for sales purposes. The Trust will also pay third party service organizations for providing non-distribution related services such as account maintenance services.

The maximum amount payable to the Distributor and/or third party selling and distribution agents under the Plans, 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; 0.35% of the average daily net assets of each Fund attributable to A Class Shares of the Equity Funds, the Accessor Frontier Markets Fund and the Allocation Funds (except the Accessor Income Allocation Fund);

June 30, 2009 196

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0.25% of the average daily assets of each Fund attributable to A Class Shares of the Accessor High Yield Bond Fund, the Money Fund and the Accessor Income Allocation Fund; and 1.00% of the average daily net assets of each Fund attributable to C Class Shares (0.75% for distribution and 0.25% for shareholder service fees). As of June 30, 2009, the Accessor Limited Duration U.S. Government Fund and Accessor Total Return Fund do not have a class of shares that pays a Rule 12b-1 fee.

The Board may temporarily reduce and/or eliminate the payment of Rule 12b-1 fees with respect to the Money Fund to assist the Money Fund’s efforts to maintain a $1.00 NAV per share. Any reduction and/or elimination of the Money Fund’s Rule 12b-1 fees may be reinstated by the Board at any time. Effective January 13, 2009, the Board of Trustees temporarily reduced the payment of Rule 12b-1 fees for C Class Shares of the Money Fund to 50 basis points (0.50%). Effective February 1, 2009, the Board of Trustees temporarily reduced the payment of Rule 12b-1 fees for C Class Shares of the Money Fund to 25 basis points (0.25%) and temporarily eliminated Rule 12b-1 fees for Investor Class Shares of the Money Fund. Effective April 1, 2009, the Board of Trustees eliminated Rule 12b-1 fees for A Class and C Class Shares of the Money Fund.

Distributor: The Funds’ distribution and service plans for the Investor Class Shares, A Class Shares and the C Class Shares allow each class to pay distribution and service fees to the Distributor, which may pay some or all of these fees to financial intermediaries for sales and distribution-related activities and for providing non-distribution related shareholder services. The distribution and service fee is paid to each financial intermediary that enters into a selling agreement with the Distributor or a services agreement with the Accessor Funds based on the average daily net assets of accounts attributable to such intermediary.

Further, under the A Class Shares and C Class Shares distribution and service plan, the Distributor will generally retain the first year of the distribution and service fees attributable to purchases of A Class Shares and will retain the distribution and service fees attributable to purchases of C Class Shares for which a broker-dealer has received an up-front commission payment from the Distributor. The Distributor may retain the distribution and service fee for accounts not attributable to a broker-dealer. Certain A Class Shares and C Class Shares are subject to a 0.50% and 1.00% contingent deferred sales charge (“CDSC”) for shares sold within 18 months and twelve months, respectively, after the date of purchase. Any CDSC is paid to the Distributor. The Distributor may remit portions of the CDSC payments and certain 12b-1 payments to Forward Management to compensate Forward Management for financing the 0.50% and 1.00% up-front payment of the distribution and service fees to broker-dealers pursuant to certain A Class Shares and C Class Shares financing and servicing arrangements between the Distributor and Forward Management.

Other Compensation to Dealers: The Distributor may pay or sponsor informational meetings for dealers as described in the Statement of Additional Information. The Distributor may, for specified periods, allow dealers to retain the full sales charge for sales of shares or may pay additional concession to a dealer who sells a minimum dollar amount of the Funds’ shares. In some instances, such additional concessions will be offered only to certain dealers expected to sell significant amounts of shares. In addition, the Distributor or Forward Management may pay additional compensation, out of their own assets, to certain intermediaries or their affiliates, based on sales or assets attributable to the intermediary, or such other criteria agreed to by the Distributor. The intermediaries to which payments may be made are determined by the

197 June 30, 2009

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Distributor. These payments may provide an incentive, in addition to any deferred sales charge, to these firms to actively promote the Funds, cooperate with the Distributor or provide marketing or service support to the Funds. For more information, please see the Statement of Additional Information.

Forward Management may make payments, out of its own assets, to certain intermediaries based on sales or assets attributable to the intermediary, or such other criteria agreed to by Forward Management. The intermediaries to which payments may be made are determined by Forward Management. These payments are in addition to other payments such as sales charges, Rule 12b-1 fees or deferred sales charges, and may provide an incentive, in addition to any sales charge, to these firms to actively promote the Accessor Funds or to provide marketing or service support to the Accessor Funds. Please see the Statement of Additional Information for more information.

Administrative Services Plan: The Funds have adopted an Administrative Services Plan with respect to the Investor Class Shares of each Fund (with the exception of the Alternative Funds). Pursuant to the Investor Class Shares Administrative Services Plan, the Trust will pay third party service organizations who provide administrative and support services. The amount payable to service organizations under the Administrative Services Plan for these expenses on an annual basis is up to 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 the Funds’ Distribution and Service Plan. For the period ended June 30, 2009, the Board of Trustees temporarily eliminated the Administrative Services Fees of the Investor Class Shares of the Money Fund.

Shareholder Services Plans: The Alternative Funds have adopted a Shareholder Services Plan with respect to Investor Class Shares of each Alternative Fund. Effective December 31, 2008, up to 0.15% of each Fund’s average daily net assets attributable to Investor Class Shares may be used to pay shareholder servicing fees. On May 1, 2009, each of the Funds (except the Accessor U.S. Government Money Fund and the Allocation Funds) has adopted a Shareholder Services Plan pursuant to which up to 0.10% of each Fund’s average daily net assets attributable to Institutional Class Shares may be used to pay shareholder servicing fees.

Money Fund Administrative Plan: The Money Fund has adopted an Administrative Plan with respect to Institutional Class Shares, Investor Class Shares, A Class Shares and C Class Shares of the Money Fund. Pursuant to the Administrative Plan, the Money Fund will pay Forward Management for certain administrative, informational and support services to investors who may from time to time beneficially own Money Fund shares either directly or through omnibus accounts. The amount payable to Forward Management is up to 0.25% of the average daily net assets of the Institutional Class Shares, Investor Class Shares, A Class Shares and C Class Shares of the Money Fund, respectively; provided, however, that the Money Fund shall not directly or indirectly pay any distribution or non-distribution related amounts for the Investor Class Shares, A Class Shares or C Class Shares that will be allocated under the Funds’ Distribution and Service Plans or any non-distribution related amounts for the Investor Class Shares that will be allocated under the Funds’ Administrative Services Plan.

Transfer Agent: Prior to May 1, 2009, Forward Management served as the Accessor Funds’ transfer agent pursuant to a Transfer Agency and Services Agreement between the Trust and

June 30, 2009 198

Notes to Financial Statements (Unaudited)

Forward Management. Pursuant to this agreement, Forward Management acted as transfer agent, performing transfer agency and certain compliance services. Effective May 1, 2009, the Trust, on behalf of the Accessor Funds, entered into a Transfer Agency Agreement with ALPS Fund Services, Inc. (“ALPS”) pursuant to which ALPS provides transfer agency, registrar, dividend disbursing and certain other services to the Accessor Funds.

Forward Management has contractually agreed to reimburse the Allocation Funds’ transfer agency fees from May 1, 2009 through April 30, 2010.

Administration Agreement: Pursuant to an Administration Agreement, SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company, acts as the Funds’ Administrator with regard to the Accessor Funds. Under the terms of the Administration Agreement dated December 31, 2006, as amended February 21, 2008, and which was assigned to Forward Funds effective September 1, 2008, the Administrator is entitled to receive an annual fee of 0.05% of the first $3 billion in aggregate net assets and 0.04% of aggregate net assets in excess of $3 billion of the Equity Funds, the Bond Funds, the Accessor Limited Duration U.S. Government Fund, Accessor Total Return Fund, the Alternative Funds and the Money Fund. The Administrator is entitled to receive an annual fee of 0.01% of average net assets of each of the Allocation Funds. The Funds are subject to a minimum annual fee of $960,000. The Administrator may be compensated for performing supplemental administrative services to the Accessor Funds, as requested, pursuant to a separate agreement.

Trustee and Officer Fees and Expenses: The Funds do not pay any compensation directly to the officers or trustees who are also trustees, officers or employees of Forward Management or its affiliates, except as noted below. As of June 30, 2009, there were four Trustees, three of whom are not “interested persons” of the Trust within the meaning of that term under the 1940 Act (each, an “Independent Trustee”). Effective September 1, 2008, the Trust, on behalf of the Funds, pays each Independent Trustee a retainer fee in the amount of $25,000 per year, $10,000 each per regular meeting for attendance in person, $5,000 each per regular meeting for attendance by telephone, $3,000 each for attendance in person at each special meeting that is not held in conjunction with a regular meeting, and $2,250 for attendance at a special telephonic meeting. The Chairman of the Board of Trustees and the Chairman of the Audit Committee each receive a special retainer fee in the amount of $10,000 per year. In addition, reasonable expenses of the Board of Trustees are reimbursed by the Funds. The Trust receives no compensation from the Funds.

As mentioned above, each of the Accessor Funds (with the exception of the Accessor Frontier Markets Fund) are successors to previously operational funds which were series of Accessor Funds, Inc., a Maryland corporation, and were reorganized into the corresponding Accessor Fund effective September 1, 2008. Prior to September 1, 2008, each Director of the Board of Directors of Accessor Funds, Inc. received a fee of $5,000 for each meeting attended.

The Accessor Funds’ Chief Compliance Officer is employed by Forward Management. The Accessor Funds pay an allocated portion of the Chief Compliance Officer’s compensation and other related expenses, subject to approval by the Board of Trustees.

4. Derivative Instruments and Hedging Activities

The Funds have adopted the provisions of FASB SFAS No. 161 “Disclosures about Derivative Instruments and Hedging Activities”. SFAS No. 161 has established improved financial

199 June 30, 2009

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reporting about derivative instruments and hedging activities as it relates to disclosure associated with these types of investments. The following discloses the amounts related to the Funds use of derivative instruments and hedging activities.

The following table summarizes the written options for the period ended June 30, 2009:

Accessor Investment Grade Fixed-income	NUMBER OF CONTRACTS		IDENTIFIED PROCEEDS
Options outstanding, December 31, 2008	—		$	—
Options written	73			(26,703	)
Options expired	(55	)		19,234
Options exercised	(10	)		5,654
Options closed	—			—
Options outstanding, June 30, 2009	8		$	(1,815	)

Fair Value of Derivative Instruments—The fair value of derivative Instruments as of June 30, 2009, was as follows:

	ASSET DERIVATIVES			LIABILITY DERIVATIVES
DERIVATIVES NOT ACCOUNTED FOR AS HEDGING INSTRUMENTS UNDER STATEMENT 133:	BALANCE SHEET LOCATION	FAIR VALUE		BALANCE SHEET LOCATION	FAIR VALUE
Investment Grade Fixed-Income Fund
Futures Contracts
Eurodollars	Net Assets — Net unrealized appreciation/(depreciation) on futures*	$	573,951	Net Assets — Net unrealized appreciation/(depreciation) on futures*	$	(7,216	)
Treasuries	Net Assets — Net unrealized appreciation/(depreciation) on futures*		—	Net Assets — Net unrealized appreciation/(depreciation) on futures*		(60,718	)
			573,951			(67,934	)
Options on Euro Futures	Investments, at value		—	Written Options, at value		(350	)
Total Derivatives not accounted for as hedging instruments under Statement 133		$	573,951		$	(68,284	)

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets & Liabilities.

There were no other Funds that held more than one type of Derivative Instrument as of June 30, 2009.

The effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2009 was as follows:

	AMOUNT OF REALIZED GAIN OR (LOSS) ON DERIVATIVES RECOGNIZED IN INCOME
DERIVATIVES NOT ACCOUNTED FOR AS HEDGING INSTRUMENTS UNDER STATEMENT 133	OPTIONS		FUTURES		TOTAL
Foreign Exchange	$	7,920	$	90,477	$	98,397
Interest Rate		15,646		115,004		130,650
Total	$	23,566	$	205,481	$	229,047

June 30, 2009 200

Notes to Financial Statements (Unaudited)

	CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION) ON DERIVATIVES RECOGNIZED IN INCOME
DERIVATIVES NOT ACCOUNTED FOR AS HEDGING INSTRUMENTS UNDER STATEMENT 133	OPTIONS		FUTURES			TOTAL
Foreign Exchange	$	1,465	$	137,699		$	139,164
Interest Rate		—		(206,127	)		(206,127	)
Total	$	1,465	$	(68,428	)	$	(66,963	)

There were no other Funds that had more than one type of Derivative Instrument on the Statement of Operations for the six months ended June 30, 2009.

5. Securities Transactions

During the period ended June 30, 2009, purchases, sales and maturities of investments, other than short-term investments and U.S. government securities, were as follows:

	COST OF INVESTMENTS PURCHASED		PROCEEDS FROM INVESTMENTS SOLD AND MATURED
Accessor Fund
Growth	$	32,834,663	$	40,124,991
Value		47,894,965		46,652,387
Small to Mid Cap		78,800,763		60,423,657
International Equity		41,175,819		53,574,544
Total Return		177,982,761		179,013,560
Strategic Alternatives		18,795,735		16,928,960
Frontier Markets		25,499,544		7,927,695
High Yield Bond		106,208,779		70,805,104
Investment Grade Fixed-Income		49,881,268		6,625,151
Mortgage Securities		—		3,454,082
Limited Duration U.S. Government		768,322		8,762
Accessor Allocation Fund
Income Allocation		3,475,000		1,175,000
Income & Growth Allocation		9,700,000		5,125,000
Balanced Allocation		22,650,027		13,050,000
Growth & Income Allocation		12,975,000		17,970,000
Growth Allocation		15,900,000		17,175,000
Aggressive Growth Allocation		10,350,000		8,100,034

During the period ended June 30, 2009, purchases and sales of long-term U.S. government securities were as follows:

	COST OF INVESTMENTS PURCHASED		PROCEEDS FROM INVESTMENTS SOLD AND MATURED
Accessor Fund
Investment Grade Fixed-Income	$	117,891,479	$	121,946,384
Mortgage Securities		146,041,907		148,199,300
Limited Duration U.S. Government		11,137,858		19,281,534

201 June 30, 2009

Notes to Financial Statements (Unaudited)

6. Identified Cost

The identified cost for federal income tax purposes of investments (excludes unrealized on TBA commitments, foreign currency, swap and futures contracts) owned by each Fund, their respective gross unrealized appreciation/(depreciation), and resulting net unrealized appreciation/(depreciation) at June 30, 2009.

	COST OF INVESTMENTS		GROSS UNREALIZED APPRECIATION		GROSS UNREALIZED (DEPRECIATION)			NET UNREALIZED APPRECIATION (DEPRECIATION)
Accessor Funds
Growth	$	82,071,618	$	6,289,973	$	(12,802,048	)	$	(6,512,075	)
Value		84,147,870		4,730,277		(17,592,965	)		(12,862,688	)
Small to Mid Cap		187,236,118		16,044,343		(36,540,246	)		(20,495,903	)
International Equity		86,487,786		13,526,964		(5,760,112	)		7,766,852
Total Return		24,170,550		1,002,281		(2,212,988	)		(1,210,707	)
Strategic Alternatives		115,892,497		4,163,732		(24,353,569	)		(20,189,837	)
Frontier Markets		24,892,173		2,577,330		(190,789	)		2,386,541
High Yield Bond		91,568,838		4,358,309		(2,063,411	)		2,294,898
Investment Grade Fixed-Income		113,008,860		2,583,663		(24,560,518	)		(21,976,855	)
Mortgage Securities		53,301,293		1,449,600		(2,535,858	)		(1,086,258	)
Limited Duration U.S. Government		36,618,806		621,942		(181,456	)		440,486
Accessor Allocation Funds
Income Allocation		20,955,756		169,466		(2,175,215	)		(2,005,749	)
Income & Growth Allocation		47,595,721		649,862		(6,635,897	)		(5,986,035	)
Balanced Allocation		127,562,420		2,384,383		(22,286,079	)		(19,901,696	)
Growth & Income Allocation		124,239,325		1,808,509		(25,156,650	)		(23,348,141	)
Growth Allocation		124,155,231		2,097,248		(27,683,092	)		(25,585,844	)
Aggressive Growth Allocation		64,286,699		1,103,653		(16,167,289	)		(15,063,636	)

7. Capital Loss Carryforwards

At December 31, 2008, for federal income tax purposes, the following Funds had capital loss carryovers which may be applied against future net taxable realized gains for each succeeding year until the earlier of their utilization or expiration:

	EXPIRES IN 2009		EXPIRES IN 2010		EXPIRES IN 2011		EXPIRES IN 2012		EXPIRES IN 2013		EXPIRES IN 2014		EXPIRES IN 2015		EXPIRES IN 2016
Accessor Funds
Growth	$	—	$	4,327,104	$	3,845,553	$	—	$	—	$	—	$	—	$	14,879,476
Value		—		—		—		—		—		—		—		20,195,047
Small to Mid Cap		—		—		—		—		—		—		—		16,657,935
International Equity		—		—		—		—		—		—		—		23,256,838
Total Return		—		—		—		—		—		—		225,716		18,427,568
Strategic Alternatives		—		—		—		—		—		—		—		865,978
High Yield Bond		—		947,550		—		—		1,017,103		81,754		256,992		9,772,131
Mortgage Securities		—		—		—		—		—		4,648,320		—		732,857
Accessor Allocation Funds
Income Allocation		—		—		—		—		—		69,163		90,492		207,103

June 30, 2009 202

Notes to Financial Statements (Unaudited)

During the year ended December 31, 2008, Accessor Investment Grade Fixed-Income Fund utilized capital loss carryovers of $520,023, and Accessor Limited Duration U.S. Government Fund utilized capital loss carryovers of $263,598.

FIN 48: In July 2006, FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement 109 (FIN 48), was issued and is effective for fiscal years beginning after December 15, 2006. FIN 48 has a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management has completed evaluating the impact of the adoption of FIN 48; which result in having no effect on the Funds’ net assets, results of operations and financial statement disclosures. However, Management’s conclusions regarding FIN 48 may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from the FASB, and on-going analyses of and changes to tax laws, regulations and interpretations thereof. The Funds file income tax returns in the U.S. federal jurisdiction. No federal income tax returns are currently under examination. The statute of limitations on the Funds’ federal and state tax return filings remains open for the prior three fiscal years.

8. Tax Basis of Distributions to Shareholders

The amount and characteristics of tax-basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of June 30, 2009. The tax character of distributions declared during 2008 were as follows:

	GROWTH			VALUE			SMALL TO MID CAP
For the year ended December 31, 2008, distributions declared from:
Ordinary income	$	310,496		$	2,021,697			—
Long-term capital gains		—			—		$	1,019,747
Distributions in excess		15,074			4,889			—
		325,570			2,026,586			1,019,747
Return of capital		—			—			—
	$	325,570		$	2,026,586		$	1,019,747
As of December 31, 2008, the components of accumulated losses on a tax basis were as follows:
Undistributed ordinary income		—			—		$	415,397
Accumulated capital gain (loss)		—			—			—
Unrealized appreciation (depreciation)	$	(17,642,928	)	$	(22,149,564	)		(50,161,471	)
Capital loss carryforward		(23,052,133	)		(20,195,047	)		(16,657,935	)
Post October losses		(8,725,252	)		(6,865,929	)		(13,566,193	)
Other cumulative effect of timing differences		—			5,952			—
	$	(49,420,313	)	$	(49,204,588	)	$	(79,970,202	)

203 June 30, 2009

Notes to Financial Statements (Unaudited)

	INTERNATIONAL EQUITY			TOTAL RETURN			STRATEGIC ALTERNATIVES			FRONTIER MARKETS
For the year ended December 31, 2008, distributions declared from:
Ordinary income	$	4,666,352		$	811,639		$	1,340,908			N/A
Long-term capital gains		3,715,510			—			—			N/A
Distributions in excess		—			26,236			50,944			N/A
		8,381,862			837,875			1,391,852			N/A
Return of capital		—			—			—			N/A
	$	8,381,862		$	837,875		$	1,391,852			N/A
As of December 31, 2008, the components of accumulated losses on a tax basis were as follows:
Undistributed ordinary income	$	4,451,466			—			—			N/A
Undistributed long-term capital gain		—			—			—			N/A
Accumulated capital gain (loss)		—			—			—			N/A
Unrealized appreciation (depreciation)		(2,283,045	)	$	(4,103,532	)	$	(18,114,761	)		N/A
Capital loss carryforward		(23,256,838	)		(18,653,284	)		(865,978	)		N/A
Post October losses		(74,374,885	)		(4,850,905	)		—			N/A
Other cumulative effect of timing differences		(2	)		20,394			—			N/A
	$	(95,463,304	)	$	(27,587,327	)	$	(18,980,739	)		N/A
	HIGH YIELD BOND			INVESTMENT GRADE FIXED-INCOME			MORTGAGE SECURITIES			LIMITED DURATION U.S. GOVERNMENT
For the year ended December 31, 2008, distributions declared from:
Ordinary income	$	5,429,122		$	4,345,434		$	3,153,473		$	2,099,852
Long-term capital gains		—			—			—			209,020
Distributions in excess		17,161			—			26,224			—
		5,446,283			4,345,434			3,179,697			2,308,872
Return of capital		—			—			—			—
	$	5,446,283		$	4,345,434		$	3,179,697		$	2,308,872
As of December 31, 2008, the components of accumulated losses on a tax basis were as follows:
Undistributed ordinary income		—		$	95,641			—			—
Undistributed long-term capital gain		—			107,060			—		$	26,340
Accumulated capital gain (loss)		—			—			—			—
Unrealized appreciation (depreciation)	$	(9,478,222	)		(11,880,032	)	$	(1,479,150	)		629,971
Capital loss carryforward		(12,075,530	)		—			(5,381,177	)		—
Post October losses		(4,313,318	)		(49,507	)		—			—
Other cumulative effect of timing differences		—			(39,000	)		—			—
	$	(25,867,070	)	$	(11,765,838	)	$	(6,860,327	)	$	656,311

The Accessor Growth Fund, Accessor Value Fund, Accessor Small to Mid Cap Fund, Accessor International Equity Fund, Accessor Total Return Fund, Accessor High Yield Bond Fund, Accessor Investment Grade Fixed-Income Fund, Accessor Income Allocation Fund, Accessor Balanced Allocation Fund, Accessor Growth & Income Allocation Fund, Accessor Growth Allocation Fund and Accessor Aggressive Growth Allocation Fund elected to defer to the year ended December 31, 2008, approximately $8,725,253, $6,865,929, $13,566,193, $74,374,885, $4,850,905, $4,313,318, $49,507, $65,266, $444,271,

June 30, 2009 204

Notes to Financial Statements (Unaudited)

$1,149,805, $517,625 and $103,566, respectively, of capital losses incurred during the period November 1, 2008 to December 31, 2008.

	U.S. GOVERNMENT MONEY			INCOME ALLOCATION			INCOME & GROWTH ALLOCATION
For the year ended December 31, 2008, distributions declared from:
Ordinary income	$	28,821,359		$	907,170		$	1,485,098
Long-term capital gains		—			—			257,884
		28,821,359			907,170			1,742,982
Return of capital		—			—			—
	$	28,821,359		$	907,170		$	1,742,982
As of December 31, 2008, the components of accumulated losses on a tax basis were as follows:
Undistributed ordinary income	$	1,653,786		$	648		$	5,811
Accumulated capital gain (loss)		—			—			—
Unrealized appreciation (depreciation)		—			(2,731,455	)		(7,559,878	)
Capital loss carryforward		—			(366,758	)		—
Post October losses		—			(65,268	)		—
Other cumulative effect of timing differences		(1,535,609	)		—			—
	$	118,177		$	(3,162,833	)	$	(7,554,067	)

	BALANCED ALLOCATION			GROWTH & INCOME ALLOCATION			GROWTH ALLOCATION			AGGRESSIVE GROWTH ALLOCATION
For the year ended December 31, 2008, distributions declared from:
Ordinary income	$	3,346,545		$	3,271,412		$	2,049,788		$	561,465
Long-term capital gains		1,084,467			2,272,470			2,896,275			1,535,632
Distributions in Excess		2,614			592			1,372			—
		4,433,626			5,544,474			4,947,435			2,097,097
Return of capital		—			—			—			—
	$	4,433,626		$	5,544,474		$	4,947,435		$	2,097,097
As of December 31, 2008, the components of accumulated losses on a tax basis were as follows:
Undistributed ordinary income		—			—			—		$	2,444
Accumulated capital gain (loss)		—			—			—			—
Unrealized appreciation (depreciation)	$	(23,993,936	)	$	(28,097,138	)	$	(29,611,561	)		(16,926,133	)
Post October losses		(444,270	)		(1,149,803	)		(517,622	)		(103,566	)
Other cumulative effect of timing differences		—			—			—			—
	$	(24,438,206	)	$	(29,246,941	)	$	(30,129,183	)	$	(17,027,255	)

In accordance with accounting pronouncements, the Funds have recorded several reclassifications in the capital accounts. These classifications have no impact on the net asset value of the Funds. These differences, which may result in distribution reclassifications, are primarily due to distributions in excess of tax earnings and profits and operating loss.

205 June 30, 2009

Notes to Financial Statements (Unaudited)

9. Affiliated Companies

Each Allocation Fund may invest in certain securities that are considered affiliated companies. As defined by the 1940 Act, an affiliated company is one in which a Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control:

Accessor Income Allocation Fund
INVESTMENT COMPANIES	PURCHASE COST		SALES COST		DIVIDEND INCOME		VALUE 6/30/2009		VALUE 12/31/2008
Accessors Funds — Z Class Shares
High Yield Bond	$	250,000	$	200,000	$	158,461	$	3,600,780	$	3,095,113
Investment Grade Fixed-Income		2,150,000		450,000		270,608		9,669,795		7,838,602	(a)
Mortgage Securities		775,000		525,000		86,042		4,713,813		4,307,889
U.S. Government Money		300,000		—		1,723		965,619		665,619
Total	$	3,475,000	$	1,175,000	$	516,834	$	18,950,007	$	15,907,223

Accessor Income & Growth Allocation Fund
INVESTMENT COMPANIES	PURCHASE COST		SALES COST		DIVIDEND INCOME		VALUE 6/30/2009		VALUE 12/31/2008
Accessors Funds — Z Class Shares
Frontier Markets	$	1,150,000		—		—	$	1,351,108		—
Growth		550,000	$	700,000	$	9,683		2,547,648	$	2,568,739
High Yield Bond		500,000		375,000		206,782		4,840,955		4,166,421
Investment Grade Fixed-Income		1,100,000		850,000		363,838		11,824,372		11,457,356	(a)
International Equity		100,000		—		—		2,833,636		2,496,334
Mortgage Securities		1,325,000		1,475,000		115,673		6,381,289		6,331,124
Small to Mid Cap		1,500,000		—		10,009		3,121,733		1,546,571
Strategic Alternatives		2,525,000		—		27,968		6,246,705		3,806,784
U.S. Government Money		—		825,000		1,261		265		825,265
Value		950,000		900,000		25,137		2,461,975		2,509,339
Total	$	9,700,000	$	5,125,000	$	760,351	$	41,609,686	$	35,707,933

Accessor Balanced Allocation Fund
INVESTMENT COMPANIES	PURCHASE COST		SALES COST		DIVIDEND INCOME		VALUE 6/30/2009		VALUE 12/31/2008
Accessors Funds — Z Class Shares
Frontier Markets	$	3,925,000	$	350,000		—	$	4,292,523		—
Growth		1,900,000		2,800,000	$	41,689		10,507,022	$	10,856,242
High Yield Bond		400,000		925,000		376,822		8,311,763		7,833,468
Investment Grade Fixed-Income		900,000		1,950,000		706,001		21,329,474		22,148,590	(a)
International Equity		—		1,000,000		—		12,080,471		12,023,153
Mortgage Securities		2,000,000		2,525,000		207,475		11,612,060		11,786,567
Small to Mid Cap		6,250,000		250,000		41,510		13,717,884		7,404,152
Strategic Alternatives		4,225,000		—		66,768		13,552,649		9,383,156
U.S. Government Money		27		—		4,539		1,855,937		1,855,910
Value		3,050,000		3,250,000		116,509		10,400,941		11,141,474
Total	$	22,650,027	$	13,050,000	$	1,561,313	$	107,660,724	$	94,432,712

^(a) Includes the market value of both the Intermediate Fixed-Income and Short Intermediate Fixed-Income Funds (see Note 11).

June 30, 2009 206

Notes to Financial Statements (Unaudited)

Accessor Growth & Income Allocation Fund
INVESTMENT COMPANIES	PURCHASE COST		SALES COST		DIVIDEND INCOME		VALUE 6/30/2009		VALUE 12/31/2008
Accessors Funds — Z Class Shares
Frontier Markets	$	4,875,000	$	400,000		—	$	5,365,244		—
Growth		350,000		2,050,000	$	53,996		13,588,427	$	14,751,764
High Yield Bond		��		1,400,000		299,378		6,160,518		6,783,766
Investment Grade Fixed-Income		250,000		3,750,000		576,990		16,334,509		19,697,011	(a)
International Equity		—		2,150,000		—		14,618,204		15,618,177
Mortgage Securities		1,050,000		2,995,000		164,063		8,710,325		10,379,842
Small to Mid Cap		4,750,000		875,000		48,337		14,415,816		10,157,787
Strategic Alternatives		900,000		2,550,000		49,927		8,288,835		10,139,870
Value		800,000		1,800,000		162,687		13,409,306		15,194,593
Total	$	12,975,000	$	17,970,000	$	1,355,378	$	100,891,184	$	102,722,810

Accessor Growth Allocation Fund
INVESTMENT COMPANIES	PURCHASE COST		SALES COST		DIVIDEND INCOME		VALUE 6/30/2009		VALUE 12/31/2008
Accessors Funds — Z Class Shares
Frontier Markets	$	5,650,000	$	900,000		—	$	5,895,487		—
Growth		950,000		3,750,000	$	67,272		16,622,828	$	18,667,115
High Yield Bond		—		650,000		135,040		2,808,786		3,099,014
Investment Grade Fixed-Income		—		2,450,000		304,029		7,954,927		10,339,491	(a)
International Equity		—		2,800,000		—		18,234,221		19,532,772
Mortgage Securities		700,000		1,350,000		78,018		4,394,168		4,908,154
Small to Mid Cap		6,700,000		375,000		62,698		18,814,830		12,139,229
Strategic Alternatives		400,000		2,650,000		44,756		7,116,673		9,486,700
Value		1,500,000		2,250,000		206,225		16,727,467		18,441,540
Total	$	15,900,000	$	17,175,000	$	898,038	$	98,569,387	$	96,614,015

Accessor Aggressive Growth Allocation Fund
INVESTMENT COMPANIES	PURCHASE COST		SALES COST		DIVIDEND INCOME		VALUE 6/30/2009		VALUE 12/31/2008
Accessors Funds — Z Class Shares
Frontier Markets	$	3,200,000		—		—	$	3,649,394		—
Growth		825,000	$	2,050,000	$	39,820		9,953,055	$	10,724,244
International Equity		—		1,800,000		—		10,592,214		11,521,372
Small to Mid Cap		4,650,000		500,000		38,400		11,987,017		7,622,267
Strategic Alternatives		300,000		1,950,000		19,506		3,029,617		4,730,433
U.S. Government Money		—		34		—		—		34
Value		1,375,000		1,800,000		121,434		10,011,766		10,987,047
Total	$	10,350,000	$	8,100,034	$	219,160	$	49,223,063	$	45,585,397

* Effective May 1, 2009: (i) Advisor Class Shares of the Accessor Funds were redesignated as Institutional Class Shares; and (ii) all holdings of the Allocation Funds in the Underlying Funds were transferred from Institutional Class Shares (formerly Advisor Class Shares) to Z Class Shares.

^(a) Includes the market value of both the Intermediate Fixed-Income and Short Intermediate Fixed-Income Funds (See Note 11).

207 June 30, 2009

Notes to Financial Statements (Unaudited)

10. Indemnifications

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liability arising out of the performance of their duties with respect to the Funds. In addition, in the normal course of business, the Trust, on behalf of the Funds, enters into contracts with vendors and others that provide general indemnification. Each Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust and/or the Funds. Based on experience, however, the Funds expect the risk of loss to be remote.

11. Reorganization of Accessor Short-Intermediate Fixed-Income Fund into Accessor Intermediate Fixed-Income Fund (Renamed the “Accessor Investment Grade Fixed-Income Fund”)

On March 5, 2009, the Board of Trustees, including all of the Independent Trustees, approved a reorganization of the Accessor Short-Intermediate Fixed-Income Fund (the “Acquired Fund”) into the Accessor Intermediate Fixed-Income Fund (the “Acquiring Fund”). The reorganization did not require approval by the shareholders of the Acquired Fund.

As of the close of business on April 30, 2009, the assets of the Acquired Fund were acquired by the Acquiring Fund in exchange for shares of the Acquiring Fund and the assumption by the Acquiring Fund of the liabilities of the Acquired Fund. Upon the closing of the reorganization, the Acquiring Fund issued 3,790,485, 15,309 and 46,984 shares of Institutional Class (formerly Advisor Class), Investor Class and C Class, respectively, in exchange for net assets of the Acquired Fund valued at $36,540,066, $147,495 and $452,976, respectively. On May 1, 2009, the combined value of the Acquired Fund (which included accumulated realized losses of $5,514,293 and unrealized depreciation of

$11,798,271) and the Acquiring Fund was $87,430,597. The exchange of shares qualified as a tax-free reorganization for federal income tax purposes.

12. Change of Independent Registered Public Accounting Firm

The Accessor Funds have selected PricewaterhouseCoopers, LLP (“PwC”) to serve as the Funds’ independent registered public accounting firm for the Funds’ fiscal year ended December 31, 2009. The decision to select PwC was recommended by the Funds’ Audit Committee and was approved by the Funds’ Board of Trustees on March 4, 2009. During the Accessor Funds’ fiscal years ended December 31, 2007 and December 31, 2008, neither the Funds, their portfolios, nor anyone on their behalf, consulted with PwC on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Accessor Funds’ financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(iv) of said Item 304).

The selection of PwC does not reflect any disagreements with or dissatisfaction by the Accessor Funds or the Funds’ Board of Trustees with the performance of the Accessor Funds’ prior independent registered public accounting firm, Deloitte & Touche LLP (“Deloitte”). The decision not to renew the engagement of Deloitte, effective upon its completion of its audit for the fiscal year ended December 31, 2008, and to select PwC was recommended by the Funds’ Audit Committee and approved by the Funds’ Board of Trustees. Deloitte’s report on the Accessor Funds’ financial statements for the fiscal years ended December 31, 2007 and December 31, 2008 contained no adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or

June 30, 2009 208

Notes to Financial Statements (Unaudited)

accounting principles. During the Accessor Funds’ fiscal years ended December 31, 2007 and December 31, 2008: (i) there were no disagreements with Deloitte on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Deloitte, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the Accessor Funds’ financial statements for such years; and (ii) there were no “reportable events” of the kind described in Item 304(a)(1)(v) of Regulation S-K.

13. Unanimous Shareholder Consent to Change the Fundamental Investment Restriction of the Accessor Frontier Markets Fund Regarding Concentration

On or about March 27, 2009, the Trust mailed an Information Statement to shareholders of the Accessor Frontier Markets Fund (the “Fund”), a series of the Trust, in connection with the solicitation of an action to be taken by written consent of shareholders in lieu of a meeting of shareholders. The Information Statement requested shareholders of the Fund to consent to a proposed modification of a fundamental investment restriction of the Fund, specifically, to remove the Fund’s restriction with respect to concentration of investments in the bank industry. On or about April 2, 2009, the Trust received unanimous written consent of the holders of shares of the Fund (992,927.9 total outstanding Fund shares) as of March 10, 2009 (the record date set by the Board of Trustees for determining shareholders entitled to execute the consent) to change the Fund’s fundamental investment restriction with respect to concentration of investments to read as follows:

Unless otherwise indicated the Fund may not:

1. Invest more than 25% of the value of its total assets in securities in any single industry, provided that there is no limitation on the purchase of securities issued, guaranteed or sponsored by the U.S. Government, its agencies or instrumentalities.

14. Subsequent Event Evaluation

The Trust, on behalf of the Funds, has evaluated the need for disclosures and/or adjustments resulting from subsequent events through August 25, 2009 (i.e., the date the financial statements were available to be issued). Based on this evaluation, no adjustments were required to the financial statements as of June 30, 2009. However, the following are details relating to subsequent events that have occurred since June 30, 2009 through August 25, 2009.

Effective September 14, 2009, the principal investment strategies of the U.S. Government Money Fund are revised as follows:

The U.S. Government Money Fund seeks to achieve its objective by investing at least 80% of its assets in obligations issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government securities”), or in repurchase agreements secured by such instruments. This investment policy and the name of the Fund may not be changed unless the Fund shareholders are notified at least 60 days in advance of the proposed change. The Fund may also invest up to 20% of it assets in domestic U.S. dollar denominated commercial paper that is rated in the highest short-term rating category (i.e., rated A1 by S&P or P1 by Moody’s, or, if unrated, determined by Forward Management to be of comparable quality) at the time of purchase, or in repurchase agreements secured by such instruments.

The Fund follows applicable regulatory requirements concerning the quality, maturity, and diversifications of its investments. The Fund seeks to maintain an average dollar weighted

209 June 30, 2009

Notes to Financial Statements (Unaudited)

portfolio maturity of 90 days or less, while maintaining liquidity and maximizing current yield. Because the U.S. Government Money Fund will have a considerable portion of its assets invested in U.S. Government securities, its return may be less than a fund which can invest without limitation in all types of securities.

Forward Management directly invests the assets of the Fund. Forward Management uses quantitative analysis to attempt to maximize the Fund’s yield. The U.S. Government Money Fund seeks to maintain a stable share value of $1.00 per share, although there is no assurance that it will be able to do so. It is possible to lose money by investing in the U.S. Government Money Fund.

Effective July 23, 2009, Z Class shares of each of the Underlying Funds (except for the U.S. Government Money Fund) are currently available for investment by the Allocation Funds only, and are not currently available to any other investors.

Z Class shares of the U.S. Government Money Fund are currently available to investors other than the Allocation Funds, subject to applicable minimum investment restrictions.

Effective July 16, 2009, the exchange privilege with respect to A Class and C Class shares within the same Accessor Fund has been revised to permit exchanges of A Class or C Class shares for Investor Class or Institutional Class shares within the same Accessor Fund. A Class and C Class shares subject to a CDSC will be charged the applicable CDSC upon exchange for Institutional Class or Investor Class shares.

A Class and C Class shares of the U.S. Government Money Fund may be exchanged for Z Class shares of U.S. Government Money Fund. A Class and C Class shares subject to a CDSC will be charged the applicable CDSC upon exchange for Z Class shares of the U.S. Government Money Fund.

Sales charges paid upon the original purchase of A Class shares will not be reimbursed upon exchange of the shares to another Class in the same Fund.

Effective July 23, 2009, the exchange privilege within the same Accessor Fund has been revised to permit exchanges between Institutional and Investor Class shares and to permit exchanges of Z Class shares only for Institutional or Investor Class shares of the same Accessor Fund. However, Institutional or Investor Class shares of the U.S. Government Money Fund may be exchanged for Z Class shares of that Fund.

June 30, 2009 210

Approval of the Investment Sub-Advisory Agreements (Unaudited)

At an in-person meeting of the Board of Trustees of the Accessor Funds held on March 5, 2009, the Board of Trustees, including the Independent Trustees, considered the pending change in control of Pennant Management, Inc. (“Pennant”), the sub-adviser to the Accessor Limited Duration U.S. Government Fund and Accessor Total Return Fund, and approved new sub-advisory agreements among Forward Management, Pennant and the Trust, on behalf of the Accessor Limited Duration U.S. Government Fund and Accessor Total Return Fund, upon completion of the change of control transaction.

In connection with the meeting, the Board of Trustees, through counsel to the Trust and the Independent Trustees, requested information from Pennant and Forward Management regarding the proposed change in control of Pennant’s parent corporation which would: (i) result in the automatic termination of the current sub-advisory agreements among Forward Management, Pennant and the Trust, on behalf of the Accessor Limited Duration U.S. Government Fund and Accessor Total Return Fund; and (ii) require the approval of new sub-advisory agreements to enable Pennant to continue to serve as sub-advisor to the Accessor Limited Duration U.S. Government Fund and Accessor Total Return Fund.

In response, Forward Management and Pennant provided materials to the Board of Trustees for its evaluation. Counsel and Forward Management explained that the pending change in control of Pennant would be precipitated by the change in ownership of Pennant’s parent corporation through the acquisition of the parent corporation by Pennant’s Employee Stock Ownership Plan (“ESOP”), and that Pennant represented that the ownership change would not result in a change of management, personnel or governance of either Pennant or its parent corporation. In addition, the Board of Trustees was informed that the terms of the new sub-advisory agreements among Forward Management, Pennant and the Trust, on behalf of the Accessor Limited Duration U.S. Government Fund and Accessor Total Return Fund, would be identical to the current sub-advisory agreements, except for the date of the agreements.

In considering whether to approve the new sub-advisory agreements, the Board of Trustees reviewed the materials provided by Pennant and the factors it had considered in approving the continuation of the current sub-advisory agreements at a meeting held on March 6, 2008, including financial and profitability information, information about the personnel providing investment management services to the Accessor Limited Duration U.S. Government Fund and Accessor Total Return Fund, comparative industry data with regard to investment performance, sub-advisory fees and expenses of the Accessor Limited Duration U.S. Government Fund and Accessor Total Return Fund, and the services provided by Pennant on behalf of the Accessor Limited Duration U.S. Government Fund and Accessor Total Return Fund (the “15(c) materials”). In addition, the Board of Trustees considered the investment performance of the Accessor Limited Duration U.S. Government Fund and Accessor Total Return Fund and other information relating to the nature, extent and quality of services provided by Pennant on an on-going basis at each of the Board of Trustees and committee quarterly meetings.

In evaluating the new sub-advisory agreements, the Board of Trustees, including a majority of the Independent Trustees, principally considered, among other factors, (i) the nature, extent and quality of the services provided by Pennant; (ii) the investment performance of the Accessor Limited Duration U.S. Government Fund, Accessor Total Return Fund and Pennant; (iii) the reasonableness of investment advisory

211 June 30, 2009

Approval of the Investment Sub-Advisory Agreements (Unaudited)

compensation to be paid and a comparative analysis of expense ratios of, and advisory fees paid by, funds with similar investment objectives and strategies; (iv) the profits to be realized by Pennant form its relationship with the Accessor Limited Duration U.S. Government Fund and Accessor Total Return Fund; (v) the extent to which the fees to be paid by Forward Management to Pennant reflect economies of scale; and (vi) any benefits derived or to be derived by Pennant from its relationship to the Accessor Limited Duration U.S. Government Fund and Accessor Total Return Fund, such as soft dollar arrangements. The Board of Trustees placed particular emphasis on the revised ownership structure of Pennant, the representations received regarding the lack of any actual change in the management and personnel and governance of Pennant. The Board of Trustees also considered the ability of Pennant to continue to provide an appropriate level of support and resources to the Funds, whether Pennant had sufficiently qualified personnel and the overall financial soundness of Pennant as it relates to its ability to provide services to the Accessor Limited Duration U.S. Government Fund and Accessor Total Return Fund.

Based on the Trustees’ deliberations and their evaluation of the information provided to them at the meeting on March 5, 2009 and previously at the March 6, 2008 meeting, the Board of Trustees, including all of the Independent Trustees, found that: (i) the compensation payable under the new sub-advisory agreements is fair and bears a reasonable relationship to the services to be rendered; and (ii) the approval of the new sub-advisory agreements is in the best interests of the Accessor Limited Duration U.S. Government Fund and Accessor Total Return Fund and their respective shareholders. Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, approved the new sub-advisory agreements with Pennant on behalf of the Accessor Limited Duration U.S. Government Fund and Accessor Total Return Fund on the same terms and conditions as the current sub-advisory agreements.

At its meeting held on June 4, 2009, the Board of Trustees reviewed supplementary 15(c) materials provided by Pennant and Pennant’s confirmation, following the closing of the transaction which resulted in its parent corporation’s ESOP plan becoming the sole shareholder of the parent corporation, that the transaction did not result in a change in the management or governance of Pennant or any significant change to Pennant’s 15(c) materials that the Trustees had previously reviewed in connection with the 15(c) contract renewal process.

June 30, 2009 212

Additional Fund Information (Unaudited)

How to Obtain a Copy of the Fund’s Proxy Voting Policies

A description of the policies and procedures that the Accessor Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 759-3504 or on the SEC’s website at http://www.sec.gov.

How to Obtain a Copy of Proxy Voting Records for the 12-Month Period Ended June 30, 2009

Information regarding how the Accessor Funds voted proxies relating to portfolio securities during the 12-month period ended June 30, 2009 is available without charge, upon request, by calling (800) 759-3504. You can obtain the Accessor Funds’ proxy voting records on the SEC’s website at http://www.sec.gov.

Quarterly Filings on Form N-Q

The Accessor Funds files each Fund’s complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Forms N-Q are available on the SEC’s website at http://www.sec.gov. The Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Information included in the Accessor Funds’ Forms N-Q is also available by calling (800) 759-3504.

213 June 30, 2009

Investment Advisor

Forward Management, LLC

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Counsel

Dechert LLP

Independent Registered Public Accounting Firm

PricewaterhouseCoopers, LLP

Custodian

Brown Brothers Harriman & Co.

Transfer Agent

ALPS Fund Services, Inc.

Accessor Funds

P.O. Box 1345

Denver, CO 80201

(800) 882-9612

www.accessor.com

Equity Funds

Accessor Growth

Accessor Value

Accessor Small to Mid Cap

Accessor International Equity

Accessor Total Return

Accessor Strategic Alternatives

Accessor Frontier Markets

Fixed Income Funds

Accessor High Yield Bond

Accessor Investment Grade Fixed-Income

Accessor Mortgage Securities

Accessor Limited Duration U.S. Government

Accessor U.S. Government Money

Asset Allocation Funds

Accessor Income Allocation

Accessor Income & Growth Allocation

Accessor Balanced Allocation

Accessor Growth & Income Allocation

Accessor Growth Allocation

Accessor Aggressive Growth Allocation

Printed on recycled paper using soy-based inks.

AFSAR063009

Item 2.     Code of Ethics.

Not applicable to semi-annual report.

Item 3.     Audit Committee Financial Expert.

Not applicable to semi-annual report.

Item 4.    Principal Accountant Fees and Services.

Not applicable to semi-annual report.

Item 5.     Audit Committee of Listed Registrants.

Not applicable.

Item 6.     Investments.

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

Item 7.     Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment

                Companies.

Not applicable.

Item 8.     Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.     Purchases of Equity Securities by Closed-End Management Investment Companies and

                Affiliated Purchases.

Not applicable.

Item 10.     Submission of Matters to Vote of Security Holders.

No material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Trustees have been implemented after the registrant’s last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11.     Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) No changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.     Exhibits.

(a)(1)	Not applicable to semi-annual report.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3)	Not applicable.
(b)	Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FORWARD FUNDS
By:	/s/ J. Alan Reid, Jr.
	J. Alan Reid, Jr.
	President & Trustee
Date:	September 1, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ J. Alan Reid, Jr.
	J. Alan Reid, Jr.
	President & Trustee
Date:	September 1, 2009
By:	/s/ Eric Kleinschmidt
	Eric Kleinschmidt
	Treasurer
Date:	September 1, 2009