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: December 31, 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 report transmitted to shareholders of the Accessor Growth Fund, the Accessor Value Fund, the Accessor Small to Mid Cap Fund, the Accessor International Equity Fund, the Accessor Strategic Alternatives Fund, the Accessor Frontier Markets Fund, the Accessor High Yield Bond Fund, the Accessor Investment Grade Fixed-Income Fund, the Accessor Mortgage Securities Fund, the Accessor U.S. Government Money Fund, the Accessor Income Allocation Fund, the Accessor Income & Growth Allocation, the Accessor Balanced Allocation, the Accessor Growth & Income Allocation, the Accessor Growth Allocation and the 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 Forward series has been or will be submitted in a separate Form N-CSR.

ACCESSOR FUNDS: Table of Contents

Shareholder Update	2
Fund Commentaries and Performance	4
Disclosure of Fund Expenses	53
Schedule of Investments	60
Statement of Assets and Liabilities	105
Statement of Operations	111
Statement of Changes in Net Assets	116
Financial Highlights	132
Notes to Financial Statements	195
Report of Independent Registered Public Accounting Firm	229
Tax Information	230
Approval of the Investment Management Agreements and Investment Sub-Advisory Agreements	231
Shareholder Voting Results	238
Additional Company Information	239
Additional Fund Information	243

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 before investing or sending money.

December 31, 2009

1

Shareholder Update December 31, 2009

A MESSAGE FROM: Jim O’Donnell, CFA* Chief Investment Officer

Dear Shareholder:

I recently read a market commentary that stated the ‘easy money’ has been made in the stock and bond markets. I couldn’t disagree more. I believe that the hardest money investors have ever made was over the past twelve harrowing months. While it took a high degree of fortitude to remain invested, as we look forward, there is an emerging sense that the markets have stabilized and rebounded.

As we look out over the investment and economic landscape, we believe the preponderance of indicators are beginning to turn more positive. While many pundits agree that the global economy and capital markets are recovering, what remains in doubt is the shape of the recovery. The burning question remains—what is the shape of things to come?

There are those who argue persuasively that we have entered a ‘new normal’ where the forces of the deleveraging process will be marked by a long-term desire to minimize debt rather than to maximize profits, consumption or growth. They project a dour view of paltry economic growth as far as the eye can see.

Then there are those who argue convincingly that history has shown the deeper the economic pullback, the more dynamic the rebound. They claim that deep inventory reductions coupled with pent up demand from foregone consumption, combined with fiscal and monetary stimulus, create a powerful force that catapults economic activity and corporate profits to unforeseen levels of robust growth.

The question of what comes next becomes even more confusing when it is complicated by divergent views on government deficits, currency movements, inflation threats and the forces of demographic shifts as well as globalization of trade and competition. I believe that attempting to predict the outcome of these different scenarios with any kind of certainty is fraught with peril. No doubt there will be fits and starts to the signs of recovery, as well as confirming data and non confirming data validating or invalidating these various prognostications.

At Forward, we believe that a reasoned approach to diversification is the best way to proceed. We have always maintained that asset allocation with non-correlated asset classes is the best way to maintain a strong portfolio. Coming out of a distressed period, it would be reasonable to expect to see diversification benefits improve as correlations across asset classes decline to more normal patterns. As the dust settles, local markets and different asset classes typically return to their own unique rhythms and cycles.

We remain focused on asset classes that will benefit from the continued recovery, as well as overall global growth. Past experience has shown that diversifying across various return patterns and rebalancing assets to an identified level of tolerable risk benefits investors. Of course, discussion of an appropriate allocation of assets needs to include an assessment of one’s risk tolerance and time horizon, and we believe such an evaluation is best undertaken with a financial advisor or an investment professional.

This year was a year of growth for Forward Funds. In June, we added the Kensington Funds to the Forward Funds family. These four funds—Forward Global Infrastructure Fund, Forward International Real Estate Fund, Forward Select Income Fund and Forward Strategic Realty Fund—complement Forward’s extensive roster of funds and offer investors further opportunities to diversify their portfolios with income-oriented products. The portfolio management teams have built deep expertise in global

December 31, 2009 2

real estate and infrastructure—the Global Infrastructure Fund invests in companies that may benefit from economic stimulus packages and the Select Income Fund offers investors the potential to generate significant income with a focus on REIT preferred equities.

Additionally, our ongoing conversations with investment professionals have uncovered the need for products that allow investors to be more nimble and tactical in asset allocation decisions. In response, Forward launched the Forward Tactical Growth Fund which has broad latitude in being able to position itself long or short in response to changing market dynamics. We invite you to learn more about our new funds at www.forwardfunds.com.

We remain deeply committed to helping our shareholders attain true portfolio diversification and achieve their long-term financial goals. We 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 Forward Funds in 2009, and thank you for the continued confidence that you place in our Funds.

Best regards,

Jim O’Donnell, CFA*

Chief Investment 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.

Forward Funds are distributed by ALPS Distributors, Inc.

Not FDIC Insured | No Bank Guarantee | May Lose Value

* Jim O’Donnell has earned the right to use the Chartered Financial Analyst designation CFA Institute marks are trademarks owned by the CFA Institute.

3 December 31, 2009

Accessor Growth Fund

Government support was the key driver of equity market performance and the S&P 500/Citigroup Growth Index in 2009. Heading into March, the economy was facing the highest unemployment in 25 years, with ten of the twelve Federal Reserve Districts reporting deteriorating economic conditions, and the banking system reporting continued weakening in the credit quality of businesses and households. These economic conditions negatively impacted stock market returns, as the S&P 500 Index fell over 22% from January 1, 2009 to March 9, 2009. Through federal government stimulus (both monetary and fiscal), corporate bailouts, and accounting rule changes, the government effectively supported the economy and reversed the stock market decline. While the economy did stabilize after March, and GDP (gross domestic product) did grow in the third quarter, the growth in 2009 was significantly supported by government intervention, setting the stage for a period of modestly below-trend economic growth in the future.

The concerted effort by the government to prop up the economy encouraged extraordinary risk-taking in companies previously believed to be on the brink of failure. As a result stocks of the lowest quality companies with the worst near term earnings prospects performed the best after the March bottom. Conversely, share prices of companies with the most sustainable earnings growth prospects recovered, but at far lesser rate.

This impact is best captured by looking at stock performance after an earnings announcement. Historically, companies reporting earnings greater than expectations have superior price performance when compared to companies that disappoint investors. Following the early March lows companies reporting a large negative surprise (an earnings miss greater than 5%) performed better than companies reporting a marginal positive surprise (an earnings beat defined as >0% to 5%). In fact, even companies reporting marginal negative surprises (an earnings miss defined as -5% to <0%) performed better than marginal positive surprise companies.

Smith Asset Management Group, L.P. (the “Smith Group”), the Accessor Growth Fund’s (the “Fund”) sub-advisor, employs a part quantitative and part fundamental investment process. This process attempts to identify companies that are able to consistently deliver better than expected earnings growth. These are typically companies with conservative accounting policies and solid corporate governance practices.

For the year, the Accessor Growth Fund’s Institutional Class shares returned 26.7% and its benchmark index, the S&P 500/Citigroup Growth Index, returned 31.6%. For the year, the majority of the underperformance occurred in the second quarter. The factors involved included underperformance of high financial quality and earnings quality companies, underperformance of low risk companies, and underperformance of high earnings stability and high earnings momentum companies. The underperformance was primarily due to stock selection, not asset allocation.

December 31, 2009 4

Accessor Growth Fund

Weightings by Sector as a Percentage of Total Investments as of December 31, 2009

These allocations may not reflect the current or future position of the portfolio.

Growth of $10,000 Investment in the Fund⁽¹⁾

The chart above shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund’s benchmark index. The values indicated what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.

5 December 31, 2009

Accessor Growth Fund

Accessor Growth Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	26.72%	0.01%	-3.97%	7.40%	08/24/92
Investor Class	26.21%	-0.16%	-4.27%	-0.48%	07/01/98
C Class (without load)(a)	25.58%	-0.96%	N/A	3.43%	12/30/02
C Class (load adjusted)(b)	24.58%	-0.96%	N/A	3.43%	12/30/02
Z Class(c)	N/A	N/A	N/A	24.23%	05/05/09

(1) For purposes of the chart, comparison with the Index assumes initial investment on the last day of the month of inception, where applicable.

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

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

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

The S&P 500 is an unmanaged index of 500 common stocks chosen to reflect the industries in the U.S. economy. The S&P 500/Citigroup Growth Index is an unmanaged index of growth stocks in the S&P 500. Large capitalization growth stocks are the stocks within the S&P 500 that generally have high expected earnings growth and higher than average price-to-book ratios. Investors cannot invest in an index, and the return of an index does not reflect the deduction of any fees or other expenses.

Performance data quoted represents average annual total return and assumes reinvestment of all dividends and capital gains. Effective September 1, 2008, the 2% Redemption Fee on all Accessor Funds was eliminated. Performance data does not reflect the deduction of this non-recurring fee, and if reflected, the fee would reduce the performance quoted. The Index does not take into account charges, fees and other expenses. Performance data quoted represents past performance. Past performance does not guarantee future results. The graph compares a $10,000 investment made in the Institutional Class of the Fund. The graph and table do not reflect the deduction of taxes that you would pay on Fund distributions or the redemption of Fund shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain current month-end performance, call (800) 759-3504 or visit www.accessor.com.

December 31, 2009 6

Accessor Value Fund

The beginning of the year was marked by extreme risk aversion and market distress amid historic volatility, driven in part by deleveraging and forced outflows from hedge funds, mutual funds and trading desks. The first two months of the year saw a sharp dip in the equity market, as investors fled to the safety of U.S. Treasuries and other liquid assets amid dismal Q408 earnings announcements and mounting concern over employment, the housing market, and consumer spending. This suddenly shifted, however, to more favorable equity results beginning in March 2009, accompanied by a dramatic reversal in market sentiment. Investors moved rapidly from avoiding risk at all cost to adding some of the riskiest stocks to their portfolios, as they sought bargains in anticipation of an economic and financial market rebound. This focus on lower-quality stocks with depressed share prices sparked a “junk rally” in which many quantitative factors, especially momentum, severely underperformed.

Over the summer, narrow market conditions prevailed, with the leading stocks tending to be the worst performers of late 2008 and early 2009. These securities rose appreciably, many making double-digit gains from March through September. At the same time, signs of global economic recovery increased as corporate profits exceeded the market’s reduced expectations supporting investors’ appetite for risk and cheapness at the expense of earnings and financial quality. Investor focus began to shift in October and November from demand for the cheapest of value stocks to earnings as a key driver of stock attractiveness. Risk conditions began to stabilize under renewed attention to fundamentals, though market leadership remained quite narrow. Quantitative factor results remained highly mixed.

Overall, 2009 ended on an upbeat note with as the S&P 500 Index returned 26.5% in U.S. dollars. This broad result, however, masked high volatility and extraordinarily bifurcated markets with regard to the kind of stocks that drove returns. As a result of these conditions, we are now seeing a very wide spread of factor data, with many stocks very attractively valued relative to peers. These typically are favorable conditions for disciplined active stock selection.

Acadian Asset Management, the Accessor Value Fund’s (the “Fund”) sub-advisor, employs a quantitative investment process. This process analyzes valuations, earnings, size and momentum at an individual stock level, as well as relative to an industry peer group, in order to forecast an expected return.

For the year, the Accessor Value Fund’s Institutional Class shares returned 17.1% and its benchmark index, the S&P 500/Citigroup Value Index, returned 21.2%. The dominant themes of low quality and distressed assets during the year hurt the Fund’s overall performance. Sector allocations drove losses, offsetting modest gains from stock selection. The combination of underweight positions in the Consumer Discretionary and Utilities sectors, and overweighting in the Energy sector detracted from performance. Successful overweighting in Materials, Information Technology and Health Care, along with positive stock selection in the Consumer Discretionary, Consumer Staples, Materials and Health Care sectors helped offset some underperformance.

7 December 31, 2009

Accessor Value Fund

Weightings by Sector as a Percentage of Total Investments as of December 31, 2009

These allocations may not reflect the current or future position of the portfolio.

Growth of $10,000 Investment in the Fund⁽¹⁾

The chart above shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund’s benchmark index. The values indicated what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.

December 31, 2009 8

Accessor Value Fund

Accessor Value Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	17.13%	-1.89%	-0.30%	6.66%	08/24/92
Investor Class	16.60%	-2.33%	-0.74%	-0.20%	07/01/98
C Class (without load)(a)	16.05%	-2.86%	N/A	3.51%	12/30/02
C Class (load adjusted)(b)	15.05%	-2.86%	N/A	3.51%	12/30/02
Z Class(c)	N/A	N/A	N/A	24.44%	05/05/09

(1) For purposes of the chart, comparison with the Index assumes initial investment on the last day of the month of inception, where applicable.

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

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

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

The S&P 500/Citigroup Value Index is an unmanaged index of value stocks in the S&P 500. Large capitalization value stocks are the stocks within the S&P 500 that generally are priced below the market average based on earnings and lower than average price-to-book ratios. Investors cannot invest in an index, and the return of an index does not reflect the deduction of any fees or other expenses.

Performance data quoted represents average annual total return and assumes reinvestment of all dividends and capital gains. Effective September 1, 2008, the 2% Redemption Fee on all Accessor Funds was eliminated. Performance data does not reflect the deduction of this non-recurring fee, and if reflected, the fee would reduce the performance quoted. The Index does not take into account charges, fees and other expenses. Performance data quoted represents past performance. Past performance does not guarantee future results. The graph compares a $10,000 investment made in the Institutional Class of the Fund. The graphs and table do not reflect the deduction of taxes that you would pay on Fund distributions or the redemption of Fund shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain current month-end performance, call (800) 759-3504 or visit www.accessor.com.

9 December 31, 2009

Accessor Small to Mid Cap Fund

While several major themes drove performance in 2009, perhaps the most notable was the extreme volatility of factor behavior. The first quarter marked a period of continued S&P 500 decline from the market high of October 9, 2007, to the low on March 9, 2009. However, beginning in first quarter 2009 we observed a shift in investor attitude toward riskier assets, which facilitated the dramatic turnaround in the performance of lower quality/distressed stocks. This, in turn, led to the broad market rally. Finally, in the last three months of the year, investor preference shifted from low quality/turnaround stocks to a new phase of cautious optimism consistent with the early stages of a recovery in which investors are focused on real return and growth. Once again, risk was re-priced as investor focus shifted away from higher risk stocks toward higher quality issues with solid growth prospects.

In the small and mid cap stock universe, retail and semiconductors were among the strongest performing industries in 2009. Bank stocks declined in 2009 and were among the worst performers in the fourth quarter as investor concerns over financials persisted. Regarding fundamental factors, risk was rewarded throughout most of the year with factors such as distress, beta and zero yield (non-dividend paying) being among the strongest performers. While beta continued to be rewarded in the fourth quarter, other factor returns indicated that a preference for risky assets subsided and investors instead began to reward higher quality growth stocks.

Los Angeles Capital Management (“LA Capital”), the Accessor Small to Mid Cap Fund’s (the “Fund”) sub-advisor, employs a quantitative process based on investor preference theory. The model generates 20 dynamic alpha model factors that attempt to discern the different factors that are driving equity returns in the current market environment.

For the year, the Accessor Small to Mid Cap Fund’s Institutional Class shares returned 32.9% and the benchmark index, the Dow Jones Wilshire 4500 Completion Index, returned 37.4%. The Fund benefited from overweights to Retail and Technology while underweights to Software and Services, and Capital Goods detracted from return. While lower exposure to stocks with strong price momentum and a tilt toward stocks with higher price to earnings (PE) ratios added value in 2009, this was offset by the Fund’s higher quality bias which impaired performance in March and into the second quarter. Specifically, the Fund’s underweight to more risky, distressed assets and companies that do not pay dividends—both of which rallied strongly throughout the year in accordance with the low quality reversal—detracted from returns.

Beta: The beta (ß) of a stock or portfolio is a number describing the relation of its returns with that of the financial market as a whole.

December 31, 2009 10

Accessor Small to Mid Cap Fund

Weightings by Sector as a Percentage of Total Investments as of December 31, 2009

These allocations may not reflect the current or future position of the portfolio.

Growth of $10,000 Investment in the Fund⁽¹⁾

The chart above shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund’s benchmark index. The values indicated what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.

11 December 31, 2009

Accessor Small to Mid Cap Fund

Accessor Small to Mid Cap Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	32.90%	-0.21%	0.14%	8.58%	08/24/92
Investor Class	32.32%	-0.66%	-0.31%	2.08%	06/24/98
C Class (without load)(a)	31.66%	-1.20%	N/A	6.80%	12/30/02
C Class (load adjusted)(b)	30.66%	-1.20%	N/A	6.80%	12/30/02
Z Class(c)	N/A	N/A	N/A	26.43%	05/05/09

(1) For purposes of the chart, comparison with the Index assumes initial investment on the last day of the month of inception, where applicable.

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

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

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

When investing in small cap stocks you will notice greater fluctuations in market value.

The Dow Jones Wilshire 4500 Completion Index is an unmanaged index of stocks of medium and small capitalization companies not in the S&P 500. Investors cannot invest in an index, and the return of an index does not reflect the deduction of any fees or other expenses.

Performance data quoted represents average annual total return and assumes reinvestment of all dividends and capital gains. Effective September 1, 2008, the 2% Redemption Fee on all Accessor Funds was eliminated. Performance data does not reflect the deduction of this non-recurring fee, and if reflected, the fee would reduce the performance quoted. The Index does not take into account charges, fees and other expenses. Performance data quoted represents past performance. Past performance does not guarantee future results. The graph compares a $10,000 investment made in the Institutional Class of the Fund. The graph and table do not reflect the deduction of taxes that you would pay on Fund distributions or the redemption of Fund shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain current month-end performance, call (800) 759-3504 or visit www.accessor.com.

December 31, 2009 12

Accessor International Equity Fund

It was a rewarding year for equity investors, with many major indices posting significant gains for the year. Market risk was very profitable as high beta, small cap and emerging market stocks posted the strongest relative returns. Confidence in the global recovery, coupled with a favorable global monetary policy, propelled investor demand for equities, particularly attractive or cyclical and depressed financial names. The last quarter saw a change to the risk rally that began in March, as earnings quality and price momentum gained prominence and drove the market through the end of the year.

Lazard Asset Management (“Lazard”), the Accessor International Equity Fund’s (the “Fund”) sub-advisor, utilizes a long-only quantitative strategy with a process that seeks opportunity in four different areas: discounted valuations, underappreciated growth, investor momentum and sustainable quality. Unlike many quantitative strategies, Lazard’s process is dynamic and continually evolving. The quantitative team is supported by a global fundamental research team and global team of traders.

Lazard’s stock evaluation models experienced significant rotation in effectiveness throughout the year. In the first two months, market sentiment indicators were the best performing factors as price momentum and analyst sentiment provided positive discrimination. With the very strong “junk” rally from March to September, value (attractively priced) stocks did exceptionally well almost without regard to any other measure including quality, growth or sentiment. The fourth quarter saw a return to “balance” in factor family effectiveness—value underperformed modestly, and quality and sentiment measures helped drive Fund performance. The large disparity—measured in terms of quintile spreads—in model effectiveness that was prevalent in the middle part of the year dissipated along with high levels of market volatility.

The Fund benefited from strong stock selection in the final quarter of 2009. For the year, the Accessor International Equity Fund’s Institutional Class shares returned 37.0% and the benchmark index, the MSCI EAFE + EM Index, returned 40.4%. Consistent with Lazard’s approach, relative returns were primarily driven by stock selection, with primary drivers in Utilities and Autos. Holdings in the Oil and Gas, and Telecommunication industries detracted from performance.

13 December 31, 2009

Accessor International Equity Fund

Weightings by Sector as a Percentage of Total Investments

as of December 31, 2009

These allocations may not reflect the current or future position of the portfolio.

Weightings by Country as a Percentage of Total Investments

as of December 31, 2009

These allocations may not reflect the current or future position of the portfolio.

December 31, 2009 14

Accessor International Equity Fund

Growth of $10,000 Investment in the Fund⁽¹⁾

The chart above shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund’s benchmark index. The values indicated what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.

Accessor International Equity Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	37.02%	2.37%	-1.51%	4.52%	10/03/94
Investor Class	36.57%	1.92%	-1.94%	1.38%	07/06/98
C Class (without load)(a)	35.77%	1.34%	N/A	7.66%	12/30/02
C Class (load adjusted)(b)	34.77%	1.34%	N/A	7.66%	12/30/02
Z Class(c)	N/A	N/A	N/A	35.54%	05/05/09

(1) For purposes of the chart, comparison with the Index assumes initial investment on the last day of the month of inception, where applicable.

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

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

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

By investing in international stocks you will be subjected to currency fluctuations and political and economic instability. Investments in securities of emerging involves potential risks relating to political and economic uncertainties. Under certain market conditions, these securities could be considered less liquid.

The MSCI EAFE + EM Index (formerly the MSCI EAFE + EMF Index) is an unmanaged index of 46 developed (excluding the United States and Canada) and emerging market countries, including Japan, the United Kingdom, Germany and France. Investors cannot invest in an index, and the return of an index does not reflect the deduction of any fees or other expenses.

Performance data quoted represents average annual total return and assumes reinvestment of all dividends and capital gains. Effective September 1, 2008, the 2% Redemption Fee on all Accessor Funds was eliminated. Performance data does not reflect the deduction of this non-recurring fee, and if reflected, the fee would reduce the performance quoted. The Index does not take into account charges, fees and other expenses. Performance data quoted represents past performance. Past performance does not guarantee future results. The graph compares a $10,000 investment made in the Institutional Class of the Fund. The graph and table do not reflect the deduction of taxes that you would pay on Fund distributions or the redemption of Fund shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain current month-end performance, call (800) 759-3504 or visit www.accessor.com.

15 December 31, 2009

Accessor Strategic Alternatives Fund

Volatility defined the year, beginning with sharp market declines until the S&P 500’s bottom on March 9. The subsequent bull market, led by record calendar-year returns in the high yield and emerging market indices, helped investors recoup some of 2008 losses as the global economy emerged from recession. Much of the market recovery can be attributed to government intervention as policy decisions—both monetary and fiscal—supported the economy and reversed stock market declines. Many of the issues concerning investors in the end of 2008, such as liquidity concerns and systemic failures, were addressed in 2009 with interbank lending falling to exceptionally low levels and global monetary policy loosening money supply. Government intervention, in the form of rescue programs such as the Troubled Asset Relief Program (TARP) and “Cash for Clunkers” targeting troubled industries, helped ease concerns of a global depression and 2009 ended strongly, with the S&P 500 Index up 26.5% on the year.

Alternative assets in 2009 reacted differently to the year’s themes. Carry trade strategies were up, though returns were modest in comparison to equity markets. Global interest rates were depressed throughout the year offering little opportunity for carry trade strategies with few high yielding currencies in which to invest. Commodities enjoyed a positive year as well with the DJ UBS Commodity Index returning nearly 19%, though it trailed the S&P 500 Index on the year. Investment in real estate was rewarded in 2009 as international real estate rose 40.1% as measured by the Dow Jones Global ex U.S. Real Estate Index, outpacing its domestic counterpart, as well as the S&P 500 Index.

Forward Management manages the Accessor Strategic Alternatives Fund (the “Fund”), which seeks to provide investors with exposure to assets that exhibit low historical correlations with global stocks and bonds. The Fund primarily invests in commodities, currencies and real estate to achieve its objective. Despite rising correlations between most asset classes, the Fund was able to help diversify investor portfolios by providing exposure to assets with different risk characteristics than typical global stocks and bonds.

For the year, the Accessor Strategic Alternatives Fund’s Institutional Class returned 12.2% and the composite benchmark, 50% S&P 500 Index/50% Barclays Capital U.S. Aggregate Bond Index, returned 16.3%. The Fund’s underperformance can be attributed to weak performance in the Fund’s commodity exposure. In a year where long commodities were up 18.9%, as measure by the DJ UBS Commodity Index, the Fund’s commodity exposure was linked to the S&P Commodity Trend Index, a long/short commodity index. In contrast to a long only strategy, the Fund’s commodity exposure returned -8.6% in 2009, the primary detractor to performance. The currency exposure in the Fund had positive return but lagged the blended benchmark, further detracting from performance. With global interest rates near zero, few carry trade strategies were additive to returns. On a bright note, the Fund’s investment in real estate helped mitigate much of the performance. Domestic real estate as an asset class rebounded from its precipitous drop in 2008 to return 24.9% in 2009, as measured by the Cohen & Steers Realty Majors Index. International real estate fared even better. Buoyed by positive currency movements, international Real Estate Investment Trusts (REITS), as measured by the Dow Jones Global ex US Real Estate Index, was up 40.1% for the year.

December 31, 2009 16

Accessor Strategic Alternatives Fund

Weightings by Sector as a Percentage of Total Investments as of December 31, 2009

These allocations may not reflect the current or future position of the portfolio.

Growth of $10,000 Investment in the Fund⁽¹⁾

The chart above shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund’s benchmark index. The values indicated what $50,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.

17 December 31, 2009

Accessor Strategic Alternatives Fund

Accessor Strategic Alternatives Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	12.19%	N/A	N/A	-1.40%	01/30/08
Investor Class	12.34%	N/A	N/A	12.34%	12/31/08
Z Class(a)	N/A	N/A	N/A	17.35%	05/05/09

(1) For purposes of the chart, comparison with the Index assumes initial investment on the last day of the month of inception, where applicable.

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

The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index which represents securities that are U.S. domestic, taxable and dollar denominated. The S&P 500 is an unmanaged index of 500 common stocks chosen to reflect the industries in the U.S. economy. The composite index is a hypothetical index constructed by Forward Management, which consists of 50% Barclays Capital U.S. Aggregate Bond Index and 50% S&P 500 Index. Investors cannot invest in an index, and the return of an index does not reflect the deduction of any fees or other expenses.

Performance data quoted represents average annual total return and assumes reinvestment of all dividends and capital gains. The Index does not take into account charges, fees and other expenses. Performance data quoted represents past performance. Past performance does not guarantee future results. The graph compares a $10,000 investment made in the Institutional Class of the Fund. The graph and table do not reflect the deduction of taxes that you would pay on Fund distributions or the redemption of Fund shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain current month end performance, call (800) 759-3504 or visit www.accessor.com.

December 31, 2009 18

Accessor Frontier Markets Fund

Volatility defined the year, beginning with sharp market declines until the S&P 500’s bottom on March 9. The subsequent bull market, led by record calendar-year returns in the high yield and emerging market indices, helped investors recoup some of 2008 losses as the global economy emerged from recession. Much of the market recovery can be attributed to government intervention as policy decisions—both monetary and fiscal—supported the economy and reversed stock market declines. Many of the issues concerning investors in the end of 2008, such as liquidity concerns and systemic failures, were addressed in 2009 with interbank lending falling to exceptionally low levels and global monetary policy loosening money supply. Government intervention, in the form of rescue programs such as TARP and “Cash for Clunkers” targeting troubled industries, helped ease concerns of a global depression and 2009 ended strongly, with the S&P 500 Index up 26.5% on the year.

Frontier market countries had a wide range of success in 2009. The largest components of the MSCI Frontier Markets Index, the Gulf Cooperation Council (GCC) countries such as Kuwait, Qatar, Oman, and Bahrain, as measured by the MSCI GCC Countries ex Saudi Arabia Index, returned a modest 4.7% compared to the broad MSCI Frontier Markets Index, which was up 11.6% in 2009. Some of this can be attributed to the credit crisis experienced by the United Arab Emirates in late 2009, as a major government-owned company in Dubai announced it would seek to restructure its outstanding debt. Fearing that this news could be the harbinger for a credit crisis in neighboring countries, markets quickly dropped and credit default swaps (CDS) spreads rose. However, while GCC countries are the largest component of the broad index, the remaining countries were unaffected by this news, a benefit to the asset class. For 2009, the MSCI Pakistan Index was up 88.9%, the MSCI Vietnam Index was up 31.7%, and the MSCI Sri Lanka Index was up 190.8%.

Forward Management manages the Accessor Frontier Markets Fund (the “Fund”), which was launched on December 31, 2008. The Fund’s primary goal is to provide comprehensive exposure to the frontier markets asset class through the use of structured products, ETF’s and individual equities designed to deliver the returns of the frontier markets. The Fund’s benchmark, the MSCI Frontier Markets (MSCI FM) Index, consists of 25 countries in five geographic regions—the Middle East, Asia, Africa, Latin America and Eastern Europe.

For the year the Accessor Frontier Markets Fund’s Institutional Class returned 2.9% and the benchmark index, the MSCI Frontier Markets Index, returned 11.6%. The largest portion of underperformance can be attributed to difficulties inherent with investing in the frontier markets, which can include liquidity, breadth and accessibility. Additionally, the Fund carried an overweight to GCC countries, which were among the worst performers in the broad index. An underweight to Nigeria was additive and mitigated some underperformance. Finally, an underweight for much of the year to some of the best performing countries, such as Sri Lanka and Pakistan, contributed to some underperformance in 2009.

A credit default swap (CDS) is a swap designed to transfer the credit exposure of fixed income products between parties. The buyer of a credit swap receives credit protection, whereas the seller of the swap guarantees the credit worthiness of the product. By doing this, the risk of default is transferred from the holder of the fixed income security to the seller of the swap.

19 December 31, 2009

Accessor Frontier Markets Fund

Weightings by Sector as a Percentage of Total Investments as of December 31, 2009

These allocations may not reflect the current or future position of the portfolio.

Growth of $10,000 Investment in the Fund⁽¹⁾

The chart above shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund’s benchmark index. The values indicated what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.

December 31, 2009 20

Accessor Frontier Markets Fund

Accessor Frontier Markets Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	2.89%	N/A	N/A	2.89%	12/31/08
Investor Class	3.03%	N/A	N/A	3.03%	12/31/08
Z Class(a)	N/A	N/A	N/A	13.86%	05/05/09

(1) For purposes of the chart, comparison with the Index assumes initial investment on the last day of the month of inception, where applicable.

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

Performance data quoted represents average annual total return and assumes reinvestment of all dividends and capital gains. The Index does not take into account charges, fees and other expenses. Performance data quoted represents past performance. Past performance does not guarantee future results. The graph compares a $10,000 investment made in the Institutional Class of the Fund. The graph and table do not reflect the deduction of taxes that you would pay on Fund distributions or the redemption of Fund shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain current month end performance, call (800) 759-3504 or visit www.accessor.com.

21 December 31, 2009

Accessor High Yield Bond Fund

At the beginning of 2009, we were in the midst of the “great recession,” which plunged the global economy into sharp contraction, especially notable throughout most of the developed world. This was the ‘best advertised’ recession of our lifetime. The near meltdown in the financial sector sent a clear message to corporate leadership that the name of the game is “survival,” and most industries took measures to cut costs and preserve liquidity as quickly as possible. Massive layoffs and wage cuts, as well as inventory reductions immediately followed. Consequently, consumers were no longer the engine of the economy due to lack of job security and a focus on balance sheet repair as both real estate values and financial assets declined sharply. The demand side of the economy was left to the government, which was already strained by massive deficit spending tied to the financial sector rescue. This also meant that there was substantial political uncertainty for many businesses to deal with.

Global markets bottomed in early March after an additional sharp decline. During the second quarter the first signs of economic stabilization appeared and investors were more confident that nationalization of the financial sector was unlikely except for Fannie Mae and Freddie Mac. For the remainder of the year we saw a continuing improvement in the prospects for economic recovery. While economists and investors are more optimistic in their outlook for the economy, great challenges remain. These include high unemployment, tight credit, massive budget deficits at national and local governments, high foreclosure rates and an expected rise in interest rates and taxes. In order for the recovery to be sustainable, we will need to see improvement in business sentiment and significant job creation in the private sector.

The high yield market had a mixed and volatile first quarter of 2009, hitting bottom in early March. Subsequent gains helped the high yield market end the year on a high note beating all other major asset classes. High yield security spreads-to-treasuries tightened by 1172 basis points in 2009, and ended the year at a spread of 640 basis points. Investors took advantage of strong momentum and great valuations in the asset class, as high yield funds saw inflows of over $31 billion for the year. The primary market was prolific with 408 new issues priced totaling over $180 billion, a new record by a wide margin. Close to 80% of new issuance refinanced existing debt including leveraged loans to relieve tight covenants. The high yield asset class grew close to 20% to over $1.1 trillion, another new record, taking market share from leveraged loans. The default rate by par amount reached 10.2% and 12.0% when including distressed exchanges. Recovery rates were a low 22% of par.

The formula for relative performance during the year across all asset classes—especially the high yield space—was to reach for maximum risk. Performance during the year was dominated by the lowest quality securities. Hence, CCC’s doubled in value, while defaulted securities nearly tripled. Outperforming industries in high yield in 2009 included Financials, Media, Retail, Home Builders, Technology and Automobiles. Notable underperformers included Telecommunications, Health Care, Paper/packaging, Cable and Utilities. The change within the Financial sector was most notable last year, as Financials grew from an insignificant low single digit portion of the index to about 10%—dominated by financial hybrids of companies such as AIG and Citigroup offering equity plays on stressed financial institutions.

First Western Asset Management (“First Western”), the High Yield Bond Fund’s (the “Fund”) sub-advisor, acquired the former sub-advisor, Financial Management Advisors, in 2008. First Western

December 31, 2009 22

Accessor High Yield Bond Fund

selects debt securities on a company-by-company basis, emphasizing fundamental research and a long-term investment horizon. The selection process looks primarily for companies whose prospects are stable or improving, and whose bonds offer attractive yield.

For the year, the Accessor High Yield Bond Fund’s Institutional Class shares, returned 40.4% and the benchmark index, the Merrill Lynch U.S. High Yield Master II Index, returned 57.5%. The primary driver of Fund underperformance was an underweighting of distressed and other low quality securities. Beta was the dominant factor in returns, while traditional security selection was of relatively little significance. Notable underperformance by industry is attributable to underweighting the lowest quality names in the Financials, Media, Retail, Gaming and Metals/mining industries while overweighting Health Care and Utilities. This was somewhat mitigated by beneficial weighting and selection in Energy and security selection in Automobiles.

23 December 31, 2009

Accessor High Yield Bond Fund

Weightings by Sector as a Percentage of Total Investments as of December 31, 2009

These allocations may not reflect the current or future position of the portfolio.

Growth of $10,000 Investment in the Fund⁽¹⁾

The chart above shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund’s benchmark index. The values indicated what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.

December 31, 2009 24

Accessor High Yield Bond Fund

Accessor High Yield Bond Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	40.36%	4.79%	N/A	6.25%	05/01/00
Investor Class	39.61%	4.48%	N/A	5.85%	05/01/00
C Class (without load)(a)	39.12%	3.78%	N/A	6.99%	12/30/02
C Class (load adjusted)(b)	38.12%	3.78%	N/A	6.99%	12/30/02
Z Class(c)	N/A	N/A	N/A	21.52%	05/05/09

(1) For purposes of the chart, comparison with the Index assumes initial investment on the last day of the month of inception, where applicable.

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

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

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

By investing in high yield bonds you will be subjected to greater price volatility based on fluctuations in issuer and credit quality.

The Merrill Lynch U.S. High Yield Master II Index tracks the performance of below-investment grade U.S. dollar-denominated corporate bonds issued in the U.S. domestic market. Investors cannot invest in an index, and the return of an index does not reflect the deduction of any fees or other expenses.

Performance data quoted represents average annual total return and assumes reinvestment of all dividends and capital gains. Effective September 1, 2008, the 2% Redemption Fee on all Accessor Funds was eliminated. Performance data does not reflect the deduction of this non-recurring fee, and if reflected, the fee would reduce the performance quoted. The Index does not take into account charges, fees and other expenses. Performance data quoted represents past performance. Past performance does not guarantee future results. The graph compares a $10,000 investment made in the Institutional Class of the Fund. The graph and table do not reflect the deduction of taxes that you would pay on Fund distributions or the redemption of Fund shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain current month-end performance, call (800) 759-3504 or visit www.accessor.com.

25 December 31, 2009

Accessor Investment Grade Fixed-Income Fund

Policy responses to the financial crisis and economic downturn that began in the second half of 2008 helped stabilize the global economy in 2009. The Federal Reserve injected liquidity into the economy via purchases of Treasury securities. Other policies bolstered non-Treasury markets, including increased Fed purchases of Agency mortgage-backed securities and the anxiously awaited introduction of two U.S. Treasury programs designed to induce private investment back into securitized debt obligations. The Term Asset-Backed Securities Loan Facility (TALF) and the Public-Private Investment Program (PPIP) provided comfort to the CMBS market. Yields on Treasuries generally rose in 2009 as risk appetites revived, stemming demand for Treasuries and other sovereign bonds. Non-Treasury assets, like Investment Grade Credit and High Yield, gained in the fourth quarter—and for all of 2009—as government policies helped push investors out of cash and toward higher yielding, riskier assets.

Pacific Investment Management Company (“PIMCO”), the Accessor Investment Grade Fixed-Income Fund’s (the “Fund”) sub-advisor, utilizes a blend of macro-economic analysis and individual security selection to guide portfolio construction. The process emphasizes capital preservation and thorough risk-versus-reward analysis.

For the year, the Accessor Investment Grade Fixed-Income Fund’s Institutional Class shares returned 10.7%, and the benchmark index, the Barclays Capital U.S. Government/Credit Index returned 4.5%. Above-benchmark duration exposure was negative for performance as rates rose throughout the year. The 10-year Treasury yield rose by 163 bps during the year. Curve strategies, with a focus on the front end of the yield curve, helped performance as the curve between 2-year and 30-year Treasuries steepened 160 bps during the year. Out-of-benchmark allocations to both agency mortgages and CMBS contributed to returns. Agency MBS continued their powerful rally, outperforming Treasuries for the year, as the Fed purchased securities to keep mortgage rates low and extended the mortgage purchase program to first quarter 2010. Mortgage yield premiums have compressed to the narrowest levels ever seen versus interest rate swaps. CMBS spreads also tightened, supported by the Government’s TALF and PPIP programs, which added liquidity. Finally, exposure to select financial institutions enhanced returns as these securities continued to benefit from supportive government policies and access to the private sector capital markets.

December 31, 2009 26

Accessor Investment Grade Fixed-Income Fund

Weightings by Sector as a Percentage of Total Investments

as of December 31, 2009

These allocations may not reflect the current or future position of the portfolio.

Credit Quality as of 12/31/09
U.S. Government and Agency	61.04%
AAA	6.40%
AA	7.90%
A	16.40%
BBB	4.92%
BB	1.37%
CCC	0.76%
CC	0.04%
D	0.02%
NR	1.15%
	100.00%
Average Credit Quality	A+

These allocations may not reflect the current or future position of the portfolio.

27 December 31, 2009

Accessor Investment Grade Fixed-Income Fund

Growth of $10,000 Investment in the Fund⁽¹⁾

The chart above shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund’s benchmark index. The values indicated what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.

Accessor Investment Grade Fixed-Income Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	10.69%	3.78%	5.72%	5.60%	06/15/92
Investor Class	10.12%	3.33%	5.23%	4.56%	07/14/98
Class C (without load)(a)	9.62%	2.73%	N/A	2.90%	12/30/02
Class C (load adjusted)(b)	8.62%	2.73%	N/A	2.90%	12/30/02
Class Z(c)	N/A	N/A	N/A	11.56%	05/05/09

(1) For purposes of the chart, comparison with the Index assumes initial investment on the last day of the month of inception, where applicable.

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

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

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

When investing in bond funds, you are subject, but not limited to, the same interest rate, inflation and credit risks associated with the underlying bonds owned by the Fund. Return of principal is not guaranteed.

The Barclays Capital U.S. Government/Credit Index is an unmanaged index of fixed-rate government and corporate bonds rated investment grade or higher. Investors cannot invest in an index, and the return of an index does not reflect the deduction of any fees or other expenses.

Performance data quoted represents average annual total return and assumes reinvestment of all dividends and capital gains. Effective September 1, 2008, the 2% Redemption Fee on all Accessor Funds was eliminated. Performance data does not reflect the deduction of this non-recurring fee, and if reflected, the fee would reduce the performance quoted. The Index does not take into account charges, fees and other expenses. Performance data quoted represents past performance. Past performance does not guarantee future results. The graph compares a $10,000 investment made in the Institutional Class of the Fund. The graph and table do not reflect the deduction of taxes that you would pay on Fund distributions or the redemption of Fund shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain current month-end performance, call (800) 759-3504 or visit www.accessor.com.

December 31, 2009 28

Accessor Mortgage Securities Fund

Policy responses to the financial crisis and economic downturn that began in the second half of 2008 helped stabilize the global economy in 2009. The Federal Reserve (Fed) injected liquidity into the economy via purchases of U.S. Treasury securities. Other policies bolstered non-Treasury markets, including increased Fed purchases of Agency mortgage-backed securities, and the anxiously awaited introduction of two U.S. Treasury programs designed to induce private investment back into securitized debt obligations. The Term Asset-Backed Securities Loan Facility (TALF) and the Public-Private Investment Program (PPIP) provided comfort to the Commercial Mortgage-Backed Securities (CMBS) market. Yields on Treasuries generally rose in 2009 as risk appetites revived, stemming demand for Treasuries and other sovereign bonds. Non-Treasury assets, like Investment Grade Credit and High Yield, gained in the fourth quarter—and for all of 2009—as government policies helped push investors out of cash and toward higher yielding, riskier assets.

We enter 2010 with a healthy dose of uncertainty regarding the future of the agency MBS market. The market is focused on the imminent completion of many official intervention programs at the end of first quarter 2010 and the implication this has for mortgage spreads as the year progresses. In the meantime, however, the Fed still has approximately $140 billion in capital that it can allocate to the sector. This should help remove the majority of the supply during the quarter, and with the help of yield buyers looking to put growing cash reserves to work at higher current yields, should help cushion near-term spread performance. Moreover, the U.S. Treasury announcement in late December that raised the potential government support for Fannie Mae and Freddie Mac, while significantly increasing the 2010 portfolio cap for the agencies, should be a longer term positive for the MBS market. The announcement eliminates the overhang of potential government sponsored enterprises (GSE) selling while potentially allowing for a more orderly transition to the end of direct government intervention. In addition, it positions the agencies to step in as an alternative source of mortgage duration demand should the need exist.

BlackRock Financial Management, Inc. (“BlackRock”), the Fund’s sub-adviser, employs a part quantitative and part fundamental investment process. BlackRock’s investment philosophy and process centers around four key principles: (1) controlled duration (controlling sensitivity to interest rates); (2) relative value sector rotation and security selection (analyzing a sector’s and a security’s impact on the overall portfolio); (3) rigorous quantitative analysis to security valuation (mathematically analyzing a security’s value); and (4) quality credit analysis (analyzing a security’s credit quality).

While agency MBS outperformed similarly-dated Treasuries by 495 bps in 2009 (BarCap MBS Index vs the BarCap Treasury Index), non-agencies contributed to most of the positive gains in the portfolio. Yields have grinded tighter across the sector. Some of the 15-year and 30-year prime bonds are trading at approximately 4.5% to 5% yields and we think it is reasonable to reduce risk in this sector at this point. The Alt-A and sub-prime sectors offer much more value at this stage and we continue to hold our positive stance on the both.

For the year, the Accessor Mortgage Securities Fund’s Institutional Class shares returned 10.8%, and the benchmark index, the Barclays Capital Mortgage-Backed Securities Index, returned 5.9%. Positive contributions to the Fund came from an underweight to 30-year and 15-year pass-through mortgages, as spreads widened over the course of the year. Also, longer duration—coupled with a yield curve steepening bias—led to significant gains as demand for Treasuries was strong. The Fund’s position in

29 December 31, 2009

Accessor Mortgage Securities Fund

prime non-agency mortgages detracted from performance during the year. Non-agency mortgages were volatile in 2009 and only reached some form of stability in the month of December.

A mortgage-backed security (MBS) is an asset-backed security whose cash flows are backed by the principal and interest payments of a set of mortgage loans. Payments are typically made monthly over the lifetime of the underlying loans.

The Term Asset-Backed Securities Loan Facility (TALF) is the name of a program created by the US Federal Reserve (the Fed), announced on November 25, 2008 to assist the credit markets in accommodating the credit needs of consumers and small businesses by facilitating the issuance of asset-backed securities (ABS) and improving the market conditions for ABS more generally.

December 31, 2009 30

Accessor Mortgage Securities Fund

Weightings by Sector as a Percentage of Total Investments as of December 31, 2009

These allocations may not reflect the current or future position of the portfolio.

Credit Quality as of 12/31/09
U.S. Government and Agency	85.34%
AAA	8.25%
AA	1.79%
A	1.38%
BBB	0.31%
B	2.54%
CCC	0.39%
	100.00%
Average Credit Quality	AAA

These allocations may not reflect the current or future position of the portfolio.

31 December 31, 2009

Accessor Mortgage Securities Fund

Growth of $10,000 Investment in the Fund⁽¹⁾

The chart above shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund’s benchmark index. The values indicated what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.

Accessor Mortgage Securities Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	10.80%	4.77%	5.65%	5.86%	05/18/92
Investor Class	10.31%	4.32%	5.18%	4.79%	07/08/98
C Class (without load)(a)	9.80%	3.75%	N/A	3.25%	12/30/02
C Class (load adjusted)(b)	8.80%	3.75%	N/A	3.25%	12/30/02
Z Class(c)	N/A	N/A	N/A	7.28%	05/05/09

(1) For purposes of the chart, comparison with the Index assumes initial investment on the last day of the month of inception, where applicable.

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

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

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

When investing in funds, you are subject, but not limited to, the same interest rate, inflation and credit risks associated with the underlying bonds owned by the Fund. Return of principal is not guaranteed.

The Barclays Capital Mortgage-Backed Securities Index is an unmanaged index of fixed-rate securities backed by mortgage pools of the Government National Mortgage Association, Federal Home Loan Mortgage Corporation and Federal National Mortgage Association. Investors cannot invest in an index, and the return of an index does not reflect the deduction of any fees or other expenses.

Performance data quoted represents average annual total return and assumes reinvestment of all dividends and capital gains. Effective September 1, 2008, the 2% Redemption Fee on all Accessor Funds was eliminated. Performance data does not reflect the deduction of this non-recurring fee, and if reflected, the fee would reduce the performance quoted. The Index does not take into account charges, fees and other expenses. Performance data quoted represents past performance. Past performance does not guarantee future results. The graph compares a $10,000 investment made in the Institutional Class of the Fund. The graph and table do not reflect the deduction of taxes that you would pay on Fund distributions or the redemption of Fund shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain current month-end performance, call (800) 759-3504 or visit www.accessor.com.

December 31, 2009 32

Accessor U.S. Government Money Fund

The environment for money market securities in 2009 started where 2008 left off—a low rate environment fueled by a flight to quality in light of the ongoing financial crisis. With bank bailouts and government stimulus plans in effect, risk of systemic failure declined throughout the year. Although, generally speaking, the economy stabilized in 2009, there were many signs that the probability of a quick recovery was low. The FDIC reported bank failures were up to 140 in 2009 from 26 in 2008. The Bureau of Labor Statistics reported unemployment increased to 10.03% in December of 2009 from 6.97% at the end of 2008. Clearly, damage was done in 2008 and the fallout was dealt with in 2009.

As investor confidence improved, spreads narrowed and the yield curve flattened. Fed rates remained unchanged throughout the year at a target range of 0 to 25 bps. Three month London Interbank Offered Rate (Libor) rates decreased from 1.42% on 12/31/08 to 0.25% on 12/31/09. The rate for one year Government Agency paper decreased from 0.85% to 0.45% during the same period. These rate declines left short term investors scrambling for yield as the year progressed.

Forward Management manages the Accessor U.S. Government Money Fund (the “Fund”). For the year, the Accessor U.S. Government Money Fund’s Institutional Class shares returned 0.3% and the benchmark index, the Citigroup U.S. Domestic 3-Month Treasury Bill Index, returned 0.2%. This result reflected the falling environment of yields on money market securities throughout the year.

Forward Management continued to structure the maturities of the portfolio in a “laddered” fashion in 2009 and diversified the portfolio by issuer and security type. The Fund’s process of maintaining a relatively high weighted average maturity has benefited the portfolio as longer dated paper has outperformed shorter maturities. A small allocation to Commercial Paper starting in September of 2009 was beneficial to Fund performance as Commercial Paper significantly outperformed Government and Treasury rates. The on-going low rate environment offered little in the way of yield for investors.

The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933. It provides deposit insurance which guarantees the safety of checking and savings deposits in member banks, currently up to $250,000 per depositor per bank.

LIBOR: London Interbank Offered Rate is a daily reference rate based on the interest rates at which banks borrow unsecured funds from other banks in the London wholesale money market (or interbank market). The interbank market is the top-level foreign exchange market where banks exchange different currencies.

Troubled Asset Relief Program (TARP) became law on October 3, 2008, as part of a proposed bailout of the U.S. financial system, which enacted the Emergency Economic Stabilization Act of 2008. The law gives the Treasury $250 billion immediately, requires the President to certify that an additional $100 billion in funds are needed and finally $350 billion are subject to Congressional approval.

33 December 31, 2009

Accessor U.S. Government Money Fund

Weightings by Sector as a Percentage of Total Investments as of December 31, 2009

These allocations may not reflect the current or future position of the portfolio.

Credit Quality as of 12/31/09
U.S. Government and Agency	82.13%
A1	17.87%
	100.00%
Average Credit Quality	Govt. Equiv.

These allocations may not reflect the current or future position of the portfolio.

Accessor U.S. Government Money Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	0.26%	2.88%	2.72%	3.45%	04/09/92
Investor Class	0.18%	2.46%	2.30%	2.54%	07/29/98
C Class (without load)(a)	0.16%	2.08%	N/A	1.63%	12/30/02
C Class (load adjusted)(b)	-0.84%	2.08%	N/A	1.63%	12/30/02
A Class	0.20%	2.68%	N/A	2.27%	09/29/03
Z Class	0.45%	N/A	N/A	2.63%	01/04/07

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

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

Performance data quoted represents average annual total return and assumes reinvestment of all dividends and capital gains. The Index does not take into account charges, fees and other expenses. Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain current month-end performance, call (800) 759-3504 or visit www.accessor.com.

December 31, 2009 34

Accessor Income Allocation Fund

The year was positive for both stock and bond markets. The S&P 500 Index increased by 6.0% during fourth quarter, ending 2009 up 26.5%. The Barclays Capital U.S. Aggregate Bond Index increased by 0.2% during fourth quarter and finished the year with a 5.9% gain. International stocks, measured by the MSCI EAFE + EM Index, increased by 3.6% during fourth quarter and finished 2009 up 40.4%. Much of the positive international performance can be attributed to emerging market stocks, which increased by 78.3% for the year, as measured by the MSCI EM Index.

The Accessor Allocation Funds enjoyed a relatively successful 2009 with five of the six Allocation Funds outperforming their respective benchmarks due in large part to allocation decisions. Two Forward Funds were added to the 10 Accessor Funds utilized in the Allocation Funds (the “Underlying Funds”) during 2009. While eight of the 12 Underlying Funds underperformed their respective benchmarks for the year, much of the underperformance can be attributed to the sharp stock market reversal beginning in early March, led by companies experiencing severe financial distress. Traditionally the Accessor and Forward Funds sub-advisors favor well-managed companies that are driven by attractive fundamentals such as positive cash flow and strong earnings growth outlook. However, market conditions over the past few months caused a severe disconnect in the investment environment from true fundamentals of company valuations and prospects. This disconnect abated slightly during fourth quarter and provided an environment in which six of the Underlying Funds outperformed their respective benchmarks for the quarter.

Forward Management manages the Accessor Income Allocation Fund (the “Fund”). For the year, the Accessor Income Allocation Fund’s Institutional Class shares returned 15.1% and the benchmark, the Barclays Capital U.S. Aggregate Bond Index, returned 5.9%. The Fund benefited from an overweight allocation to high yield securities, one of the best performing asset classes in 2009. However, the High Yield Bond Fund underperformed its benchmark, which caused underperformance. Positive manager performance in the Accessor Investment Grade Fixed-Income and Accessor Mortgage Securities Funds also aided performance as they outperformed their respective benchmarks by 6.2% and 4.9% in 2009.

35 December 31, 2009

Accessor Income Allocation Fund

Fund Allocation as of 12/31/09

	UNDERLYING ACCESSOR FUND AND FUND ADVISOR OR SUB-ADVISOR	# OF ISSUES	ALLOCATION
	Fixed-Income Funds
	Accessor High Yield Bond — First Western	100	14.9%
	Accessor Investment Grade Fixed-Income — PIMCO	125	48.2%
	Accessor Mortgage Securities — BlackRock Financial Mgmt	90	22.0%
	Accessor U.S. Government Money — Forward Mgmt	24	5.1%
	Forward International Fixed Income Fund — Forward Mgmt	183	9.8%
	Total	522	100.0%

Growth of $10,000 Investment in the Fund⁽¹⁾

The chart above shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund’s benchmark index. The values indicated what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.

December 31, 2009 36

Accessor Income Allocation Fund

Accessor Income Allocation Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	15.14%	3.41%	N/A	4.02%	12/27/00
Investor Class	14.58%	2.91%	N/A	3.50%	12/27/00
C Class (without load)(a)	13.97%	2.38%	N/A	2.46%	12/30/02
C Class (load adjusted)(b)	12.97%	2.38%	N/A	2.46%	12/30/02
A Class (without load)(c)	14.86%	3.15%	N/A	3.07%	09/29/03
A Class (load adjusted)(d)	9.37%	2.14%	N/A	2.28%	09/29/03

(1) For purposes of the chart, comparison with the Index assumes initial investment on the last day of the month of inception, where applicable.

(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 4.75% sales charge.

The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index which represents securities that are U.S. domestic, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest in an index, and the return of an index does not reflect the deduction of any fees or other expenses.

Performance data quoted represents average annual total return and assumes reinvestment of all dividends and capital gains. The Index does not take into account charges, fees and other expenses. Performance data quoted represents past performance. Past performance does not guarantee future results. The graph compares a $10,000 investment made in the Institutional Class of the Fund. The graph and table do not reflect the deduction of taxes that you would pay on Fund distributions or the redemption of Fund shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain current month-end performance, call (800) 759-3504 or visit www.accessor.com.

37 December 31, 2009

Accessor Income & Growth Allocation Fund

The year was positive for both stock and bond markets. The S&P 500 Index increased by 6.0% during the fourth quarter, ending 2009 up 26.5%. The Barclays Capital U.S. Aggregate Bond Index increased by 0.2% during fourth quarter and finished the year with a 5.9% gain. International stocks, measured by the MSCI EAFE + EM Index, increased by 3.6% during fourth quarter and finished 2009 up 40.4%. Much of the positive international performance can be attributed to emerging market stocks, which increased by 78.3% for the year, as measured by the MSCI EM Index.

The Accessor Allocation Funds enjoyed a relatively successful 2009 with five of the six Allocation Funds outperforming their respective benchmarks due in large part to allocation decisions. Two Forward Funds were added to the 10 Accessor Funds utilized in the Allocation Funds (the “Underlying Funds”) during 2009. While eight of the 12 Underlying Funds underperformed their respective benchmarks for the year, much of the underperformance can be attributed to the sharp stock market reversal beginning in early March, led by companies experiencing severe financial distress. Traditionally the Accessor and Forward Funds sub-advisors favor well-managed companies that are driven by attractive fundamentals such as positive cash flow and strong earnings growth outlook. However, market conditions over the past few months caused a severe disconnect in the investment environment from true fundamentals of company valuations and prospects. This disconnect abated slightly during fourth quarter and provided an environment in which six of the Underlying Funds outperformed their respective benchmarks for the quarter.

Forward Management manages the Accessor Income & Growth Allocation Fund (the “Fund”). For the year, the Accessor Income & Growth Allocation Fund’s Institutional Class returned 18.8% and the benchmark, a blend 30% S&P 500 Index and 70% Barclays Capital U.S. Aggregate Bond Index, returned 12.2%. Equity exposure to small and mid capitalization securities and international securities was a positive contributor for the year. However, the positive allocation decisions in the equity Underlying Funds were offset by manager underperformance. The Fund benefited from an overweight allocation to high yield securities, one of the best performing asset classes in 2009. Positive manager performance in the Accessor Investment Grade Fixed-Income and Mortgage Securities Funds also aided performance as they outperformed their respective benchmarks by 6.2% and 4.9% in 2009.

December 31, 2009 38

Accessor Income & Growth Allocation Fund

Fund Allocation as of 12/31/09

	UNDERLYING ACCESSOR FUND AND FUND ADVISOR OR SUB-ADVISOR	# OF ISSUES	ALLOCATION
	Equity Funds
	Accessor Growth — Smith Asset Mgmt	98	7.1%
	Accessor Value — Acadian Asset Mgmt	95	7.2%
	Accessor Small to Mid Cap — LA Capital Mgmt	501	4.4%
	Accessor International Equity — Lazard Asset Mgmt	172	7.1%
	Forward Emerging Markets Fund — Forward Mgmt	111	0.6%
	Alternative Funds
	Accessor Strategic Alternatives — Forward Mgmt	15	12.4%
	Accessor Frontier Markets — Forward Mgmt	23	3.1%
	Fixed-Income Funds
	Accessor High Yield Bond — First Western	100	9.2%
	Accessor Investment Grade Fixed-Income — PIMCO	125	33.6%
	Accessor Mortgage Securities — BlackRock Financial Mgmt	90	15.3%
	Accessor U.S. Government Money — Forward Mgmt	24	0.0%
	Total	1,354	100.0%

Growth of $10,000 Investment in the Fund⁽¹⁾

The chart above shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund’s benchmark index. The values indicated what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.

39 December 31, 2009

Accessor Income & Growth Allocation Fund

Accessor Income & Growth Allocation Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	18.83%	2.59%	N/A	3.24%	12/27/00
Investor Class	18.08%	2.09%	N/A	2.73%	12/27/00
C Class (without load)(a)	17.54%	1.57%	N/A	3.60%	12/30/02
C Class (load adjusted)(b)	16.54%	1.57%	N/A	3.60%	12/30/02
A Class (without load)(c)	18.35%	2.23%	N/A	3.46%	09/29/03
A Class (load adjusted)(d)	11.53%	1.02%	N/A	2.49%	09/29/03

(1) For purposes of the chart, comparison with the Index assumes initial investment on the last day of the month of inception, where applicable.

(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.

The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index which represents securities that are U.S. domestic, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The S&P 500 is an unmanaged index of 500 common stocks chosen to reflect the industries in the U.S. economy. The composite index is a hypothetical index constructed by Forward Management, which consists of 70% Barclays Capital U.S. Aggregate Bond Index and 30% S&P 500 Index. Investors cannot invest in an index, and the return of an index does not reflect the deduction of any fees or other expenses. Performance data quoted represents average annual total return and assumes reinvestment of all dividends and capital gains. The Index does not take into account charges, fees and other expenses.

Performance data quoted represents past performance. Past performance does not guarantee future results. The graph compares a $10,000 investment made in the Institutional Class of the Fund. The graph and table do not reflect the deduction of taxes that you would pay on Fund distributions or the redemption of Fund shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain current month-end performance, call (800) 759-3504 or visit www.accessor.com.

December 31, 2009 40

Accessor Balanced Allocation Fund

The year was positive for both stock and bond markets. The S&P 500 Index increased by 6.0% during the fourth quarter, ending 2009 up 26.5%. The Barclays Capital U.S. Aggregate Bond Index increased by 0.2% during fourth quarter and finished the year with a 5.9% gain. International stocks, measured by the MSCI EAFE + EM Index, increased by 3.6% during fourth quarter and finished 2009 up 40.4%. Much of the positive international performance can be attributed to emerging market stocks, which increased by 78.3% for the year, as measured by the MSCI EM Index.

The Accessor Allocation Funds enjoyed a relatively successful 2009 with five of the six Allocation Funds outperforming their respective benchmarks due in large part to allocation decisions. Two Forward Funds were added to the 10 Accessor Funds utilized in the Allocation Funds (the “Underlying Funds”) during 2009. While eight of the 12 Underlying Funds underperformed their respective benchmarks for the year, much of the underperformance can be attributed to the sharp stock market reversal beginning in early March, led by companies experiencing severe financial distress. Traditionally the Accessor and Forward Funds sub-advisors favor well-managed companies that are driven by attractive fundamentals such as positive cash flow and strong earnings growth outlook. However, market conditions over the past few months caused a severe disconnect in the investment environment from true fundamentals of company valuations and prospects. This disconnect abated slightly during fourth quarter and provided an environment in which six of the Underlying Funds outperformed their respective benchmarks for the quarter.

Forward Management manages the Accessor Balanced Allocation Fund (the “Fund”). For the year, the Accessor Balanced Allocation Fund’s Institutional Class shares returned 21.0% and the benchmark, a blend 50% S&P 500 Index and 50% Barclays Capital U.S. Aggregate Bond Index, returned 16.3%. Equity exposure to small and mid capitalization securities and international securities was a positive contributor for the year. However, the positive allocation decisions in the equity Underlying Funds were offset by manager underperformance. Allocations to frontier markets and alternative assets also detracted from performance. The Fund benefited from an overweight allocation to high yield securities, one of the best performing asset classes in 2009. Positive manager performance in Accessor Investment Grade Fixed-Income Fund and Accessor Mortgage Securities Funds also aided performance as they outperformed their respective benchmarks by 6.2% and 4.9% in 2009.

41 December 31, 2009

Accessor Balanced Allocation Fund

Fund Allocation as of 12/31/09

	UNDERLYING ACCESSOR FUND AND FUND ADVISOR OR SUB-ADVISOR	# OF ISSUES	ALLOCATION
	Equity Funds
	Accessor Growth — Smith Asset Mgmt	98	11.6%
	Accessor Value — Acadian Asset Mgmt	95	11.6%
	Accessor Small to Mid Cap — LA Capital Mgmt	501	6.9%
	Accessor International Equity — Lazard Asset Mgmt	172	12.3%
	Forward Emerging Markets Fund — Forward Mgmt	111	0.8%
	Alternative Funds
	Accessor Strategic Alternatives — Forward Mgmt	15	11.3%
	Accessor Frontier Markets — Forward Mgmt	23	4.1%
	Fixed-Income Funds
	Accessor High Yield Bond — First Western	100	6.6%
	Accessor Investment Grade Fixed-Income — PIMCO	125	23.9%
	Accessor Mortgage Securities — BlackRock Financial Mgmt	90	10.9%
	Total	1,330	100.0%

Growth of $10,000 Investment in the Fund⁽¹⁾

The chart above shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund’s benchmark index. The values indicated what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.

December 31, 2009 42

Accessor Balanced Allocation Fund

Accessor Balanced Allocation Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	20.97%	2.21%	N/A	2.75%	12/27/00
Investor Class	20.38%	1.71%	N/A	2.24%	12/27/00
C Class (without load)(a)	19.82%	1.19%	N/A	4.46%	12/30/02
C Class (load adjusted)(b)	18.82%	1.19%	N/A	4.46%	12/30/02
A Class (without load)(c)	20.66%	1.86%	N/A	3.95%	09/29/03
A Class (load adjusted)(d)	13.72%	0.66%	N/A	2.97%	09/29/03

(1) For purposes of the chart, comparison with the Index assumes initial investment on the last day of the month of inception, where applicable.

(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.

The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index which represents securities that are U.S. domestic, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The S&P 500 is an unmanaged index of 500 common stocks chosen to reflect the industries in the U.S. economy. The composite index is a hypothetical index constructed by Forward Management, which consists of 50% Barclays Capital U.S. Aggregate Bond Index and 50% S&P 500 Index. Investors cannot invest in an index, and the return of an index does not reflect the deduction of any fees or other expenses.

Performance data quoted represents average annual total return and assumes reinvestment of all dividends and capital gains. The Index does not take into account charges, fees and other expenses. Performance data quoted represents past performance. Past performance does not guarantee future results. The graphs compare a $10,000 investment made in the Institutional Class of the Fund. The graph and table do not reflect the deduction of taxes that you would pay on Fund distributions or the redemption of Fund shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain current month-end performance, call (800) 759-3504 or visit www.accessor.com.

43 December 31, 2009

Accessor Growth & Income Allocation Fund

The year was positive for both stock and bond markets. The S&P 500 Index increased by 6.0% during the fourth quarter, ending 2009 up 26.5%. The Barclays Capital U.S. Aggregate Bond Index increased by 0.2% during fourth quarter and finished the year with a 5.9% gain. International stocks, measured by the MSCI EAFE + EM Index, increased by 3.6% during fourth quarter and finished 2009 up 40.4%. Much of the positive international performance can be attributed to emerging market stocks, which increased by 78.3% for the year, as measured by the MSCI EM Index.

The Accessor Allocation Funds enjoyed a relatively successful 2009 with five of the six Allocation Funds outperforming their respective benchmarks due in large part to allocation decisions. Two Forward Funds were added to the 10 Accessor Funds utilized in the Allocation Funds (the “Underlying Funds”) during 2009. While eight of the 12 Underlying Funds underperformed their respective benchmarks for the year, much of the underperformance can be attributed to the sharp stock market reversal beginning in early March, led by companies experiencing severe financial distress. Traditionally the Accessor and Forward Funds sub-advisors favor well-managed companies that are driven by attractive fundamentals such as positive cash flow and strong earnings growth outlook. However, market conditions over the past few months caused a severe disconnect in the investment environment from true fundamentals of company valuations and prospects. This disconnect abated slightly during fourth quarter and provided an environment in which six of the Underlying Funds outperformed their respective benchmarks for the quarter.

Forward Management manages the Accessor Growth & Income Allocation Fund (the “Fund”). For the year, the Accessor Growth & Income Allocation Fund’s Institutional Class returned 22.4% and the benchmark, a blend 60% S&P 500 Index and 40% Barclays Capital U.S. Aggregate Bond Index, returned 18.4%. Equity exposure to small and mid capitalization securities and international securities was a positive contributor for the year. However, the positive allocation decisions in the equity Underlying Funds were offset by manager underperformance. Allocations to frontier markets and alternative assets detracted from performance. The Fund benefited from an overweight allocation to high yield securities, one of the best performing asset classes in 2009. Positive manager performance in the Accessor Investment Grade Fixed-Income Fund and Accessor Mortgage Securities Funds also aided performance as they outperformed their respective benchmarks by 6.2% and 4.9% in 2009.

December 31, 2009 44

Accessor Growth & Income Allocation Fund

Fund Allocation as of 12/31/09

	UNDERLYING ACCESSOR FUND AND FUND ADVISOR OR SUB-ADVISOR	# OF ISSUES	ALLOCATION
	Equity Funds
	Accessor Growth — Smith Asset Mgmt	98	14.2%
	Accessor Value — Acadian Asset Mgmt	95	14.2%
	Accessor Small to Mid Cap — LA Capital Mgmt	501	8.5%
	Accessor International Equity — Lazard Asset Mgmt	172	14.8%
	Forward Emerging Markets Fund — Forward Mgmt	111	1.2%
	Alternative Funds
	Accessor Strategic Alternatives — Forward Mgmt	15	8.2%
	Accessor Frontier Markets — Forward Mgmt	23	5.1%
	Fixed-Income Funds
	Accessor High Yield Bond — First Western	100	5.4%
	Accessor Investment Grade Fixed-Income — PIMCO	125	19.5%
	Accessor Mortgage Securities — BlackRock Financial Mgmt	90	8.9%
	Total	1,330	100.0%

Growth of $10,000 Investment in the Fund⁽¹⁾

The chart above shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund’s benchmark index. The values indicated what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.

45 December 31, 2009

Accessor Growth & Income Allocation Fund

Accessor Growth & Income Allocation Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	22.39%	1.58%	N/A	2.14%	12/27/00
Investor Class	21.84%	1.07%	N/A	1.64%	12/27/00
C Class (without load)(a)	21.20%	0.56%	N/A	4.49%	12/30/02
C Class (load adjusted)(b)	20.20%	0.56%	N/A	4.49%	12/30/02
A Class (without load)(c)	22.04%	1.21%	N/A	3.78%	09/29/03
A Class (load adjusted)(d)	15.01%	0.02%	N/A	2.81%	09/29/03

(1) For purposes of the chart, comparison with the Index assumes initial investment on the last day of the month of inception, where applicable.

(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.

The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index which represents securities that are U.S. domestic, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The S&P 500 is an unmanaged index of 500 common stocks chosen to reflect the industries in the U.S. economy. The composite index is a hypothetical index constructed by Forward Management, which consists of 40% Barclays Capital U.S. Aggregate Bond Index and 60% S&P 500 Index. Investors cannot invest in an index, and the return of an index does not reflect the deduction of any fees or other expenses.

Performance data quoted represents average annual total return and assumes reinvestment of all dividends and capital gains. The Index does not take into account charges, fees and other expenses. Performance data quoted represents past performance. Past performance does not guarantee future results. The graph compare a $10,000 investment made in the Institutional Class of the Fund. The graph and table do not reflect the deduction of taxes that you would pay on Fund distributions or the redemption of Fund shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain current month-end performance, call (800) 759-3504 or visit www.accessor.com.

December 31, 2009 46

Accessor Growth Allocation Fund

The year was positive for both the stock and bond markets. The S&P 500 Index increased by 6.0% during fourth quarter, ending 2009 up 26.5%. The Barclays Capital U.S. Aggregate Bond Index increased by 0.2% during fourth quarter, finishing the year with a 5.9% gain. International stocks, measured by the MSCI EAFE + EM Index, increased by 3.6% during fourth quarter and finished 2009 up 40.4%. Much of the positive international performance can be attributed to emerging market stocks, which increased by 78.3% for the year, as measured by the MSCI EM Index.

The Accessor Allocation Funds enjoyed a relatively successful 2009 with five of the six Allocation Funds outperforming their respective benchmarks due in large part to allocation decisions. Two Forward Funds were added to the 10 Accessor Funds utilized in the Allocation Funds (the “Underlying Funds”) during 2009. While eight of the 12 Underlying Funds underperformed their respective benchmarks for the year, much of the underperformance can be attributed to the sharp stock market reversal beginning in early March, led by companies experiencing severe financial distress. Traditionally the Accessor and Forward Funds sub-advisors favor well-managed companies that are driven by attractive fundamentals such as positive cash flow and strong earnings growth outlook. However, market conditions over the past few months caused a severe disconnect in the investment environment from true fundamentals of company valuations and prospects. This disconnect abated slightly during fourth quarter and provided an environment in which six of the Underlying Funds outperformed their respective benchmarks for the quarter.

Forward Management manages the Accessor Growth Allocation Fund (the “Fund”). For the year, the Accessor Growth Allocation Fund’s Institutional Class shares returned 24.0% and the benchmark, a blend 80% S&P 500 Index and 20% Barclays Capital U.S. Aggregate Bond Index, returned 22.5%. Equity exposure to small and mid capitalization securities and international securities was a positive contributor for the year. However, positive allocation decisions in the equity Underlying Funds were offset by manager underperformance. Allocations to frontier markets and alternative assets detracted from performance. The Fund benefited from an overweight allocation to high yield securities, one of the best performing asset classes in 2009. Manager performance in the Accessor Investment Grade Fixed-Income and Accessor Mortgage Securities Funds also aided performance as they outperformed their respective benchmarks by 6.2% and 4.9% in 2009.

47 December 31, 2009

Accessor Growth Allocation Fund

Fund Allocation as of 12/31/09

	UNDERLYING ACCESSOR FUND AND FUND ADVISOR OR SUB-ADVISOR	# OF ISSUES	ALLOCATION
	Equity Funds
	Accessor Growth — Smith Asset Mgmt	98	18.8%
	Accessor Value — Acadian Asset Mgmt	95	18.8%
	Accessor Small to Mid Cap — LA Capital Mgmt	501	11.4%
	Accessor International Equity — Lazard Asset Mgmt	172	19.8%
	Forward Emerging Markets Fund — Forward Mgmt	111	1.4%
	Alternative Funds
	Accessor Strategic Alternatives — Forward Mgmt	15	7.1%
	Accessor Frontier Markets — Forward Mgmt	23	6.1%
	Fixed-Income Funds
	Accessor High Yield Bond — First Western	100	2.6%
	Accessor Investment Grade Fixed-income — PIMCO	125	9.6%
	Accessor Mortgage Securities — BlackRock Financial Mgmt	90	4.4%
	Total	1,330	100.0%

Growth of $10,000 Investment in the Fund⁽¹⁾

The chart above shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund’s benchmark index. The values indicated what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.

December 31, 2009 48

Accessor Growth Allocation Fund

Accessor Growth Allocation Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	24.04%	0.86%	N/A	1.32%	12/27/00
Investor Class	23.35%	0.36%	N/A	0.83%	12/27/00
C Class (without load)(a)	22.79%	-0.14%	N/A	5.06%	12/30/02
C Class (load adjusted)(b)	21.79%	-0.14%	N/A	5.06%	12/30/02
A Class (without load)(c)	23.53%	0.50%	N/A	3.97%	09/29/03
A Class (load adjusted)(d)	16.41%	-0.69%	N/A	2.99%	09/29/03

(1) For purposes of the chart, comparison with the Index assumes initial investment on the last day of the month of inception, where applicable.

(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.

The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index which represents securities that are U.S. domestic, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The S&P 500 is an unmanaged index of 500 common stocks chosen to reflect the industries in the U.S. economy. The composite index is a hypothetical index constructed by Forward Management, which consists of 20% Barclays Capital U.S. Aggregate Bond Index and 80% S&P 500 Index. Investors cannot invest in an index, and the return of an index does not reflect the deduction of any fees or other expenses.

Performance data quoted represents average annual total return and assumes reinvestment of all dividends and capital gains. The Index does not take into account charges, fees and other expenses. Performance data quoted represents past performance. Past performance does not guarantee future results. The graph compare a $10,000 investment made in the Institutional Class of the Fund. The graph and table do not reflect the deduction of taxes that you would pay on Fund distributions or the redemption of Fund shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain current month-end performance, call (800) 759-3504 or visit www.accessor.com.

49 December 31, 2009

Accessor Aggressive Growth Allocation Fund

The year was positive for both stock and bond markets. The S&P 500 Index increased by 6.0% during fourth quarter, ending 2009 up 26.5%. The Barclays Capital U.S. Aggregate Bond Index increased by 0.2% during fourth quarter, finishing the year with a 5.9% gain. International stocks, measured by the MSCI EAFE + EM Index, increased by 3.6% during fourth quarter and finished 2009 up 40.4%. Much of the positive international performance can be attributed to emerging market stocks, which increased by 78.3% for the year, as measured by the MSCI EM Index.

The Accessor Allocation Funds enjoyed a relatively successful 2009 with five of the six Allocation Funds outperforming their respective benchmarks due in large part to allocation decisions. Two Forward Funds were added to the 10 Accessor Funds utilized in the Allocation Funds (the “Underlying Funds”) during 2009. While eight of the 12 Underlying Funds underperformed their respective benchmarks for the year, much of the underperformance can be attributed to the sharp stock market reversal beginning in early March, led by companies experiencing severe financial distress. Traditionally the Accessor and Forward Funds sub-advisors favor well-managed companies that are driven by attractive fundamentals such as positive cash flow and strong earnings growth outlook. However, market conditions over the past few months caused a severe disconnect in the investment environment from true fundamentals of company valuations and prospects. This disconnect abated slightly during fourth quarter and provided an environment in which six of the Underlying Funds outperformed their respective benchmarks for the quarter.

Forward Management manages the Accessor Aggressive Growth Allocation Fund (the “Fund”). For the year, the Accessor Aggressive Growth Allocation Fund’s Institutional Class returned 25.3% and the benchmark index, the S&P 500 Index, returned 26.5%. Equity exposure to small and mid cap and international securities was a positive contributor for the year. However, positive allocation decisions in the underlying equity funds were offset by manager underperformance. Allocations to frontier markets and alternative assets detracted from performance.

December 31, 2009 50

Accessor Aggressive Growth Allocation Fund

Fund Allocation as of 12/31/09

	UNDERLYING ACCESSOR FUND AND FUND ADVISOR OR SUB-ADVISOR	# OF ISSUES	ALLOCATION
	Equity Funds
	Accessor Growth — Smith Asset Mgmt	98	23.3%
	Accessor Value — Acadian Asset Mgmt	95	23.2%
	Accessor Small to Mid Cap — LA Capital Mgmt	501	14.1%
	Accessor International Equity — Lazard Asset Mgmt	172	24.3%
	Forward Emerging Markets Fund — Forward Mgmt	111	1.9%
	Alternative Funds
	Accessor Strategic Alternatives — Forward Mgmt	15	6.1%
	Accessor Frontier Markets — Forward Mgmt	23	7.1%
	Total	1,015	100.0%

Growth of $10,000 Investment in the Fund⁽¹⁾

The chart above shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund’s benchmark index. The values indicated what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.

51 December 31, 2009

Accessor Aggressive Growth Allocation Fund

Accessor Aggressive Growth Allocation Fund

	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION	INCEPTION DATE
Average Annual Total Return
Institutional Class	25.26%	-0.10%	N/A	0.06%	12/27/00
Investor Class	24.67%	-0.60%	N/A	-0.44%	12/27/00
C Class (without load)(a)	23.95%	-1.09%	N/A	4.86%	12/30/02
C Class (load adjusted)(b)	22.95%	-1.09%	N/A	4.86%	12/30/02
A Class (without load)(c)	24.80%	-0.45%	N/A	3.67%	09/29/03
A Class (load adjusted)(d)	17.59%	-1.62%	N/A	2.69%	09/29/03

(1) For purposes of the chart, comparison with the Index assumes initial investment on the last day of the month of inception, where applicable.

(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.

The S&P 500 is an unmanaged index of 500 common stocks chosen to reflect the industries in the U.S. economy. Investors cannot invest in an index, and the return of an index does not reflect the deduction of any fees or other expenses.

Performance data quoted represents average annual total return and assumes reinvestment of all dividends and capital gains. The Index does not take into account charges, fees and other expenses. Performance data quoted represents past performance. Past performance does not guarantee future results. The graph compare a $10,000 investment made in the Institutional Class of the Fund. The graph and table do not reflect the deduction of taxes that you would pay on Fund distributions or the redemption of Fund shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain current month-end performance, call (800) 759-3504 or visit www.accessor.com.

December 31, 2009 52

Disclosure of Fund Expenses (Unaudited)

For the Year Ended December 31, 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 July 1, 2009 through December 31, 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.

	BEGINNING ACCOUNT VALUE ON 07/01/09		ENDING ACCOUNT VALUE ON 12/31/09		EXPENSE RATIO(a)	EXPENSES PAID DURING THE PERIOD 07/01/09-12/31/09(b)
ACCESSOR GROWTH FUND
Institutional Class
Actual	$	1,000.00	$	1,212.40	1.03%	$	5.74
Hypothetical	$	1,000.00	$	1,020.01	1.03%	$	5.24
Investor Class
Actual	$	1,000.00	$	1,210.50	1.43%	$	7.97
Hypothetical	$	1,000.00	$	1,018.00	1.43%	$	7.27
C Class
Actual	$	1,000.00	$	1,207.00	1.95%	$	10.85
Hypothetical	$	1,000.00	$	1,015.38	1.95%	$	9.91

53 December 31, 2009

Disclosure of Fund Expenses (Unaudited)

For the Year Ended December 31, 2009

	BEGINNING ACCOUNT VALUE ON 07/01/09		ENDING ACCOUNT VALUE ON 12/31/09		EXPENSE RATIO(a)	EXPENSES PAID DURING THE PERIOD 07/01/09-12/31/09(b)
ACCESSOR GROWTH FUND
Z Class
Actual	$	1,000.00	$	1,213.70	0.92%	$	5.13
Hypothetical	$	1,000.00	$	1,020.57	0.92%	$	4.69
ACCESSOR VALUE FUND
Institutional Class
Actual	$	1,000.00	$	1,229.90	1.06%	$	5.96
Hypothetical	$	1,000.00	$	1,019.86	1.06%	$	5.40
Investor Class
Actual	$	1,000.00	$	1,227.10	1.47%	$	8.25
Hypothetical	$	1,000.00	$	1,017.80	1.47%	$	7.48
C Class
Actual	$	1,000.00	$	1,224.20	1.95%	$	10.93
Hypothetical	$	1,000.00	$	1,015.38	1.95%	$	9.91
Z Class
Actual	$	1,000.00	$	1,230.70	0.97%	$	5.45
Hypothetical	$	1,000.00	$	1,020.32	0.97%	$	4.94
ACCESSOR SMALL TO MID CAP FUND
Institutional Class
Actual	$	1,000.00	$	1,266.10	1.35%	$	7.71
Hypothetical	$	1,000.00	$	1,018.40	1.35%	$	6.87
Investor Class
Actual	$	1,000.00	$	1,263.30	1.75%	$	9.98
Hypothetical	$	1,000.00	$	1,016.38	1.75%	$	8.89
C Class
Actual	$	1,000.00	$	1,260.00	2.24%	$	12.76
Hypothetical	$	1,000.00	$	1,013.91	2.24%	$	11.37
Z Class
Actual	$	1,000.00	$	1,266.20	1.24%	$	7.08
Hypothetical	$	1,000.00	$	1,018.95	1.24%	$	6.31
ACCESSOR INTERNATIONAL EQUITY FUND
Institutional Class
Actual	$	1,000.00	$	1,253.90	1.48%	$	8.41
Hypothetical	$	1,000.00	$	1,017.74	1.48%	$	7.53

December 31, 2009 54

Disclosure of Fund Expenses (Unaudited)

For the Year Ended December 31, 2009

	BEGINNING ACCOUNT VALUE ON 07/01/09		ENDING ACCOUNT VALUE ON 12/31/09		EXPENSE RATIO(a)	EXPENSES PAID DURING THE PERIOD 07/01/09-12/31/09(b)
ACCESSOR INTERNATIONAL EQUITY FUND
Investor Class
Actual	$	1,000.00	$	1,250.80	1.88%	$	10.67
Hypothetical	$	1,000.00	$	1,015.73	1.88%	$	9.55
C Class
Actual	$	1,000.00	$	1,247.30	2.38%	$	13.48
Hypothetical	$	1,000.00	$	1,013.21	2.38%	$	12.08
Z Class
Actual	$	1,000.00	$	1,254.00	1.38%	$	7.84
Hypothetical	$	1,000.00	$	1,018.25	1.38%	$	7.02
ACCESSOR STRATEGIC ALTERNATIVES FUND
Institutional Class
Actual	$	1,000.00	$	1,138.90	1.08%	$	5.82
Hypothetical	$	1,000.00	$	1,019.76	1.08%	$	5.50
Investor Class
Actual	$	1,000.00	$	1,139.10	1.04%	$	5.61
Hypothetical	$	1,000.00	$	1,019.96	1.04%	$	5.30
Z Class
Actual	$	1,000.00	$	1,139.30	0.98%	$	5.28
Hypothetical	$	1,000.00	$	1,020.27	0.98%	$	4.99
ACCESSOR FRONTIER MARKETS FUND
Institutional Class
Actual	$	1,000.00	$	997.30	1.25%	$	6.29
Hypothetical	$	1,000.00	$	1,018.90	1.25%	$	6.36
Investor Class
Actual	$	1,000.00	$	997.80	1.16%	$	5.84
Hypothetical	$	1,000.00	$	1,019.36	1.16%	$	5.90
Z Class
Actual	$	1,000.00	$	997.90	1.15%	$	5.79
Hypothetical	$	1,000.00	$	1,019.41	1.15%	$	5.85
ACCESSOR HIGH YIELD BOND FUND
Institutional Class
Actual	$	1,000.00	$	1,173.50	1.02%	$	5.59
Hypothetical	$	1,000.00	$	1,020.06	1.02%	$	5.19

55 December 31, 2009

Disclosure of Fund Expenses (Unaudited)

For the Year Ended December 31, 2009

	BEGINNING ACCOUNT VALUE ON 07/01/09		ENDING ACCOUNT VALUE ON 12/31/09		EXPENSE RATIO(a)	EXPENSES PAID DURING THE PERIOD 07/01/09-12/31/09(b)
ACCESSOR HIGH YIELD BOND FUND
Investor Class
Actual	$	1,000.00	$	1,171.20	1.42%	$	7.77
Hypothetical	$	1,000.00	$	1,018.15	1.42%	$	7.22
C Class
Actual	$	1,000.00	$	1,169.70	1.92%	$	10.50
Hypothetical	$	1,000.00	$	1,015.53	1.92%	$	9.75
Z Class
Actual	$	1,000.00	$	1,175.50	0.91%	$	4.99
Hypothetical	$	1,000.00	$	1,020.62	0.91%	$	4.63
ACCESSOR INVESTMENT GRADE FIXED-INCOME FUND
Institutional Class
Actual	$	1,000.00	$	1,079.70	1.00%	$	5.22
Hypothetical	$	1,000.00	$	1,020.16	1.00%	$	5.09
Investor Class
Actual	$	1,000.00	$	1,077.70	1.40%	$	7.31
Hypothetical	$	1,000.00	$	1,018.15	1.40%	$	7.12
C Class
Actual	$	1,000.00	$	1,074.40	1.89%	$	9.85
Hypothetical	$	1,000.00	$	1,015.68	1.89%	$	9.60
Z Class
Actual	$	1,000.00	$	1,080.40	0.90%	$	4.70
Hypothetical	$	1,000.00	$	1,020.67	0.90%	$	4.58
ACCESSOR MORTGAGE SECURITIES FUND
Institutional Class
Actual	$	1,000.00	$	1,050.10	1.09%	$	5.63
Hypothetical	$	1,000.00	$	1,019.71	1.09%	$	5.55
Investor Class
Actual	$	1,000.00	$	1,048.00	1.49%	$	7.69
Hypothetical	$	1,000.00	$	1,017.69	1.49%	$	7.58
C Class
Actual	$	1,000.00	$	1,045.80	1.99%	$	10.26
Hypothetical	$	1,000.00	$	1,015.17	1.99%	$	10.11
Z Class
Actual	$	1,000.00	$	1,051.50	0.99%	$	5.12
Hypothetical	$	1,000.00	$	1,020.21	0.99%	$	5.04

December 31, 2009 56

Disclosure of Fund Expenses (Unaudited)

For the Year Ended December 31, 2009

	BEGINNING ACCOUNT VALUE ON 07/01/09		ENDING ACCOUNT VALUE ON 12/31/09		EXPENSE RATIO(a)	EXPENSES PAID DURING THE PERIOD 07/01/09-12/31/09(b)
ACCESSOR U.S. GOVERNMENT MONEY FUND
Institutional Class
Actual	$	1,000.00	$	1,000.50	0.40%	$	2.02
Hypothetical	$	1,000.00	$	1,023.19	0.40%	$	2.04
Investor Class
Actual	$	1,000.00	$	1,000.50	0.41%	$	2.07
Hypothetical	$	1,000.00	$	1,023.14	0.41%	$	2.09
C Class
Actual	$	1,000.00	$	1,000.50	0.40%	$	2.02
Hypothetical	$	1,000.00	$	1,023.19	0.40%	$	2.04
A Class
Actual	$	1,000.00	$	1,000.50	0.40%	$	2.02
Hypothetical	$	1,000.00	$	1,023.19	0.40%	$	2.04
Z Class
Actual	$	1,000.00	$	1,001.20	0.25%	$	1.26
Hypothetical	$	1,000.00	$	1,023.95	0.25%	$	1.28
ACCESSOR INCOME ALLOCATION FUND
Institutional Class
Actual	$	1,000.00	$	1,078.90	0.47%	$	2.46
Hypothetical	$	1,000.00	$	1,022.84	0.47%	$	2.40
Investor Class
Actual	$	1,000.00	$	1,076.20	0.98%	$	5.12
Hypothetical	$	1,000.00	$	1,020.27	0.98%	$	4.99
C Class
Actual	$	1,000.00	$	1,073.70	1.47%	$	7.67
Hypothetical	$	1,000.00	$	1,017.80	1.47%	$	7.48
A Class
Actual	$	1,000.00	$	1,078.20	0.71%	$	3.71
Hypothetical	$	1,000.00	$	1,021.63	0.71%	$	3.62
ACCESSOR INCOME & GROWTH ALLOCATION FUND
Institutional Class
Actual	$	1,000.00	$	1,125.30	0.24%	$	1.28
Hypothetical	$	1,000.00	$	1,024.00	0.24%	$	1.22
Investor Class
Actual	$	1,000.00	$	1,122.60	0.74%	$	3.95
Hypothetical	$	1,000.00	$	1,021.48	0.74%	$	3.77

57 December 31, 2009

Disclosure of Fund Expenses (Unaudited)

For the Year Ended December 31, 2009

	BEGINNING ACCOUNT VALUE ON 07/01/09		ENDING ACCOUNT VALUE ON 12/31/09		EXPENSE RATIO(a)	EXPENSES PAID DURING THE PERIOD 07/01/09-12/31/09(b)
ACCESSOR INCOME & GROWTH ALLOCATION FUND
C Class
Actual	$	1,000.00	$	1,119.30	1.24%	$	6.62
Hypothetical	$	1,000.00	$	1,018.95	1.24%	$	6.31
A Class
Actual	$	1,000.00	$	1,123.50	0.59%	$	3.15
Hypothetical	$	1,000.00	$	1,022.23	0.59%	$	3.01
ACCESSOR BALANCED ALLOCATION FUND
Institutional Class
Actual	$	1,000.00	$	1,151.40	0.15%	$	0.81
Hypothetical	$	1,000.00	$	1,024.45	0.15%	$	0.77
Investor Class
Actual	$	1,000.00	$	1,148.60	0.66%	$	3.57
Hypothetical	$	1,000.00	$	1,021.88	0.66%	$	3.36
C Class
Actual	$	1,000.00	$	1,145.20	1.16%	$	6.27
Hypothetical	$	1,000.00	$	1,019.36	1.16%	$	5.90
A Class
Actual	$	1,000.00	$	1,148.70	0.50%	$	2.71
Hypothetical	$	1,000.00	$	1,022.68	0.50%	$	2.55
ACCESSOR GROWTH & INCOME ALLOCATION FUND
Institutional Class
Actual	$	1,000.00	$	1,164.80	0.17%	$	0.93
Hypothetical	$	1,000.00	$	1,024.35	0.17%	$	0.87
Investor Class
Actual	$	1,000.00	$	1,162.20	0.67%	$	3.65
Hypothetical	$	1,000.00	$	1,021.83	0.67%	$	3.41
C Class
Actual	$	1,000.00	$	1,159.80	1.17%	$	6.36
Hypothetical	$	1,000.00	$	1,019.31	1.17%	$	5.96
A Class
Actual	$	1,000.00	$	1,163.30	0.52%	$	2.83
Hypothetical	$	1,000.00	$	1,022.58	0.52%	$	2.65

December 31, 2009 58

Disclosure of Fund Expenses (Unaudited)

For the Year Ended December 31, 2009

	BEGINNING ACCOUNT VALUE ON 07/01/09		ENDING ACCOUNT VALUE ON 12/31/09		EXPENSE RATIO(a)	EXPENSES PAID DURING THE PERIOD 07/01/09-12/31/09(b)
ACCESSOR GROWTH ALLOCATION FUND
Institutional Class
Actual	$	1,000.00	$	1,189.50	0.17%	$	0.94
Hypothetical	$	1,000.00	$	1,024.35	0.17%	$	0.87
Investor Class
Actual	$	1,000.00	$	1,186.70	0.67%	$	3.69
Hypothetical	$	1,000.00	$	1,021.83	0.67%	$	3.41
C Class
Actual	$	1,000.00	$	1,183.90	1.19%	$	6.55
Hypothetical	$	1,000.00	$	1,019.21	1.19%	$	6.06
A Class
Actual	$	1,000.00	$	1,187.60	0.52%	$	2.87
Hypothetical	$	1,000.00	$	1,022.58	0.52%	$	2.65
ACCESSOR AGGRESSIVE GROWTH ALLOCATION FUND
Institutional Class
Actual	$	1,000.00	$	1,211.40	0.25%	$	1.39
Hypothetical	$	1,000.00	$	1,023.95	0.25%	$	1.28
Investor Class
Actual	$	1,000.00	$	1,208.50	0.75%	$	4.17
Hypothetical	$	1,000.00	$	1,021.42	0.75%	$	3.82
C Class
Actual	$	1,000.00	$	1,204.80	1.25%	$	6.95
Hypothetical	$	1,000.00	$	1,018.90	1.25%	$	6.36
A Class
Actual	$	1,000.00	$	1,209.60	0.60%	$	3.34
Hypothetical	$	1,000.00	$	1,022.18	0.60%	$	3.06

(a) Annualized, based on the Fund’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 (184), then divided by 365.

59 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor Growth Fund

Shares		Value
COMMON STOCKS: 99.5%
Aerospace & Defense: 1.2%
16,270	United Technologies	$	1,129,301
Air Freight & Logistics: 0.5%
7,885	CH Robinson Worldwide		463,086
Beverages: 3.5%
29,355	Coca-Cola Company		1,673,235
24,715	PepsiCo		1,502,672
			3,175,907
Biotechnology: 1.8%
7,460	Amgen*		422,012
9,915	Biogen Idec*		530,452
16,635	Gilead Sciences*		719,963
			1,672,427
Capital Markets: 3.1%
2,590	BlackRock — Class A		601,398
14,995	Federated Investors — Class B		412,362
6,995	Goldman Sachs		1,181,036
12,055	T Rowe Price Group		641,929
			2,836,725
Chemicals: 0.9%
8,150	EI du Pont de Nemours		274,410
7,070	Monsanto		577,973
			852,383
Commercial Services & Supplies: 0.3%
8,335	Avery Dennison		304,144
Communications Equipment: 5.0%
122,930	Cisco Systems*		2,942,944
29,730	Harris		1,413,662
4,970	QUALCOMM		229,912
			4,586,518
Computers & Peripherals: 10.5%
18,580	Apple Computer*		3,917,779
47,210	EMC*		824,759
30,530	Hewlett-Packard		1,572,600
20,190	International Business Machines		2,642,871
20,660	SanDisk*		598,933
			9,556,942

Shares		Value
Consumer Finance: 1.5%
32,825	American Express	$	1,330,069
Diversified Consumer Services: 1.0%
15,390	DeVry		873,075
Diversified Telecommunication Services: 0.3%
8,150	AT&T		228,444
Electrical Equipment: 0.3%
6,860	Thomas & Betts*		245,519
Electronic Equipment & Instruments: 2.2%
8,335	Agilent Technologies*		258,968
30,630	Avnet*		923,801
19,985	AVX		253,210
24,180	Molex		521,079
			1,957,058
Energy Equipment & Services: 2.5%
15,535	Hallibutron		467,448
7,515	National Oilwell Varco		331,336
22,230	Schlumberger		1,446,951
			2,245,735
Food & Staples Retailing: 2.1%
12,830	Walgreen		471,118
26,400	Wal-Mart Stores		1,411,080
			1,882,198
Food Products: 2.1%
25,880	Archer-Daniels-Midland		810,303
15,215	General Mills		1,077,374
			1,887,677
Gas Utilities: 0.7%
15,040	Questar		625,213
Health Care Equipment & Supplies: 2.2%
10,715	Baxter International		628,756
1,555	Intuitive Surgical*		471,663
19,490	Medtronic		857,170
			1,957,589
Health Care Providers & Services: 2.1%
11,530	Davita*		677,272

December 31, 2009 60 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor Growth Fund

Shares		Value
Health Care Providers & Services (continued): 2.1%
16,210	Medco Health Solutions*	$	1,035,981
7,815	UnitedHealth Group		238,201
			1,951,454
Hotels, Restaurants & Leisure: 2.4%
20,520	McDonald’s		1,281,269
37,790	Starbucks*		871,437
			2,152,706
Household Products: 3.8%
22,285	Kimberly-Clark		1,419,777
33,980	Procter & Gamble		2,060,208
			3,479,985
Industrial Conglomerates: 1.9%
20,580	3M		1,701,349
Insurance: 0.9%
10,505	Aflac		485,856
18,525	Progressive		333,265
			819,121
Internet & Catalog Retail: 1.4%
9,125	Amazon.com*		1,227,495
Internet Software & Services: 3.9%
4,960	Google — Class A*		3,075,101
29,595	Yahoo!*		496,604
			3,571,705
IT Services: 1.1%
13,640	Lender Processing Services		554,603
21,625	Western Union		407,631
			962,234
Life Sciences Tools & Services: 1.1%
11,375	Thermo Fisher Scientific*		542,474
7,665	Waters*		474,923
			1,017,397
Machinery: 4.7%
14,970	Caterpillar		853,140
6,510	Cummins		298,549
14,520	Danaher		1,091,904

Shares		Value
13,920	Donaldson	$	592,157
12,435	Graco		355,268
23,255	Illinois Tool Works		1,116,007
			4,307,025
Media: 1.1%
11,705	McGraw Hill		392,235
25,195	New York Times — Class A		311,410
10,440	Viacom — Class B*		310,381
			1,014,026
Metals & Mining: 2.3%
20,780	AK Steel Holding		443,653
12,510	Freeport-McMoRan Copper & Gold		1,004,428
13,920	Newmont Mining		658,555
			2,106,636
Multi-Line Retail: 0.4%
13,820	Big Lots*		400,504
Oil, Gas & Consumable Fuels: 8.8%
12,795	Anadarko Petroleum		798,664
9,270	Chesapeake Energy		239,908
6,870	Consol Energy		342,126
12,685	Devon Energy		932,347
59,330	Exxon Mobil		4,045,713
13,970	Occidental Petroleum		1,136,459
10,235	XTO Energy		476,235
			7,971,452
Paper & Forest Products: 0.3%
11,340	International Paper		303,685
Pharmaceuticals: 7.2%
16,365	Abbott Laboratories		883,546
3,925	Allergan		247,314
33,380	Johnson & Johnson		2,150,006
23,170	Merck		846,632
12,385	Perrigo		493,419
26,500	Valeant Pharmaceuticals International*		842,435
26,800	Watson Pharmaceuticals*		1,061,548
			6,524,900

See Notes to Financial Statements 61 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor Growth Fund

Shares		Value
Semiconductors & Semiconductor Equipment: 2.2%
59,315	Intel	$	1,210,026
30,925	Texas Instruments		805,906
			2,015,932
Software: 8.7%
18,150	Adobe Systems*		667,557
165,975	Microsoft		5,060,577
78,085	Oracle		1,916,206
13,620	Symantec*		243,662
			7,888,002
Specialty Retail: 1.7%
14,760	Home Depot		427,007
15,210	PetSmart		405,955
20,340	TJX		743,427
			1,576,389

Shares		Value
Textiles, Apparel & Luxury Goods: 0.6%
15,850	Coach	$	579,000
Trading Companies & Distributors: 1.2%
13,300	MSC Industrial Direct — Class A		625,100
4,755	WW Grainger		460,427
			1,085,527
	Total Common Stocks (Identified Cost $82,687,398)		90,466,534
	Total Investments: 99.5% (Identified Cost $82,687,398)1		90,466,534
	Total Other Assets Less Liabilities: 0.5%		458,850
	Total Net Assets: 100.0%	$	90,925,384

* Non-income producing security.

¹ See Note 6 for important tax information.

December 31, 2009 62 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor Value Fund

Shares		Value
COMMON STOCKS: 99.6%
Aerospace & Defense: 0.2%
20,500	GenCorp*	$	143,500
Air Freight & Logistics: 1.9%
22,000	Air Transport Services Group*		58,080
18,300	FedEx		1,527,135
			1,585,215
Airlines: 0.5%
7,300	Hawaiian Holdings*		51,100
20,600	Skywest		348,552
			399,652
Auto Components: 1.0%
4,600	Autoliv		199,456
6,800	Modine Manufacturing		80,512
36,700	Superior Industries International		561,510
			841,478
Automobiles: 0.2%
15,700	Ford Motor*		157,000
Capital Markets: 1.3%
23,800	Ameriprise Financial		923,916
24,300	NGP Capital Resources		197,559
			1,121,475
Chemicals: 3.8%
44,300	Eastman Chemical		2,668,632
19,000	KMG Chemicals		284,050
2,500	PPG Industries		146,350
1,008	Schulman A		20,341
2,347	Stepan		152,109
			3,271,482
Commercial Banks: 5.6%
32,100	Bank of Hawaii		1,510,626
46,300	Prosperity Bancshares		1,873,761
51,500	Wells Fargo		1,389,985
			4,774,372
Commercial Services & Supplies: 0.4%
5,541	Brink’s		134,868
8,300	Deluxe		122,757

Shares		Value
8,600	Kimball International — Class B	$	73,272
6,698	Standard Register		34,160
			365,057
Computers & Peripherals: 3.2%
5,400	Electronics for Imaging*		70,254
20,000	International Business Machines		2,618,000
			2,688,254
Consumer Finance: 4.2%
7,800	American Express		316,056
77,200	Capital One Financial		2,959,848
18,000	Discover Financial Services		264,780
			3,540,684
Containers & Packaging: 0.6%
20,200	Pactiv*		487,628
Distributors: 0.0%
100	Core-Mark Holding*		3,296
Diversified Consumer Services: 1.0%
14,700	Career Education*		342,657
36,200	Corinthian Colleges*		498,474
			841,131
Diversified Financial Services: 5.8%
3,100	Bank of America		46,686
328,600	Citigroup		1,087,666
92,210	JP Morgan Chase		3,842,391
			4,976,743
Diversified Telecommunication Services: 5.4%
163,600	AT&T		4,585,708
Electronic Equipment & Instruments: 0.4%
3,800	Insight Enterprises*		43,396
6,700	Tech Data*		312,622
			356,018
Food & Staples Retailing: 1.4%
1,800	Nash Finch		66,762
21,300	Wal-Mart Stores		1,138,485
			1,205,247

See Notes to Financial Statements 63 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor Value Fund

Shares		Value
Food Products: 5.7%
25,000	Archer-Daniels-Midland	$	782,750
16,100	Del Monte Foods		182,574
28,900	General Mills		2,046,409
20,200	Hormel Foods		776,690
15,200	John B. Sanfilippo & Son*		236,512
600	Kraft Foods — Class A		16,308
63,600	Sara Lee		774,648
			4,815,891
Health Care Providers & Services: 3.0%
7,300	Coventry Health Care*		177,317
33,600	Healthspring*		591,696
16,300	Humana*		715,407
18,300	WellPoint*		1,066,707
			2,551,127
Hotels, Restaurants & Leisure: 0.4%
6,000	Cracker Barrel Old Country Store		227,940
2,500	Starbucks*		57,650
105	Steak N Shake*		34,032
			319,622
Household Durables: 0.5%
5,100	Whirlpool		411,366
Household Products: 1.6%
22,700	Procter & Gamble		1,376,301
Industrial Conglomerates: 5.4%
301,400	General Electric		4,560,182
Insurance: 3.5%
56,200	Metlife		1,986,670
19,000	Transatlantic Holdings		990,090
			2,976,760
Internet & Catalog Retail: 0.5%
23,531	HSN*		475,091
IT Services: 4.2%
65,900	Automatic Data Processing		2,821,838
12,500	Computer Sciences*		719,125
			3,540,963

Shares		Value
Machinery: 0.2%
5,300	Oshkosh	$	196,259
Media: 5.3%
148,961	CBS — Class B		2,092,902
142,300	Gannett		2,113,155
15,500	McClatchy — Class A		54,870
9,900	Scholastic		295,317
			4,556,244
Multi-Line Retail: 0.8%
14,400	Big Lots*		417,312
15,800	Dillard’s — Class A		291,510
			708,822
Multi-Utilities: 4.5%
24,800	Consolidated Edison		1,126,664
10,100	DTE Energy		440,259
147,500	NiSource		2,268,550
			3,835,473
Oil, Gas & Consumable Fuels: 11.3%
9,700	BreitBurn Energy Partners1		102,723
69,200	ChevronTexaco		5,327,708
78,400	ConocoPhillips		4,003,888
9,600	Crosstex Energy		82,560
49	Delek US Holdings		334
1,500	Exxon Mobil		102,285
			9,619,498
Paper & Forest Products: 0.4%
10,900	MeadWestvaco		312,067
Pharmaceuticals: 11.5%
29,800	Abbott Laboratories		1,608,902
77,700	Bristol-Myers Squibb		1,961,925
1,000	Johnson & Johnson		64,410
19,900	KV Pharmaceutical — Class A*		73,033
1,977	KV Pharmaceutical — Class B*		7,809
23,700	Merck		865,998
284,629	Pfizer		5,177,402
			9,759,479

December 31, 2009 64 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor Value Fund

Shares		Value
Real Estate: 0.1%
1,721	PS Business Parks	$	86,136
Semiconductors & Semiconductor Equipment: 0.2%
8,000	Texas Instruments		208,480
Specialty Retail: 1.2%
2,500	Books-A-Million — Class A		16,800
30,200	Gap		632,690
9,300	Jo-Ann Stores*		337,032
			986,522
Textiles, Apparel & Luxury Goods: 0.0%
4,000	Culp*		39,920
Tobacco: 2.4%
12,600	M&F Worldwide*		497,700
27,200	Philip Morris International		1,310,768

Shares		Value
4,300	Reynolds American	$	227,771
			2,036,239
	Total Common Stocks (Identified Cost $83,764,907)		84,716,382
	Total Investments: 99.6% (Identified Cost $83,764,907)2		84,716,382
	Total Other Assets Less Liabilities: 0.4%		382,689
	Total Net Assets: 100.0%	$	85,099,071

* Non-income producing security.

¹ Securities considered Master Limited Partnership. At December 31, 2009, these securities amounted to $102,723 or 0.1% of net assets.

² See Note 6 for important tax information.

See Notes to Financial Statements 65 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor Small to Mid Cap Fund

Shares		Value
COMMON STOCKS: 99.9%
Aerospace & Defense: 0.3%
5,157	Alliant Techsystems*	$	455,208
Airlines: 1.9%
16,000	Alaska Air Group*		552,960
57,808	AMR*		446,856
55,234	Continental Airlines — Class B*		989,793
901	Delta Air Lines*		10,253
20,880	Skywest		353,290
42,029	UAL*		542,595
55,600	US Airways Group*		269,104
			3,164,851
Auto Components: 1.6%
33,400	American Axle & Manufacturing Holdings		267,868
32,200	ArvinMeritor		359,996
9,815	BorgWarner		326,054
15,460	Cooper Tire & Rubber		309,973
34,200	Dana Holding*		370,728
20,430	Federal Mogul*		353,439
20,100	Tenneco*		356,373
11,800	Thor Industries		370,520
			2,714,951
Beverages: 0.4%
7,700	Central European Distribution*		218,757
10,988	Hansen Natural*		421,939
			640,696
Biotechnology: 2.4%
21,405	Alexion Pharmaceuticals*		1,044,992
3,000	Dendreon*		78,840
10,300	Human Genome Sciences*		315,180
13,582	Myriad Genetics*		354,490
11,410	OSI Pharmaceuticals*		354,052
216,700	PDL BioPharma		1,486,562
10,370	Vertex Pharmaceuticals*		444,355
			4,078,471
Building Products: 0.4%
64,100	NCI Building Systems*		116,021

Shares		Value
14,000	Owens Corning*	$	358,960
11,000	USG*		154,550
			629,531
Capital Markets: 2.1%
7,386	Affiliated Managers Group*		497,447
1,200	AllianceBernstein Holding LP		33,720
4,956	BlackRock — Class A		1,150,783
17,123	Eaton Vance		520,710
19,863	Hercules Technology Growth Capital		206,377
8,290	Jefferies Group		196,722
10,841	SWS Group		131,176
22,968	TD Ameritrade Holding*		445,120
11,060	Waddell & Reed Financial — Class A		337,772
			3,519,827
Chemicals: 4.9%
7,846	Arch Chemicals		242,284
5,106	Ashland		202,300
16,134	Cabot		423,195
11,150	Celanese — Class A		357,915
13,899	Cytec Industries		506,201
28,700	Ferro		236,488
4,203	FMC		234,359
12,888	HB Fuller		293,202
27,804	Huntsman		313,907
8,562	Innophos Holdings		196,840
16,987	Koppers Holdings		517,084
13,048	Mosaic		779,357
18,582	Nalco Holding		474,027
2,900	NewMarket		332,833
15,900	Olin		278,568
7,084	OM Group*		222,367
54,200	PolyOne*		404,874
15,300	Rockwood Holdings*		360,468
24,763	RPM International		503,432
14,132	Schulman A		285,184
4,700	Scotts Miracle-Gro — Class A		184,757

December 31, 2009 66 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor Small to Mid Cap Fund

Shares		Value
Chemicals (continued): 4.9%
8,219	Sensient Technologies	$	216,160
18,126	Spartech		185,973
2,600	Terra Industries		83,694
3,700	Westlake Chemical		92,241
18,005	WR Grace*		456,427
			8,384,137
Commercial Banks: 1.8%
5,145	Bank of Hawaii		242,124
3,800	Chemical Financial		89,604
9,820	Comerica		290,377
4,968	Cullen		248,400
6,619	Hancock Holding		289,846
12,102	Independent Bank		252,811
9,032	Independent Bank		6,503
169,400	Pacific Capital Bancorp		162,624
8,033	Prosperity Bancshares		325,095
57,400	Regions Financial		303,646
82,166	South Financial Group		52,972
9,834	Westamerica Bancorporation		544,509
14,546	Wilmington Trust		179,498
			2,988,009
Commercial Services & Supplies: 1.1%
6,909	Advisory Board*		211,830
1,530	Amrep*		20,961
15,290	Brink’s		372,159
9,438	CDI		122,222
16,004	Covanta Holding*		289,512
10,810	Geo Group*		236,523
6,134	IHS — Class A*		336,205
8,240	Mine Safety Appliances		218,607
			1,808,019
Communications Equipment: 0.5%
26,800	ADC Telecommunications*		166,428
9,891	CommScope*		262,408
18,615	InterDigital*		494,042
			922,878

Shares		Value
Computers & Peripherals: 0.8%
7,500	Imation	$	65,400
21,385	Lexmark International — Class A*		555,582
40,376	NCR*		449,385
6,985	Synaptics*		214,090
			1,284,457
Construction & Engineering: 1.5%
10,255	Dycom Industries*		82,348
14,068	EMCOR Group*		378,429
23,400	KBR		444,600
19,520	Quanta Services*		406,797
12,032	Shaw Group*		345,920
22,700	Tutor Perini*		410,416
9,647	URS*		429,484
			2,497,994
Construction Materials: 0.2%
29,710	Headwaters*		193,709
2,632	Martin Marietta Materials		235,327
			429,036
Consumer Finance: 0.1%
2,196	The Student Loan Corporation		102,268
Containers & Packaging: 0.6%
5,251	Greif — Class A		283,449
3,900	Rock-Tenn — Class A		196,599
7,001	Sonoco Products		204,779
15,400	Temple-Inland		325,094
			1,009,921
Diversified Consumer Services: 0.8%
8,600	Brink’s Home Security Holdings*		280,704
8,250	Career Education*		192,307
10,512	Hillenbrand		198,046
2,803	ITT Educational Services*		268,976
10,650	Regis		165,821
12,280	Universal Technical Institute*		248,056
			1,353,910
Diversified Financial Services: 0.6%
29,100	Apollo Investment		277,323

See Notes to Financial Statements 67 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor Small to Mid Cap Fund

Shares		Value
Diversified Financial Services (continued): 0.6%
7,237	Asta Funding	$	51,310
337	CME Group — Class A		113,215
1,272	Financial Federal		34,980
1,899	MSCI — Class A*		60,388
6,300	NYSE Euronext		159,390
16,798	PHH*		270,616
			967,222
Diversified Telecommunication Services: 0.8%
132,887	Cincinnati Bell*		458,460
46,900	Frontier Communications		366,289
6,156	General Communication — Class A*		39,275
177,368	Level 3 Communications*		271,373
11,261	tw telecom — Class A*		193,014
			1,328,411
Electric Utilities: 0.8%
15,218	Hawaiian Electric Industries		318,056
25,400	NV Energy		314,452
21,564	Portland General Electric		440,121
10,461	Unisource Energy		336,740
			1,409,369
Electrical Equipment: 0.6%
11,376	Belden		249,362
1,114	First Solar*		150,836
5,013	General Cable*		147,482
7,100	Roper Industries		371,827
4,534	Sunpower — Class A*		107,365
			1,026,872
Electronic Equipment & Instruments: 4.8%
10,169	Amphenol — Class A		469,605
9,144	Anixter International*		430,682
16,642	Arrow Electronics*		492,770
18,366	Avnet*		553,919
21,740	Benchmark Electronics*		411,103
66,495	Brightpoint*		488,738
14,003	Checkpoint Systems*		213,546
12,178	Cognex		215,794

Shares		Value
11,155	Dolby Laboratories — Class A*	$	532,428
17,106	FLIR Systems*		559,708
19,526	Ingram Micro — Class A*		340,729
43,525	L-1 Identity Solutions — Class 1*		326,002
24,795	Methode Electronics		215,221
2,600	Mettler-Toledo International*		272,974
6,095	Multi-Fineline Electronix*		172,915
7,252	Rofin-Sinar Technologies*		171,220
31,100	Sanmina-SCI*		343,033
8,929	Scansource*		238,404
8,524	SYNNEX*		261,346
11,441	Tech Data*		533,837
18,192	Trimble Navigation Ltd.*		458,438
46,430	Vishay Intertechnology*		387,691
			8,090,103
Energy Equipment & Services: 1.7%
14,182	Dresser-Rand Group*		448,293
21,390	Exterran Holdings*		458,815
7,045	Gulf Island Fabrication		148,156
21,100	Helix Energy Solutions Group*		247,925
10,854	Helmerich & Payne		432,858
30,220	Hercules Offshore*		144,452
3,907	Oceaneering International*		228,638
16,154	Pride International*		515,474
5,500	Tidewater		263,725
			2,888,336
Food & Staples Retailing: 1.4%
7,100	Andersons		183,322
15,200	BJ’s Wholesale Club*		497,192
11,161	Casey’s General Stores		356,259
24,000	Great Atlantic & Pacific Tea*		282,960
12,876	Nash Finch		477,571
11,200	Pantry*		152,208
205,900	Rite Aid*		310,909
6,100	Spartan Stores		87,169
			2,347,590

December 31, 2009 68 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor Small to Mid Cap Fund

Shares		Value
Food Products: 1.9%
11,686	Bunge Ltd.	$	745,917
37,701	Chiquita Brands International*		680,126
9,315	Corn Products International		272,278
9,133	Flowers Foods		217,000
11,569	Fresh Del Monte Produce*		255,675
5,683	Hormel Foods		218,511
6,197	Ralcorp Holdings*		370,023
9,800	Sanderson Farms		413,168
9,400	Smithfield Foods*		142,786
			3,315,484
Gas Utilities: 0.3%
15,090	Laclede Group		509,589
Health Care Equipment & Supplies: 2.5%
2,300	Beckman Coulter		150,512
8,284	Cooper		315,786
5,218	Edwards Lifesciences*		453,183
7,872	Gen-Probe*		337,709
14,400	Hill-Rom Holdings		345,456
20,359	Hologic*		295,206
9,602	IDEXX Laboratories*		513,131
12,737	Immucor*		257,797
2,900	Inverness Medical Innovations*		120,379
6,936	Kensey Nash*		176,868
13,917	Meridian Bioscience		299,911
12,320	Quidel*		169,770
12,485	Resmed*		652,591
6,394	STERIS		178,840
			4,267,139
Health Care Providers & Services: 3.4%
20,820	AMERIGROUP*		561,307
11,445	Amsurg — Class A*		252,019
15,600	Centene*		330,252
8,314	Chemed		398,823
9,933	Community Health Systems*		353,615
10,728	Hanger Orthopedic Group*		148,368
41,000	Health Management Associates — Class A*		298,070

Shares		Value
19,502	Health Net*	$	454,202
20,687	Healthspring*		364,298
6,189	Henry Schein*		325,541
17,037	inVentiv Health*		275,488
3,676	Laboratory Corp of America Holdings*		275,112
6,314	LifePoint Hospitals*		205,268
7,001	Magellan Health Services*		285,151
6,805	Mednax*		409,049
27,523	Nighthawk Radiology Holdings*		124,679
13,500	Omnicare		326,430
10,500	WellCare Health Plans*		385,980
			5,773,652
Hotels, Restaurants & Leisure: 2.3%
8,523	Bally Technologies*		351,915
15,357	Brinker International		229,127
7,600	Cedar Fair		86,716
4,271	Chipotle Mexican Grill — Class A*		376,531
26,652	CKE Restaurants		225,476
15,400	Cracker Barrel Old Country Store		585,046
25,200	Denny’s*		55,188
9,500	DineEquity*		230,755
28,454	Domino’s Pizza*		238,445
23,578	Las Vegas Sands*		352,255
19,000	MGM Mirage*		173,280
20,700	Pinnacle Entertainment*		185,886
16,033	Royal Caribbean Cruises*		405,314
89,616	Wendy’s/Arby’s Group — Class A		420,299
			3,916,233
Household Durables: 1.3%
13,100	American Greetings — Class A		285,449
33,800	Beazer Homes USA*		163,592
10,434	Garmin Ltd.		320,324
42,610	Hovnanian Enterprises — Class A*		163,623
19,990	Lennar — Class A		255,272
6,900	Mohawk Industries*		328,440
17,277	Pulte Homes		172,770

See Notes to Financial Statements 69 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor Small to Mid Cap Fund

Shares		Value
Household Durables (continued): 1.3%
71,369	Standard Pacific*	$	266,920
15,425	Toll Brothers*		290,144
			2,246,534
Household Products: 0.4%
3,700	Church & Dwight		223,665
6,947	Energizer Holdings*		425,712
			649,377
Independent Power Producers & Energy Traders: 0.6%
20,230	Calpine*		222,530
10,300	NRG Energy*		243,183
92,543	RRI Energy*		529,346
			995,059
Industrial Conglomerates: 0.3%
16,556	McDermott International*		397,510
7,014	Tredegar		110,961
			508,471
Insurance: 9.5%
5,300	ACE Ltd.		267,120
20,100	American Financial Group		501,495
18,523	Axis Capital Holdings Ltd.		526,239
2,834	Berkshire Hathaway — Class B*		9,312,524
7,800	Cincinnati Financial		204,672
32,300	Conseco*		161,500
8,931	Delphi Financial Group — Class A		199,787
12,192	Endurance Specialty Holdings Ltd.		453,908
18,120	Fidelity National Financial — Class A		243,895
5,200	Infinity Property & Casualty		211,328
19,055	Meadowbrook Insurance Group		141,007
21,660	Old Republic International		217,466
4,200	PartnerRe Ltd.		313,572
72,524	Phoenix Companies		201,617
6,190	Platinum Underwriters Holdings Ltd.		237,015
5,437	ProAssurance*		292,021
14,751	Protective Life		244,129
12,469	Reinsurance Group of America — Class A		594,148
4,100	RenaissanceRe Holdings Ltd.		217,915

Shares		Value
3,058	Safety Insurance Group	$	110,791
16,135	Selective Insurance Group		265,421
10,555	StanCorp Financial Group		422,411
7,396	Tower Group		173,140
17,858	Unitrin		393,769
9,600	Validus Holdings Ltd.		258,624
			16,165,514
Internet & Catalog Retail: 0.5%
33,486	Liberty Media — Interactive*		362,988
10,513	NutriSystem		327,690
10,600	Ticketmaster Entertainment*		129,532
			820,210
Internet Software & Services: 1.2%
49,500	Earthlink		411,345
29,740	InterActiveCorp*		609,075
28,027	LivePerson*		195,348
80,236	United Online		576,897
26,904	ValueClick*		272,269
			2,064,934
IT Services: 3.7%
5,144	Alliance Data Systems*		332,251
11,568	Broadridge Financial Solutions		260,974
10,407	CSG Systems International*		198,670
11,247	DST Systems*		489,807
4,769	Global Payments		256,858
27,072	Heartland Payment Systems		355,455
18,194	Hewitt Associates — Class A*		768,878
11,900	MAXIMUS		595,000
10,003	NeuStar — Class A*		230,469
15,860	Unisys*		611,562
25,775	VeriFone Holdings*		422,195
19,289	Visa — Class A		1,687,016
			6,209,135
Leisure Equipment & Products: 0.3%
22,500	Brunswick		285,975
70,450	Eastman Kodak		297,299
			583,274

December 31, 2009 70 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor Small to Mid Cap Fund

Shares		Value
Life Sciences Tools & Services: 1.6%
18,839	Bruker*	$	227,198
11,788	Charles River Laboratories International*		397,138
10,321	Covance*		563,217
14,947	Illumina*		458,126
9,543	Kendle International*		174,732
7,800	Pharmaceutical Product Development		182,832
9,457	Techne		648,372
			2,651,615
Machinery: 2.3%
13,000	AGCO*		420,420
8,700	Harsco		280,401
8,337	Joy Global		430,106
3,546	Lydall*		18,475
23,300	Manitowoc		232,301
47,057	Mueller Water Products — Class A		244,696
24,824	Navistar International*		959,448
13,968	Pentair		451,166
4,500	SPX		246,150
14,859	Terex*		294,357
17,875	Trinity Industries		311,740
			3,889,260
Marine: 0.5%
6,538	Alexander & Baldwin		223,796
58,800	Excel Maritime Carriers Ltd. — Class A		362,208
3,100	Genco Shipping & Trading Ltd.		69,378
3,700	Horizon Lines — Class A		20,609
7,279	Kirby*		253,527
			929,518
Media: 2.8%
48,000	Belo — Class A		261,120
22,861	Cablevision Systems		590,271
7,975	DIRECTV — Class A*		265,966
28,520	Discovery Communications — Class A*		874,709
1,165	DISH Network — Class A		24,197
24,200	EW Scripps — Class A*		168,432
17,758	Harte-Hanks		191,431

Shares		Value
33,181	Liberty Global — Class A*	$	726,996
4,146	Liberty Media — Starz*		191,338
30,114	Live Nation*		256,270
9,157	Morningstar*		442,649
17,300	Sinclair Broadcast Group — Class A		69,719
10,202	Time Warner Cable — Class A		422,261
19,707	Valassis Communications*		359,850
			4,845,209
Metals & Mining: 1.6%
14,400	AK Steel Holding		307,440
8,494	Cliffs Natural Resources		391,489
22,998	Commercial Metals		359,919
3,300	Compass Minerals International		221,727
25,300	General Steel Holdings*		111,573
7,900	Kaiser Aluminum		328,798
5,700	Royal Gold		268,470
20,599	Steel Dynamics		365,014
1,600	Walter Energy		120,496
16,815	Worthington Industries		219,772
			2,694,698
Multi-Line Retail: 0.6%
7,306	Big Lots*		211,728
20,000	Dillard’s — Class A		369,000
8,219	Dollar Tree*		396,978
			977,706
Multi-Utilities: 1.1%
8,443	Black Hills		224,837
8,829	MDU Resources Group		208,364
34,900	NiSource		536,762
23,021	NorthWestern		599,007
26,517	PNM Resources		335,440
			1,904,410
Oil, Gas & Consumable Fuels: 5.2%
7,100	Alpha Natural Resources*		307,998
11,277	Arch Coal		250,913
32,702	Atlas Pipeline Partners		320,807

See Notes to Financial Statements 71 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor Small to Mid Cap Fund

Shares		Value
Oil, Gas & Consumable Fuels (continued): 5.2%
6,223	Buckeye Partners	$	338,842
1,900	Cheniere Energy Partners		24,510
424	Cimarex Energy		22,459
4,964	Continental Resources*		212,906
9,500	Crosstex Energy		81,700
12,030	CVR Energy*		82,526
12,600	Denbury Resources*		186,480
11,497	Enbridge Energy Partners		617,274
22,221	Endeavour International*		23,999
13,841	Energy Transfer Equity		423,258
26,833	Enterprise Products Partners LP1		842,825
2	Kinder Morgan Management LLC*		112
7,680	Magellan Midstream Partners		332,774
32,640	McMoRan Exploration*		261,773
3,238	Newfield Exploration*		156,169
3,552	NuStar Energy		199,232
9,915	NuStar GP Holdings LLC		266,912
23,957	Petrohawk Energy*		574,728
4,214	Plains All American Pipeline		222,710
7,668	Plains Exploration & Production*		212,097
17,800	Quicksilver Resources*		267,178
13,100	Ship Finance		178,553
13,192	Southern Union		299,458
3,940	Targa Resources Partners		95,781
22,080	Teekay		512,477
16,706	Ultra Petroleum*		832,961
58,630	USEC*		225,725
19,900	Western Refining*		93,729
1,700	Whiting Petroleum*		121,465
11,678	World Fuel Services		312,854
			8,903,185
Paper & Forest Products: 0.4%
9,000	Domtar*		498,690
27,900	Louisiana — Pacific*		194,742
			693,432

Shares		Value
Personal Products: 0.6%
7,700	Avon Products	$	242,550
14,027	Herbalife Ltd.		569,075
1,500	Mead Johnson Nutrition — Class A		65,550
9,200	Prestige Brands Holdings*		72,312
			949,487
Pharmaceuticals: 1.5%
20,704	Endo Pharmaceuticals Holdings*		424,639
12,340	King Pharmaceuticals*		151,412
17,732	Medicis Pharmaceutical — Class A		479,650
22,200	Mylan*		409,146
10,212	Obagi Medical Products*		122,544
14,519	Perrigo		578,437
12,200	Valeant Pharmaceuticals International*		387,838
			2,553,666
Real Estate: 6.5%
20,152	AMB Property		514,884
64,490	Annaly Capital Management		1,118,901
55,842	Anworth Mortgage Asset		390,894
20,500	Brookfield Properties		248,460
188,600	Chimera Investment		731,768
23,493	Duke Realty		285,910
9,728	Entertainment Properties Trust		343,107
28,423	Equity One		459,600
35,200	First Industrial Realty Trust		184,096
4,967	Franklin Street Properties		72,568
30,072	Hatteras Financial		840,813
10,183	Hospitality Properties Trust		241,439
8,500	Liberty Property Trust		272,085
18,473	LTC Properties		494,153
2,600	Macerich		93,470
10,756	Mack-Cali Realty		371,835
24,306	Medical Properties Trust		243,060
41,441	MFA Financial		304,591
19,126	National Retail Properties		405,854
9,103	Nationwide Health Properties		320,243
49,454	NorthStar Realty Finance		169,627

December 31, 2009 72 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor Small to Mid Cap Fund

Shares		Value
Real Estate (continued): 6.5%
20,405	Omega Healthcare Investors	$	396,877
5,200	Realty Income		134,732
40,400	Redwood Trust		584,184
11,062	Regency Centers		387,834
23,014	Resource Capital		113,229
9,132	SL Green Realty		458,792
9,050	Sovran Self Storage		323,356
6,396	Ventas		279,761
8,800	Weingarten Realty Investors		174,152
			10,960,275
Road & Rail: 0.6%
6,405	Arkansas Best		188,499
30,800	Avis Budget Group*		404,096
7,056	Con-way		246,325
7,500	Dollar Thrifty Automotive Group*		192,075
			1,030,995
Semiconductors & Semiconductor Equipment: 4.0%
35,000	Amkor Technology*		250,600
106,850	Conexant Systems*		247,892
29,500	Cypress Semiconductor*		311,520
25,040	Fairchild Semiconductor International — Class A*		250,150
42,292	Integrated Device Technology*		273,629
44,366	Intersil — Class A		680,574
11,969	Lam Research*		469,304
37,754	Marvell Technology Group Ltd.*		783,396
32,065	Maxim Integrated Products		650,919
19,801	Microsemi*		351,468
10,588	Monolithic Power Systems*		253,794
26,179	National Semiconductor		402,109
62,407	ON Semiconductor*		549,806
52,302	RF Micro Devices*		249,481
5,980	Silicon Laboratories*		289,073
9,365	Standard Microsystems*		194,605
6,854	Varian Semiconductor Equipment Associates*		245,922

Shares		Value
2,243	Veeco Instruments*	$	74,109
17,800	Zoran*		196,690
			6,725,041
Software: 2.1%
84,751	Activision Blizzard*		941,584
15,104	ANSYS*		656,420
9,600	AsiaInfo Holdings*		292,512
65,880	Cadence Design Systems*		394,621
8,200	Nuance Communications*		127,428
10,147	Sybase*		440,380
24,899	Symyx Technologies*		136,944
12,126	Synopsys*		270,167
24,840	THQ*		125,194
28,311	TIBCO Software*		272,635
			3,657,885
Specialty Retail: 4.7%
13,317	Aaron’s		369,281
3,915	Abercrombie & Fitch — Class A		136,438
7,546	Aeropostale*		256,941
36,957	American Eagle Outfitters		627,530
21,005	AnnTaylor Stores*		286,508
11,400	Asbury Automotive Group*		131,442
21,534	Barnes & Noble		410,653
311,800	Blockbuster — Class A*		208,906
13,800	Brown Shoe		136,206
7,104	Buckle		208,005
14,206	Cato — Class A		284,972
17,023	Christopher & Banks		129,715
14,308	Collective Brands*		325,793
29,942	Foot Locker		333,554
7,713	Group 1 Automotive		218,664
5,074	Gymboree*		220,668
10,462	Jo-Ann Stores*		379,143
8,017	Men’s Wearhouse		168,838
28,400	OfficeMax*		360,396
20,896	Penske Auto Group		317,201

See Notes to Financial Statements 73 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor Small to Mid Cap Fund

Shares		Value
Specialty Retail (continued): 4.7%
12,519	PetSmart	$	334,132
12,077	RadioShack		235,502
15,156	Rent-A-Center — Class A*		268,564
8,032	Ross Stores		343,047
17,625	Signet Jewelers Ltd.*		470,940
13,415	Urban Outfitters*		469,391
20,420	Williams-Sonoma		424,328
			8,056,758
Textiles, Apparel & Luxury Goods: 0.7%
10,179	Fossil*		341,607
20,378	Iconix Brand Group*		257,782
18,320	Jones Apparel Group		294,219
42,800	Liz Claiborne*		240,964
6,500	Oxford Industries		134,420
			1,268,992
Thrifts & Mortgage Finance: 1.2%
22,223	First Niagara Financial Group		309,122
65,220	New York Community Bancorp		946,342
32,209	TFS Financial		391,017
54,291	Trustco Bank NY		342,033
1,711	ViewPoint Financial Group		24,656
			2,013,170
Tobacco: 0.4%
61,500	Alliance One International*		300,120
4,505	Lorillard		361,436
			661,556

Shares		Value
Trading Companies & Distributors: 0.6%
22,134	Aircastle Ltd.	$	218,020
8,504	Kaman		196,357
8,608	Textainer Group Holdings Ltd.		145,475
36,118	United Rentals*		354,318
6,941	WESCO International*		187,476
			1,101,646
Utilities: 0.3%
21,100	American Water Works		472,851
Wireless Telecommunication Services: 0.3%
15,945	Leap Wireless International*		279,835
37,135	MetroPCS Communications*		283,340
			563,175
	Total Common Stocks (Identified Cost $150,800,339)		169,571,202
	Total Investments: 99.9% (Identified Cost $150,800,339)2		169,571,202
	Total Other Assets Less Liabilities: 0.1%		89,607
	Total Net Assets: 100.0%	$	169,660,809

* Non-income producing security.

¹ Securities considered Master Limited Partnership. At December 31, 2009, these securities amounted to $842,825 or 0.5% of net assets.

² See Note 6 for important tax information.

LLC — Limited Liability Company

LP — Limited Partnership

Ltd. — Limited

December 31, 2009 74 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor International Equity Fund

Shares		Value
COMMON STOCKS: 96.7%
Australia: 4.6%
9,551	CSL Ltd.	$	277,660
102,458	Downer EDI Ltd.		853,039
43,475	JB Hi-Fi Ltd.		877,357
4,059	Macquarie Group Ltd.		173,864
26,408	National Australia Bank Ltd.		644,282
399,207	OZ Minerals Ltd.		425,388
8,601	Rio Tinto Ltd.		573,997
31,898	Woolworths Ltd.		799,804
			4,625,391
Austria: 0.3%
7,824	OMV AG		342,727
Belgium: 0.2%
30,656	Dexia SA		192,657
Brazil: 4.0%
18,100	Cia de Saneamento Basico do Estado de Sao Paulo — ADR		708,072
22,900	EDP — Energias do Brasil SA		440,915
34,100	Natura Cosmeticos SA		710,572
37,900	Petroleo Brasileiro SA — Class A — ADR		1,606,581
21,900	Vale SA — Class B — ADR		543,558
			4,009,698
Cayman Islands: 0.5%
194,000	Tingyi Cayman Islands Holding		480,065
Chile: 0.2%
14,808	Cia Cervecerias Unidas SA		116,490
5,600	Enersis SA — ADR		128,016
			244,506
China: 4.1%
232,720	Chaoda Modern Agriculture Holdings Ltd.		247,735
1,176,000	China Construction Bank — Class H		1,004,501
684,000	Dongfeng Motor Group Ltd. — Class H		976,754
316,000	Industrial & Commercial Bank of China		260,253
186,000	PetroChina Co. Ltd. — Class H		221,132
76,000	Shandong Weigao Group Medical Polymer Ltd. — Class H		253,293

Shares		Value
29,000	Tencent Holdings Ltd.	$	627,220
64,000	Weichai Power Ltd. — Class H		513,305
			4,104,193
Czech Republic: 0.2%
3,793	CEZ Group		178,007
Denmark: 1.4%
36	A P Moller-Maersk A — Class B		252,599
18,810	Novo Nordisk A — Class B		1,199,280
			1,451,879
France: 7.0%
11,903	AXA SA		279,014
13,500	BNP Paribas		1,069,045
28,383	Credit Agricole SA		497,304
3,572	Gecina SA		387,766
4,819	Schneider Electric SA		559,403
27,373	Societe Generale		1,898,771
32,464	Total SA		2,081,757
1,502	Unibail-Rodamco SE		329,421
			7,102,481
Germany: 6.9%
13,064	Aareal Bank AG		244,925
16,723	BASF SE		1,033,308
8,837	Bayerische Motoren Werke AG		401,624
16,808	Deutsche Bank AG		1,186,554
14,239	Hannover Rueckversicherung AG		664,165
13,178	Muenchener Rueckversicherungs AG		2,049,251
5,337	RWE AG		517,069
7,743	Siemens AG		709,422
4,605	ThyssenKrupp AG		172,830
			6,979,148
Great Britian: 16.8%
16,250	Aggreko PLC		242,590
4,791	Anglo American PLC		207,486
32,733	Antofagasta PLC		520,702
34,968	AstraZeneca PLC		1,643,396

See Notes to Financial Statements 75 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor International Equity Fund

Shares		Value
Great Britian (continued): 16.8%
29,172	Atkins WS PLC	$	287,334
78,374	BAE Systems PLC		453,603
79,000	Barclays PLC		348,110
45,379	BHP Billiton PLC		1,446,680
40,250	British American Tobacco PLC		1,306,647
555,611	BT Group PLC — Class A		1,210,024
16,136	Close Brothers Group PLC		179,318
48,592	Compass Group PLC		347,748
120,605	DS Smith PLC		246,676
101,410	GlaxoSmithKline PLC		2,150,485
98,700	Hiscox Ltd.		502,957
54,761	JKX Oil & Gas PLC		249,624
37,707	Mondi PLC		202,299
23,583	Next PLC		788,521
89,659	Pearson PLC		1,285,526
38,500	Petrofac Ltd.		644,486
25,856	Smith & Nephew PLC		265,964
42,980	Standard Chartered PLC		1,085,067
27,744	Tate & Lyle PLC		192,971
21,379	Vedanta Resources PLC		894,193
27,929	Wetherspoon (J.D.) PLC		191,226
			16,893,633
Greece: 0.6%
12,960	Alpha Bank AE		150,986
10,601	OPAP SA		232,527
9,660	Public Power SA		178,862
			562,375
Hong Kong: 2.6%
152,000	China Unicom Hong Kong Ltd.		199,469
87,000	Hutchison Whampoa Ltd.		595,257
167,000	Hysan Development Ltd.		472,636
364,000	Noble Group Ltd.		834,658
58,000	VTech Holdings Ltd.		553,210
			2,655,230
India: 1.6%
8,600	Infosys Technologies Ltd.		475,322

Shares		Value
8,836	State Bank of India Ltd.	$	869,331
13,100	Sterlite Industries India Ltd. — ADR		238,682
			1,583,335
Indonesia: 0.9%
164,500	Astra International		603,162
340,500	Semen Gresik Persero		270,479
			873,641
Ireland: 0.3%
12,857	CRH PLC		350,852
Israel: 0.5%
25,700	Partner Communications		522,995
Italy: 3.0%
50,965	Banco Popolare Scarl		381,165
62,860	ENI SpA		1,598,167
12,416	Finmeccanica SpA		198,467
182,977	Telecom Italia SpA		284,968
154,092	UniCredito Italiano SpA		514,405
			2,977,172
Japan: 15.2%
100,000	77 Bank Ltd.		532,362
21,800	Canon		927,887
27,000	Daiwa House Industry Ltd.		290,495
7,200	East Japan Railway		455,891
52,500	FUJIFILM Holdings		1,586,472
95,000	Fujitsu Ltd.		616,763
68,000	Gunma Bank Ltd.		347,985
43,600	Honda Motor Ltd.		1,480,165
56,000	Itochu		413,904
47,000	Joyo Bank Ltd.		188,980
263	KDDI		1,393,859
259,000	Marubeni		1,431,556
39,000	Nippon Meat Packers		451,782
25,000	Nippon Oil		115,971
217	NTT DoCoMo		303,000
4,030	ORIX		274,542
84,000	Osaka Gas Ltd.		283,271

December 31, 2009 76 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor International Equity Fund

Shares		Value
Japan (continued): 15.2%
48,000	Sakai Chemical Industry Ltd.	$	217,964
34,800	Sony		1,012,295
96,100	Sumitomo		979,140
8,100	Takata		189,208
37,000	Tokushima Bank Ltd.		129,667
159,000	Tokyo Gas Ltd.		635,044
81	West Japan Railway		271,725
37,000	Yamanashi Chuo Bank Ltd.		147,860
50,000	Yamato Holdings Ltd.		696,414
			15,374,202
Malaysia: 0.4%
72,100	AMMB Holdings BHD		104,968
117,400	Tenaga Nasional BHD		287,374
			392,342
Mexico: 1.0%
152,600	GEO SAB de CV*		405,731
114,300	Grupo Modelo SAB de CV		635,093
			1,040,824
Netherlands: 2.8%
58,946	ING Groep NV		566,746
110,763	James Hardie Industries NV		842,259
10,254	Koninklijke DSM NV		502,992
28,796	Royal Dutch Shell PLC — Class A		871,372
			2,783,369
Norway: 2.0%
80,666	DnB NOR ASA		870,502
26,700	StatoilHydro ASA		665,623
36,600	Telenor ASA		511,088
			2,047,213
Poland: 0.4%
9,648	KGHM Polska Miedz SA		355,414
Russia: 1.6%
12,492	LUKOIL		707,885
10,100	Mobile Telesystems		493,789
10,379	Pharmstandard*		210,591
5,927	Tatneft		171,258
			1,583,523

Shares		Value
Singapore: 0.2%
46,000	Wilmar International Ltd.	$	209,095
South Africa: 0.9%
15,400	Group Ltd.		244,780
39,912	Shoprite Holdings Ltd.		350,433
30,784	Truworths International Ltd.		180,678
11,903	Wilson Bayly Holmes-Ovcon Ltd.		172,706
			948,597
South Korea: 3.5%
17,260	Daegu Bank*		254,104
2,385	Hyundai Heavy Industries*		354,387
9,640	Korea Electric Power		281,585
1,602	Korea Zinc Ltd.*		279,955
19,700	LG Dacom*,1		308,862
8,220	LG Display Ltd.*		278,119
2,739	LG Electronics		285,738
46,210	LG Telecom Ltd.*		336,995
2,300	POSCO — ADR		301,530
1,870	Samsung Electro-Mechanics Ltd.*		172,099
724	Samsung Electronics Co. Ltd.		496,820
9,460	STX Engine Ltd.*		155,133
			3,505,327
Spain: 3.5%
20,249	Banco Bilbao Vizcaya Argentaria SA		368,436
109,715	Banco Santander SA		1,810,044
17,492	Enagas		387,134
34,729	Telefonica SA		970,445
			3,536,059
Sweden: 0.3%
14,543	Assa Abloy AB — Class B		280,467
Switzerland: 5.4%
2,542	Baloise Holding AG		210,903
57,156	Nestle SA		2,771,978
10,188	Roche Holding AG		1,741,017
3,339	Zurich Financial Services AG		729,456
			5,453,354

See Notes to Financial Statements 77 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor International Equity Fund

Shares		Value
Taiwan: 2.3%
477,000	Advanced Semiconductor Engineering	$	428,622
57,050	HON HAI Precision Industry Ltd.		267,096
650	HTC		7,455
17,034	MediaTek		296,282
95,264	Taiwan Semiconductor Manufacturing Co. Ltd.		1,089,820
172,000	TSRC		213,077
			2,302,352
Thailand: 0.8%
56,300	Bangkok Bank PCL		197,152
1,141,100	Charoen Pokphand Foods PCL		390,269
323,200	CP ALL PCL		241,091
			828,512
Turkey: 0.7%
55,897	Haci Omer Sabanci Holding AS		217,816
78,650	Turkiye Is Bankasi — Class C		332,514
69,900	Turkiye Vakiflar Bankasi Tao — Class D		200,766
			751,096
	Total Common Stocks (Identified Cost $77,165,950)		97,521,731
	Total Investments: 96.7% (Identified Cost $77,165,950)2		97,521,731
	Total Other Assets Less Liabilities: 3.3%		3,345,374
	Total Net Assets: 100.0%	$	100,867,105

* Non-income producing security.

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

² See Note 6 for important tax information.

ADR — American Depositary Receipt

AG — Aktiengesellschaft (German designation for stock corporation)

ASA — Allmennaksjeselskap (Norwegian designation for company on the stock exchange)

BHD — Berhad (Malaysian designation for incorporated)

Ltd. — Limited

NV — Naamloze Vennootschap (Dutch designation for public limited liability corporation)

PCL — Public Company Limited (Thai designation for Plc)

PLC — Public Limited Company

SA — Société Anonyme (French designation for stock corporation)

SAB de CV — Sociedad Anonima de Capital Variable (Spanish designation for variable capital company)

SpA — Società Per Azioni (Italian designation for shared company)

December 31, 2009 78 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor Strategic Alternatives Fund

Principal Amount		Value
CORPORATE BONDS: 7.8%
Finance-Banking: 7.8%
$10,000,000	Barclay S&P Commodity Total Return1,2,3 0.133%, 08/20/2010	$	9,284,000
	Total Corporate Bonds (Identified Cost $10,000,000)		9,284,000
Shares
EXCHANGE TRADED FUNDS: 57.0%
188,000	iShares Barclays 1-3 Year Credit Bond Fund4		19,544,480
200,400	iShares Barclays Aggregate Bond Fund		20,679,276
80,450	Market Vectors Coal Index		2,905,854
47,800	Market Vectors Steel Index		2,940,656
204,100	PowerShares DB G10 Currency Harvest Fund		4,804,514
490,400	SPDR DJ Wilshire International Real Estate		17,110,056
	Total Exchange Traded Funds (Identified Cost $70,539,051)		67,984,836
EXCHANGE TRADED NOTES: 14.1%
367,505	iPath Optimized Currency Carry		16,750,878
	Total Exchange Traded Notes (Identified Cost $18,365,058)		16,750,878
Principal Amount
STRUCTURED NOTES: 10.1%
Structured Notes: 10.1%
8,000,000	Svensk Exportkredit AB MTN — Linked to DB Balanced Currency Harvest Index* 0.000%, 04/28/2011		7,811,200
4,500,000	Svensk Exportkredit AB MTN — Linked to DB Balanced Currency Harvest Index* 0.000%, 03/16/2012		4,194,900
	Total Structured Notes (Identified Cost $12,500,000)		12,006,100

Principal Amount		Value
U.S. GOVERNMENT AND AGENCY SECURITIES: 8.4%
Federal Farm Credit Bank (FFCB): 8.4%
$10,000,000	FFCB1,4 0.152%, 06/22/2010	$	9,998,760
	Total U.S. Government and Agency Securities (Identified Cost $10,001,902)		9,998,760
Contracts
PURCHASED OPTIONS: 2.7%
2,795	iShares DJ US Real Estate, Expires January 2011, Strike Price $41 Call		2,236,000
1,400	iShares DJ US Real Estate, Expires January 2011, Strike Price $43 Call		1,036,000
	Total Purchased Options (Identified Cost $2,504,100)		3,272,000
	Total Investments: 100.1% (Identified Cost $123,910,111)5		119,296,574
WRITTEN OPTIONS: (0.5%)
(2,795)	iShares DJ US Real Estate, Expires January 2011, Strike Price $29 Put		(416,455	)
(1,400)	iShares DJ US Real Estate, Expires January 2011, Strike Price $30 Put		(232,400	)
	Total Written Options (Identified Proceeds $1,176,599)		(648,855	)
	Total Other Assets Less Liabilities: 0.4%		478,375
	Total Net Assets: 100.0%	$	119,126,094

* Non-income producing.

¹ Represents an adjustable rate security. Rate disclosed is as of December 31, 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.

See Notes to Financial Statements 79 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor Strategic Alternatives Fund

³ Fair Valued security under procedures established by the Fund’s Board of Trustees.

⁴ Security, or a portion of, has been pledged as collateral.

⁵ See Note 6 for important tax information.

MTN — Medium Term Note

S&P — Standard & Poor’s

SPDR — Standard & Poor’s Depositary Receipts

December 31, 2009 80 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor Frontier Markets Fund

Shares		Value
COMMON STOCKS: 7.0%
Commercial Banks: 2.5%
15,000	Banco Macro SA — ADR	$	446,400
2,100	Banque Audi sal — Audi Saradar Group		182,700
14,451	BBVA Banco Frances SA — ADR		90,897
2,000	BLOM Bank SAL		176,000
2,525	Halyk Savings Bank of Kazakhstan JSC*		23,987
3,200	Kazkommertsbank*		29,120
			949,104
Diversified Telecommunication Services: 1.2%
26,000	Telecom Argentina SA — ADR*		437,320
Food Products: 0.5%
13,373	Cresud SACIF y A — ADR		192,304
Oil, Gas & Consumable Fuels: 0.9%
6,900	KazMunaiGas Exploration Production		171,810
10,590	Petrobras Energia SA		165,522
			337,332
Real Estate: 1.9%
29,400	Solidere		720,300
	Total Common Stocks (Identified Cost $2,053,295)		2,636,360
EXCHANGE TRADED PRODUCTS: 51.0%
365,188	Barclays Middle East Equities Non ETN*,2		8,358,788
10,000	iShares Barclays 1-3 Year Credit Bond Fund		1,039,600
75,000	iShares Barclays Aggregate Bond Fund		7,739,250
9,706	Market Vectors — Gulf States ETF2		188,491
14,500	Market Vectors Africa Index ETF2		411,800
44,500	Market Vectors Vietnam ETF*		1,134,305
14,899	PowerShares MENA Frontier Countries Portfolio		191,899

Shares		Value
13,090	WisdomTree Middle East Dividend Fund	$	188,496
	Total Exchange Traded Funds (Identified Cost $19,153,392)		19,252,629
Principal Amount
U.S. GOVERNMENT AND AGENCY SECURITIES: 19.9%
Federal National Mortgage Corp (FNMA): 14.6%
$5,500,000	FNMA 1.875%, 04/08/2011		5,516,681
U.S. Treasury Bonds & Notes: 5.3%
2,000,000	U.S. Treasury Note1 2.375%, 09/30/2014		1,983,120
	Total U.S. Government and Agency Securities (Identified Cost $7,500,000)		7,499,801
Shares
WARRANTS: 19.8%
5,940	MSCI GCC Countries Ex-Saudi Arabi, Expires 09/24/10, Strike Price: $0.000001*,2		2,879,118
9,500	MSCI GCC Countries Ex-Saudi Arabia, Expires 02/24/10, Strike Price: $0.000001*,2		4,604,650
	Total Warrants (Identified Cost $7,644,151)		7,483,768
	Total Investments: 97.7% (Identified Cost $36,350,838)3		36,872,558
	Total Other Assets Less Liabilities: 2.3%		887,161
	Total Net Assets: 100.0%	$	37,759,719

OUTSTANDING TOTAL RETURN SWAP CONTRACTS

Counterparty	Reference Entry/Obligation	Fund Pays	Fund Receives	Termination Date	Notional Amount	Net Unrealized Gain (Loss)
Barclays Capital	MSCI GCC Countries ex-Saudi Arabia	1-month LIBOR plus 50 Bps	Total Return	4/26/2010	6,894,284	$	24,087
Barclays Capital	Eastern Europe Basket of Securities	1-month LIBOR plus 85 Bps	Total Return	4/29/2010	4,826,724		26,660
Morgan Stanley	Sri-Lanka	FEDEF – 1D	Total Return	12/31/2049	169,911		(834)
Morgan Stanley	Pakistan Equity	FEDEF – 1D	Total Return	12/31/2049	1,299,813		(5,857)
Morgan Stanley	Nigeria/Kenya	FEDEF – 1D	Total Return	12/31/2049	3,421,437		49,533
						$	93,589

See Notes to Financial Statements 81 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor Frontier Markets Fund

* Non-income producing security.

¹ Security, or a portion of, has been pledged as collateral for swap contracts.

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

³ See Note 6 for important tax information.

ADR — American Depositary Receipt

ETF — Exchange Traded Fund

ETN — Exchange Traded Note

FEDEF – 1D — Federal Funds Effective Rate (Daily)

GCC — Gulf Cooperation Council

LIBOR — London Interbank Offered Rate

MENA — Middle East & North Africa

MSCI — Morgan Stanley Capital International

SA — Société Anonyme (French designation for stock corporation)

December 31, 2009 82 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor High Yield Bond Fund

Principal Amount		Value
CORPORATE BONDS: 96.0%
Automobiles: 1.2%
$1,500,000	Ford Motor 6.500%, 08/01/2018	$	1,265,625
Computers & Peripherals: 1.8%
1,000,000	GameStop 8.000%, 10/01/2012		1,041,250
1,000,000	SanDisk 1.000%, 05/15/2013		833,750
			1,875,000
Consumer Finance: 2.7%
1,500,000	Ford Motor Credit LLC 7.500%, 08/01/2012		1,512,687
1,500,000	GMAC LLC1 6.750%, 12/01/2014		1,425,000
			2,937,687
Electric Utilities: 1.6%
1,000,000	Mirant Americas Generation LLC 8.500%, 10/01/2021		950,000
1,000,000	Texas Competitive Electric Holdings LLC 10.250%, 11/01/2015		810,000
			1,760,000
Finance-Other: 1.9%
1,000,000	Pinnacle Foods Finance LLC 10.625%, 04/01/2017		1,040,000
1,000,000	Tube City IMS 9.750%, 02/01/2015		966,250
			2,006,250
Food & Staples Retailing: 1.9%
1,000,000	Ingles Markets 8.875%, 05/15/2017		1,040,000
1,000,000	SUPERVALU 7.500%, 05/15/2012		1,030,000
			2,070,000
Health Care Providers & Services: 4.3%
1,000,000	Community Health Systems 8.875%, 07/15/2015		1,035,000
1,475,000	HCA 9.000%, 12/15/2014		1,472,365

Principal Amount		Value
$1,000,000	Prospect Medical Holdings 12.750%, 07/15/2014	$	1,050,000
1,000,000	Tenet Healthcare 9.250%, 02/01/2015		1,065,000
			4,622,365
Industrial Energy: 0.9%
1,000,000	Murray Energy1 10.250%, 10/15/2015		995,000
Industrial-Automotive: 2.0%
1,000,000	Exide Technologies 10.500%, 03/15/2013		1,012,500
1,000,000	Goodyear Tire & Rubber 10.500%, 05/15/2016		1,105,000
			2,117,500
Industrial-Basic: 1.0%
1,000,000	Nalco Finance Holdings3 9.000%, 02/01/2014		1,020,000
Industrial-Capital Goods: 1.9%
1,000,000	Case New Holland 7.125%, 03/01/2014		1,015,000
1,000,000	Columbus McKinnon 8.875%, 11/01/2013		1,021,250
			2,036,250
Industrial-Energy: 10.7%
1,000,000	Antero Resources Finance1 9.375%, 12/01/2017		1,020,000
1,000,000	Arch Western Finance LLC 6.750%, 07/01/2013		992,500
1,000,000	Berry Petroleum 8.250%, 11/01/2016		985,000
1,000,000	Hercules Offshore3 3.375%, 06/01/2038		793,750
1,000,000	KCS Energy 7.125%, 04/01/2012		1,002,500
1,000,000	MarkWest Energy Partners 6.875%, 11/01/2014		945,000
1,000,000	Parker Drilling 2.125%, 07/15/2012		892,500

See Notes to Financial Statements 83 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor High Yield Bond Fund

Principal Amount		Value
Industrial-Energy (continued): 10.7%
$1,000,000	Plains Exploration & Production 7.000%, 03/15/2017	$	982,500
1,000,000	Quicksilver Resources 7.125%, 04/01/2016		932,500
1,000,000	Regency Energy Partners 8.375%, 12/15/2013		1,035,000
1,000,000	Targa Resources Partners 8.250%, 07/01/2016		991,250
1,000,000	Western Refining1 11.250%, 06/15/2017		905,000
			11,477,500
Industrial-Entertainment: 1.8%
1,000,000	Lions Gate Entertainment1 10.250%, 11/01/2016		991,250
1,000,000	NCL Ltd.1 11.750%, 11/15/2016		987,500
			1,978,750
Industrial-Gaming: 2.6%
1,000,000	MGM Mirage 7.500%, 06/01/2016		780,000
1,000,000	Peninsula Gaming LLC1 10.750%, 08/15/2017		1,005,000
1,000,000	Seneca Gaming 7.250%, 05/01/2012		975,000
			2,760,000
Industrial-Health Care: 3.8%
1,000,000	Alliance HealthCare Services1 8.000%, 12/01/2016		975,000
1,000,000	AMR HoldCo 10.000%, 02/15/2015		1,050,000
1,000,000	Healthsouth 10.750%, 06/15/2016		1,087,500
1,000,000	Universal Hospital Services 8.500%, 06/01/2015		985,000
			4,097,500
Industrial-Media Cable: 1.0%
1,000,000	Cablevision Systems1 8.625%, 09/15/2017		1,041,250

Principal Amount		Value
Industrial-Media-Non-Cable: 0.8%
$1,000,000	Marquee Holdings3 12.000%, 08/15/2014	$	831,250
Industrial-Other: 18.7%
1,000,000	Berry Plastics Escrow LLC1 8.875%, 09/15/2014		972,500
1,000,000	Domtar 9.500%, 08/01/2016		1,071,250
1,000,000	Esco1 8.625%, 12/15/2013		995,000
1,500,000	Essar Steel Algoma1 9.375%, 03/15/2015		1,479,375
1,500,000	Exopack Holding 11.250%, 02/01/2014		1,524,375
1,000,000	Graham Packaging 9.875%, 10/15/2014		1,020,000
1,000,000	Graphic Packaging International 9.500%, 08/15/2013		1,032,500
1,000,000	GXS Worldwide1 9.750%, 06/15/2015		982,500
1,000,000	Hertz 7.625%, 06/01/2012		1,005,000
1,250,000	Intcomex1,4 13.250%, 12/15/2014		1,215,625
1,000,000	Interface 9.500%, 02/01/2014		983,750
1,000,000	Lennar 5.600%, 05/31/2015		916,250
1,000,000	Rockwood Specialties 7.500%, 11/15/2014		1,010,000
1,000,000	RSC Equipment Rental 9.500%, 12/01/2014		1,001,250
1,000,000	Solo Cup 8.500%, 02/15/2014		977,500
1,000,000	Stonemor Operating LLC1 10.250%, 12/01/2017		1,017,500
1,000,000	United Rentals North America 7.000%, 02/15/2014		905,000
1,000,000	Verso Paper Holdings LLC 11.375%, 08/01/2016		805,000

December 31, 2009 84 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor High Yield Bond Fund

Principal Amount		Value
Industrial-Other (continued): 18.7%
$1,000,000	WMG Acquisition1 9.500%, 06/15/2016	$	1,071,250
			19,985,625
Industrial-Other Consumer Cyclicals: 1.9%
1,000,000	Carrols 9.000%, 01/15/2013		1,015,000
1,000,000	Denny’s Holdings 10.000%, 10/01/2012		1,022,500
			2,037,500
Industrial-Other Consumer Non-Cyclicals: 2.8%
1,000,000	ACCO Brands 7.625%, 08/15/2015		930,000
1,000,000	Trimas1 9.750%, 12/15/2017		981,250
1,000,000	Visant Holding3 9.240%, 12/01/2013		1,032,500
			2,943,750
Industrial-Retailers: 7.8%
1,000,000	Asbury Automotive Group 7.625%, 03/15/2017		942,500
1,000,000	Blockbuster1 11.750%, 10/01/2014		950,000
1,000,000	Burlington Coat Factory Warehouse 11.125%, 04/15/2014		1,032,500
1,000,000	Ferrellgas Partners 8.750%, 06/15/2012		1,012,500
1,000,000	Pantry 3.000%, 11/15/2012		875,000
1,000,000	Phillips-Van Heusen 8.125%, 05/01/2013		1,020,000
1,000,000	Rite Aid 9.500%, 06/15/2017		870,000
1,000,000	Toys R US 7.875%, 04/15/2013		1,005,000
641,000	Vitamin Shoppe Industries2 7.773%, 11/15/2012		643,404
			8,350,904

Principal Amount		Value
Industrial-Technology: 3.7%
$1,000,000	First Data 11.250%, 03/31/2016	$	855,000
1,000,000	Stream Global Services1 11.250%, 10/01/2014		1,011,250
1,000,000	SunGard Data Systems 10.250%, 08/15/2015		1,065,000
1,000,000	Viasystems1 12.000%, 01/15/2015		1,071,250
			4,002,500
Industrial-Telecommunications-Wired: 5.4%
1,000,000	Citizens Communications 7.000%, 11/01/2025		822,500
1,000,000	Global Crossing UK Finance PLC 10.750%, 12/15/2014		1,025,000
1,000,000	PAETEC Holding 9.500%, 07/15/2015		962,500
1,000,000	Qwest Communications International 7.500%, 02/15/2014		1,003,750
1,000,000	Syniverse Technologies 7.750%, 08/15/2013		993,750
1,000,000	West 9.500%, 10/15/2014		1,015,000
			5,822,500
Industrial-Telecommunication-Wireless: 3.8%
1,500,000	Intelsat Bermuda Ltd.1,3 11.250%, 02/04/2017		1,503,750
1,500,000	Nextel Communications 7.375%, 08/01/2015		1,458,750
1,000,000	Telesat Canada 12.500%, 11/01/2017		1,100,000
			4,062,500
Industrial-Transportation: 2.9%
1,000,000	American Airlines1 10.500%, 10/15/2012		1,045,000
1,000,000	Delta Air Lines1 9.500%, 09/15/2014		1,038,750
1,000,000	RailAmerica 9.250%, 07/01/2017		1,063,750
			3,147,500

See Notes to Financial Statements 85 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor High Yield Bond Fund

Principal Amount		Value
Media: 0.9%
$1,000,000	Liberty Media LLC 5.700%, 05/15/2013	$	952,500
Real Estate: 1.8%
1,000,000	Felcor Lodging1 10.000%, 10/01/2014		1,008,750
1,000,000	Host Hotels & Resorts1 2.625%, 04/15/2027		937,500
			1,946,250
Specialty Retail: 1.0%
1,000,000	Sally Holdings LLC 9.250%, 11/15/2014		1,037,500
Textiles, Apparel & Luxury Goods: 1.0%
1,000,000	Levi Strauss 9.750%, 01/15/2015		1,050,000
Transportation: 1.0%
1,000,000	Kansas City Southern Railway 8.000%, 06/01/2015		1,036,250
Utilities: 1.4%
1,500,000	AES 7.750%, 03/01/2014		1,522,500
	Total Corporate Bonds (Identified Cost $94,369,054)		102,789,706
	Total Investments: 96.0% (Identified Cost $94,369,054)5		102,789,706
	Total Other Assets Less Liabilities: 4.0%		4,287,494
	Total Net Assets: 100.0%	$	107,077,200

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 December 31, 2009.

³ Represents a step bond. Rate disclosed is the effective yield as of December 31, 2009.

⁴ Fair Valued security under procedures established by the Fund’s Board of Trustees.

⁵ See Note 6 for important tax information.

LLC — Limited Liability Company

Ltd. — Limited

PLC — Public Limited Company

December 31, 2009 86 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor Investment Grade Fixed-Income Fund

Principal Amount			Value
	ASSET BACKED SECURITIES: 5.4%
$	84,777,823	Bear Stearns Commercial Mortgage Securities1,2,4 0.212%, 11/11/2041	$	1,229,245
	16,687,543	Captec Franchise Trust1,2,4,7 0.849%, 10/25/2018		219,743
	1,060,000	CBC Insurance Revenue Securitization LLC2,7 8.880%, 02/15/2023		1,019,190
	385,000	CDO Repack SPC Ltd.2,7 7.110%, 05/20/2030		152,292
	686,161	CDO Repackaging Trust Series1,2,7 2.084%, 01/17/2036		240,088
	183,130	Centex Home Equity Company, LLC1,2,7 3.731%, 07/25/2034		24,521
	11,555,271	CNL Funding1,2,4,7 1.457%, 09/18/2012		443,722
	876,303	Commercial Industrial Finance1,2,7 4.256%, 03/01/2021		286,551
	8,732,113	Falcon Franchise Loan1,2,4,7 3.040%, 06/05/2020		826,058
	435,093	Falcon Franchise Loan2 4.856%, 01/05/2025		366,649
	250,000	Falcon Franchise Loan2,7 7.074%, 01/05/2025		80,500
	2,651,918	Falcon Franchise1,2,4,7 3.034%, 01/05/2023		178,474
	225,028	Home Equity Mortgage Trust3 5.367%, 07/25/2036		42,776
	1,731,688	Luxembourg Fund Holdings of KODIAK Currency1,2,7 1.775%, 08/07/2037		34,253
	947,994	Orion Ltd. CDO1,2,7 3.735%, 09/10/2046		9,458
	1,705,638	Restructured Asset Securities1,2,7 1.547%, 01/29/2022		770,012
				5,923,532
		Total Asset Backed Securities (Identified Cost $14,245,360)		5,923,532

Principal Amount			Value
	COLLATERALIZED MORTGAGE OBLIGATIONS: 15.0%
$	241,589	Attentus CDO Ltd.2,7 9.532%, 10/11/2042	$	2,633
	1,000,000	Banc of America Large Loan 1,2 3.233%, 03/15/2022		105,231
	1,628,439	Capco America Securitization Corp.1 2.261%, 10/15/2030		96
	11,143	Collateralized Mortgage Securities 9.450%, 02/01/2017		12,369
	973,251	Countrywide Alternative Loan Trust 6.000%, 05/25/2036		592,771
	611,000	Entertainment Properties Trust2 6.223%, 02/15/2018		466,311
	546,580	FHLMC 4.500%, 03/15/2019		560,925
	585,695	FHLMC 6.000%, 02/15/2034		616,947
	1,720,000	FHLMC 5.500%, 10/15/2034		1,711,209
	42,186,414	FNMA 0.000%, 06/17/2040		1,299
	1,943,511	FNMA 5.580%, 06/01/2011		2,026,993
	2,271,000	FNMA 5.500%, 11/25/2032		2,392,151
	441,022	FNMA 6.000%, 03/01/2033		467,391
	301,851	FNMA 3.950%, 05/01/2034		311,821
	1,136,598	FNMA 0.962%, 02/25/2035		5,192
	581,427	FNMA 4.000%, 11/01/2039		561,864
	218,833	FNMA 4.000%, 11/01/2039		211,492
	199,740	FNMA 4.000%, 11/01/2039		193,020
	697,770	GMAC Mortgage Corp. Loan Trust1 4.290%, 12/19/2033		696,443
	13,635,706	GNMA TRUST IO1,4 0.626%, 01/16/2042		248,389

See Notes to Financial Statements 87 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor Investment Grade Fixed-Income Fund

Principal Amount			Value
$	124,059	GNMA 3.360%, 08/16/2022	$	124,885
	11,160,905	GNMA 0.272%, 08/16/2043		134,887
	877,041	Government Lease Trust2 4.000%, 05/18/2011		904,668
	9,287	Harborview Mortgage Loan Trust1 1.358%, 06/19/2034		5,939
	485,609	JP Morgan Commercial Mortgage Securities 4.475%, 07/15/2041		490,126
	2,757,348	LB Commercial Conduit Mortgage Trust1,4 0.900%, 10/25/2026		1,271
	281,930,244	LB-UBS Commercial Mortgage Trust1,2 0.030%, 06/15/2038		338,937
	250,000	LNR CDO Ltd.7 6.000%, 02/28/2043		4,848
	1,298,453	Marathon Structured Finance CDO Ltd.1,2,6,7 3.682%, 07/26/2046		39,741
	18,651,479	Merrill Lynch Mortgage Investments1,4 0.766%, 11/15/2026		663,174
	1,000,000	Morgan Stanley Capital I1,2 6.936%, 06/03/2030		300,000
	650,000	Preferred Term Securities XIII Ltd.1,2 1.823%, 03/24/2034		73,125
	127,389,417	Salomon Brothers Mortgage Securities VII1,2 0.894%, 11/13/2036		1,650,190
	1,782,933	Washington Mutual1 5.613%, 01/25/2036		682,400
				16,598,738
		Total Collateralized Mortgage Obligations (Identified Cost $24,765,481)		16,598,738
	CORPORATE BONDS: 26.4%
	Diversified Financial Services: 1.7%
	500,000	General Electric Capital 5.720%, 08/22/2011		508,459

Principal Amount			Value
$	725,000	General Electric Capital 6.900%, 09/15/2015	$	804,119
	600,000	General Electric Capital 6.150%, 08/07/2037		566,595
				1,879,173
	Electric Utilities: 2.7%
	1,200,000	Dominion Resources1 1.303%, 06/17/2010		1,205,221
	1,000,000	FPL Group Capital1 1.133%, 06/17/2011		1,011,358
	704,098	MP Environmental Funding LLC7 4.982%, 07/15/2014		726,348
				2,942,927
	Finance-Banking: 11.5%
	600,000	Bank of America 5.750%, 12/01/2017		614,411
	800,000	Bank of America 5.650%, 05/01/2018		812,490
	1,800,000	Bank of America5 9.145%, 07/17/2028		388,964
	500,000	Barclays Bank PLC 5.200%, 07/10/2014		530,004
	1,500,000	Citigroup 6.125%, 11/21/2017		1,511,962
	200,000	Citigroup 8.500%, 05/22/2019		230,951
	1,300,000	HSBC Holdings PLC 6.800%, 06/01/2038		1,410,852
	200,000	HSBC1 0.938%, 09/29/2049		125,000
	500,000	JPMorgan Chase Bank1 0.584%, 06/13/2016		455,816
	900,000	JPMorgan Chase 5.375%, 10/01/2012		973,917
	1,000,000	M&T Trust1,2 1.790%, 04/01/2013		919,367
	800,000	Morgan Stanley1 0.584%, 01/09/2014		763,800
	800,000	Morgan Stanley1 0.764%, 10/15/2015		750,221

December 31, 2009 88 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor Investment Grade Fixed-Income Fund

Principal Amount			Value
	Finance-Banking (continued): 11.5%
$	200,000	Royal Bank of Scotland Group PLC 5.000%, 10/01/2014	$	176,753
	100,000	Royal Bank of Scotland Group PLC1,9 7.648%, 08/31/2049		68,000
	300,000	SLM1 0.512%, 10/25/2011		280,834
	700,000	Wachovia Bank1 1.172%, 05/14/2010		702,140
	1,500,000	Wachovia Bank 4.800%, 11/01/2014		1,533,415
	400,000	Wachovia Bank1 0.584%, 03/15/2016		358,897
	100,000	Wachovia 5.300%, 10/15/2011		106,152
				12,713,946
	Finance-Broker Related (Brokerage): 3.4%
	500,000	Goldman Sachs Group 6.250%, 09/01/2017		537,026
	1,000,000	Goldman Sachs Group 5.950%, 01/18/2018		1,055,973
	300,000	Goldman Sachs Group 6.150%, 04/01/2018		321,150
	270,000	Jefferies Group 6.250%, 01/15/2036		215,161
	695,000	Lehman Brothers Holdings6 5.750%, 04/25/2011		135,525
	1,300,000	Lehman Brothers Holdings6 6.875%, 05/02/2018		269,750
	200,000	Morgan Stanley 6.750%, 04/15/2011		211,897
	900,000	Morgan Stanley 6.625%, 04/01/2018		973,051
				3,719,533
	Finance-Other: 1.3%
	1,000,000	American Express Credit 5.875%, 05/02/2013		1,073,159
	250,000	NLV Financial2 7.500%, 08/15/2033		215,434
	1,000,000	Regional Diversified Funding1,2,7 1.602%, 01/25/2036		133,263
				1,421,856

Principal Amount			Value
	Industrial-Capital Goods: 0.9%
$	1,000,000	Eaton 6.500%, 06/01/2025	$	1,049,460
	Industrial-Energy: 1.4%
	700,000	Suncor Energy 6.850%, 06/01/2039		771,199
	750,000	Sunoco 9.000%, 11/01/2024		794,802
				1,566,001
	Industrial-Other: 1.4%
	1,300,000	Barnett Capital III1 0.906%, 02/01/2027		880,456
	1,617,048	Canal Pointe LLC1,2,7 3.931%, 06/25/2014		621,108
				1,501,564
	Industrial-Telecommunications-Wired: 1.1%
	1,000,000	AT&T 8.000%, 11/15/2031		1,220,518
	Insurance: 0.4%
	100,000	International Lease Finance 5.750%, 06/15/2011		91,880
	400,000	International Lease Finance1 0.634%, 07/13/2012		311,740
				403,620
	Utilities: 0.6%
	700,000	Entergy Arkansas 4.500%, 06/01/2010		711,824
		Total Corporate Bonds (Identified Cost $30,389,119)		29,130,422
	MUNICIPAL BONDS: 2.8%
	1,000,000	Chicago Transit Authority, Series A 6.899%, 12/01/2040		1,060,780
	1,100,000	Chicago Transit Authority, Series B 6.899%, 12/01/2040		1,166,858
	900,000	Florida State Turnpike Authority 6.800%, 07/01/2039		912,897
				3,140,535
		Total Municipal Bonds (Identified Cost $2,996,650)		3,140,535

See Notes to Financial Statements 89 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor Investment Grade Fixed-Income Fund

Principal Amount			Value
	U.S. GOVERNMENT AND AGENCY SECURITIES: 48.7%
	Department of Housing & Urban Development (HUD): 0.2%
$	214,000	HUD 6.330%, 08/01/2013	$	214,964
	Federal Home Loan Bank (FHLB) — Discount Note: 1.5%
	1,700,000	FHLB 0.040%, 02/03/2010		1,699,957
	Federal National Mortgage Association (FNMA): 0.5%
	500,000	FNMA 6.000%, 07/25/2033		531,831
	Small Business Administration-Pass-Through-Agency: 0.8%
	867,593	Small Business Administration 4.640%, 05/01/2023		898,422
	U.S. Treasury Bonds & Notes: 45.7%
	1,000,000	U.S. Treasury Bond 7.875%, 02/15/2021		1,344,060
	900,000	U.S. Treasury Bond 8.125%, 05/15/2021		1,231,173
	200,000	U.S. Treasury Bond 8.000%, 11/15/2021		272,344
	3,900,000	U.S. Treasury Bond 7.625%, 11/15/2022		5,202,249
	1,700,000	U.S. Treasury Bond 7.500%, 11/15/2024		2,272,696
	1,800,000	U.S. Treasury Bond 5.250%, 02/15/2029		1,950,188
	200,000	U.S. Treasury Bond 4.375%, 02/15/2038		192,063
	1,300,000	U.S. Treasury Bond 4.250%, 05/15/2039		1,219,563
	3,600,000	U.S. Treasury Bond 4.500%, 08/15/2039		3,518,438
	12,000,000	U.S. Treasury Note10 0.875%, 04/30/2011		12,015,936
	61,000	U.S. Treasury Note10 1.000%, 07/31/2011		61,093
	1,000,000	U.S. Treasury Note 2.125%, 11/30/2014		976,330
	4,900,000	U.S. Treasury Note 3.250%, 07/31/2016		4,908,805

Principal Amount			Value
$	5,200,000	U.S. Treasury Note 3.000%, 08/31/2016	$	5,114,283
	8,700,000	U.S. Treasury Note 3.125%, 10/31/2016		8,590,571
	400,000	U.S. Treasury Note 3.875%, 05/15/2018		406,282
	1,200,000	U.S. Treasury Note 4.000%, 08/15/2018		1,225,969
	36	U.S. Treasury STRIP5,8 0.000%, 11/15/2017		27
				50,502,070
		Total U.S. Government and Agency Securities (Identified Cost $54,970,206)		53,847,244
		Total Investments: 98.3% (Identified Cost $127,366,816)11		108,640,471
Contracts
	WRITTEN OPTIONS: (0.1%)
		CBOT ACAL Option on U.S. 10 Year Treasury Note Future,
	(63)	Expires January 2010, Strike Price $119		(1,969	)
		CBOT APUT Future,
	(63)	Expires January 2010, Strike Price $116		(68,906	)
		CBOT ACAL Option on U.S. 10 Year Treasury Note Future,
	(82)	Expires February 2010, Strike Price $120		(3,844	)
		CBOT APUT Future,
	(53)	Expires February 2010, Strike Price $115		(51,344	)
				(126,063	)
		Total Written Options (Identified Proceeds $93,665)		(126,063	)
		Total Other Assets Less Liabilities: 1.8%		1,951,448
		Total Net Assets: 100.0%	$	110,465,856

December 31, 2009 90 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor Investment Grade Fixed-Income Fund

FORWARD COMMITMENTS

Description	Interest Rate	Maturity Date	Principal Amount	Value
TBA Purchase Commitments at December 31, 2009: 6.6% (Cost Payable $7,450,742)
FHLMC	5.500%	01/01/2038	1,000,000	$	1,047,500
FNMA	5.500%	01/01/2038	1,000,000		1,046,719
FNMA	6.000%	01/01/2038	3,000,000		3,177,186
GNMA	6.000%	01/01/2034	2,000,000		2,113,124
				$	7,384,529

OUTSTANDING FUTURES CONTRACTS

Type	Expiration	Contracts	Units Per Contract	Unrealized Appreciation/ (Depreciation)
90 Day Euro Future (Buy)	03/15/10	3	2,500	$	27,338
90 Day Euro Future (Buy)	06/14/10	20	2,500		36,034
90 Day Euro Future (Buy)	09/13/10	216	2,500		366,730
U.S. 10 Year Treasury Note Future (Buy)	03/23/10	11	1,000		(37,376)
				$	392,726

¹ Represents an adjustable rate security. Rate disclosed is as of December 31, 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.

³ Represents a step bond. Rate disclosed is the effective yield as of December 31, 2009.

⁴ Interest only security.

⁵ Represents a zero coupon bond. Rate disclosed is the effective yield as of December 31, 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 Security, or a portion of, has been pledged as collateral.

¹¹ See Note 6 for important tax information. Security, or a portion of, has been pledged as collateral for futures contracts.

ACAL — Australian Conference Association Limited

APUT — Association of Property Unit Trusts

CBOT — Chicago Board of Trade

CDO — Collateralized Debt Obligation

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GMAC — General Motors Acceptance Corporation

GNMA — Government National Mortgage Association

HUD — Department of Housing & Urban Development

IO — Interest Only

LLC — Limited Liability Company

Ltd. — Limited

PLC — Public Limited Company

SPC — Special Purpose Company

STRIP — Separate Trading of Registered Interest and Principal of Securities.

TBA — To Be Announced

See Notes to Financial Statements 91 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor Investment Grade Fixed-Income Fund

Securities determined to be illiquid under procedures approved by the Fund’s Board of Trustees.

Information related to the illiquid securities is as follows:

Dates of Purchase	Security	Cost		Market Value		% of Net Assets
01/03/2007	Attentus CDO Ltd 9.532%, 10/11/2042	$	239,589	$	2,633	0.0%
10/24/2007	CBC Insurance Revenue Securitization LLC 8.880%, 02/15/2023		985,800		1,019,190	0.9%
10/03/2007	Canal Pointe LLC 3.931%, 06/25/2014		1,228,956		621,108	0.6%
04/07/2006	Captec Franchise Trust 0.849%, 10/25/2018		894,265		219,743	0.2%
09/08/2009	CDO Repack SPC Ltd. 7.110%, 05/20/2030		352,756		152,292	0.1%
05/25/2006	CDO Repackaging Trust Series 2.084%, 01/17/2036		686,161		240,088	0.2%
04/05/2006	Centex Home Equity Company, LLC 3.731%, 07/25/2034		137,348		24,521	0.0%
12/05/2005	CNL Funding 1.457%, 09/18/2012		1,649,387		443,722	0.4%
12/15/2006	Commercial Industrial Finance 4.256%, 03/01/2021		876,303		286,551	0.3%
06/03/2005	Falcon Franchise 3.034%, 01/05/2023		498,839		178,474	0.2%
11/16/2006	Falcon Franchise Loan 3.040%, 06/05/2020		1,794,828		826,058	0.7%
05/27/2004	Falcon Franchise Loan 4,856%, 01/05/2025		433,463		366,649	0.3%
02/11/2005	FNMA 0.962%, 02/25/2035		584,242		5,192	0.0%
06/14/2006	FNMA 0.000%, 06/17/2040		114,072		1,299	0.0%
05/17/2007	GNMA 0.272%, 08/16/2043		487,909		134,887	0.1%
07/24/2006	GNMA TRUST IO 0.626%, 01/16/2042		1,010,886		248,389	0.2%
03/30/2006	LB Commercial Conduit Mortgage Trust 0.900%, 10/25/2026		93,997		1,271	0.0%
10/19/2006	LNR CDO Ltd. 6.000%, 02/28/2043		220,313		4,848	0.0%
10/18/2006	Luxembourg Fund Holdings of KODIAK Currency, 1.775%, 08/07/2037		1,699,688		34,253	0.0%
03/15/2006	M&T Trust 1.790%, 04/01/2013		971,400		919,367	0.8%
03/19/2007	Marathon Structured Finance CDO Ltd. 3.682%, 07/26/2046		1,195,342		39,741	0.0%
03/29/2006	Merrill Lynch Mortgage Investments 0.766%, 11/15/2026		761,874		663,174	0.6%
01/18/2007	NLV Financial 7.500%, 08/15/2033		278,440		215,434	0.2%
06/06/2006	Orion Ltd. CDO 3.735%, 09/10/2046		945,636		9,458	0.0%
10/03/2006	Preferred Term Securities XIII Ltd. 1.823%, 03/24/2034		637,000		73,125	0.1%
01/22/2007	Regional Diversified Funding 1.602%, 01/25/2036		1,010,000		133,263	0.1%
01/18/2007	Restructured Asset Securities 1.547%, 01/29/2022		1,501,226		770,012	0.7%
	Total:	$	21,289,720	$	7,634,742

December 31, 2009 92 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor Mortgage Securities Fund

Principal Amount			Value
	ASSET BACKED SECURITIES: 2.1%
$	900,000	Capital Auto Receivables Asset Trust 5.300%, 05/15/2014	$	948,464
	675,000	Home Equity Asset Trust1 0.411%, 08/25/2037		321,919
	68,109	Merrill Lynch First Franklin Mortgage Loan Trust1 0.351%, 04/25/2037		64,229
		Total Asset Backed Securities (Identified Cost $1,326,202)		1,334,612
	PROJECT LOANS: 0.0%
	2,306	Merrill Lynch 423 7.430%, 09/01/2022		2,283
		Total Project Loans (Identified Cost $2,336)		2,283
	COLLATERALIZED MORTGAGE OBLIGATIONS: 96.1%
	Collateralized Mortgage Obligations — Other: 14.1%
	1,335,000	BA Credit Card Trust1 0.433%, 01/15/2013		1,329,839
	138,855	Banc of America Alternative Loan Trust 5.500%, 12/25/2018		137,119
	155,184	Banc of America Alternative Loan Trust 5.000%, 04/25/2019		151,305
	119,522	Countrywide Alternative Loan Trust 6.000%, 02/25/2017		117,934
	361,473	Countrywide Alternative Loan Trust 5.500%, 01/25/2035		333,344
	122,304	Countrywide Alternative Loan Trust 5.250%, 03/25/2035		101,928
	541,469	Countrywide Alternative Loan Trust 5.500%, 07/25/2035		436,813
	361,402	Countrywide Alternative Loan Trust 5.500%, 02/25/2036		306,006
	318,085	Countrywide Alternative Loan Trust 5.750%, 03/25/2037		234,828
	243,154	Countrywide Home Loan Mortgage Pass Through Trust1 4.046%, 05/20/2034		192,371
	538,690	Deutsche ALT-A Securities Alternate Loan Trust1 0.731%, 02/25/2035		399,630

Principal Amount			Value
$	137,318	First Horizon Alternative Mortgage Securities 5.500%, 03/25/2035	$	112,770
	357,248	GSR Mortgage Loan Trust1 3.377%, 01/25/2035		297,061
	126,332	GSR Mortgage Loan Trust 5.750%, 02/25/2036		125,535
	1,155,010	GSR Mortgage Loan Trust1 0.421%, 08/25/2046		828,385
	77,919	Harborview Mortgage Loan Trust1 0.563%, 09/19/2035		42,860
	160,896	Homebanc Mortgage Trust1 0.501%, 10/25/2035		108,809
	304,133	Indymac INDA Mortgage Loan Trust1 5.927%, 03/25/2037		229,076
	193,658	JP Morgan Mortgage Trust 5.500%, 12/25/2019		189,300
	142,051	Lehman Mortgage Trust 5.500%, 12/25/2035		126,559
	182,772	Residential Accredit Loans 5.500%, 01/25/2035		135,032
	332,861	Residential Accredit Loans 5.500%, 04/25/2035		251,935
	460,000	Residential Funding Mortgage Securities I 5.250%, 07/25/2035		424,665
	245,000	SLM Student Loan Trust1 1.582%, 01/25/2018		251,870
	250,000	Structured Asset Securities 5.500%, 04/25/2035		209,188
	1,658,514	Wells Fargo Alternative Loan Trust 6.000%, 06/25/2037		1,175,990
	420,000	Wells Fargo Mortgage Backed Securities Trust1 5.778%, 04/25/2036		352,387
				8,602,539
	Federal Home Loan Mortgage Corp (FHLMC): 1.7%
	231,009	FHLMC1 4.688%, 03/01/2038		240,550
	416,493	FHLMC1 5.148%, 03/01/2038		438,436

See Notes to Financial Statements 93 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor Mortgage Securities Fund

Principal Amount			Value
	Federal Home Loan Mortgage Corp (FHLMC) (continued): 1.7%
$	338,851	FHLMC1 5.190%, 07/01/2038	$	356,284
				1,035,270
	Federal Home Loan Mortgage Corp (FHLMC)-Pass-Through- Agency: 2.8%
	8,228	FHLMC — Gold 7.500%, 09/01/2014		8,917
	171	FHLMC — Gold 7.000%, 06/01/2015		185
	2,555	FHLMC — Gold 8.000%, 07/01/2024		2,930
	29,554	FHLMC — Gold 8.000%, 07/01/2024		33,896
	389	FHLMC — Gold 8.000%, 07/01/2024		447
	2,012	FHLMC — Gold 8.000%, 08/01/2024		2,308
	26,368	FHLMC — Gold 8.000%, 07/01/2025		30,210
	256	FHLMC — Gold 8.000%, 09/01/2025		294
	871	FHLMC — Gold 8.000%, 11/01/2025		999
	3,188	FHLMC — Gold 8.000%, 12/01/2025		3,653
	201	FHLMC — Gold 8.000%, 01/01/2026		230
	6,501	FHLMC — Gold 8.000%, 06/01/2026		7,461
	14,806	FHLMC — Gold 5.500%, 01/01/2029		15,603
	1,216,796	FHLMC — Gold 5.000%, 09/01/2033		1,252,793
	390,086	FHLMC — Gold 4.500%, 07/01/2039		389,517
				1,749,443
	Federal National Mortgage Association (FNMA)-Pass- Through-Agency: 77.0%
	801,017	FNMA 5.000%, 01/01/2023		838,413

Principal Amount			Value
$	431,105	FNMA 5.000%, 03/01/2023	$	452,174
	53,071	FNMA 7.500%, 09/01/2029		59,858
	6,321	FNMA 7.500%, 12/01/2031		7,134
	12,199,863	FNMA 5.500%, 02/01/2033		12,835,909
	3,175,921	FNMA 5.000%, 11/01/2033		3,272,342
	788,639	FNMA 5.000%, 03/01/2034		812,586
	215,296	FNMA 5.000%, 08/01/2034		222,006
	70,292	FNMA 5.000%, 08/01/2034		72,427
	550,499	FNMA 5.000%, 10/01/2034		567,214
	311,143	FNMA 5.000%, 12/01/2034		320,591
	1,045,288	FNMA 5.000%, 12/01/2035		1,076,048
	5,845,517	FNMA 5.000%, 03/01/2036		6,010,227
	233,762	FNMA 6.000%, 03/01/2036		248,299
	855,669	FNMA 5.000%, 08/01/2036		881,651
	157,419	FNMA 6.000%, 01/01/2037		167,208
	11,995,172	FNMA 5.500%, 09/01/2037		12,569,941
	1,371,271	FNMA 6.000%, 09/01/2037		1,454,618
	315,719	FNMA1 4.466%, 06/01/2038		328,689
	342,608	FNMA1 5.154%, 07/01/2038		360,208
	309,587	FNMA1 4.853%, 08/01/2038		324,601

December 31, 2009 94 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor Mortgage Securities Fund

Principal Amount			Value
	Federal National Mortgage Association (FNMA)- Pass-Through-Agency (continued): 77.0%
$	330,230	FNMA1 5.299%, 08/01/2038	$	347,750
	2,000,000	FNMA 5.500%, 10/01/2038		2,095,833
	23,808	FNMA 4.500%, 02/01/2039		23,790
	162,640	FNMA 4.500%, 05/01/2039		162,505
	235,242	FNMA 4.500%, 06/01/2039		235,046
	64,257	FNMA 4.500%, 06/01/2039		64,203
	376,677	FNMA 4.500%, 06/01/2039		376,363
	49,142	FNMA 4.500%, 06/01/2039		49,101
	191,449	FNMA 4.500%, 06/01/2039		191,290
	79,044	FNMA 4.500%, 07/01/2039		78,978
	777,105	FNMA 4.500%, 09/01/2039		776,457
				47,283,460
	Federal National Mortgage Corp (FNMA): 0.2%
	580,287	FNMA1,2 5.000%, 09/25/2039		132,106
	Government National Mortgage Association (GNMA): 0.2%
	792,617	GNMA1,2 6.168%, 01/16/2038		100,405
	Government National Mortgage Association (GNMA)- Pass-Through-Agency: 0.1%
	27,503	GNMA 5.500%, 04/15/2014		28,985
	2,892	GNMA 6.500%, 08/15/2014		3,109

Principal Amount			Value
$	17,195	GNMA 6.500%, 12/15/2023	$	18,316
	31,816	GNMA 8.000%, 09/20/2026		36,370
	3,701	GNMA 7.500%, 10/15/2029		4,167
				90,947
		Total Collateralized Mortgage Obligations (Identified Cost $58,877,912)		58,994,170
Contracts
	PURCHASED OPTIONS: 0.1%
	81	Eurodollar, Expires September 2010, Strike Price $98.75 Call		58,725
		Total Purchased Options (Identified Cost $89,853)		58,725
		Total Investments: 98.3% (Identified Cost $60,296,303)4		60,389,790
	WRITTEN OPTIONS: 0.0%
	(81)	Eurodollar, Expires September 2010, Strike Price $98.25 Put		(33,412	)
		Total Written Options (Identified Proceeds $60,503)		(33,412	)
		Total Other Assets Less Liabilities: 1.7%		1,049,948
		Total Net Assets: 100.0%	$	61,406,326

See Notes to Financial Statements 95 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor Mortgage Securities Fund

FORWARD COMMITMENT

Description	Interest Rate		Maturity Date	Principal Amount			Value
TBA Purchase Commitments at December 31, 2009: 59.1% (Cost Payable $36,633,418)
FHLMC	4.500	%	01/12/2036	$	1,100,000		$	1,097,250
FHLMC	4.500	%	01/01/2038		200,000			199,500
FHLMC	5.500	%	01/01/2038		1,100,000			1,152,250
FHLMC	6.000	%	01/01/2038		100,000			106,031
FNMA	5.000	%	01/01/2018		2,000,000			2,090,000
FNMA	5.500	%	01/01/2019		3,800,000			4,018,500
FNMA	4.500	%	02/18/2019		2,200,000			2,255,686
FNMA	4.000	%	01/01/2030		500,000			502,890
FNMA	4.000	%	11/15/2034		2,000,000			1,930,624
FNMA	4.500	%	01/01/2038		11,900,000			11,877,688
FNMA	6.000	%	01/01/2038		1,900,000			2,012,218
FNMA	6.500	%	01/01/2038		2,000,000			2,141,876
GNMA	5.500	%	01/01/2033		500,000			523,750
GNMA	6.000	%	01/01/2034		2,100,000			2,218,780
GNMA	6.500	%	01/01/2034		2,400,000			2,551,500
GNMA	4.500	%	01/15/2039		500,000			500,313
GNMA	5.000	%	01/15/2039		100,000			102,828
GNMA	4.500	%	01/15/2040		1,000,000			1,000,625
							$	36,282,309
TBA Sale Commitments at December 31, 2009: -51.5% (Proceeds Receivable $31,847,629)
FHLMC	5.000	%	02/15/2034		(900,000	)		(919,687	)
FNMA	5.500	%	01/01/2029		(21,300,000	)		(22,295,115	)
FNMA	5.000	%	01/01/2038		(6,400,000	)		(6,567,002	)
FNMA	5.000	%	02/01/2038		(1,800,000	)		(1,840,219	)
							$	(31,622,023	)

December 31, 2009 96 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor Mortgage Securities Fund

OUTSTANDING FUTURES CONTRACTS

Type	Expiration	Contracts	Units Per Contract	Unrealized Appreciation/ (Depreciation)
U.S. 10 Year Treasury Note Future (Buy)	03/23/10	27	1,000	$	(26,700)
U.S. 2 Year Treasury Note Future (Sell)	04/01/10	(4)	2,000		6,679
U.S. 5 Year Treasury Note Future (Sell)	04/01/10	(5)	1,000		13,797
				$	(6,224)

¹ Represents a variable or increasing rate security. Rate disclosed is as of December 31, 2009.

² Interest only security.

³ Fair Valued security under procedures established by the Fund’s Board of Trustees.

⁴ See Note 6 for important tax information.

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Corporation

GNMA — Government National Mortgage Association

TBA — To Be Announced

See Notes to Financial Statements 97 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor U.S. Government Money Fund

Principal Amount			Value
	COMMERCIAL PAPER: 14.9%
	Finance-Banking: 14.9%
$	20,000,000	Bank of America1 0.270%, 01/26/2010	$	19,996,250
	8,000,000	Bank of America1 0.341%, 04/26/2010		7,991,311
	25,000,000	Barclays US Funding1 0.526%, 03/16/2010		24,973,021
	20,000,000	ING US Funding LLC1 0.502%, 07/02/2010		19,949,445
	25,000,000	UBS Finance Delaware LLC1 1.018%, 06/11/2010		24,887,076
	9,000,000	UBS Finance Delaware LLC1 0.896%, 07/02/2010		8,959,505
		Total Commercial Paper (Identified Cost $106,756,608)		106,756,608
	U.S. AGENCY BONDS: 68.4%
	Federal Farm Credit Bank (FFCB): 9.7%
	40,000,000	FFCB2 0.262%, 07/28/2010		40,000,000
	30,000,000	FFCB2 0.180%, 10/22/2010		30,000,000
				70,000,000
	Federal Home Loan Bank (FHLB): 41.7%
	25,000,000	FHLB 0.310%, 01/22/2010		25,000,062
	75,000,000	FHLB2 0.660%, 02/02/2010		75,000,000
	50,000,000	FHLB2 0.632%, 02/18/2010		50,000,000
	20,000,000	FHLB3 0.500%, 02/24/2010		20,000,000
	20,000,000	FHLB 5.000%, 03/12/2010		20,170,604
	15,000,000	FHLB2,4 0.170%, 04/16/2010		14,992,483
	8,575,000	FHLB 4.875%, 05/14/2010		8,710,530
	20,000,000	FHLB 0.550%, 11/03/2010		20,000,000

Principal Amount			Value
$	20,000,000	FHLB2 0.161%, 11/26/2010	$	20,001,808
	20,000,000	FHLB 0.400%, 12/28/2010		20,000,000
	25,000,000	FHLB 0.450%, 12/30/2010		24,995,111
				298,870,598
	Federal Home Loan Bank (FHLB) — Discount Note: 1.3%
	9,219,000	FHLB 0.155%, 05/26/2010		9,213,245
	Federal Home Loan Mortgage Corporation (FHLMC): 10.4%
	50,000,000	FHLMC2 0.570%, 01/08/2010		50,000,000
	24,392,000	FHLMC2 0.084%, 08/10/2010		24,379,206
				74,379,206
	Federal National Mortgage Association (FNMA) — Discount Note: 1.1%
	8,000,000	FNMA 0.265%, 02/22/2010		7,996,938
	Federal National Mortgage Corp (FNMA): 4.2%
	30,000,000	FNMA2 0.228%, 08/05/2010		30,024,965
		Total U.S. Agency Bonds (Identified Cost $490,484,952)		490,484,952
		Total Investments: 83.3% (Identified Cost $597,241,560)5		597,241,560
		Total Other Assets Less Liabilities: 16.7%		119,857,183
		Total Net Assets: 100.0%	$	717,098,743

¹ Rate shown represents the bond equivalent yield to maturity at date of purchase.

² Represents an adjustable rate security. Rate disclosed is as of December 31, 2009.

³ Represents a step bond.

⁴ Rate shown is the effective yield as of December 31, 2009.

⁵ See Note 6 for important tax information.

LLC — Limited Liability Company

December 31, 2009 98 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor Income Allocation Fund

Shares		Allocation		Value
AFFILIATED INVESTMENT COMPANIES: 99.1%
Accessor Funds — Z Class Shares: 89.4%
317,033	Accessor High Yield Bond Fund	14.7	%	$	3,021,326
940,663	Accessor Investment Grade Fixed-Income Fund	47.8	%		9,782,896
346,628	Accessor Mortgage Securities Fund	21.8	%		4,474,974
1,040,619	Accessor U.S. Government Money Fund	5.1	%		1,040,619
					18,319,815
Forward Funds — Institutional Class Shares: 9.7%
188,161	Forward International Fixed Income Fund	9.7	%		1,985,100
	Total Affiliated Investment Companies (Identified Cost $21,353,357)				20,304,915
	Total Investments: 99.1% (Identified Cost $21,353,357)1				20,304,915
	Total Other Assets Less Liabilities: 0.9%				180,357
	Total Net Assets: 100.0%			$	20,485,272

¹ See Note 6 for important tax information.

See Notes to Financial Statements 99 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor Income & Growth Allocation Fund

Shares		Allocation		Value
AFFILIATED INVESTMENT COMPANIES: 97.0%
Accessor Funds — Z Class Shares: 96.5%
144,385	Accessor Frontier Markets Fund	3.0	%	$	1,632,997
167,411	Accessor Growth Fund	6.9	%		3,795,215
517,046	Accessor High Yield Bond Fund	8.9	%		4,927,453
267,755	Accessor International Equity Fund	6.9	%		3,818,181
1,725,838	Accessor Investment Grade Fixed-Income Fund	32.6	%		17,948,720
633,954	Accessor Mortgage Securities Fund	14.9	%		8,184,351
95,826	Accessor Small to Mid Cap Fund	4.2	%		2,329,521
581,337	Accessor Strategic Alternatives Fund	12.1	%		6,644,683
265	Accessor U.S. Government Money Fund	0.0	%		265
234,875	Accessor Value Fund	7.0	%		3,828,457
					53,109,843
Forward Funds — Institutional Class Shares: 0.5%
13,557	Forward Emerging Markets Fund	0.5	%		294,875
	Total Affiliated Investment Companies (Identified Cost $55,042,738)				53,404,718
	Total Investments: 97.0% (Identified Cost $55,042,738)1				53,404,718
	Total Other Assets Less Liabilities: 3.0%				1,679,827
	Total Net Assets: 100.0%			$	55,084,545

¹ See Note 6 for important tax information.

December 31, 2009 100 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor Balanced Allocation Fund

Shares		Allocation		Value
AFFILIATED INVESTMENT COMPANIES: 98.1%
Accessor Funds — Z Class Shares: 97.3%
453,265	Accessor Frontier Markets Fund	4.0	%	$	5,126,431
641,583	Accessor Growth Fund	11.4	%		14,544,681
860,587	Accessor High Yield Bond Fund	6.4	%		8,201,393
1,077,969	Accessor International Equity Fund	12.1	%		15,371,843
2,872,642	Accessor Investment Grade Fixed-Income Fund	23.4	%		29,875,476
1,055,172	Accessor Mortgage Securities Fund	10.7	%		13,622,265
357,508	Accessor Small to Mid Cap Fund	6.8	%		8,691,017
1,237,195	Accessor Strategic Alternatives Fund	11.1	%		14,141,140
894,730	Accessor Value Fund	11.4	%		14,584,099
					124,158,345
Forward Funds — Institutional Class Shares: 0.8%
44,082	Forward Emerging Markets Fund	0.8	%		958,782
	Total Affiliated Investment Companies (Identified Cost $131,857,900)				125,117,127
	Total Investments: 98.1% (Identified Cost $131,857,900)1				125,117,127
	Total Other Assets Less Liabilities: 1.9%				2,489,997
	Total Net Assets: 100.0%			$	127,607,124

¹ See Note 6 for important tax information.

See Notes to Financial Statements 101 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor Growth & Income Allocation Fund

Shares		Allocation		Value
AFFILIATED INVESTMENT COMPANIES: 98.3%
Accessor Funds — Z Class Shares: 97.1%
521,125	Accessor Frontier Markets Fund	5.0	%	$	5,893,927
723,219	Accessor Growth Fund	14.0	%		16,395,385
649,224	Accessor High Yield Bond Fund	5.3	%		6,187,104
1,197,608	Accessor International Equity Fund	14.6	%		17,077,890
2,159,427	Accessor Investment Grade Fixed-Income Fund	19.1	%		22,458,045
796,138	Accessor Mortgage Securities Fund	8.8	%		10,278,137
405,031	Accessor Small to Mid Cap Fund	8.3	%		9,846,298
822,541	Accessor Strategic Alternatives Fund	8.0	%		9,401,643
1,006,468	Accessor Value Fund	14.0	%		16,405,430
					113,943,859
Forward Funds — Institutional Class: 1.2%
63,720	Forward Emerging Markets Fund	1.2	%		1,385,914
	Total Affiliated Investment Companies (Identified Cost $124,740,126)				115,329,773
	Total Investments: 98.3% (Identified Cost $124,740,126)1				115,329,773
	Total Other Assets Less Liabilities: 1.7%				1,998,762
	Total Net Assets: 100.0%			$	117,328,535

¹ See Note 6 for important tax information.

December 31, 2009 102 See Notes to Financial Statements

Schedule of Investments as of December 31, 2009

Accessor Growth Allocation Fund

Shares		Allocation		Value
AFFILIATED INVESTMENT COMPANIES: 98.9%
Accessor Funds — Z Class Shares: 97.5%
611,747	Accessor Frontier Markets Fund	6.0	%	$	6,918,857
941,125	Accessor Growth Fund	18.6	%		21,335,311
310,459	Accessor High Yield Bond Fund	2.6	%		2,958,673
1,574,950	Accessor International Equity Fund	19.6	%		22,458,789
1,042,499	Accessor Investment Grade Fixed-Income Fund	9.5	%		10,841,988
385,716	Accessor Mortgage Securities Fund	4.3	%		4,979,591
529,745	Accessor Small to Mid Cap Fund	11.2	%		12,878,103
708,794	Accessor Strategic Alternatives Fund	7.1	%		8,101,514
1,306,880	Accessor Value Fund	18.6	%		21,302,148
					111,774,974
Forward Funds — Institutional Class: 1.4%
74,974	Forward Emerging Markets Fund	1.4	%		1,630,684
	Total Affiliated Investment Companies (Identified Cost $123,080,258)				113,405,658
	Total Investments: 98.9% (Identified Cost $123,080,258)1				113,405,658
	Total Other Assets Less Liabilities: 1.1%				1,198,734
	Total Net Assets: 100.0%			$	114,604,392

¹ See Note 6 for important tax information.

See Notes to Financial Statements 103 December 31, 2009

Schedule of Investments as of December 31, 2009

Accessor Aggressive Growth Allocation Fund

Shares		Allocation		Value
AFFILIATED INVESTMENT COMPANIES: 98.8%
Accessor Funds — Z Class Shares: 96.9%
349,616	Accessor Frontier Markets Fund	7.0	%	$	3,954,152
571,558	Accessor Growth Fund	23.0	%		12,957,225
951,548	Accessor International Equity Fund	24.1	%		13,569,081
322,102	Accessor Small to Mid Cap Fund	13.9	%		7,830,289
297,478	Accessor Strategic Alternatives Fund	6.0	%		3,400,175
791,168	Accessor Value Fund	22.9	%		12,896,035
					54,606,957
Forward Funds — Institutional Class: 1.9%
48,807	Forward Emerging Markets Fund	1.9	%		1,061,551
	Total Affiliated Investment Companies (Identified Cost $61,730,457)				55,668,508
	Total Investments: 98.8% (Identified Cost $61,730,457)1				55,668,508
	Total Other Assets Less Liabilities: 1.2%				651,801
	Total Net Assets: 100.0%			$	56,320,309

¹ See Note 6 for important tax information.

December 31, 2009 104 See Notes to Financial Statements

Statements of Assets & Liabilities

	ACCESSOR GROWTH FUND			ACCESSOR VALUE FUND			ACCESSOR SMALL TO MID CAP FUND
ASSETS:
Investments, at value (Note 2)	$	90,466,534		$	84,716,382		$	169,571,202
Cash		—			55,923			45,661
Receivable for investments sold		510,969			4,738,030			—
Receivable for capital shares sold		119,251			4,353			178,368
Dividends and interest receivable		68,810			195,809			259,668
Prepaid expenses and other assets		10,327			9,923			11,688
Total Assets		91,175,891			89,720,420			170,066,587
LIABILITIES:
Payable to custodian for cash overdraft		38,074			—			—
Payable for investments securities purchased		—			4,397,482			—
Payable for capital shares redeemed		119,340			129,742			178,368
Payable to investment advisor (Note 3)		34,877			33,126			85,920
Payable to money managers (Note 3)		10,001			16,613			57,280
Payable to administrator (Note 3)		5,679			5,460			9,401
Payable for 12b-1 & administrative services fees (Note 3)		4,152			3,775			11,046
Payable for shareholder services (Note 3)		1,733			1,329			10,535
Payable for chief compliance officer fee (Note 3)		85			81			154
Payable to ReFlow (Note 2)		1,315			1,810			4,821
Accrued expenses and other liabilities		35,251			31,931			48,253
Total Liabilities		250,507			4,621,349			405,778
NET ASSETS	$	90,925,384		$	85,099,071		$	169,660,809
NET ASSETS CONSIST OF:
Paid-in capital	$	121,580,104		$	123,154,330		$	201,451,739
Net unrealized appreciation of investments		7,779,136			951,475			18,770,863
Undistributed net investment income		26,454			5,952			283,974
Accumulated net realized loss on investments		(38,460,310	)		(39,012,686	)		(50,845,767	)
TOTAL NET ASSETS	$	90,925,384		$	85,099,071		$	169,660,809
INVESTMENTS, AT COST	$	82,687,398		$	83,764,907		$	150,800,339
PRICING OF SHARES
Institutional Class:
Net Asset Value, offering & redemption price per share		$22.67			$16.31			$24.32
Net Assets	$	20,757,039		$	15,347,742		$	126,089,830
Shares of beneficial interest outstanding		915,505			941,148			5,185,521
Investor Class:
Net Asset Value, offering & redemption price per share		$22.13			$16.33			$23.19
Net Assets	$	736,499		$	626,029		$	1,489,858
Shares of beneficial interest outstanding		33,282			38,330			64,243
C Class:
Net Asset Value & offering price per share1		$21.75			$16.33			$22.92
Net Assets	$	415,237		$	106,983		$	501,188
Shares of beneficial interest outstanding		19,091			6,552			21,866
Z Class:
Net Asset Value & offering price per share		$22.67			$16.30			$24.31
Net Assets	$	69,016,609		$	69,018,317		$	41,579,933
Shares of beneficial interest outstanding		3,044,897			4,234,121			1,710,211

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

See Notes to Financials Statements 105 December 31, 2009

Statements of Assets & Liabilities

	ACCESSOR INTERNATIONAL EQUITY FUND			ACCESSOR STRATEGIC ALTERNATIVES FUND			ACCESSOR FRONTIER MARKETS FUND
ASSETS:
Investments, at value (Note 2)	$	97,521,731		$	119,296,574		$	36,872,558
Cash		—			1,492,654			727,922
Foreign currency		50,953			—			24
Receivable for capital shares sold		8,764			331,965			53,030
Dividend tax reclaim		147,944			—			—
Dividends and interest receivable		117,482			112,870			62,079
Receivable for investments sold		3,580,799			—			—
Unrealized gain on foreign currency spot contracts		2,427			—			—
Unrealized gain on Swap contracts		—			—			100,280
Prepaid expenses and other assets		12,499			10,174			7,181
Total Assets		101,442,599			121,244,237			37,823,074
LIABILITIES:
Payable to custodian for cash overdraft		349,873			—			—
Payable for capital shares redeemed		47,140			18,883			17
Payable to investment advisor (Note 3)		47,642			69,437			26,859
Payable to money managers (Note 3)		38,980			—			—
Payable for 12b-1 & administrative services fees (Note 3)		6,169			—			—
Payable to administrator (Note 3)		6,224			8,321			1,795
Payable for shareholder services (Note 3)		2,377			6,361			1,162
Payable for chief compliance officer fee (Note 3)		99			108			34
Payable to ReFlow (Note 2)		5,043			—			—
Written options (Proceeds $0, $1,176,599, $0)		—			648,855			—
Margin payable		—			1,327,500			—
Unrealized loss on foreign currency spot contracts		13,301			—			—
Unrealized loss on swap contracts		—			—			6,691
Accrued expenses and other liabilities		58,646			38,678			26,797
Total Liabilities		575,494			2,118,143			63,355
NET ASSETS	$	100,867,105		$	119,126,094		$	37,759,719
NET ASSETS CONSIST OF:
Paid-in capital	$	170,832,270		$	126,384,726		$	36,969,406
Net unrealized appreciation (depreciation) of investments and options		20,355,781			(4,085,793	)		521,720
Net unrealized depreciation on foreign currencies		(8,269	)		—			(1	)
Net unrealized appreciation on swap contracts		—			—			93,589
Undistributed (distributions in excess) net investment income		1,466,328			3,150			(2,309	)
Accumulated net realized gain (loss) on investments, futures contracts, options and foreign currencies		(91,779,005	)		(3,175,989	)		177,314
TOTAL NET ASSETS	$	100,867,105		$	119,126,094		$	37,759,719
INVESTMENTS, AT COST	$	77,165,950		$	123,910,111		$	36,350,838
PRICING OF SHARES
Institutional Class:
Net Asset Value, offering & redemption price per share		$14.27			$11.42			$11.31
Net Assets	$	26,243,004		$	76,765,581		$	13,104,568
Outstanding shares		1,839,509			6,719,344			1,158,794
Investor Class:
Net Asset Value, offering & redemption price per share		$13.87			$11.43			$11.32
Net Assets	$	1,529,870		$	667,542		$	1,124,104
Shares of beneficial interest outstanding		110,330			58,405			99,331
C Class:
Net Asset Value & offering price per share1		$14.12			N/A			N/A
Net Assets	$	775,041			N/A			N/A
Shares of beneficial interest outstanding		54,877			N/A			N/A
Z Class:
Net Asset Value & offering price per share		$14.26			$11.43			$11.31
Net Assets	$	72,319,190		$	41,692,971		$	23,531,047
Shares of beneficial interest outstanding		5,069,831			3,647,345			2,080,138

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

December 31, 2009 106 See Notes to Financials Statements

Statements of Assets & Liabilities

	ACCESSOR HIGH YIELD BOND FUND			ACCESSOR INVESTMENT GRADE FIXED-INCOME FUND			ACCESSOR MORTGAGE SECURITIES FUND
ASSETS:
Investments, at value (Note 2)	$	102,789,706		$	108,640,471		$	60,389,790
Cash		1,981,684			3,188,447			6,844,261
Cash at broker		—			226,500			29,000
TBA purchase commitments, at value (Cost payable $0, $7,450,742 and $36,633,418, respectively)		—			7,384,529			36,282,309
Dividends and interest receivable		2,175,995			1,051,996			232,145
Receivable for investments sold		—			—			29,477
Receivable for TBA purchase commitments		—			—			79,682,179
Receivable for capital shares sold		244,114			184,730			189,506
Variation margin receivable		—			—			2,195
Due from broker		—			—			2,617
Prepaid expenses and other assets		12,762			10,527			9,105
Total Assets		107,204,261			120,687,200			183,692,584
LIABILITIES:
Payable for investments securities purchased		—			2,480,195			6,094,921
Payable for TBA purchase commitments		—			7,450,742			84,453,630
TBA sale commitments, at value (Proceeds receivable $0, $0 and $31,847,629, respectively)		—			—			31,622,023
Payable for capital shares redeemed		10,161			64			522
Payable to investment advisor (Note 3)		32,390			30,899			19,235
Payable to money managers (Note 3)		22,493			23,408			13,357
Payable to administrator (Note 3)		6,384			6,601			4,314
Payable for 12b-1 & administrative services fees (Note 3)		4,012			3,438			1,271
Payable for shareholder services (Note 3)		6,423			1,575			1,739
Payable for chief compliance officer fee (Note 3)		98			103			59
Payable to ReFlow (Note 2)		—			97			—
Written options (Proceeds $0, $93,665, $60,503)		—			126,063			33,412
Variation margin payable		—			29,347			—
Accrued expenses and other liabilities		45,100			68,812			41,775
Total Liabilities		127,061			10,221,344			122,286,258
NET ASSETS	$	107,077,200		$	110,465,856		$	61,406,326
NET ASSETS CONSIST OF:
Paid-in capital	$	111,738,600		$	134,313,851		$	64,264,720
Net unrealized appreciation (depreciation) of investments and options		8,420,652			(18,824,956	)		(4,925	)
Net unrealized appreciation (depreciation) on futures contracts		—			392,726			(6,224	)
Undistributed net investment income		—			55,742			10,654
Accumulated net realized loss on investments, options and foreign currencies		(13,082,052	)		(5,471,507	)		(2,857,899	)
TOTAL NET ASSETS	$	107,077,200		$	110,465,856		$	61,406,326
INVESTMENTS, AT COST	$	94,369,054		$	127,366,816		$	60,296,303
PRICING OF SHARES
Institutional Class:
Net Asset Value, offering & redemption price per share		$9.53			$10.41			$12.90
Net Assets	$	76,639,859		$	18,175,662		$	18,779,179
Shares of beneficial interest outstanding		8,039,988			1,745,943			1,455,261
Investor Class:
Net Asset Value, offering & redemption price per share		$9.53			$10.40			$12.90
Net Assets	$	4,389,814		$	1,026,693		$	857,231
Shares of beneficial interest outstanding		460,437			98,709			66,446
C Class:
Net Asset Value & offering price per share1		$9.52			$10.41			$12.93
Net Assets	$	759,879		$	319,707		$	244,058
Shares of beneficial interest outstanding		79,854			30,702			18,877
Z Class:
Net Asset Value & offering price per share		$9.53			$10.40			$12.91
Net Assets	$	25,287,648		$	90,943,794		$	41,525,858
Shares of beneficial interest outstanding		2,654,349			8,741,070			3,217,608

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

See Notes to Financials Statements 107 December 31, 2009

Statements of Assets & Liabilities

	ACCESSOR U.S. GOVERNMENT MONEY FUND
ASSETS:
Investments, at value (Note 2)	$	597,241,560
Cash		119,287,061
Dividends and interest receivable		678,198
Receivable for capital shares sold		165,100
Prepaid expenses and other assets		34,802
Total Assets		717,406,721
LIABILITIES:
Distribution payable		75,087
Payable for capital shares redeemed		16,168
Payable to investment advisor (Note 3)		35,233
Payable to administrator (Note 3)		33,515
Payable for 12b-1 & administrative services fees (Note 3)		1,976
Payable for chief compliance officer fee (Note 3)		638
Payable for shareholder services (Note 3)		31,120
Accrued expenses and other liabilities		114,241
Total Liabilities		307,978
NET ASSETS	$	717,098,743
NET ASSETS CONSIST OF:
Paid-in capital	$	716,994,724
Undistributed net investment income		118,872
Accumulated net realized loss on investments, futures contracts, options, and foreign currencies		(14,853	)
TOTAL NET ASSETS	$	717,098,743
INVESTMENTS, AT COST	$	597,241,560
PRICING OF SHARES
Institutional Class:
Net Asset Value, offering & redemption price per share		$1.00
Net Assets	$	275,448,155
Shares of beneficial interest outstanding		275,399,088
Investor Class:
Net Asset Value, offering & redemption price per share		$1.00
Net Assets	$	3,948,389
Shares of beneficial interest outstanding		3,946,801
C Class:
Net Asset Value & offering price per share		$1.00
Net Assets	$	1,251,695
Shares of beneficial interest outstanding		1,251,604
A Class:
Net Asset Value & redemption price per share		$1.00
Net Assets	$	594,403
Shares of beneficial interest outstanding		594,327
Z Class:
Net Asset value & offering price per share1		$1.00
Net Assets	$	435,856,101
Shares of beneficial interest outstanding		435,803,925

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

December 31, 2009 108 See Notes to Financials Statements

Statements of Assets & Liabilities

	ACCESSOR INCOME ALLOCATION FUND			ACCESSOR INCOME & GROWTH ALLOCATION FUND			ACCESSOR BALANCED ALLOCATION FUND
ASSETS:
Investments in affiliates, at value (Note 2)	$	20,304,915		$	53,404,718		$	125,117,127
Cash		204,028			2,152,546			2,675,679
Receivable for capital shares sold		4,703			8,583			20,418
Due from advisor		2,021			5,023			12,081
Dividends and interest receivable		161			—			—
Prepaid expenses and other assets		10,834			12,739			14,211
Total Assets		20,526,662			55,583,609			127,839,516
LIABILITIES:
Payable for investments securities purchased		—			455,000			—
Payable for capital shares redeemed		17,718			6,522			154,770
Payable for 12b-1 & administrative services fees (Note 3)		4,641			11,179			34,791
Payable due to investment advisor (Note 3)		1,740			4,598			10,892
Payable for chief compliance officer fee (Note 3)		19			50			120
Payable to administrator (Note 3)		293			775			1,838
Accrued expenses and other liabilities		16,979			20,940			29,981
Total Liabilities		41,390			499,064			232,392
NET ASSETS	$	20,485,272		$	55,084,545		$	127,607,124
NET ASSETS CONSIST OF:
Paid-in capital	$	21,941,407		$	56,764,518		$	134,505,891
Net unrealized depreciation of investments		(1,048,442	)		(1,638,020	)		(6,740,773	)
Undistributed net investment income		28			3			3
Accumulated net realized loss on investments		(407,721	)		(41,956	)		(157,997	)
TOTAL NET ASSETS	$	20,485,272		$	55,084,545		$	127,607,124
INVESTMENTS, AT COST	$	21,353,357		$	55,042,738		$	131,857,900
PRICING OF SHARES
Institutional Class:
Net Asset Value, offering & redemption price per share		$14.00			$14.41			$14.57
Net Assets	$	13,880,400		$	40,854,665		$	76,922,628
Shares of beneficial interest outstanding		991,609			2,835,956			5,278,376
Investor Class:
Net Asset Value, offering & redemption price per share		$13.99			$14.39			$14.56
Net Assets	$	2,039,771		$	4,724,723		$	13,137,072
Shares of beneficial interest outstanding		145,821			328,220			902,136
C Class:
Net Asset Value & offering price per share1		$13.96			$14.35			$14.54
Net Assets	$	3,838,672		$	6,387,231		$	15,547,961
Shares of beneficial interest outstanding		274,950			445,100			1,069,649
A Class:
Net Asset Value & redemption price per share		$13.99			$14.39			$14.56
Public offering price per share		$14.69	2		$15.27	3		$15.45	3
Net Assets	$	726,429		$	3,117,926		$	21,999,463
Shares of beneficial interest outstanding		51,907			216,727			1,511,422

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 Financials Statements 109 December 31, 2009

Statements of Assets & Liabilities

	ACCESSOR GROWTH & INCOME ALLOCATION FUND			ACCESSOR GROWTH ALLOCATION FUND			ACCESSOR AGGRESSIVE GROWTH ALLOCATION FUND
ASSETS:
Investments in affiliates, at value (Note 2)	$	115,329,773		$	113,405,658		$	55,668,508
Cash		2,100,426			1,282,199			659,277
Due from advisor		24,070			13,169			6,560
Receivable for capital shares sold		36,667			68,551			39,174
Prepaid expenses and other assets		9,742			13,276			12,221
Total Assets		117,500,678			114,782,853			56,385,740
LIABILITIES:
Payable for capital shares redeemed		68,721			86,393			21,811
Payable for 12b-1 & administrative services fees (Note 3)		56,988			49,313			15,525
Payable due to investment advisor (Note 3)		9,966			9,756			4,769
Payable for chief compliance officer fee (Note 3)		109			107			52
Payable to administrator (Note 3)		1,682			1,647			805
Payable to ReFlow (Note 2)		—			492			—
Accrued expenses and other liabilities		34,677			30,753			22,469
Total Liabilities		172,143			178,461			65,431
NET ASSETS	$	117,328,535		$	114,604,392		$	56,320,309
NET ASSETS CONSIST OF:
Paid-in capital	$	128,865,328		$	124,985,206		$	62,736,853
Net unrealized depreciation of investments		(9,410,353	)		(9,674,600	)		(6,061,949	)
Undistributed net investment income		2,132			3			1
Accumulated net realized loss on investments		(2,128,572	)		(706,217	)		(354,596	)
TOTAL NET ASSETS	$	117,328,535		$	114,604,392		$	56,320,309
INVESTMENTS, AT COST	$	124,740,126		$	123,080,258		$	61,730,457
PRICING OF SHARES
Institutional Class:
Net Asset Value, offering & redemption price per share		$14.17			$14.00			$13.73
Net Assets	$	51,973,738		$	50,951,864		$	32,952,768
Shares of beneficial interest outstanding		3,666,965			3,639,461			2,400,583
Investor Class:
Net Asset Value, offering & redemption price per share		$14.15			$13.99			$13.38
Net Assets	$	12,083,001		$	12,609,595		$	7,255,388
Shares of beneficial interest outstanding		853,707			901,321			542,302
C Class:
Net Asset Value & offering price per share1		$14.11			$13.92			$13.16
Net Assets	$	33,843,434		$	30,775,145		$	7,085,630
Shares of beneficial interest outstanding		2,398,891			2,211,274			538,624
A Class:
Net Asset Value & redemption price per share		$14.13			$13.99			$13.58
Public offering price per share		$14.99	2		$14.84	2		$14.41	2
Net Assets	$	19,428,362		$	20,267,788		$	9,026,523
Shares of beneficial interest outstanding		1,374,817			1,448,578			664,762

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.

December 31, 2009 110 See Notes to Financials Statements

Statements of Operations

For the Year Ended December 31, 2009

	ACCESSOR GROWTH FUND			ACCESSOR VALUE FUND			ACCESSOR SMALL TO MID CAP FUND			ACCESSOR INTERNATIONAL EQUITY FUND
INVESTMENT INCOME:
Interest	$	40		$	72		$	42		$	1,237
Dividends		1,393,821			2,223,521			3,169,396			3,331,629
Foreign taxes withheld		—			—			(223	)		(401,405	)
Total Investments Income		1,393,861			2,223,593			3,169,215			2,931,461
EXPENSES:
Management fees (Note 3)		357,711			333,775			966,539			522,926
Money managers fees (Note 3)		171,776			178,990			644,360			427,849
Distribution and service fees
Investor Class		1,744			1,650			3,622			3,912
C Class		5,810			2,724			5,551			9,337
A Class		1,443			234			10,320			14,639
Administrative services fees — Investor Class (Note 3)		1,744			1,650			3,622			3,912
Shareholder servicing fees — Institutional Class (Note 3)		14,878			12,374			75,507			21,153
Chief compliance officer fees (Note 3)		1,146			1,159			1,454			1,160
Transfer agent & administration fees (Note 3)		73,262			65,037			133,989			86,006
Fund accounting fees		51,251			48,504			93,779			59,371
Registration fees		36,471			35,842			44,261			48,949
Audit fees		19,550			18,893			19,273			20,367
Legal fees		16,193			15,069			31,513			26,290
Printing/postage expense		13,488			11,752			32,009			19,983
Custodian fees		11,422			9,139			16,106			86,915
Trustees fees		6,755			6,267			12,453			8,015
ReFlow fees (Note 2)		4,078			3,446			13,598			10,192
Other expenses		10,788			12,081			22,407			27,977
Total net expenses		799,510			758,586			2,130,363			1,398,953
NET INVESTMENT INCOME:		594,351			1,465,007			1,038,852			1,532,508
Net realized gain (loss) on investments		(5,450,120	)		(11,391,309	)		(20,253,521	)		6,163,121
Net realized loss on foreign currency transactions		—			—			—			(61,642	)
Net change in unrealized appreciation on investments		24,189,259			22,626,716			68,429,513			22,313,562
Net change in unrealized appreciation on translations of assets and liabilities in foreign currencies		—			—			—			3,056
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY		18,739,139			11,235,407			48,175,992			28,418,097
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	19,333,490		$	12,700,414		$	49,214,844		$	29,950,605

See Notes to Financials Statements 111 December 31, 2009

Statements of Operations

For the Year Ended December 31, 2009

	ACCESSOR STRATEGIC ALTERNATIVES FUND			ACCESSOR FRONTIER MARKETS FUND			ACCESSOR HIGH YIELD BOND FUND		ACCESSOR INVESTMENT GRADE FIXED-INCOME FUND
INVESTMENT INCOME:
Interest	$	53,725		$	92,116		$	9,648,962	$	5,090,870
Dividends		2,030,186			112,557			4,152		—
Foreign taxes withheld		—			(5,350	)		—		—
Total Investments Income		2,083,911			199,323			9,653,114		5,090,870
EXPENSES:
Management fees (Note 3)		718,824			230,197			329,222		276,842
Money managers fees (Note 3)		—			—			228,626		209,729
Distribution and service fees
Investor Class		76			50			6,956		2,191
C Class		—			—			7,877		5,083
A Class		—			—			920		—
Administrative services fees — Investor Class (Note 3)		—			—			6,956		2,191
Shareholder servicing fees — Institutional Class (Note 3)		45,294			7,848			47,683		14,381
Chief compliance officer fees (Note 3)		1,197			267			1,536		1,367
Transfer agent & administration fees (Note 3)		82,072			12,867			72,521		63,924
Audit fees		33,653			21,453			23,676		26,020
Custodian fees		—			3,889			11,997		19,936
Fund accounting fees		76,991			26,794			57,538		53,765
Legal fees		34,100			14,359			18,880		36,220
Registration fees		21,832			7,000			36,324		33,446
Printing/postage expense		24,926			8,148			18,011		13,707
Trustees fees		8,437			1,371			6,502		6,846
ReFlow fees (Note 2)		—			—			4,326		4,313
Other expenses		9,456			6,720			29,976		36,125
Total net expenses		1,056,858			340,963			909,527		806,086
NET INVESTMENT INCOME (LOSS):		1,027,053			(141,640	)		8,743,587		4,284,784
Net realized gain (loss) on investments		(2,340,846	)		3,535,705			3,308,533		596,500
Net realized gain on foreign currency transactions		—			6,720			—		—
Net realized gain on swap contracts		—			32,877			—		—
Net change in unrealized appreciation on investments and options contracts		14,028,089			521,720			17,897,137		4,853,347
Net change in unrealized depreciation on futures contracts		—			—			—		(181,718	)
Net change in unrealized appreciation on swap contracts		—			93,589			—		—
Net change in unrealized depreciation on translations of assets and liabilities in foreign currencies		—			(1	)		—		—
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS, FUTURES CONTRACTS, SWAP CONTRACTS, OPTIONS CONTRACTS AND FOREIGN CURRENCY		11,687,243			4,190,610			21,205,670		5,268,129
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,714,296		$	4,048,970		$	29,949,257	$	9,552,913

December 31, 2009 112 See Notes to Financials Statements

Statements of Operations

For the Year Ended December 31, 2009

	ACCESSOR MORTGAGE SECURITIES FUND			ACCESSOR U.S. GOVERNMENT MONEY FUND
INVESTMENT INCOME:
Interest	$	2,833,316		$	6,378,277
Total Investments Income		2,833,316			6,378,277
EXPENSES:
Management fees (Note 3)		214,533			687,427
Money managers fees (Note 3)		148,981			—
Distribution and service fees
Investor Class		1,957			20,484
C Class		4,190			18,170
A Class		—			1,581
Administrative services fees — Investor Class (Note 3)		1,957			20,484
Shareholder servicing fees (Note 3) — Institutional Class		14,328			—
Administrative Plan Fees
Institutional Class		—			894,341
Investor Class		—			20,497
C Class		—			4,543
A Class		—			1,581
Chief compliance officer fees (Note 3)		1,087			668
Transfer agent & administration fees (Note 3)		50,964			450,034
Registration fees		31,366			86,011
Audit fees		22,687			23,709
Fund accounting fees		40,912			456,418
Custodian fees		39,612			32,581
Legal fees		12,425			193,095
Printing/postage expense		8,635			103,972
ReFlow fees (Note 2)		—			—
Trustees fees		5,260			85,077
Other expenses		28,981			62,054
Total expenses before waiver		627,875			3,162,727
Less fees waived:
Management fees		—			(60,000	)
Distribution and service fees
Investor Class		—			(18,219	)
C Class		—			(16,161	)
A Class		—			(1,101	)
Administrative services fees — Investor Class		—			(13,435	)
Administrative Plan Fees
Institutional Class		—			(188,299	)
Investor Class		—			(3,420	)
C Class		—			(909	)
A Class		—			(320	)
Total net expenses		627,875			2,860,863
NET INVESTMENT INCOME:		2,205,441			3,517,414
Net realized gain (loss) on investments and options contracts		2,425,760			(14,853	)
Net realized loss on future contracts		(28,301	)		—
Net change in unrealized appreciation on investments and options contracts		1,443,799			—
Net change in unrealized depreciation on futures contracts		(44,427	)		—
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS CONTRACTS AND FOREIGN CURRENCY		3,796,831			(14,853	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,002,272		$	3,502,561

See Notes to Financials Statements 113 December 31, 2009

Statements of Operations

For the Year Ended December 31, 2009

	ACCESSOR INCOME ALLOCATION FUND			ACCESSOR INCOME & GROWTH ALLOCATION FUND			ACCESSOR BALANCED ALLOCATION FUND
INVESTMENT INCOME:
Interest	$	20		$	140		$	215
Dividends from affiliated investment company shares		1,003,619			1,814,671			4,095,393
Total Investments Income		1,003,639			1,814,811			4,095,608
EXPENSES:
Management fees (Note 3)		18,602			43,832			109,399
Distribution and service fees
Investor Class		4,326			9,621			27,790
C Class		29,322			59,912			125,798
A Class		2,493			10,336			70,765
Administrative services fees — Investor Class (Note 3)		4,326			9,621			27,790
Chief compliance officer fees (Note 3)		1,147			1,211			1,328
Registration fees		39,813			38,772			45,376
Audit fees		14,966			15,108			15,422
Printing/postage expense		3,157			7,664			18,579
Custodian fees		6,740			7,033			7,208
Fund accounting fees		2,198			5,275			13,073
Legal fees		4,101			9,426			23,315
Transfer agent & administration fees (Note 3)		3,850			7,178			18,916
Trustees fees		1,501			3,328			8,564
ReFlow fees (Note 2)		84			77			—
Other expense		5,895			7,427			12,081
Total expenses before waiver		142,521			235,821			525,404
Less fees waived of management fees and reimbursed by management		(15,328	)		(35,530	)		(88,572	)
Total net expenses		127,193			200,291			436,832
NET INVESTMENT INCOME:		876,446			1,614,520			3,658,776
Net realized gain on affiliated investments		15,023			54,845			344,693
Net realized gain distributions from affiliated investment company shares		18,220			48,988			127,913
Net change in unrealized appreciation on investments		1,682,671			5,811,946			17,169,648
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		1,715,914			5,915,779			17,642,254
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,592,360		$	7,530,299		$	21,301,030

December 31, 2009 114 See Notes to Financials Statements

Statements of Operations

For the Year Ended December 31, 2009

	ACCESSOR GROWTH & INCOME ALLOCATION FUND			ACCESSOR GROWTH ALLOCATION FUND			ACCESSOR AGGRESSIVE GROWTH ALLOCATION FUND
INVESTMENT INCOME:
Interest	$	102		$	37		$	29
Dividends from affiliated investment company shares		3,724,996			3,126,208			1,284,084
Total Investments Income		3,725,098			3,126,245			1,284,113
EXPENSES:
Management fees (Note 3)		105,129			101,731			49,363
Distribution and service fees
Investor Class		28,821			30,649			18,077
C Class		313,403			277,210			61,456
A Class		64,634			63,402			27,586
Administrative services fees — Investor Class (Note 3)		28,821			30,649			18,077
Chief compliance officer fees (Note 3)		1,209			1,245			1,193
Registration fees		56,228			46,043			42,110
Printing/postage expense		21,262			20,720			11,141
Audit fees		15,374			15,365			15,116
Fund accounting fees		12,498			12,109			5,892
Legal fees		22,117			21,493			10,328
Transfer agent & administration fees (Note 3)		34,341			36,439			18,902
Trustees fees		8,644			8,252			3,922
Custodian fees		7,994			6,985			6,821
ReFlow fees (Note 2)		977			963			2,280
Other expense		13,995			14,056			9,669
Total expenses before waiver		735,447			687,311			301,933
Less fees waived of management fees and reimbursed by management		(109,472	)		(100,315	)		(50,456	)
Total net expenses		625,975			586,996			251,477
NET INVESTMENT INCOME:		3,099,123			2,539,249			1,032,636
Net realized loss on affiliated investments		(979,381	)		(146,589	)		(162,853	)
Net realized gain distributions from affiliated investment company shares		125,444			123,336			57,160
Net change in unrealized appreciation on investments		18,666,359			19,883,247			10,776,006
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		17,812,422			19,859,994			10,670,313
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	20,911,545		$	22,399,243		$	11,702,949

See Notes to Financials Statements 115 December 31, 2009

Statements of Changes in Net Assets

	ACCESSOR GROWTH FUND						ACCESSOR VALUE FUND
	YEAR ENDED DEC. 31, 2009			YEAR ENDED DEC. 31, 20081			YEAR ENDED DEC. 31, 2009			YEAR ENDED DEC. 31, 20081
OPERATIONS:
Net investment income	$	594,351		$	289,271		$	1,465,007		$	2,031,361
Net realized loss on investments		(5,450,120	)		(23,708,308	)		(11,391,309	)		(25,617,477	)
Change in unrealized appreciation/(depreciation) of investments		24,189,259			(25,075,007	)		22,626,716			(28,460,785	)
Net increase/(decrease) in net assets resulting from operations		19,333,490			(48,494,044	)		12,700,414			(52,046,901	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Institutional Class		(234,282	)		(317,608	)		(706,996	)		(1,993,893	)
Investor Class		(1,802	)		(7,267	)		(10,318	)		(17,696	)
C Class		—			—			(2,470	)		(12,780	)
A Class		(1,535	)		(695	)		(939	)		(2,217	)
Z Class		(330,278	)		—			(827,111	)		—
Total distributions		(567,897	)		(325,570	)		(1,547,834	)		(2,026,586	)
SHARE TRANSACTIONS:
Institutional Class
Proceeds from sales of shares		6,484,027			20,439,421			7,518,590			17,608,490
Issued to shareholders in reinvestment of distributions		89,117			60,746			200,824			328,686
Shares issued in connection with exchange (Note 1)		520,791			—			44,287			—
Cost of shares redeemed		(72,730,078	)		(54,462,088	)		(69,363,034	)		(28,588,494	)
Net decrease from share transactions		(65,636,143	)		(33,961,921	)		(61,599,333	)		(10,651,318	)
Investor Class
Proceeds from sales of shares		198,236			175,921			86,733			192,690
Issued to shareholders in reinvestment of distributions		1,247			5,411			7,603			12,709
Cost of shares redeemed		(424,050	)		(869,709	)		(339,015	)		(783,104	)
Net decrease from share transactions		(224,567	)		(688,377	)		(244,679	)		(577,705	)
C Class
Proceeds from sales of shares		119,913			427,569			17,417			343,902
Issued to shareholders in reinvestment of distributions		—			—			590			6,492
Cost of shares redeemed		(669,670	)		(4,122,446	)		(473,467	)		(3,213,618	)
Net decrease from share transactions		(549,757	)		(3,694,877	)		(455,460	)		(2,863,224	)
A Class
Proceeds from sales of shares		9,651			98,342			592			660
Issued to shareholders in reinvestment of distributions		1,457			668			939			2,217
Shares issued in connection with exchange (Note 1)		(520,791	)		—			(44,287	)		—
Cost of shares redeemed		(118,888	)		(116,019	)		(58,738	)		(91,617	)
Net decrease from share transactions		(628,571	)		(17,009	)		(101,494	)		(88,740	)
Z Class
Proceeds from sales of shares		66,768,034			—			69,482,641			—
Issued to shareholders in reinvestment of distributions		—			—			—			—
Cost of shares redeemed		(10,387,490	)		—			(12,773,588	)		—
Net increase from share transactions		56,380,544			—			56,709,053			—
Total decrease from share transactions		(10,658,494	)		(38,362,184	)		(5,691,913	)		(14,180,987	)
Net increase/(decrease) in net assets	$	8,107,099		$	(87,181,798	)	$	5,460,667		$	(68,254,474	)
NET ASSETS:
Beginning of year		82,818,285			170,000,083			79,638,404			147,892,878
End of year (including undistributed (distributions in excess of) net investment income (loss) of $26,454, $—, $5,952 and $5,950 respectively)	$	90,925,384		$	82,818,285		$	85,099,071		$	79,638,404

¹ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 116 See Notes to Financials Statements

Statements of Changes in Net Assets

	ACCESSOR GROWTH FUND				ACCESSOR VALUE FUND
	YEAR ENDED DEC. 31, 2009		YEAR ENDED DEC. 31, 20081		YEAR ENDED DEC. 31, 2009		YEAR ENDED DEC. 31, 20081
Other Information:
SHARE TRANSACTIONS:
Institutional Class
Sold	331,596		885,590		543,836		970,385
Distributions reinvested	4,581		2,994		14,648		18,487
Shares issued in connection with exchange (Note 1)	23,395		—		2,784		—
Redeemed	(3,921,402	)	(2,295,917	)	(5,122,643	)	(1,417,173	)
Net decrease in shares outstanding	(3,561,830	)	(1,407,333	)	(4,561,375	)	(428,301	)
Investor Class
Sold	10,452		7,764		6,703		9,141
Distributions reinvested	66		317		552		719
Redeemed	(23,402	)	(37,731	)	(24,812	)	(39,991	)
Net decrease in shares outstanding	(12,884	)	(29,650	)	(17,557	)	(30,131	)
C Class
Sold	7,158		17,996		1,375		16,149
Distributions reinvested	—		—		44		322
Redeemed	(38,084	)	(173,520	)	(35,843	)	(150,435	)
Net decrease in shares outstanding	(30,926	)	(155,524	)	(34,424	)	(133,964	)
A Class
Sold	518		5,487		44		36
Distributions reinvested	78		39		73		124
Shares issued in connection with exchange (Note 1)	(23,600	)	—		(2,784	)	—
Redeemed	(6,326	)	(4,796	)	(3,742	)	(4,504	)
Net increase/(decrease) in shares outstanding	(29,330	)	730		(6,409	)	(4,344	)
Z Class
Sold	3,568,194		—		5,116,049		—
Distributions reinvested	—		—		—		—
Redeemed	(523,297	)	—		(881,928	)	—
Net increase in shares outstanding	3,044,897		—		4,234,121		—

¹ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financials Statements 117 December 31, 2009

Statements of Changes in Net Assets

	ACCESSOR SMALL TO MID CAP FUND						ACCESSOR INTERNATIONAL EQUITY FUND
	YEAR ENDED DEC. 31, 2009			YEAR ENDED DEC. 31, 20081			YEAR ENDED DEC. 31, 2009			YEAR ENDED DEC. 31, 20081
OPERATIONS:
Net investment income	$	1,038,852		$	162,655		$	1,532,508		$	4,448,882
Net realized gain/(loss) on investments		(20,253,521	)		(30,368,797	)		6,163,121			(97,714,944	)
Net realized gain/(loss) on foreign currency transactions		—			—			(61,642	)		73,194
Change in unrealized appreciation/(depreciation) of investments		68,429,513			(69,855,089	)		22,313,562			(26,209,806	)
Change in unrealized appreciation on translations of assets and liabilities in foreign currencies		—			—			3,056			42,875
Net increase/(decrease) in net assets resulting from operations		49,214,844			(100,061,231	)		29,950,605			(119,359,799	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Institutional Class		(794,225	)		—			(1,184,999	)		(114,367	)
Investor Class		(4,634	)		—			(43,161	)		(2,508	)
C Class		(346	)		—			—			—
A Class		(9,043	)		—			—			(6,014	)
Z Class		(233,420	)		—			(3,224,306	)		—
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		(1,041,668	)		(1,019,747	)		(4,452,466	)		(8,381,862	)
SHARE TRANSACTIONS:
Institutional Class
Proceeds from sales of shares		27,112,804			45,620,395			10,266,766			29,392,704
Issued to shareholders in reinvestment of distributions		191,004			270,692			807,564			2,139,881
Shares issued in connection with exchange (Note 1)		3,641,929			—			5,619,279			—
Cost of shares redeemed		(75,835,764	)		(102,828,344	)		(93,783,315	)		(61,029,776	)
Net decrease from share transactions		(44,890,027	)		(56,937,257	)		(77,089,706	)		(29,497,191	)
Investor Class
Proceeds from sales of shares		118,436			352,528			413,406			1,034,076
Issued to shareholders in reinvestment of distributions		4,135			13,544			39,979			149,340
Cost of shares redeemed		(725,714	)		(1,918,175	)		(1,206,350	)		(3,303,489	)
Net decrease from share transactions		(603,143	)		(1,552,103	)		(752,965	)		(2,120,073	)
C Class
Proceeds from sales of shares		32,932			261,593			30,529			887,540
Issued to shareholders in reinvestment of distributions		246			5,615			—			93,469
Cost of shares redeemed		(360,958	)		(2,170,745	)		(640,310	)		(5,508,725	)
Net decrease from share transactions		(327,780	)		(1,903,537	)		(609,781	)		(4,527,716	)
A Class
Proceeds from sales of shares		571,568			1,157,447			608,773			3,143,435
Issued to shareholders in reinvestment of distributions		9,021			23,558			—			401,381
Shares issued in connection with exchange (Note 1)		(3,641,928	)		—			(5,619,279	)		—
Cost of shares redeemed		(935,414	)		(1,492,307	)		(1,175,246	)		(4,421,462	)
Net decrease from share transactions		(3,996,753	)		(311,302	)		(6,185,752	)		(876,646	)
Z Class
Proceeds from sales of shares		66,806,785			—			63,043,345			—
Issued to shareholders in reinvestment of distributions		—			—			—			—
Cost of shares redeemed		(39,470,000	)		—			(5,750,000	)		—
Net increase from share transactions		27,336,785			—			57,293,345			—
Total decrease from share transactions		(22,480,918	)		(60,704,199	)		(27,344,859	)		(37,021,626	)
Net increase/(decrease) in net assets	$	25,692,258		$	(161,785,177	)	$	(1,846,720	)	$	(164,763,287	)
NET ASSETS:
Beginning of year		143,968,551			305,753,728			102,713,825			267,477,112
End of year (including undistributed net investment income (loss) of $283,974, $415,397, $1,466,328 and $4,300,196 respectively)	$	169,660,809		$	143,968,551		$	100,867,105		$	102,713,825

¹ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 118 See Notes to Financials Statements

Statements of Changes in Net Assets

	ACCESSOR SMALL TO MID CAP FUND				ACCESSOR INTERNATIONAL EQUITY FUND
	YEAR ENDED DEC. 31, 2009		YEAR ENDED DEC. 31, 20081		YEAR ENDED DEC. 31, 2009		YEAR ENDED DEC. 31, 20081
Other Information:
SHARE TRANSACTIONS:
Institutional Class
Sold	1,357,399		1,893,129		781,671		1,779,746
Distributions reinvested	9,778		9,822		56,512		118,831
Shares issued in connection with exchange (Note 1)	158,824		—		383,650		—
Redeemed	(3,847,874	)	(3,806,911	)	(8,100,375	)	(3,268,184	)
Net decrease in shares outstanding	(2,321,873	)	(1,903,960	)	(6,878,542	)	(1,369,607	)
Investor Class
Sold	6,897		13,570		38,905		57,045
Distributions reinvested	231		514		2,878		8,618
Redeemed	(42,097	)	(73,447	)	(107,770	)	(171,180	)
Net decrease in shares outstanding	(34,969	)	(59,363	)	(65,987	)	(105,517	)
C Class
Sold	1,749		10,020		2,783		44,257
Distributions reinvested	15		215		—		5,412
Redeemed	(20,015	)	(79,726	)	(54,677	)	(272,680	)
Net decrease in shares outstanding	(18,251	)	(69,491	)	(51,894	)	(223,011	)
A Class
Sold	29,948		47,093		49,274		158,618
Distributions reinvested	520		869		—		22,499
Shares issued in connection with exchange (Note 1)	(161,677	)	—		(388,767	)	—
Redeemed	(49,048	)	(58,917	)	(105,499	)	(237,907	)
Net decrease in shares outstanding	(180,257	)	(10,955	)	(444,992	)	(56,790	)
Z Class
Sold	3,445,757		—		5,532,729		—
Distributions reinvested	—		—		—		—
Redeemed	(1,735,546	)	—		(462,898	)	—
Net increase in shares outstanding	1,710,211		—		5,069,831		—

¹ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financials Statements 119 December 31, 2009

Statements of Changes in Net Assets

	ACCESSOR STRATEGIC ALTERNATIVES FUND						ACCESSOR FRONTIER MARKETS FUND
	YEAR ENDED DEC. 31, 2009			PERIOD ENDED DECEMBER 31, 2008*,1			YEAR ENDED DEC. 31, 2009**
OPERATIONS:
Net investment income/(loss)	$	1,027,053		$	1,396,722		$	(141,640	)
Net realized gain/(loss) on investments		(2,340,846	)		(922,670	)		3,535,705
Net realized gain on foreign currency transactions		—			—			6,720
Net realized gain on swap contracts		—			—			32,877
Change in unrealized appreciation/(depreciation) of investments and option contracts		14,028,089			(18,113,882	)		521,720
Change in unrealized appreciation on swap contracts		—			—			93,589
Change in unrealized depreciation on translations of assets and liabilities in foreign currencies		—			—			(1	)
Net increase/(decrease) in net assets resulting from operations		12,714,296			(17,639,830	)		4,048,970
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Institutional Class		(744,379	)		(1,391,852	)		(980,988	)
Investor Class		(2,674	)		—			(78,498	)
Z Class		(286,951	)		—			(1,620,135	)
From net realized gains on investments
Institutional Class		—			—			(213,764	)
Investor Class		—			—			(17,087	)
Z Class		—			—			(348,185	)
Total distributions		(1,034,004	)		(1,391,852	)		(3,258,657	)
SHARE TRANSACTIONS:
Institutional Class
Proceeds from sales of shares		27,581,377			139,308,853			33,430,481
Issued to shareholders in reinvestment of distributions		112,101			115,143			167,981
Cost of shares redeemed		(58,546,423	)		(18,065,231	)		(20,567,464	)
Net increase/(decrease) from share transactions		(30,852,945	)		121,358,765			13,030,998
Investor Class
Proceeds from sales of shares		677,588			—			1,142,225
Issued to shareholders in reinvestment of distributions		2,674			—			94,405
Cost of shares redeemed		(31,865	)		—			(42,185	)
Net increase from share transactions		648,397			—			1,194,445
Z Class
Proceeds from sales of shares		43,953,267			—			25,093,963
Issued to shareholders in reinvestment of distributions		—			—			—
Cost of shares redeemed		(8,630,000	)		—			(2,350,000	)
Net increase from share transactions		35,323,267			—			22,743,963
Total increase from share transactions		5,118,719			121,358,765			36,969,406
Net increase in net assets	$	16,799,011		$	102,327,083		$	37,759,719
NET ASSETS:
Beginning of period		102,327,083			—			—
End of period (including undistributed net investment income/(loss) of $3,150, $— and $(2,309) respectively)	$	119,126,094		$	102,327,083		$	37,759,719

¹ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 120 See Notes to Financials Statements

Statements of Changes in Net Assets

	ACCESSOR STRATEGIC ALTERNATIVES FUND				ACCESSOR FRONTIER MARKETS FUND
	YEAR ENDED DEC. 31, 2009		PERIOD ENDED DECEMBER 31, 2008*,1		YEAR ENDED DEC. 31, 2009**
Other Information:
SHARE TRANSACTIONS:
Institutional Class
Sold	2,660,694		11,643,738		3,023,732
Distributions reinvested	10,789		10,377		14,748
Redeemed	(5,919,409	)	(1,686,845	)	(1,879,686	)
Net increase/(decrease) in shares outstanding	(3,247,926	)	9,967,270		1,158,794
Investor Class
Sold	60,996		N/A		94,395
Distributions reinvested	236		N/A		8,280
Redeemed	(2,827	)	N/A		(3,344	)
Net increase in shares outstanding	58,405		N/A		99,331
Z Class
Sold	4,451,704		N/A		2,258,012
Distributions reinvested	—		N/A		—
Redeemed	(804,359	)	N/A		(177,874	)
Net increase in shares outstanding	3,647,345		N/A		2,080,138

* Commenced operations on January 29, 2008.

** Commenced operations on December 31, 2008.

¹ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financials Statements 121 December 31, 2009

Statements of Changes in Net Assets

	ACCESSOR HIGH YIELD BOND FUND						ACCESSOR INVESTMENT GRADE FIXED-INCOME FUND
	YEAR ENDED DEC. 31, 2009			YEAR ENDED DEC. 31, 20081			YEAR ENDED DEC. 31, 2009			YEAR ENDED DEC. 31, 20081
OPERATIONS:
Net investment income	$	8,743,587		$	5,422,676		$	4,284,784		$	4,107,592
Net realized gain/(loss) on investments and options contracts		3,308,533			(12,953,473	)		596,500			297,616
Net realized gain on futures contracts		—			—			—			—
Change in unrealized appreciation/(depreciation) of investments and options contracts		17,897,137			(7,908,646	)		4,853,347			(6,989,480	)
Change in unrealized depreciation on futures contracts		—			—			(181,718	)		—
Net increase/(decrease) in net assets resulting from operations		29,949,257			(15,439,443	)		9,552,913			(2,584,272	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Institutional Class		(6,795,599	)		(5,231,439	)		(1,910,917	)		(4,162,656	)
Investor Class		(262,054	)		(71,005	)		(45,502	)		(148,319	)
C Class		(68,031	)		(69,204	)		(24,214	)		(34,459	)
A Class		(31,851	)		(74,635	)		N/A			N/A
Z Class		(1,590,664	)		—			(2,596,945	)		—
From net realized gains on investments
Institutional Class		—			—			(198,391	)		—
Investor Class		—			—			(2,332	)		—
C Class		—			—			(1,978	)		—
A Class		—			—			N/A			N/A
Z Class		—			—			—			—
Total distributions		(8,748,199	)		(5,446,283	)		(4,780,279	)		(4,345,434	)
SHARE TRANSACTIONS:
Institutional Class
Proceeds from sales of shares		60,791,052			21,486,546			8,685,722			21,382,866
Issued to shareholders in reinvestment of distributions		3,159,212			1,507,563			826,116			1,585,253
Shares issued in connection with exchange and merger (Note 1 and Note 11)		459,646			—			36,540,066			—
Cost of shares redeemed		(55,587,907	)		(24,577,935	)		(91,450,398	)		(24,002,191	)
Net increase/(decrease) from share transactions		8,822,003			(1,583,826	)		(45,398,494	)		(1,034,072	)
Investor Class
Proceeds from sales of shares		4,409,170			278,565			396,763			1,011,246
Issued to shareholders in reinvestment of distributions		233,016			48,638			31,225			125,112
Shares issued in connection with merger (Note 11)		—			—			147,495			—
Cost of shares redeemed		(1,400,330	)		(1,429,834	)		(823,899	)		(6,571,460	)
Net increase/(decrease) from share transactions		3,241,856			(1,102,631	)		(248,416	)		(5,435,102	)
C Class
Proceeds from sales of shares		367,419			122,297			85,594			136,833
Issued to shareholders in reinvestment of distributions		32,122			29,957			8,208			3,631
Shares issued in connection with merger (Note 11)		—			—			452,976			—
Cost of shares redeemed		(456,703	)		(656,924	)		(853,061	)		(329,208	)
Net decrease from share transactions		(57,162	)		(504,670	)		(306,283	)		(188,744	)
A Class
Proceeds from sales of shares		69,265			101,323			N/A			N/A
Issued to shareholders in reinvestment of distributions		8,787			8,176			N/A			N/A
Shares issued in connection with exchange and merger (Note 1 and Note 11)		(459,646	)		—			N/A			N/A
Cost of shares redeemed		(47,913	)		(970,901	)		N/A			N/A
Net decrease from share transactions		(429,507	)		(861,402	)		N/A			N/A
Z Class
Proceeds from sales of shares		27,806,692			—			93,219,701			—
Issued to shareholders in reinvestment of distributions		—			—			—			—
Cost of shares redeemed		(5,850,000	)		—			(7,333,411	)		—
Net increase from share transactions		21,956,692			—			85,886,290			—
Total increase/(decrease) from share transactions		33,533,882			(4,052,529	)		39,933,097			(6,657,918	)
Net increase/(decrease) in net assets	$	54,734,940		$	(24,938,255	)	$	44,705,731		$	(13,587,624	)
NET ASSETS:
Beginning of year		52,342,260			77,280,515			65,760,125			79,347,749
End of year (including undistributed net investment income of $—, $—, $55,742 and $(39,000) respectively)	$	107,077,200		$	52,342,260		$	110,465,856		$	65,760,125

¹ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 122 See Notes to Financials Statements

Statements of Changes in Net Assets

	ACCESSOR HIGH YIELD BOND FUND				ACCESSOR INVESTMENT GRADE FIXED-INCOME FUND
	YEAR ENDED DEC. 31, 2009		YEAR ENDED DEC. 31, 20081		YEAR ENDED DEC. 31, 2009		YEAR ENDED DEC. 31, 20081
Other Information:
SHARE TRANSACTIONS:
Institutional Class
Sold	7,327,661		2,513,284		873,346		2,070,213
Distributions reinvested	356,762		172,700		82,579		159,310
Shares issued in connection with exchange and merger (Note 1 and Note 11)	48,700		—		3,790,485		—
Redeemed	(6,529,120	)	(2,801,317	)	(9,398,353	)	(2,407,716	)
Net increase/(decrease) in shares outstanding	1,204,003		(115,333	)	(4,651,943	)	(178,193	)
Investor Class
Sold	529,500		27,682		38,536		94,916
Distributions reinvested	26,137		5,150		3,136		12,134
Shares issued in connection with merger (Note 11)	—		—		15,309		—
Redeemed	(160,337	)	(144,804	)	(84,474	)	(633,457	)
Net increase/(decrease) in shares outstanding	395,300		(111,972	)	(27,493	)	(526,407	)
C Class
Sold	45,021		13,895		8,609		13,962
Distributions reinvested	3,728		3,270		826		362
Shares issued in connection with merger (Note 11)	—		—		46,984		—
Redeemed	(52,636	)	(69,181	)	(85,740	)	(33,150	)
Net decrease in shares outstanding	(3,887	)	(52,016	)	(29,321	)	(18,826	)
A Class
Sold	8,277		10,004		N/A		N/A
Distributions reinvested	1,033		896		N/A		N/A
Shares issued in connection with exchange and merger (Note 1 and Note 11)	(48,700	)	—		N/A		N/A
Redeemed	(5,272	)	(101,351	)	N/A		N/A
Net decrease in shares outstanding	(44,662	)	(90,451	)	N/A		N/A
Z Class
Sold	3,305,196		—		9,471,933		—
Distributions reinvested	—		—		—		—
Redeemed	(650,847	)	—		(730,863	)	—
Net increase in shares outstanding	2,654,349		—		8,741,070		—

¹ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financials Statements 123 December 31, 2009

Statements of Changes in Net Assets

	ACCESSOR MORTGAGE SECURITIES FUND						ACCESSOR U.S. GOVERNMENT MONEY FUND
	YEAR ENDED DEC. 31, 2009			YEAR ENDED DEC. 31, 20081			YEAR ENDED DEC. 31, 2009			YEAR ENDED DEC. 31, 20081
OPERATIONS:
Net investment income	$	2,205,441		$	3,270,562		$	3,517,414		$	29,149,191
Net realized gain/(loss) on investments and option contracts		2,425,760			(925,961	)		(14,853	)		118,177
Net realized loss on futures contracts		(28,301	)		—			—			—
Change in unrealized net appreciation/(depreciation) of investments and option contracts		1,443,799			(1,986,476	)		—			—
Change in unrealized depreciation of futures contracts		(44,427	)		—			—			—
Net increase in net assets resulting from operations		6,002,272			358,125			3,502,561			29,267,368
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Institutional Class		(1,199,261	)		(3,108,781	)		(989,521	)		(15,638,986	)
Investor Class		(22,603	)		(45,426	)		(17,083	)		(184,820	)
C Class		(10,736	)		(25,490	)		(3,151	)		(21,517	)
A Class		N/A			N/A			(1,364	)		(18,172	)
Z Class		(767,739	)		—			(2,505,600	)		(13,285,691	)
From net realized gains on investments
Institutional Class		—			—			—			—
Investor Class		—			—			—			—
C Class		—			—			—			—
A Class		N/A			N/A			—			—
Z Class		—			—			—			—
Total distributions		(2,000,339	)		(3,179,697	)		(3,516,719	)		(29,149,186	)
SHARE TRANSACTIONS:
Institutional Class
Proceeds from sales of shares		3,220,741			28,775,383			700,041,272			939,586,306
Issued to shareholders in reinvestment of distributions		526,401			1,159,290			57,592			708,171
Cost of shares redeemed		(52,490,672	)		(24,266,601	)		(817,243,820	)		(1,892,044,845	)
Net increase/(decrease) from share transactions		(48,743,530	)		5,668,072			(117,144,956	)		(951,750,368	)
Investor Class
Proceeds from sales of shares		473,658			213,048			4,963,197			10,456,049
Issued to shareholders in reinvestment of distributions		19,651			29,362			16,167			175,804
Cost of shares redeemed		(639,057	)		(503,938	)		(11,728,100	)		(11,138,524	)
Net decrease from share transactions		(145,748	)		(261,528	)		(6,748,736	)		(506,671	)
C Class
Proceeds from sales of shares		39,030			142,477			1,070,398			3,684,586
Issued to shareholders in reinvestment of distributions		4,449			7,216			3,014			20,434
Cost of shares redeemed		(453,239	)		(353,045	)		(1,758,430	)		(3,275,310	)
Net increase/(decrease) from share transactions		(409,760	)		(203,352	)		(685,018	)		429,710
A Class
Proceeds from sales of shares		N/A			N/A			1,043,308			1,583,430
Issued to shareholders in reinvestment of distributions		N/A			N/A			1,327			17,983
Cost of shares redeemed		N/A			N/A			(1,158,220	)		(2,263,596	)
Net decrease from share transactions		N/A			N/A			(113,585	)		(662,183	)
Z Class
Proceeds from sales of shares		40,651,619			—			1,029,737,763			2,300,347,644
Issued to shareholders in reinvestment of distributions		—			—			17,572			82,947
Cost of shares redeemed		(945,000	)		—			(1,340,183,372	)		(1,621,457,478	)
Net increase/(decrease) from share transactions		39,706,619			—			(310,428,037	)		678,973,113
Total increase/(decrease) from share transactions		(9,592,419	)		5,203,192			(435,120,332	)		(273,516,399	)
Net increase/(decrease) in net assets	$	(5,590,486	)	$	2,381,620		$	(435,134,490	)	$	(273,398,217	)
NET ASSETS:
Beginning of year		66,996,812			64,615,192			1,152,233,233			1,425,631,450
End of year (including undistributed (distributions in excess of) net investment income of $10,654, $—, $118,872 and $—, respectively)	$	61,406,326		$	66,996,812		$	717,098,743		$	1,152,233,233

¹ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 124 See Notes to Financials Statements

Statements of Changes in Net Assets

	ACCESSOR MORTGAGE SECURITIES FUND				ACCESSOR U.S. GOVERNMENT MONEY FUND
	YEAR ENDED DEC. 31, 2009		YEAR ENDED DEC. 31, 20081		YEAR ENDED DEC. 31, 2009		YEAR ENDED DEC. 31, 20081
Other Information:
SHARE TRANSACTIONS:
Institutional Class
Sold	258,399		2,293,338		700,041,271		939,586,306
Distributions reinvested	42,379		95,523		57,593		708,171
Redeemed	(4,278,484	)	(1,986,500	)	(817,243,820	)	(1,892,044,845	)
Net increase/(decrease) in shares outstanding	(3,977,706	)	402,361		(117,144,956	)	(951,750,368	)
Investor Class
Sold	37,670		17,263		4,963,197		10,456,049
Distributions reinvested	1,581		2,412		16,167		175,804
Redeemed	(52,065	)	(41,801	)	(11,728,101	)	(11,138,524	)
Net decrease in shares outstanding	(12,814	)	(22,126	)	(6,748,737	)	(506,671	)
C Class
Sold	3,123		11,523		1,070,399		3,684,586
Distributions reinvested	358		591		3,014		20,434
Redeemed	(36,345	)	(29,229	)	(1,758,430	)	(3,275,310	)
Net increase/(decrease) in shares outstanding	(32,864	)	(17,115	)	(685,017	)	429,710
A Class
Sold	N/A		N/A		1,043,308		1,583,430
Distributions reinvested	N/A		N/A		1,326		17,983
Redeemed	N/A		N/A		(1,158,220	)	(2,263,596	)
Net decrease in shares outstanding	N/A		N/A		(113,586	)	(662,183	)
Z Class
Sold	3,291,604		—		1,029,737,763		2,300,347,644
Distributions reinvested	—		—		17,573		82,947
Redeemed	(73,996	)	—		(1,340,183,372	)	(1,621,457,478	)
Net increase/(decrease) in shares outstanding	3,217,608		—		(310,428,036	)	678,973,113

¹ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financials Statements 125 December 31, 2009

Statements of Changes in Net Assets

	ACCESSOR INCOME ALLOCATION FUND						ACCESSOR INCOME & GROWTH ALLOCATION FUND
	YEAR ENDED DEC. 31, 2009			YEAR ENDED DEC. 31, 20081			YEAR ENDED DEC. 31, 2009			YEAR ENDED DEC. 31, 20081
OPERATIONS:
Net investment income	$	876,446		$	906,575		$	1,614,520		$	1,369,827
Net realized gain/(loss) on investments transactions and gain distributions of investment company shares		33,243			(179,328	)		103,833			162,528
Change in unrealized appreciation/(depreciation) of investments		1,682,671			(2,117,508	)		5,811,946			(10,194,986	)
Net increase/(decrease) in net assets resulting from operations		2,592,360			(1,390,261	)		7,530,299			(8,662,631	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Institutional Class		(641,878	)		(607,865	)		(1,240,338	)		(991,740	)
Investor Class		(77,788	)		(124,319	)		(134,676	)		(142,888	)
C Class		(118,418	)		(116,503	)		(175,453	)		(236,502	)
A Class		(47,578	)		(58,483	)		(105,738	)		(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		(885,662	)		(907,170	)		(1,656,205	)		(1,742,982	)
SHARE TRANSACTIONS:
Institutional Class
Proceeds from sales of shares		6,816,709			11,502,129			20,974,563			17,020,892
Issued to shareholders in reinvestment of distributions		402,966			422,781			988,455			919,954
Cost of shares redeemed		(5,019,580	)		(11,672,186	)		(10,207,580	)		(11,456,011	)
Net increase from share transactions		2,200,095			252,724			11,755,438			6,484,835
Investor Class
Proceeds from sales of shares		1,013,512			910,491			1,592,992			1,208,215
Issued to shareholders in reinvestment of distributions		76,793			123,024			134,676			168,058
Cost of shares redeemed		(1,227,370	)		(1,735,823	)		(950,242	)		(1,839,267	)
Net increase/(decrease) from share transactions		(137,065	)		(702,308	)		777,426			(462,994	)
C Class
Proceeds from sales of shares		2,033,482			1,421,956			1,044,655			1,853,991
Issued to shareholders in reinvestment of distributions		105,837			99,258			169,805			276,624
Cost of shares redeemed		(1,025,708	)		(1,585,618	)		(1,829,276	)		(4,309,294	)
Net increase/(decrease) from share transactions		1,113,611			(64,404	)		(614,816	)		(2,178,679	)
A Class
Proceeds from sales of shares		377,725			1,415,713			937,969			1,568,475
Issued to shareholders in reinvestment of distributions		36,951			44,604			101,271			123,290
Cost of shares redeemed		(782,786	)		(1,003,229	)		(909,305	)		(1,533,085	)
Net increase/(decrease) from share transactions		(368,110	)		457,088			129,935			158,680
Total increase/(decrease) from share transactions		2,808,531			(56,900	)		12,047,983			4,001,842
Net increase/(decrease) in net assets	$	4,515,229		$	(2,354,331	)	$	17,922,077		$	(6,403,771	)
NET ASSETS:
Beginning of year		15,970,043			18,324,374			37,162,468			43,566,239
End of year (including undistributed (distributions in excess of) net investment income/(loss) of $28, $647, $3 and $5,809 respectively)	$	20,485,272		$	15,970,043		$	55,084,545		$	37,162,468

¹ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 126 See Notes to Financials Statements

Statements of Changes in Net Assets

	ACCESSOR INCOME ALLOCATION FUND				ACCESSOR INCOME & GROWTH ALLOCATION FUND
	YEAR ENDED DEC. 31, 2009		YEAR ENDED DEC. 31, 20081		YEAR ENDED DEC. 31, 2009		YEAR ENDED DEC. 31, 20081
Other Information:
SHARE TRANSACTIONS:
Institutional Class
Sold	515,179		825,813		1,566,268		1,162,207
Distributions reinvested	30,131		31,324		73,209		64,784
Redeemed	(372,921	)	(847,549	)	(775,270	)	(791,580	)
Net increase in shares outstanding	172,389		9,588		864,207		435,411
Investor Class
Sold	73,475		65,321		116,175		81,358
Distributions reinvested	5,759		9,093		10,022		11,775
Redeemed	(92,816	)	(127,521	)	(71,317	)	(125,499	)
Net increase/(decrease) in shares outstanding	(13,582	)	(53,107	)	54,880		(32,366	)
C Class
Sold	150,660		104,206		78,149		129,373
Distributions reinvested	7,942		7,383		12,773		19,407
Redeemed	(77,822	)	(116,722	)	(143,869	)	(298,354	)
Net increase/(decrease) in shares outstanding	80,780		(5,133	)	(52,947	)	(149,574	)
A Class
Sold	28,654		99,957		73,920		106,546
Distributions reinvested	2,773		3,304		7,590		8,643
Redeemed	(57,616	)	(72,894	)	(70,357	)	(109,205	)
Net increase/(decrease) in shares outstanding	(26,189	)	30,367		11,153		5,984

¹ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financials Statements 127 December 31, 2009

Statements of Changes in Net Assets

	ACCESSOR BALANCED ALLOCATION FUND						ACCESSOR GROWTH & INCOME ALLOCATION FUND
	YEAR ENDED DEC. 31, 2009			YEAR ENDED DEC. 31, 20081			YEAR ENDED DEC. 31, 2009			YEAR ENDED DEC. 31, 20081
OPERATIONS:
Net investment income	$	3,658,776		$	2,897,470		$	3,099,123		$	2,612,805
Net realized gain/(loss) on investments transactions and gain distributions of investment company shares		472,606			215,375			(853,937	)		67,343
Change in unrealized appreciation/(depreciation) of investments		17,169,648			(36,542,158	)		18,666,359			(50,151,599	)
Net increase/(decrease) in net assets resulting from operations		21,301,030			(33,429,313	)		20,911,545			(47,471,451	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Institutional Class		(2,405,631	)		(1,956,961	)		(1,548,799	)		(1,531,848	)
Investor Class		(352,107	)		(328,262	)		(334,825	)		(323,841	)
C Class		(345,368	)		(376,736	)		(758,022	)		(776,785	)
A Class		(658,922	)		(687,198	)		(559,751	)		(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		(3,762,028	)		(4,433,626	)		(3,201,397	)		(5,544,474	)
SHARE TRANSACTIONS:
Institutional Class
Proceeds from sales of shares		28,246,800			25,145,480			13,680,791			17,855,906
Issued to shareholders in reinvestment of distributions		1,738,053			2,089,256			1,254,191			2,118,731
Cost of shares redeemed		(16,825,475	)		(17,608,499	)		(10,744,748	)		(26,000,460	)
Net increase/(decrease) from share transactions		13,159,378			9,626,237			4,190,234			(6,025,823	)
Investor Class
Proceeds from sales of shares		5,231,283			3,669,629			2,784,438			3,514,790
Issued to shareholders in reinvestment of distributions		350,307			438,192			334,825			559,029
Cost of shares redeemed		(4,385,885	)		(5,039,210	)		(4,135,432	)		(3,835,236	)
Net increase/(decrease) from share transactions		1,195,705			(931,389	)		(1,016,169	)		238,583
C Class
Proceeds from sales of shares		3,360,398			3,582,243			4,196,625			7,544,249
Issued to shareholders in reinvestment of distributions		314,119			516,384			724,371			1,430,978
Cost of shares redeemed		(2,683,873	)		(6,583,756	)		(8,230,500	)		(16,140,217	)
Net increase/(decrease) from share transactions		990,644			(2,485,129	)		(3,309,504	)		(7,164,990	)
A Class
Proceeds from sales of shares		2,617,393			4,566,540			1,578,575			4,947,755
Issued to shareholders in reinvestment of distributions		629,099			873,430			537,429			1,027,547
Cost of shares redeemed		(3,923,795	)		(7,752,377	)		(5,935,726	)		(5,885,890	)
Net increase/(decrease) from share transactions		(677,303	)		(2,312,407	)		(3,819,722	)		89,412
Total increase/(decrease) from share transactions		14,668,424			3,897,312			(3,955,161	)		(12,862,818	)
Net increase/(decrease) in net assets	$	32,207,426		$	(33,965,627	)	$	13,754,987		$	(65,878,743	)
NET ASSETS:
Beginning of year		95,399,698			129,365,325			103,573,548			169,452,291
End of year (including undistributed (distributions in excess of) net investment income/(loss) of $3, $—, $2,132 and $2 respectively)	$	127,607,124		$	95,399,698		$	117,328,535		$	103,573,548

¹ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 128 See Notes to Financials Statements

Statements of Changes in Net Assets

	ACCESSOR BALANCED ALLOCATION FUND				ACCESSOR GROWTH & INCOME ALLOCATION FUND
	YEAR ENDED DEC. 31, 2009		YEAR ENDED DEC. 31, 20081		YEAR ENDED DEC. 31, 2009		YEAR ENDED DEC. 31, 20081
Other Information:
SHARE TRANSACTIONS:
Institutional Class
Sold	2,212,660		1,623,393		1,089,781		1,124,123
Distributions reinvested	128,661		143,874		94,667		147,927
Redeemed	(1,301,541	)	(1,193,637	)	(892,169	)	(1,700,702	)
Net increase/(decrease) in shares outstanding	1,039,780		573,630		292,279		(428,652	)
Investor Class
Sold	385,952		244,623		212,297		230,473
Distributions reinvested	25,807		30,220		25,363		39,333
Redeemed	(331,186	)	(334,057	)	(308,485	)	(256,949	)
Net increase/(decrease) in shares outstanding	80,573		(59,214	)	(70,825	)	12,857
C Class
Sold	236,918		226,328		325,641		503,027
Distributions reinvested	23,214		35,576		54,753		100,802
Redeemed	(216,491	)	(455,595	)	(663,360	)	(1,089,427	)
Net increase/(decrease) in shares outstanding	43,641		(193,691	)	(282,966	)	(485,598	)
A Class
Sold	206,551		298,017		126,867		322,504
Distributions reinvested	46,688		59,999		40,860		72,200
Redeemed	(307,230	)	(514,430	)	(484,896	)	(402,414	)
Net decrease in shares outstanding	(53,991	)	(156,414	)	(317,169	)	(7,710	)

¹ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financials Statements 129 December 31, 2009

Statements of Changes in Net Assets

	ACCESSOR GROWTH ALLOCATION FUND						ACCESSOR AGGRESSIVE GROWTH ALLOCATION FUND
	YEAR ENDED DEC. 31, 2009			YEAR ENDED DEC. 31, 20081			YEAR ENDED DEC. 31, 2009			YEAR ENDED DEC. 31, 20081
OPERATIONS:
Net investment income	$	2,539,249		$	1,239,747		$	1,032,636		$	112,207
Net realized gain/(loss) on investments transactions and gain distributions of investment company shares		(23,253	)		803,477			(105,693	)		517,308
Change in unrealized appreciation/(depreciation) of investments		19,883,247			(57,329,670	)		10,776,006			(32,914,014	)
Net increase/(decrease) in net assets resulting from operations		22,399,243			(55,286,446	)		11,702,949			(32,284,499	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Institutional Class		(1,335,239	)		(1,056,535	)		(680,583	)		(362,213	)
Investor Class		(289,572	)		(248,820	)		(131,301	)		(69,595	)
C Class		(550,888	)		(351,589	)		(112,696	)		(46,236	)
A Class		(475,598	)		(394,213	)		(167,854	)		(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		(2,651,297	)		(4,947,435	)		(1,092,434	)		(2,097,097	)
SHARE TRANSACTIONS:
Institutional Class
Proceeds from sales of shares		11,651,580			12,099,617			9,153,432			8,332,013
Issued to shareholders in reinvestment of distributions		1,147,793			2,019,337			580,979			1,100,051
Cost of shares redeemed		(9,713,202	)		(14,635,659	)		(8,241,395	)		(9,089,184	)
Net increase/(decrease) from share transactions		3,086,171			(516,705	)		1,493,016			342,880
Investor Class
Proceeds from sales of shares		2,274,360			5,426,611			1,771,228			2,619,890
Issued to shareholders in reinvestment of distributions		286,164			611,999			130,315			293,446
Cost of shares redeemed		(4,896,731	)		(4,635,190	)		(3,199,602	)		(3,685,000	)
Net increase/(decrease) from share transactions		(2,336,207	)		1,403,420			(1,298,059	)		(771,664	)
C Class
Proceeds from sales of shares		3,764,335			5,886,276			1,001,426			1,758,195
Issued to shareholders in reinvestment of distributions		532,004			1,123,236			111,464			248,084
Cost of shares redeemed		(5,625,910	)		(9,059,099	)		(1,228,023	)		(1,739,378	)
Net increase/(decrease) from share transactions		(1,329,571	)		(2,049,587	)		(115,133	)		266,901
A Class
Proceeds from sales of shares		1,863,149			4,294,091			886,833			2,063,788
Issued to shareholders in reinvestment of distributions		447,283			869,366			149,174			302,759
Cost of shares redeemed		(3,303,495	)		(5,692,197	)		(1,269,572	)		(1,986,423	)
Net increase/(decrease) from share transactions		(993,063	)		(528,740	)		(233,565	)		380,124
Total increase/(decrease) from share transactions		(1,572,670	)		(1,691,612	)		(153,741	)		218,241
Net increase/(decrease) in net assets	$	18,175,276		$	(61,925,493	)	$	10,456,774		$	(34,163,355	)
NET ASSETS:
Beginning of year		96,429,116			158,354,609			45,863,535			80,026,890
End of year (including undistributed (distributions in excess of) net investment income of $3, $2, $1 and $2,443 respectively)	$	114,604,392		$	96,429,116		$	56,320,309		$	45,863,535

¹ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 130 See Notes to Financials Statements

Statements of Changes in Net Assets

	ACCESSOR GROWTH ALLOCATION FUND				ACCESSOR AGGRESSIVE GROWTH ALLOCATION FUND
	YEAR ENDED DEC. 31, 2009		YEAR ENDED DEC. 31, 20081		YEAR ENDED DEC. 31, 2009		YEAR ENDED DEC. 31, 20081
Other Information:
SHARE TRANSACTIONS:
Institutional Class
Sold	975,069		781,609		779,621		519,563
Distributions reinvested	86,848		138,103		43,727		72,991
Redeemed	(798,613	)	(988,660	)	(691,799	)	(587,772	)
Net increase/(decrease) in shares outstanding	263,304		(68,948	)	131,549		4,782
Investor Class
Sold	183,522		342,734		154,832		172,607
Distributions reinvested	21,715		42,073		9,899		19,844
Redeemed	(389,354	)	(302,794	)	(255,370	)	(236,937	)
Net increase/(decrease) in shares outstanding	(184,117	)	82,013		(90,639	)	(44,486	)
C Class
Sold	310,667		381,050		88,531		113,944
Distributions reinvested	39,901		77,801		8,419		16,884
Redeemed	(460,885	)	(597,610	)	(109,863	)	(117,198	)
Net increase/(decrease) in shares outstanding	(110,317	)	(138,759	)	(12,913	)	13,630
A Class
Sold	154,578		265,739		78,361		126,978
Distributions reinvested	33,804		59,650		11,202		20,185
Redeemed	(273,919	)	(375,972	)	(108,984	)	(129,074	)
Net increase/(decrease) in shares outstanding	(85,537	)	(50,583	)	(19,421	)	18,089

¹ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financials Statements 131 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth Fund

	INSTITUTIONAL CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,4
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	18.01		$	27.48		$	26.03		$	24.49		$	23.08
Net investment income1		0.11			0.06			0.08			0.07			0.05
Net realized and unrealized gain (loss) on investments1		4.68			(9.46	)		1.44			1.54			1.43
Total from Investment Operations		4.79			(9.40	)		1.52			1.61			1.48
Distributions from net investment income		(0.13	)		(0.07	)		(0.07	)		(0.07	)		(0.07	)
Total Distributions		(0.13	)		(0.07	)		(0.07	)		(0.07	)		(0.07	)
REDEMPTION FEES		—			0.00	2		0.00	2		0.00	2		0.00	2
NET ASSET VALUE, END OF YEAR	$	22.67		$	18.01		$	27.48		$	26.03		$	24.49
TOTAL RETURN		26.72	%		(34.24	)%		5.86	%		6.56	%		6.44	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	20,757		$	80,617		$	161,713		$	178,084		$	133,132
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		1.06	%		1.02	%		1.12	%		1.20	%		1.22	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		0.62	%		0.26	%		0.30	%		0.29	%		0.21	%
PORTFOLIO TURNOVER RATE		105.96	%		166.14	%		190.94	%		130.94	%		97.70	%

¹ Per share amounts are based upon average shares outstanding.

² Less than $0.005 per share.

³ The effect of any custody credits on this ratio is less than 0.01%.

⁴ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 132 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth Fund

	INVESTOR CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,4
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	17.58		$	26.87		$	25.49		$	24.00		$	22.65
Net investment income (loss)1		0.05			0.06			(0.01	)		0.02			(0.03	)
Net realized and unrealized gain (loss) on investments1		4.55			(9.19	)		1.41			1.51			1.41
Total from Investment operations		4.60			(9.13	)		1.40			1.53			1.38
Distributions from net investment income		(0.05	)		(0.16	)		(0.02	)		(0.04	)		(0.03	)
Total Distributions		(0.05	)		(0.16	)		(0.02	)		(0.04	)		(0.03	)
REDEMPTION FEES		—			—			—			0.00	2		0.00	2
NET ASSET VALUE, END OF YEAR	$	22.13		$	17.58		$	26.87		$	25.49		$	24.00
TOTAL RETURN		26.21	%		(33.96	)%		5.49	%		6.36	%		6.11	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	736		$	812		$	2,037		$	2,293		$	2,682
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		1.48	%		1.00	%		1.47	%		1.39	%		1.54	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		0.27	%		0.26	%		(0.05	)%		0.06	%		(0.13	)%
PORTFOLIO TURNOVER RATE		105.96	%		166.14	%		190.94	%		130.94	%		97.70	%

¹ Per share amounts are based upon average shares outstanding.

² Less than $0.005 per share.

³ The effect of any custody credits on this ratio is less than 0.01%.

⁴ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financial Statements 133 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth Fund

	C CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,5
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	17.32		$	26.61		$	25.39		$	24.07		$	22.83
Net investment loss1		(0.03	)		(0.19	)		(0.18	)		(0.17	)		(0.18	)
Net realized and unrealized gain (loss) on investments1		4.46			(9.10	)		1.40			1.49			1.42
Total from Investment Operations		4.43			(9.29	)		1.22			1.32			1.24
Distributions from net investment income		—			—			—			—			—
Total Distributions		—			—			—			—			—
REDEMPTION FEES		—			—			—			0.00	3		0.00	3
NET ASSET VALUE, END OF YEAR	$	21.75		$	17.32		$	26.61		$	25.39		$	24.07
TOTAL RETURN2		25.58	%		(34.91	)%		4.81	%		5.48	%		5.43	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	415		$	866		$	5,470		$	5,269		$	4,095
RATIO OF EXPENSES TO AVERAGE NET ASSETS4		1.99	%		2.00	%		2.10	%		2.20	%		2.22	%
RATIO OF NET INVESTMENT LOSS TO AVERAGE NET ASSETS		(0.19	)%		(0.81	)%		(0.70	)%		(0.71	)%		(0.80	)%
PORTFOLIO TURNOVER RATE		105.96	%		166.14	%		190.94	%		130.94	%		97.70	%

¹ Per share amounts are based upon average shares outstanding.

² Total return assumes dividend reinvestment and does not reflect the effect of sale charges.

³ Less than $0.005 per share.

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

⁵ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 134 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth Fund

	Z CLASS SHARES
	FOR THE PERIOD ENDED DECEMBER 31, 20093
NET ASSET VALUE, BEGINNING OF PERIOD	$	18.35
Net investment income1		0.12
Net realized and unrealized gain on investments1		4.31
Total from Investment Operations		4.43
Distributions from net investment income		(0.11	)
Total Distributions		(0.11	)
REDEMPTION FEES		—
NET ASSET VALUE, END OF PERIOD	$	22.67
TOTAL RETURN		24.23	%*
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	69,017
RATIO OF EXPENSES TO AVERAGE NET ASSETS2		0.93	%**
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		0.91	%**
PORTFOLIO TURNOVER RATE		105.96	%

¹   Per share amounts are based upon average shares outstanding.

²   The effect of any custody credits on this ratio is less than 0.01%.

³   Commenced operations on May 5, 2009.

*   Not Annualized.

** Annualized.

See Notes to Financial Statements 135 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Value Fund

	INSTITUTIONAL CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,4
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	14.21		$	23.85		$	23.94		$	20.86		$	19.93
Net investment income1		0.30			0.36			0.26			0.31			0.27
Net realized and unrealized gain (loss) on investments1		2.09			(9.64	)		0.55			3.09			0.93
Total from Investment Operations		2.39			(9.28	)		0.81			3.40			1.20
Distributions from net investment income		(0.29	)		(0.36	)		(0.24	)		(0.32	)		(0.27	)
Distributions from capital gains		—			—			(0.66	)		—			—
Total Distributions		(0.29	)		(0.36	)		(0.90	)		(0.32	)		(0.27	)
REDEMPTION FEES		—			0.00	2		0.00	2		0.00	2		—
NET ASSET VALUE, END OF YEAR	$	16.31		$	14.21		$	23.85		$	23.94		$	20.86
TOTAL RETURN		17.13	%		(39.18	)%		3.32	%		16.42	%		6.09	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	15,348		$	78,171		$	141,422		$	127,895		$	109,228
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		1.07	%		1.01	%		0.97	%		0.99	%		1.00	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS3		1.07	%		1.01	%		0.97	%		0.99	%		0.85	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		2.30	%		1.87	%		1.04	%		1.40	%		1.36	%
PORTFOLIO TURNOVER RATE		227.06	%		144.57	%		158.41	%		64.20	%		70.01	%

¹ Per share amounts are based upon average shares outstanding.

² Less than $0.005 per share.

³ The effect of any custody credits on this ratio is less than 0.01%.

⁴ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 136 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Value Fund

	INVESTOR CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,4
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	14.23		$	23.87		$	23.97		$	20.88		$	19.95
Net investment income1		0.21			0.26			0.13			0.20			0.21
Net realized and unrealized gain (loss) on investments1		2.11			(9.64	)		0.55			3.10			0.93
Total from Investment Operations		2.32			(9.38	)		0.68			3.30			1.14
Distributions from net investment income		(0.22	)		(0.26	)		(0.12	)		(0.21	)		(0.21	)
Distributions from capital gains		—			—			(0.66	)		—			—
Total Distributions		(0.22	)		(0.26	)		(0.78	)		(0.21	)		(0.21	)
REDEMPTION FEES		—			—			—			0.00	2		—
NET ASSET VALUE, END OF YEAR	$	16.33		$	14.23		$	23.87		$	23.97		$	20.88
TOTAL RETURN		16.60	%		(39.49	)%		2.76	%		15.88	%		5.78	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	626		$	795		$	2,053		$	2,207		$	2,448
RATIO OF EXPENSES TO AVERAGE NET ASSETS,3		1.50	%		1.50	%		1.47	%		1.47	%		1.29	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS,3		1.50	%		1.50	%		1.47	%		1.47	%		1.14	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		1.55	%		1.32	%		0.53	%		0.91	%		1.06	%
PORTFOLIO TURNOVER RATE		227.06	%		144.57	%		158.41	%		64.20	%		70.01	%

¹ Per share amounts are based upon average shares outstanding.

² Less than $0.005 per share.

³ The effect of any custody credits on this ratio is less than 0.01%.

⁴ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financial Statements 137 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Value Fund

	C CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,4
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	14.19		$	23.79		$	23.92		$	20.84		$	19.92
Net investment income1		0.18			0.15			0.01			0.09			0.07
Net realized and unrealized gain (loss) on investments1		2.07			(9.59	)		0.54			3.09			0.93
Total from Investment Operations		2.25			(9.44	)		0.55			3.18			1.00
Distributions from net investment income		(0.11	)		(0.16	)		(0.02	)		(0.10	)		(0.08	)
Distributions from capital gains		—			—			(0.66	)		—			—
Total Distributions		(0.11	)		(0.16	)		(0.68	)		(0.10	)		(0.08	)
REDEMPTION FEES		—			—			—			—			—
NET ASSET VALUE, END OF YEAR	$	16.33		$	14.19		$	23.79		$	23.92		$	20.84
TOTAL RETURN2		16.05	%		(39.79	)%		2.23	%		15.31	%		5.02	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	107		$	581		$	4,162		$	3,831		$	3,314
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		2.02	%		1.99	%		1.97	%		1.99	%		2.00	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS3		2.02	%		1.99	%		1.97	%		1.99	%		1.85	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		1.37	%		0.75	%		0.03	%		0.40	%		0.36	%
PORTFOLIO TURNOVER RATE		227.06	%		144.57	%		158.41	%		64.20	%		70.01	%

¹ Per share amounts are based upon average shares outstanding.

² Total return assumes dividend reinvestment and does not reflect the effect of sale charges.

³ The effect of any custody credits on this ratio is less than 0.01%.

⁴ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 138 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Value Fund

	Z CLASS SHARES
	FOR THE PERIOD ENDED DECEMBER 31, 20093
NET ASSET VALUE, BEGINNING OF PERIOD	$	13.28
Net investment income1		0.17
Net realized and unrealized gain on investments1		3.06
Total from Investment Operations		3.23
Distributions from net investment income		(0.21	)
Total Distributions		(0.21	)
REDEMPTION FEES		—
NET ASSET VALUE, END OF PERIOD	$	16.30
TOTAL RETURN		24.44	%*
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	69,018
RATIO OF EXPENSES TO AVERAGE NET ASSETS2		0.96	%**
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS2		0.96	%**
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		1.70	%**
PORTFOLIO TURNOVER RATE		227.06	%

¹   Per share amounts are based upon average shares outstanding.

²   The effect of any custody credits on this ratio is less than 0.01%.

³   Commenced operations on May 5, 2009.

*   Not Annualized.

** Annualized

See Notes to Financial Statements 139 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Small to Mid Cap Fund

	INSTITUTIONAL CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,5
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	18.42		$	31.02		$	32.06		$	28.20		$	24.96
Net investment income1		0.13			0.03			0.05			0.05			0.03
Net realized and unrealized gain (loss) on investments1		5.90			(12.50	)		(0.97	)		3.83			3.21
Total from Investment Operations		6.03			(12.47	)		(0.92	)		3.88			3.24
Distributions from net investment income		(0.13	)		—			(0.07	)		(0.02	)		—
Distributions from capital gains		—			(0.13	)		(0.05	)		—			—
Total Distributions		(0.13	)		(0.13	)		(0.12	)		(0.02	)		—
REDEMPTION FEES		—			0.00	2		0.00	2		0.00	2		0.00	2
NET ASSET VALUE, END OF YEAR	$	24.32		$	18.42		$	31.02		$	32.06		$	28.20
TOTAL RETURN		32.90	%		(40.33	)%		(2.89	)%		13.75	%		12.98	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	126,090		$	138,263		$	291,934		$	288,277		$	155,235
RATIO OF EXPENSES (INCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS3,4		1.33	%		1.52	%		1.26	%		1.22	%		1.26	%
RATIO OF EXPENSES (EXCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS3,4		1.33	%		1.34	%		1.20	%		1.22	%		1.26	%
RATIO OF NET INVESTMENT INCOME (INCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS3,4		0.68	%		0.10	%		0.15	%		0.18	%		0.13	%
RATIO OF NET INVESTMENT INCOME (EXCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS3,4		0.68	%		0.28	%		0.21	%		0.18	%		0.13	%
PORTFOLIO TURNOVER RATE		84.24	%		139.69	%		57.25	%		37.24	%		41.64	%

¹ Per share amounts are based upon average shares outstanding.

² Less than $0.005 per share.

³ The effect of any custody credits on this ratio is less than 0.01%.

⁴ Dividend expense totaled 0.00%, 0.18%, 0.06%, 0.00% and 0.00%, respectively, of average net assets for the years ended December 31, 2009, 2008, 2007, 2006 and 2005, respectively.

⁵ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 140 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Small to Mid Cap Fund

	INVESTOR CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,5
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	17.58		$	29.76		$	30.84		$	27.24		$	24.20
Net investment income (loss)1		0.04			(0.11	)		(0.10	)		(0.08	)		(0.06	)
Net realized and unrealized gain (loss) on investments1		5.63			(11.94	)		(0.93	)		3.68			3.10
Total from Investment Operations		5.67			(12.05	)		(1.03	)		3.60			3.04
Distributions from net investment income		(0.06	)		—			—			—			—
Distributions from capital gains		—			(0.13	)		(0.05	)		—			—
Total Distributions		(0.06	)		(0.13	)		(0.05	)		—			—
REDEMPTION FEES		—			—			(0.00	)2		0.00	2		0.00	2
NET ASSET VALUE, END OF YEAR	$	23.19		$	17.58		$	29.76		$	30.84		$	27.24
TOTAL RETURN		32.32	%		(40.63	)%		(3.35	)%		13.22	%		12.56	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	1,490		$	1,744		$	4,719		$	4,396		$	4,028
RATIO OF EXPENSES (INCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS3,4		1.77	%		2.02	%		1.74	%		1.68	%		1.64	%
RATIO OF EXPENSES (EXCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS3,4		1.77	%		1.84	%		1.68	%		1.68	%		1.64	%
RATIO OF NET INVESTMENT INCOME (LOSS) (INCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS3,4		0.23	%		(0.44	)%		(0.33	)%		(0.29	)%		(0.24	)%
RATIO OF NET INVESTMENT INCOME (LOSS) (EXCLUDING DIVIDEND EXPENSE) TO AVERAGE NET ASSETS3,4		0.23	%		(0.26	)%		(0.27	)%		(0.29	)%		(0.24	)%
PORTFOLIO TURNOVER RATE		84.24	%		139.69	%		57.25	%		37.24	%		41.64	%

¹ Per share amounts are based upon average shares outstanding.

² Less than $0.005 per share.

³ The effect of any custody credits on this ratio is less than 0.01%.

⁴ Dividend expense totaled 0.00%, 0.18%, 0.06%, 0.00% and 0.00%, respectively, of average net assets for the years ended December 31, 2009, 2008, 2007, 2006 and 2005, respectively.

⁵ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financial Statements 141 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Small to Mid Cap Fund

	C CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,6
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	17.42		$	29.65		$	30.88		$	27.43		$	24.52
Net investment loss1		(0.05	)		(0.25	)		(0.27	)		(0.24	)		(0.21	)
Net realized and unrealized gain (loss) on investments1		5.56			(11.85	)		(0.91	)		3.69			3.12
Total from Investment Operations		5.51			(12.10	)		(1.18	)		3.45			2.91
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
NET ASSET VALUE, END OF YEAR	$	22.92		$	17.42		$	29.65		$	30.88		$	27.43
TOTAL RETURN2		31.66	%		(40.95	)%		(3.83	)%		12.58	%		11.87	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	501		$	699		$	3,250		$	3,272		$	2,617
RATIO OF EXPENSES (INCLUDING DIVIDEND EXPENSE)
TO AVERAGE NET ASSETS4,5		2.27	%		2.53	%		2.26	%		2.22	%		2.27	%
RATIO OF EXPENSES (EXCLUDING DIVIDEND EXPENSE)
TO AVERAGE NET ASSETS4,5		2.27	%		2.35	%		2.20	%		2.22	%		2.27	%
RATIO OF NET INVESTMENT LOSS (INCLUDING
DIVIDEND EXPENSE) TO AVERAGE NET ASSETS4,5		(0.28	)%		(0.97	)%		(0.85	)%		(0.82	)%		(0.84	)%
RATIO OF NET INVESTMENT LOSS (EXCLUDING
DIVIDEND EXPENSE) TO AVERAGE NET ASSETS4,5		(0.28	)%		(0.79	)%		(0.79	)%		(0.82	)%		(0.84	)%
PORTFOLIO TURNOVER RATE		84.24	%		139.69	%		57.25	%		37.24	%		41.64	%

¹ Per share amounts are based upon average shares outstanding.

² Total return assumes dividend reinvestment and does not reflect the effect of sale charges.

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% and 0.00%, respectively, of average net assets for the years ended December 31, 2009, 2008, 2007, 2006 and 2005, respectively.

⁶ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 142 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Small to Mid Cap Fund

	Z CLASS SHARES
	FOR THE PERIOD ENDED DECEMBER 31, 20093
NET ASSET VALUE, BEGINNING OF PERIOD	$	19.31
Net investment income1		0.09
Net realized and unrealized gain on investments1		5.00
Total from Investment Operations		5.09
Distributions from net investment income		(0.09	)
Total Distributions		(0.09	)
REDEMPTION FEES		—
NET ASSET VALUE, END OF PERIOD	$	24.31
TOTAL RETURN		26.43	%*
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	41,580
RATIO OF EXPENSES TO AVERAGE NET ASSETS2		1.24	%**
RATIO OF NET INVESTMENT INCOME TO AVERAGE
NET ASSETS		0.60	%**
PORTFOLIO TURNOVER RATE		84.24	%

¹   Per share amounts are based upon average shares outstanding.

²   The effect of any custody credits on this ratio is less than 0.01%.

³   Commenced operations on May 5, 2009.

*   Not Annualized.

** Annualized

See Notes to Financial Statements 143 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor International Equity Fund

	INSTITUTIONAL CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,4
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	10.89		$	23.93		$	22.99		$	17.35		$	15.21
Net investment income1		0.23			0.46			0.24			0.10			0.14
Net realized and unrealized gain (loss) on investments1		3.80			(12.63	)		2.71			5.65			2.04
Total from Investment Operations		4.03			(12.17	)		2.95			5.75			2.18
Distributions from net investment income		(0.65	)		(0.01	)		(0.20	)		(0.11	)		(0.04	)
Distributions from capital gains		—			(0.86	)		(1.81	)		—			—
Total Distributions		(0.65	)		(0.87	)		(2.01	)		(0.11	)		(0.04	)
REDEMPTION FEES		—			0.00	3		0.00	3		(0.00	)3		(0.00	)3
NET ASSET VALUE, END OF YEAR	$	14.27		$	10.89		$	23.93		$	22.99		$	17.35
TOTAL RETURN		37.02	%		(52.29	)%		12.97	%		33.13	%		14.33	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	26,243		$	94,963		$	241,397		$	152,545		$	100,146
RATIO OF EXPENSES TO AVERAGE NET ASSETS2		1.50	%		1.25	%		1.33	%		1.44	%		1.41	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		2.11	%		2.49	%		0.96	%		0.53	%		0.89	%
PORTFOLIO TURNOVER RATE		70.87	%		102.02	%		73.71	%		93.54	%		127.58	%

¹ Per share amounts are based upon average shares outstanding.

² The effect of any custody credits on this ratio is less than 0.01%.

³ Less than $0.005 per share.

⁴ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 144 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor International Equity Fund

	INVESTOR CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,4
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	10.46		$	23.14		$	22.32		$	16.85		$	14.79
Net investment income1		0.13			0.37			0.07			0.03			0.10
Net realized and unrealized gain (loss) on investments1		3.68			(12.20	)		2.66			5.46			1.96
Total from Investment Operations		3.81			(11.83	)		2.73			5.49			2.06
Distributions from net investment income		(0.40	)		(0.01	)		(0.10	)		(0.02	)		—
Distributions from capital gains		—			(0.86	)		(1.81	)		—			—
Total Distributions		(0.40	)		(0.87	)		(1.91	)		(0.02	)		—
REDEMPTION FEES		—			0.02			0.00	3		(0.00	)3		(0.00	)3
NET ASSET VALUE, END OF YEAR	$	13.87		$	10.46		$	23.14		$	22.32		$	16.85
TOTAL RETURN		36.57	%		(52.57	)%		12.37	%		32.59	%		13.93	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	1,530		$	1,845		$	6,523		$	1,746		$	1,200
RATIO OF EXPENSES TO AVERAGE NET ASSETS2		1.92	%		1.76	%		1.79	%		1.92	%		1.68	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		1.18	%		2.05	%		0.27	%		0.18	%		0.65	%
PORTFOLIO TURNOVER RATE		70.87	%		102.02	%		73.71	%		93.54	%		127.58	%

¹ Per share amounts are based upon average shares outstanding.

² The effect of any custody credits on this ratio is less than 0.01%.

³ Less than $0.005 per share.

⁴ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financial Statements 145 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor International Equity Fund

	C CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,5
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	10.41		$	23.14		$	22.33		$	16.94		$	14.97
Net investment income (loss)1		0.10			0.14			(0.01	)		(0.09	)		(0.02	)
Net realized and unrealized gain (loss) on investments1		3.61			(12.01	)		2.63			5.48			1.99
Total from Investment Operations		3.71			(11.87	)		2.62			5.39			1.97
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
NET ASSET VALUE, END OF YEAR	$	14.12		$	10.41		$	23.14		$	22.33		$	16.94
TOTAL RETURN2		35.77	%		(52.82	)%		11.85	%		31.82	%		13.16	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	775		$	1,111		$	7,631		$	5,095		$	2,392
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		2.42	%		2.27	%		2.33	%		2.41	%		2.41	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS		0.87	%		0.75	%		(0.03	)%		(0.48	)%		(0.12	)%
PORTFOLIO TURNOVER RATE		70.87	%		102.02	%		73.71	%		93.54	%		127.58	%

¹ Per share amounts are based upon average shares outstanding.

² Total return assumes dividend reinvestment and does not reflect the effect of sale charges.

³ The effect of any custody credits on this ratio is less than 0.01%.

⁴ Less than $0.005 per share.

⁵ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 146 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor International Equity Fund

	Z CLASS SHARES
	FOR THE PERIOD ENDED DECEMBER 31, 20092
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.01
Net investment income1		0.10
Net realized and unrealized gain on investments1		3.81
Total from Investment Operations		3.91
Distributions from net investment income		(0.66	)
Total Distributions		(0.66	)
REDEMPTION FEES		—
NET ASSET VALUE, END OF PERIOD	$	14.26
TOTAL RETURN		35.54	%*
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	72,319
RATIO OF EXPENSES TO AVERAGE NET ASSETS		1.37	%**
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		1.10	%**
PORTFOLIO TURNOVER RATE		70.87	%

¹   Per share amounts are based upon average shares outstanding.

²   Commenced operations on May 5, 2009.

*   Not Annualized.

** Annualized.

See Notes to Financial Statements 147 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Strategic Alternatives Fund

	INSTITUTIONAL CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,5
	2009			20083
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.27		$	12.00
Net investment income1		0.10			0.16
Net realized and unrealized gain (loss) on investments1		1.15			(1.74	)
Total from Investment Operations		1.25			(1.58	)
Distributions from net investment income		(0.10	)		(0.15	)
Total Distributions		(0.10	)		(0.15	)
REDEMPTION FEES		—			0.00	4
NET ASSET VALUE, END OF PERIOD	$	11.42		$	10.27
TOTAL RETURN		12.19	%		(13.25	)%*
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	76,766		$	102,327
RATIO OF EXPENSES TO AVERAGE NET ASSETS2		1.05	%		1.04	%**
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		0.95	%		1.54	%**
PORTFOLIO TURNOVER RATE		75.56	%		158.92	%

¹ Per share amounts are based upon average shares outstanding.

² The effect of any custody credits on this ratio is less than 0.01%.

³ Commenced operations on January 29, 2008.

⁴ Less than $0.005 per share.

⁵ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

*   Not Annualized.

** Annualized.

December 31, 2009 148 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Strategic Alternatives Fund

	INVESTOR CLASS SHARES
	FOR THE YEAR ENDED DECEMBER 31, 20093
NET ASSET VALUE, BEGINNING OF YEAR	$	10.27
Net investment income1		0.15
Net realized and unrealized gain on investments1		1.12
Total from Investment Operations		1.27
Distributions from net investment income
Distributions from capital gains		(0.11	)
Total Distributions		(0.11	)
REDEMPTION FEES		—
NET ASSET VALUE, END OF YEAR	$	11.43
TOTAL RETURN		12.34	%
NET ASSETS, END OF YEAR (IN THOUSANDS)	$	668
RATIO OF EXPENSES TO AVERAGE NET ASSETS2		1.04	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		1.33	%
PORTFOLIO TURNOVER RATE		75.56	%

¹ Per share amounts are based upon average shares outstanding.

² The effect of any custody credits on this ratio is less than 0.01%.

³ Commenced operations December 31, 2008.

See Notes to Financial Statements 149 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Strategic Alternatives Fund

	Z CLASS SHARES
	FOR THE PERIOD ENDED DECEMBER 31, 20093
NET ASSET VALUE, BEGINNING OF PERIOD	$	9.80
Net investment income1		0.08
Net realized and unrealized gain on investments1		1.63
Total from Investment Operations		1.71
Distributions from net investment income		(0.08	)
Total Distributions		(0.08	)
REDEMPTION FEES		—
NET ASSET VALUE, END OF PERIOD	$	11.43
TOTAL RETURN		17.35	%*
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	41,693
RATIO OF EXPENSES TO AVERAGE NET ASSETS2		0.97	%**
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		1.15	%**
PORTFOLIO TURNOVER RATE		75.56	%

¹   Per share amounts are based upon average shares outstanding.

²   The effect of any custody credits on this ratio is less than 0.01%.

³   Commenced operations on May 5, 2009.

*   Not Annualized.

** Annualized.

December 31, 2009 150 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Frontier Markets Fund

	INSTITUTIONAL CLASS SHARES
	FOR THE YEAR ENDED DECEMBER 31, 20092
NET ASSET VALUE, BEGINNING OF YEAR	$	12.00
Net investment loss1		(0.08	)
Net realized and unrealized gain on investments1		0.43
Total from Investment Operations		0.35
Distributions from net investment income		(0.85	)
Distributions from capital gains		(0.19	)
Total Distributions		(1.04	)
REDEMPTION FEES		—
NET ASSET VALUE, END OF YEAR	$	11.31
TOTAL RETURN		2.89	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	13,105
RATIO OF EXPENSES TO AVERAGE NET ASSETS		1.39	%
RATIO OF NET INVESTMENT LOSS TO AVERAGE NET ASSETS		(0.69	)%
PORTFOLIO TURNOVER RATE		78.86	%

¹ Per share amounts are based upon average shares outstanding.

² Commenced operations on December 31, 2008.

See Notes to Financial Statements 151 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Frontier Markets Fund

	INVESTOR CLASS SHARES
	FOR THE YEAR ENDED DECEMBER 31, 20092
NET ASSET VALUE, BEGINNING OF YEAR	$	12.00
Net investment loss1		(0.08	)
Net realized and unrealized gain on investments1		0.45
Total from Investment Operations		0.37
Distributions from net investment income		(0.86	)
Distributions from capital gains		(0.19	)
Total Distributions		(1.05	)
REDEMPTION FEES		—
NET ASSET VALUE, END OF YEAR	$	11.32
TOTAL RETURN		3.03	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	1,124
RATIO OF EXPENSES TO AVERAGE NET ASSETS		1.38	%
RATIO OF NET INVESTMENT LOSS TO AVERAGE NET ASSETS		(0.67	)%
PORTFOLIO TURNOVER RATE		78.86	%

¹ Per share amounts are based upon average shares outstanding.

² Commenced operations on December 31, 2008.

December 31, 2009 152 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Frontier Markets Fund

	Z CLASS SHARES
	FOR THE PERIOD ENDED DECEMBER 31, 20092
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.85
Net investment loss1		(0.03	)
Net realized and unrealized gain on investments1		1.54
Total from Investment Operations		1.51
Distributions from net investment income		(0.86	)
Distributions from capital gains		(0.19	)
Total Distributions		(1.05	)
REDEMPTION FEES		—
NET ASSET VALUE, END OF PERIOD	$	11.31
TOTAL RETURN		13.86	%*
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	23,531
RATIO OF EXPENSES TO AVERAGE NET ASSETS		1.15	%**
RATIO OF NET INVESTMENT LOSS TO AVERAGE NET ASSETS		(0.38	)%**
PORTFOLIO TURNOVER RATE		78.86	%

¹   Per share amounts are based upon average shares outstanding.

²   Commenced operations on May 5, 2009.

*   Not Annualized.

** Annualized.

See Notes to Financial Statements 153 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor High Yield Bond Fund

	INSTITUTIONAL CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,4
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	7.45		$	10.44		$	11.01		$	10.72		$	11.31
Net investment income1		0.83			0.77			0.80			0.80			0.82
Net realized and unrealized gain (loss) on investments1		2.07			(2.98	)		(0.57	)		0.31			(0.58	)
Total from Investment Operations		2.90			(2.21	)		0.23			1.11			0.24
Distributions from net investment income		(0.82	)		(0.78	)		(0.80	)		(0.82	)		(0.83	)
Total Distributions		(0.82	)		(0.78	)		(0.80	)		(0.82	)		(0.83	)
REDEMPTION FEES		—			0.00	3		0.00	3		0.00	3		0.00	3
NET ASSET VALUE, END OF YEAR	$	9.53		$	7.45		$	10.44		$	11.01		$	10.72
TOTAL RETURN		40.36	%		(22.16	)%		2.10	%		10.82	%		2.20	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	76,640		$	50,902		$	72,604		$	59,931		$	50,311
RATIO OF EXPENSES TO AVERAGE NET ASSETS2		0.99	%		0.96	%		0.91	%		0.90	%		0.93	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		9.64	%		8.16	%		7.38	%		7.52	%		7.51	%
PORTFOLIO TURNOVER RATE		202.38	%		109.77	%		86.29	%		87.80	%		62.75	%

¹ Per share amounts are based upon average shares outstanding.

² The effect of any custody credits on this ratio is less than 0.01%.

³ Less than $0.005 per share.

⁴ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 154 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor High Yield Bond Fund

	INVESTOR CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,4
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	7.45		$	10.45		$	11.01		$	10.73		$	11.30
Net investment income1		0.80			0.71			0.76			0.82			0.78
Net realized and unrealized gain (loss) on investments1		2.06			(2.98	)		(0.56	)		0.28			(0.55	)
Total from Investment Operations		2.86			(2.27	)		0.20			1.10			0.23
Distributions from net investment income		(0.78	)		(0.73	)		(0.76	)		(0.82	)		(0.80	)
Total Distributions		(0.78	)		(0.73	)		(0.76	)		(0.82	)		(0.80	)
REDEMPTION FEES		—			—			—			0.00	3		0.00	3
NET ASSET VALUE, END OF YEAR	$	9.53		$	7.45		$	10.45		$	11.01		$	10.73
TOTAL RETURN		39.61	%		(22.54	)%		1.85	%		10.71	%		2.11	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	4,390		$	486		$	1,850		$	498		$	471
RATIO OF EXPENSES TO AVERAGE NET ASSETS2		1.41	%		1.45	%		1.29	%		0.91	%		1.22	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		8.97	%		7.32	%		7.02	%		7.54	%		7.29	%
PORTFOLIO TURNOVER RATE		202.38	%		109.77	%		86.29	%		87.80	%		62.75	%

¹ Per share amounts are based upon average shares outstanding.

² The effect of any custody credits on this ratio is less than 0.01%.

³ Less than $0.005 per share.

⁴ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financial Statements 155 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor High Yield Bond Fund

	C CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,5
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	7.44		$	10.43		$	10.99		$	10.71		$	11.29
Net investment income1		0.74			0.67			0.69			0.70			0.71
Net realized and unrealized gain (loss) on investments1		2.08			(2.98	)		(0.56	)		0.29			(0.57	)
Total from Investment Operations		2.82			(2.31	)		0.13			0.99			0.14
Distributions from net investment income		(0.74	)		(0.68	)		(0.69	)		(0.71	)		(0.72	)
Total Distributions		(0.74	)		(0.68	)		(0.69	)		(0.71	)		(0.72	)
REDEMPTION FEES		—			—			—			0.00	4		0.00	4
NET ASSET VALUE, END OF YEAR	$	9.52		$	7.44		$	10.43		$	10.99		$	10.71
TOTAL RETURN2		39.12	%		(22.97	)%		1.17	%		9.65	%		1.29	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	760		$	623		$	1,416		$	1,804		$	1,565
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		1.92	%		1.96	%		1.89	%		1.90	%		1.93	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		8.66	%		7.03	%		6.37	%		6.53	%		6.51	%
PORTFOLIO TURNOVER RATE		202.38	%		109.77	%		86.29	%		87.80	%		62.75	%

¹ Per share amounts are based upon average shares outstanding.

² Total return assumes dividend reinvestment and does not reflect the effect of sale charges.

³ The effect of any custody credits on this ratio is less than 0.01%.

⁴ Less than $0.005 per share.

⁵ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 156 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor High Yield Bond Fund

	Z CLASS SHARES
	FOR THE PERIOD ENDED DECEMBER 31, 20092
NET ASSET VALUE, BEGINNING OF PERIOD	$	8.35
Net investment income1		0.55
Net realized and unrealized gain on investments1		1.20
Total from Investment Operations		1.75
Distributions from net investment income		(0.57	)
Total Distributions		(0.57	)
REDEMPTION FEES		—
NET ASSET VALUE, END OF PERIOD	$	9.53
TOTAL RETURN		21.52	%*
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	25,288
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.90	%**
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		9.37	%**
PORTFOLIO TURNOVER RATE		202.38	%

¹   Per share amounts are based upon average shares outstanding.

²   Commenced operations on May 5, 2009.

*   Not Annualized.

** Annualized.

See Notes to Financial Statements 157 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Investment Grade Fixed-Income Fund

	INSTITUTIONAL CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,3
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	9.99		$	10.86		$	11.24		$	11.64		$	11.91
Net investment income1		0.59			0.56			0.75			0.79			0.63
Net realized and unrealized gain (loss) on investments1		0.44			(0.84	)		(0.36	)		(0.38	)		(0.20	)
Total from Investment Operations		1.03			(0.28	)		0.39			0.41			0.43
Distributions from net investment income		(0.57	)		(0.59	)		(0.77	)		(0.81	)		(0.66	)
Distributions from capital gains		(0.04	)		—			—			—			(0.04	)
Total Distributions		(0.61	)		(0.59	)		(0.77	)		(0.81	)		(0.70	)
NET ASSET VALUE, END OF YEAR	$	10.41		$	9.99		$	10.86		$	11.24		$	11.64
TOTAL RETURN		10.69	%		(2.43	)%		3.64	%		3.73	%		3.69	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	18,176		$	63,900		$	71,409		$	36,331		$	56,312
RATIO OF EXPENSES TO AVERAGE NET ASSETS2		1.04	%		0.88	%		0.79	%		0.73	%		0.73	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		5.90	%		5.49	%		6.87	%		6.90	%		5.36	%
PORTFOLIO TURNOVER RATE		463.32	%		259.79	%		71.66	%		102.65	%		93.26	%

¹ Per share amounts are based upon average shares outstanding.

² The effect of any custody credits on this ratio is less than 0.01%.

³ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 158 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Investment Grade Fixed-Income Fund

	INVESTOR CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,3
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	9.99		$	10.85		$	11.23		$	11.63		$	11.91
Net investment income1		0.55			0.51			0.70			0.75			0.61
Net realized and unrealized gain (loss) on investments1		0.42			(0.83	)		(0.36	)		(0.39	)		(0.22	)
Total from Investment Operations		0.97			(0.32	)		0.34			0.36			0.39
Distributions from net investment income		(0.52	)		(0.54	)		(0.72	)		(0.76	)		(0.63	)
Distributions from capital gains		(0.04	)		—			—			—			(0.04	)
Total Distributions		(0.56	)		(0.54	)		(0.72	)		(0.76	)		(0.67	)
NET ASSET VALUE, END OF YEAR	$	10.40		$	9.99		$	10.85		$	11.23		$	11.63
TOTAL RETURN		10.12	%		(2.85	)%		3.15	%		3.30	%		3.36	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	1,027		$	1,260		$	7,083		$	1,646		$	1,552
RATIO OF EXPENSES TO AVERAGE NET ASSETS2		1.45	%		1.33	%		1.29	%		1.15	%		0.97	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		5.47	%		4.91	%		6.45	%		6.64	%		5.12	%
PORTFOLIO TURNOVER RATE		463.32	%		259.79	%		71.66	%		102.65	%		93.26	%

¹ Per share amounts are based upon average shares outstanding.

² The effect of any custody credits on this ratio is less than 0.01%.

³ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financial Statements 159 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Investment Grade Fixed-Income Fund

	C CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,4
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	9.99		$	10.86		$	11.23		$	11.63		$	11.91
Net investment income1		0.45			0.45			0.71			0.70			0.52
Net realized and unrealized gain (loss) on investments1		0.48			(0.83	)		(0.44	)		(0.40	)		(0.22	)
Total from Investment Operations		0.93			(0.38	)		0.27			0.30			0.30
Distributions from net investment income		(0.47	)		(0.49	)		(0.64	)		(0.70	)		(0.54	)
Distributions from capital gains		(0.04	)		—			—			—			(0.04	)
Total Distributions		(0.51	)		(0.49	)		(0.64	)		(0.70	)		(0.58	)
NET ASSET VALUE, END OF YEAR	$	10.41		$	9.99		$	10.86		$	11.23		$	11.63
TOTAL RETURN2		9.62	%		(3.40	)%		2.51	%		2.76	%		2.59	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	320		$	600		$	856		$	5,119		$	846
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		1.95	%		1.87	%		1.72	%		1.74	%		1.73	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		4.48	%		4.47	%		6.26	%		6.08	%		4.37	%
PORTFOLIO TURNOVER RATE		463.32	%		259.79	%		71.66	%		102.65	%		93.26	%

¹ Per share amounts are based upon average shares outstanding.

² Total return assumes dividend reinvestment and does not reflect the effect of sale charges.

³ The effect of any custody credits on this ratio is less than 0.01%.

⁴ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 160 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Investment Grade Fixed-Income Fund

	Z CLASS SHARES
	FOR THE PERIOD ENDED DECEMBER 31, 20093
NET ASSET VALUE, BEGINNING OF PERIOD	$	9.65
Net investment income1		0.31
Net realized and unrealized gain on investments1		0.79
Total from Investment Operations		1.10
Distributions from net investment income		(0.35	)
Total Distributions		(0.35	)
NET ASSET VALUE, END OF PERIOD	$	10.40
TOTAL RETURN		11.56	%*
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	90,944
RATIO OF EXPENSES TO AVERAGE NET ASSETS2		0.89	%**
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		4.60	%**
PORTFOLIO TURNOVER RATE		463.32	%

¹   Per share amounts are based upon average shares outstanding.

²   The effect of any custody credits on this ratio is less than 0.01%.

³   Commenced operations on May 5, 2009.

*   Not Annualized.

** Annualized.

See Notes to Financial Statements 161 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Mortgage Securities Fund

	INSTITUTIONAL CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,3
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	12.04		$	12.42		$	12.21		$	12.39		$	12.65
Net investment income1		0.49			0.53			0.56			0.52			0.45
Net realized and unrealized gain (loss) on investments1		0.79			(0.39	)		0.19			(0.05	)		(0.20	)
Total from Investment Operations		1.28			0.14			0.75			0.47			0.25
Distributions from net investment income		(0.42	)		(0.52	)		(0.54	)		(0.58	)		(0.49	)
Distributions from capital gains		—			—			—			(0.07	)		(0.02	)
Total Distributions		(0.42	)		(0.52	)		(0.54	)		(0.65	)		(0.51	)
NET ASSET VALUE, END OF YEAR	$	12.90		$	12.04		$	12.42		$	12.21		$	12.39
TOTAL RETURN		10.80	%		1.17	%		6.28	%		3.92	%		1.96	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	18,779		$	65,419		$	62,498		$	48,202		$	158,056
RATIO OF EXPENSES TO AVERAGE NET ASSETS2		1.07	%		0.98	%		0.95	%		1.00	%		0.92	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		3.94	%		4.34	%		4.54	%		4.24	%		3.56	%
PORTFOLIO TURNOVER RATE		614.22	%		654.15	%		496.94	%		578.95	%		474.16	%

¹ Per share amounts are based upon average shares outstanding.

² The effect of any custody credits on this ratio is less than 0.01%.

³ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 162 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Mortgage Securities Fund

	INVESTOR CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,3
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	12.04		$	12.42		$	12.21		$	12.38		$	12.64
Net investment income1		0.40			0.72			0.50			0.45			0.41
Net realized and unrealized gain (loss) on investments1		0.82			(0.64	)		0.19			(0.03	)		(0.20	)
Total from Investment Operations		1.22			0.08			0.69			0.42			0.21
Distributions from net investment income		(0.36	)		(0.46	)		(0.48	)		(0.52	)		(0.45	)
Distributions from capital gains		—			—			—			(0.07	)		(0.02	)
Total Distributions		(0.36	)		(0.46	)		(0.48	)		(0.59	)		(0.47	)
NET ASSET VALUE, END OF YEAR	$	12.90		$	12.04		$	12.42		$	12.21		$	12.38
TOTAL RETURN		10.31	%		0.67	%		5.76	%		3.55	%		1.59	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	857		$	954		$	1,259		$	894		$	1,111
RATIO OF EXPENSES TO AVERAGE NET ASSETS2		1.52	%		1.48	%		1.45	%		1.56	%		1.22	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		3.22	%		3.78	%		4.12	%		3.72	%		3.25	%
PORTFOLIO TURNOVER RATE		614.22	%		654.15	%		496.94	%		578.95	%		474.16	%

¹ Per share amounts are based upon average shares outstanding.

² The effect of any custody credits on this ratio is less than 0.01%.

³ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financial Statements 163 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Mortgage Securities Fund

	C CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,4
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	12.06		$	12.44		$	12.23		$	12.40		$	12.67
Net investment income1		0.36			0.27			0.44			0.38			0.33
Net realized and unrealized gain (loss) on investments1		0.81			(0.25	)		0.18			(0.03	)		(0.21	)
Total from Investment Operations		1.17			0.02			0.62			0.35			0.12
Distributions from net investment income		(0.30	)		(0.40	)		(0.41	)		(0.45	)		(0.37	)
Distributions from capital gains		—			—			—			(0.07	)		(0.02	)
Total Distributions		(0.30	)		(0.40	)		(0.41	)		(0.52	)		(0.39	)
NET ASSET VALUE, END OF YEAR	$	12.93		$	12.06		$	12.44		$	12.23		$	12.40
TOTAL RETURN2		9.80	%		0.17	%		5.22	%		2.94	%		0.90	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	244		$	624		$	857		$	778		$	1,522
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		2.02	%		1.97	%		1.92	%		2.10	%		1.92	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		2.90	%		3.42	%		3.57	%		3.13	%		2.58	%
PORTFOLIO TURNOVER RATE		614.22	%		654.15	%		496.94	%		578.95	%		474.16	%

¹ Per share amounts are based upon average shares outstanding.

² Total return assumes dividend reinvestment and does not reflect the effect of sale charges.

³ The effect of any custody credits on this ratio is less than 0.01%.

⁴ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 164 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Mortgage Securities Fund

	Z CLASS SHARES
	FOR THE PERIOD ENDED DECEMBER 31, 20093
NET ASSET VALUE, BEGINNING OF PERIOD	$	12.28
Net investment income1		0.28
Net realized and unrealized gain on investments1		0.61
Total from Investment Operations		0.89
Distributions from net investment income		(0.26	)
Total Distributions		(0.26	)
REDEMPTION FEES		—
NET ASSET VALUE, END OF PERIOD	$	12.91
TOTAL RETURN		7.28	%*
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	41,526
RATIO OF EXPENSES TO AVERAGE NET ASSETS2		1.00	%**
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		3.41	%**
PORTFOLIO TURNOVER RATE		614.22	%

¹   Per share amounts are based upon average shares outstanding.

²   The effect of any custody credits on this ratio is less than 0.01%.

³   Commenced operations on May 5, 2009.

*   Not Annualized.

** Annualized.

See Notes to Financial Statements 165 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor U.S. Government Money Fund

	INSTITUTIONAL CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,4
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income1		0.00	3		0.03			0.05			0.04			0.03
Net realized and unrealized gain (loss) on investments1		0.00	3		(0.01	)		—			—			—
Total from Investment Operations		0.00	3		0.02			0.05			0.04			0.03
Distributions from net investment income		0.00	3		(0.02	)		(0.05	)		(0.04	)		(0.03	)
NET ASSET VALUE, END OF YEAR	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN		0.26	%		2.30	%		4.72	%		4.49	%		2.75	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	275,448		$	392,599		$	1,344,292		$	1,433,080		$	1,266,322
RATIO OF EXPENSES TO AVERAGE NET ASSETS2		0.50	%		0.49	%		0.46	%		0.47	%		0.45	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS2		0.44	%		0.49	%		0.46	%		0.47	%		0.45	%
RATIO OF NET INVESTMENT INCOME TO (EXCLUDING WAIVER) AVERAGE NET ASSETS		0.22	%		2.53	%		4.60	%		4.37	%		2.68	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		0.28	%		2.53	%		4.60	%		4.37	%		2.68	%

¹ Per share amounts are based upon average shares outstanding.

² The effect of any custody credits on this ratio is less than 0.01%.

³ Less than $0.005 per share.

⁴ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 166 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor U.S. Government Money Fund

	INVESTOR CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,4
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income1		0.00	3		0.02			0.04			0.04			0.02
Net realized and unrealized gain on investments1		0.00	3		—			—			—			—
Total from Investment Operations		0.00	3		0.02			0.04			0.04			0.02
Distributions from net investment income		0.00	3		(0.02	)		(0.04	)		(0.04	)		(0.02	)
NET ASSET VALUE, END OF YEAR	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN		0.18	%		1.79	%		4.20	%		3.97	%		2.27	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	3,948		$	10,697		$	11,203		$	9,286		$	6,355
RATIO OF EXPENSES TO AVERAGE NET ASSETS2		1.00	%		0.99	%		0.96	%		0.98	%		0.91	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS2		0.57	%		0.99	%		0.96	%		0.98	%		0.91	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO (EXCLUDING WAIVER) AVERAGE NET ASSETS		(0.22	)%		1.84	%		4.09	%		3.89	%		2.19	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		0.21	%		1.84	%		4.09	%		3.89	%		2.19	%

¹ Per share amounts are based upon average shares outstanding.

² The effect of any custody credits on this ratio is less than 0.01%.

³ Less than $0.005 per share.

⁴ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financial Statements 167 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor U.S. Government Money Fund

	C CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,5
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income1		0.00	4		0.01			0.04			0.03			0.02
Net realized and unrealized gain on investments1		—			—			—			—			—
Total from Investment Operations		0.00	4		0.01			0.04			0.03			0.02
Distributions from net investment income		0.00	4		(0.01	)		(0.04	)		(0.03	)		(0.02	)
NET ASSET VALUE, END OF YEAR	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN2		0.16	%		1.29	%		3.70	%		3.45	%		1.91	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	1,252		$	1,937		$	1,507		$	2,808		$	2,014
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		1.50	%		1.50	%		1.46	%		1.47	%		1.29	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS3		0.56	%		1.50	%		1.46	%		1.47	%		1.29	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO (EXCLUDING WAIVER) AVERAGE NET ASSETS		(0.77	)%		1.24	%		3.59	%		3.42	%		1.88	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		0.17	%		1.24	%		3.59	%		3.42	%		1.88	%

¹ Per share amounts are based upon average shares outstanding.

² Total return assumes dividend reinvestment and does not reflect the effect of sale charges.

³ The effect of any custody credits on this ratio is less than 0.01%.

⁴ Less than $0.005 per share.

⁵ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 168 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor U.S. Government Money Fund

	A CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,5
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income1		0.00	4		0.02			0.04			0.04			0.03
Net realized and unrealized gain on investments1		—			—			—			—			—
Total from Investment Operations		0.00	4		0.02			0.04			0.04			0.03
Distributions from net investment income		0.00	4		(0.02	)		(0.04	)		(0.04	)		(0.03	)
NET ASSET VALUE, END OF YEAR	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN2		0.20	%		2.05	%		4.46	%		4.27	%		2.54	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	594		$	708		$	1,370		$	290		$	109
RATIO OF EXPENSES TO AVERAGE NET ASSETS3		0.75	%		0.74	%		0.72	%		0.70	%		0.65	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS3		0.52	%		0.74	%		0.72	%		0.70	%		0.65	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO (EXCLUDING WAIVER) AVERAGE NET ASSETS		(0.02	)%		2.22	%		4.28	%		4.30	%		2.63	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		0.22	%		2.22	%		4.28	%		4.30	%		2.63	%

¹ Per share amounts are based upon average shares outstanding.

² Total return assumes dividend reinvestment and does not reflect the effect of sale charges.

³ The effect of any custody credits on this ratio is less than 0.01%.

⁴ Less than $0.005 per share.

⁵ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financial Statements 169 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor U.S. Government Money Fund

	Z CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,5
	2009			2008			20074
NET ASSET VALUE, BEGINNING OF PERIOD	$	1.00		$	1.00		$	1.00
Net investment income1		0.00	3		0.02			0.05
Net realized and unrealized gain on investments1		0.00	3		0.01			—
Total from Investment Operations		0.00	3		0.03			0.05
Distributions from net investment income		0.00	3		(0.03	)		(0.05	)
NET ASSET VALUE, END OF PERIOD	$	1.00		$	1.00		$	1.00
TOTAL RETURN		0.45	%		2.55	%		4.97	%*
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	435,856		$	746,292		$	67,259
RATIO OF EXPENSES TO AVERAGE NET ASSETS2		0.25	%		0.24	%		0.21	%**
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS2		0.25	%		0.24	%		0.21	%**
RATIO OF NET INVESTMENT INCOME TO (EXCLUDING WAIVER) AVERAGE NET ASSETS		0.50	%		2.31	%		4.78	%**
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS		0.51	%		2.31	%		4.78	%**

¹ Per share amounts are based upon average shares outstanding.

² The effect of any custody credits on this ratio is less than 0.01%.

³ Less than $0.005 per share.

⁴ Class commenced operations on January 4, 2007.

⁵ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

*   Not Annualized.

** Annualized.

December 31, 2009 170 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Income Allocation Fund

	INSTITUTIONAL CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,2
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	12.77		$	14.45		$	14.84		$	14.94		$	15.17
Net investment income1		0.66			0.69			0.84			0.73			0.60
Net realized and unrealized gain (loss) on investments1		1.24			(1.66	)		(0.38	)		(0.10	)		(0.23	)
Total from Investment Operations		1.90			(0.97	)		0.46			0.63			0.37
Distributions from net investment income		(0.67	)		(0.71	)		(0.85	)		(0.73	)		(0.59	)
Distributions from capital gains		—			—			—			—			(0.01	)
Total Distributions		(0.67	)		(0.71	)		(0.85	)		(0.73	)		(0.60	)
NET ASSET VALUE, END OF YEAR	$	14.00		$	12.77		$	14.45		$	14.84		$	14.94
TOTAL RETURN		15.14	%		(6.79	)%		3.16	%		4.32	%		2.38	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	13,880		$	10,464		$	11,696		$	10,440		$	8,415
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.55	%		0.46	%		0.29	%		0.35	%		0.36	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.46	%		0.46	%		0.29	%		0.20	%		0.20	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		4.83	%		5.09	%		5.75	%		4.76	%		3.79	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		4.91	%		5.09	%		5.75	%		4.91	%		3.94	%
PORTFOLIO TURNOVER RATE		26.98	%		45.58	%		60.59	%		14.19	%		19.91	%

¹ Per share amounts are based upon average shares outstanding.

² The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financial Statements 171 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Income Allocation Fund

	INVESTOR CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,2
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	12.76		$	14.43		$	14.83		$	14.93		$	15.17
Net investment income1		0.60			0.63			0.77			0.65			0.52
Net realized and unrealized gain (loss) on investments1		1.23			(1.66	)		(0.40	)		(0.10	)		(0.23	)
Total from Investment Operations		1.83			(1.03	)		0.37			0.55			0.29
Distributions from net investment income		(0.60	)		(0.64	)		(0.77	)		(0.65	)		(0.52	)
Distributions from capital gains		—			—			—			—			(0.01	)
Total Distributions		(0.60	)		(0.64	)		(0.77	)		(0.65	)		(0.53	)
NET ASSET VALUE, END OF YEAR	$	13.99		$	12.76		$	14.43		$	14.83		$	14.93
TOTAL RETURN		14.58	%		(7.20	)%		2.58	%		3.81	%		1.92	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	2,040		$	2,035		$	3,067		$	3,037		$	3,399
RATIO OF EXPENSES TO AVERAGE NET ASSETS		1.05	%		0.95	%		0.79	%		0.83	%		0.82	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.97	%		0.95	%		0.79	%		0.69	%		0.66	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		4.37	%		4.62	%		5.24	%		4.23	%		3.32	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		4.45	%		4.62	%		5.24	%		4.37	%		3.48	%
PORTFOLIO TURNOVER RATE		26.98	%		45.58	%		60.59	%		14.19	%		19.91	%

¹ Per share amounts are based upon average shares outstanding.

² The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 172 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Income Allocation Fund

	C CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,3
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	12.74		$	14.41		$	14.81		$	14.91		$	15.15
Net investment income1		0.54			0.57			0.69			0.60			0.44
Net realized and unrealized gain (loss) on investments1		1.21			(1.67	)		(0.39	)		(0.12	)		(0.23	)
Total from Investment Operations		1.75			(1.10	)		0.30			0.48			0.21
Distributions from net investment income		(0.53	)		(0.57	)		(0.70	)		(0.58	)		(0.44	)
Distributions from capital gains		—			—			—			—			(0.01	)
Total Distributions		(0.53	)		(0.57	)		(0.70	)		(0.58	)		(0.45	)
NET ASSET VALUE, END OF YEAR	$	13.96		$	12.74		$	14.41		$	14.81		$	14.91
TOTAL RETURN2		13.97	%		(7.68	)%		2.07	%		3.31	%		1.38	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	3,839		$	2,474		$	2,872		$	3,033		$	1,546
RATIO OF EXPENSES TO AVERAGE NET ASSETS		1.55	%		1.46	%		1.29	%		1.40	%		1.36	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		1.47	%		1.46	%		1.29	%		1.20	%		1.20	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.91	%		4.18	%		4.74	%		3.79	%		2.79	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.99	%		4.18	%		4.74	%		3.99	%		2.95	%
PORTFOLIO TURNOVER RATE		26.98	%		45.58	%		60.59	%		14.19	%		19.91	%

¹ Per share amounts are based upon average shares outstanding.

² Total return assumes dividend reinvestment and does not reflect the effect of sale charges.

³ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financial Statements 173 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Income Allocation Fund

	A CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,3
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	12.77		$	14.44		$	14.84		$	14.92		$	15.17
Net investment income1		0.63			0.69			0.80			0.73			0.56
Net realized and unrealized gain (loss) on investments1		1.22			(1.68	)		(0.39	)		(0.12	)		(0.25	)
Total from Investment Operations		1.85			(0.99	)		0.41			0.61			0.31
Distributions from net investment income		(0.63	)		(0.68	)		(0.81	)		(0.69	)		(0.55	)
Distributions from capital gains		—			—			—			—			(0.01	)
Total Distributions		(0.63	)		(0.68	)		(0.81	)		(0.69	)		(0.56	)
NET ASSET VALUE, END OF YEAR	$	13.99		$	12.77		$	14.44		$	14.84		$	14.92
TOTAL RETURN2		14.86	%		(7.03	)%		2.88	%		4.13	%		2.06	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	726		$	997		$	689		$	617		$	720
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.79	%		0.71	%		0.57	%		0.54	%		0.61	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.71	%		0.71	%		0.57	%		0.45	%		0.45	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		4.62	%		5.03	%		5.45	%		4.62	%		3.57	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		4.69	%		5.03	%		5.45	%		4.71	%		3.73	%
PORTFOLIO TURNOVER RATE		26.98	%		45.58	%		60.59	%		14.19	%		19.91	%

¹ Per share amounts are based upon average shares outstanding.

² Total return assumes dividend reinvestment and does not reflect the effect of sale charges.

³ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 174 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Income & Growth Allocation Fund

	INSTITUTIONAL CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,2
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	12.61		$	16.22		$	16.27		$	15.57		$	15.38
Net investment income1		0.52			0.52			0.62			0.56			0.45
Net realized and unrealized gain (loss) on investments1		1.80			(3.47	)		0.03			0.71			0.20
Total from Investment Operations		2.32			(2.95	)		0.65			1.27			0.65
Distributions from net investment income		(0.52	)		(0.57	)		(0.69	)		(0.56	)		(0.45	)
Distributions from capital gains		—			(0.09	)		(0.01	)		(0.01	)		(0.01	)
Total Distributions		(0.52	)		(0.66	)		(0.70	)		(0.57	)		(0.46	)
NET ASSET VALUE, END OF YEAR	$	14.41		$	12.61		$	16.22		$	16.27		$	15.57
TOTAL RETURN		18.83	%		(18.61	)%		4.03	%		8.33	%		4.29	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	40,855		$	24,869		$	24,914		$	15,923		$	14,277
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.33	%		0.29	%		0.24	%		0.28	%		0.28	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.25	%		0.29	%		0.24	%		0.20	%		0.20	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.82	%		3.63	%		3.78	%		3.44	%		2.87	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.90	%		3.63	%		3.78	%		3.52	%		2.95	%
PORTFOLIO TURNOVER RATE		24.69	%		20.29	%		48.68	%		19.31	%		11.49	%

¹ Per share amounts are based upon average shares outstanding.

² The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financial Statements 175 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Income & Growth Allocation Fund

	INVESTOR CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,2
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	12.60		$	16.21		$	16.26		$	15.57		$	15.37
Net investment income1		0.45			0.44			0.53			0.49			0.37
Net realized and unrealized gain (loss) on investments1		1.80			(3.47	)		0.04			0.69			0.22
Total from Investment Operations		2.25			(3.03	)		0.57			1.18			0.59
Distributions from net investment income		(0.46	)		(0.49	)		(0.61	)		(0.48	)		(0.38	)
Distributions from capital gains		—			(0.09	)		(0.01	)		(0.01	)		(0.01	)
Total Distributions		(0.46	)		(0.58	)		(0.62	)		(0.49	)		(0.39	)
NET ASSET VALUE, END OF YEAR	$	14.39		$	12.60		$	16.21		$	16.26		$	15.57
TOTAL RETURN		18.08	%		(18.97	)%		3.51	%		7.76	%		3.89	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	4,725		$	3,445		$	4,955		$	5,263		$	2,740
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.83	%		0.78	%		0.74	%		0.78	%		0.72	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.75	%		0.78	%		0.74	%		0.69	%		0.64	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.32	%		3.00	%		3.19	%		3.01	%		2.31	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.40	%		3.00	%		3.19	%		3.10	%		2.39	%
PORTFOLIO TURNOVER RATE		24.69	%		20.29	%		48.68	%		19.31	%		11.49	%

¹ Per share amounts are based upon average shares outstanding.

² The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 176 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Income & Growth Allocation Fund

	C CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,3
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	12.57		$	16.16		$	16.21		$	15.52		$	15.33
Net investment income1		0.37			0.38			0.44			0.40			0.30
Net realized and unrealized gain (loss) on investments1		1.80			(3.46	)		0.05			0.70			0.20
Total from Investment Operations		2.17			(3.08	)		0.49			1.10			0.50
Distributions from net investment income		(0.39	)		(0.42	)		(0.53	)		(0.40	)		(0.30	)
Distributions from capital gains		—			(0.09	)		(0.01	)		(0.01	)		(0.01	)
Total Distributions		(0.39	)		(0.51	)		(0.54	)		(0.41	)		(0.31	)
NET ASSET VALUE, END OF YEAR	$	14.35		$	12.57		$	16.16		$	16.21		$	15.52
TOTAL RETURN2		17.54	%		(19.38	)%		3.02	%		7.22	%		3.29	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	6,387		$	6,258		$	10,464		$	10,376		$	8,856
RATIO OF EXPENSES TO AVERAGE NET ASSETS		1.33	%		1.28	%		1.24	%		1.27	%		1.28	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		1.26	%		1.28	%		1.24	%		1.20	%		1.20	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.75	%		2.60	%		2.70	%		2.44	%		1.86	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.82	%		2.60	%		2.70	%		2.51	%		1.94	%
PORTFOLIO TURNOVER RATE		24.69	%		20.29	%		48.68	%		19.31	%		11.49	%

¹ Per share amounts are based upon average shares outstanding.

² Total return assumes dividend reinvestment and does not reflect the effect of sale charges.

³ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financial Statements 177 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Income & Growth Allocation Fund

	A CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,3
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	12.60		$	16.20		$	16.25		$	15.56		$	15.37
Net investment income1		0.46			0.48			0.57			0.52			0.40
Net realized and unrealized gain (loss) on investments1		1.81			(3.48	)		0.02			0.68			0.20
Total from Investment Operations		2.27			(3.00	)		0.59			1.20			0.60
Distributions from net investment income		(0.48	)		(0.51	)		(0.63	)		(0.50	)		(0.40	)
Distributions from capital gains		—			(0.09	)		(0.01	)		(0.01	)		(0.01	)
Total Distributions		(0.48	)		(0.60	)		(0.64	)		(0.51	)		(0.41	)
NET ASSET VALUE, END OF YEAR	$	14.39		$	12.60		$	16.20		$	16.25		$	15.56
TOTAL RETURN2		18.35	%		(18.86	)%		3.61	%		7.96	%		3.94	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	3,118		$	2,590		$	3,233		$	1,787		$	3,437
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.68	%		0.63	%		0.59	%		0.59	%		0.63	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.61	%		0.63	%		0.59	%		0.55	%		0.55	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.41	%		3.28	%		3.42	%		3.14	%		2.54	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.48	%		3.28	%		3.42	%		3.18	%		2.62	%
PORTFOLIO TURNOVER RATE		24.69	%		20.29	%		48.68	%		19.31	%		11.49	%

¹ Per share amounts are based upon average shares outstanding.

² Total return assumes dividend reinvestment and does not reflect the effect of sale charges.

³ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 178 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Balanced Allocation Fund

	INSTITUTIONAL CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,3
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	12.48		$	17.29		$	17.14		$	15.89		$	15.38
Net investment income1		0.48			0.42			0.49			0.45			0.36
Net realized and unrealized gain (loss) on investments1		2.09			(4.62	)		0.29			1.24			0.51
Total from Investment Operations		2.57			(4.20	)		0.78			1.69			0.87
Distributions from net investment income		(0.48	)		(0.47	)		(0.63	)		(0.44	)		(0.36	)
Distributions from capital gains		—			(0.14	)		—			0.00	2		—
Total Distributions		(0.48	)		(0.61	)		(0.63	)		(0.44	)		(0.36	)
NET ASSET VALUE, END OF YEAR	$	14.57		$	12.48		$	17.29		$	17.14		$	15.89
TOTAL RETURN		20.97	%		(24.73	)%		4.57	%		10.81	%		5.72	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	76,923		$	52,881		$	63,372		$	53,958		$	35,693
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.25	%		0.20	%		0.18	%		0.23	%		0.22	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.17	%		0.20	%		0.18	%		0.20	%		0.20	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.50	%		2.79	%		2.79	%		2.70	%		2.29	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.58	%		2.79	%		2.79	%		2.73	%		2.31	%
PORTFOLIO TURNOVER RATE		27.94	%		26.31	%		23.56	%		13.27	%		3.20	%

¹ Per share amounts are based upon average shares outstanding.

² Less than ($0.005) per share.

³ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financial Statements 179 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Balanced Allocation Fund

	INVESTOR CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,3
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	12.47		$	17.28		$	17.13		$	15.88		$	15.38
Net investment income1		0.41			0.34			0.40			0.36			0.29
Net realized and unrealized gain (loss) on investments1		2.09			(4.61	)		0.29			1.25			0.49
Total from Investment Operations		2.50			(4.27	)		0.69			1.61			0.78
Distributions from net investment income		(0.41	)		(0.40	)		(0.54	)		(0.36	)		(0.28	)
Distributions from capital gains		—			(0.14	)		—			(0.00	)2		—
Total Distributions		(0.41	)		(0.54	)		(0.54	)		(0.36	)		(0.28	)
NET ASSET VALUE, END OF YEAR	$	14.56		$	12.47		$	17.28		$	17.13		$	15.88
TOTAL RETURN		20.38	%		(25.12	)%		4.06	%		10.29	%		5.24	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	13,137		$	10,243		$	15,219		$	12,970		$	12,161
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.75	%		0.70	%		0.68	%		0.71	%		0.69	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.67	%		0.70	%		0.68	%		0.69	%		0.67	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.99	%		2.24	%		2.29	%		2.18	%		1.82	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.07	%		2.24	%		2.29	%		2.20	%		1.84	%
PORTFOLIO TURNOVER RATE		27.94	%		26.31	%		23.56	%		13.27	%		3.20	%

¹ Per share amounts are based upon average shares outstanding.

² Less than ($0.005) per share.

³ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 180 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Balanced Allocation Fund

	C CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,4
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	12.45		$	17.25		$	17.11		$	15.86		$	15.36
Net investment income1		0.35			0.26			0.31			0.28			0.20
Net realized and unrealized gain (loss) on investments1		2.09			(4.60	)		0.29			1.25			0.51
Total from Investment Operations		2.44			(4.34	)		0.60			1.53			0.71
Distributions from net investment income		(0.35	)		(0.32	)		(0.46	)		(0.28	)		(0.21	)
Distributions from capital gains		—			(0.14	)		—			(0.00	)3		—
Total Distributions		(0.35	)		(0.46	)		(0.46	)		(0.28	)		(0.21	)
NET ASSET VALUE, END OF YEAR	$	14.54		$	12.45		$	17.25		$	17.11		$	15.86
TOTAL RETURN2		19.82	%		(25.49	)%		3.49	%		9.75	%		4.64	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	15,548		$	12,770		$	21,040		$	21,272		$	16,448
RATIO OF EXPENSES TO AVERAGE NET ASSETS		1.25	%		1.20	%		1.18	%		1.22	%		1.22	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		1.17	%		1.20	%		1.18	%		1.20	%		1.20	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.56	%		1.72	%		1.77	%		1.69	%		1.28	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.64	%		1.72	%		1.77	%		1.71	%		1.30	%
PORTFOLIO TURNOVER RATE		27.94	%		26.31	%		23.56	%		13.27	%		3.20	%

¹ Per share amounts are based upon average shares outstanding.

² Total return assumes dividend reinvestment and does not reflect the effect of sale charges.

³ Less than ($0.005) per share.

⁴ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financial Statements 181 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Balanced Allocation Fund

	A CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,4
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	12.46		$	17.27		$	17.13		$	15.88		$	15.37
Net investment income1		0.42			0.36			0.45			0.39			0.30
Net realized and unrealized gain (loss) on investments1		2.11			(4.61	)		0.26			1.25			0.51
Total from Investment Operations		2.53			(4.25	)		0.71			1.64			0.81
Distributions from net investment income		(0.43	)		(0.42	)		(0.57	)		(0.39	)		(0.30	)
Distributions from capital gains		—			(0.14	)		—			0.00	3		—
Total Distributions		(0.43	)		(0.56	)		(0.57	)		(0.39	)		(0.30	)
NET ASSET VALUE, END OF YEAR	$	14.56		$	12.46		$	17.27		$	17.13		$	15.88
TOTAL RETURN2		20.66	%		(25.02	)%		4.16	%		10.45	%		5.37	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	21,999		$	19,506		$	29,735		$	10,820		$	6,450
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.60	%		0.55	%		0.54	%		0.58	%		0.57	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.52	%		0.55	%		0.54	%		0.55	%		0.55	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.09	%		2.40	%		2.57	%		2.38	%		1.95	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.17	%		2.40	%		2.57	%		2.41	%		1.97	%
PORTFOLIO TURNOVER RATE		27.94	%		26.31	%		23.56	%		13.27	%		3.20	%

¹ Per share amounts are based upon average shares outstanding.

² Total return assumes dividend reinvestment and does not reflect the effect of sale charges.

³ Less than ($0.005) per share

⁴ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 182 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth & Income Allocation Fund

	INSTITUTIONAL CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,3
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	11.97		$	17.72		$	17.49		$	15.97		$	15.32
Net investment income1		0.44			0.35			0.42			0.38			0.31
Net realized and unrealized gain (loss) on investments1		2.20			(5.41	)		0.39			1.51			0.65
Total from Investment Operations		2.64			(5.06	)		0.81			1.89			0.96
Distributions from net investment income		(0.44	)		(0.43	)		(0.58	)		(0.37	)		(0.30	)
Distributions from capital gains		—			(0.26	)		—			(0.00	)2		(0.01	)
Total Distributions		(0.44	)		(0.69	)		(0.58	)		(0.37	)		(0.31	)
NET ASSET VALUE, END OF YEAR	$	14.17		$	11.97		$	17.72		$	17.49		$	15.97
TOTAL RETURN		22.39	%		(29.16	)%		4.66	%		11.96	%		6.43	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	51,974		$	40,382		$	67,402		$	54,430		$	45,890
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.29	%		0.20	%		0.18	%		0.22	%		0.20	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.18	%		0.20	%		0.18	%		0.20	%		0.20	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.33	%		2.28	%		2.31	%		2.23	%		2.03	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		3.43	%		2.28	%		2.31	%		2.25	%		2.03	%
PORTFOLIO TURNOVER RATE		27.75	%		35.22	%		18.45	%		14.32	%		1.95	%

¹ Per share amounts are based upon average shares outstanding.

² Less than ($0.005) per share.

³ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financial Statements 183 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth & Income Allocation Fund

	INVESTOR CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,3
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	11.95		$	17.70		$	17.47		$	15.96		$	15.31
Net investment income1		0.35			0.27			0.33			0.27			0.24
Net realized and unrealized gain (loss) on investments1		2.23			(5.41	)		0.40			1.53			0.66
Total from Investment Operations		2.58			(5.14	)		0.73			1.80			0.90
Distributions from net investment income		(0.38	)		(0.35	)		(0.50	)		(0.29	)		(0.24	)
Distributions from capital gains		—			(0.26	)		—			(0.00	)2		(0.01	)
Total Distributions		(0.38	)		(0.61	)		(0.50	)		(0.29	)		(0.25	)
NET ASSET VALUE, END OF YEAR	$	14.15		$	11.95		$	17.70		$	17.47		$	15.96
TOTAL RETURN		21.84	%		(29.56	)%		4.16	%		11.40	%		5.91	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	12,083		$	11,049		$	16,134		$	11,166		$	7,546
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.78	%		0.70	%		0.68	%		0.69	%		0.63	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.68	%		0.70	%		0.68	%		0.67	%		0.63	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.70	%		1.81	%		1.83	%		1.78	%		1.57	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.80	%		1.81	%		1.83	%		1.80	%		1.57	%
PORTFOLIO TURNOVER RATE		27.75	%		35.22	%		18.45	%		14.32	%		1.95	%

¹ Per share amounts are based upon average shares outstanding.

² Less than ($0.005) per share.

³ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 184 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth & Income Allocation Fund

	C CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,4
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	11.91		$	17.64		$	17.42		$	15.91		$	15.27
Net investment income1		0.29			0.20			0.23			0.22			0.16
Net realized and unrealized gain (loss) on investments1		2.22			(5.40	)		0.40			1.50			0.65
Total from Investment Operations		2.51			(5.20	)		0.63			1.72			0.81
Distributions from net investment income		(0.31	)		(0.27	)		(0.41	)		(0.21	)		(0.16	)
Distributions from capital gains		—			(0.26	)		—			(0.00	)3		(0.01	)
Total Distributions		(0.31	)		(0.53	)		(0.41	)		(0.21	)		(0.17	)
NET ASSET VALUE, END OF YEAR	$	14.11		$	11.91		$	17.64		$	17.42		$	15.91
TOTAL RETURN2		21.20	%		(29.86	)%		3.60	%		10.88	%		5.32	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	33,843		$	31,953		$	55,880		$	48,233		$	37,020
RATIO OF EXPENSES TO AVERAGE NET ASSETS		1.28	%		1.20	%		1.18	%		1.22	%		1.20	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		1.18	%		1.20	%		1.18	%		1.20	%		1.20	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.22	%		1.29	%		1.30	%		1.24	%		1.03	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.32	%		1.29	%		1.30	%		1.26	%		1.03	%
PORTFOLIO TURNOVER RATE		27.75	%		35.22	%		18.45	%		14.32	%		1.95	%

¹ Per share amounts are based upon average shares outstanding.

² Total return assumes dividend reinvestment and does not reflect the effect of sale charges.

³ Less than ($0.005) per share.

⁴ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financial Statements 185 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth & Income Allocation Fund

	A CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,4
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	11.93		$	17.67		$	17.44		$	15.93		$	15.29
Net investment income1		0.37			0.30			0.36			0.34			0.26
Net realized and unrealized gain (loss) on investments1		2.23			(5.41	)		0.39			1.48			0.65
Total from Investment Operations		2.60			(5.11	)		0.75			1.82			0.91
Distributions from net investment income		(0.40	)		(0.37	)		(0.52	)		(0.31	)		(0.26	)
Distributions from capital gains		—			(0.26	)		—			(0.00	)3		(0.01	)
Total Distributions		(0.40	)		(0.63	)		(0.52	)		(0.31	)		(0.27	)
NET ASSET VALUE, END OF YEAR	$	14.13		$	11.93		$	17.67		$	17.44		$	15.93
TOTAL RETURN2		22.04	%		(29.44	)%		4.32	%		11.56	%		5.97	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	19,428		$	20,190		$	30,036		$	20,836		$	20,121
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.63	%		0.55	%		0.53	%		0.56	%		0.55	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.53	%		0.55	%		0.53	%		0.55	%		0.55	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.85	%		1.96	%		1.98	%		1.92	%		1.70	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.95	%		1.96	%		1.98	%		1.93	%		1.70	%
PORTFOLIO TURNOVER RATE		27.75	%		35.22	%		18.45	%		14.32	%		1.95	%

¹ Per share amounts are based upon average shares outstanding.

² Total return assumes dividend reinvestment and does not reflect the effect of sale charges.

³ Less than ($0.005) per share

⁴ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 186 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth Allocation Fund

	INSTITUTIONAL CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,2
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	11.61		$	18.68		$	18.21		$	16.14		$	15.17
Net investment income1		0.36			0.21			0.24			0.23			0.20
Net realized and unrealized gain (loss) on investments1		2.40			(6.64	)		0.71			2.06			0.96
Total from Investment Operations		2.76			(6.43	)		0.95			2.29			1.16
Distributions from net investment income		(0.37	)		(0.30	)		(0.47	)		(0.22	)		(0.19	)
Distributions from capital gains		—			(0.34	)		(0.01	)		—			—
Total Distributions		(0.37	)		(0.64	)		(0.48	)		(0.22	)		(0.19	)
NET ASSET VALUE, END OF YEAR	$	14.00		$	11.61		$	18.68		$	18.21		$	16.14
TOTAL RETURN		24.04	%		(35.05	)%		5.19	%		14.30	%		7.73	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	50,952		$	39,210		$	64,364		$	51,586		$	39,186
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.28	%		0.20	%		0.18	%		0.22	%		0.20	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.18	%		0.20	%		0.18	%		0.20	%		0.20	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.85	%		1.35	%		1.24	%		1.33	%		1.30	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.95	%		1.35	%		1.24	%		1.35	%		1.30	%
PORTFOLIO TURNOVER RATE		32.24	%		31.17	%		7.43	%		18.90	%		1.76	%

¹ Per share amounts are based upon average shares outstanding.

² The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financial Statements 187 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth Allocation Fund

	INVESTOR CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,2
		2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	11.61		$	18.66		$	18.19		$	16.12		$	15.17
Net investment income1		0.28			0.13			0.14			0.15			0.13
Net realized and unrealized gain (loss) on investments1		2.41			(6.61	)		0.72			2.06			0.94
Total from Investment Operations		2.69			(6.48	)		0.86			2.21			1.07
Distributions from net investment income		(0.31	)		(0.23	)		(0.38	)		(0.14	)		(0.12	)
Distributions from capital gains		—			(0.34	)		(0.01	)		—			—
Total Distributions		(0.31	)		(0.57	)		(0.39	)		(0.14	)		(0.12	)
NET ASSET VALUE, END OF YEAR	$	13.99		$	11.61		$	18.66		$	18.19		$	16.12
TOTAL RETURN		23.35	%		(35.30	)%		4.70	%		13.77	%		7.12	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	12,610		$	12,597		$	18,724		$	15,282		$	14,422
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.78	%		0.70	%		0.68	%		0.69	%		0.67	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.68	%		0.70	%		0.68	%		0.68	%		0.67	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.16	%		0.86	%		0.76	%		0.83	%		0.82	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.26	%		0.86	%		0.76	%		0.82	%		0.82	%
PORTFOLIO TURNOVER RATE		32.24	%		31.17	%		7.43	%		18.90	%		1.76	%

¹ Per share amounts are based upon average shares outstanding.

² The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 188 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth Allocation Fund

	C CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,3
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	11.55		$	18.57		$	18.12		$	16.07		$	15.12
Net investment income1		0.23			0.05			0.05			0.06			0.05
Net realized and unrealized gain (loss) on investments1		2.39			(6.58	)		0.71			2.05			0.95
Total from Investment Operations		2.62			(6.53	)		0.76			2.11			1.00
Distributions from net investment income		(0.25	)		(0.15	)		(0.30	)		(0.06	)		(0.05	)
Distributions from capital gains		—			(0.34	)		(0.01	)		—			—
Total Distributions		(0.25	)		(0.49	)		(0.31	)		(0.06	)		(0.05	)
NET ASSET VALUE, END OF YEAR	$	13.92		$	11.55		$	18.57		$	18.12		$	16.07
TOTAL RETURN2		22.79	%		(35.66	)%		4.18	%		13.15	%		6.64	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	30,775		$	26,814		$	45,687		$	38,013		$	26,399
RATIO OF EXPENSES TO AVERAGE NET ASSETS		1.28	%		1.20	%		1.18	%		1.22	%		1.19	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		1.18	%		1.20	%		1.18	%		1.20	%		1.19	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		1.78	%		0.34	%		0.25	%		0.34	%		0.31	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		1.88	%		0.34	%		0.25	%		0.36	%		0.31	%
PORTFOLIO TURNOVER RATE		32.24	%		31.17	%		7.43	%		18.90	%		1.76	%

¹ Per share amounts are based upon average shares outstanding.

² Total return assumes dividend reinvestment and does not reflect the effect of sale charges.

³ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financial Statements 189 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Growth Allocation Fund

	A CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,3
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	11.61		$	18.67		$	18.19		$	16.13		$	15.17
Net investment income1		0.31			0.15			0.18			0.16			0.15
Net realized and unrealized gain (loss) on investments1		2.40			(6.62	)		0.72			2.06			0.95
Total from Investment Operations		2.71			(6.47	)		0.90			2.22			1.10
Distributions from net investment income		(0.33	)		(0.25	)		(0.41	)		(0.16	)		(0.14	)
Distributions from capital gains		—			(0.34	)		(0.01	)		—			—
Total Distributions		(0.33	)		(0.59	)		(0.42	)		(0.16	)		(0.14	)
NET ASSET VALUE, END OF YEAR	$	13.99		$	11.61		$	18.67		$	18.19		$	16.13
TOTAL RETURN2		23.53	%		(35.25	)%		4.91	%		13.85	%		7.32	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	20,268		$	17,808		$	29,580		$	21,064		$	20,159
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.63	%		0.55	%		0.53	%		0.57	%		0.55	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.53	%		0.55	%		0.53	%		0.55	%		0.55	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.42	%		0.99	%		0.92	%		0.99	%		0.96	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.52	%		0.99	%		0.92	%		0.97	%		0.96	%
PORTFOLIO TURNOVER RATE		32.24	%		31.17	%		7.43	%		18.90	%		1.76	%

¹ Per share amounts are based upon average shares outstanding.

² Total return assumes dividend reinvestment and does not reflect the effect of sale charges.

³ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 190 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Aggressive Growth Allocation Fund

	INSTITUTIONAL CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,2
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	11.20		$	19.48		$	18.81		$	16.27		$	14.97
Net investment income1		0.29			0.07			0.10			0.09			0.06
Net realized and unrealized gain (loss) on investments1		2.53			(7.82	)		0.98			2.50			1.26
Total from Investment Operations		2.82			(7.75	)		1.08			2.59			1.32
Distributions from net investment income		(0.29	)		(0.16	)		(0.38	)		(0.05	)		(0.02	)
Distributions from capital gains		—			(0.37	)		(0.03	)		—			—
Total Distributions		(0.29	)		(0.53	)		(0.41	)		(0.05	)		(0.02	)
NET ASSET VALUE, END OF YEAR	$	13.73		$	11.20		$	19.48		$	18.81		$	16.27
TOTAL RETURN		25.26	%		(40.46	)%		5.71	%		15.95	%		8.86	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	32,953		$	25,412		$	44,106		$	37,716		$	21,970
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.36	%		0.25	%		0.20	%		0.26	%		0.24	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.26	%		0.25	%		0.20	%		0.20	%		0.20	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.30	%		0.44	%		0.49	%		0.48	%		0.35	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.40	%		0.44	%		0.49	%		0.54	%		0.39	%
PORTFOLIO TURNOVER RATE		39.63	%		30.06	%		10.36	%		10.73	%		2.01	%

¹ Per share amounts are based upon average shares outstanding.

² The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financial Statements 191 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Aggressive Growth Allocation Fund

	INVESTOR CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,2
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	10.93		$	19.06		$	18.42		$	15.98		$	14.76
Net investment income (loss)1		0.19			(0.01	)		0.00			(0.01	)		(0.02	)
Net realized and unrealized gain (loss) on investments1		2.50			(7.64	)		0.95			2.47			1.25
Total from Investment Operations		2.69			(7.65	)		0.95			2.46			1.23
Distributions from net investment income		(0.24	)		(0.11	)		(0.28	)		(0.02	)		(0.01	)
Distributions from capital gains		—			(0.37	)		(0.03	)		—			—
Total Distributions		(0.24	)		(0.48	)		(0.31	)		(0.02	)		(0.01	)
NET ASSET VALUE, END OF YEAR	$	13.38		$	10.93		$	19.06		$	18.42		$	15.98
TOTAL RETURN		24.67	%		(40.77	)%		5.15	%		15.39	%		8.31	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	7,255		$	6,920		$	12,913		$	11,518		$	12,353
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.85	%		0.75	%		0.70	%		0.73	%		0.74	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.75	%		0.75	%		0.70	%		0.69	%		0.70	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		1.51	%		(0.09	)%		(0.02	)%		(0.09	)%		(0.14	)%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		1.61	%		(0.09	)%		(0.02	)%		(0.05	)%		(0.11	)%
PORTFOLIO TURNOVER RATE		39.63	%		30.06	%		10.36	%		10.73	%		2.01	%

¹ Per share amounts are based upon average shares outstanding.

² The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 192 See Notes to Financial Statements

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Aggressive Growth Allocation Fund

	C CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,3
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	10.78		$	18.86		$	18.24		$	15.89		$	14.74
Net investment income (loss)1		0.15			(0.08	)		(0.09	)		(0.08	)		(0.09	)
Net realized and unrealized gain (loss) on investments1		2.44			(7.55	)		0.95			2.43			1.24
Total from Investment Operations		2.59			(7.63	)		0.86			2.35			1.15
Distributions from net investment income		(0.21	)		(0.08	)		(0.21	)		—			—
Distributions from capital gains		—			(0.37	)		(0.03	)		—			—
Total Distributions		(0.21	)		(0.45	)		(0.24	)		—			—
NET ASSET VALUE, END OF YEAR	$	13.16		$	10.78		$	18.86		$	18.24		$	15.89
TOTAL RETURN2		23.95	%		(41.05	)%		4.69	%		14.79	%		7.80	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	7,086		$	5,944		$	10,144		$	7,966		$	5,399
RATIO OF EXPENSES TO AVERAGE NET ASSETS		1.36	%		1.25	%		1.20	%		1.25	%		1.24	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		1.26	%		1.25	%		1.20	%		1.20	%		1.20	%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		1.25	%		(0.56	)%		(0.49	)%		(0.55	)%		(0.64	)%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		1.36	%		(0.56	)%		(0.49	)%		(0.50	)%		(0.61	)%
PORTFOLIO TURNOVER RATE		39.63	%		30.06	%		10.36	%		10.73	%		2.01	%

¹ Per share amounts are based upon average shares outstanding.

² Total return assumes dividend reinvestment and does not reflect the effect of sale charges.

³ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

See Notes to Financial Statements 193 December 31, 2009

Financial Highlights

For a share outstanding throughout the periods presented

Accessor Aggressive Growth Allocation Fund

	A CLASS SHARES
	FOR THE YEARS ENDED DECEMBER 31,3
	2009			2008			2007			2006			2005
NET ASSET VALUE, BEGINNING OF YEAR	$	11.09		$	19.31		$	18.66		$	16.17		$	14.92
Net investment income1		0.24			0.02			0.03			0.03			0.01
Net realized and unrealized gain (loss) on investments1		2.51			(7.75	)		0.96			2.49			1.25
Total from Investment Operations		2.75			(7.73	)		0.99			2.52			1.26
Distributions from net investment income		(0.26	)		(0.12	)		(0.31	)		(0.03	)		(0.01	)
Distributions from capital gains		—			(0.37	)		(0.03	)		—			—
Total Distributions		(0.26	)		(0.49	)		(0.34	)		(0.03	)		(0.01	)
NET ASSET VALUE, END OF YEAR	$	13.58		$	11.09		$	19.31		$	18.66		$	16.17
TOTAL RETURN2		24.80	%		(40.66	)%		5.30	%		15.56	%		8.46	%
NET ASSETS, END OF PERIOD (IN THOUSANDS)	$	9,027		$	7,587		$	12,864		$	9,032		$	5,589
RATIO OF EXPENSES TO AVERAGE NET ASSETS		0.71	%		0.60	%		0.55	%		0.61	%		0.59	%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS		0.61	%		0.60	%		0.55	%		0.55	%		0.55	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (EXCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		1.90	%		0.11	%		0.16	%		0.12	%		0.03	%
RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS (INCLUDING EXPENSES PAID DIRECTLY BY THE ADVISOR)		2.01	%		0.11	%		0.16	%		0.18	%		0.06	%
PORTFOLIO TURNOVER RATE		39.63	%		30.06	%		10.36	%		10.73	%		2.01	%

¹ Per share amounts are based upon average shares outstanding.

² Total return assumes dividend reinvestment and does not reflect the effect of sale charges.

³ The information provided below for the fiscal year ended December 31, 2009 has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm. The information for prior periods has been audited by predecessor independent registered public accounting firms.

December 31, 2009 194 See Notes to Financial Statements

Notes to Financial Statements

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, sixteen 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 Accessor Investment Grade Fixed-Income Fund) is a successor to a previously operational fund which was a series of Accessor Funds, Inc., a Maryland corporation, and was reorganized into the corresponding Accessor Fund effective September 1, 2008. This annual report covers the sixteen Accessor Funds, which consist of eight diversified and two non-diversified investment portfolios (the “Underlying Funds”); and six diversified funds of funds investment portfolios (the “Allocation Funds”). 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 Accessor Growth Fund, Accessor Value Fund, Accessor Small to Mid Cap Fund, Accessor International Equity Fund, Accessor High Yield Bond Fund, 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 Accessor U.S. Government Money Fund 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 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 and the Accessor Frontier Markets Fund each offer three classes of shares: Institutional Class Shares (formerly Advisor Class Shares), Investor Class Shares and Z Class Shares. Effective November 20, 2009, the A Class Shares were exchanged for Institutional Class Shares for the following funds: Accessor Growth, Accessor Value, Accessor Small to Mid Cap, Accessor International Equity and Accessor High Yield Bond. 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 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.

195 December 31, 2009

Notes to Financial Statements

2. Significant Accounting Policies

Financial Accounting Standards Board (“FASB”) Launches Accounting Standards Codification: The FASB has issued FASB ASC 105 (formerly FASB Statement No. 168), The “FASB Accounting Standards Codification™” and the Hierarchy of Generally Accepted Accounting Principles (“ASC 105”). ASC 105 established the FASB Accounting Standards Codification™ (“Codification” or “ASC”) as the single source of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by non-governmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. The Codification supersedes all existing non-SEC accounting and reporting standards. All other non-grandfathered, non-SEC accounting literature not included in the Codification will become non-authoritative.

Following the Codification, the FASB will not issue new standards in the form of Statements, FASB Staff Positions or Emerging Issues Task Force Abstracts. Instead, it will issue Accounting Standards Updates, which will serve to update the Codification, provide background information about the guidance and provide the basis for conclusions on the changes to the Codification.

GAAP is not intended to be changed as a result of the FASB’s Codification project, but it will change the way the guidance is organized and presented. As a result, these changes will have a significant impact on how companies reference GAAP in their financial statements and in their accounting policies for financial statements issued for interim and annual periods ending after September 15, 2009. The Trust has implemented the Codification as of September 30, 2009.

The following is a summary of significant accounting policies followed by the Funds. The policies are in conformity with GAAP. The preparation of financial statements in accordance with GAAP 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 December 31, 2009.

Security Valuation: Net Asset Value (“NAV”) per share of each Fund is calculated as of the close of regular trading of the 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

December 31, 2009 196

Notes to Financial Statements

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 prices 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 and other Forward Funds are valued at the NAV per share of the applicable Fund. Investments by any Fund in exchange-traded open-end investment companies or closed-end 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. For securities which do not have a price source due to its lack of liquidity, the Funds consider and utilize information from other parts of the markets as well as the characteristics of the asset to development an investment’s fair value. 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

197 December 31, 2009

Notes to Financial Statements

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.

“Fair Value Measurements” define fair value, establish a fair value hierarchy and specify 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 “Fair Value Measurements” 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 or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

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 “Fair Value Measurements”, 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 December 31, 2009 in valuing the Funds’ investments:

Accessor Growth Fund
	LEVEL 1		LEVEL 2	LEVEL 3	TOTAL
Investments in Securities
Common Stock	$	90,466,534	—	—	$	90,466,534
Total Investments in Securities	$	90,466,534	—	—	$	90,466,534
Accessor Value Fund
	LEVEL 1		LEVEL 2	LEVEL 3	TOTAL
Investments in Securities
Common Stock	$	84,716,382	—	—	$	84,716,382
Total Investments in Securities	$	84,716,382	—	—	$	84,716,382
Accessor Small to Mid Cap Fund
	LEVEL 1		LEVEL 2	LEVEL 3	TOTAL
Investments in Securities
Common Stock	$	169,571,202	—	—	$	169,571,202
Total Investments in Securities	$	169,571,202	—	—	$	169,571,202

December 31, 2009 198

Notes to Financial Statements

Accessor International Equity Fund
	LEVEL 1		LEVEL 21		LEVEL 3		TOTAL
Investments in Common Stock Securities
Australia	$	—	$	4,625,391	$	—	$	4,625,391
Austria		—		342,727		—		342,727
Belgium		—		192,657		—		192,657
Brazil		4,009,698		—		—		4,009,698
Cayman Islands		—		480,065		—		480,065
Chile		116,490		128,016		—		244,506
China		—		4,104,193		—		4,104,193
Czech Republic		—		178,007		—		178,007
Denmark		—		1,451,879		—		1,451,879
France		—		7,102,481		—		7,102,481
Germany		—		6,979,148		—		6,979,148
Great Britian		—		16,893,633		—		16,893,633
Greece		—		562,375		—		562,375
Hong Kong		—		2,655,230		—		2,655,230
India		714,004		869,331		—		1,583,335
Indonesia		—		873,641		—		873,641
Ireland		—		350,852		—		350,852
Israel		522,995		—		—		522,995
Italy		—		2,977,172		—		2,977,172
Japan		—		15,374,202		—		15,374,202
Malaysia		—		392,342		—		392,342
Mexico		1,040,824		—		—		1,040,824
Netherlands		—		2,783,369		—		2,783,369
Norway		—		2,047,213		—		2,047,213
Poland		—		355,414		—		355,414
Russia		493,789		1,089,734		—		1,583,523
Singapore		—		209,095		—		209,095
South Africa		—		948,597		—		948,597
South Korea		301,530		2,894,935		308,862		3,505,327
Spain		—		3,536,059		—		3,536,059
Sweden		—		280,467		—		280,467
Switzerland		—		5,453,354		—		5,453,354
Taiwan		1,089,820		1,212,532		—		2,302,352
Thailand		—		828,512		—		828,512
Turkey		—		751,096		—		751,096
Total Investments in Securities	$	8,289,150	$	88,923,719	$	308,862	$	97,521,731
1 Represents securities trading primarily outside the United States the values of which were adjusted as a result of significant market movements following the close of local trading.
Accessor Strategic Alternatives Fund
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Investments in Securities
Corporate Bonds	$	—	$	9,284,000	$	—	$	9,284,000
Exchange Traded Funds		67,984,836		—		—		67,984,836
Exchange Traded Note		16,750,878		—		—		16,750,878
Structured Notes		—		12,006,100		—		12,006,100
U.S. Government and Agency Security		—		9,998,760		—		9,998,760
Purchased Options		1,036,000		2,236,000				3,272,000
Total Investments in Securities	$	85,771,714	$	33,524,860	$	—	$	119,296,574

199 December 31, 2009

Notes to Financial Statements

	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Other Financial Instruments
Written Options	$	—		$	(648,855	)	$	—	$	(648,855	)
Total Investments in Other Financial Instruments	$	—		$	(648,855	)	$	—	$	(648,855	)
Accessor Frontier Markets Fund
	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Common Stock	$	2,636,360		$	—		$	—	$	2,636,360
Exchange Traded Products		19,252,629			—			—		19,252,629
U.S. Government and Agency Security		—			7,499,801			—		7,499,801
Warrants		—			7,483,768			—		7,483,768
Total Investments in Securities	$	21,888,989		$	14,983,569		$	—	$	36,872,558
	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Other Financial Instruments
Total Return Swap Contracts	$	—		$	93,589		$	—	$	93,589
Total Investments in Other Financial Instruments	$	—		$	93,589		$	—	$	93,589
Accessor High Yield Bond Fund
	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Corporate Bonds	$	—		$	101,574,081		$	1,215,625	$	102,789,706
Total Investments in Securities	$	—		$	101,574,081		$	1,215,625	$	102,789,706
Accessor Investment Grade Fixed-Income Fund
	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Asset Backed Securities	$	—		$	1,638,670		$	4,284,862	$	5,923,532
Collateralized Mortgage Obligations		—			16,551,515			47,223		16,598,738
Corporate Bonds		—			27,649,703			1,480,719		29,130,422
Municipal Bonds		—			3,140,535			—		3,140,535
U.S. Government and Agency Security		—			53,847,244			—		53,847,244
Total Investments in Securities	$	—		$	102,827,667		$	5,812,804	$	108,640,471
	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Other Financial Instruments
Written Options	$	(126,063	)	$	—		$	—	$	(126,063	)
TBA Purchase Commitments		—			7,384,529			—		7,384,529
Futures — Unrealized appreciation		430,102			—			—		430,102
Futures — Unrealized depreciation		(37,376	)		—			—		(37,376	)
Total Investments in Other Financial Instruments	$	266,663		$	7,384,529		$	—	$	7,651,192
Accessor Mortgage Securities Fund
	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Asset Backed Securities	$	—		$	1,334,612		$	—	$	1,334,612
Project Loan		—			—			2,283		2,283
Collateralized Mortgage Obligations		—			58,994,170			—		58,994,170
Purchased Options		58,725								58,725
Total Investments in Securities	$	58,725		$	60,328,782		$	2,283	$	60,389,790

December 31, 2009 200

Notes to Financial Statements

	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Other Financial Instruments
TBA Purchase Commitments	$	—		$	36,282,309		$	—	$	36,282,309
TBA Sale Commitments		—			(31,622,023	)		—		(31,622,023	)
Futures — Unrealized appreciation		20,476			—			—		20,476
Futures — Unrealized depreciation		(26,700	)		—			—		(26,700	)
Written Options		(33,412	)		—			—		(33,412	)
Total Investments in Other Financial Instruments	$	(39,636	)	$	4,660,286		$	—	$	4,620,650
Accessor U.S. Government Money Fund
	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Commerical Paper	$	—		$	106,756,608		$	—	$	106,756,608
U.S. Agency Bonds		—			490,484,952			—		490,484,952
Total Investments in Securities	$	—		$	597,241,560		$	—	$	597,241,560
Accessor Income Allocation Fund
	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Affiliated Investment Companies	$	20,304,915		$	—		$	—	$	20,304,915
Total Investments in Securities	$	20,304,915		$	—		$	—	$	20,304,915
Accessor Income & Growth Allocation Fund
	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Affiliated Investment Companies	$	53,404,718		$	—		$	—	$	53,404,718
Total Investments in Securities	$	53,404,718		$	—		$	—	$	53,404,718
Accessor Balanced Allocation Fund
	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Affiliated Investment Companies	$	125,117,127		$	—		$	—	$	125,117,127
Total Investments in Securities	$	125,117,127		$	—		$	—	$	125,117,127
Accessor Growth & Income Allocation Fund
	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Affiliated Investment Companies	$	115,329,773		$	—		$	—	$	115,329,773
Total Investments in Securities	$	115,329,773		$	—		$	—	$	115,329,773
Accessor Growth Allocation Fund
	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Affiliated Investment Companies	$	113,405,658		$	—		$	—	$	113,405,658
Total Investments in Securities	$	113,405,658		$	—		$	—	$	113,405,658
Accessor Aggressive Growth Allocation Fund
	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Investments in Securities
Affiliated Investment Companies	$	55,668,508		$	—		$	—	$	55,668,508
Total Investments in Securities	$	55,668,508		$	—		$	—	$	55,668,508

201 December 31, 2009

Notes to Financial Statements

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 STOCK
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		(2,088,808	)
Ending balance as of December 31, 2009	$	308,862
Net change in unrealized appreciation/depreciation included in earnings related to investments still held at December 31, 2009	$	20,355,781
Accessor High Yield Bond Fund(a)
	CORPORATE BONDS
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	$	1,215,625
Ending balance as of December 31, 2009	$	1,215,625
Net change in unrealized appreciation/depreciation included in earnings related to investments still held at December 31, 2009	$	8,420,652
Accessor Investment Grade Fixed-Income Fund(a)
	ASSET BACKED SECURITIES
Beginning balance as of January 1, 2009	$	1,171,885
Accrued discounts/premiums		6,787
Realized gain/(loss)		2,355,066
Change in unrealized appreciation/(depreciation)		(3,707,800	)
Net purchases/sales		3,623,535
Net transfer in and/or out of Level 3		835,389
Ending balance as of December 31, 2009	$	4,284,862

Accessor Investment Grade Fixed-Income Fund(a)
	COLLATERALIZED MORTGAGE OBLIGATIONS
Beginning balance as of January 1, 2009	$	149,078
Accrued discounts/premiums		980
Realized gain/(loss)		1,015,118
Change in unrealized appreciation/(depreciation)		(1,155,727	)
Net purchases/sales		37,774
Net transfer in and/or out of Level 3		—
Ending balance as of December 31, 2009	$	47,223
Accessor Investment Grade Fixed-Income Fund(a)
	CORPORATE BONDS
Beginning balance as of January 1, 2009	$	981,402
Accrued discounts/premiums		58,063
Realized gain/(loss)		2,156,722
Change in unrealized appreciation/(depreciation)		(596,800	)
Net purchases/sales		(1,118,668	)
Net transfer in and/or out of Level 3		—
Ending balance as of December 31, 2009	$	1,480,719
Net change in unrealized appreciation/depreciation included in earnings related to investments still held at December 31, 2009	$	(18,824,956	)
Accessor Mortgage Securities Fund(a)
	PROJECT LOAN
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		2,283
Ending balance as of December 31, 2009	$	2,283
Net change in unrealized appreciation/depreciation included in earnings related to investments still held at December 31, 2009	$	—

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

December 31, 2009 202

Notes to Financial Statements

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 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 for 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 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 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

203 December 31, 2009

Notes to Financial Statements

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 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

December 31, 2009 204

Notes to Financial Statements

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 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

205 December 31, 2009

Notes to Financial Statements

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 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 there under. 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.

December 31, 2009 206

Notes to Financial Statements

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 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 (the “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 Accessor Strategic Alternatives 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 Accessor Strategic Alternatives Fund may receive the security that has defaulted, or alternatively a cash settlement may occur, and the Accessor Strategic Alternatives Fund’s principal investment in the structured note would be reduced by the corresponding face value of the defaulted security.

The Accessor Strategic Alternatives 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 Accessor Strategic Alternatives 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 Accessor Strategic Alternatives 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

207 December 31, 2009

Notes to Financial Statements

collateral for a structured note 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.

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 TBA sale commitments are outstanding, equivalent deliverable securities or offsetting TBA purchase commitment deliverables 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

December 31, 2009 208

Notes to Financial Statements

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 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. As of December 31, 2009, there are no Accessor Funds with a Repurchase Agreement.

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 Income Allocation Fund, Accessor Income & Growth Allocation Fund and Accessor Balanced Allocation Fund; declared and paid quarterly for the other Equity Funds, the Accessor Strategic Alternatives Fund, and the other Allocation Funds; and declared and paid

209 December 31, 2009

Notes to Financial Statements

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.

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 GAAP, 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 generally 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 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 December 31, 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

December 31, 2009 210

Notes to Financial Statements

redeemed or exchanged shares. These fees, which were retained by these Funds, were 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: The Funds may participate in ReFlow, a 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 generally 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 Growth Fund, Accessor Value Fund, Accessor Small to Mid Cap Fund, Accessor International Equity Fund, Accessor High Yield Bond Fund, Accessor Investment Grade Fixed-Income, Accessor Income Allocation Fund, Accessor Income & Growth Allocation Fund, Accessor Growth & Income Allocation Fund, Accessor Growth Allocation Fund and Accessor Aggressive Growth Fund during the year ended December 31, 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 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

211 December 31, 2009

Notes to Financial Statements

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 losses. As of December 31, 2009, there were no Funds with securities on loan and during the year ended December 31, 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:

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 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 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. Forward Management does not have the ability to recapture reimbursed management fees.

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 year ended December 31, 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 year ended December 31, 2009, the Money Managers received a fee (from the Funds) 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 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

For the Money Managers of the Accessor Growth Fund and Accessor Value Fund (Smith Asset Management Group and Acadian Asset

December 31, 2009 212

Notes to Financial Statements

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. The Performance Adjustment is calculated monthly off of a rolling 12-month performance period.

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 year ended December 31, 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	$	182,719	$	(10,943	)	$	171,776
Value		185,431		(6,441	)		178,990

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 Accessor Frontier Markets Fund and the Allocation Funds (except the Accessor Income Allocation Fund); 0.25% of the average daily assets of each Fund attributable to A Class Shares of the Money Fund and the Accessor Income Allocation Fund; and 1.00% of the

213 December 31, 2009

Notes to Financial Statements

average daily net assets of each Fund attributable to C Class Shares (0.75% for distribution and 0.25% for shareholder service fees).

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 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.

December 31, 2009 214

Notes to Financial Statements

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 year ended December 31, 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. For the year ended December 31, 2009, Forward Management temporarily waived 0.05%.

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 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

215 December 31, 2009

Notes to Financial Statements

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. ALPS is not considered a related party.

Forward Management has contractually agreed to reimburse the Allocation Funds’ transfer agency fees from May 1, 2009 through April 30, 2010. Forward Management does not have the ability to recapture reimbursed transfer agency fees.

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 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 December 31, 2009, there were 5 Trustees, 4 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.

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 ASC 815 (formerly SFAS No. 161) “Disclosures about Derivative Instruments and Hedging Activities.” ASC 815 has established improved financial 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 year ended December 31, 2009:

Accessor Strategic Alternatives	NUMBER OF CONTRACTS		PREMIUM
Options outstanding, December 31, 2008	—		$	—
Options written	4,197			1,177,007
Options expired	(1	)		(5	)
Options exercised	—			—
Options closed	(1	)		(403	)
Options outstanding, December 31, 2009	4,195		$	1,176,599

December 31, 2009 216

Notes to Financial Statements

Accessor Investment Grade Fixed-Income	NUMBER OF CONTRACTS		PREMIUM
Options outstanding, December 31, 2008	—		$	—
Options written	334			129,632
Options expired	(73	)		(35,967	)
Options exercised	—			—
Options closed	—			—
Options outstanding, December 31, 2009	261		$	93,665

Accessor Mortgage Securities	NUMBER OF CONTRACTS	PREMIUM
Options outstanding, December 31, 2008	—	$	—
Options written	81		60,503
Options expired	—		—
Options exercised	—		—
Options closed	—		—
Options outstanding, December 31, 2009	81	$	60,503

The Investment Grade Fixed-Income Fund entered into a Swaption, which is an option granting its owner the right but not the obligation to enter into an underlying swap, and the following table summarizes the written swaptions for the year ended December 31, 2009:

Accessor Investment Grade Fixed-Income	NOTIONAL AMOUNT		PREMIUM
Swaptions outstanding, December 31, 2008	—		$	—
Swaptions written	4,600,000			22,635
Swaptions expired	(4,600,000	)		(22,635	)
Swaptions exercised	—			—
Swaptions closed	—			—
Swaptions outstanding, December 31, 2009	—		$	—

Fair Value of Derivative Instruments – The fair value of derivative instruments as of December 31, 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*	$	430,101	Net Assets — Net unrealized appreciation/(depreciation) on futures*	$	—
Treasuries	Net Assets — Net unrealized appreciation/(depreciation) on futures*		—	Net Assets — Net unrealized appreciation/(depreciation) on futures*		(37,376	)
Options on Euro Futures	Investments, at value		—	Written Options, at value		(126,063	)
Total		$	430,101		$	(163,439	)

	ASSET DERIVATIVES			LIABILITY DERIVATIVES
DERIVATIVES NOT ACCOUNTED FOR AS HEDGING INSTRUMENTS UNDER STATEMENT 133:	BALANCE SHEET LOCATION	FAIR VALUE		BALANCE SHEET LOCATION	FAIR VALUE
Mortgage Securities Fund
Futures Contracts
Eurodollars	Net Assets — Net unrealized appreciation/(depreciation) on futures*	$	—	Net Assets — Net unrealized appreciation/(depreciation) on futures*	$	—
Treasuries	Net Assets — Net unrealized appreciation/(depreciation) on futures*		20,476	Net Assets — Net unrealized appreciation/(depreciation) on futures*		(26,700	)
Options on Euro Futures	Investments, at value		—	Written Options, at value		(33,412	)
Total		$	20,476		$	(60,112	)

* 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 December 31, 2009.

217 December 31, 2009

Notes to Financial Statements

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2009 was as follows:

INVESTMENT GRADE FIXED-INCOME FUND
DERIVATIVES NOT ACCOUNTED FOR AS HEDGING INSTRUMENTS UNDER STATEMENT 133:
	AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED AS INCOME						CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED IN INCOME
	OPTIONS		FUTURES		TOTAL		OPTIONS			FUTURES			TOTAL
Foreign Exchange	$	9,735	$	717,198	$	726,933	$	—		$	1,066		$	1,066
Interest Rate		53,650		278,814		332,464		(32,398	)		(182,784	)		(215,182	)
	$	63,385	$	996,012	$	1,059,397	$	(32,398	)	$	(181,718	)	$	(214,116	)

MORTGAGE SECURITIES FUND
DERIVATIVES NOT ACCOUNTED FOR AS HEDGING INSTRUMENTS UNDER STATEMENT 133:
	AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED AS INCOME								CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED IN INCOME
	OPTIONS		FUTURES			TOTAL			OPTIONS			FUTURES			TOTAL
Foreign Exchange	$	—	$	229		$	229		$	(4,038	)	$	—		$	(4,038	)
Interest Rate		—		(28,530	)		(28,530	)		—			(44,427	)		(44,427	)
	$	—	$	(28,301	)	$	(28,301	)	$	(4,038	)	$	(44,427	)	$	(48,465	)

The Accessor Investment Grade Fixed-Income and the Accessor Mortgage Securities Fund are only exposed to Futures and Written Options risk, please see the Statement of Operations for realized and unrealized gain (loss) information related to this risk.

There were no other Funds that had more than one type of Derivative Instrument for the year ended December 31, 2009.

5. Securities Transactions

During the year ended December 31, 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 Funds
Growth	$	83,784,515	$	91,550,446
Value		166,643,413		167,487,935
Small to Mid Cap		133,909,024		154,692,244
International Equity		66,676,355		98,010,832
Strategic Alternatives		73,116,088		55,782,872
Frontier Markets		45,463,352		15,887,650
High Yield Bond		203,840,355		171,039,838
Investment Grade Fixed-Income		50,791,271		16,475,569
Mortgage Securities		3,019,739		6,499,031
Accessor Allocation Funds
Income Allocation	$	7,600,000	$	4,900,000
Income & Growth Allocation		22,230,000		10,400,000
Balanced Allocation		43,011,027		29,840,937
Growth & Income Allocation		28,755,000		33,835,000
Growth Allocation		32,395,000		35,340,000
Aggressive Growth Allocation		19,240,000		19,770,034

December 31, 2009 218

Notes to Financial Statements

During the year ended December 31, 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 Funds
Investment Grade Fixed-Income	$	367,906,636	$	348,225,412
Mortgage Securities		369,187,791		371,572,182

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 December 31, 2009 was as follows:

	COST OF INVESTMENTS		GROSS UNREALIZED APPRECIATION		GROSS UNREALIZED (DEPRECIATION)			NET UNREALIZED APPRECIATION (DEPRECIATION)
Accessor Funds
Growth	$	82,993,593	$	12,206,901	$	(4,733,960	)	$	7,472,941
Value		84,521,596		6,392,285		(6,197,499	)		194,786
Small to Mid Cap		151,142,776		32,782,025		(14,353,599	)		18,428,426
International Equity		77,607,972		22,847,863		(2,934,104	)		19,913,759
Strategic Alternatives		123,939,383		4,751,340		(9,394,149	)		(4,642,809	)
Frontier Markets		36,350,838		1,434,139		(912,419	)		521,720
High Yield Bond		94,369,054		8,714,683		(294,031	)		8,420,652
Investment Grade Fixed-Income		127,871,090		3,385,991		(22,616,610	)		(19,230,619	)
Mortgage Securities		60,364,635		1,524,048		(1,498,893	)		25,155
Accessor Allocation Funds
Income Allocation	$	21,362,281	$	358,638	$	(1,416,004	)	$	(1,057,366	)
Income & Growth Allocation		55,073,888		2,370,186		(4,039,356	)		(1,669,170	)
Balanced Allocation		131,893,333		6,392,723		(13,168,929	)		(6,776,206	)
Growth & Income Allocation		124,750,605		5,041,093		(14,461,925	)		(9,420,832	)
Growth Allocation		123,093,351		5,368,771		(15,056,464	)		(9,687,693	)
Aggressive Growth Allocation		61,779,070		2,637,682		(8,748,244	)		(6,110,562	)

7. Capital Loss Carryforwards

As of December 31, 2009 the following Funds had available for Federal income tax purposes unused capital losses as follows:

	EXPIRES IN 2010		EXPIRES IN 2011		EXPIRES IN 2012		EXPIRES IN 2013		EXPIRES IN 2014		EXPIRES IN 2015		EXPIRES IN 2016		EXPIRES IN 2017
Accessor Fund
Growth	$	4,327,104	$	3,845,553	$	—	$	—	$	—	$	—	$	14,879,476	$	14,894,607
Value		—		—		—		—		—		—		20,277,209		16,315,012
Small to Mid Cap		—		—		—		—		—		—		16,657,935		32,035,780
International Equity		—		—		—		—		—		—		23,256,838		68,399,407
Strategic Alternatives		—		—		—		—		—		—		880,655		967,268
High Yield Bond		947,550		—		—		1,017,103		81,754		256,992		9,772,131		834,501
Investment Grade Fixed-Income		—		718,330		397,737		886,525		739,784		405,644		1,874,984		—
Mortgage Securities		—		—		—		—		2,062,933		—		732,858		—
U.S. Government Money		—		—		—		—		—		—		—		14,853

219 December 31, 2009

Notes to Financial Statements

	EXPIRES IN 2010		EXPIRES IN 2011		EXPIRES IN 2012		EXPIRES IN 2013		EXPIRES IN 2014		EXPIRES IN 2015		EXPIRES IN 2016		EXPIRES IN 2017
Accessor Allocation Fund
Income Allocation	$	—	$	—	$	—	$	—	$	69,163	$	90,492	$	207,103	$	32,036
Income & Growth Allocation		—		—		—		—		—		—		—		—
Balanced Allocation		—		—		—		—		—		—		—		66,635
Growth & Income Allocation		—		—		—		—		—		—		—		2,091,066
Growth Allocation		—		—		—		—		—		—		—		644,397
Aggressive Growth Allocation		—		—		—		—		—		—		—		186,081

During the year ended December 31, 2009, Accessor Investment Grade Fixed Income Fund and Accessor Mortgage Securities Fund utilized capital loss carryovers of $26,495 and $2,585,387, respectively.

ASC 740: In July 2006, ASC 740, Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement 109 (“ASC 740”, formely FIN 48), was issued and is effective for fiscal years beginning after December 15, 2006. ASC 740 has a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Forward Management has completed evaluating the impact of the adoption of ASC 740; and concluded that ASC 740 had no effect on the Funds’ net assets, results of operations and financial statement disclosures. However, Forward Management’s conclusions regarding ASC 740 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 as follows:

	GROWTH		VALUE		SMALL TO MID CAP		INTERNATIONAL EQUITY
For the year ended December 31, 2008, distributions declared from:
Ordinary income	$	310,496	$	2,021,697	$	—	$	4,666,352
Long-term capital gains		—		—		1,019,747		3,715,510
Distributions in Excess		15,074		4,889		—		—
	$	325,570	$	2,026,586	$	1,019,747	$	8,381,862
For the year ended December 31, 2009, distributions declared from:
Ordinary income	$	567,897	$	1,546,422	$	1,041,668	$	4,452,466
Long-term capital gains		—		—		—		—
Distributions in Excess		—		1,412		—		—
	$	567,897	$	1,547,834	$	1,041,668	$	4,452,466

December 31, 2009 220

Notes to Financial Statements

	GROWTH			VALUE			SMALL TO MID CAP			INTERNATIONAL EQUITY
As of December 31, 2009, the components of accumulated losses on a tax basis were as follows:
Undistributed ordinary income	$	26,454		$	—		$	283,976		$	1,774,926
Undistributed long-term capital gain		—			—			—			—
Accumulated capital gain (loss)		—			—			—			—
Unrealized appreciation (depreciation)		7,472,941			194,786			18,428,426			19,905,490
Capital loss carryforward		(37,946,740	)		(36,592,221	)		(48,693,715	)		(91,656,245	)
Post October losses		(207,375	)		(1,663,780	)		(1,809,617	)		—
Other cumulative effect of timing differences		—			5,956			—			10,664
Total distributable earnings	$	(30,654,720	)	$	(38,055,259	)	$	(31,790,930	)	$	(69,965,165	)
	STRATEGIC ALTERNATIVES			FRONTIER MARKETS			HIGH YIELD BOND			INVESTMENT GRADE FIXED-INCOME
For the year ended December 31, 2008, distributions declared from:
Ordinary income	$	1,340,908			N/A		$	5,429,122		$	4,345,434
Long-term capital gains		—			N/A			—			—
Distributions in Excess		50,944			N/A			17,161			—
	$	1,391,852			N/A		$	5,446,283		$	4,345,434
For the year ended December 31, 2009, distributions declared from:
Ordinary income	$	977,511		$	3,258,657		$	8,743,587		$	4,673,219
Long-term capital gains		—			—			—			107,060
Distributions in Excess		56,493			—			4,612			—
	$	1,034,004		$	3,258,657		$	8,748,199		$	4,780,279
As of December 31, 2009, the components of accumulated losses on a tax basis were as follows:
Undistributed ordinary income	$	—		$	177,314		$	—		$	55,743
Undistributed long-term capital gain		—			—			—			—
Accumulated capital gain (loss)		—			—			—			—
Unrealized appreciation (depreciation)		(5,410,709	)		615,308			8,420,652			(18,880,730	)
Capital loss carryforward		(1,847,923	)		—			(12,910,031	)		(5,023,004	)
Post October losses		—			—			(172,021	)		—
Other cumulative effect of timing differences		—			(2,309	)		—			(4	)
Total distributable earnings	$	(7,258,632	)	$	790,313		$	(4,661,400	)	$	(23,847,995	)
	MORTGAGE SECURITIES			U.S. GOVERNMENT MONEY			INCOME ALLOCATION			INCOME & GROWTH ALLOCATION
For the year ended December 31, 2008, distributions declared from:
Ordinary income	$	3,153,473		$	28,821,359		$	907,170		$	1,485,098
Long-term capital gains		—			—			—			257,884
Distributions in Excess		26,224			—			—			—
	$	3,179,697		$	28,821,359		$	907,170		$	1,742,982
For the year ended December 31, 2009, distributions declared from:
Ordinary income	$	2,000,339		$	3,516,719		$	885,662		$	1,656,205
Long-term capital gains		—			—			—			—
Distributions in Excess		—			—			—			—
	$	2,000,339		$	3,516,719		$	885,662		$	1,656,205

221 December 31, 2009

Notes to Financial Statements

	MORTGAGE SECURITIES			U.S. GOVERNMENT MONEY			INCOME ALLOCATION			INCOME & GROWTH ALLOCATION
As of December 31, 2009, the components of accumulated losses on a tax basis were as follows:
Undistributed ordinary income	$	10,656		$	193,967		$	27		$	17,679
Accumulated capital gain (loss)		—			—			—			—
Unrealized appreciation (depreciation)		(73,259	)		—			(1,057,366	)		(1,669,170	)
Capital loss carryforward		(2,795,791	)		(14,853	)		(398,794	)		—
Post October losses		—			—			—			(28,482	)
Other cumulative effect of timing differences		—			(75,095	)		(2	)		—
Total distributable earnings	$	(2,858,394	)	$	104,019		$	(1,456,135	)	$	(1,679,973	)
	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		$	561,466
Long-term capital gains		1,084,467			2,272,470			2,896,275			1,535,631
Distributions in Excess		2,614			592			1,372			—
	$	4,433,626		$	5,544,474		$	4,947,435		$	2,097,097
For the year ended December 31, 2009, distributions declared from:
Ordinary income	$	3,761,591		$	3,201,397		$	2,650,874		$	1,092,239
Long-term capital gains		—			—			—			—
Distributions in Excess		437			—			423			195
	$	3,762,028		$	3,201,397		$	2,651,297		$	1,092,434
As of December 31, 2009, the components of accumulated losses on a tax basis were as follows:
Undistributed ordinary income	$	—		$	2,131		$	—		$	—
Accumulated capital gain (loss)		—			—			—			—
Unrealized appreciation (depreciation)		(6,776,206	)		(9,420,832	)		(9,687,693	)		(6,110,562	)
Capital loss carryforward		(66,635	)		(2,091,066	)		(644,397	)		(186,081	)
Post October losses		(55,926	)		(27,026	)		(48,724	)		(119,901	)
Other cumulative effect of timing differences		—			—			—
Total distributable earnings	$	(6,898,767	)	$	(11,536,793	)	$	(10,380,814	)	$	(6,416,544	)

The Accessor Growth Fund, Accessor Value Fund, Accessor Small to Mid Cap Fund, Accessor High Yield Bond 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 elected to defer to the year ended December 31, 2009, approximately $207,375, $1,663,780, $1,809,612, $172,020, $28,482, $55,928, $27,026, $48,727 and $119,903, respectively, of capital losses incurred during the period November 1, 2009 to December 31, 2009.

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.

December 31, 2009 222

Notes to Financial Statements

Reclassifications: At December 31, 2009, permanent differences in book and tax accounting were reclassified. These differences had no effect on net assets and were primarily attributed to differences in the tax treatment of foreign currency, certain other investments and treatment of net investment loss. These reclassifications were as follows:

FUND	INCREASE/ (DECREASE) PAID IN-CAPITAL			INCREASE/ (DECREASE) ACCUMULATED NET INVESTMENT INCOME/(LOSS)			INCREASE/ (DECREASE) ACCUMULATED NET REALIZED GAIN/(LOSS)
Accessor Fund
Growth	$	—		$	—		$	—
Value		3,251			82,829			(86,080	)
Small to Mid Cap		(6,096	)		(128,607	)		134,703
International Equity		—			86,090			(86,090	)
Strategic Alternatives		(41,815	)		10,101			31,714
Frontier Markets		—			2,818,952			(2,818,952	)
High Yield Bond		(4,612	)		4,612			—
Investment Grade Fixed-Income		(467,920	)		397,683			70,237
Mortgage Securities		—			(194,448	)		194,448
U.S. Government Money		—			118,177			(118,177	)
Accessor Allocation Fund
Income Allocation	$	—		$	8,597		$	(8,597	)
Income & Growth Allocation		—			35,879			(35,879	)
Balanced Allocation		(437	)		103,255			(102,818	)
Growth & Income Allocation		—			104,404			(104,404	)
Growth Allocation		(423	)		112,049			(111,626	)
Aggressive Growth Allocation		(196	)		57,356			(57,160	)

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 12/31/2009		VALUE 12/31/2008
Accessors Funds — Z Class Shares
High Yield Bond	$	350,000	$	1,250,000	$	305,660	$	3,021,326	$	3,095,113
Investment Grade Fixed-Income		3,575,000		2,200,000		509,499		9,782,896		7,838,602	(a)
Mortgage Securities		1,200,000		1,350,000		152,761		4,474,974		4,307,889
U.S. Government Money		375,000		—		2,934		1,040,619		665,619
		5,500,000		4,800,000		970,854		18,319,815		15,907,223
Forward Funds — Institutional Class Shares
Forward International Fixed Income Fund		2,100,000		100,000		32,765		1,985,100		—
Total	$	7,600,000	$	4,900,000	$	1,003,619	$	20,304,915	$	15,907,223

223 December 31, 2009

Notes to Financial Statements

Accessor Income & Growth Allocation Fund
INVESTMENT COMPANIES	PURCHASE COST		SALES COST		DIVIDEND INCOME		VALUE 12/31/2009		VALUE 12/31/2008
Accessors Funds — Z Class Shares
Frontier Markets Fund	$	1,575,000	$	—	$	106,609	$	1,632,997	$	—
Growth Fund		1,350,000		800,000		20,544		3,795,215		2,568,739
High Yield Bond Fund		1,080,000		1,425,000		435,464		4,927,453		4,166,421
International Equity Fund		625,000		100,000		169,750		3,818,181		2,496,334
Investment Grade Fixed-Income Fund		7,150,000		1,300,000		724,082		17,948,720		11,457,356	(a)
Mortgage Securities Fund		2,880,000		1,475,000		224,256		8,184,351		6,331,124
Small to Mid Cap Fund		1,970,000		2,025,000		17,193		2,329,521		1,546,571
Strategic Alternatives Fund		3,450,000		1,400,000		58,614		6,644,683		3,806,784
U.S. Government Money Fund		—		825,000		1,261		265		825,265
Value Fund		1,900,000		1,050,000		54,336		3,828,457		2,509,339
		21,980,000		10,400,000		1,812,109		53,109,843		35,707,933
Forward Funds — Institutional Class Shares
Forward Emerging Markets Fund		250,000		—		2,562		294,875		—
Total	$	22,230,000	$	10,400,000	$	1,814,671	$	53,404,718	$	35,707,933
Accessor Balanced Fund
INVESTMENT COMPANIES	PURCHASE COST		SALES COST		DIVIDEND INCOME		VALUE 12/31/2009		VALUE 12/31/2008
Accessors Funds — Z Class Shares
Frontier Markets Fund	$	5,235,000	$	350,000	$	370,018	$	5,126,431	$	—
Growth Fund		4,300,000		3,375,000		85,285		14,544,681		10,856,242
High Yield Bond Fund		1,200,000		2,775,000		767,110		8,201,393		7,833,468
International Equity Fund		1,535,000		1,500,000		690,587		15,371,843		12,023,153
Investment Grade Fixed-Income Fund		8,475,000		1,950,000		1,335,917		29,875,476		22,148,590	(a)
Mortgage Securities Fund		3,565,000		2,525,000		396,408		13,622,265		11,786,567
Small to Mid Cap Fund		6,850,000		9,015,000		70,127		8,691,017		7,404,152
Strategic Alternatives Fund		5,025,000		2,080,000		133,863		14,141,140		9,383,156
U.S. Government Money Fund		27		1,855,937		5,824		—		1,855,910
Value Fund		5,825,000		4,200,000		231,923		14,584,099		11,141,474
		42,010,027		29,625,937		4,087,062		124,158,345		94,432,712
Forward Funds — Institutional Class Shares
Forward Emerging Markets Fund		1,001,000		215,000		8,331		958,782		—
Total	$	43,011,027	$	29,840,937	$	4,095,393	$	125,117,127	$	94,432,712
Accessor Growth & Income Allocation Fund
INVESTMENT COMPANIES	PURCHASE COST		SALES COST		DIVIDEND INCOME		VALUE 12/31/2009		VALUE 12/31/2008
Accessors Funds — Z Class Shares
Frontier Markets Fund	$	6,140,000	$	650,000	$	418,664	$	5,893,927	$	—
Growth Fund		975,000		2,685,000		106,468		16,395,385		14,751,764
High Yield Bond Fund		575,000		2,650,000		592,762		6,187,104		6,783,766
International Equity Fund		1,520,000		3,750,000		762,170		17,077,890		15,618,177
Investment Grade Fixed-Income Fund		6,450,000		4,550,000		1,051,982		22,458,045		19,697,011	(a)
Mortgage Securities Fund		2,405,000		3,115,000		306,325		10,278,137		10,379,842
Small to Mid Cap Fund		6,190,000		10,475,000		80,516		9,846,298		10,157,787
Strategic Alternatives Fund		1,025,000		2,700,000		93,105		9,401,643		10,139,870
Value Fund		2,300,000		3,260,000		300,962		16,405,430		15,194,593
		27,580,000		33,835,000		3,712,954		113,943,859		102,722,810
Forward Funds — Institutional Class Shares
Forward Emerging Markets Fund		1,175,000		—		12,042		1,385,914		—
Total	$	28,755,000	$	33,835,000	$	3,724,996	$	115,329,773	$	102,722,810

December 31, 2009 224

Notes to Financial Statements

Accessor Growth Allocation Fund
INVESTMENT COMPANIES	PURCHASE COST		SALES COST		DIVIDEND INCOME		VALUE 12/31/2009		VALUE 12/31/2008
Accessors Funds — Z Class Shares
Frontier Markets Fund	$	7,500,000	$	1,150,000	$	451,939	$	6,918,857	$	—
Growth Fund		3,150,000		4,715,000		133,821		21,335,311		18,667,115
High Yield Bond Fund		475,000		1,300,000		274,988		2,958,673		3,099,014
International Equity Fund		3,050,000		4,850,000		1,004,491		22,458,789		19,532,772
Investment Grade Fixed-Income Fund		2,545,000		2,450,000		530,111		10,841,988		10,339,491	(a)
Mortgage Securities Fund		1,125,000		1,350,000		147,501		4,979,591		4,908,154
Small to Mid Cap Fund		8,000,000		12,255,000		104,930		12,878,103		12,139,229
Strategic Alternatives Fund		550,000		2,775,000		81,805		8,101,514		9,486,700
Value Fund		4,450,000		4,300,000		380,736		21,302,148		18,441,540
		30,845,000		35,145,000		3,110,322		111,774,974		96,614,015
Forward Funds — Institutional Class Shares
Forward Emerging Markets Fund		1,550,000		195,000		15,886		1,630,684		—
Total	$	32,395,000	$	35,340,000	$	3,126,208	$	113,405,658	$	96,614,015

Accessor Aggressive Growth Allocation Fund
INVESTMENT COMPANIES	PURCHASE COST		SALES COST		DIVIDEND INCOME		VALUE 12/31/2009		VALUE 12/31/2008
Accessor Funds — Z Class Shares
Frontier Markets Fund	$	4,050,000	$	200,000	$	272,907	$	3,954,152	$	—
Growth Fund		2,725,000