SOURCE: Zephyr StyleADVISOR

1
SOURCE Zephyr StyleADVISOR
2
SP 500
SP 500/ BARRA Growth
SP 500/ BARRA Value
Wilshire 4500
SOURCE Accessor Capital Management. See
footnote 9 for index information.
3
SP 500
SP 500/ BARRA Growth
SP 500/ BARRA Value
Wilshire 4500
SP 400
SP 600
SOURCE Accessor Capital Management. See
footnote 9 for index information.
4
SP 500
SP 500/ BARRA Growth
SP 500/ BARRA Value
SOURCE Accessor Capital Management. See
footnote 9 for index information.
5
SP 500
SP 500/ BARRA Growth
SP 500/ BARRA Value
SOURCE Accessor Capital Management. See
footnote 9 for index information.
6
Accessor Funds
7
State Street Global Advisors Companies
SSgA Funds Management, Inc. Mutual Funds,
Variable Annuities
State Street Global Advisors Institutional
Investment Mgmt.
Private AssetManagement Taxable Asset Mgmt.
Fiduciary Advisor Manager of Manager Services
Charitable Asset Management
Global Alliance Alternative Investment Companies
SSgA International Offices
8
SSgA Funds Management, Inc.

• 51 billion in assets under management
• 119 employees offering quantitative, fundamental,
  index equity, bond, and cash strategies
• Proprietary and sub-advised mutual funds and
  variable annuity products
• Affiliated with State Street Global Advisors

9
State Street Global AdvisorsGlobal Offices
North America
Europe/South Africa
? Manchester, NH ? Montreal, Canada ? Naples,
FL ? New York, NY ? Osterville, MA s Purchase,
NY ? San Francisco, CA ? Toronto, Canada
? Atlanta, GA ? Bellevue, WA ? Boca Raton, FL ?
Boston, MAWorld Headquarters ? s Chicago, IL s
Clearwater, FL ? Greenwich, CT ? Hartford, CT
s Moscow, Russia ? Munich, Germany ? Paris,
France s Prague, Czech Republic ? Zurich,
Switzerland
? Brussels, Belgium s ? London, UK ? Montpellier,
France
Asia/Pacific/Middle East
? Sydney, Australia ? Tokyo, Japan s ? Korea
? Dubai, UAE ? Hong Kong, China ? Singapore
Latin America
? Santiago, Chile
? Investment Center ? Marketing/Client Service
Office s Global Alliance Company
Staff 1,735 people, 31 locations, 16 non-U.S.
sites, 9 investment centers Client Relationships
2,066 institutional clients Investment
Professionals 390
10
Quantitative Equity State Street Global
AdvisorsAssets under management as of 3/31/01
Total SSgA Assets Under Management 720.5 Billion
Mid Cap 81 MM
Long Short Market Neutral 367 MM
U.S. Aggressive Growth 27 MM
Small Cap 787 MM
Global 121 MM
Large Cap Equities 6,931 MM
Total 8,314 MM
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Quantitative Equity SSgA Funds Management, Inc.
Assets under management as of March 31, 2001
Total SSgA Funds Management, Inc. Assets Under
Management 51 Billion
International 513.4 MM
Large Cap Equities 2042.8 MM
Small Cap 268.4 MM
Long Short Market Neutral 17.5 MM
Aggressive Equity 5.8 MM
Total 2,848.4 MM
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Accessor Small/Midcap Process

• Provide 250-300bp annualized excess return above
  Wilshire 4500 Index
• Wilshire 4500 Universe
• Rank stocks - Industry relative - accounts for
  two- thirds of value added
• Rank industries - generates one third of
  value-added
• Portfolio construction - neutralize style, size
  and beta biases
• Portfolio of roughly 350 - 450 stocks that track
  the Wilshire 4500 Index with consistent excess
  return

Goal
Process
Results
13
Universe DefinitionAccessor Small/Midcap Strategy

• Coverage of 98 eligible universe
• Most liquid tradable securities

Start with Wilshire 4500 Index Securities
Eliminate stocks trading below 4/share
Eliminate stocks lt50m market cap
14
Universe DefinitionAccessor Small/Midcap Strategy
Cumulative Market Cap Wilshire 4500
120
100
Cumulative Weight
80
60
40
20
0
0
1000
2000
3000
4000
5000
6000
Number of Stocks
15
Stock EvaluationOur approach identifies
undervalued stocks with strong earnings growth
expectations

• Disciplined process
• Independent evaluation of three primary factors
  that drive stock prices

Stock Selection Process
Growth Analyst Changes Earnings Acceleration
Sentiment Market and Corporate Sentiment
Value Cash Flow Analysis
16
Industry EvaluationIdentifying the best/worst
industries

• Risk-controlled implementation misweights of
  only /- 0.5 at the time of purchase

Industry Evaluation Process
Economic
Growth
Value
Technical
17
ConstructionCharacteristics designed to closely
resemble the benchmark

• Tight risk controls
• Result in characteristics similar to those of
  the benchmark
• Security weights /- 1 of index weight
• Sector and industry weights /- .50 of
  index weight
• Position limit of maximum 1.5 times a single
  days trading volume
• Turnover less than 50 annually

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ConstructionCharacteristics designed to closely
resemble the benchmark

• Treatment of IPOs
• IPOs get added to the benchmark at month end
• We intend to purchase IPOs that are 3 times
  oversubscribed pre-offering
• Purchase IPOs that are greater than 5bp of the
  index weight
• Intend to purchase IPOs if they have a meaningful
  impact to an industry

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Portfolio Characteristics
Fund Characteristics as of June 8,
2001 Accessor W4500 Small/Midcap Index
Fund Characteristics as of May 31,
2001 Accessor W4500 Small/Midcap Index
Average Cap 7.4 B 7.4 B of Securities 369 6,15
5 Beta 1.00 1.00 Price/Book x 2.4 2.4 Yield
0.70 1.00 Price/Earnings x 15.6 16.5 Forecaste
d EPS Growth 22.1 22.7
Average Cap 7.3 B 7.4 B of Securities 290 6,15
5 Beta 0.97 1.00 Price/Book x 2.3 2.4 Yield
0.80 1.00 Price/Earnings x 16.6 16.5 Forecaste
d EPS Growth 21.9 22.7
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Current Sector WeightsAs of June 8, 2001
3.3
Basic Materials
3.5
6.0
Commerical Services
6.2
7.3
Consumer Cyclical
7.8
3.2
Consumer Non-Cyclical
2.6
8.5
Consumer Services
8.5
4.7
Energy
4.7
11.9
Healthcare
12.7
21.9
Financial
21.6
2.2
Industrials
2.7
23.0
Technology
22.5
1.8
Telecommunications
2.4
2.0
Transportation
2.1
3.0
Utilities
2.8
0
5
10
15
20
25
Accessor Small/Midcap Fund
Wilshire 4500 Index
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Changes in Security MisweightsLargest
Differences from the Wilshire 4500 Index
May 31 Portfolio
June 8 Portfolio
Stock Relative Weight
Stock Relative Weight
City National 2.1 Public Service Co. of New
Mexico 1.7 Cooper Companies 1.7 Ivax
Corp. 1.6 MT Bank Corp. 1.6 GM
Hughes -0.7 eBay -0.6 Voicestream
Wireless -0.5 Goldman Sachs -0.5 Equity Office
Properties -0.3
Pixar 1.0 Trigon Healthcare 1.0 Cooper
Companies Inc. 1.0 City National 1.0 MT Bank
Corp. 1.0 GM Hughes -0.7 Goldman
Sachs -0.4 eBay -0.4 Brocade -0.4 Human
Genome -0.3
22
Changes in Top HoldingsLargest Differences from
the Wilshire 4500 Index
May 31 Portfolio
June 8 Portfolio
Top 10 Holding Weight
Top 10 Holdings Weight
Berkshire Hathaway 3.6 City National 2.1 Ivax
Corp. 1.8 Public Service Co.of New
Mexico 1.7 MT Bank Corp. 1.7 Cooper
Companies 1.7 PMI Group 1.4 Pixar 1.3 Trigon
Healthcare 1.2 Ciena Corp. 1.2
Berkshire Hathaway 3.6 MT Bank Corp. 1.2 Ivax
Corp. 1.2 Verisign 1.1 PMI Group 1.1 Pixar 1.1
Trigon Health 1.1 City National 1.1 Cox
Communications 1.0 Astoria Financial Corp. 1.0
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Market Outlook

• Long-term Equity Forecast
• Current valuations as of June 8, 2001

Wilshire 4500 SP500 Price to Book Ratio
2.4x 3.6x 3-Year Estimated EPS Growth 15.4 13.8
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Broad Market vs. Large Cap Performance
Wilshire 4500 Return Minus SP 500 Return
60
50
40
30
20
10
0
-10
-20
-30
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
84
86
88
90
92
94
96
98
00
Wilshire 4500 - SP500
1 Year Periods Rolled Monthly
Source SSgA and Zephyr Style Advisor
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Small Cap Value/Growth Rotation
Excess Returns of Small Growth and Small Value
vs. Russell 2000
50
40
30
20
10
0
-10
-20
-30
-40
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
79
81
83
85
87
89
91
93
95
97
99
Growth
Value
1 Year Periods Rolled Monthly
Source SSgA and Zephyr Style Advisor Value
is represented by the Russell 2000 Value Index,
Growth by the Russell 2000 Growth Index
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SSgA Advanced Research CenterBringing Together
Diverse Skill Sets in a Collegial Environment

• Research team comprised of diverse and talented
  individuals located worldwide
• Significant experience in quantitative modeling
  of U.S. and international equity and fixed income
  securities and markets
• Published in major academic and financial journals

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SSgA Advanced Research CenterBringing Together
Diverse Skill Sets in a Collegial Environment

• Commitment to excellence in research quality
  involving projects such as
• Regime Switching Research
• Predicting Extreme Stock Returns Performance
• European Duration Timing Model
• Leader/Follower (US) Analyst Identification
• Emerging Markets Stock Selection
• High Yield Bond Model Project

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Summary

• SSgA is a world leader in investment management
  SSgA Funds Management, Inc. is one of the SSgA
  companies
• Experienced quantitative portfolio management
• Stock selection process incorporates value,
  growth and sentiment
• Transitioning of Fund is underway

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Footnotes
Information on Accessor Funds, Inc. may not be
distributed to the public unless it is preceded
or accompanied by the prospectuses of Accessor
Funds, Inc. which describe in detail the
investment policies, management fees, and other
matters of interest to the prospective investor.
Through separate prospectuses, the Fund offers
two classes of shares, the Investor Class Shares
and the Advisor Class Shares, shown here. Each
class has different expenses that would affect
performance. PLEASE READ THE PROSPECTUSES
CAREFULLY BEFORE YOU INVEST OR SEND MONEY. For a
copy of the prospectus, please contact Accessor
Funds, 800-759-3504, P.O. Box 1748, Seattle, WA
98111-1748. Mutual funds, including shares of
the Accessor Funds, are not bank deposits, are
not insured by the FDIC, the Federal reserve
Board or any other government agency and are not
obligations of, endorsed or guaranteed by any
bank, financial institution, or any affiliate
thereof, and involve investment risk, including
the possible loss of the principal amount
invested. NOTES The Russell 2000 Index is an
unmanaged capitalization weighted index
consisting of the common stock of the 2,000
smallest capitalization companies in the Russell
3000 Index. The Russell 2000 Value Index in an
unmanaged index of value stocks in the Russell
2000 Index. The Russell 2000 Growth Index is in
an unmanaged index of growth stocks in the
Russell 2000 Index. Value stocks are the stocks
within the Russell 3000, 2000 or 1000 Index that
generally have lower price-to-book ratios and
lower forecasted growth values. Growth stocks are
the stocks within the Russell 3000, 2000 or 1000
Index that generally have higher price-to-book
ratios and higher forecasted growth values. The
Russell Indices are registered trademarks of the
Frank Russell Company. The SP 500 Index is an
unmanaged index of 500 common stocks chosen to
reflect the industries in the U.S. economy. SP
is a registered trademark of Standard Poor's, a
Division of The McGraw-Hill Companies, Inc. The
Wilshire 4500 Index is an unmanaged index of
stocks of medium and small capitalization
companies not in the SP 500 Index. The index
represents unmanaged returns on various financial
assets. Investments cannot be made directly in an
index. Past performance is not a predictor of
future results. Except as otherwise indicated,
the information set forth herein has been
extracted from various public and private
sources. Accessor makes no representations as to
the accuracy of the information, nor has Accessor
attempted to independently verify it. All
trademarks are the property if their respective
organizations. Small/Mid Effective June 1,
2001, SSgA Funds Management, Inc. manages the
Small-to-Mid Cap Fund. (formerly, from September
15, 1995 until May 31, 2001, Symphony Asset
Management, Inc. managed the Small to Mid Cap
Fund. Prior to their management tenure, the
Small to Mid Cap Portfolio was managed by Wells
Fargo Nikko Investment Advisors from inception).
Performance stated here is for the Advisor Class
Shares only. Investor Class Shares have
different expenses which will cause performance
to be different than that shown here. This fund
information may not be distributed to the public
unless it is preceded or accompanied by
prospectuses of Accessor Funds, Inc., which
describe in detail the investment policies, fees
and expenses, and other matters of interest to
the prospective investor. To obtain a
prospectus, please contact Accessor Funds at
[phone]. The performance data quoted here
is total return and represents past performance.
Past performance should not be considered
indicative of future performance. The investment
return and principal value of an investment will
fluctuate so that an investors shares, when
redeemed, may be worth more or less than their
original cost. Prior to October 1995 the Funds
benchmark was the BARRA Institutional Small
Index. In August 1995 shareholders approved a
change to the Funds investment policies to
change the Fund from a small cap fund to a small
to medium cap fund. Starting in October 1995 the
Wilshire 4500 index became the Funds benchmark.