The present invention is directed to a system and method which employ two memory access paths: 1) a cache-access path in which block data is fetched from main memory for loading to a cache, and 2) a direct-access path in which individually-addressed data is fetched from main memory. The system may comprise one or more processor cores that utilize the cache-access path for accessing data. The system may further comprise at least one heterogeneous functional unit that is operable to utilize the direct-access path for accessing data. In certain embodiments, the one or more processor cores, cache, and the at least one heterogeneous functional unit may be included on a common semiconductor die (e.g., as part of an integrated circuit). Embodiments of the present invention enable improved system performance by selectively employing the cache-access path for certain instructions while selectively employing the direct-access path for other instructions.