annual report access one trust 12/31/2015

Access One TrustAccess VP High Yield Fund®

Annual ReportDECEMBER 31, 2016

Merrill Corp - ProFunds Access One Trust VP VP High Yield Fund Annual Report [Funds] 12-31-2016 ED [AUX] | pweakly | 24-Feb-17 15:47 | 17-1233-5.aa | Sequence: 1CHKSUM Content: 52600 Layout: 13103 Graphics: 32376 CLEAN

JOB: 17-1233-5 CYCLE#;BL#: 6; 0 TRIM: 8.25" x 10.75" COMPOSITECOLORS: Black, ~note-color 2 GRAPHICS: ProFunds_FC_art_k.eps V1.5

Table of Contents

1 Message from the Chairman3 Management Discussion of Fund Performance7 Expense Examples

11 Financial Statements and Financial Highlights19 Notes to Financial Statements30 Report of Independent Registered Public

Accounting Firm31 Board Approval of Investment Advisory

Agreements33 Trustees and Officers

Merrill Corp - ProFunds Access One Trust VP VP High Yield Fund Annual Report [Funds] 12-31-2016 ED [AUX] | pweakly | 24-Feb-17 15:47 | 17-1233-5.aa | Sequence: 2CHKSUM Content: 600 Layout: 27720 Graphics: No Graphics CLEAN

JOB: 17-1233-5 CYCLE#;BL#: 6; 0 TRIM: 8.25" x 10.75" COMPOSITECOLORS: Black, ~note-color 2 GRAPHICS: none V1.5

1

Message from the Chairman

Dear Shareholder:

I am pleased to present the Access VP High Yield FundAnnual Report to shareholders for the 12 months endedDecember 31, 2016.

High Yield Market Strong

The U.S. high yield market returned 15.3% for the 12-month period, as measured by the Markit iBoxx® $ LiquidHigh Yield Index. Junk bonds recovered from a turbulentstart to the year, benefiting from a surge in oil andcommodity prices as well as accommodative monetarypolicy. Even after the presidential election, which sentTreasury yields soaring, high yield was resilient, reflectingoptimism about an improving economy. High yield bondyields declined significantly during the period as pricesrose, with the JPMorgan Domestic High Yield SummaryYield to Maturity reaching 6.8% as of the end of December,down from 9.4% at the start of the year.

Overall, U.S. fixed income was mixed during the period.Treasuries posted the weakest returns, with the Ryan LabsTreasury 10 Year Index declining 0.2% and the Ryan LabsTreasury 30 Year Index gaining a mere 1.1%. Similar tohigh yield, U.S. investment grade bonds performed well,up 6.4%, as measured by the Markit iBoxx® $ LiquidInvestment Grade Index. The Barclays U.S. Aggregate BondIndex, which tracks the broader U.S. fixed income market,returned 2.6%.

Economic Growth Uneven

The U.S. economy grew 3.5% in the third quarter of 2016,the fastest pace in two years, driven by strength in consumerspending, business investment and government spending.Growth was 1.4% in the second quarter and just 0.8% inthe first quarter. Jobs data also looked positive. Theunemployment rate was 4.7% in December 2016, downfrom 5.0% in December 2015. And wage growth pickedup – average hourly earnings rose by 2.9% in 2016, the bestperformance since the economic recovery began in 2009.

Access VP High Yield Flows

Reflecting the strength in the high yield market, the AccessVP High Yield Fund saw nearly $36 million of net inflowsduring the 12-month period, almost tripling in terms ofassets. We appreciate the trust you have placed in us bychoosing the Access VP High Yield Fund and look forwardto continuing to serve your investing needs.

Sincerely,

Michael L. SapirChairman of the Board of Trustees

Merrill Corp - ProFunds Access One Trust VP VP High Yield Fund Annual Report [Funds] 12-31-2016 ED [AUX] | pweakly | 24-Feb-17 15:47 | 17-1233-5.ba | Sequence: 1CHKSUM Content: 8552 Layout: 42833 Graphics: 5038 CLEAN

JOB: 17-1233-5 CYCLE#;BL#: 6; 0 TRIM: 8.25" x 10.75" COMPOSITECOLORS: Black, ~note-color 2 GRAPHICS: Michael_Sapir_sig.eps, michael_sapir_2-16_photo.eps V1.5

This Page Intentionally Left Blank

Merrill Corp - ProFunds Access One Trust VP VP High Yield Fund Annual Report [Funds] 12-31-2016 ED [AUX] | pweakly | 24-Feb-17 15:47 | 17-1233-5.ba | Sequence: 2CHKSUM Content: 6056 Layout: 47708 Graphics: No Graphics CLEAN


Management Discussion ofFund Performance

Merrill Corp - ProFunds Access One Trust VP VP High Yield Fund Annual Report [Funds] 12-31-2016 ED [AUX] | pweakly | 24-Feb-17 15:47 | 17-1233-5.ca | Sequence: 1CHKSUM Content: 5937 Layout: 65035 Graphics: No Graphics CLEAN


The Access VP High Yield Fund seeks to provide investment results that correspond generally to the total return of the high yield market, consistentwith maintaining reasonable liquidity. However, the Fund does not seek to match the daily returns of a specific benchmark. For the year endedDecember 31, 2016, the Fund had a total return of 9.00%. For the same period, the JPMorgan Domestic High Yield Index, a widely used measure ofhigh yield market performance, had a total return of 18.91%1. The total return for the 5-year U.S. Treasury Note was 0.47%2.Access VP High Yield Fund is designed to maintain exposure to the high yield market, regardless of market conditions. This means the Fund does notadopt defensive positions in anticipation of an adverse market climate. The Access VP High Yield Fund seeks to achieve its high yield exposure primarilythrough credit default swaps (CDS) and 5-year treasury exposure but may also invest in high yield debt instruments (commonly referred to as junkbonds), other debt, money market instruments, total return swap agreements and futures contracts.During the year ended December 31, 2016, the Fund invested in credit default swap agreements and futures contracts as a substitute for investingdirectly in high yield bonds. These derivatives generally tracked the performance of their underlying benchmark and were negatively impacted byfinancing costs associated with their use. The Fund entered into credit default swap agreements that were centrally cleared. In a centrally cleared swapagreement, the clearing organization takes on the credit risk of all parties involved in the trade, and in effect, guarantees each party’s obligation underthe contract. As a result, each party involved in a centrally cleared contract only faces the clearing organization. There can be no assurance, however,that the clearing organization, or its members, will satisfy its obligations to the Fund.

Average Annual Total Return as of 12/31/16

Fund One Year Five Year Ten Year

Access VP High Yield Fund 9.00% 7.00% 7.00%JPMorgan Domestic High Yield Index 18.91% 7.58% 7.74%

Expense Ratios**

Fund Gross Net

Access VP High Yield Fund 1.84% 1.68%

** Reflects the expense ratio as reported in the Prospectus dated May 2,2016. Contractual fee waivers are in effect through April 30, 2017.See Financial Highlights for effective expense ratios.

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that ashareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represents past performance andcurrent returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, maybe worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductionshad not occurred, the quoted performance would be lower. Performance numbers are net of all Fund fees and expenses but do not include anyinsurance, sales, or administrative charges of variable annuity or life insurance contracts. If these charges were included, the returns would be lower.To obtain performance current to the most recent month-end, please call toll-free 888-776-3637.1 The graph and table reflect the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction

of fees and expenses associated with a mutual fund, such as investment management and accounting fees, are not reflected in the Indexcalculations. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction offees and expenses. It is not possible to invest directly in an index.

2 The 5-year U.S. Treasury Note reflects both price return and yield components. It does not reflect the impact of transaction and financing costs,nor the deduction of expenses associated with a mutual fund, such as investment management and accounting fees.

Investments in high yield bonds or in investments linked to the high yield market are subject to greater volatility and greater credit risks than investingin U.S. Treasuries. U.S. Treasury instruments are guaranteed by the U.S. government as to the timely payment of principal and interest, if held tomaturity. Both the principal and yield of a mutual fund will fluctuate with changes in market conditions.

The above information is not covered by the Report of the Independent Registered Public Accounting Firm.

Value of a $10,000 Investment at Net Asset Value*

* The line graph represents the historical performance of a hypotheticalinvestment of $10,000 in the Access VP High Yield Fund fromDecember 31, 2006 to December 31, 2016, assuming thereinvestment of distributions.

$19,668 Access VP High Yield Fund$21,086 JPMorgan Domestic High Yield Index

$5,000

$25,000

$15,000

$20,000

$10,000

12/31

/16

12/31

/15

12/31

/14

12/31

/13

12/31

/12

12/31

/06

12/31

/07

12/31

/08

12/31

/09

12/31

/10

12/31

/11

Management Discussion of Fund Performance :: Access One Trust :: Access VP High Yield Fund :: 5

Allocation of Portfolio Holdings & Composition

Market Exposure

Investment Type % of Net Assets

U.S. Treasury Obligations 46%Futures Contracts 16%Credit Default Swap Agreements 75%

“Market Exposure” includes the value of totalinvestments (including the contract value ofany derivatives) and excludes any instrumentsused for cash management.

Holdings

The Access VP High Yield Fund primarilyinvests in non-equity securities, which mayinclude: credit default swap agreements,futures contracts, repurchase agreements, U.S.Government and money market securities.

Industry Exposure

% of MarketExposure (CDS)

Consumer Cyclical 22%Consumer Non-Cyclical 16%Communications 15%Financial 12%Energy 10%Industry 8%Basic Materials 7%Technology 5%Utilities 5%

Merrill Corp - ProFunds Access One Trust VP VP High Yield Fund Annual Report [Funds] 12-31-2016 ED [AUX] | pweakly | 24-Feb-17 15:47 | 17-1233-5.ca | Sequence: 3CHKSUM Content: 3203 Layout: 5922 Graphics: 11741 CLEAN

JOB: 17-1233-5 CYCLE#;BL#: 6; 0 TRIM: 8.25" x 10.75" COMPOSITECOLORS: Black, ~note-color 2, ~note-color 3 GRAPHICS: 1233-5_domestic hi yld_L.eps V1.5

Expense Examples



As a Fund shareholder, you may incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees;distribution fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) ofinvesting in the Fund and to compare these costs with the ongoing cost of investing in other mutual funds. Please note that the expensesshown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. If these transactionalcosts were included, your costs would have been higher. These examples also do not reflect fees associated with insurance company orinsurance contracts. If these fees were reflected, expenses would be higher. Therefore, these examples are useful in comparing ongoingcosts only and will not help you determine the relative total cost of owning different funds.

Actual Expenses

The actual expense examples are based on an investment of $1,000 invested at the beginning of a six-month period and held throughthe period ended December 31, 2016.

The columns below under the heading entitled “Actual” provide information about actual account values and actual expenses. You mayuse this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divideyour account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the numberin the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account duringthis period.

Hypothetical Expenses for Comparison Purposes

The hypothetical expense examples are based on an investment of $1,000 invested at the beginning of a six-month period and heldthrough the period ended December 31, 2016.

The columns below under the heading entitled “Hypothetical” provide information about hypothetical account values and hypotheticalexpenses based on each Fund’s actual expense ratio and as assumed rate of return of 5% per year before expenses, which is not theFund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance orexpenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds.To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the otherfunds.

HypotheticalActual (5% return before expense)

Annualized Beginning Ending Expenses Ending ExpensesExpense Ratio Account Value Account Value Paid During Account Value Paid DuringDuring Period 7/1/16 12/31/16 Period* 12/31/16 Period*

Access VP High Yield Fund 1.68% $1,000.00 $1,021.20 $8.54 $1,016.69 $8.52

* Expenses are equal to the average account value, multiplied by the Fund’s annualized expense ratio multiplied by 184/366 (the number of daysin the most recent fiscal half-year divided by the number of days in the fiscal year).

Expense Examples (unaudited) :: Access One Trust :: 9


JOB: 17-1233-5 CYCLE#;BL#: 6; 0 TRIM: 8.25" x 10.75" COMPOSITECOLORS: Black, ~note-color 2, ~note-color 3 GRAPHICS: none V1.5

Financial Statements andFinancial Highlights

Merrill Corp - ProFunds Access One Trust VP VP High Yield Fund Annual Report [Funds] 12-31-2016 ED [AUX] | pweakly | 24-Feb-17 15:48 | 17-1233-5.da | Sequence: 1CHKSUM Content: 12473 Layout: 13838 Graphics: No Graphics CLEAN


12 :: Access One Trust :: Access VP High Yield Fund :: Schedule of Portfolio Investments :: December 31, 2016

Repurchase Agreements, continued

PrincipalAmount Value

UMB Bank N.A., 0.27%, 1/3/17, dated 12/30/16, with a repurchase price of $236,007 (Collateralized by $240,500 U.S. Treasury Notes, 0.50%, 7/31/17, total value $240,760) $ 236,000 $ 236,000

TOTAL REPURCHASE AGREEMENTS

(Cost $57,186,000) 57,186,000

TOTAL INVESTMENT SECURITIES

(Cost $84,953,344)—138.7% 85,038,979Net other assets (liabilities)—(38.7)% (23,711,734)

NET ASSETS—100.0% $61,327,245

* Represents the effective yield or interest rate in effect atDecember 31, 2016.

STRIPS Separate Trading of Registered Interest and Principal ofSecurities.

See accompanying notes to the financial statements.

U.S. Treasury Obligation (45.5%)

Principal Amount Value

U.S. Treasury Notes, 2.00%, 12/31/21+ $27,750,000 $27,852,979

TOTAL U.S. TREASURY OBLIGATION

(Cost $27,767,344) 27,852,979

Repurchase Agreements (93.2%)

Deutsche Bank Securities, Inc., 0.44%, 1/3/17, dated 12/30/16, with a repurchase price of $2,746,134 (Collateralized by $2,881,400 U.S. Treasury Notes, 2.00%, 8/15/25, total value $2,801,009) $2,746,000 2,746,000

HSBC Securities (USA), Inc., 0.27%, 1/3/17, dated 12/30/16, with a repurchase price of $43,218,297 (Collateralized by $110,247,500 U.S. Treasury STRIPS, 3.228%*, 8/15/45, total value $44,081,360) $43,217,000 $43,217,000

RBC Capital Markets, LLC, 0.23%, 1/3/17, dated 12/30/16, with a repurchase price of $10,987,281 (Collateralized by $10,762,900 U.S. Treasury Inflation-Protected Securities (TIPS), 0.125%, 4/15/20, total value $11,206,778) 10,987,000 10,987,000




December 31, 2016 :: Schedule of Portfolio Investments :: Access One Trust :: Access VP High Yield Fund :: 13

Futures Contracts PurchasedNumber Notional Unrealized

of Expiration Amount Appreciation/Contracts Date at Value (Depreciation)

5-Year U.S. Treasury Note Futures Contracts 86 4/3/17 $10,111,719 $(15,376)

Centrally Cleared Swap Agreements

Credit Default Swap Agreements — Sell Protection(a)

ImpliedCredit

Fixed Deal Spread at PremiumsReceive Maturity December 31, Notional Paid Unrealized

Underlying Instrument Rate Date 2016(b) Amount(c) Value (Received) Gain (Loss)

CDX North America High Yield Index Swap Agreements; Series 27+ 5.00% 12/20/21 3.53% $46,260,000 $2,880,822 $1,789,719 $1,091,103

$2,880,822 $1,789,719 $1,091,103

(a) When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay tothe buyer of protection an amount equal to the par value of the defaulted reference entity and take delivery of the reference entity or (ii) pay anet amount equal to the par value of the defaulted reference entity less its recovery value.

(b) Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period endwill serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other creditevent for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may includepayments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of thereferenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms ofthe swap agreement.

(c) The notional amount represents the maximum potential amount the Fund could be required pay as a seller of credit protection if a creditevent occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index.

+ As of December 31, 2016, these investments were fair valued in good faith in accordance with procedures approved by the Board of Trusteesand represent 47% of net assets.



14 :: Access One Trust :: Statement of Assets and Liabilities :: December 31, 2016


ASSETS:Total Investment Securities, at cost $84,953,344

Securities, at value 27,852,979Repurchase agreements, at value 57,186,000

Total Investment Securities, at value 85,038,979Cash 501Segregated cash balances for futures contracts with brokers 27,115Segregated cash balances for credit default swap agreements with brokers 2,785,304Interest receivable 859Receivable for capital shares issued 1,386,061Receivable for investments sold 11,033,320Variation margin on credit default swap agreements 51,044Prepaid expenses 506

TOTAL ASSETS 100,323,689

LIABILITIES:Payable for investments purchased 38,774,219Payable for capital shares redeemed 45,692Variation margin on futures contracts 2,276Advisory fees payable 27,790Management services fees payable 3,705Administration fees payable 1,804Administrative services fees payable 33,809Distribution fees payable 39,017Transfer agency fees payable 5,670Fund accounting fees payable 2,047Compliance services fees payable 395Trustee fees payable 19Other accrued expenses 60,001

TOTAL LIABILITIES 38,996,444

NET ASSETS $61,327,245

NET ASSETS CONSIST OF:Capital $60,079,254Accumulated net investment income (loss) 111,355Accumulated net realized gains (losses) on investments (24,726)Net unrealized appreciation (depreciation) on investments 1,161,362

NET ASSETS $61,327,245

Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value): 2,106,202

Net Asset Value (offering and redemption price per share): $ 29.12




Statements of Operations :: Access One Trust :: 15

For the year ended

December 31, 2016

INVESTMENT INCOME:Interest $ 672,863

EXPENSES:Advisory fees 601,605Management services fees 80,213Administration fees 31,717Transfer agency fees 45,730Administrative services fees 189,742Distribution fees 200,535Custody fees 12,474Fund accounting fees 36,797Trustee fees 1,796Compliance services fees 763Printing fees 71,948Other fees 39,112Recoupment of prior expenses reduced by the Advisor 36,174

TOTAL NET EXPENSES 1,348,606

NET INVESTMENT INCOME (LOSS) (675,743)

REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:Net realized gains (losses) on investment securities (1,022,875)Net realized gains (losses) on futures contracts (209,810)Net realized gains (losses) on swap agreements 7,249,183Change in net unrealized appreciation/depreciation on investments 878,072

NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS 6,894,570

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS $6,218,827



16 :: Access One Trust :: Statements of Changes in Net Assets


Year Ended Year EndedDecember 31, 2016 December 31, 2015

FROM INVESTMENT ACTIVITES:

OPERATIONS:Net investment income (loss) $ (675,743) $ (444,910)Net realized gains (losses) on investments 6,016,498 (1,127,506)Change in net unrealized appreciation/depreciation on investments 878,072 266,118

Change in net assets resulting from operations 6,218,827 (1,306,298)

DISTRIBUTIONS TO SHAREHOLDERS FROM:In excess of net investment income (2,517,680) (1,193,961)Net realized gains on investments — (1,551,238)

Change in net assets resulting from distributions (2,517,680) (2,745,199)

CAPITAL TRANSACTIONS:Proceeds from shares issued 238,766,699 189,871,041Distributions reinvested 2,517,680 2,745,199Value of shares redeemed (205,000,829) (197,557,096)

Change in net assets resulting from capital transactions 36,283,550 (4,940,856)

Change in net assets 39,984,697 (8,992,353)

NET ASSETS:Beginning of period 21,342,548 30,334,901

End of period $ 61,327,245 $ 21,342,548

Accumulated net investment income (loss) $ 111,355 $ (16,145)

SHARE TRANSACTIONS:Issued 8,364,108 6,460,175Reinvested 87,239 95,658Redeemed (7,120,969) (6,814,341)

Change in shares 1,330,378 (258,508)




Financial Highlights :: Access One Trust :: 17

Financial Highlights FOR THE PERIODS INDICATED

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

Year Ended Year Ended Year Ended Year Ended Year EndedDec. 31, 2016 Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2013 Dec. 31, 2012

Net Asset Value, Beginning of Period $ 27.51 $ 29.33 $ 30.01 $ 28.75 $ 26.32

Investment Activities:

Net investment income (loss)(a) (0.24) (0.26) (0.25) (0.35) (0.37)Net realized and unrealized gains (losses) on investments 2.70 0.31(b) 0.94 3.19 4.02

Total income (loss) from investment activities 2.46 0.05 0.69 2.84 3.65

Capital Contributions: — — —(c) — —

Distributions to Shareholders From:

In excess of net investment income (0.85) (1.38) (1.03) (0.78) (1.22)Net realized gains on investments — (0.49) (0.34) (0.80) —

Total distributions (0.85) (1.87) (1.37) (1.58) (1.22)

Net Asset Value, End of Period $ 29.12 $ 27.51 $ 29.33 $ 30.01 $ 28.75

Total Return 9.00% 0.15% 2.34%(c) 10.02% 14.12%

Ratios to Average Net Assets:

Gross expenses 1.68% 1.85% 1.68% 1.68% 1.75%Net expenses 1.68% 1.68% 1.68% 1.68% 1.68%Net investment income (loss) (0.84)% (0.91)% (0.84)% (1.20)% (1.33)%

Supplemental Data:

Net assets, end of period (000’s) $61,327 $21,343 $30,335 $130,998 $111,402Portfolio turnover rate(d) 1,809% 1,470% 1,361% 1,336% 1,408%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.(b) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the

portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market valuesduring the period.

(c) During the year ended December 31, 2014, the Advisor voluntarily contributed capital of $6,811 in the Fund due to corrections of investmenttransactions. The contribution represented less than $0.005 to the NAV and 0.02% to the total return. Without this contribution, the totalreturn would have been lower.

(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivativeinstruments (including swap agreements and futures contracts.) The portfolio turnover rate can be high and volatile due to the amount andtiming of sales and purchases of fund shares during the period.



Notes to Financial Statements

Merrill Corp - ProFunds Access One Trust VP VP High Yield Fund Annual Report [Funds] 12-31-2016 ED [AUX] | pweakly | 24-Feb-17 15:48 | 17-1233-5.ea | Sequence: 1CHKSUM Content: 31263 Layout: 37947 Graphics: No Graphics CLEAN


1. Organization

The Access One Trust (the “Trust”) is a Delaware statutory trustand is registered as an open-end management investment companyunder the Investment Company Act of 1940 (the “1940 Act”) andthus follows accounting and reporting guidance for investmentcompanies. The Trust consists of three separate investmentportfolios and is authorized to issue an unlimited number ofshares of beneficial interest of no par value which may be issuedin more than one class or series. The accompanying financialstatements relate to the Access VP High Yield Fund (the “Fund”)which is classified as non-diversified under the 1940 Act. The Fundhas one class of shares.

Under the Trust’s organizational documents, its Officers andTrustees are indemnified against certain liabilities arising out ofthe performance of their duties to the Trust. In addition, in thenormal course of business, the Trust enters into contracts with itsvendors and others that provide for general indemnifications. TheTrust and Fund’s maximum exposure under these arrangementsis unknown as this would involve future claims that may be madeagainst the Fund.

2. Significant Accounting Policies

The following is a summary of significant accounting policiesfollowed by the Fund in the preparation of its financial statements.These policies are in conformity with U.S. generally acceptedaccounting principles (“GAAP”). The preparation of financialstatements in accordance with GAAP requires management tomake estimates and assumptions that affect the reported amountsof assets and liabilities and disclosure of contingent assets andliabilities at the date of the financial statements and the reportedamounts of income and expenses during the reporting period. Theactual results could differ from those estimates.

Investment Valuation

The Fund records its investments at fair value. Fair value is definedas the price that would be received to sell an asset or paid totransfer a liability in an orderly transaction between marketparticipants at the measurement date. The valuation techniquesused to determine fair value are further described in Note 3.

Repurchase Agreements

The Fund may enter into repurchase agreements with financialinstitutions in pursuit of its investment objective, as “cover” forthe investment techniques it employs, or for liquidity purposes.Repurchase agreements are primarily used by the Fund as short-term investments for cash positions. Under a repurchaseagreement, the Fund purchases a debt security and simultaneouslyagrees to sell the security back to the seller at a mutually agreed-upon future price and date, normally one day or a few days later.The resale price is greater than the purchase price, reflecting anagreed-upon market interest rate during the purchaser’s holdingperiod. While the maturities of the underlying securities inrepurchase transactions may be more than one year, the term ofeach repurchase agreement will always be less than one year.

The Fund follows certain procedures designed to minimize therisks inherent in such agreements. These procedures includeeffecting repurchase transactions generally with major, global

financial institutions whose creditworthiness is continuouslymonitored by ProFund Advisors LLC (the “Advisor”). In addition,the value of the collateral underlying the repurchase agreement isrequired to be at least equal to the repurchase price, including anyaccrued interest earned on the repurchase agreement. Fundswithin both the Trust and ProFunds (an affiliated trust) invest inrepurchase agreements jointly. The Fund, therefore, holds a prorata share of the collateral and interest income based upon thedollar amount of the repurchase agreements entered into by theFund. The collateral underlying the repurchase agreement is heldby the Fund’s custodian. In the event of a default or bankruptcyby a selling financial institution, the Fund will seek to liquidatesuch collateral which could involve certain costs or delays and, tothe extent that proceeds from any sale upon a default of theobligation to repurchase were less than the repurchase price, theFund could suffer a loss. The Fund also may experience difficultiesand incur certain costs in exercising its rights to the collateral andmay lose the interest the Fund expected to receive under therepurchase agreement. During periods of high demand forrepurchase agreements, the Fund may be unable to invest availablecash in these instruments to the extent desired by the Advisor.

Information concerning the counterparties, value of,collateralization and amounts due under Repurchase Agreementtransactions may be found on the Fund’s Schedule of PortfolioInvestments.

Derivative Instruments

The Fund maintains exposure to the high yield market (i.e., U.S.corporate high yield debt market), regardless of market conditions.This means the Fund does not adopt defensive positions in cashor other instruments in anticipation of an adverse market climate.The Fund invests primarily in derivatives, money marketinstruments, and U.S. Treasury obligations that the Advisor believes,in combination, should provide investment results that correspondto the high yield market. During the year ended December 31,2016, the Fund held credit default swap agreements for creditexposure to the high yield market and futures contracts andtreasury notes for interest rate exposure to meet the Fund’sinvestment objective.

All open derivative positions at year end are reflected on the Fund’sSchedule of Portfolio Investments. The volume associated withderivative positions varies on a daily basis as the Fund transacts inderivative contracts in order to achieve the appropriate exposure,as expressed in notional amount, in comparison to net assetsconsistent with the Fund’s investment objective.

The notional amount of open derivative positions relative to theFund’s net assets at year end is generally representative of thenotional amount of open positions to net assets throughout thereporting period.

The Advisor is registered as a commodity pool operator (a “CPO”)under the Commodity Exchange Act (“CEA”), in connection withits management of certain funds outside of the Trust. The Advisoralso registered as a commodity trading advisor (a “CTA”) underthe CEA as a result of its role as subadvisor to funds outside theTrust. However, in connection with its management of the Fund,the Advisor has claimed an exclusion from the definition of CPOunder the CEA, pursuant to Commodities Futures TradingCommission (“CFTC”) Regulation 4.5 due to the Fund’s limited

December 31, 2016 :: Notes to Financial Statements :: Access One Trust :: 21



trading in commodity interests. Accordingly, with respect to theFund, the Advisor is not subject to registration or regulation as aCPO under the CEA. To remain eligible for the exclusion, the Fundwill be limited in its ability to use certain financial instrumentsregulated under the CEA (“commodity interests”), includingcertain swap transactions (as well as futures). In the event that anyof the Fund’s investments in commodity interests are not withinthe thresholds set forth in the exemption, the Advisor will not beable to rely on the exclusion, and will be required to comply withthe additional recordkeeping, reporting, and disclosurerequirements with respect to the Fund. The Advisor’s eligibility toclaim the exclusion with respect to the Fund is based upon, amongother things, the level and scope of the Fund’s investment incommodity interests, the purpose of such investments and themanner in which the Fund holds out its use of commodityinterests. The Fund’s ability to invest in commodity interests(including, but not limited to swaps and futures on broad-basedsecurities indexes and interest rates) is limited by the Advisor’sintention to operate the Fund in a manner that would permit theAdvisor to continue to claim the exclusion, which may affect theFund’s total return. In the event the Advisor becomes unable torely on the exclusion and is required to register with the CFTC asa CPO with respect to the Fund, the Fund’s expenses may increase,adversely affecting the Fund’s return.

The following is a description of the derivative instrumentsutilized by the Fund, including certain risks related to eachinstrument type.

Swap Agreements

As of December 31, 2016, the Fund invested in centrally clearedcredit default swaps as a substitute for investing directly in bondsin order to gain credit exposure to the high yield market.

In a credit default swap (“CDS”), the agreement will reference oneor more debt securities or reference entities. The protection“buyer” in a credit default contract is generally obligated to paythe protection “seller” a periodic stream of payments over the termof the contract until a credit event, such as a default, on a referenceentity has occurred. If a credit event occurs, the seller generallymust pay the buyer: a) the full notional value of the swap; or b) thedifference between the notional value of the defaulted referenceentity and the recovery price/rate for the defaulted reference entity.CDS are designed to reflect changes in credit quality, includingevents of default. A CDS may require premium (discount)payments as well as daily payments (receipts) related to the interestleg of the swap or to the default or change in price of a referenceentity.

The counterparty risk for cleared swap agreements is generallylower than for uncleared over-the-counter swap agreementsbecause generally a clearing organization becomes substituted foreach counterparty to a cleared swap agreement and, in effect,guarantees each party’s performance under the contract as eachparty to a trade looks only to the clearing organization forperformance of financial obligations. However, there can be noassurance that the clearing organization, or its members, willsatisfy its obligations to the Fund.

If the Fund is a seller of a CDS contract (also referred to as a sellerof protection or as a buyer of risk), the Fund would be requiredto pay the par (or other agreed upon) value of a referenced

obligation to the counterparty in the event of a default or othercredit event. In return, the Fund would receive from thecounterparty a daily stream of payments over the term of thecontract provided that no event of default has occurred. If nodefault occurs, the Fund would keep the stream of payments andwould have no payment obligations. As the seller, the Fund wouldbe subject to investment exposure on the notional amount of theswap.

If the Fund is a buyer of a CDS contract (also referred to as a buyerof protection or a seller of risk), the Fund would have the right todeliver a reference obligation and receive the par (or other agreed-upon) value of such obligation from the counterparty in the eventof a default or other credit event (such as a credit downgrade). Inreturn, the Fund would pay the counterparty a daily stream ofpayments over the term of the contract provided that no event ofdefault has occurred. If no default occurs, the counterparty wouldkeep the stream of payments and would have no furtherobligations to the Fund.

The Fund enters into a CDS with multiple reference entities, inwhich case payments and settlements in respect of any defaultingreference entity would typically be dealt with separately from theother reference entities.

Upon entering into a cleared CDS, the Fund may be required todeposit with the broker an amount of cash or cash equivalents inthe range of approximately 3% to 6% of the notional amount forCDS on high yield debt issuers (this amount is subject to changeby the clearing organization that clears the trade). This amount,known as “initial margin,” is in the nature of a performance bondor good faith deposit on the CDS and is returned to the Fund upontermination of the CDS, assuming all contractual obligations havebeen satisfied. Subsequent payments, known as “variation margin,”to and from the broker will be made daily as the price of the CDSfluctuates, making the long and short positions in the CDS contractmore or less valuable, a process known as “marking-to-market.”The premium (discount) payments are built into the daily priceof the CDS and thus are amortized through the variation margin.The variation margin payment also includes the daily portion ofthe periodic payment stream.

The use of swaps is a highly specialized activity which involvesinvestment techniques and risks in addition to and in some casesdifferent from those associated with ordinary portfolio securitiestransactions. The primary risks associated with the use of swapagreements are mispricing or improper valuation, imperfectcorrelation between movements in the notional amount and theprice of the underlying investments, and the inability of thecounterparties or clearing organization to perform. If acounterparty’s creditworthiness for an over-the-counter swapdeclines, the value of the swap would likely decline. The Advisor,under the supervision of the Trust’s Board of Trustees, isresponsible for determining and monitoring the liquidity of theFund’s transactions in swap agreements.

Futures Contracts

The Fund may purchase or sell futures contracts as a substitute fora comparable market position in the underlying securities or tosatisfy regulatory requirements. As of December 31, 2016, theFund held cash-settled U.S. Treasury note futures contracts.

22 :: Access One Trust :: Notes to Financial Statements :: December 31, 2016



A cash-settled futures contract obligates the seller to deliver (andthe purchaser to accept) an amount of cash equal to a specificdollar amount (the contract multiplier) multiplied by thedifference between the final settlement price of a specific futurescontract and the price at which the agreement is made. No physicaldelivery of the underlying asset is made.

The Fund generally engages in closing or offsetting transactionsbefore final settlement of a futures contract, wherein a secondidentical futures contract is sold to offset a long position (orbought to offset a short position). In such cases, the obligation isto deliver (or take delivery of) cash equal to a specific dollaramount (the contract multiplier) multiplied by the differencebetween the price of the offsetting transaction and the price atwhich the original contract was entered into. If the originalposition entered into is a long position (futures contractpurchased), there will be a gain (loss) if the offsetting selltransaction is carried out at a higher (lower) price, inclusive ofcommissions. If the original position entered into is a shortposition (futures contract sold), there will be a gain (loss) if theoffsetting buy transaction is carried out at a lower (higher) price,inclusive of commissions.

Whether the Fund realizes a gain or loss from futures activitiesdepends generally upon movements in the underlying currency,commodity, security or index. The extent of a Fund’s loss from anunhedged short position in a futures contract is potentiallyunlimited and investors may lose the amount that they invest plusany profits recognized on that investment. The Fund will engagein transactions in futures contracts that are traded on a U.S.exchange or board of trade or that have been approved for sale inthe U.S. by the CFTC.

Upon entering into a futures contract, the Fund will be requiredto deposit with the broker an amount of cash or cash equivalentsin the range of approximately 1% to 3% of the contract amountfor treasury futures (this amount is subject to change by theexchange on which the contract is traded). This amount, knownas “initial margin,” is in the nature of a performance bond or good

faith deposit on the contract and is returned to the Fund upontermination of the futures contract, assuming all contractualobligations have been satisfied. Subsequent payments, known as“variation margin,” to and from the broker will be made daily asthe price of the asset underlying the futures contract fluctuates,making the long and short positions in the futures contract moreor less valuable, a process known as “marking-to-market.” At anytime prior to expiration of a futures contract, the Fund may electto close its position by taking an opposite position, which willoperate to terminate the Fund’s existing position in the contract.

The primary risks associated with the use of futures contracts areimperfect correlation between movements in the price of futuresand the market value of the underlying assets, and the possibilityof an illiquid market for a futures contract. Although the Fundintends to sell futures contracts only if there is an active marketfor such contracts, no assurance can be given that a liquid marketwill exist for any particular contract at any particular time. Manyfutures exchanges and boards of trade limit the amount offluctuation permitted in futures contract prices during a singletrading day. Once the daily limit has been reached in a particularcontract, no trades may be made that day at a price beyond thatlimit or trading may be suspended for specified periods duringthe day. Futures contract prices could move to the limit for severalconsecutive trading days with little or no trading, therebypreventing prompt liquidation of futures positions and potentiallysubjecting the Fund to substantial losses. If trading is not possible,or if the Fund determines not to close a futures position inanticipation of adverse price movements, the Fund will berequired to make daily cash payments of variation margin. The riskthat the Fund will be unable to close out a futures position will beminimized by entering into such transactions on a nationalexchange with an active and liquid secondary market. In addition,although the counterparty to a futures contract is often a clearingorganization, backed by a group of financial institutions, there maybe instances in which the counterparty could fail to perform itsobligations, causing significant losses to the Fund.


Summary of Derivative Instruments

The following table summarizes the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorizedby risk exposure, as of December 31, 2016.

Assets Liabilities

Unrealized Unrealized Unrealized UnrealizedAppreciation Gain on Depreciation Loss onon Futures Swap on Futures SwapContracts* Agreements* Contracts* Agreements*

Credit Risk Exposure $— $1,091,103 $ — $—Interest Rate Risk Exposure — — 15,376 —

* Includes cumulative appreciation/depreciation of futures contracts and cumulative unrealized gain (loss) on swap agreements as reported in theSchedule of Portfolio Investments. Only current day’s variation margin for both futures contracts and credit default swap agreements are reportedwithin the Statement of Assets and Liabilities.



Investment Transactions and Related Income

Throughout the reporting period, investment transactions areaccounted for no later than one business day following the tradedate. For financial reporting purposes, investment transactions areaccounted for on trade date on the last business day of thereporting period. Interest income is recognized on an accrual basisand includes, where applicable, the amortization of premium oraccretion of discount. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities aredetermined using the specific identification method by comparingthe identified cost of the security lot sold with the net salesproceeds.

Allocations

Expenses directly attributable to the Fund are charged to the Fund,while expenses which are attributable to more than one fund inthe Trust, or jointly with an affiliate, are allocated among therespective funds in the Trust and/or affiliate based upon relativenet assets or another reasonable basis.

Distributions to Shareholders

The Fund intends to declare and distribute net investment incomeat least quarterly, if any. Net realized capital gains, if any, will bedistributed annually.

The amount of distributions from net investment income and netrealized gains are determined in accordance with federal incometax regulations which may differ from GAAP. These “book/tax”differences are either considered temporary or permanent innature. To the extent these differences are permanent in nature(e.g., differing treatment on certain swap agreements, netoperating loss, distribution reclassification, and equalization),such amounts are reclassified within the composition of net assetsbased on their federal tax-basis treatment; temporary differences(e.g., wash sales and differing treatment on certain swapagreements) do not require a reclassification. The Fund may utilizeequalization accounting for tax purposes and designate earningsand profits, including net realized gains distributed to shareholderson redemption of shares, as a part of the dividends paid deductionfor income tax purposes. Distributions which exceed netinvestment income and net realized capital gains for financialreporting purposes but not for tax purposes are reported asdistributions in excess of net investment income or net realizedgains. To the extent they exceed net investment income and netrealized capital gains for tax purposes, they are reported asdistribution of capital.

Federal Income Taxes

The Fund intends to continue to qualify each year as a regulatedinvestment company (a “RIC”) under Subchapter M of the InternalRevenue Code of 1986, as amended. A RIC generally is not subjectto federal income tax on income and gains distributed in a timelymanner to its shareholders. The Fund intends to make timelydistributions in order to avoid tax liability. Accordingly, noprovision for federal income taxes is required in the financialstatements. The Fund has a calendar tax year end.

Management of the Fund has reviewed tax positions taken in taxyears that remain subject to examination by all major taxjurisdictions, including federal (i.e., the last four tax year ends andthe interim tax period since then, as applicable). Managementbelieves that there is no tax liability resulting from unrecognizedtax benefits related to uncertain tax positions taken and the Fundis not aware of any tax positions for which it is reasonably possiblethat the total amounts of unrecognized tax benefits willsignificantly change in the next twelve months.

Other

Expense offsets to custody fees that arise from credits on cashbalances maintained on deposit are reflected on the Statement ofOperations, as applicable, as “Fees paid indirectly.”

Investment Company Modernization

In October 2016, the Securities and Exchange Commission(“SEC”) released its Final Rules on Investment Company ReportingModernization (the “Rules”). The Rules which introduce two newregulatory reporting forms for investment companies — FormN-PORT and Form N-CEN — also contain amendments toRegulation S-X which require standardized, enhanced disclosuresabout derivatives in investment company financial statements, aswell as other amendments. The amendments are effective forfilings made with the SEC after August 1, 2017. Management iscurrently evaluating the impact of the amendments on the fund’sfinancial statements. The adoption will have no effect on the Fund’snet assets or results of operations.

3. Investment Valuation Summary

The valuation techniques employed by the Fund, described below,maximize the use of observable inputs and minimize the use ofunobservable inputs in determining fair value. These valuationtechniques distinguish between market participant assumptionsdeveloped based on market data obtained from sourcesindependent of the Fund (observable inputs) and the Fund’s ownassumptions about market participant assumptions developedbased on the best information available under the circumstances


The following table presents the effect of derivative instruments on the Fund’s Statement of Operations, categorized by risk exposure,for the year ended December 31, 2016.

Realized Gain (Loss) Net Change in Unrealized Appreciationon Derivatives Recognized (Depreciation) on Derivatives

as a Result from Operations Recognized as a Result from Operations

Net Realized Net Realized Change inGains (Losses) Gains (Losses) Net Unrealized

on Futures on Swap Appreciation/DepreciationContracts Agreements on Investments

Credit Risk Exposure $ — $7,249,183 $835,248Interest Rate Risk Exposure (209,810) — (19,773)



(unobservable inputs). The inputs used for valuing the Fund’sinvestments are summarized in the three broad levels listed below:

• Level 1 – quoted prices in active markets for identical assets• Level 2 – other significant observable inputs (including quoted

prices for similar securities, interest rates, prepayments speeds,credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’sown assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments are notnecessarily an indication of the risk associated with investing inthose investments. For example, repurchase agreements aregenerally valued at amortized cost. Generally, amortized costapproximates the current fair value of a security, but since thevaluation is not obtained from a quoted price in an active market,such securities are reflected as Level 2. Fair value measurementsmay also require additional disclosure when the volume and levelof activity for the asset or liability have significantly decreased, aswell as when circumstances indicate that a transaction is notorderly. Changes in valuation techniques may result in transfers inor out of an assigned level within the disclosure hierarchy. TheTrust determines transfers between fair value hierarchy levels atthe reporting period end.

Derivatives are generally valued using independent pricing servicesand/or agreements with counterparties or other proceduresapproved by the Trust’s Board of Trustees. Futures contracts aregenerally valued at their last sale price prior to the time at whichthe net asset value per share of the Fund is determined and aretypically categorized as Level 1 in the fair value hierarchy. Swapagreements are generally valued according to prices as furnishedby an independent pricing service, generally at the mean of thebid and ask quotes and are typically categorized as Level 2 in thefair value hierarchy. If there was no sale on that day, fair valuationprocedures as described below may be applied.

Security prices are generally valued at their market value usinginformation provided by a third party pricing service or marketquotations or other procedures approved by the Trust’s Board ofTrustees. The securities in the portfolio of the Fund, except asotherwise noted, that are listed or traded on a stock exchange orthe NASDAQ National Market System (“NASDAQ/NMS”), arevalued at the official closing price, if available, or the last sale price,on the exchange or system where the security is principally traded.If there have been no sales for that day on the exchange or systemwhere the security is principally traded, then the value may bedetermined with reference to the last sale price, or the officialclosing price, if applicable, on any other exchange or system. In

each of these situations, valuations are typically categorized asLevel 1 in the fair value hierarchy. If there have been no sales forthat day on any exchange or system, the security will be valuedusing fair value procedures in accordance with proceduresapproved by the Trust’s Board of Trustees as described below.

Securities regularly traded in the over-the-counter (“OTC”)markets, including securities listed on an exchange, but that areprimarily traded OTC other than those traded on theNASDAQ/NMS, are generally valued on the basis of the meanbetween the bid and asked quotes furnished by dealers activelytrading those instruments. Fixed-income securities are generallyvalued according to prices as furnished by an independent pricingservice, generally at the mean of the bid and asked quotes for thoseinstruments. Short-term fixed-income securities maturing in sixtydays or less may be valued at amortized cost, which approximatesmarket value. Under the amortized cost method, premium ordiscount, if any, is amortized or accreted, respectively, on a constantbasis to the maturity of the security. In each of these situations,valuations are typically categorized as Level 2 in the fair valuehierarchy.

When the Advisor determines that the market price of a securityis not readily available or deemed unreliable (e.g., an approvedpricing service does not provide a price, a furnished price is inerror, certain stale prices, or an event occurs that materially affectsthe furnished price), it may in good faith establish a fair value forthat security in accordance with procedures established by andunder the general supervision and responsibility of the Trust’sBoard of Trustees. Fair value pricing may require subjectivedeterminations about the value of a security. While the Trust’spolicy is intended to result in a calculation of the Fund’s NAV thatfairly reflects security values as of the time of pricing, the Trustcannot ensure that fair values determined by the Advisor orpersons acting at their direction would accurately reflect the pricethat the Fund could obtain for a security if it were to dispose ofthat security as of the time of pricing (for instance, in a forced ordistressed sale). The prices used by the Fund may differ from thevalue that would be realized if the securities were sold and thedifferences could be material to the financial statements.Depending on the source and relative significance of valuationinputs, these instruments may be classified as Level 2 or Level 3 inthe fair value hierarchy.

For the year ended December 31, 2016, there were no Level 3investments for which significant unobservable inputs were usedto determine fair value.


A summary of the valuations as of December 31, 2016, based upon the three levels defined above, is included in the table below:

LEVEL 2 - Other SignificantLEVEL 1 - Quoted Prices Observable Inputs Total

Investment Other Financial Investment Other Financial Investment Other FinancialSecurities Instruments^ Securities Instruments^ Securities Instruments^

Access VP High Yield FundU.S. Treasury Obligation $ — $ — $ 27,852,979 $ — $ 27,852,979 $ —Repurchase Agreements — — 57,186,000 — 57,186,000 —Futures Contracts — (15,376) — — — (15,376)Credit Default Swap Agreements — — — 1,091,103 — 1,091,103

Total $ — $ (15,376) $ 85,038,979 $ 1,091,103 $ 85,038,979 $ 1,075,727

^ Other financial instruments include any derivative instruments not reflected in the Schedule of Portfolio Investments as Investment Securities,such as futures contracts and credit default swap agreements. These instruments are generally recorded in the financial statements at theunrealized gain or loss on the investment.



4. Fees and Transactions with Affiliates

and Other Parties

The Fund has entered into an Investment Advisory Agreement withthe Advisor. Under this agreement, the Fund pays the Advisor a feeat an annualized rate of 0.75% of its average daily net assets.

In addition, subject to the condition that the aggregate daily netassets of the Trust and ProFunds be equal to or greater than $10billion, the Advisor has agreed to the following fee reductions withrespect to each individual Fund: 0.025% of the Fund’s daily netassets in excess of $500 million to $1 billion, 0.05% of the Fund’sdaily net assets in excess of $1 billion to $2 billion, and 0.075%of the Fund’s daily net assets in excess of $2 billion. During theyear ended December 31, 2016, no Fund’s annual investmentadvisory fee was subject to such reductions.

Citi Fund Services Ohio, Inc. (“Citi”) acts as the Trust’sadministrator (the “Administrator”). For its services asAdministrator, the Trust pays Citi an annual fee based on the Trust’sand ProFunds’ aggregate average net assets at a tier rate rangingfrom 0.00375% to 0.05%, and a base fee for certain filings.Administration fees also include additional fees paid to Citi by theTrust for additional services provided, including support of theTrust’s compliance program.

Citi also acts as fund accounting agent for the Trust. For theseservices, the Trust pays Citi an annual fee based on the Trust’s andProFunds’ aggregate average net assets at a tier rate ranging from0.00375% to 0.03%, a base fee, and reimbursement of certainexpenses.

FIS Investor Services LLC (“FIS”) (formerly SunGard InvestorServices LLC) acts as transfer agent for the Trust. For these services,the Fund pays FIS a base fee, service charges, fees based on thenumber of VP Funds, and reimbursement of certain expenses.

ProFunds Distributors, Inc. (the “Distributor”), a wholly ownedsubsidiary of the Advisor, serves as the Trust’s distributor. Under aDistribution and Shareholder Services Plan, adopted by the Trust’sBoard of Trustees pursuant to Rule 12b-1 under the 1940 Act, theFund may pay financial intermediaries such as broker-dealers,insurance companies and the Distributor up to 0.25%, on anannualized basis, of its average daily net assets as compensationfor distribution-related activities and/or shareholder services.

The Advisor, pursuant to a separate Management ServicesAgreement, performs certain client support services and otheradministrative services on behalf of the Fund. For these services,the Fund pays the Advisor a fee at the annual rate of 0.10% of itsaverage daily net assets.

The Trust, on behalf of the Fund, has entered into an administrativeservices agreement with certain insurance companies, pursuant towhich the insurance companies will provide administrativeservices with respect to the Fund. For these services, the Fund maypay the insurance companies administrative services fees at anannual rate of up to 0.35% of its average daily net assets as reflectedon the Statement of Operations as “Administrative services fees.”

Certain Officers and a Trustee of the Trust are affiliated with theAdvisor or the Administrator. Except as noted below with respectto the Trust’s Chief Compliance Officer, such Officers and Trusteereceive no compensation from the Fund for serving in theirrespective roles. The Trust, together with affiliated Trusts, pays eachIndependent Trustee compensation for his services as Trustee atthe annual rate of $155,000. Independent Trustees also receive$7,500 for attending each regular quarterly in-person meeting,$3,000 for attending each special in-person meeting and $3,000for attending each telephonic meeting. During the year endedDecember 31, 2016, actual Trustee compensation was $582,000in aggregate from the Trust and affiliated trusts. There are certainemployees of the Advisor, such as the Trust’s Chief ComplianceOfficer and staff who administer the Trust’s compliance program,in which the Fund reimburses the Advisor for their relatedcompensation and certain other expenses incurred as reflected onthe Statement of Operations as “Compliance services fees.”

The Advisor has contractually agreed to waive advisory andmanagement services fees, and if necessary, reimburse certainother expenses of the Fund in order to limit the annual operatingexpenses (exclusive of brokerage costs, interest, taxes, dividends(including dividend expenses on securities sold short), litigation,indemnification, and extraordinary expenses as determined underGAAP) to an annualized rate of 1.68% of the average daily netassets of the Fund. This expense limitation remains in effect untilat least April 30, 2017.


The Advisor may recoup the advisory and management services fees contractually waived or limited and other expenses reimbursedby it within three years from the expense limit period in which they were taken. Such repayments shall be made monthly, but only tothe extent that such repayments would not cause annualized operating expenses of the Fund to exceed the expense limit in effect atthe time of the waiver, and the expense limit in effect at the time of the recoupment. Any amounts recouped by the Advisor during theyear are reflected on the Statement of Operations as “Recoupment of prior expenses reduced by the Advisor.” As of December 31,2016, the recoupments that may potentially be made by the Fund are as follows:

Expires Expires4/30/19 4/30/20 Total

Access VP High Yield Fund $ 29,584 $ 16,957 $ 46,541

5. Securities Transactions

The cost of U.S. government security purchases and the proceeds from the sale of U.S. government securities (excluding securitiesmaturing less than one year from acquisition) during the year ended December 31, 2016 were as follows:

Purchases Sales

Access VP High Yield Fund $ 813,770,227 $ 796,305,225



6. Investment Risks

The Fund may be subject to other risks in addition to theseidentified risks. This section discusses certain common principalrisks encountered by the Fund.

Risks Associated with the Use of Derivatives

The Fund obtains investment exposure through derivatives (i.e.,swap agreements and futures contracts), which may be consideredaggressive and may expose the Fund to risks different from, orpossibly greater than, the risks associated with investing directlyin the reference asset(s) underlying the derivative (e.g., securitiesin the high yield market). These include 1) the risk that there maybe imperfect correlation between the price of the financialinstruments and movements in the prices of the reference asset(s);2) the risk that an instrument is temporarily mispriced; 3) creditor counterparty risk on the amount the Fund expects to receivefrom a counterparty; 4) the risk that securities prices, interest ratesand currency markets will move adversely and the Fund will incursignificant losses; 5) the risk that the cost of holding a financialinstrument might exceed its total return; and 6) the possibleabsence of a liquid secondary market for a particular instrumentand possible exchange-imposed price fluctuation limits, either ofwhich may make it difficult or impossible to adjust the Fund’sposition in a particular instrument when desired. When the Funduses derivatives, there may be imperfect correlation between thevalue of the reference asset(s) underlying the derivative (e.g.,securities in the high yield market) and the derivative, which mayprevent the Fund from achieving its investment objective. Becausederivatives often require only a limited initial investment, the useof derivatives may also expose the Fund to losses in excess of thoseamounts initially invested. Any costs associated with usingderivatives will also have the effect of lowering the Fund’s return.

Active Investor Risk

The Fund permits short-term trading of its securities. In addition,the Advisor expects a significant portion of the assets invested inthe Fund to come from professional money managers andinvestors who use the Fund as part of active trading or tactical assetallocation strategies. These strategies often call for frequent tradingto take advantage of anticipated changes in market conditions,which could increase portfolio turnover and may result inadditional costs for the Fund. In addition, large movements ofassets into and out of the Fund may have a negative impact on theFund’s ability to achieve its investment objective or maintain aconsistent level of operating expenses. In certain circumstances,the Fund’s expense ratio may vary from current estimates or thehistorical ratio disclosed in the Fund’s prospectus.

Credit Default Swaps (CDS) Risk

While the Fund will normally be a net “seller” of CDS, at timesthe Fund may be a net “buyer” of CDS. When the Fund is a sellerof credit protection, upon the occurrence of a credit event, theFund will have an obligation to pay the full notional value of adefaulted reference entity less recovery value. When a Fund is abuyer of credit protection, upon the occurrence of a credit event,the counterparty to the Fund will have an obligation to pay thefull notional value of a defaulted reference entity less recoveryvalue. Recovery values for CDS are generally determined via an

auction process to determine the final price for a given referenceentity. Although the Fund intends, as practicable, to obtainexposure through centrally cleared CDS, an active market may notexist for any of the CDS in which the Fund invests or in thereference entities subject to the CDS. As a result, the Fund’s abilityto maximize returns or minimize losses on such CDS may beimpaired. Other risks of CDS include difficulty in valuation due tothe lack of pricing transparency and the risk that changes in thevalue of the CDS do not reflect changes in the credit quality of theunderlying reference entities or may otherwise perform differentlythan expected given market conditions. Because the Fund may usea single counterparty or a small number of counterparties, certainCDS involve many reference entities and there are no limitationson the notional amount established for the CDS. As a result,counterparty risk may be amplified.

Counterparty Risk

The Fund will be subject to credit risk (i.e., the risk that acounterparty is unwilling or unable to make timely payments tomeet its contractual obligations) with respect to the amount itexpects to receive from counterparties to financial instruments andrepurchase agreements entered into by the Fund. The Fundgenerally structures the agreements such that, either party canterminate the contract without penalty prior to the terminationdate. The Fund may be negatively impacted if a counterpartybecomes bankrupt or otherwise fails to perform its obligationsunder such an agreement. The Fund may experience significantdelays in obtaining any recovery in a bankruptcy or otherreorganization proceeding and the Fund may obtain only limitedrecovery or may obtain no recovery in such circumstances.

The Fund typically enters into transactions with counterpartieswhose credit rating, at the time of the transaction, is investmentgrade, as determined by a nationally recognized statistical ratingorganization, or, if unrated, judged by the Advisor to be ofcomparable quality. These are usually only major, global financialinstitutions. Although the counterparty to a centrally cleared swapagreement and/or exchange-traded futures contract is oftenbacked by a futures commission merchant (“FCM”) or clearingorganization that is further backed by a group of financialinstitutions, there may be instances in which the FCM or theclearing organization could fail to perform its obligations, causingsignificant losses to the Fund. For example, the Fund could losemargin payments it has deposited with a clearing organization aswell as any gains owed but not paid to the Fund if the clearingorganization becomes insolvent or otherwise fails to perform itsobligations.

Under current CFTC regulations, a FCM maintains customers’assets in a bulk segregated account. If a FCM fails to do so, or isunable to satisfy a substantial deficit in a customer account, itsother customers may be subject to risk of loss of their funds in theevent of that FCM’s bankruptcy. In that event, in the case of futures,the FCM’s customers are entitled to recover, even in respect ofproperty specifically traceable to them, only a proportional shareof all property available for distribution to all of that FCM’scustomers. In the case of cleared swaps, customers of a FCM inbankruptcy are entitled to recover assets specifically attributable tothem pursuant to new CFTC regulations, but may nevertheless riskloss of some or all of their assets due to accounting or operational





issues or due to legal risk in connection with the application ofbankruptcy law to cleared swaps.

Liquidity Risk

In certain circumstances, such as the disruption of the orderlymarkets for the securities or financial instruments in which theFund invests, the Fund might not be able to acquire or dispose ofcertain holdings quickly or at prices that represent true marketvalue in the judgment of the Advisor. Markets for the securities orfinancial instruments in which the Fund invests may be disruptedby a number of events, including but not limited to economiccrises, natural disasters, new legislation, or regulatory changesinside or outside of the U.S. For example, regulation limiting theability of certain financial institutions to invest in certain securitieswould likely reduce the liquidity of those securities. Thesesituations may prevent the Fund from limiting losses, realizinggains, or from achieving a high correlation with the total returnof the high yield market.

Debt Instruments Risk

The Fund will invest in, or seek exposure to, debt instruments.Debt instruments may have varying levels of sensitivity to changesin interest rates, issuer credit risk and other factors. Typically, theprice of outstanding debt instruments falls when interest rates rise.Without taking into account other factors, the prices of debtinstruments with longer maturities may fluctuate more in responseto interest rate changes than those of debt instruments withshorter maturities. In addition, changes in the credit quality of theissuer of a debt instrument (including a default) can also affectthe price of a debt instrument. These factors may cause the valueof an investment in the Fund to change. All U.S. governmentsecurities are subject to credit risk. It is possible that the U.S.government may not be able to meet its financial obligations orthat securities issued by the U.S. government may experience credit

downgrades. Such a credit event may also adversely impact thefinancial markets.

High Yield Risk

Investment in or exposure to high yield (lower rated) debtinstruments (also known as “junk bonds”) may involve greaterlevels of interest rate, credit, liquidity and valuation risk than forhigher rated instruments. High yield debt instruments may bemore sensitive to economic changes, political changes, or adversedevelopments specific to a company than other fixed incomeinstruments. These securities are subject to greater risk of loss,greater sensitivity to economic changes, valuation difficulties, anda potential lack of a secondary or public market for securities. Highyield debt instruments are considered predominantly speculativewith respect to the issuer’s continuing ability to make principaland interest payments and, therefore, such instruments generallyinvolve greater risk of default or price changes than higher rateddebt instruments. An economic downturn or period of risinginterest rates could adversely affect the market for these securitiesand reduce market liquidity (liquidity risk). Less active marketsmay diminish the Fund’s ability to obtain accurate marketquotations when valuing the portfolio securities and thereby giverise to valuation risk. High yield debt instruments may also presentrisks based on payment expectations. For example, theseinstruments may contain redemption or call provisions. If an issuerexercises these provisions in a declining interest rate market, theFund would have to replace the security with a lower yieldingsecurity, resulting in a decreased return for investors. If the issuerof a security is in default with respect to interest or principalpayments, the issuer’s security could lose its entire value.Furthermore, the transaction costs associated with the purchaseand sale of high yield debt instruments may vary greatlydepending upon a number of factors and may adversely affect theFund’s performance.

7. Federal Income Tax Information

The tax character of distributions paid to shareholders during the tax years ended, as noted below, were as follows:

Year Ended December 31, 2016 Year Ended December 31, 2015

Distributions Distributions Distributions Paid Distributions Paid

Paid from from Net Total Paid from from Net Total Ordinary Long-Term Tax Return Distributions Ordinary Long-Term Tax Return Distributions Income Capital Gains of Capital Paid Income Capital Gains of Capital Paid

Access VP High Yield Fund $ 2,517,680 $ — $ — $ 2,517,680 $ 2,513,107 $ 232,092 $ — $ 2,745,199

As of the tax year ended December 31, 2016, the components of accumulated earnings (deficit) on a tax basis were as follows:

TotalUndistributed Undistributed Accumulated Unrealized Accumulated

Ordinary Long-Term Capital and Appreciation EarningsIncome Capital Gains Other Losses (Depreciation) (Deficit)

Access VP High Yield Fund $ 2,933,386 $ — $ (1,771,030) $ 85,635 $ 1,247,991

As of the tax year ended December 31, 2016, the Fund had net capital loss carryforwards (“CLCFs”) as summarized in the table below.



CLCFs not subject to expiration that are limited annually as a result of changes in Fund ownership during the year and in prior years:

Short-Term Long-Term Amount Amount Total

Access VP High Yield Fund $ 1,771,030 $ — $ 1,771,030Unused limitations accumulate and increase limited CLCFs available for use in offsetting net capital gains. The Board does not intendto authorize a distribution of any realized gain for the Fund until any applicable CLCF has been offset or utilized.

At December 31, 2016, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income taxpurposes, were as follows:

Tax Tax Net UnrealizedTax Unrealized Unrealized AppreciationCost Appreciation Depreciation (Depreciation)

Access VP High Yield Fund $ 84,953,344 $ 85,635 $ — $ 85,635

8. Subsequent Events

The Fund has evaluated the need for additional disclosures or adjustments resulting from subsequent events through the date thesefinancial statements were issued. Based on this evaluation, there were no subsequent events to report that would have a material impacton the Fund’s financial statements.




To the Board of Trustees of Access One Trust and Shareholders of Access VP High Yield Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of portfolio investments, and the relatedstatements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financialposition of Access VP High Yield Fund (one of the portfolios of Access One Trust, hereafter referred to as the “Fund”) as of December 31,2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period thenended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principlesgenerally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financialstatements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statementsbased on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public CompanyAccounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimatesmade by management, and evaluating the overall financial statement presentation. We believe that our audits, which includedconfirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis forour opinion.

/s/ PricewaterhouseCoopers LLPBaltimore, MarylandFebruary 24, 2017

30 :: Access One Trust :: Report of Independent Registered Public Accounting Firm

Merrill Corp - ProFunds Access One Trust VP VP High Yield Fund Annual Report [Funds] 12-31-2016 ED [AUX] | pweakly | 24-Feb-17 15:48 | 17-1233-5.fa | Sequence: 1CHKSUM Content: 13839 Layout: 35092 Graphics: No Graphics CLEAN


At a meeting held on September 12-13, 2016, the Board ofTrustees (the “Board”), including the trustees who are not“interested persons” of the Trust as defined in the 1940 Act (the“Independent Trustees”), unanimously approved the renewal ofthe Investment Advisory Agreement between ProFund Advisors LLC(the “Advisor”) and the Trust on behalf of each of its series (each,a “Fund” and collectively, the “Funds”) (the “AdvisoryAgreement”). The Board, including the Independent Trustees,determined that the terms of the Advisory Agreement for eachFund were fair and reasonable and in the best interests ofshareholders.

The Board requested, and the Advisor provided, information thatthe Board and the Advisor, respectively, believed to be reasonablynecessary to evaluate the Advisory Agreement, including:

(i) detailed information about the advisory services providedby the Advisor;

(ii) the Advisor’s Form ADV;

(iii) biographies of employees primarily responsible forproviding investment advisory services;

(iv) information regarding each component of the contractualfee rates and actual fee rates for the prior fiscal year;

(v) information regarding advisory fees earned versusadvisory fees waived for previous periods;

(vi) performance information for prior periods;

(vii) comparative industry fee data;

(viii) information about fees and other amounts received by theAdvisor and its affiliates for non-advisory services;

(ix) information regarding trade allocation and best execution;

(x) information about the financial condition of the Advisor;and

(xi) information regarding how the Advisor monitors eachFund’s compliance with regulatory requirements and Trustprocedures.

The Board evaluated this information, and the IndependentTrustees were advised by legal counsel with respect to theirdeliberations. In their deliberations, the Board did not identify anysingle factor as all-important or controlling and individual Trusteesdid not necessarily attribute the same weight or importance toeach factor. The Board evaluated all information available to it ona Fund-by-Fund basis, and their determinations were madeseparately with respect to each Fund.

In addition to the information provided and discussions thatoccurred at the meeting on September 12-13, 2016, the Boardregularly considers matters bearing on the Funds and theirinvestment advisory, administration and distributionarrangements, including the Funds’ investment results andperformance data, at their regular meetings throughout the year.The Board’s conclusions may take into account their considerationof the relevant arrangements during the course of the year and inprior years.

The Board took note of all the information that was provided andconsidered all of the factors relevant, including, among otherthings:

(i) the nature, extent and quality of the services to beprovided to each Fund by the Advisor;

(ii) the costs of the services provided and the profits to berealized by the Advisor from the relationship with theFunds;

(iii) the investment performance of the Funds; and

(iv) the extent to which economies of scale might be realizedas the Funds grow and whether fee levels reflecteconomies of scale, if any, for the benefit of Fundshareholders.

Nature, Extent and Quality of the Advisor’s

Services

The Board reviewed the nature, extent and quality of theinvestment advisory services of the Advisor, and concluded thatthe services provided by the Advisor were of high quality. TheBoard focused on the quality of the personnel and operations atthe Advisor and the systems and processes required to manage theFunds effectively. In particular, the Board considered the following:

• the investment objective of each Fund, the Advisor’sdescription of the skills needed to manage each Fund and theAdvisor’s success in achieving the investment objectives ofeach Fund;

• the size and experience of the Advisor’s portfolio staff and theAdvisor’s ability to recruit, train and retain personnel withrelevant experience and the specific expertise necessary tomanage the Funds;

• the structure of the portfolio staff compensation program andthe incentives it is intended to provide;

• the collateral, credit and cash management functions at theAdvisor;

• the Advisor’s development of investment strategies, includingthose involving the use of complex financial instruments andprocesses that maximize the Funds’ ability to meet their statedinvestment objectives and minimize counterparty risk; and

• information regarding allocation of Fund brokerage and theselection of counterparties, as well as favorable terms ofderivatives transactions the Advisor was able to negotiate withswap counterparties.

The Board also reviewed the Advisor’s compliance program anddiscussed it with the Funds’ Chief Compliance Officer (CCO). TheBoard and the CCO discussed the CCO’s evaluation of theoperation of the Advisor’s compliance program, changes made tothe Advisor’s compliance program since the CCO’s last annualreport to the Board, and whether the CCO believed enhancementsto the compliance program were warranted. The Board discussedcompliance issues reported to the Board during the reportingperiod and the remediation of such issues. The Board discussedkey risk areas identified by the CCO and how such risks areaddressed by the compliance program.

Based upon its review, the Board concluded that, (i) the investmentadvisory services provided by the Advisor were of high quality,(ii) that the Advisor successfully achieved the investment goals of

December 31, 2016 :: Board Approval of Investment Advisory Agreements (unaudited) :: Access One Trust :: 31



the Funds, (iii) that the Advisor’s services benefited the Funds’shareholders, particularly in light of the nature of the Funds andthe services required to support them, and (iv) they were generallysatisfied with the nature, quality and extent of services providedto the Funds by the Advisor.

Comparison of Advisory Services and Fees

The Board considered the fairness and reasonableness of theinvestment advisory fees payable to the Advisor in light of theinvestment advisory services provided, the costs of these servicesand the comparability to the fees paid by other investmentcompanies, including mutual funds offering strategies similar innature and extent to the Funds. The Board discussed themethodology used to prepare the comparative fee data for eachFund and noted the difficulty of obtaining precise informationcomparing the fees charged by other investment advisors becauseof differences among fund complexes related to investment stylesand operations. Notwithstanding this challenge, the Board foundthe comparative information provided by the Advisor to be usefulin its evaluation of the reasonableness of the Advisor’s fees.

The Board reviewed information prepared by FUSE ResearchNetwork (“FUSE’’), comparing management fee and expenseinformation for each Fund to that of a peer group determined byFUSE. The Board considered the fee waiver and/or expensereimbursement arrangements currently in place for each Fund andconsidered the net advisory fees after taking waivers andreimbursements into account. The Board considered the fees paidby other clients of the Advisor and its affiliates for advisoryservices.

The Board recognized that it is difficult to make comparisons ofadvisory fees because there are variations in the services that areincluded in the fees paid by other funds but concluded that theFunds’ advisory fee rates were reasonable given the servicesprovided.

Costs of Services to be Provided and Profits to

be Realized by the Advisor

The Board considered the significant drivers of cost including, butnot limited to, intellectual capital, regulatory compliance, portfoliorebalancing, and entrepreneurial risk, and considered the costs thatinvestors likely would incur if they independently sought toachieve the objectives of the Funds. The Board considered theprofitability to the Advisor of its management of each of the Funds.The Board recognized that it is difficult to compare profitabilityfrom fund investment advisory contracts because comparativeinformation is in most cases not publicly available and to the extentsuch information is available it is affected by numerous factors,including the nature of a fund’s client base, the structure of theparticular advisor, the types of funds it manages, its business mix,numerous assumptions regarding allocations and the fact thatpublicly-traded fund managers’ operating profits and net incomeare typically reported net of distribution and marketing expenses.

Based on its review, the Board concluded that the profitability tothe Advisor of each Advisory Agreement was reasonable in lightof the services and benefits provided to each Fund.

Investment Performance of the Funds and the

Advisor

The Board considered total return information for each Fund andfocused on the correlation of returns to benchmark informationfor each Fund for the 3-month, 1-year, 5-year, 10-year and sinceinception periods ended June 30, 2016. The Board also consideredperformance information provided at regular Board meetingsthroughout the reporting period. The Board noted that correlationof returns for each Fund remained strong during the applicableperiods and Fund performance was generally within expectedranges. The Board noted that the correlation of the Funds’performance with the performance of a benchmark was a moremeaningful factor than the Fund’s total return.

The Board also considered the Advisor’s non-advisory services,including those performed under a separate Management ServicesAgreement. The Board considered any indirect, or “fall-out,”benefits that the Advisor derived from its relationship to the Fundsbut concluded that such benefits were relatively insignificant. TheBoard considered that ProFund Distributors, Inc., a wholly-ownedsubsidiary of the Advisor, earns fees from the Funds for providingservices under a Distribution and Shareholder Services Plan.

Economies of Scale

The Board discussed with representatives of the Advisor potentialeconomies of scale associated with certain costs, and how andwhen shareholders might benefit from economies of scale. TheBoard considered that effective January 1, 2008, subject to thecondition that the aggregate daily net assets of the Trust and theProFunds trust be equal to or greater than $10 billion, the Advisorhas agreed to reduce each Fund’s annual investment advisory feeby 0.025% on assets in excess of $500 million up to $1 billion,0.05% on assets in excess of $1 billion up to $2 billion and0.075% on assets in excess of $2 billion.

Conclusions

The Board, including the Independent Trustees, concluded that,with respect to each Fund, the investment advisory fees and othercompensation payable by the Fund to the Advisor were reasonablein relation to the nature and the quality of the services providedby the Advisor and that the continuation of the investment advisoryagreements was in the best interests of the shareholders of theFund. The Board indicated to the Advisor that it will continue toconsider and evaluate on an ongoing basis potential economies ofscale and how shareholders might benefit from those economiesof scale.

32 :: Access One Trust :: Board Approval of Investment Advisory Agreements (unaudited) :: December 31, 2016



Number ofOperational Other

Position(s) Term of Office Portfolios in Fund DirectorshipName, Address, Held with the and Length of Complex Overseen Held byand Birth Date Trust Time Served Principal Occupation(s) During Past 5 Years by Trustee* Trustee

Independent Trustees

Interested Trustee

* The “Fund Complex” consists of all operational registered investment companies advised by the Advisor and any operational registeredinvestment companies that have an investment adviser that is an affiliated person of the Advisor. Investment companies that are non-operational (and therefore, not publicly offered) as of the date of this report are excluded from these figures.

** Mr. Sapir is an “interested person,” as defined by the 1940 Act, because of his ownership interest in the Advisor.

Name, Address, Position(s) Held Term of Office andand Birth Date with Trust Length of Time Served Principal Occupation(s) During Past 5 Years

Executive Officers

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and Officers. To receive your free copyof the Statement of Additional Information, call toll-free 888-776-3637.

William D. Fertigc/o ProFunds7501 Wisconsin Avenue,Suite 1000Bethesda, MD 20814Birth Date: 9/56

Trustee Indefinite;June 2011 topresent

Context Capital Management (AlternativeAsset Management): Chief InvestmentOfficer (September 2002 to present)

ProFunds (112);Access One Trust (3);ProShares (124)

Key EnergyServices

Russell S. Reynolds, IIIc/o ProFunds7501 Wisconsin Avenue,Suite 1000Bethesda, MD 20814Birth Date: 7/57

Trustee Indefinite;December 2004to present

RSR Partners, Inc. (Executive Recruitment):Managing Director (May 2007 to present)


RSR Partners,Inc.

Michael C. Wachsc/o ProFunds7501 Wisconsin Avenue,Suite 1000Bethesda, MD 20814Birth Date: 10/61

Trustee Indefinite;December 2004to present

Linden Lane Advisors, LLC (Real EstateDevelopment): Principal (2010 to present):Spring Mill Capital Management, LLC (RealEstate Development): Principal (July 2009 to2010)


Michael L. Sapir**7501 Wisconsin Avenue,Suite 1000Bethesda, MD 20814Birth Date: 5/58

Trustee andChairman ofthe Board

Indefinite;December 2004to present

Chairman and Chief Executive Officer of theAdvisor (April 1997 to present) and ofProShare Advisors LLC (November 2005 topresent); ProShare Capital Management LLC(June 2008 to present)


Todd B. Johnson7501 Wisconsin Avenue,Suite 1000Bethesda, MD 20814Birth Date: 1/64

President Indefinite; January 2014 topresent

Chief Investment Officer of the Advisor (December 2008 topresent); ProShare Advisors LLC (December 2008 topresent); and ProShare Capital Management LLC(February 2009 to present)

Victor M. Frye7501 Wisconsin Avenue,Suite 1000Bethesda, MD 20814Birth Date: 10/58

Chief Compliance Officerand Anti-MoneyLaundering Officer

Indefinite; December 2004to present

Counsel and Chief Compliance Officer of the Advisor(October 2002 to present) and ProShare Advisors LLC(December 2004 to present); Secretary of ProFundsDistributors, Inc. (April 2008 to present)

Richard F. Morris7501 Wisconsin Avenue,Suite 1000Bethesda, MD 20814Birth Date: 8/67

Chief Legal Officer andSecretary

Indefinite; December 2015to present

General Counsel of the Advisor and ProShare Advisors(December 2015 to present); Partner at Morgan Lewis &Bockius, LLP (October 2012 to November 2015); GeneralCounsel, WisdomTree Asset Management (October 2010 toOctober 2012)

Christopher E. Sabato4400 Easton Commons,Suite 200Columbus, OH 43219Birth Date: 12/68

Treasurer Indefinite; September 2009to present

Senior Vice President, Fund Administration, Citi FundServices Ohio, Inc. (2007 to present)

Trustees and Executive Officers (unaudited) :: Access One Trust :: 33




Merrill Corp - ProFunds Access One Trust VP VP High Yield Fund Annual Report [Funds] 12-31-2016 ED [AUX] | pweakly | 24-Feb-17 15:48 | 17-1233-5.xa | Sequence: 1CHKSUM Content: 6056 Layout: 29617 Graphics: No Graphics CLEAN


PRO1216

This report is submitted for the general information of the shareholders of the Access One Trust. It is not authorized for the distributionto prospective investors unless preceded or accompanied by an effective prospectus. To receive the most recent month end performanceinformation for each Fund, please call toll-free 888-776-5717.

A description of the policies and procedures that the Access One Trust uses to determine how to vote proxies relating to portfoliosecurities is available (i) without charge, upon request, by calling toll-free 888-776-3637; (ii) on the Access One Trust’s website atprofunds.com; and (iii) on the Securities and Exchange Commission’s website at sec.gov. If applicable, information regarding how theAccess One Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available(i) without charge by calling toll-free 888-776-3637; (ii) on the Access One Trust’s website at ProFunds.com; and (iii) on the Commission’swebsite at sec.gov.

Access One Trust files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal yearon Form N-Q. Schedules of Portfolio Holdings for the Funds in this report are available without charge on the Commission’s website atsec.gov, or may be reviewed and copied at the Commission’s Public Reference Room inWashington, D.C. Information on the operationof the Public Reference Room may be obtained by calling 800-SEC-0330.

P.O. Box 182800Columbus, OH 43218-2800

Merrill Corp - ProFunds Access One Trust VP VP High Yield Fund Annual Report [Funds] 12-31-2016 ED [AUX] | pweakly | 24-Feb-17 15:48 | 17-1233-5.za | Sequence: 1CHKSUM Content: 5745 Layout: 2042 Graphics: 39411 CLEAN

JOB: 17-1233-5 CYCLE#;BL#: 6; 0 TRIM: 8.25" x 10.75" COMPOSITECOLORS: Black, ~note-color 2 GRAPHICS: ProFunds_CVR_logo_k.eps V1.5

annual report access one trust 12/31/2015

Documents