Access Flex High Yield Fund

C000008697 Fund Overview

Access Flex High Yield Fund is a US mutual fund managed by Access One Trust, categorised as Intermediate Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Access One Trust
• Category: Intermediate Corporate Bond
• Assets under management: $20.30M
• 1-year return: -1.4%
• SEC CIK: 0001301123
• SEC series ID: S000003277
• Share class ID: C000008697

C000008697 Investment Objective and Strategy

Access Flex High Yield Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Access One Trust.

Investment objective

The Fund seeks to provide investment results that correspond generally to the total return of the high yield market consistent with maintaining reasonable liquidity.

Principal investment strategy

"The Fund is actively managed and seeks to achieve positive returns that are not directly correlated to any particular fixed income index. The Fund invests primarily in derivatives, money market instruments and U.S. Treasury obligations that ProFund Advisors believes, in combination, should provide investment results that correspond to the high yield market consistent with maintaining reasonable liquidity. The Fund uses the Markit iBoxx $ Liquid High Yield Index as a performance benchmark only, and does not seek to track its performance. > Derivatives The Fund invests in derivatives, which are financial instruments whose value is derived from the value of an underlying asset or assets, such as stocks, bonds or funds (including exchange-traded funds (""ETFs"")), currencies, interest rates or indexes.

The Fund invests in derivatives as a substitute for investing directly in debt securities in order to gain exposure to the high yield market. These derivatives principally include: Credit Default Swaps (""CDS"") As a substitute for investing directly in bonds in order to gain credit exposure to the high yield market, the Fund intends to invest in centrally cleared, index-based CDS. CDS provide exposure to the credit of one or more debt issuers referred to as ""reference entities."" These instruments are designed to reflect changes in credit quality, including events of default. CDS are most commonly discussed in terms of buying or selling credit protection with respect to a reference entity. Because the Fund seeks to provide long exposure to credit, it will generally be a net seller of credit protection with respect to North American high yield debt issuers.

Selling credit protection is equivalent to being ""long"" credit. Index-based CDS provide credit exposure, through a single trade, to a basket of reference entities. A variety of high yield, index-based CDS with different characteristics are currently available in the marketplace with new issuances occurring periodically. Issuances typically vary in terms of underlying reference entities and maturity and, thus, can have significant differences in performance over time. The Fund intends to typically invest in new issuances of 5.25 year maturity North American high yield, index-based CDS, which are issued every six months on a 100-name basket, which names vary from issue to issue. U.S. Treasury Futures Contracts The Fund intends to invest in U.S. Treasury futures contracts in order to obtain interest rate exposure similar to the interest rate exposure that is present in high yield bonds but is not present in CDS.

U.S. Treasury futures contracts are standardized contracts traded on, or subject to the rules of, an exchange that call for the future delivery of a specified quantity and type of U.S. Treasury at a specified time and place or, alternatively, may call for cash settlement. The Fund will generally purchase U.S. Treasury futures contracts as a substitute for a comparable market position in U.S. Treasury notes. > Money Market Instruments The Fund invests in short-term cash instruments that have a remaining maturity of 397 days or less and exhibit high quality credit profiles, including: U.S. Treasury Bills U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government. Repurchase Agreements Contracts in which a seller of securities, usually U.S.

government securities or other money market instruments, agrees to buy them back at a specified time and price. Repurchase agreements are primarily used by the Fund as a short-term investment vehicle for cash positions. > U.S. Treasury Obligations The Fund invests in obligations of the U.S. Department of the Treasury (""U.S. Treasury""), including Treasury bills and notes and other obligations issued or guaranteed by the U.S. Treasury, and repurchase agreements fully collateralized by U.S. Treasury securities. Theses debt securities carry different interest rates, maturities and issue dates. The Fund seeks to maintain exposure to the high yield market regardless of market conditions and without taking defensive positions in cash or other instruments in anticipation of an adverse climate for the high yield market.

There is no assurance that the Fund will achieve its investment objective. Please see ""Investment Objectives, Principal Investment Strategies and Related Risks"" in the back of the Fund's Full Prospectus for additional details."

C000008697 Holdings

Top 8 holdings of Access Flex High Yield Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000008697 holdings

C000008697 Portfolio Allocation

Asset-class allocation of Access Flex High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000008697 Performance

Total returns for C000008697 (as of 2026-10-01), from SEC filings.

C000008697 Risk Information

Risk metrics for C000008697, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 11.8%

C000008697 Costs and Fees

C000008697 costs about $178 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.78%
• Gross expense ratio: 2.07%
• Portfolio turnover: 1534%
• Brokerage commissions: 0.20 bps of average net assets (SEC N-CEN)

C000008697 Cashflows

Over the 12 months to 2021-01, Access Flex High Yield Fund had net inflows of $195.22M, from monthly SEC N-PORT filings.

C000008697 Debt Constituents

Largest debt holdings of Access Flex High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000008697 Prospectus and SEC Filings

Official Access Flex High Yield Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2021-02-25
• Prospectus (485BPOS) — filed 2020-03-17
• Prospectus (485BPOS) — filed 2019-03-13
• Portfolio holdings (N-PORT) — filed 2021-03-30
• Portfolio holdings (N-PORT) — filed 2020-12-28
• Portfolio holdings (N-PORT) — filed 2020-09-24
• Annual census (N-CEN) — filed 2021-01-08
• Annual census (N-CEN) — filed 2020-01-07

Related Funds

Other Intermediate Corporate Bond funds tracked on ABC INVEST:

• Vanguard Intermediate-Term Corporate Bond Index Fund (VICSX)
• Lord Abbett Short Duration Income Fund (LLDYX)
• Vanguard Intermediate-Term Investment-Grade Fund (VFICX)
• iShares Broad USD High Yield Corporate Bond ETF (USHY)
• Lord Abbett Bond Debenture Fund INC (LBNDX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.