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ProFund Advisors Launches High Yield Fund

Access Flex High Yield FundSM Offers Flexibility to Adjust to Changing Market Conditions

Bethesda, MD, January 7, 2005 — ProFund Advisors LLC today announced the launch of the Access Flex High Yield Fund. The new fund is designed to provide investors with exposure to the high yield bond market, along with the flexibility to adjust that exposure whenever they see changes in market conditions. The Access Flex High Yield Fund is managed by ProFund Advisors, which also manages the ProFunds family of mutual funds.

"Financial advisers and other sophisticated investors have expressed tremendous interest in a high yield fund that provides flexibility," said Michael L. Sapir, Chairman and CEO of ProFund Advisors LLC. "At a time when the trading policies of many conventional mutual fund firms are becoming more restrictive, we remain committed to providing funds that allow investors to adjust their portfolios as they see fit."

There are no restrictions on the frequency of purchases or redemptions of Access Flex High Yield Fund shares, and fund shares are fully exchangeable with the entire family of over 40 ProFunds. Transactions must be received by 2:00 p.m. Eastern Time in order to be processed at that business day's NAV.

The fund is part of ProFund Advisors' new Access One series, introduced to give its investors access to specialty products that may not share all the features of funds in the ProFunds family. Like the ProFunds, the new Access Flex High Yield Fund has no trading restrictions—but, unlike the ProFunds, it is not benchmarked to a specific market index or security.

More about the Access Flex High Yield Fund

The Access Flex High Yield Fund is managed by ProFund Advisors and distributed by ProFunds Distributors, Inc. The fund seeks to provide investment results corresponding generally to the total return of the high yield bond market consistent with maintaining reasonable liquidity.

The Access Flex High Yield Fund seeks to maintain exposure to the high yield markets regardless of market conditions and without taking defensive positions. The fund permits active investment strategies which can decrease performance and increase expenses. There is no guarantee that the fund will meet its objective.

The fund invests in high yield debt instruments and/or related derivatives, which generally are considered speculative because they present a greater risk of loss than higher-quality debt securities. These securities also may be subject to greater price volatility. Investing in this Fund involves other risks, including credit default swap, counterparty, interest rate, repurchase agreement, liquidity, aggressive investment technique, issuer, management, market, non-diversification, turnover, foreign investment and valuation risks. These risks can increase volatility and decrease performance. Foreign securities may be subject to greater risks than U.S. investments, including different accounting rules, currency fluctuations, less liquid trading markets, greater price volatility, political and economic instability, less publicly available information and changes in tax or currency laws or monetary policy. Please see the prospectus for a more complete description of these risks.

About ProFund Advisors LLC

ProFund Advisors LLC, located in Bethesda, MD, is investment advisor to the Access One Trust. ProFund Advisors also manages ProFunds, the nation's largest lineup of index-based mutual funds,1 with more than 40 fund choices. ProFunds do not restrict investors' abilities to react to financial or economic changes and shift their investments from one ProFund to another, although exchanges may have tax consequences.

Investing in ProFunds and Access Flex High Yield Fund involves certain risks, including in all or some cases, leverage, liquidity, concentration, non-diversification, high yield, interest rate, credit and repurchase agreement risks. These risks can increase volatility and decrease performance. Please see the ProFunds prospectus and Access Flex High Yield prospectus for a more complete description of these risks. All ProFunds and Access Flex High Yield Fund permit active investment strategies which can decrease performance and increase expenses.

Notes:
1 Lipper. October 14, 2004
Access Flex High Yield Fund is a series of the Access One Trust.

Media contact:

Tucker Hewes, Hewes Communications, Inc., (212) 207-9451, tucker@hewescomm.com