UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-08239 |
|
ProFunds |
(Exact name of registrant as specified in charter) |
|
7501 Wisconsin Avenue, Suite 1000 Bethesda, MD | | 20814 |
(Address of principal executive offices) | | (Zip code) |
|
Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219 |
(Name and address of agent for service) |
|
Registrant’s telephone number, including area code: | (240) 497-6400 | |
|
Date of fiscal year end: | December 31 | |
|
Date of reporting period: | June 30, 2018 | |
| | | | | | | | |
Item 1. Report to Stockholders
Semiannual Report
JUNE 30, 2018
Government Money Market ProFund
Table of Contents
1 | | Message from the Chairman |
3 | | Allocation of Portfolio Holdings and Expense Examples |
5 | | Financial Statements and Financial Highlights |
9 | | Notes to Financial Statements |
15 | | Government Cash Management Portfolio |
Receive investor materials electronically:
Shareholders may sign up for electronic delivery of investor materials. By doing so, you will receive the information faster and help us reduce the impact on the environment of providing these materials. To enroll in electronic delivery,
1. Go to www.icsdelivery.com
2. Select the first letter of your brokerage firm’s name.
3. From the list that follows, select your brokerage firm. If your brokerage firm is not listed, electronic delivery may not be available. Please contact your brokerage firm.
4. Complete the information requested, including the e-mail address where you would like to receive notifications for electronic documents.
Your information will be kept confidential and will not be used for any purpose other than electronic delivery. If you change your mind, you can cancel electronic delivery at any time and revert to physical delivery of your materials. Just go to www.icsdelivery.com, perform the first three steps above, and follow the instructions for cancelling electronic delivery. If you have any questions, please contact your brokerage firm.

Message from the Chairman
Dear Shareholder:
I am pleased to present the Semiannual Report to shareholders of the Government Money Market ProFund for the six months ended June 30, 2018.
Money market rates closely track the federal funds effective rate, which ranged from 1.50% to 1.75% after the Federal Reserve raised rates in March, and 1.75% to 2.00% after an additional increase in June. The Federal Funds Effective Rate Index opened the year at 1.33% and ended the six-month period at 1.91%.
Economic Growth Continues to Be Strong
The U.S. economy grew as GDP rose 2.2% in the first quarter and 4.1% in the second. Jobs data also looked positive, although the unemployment rate rose slightly to 4.0% in June, up 0.2% from the previous month. It still remained lower than 4.3% from June 2017.
The U.S. Federal Reserve announced at the May 2018 Federal Open Market Committee (FOMC) meeting that the labor market has continued to strengthen, and economic activity has been rising at a solid rate. In addition, the FOMC reported strong job rates, the suggestion that household spending has picked up, and continued strong growth in business fixed investment. Over a 12-month period, overall inflation and inflation for items other than food and energy moved close to 2%.
Given this, the FOMC raised the target range for the federal funds rate to the previously mentioned 1.75% to 2.00%. The FOMC reported that this policy would remain accommodative, and would support strong labor market conditions and a sustained return to 2% inflation.
We appreciate the trust you have placed in us by choosing ProFunds and look forward to continuing to serve your investing needs.
Sincerely,

Michael L. Sapir
Chairman of the Board of Trustees
1
This Page Intentionally Left Blank
Allocation of Portfolio Holdings and Expense Examples
4 :: Government Money Market ProFund :: Allocation of Portfolio Holdings and Expense Examples :: June 30, 2018 (unaudited)
Investment Objective: The Government Money Market ProFund seeks a high level of current income consistent with liquidity and preservation of capital.
An investment in this ProFund is neither guaranteed nor insured by the Federal Deposit Insurance Corporation or any other government agency. Although the ProFund strives to maintain the value of your investment at $1.00 per share, it is possible to lose money by investing in the ProFund.
Allocation of Portfolio Holdings
Government Money Market ProFund
Market Exposure
Investment Type | | % of Net Assets | |
Investment in Government Cash Management Portfolio(a) | | 128 | % |
Total Exposure | | 128 | % |
(a) The Government Cash Management Portfolio holdings are included in the accompanying financial statements of the ProFund.
Government Cash Management Portfolio
Asset Allocation(a)
Investment Type | | % of Net Assets | |
Government & Agency Obligations: | | | |
U.S. Government Sponsored Agencies | | 58 | % |
U.S. Treasury Obligations | | 34 | % |
Repurchase Agreements | | 8 | % |
Expense Examples
As a ProFund shareholder, you may incur two types of costs: (1) transaction costs, including wire redemption fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other ProFund expenses (including expenses allocated from the Government Cash Management Portfolio). These examples are intended to help you understand your ongoing costs (in dollars) of investing in the ProFund and to compare these costs with the ongoing cost of investing in other mutual funds. Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. If these transactional costs were included, your costs would have been higher. Therefore, these examples are useful in comparing ongoing costs 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 through the period ended June 30, 2018.
The columns below under the heading entitled “Actual” provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this 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 held through the period ended June 30, 2018.
The columns below under the heading entitled “Hypothetical” provide information about hypothetical account values and hypothetical expenses based on the ProFund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the ProFund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the ProFund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
| | | | | | Actual | | Hypothetical (5% return before expense) | |
| | Annualized Expense Ratio During Period | | Beginning Account Value 1/1/18 | | Ending Account Value 6/30/18 | | Expenses Paid During Period* | | Ending Account Value 6/30/18 | | Expenses Paid During Period* | |
Government Money Market ProFund — Investor Class | | 1.04 | % | $ | 1,000.00 | | $ | 1,002.90 | | $ | 5.16 | | $ | 1,019.64 | | $ | 5.21 | |
Government Money Market ProFund — Service Class | | 1.44 | % | 1,000.00 | | 1,000.90 | | 7.14 | | $ | 1,017.65 | | 7.20 | |
| | | | | | | | | | | | | | | | | | |
* Expenses are equal to the average account value over the period multiplied by the ProFund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).
Financial Statements and Financial Highlights
6 :: Government Money Market ProFund :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Investment in Government Cash Management Portfolio, at value | | $ | 438,571,812 | |
Receivable for capital shares issued | | 5,023,614 | |
Prepaid expenses | | 22,106 | |
TOTAL ASSETS | | 443,617,532 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 101,893,601 | |
Management services fees payable | | 155,646 | |
Administration fees payable | | 7,368 | |
Distribution and services fees payable — Service Class | | 6,680 | |
Trustee fees payable | | 79 | |
Transfer agency fees payable | | 39,676 | |
Fund accounting fees payable | | 5,000 | |
Compliance services fees payable | | 2,005 | |
Service fees payable | | 1,933 | |
Other accrued expenses | | 30,323 | |
TOTAL LIABILITIES | | 102,142,311 | |
NET ASSETS | | $ | 341,475,221 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 341,477,281 | |
Accumulated net investment income | | (217 | ) |
Accumulated net realized gains (losses) on investments | | (1,843 | ) |
NET ASSETS | | $ | 341,475,221 | |
INVESTOR CLASS: | | | |
Net Assets | | $ | 331,801,528 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 331,798,015 | |
Net Asset Value (offering and redemption price per share) | | $ | 1.00 | |
SERVICE CLASS: | | | |
Net Assets | | $ | 9,673,693 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 9,679,339 | |
Net Asset Value (offering and redemption price per share) | | $ | 1.00 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Interest | | $ | 3,074,296 | (a) |
Expenses | | (185,677 | )(a)(b) |
TOTAL INVESTMENT INCOME | | 2,888,619 | |
EXPENSES: | | | |
Management services fees | | 661,475 | |
Administration fees | | 48,886 | |
Distribution and services fees-Service Class | | 29,253 | |
Transfer agency fees | | 243,131 | |
Administrative services fees | | 136,302 | |
Registration and filing fees | | 28,914 | |
Fund accounting fees | | 5,000 | |
Trustee fees | | 5,793 | |
Compliance services fees | | 2,027 | |
Service fees | | 11,411 | |
Other fees | | 79,541 | |
Recoupment of prior expenses reimbursed by the Advisor | | 563,278 | |
TOTAL NET EXPENSES | | 1,815,011 | |
NET INVESTMENT INCOME | | 1,073,608 | |
REALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | (1,000 | )(a) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,072,608 | |
(a) Allocated from Government Cash Management Portfolio.
(b) For the period ended June 30, 2018, the Advisor to the Government Cash Management Portfolio waived fees, of which $75,936 was allocated to the Government Money Market ProFund on a pro-rated basis.
See accompanying notes to the financial statements.
Financial Statements :: Government Money Market ProFund :: 7
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income | | $ | 1,073,608 | | $ | 77,227 | |
Net realized gains (losses) on investments | | (1,000 | ) | 13,998 | |
Change in net assets resulting from operations | | 1,072,608 | | 91,225 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net investment income | | | | | |
Investor Class | | (1,060,308 | ) | (74,830 | ) |
Service Class | | (13,517 | ) | (2,972 | ) |
Net realized gains on investments | | | | | |
Investor Class | | (14,145 | ) | — | |
Service Class | | (585 | ) | — | |
Change in net assets resulting from distributions | | (1,088,555 | ) | (77,802 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | | | | |
Investor Class | | 3,727,793,169 | | 6,681,619,375 | |
Service Class | | 104,576,575 | | 176,728,560 | |
Distributions reinvested | | | | | |
Investor Class | | 1,055,176 | | 74,730 | |
Service Class | | 14,074 | | 2,922 | |
Value of shares redeemed | | | | | |
Investor Class | | (3,783,986,930 | ) | (6,599,652,691 | ) |
Service Class | | (107,953,428 | ) | (185,705,322 | ) |
Change in net assets resulting from capital transactions | | (58,501,364 | ) | 73,067,574 | |
Change in net assets | | (58,517,311 | ) | 73,080,997 | |
NET ASSETS: | | | | | |
Beginning of period | | 399,992,532 | | 326,911,535 | |
End of period | | $ | 341,475,221 | | $ | 399,992,532 | |
Accumulated net investment income | | $ | (217 | ) | $ | — | |
SHARE TRANSACTIONS: | | | | | |
Issued | | | | | |
Investor Class | | 3,727,793,189 | | 6,681,619,349 | |
Service Class | | 104,576,598 | | 176,728,560 | |
Reinvested | | | | | |
Investor Class | | 1,055,176 | | 74,730 | |
Service Class | | 14,074 | | 2,922 | |
Redeemed | | | | | |
Investor Class | | (3,783,986,930 | ) | (6,599,652,691 | ) |
Service Class | | (107,953,428 | ) | (185,705,322 | ) |
Change in shares | | (58,501,321 | ) | 73,067,548 | |
See accompanying notes to the financial statements.
8 :: Government Money Market ProFund :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Net Asset | | Investment Activities | | Distributions to Shareholders From | |
| | Value, | | Net | | Net Realized | | Total from | | Net | | Net Realized | | | |
| | Beginning | | Investment | | Gains (Losses) | | Investment | | Investment | | Gains on | | Total | |
| | of Period | | Income(a) | | on Investments(a) | | Activities | | Income | | Investments | | Distributions | |
Government Money Market ProFund | | | | | | | | | | | | | | | |
Investor Class | | | | | | | | | | | | | | | |
Six Months Ended June 30, 2018 (unaudited) | | $ | 1.000 | | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) |
Year Ended December 31, 2017 | | $ | 1.000 | | — | (e) | — | (e) | — | (e) | — | (e) | — | | — | (e) |
Year Ended December 31, 2016 | | $ | 1.000 | | — | (e) | — | (e) | — | (e) | — | (e) | — | | — | (e) |
Year Ended December 31, 2015 | | $ | 1.000 | | — | (e) | — | (e) | — | (e) | — | (e) | — | | — | (e) |
Year Ended December 31, 2014 | | $ | 1.000 | | — | (e) | — | (e) | — | (e) | — | (e) | — | | — | (e) |
Year Ended December 31, 2013 | | $ | 1.000 | | — | (e) | — | (e) | — | (e) | — | (e) | — | | — | (e) |
Service Class | | | | | | | | | | | | | | | |
Six Months Ended June 30, 2018 (unaudited) | | $ | 1.000 | | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) |
Year Ended December 31, 2017 | | $ | 1.000 | | — | (e) | — | (e) | — | (e) | — | (e) | — | | — | (e) |
Year Ended December 31, 2016 | | $ | 1.000 | | — | (e) | — | (e) | — | (e) | — | (e) | — | | — | (e) |
Year Ended December 31, 2015 | | $ | 1.000 | | — | (e) | — | (e) | — | (e) | — | (e) | — | | — | (e) |
Year Ended December 31, 2014 | | $ | 1.000 | | — | (e) | — | (e) | — | (e) | — | (e) | — | | — | (e) |
Year Ended December 31, 2013 | | $ | 1.000 | | — | (e) | — | (e) | — | (e) | — | (e) | — | | — | (e) |
Net Asset | | | | Ratios to Average Net Assets | | Supplemental Data | |
Value, | | | | | | | | Net | | Net Assets, | |
End of | | Total | | Gross | | Net | | Investment | | End of Period | |
Period | | Return(b) | | Expenses(a),(c),(d) | | Expenses(a),(c) | | Income(a),(c) | | (000’s) | |
| | | | | | | | | | | |
| | | | | | | | | | | |
$ | 1.000 | | 0.29 | % | 1.04 | % | 1.04 | % | 0.58 | % | $ | 331,802 | |
$ | 1.000 | | 0.02 | % | 0.96 | % | 0.90 | % | 0.02 | % | $ | 386,955 | |
$ | 1.000 | | 0.02 | % | 0.84 | % | 0.41 | %(f) | 0.02 | % | $ | 304,901 | |
$ | 1.000 | | 0.02 | % | 0.86 | % | 0.23 | %(f) | 0.02 | % | $ | 422,541 | |
$ | 1.000 | | 0.02 | % | 0.89 | % | 0.17 | %(f) | 0.02 | % | $ | 328,085 | |
$ | 1.000 | | 0.02 | % | 1.00 | % | 0.19 | %(f) | 0.02 | % | $ | 421,082 | |
| | | | | | | | | | | |
$ | 1.000 | | 0.09 | % | 1.44 | % | 1.44 | % | 0.18 | % | $ | 9,674 | |
$ | 1.000 | | 0.02 | % | 0.96 | % | 0.90 | % | 0.02 | % | $ | 13,037 | |
$ | 1.000 | | 0.02 | % | 0.84 | % | 0.41 | %(f) | 0.02 | % | $ | 22,011 | |
$ | 1.000 | | 0.02 | % | 0.86 | % | 0.23 | %(f) | 0.02 | % | $ | 43,741 | |
$ | 1.000 | | 0.02 | % | 0.89 | % | 0.17 | %(f) | 0.02 | % | $ | 141,024 | |
$ | 1.000 | | 0.02 | % | 1.00 | % | 0.19 | %(f) | 0.02 | % | $ | 47,854 | |
(a) Per share amounts and percentages include the applicable allocation from the Government Cash Management Portfolio.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) For the periods ended June 30, 2018, December 31, 2017, December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013, the Advisor to the Government Cash Management Portfolio waived fees which were allocated to the Government Money Market ProFund on a pro-rata basis. If included, the corresponding impact to the gross expense ratio would be an increase of 0.04%, 0.03%, 0.05%, 0.03%, 0.03% and 0.02%, respectively.
(e) Amount is less than $0.0005.
(f) The expense ratio for the period reflects the deduction of certain expenses to maintain a certain minimum net yield.
See accompanying notes to the financial statements.
Notes to Financial Statements
10 :: Government Money Market ProFund :: Notes to Financial Statements :: June 30, 2018 (unaudited)
1. Organization
ProFunds (the “Trust”) consists of 112 separate investment portfolios and is registered as an open-end management investment company under the Investment Company Act of 1940 (the “1940 Act”) and thus follows accounting and reporting guidance for investment companies. The Trust is organized as a Delaware statutory trust and is authorized to issue an unlimited number of shares of beneficial interest of no par value which may be issued in more than one class or series. The accompanying financial statements relate to the Government Money Market ProFund, (the “ProFund”). The ProFund has two classes of shares: the Investor Class and Service Class. The ProFund is a feeder fund in a master-feeder fund structure and seeks to achieve its objective by investing all of its investable assets in the Government Cash Management Portfolio (the “Portfolio”), an open-end management investment company that is advised by Deutsche Investment Management Americas, Inc. (“DIMA”) and has the same investment objective as the ProFund. As of June 30, 2018, the percentage of the Portfolio’s interests owned by the ProFund was 2.7%. The financial statements of the Portfolio, including its schedule of portfolio investments, are included in this report and should be read in conjunction with the ProFund’s financial statements.
Each class of shares has identical rights and privileges except with respect to fees paid under the Distribution and Shareholder Services Plan and voting rights on matters affecting a single class of shares.
Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust and ProFund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the ProFund.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the ProFund in preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. The actual results could differ from those estimates.
Investment Valuation
The ProFund records its investments in the Portfolio at fair value, which represents its proportionate ownership of the value of the Portfolio’s net assets. The valuation techniques used to determine fair value are further described in Note 3. The Portfolio’s Notes to Financial Statements included elsewhere in this report provide information about the Portfolio’s valuation policy and its period-end security valuations.
Investment Transactions and Related Income
The ProFund records daily its proportionate share of the Portfolio’s income, expenses, and realized gains and losses. In addition, the ProFund accrues its own expenses.
Allocations
Expenses directly attributable to the ProFund are charged to the ProFund, while expenses which are attributable to more than one fund in the Trust, or jointly with an affiliate, are allocated among the respective funds in the Trust and/or affiliate based upon relative net assets or another reasonable basis.
The investment income, expenses (other than class specific expenses charged to a class), and realized gains and losses on investments of the ProFund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized gains and losses are incurred.
Distributions to Shareholders
The ProFund declares distributions from net investment income daily and pays the dividends on a monthly basis. Net realized capital gains, if any, will be distributed annually.
The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, distribution reclassification), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.
Federal Income Taxes
The ProFund intends to continue to qualify each year as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended. A RIC generally is not subject to federal income tax on income and gains distributed in a timely manner to its shareholders. The ProFund intends to make timely distributions in order to avoid tax liability. Accordingly, no provision for federal income taxes is required in the financial statements. The ProFund has a calendar tax year end.
Management of the ProFund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken and the ProFund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Investment Company Modernization
In October 2016, the Securities and Exchange Commission (“SEC”) released its Final rules on Investment Company Reporting Modernization (the “Rules”). The Rules introduced two new regulatory reporting forms for investment companies — Form N-PORT and Form N-CEN. The ProFund’s compliance date
June 30, 2018 (unaudited) :: Notes to Financial Statements :: Government Money Market ProFund :: 11
for Form N-PORT was June 1, 2018, and the ProFund will make its initial filing with the SEC on Form N-PORT for the period ending March 31, 2019. Effective with the period ending June 30, 2018, the ProFund is required to maintain, and make available to the SEC upon request, the information required to be included in Form N-PORT. Form N-PORT will replace Form N-Q filings effective with the requirement to file the Form N-PORT with the SEC for the period ending March 31, 2019. The ProFund’s compliance date for Form N-CEN was June 1, 2018, and the ProFund will make its initial filing on Form N-CEN for the year ending December 31, 2018. Form N-CEN has replaced Form N-SAR filings. The ProFund’s adoption of these forms will have no effect on the ProFund’s net assets or results of operations.
3. Investment Valuation Summary
The valuation techniques employed by the ProFund, described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the ProFund’s investments 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 ProFund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The Trust determines transfers between fair value hierarchy levels at the reporting period end.
As of June 30, 2018, the ProFund’s $438,571,812 investment in the Portfolio, which is a registered investment company, is based on Level 2 inputs due to the ProFund’s master-feeder structure. There were no Level 1 or Level 3 investments held by the ProFund during the period ended June 30, 2018.
4. Fees and Transactions with Affiliates and Other Parties
ProFund Advisors LLC (the “Advisor”) serves as the investment advisor of the ProFund for an annual fee equal to 0.35% of the average daily net assets of the ProFund, although no fee is payable under the agreement unless the master-feeder relationship with the Portfolio is terminated and the Advisor directly invests the assets of the ProFund. DIMA is the investment advisor to the Portfolio in which the ProFund invests its assets.
Citi Fund Services Ohio, Inc. (“Citi”), acts as the Trust’s administrator (the “Administrator”). For its services as Administrator, the Trust pays Citi an annual fee based on the Trust’s and Access One Trust’s (an affiliated trust) aggregate average net assets at an annualized tier rate ranging from 0.00375% to 0.05%, and a base fee for certain filings. Administration fees include additional fees paid to Citi by the Trust for additional services provided, including support of the Trust’s compliance program.
FIS Investor Services LLC (“FIS”) (formerly SunGard Investor Services LLC) acts as the Trust’s transfer agent. For these services, the Trust pays FIS a base fee, account and service charges, and reimbursement of certain expenses.
ProFunds Distributors, Inc. (the “Distributor”), a wholly owned subsidiary of the Advisor, serves as the Trust’s distributor. Under a Distribution and Shareholder Services Plan, adopted by the Trust’s Board of Trustees pursuant to Rule 12b-1 under the 1940 Act, the ProFund may pay financial intermediaries such as broker-dealers, investment advisors and the Distributor up to 1.00%, on an annualized basis, of the average daily net assets attributable to Service Class shares as compensation for service and distribution-related activities and/or shareholder services with respect to Service Class shares. DIMA has committed to provide the Distributor with additional resources to enhance the visibility and distribution of the ProFund and other funds in the Trust, given that the sale of shares of the funds in the Trust is likely to increase the size of the ProFund.
A portion of the Distribution and Service Fees were suspended throughout the period ended June 30, 2018. Throughout the period, the Distribution and Service Fees have been incrementally reinstated, with the ProFund paying net Distribution and Service Fees, on an annualized basis, of the average daily net assets attributable to Service Class shares, as follows;
Effective: | | Total Net Distribution and Service Fees Paid | |
January 1, 2018 | | 0.00 | % |
February 1, 2018 | | 0.25 | % |
March 1, 2018 | | 0.35 | % |
April 1, 2018 | | 0.50 | % |
May 1, 2018 | | 0.65 | % |
June 1, 2018 | | 0.70 | % |
If the ProFund had paid an amount equal to 1.00% of the average daily net assets attributable to Service Class shares, the Distribution and Service Fees would have been $72,711 for the period ended June 30, 2018. The Distributor may continue to reinstate all or an additional portion of the Distribution and Services Fees at any time.
The Advisor, pursuant to a separate Management Services Agreement, performs certain client support services and other administrative services on behalf of the ProFund. For these services, the ProFund pays the Advisor a fee at the annual rate of 0.35% of its average daily net assets for providing feeder fund management and administrative services to the ProFund.
The Advisor, pursuant to a separate Services Agreement, performs certain services related to the operation and maintenance of a shareholder trading platform. For these services, the Trust pays the Advisor a monthly base fee as reflected on the Statement of Operations as “Service fees.”
The ProFund pays fees to certain intermediaries or financial institutions for record keeping, sub-accounting services, transfer agency and other administrative services as reflected on the Statement of Operations as “Administrative services fees.”
12 :: Government Money Market ProFund :: Notes to Financial Statements :: June 30, 2018 (unaudited)
Certain Officers and a Trustee of the Trust are affiliated with the Advisor or the Administrator. Except as noted below with respect to the Trust’s Chief Compliance Officer, such Officers and Trustee receive no compensation from the ProFund for serving in their respective roles. The Trust, together with affiliated Trusts, pays each Independent Trustee compensation for his services at the annual rate of $185,000. Independent Trustees also receive $10,000 for attending each regular quarterly in-person meeting, $3,000 for attending each special in-person meeting and $3,000 for attending each telephonic meeting. During the period ended June 30, 2018, actual Trustee compensation was $364,500 in aggregate from the Trust and affiliated trusts. There are certain employees of the Advisor, such as the Trust’s Chief Compliance Officer and staff who administer the Trust’s compliance program, in which the ProFund reimburses the Advisor for their related compensation and certain other expenses incurred as reflected on the Statement of Operations as “Compliance services fees.”
Effective May 1, 2018, the Advisor has contractually agreed to waive management services fees, and if necessary, reimburse certain other expenses of the ProFund in order to limit the annual operating expenses (exclusive of brokerage costs, interest, taxes, litigation, indemnification, and extraordinary expenses as determined under GAAP) to an annualized rate of 0.98% and 1.98% for Investor Class and Service Class, respectively, of the average daily net assets of the respective class of shares. These expense limitations remain in effect until at least April 30, 2019.
The Advisor has also contractually agreed to waive management services fees, and if necessary, reimburse certain other expenses of the ProFund through April 30, 2019 to the extent necessary to maintain a certain minimum net yield as determined by the Advisor.
The Advisor may recoup the management services fees contractually waived or limited and other expenses reimbursed by it within three years from the expense limit period and minimum yield limit period in which they were taken. Such repayments shall be made monthly, but only to the extent that such repayments would not cause the net yield of each Class of the ProFund to fall below the highest previously determined minimum yield and such recoupment would not cause annualized operating expenses to exceed the expense limit in effect at the time of the waiver, and the expense limit in effect at the time of the recoupment. Any amounts recouped by the Advisor during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reduced by the Advisor.” As of June 30, 2018, the recoupments that may potentially be made by the ProFund are as follows:
| | Expires 4/30/19 | | Expires 4/30/20 | | Total | |
Government Money Market ProFund | | $ | 2,292,139 | | $ | 1,469,114 | | $ | 3,761,253 | |
| | | | | | | | | | |
5. Federal Income Tax Information
The tax character of dividends paid to shareholders during the applicable tax years ended, as noted below, were as follow:
| | Ordinary Income | | Total Distributions Paid | |
December 31, 2017 | | | | | |
Government Money Market ProFund | | $ | 77,802 | | $ | 77,802 | |
December 31, 2016 | | | | | |
Government Money Market ProFund | | $ | 80,623 | | $ | 80,623 | |
As of the most recent tax year ended December 31, 2017, the components of accumulated earnings (deficit) on a tax basis were as follows:
| | Undistributed Ordinary Income | | Undistributed Long-Term Capital Gains | | Distributions Payable | | Accumulated Capital and Other Losses | | Unrealized Appreciation (Depreciation) | | Total Accumulated Earnings (Deficit) | |
Government Money Market ProFund | | $ | 14,620 | | $ | — | | $ | — | | $ | (733 | ) | $ | — | | $ | 13,887 | |
| | | | | | | | | | | | | | | | | | | |
Under current tax law, capital losses realized after October 31 may be deferred and treated as occurring on the first business day of the following tax fiscal year. As of the end of its tax year ended December 31, 2017, the ProFund had deferred losses, which will be treated as arising on the first day of the tax fiscal year ending December 31, 2018:
| | | | | | | | | | | | Qualified Late Year Capital Losses | |
| | | | | | | | | | | | $ | 733 | |
| | | | | | | | | | | | | | |
June 30, 2018 (unaudited) :: Notes to Financial Statements :: Government Money Market ProFund :: 13
6. Subsequent Events
Effective July 1, 2018, the Distributor increased the Total Net Distribution and Service Fees Paid from 0.70% to 0.80%. Effective August 1, 2018, the Distributer increased the Total Net Distribution and Service Fees Paid from 0.80% to 0.85%.
On July 2, 2018, Deutsche Investment Management Americas, Inc., the investment advisor for the Portfolio, was renamed to DWS Investment Management Americas, Inc. Following the name change, “DIMA”, including as used in this report, shall refer to DWS Investment Management Americas, Inc. (formerly known as Deutsche Investment Management Americas, Inc.). Management anticipates that this name change will have no effect on the ProFund’s net assets or results of operations.
This Page Intentionally Left Blank
Government Cash Management Portfolio
16 :: Government Cash Management Portfolio :: Investment Portfolio :: June 30, 2018 (unaudited)
(The following financial statements of the Government
Cash Management Portfolio should be read in conjunction
with the Fund’s financial statements.)
June 30, 2018 (unaudited) :: Investment Portfolio :: Government Cash Management Portfolio :: 17
Investment Portfolio
Government & Agency Obligations 91.6%
U.S. Government Sponsored Agencies 57.4%
| | Principal Amount | | Value | |
Federal Farm Credit Bank: | | | | | |
1-month LIBOR minus 0.165%, 1.836%*, 11/2/2018 | | $ | 70,500,000 | | $ | 70,499,400 | |
1-month LIBOR minus 0.165%, 1.881%*, 10/9/2018 | | 37,500,000 | | 37,499,454 | |
1-month LIBOR minus 0.150%, 1.896%*, 10/11/2018 | | 25,000,000 | | 24,999,790 | |
1-month LIBOR minus 0.135%, 1.911%*, 4/11/2019 | | 150,000,000 | | 150,000,000 | |
1-month LIBOR minus 0.110%, 1.936%*, 3/12/2019 | | 115,000,000 | | 114,995,656 | |
1-month LIBOR minus 0.145%, 1.949%*, 3/29/2019 | | 166,000,000 | | 166,000,000 | |
1-month LIBOR minus 0.145%, 1.953%*, 2/26/2019 | | 115,000,000 | | 114,996,961 | |
1-month LIBOR minus 0.130%, 1.964%*, 4/29/2019 | | 246,500,000 | | 246,500,000 | |
1-month LIBOR minus 0.120%, 1.971%*, 3/25/2019 | | 100,000,000 | | 100,000,000 | |
1-month LIBOR minus 0.070%, 1.976%*, 1/9/2019 | | 50,000,000 | | 50,000,000 | |
1-month LIBOR minus 0.065%, 2.019%*, 7/20/2018 | | 68,800,000 | | 68,800,000 | |
1-month LIBOR minus 0.003%, 2.133%*, 8/27/2018 | | 75,000,000 | | 74,999,088 | |
3-month U.S. Treasury Bill Money Market Yield plus 0.280%, 2.189%*, 11/13/2018 | | 60,000,000 | | 60,000,000 | |
3-month U.S. Treasury Bill Money Market Yield plus 0.300%, 2.209%*, 12/5/2018 | | 50,000,000 | | 50,000,000 | |
Federal Home Loan Bank: | | | | | |
1.572%**, 7/2/2018 | | 114,799,000 | | 114,794,057 | |
1-month LIBOR minus 0.160%, 1.822%*, 8/1/2018 | | 200,000,000 | | 200,000,000 | |
1.825%**, 7/3/2018 | | 115,500,000 | | 115,488,450 | |
1-month LIBOR minus 0.160%, 1.841%*, 8/3/2018 | | 370,000,000 | | 370,000,000 | |
1.845%**, 7/24/2018 | | 64,000,000 | | 63,925,582 | |
1-month LIBOR minus 0.155%, 1.85%*, 7/5/2018 | | 205,000,000 | | 205,000,000 | |
1.86%**, 7/20/2018 | | 75,000,000 | | 74,927,364 | |
1.86%**, 7/23/2018 | | 75,000,000 | | 74,915,896 | |
1.87%**, 8/24/2018 | | 78,000,000 | | 77,784,252 | |
1.873%**, 8/1/2018 | | 100,000,000 | | 99,840,953 | |
1.88%**, 7/13/2018 | | 286,500,000 | | 286,322,943 | |
1.881%**, 7/23/2018 | | 343,250,000 | | 342,860,888 | |
1.886%**, 7/20/2018 | | 800,000 | | 799,215 | |
1-month LIBOR minus 0.145%, 1.902%*, 8/13/2018 | | 35,000,000 | | 35,000,000 | |
1-month LIBOR minus 0.090%, 1.915%*, 4/5/2019 | | 88,000,000 | | 88,000,000 | |
1-month LIBOR minus 0.080%, 1.921%*, 2/4/2019 | | 95,000,000 | | 95,000,000 | |
1-month LIBOR minus 0.090%, 1.923%*, 4/5/2019 | | 150,000,000 | | 150,000,000 | |
1-month LIBOR minus 0.160%, 1.925%*, 7/19/2018 | | 240,000,000 | | 240,000,000 | |
1-month LIBOR minus 0.130%, 1.927%*, 3/22/2019 | | 233,250,000 | | 233,250,000 | |
1-month LIBOR minus 0.145%, 1.928%*, 8/15/2018 | | 135,000,000 | | 135,000,000 | |
1-month LIBOR minus 0.150%, 1.935%*, 7/16/2018 | | 188,000,000 | | 188,000,000 | |
1-month LIBOR minus 0.090%, 1.94%*, 11/8/2018 | | 70,000,000 | | 70,000,000 | |
1.947%**, 9/4/2018 | | 35,000,000 | | 34,878,667 | |
1-month LIBOR minus 0.135%, 1.95%*, 11/16/2018 | | 190,000,000 | | 190,000,000 | |
1.951%**, 8/22/2018 | | 585,000,000 | | 583,374,220 | |
1.957%**, 9/7/2018 | | 595,000,000 | | 592,830,894 | |
1.957%**, 9/17/2018 | | 25,000,000 | | 24,895,458 | |
1.957%**, 9/28/2018 | | 95,000,000 | | 94,546,715 | |
1-month LIBOR minus 0.125%, 1.959%*, 8/20/2018 | | 220,000,000 | | 220,000,000 | |
1-month LIBOR minus 0.130%, 1.961%*, 10/24/2018 | | 120,000,000 | | 120,000,000 | |
1.962%**, 10/9/2018 | | 25,000,000 | | 24,865,625 | |
1-month LIBOR minus 0.125%, 1.963%*, 6/21/2019 | | 163,500,000 | | 163,500,000 | |
3-month LIBOR minus 0.390%, 1.965%*, 1/22/2019 | | 5,125,000 | | 5,125,000 | |
1-month LIBOR minus 0.110%, 1.974%*, 2/22/2019 | | 224,000,000 | | 224,000,000 | |
1-month LIBOR minus 0.120%, 1.978%*, 10/26/2018 | | 300,000,000 | | 300,000,000 | |
1-month LIBOR minus 0.090%, 1.995%*, 1/18/2019 | | 95,000,000 | | 95,000,000 | |
3-month LIBOR minus 0.330%, 2.005%*, 12/21/2018 | | 155,000,000 | | 155,000,000 | |
1-month LIBOR minus 0.040%, 2.006%*, 7/9/2018 | | 50,000,000 | | 50,000,894 | |
2.008%**, 10/25/2018 | | 25,000,000 | | 24,840,500 | |
3-month LIBOR minus 0.310%, 2.017%*, 3/11/2019 | | 210,000,000 | | 210,000,000 | |
1-month LIBOR minus 0.045%, 2.046%*, 1/24/2019 | | 75,000,000 | | 75,037,273 | |
3-month LIBOR minus 0.250%, 2.058%*, 8/3/2018 | | 168,000,000 | | 168,000,000 | |
2.069%**, 1/4/2019 | | 607,000 | | 600,565 | |
3-month LIBOR minus 0.250%, 2.109%*, 7/30/2018 | | 168,000,000 | | 168,000,000 | |
Federal Home Loan Mortgage Corp.: | | | | | |
0.875%, 10/12/2018 | | 590,000 | | 588,997 | |
1.375%, 2/28/2019 | | 906,000 | | 901,684 | |
1.749%**, 8/9/2018 | | 50,000,000 | | 49,906,562 | |
1.774%**, 7/18/2018 | | 200,000,000 | | 199,834,721 | |
1.779%**, 7/16/2018 | | 56,000,000 | | 55,959,050 | |
1.784%**, 8/9/2018 | | 22,000,000 | | 21,958,053 | |
1.815%**, 7/26/2018 | | 220,000,000 | | 219,726,528 | |
1-month LIBOR minus 0.150%, 1.896%*, 2/12/2019 | | 20,000,000 | | 20,000,000 | |
1.916%**, 8/20/2018 | | 150,000,000 | | 149,606,250 | |
| | | | | | | |
See accompanying notes to the financial statements.
18 :: Government Cash Management Portfolio :: Investment Portfolio :: June 30, 2018 (unaudited)
Government & Agency Obligations, continued
| | Principal Amount | | Value | |
1-month LIBOR minus 0.16%, 1.925%*, 7/19/2018 | | $ | 150,000,000 | | $ | 150,000,000 | |
1-month LIBOR minus 0.100%, 1.93%*, 8/8/2019 | | 87,000,000 | | 87,000,000 | |
3-month LIBOR minus 0.280%, 2.073%*, 8/10/2018 | | 100,000,000 | | 100,000,000 | |
3-month LIBOR minus 0.250%, 2.087%*, 10/10/2018 | | 85,500,000 | | 85,500,000 | |
3-month LIBOR minus 0.250%, 2.109%*, 7/24/2018 | | 965,000 | | 964,962 | |
| | | | 9,256,642,567 | |
U.S. Treasury Obligations 34.2% | | | | | |
U.S. Treasury Bills: | | | | | |
1.257%**, 9/13/2018 | | 5,000,000 | | 4,987,255 | |
1.832%**, 8/23/2018 | | 300,000,000 | | 299,202,019 | |
1.855%**, 7/26/2018 | | 475,000,000 | | 474,396,353 | |
1.86%**, 8/2/2018 | | 200,000,000 | | 199,673,778 | |
1.872%**, 9/20/2018 | | 155,000,000 | | 154,356,207 | |
1.886%**, 8/23/2018 | | 16,000,000 | | 15,956,187 | |
1.906%**, 9/27/2018 | | 300,000,000 | | 298,621,334 | |
1.916%**, 9/20/2018 | | 125,000,000 | | 124,468,437 | |
1.918%**, 9/20/2018 | | 125,000,000 | | 124,467,875 | |
1.921%**, 9/27/2018 | | 366,000,000 | | 364,304,607 | |
1.924%**, 8/30/2018 | | 120,000,000 | | 119,620,400 | |
1.977%**, 9/20/2018 | | 280,000,000 | | 278,771,500 | |
2.008%**, 10/18/2018 | | 200,000,000 | | 198,801,000 | |
2.009%**, 10/18/2018 | | 85,000,000 | | 84,490,168 | |
2.058% **, 11/23/2018 | | 200,000,000 | | 198,364,722 | |
2.059%**, 11/23/2018 | | 108,500,000 | | 107,612,643 | |
U.S. Treasury Floating Rate Notes: | | | | | |
3-month U.S. Treasury Bill Money Market Yield plus 0.140%, 2.049%*, 1/31/2019 | | 154,000,000 | | 154,185,865 | |
3-month U.S. Treasury Bill Money Market Yield plus 0.170%, 2.079%*, 10/31/2018 | | 1,137,000,000 | | 1,137,955,115 | |
3-month U.S. Treasury Bill Money Market Yield plus 0.174%, 2.083%*, 7/31/2018 | | 1,175,000,000 | | 1,175,242,374 | |
U.S. Treasury Notes, 0.75%, 9/30/2018 | | 4,000,000 | | 3,988,318 | |
| | | | 5,519,466,157 | |
Total Government & Agency Obligations (Cost $14,776,108,724) | | | | 14,776,108,724 | |
| | | | | |
Repurchase Agreements 8.3% | | | | | |
BNP Paribas, 2.1%, dated 6/29/2018, to be repurchased at $212,837,240 on 7/2/2018(a) | | 212,800,000 | | 212,800,000 | |
Citigroup Global Markets, Inc., 2.1%, dated 6/29/2018, to be repurchased at $150,026,250 on 7/2/2018(b) | | 150,000,000 | | 150,000,000 | |
Fixed Income Clearing Corp., 1.00%, dated 6/29/2018, to be repurchased at $300,025,000 on 7/2/2018(c) | | 300,000,000 | | 300,000,000 | |
HSBC Securities, Inc., 2.11%, dated 6/29/2018, to be repurchased at $250,043,958 on 7/2/2018(d) | | 250,000,000 | | 250,000,000 | |
Wells Fargo Bank, 2.12%, dated 6/29/2018, to be repurchased at $426,727,375 on 7/2/2018(e) | | 426,652,000 | | 426,652,000 | |
Total Repurchase Agreements (Cost $1,339,452,000) | | | | 1,339,452,000 | |
| | | | | | | |
| | % of Net Assets | | Value | |
Total Investment Portfolio (Cost $16,115,560,724) | | 99.9 | | 16,115,560,724 | |
Other Assets and Liabilities, Net | | 0.1 | | 15,655,398 | |
Net Assets | | 100.0 | | $ | 16,131,216,122 | |
| | | | | | |
* Floating rate security. These securities are shown at their current rate as of June 30, 2018.
** Annualized yield at time of purchase; not a coupon rate.
(a) Collateralized by:
Principal Amount ($) | | Security | | Rate (%) | | Maturity Date | | Collateral Value ($) | |
95,982,500 | | U.S. Treasury Bonds | | 2.875–3.125 | | 8/31/2022–5/31/2025 | | 96,482,256 | |
106,451,100 | | U.S. Treasury Notes | | 1.25–2.875 | | 5/15/2043–8/15/2045 | | 107,109,770 | |
20,849,600 | | U.S. Treasury STRIPS | | Zero Coupon | | 2/15/2033 | | 13,464,046 | |
Total Collateral Value | | | | | | | | 217,056,072 | |
(b) Collateralized by $158,000,000 U.S. Treasury Note, 1.75%, maturing on 03/31/2022 with a value of $153,000,009.
(c) Collateralized by $296,165,000 U.S. Treasury Notes, with the various coupon rates from 2.375—3.625%, with various maturity dates of 8/15/2020—2/15/2021 with a value of $306,003,436.
(d) Collateralized by $245,354,299 Government National Mortgage Association, with the various coupon rates from 3.5—5.5%, with various maturity dates of 11/20/2036—6/20/2048 with a value of $255,001,609.
See accompanying notes to the financial statements.
June 30, 2018 (unaudited) :: Investment Portfolio :: Government Cash Management Portfolio :: 19
(e) Collateralized by:
Principal Amount ($) | | Security | | Rate (%) | | Maturity Date | | Collateral Value ($) |
135,701,926 | | FREMF Mortgage Trust | | 0.1–3.703 | | 11/25/2023–1/25/2046 | | 1,262,614 |
452,820 | | Federal Agricultural Mortgage Corp. | | 2.85 | | 11/30/2021 | | 455,314 |
1,245,824 | | Federal Home Loan Bank | | 1.2–2.75 | | 12/20/2018–6/10/2022 | | 1,216,915 |
99,000,958 | | Federal Home Loan Mortgage Corp. | | 2.00–6.50 | | 11/1/2025–7/1/2048 | | 99,205,939 |
294,978,884 | | Federal National Mortgage Association | | 1.35–6.625 | | 7/11/2018–8/1/2056 | | 300,807,543 |
284 | | Federal National Mortgage Association STRIPS | | Zero Coupon | | 1/15/2028 | | 207 |
70,671,059 | | Federal National Mortgage Association—Interest Only | | 3.0–8.0 | | 3/15/2029–8/25/2047 | | 11,677,361 |
55,956,981 | | Freddie Mac Multifamily Structured Pass-Through Certificates | | 0.815–2.896 | | 3/25/2019–12/25/2041 | | 3,294,853 |
13,050,267 | | Government National Mortgage Association | | 2.5–10.00 | | 2/20/2019–5/20/2048 | | 12,796,118 |
5,271,712 | | Tennessee Valley Authority | | Zero Coupon–2.875 | | 10/15/2018–9/15/2025 | | 4,468,176 |
Total Collateral Value | | | | | | 435,185,040 |
Interest Only: Interest Only (IO) bonds represent the “interest only” portion of payments on a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.
LIBOR: London Interbank Offered Rate
STRIPS: Separate Trading of Registered Interest and Principal Securities
Fair Value Measurements
Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
The following is a summary of the inputs used as of June 30, 2018 in valuing the Portfolio’s investments. For information on the Portfolio’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.
Assets | | Level 1 | | Level 2 | | Level 3 | | Total | |
Investments in Securities(f) | | $ | — | | $ | 14,776,108,724 | | $ | — | | $ | 14,776,108,724 | |
Repurchase Agreements | | $ | — | | $ | 1,339,452,000 | | $ | — | | $ | 1,339,452,000 | |
Total | | $ | — | | $ | 16,115,560,724 | | $ | — | | $ | 16,115,560,724 | |
There have been no transfers between fair value measurement levels during the period ended June 30, 2018.
(f) See Investment Portfolio for additional detailed categorizations.
See accompanying notes to the financial statements.
20 :: Government Cash Management Portfolio :: Financial Statements
Statement of Assets and Liabilities (unaudited)
as of June 30, 2018
ASSETS | | | |
Investments in non-affiliated securities, valued at amortized cost | | $ | 16,115,560,724 | |
Cash | | 89,877,991 | |
Interest receivable | | 15,314,533 | |
Other assets | | 416,468 | |
TOTAL ASSETS | | 16,221,169,716 | |
LIABILITIES | | | |
Payable for investment purchased | | 88,426,577 | |
Accrued investment advisory fee | | 800,541 | |
Accrued Trustees’ fees | | 59,032 | |
Other accrued expenses and payables | | 667,444 | |
TOTAL LIABILITIES | | 89,953,594 | |
NET ASSETS, AT VALUE | | $ | 16,131,216,122 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME | | | |
Income: | | | |
Interest | | $ | 152,505,763 | |
EXPENSES: | | | |
Management fee | | 9,125,339 | |
Administration fee | | 2,800,033 | |
Custodian fee | | 72,562 | |
Professional fees | | 140,158 | |
Reports to shareholders | | 21,438 | |
Trustees’ fees and expenses | | 523,492 | |
Other | | 252,428 | |
Total expenses before expense reductions | | 12,935,450 | |
Expense reductions | | (3,772,145 | ) |
TOTAL EXPENSES AFTER EXPENSE REDUCTIONS | | 9,163,305 | |
NET INVESTMENT INCOME | | 143,342,458 | |
Net realized gain (loss) from investments | | (30,111 | ) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 143,312,347 | |
See accompanying notes to the financial statements.
Financial Statements :: Government Cash Management Portfolio :: 21
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (Unaudited) | | Year Ended December 31, 2017 | |
INCREASE (DECREASE) IN NET ASSETS | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 143,342,458 | | $ | 106,771,143 | |
Net realized gain (loss) | | (30,111 | ) | 338,378 | |
Net increase (decrease) in net assets resulting from operations | | 143,312,347 | | 107,109,521 | |
CAPITAL TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST: | | | | | |
Proceeds from capital invested | | 36,244,142,699 | | 64,583,463,238 | |
Value of capital withdrawn | | (37,428,704,925 | ) | (59,493,039,509 | ) |
Net increase (decrease) in net assets from capital transactions in shares of beneficial interest | | (1,184,562,226 | ) | 5,090,423,729 | |
INCREASE (DECREASE) IN NET ASSETS | | (1,041,249,879 | ) | 5,197,533,250 | |
Net assets at beginning of period | | 17,172,466,001 | | 11,974,932,751 | |
Net assets at end of period | | $ | 16,131,216,122 | | $ | 17,172,466,001 | |
See accompanying notes to the financial statements.
22 :: Government Cash Management Portfolio :: Financial Highlights
| | Six Months Ended 6/30/18 (Unaudited) | | Year Ended December 31, 2017 | | Year Ended December 31, 2016 | | Year Ended December 31, 2015 | | Year Ended December 31, 2014 | | Year Ended December 31, 2013 | |
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA | | | | | | | | | | | | | |
Net assets, end of period ($ millions) | | 16,131 | | 17,172 | | 11,975 | | 18,021 | | 19,918 | | 20,214 | |
Ratio of expenses before expense reductions (%) | | .14 | * | .14 | | .16 | | .17 | | .17 | | .16 | |
Ratio of expenses after expense reductions (%) | | .10 | * | .11 | | .11 | | .14 | | .14 | | .14 | |
Ratio of net investment income (%) | | 1.54 | * | .83 | | .32 | | .11 | | .05 | | .08 | |
Total Return (%)(a),(b) | | .75 | ** | .81 | | .32 | | .11 | | .05 | | .08 | |
(a) Total return would have been lower had certain expenses not been reduced.
(b) Total return for the Portfolio was derived from the performance of DWS Government Cash Reserves Fund Institutional.
* Annualized
** Not annualized
See accompanying notes to the financial statements.
June 30, 2018 (unaudited) :: Notes to Financial Statements :: Government Cash Management Portfolio :: 23
A. Organization and Significant Accounting Policies
Government Cash Management Portfolio (the “Portfolio”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company organized as a New York trust.
The Portfolio is a master fund. A master/feeder fund structure is one in which a fund (a “feeder fund”), instead of investing directly in a portfolio of securities, invests most or all of its investment assets in a separate registered investment company (the “master fund”) with substantially the same investment objective and policies as the feeder fund. Such a structure permits the pooling of assets of two or more feeder funds, preserving separate identities or distribution channels at the feeder fund level. The Portfolio may have several feeder funds, including affiliated DWS feeder funds and unaffiliated feeder funds; with a significant ownership percentage of the Portfolio’s net assets. Investment activities of these feeder funds could have a material impact on the Portfolio. As of June 30, 2018, DWS Government Cash Management Fund, DWS Government Cash Reserves Fund Institutional and DWS Government Money Market Series owned approximately 11%, 2% and 84%, respectively, of the Portfolio.
The Portfolio’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Portfolio in the preparation of its financial statements.
Security Valuation
Various inputs are used in determining the value of the Portfolio’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The Portfolio values all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.
Repurchase Agreements
The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, with certain banks and broker/dealers whereby the Portfolio, through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodian bank or another designated subcustodian holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the Portfolio has the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Portfolio’s claims on the collateral may be subject to legal proceedings.
As of June 30, 2018, the Portfolio held repurchase agreements with a gross value of $1,339,452,000. The value of the related collateral exceeded the value of the repurchase agreements at period end. The detail of the related collateral is included in the footnotes following the Portfolio’s Investment Portfolio.
Federal Income Taxes
The Portfolio is considered a Partnership under the Internal Revenue Code, as amended. Therefore, no federal income tax provision is necessary.
It is intended that the Portfolio’s assets, income and distributions will be managed in such a way that an investor in the Portfolio will be able to satisfy the requirements of Subchapter M of the Code, assuming that the investor invested all of its assets in the Portfolio.
At December 31, 2017, Government Cash Management Portfolio had an aggregate cost of investments for federal income tax purposes of $17,453,872,167.
The Portfolio has reviewed the tax positions for the open tax years as of December 31, 2017 and has determined that no provision for income tax and/or uncertain tax provisions is required in the Portfolio’s financial statements. The Portfolio’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
Contingencies
In the normal course of business, the Portfolio may enter into contracts with service providers that contain general indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet been made. However, based on experience, the Portfolio expects the risk of loss to be remote.
24 :: Government Cash Management Portfolio :: Notes to Financial Statements :: June 30, 2018 (unaudited)
Other
Investment transactions are accounted for on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All discounts and premiums are accreted/amortized for both tax and financial reporting purposes.
The Portfolio makes an allocation of its net investment income and realized gains and losses from securities transactions to its investors in proportion to their investment in the Portfolio.
B. Fees and Transactions with Affiliates
Management Agreement
Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (formerly Deutsche Investment Management Americas Inc.) (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Portfolio.
Under the Investment Management Agreement, the Portfolio pays the Advisor a monthly management fee based on its average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:
First $3.0 billion of the Portfolio’s average daily net assets | | .1200 | % |
Next $4.5 billion of such net assets | | .1025 | % |
Over $7.5 billion of such net assets | | .0900 | % |
Accordingly, for the six months ended June 30, 2018, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.10% of the Fund’s average daily net assets.
For the period from January 1, 2018 through September 30, 2018, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.14% of the Portfolio’s average daily net assets.
For the period from January 1, 2018 through April 10, 2018, the Advisor had voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.10% of the Portfolio’s average daily net assets.
For the period from April 11, 2018 through April 26, 2018, the Advisor had voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.08% of the Portfolio’s average daily net assets.
Effective April 27, 2018 through June 30, 2018, the Advisor has voluntarily agreed to waive its fees and/or reimburse certain operating expenses to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.10% of the Portfolio’s average daily net assets. This voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor.
For the six months ended June 30, 2018, fees waived and/or expenses reimbursed are $3,772,145.
Administration Fee
Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Portfolio. For all services provided under the Administrative Services Agreement, the Portfolio pays the Advisor an annual fee (“Administration Fee”) of 0.03% of the Portfolio’s average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2018, the Administration Fee was $2,800,033, of which $491,191 is unpaid.
Filing Service Fees
Under an agreement with DIMA, DIMA is compensated for providing certain regulatory filing services to the Portfolio. For the six months ended June 30, 2018, the amount charged to the Portfolio by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $751, all of which is unpaid.
Trustees’ Fees and Expenses
The Portfolio paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.
C. Line of Credit
The Portfolio and other affiliated funds (the “Participants”) share in a $400 million revolving credit facility provided by a syndication of banks. The Portfolio may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if the one-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Portfolio may borrow up to a maximum of 33 percent of its net assets under the agreement. The Portfolio had no outstanding loans at June 30, 2018.
This Page Intentionally Left Blank
This Page Intentionally Left Blank

P.O. Box 182800
Columbus, OH 43218-2800
ProFunds®
Post Office Mailing Address for Investments
P.O. Box 182800
Columbus, OH 43218-2800
Phone Numbers
For Individual Investors Only: 888-776-3637 or (614) 470-8122
Institutions and Financial Professionals Only: 888-776-5717 Or: (240) 497-6552
Fax Number: (800) 782-4797
Website Address: ProFunds.com
This report is submitted for the general information of the shareholders of the ProFunds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. To receive the most recent month end performance information for each Fund, please call toll-free 888-776-5717.
A description of the policies and procedures that the ProFunds uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling toll-free 888-776-3637; and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the ProFund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available. (i) without change by calling toll-free 888-776-3637; (ii) on the ProFunds’ website at ProFunds.com; and (iii) on the Commission’s website at sec.gov.
ProFunds file complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. Schedules of Portfolio Holding for the Funds in this report are available without charge on the Commission’s website at sec.gov, or may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.
PRO0618

Semiannual Report
JUNE 30, 2018
ProFunds VP
Asia 30
Banks
Basic Materials
Bear
Biotechnology
Bull
Consumer Goods
Consumer Services
Dow 30
Emerging Markets
Europe 30
Falling U.S. Dollar
Financials
Government Money Market
Health Care
Industrials
International
Internet
Japan
Large-Cap Growth
Large-Cap Value
Mid-Cap
Mid-Cap Growth
Mid-Cap Value
NASDAQ-100
Oil & Gas
Pharmaceuticals
Precious Metals
Real Estate
Rising Rates Opportunity
Semiconductor
Short Dow 30
Short Emerging Markets
Short International
Short Mid-Cap
Short NASDAQ-100
Short Small-Cap
Small-Cap
Small-Cap Growth
Small-Cap Value
Technology
Telecommunications
U.S. Government Plus
UltraBull
UltraMid-Cap
UltraNASDAQ-100
UltraShort Dow 30
UltraShort NASDAQ-100
UltraSmall-Cap
Utilities
Table of Contents
1 | | Message from the Chairman |
3 | | Financial Statements and Financial Highlights |
4 | | ProFund VP Asia 30 |
9 | | ProFund VP Banks |
14 | | ProFund VP Basic Materials |
19 | | ProFund VP Bear |
23 | | ProFund VP Biotechnology |
28 | | ProFund VP Bull |
39 | | ProFund VP Consumer Goods |
44 | | ProFund VP Consumer Services |
50 | | ProFund VP Dow 30 |
54 | | ProFund VP Emerging Markets |
60 | | ProFund VP Europe 30 |
65 | | ProFund VP Falling U.S. Dollar |
70 | | ProFund VP Financials |
78 | | ProFund VP Government Money Market |
82 | | ProFund VP Health Care |
88 | | ProFund VP Industrials |
94 | | ProFund VP International |
98 | | ProFund VP Internet |
103 | | ProFund VP Japan |
107 | | ProFund VP Large-Cap Growth |
115 | | ProFund VP Large-Cap Value |
124 | | ProFund VP Mid-Cap |
128 | | ProFund VP Mid-Cap Growth |
136 | | ProFund VP Mid-Cap Value |
144 | | ProFund VP NASDAQ-100 |
150 | | ProFund VP Oil & Gas |
155 | | ProFund VP Pharmaceuticals |
160 | | ProFund VP Precious Metals |
164 | | ProFund VP Real Estate |
170 | | ProFund VP Rising Rates Opportunity |
174 | | ProFund VP Semiconductor |
179 | | ProFund VP Short Dow 30 |
183 | | ProFund VP Short Emerging Markets |
187 | | ProFund VP Short International |
191 | | ProFund VP Short Mid-Cap |
195 | | ProFund VP Short NASDAQ-100 |
199 | | ProFund VP Short Small-Cap |
203 | | ProFund VP Small-Cap |
222 | | ProFund VP Small-Cap Growth |
230 | | ProFund VP Small-Cap Value |
240 | | ProFund VP Technology |
246 | | ProFund VP Telecommunications |
251 | | ProFund VP U.S. Government Plus |
255 | | ProFund VP UltraBull |
266 | | ProFund VP UltraMid-Cap |
276 | | ProFund VP UltraNASDAQ-100 |
282 | | ProFund VP UltraShort Dow 30 |
286 | | ProFund VP UltraShort NASDAQ-100 |
290 | | ProFund VP UltraSmall-Cap |
311 | | ProFund VP Utilities |
315 | | Notes to Financial Statements |
341 | | Expense Examples |

Message from the Chairman
Dear Shareholder:
I am pleased to present the ProFunds VP Trust Semiannual Report to shareholders for the six months ended June 30, 2018.
Global Equity Markets Mixed
Global equity markets posted mixed results for the six-month period. Overall, U.S. equity markets generated modest gains, following a turbulent first quarter marked by the return of volatility after historic calm in 2017. The Dow was down slightly at -0.73%, while the S&P 500 was up 2.65%. Mid- and smallcap stocks, which generate a greater portion of their revenues domestically than do large caps, fared better in light of the U.S.-China trade disagreement. Mid caps rose 3.49% as measured by the S&P MidCap 400 Index and small caps rose 7.66% per the Russell 2000 Index. The Nasdaq 100 returned 10.65%, as its tech-driven constituents have high valuations.
Five of the 10 Dow Jones U.S. Industry Indices saw gains for the period. The strongest performers were the technology sector, up 10.39%; the consumer services sector, up 8.87%; and oil and gas, up 7.49%. The weakest performer was the telecommunications sector, which dropped 9.12%. Consumer goods also posted a loss of 5.47%.
With the potential for foreign tariffs as a result of strained trade between the United States and China, global equity market performance was down 3.77%, as measured by the MSCI All Country World Index. China was the only positive return, with the BNY China Select ADR Index posting a modest gain of 2.05%. The MSCI EAFE Index, which reflects developed markets outside North America, dropped 3.73%, while the MSCI Europe Index dropped 4.76%. Japan’s Nikkei Index was down 1.40%. The BNY Mellon Emerging Markets 50 ADR Index lost 4.58%. Latin America dropped significantly, with the BNY Mellon Latin America 35 ADR Index sinking 13.96%. Argentina’s ongoing economic turmoil likely had an impact, although the country formalized an arrangement with the IMF to shield the country from turbulence. The U.S. dollar gained 1.88% against the basket of major currencies that make up the U.S. Dollar Index®.
U.S. Fixed Income Markets Down
Both Treasury and U.S. credit markets were down for the period. The Federal Reserve raised interest rates twice during the period, first in March and then again in June, and signaled the potential for two additional increases yet to come in 2018. Accordingly, the Ryan Labs 30 Year Treasury Index dropped 3.33%, while the Ryan Labs 10 Year Treasury Index lost 2.65% and its 5-Year Treasury Index dropped 1.08%. The Markit iBoxx® $ Liquid Investment Grade Index was down 4.26%, while the Markit iBoxx® $ Liquid High Yield Index gained 0.33% as high-yield bonds held on. The Barclays U.S. Aggregate Bond Index® dropped 1.62%.
Significant ProFunds VP Flows
Over the past six months, there were significant flows into a number of market-cap and sector ProFunds VP. We saw particularly strong flows in the large-cap category, as AUM grew 26% with positive net flows of nearly $103.1 million. Mid-cap flows increased close to $5.0 million and small-cap increased $14.0 million, although international lost $26.9 million in flows. Whatever your view on different segments of the market, our extensive lineup of funds provides strategies to help you manage risk and potentially enhance returns.
We appreciate the trust and confidence you have placed in us by investing in ProFunds VP.
Sincerely,

Michael L. Sapir
Chairman of the Board of Trustees
1
This Page Intentionally Left Blank
Financial Statements and
Financial Highlights
4 :: ProFund VP Asia 30 :: Financial Statements
Investment Objective: The ProFund VP Asia 30 seeks investment results, before fees and expenses, that correspond to the performance of the ProFunds Asia 30 Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | | | % of Net Assets | |
Equity Securities | | | | 100 | % |
Total Exposure | | | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | | | % of Net Assets | |
Alibaba Group Holding, Ltd. | | | | 11.8 | % |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | | 7.3 | % |
BHP Billiton PLC | | | | 5.4 | % |
BHP Billiton, Ltd. | | | | 5.2 | % |
CNOOC, Ltd. | | | | 4.8 | % |
ProFunds Asia 30 Index — Composition
Industry Breakdown | | | | % of Index | |
Information Technology | | | | 39 | % |
Consumer Discretionary | | | | 18 | % |
Materials | | | | 13 | % |
Financials | | | | 12 | % |
Health Care | | | | 6 | % |
Energy | | | | 5 | % |
Telecommunication Services | | | | 4 | % |
Industrials | | | | 3 | % |
Country Composition | | | | | |
China | | | | 50 | % |
India | | | | 15 | % |
Australia | | | | 14 | % |
Taiwan | | | | 11 | % |
Hong Kong | | | | 6 | % |
South Korea | | | | 4 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (100.4%)
| | Shares | | Value | |
Alibaba Group Holding, Ltd.*ADR (Internet Software & Services) | | 17,949 | | $ | 3,330,078 | |
Baidu, Inc.*ADR (Internet Software & Services) | | 2,883 | | 700,569 | |
Beigene, Ltd.*ADR (Biotechnology) | | 6,510 | | 1,000,782 | |
BHP Billiton PLCADR (Metals & Mining) | | 33,573 | | 1,509,106 | |
BHP Billiton, Ltd.ADR (Metals & Mining) | | 29,295 | | 1,465,043 | |
Cheetah Mobile, Inc.*ADR (Software) | | 52,080 | | 497,885 | |
China Mobile, Ltd.ADR (Wireless Telecommunication Services) | | 24,180 | | 1,073,350 | |
CNOOC, Ltd.ADR (Oil, Gas & Consumable Fuels) | | 7,905 | | 1,353,652 | |
Ctrip.com International, Ltd.*ADR (Internet & Direct Marketing Retail) | | 16,740 | | 797,326 | |
Dr. Reddy’s Laboratories, Ltd.ADR (Pharmaceuticals) | | 18,135 | | 583,947 | |
HDFC Bank, Ltd.ADR (Banks) | | 12,741 | | 1,338,060 | |
Himax Technologies, Inc.ADR (Semiconductors & Semiconductor Equipment) | | 49,197 | | 367,010 | |
Huazhu Group, Ltd.ADR (Hotels, Restaurants & Leisure) | | 22,320 | | 937,217 | |
ICICI Bank, Ltd.ADR (Banks) | | 87,234 | | 700,489 | |
Infosys Technologies, Ltd.ADR (IT Services) | | 55,335 | | 1,075,159 | |
JD.com, Inc.*ADR (Internet & Direct Marketing Retail) | | 10,416 | | 405,703 | |
JinkoSolar Holding Co., Ltd.*ADR (Semiconductors & Semiconductor Equipment) | | 24,273 | | 334,239 | |
LG Display Co., Ltd.ADR (Electronic Equipment, Instruments & Components) | | 48,267 | | 397,720 | |
Melco Crown Entertainment, Ltd.ADR (Hotels, Restaurants & Leisure) | | 26,784 | | 749,952 | |
Momo, Inc.*ADR (Internet Software & Services) | | 26,040 | | 1,132,740 | |
Netease.com, Inc.ADR (Internet Software & Services) | | 2,883 | | 728,448 | |
New Oriental Education & Technology Group, Inc.ADR (Diversified Consumer Services) | | 7,719 | | 730,681 | |
POSCOADR (Metals & Mining) | | 10,230 | | 758,248 | |
Silicon Motion TechnologyADR (Semiconductors & Semiconductor Equipment) | | 11,160 | | 590,252 | |
Taiwan Semiconductor Manufacturing Co., Ltd.ADR (Semiconductors & Semiconductor Equipment) | | 56,637 | | 2,070,649 | |
TAL Education Group*ADR (Diversified Consumer Services) | | 23,715 | | 872,712 | |
Tata Motors, Ltd.*ADR (Automobiles) | | 23,808 | | 465,446 | |
Westpac Banking Corp.ADR (Banks) | | 51,801 | | 1,123,046 | |
Yirendai, Ltd.ADR (Internet Software & Services) | | 16,368 | | 347,329 | |
ZTO Express Cayman, Inc.ADR (Air Freight & Logistics) | | 42,315 | | 846,300 | |
TOTAL COMMON STOCKS (Cost $14,635,809) | | | | 28,283,138 | |
TOTAL INVESTMENT SECURITIES (Cost $14,635,809)—100.4% | | | | 28,283,138 | |
Net other assets (liabilities)—(0.4)% | | | | (99,777 | ) |
NET ASSETS—100.0% | | | | $ | 28,183,361 | |
* Non-income producing security.
ADR American Depositary Receipt
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Asia 30 :: 5
ProFund VP Asia 30 invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Air Freight & Logistics | | $ | 846,300 | | 3.0 | % |
Automobiles | | 465,446 | | 1.7 | % |
Banks | | 3,161,595 | | 11.2 | % |
Biotechnology | | 1,000,782 | | 3.6 | % |
Diversified Consumer Services | | 1,603,393 | | 5.7 | % |
Electronic Equipment, Instruments & Components | | 397,720 | | 1.4 | % |
Hotels, Restaurants & Leisure | | 1,687,169 | | 6.0 | % |
Internet & Direct Marketing Retail | | 1,203,029 | | 4.3 | % |
Internet Software & Services | | 6,239,164 | | 22.1 | % |
IT Services | | 1,075,159 | | 3.8 | % |
Metals & Mining | | 3,732,397 | | 13.2 | % |
Oil, Gas & Consumable Fuels | | 1,353,652 | | 4.8 | % |
Pharmaceuticals | | 583,947 | | 2.1 | % |
Semiconductors & Semiconductor Equipment | | 3,362,150 | | 11.9 | % |
Software | | 497,885 | | 1.8 | % |
Wireless Telecommunication Services | | 1,073,350 | | 3.8 | % |
Other** | | (99,777 | ) | (0.4 | )% |
Total | | $ | 28,183,361 | | 100.0 | % |
ProFund VP Asia 30 invested in securities with exposure to the following countries as of June 30, 2018:
| | Value | | % of Net Assets | |
Australia | | $ | 4,097,195 | | 14.5 | % |
China | | 14,015,661 | | 49.8 | % |
Hong Kong | | 1,823,302 | | 6.5 | % |
India | | 4,163,101 | | 14.8 | % |
South Korea | | 1,155,968 | | 4.1 | % |
Taiwan | | 3,027,911 | | 10.7 | % |
Other** | | (99,777 | ) | (0.4 | )% |
Total | | $ | 28,183,361 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
See accompanying notes to financial statements.
6 :: ProFund VP Asia 30 :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 14,635,809 | |
Securities, at value | | 28,283,138 | |
Total Investment Securities, at value | | 28,283,138 | |
Dividends receivable | | 181,040 | |
Receivable for capital shares issued | | 22,347 | |
Prepaid expenses | | 399 | |
TOTAL ASSETS | | 28,486,924 | |
LIABILITIES: | | | |
Payable for securities purchased | | 16,634 | |
Payable for capital shares redeemed | | 72,359 | |
Cash overdraft | | 139,357 | |
Advisory fees payable | | 18,295 | |
Management services fees payable | | 2,439 | |
Administration fees payable | | 833 | |
Administrative services fees payable | | 11,567 | |
Distribution fees payable | | 15,346 | |
Trustee fees payable | | 7 | |
Transfer agency fees payable | | 1,370 | |
Fund accounting fees payable | | 995 | |
Compliance services fees payable | | 171 | |
Other accrued expenses | | 24,190 | |
TOTAL LIABILITIES | | 303,563 | |
NET ASSETS | | $ | 28,183,361 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 16,373,345 | |
Accumulated net investment income (loss) | | 19,042 | |
Accumulated net realized gains (losses) on investments | | (1,856,355 | ) |
Net unrealized appreciation (depreciation) on investments | | 13,647,329 | |
NET ASSETS | | $ | 28,183,361 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 466,972 | |
Net Asset Value (offering and redemption price per share) | | $ | 60.35 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 317,057 | |
Interest | | 888 | |
Foreign tax withholding | | (19,984 | ) |
TOTAL INVESTMENT INCOME | | 297,961 | |
EXPENSES: | | | |
Advisory fees | | 124,481 | |
Management services fees | | 16,597 | |
Administration fees | | 4,156 | |
Transfer agency fees | | 6,269 | |
Administrative services fees | | 36,843 | |
Distribution fees | | 41,494 | |
Custody fees | | 6,989 | |
Fund accounting fees | | 4,696 | |
Trustee fees | | 389 | |
Compliance services fees | | 171 | |
Other fees | | 7,598 | |
Recoupment of prior expenses reduced by the Advisor | | 29,236 | |
TOTAL NET EXPENSES | | 278,919 | |
NET INVESTMENT INCOME (LOSS) | | 19,042 | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 912,539 | |
Change in net unrealized appreciation/depreciation on investment securities | | (987,858 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (75,319 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (56,277 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Asia 30 :: 7
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 19,042 | | $ | 111,280 | |
Net realized gains (losses) on investments | | 912,539 | | 1,997,844 | |
Change in net unrealized appreciation/depreciation on investments | | (987,858 | ) | 5,876,235 | |
Change in net assets resulting from operations | | (56,277 | ) | 7,985,359 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net investment income | | (129,308 | ) | — | |
Net realized gains on investments | | — | | (1,099,295 | ) |
Change in net assets resulting from distributions | | (129,308 | ) | (1,099,295 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 21,091,303 | | 32,733,939 | |
Distributions reinvested | | 129,308 | | 1,099,295 | |
Value of shares redeemed | | (27,546,387 | ) | (28,788,923 | ) |
Change in net assets resulting from capital transactions | | (6,325,776 | ) | 5,044,311 | |
Change in net assets | | (6,511,361 | ) | 11,930,375 | |
NET ASSETS: | | | | | |
Beginning of period | | 34,694,722 | | 22,764,347 | |
End of period | | $ | 28,183,361 | | $ | 34,694,722 | |
Accumulated net investment income (loss) | | $ | 19,042 | | $ | 129,308 | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 339,906 | | 582,205 | |
Reinvested | | 2,066 | | 18,604 | |
Redeemed | | (444,931 | ) | (512,604 | ) |
Change in shares | | (102,959 | ) | 88,205 | |
See accompanying notes to financial statements.
8 :: ProFund VP Asia 30 :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 60.88 | | $ | 47.26 | | $ | 47.47 | | $ | 55.06 | | $ | 55.98 | | $ | 48.72 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | 0.04 | | 0.21 | | (0.06 | ) | 0.46 | | 0.05 | | (0.10 | ) |
Net realized and unrealized gains (losses) on investments | | (0.29 | ) | 15.27 | | 0.41 | | (5.08 | ) | (0.93 | ) | 7.39 | |
Total income (loss) from investment activities | | (0.25 | ) | 15.48 | | 0.35 | | (4.62 | ) | (0.88 | ) | 7.29 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | (0.28 | ) | — | | (0.56 | ) | (0.15 | ) | (0.04 | ) | (0.03 | ) |
Net realized gains on investments | | — | | (1.86 | ) | — | | (2.82 | ) | — | | — | |
Total distributions | | (0.28 | ) | (1.86 | ) | (0.56 | ) | (2.97 | ) | (0.04 | ) | (0.03 | ) |
Net Asset Value, End of Period | | $ | 60.35 | | $ | 60.88 | | $ | 47.26 | | $ | 47.47 | | $ | 55.06 | | $ | 55.98 | |
Total Return(b) | | (0.41 | )% | 32.87 | % | 0.64 | % | (9.38 | )% | (1.57 | )% | 14.97 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.68 | % | 1.70 | % | 1.76 | % | 1.79 | % | 1.74 | % | 1.76 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | 0.11 | % | 0.37 | % | (0.14 | )% | 0.87 | % | 0.08 | % | (0.20 | )% |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 28,183 | | $ | 34,695 | | $ | 22,764 | | $ | 26,542 | | $ | 29,912 | | $ | 42,649 | |
Portfolio turnover rate(b)(d) | | 41 | % | 96 | % | 79 | % | 96 | % | 102 | % | 113 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Banks :: 9
Investment Objective: The ProFund VP Banks seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Banks Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 78 | % |
Swap Agreements | | 22 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
JPMorgan Chase & Co. | | 17.0 | % |
Bank of America Corp. | | 12.7 | % |
Wells Fargo & Co. | | 11.6 | % |
Citigroup, Inc. | | 8.1 | % |
U.S. Bancorp | | 3.7 | % |
Dow Jones U.S. Banks Index — Composition
| | % of Index | |
Diversified Banks | | 68 | % |
Regional Banks | | 31 | % |
Thrifts & Mortgage Finance | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (78.0%)
| | Shares | | Value | |
Associated Banc-Corp. (Banks) | | 887 | | $ | 24,215 | |
BancorpSouth Bank (Banks) | | 424 | | 13,971 | |
Bank of America Corp. (Banks) | | 48,970 | | 1,380,463 | |
Bank of Hawaii Corp. (Banks) | | 222 | | 18,519 | |
Bank of the Ozarks, Inc. (Banks) | | 624 | | 28,105 | |
BankUnited, Inc. (Banks) | | 505 | | 20,629 | |
BB&T Corp. (Banks) | | 4,034 | | 203,475 | |
BOK Financial Corp. (Banks) | | 192 | | 18,050 | |
Capitol Federal Financial, Inc. (Thrifts & Mortgage Finance) | | 754 | | 9,923 | |
Cathay General Bancorp, Inc. (Banks) | | 380 | | 15,386 | |
Chemical Financial Corp. (Banks) | | 342 | | 19,039 | |
CIT Group, Inc. (Banks) | | 614 | | 30,952 | |
Citigroup, Inc. (Banks) | | 13,206 | | 883,746 | |
Citizens Financial Group, Inc. (Banks) | | 2,488 | | 96,783 | |
Comerica, Inc. (Banks) | | 909 | | 82,646 | |
Commerce Bancshares, Inc. (Banks) | | 515 | | 33,326 | |
Cullen/Frost Bankers, Inc. (Banks) | | 344 | | 37,235 | |
East West Bancorp, Inc. (Banks) | | 805 | | 52,486 | |
F.N.B. Corp. (Banks) | | 1,664 | | 22,331 | |
Fifth Third Bancorp (Banks) | | 3,515 | | 100,881 | |
First Citizens BancShares, Inc.—Class A (Banks) | | 67 | | 27,021 | |
First Financial Bankshares, Inc. (Banks) | | 313 | | 15,932 | |
First Horizon National Corp. (Banks) | | 1,691 | | 30,160 | |
First Republic Bank (Banks) | | 831 | | 80,432 | |
Fulton Financial Corp. (Banks) | | 939 | | 15,494 | |
Glacier Bancorp, Inc. (Banks) | | 404 | | 15,627 | |
Hancock Holding Co. (Banks) | | 449 | | 20,946 | |
Home BancShares, Inc. (Banks) | | 800 | | 18,048 | |
Huntington Bancshares, Inc. (Banks) | | 5,709 | | 84,265 | |
IBERIABANK Corp. (Banks) | | 333 | | 25,241 | |
International Bancshares Corp. (Banks) | | 314 | | 13,439 | |
Investors Bancorp, Inc. (Banks) | | 1,305 | | 16,691 | |
JPMorgan Chase & Co. (Banks) | | 17,716 | | 1,846,006 | |
KeyCorp (Banks) | | 5,479 | | 107,060 | |
M&T Bank Corp. (Banks) | | 703 | | 119,615 | |
MB Financial, Inc. (Banks) | | 440 | | 20,548 | |
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance) | | 2,532 | | 27,953 | |
PacWest Bancorp (Banks) | | 653 | | 32,271 | |
People’s United Financial, Inc. (Banks) | | 1,850 | | 33,467 | |
Pinnacle Financial Partners, Inc. (Banks) | | 362 | | 22,209 | |
PNC Financial Services Group, Inc. (Banks) | | 2,475 | | 334,373 | |
Popular, Inc. (Banks) | | 581 | | 26,267 | |
Prosperity Bancshares, Inc. (Banks) | | 330 | | 22,559 | |
Regions Financial Corp. (Banks) | | 5,849 | | 103,995 | |
Signature Bank* (Banks) | | 310 | | 39,643 | |
Sterling Bancorp (Banks) | | 1,218 | | 28,623 | |
SunTrust Banks, Inc. (Banks) | | 2,439 | | 161,023 | |
SVB Financial Group* (Banks) | | 305 | | 88,072 | |
Synovus Financial Corp. (Banks) | | 602 | | 31,804 | |
TCF Financial Corp. (Banks) | | 881 | | 21,690 | |
Texas Capital Bancshares, Inc.* (Banks) | | 279 | | 25,529 | |
Trustmark Corp. (Banks) | | 314 | | 10,246 | |
U.S. Bancorp (Banks) | | 8,075 | | 403,912 | |
UMB Financial Corp. (Banks) | | 236 | | 17,990 | |
Umpqua Holdings Corp. (Banks) | | 1,177 | | 26,588 | |
United Bankshares, Inc. (Banks) | | 498 | | 18,127 | |
Valley National Bancorp (Banks) | | 1,419 | | 17,255 | |
Washington Federal, Inc. (Thrifts & Mortgage Finance) | | 443 | | 14,486 | |
Webster Financial Corp. (Banks) | | 502 | | 31,977 | |
Wells Fargo & Co. (Banks) | | 22,779 | | 1,262,867 | |
Western Alliance Bancorp* (Banks) | | 543 | | 30,739 | |
Wintrust Financial Corp. (Banks) | | 330 | | 28,727 | |
Zions Bancorp (Banks) | | 999 | | 52,637 | |
TOTAL COMMON STOCKS (Cost $3,681,542) | | | | 8,463,715 | |
| | | | | | |
Repurchase Agreements(a) (0.4%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $40,007 | | $ | 40,000 | | $ | 40,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $40,000) | | | | 40,000 | |
TOTAL INVESTMENT SECURITIES (Cost $3,721,542)—78.4% | | | | 8,503,715 | |
Net other assets (liabilities)—21.6% | | | | 2,352,103 | |
NET ASSETS—100.0% | | | | $ | 10,855,818 | |
| | | | | | | |
* Non-income producing security.
(a) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
See accompanying notes to financial statements.
10 :: ProFund VP Banks :: Financial Statements
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
Dow Jones U.S. Banks Index | | Goldman Sachs International | | 7/23/18 | | 2.48 | % | $ | 2,399,712 | | $ | (288 | ) |
| | | | | | | | | | | | | |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
ProFund VP Banks invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Banks | | $ | 8,411,353 | | 77.5 | % |
Thrifts & Mortgage Finance | | 52,362 | | 0.5 | % |
Other** | | 2,392,103 | | 22.0 | % |
Total | | $ | 10,855,818 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Banks :: 11
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 3,721,542 | |
Securities, at value | | 8,463,715 | |
Repurchase agreements, at value | | 40,000 | |
Total Investment Securities, at value | | 8,503,715 | |
Cash | | 942 | |
Dividends and interest receivable | | 8,489 | |
Receivable for capital shares issued | | 128 | |
Receivable for investments sold | | 2,411,022 | |
Prepaid expenses | | 198 | |
TOTAL ASSETS | | 10,924,494 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 42,737 | |
Unrealized depreciation on swap agreements | | 288 | |
Advisory fees payable | | 7,789 | |
Management services fees payable | | 1,039 | |
Administration fees payable | | 364 | |
Administrative services fees payable | | 5,190 | |
Distribution fees payable | | 5,409 | |
Transfer agency fees payable | | 599 | |
Fund accounting fees payable | | 435 | |
Compliance services fees payable | | 77 | |
Other accrued expenses | | 4,749 | |
TOTAL LIABILITIES | | 68,676 | |
NET ASSETS | | $ | 10,855,818 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 16,497,444 | |
Accumulated net investment income (loss) | | 22,494 | |
Accumulated net realized gains (losses) on investments | | (10,446,005 | ) |
Net unrealized appreciation (depreciation) on investments | | 4,781,885 | |
NET ASSETS | | $ | 10,855,818 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 434,078 | |
Net Asset Value (offering and redemption price per share) | | $ | 25.01 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 140,587 | |
Interest | | 466 | |
TOTAL INVESTMENT INCOME | | 141,053 | |
EXPENSES: | | | |
Advisory fees | | 52,929 | |
Management services fees | | 7,057 | |
Administration fees | | 2,108 | |
Transfer agency fees | | 3,179 | |
Administrative services fees | | 19,487 | |
Distribution fees | | 17,643 | |
Custody fees | | 1,503 | |
Fund accounting fees | | 2,542 | |
Trustee fees | | 192 | |
Compliance services fees | | 77 | |
Other fees | | 6,321 | |
Recoupment of prior expenses reduced by the Advisor | | 5,521 | |
TOTAL NET EXPENSES | | 118,559 | |
NET INVESTMENT INCOME (LOSS) | | 22,494 | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | (312,648 | ) |
Net realized gains (losses) on swap agreements | | (38,530 | ) |
Change in net unrealized appreciation/depreciation on investment securities | | (540,050 | ) |
Change in net unrealized appreciation/depreciation on swap agreements | | 132 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (891,096 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (868,602 | ) |
See accompanying notes to financial statements.
12 :: ProFund VP Banks :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 22,494 | | $ | 45,033 | |
Net realized gains (losses) on investments | | (351,178 | ) | 257,783 | |
Change in net unrealized appreciation/depreciation on investments | | (539,918 | ) | 1,235,454 | |
Change in net assets resulting from operations | | (868,602 | ) | 1,538,270 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net investment income | | (45,033 | ) | (29,961 | ) |
Change in net assets resulting from distributions | | (45,033 | ) | (29,961 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 21,274,202 | | 37,837,496 | |
Distributions reinvested | | 45,033 | | 29,961 | |
Value of shares redeemed | | (24,158,180 | ) | (39,040,011 | ) |
Change in net assets resulting from capital transactions | | (2,838,945 | ) | (1,172,554 | ) |
Change in net assets | | (3,752,580 | ) | 335,755 | |
NET ASSETS: | | | | | |
Beginning of period | | 14,608,398 | | 14,272,643 | |
End of period | | $ | 10,855,818 | | $ | 14,608,398 | |
Accumulated net investment income (loss) | | $ | 22,494 | | $ | 45,033 | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 798,956 | | 1,627,531 | |
Reinvested | | 1,748 | | 1,237 | |
Redeemed | | (927,779 | ) | (1,712,370 | ) |
Change in shares | | (127,075 | ) | (83,602 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Banks :: 13
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 26.03 | | $ | 22.14 | | $ | 18.02 | | $ | 18.15 | | $ | 16.46 | | $ | 12.42 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | 0.04 | | 0.08 | | 0.09 | | 0.04 | | 0.03 | | 0.01 | |
Net realized and unrealized gains (losses) on investments | | (0.98 | ) | 3.87 | | 4.08 | | (0.12 | ) | 1.68 | | 4.13 | |
Total income (loss) from investment activities | | (0.94 | ) | 3.95 | | 4.17 | | (0.08 | ) | 1.71 | | 4.14 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | (0.08 | ) | (0.06 | ) | (0.05 | ) | (0.05 | ) | (0.02 | ) | (0.10 | ) |
Net Asset Value, End of Period | | $ | 25.01 | | $ | 26.03 | | $ | 22.14 | | $ | 18.02 | | $ | 18.15 | | $ | 16.46 | |
Total Return(b) | | (3.64 | )% | 17.92 | % | 23.23 | % | (0.43 | )% | 10.38 | % | 33.45 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.68 | % | 1.69 | % | 1.68 | % | 1.69 | % | 1.79 | % | 1.79 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | 0.32 | % | 0.36 | % | 0.50 | % | 0.21 | % | 0.18 | % | 0.08 | % |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 10,856 | | $ | 14,608 | | $ | 14,273 | | $ | 8,533 | | $ | 8,413 | | $ | 7,628 | |
Portfolio turnover rate(b)(d) | | 178 | % | 319 | % | 362 | % | 451 | % | 437 | % | 574 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
14 :: ProFund VP Basic Materials :: Financial Statements
Investment Objective: The ProFund VP Basic Materials seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Basic Materials Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 100 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
DowDuPont, Inc. | | 24.7 | % |
Praxair, Inc. | | 7.4 | % |
Ecolab, Inc. | | 5.9 | % |
LyondellBasell Industries N.V. | | 5.7 | % |
Air Products & Chemicals, Inc. | | 5.5 | % |
Dow Jones U.S. Basic Materials Index — Composition
| | % of Index | |
Chemicals | | 81 | % |
Metals & Mining | | 18 | % |
Paper & Forest Products | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.8%)
| | Shares | | Value | |
Air Products & Chemicals, Inc. (Chemicals) | | 6,073 | | $ | 945,748 | |
Albemarle Corp. (Chemicals) | | 3,070 | | 289,593 | |
Alcoa Corp.* (Metals & Mining) | | 4,811 | | 225,540 | |
Allegheny Technologies, Inc.* (Metals & Mining) | | 3,480 | | 87,418 | |
Ashland Global Holdings, Inc. (Chemicals) | | 1,734 | | 135,564 | |
Axalta Coating Systems, Ltd.* (Chemicals) | | 6,118 | | 185,437 | |
Cabot Corp. (Chemicals) | | 1,717 | | 106,059 | |
Carpenter Technology Corp. (Metals & Mining) | | 1,295 | | 68,078 | |
Celanese Corp.—Series A (Chemicals) | | 3,765 | | 418,141 | |
CF Industries Holdings, Inc. (Chemicals) | | 6,461 | | 286,868 | |
Commercial Metals Co. (Metals & Mining) | | 3,240 | | 68,396 | |
Compass Minerals International, Inc. (Metals & Mining) | | 938 | | 61,674 | |
CONSOL Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 699 | | 26,807 | |
Domtar Corp. (Paper & Forest Products) | | 1,746 | | 83,354 | |
DowDuPont, Inc. (Chemicals) | | 64,313 | | 4,239,513 | |
Eastman Chemical Co. (Chemicals) | | 3,954 | | 395,242 | |
Ecolab, Inc. (Chemicals) | | 7,192 | | 1,009,253 | |
FMC Corp. (Chemicals) | | 3,726 | | 332,396 | |
Freeport-McMoRan, Inc. (Metals & Mining) | | 37,339 | | 644,471 | |
GCP Applied Technologies, Inc.* (Chemicals) | | 2,002 | | 57,958 | |
H.B. Fuller Co. (Chemicals) | | 1,401 | | 75,206 | |
Huntsman Corp. (Chemicals) | | 5,831 | | 170,265 | |
Ingevity Corp.* (Chemicals) | | 1,166 | | 94,283 | |
International Flavors & Fragrances, Inc. (Chemicals) | | 2,191 | | 271,596 | |
KapStone Paper & Packaging Corp. (Paper & Forest Products) | | 2,444 | | 84,318 | |
LyondellBasell Industries N.V.—Class A (Chemicals) | | 8,909 | | 978,654 | |
Minerals Technologies, Inc. (Chemicals) | | 982 | | 73,994 | |
NewMarket Corp. (Chemicals) | | 256 | | 103,552 | |
Newmont Mining Corp. (Metals & Mining) | | 14,784 | | 557,505 | |
Nucor Corp. (Metals & Mining) | | 8,810 | | 550,625 | |
Olin Corp. (Chemicals) | | 4,631 | | 133,002 | |
Platform Specialty Products Corp.* (Chemicals) | | 5,994 | | 69,530 | |
PolyOne Corp. (Chemicals) | | 2,221 | | 95,992 | |
PPG Industries, Inc. (Chemicals) | | 6,914 | | 717,189 | |
Praxair, Inc. (Chemicals) | | 7,963 | | 1,259,348 | |
Reliance Steel & Aluminum Co. (Metals & Mining) | | 1,999 | | 174,992 | |
Royal Gold, Inc. (Metals & Mining) | | 1,811 | | 168,133 | |
RPM International, Inc. (Chemicals) | | 3,703 | | 215,959 | |
Sensient Technologies Corp. (Chemicals) | | 1,173 | | 83,928 | |
Steel Dynamics, Inc. (Metals & Mining) | | 6,536 | | 300,329 | |
The Chemours Co. (Chemicals) | | 4,930 | | 218,695 | |
The Mosaic Co. (Chemicals) | | 9,724 | | 272,758 | |
The Scotts Miracle-Gro Co.—Class A (Chemicals) | | 1,069 | | 88,898 | |
Trinseo SA (Chemicals) | | 1,198 | | 84,998 | |
United States Steel Corp. (Metals & Mining) | | 4,898 | | 170,206 | |
Valvoline, Inc. (Chemicals) | | 5,424 | | 116,996 | |
W.R. Grace & Co. (Chemicals) | | 1,864 | | 136,650 | |
Westlake Chemical Corp. (Chemicals) | | 1,009 | | 108,599 | |
Worthington Industries, Inc. (Metals & Mining) | | 1,194 | | 50,112 | |
TOTAL COMMON STOCKS (Cost $7,648,185) | | | | 17,093,822 | |
| | | | | | |
Repurchase Agreements(a) (0.4%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $68,011 | | $ | 68,000 | | $ | 68,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $68,000) | | | | 68,000 | |
TOTAL INVESTMENT SECURITIES (Cost $7,716,185)—100.2% | | | | 17,161,822 | |
Net other assets (liabilities)—(0.2)% | | | | (30,400 | ) |
NET ASSETS—100.0% | | | | $ | 17,131,422 | |
| | | | | | | |
* Non-income producing security.
(a) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Basic Materials :: 15
ProFund VP Basic Materials invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Chemicals | | $ | 13,771,864 | | 80.3 | % |
Metals & Mining | | 3,127,479 | | 18.3 | % |
Oil, Gas & Consumable Fuels | | 26,807 | | 0.2 | % |
Paper & Forest Products | | 167,672 | | 1.0 | % |
Other** | | 37,600 | | 0.2 | % |
Total | | $ | 17,131,422 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
See accompanying notes to financial statements.
16 :: ProFund VP Basic Materials :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 7,716,185 | |
Securities, at value | | 17,093,822 | |
Repurchase agreements, at value | | 68,000 | |
Total Investment Securities, at value | | 17,161,822 | |
Cash | | 682 | |
Dividends and interest receivable | | 21,034 | |
Receivable for capital shares issued | | 19,027 | |
Prepaid expenses | | 315 | |
TOTAL ASSETS | | 17,202,880 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 17,863 | |
Advisory fees payable | | 11,160 | |
Management services fees payable | | 1,488 | |
Administration fees payable | | 508 | |
Administrative services fees payable | | 8,260 | |
Distribution fees payable | | 8,131 | |
Transfer agency fees payable | | 837 | |
Fund accounting fees payable | | 608 | |
Compliance services fees payable | | 116 | |
Other accrued expenses | | 22,487 | |
TOTAL LIABILITIES | | 71,458 | |
NET ASSETS | | $ | 17,131,422 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 11,131,898 | |
Accumulated net investment income (loss) | | 21,810 | |
Accumulated net realized gains (losses) on investments | | (3,467,923 | ) |
Net unrealized appreciation (depreciation) on investments | | 9,445,637 | |
NET ASSETS | | $ | 17,131,422 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 255,361 | |
Net Asset Value (offering and redemption price per share) | | $ | 67.09 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 207,030 | |
Interest | | 328 | |
TOTAL INVESTMENT INCOME | | 207,358 | |
EXPENSES: | | | |
Advisory fees | | 87,059 | |
Management services fees | | 11,608 | |
Administration fees | | 3,660 | |
Transfer agency fees | | 5,493 | |
Administrative services fees | | 31,467 | |
Distribution fees | | 29,019 | |
Custody fees | | 1,860 | |
Fund accounting fees | | 4,218 | |
Trustee fees | | 376 | |
Compliance services fees | | 125 | |
Other fees | | 6,127 | |
Recoupment of prior expenses reduced by the Advisor | | 14,000 | |
TOTAL NET EXPENSES | | 195,012 | |
NET INVESTMENT INCOME (LOSS) | | 12,346 | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 1,035,805 | |
Change in net unrealized appreciation/depreciation on investment securities | | (2,099,472 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (1,063,667 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (1,051,321 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Basic Materials :: 17
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 12,346 | | $ | 67,046 | |
Net realized gains (losses) on investments | | 1,035,805 | | 1,912,717 | |
Change in net unrealized appreciation/depreciation on investments | | (2,099,472 | ) | 2,648,282 | |
Change in net assets resulting from operations | | (1,051,321 | ) | 4,628,045 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net investment income | | (67,046 | ) | (103,682 | ) |
Change in net assets resulting from distributions | | (67,046 | ) | (103,682 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 7,687,444 | | 44,845,554 | |
Distributions reinvested | | 67,046 | | 103,682 | |
Value of shares redeemed | | (23,211,666 | ) | (38,897,212 | ) |
Change in net assets resulting from capital transactions | | (15,457,176 | ) | 6,052,024 | |
Change in net assets | | (16,575,543 | ) | 10,576,387 | |
NET ASSETS: | | | | | |
Beginning of period | | 33,706,965 | | 23,130,578 | |
End of period | | $ | 17,131,422 | | $ | 33,706,965 | |
Accumulated net investment income (loss) | | $ | 21,810 | | $ | 76,510 | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 109,317 | | 707,308 | |
Reinvested | | 994 | | 1,565 | |
Redeemed | | (340,605 | ) | (631,435 | ) |
Change in shares | | (230,294 | ) | 77,438 | |
See accompanying notes to financial statements.
18 :: ProFund VP Basic Materials :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 69.41 | | $ | 56.66 | | $ | 48.01 | | $ | 56.06 | | $ | 55.44 | | $ | 47.28 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | 0.04 | | 0.17 | | 0.29 | | 0.28 | | 0.21 | | 0.38 | |
Net realized and unrealized gains (losses) on investments | | (2.11 | ) | 12.84 | | 8.57 | | (8.04 | ) | 0.73 | | 8.25 | |
Total income (loss) from investment activities | | (2.07 | ) | 13.01 | | 8.86 | | (7.76 | ) | 0.94 | | 8.63 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | (0.25 | ) | (0.26 | ) | (0.21 | ) | (0.29 | ) | (0.32 | ) | (0.47 | ) |
Net Asset Value, End of Period | | $ | 67.09 | | $ | 69.41 | | $ | 56.66 | | $ | 48.01 | | $ | 56.06 | | $ | 55.44 | |
Total Return(b) | | (2.98 | )% | 22.96 | % | 18.49 | % | (13.92 | )% | 1.69 | % | 18.43 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.68 | % | 1.69 | % | 1.73 | % | 1.76 | % | 1.74 | % | 1.73 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | 0.11 | % | 0.27 | % | 0.56 | % | 0.54 | % | 0.36 | % | 0.78 | % |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 17,131 | | $ | 33,707 | | $ | 23,131 | | $ | 12,746 | | $ | 19,212 | | $ | 26,941 | |
Portfolio turnover rate(b)(d) | | 21 | % | 127 | % | 109 | % | 46 | % | 83 | % | 85 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Bear :: 19
Investment Objective: The ProFund VP Bear seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&P 500®.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Futures Contracts | | (30 | )% |
Swap Agreements | | (69 | )% |
Total Exposure | | (99 | )% |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Holdings
The ProFund VP Bear primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
S&P 500 — Composition
| | % of Index | |
Information Technology | | 25 | % |
Health Care | | 14 | % |
Financials | | 14 | % |
Consumer Discretionary | | 13 | % |
Industrials | | 10 | % |
Consumer Staples | | 7 | % |
Energy | | 6 | % |
Utilities | | 3 | % |
Real Estate | | 3 | % |
Materials | | 3 | % |
Telecommunication Services | | 2 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (85.2%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $3,433,561 | | $ | 3,433,000 | | $ | 3,433,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $3,433,000) | | | | 3,433,000 | |
TOTAL INVESTMENT SECURITIES (Cost $3,433,000)—85.2% | | | | 3,433,000 | |
Net other assets (liabilities)—14.8% | | | | 594,915 | |
NET ASSETS—100.0% | | | | $ | 4,027,915 | |
| | | | | | | |
(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $660,000.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
Futures Contracts Sold
| | Number of Contracts | | Expiration Date | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
E-Mini S&P 500 Futures Contracts | | 9 | | 9/24/18 | | $ | (1,224,450 | ) | $ | 15,771 | |
| | | | | | | | | | | |
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
S&P 500 | | Goldman Sachs International | | 7/27/18 | | (2.33 | )% | $ | (1,499,873 | ) | $ | (12,717 | ) |
S&P 500 | | UBS AG | | 7/27/18 | | (2.13 | )% | (1,280,952 | ) | (8,724 | ) |
| | | | | | | | $ | (2,780,825 | ) | $ | (21,441 | ) |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
See accompanying notes to financial statements.
20 :: ProFund VP Bear :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 3,433,000 | |
Repurchase agreements, at value | | 3,433,000 | |
Total Investment Securities, at value | | 3,433,000 | |
Cash | | 538 | |
Segregated cash balances with brokers | | 30,800 | |
Interest receivable | | 374 | |
Receivable for capital shares issued | | 594,761 | |
Variation margin on futures contracts | | 17 | |
Prepaid expenses | | 53 | |
TOTAL ASSETS | | 4,059,543 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 853 | |
Unrealized depreciation on swap agreements | | 21,441 | |
Advisory fees payable | | 2,339 | |
Management services fees payable | | 312 | |
Administration fees payable | | 107 | |
Administrative services fees payable | | 1,219 | |
Distribution fees payable | | 1,179 | |
Transfer agency fees payable | | 175 | |
Fund accounting fees payable | | 127 | |
Compliance services fees payable | | 21 | |
Other accrued expenses | | 3,855 | |
TOTAL LIABILITIES | | 31,628 | |
NET ASSETS | | $ | 4,027,915 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 23,008,997 | |
Accumulated net investment income (loss) | | (4,250 | ) |
Accumulated net realized gains (losses) on investments | | (18,971,162 | ) |
Net unrealized appreciation (depreciation) on investments | | (5,670 | ) |
NET ASSETS | | $ | 4,027,915 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 125,552 | |
Net Asset Value (offering and redemption price per share) | | $ | 32.08 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Interest | | $ | 29,329 | |
EXPENSES: | | | |
Advisory fees | | 15,019 | |
Management services fees | | 2,002 | |
Administration fees | | 776 | |
Transfer agency fees | | 1,171 | |
Administrative services fees | | 5,713 | |
Distribution fees | | 5,006 | |
Custody fees | | 322 | |
Fund accounting fees | | 862 | |
Trustee fees | | 70 | |
Compliance services fees | | 23 | |
Other fees | | 2,615 | |
TOTAL NET EXPENSES | | 33,579 | |
NET INVESTMENT INCOME (LOSS) | | (4,250 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on futures contracts | | (47,674 | ) |
Net realized gains (losses) on swap agreements | | 9,822 | |
Change in net unrealized appreciation/depreciation on futures contracts | | 38,591 | |
Change in net unrealized appreciation/depreciation on swap agreements | | (30,370 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (29,631 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (33,881 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Bear :: 21
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (4,250 | ) | $ | (47,259 | ) |
Net realized gains (losses) on investments | | (37,852 | ) | (979,175 | ) |
Change in net unrealized appreciation/depreciation on investments | | 8,221 | | (76,749 | ) |
Change in net assets resulting from operations | | (33,881 | ) | (1,103,183 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 23,212,844 | | 49,581,759 | |
Value of shares redeemed | | (23,307,740 | ) | (50,605,115 | ) |
Change in net assets resulting from capital transactions | | (94,896 | ) | (1,023,356 | ) |
Change in net assets | | (128,777 | ) | (2,126,539 | ) |
NET ASSETS: | | | | | |
Beginning of period | | 4,156,692 | | 6,283,231 | |
End of period | | $ | 4,027,915 | | $ | 4,156,692 | |
Accumulated net investment income (loss) | | $ | (4,250 | ) | $ | — | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 723,327 | | 1,376,531 | |
Redeemed | | (723,505 | ) | (1,406,705 | ) |
Change in shares | | (178 | ) | (30,174 | ) |
See accompanying notes to financial statements.
22 :: ProFund VP Bear :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016(a) | | Year Ended Dec. 31, 2015(a) | | Year Ended Dec. 31, 2014(a) | | Year Ended Dec. 31, 2013(a) | |
Net Asset Value, Beginning of Period | | $ | 33.06 | | $ | 40.30 | | $ | 46.37 | | $ | 48.76 | | $ | 56.83 | | $ | 77.39 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(b) | | (0.03 | ) | (0.32 | ) | (0.63 | ) | (0.75 | ) | (0.90 | ) | (1.10 | ) |
Net realized and unrealized gains (losses) on investments | | (0.95 | ) | (6.92 | ) | (5.44 | ) | (1.64 | ) | (7.17 | ) | (19.46 | ) |
Total income (loss) from investment activities | | (0.98 | ) | (7.24 | ) | (6.07 | ) | (2.39 | ) | (8.07 | ) | (20.56 | ) |
Net Asset Value, End of Period | | $ | 32.08 | | $ | 33.06 | | $ | 40.30 | | $ | 46.37 | | $ | 48.76 | | $ | 56.83 | |
Total Return(c) | | (2.96 | )% | (17.97 | )% | (13.05 | )% | (4.92 | )% | (14.25 | )% | (26.55 | )% |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(d) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.76 | % | 1.74 | % |
Net expenses(d) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(d) | | (0.21 | )% | (0.88 | )% | (1.42 | )% | (1.63 | )% | (1.66 | )% | (1.65 | )% |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 4,028 | | $ | 4,157 | | $ | 6,283 | | $ | 7,745 | | $ | 8,588 | | $ | 14,674 | |
Portfolio turnover rate(e) | | — | | — | | — | | — | | — | | — | |
| | | | | | | | | | | | | | | | | | | | |
(a) As described in Note 9, share amounts have been adjusted for 1:5 reverse share split that occurred on December 5, 2016.
(b) Per share net investment income (loss) has been calculated using the average daily shares method.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Biotechnology :: 23
Investment Objective: The ProFund VP Biotechnology seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Biotechnology Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 83 | % |
Swap Agreements | | 17 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
AbbVie, Inc. | | 14.4 | % |
Amgen, Inc. | | 12.6 | % |
Gilead Sciences, Inc. | | 9.5 | % |
Biogen, Inc. | | 6.3 | % |
Celgene Corp. | | 5.8 | % |
Dow Jones U.S. Biotechnology Index — Composition
| | % of Index | |
Biotechnology | | 85 | % |
Life Sciences Tools & Services | | 14 | % |
Pharmaceuticals | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (82.7%)
| | Shares | | Value | |
AbbVie, Inc. (Biotechnology) | | 102,061 | | $ | 9,455,953 | |
ACADIA Pharmaceuticals, Inc.* (Biotechnology) | | 6,627 | | 101,194 | |
Agilent Technologies, Inc. (Life Sciences Tools & Services) | | 21,545 | | 1,332,343 | |
Agios Pharmaceuticals, Inc.* (Biotechnology) | | 3,332 | | 280,654 | |
Alexion Pharmaceuticals, Inc.* (Biotechnology) | | 14,976 | | 1,859,270 | |
Alkermes PLC* (Biotechnology) | | 10,434 | | 429,463 | |
Alnylam Pharmaceuticals, Inc.* (Biotechnology) | | 5,633 | | 554,794 | |
Amgen, Inc. (Biotechnology) | | 44,844 | | 8,277,754 | |
Biogen, Inc.* (Biotechnology) | | 14,205 | | 4,122,859 | |
BioMarin Pharmaceutical, Inc.* (Biotechnology) | | 11,907 | | 1,121,639 | |
Bio-Techne Corp. (Life Sciences Tools & Services) | | 2,523 | | 373,278 | |
Bluebird Bio, Inc.* (Biotechnology) | | 3,378 | | 530,177 | |
Celgene Corp.* (Biotechnology) | | 47,591 | | 3,779,677 | |
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | | 3,237 | | 363,386 | |
Clovis Oncology, Inc.* (Biotechnology) | | 3,535 | | 160,736 | |
Exact Sciences Corp.* (Biotechnology) | | 8,192 | | 489,800 | |
Exelixis, Inc.* (Biotechnology) | | 18,994 | | 408,751 | |
Gilead Sciences, Inc. (Biotechnology) | | 87,558 | | 6,202,609 | |
Illumina, Inc.* (Life Sciences Tools & Services) | | 9,902 | | 2,765,529 | |
Incyte Corp.* (Biotechnology) | | 11,845 | | 793,615 | |
Intercept Pharmaceuticals, Inc.* (Biotechnology) | | 1,411 | | 118,397 | |
Intrexon Corp.* (Biotechnology) | | 4,524 | | 63,065 | |
Ionis Pharmaceuticals, Inc.* (Biotechnology) | | 8,444 | | 351,861 | |
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | | 10,904 | | 1,088,437 | |
Ligand Pharmaceuticals, Inc.*—Class B (Biotechnology) | | 1,445 | | 299,361 | |
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | | 1,698 | | 982,514 | |
Myriad Genetics, Inc.* (Biotechnology) | | 4,701 | | 175,676 | |
Nektar Therapeutics* (Pharmaceuticals) | | 10,846 | | 529,610 | |
Neurocrine Biosciences, Inc.* (Biotechnology) | | 6,041 | | 593,468 | |
OPKO Health, Inc.* (Biotechnology) | | 24,485 | | 115,080 | |
Portola Pharmaceuticals, Inc.* (Biotechnology) | | 4,447 | | 167,963 | |
PRA Health Sciences, Inc.* (Life Sciences Tools & Services) | | 3,417 | | | 319,011 | |
Radius Health, Inc.* (Biotechnology) | | 2,789 | | 82,192 | |
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | | 5,220 | | 1,800,848 | |
Seattle Genetics, Inc.* (Biotechnology) | | 7,143 | | 474,224 | |
Syneos Health, Inc.* (Life Sciences Tools & Services) | | 3,734 | | 175,125 | |
Ultragenyx Pharmaceutical, Inc.* (Biotechnology) | | 3,109 | | 238,989 | |
United Therapeutics Corp.* (Biotechnology) | | 2,927 | | 331,190 | |
Vertex Pharmaceuticals, Inc.* (Biotechnology) | | 17,154 | | 2,915,494 | |
TOTAL COMMON STOCKS (Cost $22,720,155) | | | | 54,225,986 | |
Contingent Right(NM) | | | | | |
Dyax Corp.*^+(a) (Biotechnology) | | 14,504 | | 16,099 | |
TOTAL CONTINGENT RIGHT (Cost $—) | | | | 16,099 | |
Repurchase Agreements(b) (0.3%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $199,033 | | $ | 199,000 | | $ | 199,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $199,000) | | | | 199,000 | |
TOTAL INVESTMENT SECURITIES (Cost $22,919,155)—83.0% | | | | 54,441,085 | |
Net other assets (liabilities)—17.0% | | | | 11,159,910 | |
NET ASSETS—100.0% | | | | $ | 65,600,995 | |
| | | | | | | |
* Non-income producing security.
^ The Advisor has deemed this security to be illiquid. As of June 30, 2018, this security represented 0.025% of the net assets of the Fund.
See accompanying notes to financial statements.
24 :: ProFund VP Biotechnology :: Financial Statements
+ This security was fair valued based on procedures approved by the Board of Trustees. As of June 30, 2018, this security represented 0.025% of the net assets of the Fund.
(a) Expiration is on or before December 31, 2019; expiration is subject to contingencies. Rights entitle the Fund to cash if the company receives U.S. Food and Drug Administration approval on a specific medication that is being developed.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
NM Not meaningful, amount is less than 0.05%.
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
Dow Jones U.S. Biotechnology Index | | Goldman Sachs International | | 7/23/18 | | 2.48 | % | $ | 11,398,632 | | $ | (1,368 | ) |
| | | | | | | | | | | | | |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
ProFund VP Biotechnology invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Biotechnology | | $ | 46,312,852 | | 70.6 | % |
Life Sciences Tools & Services | | 7,399,623 | | 11.3 | % |
Pharmaceuticals | | 529,610 | | 0.8 | % |
Other** | | 11,358,910 | | 17.3 | % |
Total | | $ | 65,600,995 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Biotechnology :: 25
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 22,919,155 | |
Securities, at value | | 54,242,085 | |
Repurchase agreements, at value | | 199,000 | |
Total Investment Securities, at value | | 54,441,085 | |
Cash | | 672 | |
Dividends and interest receivable | | 22 | |
Receivable for capital shares issued | | 1,457,441 | |
Receivable for investments sold | | 9,879,558 | |
Prepaid expenses | | 883 | |
TOTAL ASSETS | | 65,779,661 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 2,340 | |
Unrealized depreciation on swap agreements | | 1,368 | |
Advisory fees payable | | 39,874 | |
Management services fees payable | | 5,317 | |
Administration fees payable | | 1,817 | |
Administrative services fees payable | | 24,282 | |
Distribution fees payable | | 35,697 | |
Trustee fees payable | | 14 | |
Transfer agency fees payable | | 2,992 | |
Fund accounting fees payable | | 2,173 | |
Compliance services fees payable | | 370 | |
Other accrued expenses | | 62,422 | |
TOTAL LIABILITIES | | 178,666 | |
NET ASSETS | | $ | 65,600,995 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 41,544,196 | |
Accumulated net investment income (loss) | | (41,641 | ) |
Accumulated net realized gains (losses) on investments | | (7,422,122 | ) |
Net unrealized appreciation (depreciation) on investments | | 31,520,562 | |
NET ASSETS | | $ | 65,600,995 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 950,476 | |
Net Asset Value (offering and redemption price per share) | | $ | 69.02 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 488,872 | |
Interest | | 1,856 | |
TOTAL INVESTMENT INCOME | | 490,728 | |
EXPENSES: | | | |
Advisory fees | | 251,552 | |
Management services fees | | 33,540 | |
Administration fees | | 12,703 | |
Transfer agency fees | | 19,184 | |
Administrative services fees | | 63,378 | |
Distribution fees | | 83,851 | |
Custody fees | | 7,729 | |
Fund accounting fees | | 14,271 | |
Trustee fees | | 1,141 | |
Compliance services fees | | 397 | |
Other fees | | 44,623 | |
TOTAL NET EXPENSES | | 532,369 | |
NET INVESTMENT INCOME (LOSS) | | (41,641 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 279,464 | |
Net realized gains (losses) on swap agreements | | (62,127 | ) |
Change in net unrealized appreciation/depreciation on investment securities | | (1,649,156 | ) |
Change in net unrealized appreciation/depreciation on swap agreements | | 405 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (1,431,414 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (1,473,055 | ) |
See accompanying notes to financial statements.
26 :: ProFund VP Biotechnology :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (41,641 | ) | $ | (149,597 | ) |
Net realized gains (losses) on investments | | 217,337 | | 3,357,578 | |
Change in net unrealized appreciation/depreciation on investments | | (1,648,751 | ) | 9,753,547 | |
Change in net assets resulting from operations | | (1,473,055 | ) | 12,961,528 | |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 22,629,091 | | 39,875,545 | |
Value of shares redeemed | | (23,719,851 | ) | (43,784,464 | ) |
Change in net assets resulting from capital transactions | | (1,090,760 | ) | (3,908,919 | ) |
Change in net assets | | (2,563,815 | ) | 9,052,609 | |
NET ASSETS: | | | | | |
Beginning of period | | 68,164,810 | | 59,112,201 | |
End of period | | $ | 65,600,995 | | $ | 68,164,810 | |
Accumulated net investment income (loss) | | $ | (41,641 | ) | $ | — | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 320,168 | | 603,434 | |
Redeemed | | (338,004 | ) | (664,162 | ) |
Change in shares | | (17,836 | ) | (60,728 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Biotechnology :: 27
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 70.40 | | $ | 57.44 | | $ | 68.89 | | $ | 69.13 | | $ | 57.75 | | $ | 34.29 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | (0.04 | ) | (0.14 | ) | (0.14 | ) | (0.47 | ) | (0.62 | ) | (0.39 | ) |
Net realized and unrealized gains (losses) on investments | | (1.34 | ) | 13.10 | | (10.47 | ) | 2.77 | | 16.63 | | 23.85 | |
Total income (loss) from investment activities | | (1.38 | ) | 12.96 | | (10.61 | ) | 2.30 | | 16.01 | | 23.46 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net realized gains on investments | | — | | — | | (0.84 | ) | (2.54 | ) | (4.63 | ) | — | |
Net Asset Value, End of Period | | $ | 69.02 | | $ | 70.40 | | $ | 57.44 | | $ | 68.89 | | $ | 69.13 | | $ | 57.75 | |
Total Return(b) | | (1.96 | )% | 22.54 | % | (15.48 | )% | 3.30 | % | 29.73 | % | 68.42 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.59 | % | 1.59 | % | 1.57 | % | 1.61 | % | 1.68 | % | 1.70 | % |
Net expenses(c) | | 1.59 | % | 1.59 | % | 1.57 | % | 1.61 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | (0.12 | )% | (0.22 | )% | (0.24 | )% | (0.66 | )% | (0.99 | )% | (0.83 | )% |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 65,601 | | $ | 68,165 | | $ | 59,112 | | $ | 85,306 | | $ | 80,009 | | $ | 53,072 | |
Portfolio turnover rate(b)(d) | | 68 | % | 157 | % | 154 | % | 164 | % | 248 | % | 254 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
28 :: ProFund VP Bull :: Financial Statements
Investment Objective: The ProFund VP Bull seeks investment results, before fees and expenses, that correspond to the performance of the S&P 500®.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 71 | % |
Futures Contracts | | 16 | % |
Swap Agreements | | 13 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
Apple, Inc. | | 2.8 | % |
Microsoft Corp. | | 2.3 | % |
Amazon.com, Inc. | | 2.1 | % |
Alphabet, Inc. | | 2.1 | % |
Facebook, Inc. | | 1.4 | % |
S&P 500 — Composition
| | % of Index | |
Information Technology | | 25 | % |
Health Care | | 14 | % |
Financials | | 14 | % |
Consumer Discretionary | | 13 | % |
Industrials | | 10 | % |
Consumer Staples | | 7 | % |
Energy | | 6 | % |
Utilities | | 3 | % |
Real Estate | | 3 | % |
Materials | | 3 | % |
Telecommunication Services | | 2 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (71.2%)
| | Shares | | Value | |
3M Co. (Industrial Conglomerates) | | 1,225 | | $ | 240,982 | |
A.O. Smith Corp. (Building Products) | | 300 | | 17,745 | |
Abbott Laboratories (Health Care Equipment & Supplies) | | 3,600 | | 219,563 | |
AbbVie, Inc. (Biotechnology) | | 3,100 | | 287,214 | |
ABIOMED, Inc.* (Health Care Equipment & Supplies) | | 75 | | 30,679 | |
Accenture PLC—Class A (IT Services) | | 1,325 | | 216,757 | |
Activision Blizzard, Inc. (Software) | | 1,550 | | 118,296 | |
Adobe Systems, Inc.* (Software) | | 1,000 | | 243,809 | |
Advance Auto Parts, Inc. (Specialty Retail) | | 150 | | 20,355 | |
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | | 1,675 | | 25,108 | |
Aetna, Inc. (Health Care Providers & Services) | | 675 | | 123,862 | |
Affiliated Managers Group, Inc. (Capital Markets) | | 100 | | 14,867 | |
Aflac, Inc. (Insurance) | | 1,575 | | 67,757 | |
Agilent Technologies, Inc. (Life Sciences Tools & Services) | | 650 | | 40,196 | |
Air Products & Chemicals, Inc. (Chemicals) | | 450 | | 70,079 | |
Akamai Technologies, Inc.* (Internet Software & Services) | | 350 | | 25,631 | |
Alaska Air Group, Inc. (Airlines) | | 250 | | 15,098 | |
Albemarle Corp. (Chemicals) | | 225 | | 21,224 | |
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts) | | 200 | | 25,234 | |
Alexion Pharmaceuticals, Inc.* (Biotechnology) | | 450 | | 55,868 | |
Align Technology, Inc.* (Health Care Equipment & Supplies) | | 150 | | 51,321 | |
Allegion PLC (Building Products) | | 200 | | 15,472 | |
Allergan PLC (Pharmaceuticals) | | 700 | | 116,704 | |
Alliance Data Systems Corp. (IT Services) | | 100 | | 23,320 | |
Alliant Energy Corp. (Electric Utilities) | | 475 | | 20,102 | |
Alphabet, Inc.*—Class A (Internet Software & Services) | | 600 | | 677,514 | |
Alphabet, Inc.*—Class C (Internet Software & Services) | | 625 | | | 697,280 | |
Altria Group, Inc. (Tobacco) | | 3,875 | | 220,061 | |
Amazon.com, Inc.* (Internet & Direct Marketing Retail) | | 825 | | 1,402,334 | |
Ameren Corp. (Multi-Utilities) | | 500 | | 30,425 | |
American Airlines Group, Inc. (Airlines) | | 850 | | 32,266 | |
American Electric Power Co., Inc. (Electric Utilities) | | 1,000 | | 69,250 | |
American Express Co. (Consumer Finance) | | 1,450 | | 142,100 | |
American International Group, Inc. (Insurance) | | 1,825 | | 96,761 | |
American Tower Corp. (Equity Real Estate Investment Trusts) | | 900 | | 129,752 | |
American Water Works Co., Inc. (Water Utilities) | | 375 | | 32,018 | |
Ameriprise Financial, Inc. (Capital Markets) | | 300 | | 41,964 | |
AmerisourceBergen Corp. (Health Care Providers & Services) | | 325 | | 27,713 | |
AMETEK, Inc. (Electrical Equipment) | | 475 | | 34,276 | |
Amgen, Inc. (Biotechnology) | | 1,375 | | 253,811 | |
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | | 625 | | 54,469 | |
Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels) | | 1,050 | | 76,913 | |
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | | 750 | | 71,940 | |
Andeavor (Oil, Gas & Consumable Fuels) | | 275 | | 36,075 | |
ANSYS, Inc.* (Software) | | 175 | | 30,482 | |
Anthem, Inc. (Health Care Providers & Services) | | 525 | | 124,965 | |
Aon PLC (Insurance) | | 500 | | 68,585 | |
Apache Corp. (Oil, Gas & Consumable Fuels) | | 775 | | 36,231 | |
Apartment Investment & Management Co.— Class A (Equity Real Estate Investment Trusts) | | 325 | | 13,748 | |
Apple, Inc. (Technology Hardware, Storage & Peripherals) | | 10,050 | | 1,860,355 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Bull :: 29
Common Stocks, continued
| | Shares | | Value | |
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | | 2,075 | | $ | 95,844 | |
Aptiv PLC (Auto Components) | | 550 | | 50,397 | |
Archer-Daniels-Midland Co. (Food Products) | | 1,150 | | 52,705 | |
Arconic, Inc. (Aerospace & Defense) | | 875 | | 14,884 | |
Arthur J. Gallagher & Co. (Insurance) | | 375 | | 24,480 | |
Assurant, Inc. (Insurance) | | 100 | | 10,349 | |
AT&T, Inc. (Diversified Telecommunication Services) | | 14,900 | | 478,439 | |
Autodesk, Inc.* (Software) | | 450 | | 58,991 | |
Automatic Data Processing, Inc. (IT Services) | | 900 | | 120,726 | |
AutoZone, Inc.* (Specialty Retail) | | 50 | | 33,547 | |
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | | 275 | | 47,270 | |
Avery Dennison Corp. (Containers & Packaging) | | 175 | | 17,868 | |
Baker Hughes, Inc.—Class A (Energy Equipment & Services) | | 850 | | 28,076 | |
Ball Corp. (Containers & Packaging) | | 725 | | 25,774 | |
Bank of America Corp. (Banks) | | 19,300 | | 544,067 | |
Baxter International, Inc. (Health Care Equipment & Supplies) | | 1,000 | | 73,840 | |
BB&T Corp. (Banks) | | 1,600 | | 80,704 | |
Becton, Dickinson & Co. (Health Care Equipment & Supplies) | | 550 | | 131,758 | |
Berkshire Hathaway, Inc.*—Class B (Diversified Financial Services) | | 3,950 | | 737,268 | |
Best Buy Co., Inc. (Specialty Retail) | | 500 | | 37,290 | |
Biogen, Inc.* (Biotechnology) | | 425 | | 123,352 | |
BlackRock, Inc.—Class A (Capital Markets) | | 250 | | 124,760 | |
Booking Holdings, Inc.* (Internet & Direct Marketing Retail) | | 100 | | 202,709 | |
BorgWarner, Inc. (Auto Components) | | 400 | | 17,264 | |
Boston Properties, Inc. (Equity Real Estate Investment Trusts) | | 325 | | 40,762 | |
Boston Scientific Corp.* (Health Care Equipment & Supplies) | | 2,825 | | 92,378 | |
Brighthouse Financial, Inc.* (Insurance) | | 200 | | 8,014 | |
Bristol-Myers Squibb Co. (Pharmaceuticals) | | 3,350 | | 185,389 | |
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | | 850 | | 206,244 | |
Broadridge Financial Solutions, Inc. (IT Services) | | 250 | | 28,775 | |
Brown-Forman Corp.—Class B (Beverages) | | 525 | | 25,730 | |
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | | 275 | | 23,007 | |
CA, Inc. (Software) | | 650 | | 23,173 | |
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels) | | 925 | | 22,015 | |
Cadence Design Systems, Inc.* (Software) | | 575 | | 24,903 | |
Campbell Soup Co. (Food Products) | | 400 | | 16,216 | |
Capital One Financial Corp. (Consumer Finance) | | 1,000 | | 91,900 | |
Cardinal Health, Inc. (Health Care Providers & Services) | | 625 | | 30,519 | |
CarMax, Inc.* (Specialty Retail) | | 375 | | 27,326 | |
Carnival Corp.—Class A (Hotels, Restaurants & Leisure) | | 825 | | 47,281 | |
Caterpillar, Inc. (Machinery) | | 1,225 | | 166,195 | |
CBOE Holdings, Inc. (Capital Markets) | | 225 | | 23,416 | |
CBRE Group, Inc.*—Class A (Real Estate Management & Development) | | 625 | | 29,838 | |
CBS Corp.—Class B (Media) | | 700 | | 39,354 | |
Celgene Corp.* (Biotechnology) | | 1,450 | | | 115,159 | |
Centene Corp.* (Health Care Providers & Services) | | 425 | | 52,364 | |
CenterPoint Energy, Inc. (Multi-Utilities) | | 875 | | 24,246 | |
CenturyLink, Inc. (Diversified Telecommunication Services) | | 2,000 | | 37,280 | |
Cerner Corp.* (Health Care Technology) | | 650 | | 38,864 | |
CF Industries Holdings, Inc. (Chemicals) | | 475 | | 21,090 | |
Charter Communications, Inc.*—Class A (Media) | | 375 | | 109,953 | |
Chevron Corp. (Oil, Gas & Consumable Fuels) | | 3,900 | | 493,076 | |
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | | 50 | | 21,569 | |
Chubb, Ltd. (Insurance) | | 950 | | 120,668 | |
Church & Dwight Co., Inc. (Household Products) | | 500 | | 26,580 | |
Cigna Corp. (Health Care Providers & Services) | | 500 | | 84,975 | |
Cimarex Energy Co. (Oil, Gas & Consumable Fuels) | | 200 | | 20,348 | |
Cincinnati Financial Corp. (Insurance) | | 300 | | 20,058 | |
Cintas Corp. (Commercial Services & Supplies) | | 175 | | 32,387 | |
Cisco Systems, Inc. (Communications Equipment) | | 9,625 | | 414,164 | |
Citigroup, Inc. (Banks) | | 5,225 | | 349,657 | |
Citizens Financial Group, Inc. (Banks) | | 1,000 | | 38,900 | |
Citrix Systems, Inc.* (Software) | | 275 | | 28,831 | |
CME Group, Inc. (Capital Markets) | | 700 | | 114,744 | |
CMS Energy Corp. (Multi-Utilities) | | 575 | | 27,186 | |
Cognizant Technology Solutions Corp. (IT Services) | | 1,200 | | 94,788 | |
Colgate-Palmolive Co. (Household Products) | | 1,775 | | 115,038 | |
Comcast Corp.—Class A (Media) | | 9,400 | | 308,413 | |
Comerica, Inc. (Banks) | | 350 | | 31,822 | |
ConAgra Foods, Inc. (Food Products) | | 800 | | 28,584 | |
Concho Resources, Inc.* (Oil, Gas & Consumable Fuels) | | 300 | | 41,505 | |
ConocoPhillips (Oil, Gas & Consumable Fuels) | | 2,400 | | 167,088 | |
Consolidated Edison, Inc. (Multi-Utilities) | | 625 | | 48,738 | |
Constellation Brands, Inc.—Class A (Beverages) | | 350 | | 76,605 | |
Copart, Inc.* (Commercial Services & Supplies) | | 425 | | 24,038 | |
Corning, Inc. (Electronic Equipment, Instruments & Components) | | 1,700 | | 46,767 | |
Costco Wholesale Corp. (Food & Staples Retailing) | | 900 | | 188,082 | |
Coty, Inc. (Personal Products) | | 975 | | 13,748 | |
Crown Castle International Corp. (Equity Real Estate Investment Trusts) | | 850 | | 91,646 | |
CSX Corp. (Road & Rail) | | 1,800 | | 114,804 | |
Cummins, Inc. (Machinery) | | 325 | | 43,225 | |
CVS Health Corp. (Food & Staples Retailing) | | 2,075 | | 133,526 | |
D.R. Horton, Inc. (Household Durables) | | 700 | | 28,700 | |
Danaher Corp. (Health Care Equipment & Supplies) | | 1,250 | | 123,350 | |
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | | 250 | | 26,765 | |
DaVita HealthCare Partners, Inc.* (Health Care Providers & Services) | | 275 | | 19,096 | |
Deere & Co. (Machinery) | | 675 | | 94,364 | |
Delta Air Lines, Inc. (Airlines) | | 1,325 | | 65,640 | |
See accompanying notes to financial statements.
30 :: ProFund VP Bull :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Dentsply Sirona, Inc. (Health Care Equipment & Supplies) | | 475 | | $ | 20,791 | |
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | | 1,075 | | 47,257 | |
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 425 | | 47,422 | |
Discover Financial Services (Consumer Finance) | | 725 | | 51,047 | |
Discovery Communications, Inc.*—Class A (Media) | | 325 | | 8,938 | |
Discovery Communications, Inc.*—Class C (Media) | | 700 | | 17,850 | |
Dish Network Corp.*—Class A (Media) | | 475 | | 15,965 | |
Dollar General Corp. (Multiline Retail) | | 525 | | 51,765 | |
Dollar Tree, Inc.* (Multiline Retail) | | 475 | | 40,375 | |
Dominion Resources, Inc. (Multi-Utilities) | | 1,325 | | 90,338 | |
Dover Corp. (Machinery) | | 325 | | 23,790 | |
DowDuPont, Inc. (Chemicals) | | 4,750 | | 313,119 | |
DTE Energy Co. (Multi-Utilities) | | 375 | | 38,861 | |
Duke Energy Corp. (Electric Utilities) | | 1,425 | | 112,689 | |
Duke Realty Corp. (Equity Real Estate Investment Trusts) | | 725 | | 21,047 | |
DXC Technology Co. (IT Services) | | 575 | | 46,351 | |
E*TRADE Financial Corp.* (Capital Markets) | | 550 | | 33,638 | |
Eastman Chemical Co. (Chemicals) | | 300 | | 29,988 | |
Eaton Corp. PLC (Electrical Equipment) | | 900 | | 67,266 | |
eBay, Inc.* (Internet Software & Services) | | 1,900 | | 68,894 | |
Ecolab, Inc. (Chemicals) | | 525 | | 73,673 | |
Edison International (Electric Utilities) | | 675 | | 42,707 | |
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | | 425 | | 61,867 | |
Electronic Arts, Inc.* (Software) | | 625 | | 88,138 | |
Eli Lilly & Co. (Pharmaceuticals) | | 1,950 | | 166,394 | |
Emerson Electric Co. (Electrical Equipment) | | 1,300 | | 89,882 | |
Entergy Corp. (Electric Utilities) | | 375 | | 30,296 | |
Envision Healthcare Corp.* (Health Care Providers & Services) | | 250 | | 11,003 | |
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | | 1,175 | | 146,205 | |
EQT Corp. (Oil, Gas & Consumable Fuels) | | 525 | | 28,970 | |
Equifax, Inc. (Professional Services) | | 250 | | 31,278 | |
Equinix, Inc. (Equity Real Estate Investment Trusts) | | 175 | | 75,230 | |
Equity Residential (Equity Real Estate Investment Trusts) | | 750 | | 47,768 | |
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | | 125 | | 29,884 | |
Everest Re Group, Ltd. (Insurance) | | 75 | | 17,286 | |
Evergy, Inc. (Electric Utilities) | | 550 | | 30,883 | |
Eversource Energy (Electric Utilities) | | 650 | | 38,097 | |
Exelon Corp. (Electric Utilities) | | 1,975 | | 84,135 | |
Expedia, Inc. (Internet & Direct Marketing Retail) | | 250 | | 30,048 | |
Expeditors International of Washington, Inc. (Air Freight & Logistics) | | 350 | | 25,585 | |
Express Scripts Holding Co.* (Health Care Providers & Services) | | 1,150 | | 88,792 | |
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | | 250 | | 24,953 | |
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | | 8,675 | | 717,682 | |
F5 Networks, Inc.* (Communications Equipment) | | 125 | | | 21,556 | |
Facebook, Inc.*—Class A (Internet Software & Services) | | 4,900 | | 952,167 | |
Fastenal Co. (Trading Companies & Distributors) | | 600 | | 28,878 | |
Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | | 150 | | 18,983 | |
FedEx Corp. (Air Freight & Logistics) | | 500 | | 113,530 | |
Fidelity National Information Services, Inc. (IT Services) | | 675 | | 71,570 | |
Fifth Third Bancorp (Banks) | | 1,400 | | 40,180 | |
First Horizon National Corp. (Banks) | | 1 | | 10 | |
FirstEnergy Corp. (Electric Utilities) | | 925 | | 33,217 | |
Fiserv, Inc.* (IT Services) | | 850 | | 62,977 | |
FleetCor Technologies, Inc.* (IT Services) | | 175 | | 36,864 | |
FLIR Systems, Inc. (Electronic Equipment, Instruments & Components) | | 275 | | 14,292 | |
Flowserve Corp. (Machinery) | | 275 | | 11,110 | |
Fluor Corp. (Construction & Engineering) | | 300 | | 14,634 | |
FMC Corp. (Chemicals) | | 275 | | 24,533 | |
Foot Locker, Inc. (Specialty Retail) | | 250 | | 13,163 | |
Ford Motor Co. (Automobiles) | | 8,000 | | 88,560 | |
Fortive Corp. (Machinery) | | 625 | | 48,194 | |
Fortune Brands Home & Security, Inc. (Building Products) | | 300 | | 16,107 | |
Franklin Resources, Inc. (Capital Markets) | | 650 | | 20,833 | |
Freeport-McMoRan, Inc. (Metals & Mining) | | 2,750 | | 47,465 | |
Garmin, Ltd. (Household Durables) | | 225 | | 13,725 | |
Gartner, Inc.* (IT Services) | | 175 | | 23,258 | |
General Dynamics Corp. (Aerospace & Defense) | | 575 | | 107,186 | |
General Electric Co. (Industrial Conglomerates) | | 17,775 | | 241,917 | |
General Mills, Inc. (Food Products) | | 1,225 | | 54,218 | |
General Motors Co. (Automobiles) | | 2,600 | | 102,440 | |
Genuine Parts Co. (Distributors) | | 300 | | 27,537 | |
GGP, Inc. (Equity Real Estate Investment Trusts) | | 1,300 | | 26,559 | |
Gilead Sciences, Inc. (Biotechnology) | | 2,650 | | 187,726 | |
Global Payments, Inc. (IT Services) | | 325 | | 36,234 | |
H & R Block, Inc. (Diversified Consumer Services) | | 425 | | 9,682 | |
Halliburton Co. (Energy Equipment & Services) | | 1,800 | | 81,108 | |
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods) | | 750 | | 16,515 | |
Harley-Davidson, Inc. (Automobiles) | | 350 | | 14,728 | |
Harris Corp. (Communications Equipment) | | 250 | | 36,135 | |
Hartford Financial Services Group, Inc. (Insurance) | | 725 | | 37,069 | |
Hasbro, Inc. (Leisure Products) | | 225 | | 20,770 | |
HCA Holdings, Inc. (Health Care Providers & Services) | | 575 | | 58,995 | |
HCP, Inc. (Equity Real Estate Investment Trusts) | | 950 | | 24,529 | |
Helmerich & Payne, Inc. (Energy Equipment & Services) | | 225 | | 14,346 | |
Henry Schein, Inc.* (Health Care Providers & Services) | | 325 | | 23,608 | |
Hess Corp. (Oil, Gas & Consumable Fuels) | | 525 | | 35,117 | |
Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals) | | 3,125 | | 45,656 | |
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure) | | 575 | | 45,517 | |
HollyFrontier Corp. (Oil, Gas & Consumable Fuels) | | 350 | | 23,951 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Bull :: 31
Common Stocks, continued
| | Shares | | Value | |
Hologic, Inc.* (Health Care Equipment & Supplies) | | 550 | | $ | 21,863 | |
Honeywell International, Inc. (Industrial Conglomerates) | | 1,525 | | 219,676 | |
Hormel Foods Corp. (Food Products) | | 550 | | 20,466 | |
Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | | 1,525 | | 32,132 | |
HP, Inc. (Technology Hardware, Storage & Peripherals) | | 3,350 | | 76,012 | |
Humana, Inc. (Health Care Providers & Services) | | 275 | | 81,848 | |
Huntington Bancshares, Inc. (Banks) | | 2,250 | | 33,210 | |
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | | 100 | | 21,679 | |
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | | 175 | | 38,140 | |
IHS Markit, Ltd.* (Professional Services) | | 725 | | 37,402 | |
Illinois Tool Works, Inc. (Machinery) | | 625 | | 86,588 | |
Illumina, Inc.* (Life Sciences Tools & Services) | | 300 | | 83,786 | |
Incyte Corp.* (Biotechnology) | | 350 | | 23,450 | |
Ingersoll-Rand PLC (Machinery) | | 500 | | 44,865 | |
Intel Corp. (Semiconductors & Semiconductor Equipment) | | 9,550 | | 474,731 | |
Intercontinental Exchange, Inc. (Capital Markets) | | 1,175 | | 86,421 | |
International Business Machines Corp. (IT Services) | | 1,750 | | 244,475 | |
International Flavors & Fragrances, Inc. (Chemicals) | | 150 | | 18,594 | |
International Paper Co. (Containers & Packaging) | | 850 | | 44,267 | |
Intuit, Inc. (Software) | | 500 | | 102,153 | |
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | | 225 | | 107,658 | |
Invesco, Ltd. (Capital Markets) | | 850 | | 22,576 | |
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components) | | 75 | | 16,547 | |
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | | 300 | | 29,946 | |
Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | | 575 | | 20,131 | |
J.B. Hunt Transport Services, Inc. (Road & Rail) | | 175 | | 21,271 | |
Jacobs Engineering Group, Inc. (Construction & Engineering) | | 250 | | 15,873 | |
Jefferies Financial Group, Inc. (Capital Markets) | | 625 | | 14,213 | |
Johnson & Johnson (Pharmaceuticals) | | 5,500 | | 667,370 | |
Johnson Controls International PLC (Building Products) | | 1,900 | | 63,555 | |
JPMorgan Chase & Co. (Banks) | | 6,975 | | 726,794 | |
Juniper Networks, Inc. (Communications Equipment) | | 725 | | 19,880 | |
Kansas City Southern Industries, Inc. (Road & Rail) | | 200 | | 21,192 | |
Kellogg Co. (Food Products) | | 500 | | 34,935 | |
KeyCorp (Banks) | | 2,175 | | 42,500 | |
Kimberly-Clark Corp. (Household Products) | | 725 | | 76,372 | |
Kimco Realty Corp. (Equity Real Estate Investment Trusts) | | 875 | | 14,866 | |
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | | 3,875 | | 68,471 | |
KLA-Tencor Corp. (Semiconductors & Semiconductor Equipment) | | 325 | | 33,322 | |
Kohl’s Corp. (Multiline Retail) | | 350 | | | 25,515 | |
L Brands, Inc. (Specialty Retail) | | 500 | | 18,440 | |
L3 Technologies, Inc. (Aerospace & Defense) | | 150 | | 28,848 | |
Laboratory Corp. of America Holdings* (Health Care Providers & Services) | | 200 | | 35,906 | |
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | | 325 | | 56,176 | |
Leggett & Platt, Inc. (Household Durables) | | 275 | | 12,276 | |
Lennar Corp.—Class A (Household Durables) | | 550 | | 28,874 | |
Lincoln National Corp. (Insurance) | | 450 | | 28,013 | |
LKQ Corp.* (Distributors) | | 625 | | 19,938 | |
Lockheed Martin Corp. (Aerospace & Defense) | | 500 | | 147,715 | |
Loews Corp. (Insurance) | | 525 | | 25,347 | |
Lowe’s Cos., Inc. (Specialty Retail) | | 1,675 | | 160,079 | |
LyondellBasell Industries N.V.—Class A (Chemicals) | | 650 | | 71,403 | |
M&T Bank Corp. (Banks) | | 300 | | 51,045 | |
Macy’s, Inc. (Multiline Retail) | | 625 | | 23,394 | |
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | | 1,750 | | 36,505 | |
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | | 950 | | 66,652 | |
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | | 601 | | 76,067 | |
Marsh & McLennan Cos., Inc. (Insurance) | | 1,050 | | 86,069 | |
Martin Marietta Materials, Inc. (Construction Materials) | | 125 | | 27,916 | |
Masco Corp. (Building Products) | | 625 | | 23,388 | |
MasterCard, Inc.—Class A (IT Services) | | 1,875 | | 368,474 | |
Mattel, Inc. (Leisure Products) | | 700 | | 11,494 | |
McCormick & Co., Inc. (Food Products) | | 250 | | 29,023 | |
McDonald’s Corp. (Hotels, Restaurants & Leisure) | | 1,600 | | 250,703 | |
McKesson Corp. (Health Care Providers & Services) | | 425 | | 56,695 | |
Medtronic PLC (Health Care Equipment & Supplies) | | 2,775 | | 237,567 | |
Merck & Co., Inc. (Pharmaceuticals) | | 5,500 | | 333,850 | |
MetLife, Inc. (Insurance) | | 2,075 | | 90,469 | |
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | | 50 | | 28,932 | |
MGM Resorts International (Hotels, Restaurants & Leisure) | | 1,025 | | 29,756 | |
Michael Kors Holdings, Ltd.* (Textiles, Apparel & Luxury Goods) | | 300 | | 19,980 | |
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | | 475 | | 43,201 | |
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | 2,375 | | 124,545 | |
Microsoft Corp. (Software) | | 15,725 | | 1,550,641 | |
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts) | | 225 | | 22,651 | |
Mohawk Industries, Inc.* (Household Durables) | | 125 | | 26,784 | |
Molson Coors Brewing Co.—Class B (Beverages) | | 375 | | 25,515 | |
Mondelez International, Inc.—Class A (Food Products) | | 3,025 | | 124,024 | |
Monster Beverage Corp.* (Beverages) | | 850 | | 48,705 | |
Moody’s Corp. (Capital Markets) | | 350 | | 59,696 | |
Morgan Stanley (Capital Markets) | | 2,800 | | 132,719 | |
See accompanying notes to financial statements.
32 :: ProFund VP Bull :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Motorola Solutions, Inc. (Communications Equipment) | | 325 | | $ | 37,820 | |
MSCI, Inc.—Class A (Capital Markets) | | 175 | | 28,950 | |
Mylan N.V.* (Pharmaceuticals) | | 1,050 | | 37,947 | |
National Oilwell Varco, Inc. (Energy Equipment & Services) | | 775 | | 33,635 | |
Nektar Therapeutics* (Pharmaceuticals) | | 325 | | 15,870 | |
NetApp, Inc. (Technology Hardware, Storage & Peripherals) | | 550 | | 43,192 | |
Netflix, Inc.* (Internet & Direct Marketing Retail) | | 900 | | 352,286 | |
Newell Rubbermaid, Inc. (Household Durables) | | 1,000 | | 25,790 | |
Newfield Exploration Co.* (Oil, Gas & Consumable Fuels) | | 400 | | 12,100 | |
Newmont Mining Corp. (Metals & Mining) | | 1,100 | | 41,481 | |
News Corp.—Class A (Media) | | 775 | | 12,013 | |
News Corp.—Class B (Media) | | 250 | | 3,963 | |
NextEra Energy, Inc. (Electric Utilities) | | 975 | | 162,853 | |
Nielsen Holdings PLC (Professional Services) | | 675 | | 20,878 | |
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | | 2,625 | | 209,160 | |
NiSource, Inc. (Multi-Utilities) | | 700 | | 18,396 | |
Noble Energy, Inc. (Oil, Gas & Consumable Fuels) | | 1,000 | | 35,280 | |
Nordstrom, Inc. (Multiline Retail) | | 250 | | 12,945 | |
Norfolk Southern Corp. (Road & Rail) | | 575 | | 86,750 | |
Northern Trust Corp. (Capital Markets) | | 425 | | 43,728 | |
Northrop Grumman Corp. (Aerospace & Defense) | | 350 | | 107,695 | |
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure) | | 425 | | 20,081 | |
NRG Energy, Inc. (Independent Power & Renewable Electricity Producers) | | 600 | | 18,420 | |
Nucor Corp. (Metals & Mining) | | 650 | | 40,625 | |
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | | 1,250 | | 296,125 | |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | | 1,575 | | 131,796 | |
Omnicom Group, Inc. (Media) | | 475 | | 36,228 | |
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | | 850 | | 59,356 | |
Oracle Corp. (Software) | | 6,100 | | 268,765 | |
O’Reilly Automotive, Inc.* (Specialty Retail) | | 175 | | 47,875 | |
PACCAR, Inc. (Machinery) | | 725 | | 44,921 | |
Packaging Corp. of America (Containers & Packaging) | | 200 | | 22,358 | |
Parker-Hannifin Corp. (Machinery) | | 275 | | 42,859 | |
Paychex, Inc. (IT Services) | | 650 | | 44,428 | |
PayPal Holdings, Inc.* (IT Services) | | 2,275 | | 189,439 | |
Pentair PLC (Machinery) | | 325 | | 13,676 | |
People’s United Financial, Inc. (Banks) | | 700 | | 12,663 | |
PepsiCo, Inc. (Beverages) | | 2,900 | | 315,723 | |
PerkinElmer, Inc. (Life Sciences Tools & Services) | | 225 | | 16,477 | |
Perrigo Co. PLC (Pharmaceuticals) | | 275 | | 20,050 | |
Pfizer, Inc. (Pharmaceuticals) | | 11,975 | | 434,453 | |
PG&E Corp. (Electric Utilities) | | 1,050 | | 44,688 | |
Philip Morris International, Inc. (Tobacco) | | 3,175 | | 256,350 | |
Phillips 66 (Oil, Gas & Consumable Fuels) | | 850 | | 95,464 | |
Pinnacle West Capital Corp. (Electric Utilities) | | 225 | | 18,126 | |
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | | 350 | | 66,234 | |
PNC Financial Services Group, Inc. (Banks) | | 950 | | 128,345 | |
PPG Industries, Inc. (Chemicals) | | 500 | | 51,865 | |
PPL Corp. (Electric Utilities) | | 1,425 | | 40,684 | |
Praxair, Inc. (Chemicals) | | 600 | | 94,890 | |
Principal Financial Group, Inc. (Insurance) | | 550 | | 29,123 | |
Prologis, Inc. (Equity Real Estate Investment Trusts) | | 1,100 | | 72,258 | |
Prudential Financial, Inc. (Insurance) | | 850 | | 79,484 | |
Public Service Enterprise Group, Inc. (Multi-Utilities) | | 1,025 | | 55,494 | |
Public Storage (Equity Real Estate Investment Trusts) | | 300 | | 68,057 | |
PulteGroup, Inc. (Household Durables) | | 550 | | 15,813 | |
PVH Corp. (Textiles, Apparel & Luxury Goods) | | 150 | | 22,458 | |
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | | 250 | | 20,043 | |
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | | 3,025 | | 169,763 | |
Quanta Services, Inc.* (Construction & Engineering) | | 300 | | 10,020 | |
Quest Diagnostics, Inc. (Health Care Providers & Services) | | 275 | | 30,234 | |
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | | 125 | | 15,715 | |
Raymond James Financial, Inc. (Capital Markets) | | 275 | | 24,571 | |
Raytheon Co. (Aerospace & Defense) | | 600 | | 115,908 | |
Realty Income Corp. (Equity Real Estate Investment Trusts) | | 575 | | 30,929 | |
Red Hat, Inc.* (Software) | | 375 | | 50,389 | |
Regency Centers Corp. (Equity Real Estate Investment Trusts) | | 300 | | 18,624 | |
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | | 150 | | 51,749 | |
Regions Financial Corp. (Banks) | | 2,300 | | 40,894 | |
Republic Services, Inc.—Class A (Commercial Services & Supplies) | | 450 | | 30,762 | |
ResMed, Inc. (Health Care Equipment & Supplies) | | 300 | | 31,074 | |
Robert Half International, Inc. (Professional Services) | | 250 | | 16,275 | |
Rockwell Automation, Inc. (Electrical Equipment) | | 250 | | 41,558 | |
Rockwell Collins, Inc. (Aerospace & Defense) | | 325 | | 43,771 | |
Roper Technologies, Inc. (Industrial Conglomerates) | | 200 | | 55,182 | |
Ross Stores, Inc. (Specialty Retail) | | 775 | | 65,680 | |
Royal Caribbean Cruises, Ltd. (Hotels, Restaurants & Leisure) | | 350 | | 36,260 | |
S&P Global, Inc. (Capital Markets) | | 525 | | 107,042 | |
Salesforce.com, Inc.* (Software) | | 1,450 | | 197,780 | |
SBA Communications Corp.* (Equity Real Estate Investment Trusts) | | 225 | | 37,152 | |
SCANA Corp. (Multi-Utilities) | | 300 | | 11,556 | |
Schlumberger, Ltd. (Energy Equipment & Services) | | 2,825 | | 189,359 | |
Seagate Technology PLC (Technology Hardware, Storage & Peripherals) | | 600 | | 33,882 | |
Sealed Air Corp. (Containers & Packaging) | | 325 | | 13,796 | |
Sempra Energy (Multi-Utilities) | | 550 | | 63,860 | |
Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | | 625 | | 106,368 | |
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | | 375 | | 36,244 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Bull :: 33
Common Stocks, continued
| | Shares | | Value | |
SL Green Realty Corp. (Equity Real Estate Investment Trusts) | | 175 | | $ | 17,593 | |
Snap-on, Inc. (Machinery) | | 125 | | 20,090 | |
Southwest Airlines Co. (Airlines) | | 1,100 | | 55,968 | |
Stanley Black & Decker, Inc. (Machinery) | | 325 | | 43,163 | |
Starbucks Corp. (Hotels, Restaurants & Leisure) | | 2,825 | | 138,001 | |
State Street Corp. (Capital Markets) | | 750 | | 69,818 | |
Stericycle, Inc.* (Commercial Services & Supplies) | | 175 | | 11,426 | |
Stryker Corp. (Health Care Equipment & Supplies) | | 650 | | 109,759 | |
SunTrust Banks, Inc. (Banks) | | 950 | | 62,719 | |
SVB Financial Group* (Banks) | | 100 | | 28,876 | |
Symantec Corp. (Software) | | 1,275 | | 26,329 | |
Synchrony Financial (Consumer Finance) | | 1,450 | | 48,401 | |
Synopsys, Inc.* (Software) | | 300 | | 25,671 | |
Sysco Corp. (Food & Staples Retailing) | | 975 | | 66,583 | |
T. Rowe Price Group, Inc. (Capital Markets) | | 500 | | 58,045 | |
Take-Two Interactive Software, Inc.* (Software) | | 225 | | 26,631 | |
Tapestry, Inc. (Textiles, Apparel & Luxury Goods) | | 600 | | 28,026 | |
Target Corp. (Multiline Retail) | | 1,100 | | 83,732 | |
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | | 725 | | 65,293 | |
TechnipFMC PLC (Energy Equipment & Services) | | 900 | | 28,566 | |
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | 2,000 | | 220,500 | |
Textron, Inc. (Aerospace & Defense) | | 525 | | 34,603 | |
The AES Corp. (Independent Power & Renewable Electricity Producers) | | 1,350 | | 18,104 | |
The Allstate Corp. (Insurance) | | 725 | | 66,171 | |
The Bank of New York Mellon Corp. (Capital Markets) | | 2,075 | | 111,905 | |
The Boeing Co. (Aerospace & Defense) | | 1,125 | | 377,448 | |
The Charles Schwab Corp. (Capital Markets) | | 2,450 | | 125,195 | |
The Clorox Co. (Household Products) | | 275 | | 37,194 | |
The Coca-Cola Co. (Beverages) | | 7,850 | | 344,300 | |
The Cooper Cos., Inc. (Health Care Equipment & Supplies) | | 100 | | 23,545 | |
The Estee Lauder Cos., Inc.—Class A (Personal Products) | | 450 | | 64,210 | |
The Gap, Inc. (Specialty Retail) | | 450 | | 14,576 | |
The Goldman Sachs Group, Inc. (Capital Markets) | | 725 | | 159,912 | |
The Goodyear Tire & Rubber Co. (Auto Components) | | 500 | | 11,645 | |
The Hershey Co. (Food Products) | | 275 | | 25,592 | |
The Home Depot, Inc. (Specialty Retail) | | 2,350 | | 458,484 | |
The Interpublic Group of Cos., Inc. (Media) | | 800 | | 18,752 | |
The JM Smucker Co.—Class A (Food Products) | | 225 | | 24,183 | |
The Kraft Heinz Co. (Food Products) | | 1,225 | | 76,954 | |
The Kroger Co. (Food & Staples Retailing) | | 1,675 | | 47,654 | |
The Macerich Co. (Equity Real Estate Investment Trusts) | | 225 | | 12,787 | |
The Mosaic Co. (Chemicals) | | 725 | | 20,336 | |
The NASDAQ OMX Group, Inc. (Capital Markets) | | 250 | | 22,818 | |
The Procter & Gamble Co. (Household Products) | | 5,150 | | 402,008 | |
The Progressive Corp. (Insurance) | | 1,200 | | 70,980 | |
The Sherwin-Williams Co. (Chemicals) | | 175 | | 71,325 | |
The Southern Co. (Electric Utilities) | | 2,075 | | | 96,093 | |
The TJX Cos., Inc. (Specialty Retail) | | 1,275 | | 121,354 | |
The Travelers Cos., Inc. (Insurance) | | 550 | | 67,287 | |
The Walt Disney Co. (Media) | | 3,050 | | 319,670 | |
The Western Union Co. (IT Services) | | 950 | | 19,314 | |
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | | 1,700 | | 46,087 | |
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | | 825 | | 170,890 | |
Tiffany & Co. (Specialty Retail) | | 200 | | 26,320 | |
Torchmark Corp. (Insurance) | | 225 | | 18,317 | |
Total System Services, Inc. (IT Services) | | 350 | | 29,582 | |
Tractor Supply Co. (Specialty Retail) | | 250 | | 19,123 | |
TransDigm Group, Inc. (Aerospace & Defense) | | 100 | | 34,514 | |
TripAdvisor, Inc.* (Internet & Direct Marketing Retail) | | 225 | | 12,535 | |
Twenty-First Century Fox, Inc.—Class A (Media) | | 2,150 | | 106,834 | |
Twenty-First Century Fox, Inc.—Class B (Media) | | 900 | | 44,343 | |
Twitter, Inc.* (Internet Software & Services) | | 1,350 | | 58,955 | |
Tyson Foods, Inc.—Class A (Food Products) | | 600 | | 41,310 | |
U.S. Bancorp (Banks) | | 3,200 | | 160,064 | |
UDR, Inc. (Equity Real Estate Investment Trusts) | | 550 | | 20,647 | |
Ulta Salon, Cosmetics & Fragrance, Inc.* (Specialty Retail) | | 125 | | 29,183 | |
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | | 375 | | 8,430 | |
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods) | | 375 | | 7,905 | |
Union Pacific Corp. (Road & Rail) | | 1,575 | | 223,146 | |
United Continental Holdings, Inc.* (Airlines) | | 475 | | 33,122 | |
United Parcel Service, Inc.—Class B (Air Freight & Logistics) | | 1,400 | | 148,722 | |
United Rentals, Inc.* (Trading Companies & Distributors) | | 175 | | 25,834 | |
United Technologies Corp. (Aerospace & Defense) | | 1,525 | | 190,670 | |
UnitedHealth Group, Inc. (Health Care Providers & Services) | | 1,975 | | 484,546 | |
Universal Health Services, Inc.—Class B (Health Care Providers & Services) | | 175 | | 19,502 | |
Unum Group (Insurance) | | 450 | | 16,646 | |
V.F. Corp. (Textiles, Apparel & Luxury Goods) | | 675 | | 55,026 | |
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | | 875 | | 96,976 | |
Varian Medical Systems, Inc.* (Health Care Equipment & Supplies) | | 175 | | 19,901 | |
Ventas, Inc. (Equity Real Estate Investment Trusts) | | 725 | | 41,289 | |
VeriSign, Inc.* (Internet Software & Services) | | 200 | | 27,484 | |
Verisk Analytics, Inc.*—Class A (Professional Services) | | 325 | | 34,983 | |
Verizon Communications, Inc. (Diversified Telecommunication Services) | | 8,450 | | 425,120 | |
Vertex Pharmaceuticals, Inc.* (Biotechnology) | | 525 | | 89,229 | |
Viacom, Inc.—Class B (Media) | | 725 | | 21,866 | |
Visa, Inc.—Class A (IT Services) | | 3,650 | | 483,442 | |
Vornado Realty Trust (Equity Real Estate Investment Trusts) | | 350 | | 25,872 | |
Vulcan Materials Co. (Construction Materials) | | 275 | | 35,492 | |
See accompanying notes to financial statements.
34 :: ProFund VP Bull :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
W.W. Grainger, Inc. (Trading Companies & Distributors) | | 100 | | $ | 30,840 | |
Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | | 1,750 | | 105,026 | |
Wal-Mart Stores, Inc. (Food & Staples Retailing) | | 2,950 | | 252,668 | |
Waste Management, Inc. (Commercial Services & Supplies) | | 825 | | 67,106 | |
Waters Corp.* (Life Sciences Tools & Services) | | 150 | | 29,039 | |
WEC Energy Group, Inc. (Multi-Utilities) | | 650 | | 42,023 | |
Wells Fargo & Co. (Banks) | | 8,975 | | 497,574 | |
Welltower, Inc. (Equity Real Estate Investment Trusts) | | 750 | | 47,018 | |
Western Digital Corp. (Technology Hardware, Storage & Peripherals) | | 600 | | 46,446 | |
WestRock Co. (Containers & Packaging) | | 525 | | 29,936 | |
Weyerhaeuser Co. (Equity Real Estate Investment Trusts) | | 1,550 | | 56,513 | |
Whirlpool Corp. (Household Durables) | | 125 | | 18,279 | |
Willis Towers Watson PLC (Insurance) | | 275 | | 41,690 | |
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure) | | 175 | | 29,285 | |
Xcel Energy, Inc. (Electric Utilities) | | 1,050 | | 47,964 | |
Xerox Corp. (Technology Hardware, Storage & Peripherals) | | 450 | | 10,800 | |
Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | | 525 | | 34,262 | |
XL Group, Ltd. (Insurance) | | 525 | | 29,374 | |
Xylem, Inc. (Machinery) | | 375 | | 25,268 | |
YUM! Brands, Inc. (Hotels, Restaurants & Leisure) | | 650 | | 50,843 | |
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies) | | 425 | | 47,362 | |
Zions Bancorp (Banks) | | 400 | | 21,076 | |
Zoetis, Inc. (Pharmaceuticals) | | 1,000 | | 85,190 | |
TOTAL COMMON STOCKS (Cost $13,255,723) | | | | 47,095,376 | |
| | | | | | |
Repurchase Agreements(a)(b) (28.6%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $18,919,089 | | $ | 18,916,000 | | $ | 18,916,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $18,916,000) | | | | 18,916,000 | |
TOTAL INVESTMENT SECURITIES (Cost $32,171,723)—99.8% | | | | 66,011,376 | |
Net other assets (liabilities)—0.2% | | | | 147,140 | |
NET ASSETS—100.0% | | | | $ | 66,158,516 | |
| | | | | | | |
* Non-income producing security.
(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $728,000.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
Futures Contracts Purchased
| | Number of Contracts | | Expiration Date | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
E-Mini S&P 500 Futures Contracts | | 77 | | 9/24/18 | | $ | 10,475,850 | | $ | (237,670 | ) |
| | | | | | | | | | | |
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
S&P 500 | | Goldman Sachs International | | 7/27/18 | | 2.53 | % | $ | 6,222,566 | | $ | 43,242 | |
S&P 500 | | UBS AG | | 7/27/18 | | 2.48 | % | 2,376,403 | | 16,521 | |
| | | | | | | | $ | 8,598,969 | | $ | 59,763 | |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Bull :: 35
ProFund VP Bull invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Aerospace & Defense | | $ | 1,224,921 | | 1.8 | % |
Air Freight & Logistics | | 310,844 | | 0.5 | % |
Airlines | | 202,094 | | 0.3 | % |
Auto Components | | 79,306 | | 0.1 | % |
Automobiles | | 205,728 | | 0.3 | % |
Banks | | 2,891,100 | | 4.4 | % |
Beverages | | 836,578 | | 1.3 | % |
Biotechnology | | 1,187,558 | | 1.8 | % |
Building Products | | 136,267 | | 0.2 | % |
Capital Markets | | 1,441,831 | | 2.2 | % |
Chemicals | | 882,119 | | 1.4 | % |
Commercial Services & Supplies | | 165,719 | | 0.3 | % |
Communications Equipment | | 529,555 | | 0.8 | % |
Construction & Engineering | | 40,527 | | 0.1 | % |
Construction Materials | | 63,408 | | 0.1 | % |
Consumer Finance | | 333,448 | | 0.5 | % |
Containers & Packaging | | 153,999 | | 0.2 | % |
Distributors | | 47,475 | | 0.1 | % |
Diversified Consumer Services | | 9,682 | | NM | |
Diversified Financial Services | | 737,268 | | 1.1 | % |
Diversified Telecommunication Services | | 940,839 | | 1.4 | % |
Electric Utilities | | 871,784 | | 1.3 | % |
Electrical Equipment | | 232,982 | | 0.4 | % |
Electronic Equipment, Instruments & Components | | 197,368 | | 0.3 | % |
Energy Equipment & Services | | 375,090 | | 0.6 | % |
Equity Real Estate Investment Trusts | | 1,309,674 | | 2.0 | % |
Food & Staples Retailing | | 793,539 | | 1.2 | % |
Food Products | | 528,210 | | 0.8 | % |
Health Care Equipment & Supplies | | 1,442,416 | | 2.2 | % |
Health Care Providers & Services | | 1,354,623 | | 2.0 | % |
Health Care Technology | | 38,864 | | 0.1 | % |
Hotels, Restaurants & Leisure | | 772,128 | | 1.2 | % |
Household Durables | | 170,241 | | 0.3 | % |
Household Products | | 657,192 | | 1.0 | % |
Independent Power & Renewable Electricity Producers | | 36,524 | | 0.1 | % |
Industrial Conglomerates | | | 757,757 | | 1.1 | % |
Insurance | | 1,119,997 | | 1.7 | % |
Internet & Direct Marketing Retail | | 1,999,912 | | 2.9 | % |
Internet Software & Services | | 2,507,925 | | 3.8 | % |
IT Services | | 2,140,774 | | 3.2 | % |
Leisure Products | | 32,264 | | NM | |
Life Sciences Tools & Services | | 399,266 | | 0.6 | % |
Machinery | | 708,308 | | 1.1 | % |
Media | | 1,064,142 | | 1.6 | % |
Metals & Mining | | 129,571 | | 0.2 | % |
Multiline Retail | | 237,726 | | 0.4 | % |
Multi-Utilities | | 451,123 | | 0.7 | % |
Oil, Gas & Consumable Fuels | | 2,607,354 | | 3.9 | % |
Personal Products | | 77,958 | | 0.1 | % |
Pharmaceuticals | | 2,063,217 | | 3.1 | % |
Professional Services | | 140,816 | | 0.2 | % |
Real Estate Management & Development | | 29,838 | | NM | |
Road & Rail | | 467,163 | | 0.7 | % |
Semiconductors & Semiconductor Equipment | | 1,908,048 | | 2.9 | % |
Software | | 2,864,982 | | 4.3 | % |
Specialty Retail | | 1,092,795 | | 1.7 | % |
Technology Hardware, Storage & Peripherals | | 2,116,343 | | 3.2 | % |
Textiles, Apparel & Luxury Goods | | 383,215 | | 0.6 | % |
Tobacco | | 476,411 | | 0.7 | % |
Trading Companies & Distributors | | 85,552 | | 0.1 | % |
Water Utilities | | 32,018 | | NM | |
Other** | | 19,063,140 | | 28.8 | % |
Total | | $ | 66,158,516 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
NM Not meaningful, amount is less than 0.05%.
See accompanying notes to financial statements.
36 :: ProFund VP Bull :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 32,171,723 | |
Securities, at value | | 47,095,376 | |
Repurchase agreements, at value | | 18,916,000 | |
Total Investment Securities, at value | | 66,011,376 | |
Cash | | 713 | |
Segregated cash balances with brokers | | 486,640 | |
Dividends and interest receivable | | 41,001 | |
Unrealized appreciation on swap agreements | | 59,763 | |
Receivable for capital shares issued | | 1,345 | |
Receivable for investments sold | | 45,744 | |
Variation margin on futures contracts | | 6,121 | |
Prepaid expenses | | 996 | |
TOTAL ASSETS | | 66,653,699 | |
LIABILITIES: | | | |
Payable for investments purchased | | 24,041 | |
Payable for capital shares redeemed | | 274,817 | |
Advisory fees payable | | 42,682 | |
Management services fees payable | | 5,691 | |
Administration fees payable | | 1,938 | |
Administrative services fees payable | | 32,230 | |
Distribution fees payable | | 34,550 | |
Trustee fees payable | | 15 | |
Transfer agency fees payable | | 3,191 | |
Fund accounting fees payable | | 2,317 | |
Compliance services fees payable | | 398 | |
Other accrued expenses | | 73,313 | |
TOTAL LIABILITIES | | 495,183 | |
NET ASSETS | | $ | 66,158,516 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 35,840,770 | |
Accumulated net investment income (loss) | | 40,686 | |
Accumulated net realized gains (losses) on investments | | (3,384,686 | ) |
Net unrealized appreciation (depreciation) on investments | | 33,661,746 | |
NET ASSETS | | $ | 66,158,516 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 1,438,678 | |
Net Asset Value (offering and redemption price per share) | | $ | 45.99 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 452,558 | |
Interest | | 211,412 | |
TOTAL INVESTMENT INCOME | | 663,970 | |
EXPENSES: | | | |
Advisory fees | | 286,568 | |
Management services fees | | 38,209 | |
Administration fees | | 11,558 | |
Transfer agency fees | | 17,413 | |
Administrative services fees | | 98,855 | |
Distribution fees | | 95,523 | |
Custody fees | | 4,696 | |
Fund accounting fees | | 14,377 | |
Trustee fees | | 1,088 | |
Compliance services fees | | 398 | |
Other fees | | 21,228 | |
Recoupment of prior expenses reduced by the Advisor | | 52,000 | |
TOTAL NET EXPENSES | | 641,913 | |
NET INVESTMENT INCOME (LOSS) | | 22,057 | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 513,015 | |
Net realized gains (losses) on futures contracts | | 630,054 | |
Net realized gains (losses) on swap agreements | | 704,594 | |
Change in net unrealized appreciation/depreciation on investment securities | | 270,152 | |
Change in net unrealized appreciation/depreciation on futures contracts | | (485,974 | ) |
Change in net unrealized appreciation/depreciation on swap agreements | | 159,251 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | 1,791,092 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,813,149 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Bull :: 37
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 22,057 | | $ | (227,331 | ) |
Net realized gains (losses) on investments | | 1,847,663 | | 7,572,697 | |
Change in net unrealized appreciation/depreciation on investments | | (56,571 | ) | 6,960,913 | |
Change in net assets resulting from operations | | 1,813,149 | | 14,306,279 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net realized gains on investments | | (7,322,619 | ) | (2,229,776 | ) |
Change in net assets resulting from distributions | | (7,322,619 | ) | (2,229,776 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 175,984,255 | | 284,787,468 | |
Distributions reinvested | | 7,322,619 | | 2,229,776 | |
Value of shares redeemed | | (204,179,762 | ) | (284,467,841 | ) |
Change in net assets resulting from capital transactions | | (20,872,888 | ) | 2,549,403 | |
Change in net assets | | (26,382,358 | ) | 14,625,906 | |
NET ASSETS: | | | | | |
Beginning of period | | 92,540,874 | | 77,914,968 | |
End of period | | $ | 66,158,516 | | $ | 92,540,874 | |
Accumulated net investment income (loss) | | $ | 40,686 | | $ | 18,629 | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 3,455,689 | | 6,022,053 | |
Reinvested | | 156,634 | | 46,444 | |
Redeemed | | (4,000,793 | ) | (6,030,481 | ) |
Change in shares | | (388,470 | ) | 38,016 | |
See accompanying notes to financial statements.
38 :: ProFund VP Bull :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 50.65 | | $ | 43.55 | | $ | 40.57 | | $ | 41.22 | | $ | 37.88 | | $ | 29.52 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | 0.01 | | (0.13 | ) | (0.19 | ) | (0.17 | ) | (0.19 | ) | (0.25 | ) |
Net realized and unrealized gains (losses) on investments | | 0.92 | | 8.48 | | 4.09 | | (0.01 | ) | 4.46 | | 8.98 | |
Total income (loss) from investment activities | | 0.93 | | 8.35 | | 3.90 | | (0.18 | ) | 4.27 | | 8.73 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net realized gains on investments | | (5.59 | ) | (1.25 | ) | (0.92 | ) | (0.47 | ) | (0.93 | ) | (0.37 | ) |
Net Asset Value, End of Period | | $ | 45.99 | | $ | 50.65 | | $ | 43.55 | | $ | 40.57 | | $ | 41.22 | | $ | 37.88 | |
Total Return(b) | | 1.66 | % | 19.34 | % | 9.66 | % | (0.46 | )% | 11.47 | % | 29.76 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.68 | % | 1.68 | % | 1.71 | % | 1.73 | % | 1.70 | % | 1.72 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | 0.06 | % | (0.28 | )% | (0.45 | )% | (0.42 | )% | (0.50 | )% | (0.74 | )% |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 66,159 | | $ | 92,541 | | $ | 77,915 | | $ | 104,154 | | $ | 159,657 | | $ | 105,750 | |
Portfolio turnover rate(b)(d) | | 1 | % | 3 | % | 4 | % | 32 | % | 131 | % | 43 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Consumer Goods :: 39
Investment Objective: The ProFund VP Consumer Goods seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Consumer Goods Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 100 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
The Procter & Gamble Co. | | 9.2 | % |
The Coca-Cola Co. | | 7.9 | % |
PepsiCo, Inc. | | 7.3 | % |
Philip Morris International, Inc. | | 5.9 | % |
Altria Group, Inc. | | 5.1 | % |
Dow Jones U.S. Consumer Goods Index — Composition
| | % of Index | |
Food, Beverage & Tobacco | | 48 | % |
Household & Personal Products | | 18 | % |
Consumer Durables & Apparel | | 16 | % |
Automobiles & Components | | 11 | % |
Software & Services | | 5 | % |
Capital Goods | | 1 | % |
Retailing | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.9%)
| | Shares | | Value | |
Activision Blizzard, Inc. (Software) | | 4,231 | | $ | 322,910 | |
Adient PLC (Auto Components) | | 518 | | 25,480 | |
Altria Group, Inc. (Tobacco) | | 10,526 | | 597,772 | |
Aptiv PLC (Auto Components) | | 1,472 | | 134,879 | |
Archer-Daniels-Midland Co. (Food Products) | | 3,108 | | 142,440 | |
Autoliv, Inc. (Auto Components) | | 484 | | 69,318 | |
Avon Products, Inc.* (Personal Products) | | 2,455 | | 3,977 | |
B&G Foods, Inc.—Class A (Food Products) | | 369 | | 11,033 | |
BorgWarner, Inc. (Auto Components) | | 1,099 | | 47,433 | |
Brown-Forman Corp.—Class A (Beverages) | | 338 | | 16,515 | |
Brown-Forman Corp.—Class B (Beverages) | | 1,456 | | 71,359 | |
Brunswick Corp. (Leisure Products) | | 485 | | 31,273 | |
Bunge, Ltd. (Food Products) | | 784 | | 54,653 | |
Campbell Soup Co. (Food Products) | | 1,071 | | 43,418 | |
Carter’s, Inc. (Textiles, Apparel & Luxury Goods) | | 263 | | 28,507 | |
Church & Dwight Co., Inc. (Household Products) | | 1,363 | | 72,457 | |
Colgate-Palmolive Co. (Household Products) | | 4,850 | | 314,329 | |
ConAgra Foods, Inc. (Food Products) | | 2,190 | | 78,249 | |
Constellation Brands, Inc.—Class A (Beverages) | | 935 | | 204,643 | |
Cooper Tire & Rubber Co. (Auto Components) | | 282 | | 7,417 | |
Coty, Inc. (Personal Products) | | 2,628 | | 37,055 | |
D.R. Horton, Inc. (Household Durables) | | 1,910 | | 78,310 | |
Dana Holding Corp. (Auto Components) | | 809 | | 16,334 | |
Darling Ingredients, Inc.* (Food Products) | | 917 | | 18,230 | |
Dean Foods Co. (Food Products) | | 507 | | 5,329 | |
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods) | | 169 | | 19,078 | |
Delphi Technologies PLC (Auto Components) | | 493 | | 22,412 | |
Dr. Pepper Snapple Group, Inc. (Beverages) | | 1,001 | | 122,122 | |
Edgewell Personal Care Co.* (Personal Products) | | 301 | | 15,188 | |
Electronic Arts, Inc.* (Software) | | 1,708 | | 240,862 | |
Energizer Holdings, Inc. (Household Products) | | 332 | | 20,903 | |
Flowers Foods, Inc. (Food Products) | | 1,030 | | 21,455 | |
Ford Motor Co. (Automobiles) | | 21,766 | | 240,950 | |
General Mills, Inc. (Food Products) | | 3,299 | | 146,013 | |
General Motors Co. (Automobiles) | | 7,054 | | 277,927 | |
Gentex Corp. (Auto Components) | | 1,525 | | 35,106 | |
Genuine Parts Co. (Distributors) | | 816 | | 74,900 | |
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods) | | 2,006 | | | 44,172 | |
Harley-Davidson, Inc. (Automobiles) | | 926 | | 38,966 | |
Hasbro, Inc. (Leisure Products) | | 632 | | 58,340 | |
Helen of Troy, Ltd.* (Household Durables) | | 144 | | 14,177 | |
Herbalife, Ltd.* (Personal Products) | | 643 | | 34,542 | |
Herman Miller, Inc. (Commercial Services & Supplies) | | 331 | | 11,221 | |
HNI Corp. (Commercial Services & Supplies) | | 244 | | 9,077 | |
Hormel Foods Corp. (Food Products) | | 1,500 | | 55,815 | |
Ingredion, Inc. (Food Products) | | 404 | | 44,723 | |
Jefferies Financial Group, Inc. (Capital Markets) | | 1,688 | | 38,385 | |
Kellogg Co. (Food Products) | | 1,390 | | 97,119 | |
Kimberly-Clark Corp. (Household Products) | | 1,942 | | 204,570 | |
Lamb Weston Holding, Inc. (Food Products) | | 813 | | 55,699 | |
Lancaster Colony Corp. (Food Products) | | 106 | | 14,673 | |
Lear Corp. (Auto Components) | | 368 | | 68,378 | |
Leggett & Platt, Inc. (Household Durables) | | 732 | | 32,676 | |
Lennar Corp.—B Shares (Household Durables) | | 84 | | 3,586 | |
Lennar Corp.—Class A (Household Durables) | | 1,523 | | 79,959 | |
lululemon athletica, Inc.* (Textiles, Apparel & Luxury Goods) | | 531 | | 66,295 | |
Mattel, Inc. (Leisure Products) | | 1,913 | | 31,411 | |
McCormick & Co., Inc. (Food Products) | | 674 | | 78,245 | |
Michael Kors Holdings, Ltd.* (Textiles, Apparel & Luxury Goods) | | 833 | | 55,478 | |
Mohawk Industries, Inc.* (Household Durables) | | 352 | | 75,423 | |
Molson Coors Brewing Co.—Class B (Beverages) | | 1,027 | | 69,877 | |
Mondelez International, Inc.—Class A (Food Products) | | 8,202 | | 336,281 | |
Monster Beverage Corp.* (Beverages) | | 2,283 | | 130,816 | |
Newell Rubbermaid, Inc. (Household Durables) | | 2,701 | | 69,659 | |
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | | 7,135 | | 568,516 | |
Nu Skin Enterprises, Inc.—Class A (Personal Products) | | 310 | | 24,239 | |
NVR, Inc.* (Household Durables) | | 18 | | 53,466 | |
PepsiCo, Inc. (Beverages) | | 7,884 | | 858,331 | |
See accompanying notes to financial statements.
40 :: ProFund VP Consumer Goods :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Philip Morris International, Inc. (Tobacco) | | 8,644 | | $ | 697,916 | |
Pinnacle Foods, Inc. (Food Products) | | 662 | | 43,070 | |
Polaris Industries, Inc. (Leisure Products) | | 326 | | 39,831 | |
Pool Corp. (Distributors) | | 223 | | 33,785 | |
Post Holdings, Inc.* (Food Products) | | 373 | | 32,085 | |
PulteGroup, Inc. (Household Durables) | | 1,460 | | 41,975 | |
PVH Corp. (Textiles, Apparel & Luxury Goods) | | 430 | | 64,380 | |
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | | 310 | | 38,973 | |
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods) | | 756 | | 22,688 | |
Spectrum Brands Holdings, Inc. (Household Products) | | 123 | | 10,039 | |
Stanley Black & Decker, Inc. (Machinery) | | 857 | | 113,817 | |
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods) | | 293 | | 15,558 | |
Take-Two Interactive Software, Inc.* (Software) | | 636 | | 75,277 | |
Tapestry, Inc. (Textiles, Apparel & Luxury Goods) | | 1,601 | | 74,783 | |
Tempur Sealy International, Inc.* (Household Durables) | | 259 | | 12,445 | |
Tenneco, Inc. (Auto Components) | | 287 | | 12,617 | |
Tesla Motors, Inc.* (Automobiles) | | 747 | | 256,184 | |
The Clorox Co. (Household Products) | | 722 | | 97,651 | |
The Coca-Cola Co. (Beverages) | | 21,297 | | 934,086 | |
The Estee Lauder Cos., Inc.—Class A (Personal Products) | | 1,246 | | 177,792 | |
The Goodyear Tire & Rubber Co. (Auto Components) | | 1,332 | | 31,022 | |
The Hain Celestial Group, Inc.* (Food Products) | | 579 | | 17,254 | |
The Hershey Co. (Food Products) | | 778 | | 72,401 | |
The JM Smucker Co.—Class A (Food Products) | | 632 | | 67,927 | |
The Kraft Heinz Co. (Food Products) | | 3,323 | | 208,750 | |
The Procter & Gamble Co. (Household Products) | | 13,986 | | 1,091,747 | |
Thor Industries, Inc. (Automobiles) | | 274 | | 26,685 | |
Toll Brothers, Inc. (Household Durables) | | 786 | | 29,074 | |
TreeHouse Foods, Inc.* (Food Products) | | 313 | | 16,436 | |
Tupperware Brands Corp. (Household Durables) | | 285 | | 11,753 | |
Tyson Foods, Inc.—Class A (Food Products) | | 1,654 | | 113,878 | |
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | | 1,032 | | 23,199 | |
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods) | | 1,049 | | 22,113 | |
US Foods Holding Corp.* (Food & Staples Retailing) | | 769 | | 29,084 | |
V.F. Corp. (Textiles, Apparel & Luxury Goods) | | 1,819 | | | 148,285 | |
Visteon Corp.* (Auto Components) | | 164 | | 21,195 | |
WABCO Holdings, Inc.* (Machinery) | | 281 | | 32,883 | |
Whirlpool Corp. (Household Durables) | | 358 | | 52,350 | |
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods) | | 526 | | 18,289 | |
TOTAL COMMON STOCKS (Cost $3,955,329) | | | | 11,823,628 | |
TOTAL INVESTMENT SECURITIES (Cost $3,955,329)—99.9% | | | | 11,823,628 | |
Net other assets (liabilities)—0.1% | | | | 13,421 | |
NET ASSETS—100.0% | | | | $ | 11,837,049 | |
* Non-income producing security.
ProFund VP Consumer Goods invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Auto Components | | $ | 491,591 | | 4.2 | % |
Automobiles | | 840,712 | | 7.1 | % |
Beverages | | 2,407,749 | | 20.4 | % |
Capital Markets | | 38,385 | | 0.3 | % |
Commercial Services & Supplies | | 20,298 | | 0.2 | % |
Distributors | | 108,685 | | 0.9 | % |
Food & Staples Retailing | | 29,084 | | 0.2 | % |
Food Products | | 1,775,176 | | 15.0 | % |
Household Durables | | 554,853 | | 4.7 | % |
Household Products | | 1,811,696 | | 15.4 | % |
Leisure Products | | 160,855 | | 1.4 | % |
Machinery | | 146,700 | | 1.2 | % |
Personal Products | | 292,793 | | 2.5 | % |
Software | | 639,049 | | 5.4 | % |
Textiles, Apparel & Luxury Goods | | 1,210,314 | | 10.1 | % |
Tobacco | | 1,295,688 | | 10.9 | % |
Other** | | 13,421 | | 0.1 | % |
Total | | $ | 11,837,049 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Consumer Goods :: 41
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 3,955,329 | |
Securities, at value | | 11,823,628 | |
Total Investment Securities, at value | | 11,823,628 | |
Dividends receivable | | 33,022 | |
Receivable for capital shares issued | | 5,424 | |
Prepaid expenses | | 221 | |
TOTAL ASSETS | | 11,862,295 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 354 | |
Cash overdraft | | 653 | |
Advisory fees payable | | 6,823 | |
Management services fees payable | | 910 | |
Administration fees payable | | 323 | |
Administrative services fees payable | | 4,655 | |
Distribution fees payable | | 4,347 | |
Transfer agency fees payable | | 532 | |
Fund accounting fees payable | | 386 | |
Compliance services fees payable | | 79 | |
Other accrued expenses | | 6,184 | |
TOTAL LIABILITIES | | 25,246 | |
NET ASSETS | | $ | 11,837,049 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 3,979,479 | |
Accumulated net investment income (loss) | | 73,755 | |
Accumulated net realized gains (losses) on investments | | (84,484 | ) |
Net unrealized appreciation (depreciation) on investments | | 7,868,299 | |
NET ASSETS | | $ | 11,837,049 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 232,663 | |
Net Asset Value (offering and redemption price per share) | | $ | 50.88 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 198,930 | |
Interest | | 158 | |
TOTAL INVESTMENT INCOME | | 199,088 | |
EXPENSES: | | | |
Advisory fees | | 56,272 | |
Management services fees | | 7,503 | |
Administration fees | | 2,369 | |
Transfer agency fees | | 3,562 | |
Administrative services fees | | 21,867 | |
Distribution fees | | 18,757 | |
Custody fees | | 1,418 | |
Fund accounting fees | | 2,984 | |
Trustee fees | | 227 | |
Compliance services fees | | 79 | |
Other fees | | 6,837 | |
Recoupment of prior expenses reduced by the Advisor | | 4,102 | |
Total Gross Expenses before reductions | | 125,977 | |
Expenses reduced and reimbursed by the Advisor | | (368 | ) |
TOTAL NET EXPENSES | | 125,609 | |
NET INVESTMENT INCOME (LOSS) | | 73,479 | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 1,191,047 | |
Change in net unrealized appreciation/depreciation on investment securities | | (2,517,906 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (1,326,859 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (1,253,380 | ) |
See accompanying notes to financial statements.
42 :: ProFund VP Consumer Goods :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 73,479 | | $ | 138,049 | |
Net realized gains (losses) on investments | | 1,191,047 | | 2,110,518 | |
Change in net unrealized appreciation/depreciation on investments | | (2,517,906 | ) | (18,202 | ) |
Change in net assets resulting from operations | | (1,253,380 | ) | 2,230,365 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net investment income | | (138,049 | ) | (179,485 | ) |
Net realized gains on investments | | (1,976,827 | ) | (209,288 | ) |
Change in net assets resulting from distributions | | (2,114,876 | ) | (388,773 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 4,479,618 | | 22,319,101 | |
Distributions reinvested | | 2,114,876 | | 388,773 | |
Value of shares redeemed | | (10,215,866 | ) | (22,096,695 | ) |
Change in net assets resulting from capital transactions | | (3,621,372 | ) | 611,179 | |
Change in net assets | | (6,989,628 | ) | 2,452,771 | |
NET ASSETS: | | | | | |
Beginning of period | | 18,826,677 | | 16,373,906 | |
End of period | | $ | 11,837,049 | | $ | 18,826,677 | |
Accumulated net investment income (loss) | | $ | 73,755 | | $ | 138,325 | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 72,798 | | 347,076 | |
Reinvested | | 41,468 | | 6,151 | |
Redeemed | | (165,885 | ) | (345,633 | ) |
Change in shares | | (51,619 | ) | 7,594 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Consumer Goods :: 43
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 66.23 | | $ | 59.18 | | $ | 57.77 | | $ | 56.02 | | $ | 51.16 | | $ | 40.14 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | 0.30 | | 0.49 | | 0.48 | | 0.67 | | 0.43 | | 0.35 | |
Net realized and unrealized gains (losses) on investments | | (4.31 | ) | 8.33 | | 1.59 | | 1.64 | | 4.78 | | 11.03 | |
Total income (loss) from investment activities | | (4.01 | ) | 8.82 | | 2.07 | | 2.31 | | 5.21 | | 11.38 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | (0.74 | ) | (0.82 | ) | (0.66 | ) | (0.56 | ) | (0.35 | ) | (0.36 | ) |
Net realized gains on investments | | (10.60 | ) | (0.95 | ) | — | | — | | — | | — | |
Total distributions | | (11.34 | ) | (1.77 | ) | (0.66 | ) | (0.56 | ) | (0.35 | ) | (0.36 | ) |
Net Asset Value, End of Period | | $ | 50.88 | | $ | 66.23 | | $ | 59.18 | | $ | 57.77 | | $ | 56.02 | | $ | 51.16 | |
Total Return(b) | | (6.09 | )% | 15.05 | % | 3.54 | % | 4.16 | % | 10.23 | % | 28.45 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.74 | % | 1.76 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | 0.98 | % | 0.76 | % | 0.81 | % | 1.18 | % | 0.81 | % | 0.75 | % |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 11,837 | | $ | 18,827 | | $ | 16,374 | | $ | 24,118 | | $ | 29,178 | | $ | 19,744 | |
Portfolio turnover rate(b)(d) | | 25 | % | 107 | % | 84 | % | 156 | % | 93 | % | 66 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
44 :: ProFund VP Consumer Services :: Financial Statements
Investment Objective: The ProFund VP Consumer Services seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Consumer Services Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 100 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
Amazon.com, Inc. | | 20.5 | % |
The Home Depot, Inc. | | 4.8 | % |
The Walt Disney Co. | | 4.7 | % |
Netflix, Inc. | | 4.6 | % |
Comcast Corp. | | 4.5 | % |
Dow Jones U.S. Consumer Services Index — Composition
| | % of Index | |
Retailing | | 50 | % |
Media | | 19 | % |
Consumer Services | | 16 | % |
Food & Staples Retailing | | 10 | % |
Transportation | | 3 | % |
Commercial & Professional Services | | 1 | % |
Health Care Equipment & Services | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.7%)
| | Shares | | Value | |
Aaron’s, Inc. (Specialty Retail) | | 479 | | $ | 20,813 | |
Acxiom Corp.* (IT Services) | | 604 | | 18,090 | |
Adtalem Global Education, Inc.* (Diversified Consumer Services) | | 467 | | 22,463 | |
Advance Auto Parts, Inc. (Specialty Retail) | | 582 | | 78,977 | |
Alaska Air Group, Inc. (Airlines) | | 968 | | 58,458 | |
Allegiant Travel Co. (Airlines) | | 91 | | 12,644 | |
Amazon.com, Inc.* (Internet & Direct Marketing Retail) | | 3,144 | | 5,344,170 | |
AMC Networks, Inc.*—Class A (Media) | | 363 | | 22,579 | |
American Airlines Group, Inc. (Airlines) | | 3,260 | | 123,750 | |
American Eagle Outfitters, Inc. (Specialty Retail) | | 1,306 | | 30,365 | |
AmerisourceBergen Corp. (Health Care Providers & Services) | | 1,269 | | 108,208 | |
Aramark (Hotels, Restaurants & Leisure) | | 1,919 | | 71,195 | |
AutoNation, Inc.* (Specialty Retail) | | 458 | | 22,250 | |
AutoZone, Inc.* (Specialty Retail) | | 208 | | 139,553 | |
Avis Budget Group, Inc.* (Road & Rail) | | 563 | | 18,298 | |
Beacon Roofing Supply, Inc.* (Trading Companies & Distributors) | | 538 | | 22,930 | |
Bed Bath & Beyond, Inc. (Specialty Retail) | | 1,090 | | 21,718 | |
Best Buy Co., Inc. (Specialty Retail) | | 1,913 | | 142,672 | |
Big Lots, Inc. (Multiline Retail) | | 336 | | 14,038 | |
Bloomin’ Brands, Inc. (Hotels, Restaurants & Leisure) | | 718 | | 14,432 | |
Booking Holdings, Inc.* (Internet & Direct Marketing Retail) | | 379 | | 768,267 | |
Bright Horizons Family Solutions, Inc.* (Diversified Consumer Services) | | 454 | | 46,544 | |
Brinker International, Inc. (Hotels, Restaurants & Leisure) | | 348 | | 16,565 | |
Burlington Stores, Inc.* (Specialty Retail) | | 536 | | 80,684 | |
Cable One, Inc. (Media) | | 34 | | 24,932 | |
Cardinal Health, Inc. (Health Care Providers & Services) | | 2,432 | | 118,754 | |
CarMax, Inc.* (Specialty Retail) | | 1,396 | | 101,727 | |
Carnival Corp.—Class A (Hotels, Restaurants & Leisure) | | 3,167 | | | 181,501 | |
Casey’s General Stores, Inc. (Food & Staples Retailing) | | 287 | | 30,158 | |
CBS Corp. (Media) | | 54 | | 3,059 | |
CBS Corp.—Class B (Media) | | 2,670 | | 150,107 | |
Charter Communications, Inc.*—Class A (Media) | | 1,447 | | 424,275 | |
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | | 192 | | 82,823 | |
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure) | | 278 | | 21,017 | |
Cinemark Holdings, Inc. (Media) | | 830 | | 29,116 | |
Comcast Corp.—Class A (Media) | | 36,163 | | 1,186,508 | |
Copart, Inc.* (Commercial Services & Supplies) | | 1,585 | | 89,648 | |
Costco Wholesale Corp. (Food & Staples Retailing) | | 3,434 | | 717,637 | |
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | | 189 | | 29,524 | |
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | | 972 | | 104,062 | |
Delta Air Lines, Inc. (Airlines) | | 5,037 | | 249,533 | |
Dick’s Sporting Goods, Inc. (Specialty Retail) | | 610 | | 21,503 | |
Dillard’s, Inc.—Class A (Multiline Retail) | | 159 | | 15,026 | |
Discovery Communications, Inc.*—Class A (Media) | | 1,221 | | 33,578 | |
Discovery Communications, Inc.*—Class C (Media) | | 2,671 | | 68,111 | |
Dish Network Corp.*—Class A (Media) | | 1,794 | | 60,296 | |
Dollar General Corp. (Multiline Retail) | | 1,992 | | 196,411 | |
Dollar Tree, Inc.* (Multiline Retail) | | 1,858 | | 157,930 | |
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure) | | 336 | | 94,809 | |
Dunkin’ Brands Group, Inc. (Hotels, Restaurants & Leisure) | | 646 | | 44,619 | |
Expedia, Inc. (Internet & Direct Marketing Retail) | | 951 | | 114,301 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Consumer Services :: 45
Common Stocks, continued
| | Shares | | Value | |
Extended Stay America, Inc. (Hotels, Restaurants & Leisure) | | 1,499 | | $ | 32,393 | |
Five Below, Inc.* (Specialty Retail) | | 433 | | 42,308 | |
Foot Locker, Inc. (Specialty Retail) | | 916 | | 48,227 | |
GameStop Corp.—Class A (Specialty Retail) | | 798 | | 11,627 | |
GCI Liberty, Inc.* (Media) | | 787 | | 35,478 | |
Graham Holdings Co.—Class B (Diversified Consumer Services) | | 32 | | 18,755 | |
Grand Canyon Education, Inc.* (Diversified Consumer Services) | | 380 | | 42,412 | |
Groupon, Inc.* (Internet & Direct Marketing Retail) | | 3,130 | | 13,459 | |
H & R Block, Inc. (Diversified Consumer Services) | | 1,636 | | 37,268 | |
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure) | | 762 | | 26,441 | |
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure) | | 2,190 | | 173,360 | |
Hyatt Hotels Corp.—Class A (Hotels, Restaurants & Leisure) | | 365 | | 28,160 | |
IHS Markit, Ltd.* (Professional Services) | | 2,776 | | 143,213 | |
J.C. Penney Co., Inc.* (Multiline Retail) | | 2,458 | | 5,752 | |
Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | | 221 | | 18,812 | |
JetBlue Airways Corp.* (Airlines) | | 2,474 | | 46,957 | |
John Wiley & Sons, Inc.—Class A (Media) | | 355 | | 22,152 | |
KAR Auction Services, Inc. (Commercial Services & Supplies) | | 1,053 | | 57,704 | |
Kohl’s Corp. (Multiline Retail) | | 1,309 | | 95,426 | |
L Brands, Inc. (Specialty Retail) | | 1,893 | | 69,814 | |
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure) | | 2,841 | | 216,939 | |
Liberty Broadband Corp.*—Class A (Media) | | 206 | | 15,582 | |
Liberty Broadband Corp.*—Class C (Media) | | 1,196 | | 90,561 | |
Liberty Expedia Holdings*—Class A (Internet & Direct Marketing Retail) | | 425 | | 18,675 | |
Liberty Global PLC*—Class A (Media) | | 1,693 | | 46,625 | |
Liberty Global PLC*—Class C (Media) | | 4,646 | | 123,630 | |
Liberty Latin America, Ltd.*—Class A (Media) | | 381 | | 7,285 | |
Liberty Latin America, Ltd.*—Class C (Media) | | 892 | | 17,287 | |
Liberty Media Group*—Class A (Media) | | 201 | | 7,097 | |
Liberty Media Group*—Class C (Media) | | 1,590 | | 59,037 | |
Liberty SiriusXM Group*—Class A (Media) | | 656 | | 29,553 | |
Liberty SiriusXM Group*—Class C (Media) | | 1,309 | | 59,376 | |
Lions Gate Entertainment Corp.—Class A (Media) | | 499 | | 12,385 | |
Lions Gate Entertainment Corp.—Class B (Media) | | 873 | | 20,481 | |
Lithia Motors, Inc.—Class A (Specialty Retail) | | 189 | | 17,874 | |
Live Nation Entertainment, Inc.* (Media) | | 1,059 | | 51,436 | |
LKQ Corp.* (Distributors) | | 2,425 | | 77,358 | |
Lowe’s Cos., Inc. (Specialty Retail) | | 6,423 | | 613,846 | |
Macy’s, Inc. (Multiline Retail) | | 2,400 | | 89,832 | |
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | | 2,317 | | 293,315 | |
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure) | | 186 | | 21,011 | |
McDonald’s Corp. (Hotels, Restaurants & Leisure) | | 6,141 | | 962,233 | |
Meredith Corp. (Media) | | 303 | | 15,453 | |
MGM Resorts International (Hotels, Restaurants & Leisure) | | 3,917 | | | 113,711 | |
Murphy USA, Inc.* (Specialty Retail) | | 239 | | 17,755 | |
Netflix, Inc.* (Internet & Direct Marketing Retail) | | 3,091 | | 1,209,910 | |
News Corp.—Class A (Media) | | 2,988 | | 46,314 | |
News Corp.—Class B (Media) | | 958 | | 15,184 | |
Nexstar Broadcasting Group, Inc.—Class A (Media) | | 361 | | 26,497 | |
Nordstrom, Inc. (Multiline Retail) | | 911 | | 47,172 | |
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure) | | 1,618 | | 76,451 | |
Office Depot, Inc. (Specialty Retail) | | 4,005 | | 10,213 | |
Omnicom Group, Inc. (Media) | | 1,782 | | 135,913 | |
O’Reilly Automotive, Inc.* (Specialty Retail) | | 639 | | 174,811 | |
Qurate Retail, Inc.*—Class A (Health Care Providers & Services) | | 3,504 | | 74,355 | |
Rite Aid Corp.* (Food & Staples Retailing) | | 8,336 | | 14,421 | |
Rollins, Inc. (Commercial Services & Supplies) | | 756 | | 39,750 | |
Ross Stores, Inc. (Specialty Retail) | | 2,954 | | 250,352 | |
Royal Caribbean Cruises, Ltd. (Hotels, Restaurants & Leisure) | | 1,318 | | 136,545 | |
Sally Beauty Holdings, Inc.* (Specialty Retail) | | 960 | | 15,389 | |
Service Corp. International (Diversified Consumer Services) | | 1,434 | | 51,323 | |
ServiceMaster Global Holdings, Inc.* (Diversified Consumer Services) | | 1,056 | | 62,800 | |
Shutterfly, Inc.* (Internet & Direct Marketing Retail) | | 255 | | 22,958 | |
Signet Jewelers, Ltd. (Specialty Retail) | | 458 | | 25,534 | |
Sinclair Broadcast Group, Inc.—Class A (Media) | | 600 | | 19,290 | |
Sirius XM Holdings, Inc. (Media) | | 11,197 | | 75,804 | |
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure) | | 608 | | 42,590 | |
Sotheby’s*—Class A (Diversified Consumer Services) | | 282 | | 15,324 | |
Southwest Airlines Co. (Airlines) | | 4,166 | | 211,966 | |
Spirit Airlines, Inc.* (Airlines) | | 540 | | 19,629 | |
Sprouts Farmers Market, Inc.* (Food & Staples Retailing) | | 964 | | 21,275 | |
Starbucks Corp. (Hotels, Restaurants & Leisure) | | 10,782 | | 526,701 | |
Sysco Corp. (Food & Staples Retailing) | | 3,744 | | 255,678 | |
Target Corp. (Multiline Retail) | | 4,164 | | 316,963 | |
TEGNA, Inc. (Media) | | 1,683 | | 18,261 | |
Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure) | | 506 | | 33,148 | |
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure) | | 339 | | 18,665 | |
The Dun & Bradstreet Corp. (Professional Services) | | 284 | | 34,833 | |
The Gap, Inc. (Specialty Retail) | | 1,693 | | 54,836 | |
The Home Depot, Inc. (Specialty Retail) | | 6,437 | | 1,255,858 | |
The Interpublic Group of Cos., Inc. (Media) | | 3,019 | | 70,765 | |
The Kroger Co. (Food & Staples Retailing) | | 6,356 | | 180,828 | |
The Madison Square Garden Co.*—Class A (Media) | | 136 | | 42,186 | |
The New York Times Co.—Class A (Media) | | 1,003 | | 25,978 | |
The TJX Cos., Inc. (Specialty Retail) | | 4,905 | | 466,858 | |
The Walt Disney Co. (Media) | | 11,616 | | 1,217,473 | |
The Wendy’s Co. (Hotels, Restaurants & Leisure) | | 1,405 | | 24,138 | |
Tiffany & Co. (Specialty Retail) | | 798 | | 105,017 | |
Tractor Supply Co. (Specialty Retail) | | 960 | | 73,430 | |
See accompanying notes to financial statements.
46 :: ProFund VP Consumer Services :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Tribune Media Co.—Class A (Media) | | 572 | | $ | 21,890 | |
TripAdvisor, Inc.* (Internet & Direct Marketing Retail) | | 837 | | 46,629 | |
Twenty-First Century Fox, Inc.—Class A (Media) | | 8,239 | | 409,396 | |
Twenty-First Century Fox, Inc.—Class B (Media) | | 3,438 | | 169,390 | |
Ulta Salon, Cosmetics & Fragrance, Inc.* (Specialty Retail) | | 444 | | 103,656 | |
United Continental Holdings, Inc.* (Airlines) | | 1,843 | | 128,512 | |
United Natural Foods, Inc.* (Food & Staples Retailing) | | 395 | | 16,851 | |
Urban Outfitters, Inc.* (Specialty Retail) | | 628 | | 27,977 | |
Vail Resorts, Inc. (Hotels, Restaurants & Leisure) | | 323 | | 88,563 | |
Viacom, Inc.—Class A (Media) | | 61 | | 2,162 | |
Viacom, Inc.—Class B (Media) | | 2,753 | | 83,030 | |
Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | | 6,661 | | 399,760 | |
Wal-Mart Stores, Inc. (Food & Staples Retailing) | | 11,295 | | 967,417 | |
Wayfair, Inc.*—Class A (Internet & Direct Marketing Retail) | | 344 | | 40,853 | |
Williams-Sonoma, Inc. (Specialty Retail) | | 600 | | 36,828 | |
Wyndham Destinations, Inc. (Hotels, Restaurants & Leisure) | | 783 | | 34,663 | |
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | | 783 | | 46,064 | |
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure) | | 659 | | 110,277 | |
Yelp, Inc.* (Internet Software & Services) | | 603 | | 23,625 | |
YUM! Brands, Inc. (Hotels, Restaurants & Leisure) | | 2,523 | | 197,349 | |
TOTAL COMMON STOCKS (Cost $8,677,291) | | | | 26,056,961 | |
TOTAL INVESTMENT SECURITIES (Cost $8,677,291)—99.7% | | | | 26,056,961 | |
Net other assets (liabilities)—0.3% | | | | 67,914 | |
NET ASSETS—100.0% | | | | $ | 26,124,875 | |
* Non-income producing security.
ProFund VP Consumer Services invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Airlines | | $ | 851,449 | | 3.2 | % |
Commercial Services & Supplies | | 187,102 | | 0.7 | % |
Distributors | | 77,358 | | 0.3 | % |
Diversified Consumer Services | | 296,889 | | 1.1 | % |
Food & Staples Retailing | | 2,604,025 | | 10.0 | % |
Health Care Providers & Services | | 301,317 | | 1.2 | % |
Hotels, Restaurants & Leisure | | 3,882,076 | | 14.9 | % |
Internet & Direct Marketing Retail | | 7,579,222 | | 28.9 | % |
Internet Software & Services | | 23,625 | | 0.1 | % |
IT Services | | 18,090 | | 0.1 | % |
Media | | 4,995,512 | | 19.1 | % |
Multiline Retail | | 938,550 | | 3.6 | % |
Professional Services | | 178,046 | | 0.7 | % |
Road & Rail | | 18,298 | | 0.1 | % |
Specialty Retail | | 4,082,472 | | 15.6 | % |
Trading Companies & Distributors | | 22,930 | | 0.1 | % |
Other** | | 67,914 | | 0.3 | % |
Total | | $ | 26,124,875 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Consumer Services :: 47
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 8,677,291 | |
Securities, at value | | 26,056,961 | |
Total Investment Securities, at value | | 26,056,961 | |
Dividends receivable | | 7,897 | |
Receivable for capital shares issued | | 40,555 | |
Receivable for investments sold | | 129,498 | |
Prepaid expenses | | 378 | |
TOTAL ASSETS | | 26,235,289 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 1,792 | |
Cash overdraft | | 36,232 | |
Advisory fees payable | | 15,992 | |
Management services fees payable | | 2,132 | |
Administration fees payable | | 728 | |
Administrative services fees payable | | 12,261 | |
Distribution fees payable | | 12,022 | |
Trustee fees payable | | 6 | |
Transfer agency fees payable | | 1,199 | |
Fund accounting fees payable | | 871 | |
Compliance services fees payable | | 156 | |
Other accrued expenses | | 27,023 | |
TOTAL LIABILITIES | | 110,414 | |
NET ASSETS | | $ | 26,124,875 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 8,135,482 | |
Accumulated net investment income (loss) | | (64,757 | ) |
Accumulated net realized gains (losses) on investments | | 674,480 | |
Net unrealized appreciation (depreciation) on investments | | 17,379,670 | |
NET ASSETS | | $ | 26,124,875 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 350,105 | |
Net Asset Value (offering and redemption price per share) | | $ | 74.62 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 178,338 | |
Interest | | 610 | |
Foreign tax withholding | | (21 | ) |
TOTAL INVESTMENT INCOME | | 178,927 | |
EXPENSES: | | | |
Advisory fees | | 109,463 | |
Management services fees | | 14,595 | |
Administration fees | | 4,588 | |
Transfer agency fees | | 6,922 | |
Administrative services fees | | 39,233 | |
Distribution fees | | 36,488 | |
Custody fees | | 2,280 | |
Fund accounting fees | | 5,605 | |
Trustee fees | | 430 | |
Compliance services fees | | 156 | |
Other fees | | 9,437 | |
Recoupment of prior expenses reduced by the Advisor | | 16,000 | |
TOTAL NET EXPENSES | | 245,197 | |
NET INVESTMENT INCOME (LOSS) | | (66,270 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 1,734,689 | |
Change in net unrealized appreciation/depreciation on investment securities | | 371,912 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | 2,106,601 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 2,040,331 | |
See accompanying notes to financial statements.
48 :: ProFund VP Consumer Services :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (66,270 | ) | $ | (44,490 | ) |
Net realized gains (losses) on investments | | 1,734,689 | | 1,940,825 | |
Change in net unrealized appreciation/depreciation on investments | | 371,912 | | 2,056,687 | |
Change in net assets resulting from operations | | 2,040,331 | | 3,953,022 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net realized gains on investments | | (1,368,209 | ) | — | |
Change in net assets resulting from distributions | | (1,368,209 | ) | — | |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 13,334,350 | | 28,209,912 | |
Distributions reinvested | | 1,368,209 | | — | |
Value of shares redeemed | | (22,012,055 | ) | (26,816,508 | ) |
Change in net assets resulting from capital transactions | | (7,309,496 | ) | 1,393,404 | |
Change in net assets | | (6,637,374 | ) | 5,346,426 | |
NET ASSETS: | | | | | |
Beginning of period | | 32,762,249 | | 27,415,823 | |
End of period | | $ | 26,124,875 | | $ | 32,762,249 | |
Accumulated net investment income (loss) | | $ | (64,757 | ) | $ | 1,513 | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 174,250 | | 411,523 | |
Reinvested | | 17,916 | | — | |
Redeemed | | (291,568 | ) | (407,250 | ) |
Change in shares | | (99,402 | ) | 4,273 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Consumer Services :: 49
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 72.88 | | $ | 61.58 | | $ | 59.70 | | $ | 64.15 | | $ | 57.10 | | $ | 41.05 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | (0.17 | ) | (0.12 | ) | (0.12 | ) | (0.12 | ) | (0.20 | ) | (0.13 | ) |
Net realized and unrealized gains (losses) on investments | | 6.07 | | 11.42 | | 2.61 | | 3.04 | | 7.31 | | 16.44 | |
Total income (loss) from investment activities | | 5.90 | | 11.30 | | 2.49 | | 2.92 | | 7.11 | | 16.31 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | — | | — | | — | | — | | — | | (0.12 | ) |
Net realized gains on investments | | (4.16 | ) | — | | (0.61 | ) | (7.37 | ) | (0.06 | ) | (0.14 | ) |
Total distributions | | (4.16 | ) | — | | (0.61 | ) | (7.37 | ) | (0.06 | ) | (0.26 | ) |
Net Asset Value, End of Period | | $ | 74.62 | | $ | 72.88 | | $ | 61.58 | | $ | 59.70 | | $ | 64.15 | | $ | 57.10 | |
Total Return(b) | | 7.95 | % | 18.37 | % | 4.18 | % | 4.69 | % | 12.46 | % | 39.87 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.68 | % | 1.72 | % | 1.73 | % | 1.73 | % | 1.75 | % | 1.78 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | (0.45 | )% | (0.18 | )% | (0.20 | )% | (0.20 | )% | (0.34 | )% | (0.27 | )% |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 26,125 | | $ | 32,762 | | $ | 27,416 | | $ | 34,472 | | $ | 35,043 | �� | $ | 39,543 | |
Portfolio turnover rate(b)(d) | | 39 | % | 81 | % | 66 | % | 103 | % | 93 | % | 73 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
50 :: ProFund VP Dow 30 :: Financial Statements
Investment Objective: The ProFund VP Dow 30 seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones Industrial Average.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Swap Agreements | | 100 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Holdings
The ProFund VP Dow 30 primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Dow Jones Industrial Average — Composition
| | % of Index | |
Industrials | | 23 | % |
Information Technology | | 18 | % |
Financials | | 15 | % |
Consumer Discretionary | | 15 | % |
Health Care | | 13 | % |
Consumer Staples | | 7 | % |
Energy | | 6 | % |
Materials | | 2 | % |
Telecommunication Services | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (99.5%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $278,045 | | $ | 278,000 | | $ | 278,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $278,000) | | | | 278,000 | |
TOTAL INVESTMENT SECURITIES (Cost $278,000)—99.5% | | | | 278,000 | |
Net other assets (liabilities)—0.5% | | | | 1,384 | |
NET ASSETS—100.0% | | | | $ | 279,384 | |
| | | | | | | |
(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $237,000.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
Dow Jones Industrial Average | | Goldman Sachs International | | 7/27/18 | | 2.48 | % | $ | 136,678 | | $ | 847 | |
Dow Jones Industrial Average | | UBS AG | | 7/27/18 | | 2.48 | % | 142,587 | | 885 | |
| | | | | | | | $ | 279,265 | | $ | 1,732 | |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Dow 30 :: 51
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 278,000 | |
Repurchase agreements, at value | | 278,000 | |
Total Investment Securities, at value | | 278,000 | |
Cash | | 771 | |
Interest receivable | | 30 | |
Unrealized appreciation on swap agreements | | 1,732 | |
Prepaid expenses | | 8 | |
TOTAL ASSETS | | 280,541 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 9 | |
Advisory fees payable | | 238 | |
Management services fees payable | | 32 | |
Administration fees payable | | 11 | |
Administrative services fees payable | | 74 | |
Distribution fees payable | | 189 | |
Transfer agency fees payable | | 18 | |
Fund accounting fees payable | | 13 | |
Compliance services fees payable | | 2 | |
Other accrued expenses | | 571 | |
TOTAL LIABILITIES | | 1,157 | |
NET ASSETS | | $ | 279,384 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 1,739,701 | |
Accumulated net investment income (loss) | | (251 | ) |
Accumulated net realized gains (losses) on investments | | (1,461,798 | ) |
Net unrealized appreciation (depreciation) on investments | | 1,732 | |
NET ASSETS | | $ | 279,384 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 8,956 | |
Net Asset Value (offering and redemption price per share) | | $ | 31.20 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Interest | | $ | 4,490 | |
EXPENSES: | | | |
Advisory fees | | 2,356 | |
Management services fees | | 314 | |
Administration fees | | 129 | |
Transfer agency fees | | 193 | |
Administrative services fees | | 215 | |
Distribution fees | | 785 | |
Custody fees | | 53 | |
Fund accounting fees | | 142 | |
Trustee fees | | 14 | |
Compliance services fees | | 4 | |
Audit fees | | 243 | |
Other fees | | 293 | |
TOTAL NET EXPENSES | | 4,741 | |
NET INVESTMENT INCOME (LOSS) | | (251 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on swap agreements | | (436 | ) |
Change in net unrealized appreciation/depreciation on swap agreements | | 2,799 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | 2,363 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 2,112 | |
See accompanying notes to financial statements.
52 :: ProFund VP Dow 30 :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (251 | ) | $ | (7,438 | ) |
Net realized gains (losses) on investments | | (436 | ) | 201,917 | |
Change in net unrealized appreciation/depreciation on investments | | 2,799 | | 15,286 | |
Change in net assets resulting from operations | | 2,112 | | 209,765 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net realized gains on investments | | — | | (104,535 | ) |
Change in net assets resulting from distributions | | — | | (104,535 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 21,340,526 | | 112,010,446 | |
Distributions reinvested | | — | | 104,535 | |
Value of shares redeemed | | (21,412,268 | ) | (112,201,310 | ) |
Change in net assets resulting from capital transactions | | (71,742 | ) | (86,329 | ) |
Change in net assets | | (69,630 | ) | 18,901 | |
NET ASSETS: | | | | | |
Beginning of period | | 349,014 | | 330,113 | |
End of period | | $ | 279,384 | | $ | 349,014 | |
Accumulated net investment income (loss) | | $ | (251 | ) | $ | — | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 661,993 | | 3,097,533 | |
Reinvested | | — | | 3,579 | |
Redeemed | | (663,979 | ) | (3,099,241 | ) |
Change in shares | | (1,986 | ) | 1,871 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Dow 30 :: 53
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 31.90 | | $ | 36.39 | | $ | 32.23 | | $ | 33.94 | | $ | 37.19 | | $ | 29.71 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | (0.01 | ) | (0.24 | ) | (0.38 | ) | (0.51 | ) | (0.58 | ) | (0.55 | ) |
Net realized and unrealized gains (losses) on investments | | (0.69 | )(b) | 7.74 | | 4.54 | | (0.54 | ) | 2.62 | | 8.03 | |
Total income (loss) from investment activities | | (0.70 | ) | 7.50 | | 4.16 | | (1.05 | ) | 2.04 | | 7.48 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net realized gains on investments | | — | | (11.99 | ) | — | | (0.66 | ) | (5.29 | ) | — | |
Net Asset Value, End of Period | | $ | 31.20 | | $ | 31.90 | | $ | 36.39 | | $ | 32.23 | | $ | 33.94 | | $ | 37.19 | |
Total Return(c) | | (2.19 | )% | 23.63 | % | 12.91 | % | (2.97 | )% | 6.38 | % | 25.18 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(d) | | 1.51 | % | 1.44 | % | 1.44 | % | 1.58 | % | 1.68 | % | 1.70 | % |
Net expenses(d) | | 1.51 | % | 1.44 | % | 1.44 | % | 1.58 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(d) | | (0.08 | )% | (0.68 | )% | (1.15 | )% | (1.54 | )% | (1.66 | )% | (1.64 | )% |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 279 | | $ | 349 | | $ | 330 | | $ | 2,616 | | $ | 2,820 | | $ | 645 | |
Portfolio turnover rate(e) | | — | | — | | — | | — | | — | | — | |
(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 timing of sales and purchases of fund shares in relation to fluctuating market values during the period.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).
See accompanying notes to financial statements.
54 :: ProFund VP Emerging Markets :: Financial Statements
Investment Objective: The ProFund VP Emerging Markets seeks investment results, before fees and expenses, that correspond to the performance of the BNY Mellon Emerging Markets 50 ADR Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 94 | % |
Swap Agreements | | 6 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
Alibaba Group Holding, Ltd. | | 17.4 | % |
Taiwan Semiconductor Manufacturing Co., Ltd. | | 11.2 | % |
Baidu, Inc. | | 5.6 | % |
China Mobile, Ltd. | | 4.0 | % |
HDFC Bank, Ltd. | | 3.6 | % |
BNY Mellon Emerging Markets 50 ADR Index — Composition
Industry Breakdown | | % of Index | |
Information Technology | | 44 | % |
Financials | | 16 | % |
Telecommunication Services | | 10 | % |
Materials | | 9 | % |
Energy | | 9 | % |
Consumer Discretionary | | 7 | % |
Consumer Staples | | 3 | % |
Utilities | | 1 | % |
Health Care | | 1 | % |
Country Composition | | | |
China | | 48 | % |
Taiwan | | 14 | % |
Brazil | | 14 | % |
India | | 9 | % |
Other | | 15 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (92.5%)
| | Shares | | Value | |
58.com, Inc.*ADR (Internet Software & Services) | | 1,659 | | $ | 115,035 | |
Alibaba Group Holding, Ltd.*ADR (Internet Software & Services) | | 21,330 | | 3,957,355 | |
Ambev S.A.ADR (Beverages) | | 80,817 | | 374,183 | |
America Movil S.A.B. de C.V.ADR (Wireless Telecommunication Services) | | 21,567 | | 359,306 | |
ASE Technology Holding Co., Ltd.*ADR (Technology Hardware, Storage & Peripherals) | | 31,995 | | 147,177 | |
Autohome, Inc.ADR (Internet Software & Services) | | 948 | | 95,748 | |
Baidu, Inc.*ADR (Internet Software & Services) | | 5,214 | | 1,267,002 | |
Banco Bradesco S.A.ADR (Banks) | | 62,331 | | 427,591 | |
Bancolombia S.A.ADR (Banks) | | 2,133 | | 101,915 | |
Beigene, Ltd.*ADR (Biotechnology) | | 948 | | 145,736 | |
Cemex S.A.B. de C.V.*ADR (Construction Materials) | | 27,255 | | 178,793 | |
China Life Insurance Co., Ltd.ADR (Insurance) | | 27,018 | | 345,290 | |
China Mobile, Ltd.ADR (Wireless Telecommunication Services) | | 20,382 | | 904,757 | |
China Petroleum & Chemical Corp.ADR (Oil, Gas & Consumable Fuels) | | 4,503 | | 404,550 | |
China Telecom Corp., Ltd.ADR (Diversified Telecommunication Services) | | 2,607 | | 121,043 | |
China Unicom Hong Kong, Ltd.ADR (Diversified Telecommunication Services) | | 11,139 | | 139,349 | |
Chunghwa Telecom Co., Ltd.ADR (Diversified Telecommunication Services) | | 7,110 | | 255,391 | |
CNOOC, Ltd.ADR (Oil, Gas & Consumable Fuels) | | 2,844 | | 487,006 | |
Ctrip.com International, Ltd.*ADR (Internet & Direct Marketing Retail) | | 7,821 | | 372,514 | |
Enersis S.A.ADR (Electric Utilities) | | 10,191 | | 89,783 | |
Fomento Economico Mexicano S.A.B. de C.V.ADR (Beverages) | | 4,029 | | 353,706 | |
Grupo Televisa S.A.ADR (Media) | | 8,058 | | 152,699 | |
HDFC Bank, Ltd.ADR (Banks) | | 7,821 | | 821,362 | |
Huazhu Group, Ltd.ADR (Hotels, Restaurants & Leisure) | | 2,133 | | 89,565 | |
ICICI Bank, Ltd.ADR (Banks) | | 28,914 | | 232,179 | |
Infosys Technologies, Ltd.ADR (IT Services) | �� | 36,261 | | 704,551 | |
Itau Unibanco Holding S.A.ADR (Banks) | | 60,198 | | 624,855 | |
JD.com, Inc.*ADR (Internet & Direct Marketing Retail) | | 14,457 | | 563,101 | |
KB Financial Group, Inc.ADR (Banks) | | 7,110 | | 330,473 | |
Korea Electric Power Corp.ADR (Electric Utilities) | | 9,480 | | 135,943 | |
Netease.com, Inc.ADR (Internet Software & Services) | | 1,422 | | 359,297 | |
PetroChina Co., Ltd.ADR (Oil, Gas & Consumable Fuels) | | 3,792 | | 289,216 | |
Petroleo Brasileiro S.A.ADR (Oil, Gas & Consumable Fuels) | | 26,692 | | 267,720 | |
POSCOADR (Metals & Mining) | | 5,688 | | 421,595 | |
PT Telekomunikasi Indonesia TbkADR (Diversified Telecommunication Services) | | 9,006 | | 234,246 | |
Sasol, Ltd.ADR (Chemicals) | | 10,902 | | 398,359 | |
Shinhan Financial Group Co., Ltd.ADR (Banks) | | 8,532 | | 328,311 | |
SK Telecom Co., Ltd.ADR (Wireless Telecommunication Services) | | 6,399 | | 149,225 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Emerging Markets :: 55
Common Stocks, continued
| | Shares | | Value | |
Taiwan Semiconductor Manufacturing Co., Ltd.ADR (Semiconductors & Semiconductor Equipment) | | 69,678 | | $ | 2,547,427 | |
TAL Education Group*ADR (Diversified Consumer Services) | | 5,214 | | 191,875 | |
Ultrapar Participacoes S.A.ADR (Oil, Gas & Consumable Fuels) | | 7,821 | | 92,601 | |
United Microelectronics Corp.ADR (Semiconductors & Semiconductor Equipment) | | 44,319 | | 124,980 | |
Vale S.A.ADR (Metals & Mining) | | 62,568 | | 802,122 | |
Vendanta, Ltd.ADR (Metals & Mining) | | 7,584 | | 103,142 | |
Vipshop Holdings, Ltd.*ADR (Internet & Direct Marketing Retail) | | 8,058 | | 87,429 | |
Weibo Corp.*ADR (Internet Software & Services) | | 948 | | 84,144 | |
Woori BankADR (Banks) | | 3,318 | | 145,892 | |
YY, Inc.*ADR (Internet Software & Services) | | 711 | | 71,434 | |
ZTO Express Cayman, Inc.ADR (Air Freight & Logistics) | | 4,740 | | 94,800 | |
TOTAL COMMON STOCKS (Cost $14,359,691) | | | | 21,091,773 | |
| | | | | | |
Preferred Stock (1.5%)
Petroleo Brasileiro S.A.ADR (Oil, Gas & Consumable Fuels) | | 38,483 | | 340,190 | |
TOTAL PREFERRED STOCK (Cost $207,716) | | | | 340,190 | |
Repurchase Agreements(a)(b) (6.8%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $1,552,253 | | $ | 1,552,000 | | $ | 1,552,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $1,552,000) | | | | 1,552,000 | |
TOTAL INVESTMENT SECURITIES (Cost $16,119,407)—100.8% | | | | 22,983,963 | |
Net other assets (liabilities)—(0.8)% | | | | (178,388 | ) |
NET ASSETS—100.0% | | | | $ | 22,805,575 | |
| | | | | | |
| | | | | | | |
* Non-income producing security.
(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $326,000.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
ADR American Depositary Receipt
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
BNY Mellon Emerging Markets 50 ADR Index | | Goldman Sachs International | | 7/27/18 | | 2.43 | % | $ | 916,490 | | $ | 14,431 | |
BNY Mellon Emerging Markets 50 ADR Index | | UBS AG | | 7/27/18 | | 2.48 | % | 458,131 | | 11,903 | |
| | | | | | | | $ | 1,374,621 | | $ | 26,334 | |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
See accompanying notes to financial statements.
56 :: ProFund VP Emerging Markets :: Financial Statements
ProFund VP Emerging Markets invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Air Freight & Logistics | | $ | 94,800 | | 0.4 | % |
Banks | | 3,012,578 | | 13.2 | % |
Beverages | | 727,889 | | 3.2 | % |
Biotechnology | | 145,736 | | 0.6 | % |
Chemicals | | 398,359 | | 1.7 | % |
Construction Materials | | 178,793 | | 0.8 | % |
Diversified Consumer Services | | 191,875 | | 0.8 | % |
Diversified Telecommunication Services | | 750,029 | | 3.2 | % |
Electric Utilities | | 225,726 | | 1.0 | % |
Hotels, Restaurants & Leisure | | 89,565 | | 0.4 | % |
Insurance | | 345,290 | | 1.5 | % |
Internet & Direct Marketing Retail | | 1,023,044 | | 4.5 | % |
Internet Software & Services | | 5,950,015 | | 26.2 | % |
IT Services | | 704,551 | | 3.1 | % |
Media | | 152,699 | | 0.7 | % |
Metals & Mining | | 1,326,859 | | 5.8 | % |
Oil, Gas & Consumable Fuels | | 1,881,283 | | 8.3 | % |
Semiconductors & Semiconductor Equipment | | 2,672,407 | | 11.8 | % |
Technology Hardware, Storage & Peripherals | | 147,177 | | 0.6 | % |
Wireless Telecommunication Services | | 1,413,288 | | 6.2 | % |
Other** | | 1,373,612 | | 6.0 | % |
Total | | $ | 22,805,575 | | 100.0 | % |
ProFund VP Emerging Markets invested in securities with exposure to the following countries as of June 30, 2018:
| | Value | | % of Net Assets | |
Brazil | | $ | 2,929,262 | | 12.8 | % |
Chile | | 89,783 | | 0.4 | % |
China | | 9,281,489 | | 40.6 | % |
Colombia | | 101,915 | | 0.5 | % |
Hong Kong | | 904,757 | | 4.0 | % |
India | | 1,861,234 | | 8.2 | % |
Indonesia | | 234,246 | | 1.0 | % |
Mexico | | 1,044,504 | | 4.6 | % |
South Africa | | 398,359 | | 1.8 | % |
South Korea | | 1,511,439 | | 6.6 | % |
Taiwan | | 3,074,975 | | 13.5 | % |
Other** | | 1,373,612 | | 6.0 | % |
Total | | $ | 22,805,575 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Emerging Markets :: 57
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 16,119,407 | |
Securities, at value | | 21,431,963 | |
Repurchase agreements, at value | | 1,552,000 | |
Total Investment Securities, at value | | 22,983,963 | |
Cash | | 604 | |
Dividends and interest receivable | | 154,654 | |
Unrealized appreciation on swap agreements | | 26,334 | |
Receivable for capital shares issued | | 6,083 | |
Receivable for tax reclaims | | 828 | |
Prepaid expenses | | 372 | |
TOTAL ASSETS | | 23,172,838 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 294,507 | |
Advisory fees payable | | 15,483 | |
Management services fees payable | | 2,064 | |
Administration fees payable | | 705 | |
Administrative services fees payable | | 16,335 | |
Distribution fees payable | | 17,582 | |
Trustee fees payable | | 6 | |
Transfer agency fees payable | | 1,160 | |
Fund accounting fees payable | | 842 | |
Compliance services fees payable | | 155 | |
Other accrued expenses | | 18,424 | |
TOTAL LIABILITIES | | 367,263 | |
NET ASSETS | | $ | 22,805,575 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 23,535,989 | |
Accumulated net investment income (loss) | | 61,069 | |
Accumulated net realized gains (losses) on investments | | (7,682,373 | ) |
Net unrealized appreciation (depreciation) on investments | | 6,890,890 | |
NET ASSETS | | $ | 22,805,575 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 865,563 | |
Net Asset Value (offering and redemption price per share) | | $ | 26.35 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 329,589 | |
Interest | | 22,818 | |
Foreign tax withholding | | (31,987 | ) |
TOTAL INVESTMENT INCOME | | 320,420 | |
EXPENSES: | | | |
Advisory fees | | 115,759 | |
Management services fees | | 15,435 | |
Administration fees | | 3,618 | |
Transfer agency fees | | 5,450 | |
Administrative services fees | | 35,890 | |
Distribution fees | | 38,586 | |
Custody fees | | 10,099 | |
Fund accounting fees | | 4,143 | |
Trustee fees | | 341 | |
Compliance services fees | | 155 | |
Other fees | | 8,053 | |
Recoupment of prior expenses reduced by the Advisor | | 21,822 | |
TOTAL NET EXPENSES | | 259,351 | |
NET INVESTMENT INCOME (LOSS) | | 61,069 | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 1,054,116 | |
Net realized gains (losses) on swap agreements | | (259,616 | ) |
Change in net unrealized appreciation/depreciation on investment securities | | (2,051,358 | ) |
Change in net unrealized appreciation/depreciation on swap agreements | | 16,859 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (1,239,999 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (1,178,930 | ) |
See accompanying notes to financial statements.
58 :: ProFund VP Emerging Markets :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 61,069 | | $ | 60,833 | |
Net realized gains (losses) on investments | | 794,500 | | 794,697 | |
Change in net unrealized appreciation/depreciation on investments | | (2,034,499 | ) | 5,835,031 | |
Change in net assets resulting from operations | | (1,178,930 | ) | 6,690,561 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net investment income | | (60,833 | ) | (17,623 | ) |
Change in net assets resulting from distributions | | (60,833 | ) | (17,623 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 21,568,007 | | 56,308,315 | |
Distributions reinvested | | 60,833 | | 17,623 | |
Value of shares redeemed | | (32,033,361 | ) | (43,454,567 | ) |
Change in net assets resulting from capital transactions | | (10,404,521 | ) | 12,871,371 | |
Change in net assets | | (11,644,284 | ) | 19,544,309 | |
NET ASSETS: | | | | | |
Beginning of period | | 34,449,859 | | 14,905,550 | |
End of period | | $ | 22,805,575 | | $ | 34,449,859 | |
Accumulated net investment income (loss) | | $ | 61,069 | | $ | 60,833 | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 745,081 | | 2,242,940 | |
Reinvested | | 2,242 | | 635 | |
Redeemed | | (1,118,804 | ) | (1,719,242 | ) |
Change in shares | | (371,481 | ) | 524,333 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Emerging Markets :: 59
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 27.85 | | $ | 20.91 | | $ | 18.86 | | $ | 23.02 | | $ | 23.88 | | $ | 25.72 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | 0.06 | | 0.06 | | 0.02 | | 0.08 | | 0.17 | | 0.05 | |
Net realized and unrealized gains (losses) on investments | | (1.49 | ) | 6.89 | | 2.06 | | (4.03 | ) | (0.98 | ) | (1.70 | ) |
Total income (loss) from investment activities | | (1.43 | ) | 6.95 | | 2.08 | | (3.95 | ) | (0.81 | ) | (1.65 | ) |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | (0.07 | ) | (0.01 | ) | (0.03 | ) | (0.21 | ) | (0.05 | ) | (0.19 | ) |
Net Asset Value, End of Period | | $ | 26.35 | | $ | 27.85 | | $ | 20.91 | | $ | 18.86 | | $ | 23.02 | | $ | 23.88 | |
Total Return(b) | | (5.15 | )% | 33.26 | % | 11.01 | % | (17.36 | )% | (3.42 | )% | (6.42 | )% |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.68 | %(d) | 1.70 | % | 1.72 | % | 1.83 | % | 1.79 | % | 1.75 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | 0.40 | % | 0.21 | % | 0.10 | % | 0.36 | % | 0.70 | % | 0.19 | % |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 22,806 | | $ | 34,450 | | $ | 14,906 | | $ | 9,079 | | $ | 12,665 | | $ | 18,899 | |
Portfolio turnover rate(b)(e) | | 10 | % | 54 | % | 118 | % | 182 | % | 176 | % | 102 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) The gross expense ratio includes a non-recurring fee reduction for expenses accrued in a prior year. Had this fee reduction not occurred, the gross expense ratio would have been 1.69%. The net expense ratio, net investment income (loss) ratio, and total return were not affected by the fee reduction.
(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
60 :: ProFund VP Europe 30 :: Financial Statements
Investment Objective: The ProFund VP Europe 30 seeks investment results, before fees and expenses, that correspond to the performance of the ProFunds Europe 30 Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 100 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
Royal Dutch Shell PLC | | 7.8 | % |
HSBC Holdings PLC | | 5.5 | % |
BP PLC | | 5.1 | % |
TOTAL S.A. | | 4.9 | % |
S.A.P. SE | | 4.6 | % |
ProFunds Europe 30 Index — Composition
Industry Breakdown | | % of Index | |
Energy | | 24 | % |
Financials | | 19 | % |
Information Technology | | 15 | % |
Health Care | | 14 | % |
Materials | | 9 | % |
Consumer Staples | | 8 | % |
Telecommunication Services | | 5 | % |
Utilities | | 2 | % |
Industrials | | 2 | % |
Consumer Discretionary | | 2 | % |
Country Composition | | | |
United Kingdom | | 39 | % |
Netherlands | | 17 | % |
France | | 10 | % |
Spain | | 8 | % |
Other | | 26 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (100.0%)
| | Shares | | Value | |
ArcelorMittalNYS—Class A (Metals & Mining) | | 18,216 | | $ | 524,256 | |
ASML Holding N.V.NYS (Semiconductors & Semiconductor Equipment) | | 4,554 | | 901,555 | |
AstraZeneca PLCADR (Pharmaceuticals) | | 25,300 | | 888,283 | |
Banco Bilbao VizcayaADR (Banks) | | 81,719 | | 572,033 | |
Banco Santander S.A.ADR (Banks) | | 143,451 | | 766,028 | |
Barclays PLCADR (Banks) | | 61,226 | | 614,097 | |
BP PLCADR (Oil, Gas & Consumable Fuels) | | 26,565 | | 1,212,958 | |
British American Tobacco PLCADR (Tobacco) | | 15,939 | | 804,123 | |
CRH PLCADR (Construction Materials) | | 15,939 | | 563,444 | |
Criteo S.A.*ADR (Internet Software & Services) | | 13,662 | | 448,797 | |
Equinor ASAADR (Oil, Gas & Consumable Fuels) | | 36,685 | | 968,851 | |
EricssonADR (Communications Equipment) | | 81,719 | | 626,785 | |
GlaxoSmithKline PLCADR (Pharmaceuticals) | | 23,782 | | 958,652 | |
HSBC Holdings PLCADR (Banks) | | 28,083 | | 1,323,832 | |
ING Groep N.V.ADR (Banks) | | 42,251 | | 605,034 | |
Koninklijke Philips N.V.NYS (Industrial Conglomerates) | | 15,180 | | 641,659 | |
Lloyds Banking Group PLCADR (Banks) | | 205,183 | | 683,259 | |
National Grid PLCADR (Multi-Utilities) | | 10,120 | | 565,202 | |
Nokia Corp.ADR (Communications Equipment) | | 114,862 | | 660,457 | |
Rio Tinto PLCADR (Metals & Mining) | | 17,457 | | 968,514 | |
Royal Dutch Shell PLCADR—Class A (Oil, Gas & Consumable Fuels) | | 27,071 | | 1,874,126 | |
Ryanair Holdings PLC*ADR (Airlines) | | 4,554 | | 520,203 | |
S.A.P. SEADR (Software) | | 9,614 | | 1,111,955 | |
SanofiADR (Pharmaceuticals) | | 22,011 | | 880,660 | |
Telefonica S.A.ADR (Diversified Telecommunication Services) | | 66,286 | | 565,420 | |
Tenaris S.A.ADR (Energy Equipment & Services) | | 16,698 | | 607,641 | |
TOTAL S.A.ADR (Oil, Gas & Consumable Fuels) | | 19,228 | | 1,164,447 | |
Trivago N.V.*ADR (Internet Software & Services) | | 63,250 | | 287,155 | |
Unilever N.V.NYS (Personal Products) | | 18,722 | | 1,043,190 | |
Vodafone Group PLCADR (Wireless Telecommunication Services) | | 26,565 | | 645,795 | |
TOTAL COMMON STOCKS (Cost $15,532,622) | | | | 23,998,411 | |
TOTAL INVESTMENT SECURITIES (Cost $15,532,622)—100.0% | | | | 23,998,411 | |
Net other assets (liabilities)—NM | | | | (3,150 | ) |
NET ASSETS—100.0% | | | | $ | 23,995,261 | |
* Non-income producing security.
ADR American Depositary Receipt
NYS New York Shares
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Europe 30 :: 61
ProFund VP Europe 30 invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Airlines | | $ | 520,203 | | 2.2 | % |
Banks | | 4,564,283 | | 18.9 | % |
Communications Equipment | | 1,287,242 | | 5.4 | % |
Construction Materials | | 563,444 | | 2.3 | % |
Diversified Telecommunication Services | | 565,420 | | 2.4 | % |
Energy Equipment & Services | | 607,641 | | 2.5 | % |
Industrial Conglomerates | | 641,659 | | 2.7 | % |
Internet Software & Services | | 735,952 | | 3.1 | % |
Metals & Mining | | 1,492,770 | | 6.2 | % |
Multi-Utilities | | 565,202 | | 2.4 | % |
Oil, Gas & Consumable Fuels | | 5,220,382 | | 21.7 | % |
Personal Products | | 1,043,190 | | 4.3 | % |
Pharmaceuticals | | 2,727,595 | | 11.4 | % |
Semiconductors & Semiconductor Equipment | | 901,555 | | 3.8 | % |
Software | | 1,111,955 | | 4.6 | % |
Tobacco | | 804,123 | | 3.4 | % |
Wireless Telecommunication Services | | 645,795 | | 2.7 | % |
Other** | | (3,150 | ) | NM | |
Total | | $ | 23,995,261 | | 100.0 | % |
ProFund VP Europe 30 invested in securities with exposure to the following countries as of June 30, 2018:
| | Value | | % of Net Assets | |
Finland | | $ | 660,457 | | 2.8 | % |
France | | 2,493,904 | | 10.4 | % |
Germany | | 1,399,110 | | 5.8 | % |
Ireland | | 1,083,647 | | 4.5 | % |
Luxembourg | | 1,131,897 | | 4.7 | % |
Netherlands | | 4,022,374 | | 16.8 | % |
Norway | | 968,851 | | 4.0 | % |
Spain | | 1,903,481 | | 7.9 | % |
Sweden | | 626,785 | | 2.6 | % |
United Kingdom | | 9,707,905 | | 40.5 | % |
Other** | | (3,150 | ) | NM | |
Total | | $ | 23,995,261 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
NM Not meaningful, amount is less than 0.05%
See accompanying notes to financial statements.
62 :: ProFund VP Europe 30 :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 15,532,622 | |
Securities, at value | | 23,998,411 | |
Total Investment Securities, at value | | 23,998,411 | |
Dividends receivable | | 118,765 | |
Receivable for tax reclaims | | 3,916 | |
Prepaid expenses | | 332 | |
TOTAL ASSETS | | 24,121,424 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 22,870 | |
Cash overdraft | | 36,568 | |
Advisory fees payable | | 16,375 | |
Management services fees payable | | 2,183 | |
Administration fees payable | | 745 | |
Administrative services fees payable | | 10,333 | |
Distribution fees payable | | 12,248 | |
Trustee fees payable | | 6 | |
Transfer agency fees payable | | 1,227 | |
Fund accounting fees payable | | 891 | |
Compliance services fees payable | | 144 | |
Other accrued expenses | | 22,573 | |
TOTAL LIABILITIES | | 126,163 | |
NET ASSETS | | $ | 23,995,261 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 23,493,071 | |
Accumulated net investment income (loss) | | 357,651 | |
Accumulated net realized gains (losses) on investments | | (8,321,250 | ) |
Net unrealized appreciation (depreciation) on investments | | 8,465,789 | |
NET ASSETS | | $ | 23,995,261 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 1,004,267 | |
Net Asset Value (offering and redemption price per share) | | $ | 23.89 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 628,764 | |
Interest | | 449 | |
Foreign tax withholding | | (31,835 | ) |
TOTAL INVESTMENT INCOME | | 597,378 | |
EXPENSES: | | | |
Advisory fees | | 106,903 | |
Management services fees | | 14,254 | |
Administration fees | | 3,536 | |
Transfer agency fees | | 5,331 | |
Administrative services fees | | 35,047 | |
Distribution fees | | 35,634 | |
Custody fees | | 10,366 | |
Fund accounting fees | | 4,004 | |
Trustee fees | | 330 | |
Compliance services fees | | 144 | |
Other fees | | 6,482 | |
Recoupment of prior expenses reduced by the Advisor | | 17,696 | |
TOTAL NET EXPENSES | | 239,727 | |
NET INVESTMENT INCOME (LOSS) | | 357,651 | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 821,279 | |
Change in net unrealized appreciation/depreciation on investment securities | | (1,373,224 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (551,945 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (194,294 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Europe 30 :: 63
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 357,651 | | $ | 694,945 | |
Net realized gains (losses) on investments | | 821,279 | | 161,548 | |
Change in net unrealized appreciation/depreciation on investments | | (1,373,224 | ) | 4,492,930 | |
Change in net assets resulting from operations | | (194,294 | ) | 5,349,423 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net investment income | | (694,945 | ) | (625,699 | ) |
Change in net assets resulting from distributions | | (694,945 | ) | (625,699 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 24,207,601 | | 65,292,591 | |
Distributions reinvested | | 694,945 | | 625,699 | |
Value of shares redeemed | | (32,216,892 | ) | (62,674,286 | ) |
Change in net assets resulting from capital transactions | | (7,314,346 | ) | 3,244,004 | |
Change in net assets | | (8,203,585 | ) | 7,967,728 | |
NET ASSETS: | | | | | |
Beginning of period | | 32,198,846 | | 24,231,118 | |
End of period | | $ | 23,995,261 | | $ | 32,198,846 | |
Accumulated net investment income (loss) | | $ | 357,651 | | $ | 694,945 | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 960,488 | | 2,770,059 | |
Reinvested | | 29,029 | | 25,728 | |
Redeemed | | (1,298,137 | ) | (2,645,864 | ) |
Change in shares | | (308,620 | ) | 149,923 | |
See accompanying notes to financial statements.
64 :: ProFund VP Europe 30 :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 24.53 | | $ | 20.84 | | $ | 19.90 | | $ | 23.35 | | $ | 25.87 | | $ | 21.59 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | 0.31 | | 0.50 | | 0.50 | | 0.53 | | 1.08 | | 0.35 | |
Net realized and unrealized gains (losses) on investments | | (0.35 | ) | 3.60 | | 1.03 | | (2.92 | ) | (3.28 | ) | 4.26 | |
Total income (loss) from investment activities | | (0.04 | ) | 4.10 | | 1.53 | | (2.39 | ) | (2.20 | ) | 4.61 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | (0.60 | ) | (0.41 | ) | (0.59 | ) | (1.06 | ) | (0.32 | ) | (0.33 | ) |
Net Asset Value, End of Period | | $ | 23.89 | | $ | 24.53 | | $ | 20.84 | | $ | 19.90 | | $ | 23.35 | | $ | 25.87 | |
Total Return(b) | | (0.17 | )% | 19.71 | % | 7.76 | % | (10.83 | )% | (8.65 | )% | 21.64 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.68 | % | 1.74 | % | 1.70 | % | 1.79 | % | 1.71 | % | 1.73 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | 2.51 | % | 2.14 | % | 2.54 | % | 2.38 | % | 4.25 | % | 1.54 | % |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 23,995 | | $ | 32,199 | | $ | 24,231 | | $ | 26,164 | | $ | 27,473 | | $ | 42,100 | |
Portfolio turnover rate(b)(d) | | 72 | % | 181 | % | 102 | % | 107 | % | 115 | % | 142 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Falling U.S. Dollar :: 65
Investment Objective: The ProFund VP Falling U.S. Dollar seeks daily investment results, before fees and expenses, that correspond to the daily performance of the basket of currencies included in the U.S. Dollar Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Forward Currency Contracts | | (101 | )% |
Total Exposure | | (101 | )% |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Holdings
The ProFund VP Falling U.S. Dollar primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
U.S Dollar Index — Composition
| | % of Index | |
Euro | | 57 | % |
Japanese yen | | 14 | % |
British pound | | 12 | % |
Canadian dollar | | 9 | % |
Swedish krona | | 4 | % |
Swiss franc | | 4 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (102.9%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $424,069 | | $ | 424,000 | | $ | 424,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $424,000) | | | | 424,000 | |
TOTAL INVESTMENT SECURITIES (Cost $424,000)—102.9% | | | | 424,000 | |
Net other assets (liabilities)—(2.9)% | | | | (11,819 | ) |
NET ASSETS—100.0% | | | | $ | 412,181 | |
| | | | | | | |
(a) A portion of these securities were held in a segregated account for the benefit of forward currency contract counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $74,000.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
See accompanying notes to financial statements.
66 :: ProFund VP Falling U.S. Dollar :: Financial Statements
At June 30, 2018, the ProFund VP Falling U.S. Dollar’s forward currency contracts with Goldman Sachs International, were as follows:
Description and amount of currency purchased | | Description and amount of currency sold | | Delivery Date | | Fair Value | | Unrealized Appreciation (Depreciation) | |
Long: | | | | | | | | | |
British pound | 18,419 | | U.S. dollar | $ | 24,656 | | 7/13/18 | | $ | 24,319 | | $ | (337 | ) |
Canadian dollar | 27,899 | | U.S. dollar | 21,513 | | 7/13/18 | | 21,229 | | (284 | ) |
Euro | 102,843 | | U.S. dollar | 121,311 | | 7/13/18 | | 120,207 | | (1,104 | ) |
Japanese yen | 2,680,627 | | U.S. dollar | 24,323 | | 7/13/18 | | 24,237 | | (86 | ) |
Swedish krona | 68,268 | | U.S. dollar | 7,931 | | 7/13/18 | | 7,632 | | (299 | ) |
Swiss franc | 4,907 | | U.S. dollar | 4,991 | | 7/13/18 | | 4,963 | | (28 | ) |
Total Long Contracts | | | $ | 204,725 | | | | $ | 202,587 | | $ | (2,138 | ) |
At June 30, 2018, the ProFund VP Falling U.S. Dollar’s forward currency contracts with UBS AG, were as follows:
Description and amount of currency purchased | | Description and amount of currency sold | | Delivery Date | | Fair Value | | Unrealized Appreciation (Depreciation) | |
Long: | | | | | | | | | | |
British pound | 18,885 | | U.S. dollar | $ | 25,285 | | 7/13/18 | | $ | 24,934 | | $ | (351 | ) |
Canadian dollar | 21,742 | | U.S. dollar | 16,767 | | 7/13/18 | | 16,544 | | (223 | ) |
Euro | 102,660 | | U.S. dollar | 121,114 | | 7/13/18 | | 119,993 | | (1,121 | ) |
Japanese yen | 3,609,463 | | U.S. dollar | 32,763 | | 7/13/18 | | 32,635 | | (128 | ) |
Swedish krona | 83,903 | | U.S. dollar | 9,747 | | 7/13/18 | | 9,380 | | (367 | ) |
Swiss franc | 9,975 | | U.S. dollar | 10,146 | | 7/13/18 | | 10,088 | | (58 | ) |
Total Long Contracts | | | $ | 215,822 | | | | $ | 213,574 | | $ | (2,248 | ) |
| | | Total unrealized depreciation | | | | | $ | (4,386 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Falling U.S. Dollar :: 67
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 424,000 | |
Repurchase agreements, at value | | 424,000 | |
Total Investment Securities, at value | | 424,000 | |
Cash | | 844 | |
Segregated cash balances with custodian | | 320 | |
Interest receivable | | 46 | |
Receivable for capital shares issued | | 285 | |
Receivable from Advisor | | 1,784 | |
Prepaid expenses | | 17 | |
TOTAL ASSETS | | 427,296 | |
LIABILITIES: | | | |
Unrealized depreciation on forward currency contracts | | 4,386 | |
Administration fees payable | | 13 | |
Administrative services fees payable | | 430 | |
Distribution fees payable | | 432 | |
Transfer agency fees payable | | 21 | |
Fund accounting fees payable | | 15 | |
Compliance services fees payable | | 5 | |
Other accrued expenses | | 9,813 | |
TOTAL LIABILITIES | | 15,115 | |
NET ASSETS | | $ | 412,181 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 663,255 | |
Accumulated net investment income (loss) | | (862 | ) |
Accumulated net realized gains (losses) on investments | | (245,826 | ) |
Net unrealized appreciation (depreciation) on investments | | (4,386 | ) |
NET ASSETS | | $ | 412,181 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 22,229 | |
Net Asset Value (offering and redemption price per share) | | $ | 18.54 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Interest | | $ | 6,037 | |
EXPENSES: | | | |
Advisory fees | | 3,080 | |
Management services fees | | 411 | |
Administration fees | | 155 | |
Transfer agency fees | | 234 | |
Administrative services fees | | 1,026 | |
Distribution fees | | 1,027 | |
Custody fees | | 16,946 | |
Fund accounting fees | | 173 | |
Trustee fees | | 14 | |
Compliance services fees | | 5 | |
Other fees | | 484 | |
Total Gross Expenses before reductions | | 23,555 | |
Expenses reduced and reimbursed by the Advisor | | (16,656 | ) |
TOTAL NET EXPENSES | | 6,899 | |
NET INVESTMENT INCOME (LOSS) | | (862 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on forward currency contracts | | (26,677 | ) |
Change in net unrealized appreciation/depreciation on forward currency contracts | | (11,630 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (38,307 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (39,169 | ) |
See accompanying notes to financial statements.
68 :: ProFund VP Falling U.S. Dollar :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (862 | ) | $ | (7,956 | ) |
Net realized gains (losses) on investments | | (26,677 | ) | 68,634 | |
Change in net unrealized appreciation/depreciation on investments | | (11,630 | ) | 21,002 | |
Change in net assets resulting from operations | | (39,169 | ) | 81,680 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net realized gains on investments | | (56,381 | ) | — | |
Change in net assets resulting from distributions | | (56,381 | ) | — | |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 3,442,064 | | 4,660,752 | |
Distributions reinvested | | 56,381 | | — | |
Value of shares redeemed | | (3,683,990 | ) | (4,494,007 | ) |
Change in net assets resulting from capital transactions | | (185,545 | ) | 166,745 | |
Change in net assets | | (281,095 | ) | 248,425 | |
NET ASSETS: | | | | | |
Beginning of period | | 693,276 | | 444,851 | |
End of period | | $ | 412,181 | | $ | 693,276 | |
Accumulated net investment income (loss) | | $ | (862 | ) | $ | — | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 152,011 | | 215,724 | |
Reinvested | | 3,054 | | — | |
Redeemed | | (163,919 | ) | (206,271 | ) |
Change in shares | | (8,854 | ) | 9,453 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Falling U.S. Dollar :: 69
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 22.30 | | $ | 20.57 | | $ | 21.85 | | $ | 24.28 | | $ | 27.78 | | $ | 28.35 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | (0.02 | ) | (0.18 | ) | (0.31 | ) | (0.37 | ) | (0.45 | ) | (0.45 | ) |
Net realized and unrealized gains (losses) on investments | | (0.80 | ) | 1.91 | | (0.97 | ) | (2.06 | ) | (3.05 | ) | (0.12 | ) |
Total income (loss) from investment activities | | (0.82 | ) | 1.73 | | (1.28 | ) | (2.43 | ) | (3.50 | ) | (0.57 | ) |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net realized gains on investments | | (2.94 | ) | — | | — | | — | | — | | — | |
Net Asset Value, End of Period | | $ | 18.54 | | $ | 22.30 | | $ | 20.57 | | $ | 21.85 | | $ | 24.28 | | $ | 27.78 | |
Total Return(b) | | (3.66 | )% | 8.46 | % | (5.86 | )% | (10.01 | )% | (12.60 | )% | (2.01 | )% |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 5.74 | % | 3.09 | % | 4.39 | % | 1.89 | % | 2.37 | % | 2.45 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | (0.21 | )% | (0.84 | )% | (1.42 | )% | (1.64 | )% | (1.66 | )% | (1.65 | )% |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 412 | | $ | 693 | | $ | 445 | | $ | 796 | | $ | 623 | | $ | 1,318 | |
Portfolio turnover rate(d) | | — | | — | | — | | — | | — | | — | |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).
See accompanying notes to financial statements.
70 :: ProFund VP Financials :: Financial Statements
Investment Objective: The ProFund VP Financials seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Financials Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 100 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
Berkshire Hathaway, Inc. | | 7.0 | % |
JPMorgan Chase & Co. | | 6.9 | % |
Bank of America Corp. | | 5.2 | % |
Wells Fargo & Co. | | 4.7 | % |
Visa, Inc. | | 4.6 | % |
Dow Jones U.S. Financials Index — Composition
| | % of Index | |
Banks | | 33 | % |
Diversified Financials | | 27 | % |
Real Estate | | 19 | % |
Insurance | | 13 | % |
Software & Services | | 8 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (100.0%)
| | Shares | | Value | |
Acadia Realty Trust (Equity Real Estate Investment Trusts) | | 642 | | $ | 17,572 | |
Affiliated Managers Group, Inc. (Capital Markets) | | 432 | | 64,225 | |
Aflac, Inc. (Insurance) | | 6,067 | | 261,002 | |
AGNC Investment Corp. (Mortgage Real Estate Investment Trusts) | | 3,303 | | 61,403 | |
Alexander & Baldwin, Inc. (Real Estate Management & Development) | | 531 | | 12,479 | |
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts) | | 805 | | 101,567 | |
Alleghany Corp. (Insurance) | | 122 | | 70,146 | |
Ally Financial, Inc. (Consumer Finance) | | 3,371 | | 88,556 | |
American Campus Communities, Inc. (Equity Real Estate Investment Trusts) | | 1,073 | | 46,010 | |
American Express Co. (Consumer Finance) | | 5,596 | | 548,409 | |
American Financial Group, Inc. (Insurance) | | 545 | | 58,495 | |
American Homes 4 Rent—Class A (Equity Real Estate Investment Trusts) | | 2,038 | | 45,203 | |
American International Group, Inc. (Insurance) | | 7,035 | | 372,996 | |
American Tower Corp. (Equity Real Estate Investment Trusts) | | 3,464 | | 499,404 | |
Ameriprise Financial, Inc. (Capital Markets) | | 1,136 | | 158,904 | |
AmTrust Financial Services, Inc. (Insurance) | | 734 | | 10,694 | |
Annaly Capital Management, Inc. (Mortgage Real Estate Investment Trusts) | | 9,090 | | 93,535 | |
Aon PLC (Insurance) | | 1,917 | | 262,955 | |
Apartment Investment & Management Co.— Class A (Equity Real Estate Investment Trusts) | | 1,231 | | 52,071 | |
Apple Hospitality REIT, Inc. (Equity Real Estate Investment Trusts) | | 1,694 | | 30,289 | |
Arch Capital Group, Ltd.* (Insurance) | | 3,198 | | 84,619 | |
Arthur J. Gallagher & Co. (Insurance) | | 1,429 | | 93,285 | |
Aspen Insurance Holdings, Ltd. (Insurance) | | 474 | | 19,292 | |
Associated Banc-Corp. (Banks) | | 1,324 | | 36,145 | |
Assurant, Inc. (Insurance) | | 416 | | 43,052 | |
Assured Guaranty, Ltd. (Insurance) | | 880 | | 31,442 | |
Athene Holding, Ltd.* (Insurance) | | 995 | | 43,621 | |
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | | 1,085 | | 186,500 | |
Axis Capital Holdings, Ltd. (Insurance) | | 657 | | 36,542 | |
BancorpSouth Bank (Banks) | | 646 | | 21,286 | |
Bank of America Corp. (Banks) | | 73,897 | | 2,083,155 | |
Bank of Hawaii Corp. (Banks) | | 336 | | 28,029 | |
Bank of the Ozarks, Inc. (Banks) | | 952 | | 42,878 | |
BankUnited, Inc. (Banks) | | 830 | | 33,906 | |
BB&T Corp. (Banks) | | 6,111 | | 308,239 | |
Berkshire Hathaway, Inc.*—Class B (Diversified Financial Services) | | 15,085 | | 2,815,615 | |
BGC Partners, Inc.—Class A (Capital Markets) | | 2,088 | | 23,636 | |
BlackRock, Inc.—Class A (Capital Markets) | | 967 | | 482,572 | |
Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts) | | 848 | | 26,653 | |
BOK Financial Corp. (Banks) | | 198 | | 18,614 | |
Boston Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,207 | | 151,382 | |
Brandywine Realty Trust (Equity Real Estate Investment Trusts) | | 1,399 | | 23,615 | |
Brighthouse Financial, Inc.* (Insurance) | | 938 | | 37,586 | |
Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts) | | 2,374 | | 41,379 | |
Brown & Brown, Inc. (Insurance) | | 1,796 | | 49,803 | |
Camden Property Trust (Equity Real Estate Investment Trusts) | | 724 | | 65,978 | |
Capital One Financial Corp. (Consumer Finance) | | 3,813 | | 350,415 | |
Capitol Federal Financial, Inc. (Thrifts & Mortgage Finance) | | 1,086 | | 14,292 | |
Cathay General Bancorp, Inc. (Banks) | | 600 | | 24,294 | |
CBL & Associates Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,352 | | 7,531 | |
CBOE Holdings, Inc. (Capital Markets) | | 881 | | 91,686 | |
CBRE Group, Inc.*—Class A (Real Estate Management & Development) | | 2,370 | | 113,144 | |
Chemical Financial Corp. (Banks) | | 561 | | 31,231 | |
Chimera Investment Corp. (Mortgage Real Estate Investment Trusts) | | 1,466 | | 26,798 | |
Chubb, Ltd. (Insurance) | | 3,649 | | 463,495 | |
Cincinnati Financial Corp. (Insurance) | | 1,174 | | 78,494 | |
CIT Group, Inc. (Banks) | | 942 | | 47,486 | |
Citigroup, Inc. (Banks) | | 19,981 | | 1,337,128 | |
Citizens Financial Group, Inc. (Banks) | | 3,800 | | 147,820 | |
CME Group, Inc. (Capital Markets) | | 2,666 | | 437,011 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Financials :: 71
Common Stocks, continued
| | Shares | | Value | |
CNO Financial Group, Inc. (Insurance) | | 1,310 | | $ | 24,942 | |
Colony Capital, Inc. (Equity Real Estate Investment Trusts) | | 3,890 | | 24,274 | |
Columbia Property Trust, Inc. (Equity Real Estate Investment Trusts) | | 929 | | 21,098 | |
Comerica, Inc. (Banks) | | 1,347 | | 122,469 | |
Commerce Bancshares, Inc. (Banks) | | 732 | | 47,368 | |
Corecivic, Inc. (Equity Real Estate Investment Trusts) | | 929 | | 22,194 | |
CoreSite Realty Corp. (Equity Real Estate Investment Trusts) | | 274 | | 30,365 | |
Corporate Office Properties Trust (Equity Real Estate Investment Trusts) | | 798 | | 23,134 | |
CoStar Group, Inc.* (Professional Services) | | 289 | | 119,250 | |
Cousins Properties, Inc. (Equity Real Estate Investment Trusts) | | 3,294 | | 31,919 | |
Credit Acceptance Corp.* (Consumer Finance) | | 101 | | 35,693 | |
Crown Castle International Corp. (Equity Real Estate Investment Trusts) | | 3,250 | | 350,414 | |
CubeSmart (Equity Real Estate Investment Trusts) | | 1,429 | | 46,042 | |
Cullen/Frost Bankers, Inc. (Banks) | | 462 | | 50,007 | |
CyrusOne, Inc. (Equity Real Estate Investment Trusts) | | 774 | | 45,171 | |
DCT Industrial Trust, Inc. (Equity Real Estate Investment Trusts) | | 735 | | 49,047 | |
DDR Corp. (Equity Real Estate Investment Trusts) | | 1,198 | | 21,444 | |
DiamondRock Hospitality Co. (Equity Real Estate Investment Trusts) | | 1,574 | | 19,329 | |
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 1,617 | | 180,425 | |
Discover Financial Services (Consumer Finance) | | 2,734 | | 192,501 | |
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts) | | 1,249 | | 50,185 | |
Duke Realty Corp. (Equity Real Estate Investment Trusts) | | 2,798 | | 81,226 | |
E*TRADE Financial Corp.* (Capital Markets) | | 2,071 | | 126,662 | |
East West Bancorp, Inc. (Banks) | | 1,139 | | 74,263 | |
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | | 278 | | 26,566 | |
Eaton Vance Corp. (Capital Markets) | | 934 | | 48,745 | |
Education Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 596 | | 24,734 | |
EPR Properties (Equity Real Estate Investment Trusts) | | 507 | | 32,849 | |
Equinix, Inc. (Equity Real Estate Investment Trusts) | | 625 | | 268,680 | |
Equity Commonwealth* (Equity Real Estate Investment Trusts) | | 952 | | 29,988 | |
Equity LifeStyle Properties, Inc. (Equity Real Estate Investment Trusts) | | 699 | | 64,238 | |
Equity Residential (Equity Real Estate Investment Trusts) | | 2,887 | | 183,873 | |
Erie Indemnity Co.—Class A (Insurance) | | 147 | | 17,237 | |
Essent Group, Ltd.* (Thrifts & Mortgage Finance) | | 648 | | 23,211 | |
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | | 518 | | 123,838 | |
Evercore Partners, Inc.—Class A (Capital Markets) | | 324 | | 34,166 | |
Everest Re Group, Ltd. (Insurance) | | 326 | | 75,136 | |
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | | 989 | | 98,712 | |
F.N.B. Corp. (Banks) | | 2,541 | | 34,100 | |
FactSet Research Systems, Inc. (Capital Markets) | | 309 | | 61,213 | |
Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | | 575 | | 72,766 | |
Federated Investors, Inc.—Class B (Capital Markets) | | 744 | | 17,350 | |
Fifth Third Bancorp (Banks) | | 5,375 | | 154,263 | |
Financial Engines, Inc. (Capital Markets) | | 500 | | 22,450 | |
First American Financial Corp. (Insurance) | | 873 | | 45,152 | |
First Citizens BancShares, Inc.—Class A (Banks) | | 69 | | 27,828 | |
First Financial Bankshares, Inc. (Banks) | | 531 | | 27,028 | |
First Horizon National Corp. (Banks) | | 2,567 | | 45,802 | |
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 983 | | 32,773 | |
First Republic Bank (Banks) | | 1,266 | | 122,536 | |
FNF Group (Insurance) | | 2,149 | | 80,845 | |
Forest City Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | | 2,097 | | 47,833 | |
Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts) | | 481 | | 11,847 | |
Franklin Resources, Inc. (Capital Markets) | | 2,500 | | 80,125 | |
Fulton Financial Corp. (Banks) | | 1,377 | | 22,721 | |
Gaming & Leisure Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,575 | | 56,385 | |
Genworth Financial, Inc.*—Class A (Insurance) | | 3,915 | | 17,618 | |
GGP, Inc. (Equity Real Estate Investment Trusts) | | 4,954 | | 101,210 | |
Glacier Bancorp, Inc. (Banks) | | 625 | | 24,175 | |
Gramercy Property Trust, Inc. (Equity Real Estate Investment Trusts) | | 1,258 | | 34,369 | |
Hancock Holding Co. (Banks) | | 671 | | 31,302 | |
Hartford Financial Services Group, Inc. (Insurance) | | 2,807 | | 143,522 | |
HCP, Inc. (Equity Real Estate Investment Trusts) | | 3,681 | | 95,043 | |
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 982 | | 28,557 | |
Healthcare Trust of America, Inc.—Class A (Equity Real Estate Investment Trusts) | | 1,611 | | 43,433 | |
Highwoods Properties, Inc. (Equity Real Estate Investment Trusts) | | 809 | | 41,041 | |
Home BancShares, Inc. (Banks) | | 1,234 | | 27,839 | |
Hospitality Properties Trust (Equity Real Estate Investment Trusts) | | 1,286 | | 36,792 | |
Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | | 5,813 | | 122,480 | |
Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,225 | | 43,402 | |
Huntington Bancshares, Inc. (Banks) | | 8,663 | | 127,866 | |
IBERIABANK Corp. (Banks) | | 451 | | 34,186 | |
Intercontinental Exchange, Inc. (Capital Markets) | | 4,537 | | 333,696 | |
International Bancshares Corp. (Banks) | | 431 | | 18,447 | |
Invesco Mortgage Capital, Inc. (Mortgage Real Estate Investment Trusts) | | 874 | | 13,897 | |
Invesco, Ltd. (Capital Markets) | | 3,218 | | 85,470 | |
Investors Bancorp, Inc. (Banks) | | 1,963 | | 25,107 | |
| | | | | | |
See accompanying notes to financial statements.
72 :: ProFund VP Financials :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | | 2,204 | | $ | 77,162 | |
Janus Henderson Group PLC (Capital Markets) | | 1,414 | | 43,452 | |
JBG Smith Properties (Equity Real Estate Investment Trusts) | | 727 | | 26,514 | |
Jones Lang LaSalle, Inc. (Real Estate Management & Development) | | 362 | | 60,088 | |
JPMorgan Chase & Co. (Banks) | | 26,683 | | 2,780,368 | |
Kemper Corp. (Insurance) | | 389 | | 29,428 | |
KeyCorp (Banks) | | 8,318 | | 162,534 | |
Kilroy Realty Corp. (Equity Real Estate Investment Trusts) | | 772 | | 58,394 | |
Kimco Realty Corp. (Equity Real Estate Investment Trusts) | | 3,331 | | 56,594 | |
Kite Realty Group Trust (Equity Real Estate Investment Trusts) | | 659 | | 11,256 | |
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts) | | 661 | | 45,153 | |
LaSalle Hotel Properties (Equity Real Estate Investment Trusts) | | 864 | | 29,575 | |
Lazard, Ltd.—Class A (Capital Markets) | | 1,018 | | 49,790 | |
Legg Mason, Inc. (Capital Markets) | | 673 | | 23,373 | |
LendingClub Corp.* (Consumer Finance) | | 2,962 | | 11,226 | |
Lexington Realty Trust (Equity Real Estate Investment Trusts) | | 1,690 | | 14,754 | |
Liberty Property Trust (Equity Real Estate Investment Trusts) | | 1,162 | | 51,511 | |
Life Storage, Inc. (Equity Real Estate Investment Trusts) | | 370 | | 36,005 | |
Lincoln National Corp. (Insurance) | | 1,712 | | 106,572 | |
Loews Corp. (Insurance) | | 2,055 | | 99,215 | |
LPL Financial Holdings, Inc. (Capital Markets) | | 702 | | 46,009 | |
M&T Bank Corp. (Banks) | | 1,141 | | 194,141 | |
Mack-Cali Realty Corp. (Equity Real Estate Investment Trusts) | | 703 | | 14,257 | |
Markel Corp.* (Insurance) | | 111 | | 120,363 | |
MarketAxess Holdings, Inc. (Capital Markets) | | 299 | | 59,160 | |
Marsh & McLennan Cos., Inc. (Insurance) | | 3,980 | | 326,241 | |
MasterCard, Inc.—Class A (IT Services) | | 7,188 | | 1,412,586 | |
MB Financial, Inc. (Banks) | | 662 | | 30,915 | |
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts) | | 2,859 | | 40,140 | |
Mercury General Corp. (Insurance) | | 290 | | 13,212 | |
MetLife, Inc. (Insurance) | | 7,966 | | 347,318 | |
MFA Financial, Inc. (Mortgage Real Estate Investment Trusts) | | 3,121 | | 23,657 | |
MGIC Investment Corp.* (Thrifts & Mortgage Finance) | | 2,912 | | 31,217 | |
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts) | | 891 | | 89,697 | |
Moody’s Corp. (Capital Markets) | | 1,307 | | 222,922 | |
Morgan Stanley (Capital Markets) | | 10,681 | | 506,279 | |
MSCI, Inc.—Class A (Capital Markets) | | 701 | | 115,966 | |
National Health Investors, Inc. (Equity Real Estate Investment Trusts) | | 330 | | 24,314 | |
National Retail Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,203 | | 52,884 | |
Navient Corp. (Consumer Finance) | | 2,077 | | 27,063 | |
New Residential Investment Corp. (Mortgage Real Estate Investment Trusts) | | 2,632 | | 46,034 | |
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance) | | 3,845 | | 42,448 | |
Northern Trust Corp. (Capital Markets) | | 1,654 | | 170,180 | |
Old Republic International Corp. (Insurance) | | 1,967 | | 39,163 | |
Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts) | | 1,559 | | 48,329 | |
Outfront Media, Inc. (Equity Real Estate Investment Trusts) | | 1,093 | | 21,259 | |
PacWest Bancorp (Banks) | | 981 | | 48,481 | |
Paramount Group, Inc. (Equity Real Estate Investment Trusts) | | 1,605 | | 24,717 | |
Park Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | | 1,579 | | 48,365 | |
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts) | | 542 | | 21,030 | |
People’s United Financial, Inc. (Banks) | | 2,725 | | 49,295 | |
Physicians Realty Trust (Equity Real Estate Investment Trusts) | | 1,427 | | 22,746 | |
Piedmont Office Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | | 1,005 | | 20,030 | |
Pinnacle Financial Partners, Inc. (Banks) | | 581 | | 35,644 | |
PNC Financial Services Group, Inc. (Banks) | | 3,678 | | 496,898 | |
Popular, Inc. (Banks) | | 800 | | 36,168 | |
Potlatch Corp. (Equity Real Estate Investment Trusts) | | 472 | | 24,001 | |
PRA Group, Inc.* (Consumer Finance) | | 360 | | 13,878 | |
Primerica, Inc. (Insurance) | | 350 | | 34,860 | |
Principal Financial Group, Inc. (Insurance) | | 2,090 | | 110,666 | |
ProAssurance Corp. (Insurance) | | 426 | | 15,102 | |
Prologis, Inc. (Equity Real Estate Investment Trusts) | | 4,178 | | 274,452 | |
Prosperity Bancshares, Inc. (Banks) | | 549 | | 37,530 | |
Prudential Financial, Inc. (Insurance) | | 3,292 | | 307,835 | |
Public Storage (Equity Real Estate Investment Trusts) | | 1,171 | | 265,652 | |
Quality Care Properties* (Equity Real Estate Investment Trusts) | | 735 | | 15,810 | |
Radian Group, Inc. (Thrifts & Mortgage Finance) | | 1,679 | | 27,233 | |
Raymond James Financial, Inc. (Capital Markets) | | 1,019 | | 91,048 | |
Rayonier, Inc. (Equity Real Estate Investment Trusts) | | 1,015 | | 39,270 | |
Realogy Holdings Corp. (Real Estate Management & Development) | | 1,000 | | 22,800 | |
Realty Income Corp. (Equity Real Estate Investment Trusts) | | 2,227 | | 119,790 | |
Regency Centers Corp. (Equity Real Estate Investment Trusts) | | 1,158 | | 71,889 | |
Regions Financial Corp. (Banks) | | 8,801 | | 156,482 | |
Reinsurance Group of America, Inc. (Insurance) | | 506 | | 67,541 | |
RenaissanceRe Holdings, Ltd. (Insurance) | | 320 | | 38,502 | |
Retail Properties of America, Inc. (Equity Real Estate Investment Trusts) | | 1,718 | | 21,956 | |
RLI Corp. (Insurance) | | 310 | | 20,519 | |
RLJ Lodging Trust (Equity Real Estate Investment Trusts) | | 1,373 | | 30,275 | |
Ryman Hospitality Properties, Inc. (Equity Real Estate Investment Trusts) | | 408 | | 33,925 | |
S&P Global, Inc. (Capital Markets) | | 1,971 | | 401,867 | |
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | | 1,397 | | 30,357 | |
SBA Communications Corp.* (Equity Real Estate Investment Trusts) | | 902 | | 148,938 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Financials :: 73
Common Stocks, continued
| | Shares | | Value | |
SEI Investments Co. (Capital Markets) | | 1,030 | | $ | 64,396 | |
Senior Housing Properties Trust (Equity Real Estate Investment Trusts) | | 1,862 | | 33,684 | |
Signature Bank* (Banks) | | 427 | | 54,605 | |
Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | | 2,428 | | 413,220 | |
SL Green Realty Corp. (Equity Real Estate Investment Trusts) | | 696 | | 69,969 | |
SLM Corp.* (Consumer Finance) | | 3,413 | | 39,079 | |
Spirit MTA REIT* (Equity Real Estate Investment Trusts) | | 341 | | 3,512 | |
Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts) | | 3,360 | | 26,981 | |
Starwood Property Trust, Inc. (Mortgage Real Estate Investment Trusts) | | 2,056 | | 44,636 | |
State Street Corp. (Capital Markets) | | 2,864 | | 266,610 | |
Sterling Bancorp (Banks) | | 1,765 | | 41,478 | |
Stifel Financial Corp. (Capital Markets) | | 562 | | 29,365 | |
STORE Capital Corp. (Equity Real Estate Investment Trusts) | | 1,349 | | 36,963 | |
Sun Communities, Inc. (Equity Real Estate Investment Trusts) | | 630 | | 61,664 | |
Sunstone Hotel Investors, Inc. (Equity Real Estate Investment Trusts) | | 1,767 | | 29,368 | |
SunTrust Banks, Inc. (Banks) | | 3,641 | | 240,379 | |
SVB Financial Group* (Banks) | | 421 | | 121,568 | |
Synchrony Financial (Consumer Finance) | | 5,559 | | 185,559 | |
Synovus Financial Corp. (Banks) | | 930 | | 49,132 | |
T. Rowe Price Group, Inc. (Capital Markets) | | 1,898 | | 220,339 | |
Tanger Factory Outlet Centers, Inc. (Equity Real Estate Investment Trusts) | | 737 | | 17,312 | |
Taubman Centers, Inc. (Equity Real Estate Investment Trusts) | | 478 | | 28,087 | |
TCF Financial Corp. (Banks) | | 1,317 | | 32,425 | |
TD Ameritrade Holding Corp. (Capital Markets) | | 2,131 | | 116,715 | |
Texas Capital Bancshares, Inc.* (Banks) | | 395 | | 36,143 | |
The Allstate Corp. (Insurance) | | 2,754 | | 251,358 | |
The Bank of New York Mellon Corp. (Capital Markets) | | 7,920 | | 427,126 | |
The Charles Schwab Corp. (Capital Markets) | | 9,411 | | 480,902 | |
The GEO Group, Inc. (Equity Real Estate Investment Trusts) | | 965 | | 26,576 | |
The Goldman Sachs Group, Inc. (Capital Markets) | | 2,752 | | 607,009 | |
The Hanover Insurance Group, Inc. (Insurance) | | 338 | | 40,411 | |
The Howard Hughes Corp.* (Real Estate Management & Development) | | 308 | | 40,810 | |
The Macerich Co. (Equity Real Estate Investment Trusts) | | 850 | | 48,306 | |
The NASDAQ OMX Group, Inc. (Capital Markets) | | 916 | | 83,603 | |
The Progressive Corp. (Insurance) | | 4,562 | | 269,842 | |
The Travelers Cos., Inc. (Insurance) | | 2,115 | | 258,749 | |
Torchmark Corp. (Insurance) | | 826 | | 67,245 | |
Trustmark Corp. (Banks) | | 532 | | 17,359 | |
Two Harbors Investment Corp. (Mortgage Real Estate Investment Trusts) | | 1,374 | | 21,709 | |
U.S. Bancorp (Banks) | | 12,229 | | 611,695 | |
UDR, Inc. (Equity Real Estate Investment Trusts) | | 2,100 | | 78,834 | |
UMB Financial Corp. (Banks) | | 350 | | 26,681 | |
Umpqua Holdings Corp. (Banks) | | 1,723 | | 38,923 | |
United Bankshares, Inc. (Banks) | | 822 | | 29,921 | |
Uniti Group, Inc. (Equity Real Estate Investment Trusts) | | 1,293 | | 25,899 | |
Unum Group (Insurance) | | 1,731 | | 64,030 | |
Urban Edge Properties (Equity Real Estate Investment Trusts) | | 829 | | 18,959 | |
Validus Holdings, Ltd. (Insurance) | | 644 | | 43,534 | |
Valley National Bancorp (Banks) | | 2,080 | | 25,293 | |
Ventas, Inc. (Equity Real Estate Investment Trusts) | | 2,792 | | 159,004 | |
VEREIT, Inc. (Equity Real Estate Investment Trusts) | | 7,590 | | 56,470 | |
Visa, Inc.—Class A (IT Services) | | 13,997 | | 1,853,902 | |
Vornado Realty Trust (Equity Real Estate Investment Trusts) | | 1,355 | | 100,162 | |
Voya Financial, Inc. (Diversified Financial Services) | | 1,322 | | 62,134 | |
W.R. Berkley Corp. (Insurance) | | 751 | | 54,380 | |
Waddell & Reed Financial, Inc.—Class A (Capital Markets) | | 646 | | 11,609 | |
Washington Federal, Inc. (Thrifts & Mortgage Finance) | | 665 | | 21,746 | |
Washington Prime Group, Inc. (Equity Real Estate Investment Trusts) | | 1,458 | | 11,824 | |
Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts) | | 618 | | 18,744 | |
Webster Financial Corp. (Banks) | | 719 | | 45,800 | |
Weingarten Realty Investors (Equity Real Estate Investment Trusts) | | 934 | | 28,777 | |
Wells Fargo & Co. (Banks) | | 34,372 | | 1,905,583 | |
Welltower, Inc. (Equity Real Estate Investment Trusts) | | 2,917 | | 182,867 | |
Western Alliance Bancorp* (Banks) | | 761 | | 43,080 | |
Weyerhaeuser Co. (Equity Real Estate Investment Trusts) | | 5,930 | | 216,207 | |
White Mountains Insurance Group, Ltd. (Insurance) | | 24 | | 21,759 | |
Willis Towers Watson PLC (Insurance) | | 1,035 | | 156,906 | |
Wintrust Financial Corp. (Banks) | | 448 | | 38,998 | |
WP Carey, Inc. (Equity Real Estate Investment Trusts) | | 839 | | 55,668 | |
Xenia Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | | 836 | | 20,365 | |
XL Group, Ltd. (Insurance) | | 2,026 | | 113,355 | |
Zions Bancorp (Banks) | | 1,547 | | 81,511 | |
TOTAL COMMON STOCKS (Cost $16,026,027) | | | | 40,282,512 | |
TOTAL INVESTMENT SECURITIES (Cost $16,026,027)—100.0% | | | | 40,282,512 | |
Net other assets (liabilities)—NM | | | | 9,937 | |
NET ASSETS—100.0% | | | | $ | 40,292,449 | |
* Non-income producing security.
See accompanying notes to financial statements.
74 :: ProFund VP Financials :: Financial Statements
ProFund VP Financials invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Banks | | $ | 12,646,548 | | 31.4 | % |
Capital Markets | | 6,105,631 | | 15.2 | % |
Consumer Finance | | 1,492,379 | | 3.7 | % |
Diversified Financial Services | | 2,877,749 | | 7.1 | % |
Equity Real Estate Investment Trusts | | 7,566,600 | | 18.8 | % |
Insurance | | 5,440,077 | | 13.5 | % |
IT Services | | 3,266,488 | | 8.1 | % |
Mortgage Real Estate Investment Trusts | | 358,322 | | 0.9 | % |
Professional Services | | 119,250 | | 0.3 | % |
Real Estate Management & Development | | 249,321 | | 0.6 | % |
Thrifts & Mortgage Finance | | 160,147 | | 0.4 | % |
Other** | | 9,937 | | NM | |
Total | | $ | 40,292,449 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
NM Not meaningful, amount is less than 0.05%
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Financials :: 75
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 16,026,027 | |
Securities, at value | | 40,282,512 | |
Total Investment Securities, at value | | 40,282,512 | |
Dividends receivable | | 58,488 | |
Receivable for capital shares issued | | 113,013 | |
Receivable for investments sold | | 310 | |
Prepaid expenses | | 634 | |
TOTAL ASSETS | | 40,454,957 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 28,241 | |
Cash overdraft | | 16,947 | |
Advisory fees payable | | 25,761 | |
Management services fees payable | | 3,435 | |
Administration fees payable | | 1,174 | |
Administrative services fees payable | | 18,302 | |
Distribution fees payable | | 19,405 | |
Trustee fees payable | | 9 | |
Transfer agency fees payable | | 1,932 | |
Fund accounting fees payable | | 1,403 | |
Compliance services fees payable | | 251 | |
Other accrued expenses | | 45,648 | |
TOTAL LIABILITIES | | 162,508 | |
NET ASSETS | | $ | 40,292,449 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 25,496,094 | |
Accumulated net investment income (loss) | | 125,971 | |
Accumulated net realized gains (losses) on investments | | (9,586,101 | ) |
Net unrealized appreciation (depreciation) on investments | | 24,256,485 | |
NET ASSETS | | $ | 40,292,449 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 981,217 | |
Net Asset Value (offering and redemption price per share) | | $ | 41.06 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 509,697 | |
Interest | | 552 | |
TOTAL INVESTMENT INCOME | | 510,249 | |
EXPENSES: | | | |
Advisory fees | | 175,082 | |
Management services fees | | 23,344 | |
Administration fees | | 7,403 | |
Transfer agency fees | | 11,161 | |
Administrative services fees | | 62,059 | |
Distribution fees | | 58,361 | |
Custody fees | | 3,646 | |
Fund accounting fees | | 9,157 | |
Trustee fees | | 680 | |
Compliance services fees | | 251 | |
Other fees | | 17,040 | |
Recoupment of prior expenses reduced by the Advisor | | 24,000 | |
TOTAL NET EXPENSES | | 392,184 | |
NET INVESTMENT INCOME (LOSS) | | 118,065 | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 1,178,748 | |
Change in net unrealized appreciation/depreciation on investment securities | | (2,230,162 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (1,051,414 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (933,349 | ) |
See accompanying notes to financial statements.
76 :: ProFund VP Financials :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 118,065 | | $ | 164,918 | |
Net realized gains (losses) on investments | | 1,178,748 | | 40,856 | |
Change in net unrealized appreciation/depreciation on investments | | (2,230,162 | ) | 7,172,133 | |
Change in net assets resulting from operations | | (933,349 | ) | 7,377,907 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net investment income | | (157,288 | ) | (166,272 | ) |
Change in net assets resulting from distributions | | (157,288 | ) | (166,272 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 14,663,777 | | 40,449,227 | |
Distributions reinvested | | 157,288 | | 166,272 | |
Value of shares redeemed | | (24,890,312 | ) | (42,499,334 | ) |
Change in net assets resulting from capital transactions | | (10,069,247 | ) | (1,883,835 | ) |
Change in net assets | | (11,159,884 | ) | 5,327,800 | |
NET ASSETS: | | | | | |
Beginning of period | | 51,452,333 | | 46,124,533 | |
End of period | | $ | 40,292,449 | | $ | 51,452,333 | |
Accumulated net investment income (loss) | | $ | 125,971 | | $ | 165,194 | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 345,324 | | 1,052,057 | |
Reinvested | | 3,759 | | 4,193 | |
Redeemed | | (596,030 | ) | (1,124,921 | ) |
Change in shares | | (246,947 | ) | (68,671 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Financials :: 77
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 41.89 | | $ | 35.57 | | $ | 30.95 | | $ | 31.53 | | $ | 27.98 | | $ | 21.27 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | 0.11 | | 0.13 | | 0.17 | | 0.09 | | 0.08 | | 0.05 | |
Net realized and unrealized gains (losses) on investments | | (0.78 | ) | 6.32 | | 4.56 | | (0.56 | ) | 3.53 | | 6.76 | |
Total income (loss) from investment activities | | (0.67 | ) | 6.45 | | 4.73 | | (0.47 | ) | 3.61 | | 6.81 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | (0.16 | ) | (0.13 | ) | (0.11 | ) | (0.11 | ) | (0.06 | ) | (0.10 | ) |
Net Asset Value, End of Period | | $ | 41.06 | | $ | 41.89 | | $ | 35.57 | | $ | 30.95 | | $ | 31.53 | | $ | 27.98 | |
Total Return(b) | | (1.61 | )% | 18.19 | % | 15.32 | % | (1.49 | )% | 12.92 | % | 32.08 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.68 | % | 1.68 | % | 1.71 | % | 1.74 | % | 1.73 | % | 1.78 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | 0.51 | % | 0.35 | % | 0.56 | % | 0.27 | % | 0.27 | % | 0.19 | % |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 40,292 | | $ | 51,452 | | $ | 46,125 | | $ | 42,944 | | $ | 43,220 | | $ | 43,913 | |
Portfolio turnover rate(b)(d) | | 16 | % | 64 | % | 98 | % | 97 | % | 49 | % | 72 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
78 :: ProFund VP Government Money Market :: Financial Statements
Investment Objective: The ProFund VP Government Money Market seeks, as its investment objective, a high level of current income consistent with liquidity and preservation of capital.
An investment in this ProFund VP is neither guaranteed nor insured by the Federal Deposit Insurance Corporation or any other government agency. Although the ProFund VP strives to maintain the value of your investment at $1.00 per share, it is possible to lose money by investing in this ProFund VP.
Allocation of Portfolio Holdings (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
U.S. Treasury Obligations | | 20 | % |
Repurchase Agreements | | 207 | % |
Total Exposure | | 227 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Schedule of Portfolio Investments (unaudited)
U.S. Treasury Obligations (20.0%)
| | Principal Amount | | Value | |
U.S. Treasury Bills | | | | | |
1.99%+, 2/28/19 | | $ | 4,000,000 | | $ | 3,947,015 | |
2.04%+, 3/28/19 | | 10,000,000 | | 9,849,063 | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $13,796,078) | | | | 13,796,078 | |
| | | | | |
Repurchase Agreements(a) (207.1%) | | | | | |
| | | | | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $143,008,352 | | 142,985,000 | | 142,985,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $142,985,000) | | | | 142,985,000 | |
TOTAL INVESTMENT SECURITIES (Cost $156,781,078)—227.1% | | | | 156,781,078 | |
Net other assets (liabilities)—(127.1)%(b) | | | | (87,759,466 | ) |
NET ASSETS—100.0% | | | | $ | 69,021,612 | |
| | | | | | | |
+ Reflects the effective yield or interest rate in effect at June 30, 2018.
(a) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
(b) Amount includes $87,420,959 of net payable for capital shares redeemed.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Government Money Market :: 79
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 156,781,078 | |
Securities, at value | | 13,796,078 | |
Repurchase agreements, at value | | 142,985,000 | |
Total Investment Securities, at value | | 156,781,078 | |
Cash | | 974 | |
Interest receivable | | 15,568 | |
Receivable for capital shares issued | | 787,013 | |
Prepaid expenses | | 2,042 | |
TOTAL ASSETS | | 157,586,675 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 88,207,972 | |
Advisory fees payable | | 141,518 | |
Management services fees payable | | 18,869 | |
Administration fees payable | | 5,076 | |
Trustee fees payable | | 40 | |
Transfer agency fees payable | | 8,355 | |
Fund accounting fees payable | | 6,068 | |
Compliance services fees payable | | 933 | |
Other accrued expenses | | 176,232 | |
TOTAL LIABILITIES | | 88,565,063 | |
NET ASSETS | | $ | 69,021,612 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 69,087,044 | |
Accumulated net realized gains (losses) on investments | | (65,432 | ) |
NET ASSETS | | $ | 69,021,612 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 69,087,044 | |
Net Asset Value (offering and redemption price per share) | | $ | 1.00 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Interest | | $ | 1,395,742 | |
EXPENSES: | | | |
Advisory fees | | 688,622 | |
Management services fees | | 91,816 | |
Administration fees | | 30,528 | |
Transfer agency fees | | 45,910 | |
Custody fees | | 12,179 | |
Fund accounting fees | | 33,956 | |
Trustee fees | | 3,001 | |
Compliance services fees | | 958 | |
Other fees | | 32,168 | |
Recoupment of prior expenses reduced by the Advisor | | 328,823 | |
TOTAL NET EXPENSES | | 1,267,961 | |
NET INVESTMENT INCOME | | 127,781 | |
REALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | (19,118 | ) |
NET REALIZED GAINS (LOSSES) ON INVESTMENTS | | (19,118 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 108,663 | |
See accompanying notes to financial statements.
80 :: ProFund VP Government Money Market :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income | | $ | 127,781 | | $ | 26,167 | |
Net realized gains (losses) on investments | | (19,118 | ) | (42,170 | ) |
Change in net assets resulting from operations | | 108,663 | | (16,003 | ) |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net investment income | | (127,781 | ) | (38,688 | ) |
Change in net assets resulting from distributions | | (127,781 | ) | (38,688 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 1,522,086,951 | | 3,002,527,732 | |
Distributions reinvested | | 127,781 | | 38,688 | |
Value of shares redeemed | | (1,641,391,035 | ) | (2,934,393,496 | ) |
Change in net assets resulting from capital transactions | | (119,176,303 | ) | 68,172,924 | |
Change in net assets | | (119,195,421 | ) | 68,118,233 | |
NET ASSETS: | | | | | |
Beginning of period | | 188,217,033 | | 120,098,800 | |
End of period | | $ | 69,021,612 | | $ | 188,217,033 | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 1,522,086,951 | | 3,002,527,732 | |
Reinvested | | 127,781 | | 38,688 | |
Redeemed | | (1,641,391,035 | ) | (2,934,393,496 | ) |
Change in shares | | (119,176,303 | ) | 68,172,924 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Government Money Market :: 81
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 1.000 | | $ | 1.000 | | $ | 1.000 | | $ | 1.000 | | $ | 1.000 | | $ | 1.000 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income | | — | (a) | — | (a) | — | (a) | — | (a) | — | (a) | — | (a) |
Net realized gains (losses) on investments | | — | (a) | — | (a) | — | (a) | — | (a) | — | (a) | — | (a) |
Total income from investment activities | | — | (a) | — | (a) | — | (a) | — | (a) | — | (a) | — | (a) |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | — | (a) | — | (a) | — | (a) | — | (a) | — | (a) | — | (a) |
Total distributions | | — | (a) | — | (a) | — | (a) | — | (a) | — | (a) | — | (a) |
Net Asset Value, End of Period | | $ | 1.000 | | $ | 1.000 | | $ | 1.000 | | $ | 1.000 | | $ | 1.000 | | $ | 1.000 | |
Total Return(b) | | 0.07 | % | 0.02 | % | 0.02 | % | 0.02 | % | 0.02 | % | 0.02 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.38 | % | 1.14 | % | 1.14 | % | 1.17 | % | 1.13 | % | 1.12 | % |
Net expenses(c) | | 1.38 | %(d) | 0.83 | %(e) | 0.29 | %(e) | 0.06 | %(e) | — | (e)(f) | 0.01 | %(e) |
Net investment income(c) | | 0.14 | % | 0.01 | % | 0.01 | % | 0.02 | % | 0.02 | % | 0.02 | % |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 69,022 | | $ | 188,217 | | $ | 120,099 | | $ | 198,352 | | $ | 130,026 | | $ | 188,760 | |
(a) Amount is less than $0.0005.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.
(e) The expense ratio for the period reflects the reduction of certain expenses to maintain a certain minimum yield.
(f) Amount is less than 0.005%.
See accompanying notes to financial statements.
82 :: ProFund VP Health Care :: Financial Statements
Investment Objective: The ProFund VP Health Care seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Health Care Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 100 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
Johnson & Johnson | | 9.4 | % |
UnitedHealth Group, Inc. | | 6.8 | % |
Pfizer, Inc. | | 6.1 | % |
Merck & Co., Inc. | | 4.7 | % |
AbbVie, Inc. | | 4.1 | % |
Dow Jones U.S. Health Care Index — Composition
| | % of Index | |
Pharmaceuticals | | 30 | % |
Health Care Equipment & Supplies | | 22 | % |
Health Care Providers & Services | | 22 | % |
Biotechnology | | 20 | % |
Life Sciences Tools & Services | | 6 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (100.0%)
| | Shares | | Value | |
Abbott Laboratories (Health Care Equipment & Supplies) | | 23,982 | | $ | 1,462,661 | |
AbbVie, Inc. (Biotechnology) | | 20,729 | | 1,920,542 | |
ABIOMED, Inc.* (Health Care Equipment & Supplies) | | 579 | | 236,840 | |
Acadia Healthcare Co., Inc.* (Health Care Providers & Services) | | 1,124 | | 45,983 | |
ACADIA Pharmaceuticals, Inc.* (Biotechnology) | | 1,350 | | 20,615 | |
Aetna, Inc. (Health Care Providers & Services) | | 4,476 | | 821,346 | |
Agilent Technologies, Inc. (Life Sciences Tools & Services) | | 4,377 | | 270,674 | |
Agios Pharmaceuticals, Inc.* (Biotechnology) | | 677 | | 57,024 | |
Akorn, Inc.* (Pharmaceuticals) | | 1,285 | | 21,318 | |
Alexion Pharmaceuticals, Inc.* (Biotechnology) | | 3,043 | | 377,788 | |
Align Technology, Inc.* (Health Care Equipment & Supplies) | | 986 | | 337,350 | |
Alkermes PLC* (Biotechnology) | | 2,121 | | 87,300 | |
Allergan PLC (Pharmaceuticals) | | 4,638 | | 773,247 | |
Alnylam Pharmaceuticals, Inc.* (Biotechnology) | | 1,143 | | 112,574 | |
Amgen, Inc. (Biotechnology) | | 9,111 | | 1,681,799 | |
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals) | | 1,020 | | 16,738 | |
Anthem, Inc. (Health Care Providers & Services) | | 3,490 | | 830,725 | |
Baxter International, Inc. (Health Care Equipment & Supplies) | | 6,739 | | 497,608 | |
Becton, Dickinson & Co. (Health Care Equipment & Supplies) | | 3,656 | | 875,831 | |
Biogen, Inc.* (Biotechnology) | | 2,887 | | 837,923 | |
BioMarin Pharmaceutical, Inc.* (Biotechnology) | | 2,418 | | 227,776 | |
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services) | | 277 | | 79,926 | |
Bio-Techne Corp. (Life Sciences Tools & Services) | | 514 | | 76,046 | |
Bluebird Bio, Inc.* (Biotechnology) | | 685 | | 107,511 | |
Boston Scientific Corp.* (Health Care Equipment & Supplies) | | 18,875 | | 617,213 | |
Bristol-Myers Squibb Co. (Pharmaceuticals) | | 22,358 | | 1,237,292 | |
Brookdale Senior Living, Inc.* (Health Care Providers & Services) | | 2,566 | | 23,325 | |
Bruker Corp. (Life Sciences Tools & Services) | | 1,389 | | 40,337 | |
Catalent, Inc.* (Pharmaceuticals) | | 1,825 | | 76,449 | |
Celgene Corp.* (Biotechnology) | | 9,667 | | 767,753 | |
Centene Corp.* (Health Care Providers & Services) | | 2,806 | | 345,727 | |
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | | 654 | | 73,418 | |
Chemed Corp. (Health Care Providers & Services) | | 221 | | 71,120 | |
Cigna Corp. (Health Care Providers & Services) | | 3,327 | | 565,424 | |
Clovis Oncology, Inc.* (Biotechnology) | | 718 | | 32,647 | |
CVS Health Corp. (Food & Staples Retailing) | | 13,907 | | 894,915 | |
Danaher Corp. (Health Care Equipment & Supplies) | | 8,408 | | 829,701 | |
DaVita HealthCare Partners, Inc.* (Health Care Providers & Services) | | 1,911 | | 132,700 | |
Dentsply Sirona, Inc. (Health Care Equipment & Supplies) | | 3,111 | | 136,168 | |
DexCom, Inc.* (Health Care Equipment & Supplies) | | 1,204 | | 114,356 | |
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | | 2,884 | | 419,824 | |
Eli Lilly & Co. (Pharmaceuticals) | | 13,065 | | 1,114,836 | |
Encompass Health Corp. (Health Care Providers & Services) | | 1,353 | | 91,625 | |
Endo International PLC* (Pharmaceuticals) | | 2,754 | | 25,970 | |
Envision Healthcare Corp.* (Health Care Providers & Services) | | 1,658 | | 72,969 | |
Exact Sciences Corp.* (Biotechnology) | | 1,669 | | 99,790 | |
Exelixis, Inc.* (Biotechnology) | | 3,858 | | 83,024 | |
Express Scripts Holding Co.* (Health Care Providers & Services) | | 7,683 | | 593,204 | |
Gilead Sciences, Inc. (Biotechnology) | | 17,786 | | 1,259,960 | |
Haemonetics Corp.* (Health Care Equipment & Supplies) | | 713 | | 63,942 | |
Halyard Health, Inc.* (Health Care Equipment & Supplies) | | 642 | | 36,755 | |
HCA Holdings, Inc. (Health Care Providers & Services) | | 3,822 | | 392,137 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Health Care :: 83
Common Stocks, continued
| | Shares | | Value | |
Henry Schein, Inc.* (Health Care Providers & Services) | | 2,107 | | $ | 153,052 | |
Hill-Rom Holdings, Inc. (Health Care Equipment & Supplies) | | 905 | | 79,043 | |
Hologic, Inc.* (Health Care Equipment & Supplies) | | 3,733 | | 148,387 | |
Horizon Pharma PLC* (Pharmaceuticals) | | 2,257 | | 37,376 | |
Humana, Inc. (Health Care Providers & Services) | | 1,884 | | 560,735 | |
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | | 1,187 | | 258,695 | |
Illumina, Inc.* (Life Sciences Tools & Services) | | 2,010 | | 561,373 | |
Incyte Corp.* (Biotechnology) | | 2,408 | | 161,336 | |
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies) | | 964 | | 62,091 | |
Intercept Pharmaceuticals, Inc.* (Biotechnology) | | 286 | | 23,998 | |
Intrexon Corp.* (Biotechnology) | | 918 | | 12,797 | |
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | | 1,550 | | 741,644 | |
Ionis Pharmaceuticals, Inc.* (Biotechnology) | | 1,716 | | 71,506 | |
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | | 2,213 | | 220,902 | |
Jazz Pharmaceuticals PLC* (Pharmaceuticals) | | 821 | | 141,458 | |
Johnson & Johnson (Pharmaceuticals) | | 36,687 | | 4,451,602 | |
Laboratory Corp. of America Holdings* (Health Care Providers & Services) | | 1,401 | | 251,522 | |
LifePoint Health, Inc.* (Health Care Providers & Services) | | 531 | | 25,913 | |
Ligand Pharmaceuticals, Inc.*—Class B (Biotechnology) | | 292 | | 60,494 | |
Magellan Health, Inc.* (Health Care Providers & Services) | | 338 | | 32,431 | |
Mallinckrodt PLC* (Pharmaceuticals) | | 1,138 | | 21,235 | |
Masimo Corp.* (Health Care Equipment & Supplies) | | 650 | | 63,473 | |
McKesson Corp. (Health Care Providers & Services) | | 2,763 | | 368,584 | |
MEDNAX, Inc.* (Health Care Providers & Services) | | 1,293 | | 55,961 | |
Medtronic PLC (Health Care Equipment & Supplies) | | 18,524 | | 1,585,839 | |
Merck & Co., Inc. (Pharmaceuticals) | | 36,800 | | 2,233,760 | |
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | | 348 | | 201,363 | |
Molina Healthcare, Inc.* (Health Care Providers & Services) | | 648 | | 63,465 | |
Mylan N.V.* (Pharmaceuticals) | | 7,052 | | 254,859 | |
Myriad Genetics, Inc.* (Biotechnology) | | 955 | | 35,688 | |
Nektar Therapeutics* (Pharmaceuticals) | | 2,203 | | 107,572 | |
Neurocrine Biosciences, Inc.* (Biotechnology) | | 1,229 | | 120,737 | |
NuVasive, Inc.* (Health Care Equipment & Supplies) | | 700 | | 36,484 | |
OPKO Health, Inc.* (Biotechnology) | | 4,975 | | 23,383 | |
Owens & Minor, Inc. (Health Care Providers & Services) | | 846 | | 14,137 | |
Pacira Pharmaceuticals, Inc.* (Pharmaceuticals) | | 558 | | 17,884 | |
Patterson Cos., Inc. (Health Care Providers & Services) | | 1,114 | | 25,254 | |
Perrigo Co. PLC (Pharmaceuticals) | | 1,761 | | 128,395 | |
Pfizer, Inc. (Pharmaceuticals) | | 80,012 | | 2,902,835 | |
Portola Pharmaceuticals, Inc.* (Biotechnology) | | 899 | | 33,955 | |
PRA Health Sciences, Inc.* (Life Sciences Tools & Services) | | 691 | | 64,512 | |
Prestige Brands Holdings, Inc.* (Pharmaceuticals) | | 725 | | 27,826 | |
Quest Diagnostics, Inc. (Health Care Providers & Services) | | 1,858 | | 204,269 | |
Radius Health, Inc.* (Biotechnology) | | 566 | | 16,680 | |
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | | 1,058 | | 364,999 | |
ResMed, Inc. (Health Care Equipment & Supplies) | | 1,951 | | 202,085 | |
Seattle Genetics, Inc.* (Biotechnology) | | 1,449 | | 96,199 | |
STERIS PLC (Health Care Equipment & Supplies) | | 1,156 | | 121,392 | |
Stryker Corp. (Health Care Equipment & Supplies) | | 4,397 | | 742,477 | |
Syneos Health, Inc.* (Life Sciences Tools & Services) | | 759 | | 35,597 | |
Teleflex, Inc. (Health Care Equipment & Supplies) | | 624 | | 167,363 | |
Tenet Healthcare Corp.* (Health Care Providers & Services) | | 1,118 | | 37,531 | |
TESARO, Inc.* (Biotechnology) | | 525 | | 23,347 | |
The Cooper Cos., Inc. (Health Care Equipment & Supplies) | | 669 | | 157,516 | |
The Medicines Co.* (Pharmaceuticals) | | 887 | | 32,553 | |
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | | 5,504 | | 1,140,098 | |
Ultragenyx Pharmaceutical, Inc.* (Biotechnology) | | 635 | | 48,812 | |
United Therapeutics Corp.* (Biotechnology) | | 597 | | 67,551 | |
UnitedHealth Group, Inc. (Health Care Providers & Services) | | 13,145 | | 3,224,994 | |
Universal Health Services, Inc.—Class B (Health Care Providers & Services) | | 1,191 | | 132,725 | |
Varian Medical Systems, Inc.* (Health Care Equipment & Supplies) | | 1,251 | | 142,264 | |
Vertex Pharmaceuticals, Inc.* (Biotechnology) | | 3,484 | | 592,141 | |
Waters Corp.* (Life Sciences Tools & Services) | | 1,072 | | 207,528 | |
WellCare Health Plans, Inc.* (Health Care Providers & Services) | | 613 | | 150,945 | |
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies) | | 1,006 | | 99,886 | |
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies) | | 2,780 | | 309,803 | |
Zoetis, Inc. (Pharmaceuticals) | | 6,618 | | 563,787 | |
TOTAL COMMON STOCKS (Cost $15,252,163) | | | | 47,315,824 | |
| | | | | | |
Contingent RightNM
Dyax Corp.*^+(a) (Biotechnology) | | 3,716 | | 4,125 | |
TOTAL CONTINGENT RIGHT (Cost $—) | | | | 4,125 | |
See accompanying notes to financial statements.
84 :: ProFund VP Health Care :: Financial Statements
Repurchase Agreements(b) (0.2%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $76,012 | | $ | 76,000 | | $ | 76,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $76,000) | | | | 76,000 | |
TOTAL INVESTMENT SECURITIES (Cost $15,328,163)—100.2% | | | | 47,395,949 | |
Net other assets (liabilities)—(0.2)% | | | | (70,819 | ) |
NET ASSETS—100.0% | | | | $ | 47,325,130 | |
| | | | | | | |
* Non-income producing security.
^ The Advisor has deemed this security to be illiquid. As of June 30, 2018, this security represented 0.009% of the net assets of the Fund.
+ This security was fair valued based on procedures approved by the Board of Trustees. As of June 30, 2018, this security represented 0.009% of the net assets of the Fund.
(a) Expiration is on or before December 31, 2019; expiration is subject to contingencies. Rights entitle the Fund to cash if the company receives U.S. Food and Drug Administration approval on a specific medication that is being developed.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
ProFund VP Health Care invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Biotechnology | | $ | 9,431,774 | | 19.9 | % |
Food & Staples Retailing | | 894,915 | | 1.9 | % |
Health Care Equipment & Supplies | | 10,546,691 | | 22.3 | % |
Health Care Providers & Services | | 9,287,803 | | 19.6 | % |
Life Sciences Tools & Services | | 2,971,774 | | 6.3 | % |
Pharmaceuticals | | 14,186,992 | | 30.0 | % |
Other** | | 5,181 | | NM | |
Total | | $ | 47,325,130 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
NM Not meaningful, amount is less than 0.05%.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Health Care :: 85
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 15,328,163 | |
Securities, at value | | 47,319,949 | |
Repurchase agreements, at value | | 76,000 | |
Total Investment Securities, at value | | 47,395,949 | |
Cash | | 301 | |
Dividends and interest receivable | | 26,894 | |
Receivable for capital shares issued | | 23,118 | |
Prepaid expenses | | 677 | |
TOTAL ASSETS | | 47,446,939 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 21,141 | |
Advisory fees payable | | 29,741 | |
Management services fees payable | | 3,965 | |
Administration fees payable | | 1,353 | |
Administrative services fees payable | | 15,789 | |
Distribution fees payable | | 17,949 | |
Trustee fees payable | | 11 | |
Transfer agency fees payable | | 2,228 | |
Fund accounting fees payable | | 1,618 | |
Compliance services fees payable | | 277 | |
Other accrued expenses | | 27,737 | |
TOTAL LIABILITIES | | 121,809 | |
NET ASSETS | | $ | 47,325,130 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 14,421,219 | |
Accumulated net investment income (loss) | | 2,545 | |
Accumulated net realized gains (losses) on investments | | 833,580 | |
Net unrealized appreciation (depreciation) on investments | | 32,067,786 | |
NET ASSETS | | $ | 47,325,130 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 673,857 | |
Net Asset Value (offering and redemption price per share) | | $ | 70.23 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 402,478 | |
Interest | | 621 | |
TOTAL INVESTMENT INCOME | | 403,099 | |
EXPENSES: | | | |
Advisory fees | | 190,841 | |
Management services fees | | 25,445 | |
Administration fees | | 8,694 | |
Transfer agency fees | | 13,123 | |
Administrative services fees | | 68,326 | |
Distribution fees | | 63,614 | |
Custody fees | | 4,519 | |
Fund accounting fees | | 10,059 | |
Trustee fees | | 787 | |
Compliance services fees | | 277 | |
Other fees | | 26,565 | |
TOTAL NET EXPENSES | | 412,250 | |
NET INVESTMENT INCOME (LOSS) | | (9,151 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 4,942,549 | |
Change in net unrealized appreciation/depreciation on investment securities | | (4,336,100 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | 606,449 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 597,298 | |
See accompanying notes to financial statements.
86 :: ProFund VP Health Care :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (9,151 | ) | $ | (21,567 | ) |
Net realized gains (losses) on investments | | 4,942,549 | | 3,068,431 | |
Change in net unrealized appreciation/depreciation on investments | | (4,336,100 | ) | 6,559,864 | |
Change in net assets resulting from operations | | 597,298 | | 9,606,728 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net realized gains on investments | | (2,985,590 | ) | (3,659,790 | ) |
Change in net assets resulting from distributions | | (2,985,590 | ) | (3,659,790 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 15,769,022 | | 33,574,736 | |
Distributions reinvested | | 2,985,590 | | 3,659,790 | |
Value of shares redeemed | | (22,711,095 | ) | (38,255,930 | ) |
Change in net assets resulting from capital transactions | | (3,956,483 | ) | (1,021,404 | ) |
Change in net assets | | (6,344,775 | ) | 4,925,534 | |
NET ASSETS: | | | | | |
Beginning of period | | 53,669,905 | | 48,744,371 | |
End of period | | $ | 47,325,130 | | $ | 53,669,905 | |
Accumulated net investment income (loss) | | $ | 2,545 | | $ | 11,696 | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 206,890 | | 459,830 | |
Reinvested | | 41,727 | | 50,114 | |
Redeemed | | (307,198 | ) | (534,599 | ) |
Change in shares | | (58,581 | ) | (24,655 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Health Care :: 87
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 73.28 | | $ | 64.38 | | $ | 67.11 | | $ | 63.90 | | $ | 51.71 | | $ | 37.12 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | (0.01 | ) | (0.03 | ) | (0.05 | ) | (0.15 | ) | (0.08 | ) | 0.05 | |
Net realized and unrealized gains (losses) on investments | | 1.65 | | 13.49 | | (2.68 | ) | 3.36 | | 12.31 | | 14.69 | |
Total income (loss) from investment activities | | 1.64 | | 13.46 | | (2.73 | ) | 3.21 | | 12.23 | | 14.74 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | — | | — | | — | | — | | (0.04 | ) | (0.15 | ) |
Net realized gains on investments | | (4.69 | ) | (4.56 | ) | — | | — | | — | | — | |
Total distributions | | (4.69 | ) | (4.56 | ) | — | | — | | (0.04 | ) | (0.15 | ) |
Net Asset Value, End of Period | | $ | 70.23 | | $ | 73.28 | | $ | 64.38 | | $ | 67.11 | | $ | 63.90 | | $ | 51.71 | |
Total Return(b) | | 2.12 | % | 20.92 | % | (4.05 | )% | 5.02 | % | 23.67 | % | 39.78 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.62 | % | 1.64 | % | 1.68 | % | 1.69 | % | 1.69 | % | 1.72 | % |
Net expenses(c) | | 1.62 | % | 1.64 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | (0.04 | )% | (0.04 | )% | (0.08 | )% | (0.22 | )% | (0.14 | )% | 0.10 | % |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 47,325 | | $ | 53,670 | | $ | 48,744 | | $ | 77,842 | | $ | 84,601 | | $ | 58,038 | |
Portfolio turnover rate(b)(d) | | 28 | % | 43 | % | 24 | % | 47 | % | 47 | % | 62 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
88 :: ProFund VP Industrials :: Financial Statements
Investment Objective: The ProFund VP Industrials seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Industrials Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 100 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
The Boeing Co. | | 5.5 | % |
General Electric Co. | | 3.6 | % |
3M Co. | | 3.5 | % |
Union Pacific Corp. | | 3.3 | % |
Honeywell International, Inc. | | 3.2 | % |
Dow Jones U.S. Industrials Index — Composition
| | % of Index | |
Capital Goods | | 55 | % |
Software & Services | | 16 | % |
Transportation | | 13 | % |
Materials | | 6 | % |
Technology Hardware & Equipment | | 5 | % |
Commercial & Professional Services | | 5 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (100.0%)
| | Shares | | Value | |
3M Co. (Industrial Conglomerates) | | 3,165 | | $ | 622,619 | |
A.O. Smith Corp. (Building Products) | | 777 | | 45,960 | |
Accenture PLC—Class A (IT Services) | | 3,430 | | 561,113 | |
Actuant Corp.—Class A (Machinery) | | 330 | | 9,686 | |
Acuity Brands, Inc. (Electrical Equipment) | | 237 | | 27,461 | |
AECOM Technology Corp.* (Construction & Engineering) | | 865 | | 28,571 | |
AGCO Corp. (Machinery) | | 361 | | 21,920 | |
Air Lease Corp. (Trading Companies & Distributors) | | 518 | | 21,740 | |
Allegion PLC (Building Products) | | 508 | | 39,299 | |
Alliance Data Systems Corp. (IT Services) | | 258 | | 60,166 | |
Allison Transmission Holdings, Inc. (Machinery) | | 693 | | 28,060 | |
AMETEK, Inc. (Electrical Equipment) | | 1,236 | | 89,190 | |
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | | 1,619 | | 141,096 | |
Anixter International, Inc.* (Electronic Equipment, Instruments & Components) | | 168 | | 10,634 | |
Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | | 223 | | 15,643 | |
AptarGroup, Inc. (Containers & Packaging) | | 340 | | 31,749 | |
Arconic, Inc. (Aerospace & Defense) | | 2,271 | | 38,630 | |
Armstrong World Industries, Inc.* (Building Products) | | 279 | | 17,633 | |
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components) | | 465 | | 35,005 | |
Automatic Data Processing, Inc. (IT Services) | | 2,361 | | 316,705 | |
Avery Dennison Corp. (Containers & Packaging) | | 468 | | 47,783 | |
Avnet, Inc. (Electronic Equipment, Instruments & Components) | | 621 | | 26,635 | |
Ball Corp. (Containers & Packaging) | | 1,875 | | 66,656 | |
Barnes Group, Inc. (Machinery) | | 259 | | 15,255 | |
Belden, Inc. (Electronic Equipment, Instruments & Components) | | 234 | | 14,302 | |
Bemis Co., Inc. (Containers & Packaging) | | 485 | | 20,472 | |
Berry Plastics Group, Inc.* (Containers & Packaging) | | 700 | | 32,158 | |
Broadridge Financial Solutions, Inc. (IT Services) | | 620 | | 71,362 | |
BWX Technologies, Inc. (Aerospace & Defense) | | 535 | | 33,341 | |
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | | 743 | | 62,159 | |
Carlisle Cos., Inc. (Industrial Conglomerates) | | 332 | | 35,959 | |
Caterpillar, Inc. (Machinery) | | 3,189 | | 432,652 | |
Cintas Corp. (Commercial Services & Supplies) | | 459 | | 84,946 | |
Clean Harbors, Inc.* (Commercial Services & Supplies) | | 275 | | 15,276 | |
Cognex Corp. (Electronic Equipment, Instruments & Components) | | 918 | | 40,952 | |
Coherent, Inc.* (Electronic Equipment, Instruments & Components) | | 143 | | 22,368 | |
Colfax Corp.* (Machinery) | | 530 | | 16,245 | |
Conduent, Inc.* (IT Services) | | 1,062 | | 19,297 | |
Convergys Corp. (IT Services) | | 488 | | 11,927 | |
CoreLogic, Inc.* (IT Services) | | 431 | | 22,369 | |
Corning, Inc. (Electronic Equipment, Instruments & Components) | | 4,430 | | 121,869 | |
Covanta Holding Corp. (Commercial Services & Supplies) | | 695 | | 11,468 | |
Crane Co. (Machinery) | | 273 | | 21,875 | |
Crown Holdings, Inc.* (Containers & Packaging) | | 715 | | 32,003 | |
CSX Corp. (Road & Rail) | | 4,670 | | 297,852 | |
Cummins, Inc. (Machinery) | | 834 | | 110,922 | |
Curtiss-Wright Corp. (Aerospace & Defense) | | 255 | | 30,350 | |
Deere & Co. (Machinery) | | 1,731 | | 241,994 | |
Deluxe Corp. (Commercial Services & Supplies) | | 256 | | 16,950 | |
Dolby Laboratories, Inc.—Class A (Electronic Equipment, Instruments & Components) | | 340 | | 20,975 | |
Donaldson Co., Inc. (Machinery) | | 689 | | 31,088 | |
Dover Corp. (Machinery) | | 832 | | 60,902 | |
Dycom Industries, Inc.* (Construction & Engineering) | | 180 | | 17,012 | |
Eagle Materials, Inc. (Construction Materials) | | 257 | | 26,977 | |
Eaton Corp. PLC (Electrical Equipment) | | 2,343 | | 175,115 | |
EMCOR Group, Inc. (Construction & Engineering) | | 317 | | 24,149 | |
Emerson Electric Co. (Electrical Equipment) | | 3,375 | | 233,347 | |
EnerSys (Electrical Equipment) | | 243 | | 18,138 | |
Equifax, Inc. (Professional Services) | | 634 | | 79,320 | |
Esterline Technologies Corp.* (Aerospace & Defense) | | 149 | | 10,996 | |
Euronet Worldwide, Inc.* (IT Services) | | 276 | | 23,121 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Industrials :: 89
Common Stocks, continued
| | Shares | | Value | |
Expeditors International of Washington, Inc. (Air Freight & Logistics) | | 928 | | $ | 67,837 | |
Fastenal Co. (Trading Companies & Distributors) | | 1,539 | | 74,072 | |
FedEx Corp. (Air Freight & Logistics) | | 1,318 | | 299,265 | |
Fidelity National Information Services, Inc. (IT Services) | | 1,770 | | 187,673 | |
First Data Corp.* (IT Services) | | 2,375 | | 49,709 | |
Fiserv, Inc.* (IT Services) | | 2,182 | | 161,664 | |
FleetCor Technologies, Inc.* (IT Services) | | 477 | | 100,480 | |
FLIR Systems, Inc. (Electronic Equipment, Instruments & Components) | | 732 | | 38,042 | |
Flowserve Corp. (Machinery) | | 695 | | 28,078 | |
Fluor Corp. (Construction & Engineering) | | 751 | | 36,634 | |
Fortive Corp. (Machinery) | | 1,630 | | 125,689 | |
Fortune Brands Home & Security, Inc. (Building Products) | | 782 | | 41,986 | |
FTI Consulting, Inc.* (Professional Services) | | 218 | | 13,185 | |
GATX Corp. (Trading Companies & Distributors) | | 217 | | 16,108 | |
Generac Holdings, Inc.* (Electrical Equipment) | | 337 | | 17,433 | |
General Dynamics Corp. (Aerospace & Defense) | | 1,474 | | 274,768 | |
General Electric Co. (Industrial Conglomerates) | | 46,385 | | 631,300 | |
Genesee & Wyoming, Inc.*—Class A (Road & Rail) | | 327 | | 26,592 | |
Genpact, Ltd. (IT Services) | | 808 | | 23,375 | |
Global Payments, Inc. (IT Services) | | 860 | | 95,881 | |
Graco, Inc. (Machinery) | | 887 | | 40,110 | |
Graphic Packaging Holding Co. (Containers & Packaging) | | 1,650 | | 23,942 | |
Harris Corp. (Communications Equipment) | | 625 | | 90,338 | |
HD Supply Holdings, Inc.* (Trading Companies & Distributors) | | 990 | | 42,461 | |
Healthcare Services Group, Inc. (Commercial Services & Supplies) | | 385 | | 16,628 | |
HEICO Corp. (Aerospace & Defense) | | 235 | | 17,139 | |
HEICO Corp.—Class A (Aerospace & Defense) | | 390 | | 23,740 | |
Hexcel Corp. (Aerospace & Defense) | | 476 | | 31,597 | |
Hillenbrand, Inc. (Machinery) | | 341 | | 16,078 | |
Honeywell International, Inc. (Industrial Conglomerates) | | 3,989 | | 574,615 | |
Hubbell, Inc. (Electrical Equipment) | | 297 | | 31,405 | |
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | | 257 | | 55,715 | |
IDEX Corp. (Machinery) | | 403 | | 55,001 | |
Illinois Tool Works, Inc. (Machinery) | | 1,619 | | 224,296 | |
Ingersoll-Rand PLC (Machinery) | | 1,330 | | 119,341 | |
International Paper Co. (Containers & Packaging) | | 2,209 | | 115,045 | |
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components) | | 217 | | 47,877 | |
Itron, Inc.* (Electronic Equipment, Instruments & Components) | | 199 | | 11,950 | |
ITT, Inc. (Machinery) | | 464 | | 24,253 | |
J.B. Hunt Transport Services, Inc. (Road & Rail) | | 454 | | 55,184 | |
Jabil, Inc. (Electronic Equipment, Instruments & Components) | | 908 | | 25,115 | |
Jack Henry & Associates, Inc. (IT Services) | | 406 | | 52,926 | |
Jacobs Engineering Group, Inc. (Construction & Engineering) | | 635 | | 40,315 | |
Johnson Controls International PLC (Building Products) | | 4,943 | | 165,343 | |
Kansas City Southern Industries, Inc. (Road & Rail) | | 552 | | 58,490 | |
KBR, Inc. (Construction & Engineering) | | 751 | | 13,458 | |
Kennametal, Inc. (Machinery) | | 431 | | 15,473 | |
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | 998 | | 58,912 | |
Kirby Corp.* (Marine) | | 290 | | 24,244 | |
KLX, Inc.* (Aerospace & Defense) | | 273 | | 19,629 | |
L3 Technologies, Inc. (Aerospace & Defense) | | 413 | | 79,428 | |
Landstar System, Inc. (Road & Rail) | | 243 | | 26,536 | |
Lennox International, Inc. (Building Products) | | 214 | | 42,832 | |
Lincoln Electric Holdings, Inc. (Machinery) | | 336 | | 29,487 | |
Littelfuse, Inc. (Electronic Equipment, Instruments & Components) | | 144 | | 32,858 | |
Lockheed Martin Corp. (Aerospace & Defense) | | 1,333 | | 393,808 | |
Louisiana-Pacific Corp. (Paper & Forest Products) | | 778 | | 21,177 | |
Macquarie Infrastructure Corp. (Transportation Infrastructure) | | 421 | | 17,766 | |
ManpowerGroup, Inc. (Professional Services) | | 360 | | 30,982 | |
Martin Marietta Materials, Inc. (Construction Materials) | | 343 | | 76,602 | |
Masco Corp. (Building Products) | | 1,651 | | 61,780 | |
MasTec, Inc.* (Construction & Engineering) | | 356 | | 18,067 | |
MAXIMUS, Inc. (IT Services) | | 356 | | 22,111 | |
Moog, Inc.—Class A (Aerospace & Defense) | | 187 | | 14,579 | |
MRC Global, Inc.* (Trading Companies & Distributors) | | 477 | | 10,337 | |
MSA Safety, Inc. (Commercial Services & Supplies) | | 197 | | 18,979 | |
MSC Industrial Direct Co., Inc.—Class A (Trading Companies & Distributors) | | 265 | | 22,485 | |
Mueller Industries, Inc. (Machinery) | | 312 | | 9,207 | |
National Instruments Corp. (Electronic Equipment, Instruments & Components) | | 581 | | 24,390 | �� |
Nielsen Holdings PLC (Professional Services) | | 1,792 | | 55,427 | |
Nordson Corp. (Machinery) | | 275 | | 35,313 | |
Norfolk Southern Corp. (Road & Rail) | | 1,510 | | 227,814 | |
Northrop Grumman Corp. (Aerospace & Defense) | | 926 | | 284,930 | |
NOW, Inc.* (Trading Companies & Distributors) | | 584 | | 7,785 | |
nVent Electric PLC* (Electrical Equipment) | | 877 | | 22,013 | |
Old Dominion Freight Line, Inc. (Road & Rail) | | 374 | | 55,711 | |
Oshkosh Corp. (Machinery) | | 386 | | 27,144 | |
Owens Corning (Building Products) | | 599 | | 37,959 | |
Owens-Illinois, Inc.* (Containers & Packaging) | | 873 | | 14,675 | |
PACCAR, Inc. (Machinery) | | 1,870 | | 115,865 | |
Packaging Corp. of America (Containers & Packaging) | | 504 | | 56,342 | |
Parker-Hannifin Corp. (Machinery) | | 707 | | 110,186 | |
Paychex, Inc. (IT Services) | | 1,705 | | 116,537 | |
PayPal Holdings, Inc.* (IT Services) | | 5,959 | | 496,205 | |
Pentair PLC (Machinery) | | 876 | | 36,862 | |
PerkinElmer, Inc. (Life Sciences Tools & Services) | | 598 | | 43,792 | |
Quanta Services, Inc.* (Construction & Engineering) | | 803 | | 26,820 | |
Raytheon Co. (Aerospace & Defense) | | 1,537 | | 296,918 | |
Regal Beloit Corp. (Electrical Equipment) | | 254 | | 20,777 | |
Republic Services, Inc.—Class A (Commercial Services & Supplies) | | 1,186 | | 81,075 | |
Robert Half International, Inc. (Professional Services) | | 653 | | 42,510 | |
Rockwell Automation, Inc. (Electrical Equipment) | | 664 | | 110,377 | |
Rockwell Collins, Inc. (Aerospace & Defense) | | 867 | | 116,768 | |
Roper Technologies, Inc. (Industrial Conglomerates) | | 555 | | 153,130 | |
Ryder System, Inc. (Road & Rail) | | 286 | | 20,552 | |
Sabre Corp. (IT Services) | | 1,358 | | 33,461 | |
Sealed Air Corp. (Containers & Packaging) | | 870 | | 36,932 | |
| | | | | | |
See accompanying notes to financial statements.
90 :: ProFund VP Industrials :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Sensata Technologies Holding PLC* (Electrical Equipment) | | 910 | | $ | 43,298 | |
Silgan Holdings, Inc. (Containers & Packaging) | | 387 | | 10,383 | |
Snap-on, Inc. (Machinery) | | 306 | | 49,180 | |
Sonoco Products Co. (Containers & Packaging) | | 534 | | 28,035 | |
Spirit AeroSystems Holdings, Inc.—Class A (Aerospace & Defense) | | 616 | | 52,921 | |
Square, Inc.*—Class A (IT Services) | | 1,553 | | 95,727 | |
Stericycle, Inc.* (Commercial Services & Supplies) | | 454 | | 29,642 | |
Summit Materials, Inc.*—Class A (Construction Materials) | | 603 | | 15,829 | |
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | | 1,880 | | 169,314 | |
Teledyne Technologies, Inc.* (Aerospace & Defense) | | 206 | | 41,006 | |
Terex Corp. (Machinery) | | 377 | | 15,906 | |
Tetra Tech, Inc. (Commercial Services & Supplies) | | 301 | | 17,609 | |
Textron, Inc. (Aerospace & Defense) | | 1,377 | | 90,758 | |
The Boeing Co. (Aerospace & Defense) | | 2,919 | | 979,353 | |
The Brink’s Co. (Commercial Services & Supplies) | | 274 | | 21,852 | |
The Middleby Corp.* (Machinery) | | 301 | | 31,430 | |
The Sherwin-Williams Co. (Chemicals) | | 435 | | 177,293 | |
The Timken Co. (Machinery) | | 374 | | 16,288 | |
The Toro Co. (Machinery) | | 572 | | 34,463 | |
The Western Union Co. (IT Services) | | 2,458 | | 49,971 | |
Total System Services, Inc. (IT Services) | | 877 | | 74,124 | |
TransDigm Group, Inc. (Aerospace & Defense) | | 261 | | 90,082 | |
TransUnion (Professional Services) | | 810 | | 58,028 | |
Trimble Navigation, Ltd.* (Electronic Equipment, Instruments & Components) | | 1,338 | | 43,940 | |
Trinity Industries, Inc. (Machinery) | | 801 | | 27,442 | |
Union Pacific Corp. (Road & Rail) | | 4,134 | | 585,704 | |
United Parcel Service, Inc.—Class B (Air Freight & Logistics) | | 3,678 | | 390,714 | |
United Rentals, Inc.* (Trading Companies & Distributors) | | 442 | | 65,248 | |
United Technologies Corp. (Aerospace & Defense) | | 3,972 | | 496,619 | |
Univar, Inc.* (Trading Companies & Distributors) | | 620 | | 16,269 | |
USG Corp.* (Building Products) | | 469 | | 20,223 | |
Valmont Industries, Inc. (Construction & Engineering) | | 130 | | 19,598 | |
VeriFone Systems, Inc.* (Electronic Equipment, Instruments & Components) | | 599 | | 13,669 | |
Verisk Analytics, Inc.*—Class A (Professional Services) | | 836 | | 89,986 | |
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | | 702 | | 16,286 | |
Vulcan Materials Co. (Construction Materials) | | 703 | | 90,729 | |
W.W. Grainger, Inc. (Trading Companies & Distributors) | | 274 | | 84,502 | |
Wabtec Corp. (Machinery) | | 454 | | 44,755 | |
Waste Management, Inc. (Commercial Services & Supplies) | | 2,115 | | 172,033 | |
Watsco, Inc. (Trading Companies & Distributors) | | 185 | | 32,982 | |
Welbilt, Inc.* (Machinery) | | 747 | | 16,666 | |
WESCO International, Inc.* (Trading Companies & Distributors) | | 252 | | 14,389 | |
WestRock Co. (Containers & Packaging) | | 1,379 | | 78,631 | |
WEX, Inc.* (IT Services) | | 231 | | 44,001 | |
Woodward, Inc. (Machinery) | | 299 | | 22,981 | |
Worldpay, Inc.* (IT Services) | | 1,596 | | 130,521 | |
XPO Logistics, Inc.* (Air Freight & Logistics) | | 538 | | 53,897 | |
Xylem, Inc. (Machinery) | | 958 | | 64,550 | |
Zebra Technologies Corp.*—Class A (Electronic Equipment, Instruments & Components) | | 288 | | 41,256 | |
TOTAL COMMON STOCKS (Cost $7,777,548) | | | | 17,769,182 | |
TOTAL INVESTMENT SECURITIES (Cost $7,777,548)—100.0% | | | | 17,769,182 | |
Net other assets (liabilities)—NM | | | | (692 | ) |
NET ASSETS—100.0% | | | | $ | 17,768,490 | |
* Non-income producing security.
ProFund VP Industrials invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Aerospace & Defense | | $ | 3,473,075 | | 19.6 | % |
Air Freight & Logistics | | 873,872 | | 4.9 | % |
Building Products | | 473,015 | | 2.7 | % |
Chemicals | | 177,293 | | 1.0 | % |
Commercial Services & Supplies | | 486,458 | | 2.7 | % |
Communications Equipment | | 90,338 | | 0.5 | % |
Construction & Engineering | | 224,624 | | 1.3 | % |
Construction Materials | | 210,137 | | 1.2 | % |
Containers & Packaging | | 594,806 | | 3.3 | % |
Electrical Equipment | | 788,554 | | 4.4 | % |
Electronic Equipment, Instruments & Components | | 957,445 | | 5.4 | % |
Industrial Conglomerates | | 2,017,623 | | 11.4 | % |
IT Services | | 2,820,426 | | 15.9 | % |
Life Sciences Tools & Services | | 43,792 | | 0.2 | % |
Machinery | | 2,326,643 | | 13.1 | % |
Marine | | 24,244 | | 0.1 | % |
Paper & Forest Products | | 21,177 | | 0.1 | % |
Professional Services | | 369,438 | | 2.1 | % |
Road & Rail | | 1,354,435 | | 7.6 | % |
Trading Companies & Distributors | | 424,021 | | 2.4 | % |
Transportation Infrastructure | | 17,766 | | 0.1 | % |
Other** | | (692 | ) | NM | |
Total | | $ | 17,768,490 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
NM Not meaningful, amount is less than 0.05%
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Industrials :: 91
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 7,777,548 | |
Securities, at value | | 17,769,182 | |
Total Investment Securities, at value | | 17,769,182 | |
Dividends receivable | | 16,101 | |
Receivable for capital shares issued | | 11,495 | |
Receivable for investments sold | | 548,417 | |
Prepaid expenses | | 441 | |
TOTAL ASSETS | | 18,345,636 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 458,719 | |
Cash overdraft | | 70,069 | |
Advisory fees payable | | 12,072 | |
Management services fees payable | | 1,610 | |
Administration fees payable | | 550 | |
Administrative services fees payable | | 8,932 | |
Distribution fees payable | | 9,352 | |
Transfer agency fees payable | | 905 | |
Fund accounting fees payable | | 657 | |
Compliance services fees payable | | 153 | |
Other accrued expenses | | 14,127 | |
TOTAL LIABILITIES | | 577,146 | |
NET ASSETS | | $ | 17,768,490 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 7,800,707 | |
Accumulated net investment income (loss) | | 12,115 | |
Accumulated net realized gains (losses) on investments | | (35,966 | ) |
Net unrealized appreciation (depreciation) on investments | | 9,991,634 | |
NET ASSETS | | $ | 17,768,490 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 218,815 | |
Net Asset Value (offering and redemption price per share) | | $ | 81.20 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 238,960 | |
Interest | | 357 | |
TOTAL INVESTMENT INCOME | | 239,317 | |
EXPENSES: | | | |
Advisory fees | | 113,377 | |
Management services fees | | 15,117 | |
Administration fees | | 5,181 | |
Transfer agency fees | | 7,775 | |
Administrative services fees | | 39,712 | |
Distribution fees | | 37,792 | |
Custody fees | | 2,761 | |
Fund accounting fees | | 6,567 | |
Trustee fees | | 515 | |
Compliance services fees | | 172 | |
Other fees | | 15,476 | |
Recoupment of prior expenses reduced by the Advisor | | 6,426 | |
TOTAL NET EXPENSES | | 250,871 | |
NET INVESTMENT INCOME (LOSS) | | (11,554 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 1,988,342 | |
Change in net unrealized appreciation/depreciation on investment securities | | (2,936,171 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (947,829 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (959,383 | ) |
See accompanying notes to financial statements.
92 :: ProFund VP Industrials :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (11,554 | ) | $ | 35,772 | |
Net realized gains (losses) on investments | | 1,988,342 | | 213,629 | |
Change in net unrealized appreciation/depreciation on investments | | (2,936,171 | ) | 5,710,185 | |
Change in net assets resulting from operations | | (959,383 | ) | 5,959,586 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net investment income | | (21,880 | ) | (54,047 | ) |
Change in net assets resulting from distributions | | (21,880 | ) | (54,047 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 13,369,062 | | 40,969,956 | |
Distributions reinvested | | 21,880 | | 54,047 | |
Value of shares redeemed | | (33,931,813 | ) | (39,999,769 | ) |
Change in net assets resulting from capital transactions | | (20,540,871 | ) | 1,024,234 | |
Change in net assets | | (21,522,134 | ) | 6,929,773 | |
NET ASSETS: | | | | | |
Beginning of period | | 39,290,624 | | 32,360,851 | |
End of period | | $ | 17,768,490 | | $ | 39,290,624 | |
Accumulated net investment income (loss) | | $ | 12,115 | | $ | 45,549 | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 158,777 | | 536,805 | |
Reinvested | | 264 | | 681 | |
Redeemed | | (411,209 | ) | (540,455 | ) |
Change in shares | | (252,168 | ) | (2,969 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Industrials :: 93
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 83.42 | | $ | 68.28 | | $ | 58.19 | | $ | 60.31 | | $ | 57.26 | | $ | 41.66 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | (0.03 | ) | 0.09 | | 0.23 | | 0.13 | | 0.06 | | 0.11 | |
Net realized and unrealized gains (losses) on investments | | (2.10 | ) | 15.19 | | 9.97 | | (2.19 | ) | 3.13 | | 15.74 | |
Total income (loss) from investment activities | | (2.13 | ) | 15.28 | | 10.20 | | (2.06 | ) | 3.19 | | 15.85 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | (0.09 | ) | (0.14 | ) | (0.11 | ) | (0.06 | ) | (0.14 | ) | (0.25 | ) |
Net Asset Value, End of Period | | $ | 81.20 | | $ | 83.42 | | $ | 68.28 | | $ | 58.19 | | $ | 60.31 | | $ | 57.26 | |
Total Return(b) | | (2.55 | )% | 22.40 | % | 17.55 | % | (3.42 | )% | 5.58 | % | 38.19 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.66 | % | 1.68 | % | 1.69 | % | 1.68 | % | 1.77 | % | 1.81 | % |
Net expenses(c) | | 1.66 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | (0.08 | )% | 0.12 | % | 0.37 | % | 0.22 | % | 0.11 | % | 0.22 | % |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 17,768 | | $ | 39,291 | | $ | 32,361 | | $ | 16,223 | | $ | 18,515 | | $ | 29,326 | |
Portfolio turnover rate(b)(d) | | 29 | % | 107 | % | 203 | % | 121 | % | 54 | % | 106 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
94 :: ProFund VP International :: Financial Statements
Investment Objective: The ProFund VP International seeks investment results, before fees and expenses, that correspond to the performance of the Morgan Stanley Capital International Europe, Australasia and Far East (“MSCI EAFE”) Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Swap Agreements | | 100 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Holdings
The ProFund VP International primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
MSCI EAFE Index — Composition
Industry Breakdown | | % of Index | |
Financials | | 20 | % |
Industrials | | 14 | % |
Consumer Discretionary | | 12 | % |
Consumer Staples | | 11 | % |
Health Care | | 11 | % |
Materials | | 8 | % |
Information Technology | | 7 | % |
Energy | | 6 | % |
Telecommunication Services | | 4 | % |
Real Estate | | 4 | % |
Utilities | | 3 | % |
Country Composition | | | |
Japan | | 24 | % |
United Kingdom | | 18 | % |
France | | 11 | % |
Germany | | 10 | % |
Other | | 37 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (100.3%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $7,857,283 | | $ | 7,856,000 | | $ | 7,856,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $7,856,000) | | | | 7,856,000 | |
TOTAL INVESTMENT SECURITIES (Cost $7,856,000)—100.3% | | | | 7,856,000 | |
Net other assets (liabilities)—(0.3)% | | | | (24,129 | ) |
NET ASSETS—100.0% | | | | $ | 7,831,871 | |
| | | | | | | |
(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $1,222,000.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
MSCI EAFE Index | | Goldman Sachs International | | 7/27/18 | | 2.28 | % | $ | 3,034,934 | | $ | 30,698 | |
MSCI EAFE Index | | UBS AG | | 7/27/18 | | 2.78 | % | 4,763,544 | | 49,009 | |
| | | | | | | | $ | 7,798,478 | | $ | 79,707 | |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
See accompanying notes to financial statements.
Financial Statements :: ProFund VP International :: 95
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 7,856,000 | |
Repurchase agreements, at value | | 7,856,000 | |
Total Investment Securities, at value | | 7,856,000 | |
Cash | | 208 | |
Segregated cash balances with custodian | | 50 | |
Interest receivable | | 855 | |
Unrealized appreciation on swap agreements | | 79,707 | |
Receivable for capital shares issued | | 11,106 | |
Prepaid expenses | | 112 | |
TOTAL ASSETS | | 7,948,038 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 87,618 | |
Advisory fees payable | | 5,037 | |
Management services fees payable | | 671 | |
Administration fees payable | | 228 | |
Administrative services fees payable | | 4,875 | |
Distribution fees payable | | 5,311 | |
Transfer agency fees payable | | 376 | |
Fund accounting fees payable | | 273 | |
Compliance services fees payable | | 47 | |
Other accrued expenses | | 11,731 | |
TOTAL LIABILITIES | | 116,167 | |
NET ASSETS | | $ | 7,831,871 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 9,798,801 | |
Accumulated net investment income (loss) | | (8,084 | ) |
Accumulated net realized gains (losses) on investments | | (2,038,553 | ) |
Net unrealized appreciation (depreciation) on investments | | 79,707 | |
NET ASSETS | | $ | 7,831,871 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 416,239 | |
Net Asset Value (offering and redemption price per share) | | $ | 18.82 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Interest | | $ | 67,254 | |
EXPENSES: | | | |
Advisory fees | | 34,603 | |
Management services fees | | 4,614 | |
Administration fees | | 1,835 | |
Transfer agency fees | | 2,756 | |
Administrative services fees | | 10,604 | |
Distribution fees | | 11,534 | |
Custody fees | | 732 | |
Fund accounting fees | | 2,032 | |
Trustee fees | | 174 | |
Compliance services fees | | 58 | |
Other fees | | 2,064 | |
Recoupment of prior expenses reduced by the Advisor | | 4,332 | |
TOTAL NET EXPENSES | | 75,338 | |
NET INVESTMENT INCOME (LOSS) | | (8,084 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on swap agreements | | (363,817 | ) |
Change in net unrealized appreciation/depreciation on swap agreements | | 81,861 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (281,956 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (290,040 | ) |
See accompanying notes to financial statements.
96 :: ProFund VP International :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (8,084 | ) | $ | (100,464 | ) |
Net realized gains (losses) on investments | | (363,817 | ) | 2,154,729 | |
Change in net unrealized appreciation/depreciation on investments | | 81,861 | | (14,648 | ) |
Change in net assets resulting from operations | | (290,040 | ) | 2,039,617 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net realized gains on investments | | (1,305,170 | ) | — | |
Change in net assets resulting from distributions | | (1,305,170 | ) | — | |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 5,011,239 | | 34,288,209 | |
Distributions reinvested | | 1,305,170 | | — | |
Value of shares redeemed | | (12,020,214 | ) | (27,516,536 | ) |
Change in net assets resulting from capital transactions | | (5,703,805 | ) | 6,771,673 | |
Change in net assets | | (7,299,015 | ) | 8,811,290 | |
NET ASSETS: | | | | | |
Beginning of period | | 15,130,886 | | 6,319,596 | |
End of period | | $ | 7,831,871 | | $ | 15,130,886 | |
Accumulated net investment income (loss) | | $ | (8,084 | ) | $ | — | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 214,695 | | 1,581,970 | |
Reinvested | | 68,802 | | — | |
Redeemed | | (511,998 | ) | (1,265,249 | ) |
Change in shares | | (228,501 | ) | 316,721 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP International :: 97
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 23.47 | | $ | 19.27 | | $ | 19.45 | | $ | 20.16 | | $ | 24.00 | | $ | 21.61 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | (0.02 | ) | (0.18 | ) | (0.27 | ) | (0.35 | ) | (0.38 | ) | (0.37 | ) |
Net realized and unrealized gains (losses) on investments | | (0.91 | ) | 4.38 | | 0.09 | | (0.36 | ) | (1.36 | ) | 4.41 | |
Total income (loss) from investment activities | | (0.93 | ) | 4.20 | | (0.18 | ) | (0.71 | ) | (1.74 | ) | 4.04 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net realized gains on investments | | (3.72 | ) | — | | — | | — | | (2.10 | ) | (1.65 | ) |
Net Asset Value, End of Period | | $ | 18.82 | | $ | 23.47 | | $ | 19.27 | | $ | 19.45 | | $ | 20.16 | | $ | 24.00 | |
Total Return(b) | | (4.09 | )%(c) | 21.80 | % | (0.93 | )% | (3.52 | )% | (8.11 | )% | 19.49 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(d) | | 1.63 | %(c) | 1.68 | % | 1.68 | % | 1.75 | % | 1.72 | % | 1.72 | % |
Net expenses(d) | | 1.63 | %(c) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(d) | | (0.18 | )%(c) | (0.81 | )% | (1.42 | )% | (1.64 | )% | (1.66 | )% | (1.65 | )% |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 7,832 | | $ | 15,131 | | $ | 6,320 | | $ | 6,460 | | $ | 6,162 | | $ | 14,999 | |
Portfolio turnover rate(e) | | — | | — | | — | | — | | — | | — | |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) The gross expense ratio, net expense ratio, and net investment income (loss) ratio include a non-recurring fee reduction for expenses accrued in a prior year. Had this fee reduction not occurred, the gross expense ratio, net expense ratio, and net investment income (loss) ratio would have been 1.67%, 1.67%, and (0.21)%, respectively, and the total return would have been (4.11)%.
(d) Annualized for periods less than one year.
(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).
See accompanying notes to financial statements.
98 :: ProFund VP Internet :: Financial Statements
Investment Objective: The ProFund VP Internet seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones Internet Composite Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 100 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
Amazon.com, Inc. | | 10.1 | % |
Alphabet, Inc. | | 10.0 | % |
Facebook, Inc. | | 8.7 | % |
Netflix, Inc. | | 6.4 | % |
Salesforce.com, Inc. | | 5.0 | % |
Dow Jones Internet Composite Index — Composition
| | % of Index | |
Internet Software & Services | | 47 | % |
Internet & Direct Marketing Retail | | 22 | % |
Software | | 12 | % |
Communications Equipment | | 5 | % |
IT Services | | 5 | % |
Capital Markets | | 5 | % |
Diversified Telecommunication Services | | 2 | % |
Health Care Technology | | 2 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (100.2%)
| | Shares | | Value | |
2U, Inc.* (Internet Software & Services) | | 4,680 | | $ | 391,061 | |
8x8, Inc.* (Software) | | 14,374 | | 288,199 | |
Akamai Technologies, Inc.* (Internet Software & Services) | | 8,283 | | 606,564 | |
Alphabet, Inc.*—Class A (Internet Software & Services) | | 1,223 | | 1,380,999 | |
Alphabet, Inc.*—Class C (Internet Software & Services) | | 1,243 | | 1,386,753 | |
Amazon.com, Inc.* (Internet & Direct Marketing Retail) | | 1,654 | | 2,811,470 | |
Arista Networks, Inc.* (Communications Equipment) | | 2,317 | | 596,604 | |
Blucora, Inc.* (Internet Software & Services) | | 6,978 | | 258,186 | |
Box, Inc.*—Class A (Internet Software & Services) | | 13,597 | | 339,789 | |
Citrix Systems, Inc.* (Software) | | 6,062 | | 635,540 | |
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services) | | 5,726 | | 305,768 | |
Cornerstone OnDemand, Inc.* (Internet Software & Services) | | 6,330 | | 300,232 | |
E*TRADE Financial Corp.* (Capital Markets) | | 11,026 | | 674,350 | |
eBay, Inc.* (Internet Software & Services) | | 24,758 | | 897,725 | |
Ebix, Inc. (Software) | | 3,460 | | 263,825 | |
Endurance International Group Holdings, Inc.* (Internet Software & Services) | | 20,372 | | 202,701 | |
Expedia, Inc. (Internet & Direct Marketing Retail) | | 5,534 | | 665,131 | |
Facebook, Inc.*—Class A (Internet Software & Services) | | 12,477 | | 2,424,531 | |
GoDaddy, Inc.*—Class A (Internet Software & Services) | | 8,212 | | 579,767 | |
Groupon, Inc.* (Internet & Direct Marketing Retail) | | 60,074 | | 258,318 | |
GrubHub, Inc.* (Internet Software & Services) | | 5,227 | | 548,365 | |
Hubspot, Inc.* (Software) | | 3,149 | | 394,885 | |
j2 Global, Inc. (Internet Software & Services) | | 4,582 | | 396,847 | |
Juniper Networks, Inc. (Communications Equipment) | | 20,398 | | 559,313 | |
LogMeIn, Inc. (Internet Software & Services) | | 4,168 | | 430,346 | |
Netflix, Inc.* (Internet & Direct Marketing Retail) | | 4,572 | | 1,789,618 | |
NETGEAR, Inc.* (Communications Equipment) | | 4,532 | | 283,250 | |
New Relic, Inc.* (Internet Software & Services) | | 3,851 | | 387,372 | |
NIC, Inc. (Internet Software & Services) | | 13,872 | | 215,710 | |
Okta, Inc.* (Internet Software & Services) | | 7,211 | | 363,218 | |
Pandora Media, Inc.* (Internet Software & Services) | | 36,633 | | 288,668 | |
PayPal Holdings, Inc.* (IT Services) | | 16,079 | | 1,338,898 | |
Salesforce.com, Inc.* (Software) | | 10,132 | | 1,382,004 | |
Snap, Inc.* (Software) | | 27,325 | | 357,684 | |
TD Ameritrade Holding Corp. (Capital Markets) | | 11,500 | | 629,855 | |
TripAdvisor, Inc.* (Internet & Direct Marketing Retail) | | 8,273 | | 460,889 | |
Twitter, Inc.* (Internet Software & Services) | | 21,425 | | 935,630 | |
Veeva Systems, Inc.*—Class A (Health Care Technology) | | 6,894 | | 529,873 | |
VeriSign, Inc.* (Internet Software & Services) | | 4,688 | | 644,225 | |
Vonage Holdings Corp.* (Diversified Telecommunication Services) | | 27,335 | | 352,349 | |
Web.com Group, Inc.* (Internet Software & Services) | | 10,604 | | 274,113 | |
TOTAL COMMON STOCKS (Cost $13,910,371) | | | | 27,830,625 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Internet :: 99
Repurchase Agreements(a) (0.5%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $150,024 | | $ | 150,000 | | $ | 150,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $150,000) | | | | 150,000 | |
TOTAL INVESTMENT SECURITIES (Cost $14,060,371)—100.7% | | | | 27,980,625 | |
Net other assets (liabilities)—(0.7)% | | | | (188,561 | ) |
NET ASSETS—100.0% | | | | $ | 27,792,064 | |
| | | | | | | |
* Non-income producing security.
(a) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
ProFund VP Internet invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Capital Markets | | $ | 1,304,205 | | 4.7 | % |
Communications Equipment | | 1,439,167 | | 5.2 | % |
Diversified Telecommunication Services | | 658,117 | | 2.4 | % |
Health Care Technology | | 529,873 | | 1.9 | % |
Internet & Direct Marketing Retail | | 5,985,426 | | 21.5 | % |
Internet Software & Services | | 13,252,802 | | 47.6 | % |
IT Services | | 1,338,898 | | 4.8 | % |
Software | | 3,322,137 | | 12.0 | % |
Other** | | (38,561 | ) | (0.1 | )% |
Total | | $ | 27,792,064 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
See accompanying notes to financial statements.
100 :: ProFund VP Internet :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 14,060,371 | |
Securities, at value | | 27,830,625 | |
Repurchase agreements, at value | | 150,000 | |
Total Investment Securities, at value | | 27,980,625 | |
Cash | | 10 | |
Dividends and interest receivable | | 16 | |
Receivable for capital shares issued | | 276,544 | |
Prepaid expenses | | 267 | |
TOTAL ASSETS | | 28,257,462 | |
LIABILITIES: | | | |
Payable for investments purchased | | 214,292 | |
Payable for capital shares redeemed | | 195,519 | |
Advisory fees payable | | 17,157 | |
Management services fees payable | | 2,288 | |
Administration fees payable | | 781 | |
Administrative services fees payable | | 10,194 | |
Distribution fees payable | | 10,952 | |
Trustee fees payable | | 6 | |
Transfer agency fees payable | | 1,286 | |
Fund accounting fees payable | | 934 | |
Compliance services fees payable | | 138 | |
Other accrued expenses | | 11,851 | |
TOTAL LIABILITIES | | 465,398 | |
NET ASSETS | | $ | 27,792,064 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 15,086,291 | |
Accumulated net investment income (loss) | | (146,980 | ) |
Accumulated net realized gains (losses) on investments | | (1,067,501 | ) |
Net unrealized appreciation (depreciation) on investments | | 13,920,254 | |
NET ASSETS | | $ | 27,792,064 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 208,742 | |
Net Asset Value (offering and redemption price per share) | | $ | 133.14 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 25,262 | |
Interest | | 448 | |
TOTAL INVESTMENT INCOME | | 25,710 | |
EXPENSES: | | | |
Advisory fees | | 80,666 | |
Management services fees | | 10,755 | |
Administration fees | | 3,909 | |
Transfer agency fees | | 5,930 | |
Administrative services fees | | 28,200 | |
Distribution fees | | 26,889 | |
Custody fees | | 1,730 | |
Fund accounting fees | | 4,488 | |
Trustee fees | | 326 | |
Compliance services fees | | 138 | |
Other fees | | 11,627 | |
TOTAL NET EXPENSES | | 174,658 | |
NET INVESTMENT INCOME (LOSS) | | (148,948 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 210,987 | |
Change in net unrealized appreciation/depreciation on investment securities | | 4,222,488 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | 4,433,475 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 4,284,527 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Internet :: 101
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (148,948 | ) | $ | (222,795 | ) |
Net realized gains (losses) on investments | | 210,987 | | 1,635,305 | |
Change in net unrealized appreciation/depreciation on investments | | 4,222,488 | | 3,070,792 | |
Change in net assets resulting from operations | | 4,284,527 | | 4,483,302 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net realized gains on investments | | (1,167,998 | ) | — | |
Change in net assets resulting from distributions | | (1,167,998 | ) | — | |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 20,056,843 | | 20,542,053 | |
Distributions reinvested | | 1,167,998 | | — | |
Value of shares redeemed | | (13,204,925 | ) | (20,726,108 | ) |
Change in net assets resulting from capital transactions | | 8,019,916 | | (184,055 | ) |
Change in net assets | | 11,136,445 | | 4,299,247 | |
NET ASSETS: | | | | | |
Beginning of period | | 16,655,619 | | 12,356,372 | |
End of period | | $ | 27,792,064 | | $ | 16,655,619 | |
Accumulated net investment income (loss) | | $ | (146,980 | ) | $ | 1,968 | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 156,472 | | 211,169 | |
Reinvested | | 8,413 | | — | |
Redeemed | | (105,711 | ) | (212,558 | ) |
Change in shares | | 59,174 | | (1,389 | ) |
See accompanying notes to financial statements.
102 :: ProFund VP Internet :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 111.36 | | $ | 81.85 | | $ | 82.48 | | $ | 77.48 | | $ | 80.58 | | $ | 59.70 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | (0.88 | ) | (1.40 | ) | (1.20 | ) | (1.14 | ) | (1.12 | ) | (0.97 | ) |
Net realized and unrealized gains (losses) on investments | | 28.45 | | 30.91 | | 5.80 | | 15.81 | | 1.76 | | 29.14 | |
Total income (loss) from investment activities | | 27.57 | | 29.51 | | 4.60 | | 14.67 | | 0.64 | | 28.17 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net realized gains on investments | | (5.79 | ) | — | | (5.23 | ) | (9.67 | ) | (3.74 | ) | (7.29 | ) |
Net Asset Value, End of Period | | $ | 133.14 | | $ | 111.36 | | $ | 81.85 | | $ | 82.48 | | $ | 77.48 | | $ | 80.58 | |
Total Return(b) | | 24.54 | % | 36.05 | % | 5.53 | % | 20.35 | % | 1.12 | % | 51.71 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.62 | % | 1.64 | % | 1.68 | % | 1.68 | % | 1.74 | % | 1.76 | % |
Net expenses(c) | | 1.62 | % | 1.64 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | (1.38 | )% | (1.43 | )% | (1.52 | )% | (1.44 | )% | (1.44 | )% | (1.42 | )% |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 27,792 | | $ | 16,656 | | $ | 12,356 | | $ | 20,560 | | $ | 8,019 | | $ | 14,667 | |
Portfolio turnover rate(b)(d) | | 48 | % | 116 | % | 113 | % | 157 | % | 170 | % | 194 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Japan :: 103
Investment Objective: The ProFund VP Japan seeks investment results, before fees and expenses, that correspond to the performance of the Nikkei 225 Stock Average.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Futures Contracts | | 99 | % |
Total Exposure | | 99 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Holdings
The ProFund VP Japan primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Nikkei 225 Stock Average — Composition
| | % of Index | |
Industrials | | 22 | % |
Consumer Discretionary | | 20 | % |
Information Technology | | 17 | % |
Consumer Staples | | 11 | % |
Health Care | | 11 | % |
Materials | | 7 | % |
Telecommunication Services | | 7 | % |
Financials | | 3 | % |
Real Estate | | 2 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a) (95.5%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $13,049,131 | | $ | 13,047,000 | | $ | 13,047,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $13,047,000) | | | | 13,047,000 | |
TOTAL INVESTMENT SECURITIES (Cost $13,047,000)—95.5% | | | | 13,047,000 | |
Net other assets (liabilities)—4.5% | | | | 613,483 | |
NET ASSETS—100.0% | | | | $ | 13,660,483 | |
| | | | | | | |
(a) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
Futures Contracts Purchased
| | Number of Contracts | | Expiration Date | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
Nikkei 225 Futures Contracts | | 122 | | 9/14/18 | | $ | 13,578,600 | | $ | (150,438 | ) |
| | | | | | | | | | | |
See accompanying notes to financial statements.
104 :: ProFund VP Japan :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 13,047,000 | |
Repurchase agreements, at value | | 13,047,000 | |
Total Investment Securities, at value | | 13,047,000 | |
Cash | | 12 | |
Segregated cash balances with brokers | | 697,840 | |
Interest receivable | | 1,421 | |
Receivable for capital shares issued | | 41,620 | |
Prepaid expenses | | 131 | |
TOTAL ASSETS | | 13,788,024 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 58,695 | |
Variation margin on futures contracts | | 36,600 | |
Advisory fees payable | | 6,932 | |
Management services fees payable | | 924 | |
Administration fees payable | | 316 | |
Administrative services fees payable | | 4,614 | |
Distribution fees payable | | 4,480 | |
Transfer agency fees payable | | 520 | |
Fund accounting fees payable | | 378 | |
Compliance services fees payable | | 59 | |
Other accrued expenses | | 14,023 | |
TOTAL LIABILITIES | | 127,541 | |
NET ASSETS | | $ | 13,660,483 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 14,727,305 | |
Accumulated net investment income (loss) | | (14,055 | ) |
Accumulated net realized gains (losses) on investments | | (902,329 | ) |
Net unrealized appreciation (depreciation) on investments | | (150,438 | ) |
NET ASSETS | | $ | 13,660,483 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 267,805 | |
Net Asset Value (offering and redemption price per share) | | $ | 51.01 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Interest | | $ | 80,831 | |
EXPENSES: | | | |
Advisory fees | | 42,766 | |
Management services fees | | 5,702 | |
Administration fees | | 2,018 | |
Transfer agency fees | | 3,047 | |
Administrative services fees | | 16,122 | |
Distribution fees | | 14,255 | |
Custody fees | | 811 | |
Fund accounting fees | | 2,244 | |
Trustee fees | | 187 | |
Compliance services fees | | 65 | |
Other fees | | 3,663 | |
Recoupment of prior expenses reduced by the Advisor | | 4,006 | |
TOTAL NET EXPENSES | | 94,886 | |
NET INVESTMENT INCOME (LOSS) | | (14,055 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on futures contracts | | (53,506 | ) |
Change in net unrealized appreciation/depreciation on futures contracts | | (295,707 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (349,213 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (363,268 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Japan :: 105
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (14,055 | ) | $ | (100,599 | ) |
Net realized gains (losses) on investments | | (53,506 | ) | 2,226,550 | |
Change in net unrealized appreciation/depreciation on investments | | (295,707 | ) | (220,523 | ) |
Change in net assets resulting from operations | | (363,268 | ) | 1,905,428 | |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 8,166,838 | | 10,334,578 | |
Value of shares redeemed | | (6,983,184 | ) | (10,962,697 | ) |
Change in net assets resulting from capital transactions | | 1,183,654 | | (628,119 | ) |
Change in net assets | | 820,386 | | 1,277,309 | |
NET ASSETS: | | | | | |
Beginning of period | | 12,840,097 | | 11,562,788 | |
End of period | | $ | 13,660,483 | | $ | 12,840,097 | |
Accumulated net investment income (loss) | | $ | (14,055 | ) | $ | — | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 158,730 | | 219,804 | |
Redeemed | | (137,865 | ) | (236,262 | ) |
Change in shares | | 20,865 | | (16,458 | ) |
See accompanying notes to financial statements.
106 :: ProFund VP Japan :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016(a) | | Year Ended Dec. 31, 2015(a) | | Year Ended Dec. 31, 2014(a) | | Year Ended Dec. 31, 2013(a) | |
Net Asset Value, Beginning of Period | | $ | 52.00 | | $ | 43.90 | | $ | 43.71 | | $ | 41.33 | | $ | 75.59 | | $ | 51.01 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(b) | | (0.06 | ) | (0.41 | ) | (0.56 | ) | (0.76 | ) | (0.96 | ) | (1.08 | ) |
Net realized and unrealized gains (losses) on investments | | (0.93 | ) | 8.51 | | 0.75 | | 3.14 | | 0.26 | | 25.66 | |
Total income (loss) from investment activities | | (0.99 | ) | 8.10 | | 0.19 | | 2.38 | | (0.70 | ) | 24.58 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net realized gains on investments | | — | | — | | — | | — | | (33.56 | ) | — | |
Net Asset Value, End of Period | | $ | 51.01 | | $ | 52.00 | | $ | 43.90 | | $ | 43.71 | | $ | 41.33 | | $ | 75.59 | |
Total Return(c) | | (1.90 | )%(d) | 18.45 | % | 0.41 | % | 5.81 | % | 3.23 | % | 48.24 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(e) | | 1.66 | %(d) | 1.71 | % | 1.69 | % | 1.68 | % | 1.77 | % | 1.78 | % |
Net expenses(e) | | 1.66 | %(d) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(e) | | (0.25 | )%(d) | (0.89 | )% | (1.44 | )% | (1.64 | )% | (1.66 | )% | (1.65 | )% |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 13,660 | | $ | 12,840 | | $ | 11,563 | | $ | 17,017 | | $ | 11,827 | | $ | 22,948 | |
Portfolio turnover rate(f) | | — | | — | | — | | — | | — | | — | |
(a) As described in Note 9, share amounts have been adjusted for 1:4 reverse share split that occurred on December 5, 2016.
(b) Per share net investment income (loss) has been calculated using the average daily shares method.
(c) Not annualized for periods less than one year.
(d) The gross expense ratio, net expense ratio, and net investment income (loss) ratio include a non-recurring fee reduction for expenses accrued in a prior year. Had this fee reduction not occurred, the gross expense ratio, net expense ratio, and net investment income (loss) ratio would have been 1.70%, 1.68%, and (0.26)%, respectively, and the total return would have been (1.91)%.
(e) Annualized for periods less than one year.
(f) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Growth :: 107
Investment Objective: The ProFund VP Large-Cap Growth seeks investment results, before fees and expenses, that correspond to the performance of the S&P 500 Growth Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 100 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
Apple, Inc. | | 7.3 | % |
Microsoft Corp. | | 6.1 | % |
Amazon.com, Inc. | | 5.6 | % |
Alphabet, Inc. | | 5.4 | % |
Facebook, Inc. | | 3.7 | % |
S&P 500 Growth Index — Composition
| | % of Index | |
Information Technology | | 42 | % |
Health Care | | 17 | % |
Consumer Discretionary | | 17 | % |
Industrials | | 10 | % |
Financials | | 5 | % |
Consumer Staples | | 4 | % |
Real Estate | | 3 | % |
Materials | | 1 | % |
Utilities | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.8%)
| | Shares | | Value | |
3M Co. (Industrial Conglomerates) | | 1,562 | | $ | 307,277 | |
A.O. Smith Corp. (Building Products) | | 355 | | 20,998 | |
Abbott Laboratories (Health Care Equipment & Supplies) | | 4,544 | | 277,138 | |
AbbVie, Inc. (Biotechnology) | | 3,905 | | 361,799 | |
ABIOMED, Inc.* (Health Care Equipment & Supplies) | | 142 | | 58,085 | |
Accenture PLC—Class A (IT Services) | | 1,065 | | 174,223 | |
Activision Blizzard, Inc. (Software) | | 1,988 | | 151,724 | |
Adobe Systems, Inc.* (Software) | | 1,278 | | 311,589 | |
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | | 710 | | 10,643 | |
Aetna, Inc. (Health Care Providers & Services) | | 426 | | 78,171 | |
Affiliated Managers Group, Inc. (Capital Markets) | | 71 | | 10,556 | |
Agilent Technologies, Inc. (Life Sciences Tools & Services) | | 852 | | 52,688 | |
Air Products & Chemicals, Inc. (Chemicals) | | 213 | | 33,170 | |
Akamai Technologies, Inc.* (Internet Software & Services) | | 142 | | 10,399 | |
Albemarle Corp. (Chemicals) | | 142 | | 13,395 | |
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts) | | 142 | | 17,916 | |
Alexion Pharmaceuticals, Inc.* (Biotechnology) | | 284 | | 35,259 | |
Align Technology, Inc.* (Health Care Equipment & Supplies) | | 213 | | 72,876 | |
Allegion PLC (Building Products) | | 142 | | 10,985 | |
Alliance Data Systems Corp. (IT Services) | | 71 | | 16,557 | |
Alphabet, Inc.*—Class A (Internet Software & Services) | | 781 | | 881,897 | |
Alphabet, Inc.*—Class C (Internet Software & Services) | | 781 | | 871,323 | |
Altria Group, Inc. (Tobacco) | | 2,698 | | 153,219 | |
Amazon.com, Inc.* (Internet & Direct Marketing Retail) | | 1,065 | | 1,810,288 | |
American Airlines Group, Inc. (Airlines) | | 568 | | 21,561 | |
American Express Co. (Consumer Finance) | | 1,136 | | 111,328 | |
American Tower Corp. (Equity Real Estate Investment Trusts) | | 1,136 | | 163,776 | |
American Water Works Co., Inc. (Water Utilities) | | 284 | | 24,248 | |
Ameriprise Financial, Inc. (Capital Markets) | | 284 | | 39,726 | |
AMETEK, Inc. (Electrical Equipment) | | 568 | | 40,987 | |
Amgen, Inc. (Biotechnology) | | 994 | | 183,482 | |
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | | 781 | | 68,064 | |
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | | 923 | | 88,534 | |
ANSYS, Inc.* (Software) | | 213 | | 37,100 | |
Anthem, Inc. (Health Care Providers & Services) | | 355 | | 84,501 | |
Aon PLC (Insurance) | | 355 | | 48,695 | |
Apartment Investment & Management Co.— Class A (Equity Real Estate Investment Trusts) | | 213 | | 9,010 | |
Apple, Inc. (Technology Hardware, Storage & Peripherals) | | 12,638 | | 2,339,420 | |
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | | 2,627 | | 121,341 | |
Aptiv PLC (Auto Components) | | 710 | | 65,057 | |
Arthur J. Gallagher & Co. (Insurance) | | 213 | | 13,905 | |
Autodesk, Inc.* (Software) | | 355 | | 46,537 | |
Automatic Data Processing, Inc. (IT Services) | | 1,136 | | 152,383 | |
AutoZone, Inc.* (Specialty Retail) | | 71 | | 47,636 | |
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | | 142 | | 24,408 | |
Avery Dennison Corp. (Containers & Packaging) | | 213 | | 21,747 | |
Bank of America Corp. (Banks) | | 11,644 | | 328,244 | |
Baxter International, Inc. (Health Care Equipment & Supplies) | | 710 | | 52,426 | |
Becton, Dickinson & Co. (Health Care Equipment & Supplies) | | 710 | | 170,087 | |
Biogen, Inc.* (Biotechnology) | | 355 | | 103,035 | |
BlackRock, Inc.—Class A (Capital Markets) | | 213 | | 106,296 | |
| | | | | | |
See accompanying notes to financial statements.
108 :: ProFund VP Large-Cap Growth :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Booking Holdings, Inc.* (Internet & Direct Marketing Retail) | | 142 | | $ | 287,847 | |
BorgWarner, Inc. (Auto Components) | | 355 | | 15,322 | |
Boston Properties, Inc. (Equity Real Estate Investment Trusts) | | 142 | | 17,810 | |
Boston Scientific Corp.* (Health Care Equipment & Supplies) | | 3,550 | | 116,085 | |
Bristol-Myers Squibb Co. (Pharmaceuticals) | | 2,627 | | 145,378 | |
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | | 1,065 | | 258,412 | |
Broadridge Financial Solutions, Inc. (IT Services) | | 284 | | 32,688 | |
Brown-Forman Corp.—Class B (Beverages) | | 426 | | 20,878 | |
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels) | | 568 | | 13,518 | |
Cadence Design Systems, Inc.* (Software) | | 710 | | 30,750 | |
CarMax, Inc.* (Specialty Retail) | | 213 | | 15,521 | |
Carnival Corp.—Class A (Hotels, Restaurants & Leisure) | | 497 | | 28,483 | |
Caterpillar, Inc. (Machinery) | | 781 | | 105,958 | |
CBOE Holdings, Inc. (Capital Markets) | | 284 | | 29,556 | |
CBRE Group, Inc.*—Class A (Real Estate Management & Development) | | 781 | | 37,285 | |
CBS Corp.—Class B (Media) | | 426 | | 23,950 | |
Celgene Corp.* (Biotechnology) | | 1,846 | | 146,609 | |
Centene Corp.* (Health Care Providers & Services) | | 497 | | 61,235 | |
Cerner Corp.* (Health Care Technology) | | 781 | | 46,696 | |
CF Industries Holdings, Inc. (Chemicals) | | 284 | | 12,610 | |
Charter Communications, Inc.*—Class A (Media) | | 497 | | 145,725 | |
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | | 71 | | 30,627 | |
Church & Dwight Co., Inc. (Household Products) | | 355 | | 18,872 | |
Cigna Corp. (Health Care Providers & Services) | | 639 | | 108,598 | |
Cimarex Energy Co. (Oil, Gas & Consumable Fuels) | | 71 | | 7,224 | |
Cintas Corp. (Commercial Services & Supplies) | | 213 | | 39,420 | |
Cisco Systems, Inc. (Communications Equipment) | | 5,538 | | 238,300 | |
Citrix Systems, Inc.* (Software) | | 213 | | 22,331 | |
CME Group, Inc. (Capital Markets) | | 568 | | 93,107 | |
Cognizant Technology Solutions Corp. (IT Services) | | 1,491 | | 117,774 | |
Colgate-Palmolive Co. (Household Products) | | 1,065 | | 69,023 | |
Comcast Corp.—Class A (Media) | | 5,893 | | 193,349 | |
Comerica, Inc. (Banks) | | 213 | | 19,366 | |
Constellation Brands, Inc.—Class A (Beverages) | | 426 | | 93,239 | |
Copart, Inc.* (Commercial Services & Supplies) | | 497 | | 28,110 | |
Corning, Inc. (Electronic Equipment, Instruments & Components) | | 2,130 | | 58,596 | |
Crown Castle International Corp. (Equity Real Estate Investment Trusts) | | 710 | | 76,552 | |
CSX Corp. (Road & Rail) | | 2,272 | | 144,908 | |
D.R. Horton, Inc. (Household Durables) | | 852 | | 34,932 | |
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | | 213 | | 22,804 | |
Deere & Co. (Machinery) | | 426 | | 59,555 | |
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 284 | | 31,689 | |
Dollar General Corp. (Multiline Retail) | | 284 | | 28,002 | |
Dollar Tree, Inc.* (Multiline Retail) | | 639 | | 54,315 | |
Dominion Resources, Inc. (Multi-Utilities) | | 639 | | 43,567 | |
Dover Corp. (Machinery) | | 213 | | 15,592 | |
DXC Technology Co. (IT Services) | | 355 | | 28,617 | |
E*TRADE Financial Corp.* (Capital Markets) | | 710 | | 43,424 | |
eBay, Inc.* (Internet Software & Services) | | 2,414 | | 87,532 | |
Ecolab, Inc. (Chemicals) | | 284 | | 39,854 | |
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | | 568 | | 82,684 | |
Electronic Arts, Inc.* (Software) | | 781 | | 110,137 | |
Eli Lilly & Co. (Pharmaceuticals) | | 1,491 | | 127,227 | |
Emerson Electric Co. (Electrical Equipment) | | 639 | | 44,180 | |
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | | 497 | | 61,841 | |
Equifax, Inc. (Professional Services) | | 213 | | 26,648 | |
Equinix, Inc. (Equity Real Estate Investment Trusts) | | 213 | | 91,567 | |
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | | 71 | | 16,974 | |
Expedia, Inc. (Internet & Direct Marketing Retail) | | 213 | | 25,600 | |
Expeditors International of Washington, Inc. (Air Freight & Logistics) | | 213 | | 15,570 | |
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | | 355 | | 35,433 | |
F5 Networks, Inc.* (Communications Equipment) | | 71 | | 12,244 | |
Facebook, Inc.*—Class A (Internet Software & Services) | | 6,177 | | 1,200,314 | |
Fastenal Co. (Trading Companies & Distributors) | | 426 | | 20,503 | |
Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | | 71 | | 8,985 | |
FedEx Corp. (Air Freight & Logistics) | | 355 | | 80,606 | |
Fidelity National Information Services, Inc. (IT Services) | | 497 | | 52,697 | |
First Horizon National Corp. (Banks) | | — | (a) | — | (b) |
FirstEnergy Corp. (Electric Utilities) | | 497 | | 17,847 | |
Fiserv, Inc.* (IT Services) | | 1,065 | | 78,906 | |
FleetCor Technologies, Inc.* (IT Services) | | 213 | | 44,868 | |
FLIR Systems, Inc. (Electronic Equipment, Instruments & Components) | | 213 | | 11,070 | |
FMC Corp. (Chemicals) | | 355 | | 31,670 | |
Fortive Corp. (Machinery) | | 497 | | 38,324 | |
Fortune Brands Home & Security, Inc. (Building Products) | | 355 | | 19,060 | |
Garmin, Ltd. (Household Durables) | | 142 | | 8,662 | |
Gartner, Inc.* (IT Services) | | 213 | | 28,308 | |
General Dynamics Corp. (Aerospace & Defense) | | 355 | | 66,176 | |
General Mills, Inc. (Food Products) | | 568 | | 25,140 | |
GGP, Inc. (Equity Real Estate Investment Trusts) | | 639 | | 13,055 | |
Gilead Sciences, Inc. (Biotechnology) | | 2,201 | | 155,919 | |
Global Payments, Inc. (IT Services) | | 426 | | 47,495 | |
H & R Block, Inc. (Diversified Consumer Services) | | 355 | | 8,087 | |
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods) | | 355 | | 7,817 | |
Harris Corp. (Communications Equipment) | | 213 | | 30,787 | |
Hasbro, Inc. (Leisure Products) | | 142 | | 13,108 | |
HCA Holdings, Inc. (Health Care Providers & Services) | | 355 | | 36,423 | |
Hess Corp. (Oil, Gas & Consumable Fuels) | | 213 | | 14,248 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Growth :: 109
Common Stocks, continued
| | Shares | | Value | |
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure) | | 284 | | $ | 22,481 | |
Hologic, Inc.* (Health Care Equipment & Supplies) | | 710 | | 28,223 | |
Honeywell International, Inc. (Industrial Conglomerates) | | 1,136 | | 163,641 | |
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | | 71 | | 15,392 | |
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | | 213 | | 46,421 | |
Illinois Tool Works, Inc. (Machinery) | | 781 | | 108,199 | |
Illumina, Inc.* (Life Sciences Tools & Services) | | 355 | | 99,148 | |
Incyte Corp.* (Biotechnology) | | 426 | | 28,542 | |
Ingersoll-Rand PLC (Machinery) | | 284 | | 25,483 | |
Intel Corp. (Semiconductors & Semiconductor Equipment) | | 6,816 | | 338,823 | |
Intercontinental Exchange, Inc. (Capital Markets) | | 1,491 | | 109,662 | |
International Flavors & Fragrances, Inc. (Chemicals) | | 142 | | 17,602 | |
Intuit, Inc. (Software) | | 639 | | 130,551 | |
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | | 284 | | 135,888 | |
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components) | | 71 | | 15,665 | |
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | | 213 | | 21,262 | |
Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | | 355 | | 12,429 | |
J.B. Hunt Transport Services, Inc. (Road & Rail) | | 142 | | 17,260 | |
Johnson & Johnson (Pharmaceuticals) | | 3,763 | | 456,603 | |
Kansas City Southern Industries, Inc. (Road & Rail) | | 142 | | 15,046 | |
Kellogg Co. (Food Products) | | 213 | | 14,882 | |
Kimberly-Clark Corp. (Household Products) | | 426 | | 44,875 | |
KLA-Tencor Corp. (Semiconductors & Semiconductor Equipment) | | 426 | | 43,678 | |
Laboratory Corp. of America Holdings* (Health Care Providers & Services) | | 142 | | 25,493 | |
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | | 426 | | 73,634 | |
Lennar Corp.—Class A (Household Durables) | | 426 | | 22,365 | |
LKQ Corp.* (Distributors) | | 497 | | 15,854 | |
Lockheed Martin Corp. (Aerospace & Defense) | | 426 | | 125,853 | |
Lowe’s Cos., Inc. (Specialty Retail) | | 1,420 | | 135,709 | |
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | | 781 | | 98,915 | |
Marsh & McLennan Cos., Inc. (Insurance) | | 710 | | 58,199 | |
Martin Marietta Materials, Inc. (Construction Materials) | | 71 | | 15,856 | |
Masco Corp. (Building Products) | | 497 | | 18,598 | |
MasterCard, Inc.—Class A (IT Services) | | 2,343 | | 460,446 | |
Mattel, Inc. (Leisure Products) | | 213 | | 3,497 | |
McCormick & Co., Inc. (Food Products) | | 142 | | 16,485 | |
McDonald’s Corp. (Hotels, Restaurants & Leisure) | | 1,988 | | 311,501 | |
Medtronic PLC (Health Care Equipment & Supplies) | | 1,491 | | 127,645 | |
Merck & Co., Inc. (Pharmaceuticals) | | 2,556 | | 155,149 | |
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | | 71 | | 41,083 | |
MGM Resorts International (Hotels, Restaurants & Leisure) | | 568 | | 16,489 | |
Michael Kors Holdings, Ltd.* (Textiles, Apparel & Luxury Goods) | | 355 | | 23,643 | |
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | | 639 | | 58,117 | |
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | 2,982 | | 156,376 | |
Microsoft Corp. (Software) | | 19,809 | | 1,953,365 | |
Mohawk Industries, Inc.* (Household Durables) | | 71 | | 15,213 | |
Monster Beverage Corp.* (Beverages) | | 1,065 | | 61,025 | |
Moody’s Corp. (Capital Markets) | | 426 | | 72,659 | |
Motorola Solutions, Inc. (Communications Equipment) | | 426 | | 49,574 | |
MSCI, Inc.—Class A (Capital Markets) | | 213 | | 35,237 | |
Nektar Therapeutics* (Pharmaceuticals) | | 426 | | 20,802 | |
NetApp, Inc. (Technology Hardware, Storage & Peripherals) | | 710 | | 55,756 | |
Netflix, Inc.* (Internet & Direct Marketing Retail) | | 1,136 | | 444,665 | |
NextEra Energy, Inc. (Electric Utilities) | | 639 | | 106,732 | |
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | | 2,201 | | 175,376 | |
Norfolk Southern Corp. (Road & Rail) | | 355 | | 53,559 | |
Northern Trust Corp. (Capital Markets) | | 284 | | 29,221 | |
Northrop Grumman Corp. (Aerospace & Defense) | | 284 | | 87,387 | |
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure) | | 497 | | 23,483 | |
NRG Energy, Inc. (Independent Power & Renewable Electricity Producers) | | 426 | | 13,078 | |
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | | 1,562 | | 370,038 | |
Oracle Corp. (Software) | | 3,905 | | 172,054 | |
O’Reilly Automotive, Inc.* (Specialty Retail) | | 142 | | 38,847 | |
Packaging Corp. of America (Containers & Packaging) | | 142 | | 15,874 | |
Parker-Hannifin Corp. (Machinery) | | 213 | | 33,196 | |
Paychex, Inc. (IT Services) | | 568 | | 38,823 | |
PayPal Holdings, Inc.* (IT Services) | | 2,840 | | 236,487 | |
PepsiCo, Inc. (Beverages) | | 1,775 | | 193,244 | |
PerkinElmer, Inc. (Life Sciences Tools & Services) | | 142 | | 10,399 | |
Perrigo Co. PLC (Pharmaceuticals) | | 142 | | 10,353 | |
Pfizer, Inc. (Pharmaceuticals) | | 6,958 | | 252,436 | |
Philip Morris International, Inc. (Tobacco) | | 1,988 | | 160,512 | |
PPG Industries, Inc. (Chemicals) | | 284 | | 29,459 | |
Praxair, Inc. (Chemicals) | | 355 | | 56,143 | |
Principal Financial Group, Inc. (Insurance) | | 284 | | 15,038 | |
Prologis, Inc. (Equity Real Estate Investment Trusts) | | 1,349 | | 88,616 | |
Public Storage (Equity Real Estate Investment Trusts) | | 213 | | 48,321 | |
PulteGroup, Inc. (Household Durables) | | 710 | | 20,413 | |
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | | 355 | | 28,460 | |
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | | 1,349 | | 75,706 | |
Raymond James Financial, Inc. (Capital Markets) | | 142 | | 12,688 | |
Raytheon Co. (Aerospace & Defense) | | 426 | | 82,295 | |
Red Hat, Inc.* (Software) | | 426 | | 57,242 | |
| | | | | | |
See accompanying notes to financial statements.
110 :: ProFund VP Large-Cap Growth :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | | 213 | | $ | 73,483 | |
Republic Services, Inc.—Class A (Commercial Services & Supplies) | | 284 | | 19,414 | |
ResMed, Inc. (Health Care Equipment & Supplies) | | 355 | | 36,771 | |
Robert Half International, Inc. (Professional Services) | | 213 | | 13,866 | |
Rockwell Automation, Inc. (Electrical Equipment) | | 213 | | 35,407 | |
Rockwell Collins, Inc. (Aerospace & Defense) | | 426 | | 57,374 | |
Roper Technologies, Inc. (Industrial Conglomerates) | | 284 | | 78,358 | |
Ross Stores, Inc. (Specialty Retail) | | 639 | | 54,155 | |
Royal Caribbean Cruises, Ltd. (Hotels, Restaurants & Leisure) | | 284 | | 29,422 | |
S&P Global, Inc. (Capital Markets) | | 639 | | 130,285 | |
Salesforce.com, Inc.* (Software) | | 1,846 | | 251,794 | |
SBA Communications Corp.* (Equity Real Estate Investment Trusts) | | 284 | | 46,894 | |
Sealed Air Corp. (Containers & Packaging) | | 142 | | 6,028 | |
Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | | 426 | | 72,501 | |
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | | 497 | | 48,035 | |
Southwest Airlines Co. (Airlines) | | 923 | | 46,963 | |
Stanley Black & Decker, Inc. (Machinery) | | 284 | | 37,718 | |
Starbucks Corp. (Hotels, Restaurants & Leisure) | | 2,272 | | 110,988 | |
Stryker Corp. (Health Care Equipment & Supplies) | | 852 | | 143,869 | |
SVB Financial Group* (Banks) | | 142 | | 41,004 | |
Symantec Corp. (Software) | | 710 | | 14,662 | |
Synopsys, Inc.* (Software) | | 355 | | 30,377 | |
T. Rowe Price Group, Inc. (Capital Markets) | | 639 | | 74,182 | |
Take-Two Interactive Software, Inc.* (Software) | | 213 | | 25,211 | |
Tapestry, Inc. (Textiles, Apparel & Luxury Goods) | | 284 | | 13,266 | |
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | | 639 | | 57,548 | |
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | 2,556 | | 281,799 | |
The Allstate Corp. (Insurance) | | 426 | | 38,881 | |
The Boeing Co. (Aerospace & Defense) | | 1,420 | | 476,424 | |
The Charles Schwab Corp. (Capital Markets) | | 3,124 | | 159,635 | |
The Clorox Co. (Household Products) | | 213 | | 28,808 | |
The Coca-Cola Co. (Beverages) | | 4,473 | | 196,185 | |
The Cooper Cos., Inc. (Health Care Equipment & Supplies) | | 142 | | 33,434 | |
The Estee Lauder Cos., Inc.—Class A (Personal Products) | | 568 | | 81,048 | |
The Hershey Co. (Food Products) | | 213 | | 19,822 | |
The Home Depot, Inc. (Specialty Retail) | | 2,982 | | 581,788 | |
The NASDAQ OMX Group, Inc. (Capital Markets) | | 142 | | 12,960 | |
The Procter & Gamble Co. (Household Products) | | 2,414 | | 188,436 | |
The Progressive Corp. (Insurance) | | 1,491 | | 88,193 | |
The Sherwin-Williams Co. (Chemicals) | | 213 | | 86,813 | |
The TJX Cos., Inc. (Specialty Retail) | | 710 | | 67,578 | |
The Walt Disney Co. (Media) | | 1,775 | | 186,038 | |
The Western Union Co. (IT Services) | | 497 | | 10,104 | |
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | | 781 | | 161,775 | |
Tiffany & Co. (Specialty Retail) | | 142 | | 18,687 | |
Torchmark Corp. (Insurance) | | 142 | | 11,560 | |
Total System Services, Inc. (IT Services) | | 426 | | 36,006 | |
Tractor Supply Co. (Specialty Retail) | | 142 | | 10,862 | |
TransDigm Group, Inc. (Aerospace & Defense) | | 142 | | 49,010 | |
TripAdvisor, Inc.* (Internet & Direct Marketing Retail) | | 71 | | 3,955 | |
Twitter, Inc.* (Internet Software & Services) | | 1,704 | | 74,414 | |
UDR, Inc. (Equity Real Estate Investment Trusts) | | 426 | | 15,992 | |
Ulta Salon, Cosmetics & Fragrance, Inc.* (Specialty Retail) | | 71 | | 16,576 | |
Union Pacific Corp. (Road & Rail) | | 1,065 | | 150,890 | |
United Parcel Service, Inc.—Class B (Air Freight & Logistics) | | 852 | | 90,509 | |
United Rentals, Inc.* (Trading Companies & Distributors) | | 213 | | 31,443 | |
UnitedHealth Group, Inc. (Health Care Providers & Services) | | 2,485 | | 609,670 | |
V.F. Corp. (Textiles, Apparel & Luxury Goods) | | 497 | | 40,515 | |
Varian Medical Systems, Inc.* (Health Care Equipment & Supplies) | | 142 | | 16,148 | |
VeriSign, Inc.* (Internet Software & Services) | | 213 | | 29,270 | |
Verisk Analytics, Inc.*—Class A (Professional Services) | | 284 | | 30,570 | |
Vertex Pharmaceuticals, Inc.* (Biotechnology) | | 639 | | 108,604 | |
Visa, Inc.—Class A (IT Services) | | 4,615 | | 611,257 | |
Vornado Realty Trust (Equity Real Estate Investment Trusts) | | 284 | | 20,993 | |
Vulcan Materials Co. (Construction Materials) | | 142 | | 18,327 | |
Waste Management, Inc. (Commercial Services & Supplies) | | 994 | | 80,852 | |
Waters Corp.* (Life Sciences Tools & Services) | | 213 | | 41,235 | |
WEC Energy Group, Inc. (Multi-Utilities) | | 355 | | 22,951 | |
Willis Towers Watson PLC (Insurance) | | 142 | | 21,527 | |
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure) | | 213 | | 35,643 | |
Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | | 426 | | 27,801 | |
Xylem, Inc. (Machinery) | | 355 | | 23,920 | |
YUM! Brands, Inc. (Hotels, Restaurants & Leisure) | | 355 | | 27,768 | |
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies) | | 284 | | 31,649 | |
Zoetis, Inc. (Pharmaceuticals) | | 1,278 | | 108,873 | |
TOTAL COMMON STOCKS (Cost $13,440,893) | | | | 32,190,696 | |
TOTAL INVESTMENT SECURITIES (Cost $13,440,893)—99.8% | | | | 32,190,696 | |
Net other assets (liabilities)—0.2% | | | | 61,765 | |
NET ASSETS—100.0% | | | | $ | 32,252,461 | |
* Non-income producing security.
(a) Number of shares is less than 0.50.
(b) Amount is less than $0.50.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Growth :: 111
ProFund VP Large-Cap Growth invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Aerospace & Defense | | $ | 959,911 | | 2.9 | % |
Air Freight & Logistics | | 186,685 | | 0.6 | % |
Airlines | | 68,524 | | 0.2 | % |
Auto Components | | 80,379 | | 0.2 | % |
Banks | | 388,614 | | 1.2 | % |
Beverages | | 564,571 | | 1.7 | % |
Biotechnology | | 1,196,732 | | 3.7 | % |
Building Products | | 69,641 | | 0.2 | % |
Capital Markets | | 959,194 | | 3.0 | % |
Chemicals | | 320,716 | | 1.0 | % |
Commercial Services & Supplies | | 167,796 | | 0.5 | % |
Communications Equipment | | 330,905 | | 1.0 | % |
Construction Materials | | 34,183 | | 0.1 | % |
Consumer Finance | | 111,328 | | 0.3 | % |
Containers & Packaging | | 43,649 | | 0.1 | % |
Distributors | | 15,854 | | NM | |
Diversified Consumer Services | | 8,087 | | NM | |
Electric Utilities | | 124,579 | | 0.4 | % |
Electrical Equipment | | 120,574 | | 0.4 | % |
Electronic Equipment, Instruments & Components | | 210,943 | | 0.7 | % |
Equity Real Estate Investment Trusts | | 812,921 | | 2.5 | % |
Food Products | | 76,329 | | 0.2 | % |
Health Care Equipment & Supplies | | 1,429,429 | | 4.5 | % |
Health Care Providers & Services | | 1,004,091 | | 3.1 | % |
Health Care Technology | | 46,696 | | 0.1 | % |
Hotels, Restaurants & Leisure | | 758,604 | | 2.4 | % |
Household Durables | | 101,585 | | 0.3 | % |
Household Products | | 350,014 | | 1.1 | % |
Independent Power & Renewable Electricity Producers | | 13,078 | | NM | |
Industrial Conglomerates | | 549,276 | | 1.7 | % |
Insurance | | 295,998 | | 0.9 | % |
Internet & Direct Marketing Retail | | 2,572,355 | | 8.0 | % |
Internet Software & Services | | 3,155,149 | | 9.8 | % |
IT Services | | 2,167,639 | | 6.7 | % |
Leisure Products | | 16,605 | | 0.1 | % |
Life Sciences Tools & Services | | 427,590 | | 1.3 | % |
Machinery | | 447,945 | | 1.4 | % |
Media | | 549,062 | | 1.7 | % |
Multiline Retail | | 82,317 | | 0.3 | % |
Multi-Utilities | | 66,518 | | 0.2 | % |
Oil, Gas & Consumable Fuels | | 96,831 | | 0.3 | % |
Personal Products | | 81,048 | | 0.3 | % |
Pharmaceuticals | | 1,276,821 | | 4.0 | % |
Professional Services | | 71,084 | | 0.2 | % |
Real Estate Management & Development | | 37,285 | | 0.1 | % |
Road & Rail | | 381,663 | | 1.2 | % |
Semiconductors & Semiconductor Equipment | | 1,981,397 | | 6.1 | % |
Software | | 3,345,424 | | 10.5 | % |
Specialty Retail | | 987,359 | | 3.1 | % |
Technology Hardware, Storage & Peripherals | | 2,395,176 | | 7.4 | % |
Textiles, Apparel & Luxury Goods | | 260,617 | | 0.8 | % |
Tobacco | | 313,731 | | 1.0 | % |
Trading Companies & Distributors | | 51,946 | | 0.2 | % |
Water Utilities | | 24,248 | | 0.1 | % |
Other** | | 61,765 | | 0.2 | % |
Total | | $ | 32,252,461 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
NM Not meaningful, amount is less than 0.05%.
See accompanying notes to financial statements.
112 :: ProFund VP Large-Cap Growth :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 13,440,893 | |
Securities, at value | | 32,190,696 | |
Total Investment Securities, at value | | 32,190,696 | |
Dividends receivable | | 15,099 | |
Receivable for capital shares issued | | 296,535 | |
Receivable for investments sold | | 25,983 | |
Prepaid expenses | | 446 | |
TOTAL ASSETS | | 32,528,759 | |
LIABILITIES: | | | |
Payable for investments purchased | | 28,113 | |
Payable for capital shares redeemed | | 26,857 | |
Cash overdraft | | 156,832 | |
Advisory fees payable | | 20,403 | |
Management services fees payable | | 2,720 | |
Administration fees payable | | 929 | |
Administrative services fees payable | | 11,670 | |
Distribution fees payable | | 12,251 | |
Trustee fees payable | | 7 | |
Transfer agency fees payable | | 1,529 | |
Fund accounting fees payable | | 1,110 | |
Compliance services fees payable | | 190 | |
Other accrued expenses | | 13,687 | |
TOTAL LIABILITIES | | 276,298 | |
NET ASSETS | | $ | 32,252,461 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 14,159,921 | |
Accumulated net investment income (loss) | | (45,536 | ) |
Accumulated net realized gains (losses) on investments | | (611,727 | ) |
Net unrealized appreciation (depreciation) on investments | | 18,749,803 | |
NET ASSETS | | $ | 32,252,461 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 457,740 | |
Net Asset Value (offering and redemption price per share) | | $ | 70.46 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 234,734 | |
Interest | | 449 | |
TOTAL INVESTMENT INCOME | | 235,183 | |
EXPENSES: | | | |
Advisory fees | | 127,716 | |
Management services fees | | 17,029 | |
Administration fees | | 5,487 | |
Transfer agency fees | | 8,288 | |
Administrative services fees | | 47,980 | |
Distribution fees | | 42,572 | |
Custody fees | | 3,218 | |
Fund accounting fees | | 7,046 | |
Trustee fees | | 491 | |
Compliance services fees | | 190 | |
Other fees | | 15,229 | |
Recoupment of prior expenses reduced by the Advisor | | 9,199 | |
TOTAL NET EXPENSES | | 284,445 | |
NET INVESTMENT INCOME (LOSS) | | (49,262 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 395,270 | |
Change in net unrealized appreciation/depreciation on investment securities | | 1,695,480 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | 2,090,750 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 2,041,488 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Growth :: 113
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (49,262 | ) | $ | (21,118 | ) |
Net realized gains (losses) on investments | | 395,270 | | 1,544,467 | |
Change in net unrealized appreciation/depreciation on investments | | 1,695,480 | | 5,344,300 | |
Change in net assets resulting from operations | | 2,041,488 | | 6,867,649 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net realized gains on investments | | (1,437,998 | ) | (1,217,906 | ) |
Change in net assets resulting from distributions | | (1,437,998 | ) | (1,217,906 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 21,335,373 | | 52,801,003 | |
Distributions reinvested | | 1,437,998 | | 1,217,906 | |
Value of shares redeemed | | (25,522,128 | ) | (51,283,273 | ) |
Change in net assets resulting from capital transactions | | (2,748,757 | ) | 2,735,636 | |
Change in net assets | | (2,145,267 | ) | 8,385,379 | |
NET ASSETS: | | | | | |
Beginning of period | | 34,397,728 | | 26,012,349 | |
End of period | | $ | 32,252,461 | | $ | 34,397,728 | |
Accumulated net investment income (loss) | | $ | (45,536 | ) | $ | 3,726 | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 295,380 | | 839,144 | |
Reinvested | | 19,950 | | 18,620 | |
Redeemed | | (354,526 | ) | (813,393 | ) |
Change in shares | | (39,196 | ) | 44,371 | |
See accompanying notes to financial statements.
114 :: ProFund VP Large-Cap Growth :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 69.22 | | $ | 57.48 | | $ | 59.38 | | $ | 57.23 | | $ | 50.75 | | $ | 38.98 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | (0.10 | ) | (0.04 | ) | (0.06 | ) | 0.03 | | 0.01 | | 0.07 | |
Net realized and unrealized gains (losses) on investments | | 4.58 | | 14.41 | | 3.07 | | 2.12 | | 6.54 | | 11.86 | |
Total income (loss) from investment activities | | 4.48 | | 14.37 | | 3.01 | | 2.15 | | 6.55 | | 11.93 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | — | | — | | (0.03 | ) | — | | (0.07 | ) | (0.16 | ) |
Net realized gains on investments | | (3.24 | ) | (2.63 | ) | (4.88 | ) | — | | — | | — | |
Total distributions | | (3.24 | ) | (2.63 | ) | (4.91 | ) | — | | (0.07 | ) | (0.16 | ) |
Net Asset Value, End of Period | | $ | 70.46 | | $ | 69.22 | | $ | 57.48 | | $ | 59.38 | | $ | 57.23 | | $ | 50.75 | |
Total Return(b) | | 6.35 | % | 25.29 | % | 5.01 | % | 3.76 | % | 12.93 | % | 30.66 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.67 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.76 | % | 1.78 | % |
Net expenses(c) | | 1.67 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | (0.29 | )% | (0.07 | )% | (0.10 | )% | 0.05 | % | 0.02 | % | 0.15 | % |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 32,252 | | $ | 34,398 | | $ | 26,012 | | $ | 35,086 | | $ | 47,502 | | $ | 36,890 | |
Portfolio turnover rate(b)(d) | | 55 | % | 154 | % | 150 | % | 141 | % | 124 | % | 81 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Value :: 115
Investment Objective: The ProFund VP Large-Cap Value seeks investment results, before fees and expenses, that correspond to the performance of the S&P 500 Value Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 100 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
Berkshire Hathaway, Inc. | | 3.2 | % |
JPMorgan Chase & Co. | | 3.2 | % |
Exxon Mobil Corp. | | 3.1 | % |
Wells Fargo & Co. | | 2.2 | % |
Chevron Corp. | | 2.2 | % |
S&P 500 Value Index — Composition
| | % of Index | |
Financials | | 24 | % |
Energy | | 13 | % |
Health Care | | 11 | % |
Consumer Staples | | 10 | % |
Industrials | | 9 | % |
Consumer Discretionary | | 9 | % |
Information Technology | | 7 | % |
Utilities | | 6 | % |
Telecommunication Services | | 4 | % |
Materials | | 4 | % |
Real Estate | | 3 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.9%)
| | Shares | | Value | |
Accenture PLC—Class A (IT Services) | | 318 | | $ | 52,021 | |
Advance Auto Parts, Inc. (Specialty Retail) | | 159 | | 21,576 | |
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | | 954 | | 14,300 | |
Aetna, Inc. (Health Care Providers & Services) | | 318 | | 58,353 | |
Affiliated Managers Group, Inc. (Capital Markets) | | 159 | | 23,639 | |
Aflac, Inc. (Insurance) | | 1,272 | | 54,721 | |
Air Products & Chemicals, Inc. (Chemicals) | | 159 | | 24,761 | |
Akamai Technologies, Inc.* (Internet Software & Services) | | 159 | | 11,644 | |
Alaska Air Group, Inc. (Airlines) | | 159 | | 9,602 | |
Albemarle Corp. (Chemicals) | | 159 | | 14,998 | |
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts) | | 159 | | 20,061 | |
Alexion Pharmaceuticals, Inc.* (Biotechnology) | | 159 | | 19,740 | |
Allegion PLC (Building Products) | | 159 | | 12,300 | |
Allergan PLC (Pharmaceuticals) | | 636 | | 106,034 | |
Alliance Data Systems Corp. (IT Services) | | 159 | | 37,079 | |
Alliant Energy Corp. (Electric Utilities) | | 318 | | 13,458 | |
Altria Group, Inc. (Tobacco) | | 1,431 | | 81,266 | |
Ameren Corp. (Multi-Utilities) | | 477 | | 29,025 | |
American Airlines Group, Inc. (Airlines) | | 318 | | 12,071 | |
American Electric Power Co., Inc. (Electric Utilities) | | 795 | | 55,054 | |
American Express Co. (Consumer Finance) | | 477 | | 46,746 | |
American International Group, Inc. (Insurance) | | 1,431 | | 75,872 | |
American Water Works Co., Inc. (Water Utilities) | | 159 | | 13,575 | |
Ameriprise Financial, Inc. (Capital Markets) | | 159 | | 22,241 | |
AmerisourceBergen Corp. (Health Care Providers & Services) | | 318 | | 27,116 | |
Amgen, Inc. (Biotechnology) | | 477 | | 88,049 | |
Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels) | | 795 | | 58,234 | |
Andeavor (Oil, Gas & Consumable Fuels) | | 159 | | 20,858 | |
Anthem, Inc. (Health Care Providers & Services) | | 159 | | 37,847 | |
Aon PLC (Insurance) | | 159 | | 21,810 | |
Apache Corp. (Oil, Gas & Consumable Fuels) | | 636 | | 29,733 | |
Apartment Investment & Management Co.— Class A (Equity Real Estate Investment Trusts) | | 159 | | 6,726 | |
Archer-Daniels-Midland Co. (Food Products) | | 954 | | 43,722 | |
Arconic, Inc. (Aerospace & Defense) | | 636 | | 10,818 | |
Arthur J. Gallagher & Co. (Insurance) | | 159 | | 10,380 | |
Assurant, Inc. (Insurance) | | 159 | | 16,455 | |
AT&T, Inc. (Diversified Telecommunication Services) | | 12,084 | | 388,017 | |
Autodesk, Inc.* (Software) | | 159 | | 20,843 | |
AutoZone, Inc.* (Specialty Retail) | | 159 | | 106,679 | |
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | | 159 | | 27,331 | |
Baker Hughes, Inc.—Class A (Energy Equipment & Services) | | 636 | | 21,007 | |
Ball Corp. (Containers & Packaging) | | 636 | | 22,610 | |
Bank of America Corp. (Banks) | | 8,109 | | 228,593 | |
Baxter International, Inc. (Health Care Equipment & Supplies) | | 318 | | 23,481 | |
BB&T Corp. (Banks) | | 1,272 | | 64,160 | |
Berkshire Hathaway, Inc.*—Class B (Diversified Financial Services) | | 3,180 | | 593,547 | |
Best Buy Co., Inc. (Specialty Retail) | | 477 | | 35,575 | |
Biogen, Inc.* (Biotechnology) | | 159 | | 46,148 | |
BlackRock, Inc.—Class A (Capital Markets) | | 159 | | 79,347 | |
BorgWarner, Inc. (Auto Components) | | 159 | | 6,862 | |
Boston Properties, Inc. (Equity Real Estate Investment Trusts) | | 159 | | 19,942 | |
| | | | | | |
See accompanying notes to financial statements.
116 :: ProFund VP Large-Cap Value :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Brighthouse Financial, Inc.* (Insurance) | | 159 | | $ | 6,371 | |
Bristol-Myers Squibb Co. (Pharmaceuticals) | | 954 | | 52,794 | |
Brown-Forman Corp.—Class B (Beverages) | | 159 | | 7,793 | |
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | | 159 | | 13,302 | |
CA, Inc. (Software) | | 477 | | 17,005 | |
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels) | | 477 | | 11,353 | |
Campbell Soup Co. (Food Products) | | 318 | | 12,892 | |
Capital One Financial Corp. (Consumer Finance) | | 795 | | 73,060 | |
Cardinal Health, Inc. (Health Care Providers & Services) | | 477 | | 23,292 | |
CarMax, Inc.* (Specialty Retail) | | 159 | | 11,586 | |
Carnival Corp.—Class A (Hotels, Restaurants & Leisure) | | 318 | | 18,225 | |
Caterpillar, Inc. (Machinery) | | 477 | | 64,716 | |
CBS Corp.—Class B (Media) | | 318 | | 17,878 | |
CenterPoint Energy, Inc. (Multi-Utilities) | | 636 | | 17,624 | |
CenturyLink, Inc. (Diversified Telecommunication Services) | | 1,590 | | 29,638 | |
CF Industries Holdings, Inc. (Chemicals) | | 159 | | 7,060 | |
Chevron Corp. (Oil, Gas & Consumable Fuels) | | 3,180 | | 402,047 | |
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | | 159 | | 68,587 | |
Chubb, Ltd. (Insurance) | | 795 | | 100,982 | |
Church & Dwight Co., Inc. (Household Products) | | 159 | | 8,452 | |
Cimarex Energy Co. (Oil, Gas & Consumable Fuels) | | 159 | | 16,177 | |
Cincinnati Financial Corp. (Insurance) | | 318 | | 21,261 | |
Cisco Systems, Inc. (Communications Equipment) | | 4,134 | | 177,886 | |
Citigroup, Inc. (Banks) | | 4,293 | | 287,288 | |
Citizens Financial Group, Inc. (Banks) | | 795 | | 30,926 | |
Citrix Systems, Inc.* (Software) | | 159 | | 16,670 | |
CME Group, Inc. (Capital Markets) | | 159 | | 26,063 | |
CMS Energy Corp. (Multi-Utilities) | | 477 | | 22,553 | |
Colgate-Palmolive Co. (Household Products) | | 795 | | 51,524 | |
Comcast Corp.—Class A (Media) | | 3,816 | | 125,203 | |
Comerica, Inc. (Banks) | | 159 | | 14,456 | |
ConAgra Foods, Inc. (Food Products) | | 636 | | 22,724 | |
Concho Resources, Inc.* (Oil, Gas & Consumable Fuels) | | 318 | | 43,995 | |
ConocoPhillips (Oil, Gas & Consumable Fuels) | | 1,908 | | 132,835 | |
Consolidated Edison, Inc. (Multi-Utilities) | | 477 | | 37,196 | |
Costco Wholesale Corp. (Food & Staples Retailing) | | 795 | | 166,139 | |
Coty, Inc. (Personal Products) | | 795 | | 11,210 | |
Crown Castle International Corp. (Equity Real Estate Investment Trusts) | | 159 | | 17,143 | |
Cummins, Inc. (Machinery) | | 318 | | 42,294 | |
CVS Health Corp. (Food & Staples Retailing) | | 1,749 | | 112,548 | |
Danaher Corp. (Health Care Equipment & Supplies) | | 954 | | 94,141 | |
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | | 159 | | 17,023 | |
DaVita HealthCare Partners, Inc.* (Health Care Providers & Services) | | 159 | | 11,041 | |
Deere & Co. (Machinery) | | 318 | | 44,456 | |
Delta Air Lines, Inc. (Airlines) | | 1,113 | | 55,138 | |
Dentsply Sirona, Inc. (Health Care Equipment & Supplies) | | 318 | | 13,919 | |
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | | 795 | | 34,948 | |
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 159 | | 17,741 | |
Discover Financial Services (Consumer Finance) | | 636 | | 44,781 | |
Discovery Communications, Inc.*—Class A (Media) | | 318 | | 8,745 | |
Discovery Communications, Inc.*—Class C (Media) | | 636 | | 16,218 | |
Dish Network Corp.*—Class A (Media) | | 318 | | 10,688 | |
Dollar General Corp. (Multiline Retail) | | 159 | | 15,677 | |
Dominion Resources, Inc. (Multi-Utilities) | | 636 | | 43,362 | |
Dover Corp. (Machinery) | | 159 | | 11,639 | |
DowDuPont, Inc. (Chemicals) | | 3,816 | | 251,551 | |
DTE Energy Co. (Multi-Utilities) | | 318 | | 32,954 | |
Duke Energy Corp. (Electric Utilities) | | 1,113 | | 88,015 | |
Duke Realty Corp. (Equity Real Estate Investment Trusts) | | 636 | | 18,463 | |
DXC Technology Co. (IT Services) | | 159 | | 12,817 | |
Eastman Chemical Co. (Chemicals) | | 159 | | 15,894 | |
Eaton Corp. PLC (Electrical Equipment) | | 795 | | 59,418 | |
Ecolab, Inc. (Chemicals) | | 159 | | 22,312 | |
Edison International (Electric Utilities) | | 477 | | 30,180 | |
Eli Lilly & Co. (Pharmaceuticals) | | 636 | | 54,270 | |
Emerson Electric Co. (Electrical Equipment) | | 636 | | 43,973 | |
Entergy Corp. (Electric Utilities) | | 318 | | 25,691 | |
Envision Healthcare Corp.* (Health Care Providers & Services) | | 159 | | 6,998 | |
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | | 636 | | 79,137 | |
EQT Corp. (Oil, Gas & Consumable Fuels) | | 477 | | 26,321 | |
Equifax, Inc. (Professional Services) | | 159 | | 19,892 | |
Equity Residential (Equity Real Estate Investment Trusts) | | 636 | | 40,507 | |
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | | 159 | | 38,012 | |
Everest Re Group, Ltd. (Insurance) | | 159 | | 36,646 | |
Evergy, Inc. (Electric Utilities) | | 477 | | 26,784 | |
Eversource Energy (Electric Utilities) | | 477 | | 27,957 | |
Exelon Corp. (Electric Utilities) | | 1,590 | | 67,734 | |
Expedia, Inc. (Internet & Direct Marketing Retail) | | 159 | | 19,110 | |
Expeditors International of Washington, Inc. (Air Freight & Logistics) | | 159 | | 11,623 | |
Express Scripts Holding Co.* (Health Care Providers & Services) | | 954 | | 73,658 | |
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | | 6,996 | | 578,778 | |
F5 Networks, Inc.* (Communications Equipment) | | 159 | | 27,420 | |
Fastenal Co. (Trading Companies & Distributors) | | 159 | | 7,653 | |
Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | | 159 | | 20,121 | |
FedEx Corp. (Air Freight & Logistics) | | 159 | | 36,103 | |
Fidelity National Information Services, Inc. (IT Services) | | 159 | | 16,859 | |
Fifth Third Bancorp (Banks) | | 1,113 | | 31,943 | |
First Horizon National Corp. (Banks) | | — | (a) | 8 | |
FirstEnergy Corp. (Electric Utilities) | | 477 | | 17,129 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Value :: 117
Common Stocks, continued
| | Shares | | Value | |
FLIR Systems, Inc. (Electronic Equipment, Instruments & Components) | | 159 | | $ | 8,263 | |
Flowserve Corp. (Machinery) | | 159 | | 6,424 | |
Fluor Corp. (Construction & Engineering) | | 159 | | 7,756 | |
Foot Locker, Inc. (Specialty Retail) | | 159 | | 8,371 | |
Ford Motor Co. (Automobiles) | | 6,519 | | 72,165 | |
Fortive Corp. (Machinery) | | 159 | | 12,260 | |
Franklin Resources, Inc. (Capital Markets) | | 477 | | 15,288 | |
Freeport-McMoRan, Inc. (Metals & Mining) | | 2,226 | | 38,421 | |
Garmin, Ltd. (Household Durables) | | 159 | | 9,699 | |
General Dynamics Corp. (Aerospace & Defense) | | 159 | | 29,639 | |
General Electric Co. (Industrial Conglomerates) | | 14,310 | | 194,759 | |
General Mills, Inc. (Food Products) | | 636 | | 28,149 | |
General Motors Co. (Automobiles) | | 2,067 | | 81,441 | |
Genuine Parts Co. (Distributors) | | 318 | | 29,189 | |
GGP, Inc. (Equity Real Estate Investment Trusts) | | 636 | | 12,993 | |
Gilead Sciences, Inc. (Biotechnology) | | 795 | | 56,318 | |
H & R Block, Inc. (Diversified Consumer Services) | | 159 | | 3,622 | |
Halliburton Co. (Energy Equipment & Services) | | 1,431 | | 64,481 | |
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods) | | 318 | | 7,002 | |
Harley-Davidson, Inc. (Automobiles) | | 318 | | 13,381 | |
Harris Corp. (Communications Equipment) | | 159 | | 22,982 | |
Hartford Financial Services Group, Inc. (Insurance) | | 636 | | 32,519 | |
Hasbro, Inc. (Leisure Products) | | 159 | | 14,678 | |
HCA Holdings, Inc. (Health Care Providers & Services) | | 159 | | 16,313 | |
HCP, Inc. (Equity Real Estate Investment Trusts) | | 795 | | 20,527 | |
Helmerich & Payne, Inc. (Energy Equipment & Services) | | 159 | | 10,138 | |
Henry Schein, Inc.* (Health Care Providers & Services) | | 318 | | 23,100 | |
Hess Corp. (Oil, Gas & Consumable Fuels) | | 318 | | 21,271 | |
Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals) | | 2,544 | | 37,168 | |
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure) | | 318 | | 25,173 | |
HollyFrontier Corp. (Oil, Gas & Consumable Fuels) | | 318 | | 21,761 | |
Honeywell International, Inc. (Industrial Conglomerates) | | 477 | | 68,712 | |
Hormel Foods Corp. (Food Products) | | 477 | | 17,749 | |
Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | | 1,272 | | 26,801 | |
HP, Inc. (Technology Hardware, Storage & Peripherals) | | 2,703 | | 61,331 | |
Humana, Inc. (Health Care Providers & Services) | | 159 | | 47,323 | |
Huntington Bancshares, Inc. (Banks) | | 1,749 | | 25,815 | |
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | | 159 | | 34,470 | |
IHS Markit, Ltd.* (Professional Services) | | 636 | | 32,811 | |
Ingersoll-Rand PLC (Machinery) | | 159 | | 14,267 | |
Intel Corp. (Semiconductors & Semiconductor Equipment) | | 3,339 | | 165,981 | |
International Business Machines Corp. (IT Services) | | 1,431 | | 199,910 | |
International Flavors & Fragrances, Inc. (Chemicals) | | 159 | | 19,710 | |
International Paper Co. (Containers & Packaging) | | 636 | | 33,122 | |
Invesco, Ltd. (Capital Markets) | | 636 | | 16,892 | |
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | | 159 | | 15,871 | |
Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | | 318 | | 11,133 | |
J.B. Hunt Transport Services, Inc. (Road & Rail) | | 159 | | 19,326 | |
Jacobs Engineering Group, Inc. (Construction & Engineering) | | 159 | | 10,095 | |
Jefferies Financial Group, Inc. (Capital Markets) | | 477 | | 10,847 | |
Johnson & Johnson (Pharmaceuticals) | | 2,067 | | 250,811 | |
Johnson Controls International PLC (Building Products) | | 1,590 | | 53,186 | |
JPMorgan Chase & Co. (Banks) | | 5,565 | | 579,874 | |
Juniper Networks, Inc. (Communications Equipment) | | 636 | | 17,439 | |
Kansas City Southern Industries, Inc. (Road & Rail) | | 159 | | 16,848 | |
Kellogg Co. (Food Products) | | 318 | | 22,219 | |
KeyCorp (Banks) | | 1,749 | | 34,175 | |
Kimberly-Clark Corp. (Household Products) | | 318 | | 33,498 | |
Kimco Realty Corp. (Equity Real Estate Investment Trusts) | | 636 | | 10,806 | |
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | | 3,180 | | 56,191 | |
Kohl’s Corp. (Multiline Retail) | | 318 | | 23,182 | |
L Brands, Inc. (Specialty Retail) | | 477 | | 17,592 | |
L3 Technologies, Inc. (Aerospace & Defense) | | 159 | | 30,579 | |
Laboratory Corp. of America Holdings* (Health Care Providers & Services) | | 159 | | 28,545 | |
Leggett & Platt, Inc. (Household Durables) | | 159 | | 7,098 | |
Lennar Corp.—Class A (Household Durables) | | 159 | | 8,348 | |
Lincoln National Corp. (Insurance) | | 318 | | 19,796 | |
LKQ Corp.* (Distributors) | | 159 | | 5,072 | |
Lockheed Martin Corp. (Aerospace & Defense) | | 159 | | 46,973 | |
Loews Corp. (Insurance) | | 477 | | 23,030 | |
Lowe’s Cos., Inc. (Specialty Retail) | | 477 | | 45,587 | |
LyondellBasell Industries N.V.—Class A (Chemicals) | | 477 | | 52,398 | |
M&T Bank Corp. (Banks) | | 318 | | 54,108 | |
Macy’s, Inc. (Multiline Retail) | | 477 | | 17,854 | |
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | | 1,431 | | 29,851 | |
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | | 795 | | 55,777 | |
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | | — | (a) | 40 | |
Marsh & McLennan Cos., Inc. (Insurance) | | 318 | | 26,066 | |
Martin Marietta Materials, Inc. (Construction Materials) | | 159 | | 35,509 | |
Masco Corp. (Building Products) | | 159 | | 5,950 | |
Mattel, Inc. (Leisure Products) | | 477 | | 7,832 | |
McCormick & Co., Inc. (Food Products) | | 159 | | 18,458 | |
McKesson Corp. (Health Care Providers & Services) | | 318 | | 42,421 | |
Medtronic PLC (Health Care Equipment & Supplies) | | 1,272 | | 108,896 | |
Merck & Co., Inc. (Pharmaceuticals) | | 2,862 | | 173,723 | |
MetLife, Inc. (Insurance) | | 1,749 | | 76,256 | |
| | | | | | |
See accompanying notes to financial statements.
118 :: ProFund VP Large-Cap Value :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
MGM Resorts International (Hotels, Restaurants & Leisure) | | 477 | | $ | 13,847 | |
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts) | | 159 | | 16,007 | |
Mohawk Industries, Inc.* (Household Durables) | | 159 | | 34,068 | |
Molson Coors Brewing Co.—Class B (Beverages) | | 318 | | 21,637 | |
Mondelez International, Inc.—Class A (Food Products) | | 2,385 | | 97,786 | |
Morgan Stanley (Capital Markets) | | 2,226 | | 105,512 | |
Mylan N.V.* (Pharmaceuticals) | | 795 | | 28,731 | |
National Oilwell Varco, Inc. (Energy Equipment & Services) | | 636 | | 27,602 | |
Newell Rubbermaid, Inc. (Household Durables) | | 795 | | 20,503 | |
Newfield Exploration Co.* (Oil, Gas & Consumable Fuels) | | 318 | | 9,620 | |
Newmont Mining Corp. (Metals & Mining) | | 954 | | 35,975 | |
News Corp.—Class A (Media) | | 636 | | 9,858 | |
News Corp.—Class B (Media) | | 159 | | 2,520 | |
NextEra Energy, Inc. (Electric Utilities) | | 318 | | 53,116 | |
Nielsen Holdings PLC (Professional Services) | | 477 | | 14,754 | |
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | | 636 | | 50,677 | |
NiSource, Inc. (Multi-Utilities) | | 636 | | 16,714 | |
Noble Energy, Inc. (Oil, Gas & Consumable Fuels) | | 795 | | 28,048 | |
Nordstrom, Inc. (Multiline Retail) | | 159 | | 8,233 | |
Norfolk Southern Corp. (Road & Rail) | | 318 | | 47,977 | |
Northern Trust Corp. (Capital Markets) | | 159 | | 16,360 | |
Northrop Grumman Corp. (Aerospace & Defense) | | 159 | | 48,924 | |
NRG Energy, Inc. (Independent Power & Renewable Electricity Producers) | | 159 | | 4,881 | |
Nucor Corp. (Metals & Mining) | | 477 | | 29,813 | |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | | 1,272 | | 106,441 | |
Omnicom Group, Inc. (Media) | | 318 | | 24,254 | |
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | | 636 | | 44,412 | |
Oracle Corp. (Software) | | 2,385 | | 105,084 | |
O’Reilly Automotive, Inc.* (Specialty Retail) | | 159 | | 43,498 | |
PACCAR, Inc. (Machinery) | | 636 | | 39,407 | |
Packaging Corp. of America (Containers & Packaging) | | 159 | | 17,775 | |
Parker-Hannifin Corp. (Machinery) | | 159 | | 24,780 | |
Paychex, Inc. (IT Services) | | 159 | | 10,868 | |
Pentair PLC (Machinery) | | 318 | | 13,381 | |
People’s United Financial, Inc. (Banks) | | 636 | | 11,505 | |
PepsiCo, Inc. (Beverages) | | 1,272 | | 138,483 | |
PerkinElmer, Inc. (Life Sciences Tools & Services) | | 159 | | 11,644 | |
Perrigo Co. PLC (Pharmaceuticals) | | 159 | | 11,593 | |
Pfizer, Inc. (Pharmaceuticals) | | 5,247 | | 190,361 | |
PG&E Corp. (Electric Utilities) | | 795 | | 33,835 | |
Philip Morris International, Inc. (Tobacco) | | 1,272 | | 102,702 | |
Phillips 66 (Oil, Gas & Consumable Fuels) | | 636 | | 71,429 | |
Pinnacle West Capital Corp. (Electric Utilities) | | 159 | | 12,809 | |
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | | 318 | | 60,178 | |
PNC Financial Services Group, Inc. (Banks) | | 795 | | 107,405 | |
PPG Industries, Inc. (Chemicals) | | 159 | | 16,493 | |
PPL Corp. (Electric Utilities) | | 1,113 | | 31,776 | |
Praxair, Inc. (Chemicals) | | 159 | | 25,146 | |
Principal Financial Group, Inc. (Insurance) | | 159 | | 8,419 | |
Prudential Financial, Inc. (Insurance) | | 636 | | 59,472 | |
Public Service Enterprise Group, Inc. (Multi-Utilities) | | 795 | | 43,041 | |
Public Storage (Equity Real Estate Investment Trusts) | | 159 | | 36,071 | |
PVH Corp. (Textiles, Apparel & Luxury Goods) | | 159 | | 23,805 | |
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | | 1,590 | | 89,231 | |
Quanta Services, Inc.* (Construction & Engineering) | | 318 | | 10,621 | |
Quest Diagnostics, Inc. (Health Care Providers & Services) | | 159 | | 17,480 | |
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | | 159 | | 19,989 | |
Raymond James Financial, Inc. (Capital Markets) | | 159 | | 14,207 | |
Raytheon Co. (Aerospace & Defense) | | 159 | | 30,716 | |
Realty Income Corp. (Equity Real Estate Investment Trusts) | | 477 | | 25,658 | |
Regency Centers Corp. (Equity Real Estate Investment Trusts) | | 318 | | 19,741 | |
Regions Financial Corp. (Banks) | | 1,908 | | 33,924 | |
Republic Services, Inc.—Class A (Commercial Services & Supplies) | | 159 | | 10,869 | |
Robert Half International, Inc. (Professional Services) | | 159 | | 10,351 | |
Rockwell Automation, Inc. (Electrical Equipment) | | 159 | | 26,431 | |
Ross Stores, Inc. (Specialty Retail) | | 159 | | 13,475 | |
Royal Caribbean Cruises, Ltd. (Hotels, Restaurants & Leisure) | | 159 | | 16,472 | |
SCANA Corp. (Multi-Utilities) | | 159 | | 6,125 | |
Schlumberger, Ltd. (Energy Equipment & Services) | | 2,226 | | 149,209 | |
Seagate Technology PLC (Technology Hardware, Storage & Peripherals) | | 477 | | 26,936 | |
Sealed Air Corp. (Containers & Packaging) | | 159 | | 6,750 | |
Sempra Energy (Multi-Utilities) | | 477 | | 55,385 | |
Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | | 318 | | 54,121 | |
SL Green Realty Corp. (Equity Real Estate Investment Trusts) | | 159 | | 15,984 | |
Snap-on, Inc. (Machinery) | | 159 | | 25,554 | |
Southwest Airlines Co. (Airlines) | | 318 | | 16,180 | |
Stanley Black & Decker, Inc. (Machinery) | | 159 | | 21,117 | |
Starbucks Corp. (Hotels, Restaurants & Leisure) | | 795 | | 38,836 | |
State Street Corp. (Capital Markets) | | 636 | | 59,205 | |
Stericycle, Inc.* (Commercial Services & Supplies) | | 159 | | 10,381 | |
SunTrust Banks, Inc. (Banks) | | 795 | | 52,486 | |
Symantec Corp. (Software) | | 636 | | 13,133 | |
Synchrony Financial (Consumer Finance) | | 1,113 | | 37,152 | |
Sysco Corp. (Food & Staples Retailing) | | 795 | | 54,291 | |
Take-Two Interactive Software, Inc.* (Software) | | 159 | | 18,819 | |
Tapestry, Inc. (Textiles, Apparel & Luxury Goods) | | 318 | | 14,854 | |
Target Corp. (Multiline Retail) | | 954 | | 72,619 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Value :: 119
Common Stocks, continued
| | Shares | | Value | |
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | | 159 | | $ | 14,320 | |
TechnipFMC PLC (Energy Equipment & Services) | | 795 | | 25,233 | |
Textron, Inc. (Aerospace & Defense) | | 477 | | 31,439 | |
The AES Corp. (Independent Power & Renewable Electricity Producers) | | 1,113 | | 14,926 | |
The Allstate Corp. (Insurance) | | 318 | | 29,024 | |
The Bank of New York Mellon Corp. (Capital Markets) | | 1,749 | | 94,324 | |
The Clorox Co. (Household Products) | | 159 | | 21,505 | |
The Coca-Cola Co. (Beverages) | | 3,498 | | 153,421 | |
The Gap, Inc. (Specialty Retail) | | 318 | | 10,300 | |
The Goldman Sachs Group, Inc. (Capital Markets) | | 636 | | 140,282 | |
The Goodyear Tire & Rubber Co. (Auto Components) | | 318 | | 7,407 | |
The Hershey Co. (Food Products) | | 159 | | 14,797 | |
The Interpublic Group of Cos., Inc. (Media) | | 636 | | 14,908 | |
The JM Smucker Co.—Class A (Food Products) | | 159 | | 17,089 | |
The Kraft Heinz Co. (Food Products) | | 954 | | 59,930 | |
The Kroger Co. (Food & Staples Retailing) | | 1,272 | | 36,188 | |
The Macerich Co. (Equity Real Estate Investment Trusts) | | 159 | | 9,036 | |
The Mosaic Co. (Chemicals) | | 636 | | 17,840 | |
The NASDAQ OMX Group, Inc. (Capital Markets) | | 159 | | 14,512 | |
The Procter & Gamble Co. (Household Products) | | 2,544 | | 198,585 | |
The Southern Co. (Electric Utilities) | | 1,749 | | 80,996 | |
The TJX Cos., Inc. (Specialty Retail) | | 636 | | 60,534 | |
The Travelers Cos., Inc. (Insurance) | | 477 | | 58,356 | |
The Walt Disney Co. (Media) | | 1,272 | | 133,317 | |
The Western Union Co. (IT Services) | | 477 | | 9,697 | |
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | | 1,431 | | 38,794 | |
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | | 159 | | 32,935 | |
Tiffany & Co. (Specialty Retail) | | 159 | | 20,924 | |
Torchmark Corp. (Insurance) | | 159 | | 12,944 | |
Tractor Supply Co. (Specialty Retail) | | 159 | | 12,162 | |
TripAdvisor, Inc.* (Internet & Direct Marketing Retail) | | 159 | | 8,858 | |
Twenty-First Century Fox, Inc.—Class A (Media) | | 1,749 | | 86,908 | |
Twenty-First Century Fox, Inc.—Class B (Media) | | 795 | | 39,170 | |
Tyson Foods, Inc.—Class A (Food Products) | | 477 | | 32,841 | |
U.S. Bancorp (Banks) | | 2,544 | | 127,251 | |
UDR, Inc. (Equity Real Estate Investment Trusts) | | 159 | | 5,969 | |
Ulta Salon, Cosmetics & Fragrance, Inc.* (Specialty Retail) | | 159 | | 37,120 | |
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | | 318 | | 7,149 | |
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods) | | 318 | | 6,703 | |
Union Pacific Corp. (Road & Rail) | | 636 | | 90,108 | |
United Continental Holdings, Inc.* (Airlines) | | 318 | | 22,174 | |
United Parcel Service, Inc.—Class B (Air Freight & Logistics) | | 636 | | 67,562 | |
United Technologies Corp. (Aerospace & Defense) | | 1,272 | | 159,039 | |
Universal Health Services, Inc.—Class B (Health Care Providers & Services) | | 159 | | 17,719 | |
Unum Group (Insurance) | | 318 | | 11,763 | |
V.F. Corp. (Textiles, Apparel & Luxury Goods) | | 159 | | 12,962 | |
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | | 636 | | 70,488 | |
Varian Medical Systems, Inc.* (Health Care Equipment & Supplies) | | 159 | | 18,081 | |
Ventas, Inc. (Equity Real Estate Investment Trusts) | | 636 | | 36,220 | |
Verisk Analytics, Inc.*—Class A (Professional Services) | | 159 | | 17,115 | |
Verizon Communications, Inc. (Diversified Telecommunication Services) | | 6,837 | | 343,969 | |
Viacom, Inc.—Class B (Media) | | 636 | | 19,182 | |
Vornado Realty Trust (Equity Real Estate Investment Trusts) | | 159 | | 11,753 | |
Vulcan Materials Co. (Construction Materials) | | 159 | | 20,521 | |
W.W. Grainger, Inc. (Trading Companies & Distributors) | | 159 | | 49,035 | |
Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | | 1,431 | | 85,881 | |
Wal-Mart Stores, Inc. (Food & Staples Retailing) | | 2,385 | | 204,275 | |
WEC Energy Group, Inc. (Multi-Utilities) | | 318 | | 20,559 | |
Wells Fargo & Co. (Banks) | | 7,314 | | 405,488 | |
Welltower, Inc. (Equity Real Estate Investment Trusts) | | 636 | | 39,871 | |
Western Digital Corp. (Technology Hardware, Storage & Peripherals) | | 477 | | 36,925 | |
WestRock Co. (Containers & Packaging) | | 477 | | 27,198 | |
Weyerhaeuser Co. (Equity Real Estate Investment Trusts) | | 1,272 | | 46,377 | |
Whirlpool Corp. (Household Durables) | | 159 | | 23,251 | |
Willis Towers Watson PLC (Insurance) | | 159 | | 24,104 | |
Xcel Energy, Inc. (Electric Utilities) | | 795 | | 36,316 | |
Xerox Corp. (Technology Hardware, Storage & Peripherals) | | 318 | | 7,632 | |
Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | | 159 | | 10,376 | |
XL Group, Ltd. (Insurance) | | 477 | | 26,688 | |
Xylem, Inc. (Machinery) | | 159 | | 10,713 | |
YUM! Brands, Inc. (Hotels, Restaurants & Leisure) | | 318 | | 24,874 | |
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies) | | 159 | | 17,719 | |
Zions Bancorp (Banks) | | 318 | | 16,755 | |
TOTAL COMMON STOCKS (Cost $12,511,351) | | | | 18,373,547 | |
TOTAL INVESTMENT SECURITIES (Cost $12,511,351)—99.9% | | | | 18,373,547 | |
Net other assets (liabilities)—0.1% | | | | 11,482 | |
NET ASSETS—100.0% | | | | $ | 18,385,029 | |
* Non-income producing security.
(a) Number of shares is less than 0.50.
See accompanying notes to financial statements.
120 :: ProFund VP Large-Cap Value :: Financial Statements
ProFund VP Large-Cap Value invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Aerospace & Defense | | $ | 422,597 | | 2.4 | % |
Air Freight & Logistics | | 128,590 | | 0.7 | % |
Airlines | | 115,165 | | 0.6 | % |
Auto Components | | 14,269 | | 0.1 | % |
Automobiles | | 166,987 | | 0.9 | % |
Banks | | 2,106,160 | | 11.4 | % |
Beverages | | 321,334 | | 1.7 | % |
Biotechnology | | 210,255 | | 1.1 | % |
Building Products | | 71,436 | | 0.4 | % |
Capital Markets | | 638,719 | | 3.5 | % |
Chemicals | | 468,163 | | 2.5 | % |
Commercial Services & Supplies | | 21,250 | | 0.1 | % |
Communications Equipment | | 245,727 | | 1.3 | % |
Construction & Engineering | | 28,472 | | 0.2 | % |
Construction Materials | | 56,030 | | 0.3 | % |
Consumer Finance | | 201,739 | | 1.1 | % |
Containers & Packaging | | 107,455 | | 0.6 | % |
Distributors | | 34,261 | | 0.2 | % |
Diversified Consumer Services | | 3,622 | | NM | |
Diversified Financial Services | | 593,547 | | 3.2 | % |
Diversified Telecommunication Services | | 761,624 | | 4.1 | % |
Electric Utilities | | 600,850 | | 3.2 | % |
Electrical Equipment | | 129,822 | | 0.7 | % |
Electronic Equipment, Instruments & Components | | 22,583 | | 0.1 | % |
Energy Equipment & Services | | 297,670 | | 1.6 | % |
Equity Real Estate Investment Trusts | | 625,115 | | 3.4 | % |
Food & Staples Retailing | | 659,322 | | 3.6 | % |
Food Products | | 388,356 | | 2.1 | % |
Health Care Equipment & Supplies | | 276,237 | | 1.5 | % |
Health Care Providers & Services | | 431,206 | | 2.3 | % |
Hotels, Restaurants & Leisure | | 223,077 | | 1.2 | % |
Household Durables | | 102,967 | | 0.6 | % |
Household Products | | 313,564 | | 1.7 | % |
Independent Power & Renewable Electricity Producers | | 19,807 | | 0.1 | % |
Industrial Conglomerates | | 263,471 | | 1.4 | % |
Insurance | | 752,935 | | 4.1 | % |
Internet & Direct Marketing Retail | | 27,968 | | 0.2 | % |
Internet Software & Services | | 11,644 | | 0.1 | % |
IT Services | | 339,251 | | 1.9 | % |
Leisure Products | | 22,510 | | 0.1 | % |
Life Sciences Tools & Services | | 60,450 | | 0.3 | % |
Machinery | | 331,008 | | 1.8 | % |
Media | | 508,849 | | 2.8 | % |
Metals & Mining | | 104,209 | | 0.6 | % |
Multiline Retail | | 137,565 | | 0.7 | % |
Multi-Utilities | | 324,538 | | 1.8 | % |
Oil, Gas & Consumable Fuels | | 2,048,677 | | 11.2 | % |
Personal Products | | 11,210 | | 0.1 | % |
Pharmaceuticals | | 868,317 | | 4.8 | % |
Professional Services | | 94,923 | | 0.5 | % |
Road & Rail | | 174,259 | | 0.9 | % |
Semiconductors & Semiconductor Equipment | | 279,888 | | 1.6 | % |
Software | | 191,554 | | 1.0 | % |
Specialty Retail | | 444,979 | | 2.4 | % |
Technology Hardware, Storage & Peripherals | | 169,992 | | 0.9 | % |
Textiles, Apparel & Luxury Goods | | 143,141 | | 0.8 | % |
Tobacco | | 183,968 | | 1.0 | % |
Trading Companies & Distributors | | 56,688 | | 0.3 | % |
Water Utilities | | 13,575 | | 0.1 | % |
Other** | | 11,482 | | 0.1 | % |
Total | | $ | 18,385,029 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
NM Not meaningful, amount is less than 0.05%.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Value :: 121
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 12,511,351 | |
Securities, at value | | 18,373,547 | |
Total Investment Securities, at value | | 18,373,547 | |
Dividends receivable | | 23,133 | |
Receivable for capital shares issued | | 19,979 | |
Receivable for investments sold | | 19,395 | |
Prepaid expenses | | 252 | |
TOTAL ASSETS | | 18,436,306 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 7,656 | |
Cash overdraft | | 6,549 | |
Advisory fees payable | | 11,199 | |
Management services fees payable | | 1,493 | |
Administration fees payable | | 528 | |
Administrative services fees payable | | 6,332 | |
Distribution fees payable | | 5,598 | |
Transfer agency fees payable | | 869 | |
Fund accounting fees payable | | 631 | |
Compliance services fees payable | | 105 | |
Other accrued expenses | | 10,317 | |
TOTAL LIABILITIES | | 51,277 | |
NET ASSETS | | $ | 18,385,029 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 14,969,839 | |
Accumulated net investment income (loss) | | 91,701 | |
Accumulated net realized gains (losses) on investments | | (2,538,707 | ) |
Net unrealized appreciation (depreciation) on investments | | 5,862,196 | |
NET ASSETS | | $ | 18,385,029 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 410,805 | |
Net Asset Value (offering and redemption price per share) | | $ | 44.75 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 240,740 | |
Interest | | 329 | |
TOTAL INVESTMENT INCOME | | 241,069 | |
EXPENSES: | | | |
Advisory fees | | 71,838 | |
Management services fees | | 9,578 | |
Administration fees | | 3,428 | |
Transfer agency fees | | 5,175 | |
Administrative services fees | | 30,370 | |
Distribution fees | | 23,946 | |
Custody fees | | 1,713 | |
Fund accounting fees | | 5,131 | |
Trustee fees | | 312 | |
Compliance services fees | | 111 | |
Other fees | | 9,315 | |
TOTAL NET EXPENSES | | 160,917 | |
NET INVESTMENT INCOME (LOSS) | | 80,152 | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 290,755 | |
Change in net unrealized appreciation/depreciation on investment securities | | (1,079,396 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (788,641 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (708,489 | ) |
See accompanying notes to financial statements.
122 :: ProFund VP Large-Cap Value :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 80,152 | | $ | 159,710 | |
Net realized gains (losses) on investments | | 290,755 | | 1,762,314 | |
Change in net unrealized appreciation/depreciation on investments | | (1,079,396 | ) | 545,263 | |
Change in net assets resulting from operations | | (708,489 | ) | 2,467,287 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net investment income | | (160,481 | ) | (191,199 | ) |
Change in net assets resulting from distributions | | (160,481 | ) | (191,199 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 6,959,376 | | 12,682,948 | |
Distributions reinvested | | 160,481 | | 191,199 | |
Value of shares redeemed | | (8,315,985 | ) | (20,125,901 | ) |
Change in net assets resulting from capital transactions | | (1,196,128 | ) | (7,251,754 | ) |
Change in net assets | | (2,065,098 | ) | (4,975,666 | ) |
NET ASSETS: | | | | | |
Beginning of period | | 20,450,127 | | 25,425,793 | |
End of period | | $ | 18,385,029 | | $ | 20,450,127 | |
Accumulated net investment income (loss) | | $ | 91,701 | | $ | 172,030 | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 151,674 | | 290,880 | |
Reinvested | | 3,551 | | 4,308 | |
Redeemed | | (183,050 | ) | (468,867 | ) |
Change in shares | | (27,825 | ) | (173,679 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Large-Cap Value :: 123
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 46.62 | | $ | 41.52 | | $ | 36.40 | | $ | 38.58 | | $ | 35.13 | | $ | 27.28 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | 0.19 | | 0.35 | | 0.38 | | 0.36 | | 0.29 | | 0.26 | |
Net realized and unrealized gains (losses) on investments | | (1.67 | ) | 5.21 | | 5.20 | | (2.17 | ) | 3.38 | | 7.86 | |
Total income (loss) from investment activities | | (1.48 | ) | 5.56 | | 5.58 | | (1.81 | ) | 3.67 | | 8.12 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | (0.39 | ) | (0.46 | ) | (0.46 | ) | (0.37 | ) | (0.22 | ) | (0.27 | ) |
Net Asset Value, End of Period | | $ | 44.75 | | $ | 46.62 | | $ | 41.52 | | $ | 36.40 | | $ | 38.58 | | $ | 35.13 | |
Total Return(b) | | (3.19 | )% | 13.43 | % | 15.43 | % | (4.73 | )% | 10.47 | % | 29.89 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.68 | % | 1.68 | % | 1.69 | % | 1.70 | % | 1.77 | % | 1.84 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | 0.84 | % | 0.81 | % | 1.01 | % | 0.96 | % | 0.80 | % | 0.81 | % |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 18,385 | | $ | 20,450 | | $ | 25,426 | | $ | 18,354 | | $ | 33,674 | | $ | 22,181 | |
Portfolio turnover rate(b)(d) | | 38 | % | 72 | % | 138 | % | 85 | % | 126 | % | 150 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
124 :: ProFund VP Mid-Cap :: Financial Statements
Investment Objective: The ProFund VP Mid-Cap seeks investment results, before fees and expenses, that correspond to the performance of the S&P MidCap 400®.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Futures Contracts | | 39 | % |
Swap Agreements | | 61 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Holdings
The ProFund VP Mid-Cap primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
S&P MidCap 400 Index — Composition
| | % of Index | |
Financials | | 17 | % |
Information Technology | | 16 | % |
Industrials | | 15 | % |
Consumer Discretionary | | 13 | % |
Real Estate | | 10 | % |
Health Care | | 9 | % |
Materials | | 7 | % |
Energy | | 5 | % |
Utilities | | 5 | % |
Consumer Staples | | 3 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (98.7%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $11,297,845 | | $ | 11,296,000 | | $ | 11,296,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $11,296,000) | | | | 11,296,000 | |
TOTAL INVESTMENT SECURITIES (Cost $11,296,000)—98.7% | | | | 11,296,000 | |
Net other assets (liabilities)—1.3% | | | | 150,859 | |
NET ASSETS—100.0% | | | | $ | 11,446,859 | |
| | | | | | | |
(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $916,000.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
Futures Contracts Purchased
| | Number of Contracts | | Expiration Date | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
E-Mini S&P MidCap 400 Futures Contracts | | 23 | | 9/24/18 | | $ | 4,499,030 | | $ | (116,648 | ) |
| | | | | | | | | | | |
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
S&P MidCap 400 | | Goldman Sachs International | | 7/27/18 | | 2.43 | % | $ | 3,103,275 | | $ | 15,358 | |
S&P MidCap 400 | | UBS AG | | 7/27/18 | | 2.43 | % | 3,828,763 | | 18,849 | |
| | | | | | | | $ | 6,932,038 | | $ | 34,207 | |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap :: 125
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 11,296,000 | |
Repurchase agreements, at value | | 11,296,000 | |
Total Investment Securities, at value | | 11,296,000 | |
Cash | | 106 | |
Segregated cash balances with brokers | | 189,750 | |
Interest receivable | | 1,230 | |
Unrealized appreciation on swap agreements | | 34,207 | |
Receivable for capital shares issued | | 2,117 | |
Variation margin on futures contracts | | 4,600 | |
Prepaid expenses | | 467 | |
TOTAL ASSETS | | 11,528,477 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 271 | |
Advisory fees payable | | 7,011 | |
Management services fees payable | | 935 | |
Administration fees payable | | 317 | |
Administrative services fees payable | | 13,498 | |
Distribution fees payable | | 15,223 | |
Trustee fees payable | | 2 | |
Transfer agency fees payable | | 522 | |
Fund accounting fees payable | | 379 | |
Compliance services fees payable | | 124 | |
Other accrued expenses | | 43,336 | |
TOTAL LIABILITIES | | 81,618 | |
NET ASSETS | | $ | 11,446,859 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 11,090,227 | |
Accumulated net investment income (loss) | | (30,131 | ) |
Accumulated net realized gains (losses) on investments | | 469,204 | |
Net unrealized appreciation (depreciation) on investments | | (82,441 | ) |
NET ASSETS | | $ | 11,446,859 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 503,156 | |
Net Asset Value (offering and redemption price per share) | | $ | 22.75 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Interest | | $ | 221,963 | |
EXPENSES: | | | |
Advisory fees | | 116,945 | |
Management services fees | | 15,593 | |
Administration fees | | 9,383 | |
Transfer agency fees | | 14,065 | |
Administrative services fees | | 33,759 | |
Distribution fees | | 38,982 | |
Custody fees | | 3,735 | |
Fund accounting fees | | 10,398 | |
Trustee fees | | 971 | |
Compliance services fees | | 251 | |
Other fees | | 8,012 | |
TOTAL NET EXPENSES | | 252,094 | |
NET INVESTMENT INCOME (LOSS) | | (30,131 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on futures contracts | | 249,457 | |
Net realized gains (losses) on swap agreements | | 310,270 | |
Change in net unrealized appreciation/depreciation on futures contracts | | (207,167 | ) |
Change in net unrealized appreciation/depreciation on swap agreements | | 61,771 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | 414,331 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 384,200 | |
See accompanying notes to financial statements.
126 :: ProFund VP Mid-Cap :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (30,131 | ) | $ | (275,374 | ) |
Net realized gains (losses) on investments | | 559,727 | | 3,124,254 | |
Change in net unrealized appreciation/depreciation on investments | | (145,396 | ) | 319,331 | |
Change in net assets resulting from operations | | 384,200 | | 3,168,211 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net realized gains on investments | | (2,878,164 | ) | (3,760,820 | ) |
Change in net assets resulting from distributions | | (2,878,164 | ) | (3,760,820 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 8,294,760 | | 48,473,190 | |
Distributions reinvested | | 2,878,164 | | 3,760,820 | |
Value of shares redeemed | | (36,025,450 | ) | (57,793,682 | ) |
Change in net assets resulting from capital transactions | | (24,852,526 | ) | (5,559,672 | ) |
Change in net assets | | (27,346,490 | ) | (6,152,281 | ) |
NET ASSETS: | | | | | |
Beginning of period | | 38,793,349 | | 44,945,630 | |
End of period | | $ | 11,446,859 | | $ | 38,793,349 | |
Accumulated net investment income (loss) | | $ | (30,131 | ) | $ | — | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 277,069 | | 1,554,228 | |
Reinvested | | 123,952 | | 133,268 | |
Redeemed | | (1,214,224 | ) | (1,683,868 | ) |
Change in shares | | (813,203 | ) | 3,628 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Mid-Cap :: 127
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 29.47 | | $ | 34.24 | | $ | 29.46 | | $ | 31.48 | | $ | 34.21 | | $ | 27.36 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | (0.03 | ) | (0.33 | ) | (0.44 | ) | (0.52 | ) | (0.54 | ) | (0.51 | ) |
Net realized and unrealized gains (losses) on investments | | 0.87 | | 4.53 | | 5.77 | | (0.83 | ) | 2.88 | | 8.73 | |
Total income (loss) from investment activities | | 0.84 | | 4.20 | | 5.33 | | (1.35 | ) | 2.34 | | 8.22 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net realized gains on investments | | (7.56 | ) | (8.97 | ) | (0.55 | ) | (0.67 | ) | (5.07 | ) | (1.37 | ) |
Net Asset Value, End of Period | | $ | 22.75 | | $ | 29.47 | | $ | 34.24 | | $ | 29.46 | | $ | 31.48 | | $ | 34.21 | |
Total Return(b) | | 2.34 | %(c) | 13.43 | % | 18.19 | % | (4.45 | )% | 7.65 | % | 30.79 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(d) | | 1.62 | %(c) | 1.66 | % | 1.68 | % | 1.76 | % | 1.68 | % | 1.72 | % |
Net expenses(d) | | 1.62 | %(c) | 1.66 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(d) | | (0.19 | )%(c) | (0.96 | )% | (1.42 | )% | (1.64 | )% | (1.66 | )% | (1.65 | )% |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 11,447 | | $ | 38,793 | | $ | 44,946 | | $ | 30,118 | | $ | 25,389 | | $ | 28,199 | |
Portfolio turnover rate(e) | | — | | — | | — | | — | | — | | — | |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) The gross expense ratio, net expense ratio, and net investment income (loss) ratio include a non-recurring fee reduction for expenses accrued in a prior year. Had this fee reduction not occurred, the gross expense ratio, net expense ratio, and net investment income (loss) ratio would have been 1.69%, 1.68%, and (0.26)%, respectively, and the total return would have been 2.31%.
(d) Annualized for periods less than one year.
(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).
See accompanying notes to financial statements.
128 :: ProFund VP Mid-Cap Growth :: Financial Statements
Investment Objective: The ProFund VP Mid-Cap Growth seeks investment results, before fees and expenses, that correspond to the performance of the S&P MidCap 400 Growth Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 100 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
NVR, Inc. | | 1.6 | % |
Teleflex, Inc. | | 1.4 | % |
Domino’s Pizza, Inc. | | 1.3 | % |
IDEX Corp. | | 1.2 | % |
Lamb Weston Holding, Inc. | | 1.1 | % |
S&P MidCap 400 Growth Index — Composition
| | % of Index | |
Information Technology | | 22 | % |
Consumer Discretionary | | 17 | % |
Industrials | | 15 | % |
Financials | | 14 | % |
Health Care | | 13 | % |
Real Estate | | 8 | % |
Materials | | 5 | % |
Consumer Staples | | 3 | % |
Utilities | | 2 | % |
Energy | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.9%)
| | Shares | | Value | |
ACI Worldwide, Inc.* (Software) | | 1,716 | | $ | 42,334 | |
Acxiom Corp.* (IT Services) | | 1,001 | | 29,980 | |
Akorn, Inc.* (Pharmaceuticals) | | 2,860 | | 47,447 | |
ALLETE, Inc. (Electric Utilities) | | 858 | | 66,418 | |
Allscripts Healthcare Solutions, Inc.* (Health Care Technology) | | 2,717 | | 32,604 | |
AMC Networks, Inc.*—Class A (Media) | | 858 | | 53,368 | |
American Eagle Outfitters, Inc. (Specialty Retail) | | 3,003 | | 69,820 | |
Apergy Corp.* (Energy Equipment & Services) | | 1,287 | | 53,732 | |
AptarGroup, Inc. (Containers & Packaging) | | 858 | | 80,120 | |
Aqua America, Inc. (Water Utilities) | | 3,289 | | 115,707 | |
BancorpSouth Bank (Banks) | | 1,144 | | 37,695 | |
Bank of Hawaii Corp. (Banks) | | 572 | | 47,716 | |
Bank of the Ozarks, Inc. (Banks) | | 3,575 | | 161,018 | |
Belden, Inc. (Electronic Equipment, Instruments & Components) | | 572 | | 34,961 | |
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services) | | 572 | | 165,045 | |
Bio-Techne Corp. (Life Sciences Tools & Services) | | 1,144 | | 169,255 | |
Blackbaud, Inc. (Software) | | 1,430 | | 146,504 | |
Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | | 2,431 | | 84,258 | |
Brown & Brown, Inc. (Insurance) | | 4,433 | | 122,927 | |
Brunswick Corp. (Leisure Products) | | 1,144 | | 73,765 | |
Cable One, Inc. (Media) | | 143 | | 104,860 | |
Camden Property Trust (Equity Real Estate Investment Trusts) | | 1,430 | | 130,316 | |
Cantel Medical Corp. (Health Care Equipment & Supplies) | | 1,001 | | 98,458 | |
Carlisle Cos., Inc. (Industrial Conglomerates) | | 858 | | 92,930 | |
Cars.com, Inc.* (Internet Software & Services) | | 1,144 | | 32,478 | |
Carter’s, Inc. (Textiles, Apparel & Luxury Goods) | | 1,001 | | 108,498 | |
Catalent, Inc.* (Pharmaceuticals) | | 4,004 | | 167,728 | |
Cathay General Bancorp, Inc. (Banks) | | 1,430 | | 57,901 | |
CDK Global, Inc. (Software) | | 3,718 | | 241,855 | |
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | | 1,430 | | 160,532 | |
Chemed Corp. (Health Care Providers & Services) | | 429 | | 138,056 | |
Churchill Downs, Inc. (Hotels, Restaurants & Leisure) | | 286 | | 84,799 | |
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | | 1,859 | | 71,255 | |
CNO Financial Group, Inc. (Insurance) | | 5,005 | | 95,295 | |
Cognex Corp. (Electronic Equipment, Instruments & Components) | | 5,148 | | 229,652 | |
Coherent, Inc.* (Electronic Equipment, Instruments & Components) | | 715 | | 111,840 | |
Commerce Bancshares, Inc. (Banks) | | 1,430 | | 92,535 | |
CommVault Systems, Inc.* (Software) | | 715 | | 47,083 | |
Core Laboratories N.V. (Energy Equipment & Services) | | 572 | | 72,193 | |
CoreLogic, Inc.* (IT Services) | | 2,431 | | 126,169 | |
CoreSite Realty Corp. (Equity Real Estate Investment Trusts) | | 1,001 | | 110,931 | |
Corporate Office Properties Trust (Equity Real Estate Investment Trusts) | | 1,287 | | 37,310 | |
Cousins Properties, Inc. (Equity Real Estate Investment Trusts) | | 6,578 | | 63,741 | |
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | | 286 | | 44,676 | |
Crane Co. (Machinery) | | 715 | | 57,293 | |
Cree, Inc.* (Semiconductors & Semiconductor Equipment) | | 1,430 | | 59,445 | |
Cullen/Frost Bankers, Inc. (Banks) | | 858 | | 92,870 | |
Curtiss-Wright Corp. (Aerospace & Defense) | | 715 | | 85,099 | |
Cypress Semiconductor Corp. (Semiconductors & Semiconductor Equipment) | | 6,578 | | 102,485 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Growth :: 129
Common Stocks, continued
| | Shares | | Value | |
CyrusOne, Inc. (Equity Real Estate Investment Trusts) | | 1,287 | | $ | 75,109 | |
Dana Holding Corp. (Auto Components) | | 2,717 | | 54,856 | |
DCT Industrial Trust, Inc. (Equity Real Estate Investment Trusts) | | 2,860 | | 190,847 | |
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods) | | 429 | | 48,430 | |
Delphi Technologies PLC (Auto Components) | | 2,717 | | 123,515 | |
Deluxe Corp. (Commercial Services & Supplies) | | 715 | | 47,340 | |
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure) | | 1,287 | | 363,154 | |
Donaldson Co., Inc. (Machinery) | | 2,431 | | 109,687 | |
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts) | | 3,003 | | 120,661 | |
Dunkin’ Brands Group, Inc. (Hotels, Restaurants & Leisure) | | 2,431 | | 167,909 | |
Dycom Industries, Inc.* (Construction & Engineering) | | 1,001 | | 94,604 | |
Eagle Materials, Inc. (Construction Materials) | | 1,430 | | 150,107 | |
East West Bancorp, Inc. (Banks) | | 4,290 | | 279,707 | |
Eaton Vance Corp. (Capital Markets) | | 3,575 | | 186,579 | |
Encompass Health Corp. (Health Care Providers & Services) | | 3,003 | | 203,363 | |
Energizer Holdings, Inc. (Household Products) | | 715 | | 45,016 | |
Evercore Partners, Inc.—Class A (Capital Markets) | | 1,144 | | 120,635 | |
Exelixis, Inc.* (Biotechnology) | | 8,437 | | 181,564 | |
FactSet Research Systems, Inc. (Capital Markets) | | 1,144 | | 226,626 | |
Fair Isaac Corp.* (Software) | | 858 | | 165,869 | |
Federated Investors, Inc.—Class B (Capital Markets) | | 2,860 | | 66,695 | |
First American Financial Corp. (Insurance) | | 1,859 | | 96,147 | |
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 3,718 | | 123,958 | |
First Solar, Inc.* (Semiconductors & Semiconductor Equipment) | | 1,144 | | 60,243 | |
Five Below, Inc.* (Specialty Retail) | | 1,716 | | 167,670 | |
Flowers Foods, Inc. (Food Products) | | 2,431 | | 50,638 | |
Fortinet, Inc.* (Software) | | 4,290 | | 267,824 | |
Gentex Corp. (Auto Components) | | 5,005 | | 115,215 | |
Globus Medical, Inc.*—Class A (Health Care Equipment & Supplies) | | 2,145 | | 108,237 | |
Graco, Inc. (Machinery) | | 5,005 | | 226,325 | |
Granite Construction, Inc. (Construction & Engineering) | | 715 | | 39,797 | |
Haemonetics Corp.* (Health Care Equipment & Supplies) | | 1,001 | | 89,770 | |
Hancock Holding Co. (Banks) | | 1,144 | | 53,368 | |
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 1,859 | | 54,060 | |
Healthcare Services Group, Inc. (Commercial Services & Supplies) | | 2,145 | | 92,643 | |
Helen of Troy, Ltd.* (Household Durables) | | 429 | | 42,235 | |
Herman Miller, Inc. (Commercial Services & Supplies) | | 1,716 | | 58,172 | |
Highwoods Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,430 | | 72,544 | |
Hill-Rom Holdings, Inc. (Health Care Equipment & Supplies) | | 2,002 | | 174,855 | |
Home BancShares, Inc. (Banks) | | 2,288 | | 51,617 | |
Hubbell, Inc. (Electrical Equipment) | | 858 | | 90,725 | |
ICU Medical, Inc.* (Health Care Equipment & Supplies) | | 429 | | 125,976 | |
IDACORP, Inc. (Electric Utilities) | | 858 | | 79,142 | |
IDEX Corp. (Machinery) | | 2,288 | | 312,265 | |
ILG, Inc. (Hotels, Restaurants & Leisure) | | 2,288 | | 75,573 | |
Ingredion, Inc. (Food Products) | | 1,001 | | 110,811 | |
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies) | | 1,287 | | 82,896 | |
Integrated Device Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | 3,861 | | 123,089 | |
Interactive Brokers Group, Inc.—Class A (Capital Markets) | | 2,145 | | 138,159 | |
InterDigital, Inc. (Communications Equipment) | | 1,001 | | 80,981 | |
ITT, Inc. (Machinery) | | 1,430 | | 74,746 | |
j2 Global, Inc. (Internet Software & Services) | | 1,430 | | 123,852 | |
Jabil, Inc. (Electronic Equipment, Instruments & Components) | | 5,148 | | 142,394 | |
Jack Henry & Associates, Inc. (IT Services) | | 2,288 | | 298,264 | |
Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | | 572 | | 48,689 | |
Janus Henderson Group PLC (Capital Markets) | | 5,434 | | 166,987 | |
John Wiley & Sons, Inc.—Class A (Media) | | 572 | | 35,693 | |
Jones Lang LaSalle, Inc. (Real Estate Management & Development) | | 858 | | 142,419 | |
KB Home (Household Durables) | | 2,574 | | 70,116 | |
Kemper Corp. (Insurance) | | 1,430 | | 108,180 | |
Kennametal, Inc. (Machinery) | | 1,001 | | 35,936 | |
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | 2,717 | | 160,385 | |
Kilroy Realty Corp. (Equity Real Estate Investment Trusts) | | 1,716 | | 129,798 | |
KLX, Inc.* (Aerospace & Defense) | | 1,573 | | 113,099 | |
Knight-Swift Transportation Holdings, Inc. (Road & Rail) | | 1,859 | | 71,032 | |
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts) | | 2,574 | | 175,829 | |
Lamb Weston Holding, Inc. (Food Products) | | 4,433 | | 303,705 | |
Lancaster Colony Corp. (Food Products) | | 286 | | 39,588 | |
Landstar System, Inc. (Road & Rail) | | 858 | | 93,694 | |
LendingTree, Inc.* (Thrifts & Mortgage Finance) | | 286 | | 61,147 | |
Lennox International, Inc. (Building Products) | | 1,144 | | 228,972 | |
Liberty Property Trust (Equity Real Estate Investment Trusts) | | 2,145 | | 95,088 | |
Life Storage, Inc. (Equity Real Estate Investment Trusts) | | 715 | | 69,577 | |
Lincoln Electric Holdings, Inc. (Machinery) | | 1,001 | | 87,848 | |
Littelfuse, Inc. (Electronic Equipment, Instruments & Components) | | 715 | | 163,149 | |
LivaNova PLC* (Health Care Equipment & Supplies) | | 1,287 | | 128,468 | |
Live Nation Entertainment, Inc.* (Media) | | 4,004 | | 194,474 | |
LogMeIn, Inc. (Internet Software & Services) | | 1,573 | | 162,413 | |
Louisiana-Pacific Corp. (Paper & Forest Products) | | 4,290 | | 116,774 | |
Lumentum Holdings, Inc.* (Communications Equipment) | | 1,001 | | 57,958 | |
Manhattan Associates, Inc.* (Software) | | 1,287 | | 60,502 | |
MarketAxess Holdings, Inc. (Capital Markets) | | 1,144 | | 226,352 | |
| | | | | | |
See accompanying notes to financial statements.
130 :: ProFund VP Mid-Cap Growth :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Masimo Corp.* (Health Care Equipment & Supplies) | | 1,430 | | $ | 139,640 | |
Matador Resources Co.* (Oil, Gas & Consumable Fuels) | | 1,287 | | 38,674 | |
MAXIMUS, Inc. (IT Services) | | 2,002 | | 124,344 | |
MB Financial, Inc. (Banks) | | 1,287 | | 60,103 | |
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts) | | 6,006 | | 84,324 | |
Medidata Solutions, Inc.* (Health Care Technology) | | 1,716 | | 138,241 | |
Meredith Corp. (Media) | | 715 | | 36,465 | |
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | 1,573 | | 150,536 | |
Molina Healthcare, Inc.* (Health Care Providers & Services) | | 715 | | 70,027 | |
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | | 1,144 | | 152,919 | |
MSA Safety, Inc. (Commercial Services & Supplies) | | 715 | | 68,883 | |
MSC Industrial Direct Co., Inc.—Class A (Trading Companies & Distributors) | | 572 | | 48,534 | |
National Instruments Corp. (Electronic Equipment, Instruments & Components) | | 3,146 | | 132,069 | |
National Retail Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,859 | | 81,722 | |
NewMarket Corp. (Chemicals) | | 143 | | 57,844 | |
Nordson Corp. (Machinery) | | 1,573 | | 201,989 | |
Nu Skin Enterprises, Inc.—Class A (Personal Products) | | 715 | | 55,906 | |
NuVasive, Inc.* (Health Care Equipment & Supplies) | | 858 | | 44,719 | |
NVR, Inc.* (Household Durables) | | 143 | | 424,759 | |
Old Dominion Freight Line, Inc. (Road & Rail) | | 2,002 | | 298,218 | |
Olin Corp. (Chemicals) | | 2,860 | | 82,139 | |
Ollie’s Bargain Outlet Holdings, Inc.* (Multiline Retail) | | 1,430 | | 103,675 | |
ONE Gas, Inc. (Gas Utilities) | | 715 | | 53,439 | |
Oshkosh Corp. (Machinery) | | 1,001 | | 70,390 | |
Papa John’s International, Inc. (Hotels, Restaurants & Leisure) | | 286 | | 14,506 | |
Perspecta, Inc. (IT Services) | | 2,145 | | 44,080 | |
Pinnacle Financial Partners, Inc. (Banks) | | 1,287 | | 78,957 | |
Plantronics, Inc. (Communications Equipment) | | 572 | | 43,615 | |
PNM Resources, Inc. (Electric Utilities) | | 1,430 | | 55,627 | |
Polaris Industries, Inc. (Leisure Products) | | 1,716 | | 209,661 | |
PolyOne Corp. (Chemicals) | | 1,573 | | 67,985 | |
Pool Corp. (Distributors) | | 1,144 | | 173,316 | |
Potlatch Corp. (Equity Real Estate Investment Trusts) | | 1,144 | | 58,172 | |
PRA Health Sciences, Inc.* (Life Sciences Tools & Services) | | 1,573 | | 146,855 | |
Prestige Brands Holdings, Inc.* (Pharmaceuticals) | | 1,001 | | 38,418 | |
Primerica, Inc. (Insurance) | | 1,287 | | 128,186 | |
PTC, Inc.* (Software) | | 2,002 | | 187,808 | |
Quality Care Properties* (Equity Real Estate Investment Trusts) | | 858 | | 18,456 | |
Rayonier, Inc. (Equity Real Estate Investment Trusts) | | 2,288 | | 88,523 | |
RenaissanceRe Holdings, Ltd. (Insurance) | | 572 | | 68,823 | |
Rollins, Inc. (Commercial Services & Supplies) | | 2,860 | | 150,379 | |
Royal Gold, Inc. (Metals & Mining) | | 2,002 | | 185,866 | |
RPM International, Inc. (Chemicals) | | 1,716 | | 100,077 | |
Sabre Corp. (IT Services) | | 3,289 | | 81,041 | |
Sanderson Farms, Inc. (Food Products) | | 429 | | 45,109 | |
Scientific Games Corp.*—Class A (Hotels, Restaurants & Leisure) | | 1,573 | | 77,313 | |
SEI Investments Co. (Capital Markets) | | 3,861 | | 241,390 | |
Sensient Technologies Corp. (Chemicals) | | 572 | | 40,927 | |
Service Corp. International (Diversified Consumer Services) | | 5,434 | | 194,483 | |
Signature Bank* (Banks) | | 572 | | 73,147 | |
Silgan Holdings, Inc. (Containers & Packaging) | | 858 | | 23,020 | |
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | | 1,287 | | 128,185 | |
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure) | | 2,288 | | 160,274 | |
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods) | | 4,004 | | 120,160 | |
SLM Corp.* (Consumer Finance) | | 8,866 | | 101,516 | |
Sotheby’s*—Class A (Diversified Consumer Services) | | 1,144 | | 62,165 | |
Southwest Gas Corp. (Gas Utilities) | | 715 | | 54,533 | |
Sprouts Farmers Market, Inc.* (Food & Staples Retailing) | | 3,718 | | 82,056 | |
STERIS PLC (Health Care Equipment & Supplies) | | 1,573 | | 165,181 | |
Sterling Bancorp (Banks) | | 4,433 | | 104,176 | |
Synovus Financial Corp. (Banks) | | 3,575 | | 188,867 | |
Tanger Factory Outlet Centers, Inc. (Equity Real Estate Investment Trusts) | | 1,144 | | 26,873 | |
Taubman Centers, Inc. (Equity Real Estate Investment Trusts) | | 858 | | 50,416 | |
Teledyne Technologies, Inc.* (Aerospace & Defense) | | 1,001 | | 199,259 | |
Teleflex, Inc. (Health Care Equipment & Supplies) | | 1,430 | | 383,539 | |
Tempur Sealy International, Inc.* (Household Durables) | | 572 | | 27,485 | |
Tenet Healthcare Corp.* (Health Care Providers & Services) | | 1,001 | | 33,604 | |
Teradata Corp.* (IT Services) | | 2,288 | | 91,863 | |
Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | | 5,720 | | 217,761 | |
Terex Corp. (Machinery) | | 858 | | 36,199 | |
Texas Capital Bancshares, Inc.* (Banks) | | 1,430 | | 130,845 | |
Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure) | | 1,287 | | 84,311 | |
The Boston Beer Co., Inc.*—Class A (Beverages) | | 143 | | 42,857 | |
The Brink’s Co. (Commercial Services & Supplies) | | 1,573 | | 125,447 | |
The Chemours Co. (Chemicals) | | 5,291 | | 234,708 | |
The Dun & Bradstreet Corp. (Professional Services) | | 572 | | 70,156 | |
The GEO Group, Inc. (Equity Real Estate Investment Trusts) | | 2,002 | | 55,135 | |
The Hain Celestial Group, Inc.* (Food Products) | | 1,287 | | 38,353 | |
The New York Times Co.—Class A (Media) | | 3,861 | | 100,000 | |
The Scotts Miracle-Gro Co.—Class A (Chemicals) | | 572 | | 47,568 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Growth :: 131
Common Stocks, continued
| | Shares | | Value | |
The Timken Co. (Machinery) | | 1,001 | | $ | 43,594 | |
The Toro Co. (Machinery) | | 3,146 | | 189,547 | |
The Ultimate Software Group, Inc.* (Software) | | 858 | | 220,772 | |
The Wendy’s Co. (Hotels, Restaurants & Leisure) | | 2,717 | | 46,678 | |
Thor Industries, Inc. (Automobiles) | | 1,430 | | 139,268 | |
Toll Brothers, Inc. (Household Durables) | | 4,147 | | 153,398 | |
Tootsie Roll Industries, Inc. (Food Products) | | 286 | | 8,823 | |
TRI Pointe Group, Inc.* (Household Durables) | | 4,576 | | 74,863 | |
Trimble Navigation, Ltd.* (Electronic Equipment, Instruments & Components) | | 7,436 | | 244,198 | |
Tupperware Brands Corp. (Household Durables) | | 715 | | 29,487 | |
Tyler Technologies, Inc.* (Software) | | 1,001 | | 222,321 | |
United Therapeutics Corp.* (Biotechnology) | | 858 | | 97,083 | |
Uniti Group, Inc. (Equity Real Estate Investment Trusts) | | 2,288 | | 45,829 | |
Urban Edge Properties (Equity Real Estate Investment Trusts) | | 1,716 | | 39,245 | |
Valmont Industries, Inc. (Construction & Engineering) | | 286 | | 43,115 | |
Valvoline, Inc. (Chemicals) | | 3,432 | | 74,028 | |
Vectren Corp. (Multi-Utilities) | | 1,573 | | 112,391 | |
Versum Materials, Inc. (Semiconductors & Semiconductor Equipment) | | 3,289 | | 122,186 | |
ViaSat, Inc.* (Communications Equipment) | | 572 | | 37,592 | |
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | | 2,002 | | 46,446 | |
Wabtec Corp. (Machinery) | | 1,001 | | 98,679 | |
Washington Federal, Inc. (Thrifts & Mortgage Finance) | | 1,001 | | 32,733 | |
Watsco, Inc. (Trading Companies & Distributors) | | 429 | | 76,482 | |
Webster Financial Corp. (Banks) | | 1,573 | | 100,200 | |
Weingarten Realty Investors (Equity Real Estate Investment Trusts) | | 1,430 | | 44,058 | |
WellCare Health Plans, Inc.* (Health Care Providers & Services) | | 858 | | 211,274 | |
Werner Enterprises, Inc. (Road & Rail) | | 715 | | 26,848 | |
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies) | | 1,430 | | 141,985 | |
WEX, Inc.* (IT Services) | | 1,144 | | 217,909 | |
WGL Holdings, Inc. (Gas Utilities) | | 572 | | 50,765 | |
Wintrust Financial Corp. (Banks) | | 858 | | 74,689 | |
Woodward, Inc. (Machinery) | | 858 | | 65,946 | |
Wyndham Destinations, Inc. (Hotels, Restaurants & Leisure) | | 3,003 | | 132,943 | |
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | | 3,003 | | 176,666 | |
Zebra Technologies Corp.*—Class A (Electronic Equipment, Instruments & Components) | | 1,573 | | 225,332 | |
TOTAL COMMON STOCKS (Cost $20,302,041) | | | | 26,913,457 | |
| | | | | | |
Repurchase Agreements(a) (0.3%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $88,014 | | $ | 88,000 | | $ | 88,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $88,000) | | | | 88,000 | |
TOTAL INVESTMENT SECURITIES (Cost $20,390,041)—100.2% | | | | 27,001,457 | |
Net other assets (liabilities)—(0.2)% | | | | (45,686 | ) |
NET ASSETS—100.0% | | | | $ | 26,955,771 | |
| | | | | | | |
* Non-income producing security.
(a) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
ProFund VP Mid-Cap Growth invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Aerospace & Defense | | $ | 397,457 | | 1.5 | % |
Auto Components | | 293,586 | | 1.1 | % |
Automobiles | | 139,268 | | 0.5 | % |
Banks | | 1,685,411 | | 6.3 | % |
Beverages | | 42,857 | | 0.2 | % |
Biotechnology | | 278,647 | | 1.0 | % |
Building Products | | 228,972 | | 0.8 | % |
Capital Markets | | 1,373,423 | | 5.1 | % |
Chemicals | | 705,276 | | 2.6 | % |
Commercial Services & Supplies | | 542,864 | | 2.0 | % |
Communications Equipment | | 220,146 | | 0.8 | % |
Construction & Engineering | | 177,516 | | 0.7 | % |
Construction Materials | | 150,107 | | 0.6 | % |
Consumer Finance | | 101,516 | | 0.4 | % |
Containers & Packaging | | 103,140 | | 0.4 | % |
Distributors | | 173,316 | | 0.6 | % |
Diversified Consumer Services | | 256,648 | | 1.0 | % |
Electric Utilities | | 201,187 | | 0.8 | % |
Electrical Equipment | | 90,725 | | 0.3 | % |
Electronic Equipment, Instruments & Components | | 1,490,426 | | 5.5 | % |
Energy Equipment & Services | | 125,925 | | 0.5 | % |
Equity Real Estate Investment Trusts | | 2,042,522 | | 7.5 | % |
Food & Staples Retailing | | 82,056 | | 0.3 | % |
Food Products | | 597,027 | | 2.2 | % |
Gas Utilities | | 158,737 | | 0.6 | % |
Health Care Equipment & Supplies | | 1,683,724 | | 6.3 | % |
Health Care Providers & Services | | 656,324 | | 2.5 | % |
Health Care Technology | | 170,845 | | 0.6 | % |
Hotels, Restaurants & Leisure | | 1,561,749 | | 5.7 | % |
Household Durables | | 822,343 | | 3.1 | % |
| | | | | | |
See accompanying notes to financial statements.
132 :: ProFund VP Mid-Cap Growth :: Financial Statements
| | Value | | % of Net Assets | |
Household Products | | $ | 45,016 | | 0.2 | % |
Industrial Conglomerates | | 92,930 | | 0.3 | % |
Insurance | | 619,558 | | 2.3 | % |
Internet Software & Services | | 318,743 | | 1.2 | % |
IT Services | | 1,013,650 | | 3.8 | % |
Leisure Products | | 283,426 | | 1.1 | % |
Life Sciences Tools & Services | | 641,687 | | 2.4 | % |
Machinery | | 1,610,444 | | 6.0 | % |
Media | | 524,860 | | 1.9 | % |
Metals & Mining | | 185,866 | | 0.7 | % |
Multiline Retail | | 103,675 | | 0.4 | % |
Multi-Utilities | | 112,391 | | 0.4 | % |
Oil, Gas & Consumable Fuels | | 38,674 | | 0.1 | % |
Paper & Forest Products | | 116,774 | | 0.4 | % |
Personal Products | | 55,906 | | 0.2 | % |
Pharmaceuticals | | 253,593 | | 0.9 | % |
Professional Services | | 70,156 | | 0.3 | % |
Real Estate Management & Development | | 142,419 | | 0.5 | % |
Road & Rail | | 489,792 | | 1.8 | % |
Semiconductors & Semiconductor Equipment | | 1,188,104 | | 4.4 | % |
Software | | 1,602,872 | | 5.9 | % |
Specialty Retail | | 237,490 | | 0.9 | % |
Textiles, Apparel & Luxury Goods | | 277,088 | | 1.0 | % |
Thrifts & Mortgage Finance | | 93,880 | | 0.3 | % |
Trading Companies & Distributors | | 125,016 | | 0.5 | % |
Water Utilities | | 115,707 | | 0.4 | % |
Other** | | 42,314 | | 0.2 | % |
Total | | $ | 26,955,771 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Growth :: 133
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 20,390,041 | |
Securities, at value | | 26,913,457 | |
Repurchase agreements, at value | | 88,000 | |
Total Investment Securities, at value | | 27,001,457 | |
Cash | | 983 | |
Dividends and interest receivable | | 19,826 | |
Receivable for capital shares issued | | 20,213 | |
Receivable for investments sold | | 337,279 | |
Prepaid expenses | | 323 | |
TOTAL ASSETS | | 27,380,081 | |
LIABILITIES: | | | |
Payable for investments purchased | | 368,545 | |
Payable for capital shares redeemed | | 1,101 | |
Advisory fees payable | | 17,842 | |
Management services fees payable | | 2,379 | |
Administration fees payable | | 811 | |
Administrative services fees payable | | 10,122 | |
Distribution fees payable | | 9,031 | |
Trustee fees payable | | 6 | |
Transfer agency fees payable | | 1,335 | |
Fund accounting fees payable | | 969 | |
Compliance services fees payable | | 149 | |
Other accrued expenses | | 12,020 | |
TOTAL LIABILITIES | | 424,310 | |
NET ASSETS | | $ | 26,955,771 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 19,856,310 | |
Accumulated net investment income (loss) | | (62,097 | ) |
Accumulated net realized gains (losses) on investments | | 550,142 | |
Net unrealized appreciation (depreciation) on investments | | 6,611,416 | |
NET ASSETS | | $ | 26,955,771 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 594,234 | |
Net Asset Value (offering and redemption price per share) | | $ | 45.36 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 157,534 | |
Interest | | 297 | |
Foreign tax withholding | | (93 | ) |
TOTAL INVESTMENT INCOME | | 157,738 | |
EXPENSES: | | | |
Advisory fees | | 98,141 | |
Management services fees | | 13,085 | |
Administration fees | | 4,637 | |
Transfer agency fees | | 7,014 | |
Administrative services fees | | 42,281 | |
Distribution fees | | 32,714 | |
Custody fees | | 2,457 | |
Fund accounting fees | | 5,974 | |
Trustee fees | | 412 | |
Compliance services fees | | 152 | |
Other fees | | 12,077 | |
Recoupment of prior expenses reduced by the Advisor | | 891 | |
TOTAL NET EXPENSES | | 219,835 | |
NET INVESTMENT INCOME (LOSS) | | (62,097 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 1,378,032 | |
Change in net unrealized appreciation/depreciation on investment securities | | (616,854 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | 761,178 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 699,081 | |
See accompanying notes to financial statements.
134 :: ProFund VP Mid-Cap Growth :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (62,097 | ) | $ | (112,025 | ) |
Net realized gains (losses) on investments | | 1,378,032 | | 2,859,997 | |
Change in net unrealized appreciation/depreciation on investments | | (616,854 | ) | 1,011,498 | |
Change in net assets resulting from operations | | 699,081 | | 3,759,470 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net realized gains on investments | | (2,401,018 | ) | (2,003,816 | ) |
Change in net assets resulting from distributions | | (2,401,018 | ) | (2,003,816 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 15,526,523 | | 9,462,881 | |
Distributions reinvested | | 2,401,018 | | 2,003,816 | |
Value of shares redeemed | | (11,859,736 | ) | (12,124,873 | ) |
Change in net assets resulting from capital transactions | | 6,067,805 | | (658,176 | ) |
Change in net assets | | 4,365,868 | | 1,097,478 | |
NET ASSETS: | | | | | |
Beginning of period | | 22,589,903 | | 21,492,425 | |
End of period | | $ | 26,955,771 | | $ | 22,589,903 | |
Accumulated net investment income (loss) | | $ | (62,097 | ) | $ | — | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 319,281 | | 203,314 | |
Reinvested | | 51,557 | | 44,431 | |
Redeemed | | (250,792 | ) | (259,175 | ) |
Change in shares | | 120,046 | | (11,430 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Mid-Cap Growth :: 135
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 47.64 | | $ | 44.26 | | $ | 41.33 | | $ | 48.21 | | $ | 50.03 | | $ | 38.33 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | (0.11 | ) | (0.23 | ) | (0.19 | ) | (0.22 | ) | (0.31 | ) | (0.27 | ) |
Net realized and unrealized gains (losses) on investments | | 1.97 | | 8.08 | | 5.47 | | 0.63 | | 3.01 | | 11.97 | |
Total income (loss) from investment activities | | 1.86 | | 7.85 | | 5.28 | | 0.41 | | 2.70 | | 11.70 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net realized gains on investments | | (4.14 | ) | (4.47 | ) | (2.35 | ) | (7.29 | ) | (4.52 | ) | — | |
Net Asset Value, End of Period | | $ | 45.36 | | $ | 47.64 | | $ | 44.26 | | $ | 41.33 | | $ | 48.21 | | $ | 50.03 | |
Total Return(b) | | 3.68 | % | 18.31 | % | 12.87 | % | 0.28 | % | 5.89 | % | 30.52 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.68 | % | 1.69 | % | 1.69 | % | 1.70 | % | 1.79 | % | 1.79 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | (0.47 | )% | (0.49 | )% | (0.45 | )% | (0.49 | )% | (0.65 | )% | (0.60 | )% |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 26,956 | | $ | 22,590 | | $ | 21,492 | | $ | 26,732 | | $ | 25,203 | | $ | 34,981 | |
Portfolio turnover rate(b)(d) | | 59 | % | 88 | % | 171 | % | 215 | % | 159 | % | 149 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
136 :: ProFund VP Mid-Cap Value :: Financial Statements
Investment Objective: The ProFund VP Mid-Cap Value seeks investment results, before fees and expenses, that correspond to the performance of the S&P MidCap 400 Value Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 100 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
Steel Dynamics, Inc. | | 1.3 | % |
Atmos Energy Corp. | | 1.1 | % |
Alleghany Corp. | | 1.0 | % |
UGI Corp. | | 1.0 | % |
Leidos Holdings, Inc. | | 1.0 | % |
S&P MidCap 400 Value Index — Composition
| | % of Index | |
Financials | | 19 | % |
Industrials | | 15 | % |
Real Estate | | 11 | % |
Energy | | 10 | % |
Information Technology | | 10 | % |
Materials | | 9 | % |
Consumer Discretionary | | 9 | % |
Utilities | | 8 | % |
Health Care | | 5 | % |
Consumer Staples | | 4 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.5%)
| | Shares | | Value | |
Aaron’s, Inc. (Specialty Retail) | | 1,152 | | $ | 50,054 | |
Acadia Healthcare Co., Inc.* (Health Care Providers & Services) | | 1,536 | | 62,838 | |
ACI Worldwide, Inc.* (Software) | | 1,056 | | 26,052 | |
Acuity Brands, Inc. (Electrical Equipment) | | 768 | | 88,988 | |
Acxiom Corp.* (IT Services) | | 768 | | 23,002 | |
Adtalem Global Education, Inc.* (Diversified Consumer Services) | | 1,152 | | 55,411 | |
AECOM Technology Corp.* (Construction & Engineering) | | 2,976 | | 98,297 | |
AGCO Corp. (Machinery) | | 1,248 | | 75,779 | |
Alexander & Baldwin, Inc. (Real Estate Management & Development) | | 1,248 | | 29,328 | |
Alleghany Corp. (Insurance) | | 288 | | 165,592 | |
Allegheny Technologies, Inc.* (Metals & Mining) | | 2,304 | | 57,876 | |
ALLETE, Inc. (Electric Utilities) | | 480 | | 37,157 | |
Allscripts Healthcare Solutions, Inc.* (Health Care Technology) | | 1,632 | | 19,584 | |
AMC Networks, Inc.*—Class A (Media) | | 288 | | 17,914 | |
American Campus Communities, Inc. (Equity Real Estate Investment Trusts) | | 2,496 | | 107,028 | |
American Eagle Outfitters, Inc. (Specialty Retail) | | 1,248 | | 29,016 | |
American Financial Group, Inc. (Insurance) | | 1,248 | | 133,948 | |
Apergy Corp.* (Energy Equipment & Services) | | 672 | | 28,056 | |
AptarGroup, Inc. (Containers & Packaging) | | 576 | | 53,787 | |
Aqua America, Inc. (Water Utilities) | | 1,248 | | 43,905 | |
ARRIS International PLC* (Communications Equipment) | | 3,264 | | 79,789 | |
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components) | | 1,632 | | 122,856 | |
Ashland Global Holdings, Inc. (Chemicals) | | 1,152 | | 90,063 | |
Aspen Insurance Holdings, Ltd. (Insurance) | | 1,152 | | 46,886 | |
Associated Banc-Corp. (Banks) | | 3,168 | | 86,486 | |
Atmos Energy Corp. (Gas Utilities) | | 2,016 | | 181,722 | |
AutoNation, Inc.* (Specialty Retail) | | 1,056 | | | 51,300 | |
Avis Budget Group, Inc.* (Road & Rail) | | 1,344 | | 43,680 | |
Avnet, Inc. (Electronic Equipment, Instruments & Components) | | 2,208 | | 94,701 | |
BancorpSouth Bank (Banks) | | 864 | | 28,469 | |
Bank of Hawaii Corp. (Banks) | | 384 | | 32,033 | |
Bed Bath & Beyond, Inc. (Specialty Retail) | | 2,592 | | 51,646 | |
Belden, Inc. (Electronic Equipment, Instruments & Components) | | 384 | | 23,470 | |
Bemis Co., Inc. (Containers & Packaging) | | 1,728 | | 72,939 | |
Big Lots, Inc. (Multiline Retail) | | 768 | | 32,087 | |
Black Hills Corp. (Multi-Utilities) | | 960 | | 58,762 | |
Brinker International, Inc. (Hotels, Restaurants & Leisure) | | 768 | | 36,557 | |
Brown & Brown, Inc. (Insurance) | | 1,536 | | 42,593 | |
Brunswick Corp. (Leisure Products) | | 864 | | 55,711 | |
Cable One, Inc. (Media) | | 96 | | 70,396 | |
Cabot Corp. (Chemicals) | | 1,152 | | 71,159 | |
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels) | | 4,128 | | 44,335 | |
Camden Property Trust (Equity Real Estate Investment Trusts) | | 768 | | 69,988 | |
Carlisle Cos., Inc. (Industrial Conglomerates) | | 576 | | 62,387 | |
Carpenter Technology Corp. (Metals & Mining) | | 864 | | 45,420 | |
Cars.com, Inc.* (Internet Software & Services) | | 576 | | 16,353 | |
Carter’s, Inc. (Textiles, Apparel & Luxury Goods) | | 288 | | 31,216 | |
Casey’s General Stores, Inc. (Food & Staples Retailing) | | 672 | | 70,613 | |
Cathay General Bancorp, Inc. (Banks) | | 480 | | 19,435 | |
Chemical Financial Corp. (Banks) | | 1,344 | | 74,820 | |
Chesapeake Energy Corp.* (Oil, Gas & Consumable Fuels) | | 16,896 | | 88,535 | |
Ciena Corp.* (Communications Equipment) | | 2,688 | | 71,259 | |
Cinemark Holdings, Inc. (Media) | | 2,016 | | 70,721 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Value :: 137
Common Stocks, continued
| | Shares | | Value | |
Clean Harbors, Inc.* (Commercial Services & Supplies) | | 960 | | $ | 53,328 | |
CNX Resources Corp.* (Oil, Gas & Consumable Fuels) | | 3,648 | | 64,861 | |
Commerce Bancshares, Inc. (Banks) | | 864 | | 55,909 | |
Commercial Metals Co. (Metals & Mining) | | 2,208 | | 46,611 | |
CommVault Systems, Inc.* (Software) | | 384 | | 25,286 | |
Compass Minerals International, Inc. (Metals & Mining) | | 672 | | 44,184 | |
Convergys Corp. (IT Services) | | 1,728 | | 42,232 | |
Core Laboratories N.V. (Energy Equipment & Services) | | 480 | | 60,581 | |
Corecivic, Inc. (Equity Real Estate Investment Trusts) | | 2,208 | | 52,749 | |
Corporate Office Properties Trust (Equity Real Estate Investment Trusts) | | 1,056 | | 30,613 | |
Cousins Properties, Inc. (Equity Real Estate Investment Trusts) | | 3,648 | | 35,349 | |
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | | 288 | | 44,989 | |
Crane Co. (Machinery) | | 480 | | 38,462 | |
Cree, Inc.* (Semiconductors & Semiconductor Equipment) | | 960 | | 39,907 | |
Cullen/Frost Bankers, Inc. (Banks) | | 480 | | 51,955 | |
Curtiss-Wright Corp. (Aerospace & Defense) | | 384 | | 45,704 | |
Cypress Semiconductor Corp. (Semiconductors & Semiconductor Equipment) | | 2,496 | | 38,888 | |
CyrusOne, Inc. (Equity Real Estate Investment Trusts) | | 1,056 | | 61,628 | |
Dana Holding Corp. (Auto Components) | | 960 | | 19,382 | |
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods) | | 288 | | 32,513 | |
Deluxe Corp. (Commercial Services & Supplies) | | 480 | | 31,781 | |
Diamond Offshore Drilling, Inc.* (Energy Equipment & Services) | | 1,152 | | 24,031 | |
Dick’s Sporting Goods, Inc. (Specialty Retail) | | 1,440 | | 50,760 | |
Dillard’s, Inc.—Class A (Multiline Retail) | | 384 | | 36,288 | |
Domtar Corp. (Paper & Forest Products) | | 1,152 | | 54,996 | |
Donaldson Co., Inc. (Machinery) | | 960 | | 43,315 | |
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts) | | 1,056 | | 42,430 | |
Dril-Quip, Inc.* (Energy Equipment & Services) | | 672 | | 34,541 | |
Edgewell Personal Care Co.* (Personal Products) | | 960 | | 48,442 | |
Education Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 1,440 | | 59,760 | |
EMCOR Group, Inc. (Construction & Engineering) | | 1,056 | | 80,446 | |
Energen Corp.* (Oil, Gas & Consumable Fuels) | | 1,824 | | 132,823 | |
Energizer Holdings, Inc. (Household Products) | | 576 | | 36,265 | |
EnerSys (Electrical Equipment) | | 768 | | 57,324 | |
Ensco PLCADR—Class A (Energy Equipment & Services) | | 8,064 | | 58,545 | |
EPR Properties (Equity Real Estate Investment Trusts) | | 1,152 | | 74,638 | |
Esterline Technologies Corp.* (Aerospace & Defense) | | 480 | | 35,424 | |
F.N.B. Corp. (Banks) | | 6,048 | | 81,164 | |
First American Financial Corp. (Insurance) | | 864 | | 44,686 | |
First Horizon National Corp. (Banks) | | 6,048 | | 107,897 | |
First Solar, Inc.* (Semiconductors & Semiconductor Equipment) | | 768 | | | 40,442 | |
Flowers Foods, Inc. (Food Products) | | 1,920 | | 39,994 | |
Fulton Financial Corp. (Banks) | | 3,264 | | 53,856 | |
GATX Corp. (Trading Companies & Distributors) | | 672 | | 49,883 | |
Genesee & Wyoming, Inc.*—Class A (Road & Rail) | | 1,152 | | 93,680 | |
Gentex Corp. (Auto Components) | | 1,920 | | 44,199 | |
Genworth Financial, Inc.*—Class A (Insurance) | | 9,312 | | 41,904 | |
Graham Holdings Co.—Class B (Diversified Consumer Services) | | 96 | | 56,266 | |
Granite Construction, Inc. (Construction & Engineering) | | 384 | | 21,373 | |
Greif, Inc.—Class A (Containers & Packaging) | | 480 | | 25,387 | |
Gulfport Energy Corp.* (Oil, Gas & Consumable Fuels) | | 2,880 | | 36,202 | |
Haemonetics Corp.* (Health Care Equipment & Supplies) | | 384 | | 34,437 | |
Halyard Health, Inc.* (Health Care Equipment & Supplies) | | 864 | | 49,464 | |
Hancock Holding Co. (Banks) | | 864 | | 40,306 | |
Hawaiian Electric Industries, Inc. (Electric Utilities) | | 2,016 | | 69,149 | |
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 1,152 | | 33,500 | |
Helen of Troy, Ltd.* (Household Durables) | | 288 | | 28,354 | |
Highwoods Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,056 | | 53,571 | |
HNI Corp. (Commercial Services & Supplies) | | 768 | | 28,570 | |
Home BancShares, Inc. (Banks) | | 1,536 | | 34,652 | |
Hospitality Properties Trust (Equity Real Estate Investment Trusts) | | 3,072 | | 87,890 | |
Hubbell, Inc. (Electrical Equipment) | | 480 | | 50,755 | |
IDACORP, Inc. (Electric Utilities) | | 480 | | 44,275 | |
ILG, Inc. (Hotels, Restaurants & Leisure) | | 576 | | 19,025 | |
Ingredion, Inc. (Food Products) | | 768 | | 85,018 | |
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies) | | 480 | | 30,917 | |
International Bancshares Corp. (Banks) | | 960 | | 41,088 | |
International Speedway Corp.—Class A (Hotels, Restaurants & Leisure) | | 480 | | 21,456 | |
ITT, Inc. (Machinery) | | 768 | | 40,143 | |
Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | | 192 | | 16,343 | |
JBG Smith Properties (Equity Real Estate Investment Trusts) | | 1,728 | | 63,020 | |
JetBlue Airways Corp.* (Airlines) | | 5,856 | | 111,147 | |
John Wiley & Sons, Inc.—Class A (Media) | | 480 | | 29,952 | |
Jones Lang LaSalle, Inc. (Real Estate Management & Development) | | 288 | | 47,805 | |
KBR, Inc. (Construction & Engineering) | | 2,592 | | 46,449 | |
Kennametal, Inc. (Machinery) | | 864 | | 31,018 | |
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | 1,728 | | 102,004 | |
Kilroy Realty Corp. (Equity Real Estate Investment Trusts) | | 768 | | 58,092 | |
Kirby Corp.* (Marine) | | 960 | | 80,256 | |
Knight-Swift Transportation Holdings, Inc. (Road & Rail) | | 1,152 | | 44,018 | |
Lancaster Colony Corp. (Food Products) | | 192 | | 26,577 | |
Landstar System, Inc. (Road & Rail) | | 288 | | 31,450 | |
See accompanying notes to financial statements.
138 :: ProFund VP Mid-Cap Value :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
LaSalle Hotel Properties (Equity Real Estate Investment Trusts) | | 2,016 | | $ | 69,008 | |
Legg Mason, Inc. (Capital Markets) | | 1,632 | | 56,679 | |
Leidos Holdings, Inc. (IT Services) | | 2,688 | | 158,592 | |
Liberty Property Trust (Equity Real Estate Investment Trusts) | | 1,440 | | 63,835 | |
Life Storage, Inc. (Equity Real Estate Investment Trusts) | | 384 | | 37,367 | |
LifePoint Health, Inc.* (Health Care Providers & Services) | | 672 | | 32,794 | |
Lincoln Electric Holdings, Inc. (Machinery) | | 480 | | 42,125 | |
Lumentum Holdings, Inc.* (Communications Equipment) | | 576 | | 33,350 | |
Mack-Cali Realty Corp. (Equity Real Estate Investment Trusts) | | 1,632 | | 33,097 | |
Mallinckrodt PLC* (Pharmaceuticals) | | 1,536 | | 28,662 | |
Manhattan Associates, Inc.* (Software) | | 480 | | 22,565 | |
ManpowerGroup, Inc. (Professional Services) | | 1,248 | | 107,403 | |
Matador Resources Co.* (Oil, Gas & Consumable Fuels) | | 1,056 | | 31,733 | |
MB Financial, Inc. (Banks) | | 768 | | 35,866 | |
McDermott International, Inc.* (Energy Equipment & Services) | | 3,360 | | 66,024 | |
MDU Resources Group, Inc. (Multi-Utilities) | | 3,648 | | 104,624 | |
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts) | | 3,072 | | 43,131 | |
MEDNAX, Inc.* (Health Care Providers & Services) | | 1,728 | | 74,789 | |
Mercury General Corp. (Insurance) | | 672 | | 30,616 | |
Meredith Corp. (Media) | | 288 | | 14,688 | |
Minerals Technologies, Inc. (Chemicals) | | 672 | | 50,635 | |
Molina Healthcare, Inc.* (Health Care Providers & Services) | | 480 | | 47,011 | |
MSA Safety, Inc. (Commercial Services & Supplies) | | 192 | | 18,497 | |
MSC Industrial Direct Co., Inc.—Class A (Trading Companies & Distributors) | | 480 | | 40,728 | |
Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | | 2,976 | | 100,500 | |
Murphy USA, Inc.* (Specialty Retail) | | 576 | | 42,791 | |
Nabors Industries, Ltd. (Energy Equipment & Services) | | 6,528 | | 41,844 | |
National Fuel Gas Co. (Gas Utilities) | | 1,632 | | 86,431 | |
National Retail Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,728 | | 75,963 | |
Navient Corp. (Consumer Finance) | | 4,896 | | 63,795 | |
NCR Corp.* (Technology Hardware, Storage & Peripherals) | | 2,208 | | 66,196 | |
NetScout Systems, Inc.* (Communications Equipment) | | 1,536 | | 45,619 | |
New Jersey Resources Corp. (Gas Utilities) | | 1,632 | | 73,032 | |
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance) | | 9,120 | | 100,685 | |
NewMarket Corp. (Chemicals) | | 96 | | 38,832 | |
NorthWestern Corp. (Multi-Utilities) | | 960 | | 54,960 | |
NOW, Inc.* (Trading Companies & Distributors) | | 2,016 | | 26,873 | |
Nu Skin Enterprises, Inc.—Class A (Personal Products) | | 576 | | 45,037 | |
NuVasive, Inc.* (Health Care Equipment & Supplies) | | 384 | | 20,014 | |
nVent Electric PLC* (Electrical Equipment) | | 2,976 | | 74,698 | |
Oasis Petroleum, Inc.* (Oil, Gas & Consumable Fuels) | | 4,992 | | | 64,746 | |
Oceaneering International, Inc. (Energy Equipment & Services) | | 1,824 | | 46,439 | |
OGE Energy Corp. (Electric Utilities) | | 3,744 | | 131,826 | |
Old Republic International Corp. (Insurance) | | 4,608 | | 91,745 | |
Olin Corp. (Chemicals) | | 1,344 | | 38,600 | |
Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts) | | 3,648 | | 113,089 | |
ONE Gas, Inc. (Gas Utilities) | | 576 | | 43,050 | |
Oshkosh Corp. (Machinery) | | 672 | | 47,255 | |
Owens-Illinois, Inc.* (Containers & Packaging) | | 2,976 | | 50,027 | |
PacWest Bancorp (Banks) | | 2,304 | | 113,865 | |
Papa John’s International, Inc. (Hotels, Restaurants & Leisure) | | 288 | | 14,607 | |
Patterson Cos., Inc. (Health Care Providers & Services) | | 1,536 | | 34,821 | |
Patterson-UTI Energy, Inc. (Energy Equipment & Services) | | 4,128 | | 74,304 | |
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels) | | 2,112 | | 88,556 | |
Perspecta, Inc. (IT Services) | | 1,248 | | 25,646 | |
Pinnacle Financial Partners, Inc. (Banks) | | 576 | | 35,338 | |
Pitney Bowes, Inc. (Commercial Services & Supplies) | | 3,456 | | 29,618 | |
Plantronics, Inc. (Communications Equipment) | | 288 | | 21,960 | |
PNM Resources, Inc. (Electric Utilities) | | 576 | | 22,406 | |
PolyOne Corp. (Chemicals) | | 576 | | 24,895 | |
Post Holdings, Inc.* (Food Products) | | 1,248 | | 107,352 | |
Potlatch Corp. (Equity Real Estate Investment Trusts) | | 384 | | 19,526 | |
Prestige Brands Holdings, Inc.* (Pharmaceuticals) | | 288 | | 11,053 | |
Prosperity Bancshares, Inc. (Banks) | | 1,344 | | 91,876 | |
PTC, Inc.* (Software) | | 864 | | 81,052 | |
QEP Resources, Inc.* (Oil, Gas & Consumable Fuels) | | 4,416 | | 54,140 | |
Quality Care Properties* (Equity Real Estate Investment Trusts) | | 1,152 | | 24,780 | |
Range Resources Corp. (Oil, Gas & Consumable Fuels) | | 4,224 | | 70,668 | |
Rayonier, Inc. (Equity Real Estate Investment Trusts) | | 960 | | 37,142 | |
Regal Beloit Corp. (Electrical Equipment) | | 864 | | 70,675 | |
Reinsurance Group of America, Inc. (Insurance) | | 1,152 | | 153,769 | |
Reliance Steel & Aluminum Co. (Metals & Mining) | | 1,344 | | 117,654 | |
RenaissanceRe Holdings, Ltd. (Insurance) | | 384 | | 46,203 | |
Rowan Cos. PLC*—Class A (Energy Equipment & Services) | | 2,112 | | 34,257 | |
RPM International, Inc. (Chemicals) | | 1,440 | | 83,981 | |
Ryder System, Inc. (Road & Rail) | | 960 | | 68,986 | |
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | | 3,264 | | 70,927 | |
Sabre Corp. (IT Services) | | 2,688 | | 66,232 | |
Sally Beauty Holdings, Inc.* (Specialty Retail) | | 2,304 | | 36,933 | |
Sanderson Farms, Inc. (Food Products) | | 96 | | 10,094 | |
Science Applications International Corp. (IT Services) | | 768 | | 62,154 | |
Senior Housing Properties Trust (Equity Real Estate Investment Trusts) | | 4,416 | | 79,885 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Value :: 139
Common Stocks, continued
| | Shares | | Value | |
Sensient Technologies Corp. (Chemicals) | | 480 | | $ | 34,344 | |
Signature Bank* (Banks) | | 672 | | 85,935 | |
Signet Jewelers, Ltd. (Specialty Retail) | | 1,056 | | 58,872 | |
Silgan Holdings, Inc. (Containers & Packaging) | | 768 | | 20,605 | |
SLM Corp.* (Consumer Finance) | | 2,592 | | 29,678 | |
SM Energy Co. (Oil, Gas & Consumable Fuels) | | 1,920 | | 49,325 | |
Sonoco Products Co. (Containers & Packaging) | | 1,824 | | 95,760 | |
Southwest Gas Corp. (Gas Utilities) | | 480 | | 36,610 | |
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels) | | 9,504 | | 50,371 | |
Steel Dynamics, Inc. (Metals & Mining) | | 4,416 | | 202,916 | |
STERIS PLC (Health Care Equipment & Supplies) | | 576 | | 60,486 | |
Sterling Bancorp (Banks) | | 1,440 | | 33,840 | |
Stifel Financial Corp. (Capital Markets) | | 1,344 | | 70,224 | |
Superior Energy Services, Inc.* (Energy Equipment & Services) | | 2,880 | | 28,051 | |
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | | 672 | | 33,849 | |
Syneos Health, Inc.* (Life Sciences Tools & Services) | | 1,056 | | 49,526 | |
SYNNEX Corp. (Electronic Equipment, Instruments & Components) | | 576 | | 55,590 | |
Tanger Factory Outlet Centers, Inc. (Equity Real Estate Investment Trusts) | | 1,056 | | 24,805 | |
Taubman Centers, Inc. (Equity Real Estate Investment Trusts) | | 672 | | 39,487 | |
TCF Financial Corp. (Banks) | | 3,168 | | 77,996 | |
Tech Data Corp.* (Electronic Equipment, Instruments & Components) | | 672 | | 55,185 | |
TEGNA, Inc. (Media) | | 4,032 | | 43,747 | |
Telephone & Data Systems, Inc. (Wireless Telecommunication Services) | | 1,728 | | 47,382 | |
Tempur Sealy International, Inc.* (Household Durables) | | 480 | | 23,064 | |
Tenet Healthcare Corp.* (Health Care Providers & Services) | | 864 | | 29,004 | |
Teradata Corp.* (IT Services) | | 864 | | 34,690 | |
Terex Corp. (Machinery) | | 768 | | 32,402 | |
Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure) | | 384 | | 25,156 | |
The Boston Beer Co., Inc.*—Class A (Beverages) | | 96 | | 28,771 | |
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure) | | 768 | | 42,286 | |
The Dun & Bradstreet Corp. (Professional Services) | | 288 | | 35,323 | |
The GEO Group, Inc. (Equity Real Estate Investment Trusts) | | 1,056 | | 29,082 | |
The Hain Celestial Group, Inc.* (Food Products) | | 1,152 | | 34,330 | |
The Hanover Insurance Group, Inc. (Insurance) | | 768 | | 91,822 | |
The Michaels Cos., Inc.* (Specialty Retail) | | 2,016 | | 38,647 | |
The Scotts Miracle-Gro Co.—Class A (Chemicals) | | 384 | | 31,933 | |
The Timken Co. (Machinery) | | 576 | | 25,085 | |
The Wendy’s Co. (Hotels, Restaurants & Leisure) | | 1,632 | | 28,038 | |
Tootsie Roll Industries, Inc. (Food Products) | | 192 | | 5,923 | |
Transocean, Ltd.* (Energy Equipment & Services) | | 8,160 | | 109,670 | |
TreeHouse Foods, Inc.* (Food Products) | | 1,056 | | 55,451 | |
Trinity Industries, Inc. (Machinery) | | 2,784 | | 95,379 | |
Trustmark Corp. (Banks) | | 1,248 | | 40,722 | |
Tupperware Brands Corp. (Household Durables) | | 576 | | 23,754 | |
UGI Corp. (Gas Utilities) | | 3,168 | | 164,958 | |
UMB Financial Corp. (Banks) | | 864 | | | 65,863 | |
Umpqua Holdings Corp. (Banks) | | 4,128 | | 93,252 | |
United Bankshares, Inc. (Banks) | | 1,920 | | 69,888 | |
United Natural Foods, Inc.* (Food & Staples Retailing) | | 960 | | 40,954 | |
United States Steel Corp. (Metals & Mining) | | 3,264 | | 113,424 | |
United Therapeutics Corp.* (Biotechnology) | | 288 | | 32,587 | |
Uniti Group, Inc. (Equity Real Estate Investment Trusts) | | 1,632 | | 32,689 | |
Urban Edge Properties (Equity Real Estate Investment Trusts) | | 864 | | 19,760 | |
Urban Outfitters, Inc.* (Specialty Retail) | | 1,536 | | 68,429 | |
Valley National Bancorp (Banks) | | 4,896 | | 59,535 | |
Valmont Industries, Inc. (Construction & Engineering) | | 288 | | 43,416 | |
Valvoline, Inc. (Chemicals) | | 1,440 | | 31,061 | |
Vectren Corp. (Multi-Utilities) | | 576 | | 41,155 | |
VeriFone Systems, Inc.* (Electronic Equipment, Instruments & Components) | | 2,016 | | 46,005 | |
ViaSat, Inc.* (Communications Equipment) | | 672 | | 44,164 | |
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | | 1,248 | | 28,954 | |
W.R. Berkley Corp. (Insurance) | | 1,824 | | 132,076 | |
Wabtec Corp. (Machinery) | | 960 | | 94,636 | |
Washington Federal, Inc. (Thrifts & Mortgage Finance) | | 960 | | 31,392 | |
Watsco, Inc. (Trading Companies & Distributors) | | 288 | | 51,344 | |
Webster Financial Corp. (Banks) | | 672 | | 42,806 | |
Weingarten Realty Investors (Equity Real Estate Investment Trusts) | | 1,344 | | 41,409 | |
WellCare Health Plans, Inc.* (Health Care Providers & Services) | | 288 | | 70,917 | |
Werner Enterprises, Inc. (Road & Rail) | | 384 | | 14,419 | |
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies) | | 480 | | 47,659 | |
WGL Holdings, Inc. (Gas Utilities) | | 576 | | 51,120 | |
Williams-Sonoma, Inc. (Specialty Retail) | | 1,440 | | 88,386 | |
Wintrust Financial Corp. (Banks) | | 480 | | 41,784 | |
Woodward, Inc. (Machinery) | | 480 | | 36,893 | |
World Fuel Services Corp. (Oil, Gas & Consumable Fuels) | | 1,248 | | 25,472 | |
Worthington Industries, Inc. (Metals & Mining) | | 768 | | 32,233 | |
WPX Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 7,392 | | 133,277 | |
TOTAL COMMON STOCKS (Cost $12,165,011) | | | | 16,036,827 | |
Repurchase Agreements(a) (0.5%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $83,014 | | $ | 83,000 | | $ | 83,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $83,000) | | | | 83,000 | |
TOTAL INVESTMENT SECURITIES (Cost $12,248,011)—100.0% | | | | 16,119,827 | |
Net other assets (liabilities)—NM | | | | (3,784 | ) |
NET ASSETS—100.0% | | | | $ | 16,116,043 | |
| | | | | | | |
See accompanying notes to financial statements.
140 :: ProFund VP Mid-Cap Value :: Financial Statements
* Non-income producing security.
(a) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
ADR American Depositary Receipt
NM Not meaningful, amount is less than 0.05%.
ProFund VP Mid-Cap Value invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Aerospace & Defense | | $ | 81,128 | | 0.5 | % |
Airlines | | 111,147 | | 0.7 | % |
Auto Components | | 63,581 | | 0.4 | % |
Banks | | 1,596,636 | | 10.0 | % |
Beverages | | 28,771 | | 0.2 | % |
Biotechnology | | 32,587 | | 0.2 | % |
Capital Markets | | 126,903 | | 0.8 | % |
Chemicals | | 495,503 | | 3.1 | % |
Commercial Services & Supplies | | 161,794 | | 1.0 | % |
Communications Equipment | | 296,141 | | 1.8 | % |
Construction & Engineering | | 289,981 | | 1.8 | % |
Consumer Finance | | 93,473 | | 0.6 | % |
Containers & Packaging | | 318,505 | | 2.0 | % |
Diversified Consumer Services | | 111,677 | | 0.7 | % |
Electric Utilities | | 304,813 | | 1.9 | % |
Electrical Equipment | | 342,440 | | 2.1 | % |
Electronic Equipment, Instruments & Components | | 528,765 | | 3.3 | % |
Energy Equipment & Services | | 606,343 | | 3.8 | % |
Equity Real Estate Investment Trusts | | 1,685,238 | | 10.4 | % |
Food & Staples Retailing | | 111,567 | | 0.7 | % |
Food Products | | 364,739 | | 2.2 | % |
Gas Utilities | | 636,923 | | 3.9 | % |
Health Care Equipment & Supplies | | 242,977 | | 1.5 | % |
Health Care Providers & Services | | 352,174 | | 2.3 | % |
Health Care Technology | | 19,584 | | 0.1 | % |
Hotels, Restaurants & Leisure | | 248,457 | | 1.5 | % |
Household Durables | | 75,172 | | 0.5 | % |
Household Products | | 36,265 | | 0.2 | % |
Industrial Conglomerates | | 62,387 | | 0.4 | % |
Insurance | | 1,021,840 | | 6.3 | % |
Internet Software & Services | | 16,353 | | 0.1 | % |
IT Services | | 412,548 | | 2.6 | % |
Leisure Products | | 55,711 | | 0.3 | % |
Life Sciences Tools & Services | | 49,526 | | 0.3 | % |
Machinery | | 602,492 | | 3.8 | % |
Marine | | 80,256 | | 0.5 | % |
Media | | 247,418 | | 1.5 | % |
Metals & Mining | | 660,318 | | 4.1 | % |
Multiline Retail | | 68,375 | | 0.4 | % |
Multi-Utilities | | 259,501 | | 1.6 | % |
Oil, Gas & Consumable Fuels | | 1,035,544 | | 6.4 | % |
Paper & Forest Products | | 54,996 | | 0.3 | % |
Personal Products | | 93,479 | | 0.6 | % |
Pharmaceuticals | | 39,715 | | 0.2 | % |
Professional Services | | 142,726 | | 0.9 | % |
Real Estate Management & Development | | 77,133 | | 0.5 | % |
Road & Rail | | 296,233 | | 1.8 | % |
Semiconductors & Semiconductor Equipment | | 153,086 | | 0.9 | % |
Software | | 154,955 | | 1.0 | % |
Specialty Retail | | 566,834 | | 3.6 | % |
Technology Hardware, Storage & Peripherals | | 66,196 | | 0.4 | % |
Textiles, Apparel & Luxury Goods | | 63,729 | | 0.4 | % |
Thrifts & Mortgage Finance | | 132,077 | | 0.8 | % |
Trading Companies & Distributors | | 168,828 | | 1.0 | % |
Water Utilities | | 43,905 | | 0.3 | % |
Wireless Telecommunication Services | | 47,382 | | 0.3 | % |
Other** | | 79,216 | | 0.5 | % |
Total | | $ | 16,116,043 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Value :: 141
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | | | |
Total Investment Securities, at cost | | | | $ | 12,248,011 | |
Securities, at value | | | | 16,036,827 | |
Repurchase agreements, at value | | | | 83,000 | |
Total Investment Securities, at value | | | | 16,119,827 | |
Cash | | | | 253 | |
Dividends and interest receivable | | | | 18,897 | |
Receivable for capital shares issued | | | | 9,766 | |
Prepaid expenses | | | | 217 | |
TOTAL ASSETS | | | | 16,148,960 | |
LIABILITIES: | | | | | |
Payable for capital shares redeemed | | | | 349 | |
Advisory fees payable | | | | 9,949 | |
Management services fees payable | | | | 1,327 | |
Administration fees payable | | | | 457 | |
Administrative services fees payable | | | | 5,433 | |
Distribution fees payable | | | | 4,402 | |
Transfer agency fees payable | | | | 752 | |
Fund accounting fees payable | | | | 546 | |
Compliance services fees payable | | | | 86 | |
Other accrued expenses | | | | 9,616 | |
TOTAL LIABILITIES | | | | 32,917 | |
NET ASSETS | | | | $ | 16,116,043 | |
NET ASSETS CONSIST OF: | | | | | |
Capital | | | | $ | 13,654,248 | |
Accumulated net investment income (loss) | | | | 32,185 | |
Accumulated net realized gains (losses) on investments | | | | (1,442,206 | ) |
Net unrealized appreciation (depreciation) on investments | | | | 3,871,816 | |
NET ASSETS | | | | $ | 16,116,043 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | | 390,928 | |
Net Asset Value (offering and redemption price per share) | | | | $ | 41.23 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | | | |
Dividends | | | | $ | 162,784 | |
Interest | | | | 232 | |
Foreign tax withholding | | | | (82 | ) |
TOTAL INVESTMENT INCOME | | | | 162,934 | |
EXPENSES: | | | | | |
Advisory fees | | | | 58,945 | |
Management services fees | | | | 7,859 | |
Administration fees | | | | 3,018 | |
Transfer agency fees | | | | 4,560 | |
Administrative services fees | | | | 26,441 | |
Distribution fees | | | | 19,648 | |
Custody fees | | | | 1,685 | |
Fund accounting fees | | | | 4,406 | |
Trustee fees | | | | 273 | |
Compliance services fees | | | | 97 | |
Other fees | | | | 7,623 | |
Total Gross Expenses before reductions | | | | 134,555 | |
Expenses reduced and reimbursed by the Advisor | | | | (2,519 | ) |
TOTAL NET EXPENSES | | | | 132,036 | |
NET INVESTMENT INCOME (LOSS) | | | | 30,898 | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | | |
Net realized gains (losses) on investment securities | | | | 243,382 | |
Change in net unrealized appreciation/depreciation on investment securities | | | | (74,054 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | | 169,328 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | | | $ | 200,226 | |
See accompanying notes to financial statements.
142 :: ProFund VP Mid-Cap Value :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 30,898 | | $ | 13,420 | |
Net realized gains (losses) on investments | | 243,382 | | 3,123,657 | |
Change in net unrealized appreciation/depreciation on investments | | (74,054 | ) | (1,231,118 | ) |
Change in net assets resulting from operations | | 200,226 | | 1,905,959 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net investment income | | (16,516 | ) | (51,706 | ) |
Net realized gains on investments | | (2,076,344 | ) | (1,023,717 | ) |
Change in net assets resulting from distributions | | (2,092,860 | ) | (1,075,423 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 2,408,356 | | 7,289,289 | |
Distributions reinvested | | 2,092,860 | | 1,075,423 | |
Value of shares redeemed | | (2,956,666 | ) | (22,772,733 | ) |
Change in net assets resulting from capital transactions | | 1,544,550 | | (14,408,021 | ) |
Change in net assets | | (348,084 | ) | (13,577,485 | ) |
NET ASSETS: | | | | | |
Beginning of period | | 16,464,127 | | 30,041,612 | |
End of period | | $ | 16,116,043 | | $ | 16,464,127 | |
Accumulated net investment income (loss) | | $ | 32,185 | | $ | 17,803 | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 52,446 | | 158,919 | |
Reinvested | | 50,092 | | 23,936 | |
Redeemed | | (64,841 | ) | (496,969 | ) |
Change in shares | | 37,697 | | (314,114 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Mid-Cap Value :: 143
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended | | | | | | | | | | | |
| | Jun. 30, 2018 | | Year Ended | | Year Ended | | Year Ended | | Year Ended | | Year Ended | |
| | (unaudited) | | Dec. 31, 2017 | | Dec. 31, 2016 | | Dec. 31, 2015 | | Dec. 31, 2014 | | Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 46.61 | | $ | 45.02 | | $ | 36.86 | | $ | 42.11 | | $ | 38.26 | | $ | 29.04 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | 0.09 | | 0.03 | | 0.11 | | 0.08 | | 0.04 | | 0.04 | |
Net realized and unrealized gains (losses) on investments | | 0.65 | | 4.63 | | 8.80 | | (3.35 | ) | 3.85 | | 9.28 | |
Total income (loss) from investment activities | | 0.74 | | 4.66 | | 8.91 | | (3.27 | ) | 3.89 | | 9.32 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | (0.05 | ) | (0.15 | ) | (0.08 | ) | (0.05 | ) | (0.04 | ) | (0.10 | ) |
Net realized gains on investments | | (6.07 | ) | (2.92 | ) | (0.67 | ) | (1.93 | ) | — | | — | |
Total distributions | | (6.12 | ) | (3.07 | ) | (0.75 | ) | (1.98 | ) | (0.04 | ) | (0.10 | ) |
Net Asset Value, End of Period | | $ | 41.23 | | $ | 46.61 | | $ | 45.02 | | $ | 36.86 | | $ | 42.11 | | $ | 38.26 | |
Total Return(b) | | 1.42 | % | 10.61 | % | 24.34 | % | (8.22 | )% | 10.19 | % | 32.16 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.71 | % | 1.70 | % | 1.70 | % | 1.71 | % | 1.79 | % | 1.83 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | 0.39 | % | 0.07 | % | 0.27 | % | 0.20 | % | 0.10 | % | 0.11 | % |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 16,116 | | $ | 16,464 | | $ | 30,042 | | $ | 14,777 | | $ | 19,023 | | $ | 28,404 | |
Portfolio turnover rate(b)(d) | | 22 | % | 66 | % | 181 | % | 183 | % | 189 | % | 185 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
144 :: ProFund VP NASDAQ-100 :: Financial Statements
Investment Objective: The ProFund VP NASDAQ-100 seeks investment results, before fees and expenses, that correspond to the performance of the NASDAQ-100® Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 64 | % |
Futures Contracts | | 15 | % |
Swap Agreements | | 21 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
Apple, Inc. | | 7.3 | % |
Amazon.com, Inc. | | 6.6 | % |
Microsoft Corp. | | 6.1 | % |
Alphabet, Inc. | | 5.9 | % |
Facebook, Inc. | | 3.8 | % |
NASDAQ-100 Index — Composition
| | % of Index | |
Information Technology | | 61 | % |
Consumer Discretionary | | 23 | % |
Health Care | | 9 | % |
Consumer Staples | | 4 | % |
Industrials | | 2 | % |
Telecommunication Services | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (64.2%)
| | Shares | | Value | |
Activision Blizzard, Inc. (Software) | | 4,740 | | $ | 361,756 | |
Adobe Systems, Inc.* (Software) | | 3,060 | | 746,058 | |
Alexion Pharmaceuticals, Inc.* (Biotechnology) | | 1,380 | | 171,327 | |
Align Technology, Inc.* (Health Care Equipment & Supplies) | | 510 | | 174,491 | |
Alphabet, Inc.*—Class A (Internet Software & Services) | | 1,860 | | 2,100,293 | |
Alphabet, Inc.*—Class C (Internet Software & Services) | | 2,190 | | 2,443,274 | |
Amazon.com, Inc.* (Internet & Direct Marketing Retail) | | 3,030 | | 5,150,394 | |
American Airlines Group, Inc. (Airlines) | | 2,910 | | 110,464 | |
Amgen, Inc. (Biotechnology) | | 4,140 | | 764,203 | |
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | | 2,310 | | 221,575 | |
Apple, Inc. (Technology Hardware, Storage & Peripherals) | | 30,690 | | 5,681,026 | |
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | | 6,300 | | 290,997 | |
ASML Holding N.V.NYS (Semiconductors & Semiconductor Equipment) | | 480 | | 95,026 | |
Autodesk, Inc.* (Software) | | 1,380 | | 180,904 | |
Automatic Data Processing, Inc. (IT Services) | | 2,760 | | 370,226 | |
Baidu, Inc.*ADR (Internet Software & Services) | | 1,740 | | 422,820 | |
Biogen, Inc.* (Biotechnology) | | 1,320 | | 383,117 | |
BioMarin Pharmaceutical, Inc.* (Biotechnology) | | 1,110 | | 104,562 | |
Booking Holdings, Inc.* (Internet & Direct Marketing Retail) | | 300 | | 608,127 | |
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | | 2,550 | | 618,732 | |
CA, Inc. (Software) | | 2,610 | | 93,047 | |
Cadence Design Systems, Inc.* (Software) | | 1,770 | | 76,659 | |
Celgene Corp.* (Biotechnology) | | 4,530 | | 359,773 | |
Cerner Corp.* (Health Care Technology) | | 2,070 | | 123,765 | |
Charter Communications, Inc.*—Class A (Media) | | 1,470 | | 431,019 | |
Check Point Software Technologies, Ltd.* (Software) | | 990 | | | 96,703 | |
Cintas Corp. (Commercial Services & Supplies) | | 660 | | 122,146 | |
Cisco Systems, Inc. (Communications Equipment) | | 29,370 | | 1,263,791 | |
Citrix Systems, Inc.* (Software) | | 840 | | 88,066 | |
Cognizant Technology Solutions Corp. (IT Services) | | 3,660 | | 289,103 | |
Comcast Corp.—Class A (Media) | | 28,680 | | 940,990 | |
Costco Wholesale Corp. (Food & Staples Retailing) | | 2,730 | | 570,516 | |
CSX Corp. (Road & Rail) | | 5,460 | | 348,238 | |
Ctrip.com International, Ltd.*ADR (Internet & Direct Marketing Retail) | | 2,910 | | 138,603 | |
Dentsply Sirona, Inc. (Health Care Equipment & Supplies) | | 1,410 | | 61,716 | |
Dish Network Corp.*—Class A (Media) | | 1,440 | | 48,398 | |
Dollar Tree, Inc.* (Multiline Retail) | | 1,470 | | 124,950 | |
eBay, Inc.* (Internet Software & Services) | | 6,210 | | 225,175 | |
Electronic Arts, Inc.* (Software) | | 1,920 | | 270,758 | |
Expedia, Inc. (Internet & Direct Marketing Retail) | | 870 | | 104,565 | |
Express Scripts Holding Co.* (Health Care Providers & Services) | | 3,510 | | 271,008 | |
Facebook, Inc.*—Class A (Internet Software & Services) | | 14,970 | | 2,908,969 | |
Fastenal Co. (Trading Companies & Distributors) | | 1,800 | | 86,634 | |
Fiserv, Inc.* (IT Services) | | 2,550 | | 188,930 | |
Gilead Sciences, Inc. (Biotechnology) | | 8,130 | | 575,929 | |
Hasbro, Inc. (Leisure Products) | | 780 | | 72,002 | |
Henry Schein, Inc.* (Health Care Providers & Services) | | 960 | | 69,734 | |
Hologic, Inc.* (Health Care Equipment & Supplies) | | 1,710 | | 67,973 | |
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | | 540 | | 117,688 | |
Illumina, Inc.* (Life Sciences Tools & Services) | | 930 | | 259,740 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP NASDAQ-100 :: 145
Common Stocks, continued
| | Shares | | Value | |
Incyte Corp.* (Biotechnology) | | 1,320 | | $ | 88,440 | |
Intel Corp. (Semiconductors & Semiconductor Equipment) | | 29,100 | | 1,446,562 | |
Intuit, Inc. (Software) | | 1,590 | | 324,845 | |
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | | 720 | | 344,505 | |
J.B. Hunt Transport Services, Inc. (Road & Rail) | | 690 | | 83,870 | |
JD.com, Inc.*ADR (Internet & Direct Marketing Retail) | | 5,760 | | 224,352 | |
KLA-Tencor Corp. (Semiconductors & Semiconductor Equipment) | | 960 | | 98,429 | |
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | | 1,020 | | 176,307 | |
Liberty Global PLC*—Class A (Media) | | 1,350 | | 37,179 | |
Liberty Global PLC*—Class C (Media) | | 3,570 | | 94,998 | |
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | | 2,220 | | 281,052 | |
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment) | | 1,740 | | 102,068 | |
Mercadolibre, Inc. (Internet Software & Services) | | 270 | | 80,711 | |
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | | 1,470 | | 133,697 | |
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | 7,230 | | 379,141 | |
Microsoft Corp. (Software) | | 47,970 | | 4,730,321 | |
Mondelez International, Inc.—Class A (Food Products) | | 9,210 | | 377,610 | |
Monster Beverage Corp.* (Beverages) | | 3,510 | | 201,123 | |
Mylan N.V.* (Pharmaceuticals) | | 3,210 | | 116,009 | |
Netease.com, Inc.ADR (Internet Software & Services) | | 480 | | 121,282 | |
Netflix, Inc.* (Internet & Direct Marketing Retail) | | 2,700 | | 1,056,861 | |
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | | 3,780 | | 895,482 | |
O’Reilly Automotive, Inc.* (Specialty Retail) | | 510 | | 139,521 | |
PACCAR, Inc. (Machinery) | | 2,190 | | 135,692 | |
Paychex, Inc. (IT Services) | | 2,250 | | 153,788 | |
PayPal Holdings, Inc.* (IT Services) | | 7,410 | | 617,031 | |
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | | 9,270 | | 520,232 | |
Qurate Retail, Inc.*—Class A (Health Care Providers & Services) | | 2,760 | | 58,567 | |
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | | 660 | | 227,693 | |
Ross Stores, Inc. (Specialty Retail) | | 2,370 | | 200,858 | |
Seagate Technology PLC (Technology Hardware, Storage & Peripherals) | | 1,800 | | 101,646 | |
Shire Pharmaceuticals Group PLCADR (Biotechnology) | | 420 | | 70,896 | |
Sirius XM Holdings, Inc. (Media) | | 27,960 | | 189,289 | |
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | | 1,140 | | 110,181 | |
Starbucks Corp. (Hotels, Restaurants & Leisure) | | 8,610 | | 420,598 | |
Symantec Corp. (Software) | | 3,870 | | 79,916 | |
Synopsys, Inc.* (Software) | | 930 | | 79,580 | |
Take-Two Interactive Software, Inc.* (Software) | | 720 | | | 85,219 | |
Tesla Motors, Inc.* (Automobiles) | | 1,050 | | 360,098 | |
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | 6,120 | | 674,730 | |
The Kraft Heinz Co. (Food Products) | | 7,620 | | 478,688 | |
T-Mobile U.S., Inc.* (Wireless Telecommunication Services) | | 5,280 | | 315,480 | |
Twenty-First Century Fox, Inc.—Class A (Media) | | 6,570 | | 326,463 | |
Twenty-First Century Fox, Inc.—Class B (Media) | | 4,980 | | 245,365 | |
Ulta Salon, Cosmetics & Fragrance, Inc.* (Specialty Retail) | | 390 | | 91,049 | |
Verisk Analytics, Inc.*—Class A (Professional Services) | | 1,020 | | 109,793 | |
Vertex Pharmaceuticals, Inc.* (Biotechnology) | | 1,590 | | 270,236 | |
Vodafone Group PLCADR (Wireless Telecommunication Services) | | 2,970 | | 72,201 | |
Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | | 6,180 | | 370,893 | |
Western Digital Corp. (Technology Hardware, Storage & Peripherals) | | 1,860 | | 143,983 | |
Workday, Inc.*—Class A (Software) | | 900 | | 109,008 | |
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure) | | 690 | | 115,465 | |
Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | | 1,590 | | 103,763 | |
TOTAL COMMON STOCKS (Cost $12,785,788) | | | | 49,768,726 | |
Repurchase Agreements(a)(b) (34.1%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $26,426,315 | | $ | 26,422,000 | | $ | 26,422,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $26,422,000) | | | | 26,422,000 | |
TOTAL INVESTMENT SECURITIES (Cost $39,207,788)—98.3% | | | | 76,190,726 | |
Net other assets (liabilities)—1.7% | | | | 1,329,083 | |
NET ASSETS—100.0% | | | | $ | 77,519,809 | |
| | | | | | | |
* | Non-income producing security. |
(a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $1,610,000. |
(b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
ADR | American Depositary Receipt |
NYS | New York Shares |
See accompanying notes to financial statements.
146 :: ProFund VP NASDAQ-100 :: Financial Statements
Futures Contracts Purchased
| | Number of Contracts | | Expiration Date | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
E-Mini NASDAQ-100 Futures Contracts | | 80 | | 9/24/18 | | $ | 11,300,400 | | $ | (181,912 | ) |
| | | | | | | | | | | |
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
NASDAQ-100 Index | | Goldman Sachs International | | 7/27/18 | | 2.53 | % | $ | 7,374,369 | | $ | 73,930 | |
NASDAQ-100 Index | | UBS AG | | 7/27/18 | | 2.48 | % | 9,094,447 | | 83,896 | |
| | | | | | | | $ | 16,468,816 | | $ | 157,826 | |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
ProFund VP NASDAQ-100 invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Airlines | | $ | 110,464 | | 0.1 | % |
Automobiles | | 360,098 | | 0.5 | % |
Beverages | | 201,123 | | 0.3 | % |
Biotechnology | | 3,016,176 | | 3.9 | % |
Commercial Services & Supplies | | 122,146 | | 0.2 | % |
Communications Equipment | | 1,263,791 | | 1.6 | % |
Food & Staples Retailing | | 941,409 | | 1.2 | % |
Food Products | | 856,298 | | 1.1 | % |
Health Care Equipment & Supplies | | 766,373 | | 1.0 | % |
Health Care Providers & Services | | 399,309 | | 0.5 | % |
Health Care Technology | | 123,765 | | 0.2 | % |
Hotels, Restaurants & Leisure | | 817,115 | | 1.1 | % |
Internet & Direct Marketing Retail | | 7,282,902 | | 9.3 | % |
Internet Software & Services | | 8,302,524 | | 10.8 | % |
IT Services | | 1,619,078 | | 2.1 | % |
Leisure Products | | 72,002 | | 0.1 | % |
Life Sciences Tools & Services | | 259,740 | | 0.3 | % |
Machinery | | 135,692 | | 0.2 | % |
Media | | 2,313,701 | | 2.9 | % |
Multiline Retail | | 124,950 | | 0.2 | % |
Pharmaceuticals | | 116,009 | | 0.1 | % |
Professional Services | | 109,793 | | 0.1 | % |
Road & Rail | | 432,108 | | 0.6 | % |
Semiconductors & Semiconductor Equipment | | 5,866,922 | | 7.6 | % |
Software | | 7,322,840 | | 9.4 | % |
Specialty Retail | | 431,428 | | 0.6 | % |
Technology Hardware, Storage & Peripherals | | 5,926,655 | | 7.6 | % |
Trading Companies & Distributors | | 86,634 | | 0.1 | % |
Wireless Telecommunication Services | | 387,681 | | 0.5 | % |
Other** | | 27,751,083 | | 35.8 | % |
Total | | $ | 77,519,809 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP NASDAQ-100 :: 147
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 39,207,788 | |
Securities, at value | | 49,768,726 | |
Repurchase agreements, at value | | 26,422,000 | |
Total Investment Securities, at value | | 76,190,726 | |
Cash | | 702 | |
Segregated cash balances with brokers | | 510,400 | |
Dividends and interest receivable | | 12,533 | |
Unrealized appreciation on swap agreements | | 157,826 | |
Receivable for capital shares issued | | 1,000,690 | |
Variation margin on futures contracts | | 3,600 | |
Prepaid expenses | | 982 | |
TOTAL ASSETS | | 77,877,459 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 139,074 | |
Advisory fees payable | | 49,170 | |
Management services fees payable | | 6,556 | |
Administration fees payable | | 2,235 | |
Administrative services fees payable | | 37,489 | |
Distribution fees payable | | 38,676 | |
Trustee fees payable | | 18 | |
Transfer agency fees payable | | 3,679 | |
Fund accounting fees payable | | 2,672 | |
Compliance services fees payable | | 441 | |
Other accrued expenses | | 77,640 | |
TOTAL LIABILITIES | | 357,650 | |
NET ASSETS | | $ | 77,519,809 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 39,133,403 | |
Accumulated net investment income (loss) | | (180,680 | ) |
Accumulated net realized gains (losses) on investments | | 1,608,234 | |
Net unrealized appreciation (depreciation) on investments | | 36,958,852 | |
NET ASSETS | | $ | 77,519,809 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 1,822,335 | |
Net Asset Value (offering and redemption price per share) | | $ | 42.54 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 251,444 | |
Interest | | 207,248 | |
TOTAL INVESTMENT INCOME | | 458,692 | |
EXPENSES: | | | |
Advisory fees | | 286,281 | |
Management services fees | | 38,170 | |
Administration fees | | 12,655 | |
Transfer agency fees | | 19,132 | |
Administrative services fees | | 100,265 | |
Distribution fees | | 95,427 | |
Custody fees | | 5,109 | |
Fund accounting fees | | 14,415 | |
Trustee fees | | 1,108 | |
Compliance services fees | | 441 | |
Other fees | | 34,766 | |
Recoupment of prior expenses reduced by the Advisor | | 33,500 | |
TOTAL NET EXPENSES | | 641,269 | |
NET INVESTMENT INCOME (LOSS) | | (182,577 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 356,902 | |
Net realized gains (losses) on futures contracts | | 1,475,834 | |
Net realized gains (losses) on swap agreements | | 1,645,864 | |
Change in net unrealized appreciation/depreciation on investment securities | | 4,197,149 | |
Change in net unrealized appreciation/depreciation on futures contracts | | (375,803 | ) |
Change in net unrealized appreciation/depreciation on swap agreements | | 240,741 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | 7,540,687 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 7,358,110 | |
See accompanying notes to financial statements.
148 :: ProFund VP NASDAQ-100 :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (182,577 | ) | $ | (469,342 | ) |
Net realized gains (losses) on investments | | 3,478,600 | | 7,343,620 | |
Change in net unrealized appreciation/depreciation on investments | | 4,062,087 | | 10,652,542 | |
Change in net assets resulting from operations | | 7,358,110 | | 17,526,820 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net realized gains on investments | | (7,021,293 | ) | (282,363 | ) |
Change in net assets resulting from distributions | | (7,021,293 | ) | (282,363 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 100,352,497 | | 205,080,830 | |
Distributions reinvested | | 7,021,293 | | 282,363 | |
Value of shares redeemed | | (104,098,270 | ) | (209,199,217 | ) |
Change in net assets resulting from capital transactions | | 3,275,520 | | (3,836,024 | ) |
Change in net assets | | 3,612,337 | | 13,408,433 | |
NET ASSETS: | | | | | |
Beginning of period | | 73,907,472 | | 60,499,039 | |
End of period | | $ | 77,519,809 | | $ | 73,907,472 | |
Accumulated net investment income (loss) | | $ | (180,680 | ) | $ | 1,897 | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 2,247,514 | | 5,294,726 | |
Reinvested | | 160,707 | | 7,034 | |
Redeemed | | (2,315,086 | ) | (5,411,146 | ) |
Change in shares | | 93,135 | | (109,386 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP NASDAQ-100 :: 149
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 42.74 | | $ | 32.91 | | $ | 32.56 | | $ | 34.41 | | $ | 30.48 | | $ | 22.70 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | (0.11 | ) | (0.26 | ) | (0.26 | ) | (0.33 | ) | (0.30 | ) | (0.23 | ) |
Net realized and unrealized gains (losses) on investments | | 4.33 | | 10.24 | | 1.97 | | 2.74 | | 5.33 | | 8.01 | |
Total income (loss) from investment activities | | 4.22 | | 9.98 | | 1.71 | | 2.41 | | 5.03 | | 7.78 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net realized gains on investments | | (4.42 | ) | (0.15 | ) | (1.36 | ) | (4.26 | ) | (1.10 | ) | — | |
Net Asset Value, End of Period | | $ | 42.54 | | $ | 42.74 | | $ | 32.91 | | $ | 32.56 | | $ | 34.41 | | $ | 30.48 | |
Total Return(b) | | 9.60 | % | 30.37 | % | 5.26 | % | 7.45 | % | 17.01 | % | 34.27 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.68 | %(d) | 1.71 | % | 1.73 | % | 1.74 | % | 1.74 | % | 1.74 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | (0.48 | )% | (0.68 | )% | (0.82 | )% | (0.99 | )% | (0.94 | )% | (0.89 | )% |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 77,520 | | $ | 73,907 | | $ | 60,499 | | $ | 77,454 | | $ | 86,907 | | $ | 62,389 | |
Portfolio turnover rate(b)(e) | | 1 | % | 4 | % | 4 | % | 9 | % | 6 | % | 11 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) The gross expense ratio includes a non-recurring fee reduction for expenses accrued in a prior year. Had this fee reduction not occurred, the gross expense ratio would have been 1.69%. The net expense ratio, net investment income (loss) ratio, and total return were not affected by the fee reduction.
(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
150 :: ProFund VP Oil & Gas :: Financial Statements
Investment Objective: The ProFund VP Oil & Gas seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Oil & Gas Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 100 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
Exxon Mobil Corp. | | 21.4 | % |
Chevron Corp. | | 14.7 | % |
Schlumberger, Ltd. | | 5.7 | % |
ConocoPhillips | | 5.0 | % |
EOG Resources, Inc. | | 4.4 | % |
Dow Jones U.S. Oil & Gas Index — Composition
| | % of Index | |
Oil, Gas & Consumable Fuels | | 86 | % |
Energy Equipment & Services | | 14 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.5%)
| | Shares | | Value | |
Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels) | | 12,442 | | $ | 911,377 | |
Andeavor (Oil, Gas & Consumable Fuels) | | 3,358 | | 440,502 | |
Antero Resources Corp.* (Oil, Gas & Consumable Fuels) | | 5,210 | | 111,234 | |
Apache Corp. (Oil, Gas & Consumable Fuels) | | 9,230 | | 431,503 | |
Apergy Corp.* (Energy Equipment & Services) | | 1,873 | | 78,198 | |
Baker Hughes, Inc.—Class A (Energy Equipment & Services) | | 10,062 | | 332,348 | |
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels) | | 10,908 | | 259,610 | |
Cheniere Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 5,003 | | 326,146 | |
Chesapeake Energy Corp.* (Oil, Gas & Consumable Fuels) | | 22,031 | | 115,442 | |
Chevron Corp. (Oil, Gas & Consumable Fuels) | | 46,171 | | 5,837,400 | |
Cimarex Energy Co. (Oil, Gas & Consumable Fuels) | | 2,305 | | 234,511 | |
CNX Resources Corp.* (Oil, Gas & Consumable Fuels) | | 4,742 | | 84,313 | |
Concho Resources, Inc.* (Oil, Gas & Consumable Fuels) | | 3,603 | | 498,475 | |
ConocoPhillips (Oil, Gas & Consumable Fuels) | | 28,270 | | 1,968,157 | |
Continental Resources, Inc.* (Oil, Gas & Consumable Fuels) | | 2,087 | | 135,154 | |
Core Laboratories N.V. (Energy Equipment & Services) | | 1,065 | | 134,414 | |
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | | 12,644 | | 555,830 | |
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | | 2,385 | | 313,794 | |
Dril-Quip, Inc.* (Energy Equipment & Services) | | 923 | | 47,442 | |
Energen Corp.* (Oil, Gas & Consumable Fuels) | | 2,355 | | 171,491 | |
Ensco PLCADR—Class A (Energy Equipment & Services) | | 10,561 | | 76,673 | |
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | | 13,987 | | 1,740,402 | |
EQT Corp. (Oil, Gas & Consumable Fuels) | | 6,094 | | 336,267 | |
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | | 102,291 | | 8,462,533 | |
First Solar, Inc.* (Semiconductors & Semiconductor Equipment) | | 1,975 | | 104,004 | |
Gulfport Energy Corp.* (Oil, Gas & Consumable Fuels) | | 3,777 | | 47,477 | |
Halliburton Co. (Energy Equipment & Services) | | 21,166 | | 953,739 | |
Helmerich & Payne, Inc. (Energy Equipment & Services) | | 2,629 | | 167,625 | |
Hess Corp. (Oil, Gas & Consumable Fuels) | | 6,329 | | 423,347 | |
HollyFrontier Corp. (Oil, Gas & Consumable Fuels) | | 4,264 | | 291,786 | |
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | | 45,840 | | 809,993 | |
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | | 20,615 | | 430,029 | |
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | | 11,162 | | 783,126 | |
Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | | 3,930 | | 132,716 | |
Nabors Industries, Ltd. (Energy Equipment & Services) | | 8,512 | | 54,562 | |
National Oilwell Varco, Inc. (Energy Equipment & Services) | | 9,227 | | 400,452 | |
Newfield Exploration Co.* (Oil, Gas & Consumable Fuels) | | 4,825 | | 145,956 | |
Noble Energy, Inc. (Oil, Gas & Consumable Fuels) | | 11,707 | | 413,023 | |
Oasis Petroleum, Inc.* (Oil, Gas & Consumable Fuels) | | 6,440 | | 83,527 | |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | | 18,505 | | 1,548,498 | |
Oceaneering International, Inc. (Energy Equipment & Services) | | 2,383 | | 60,671 | |
OGE Energy Corp. (Electric Utilities) | | 4,825 | | 169,888 | |
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | | 9,929 | | 693,342 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Oil & Gas :: 151
Common Stocks, continued
| | Shares | | Value | |
Parsley Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels) | | 6,220 | | $ | 188,342 | |
Patterson-UTI Energy, Inc. (Energy Equipment & Services) | | 5,359 | | 96,462 | |
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels) | | 2,713 | | 113,756 | |
PDC Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 1,596 | | 96,478 | |
Phillips 66 (Oil, Gas & Consumable Fuels) | | 10,138 | | 1,138,599 | |
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | | 4,118 | | 779,290 | |
QEP Resources, Inc.* (Oil, Gas & Consumable Fuels) | | 5,744 | | 70,421 | |
Range Resources Corp. (Oil, Gas & Consumable Fuels) | | 5,477 | | 91,630 | |
Rowan Cos. PLC*—Class A (Energy Equipment & Services) | | 2,762 | | 44,800 | |
RSP Permian, Inc.* (Oil, Gas & Consumable Fuels) | | 3,043 | | 133,953 | |
Schlumberger, Ltd. (Energy Equipment & Services) | | 33,466 | | 2,243,225 | |
SemGroup Corp.—Class A (Oil, Gas & Consumable Fuels) | | 1,604 | | 40,742 | |
SM Energy Co. (Oil, Gas & Consumable Fuels) | | 2,482 | | 63,763 | |
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels) | | 12,334 | | 65,370 | |
Superior Energy Services, Inc.* (Energy Equipment & Services) | | 3,725 | | 36,282 | |
Targa Resources Corp. (Oil, Gas & Consumable Fuels) | | 5,300 | | 262,297 | |
TechnipFMC PLC (Energy Equipment & Services) | | 10,484 | | 332,762 | |
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | | 19,996 | | 542,092 | |
Transocean, Ltd.* (Energy Equipment & Services) | | 10,599 | | 142,451 | |
U.S. Silica Holdings, Inc. (Energy Equipment & Services) | | 1,880 | | 48,297 | |
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | | 10,413 | | 1,154,073 | |
Weatherford International PLC* (Energy Equipment & Services) | | 24,079 | | 79,220 | |
Whiting Petroleum Corp.* (Oil, Gas & Consumable Fuels) | | 2,199 | | 115,931 | |
World Fuel Services Corp. (Oil, Gas & Consumable Fuels) | | 1,637 | | 33,411 | |
WPX Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 9,655 | | 174,080 | |
TOTAL COMMON STOCKS (Cost $15,065,394) | | | | 39,404,704 | |
| | | | | | |
Repurchase Agreements(a) (0.5%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $205,033 | | $ | 205,000 | | $ | 205,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $205,000) | | | | 205,000 | |
TOTAL INVESTMENT SECURITIES (Cost $15,270,394)—100.0% | | | | 39,609,704 | |
Net other assets (liabilities)—NM | | | | (11,538 | ) |
NET ASSETS—100.0% | | | | $ | 39,598,166 | |
| | | | | | | |
* Non-income producing security.
(a) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
ADR American Depositary Receipt
NM Not meaningful, amount is less than 0.05%.
ProFund VP Oil & Gas invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Electric Utilities | | $ | 169,888 | | 0.4 | % |
Energy Equipment & Services | | 5,329,623 | | 13.5 | % |
Oil, Gas & Consumable Fuels | | 33,801,189 | | 85.3 | % |
Semiconductors & Semiconductor Equipment | | 104,004 | | 0.3 | % |
Other** | | 193,462 | | 0.5 | % |
Total | | $ | 39,598,166 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
See accompanying notes to financial statements.
152 :: ProFund VP Oil & Gas :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 15,270,394 | |
Securities, at value | | 39,404,704 | |
Repurchase agreements, at value | | 205,000 | |
Total Investment Securities, at value | | 39,609,704 | |
Cash | | 507 | |
Dividends and interest receivable | | 32,570 | |
Receivable for capital shares issued | | 86,767 | |
Prepaid expenses | | 482 | |
TOTAL ASSETS | | 39,730,030 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 22,214 | |
Advisory fees payable | | 24,730 | |
Management services fees payable | | 3,297 | |
Administration fees payable | | 1,127 | |
Administrative services fees payable | | 18,238 | |
Distribution fees payable | | 17,780 | |
Trustee fees payable | | 9 | |
Transfer agency fees payable | | 1,854 | |
Fund accounting fees payable | | 1,347 | |
Compliance services fees payable | | 208 | |
Other accrued expenses | | 41,060 | |
TOTAL LIABILITIES | | 131,864 | |
NET ASSETS | | $ | 39,598,166 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 22,240,557 | |
Accumulated net investment income (loss) | | 224,782 | |
Accumulated net realized gains (losses) on investments | | (7,206,483 | ) |
Net unrealized appreciation (depreciation) on investments | | 24,339,310 | |
NET ASSETS | | $ | 39,598,166 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 1,022,650 | |
Net Asset Value (offering and redemption price per share) | | $ | 38.72 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 535,829 | |
Interest | | 614 | |
Foreign tax withholding | | (198 | ) |
TOTAL INVESTMENT INCOME | | 536,245 | |
EXPENSES: | | | |
Advisory fees | | 149,098 | |
Management services fees | | 19,880 | |
Administration fees | | 5,338 | |
Transfer agency fees | | 8,059 | |
Administrative services fees | | 53,023 | |
Distribution fees | | 49,699 | |
Custody fees | | 2,727 | |
Fund accounting fees | | 6,110 | |
Trustee fees | | 498 | |
Compliance services fees | | 208 | |
Other fees | | 11,383 | |
Recoupment of prior expenses reduced by the Advisor | | 27,955 | |
TOTAL NET EXPENSES | | 333,978 | |
NET INVESTMENT INCOME (LOSS) | | 202,267 | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 2,273,353 | |
Change in net unrealized appreciation/depreciation on investment securities | | (871,677 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | 1,401,676 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,603,943 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Oil & Gas :: 153
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 202,267 | | $ | 664,278 | |
Net realized gains (losses) on investments | | 2,273,353 | | 983,658 | |
Change in net unrealized appreciation/depreciation on investments | | (871,677 | ) | (4,441,512 | ) |
Change in net assets resulting from operations | | 1,603,943 | | (2,793,576 | ) |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net investment income | | (641,763 | ) | (509,954 | ) |
Change in net assets resulting from distributions | | (641,763 | ) | (509,954 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 20,520,445 | | 25,240,773 | |
Distributions reinvested | | 641,763 | | 509,954 | |
Value of shares redeemed | | (24,389,421 | ) | (35,718,484 | ) |
Change in net assets resulting from capital transactions | | (3,227,213 | ) | (9,967,757 | ) |
Change in net assets | | (2,265,033 | ) | (13,271,287 | ) |
NET ASSETS: | | | | | |
Beginning of period | | 41,863,199 | | 55,134,486 | |
End of period | | $ | 39,598,166 | | $ | 41,863,199 | |
Accumulated net investment income (loss) | | $ | 224,782 | | $ | 664,278 | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 547,590 | | 700,051 | |
Reinvested | | 16,880 | | 14,654 | |
Redeemed | | (675,354 | ) | (1,008,539 | ) |
Change in shares | | (110,884 | ) | (293,834 | ) |
See accompanying notes to financial statements.
154 :: ProFund VP Oil & Gas :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 36.93 | | $ | 38.63 | | $ | 31.52 | | $ | 44.55 | | $ | 53.48 | | $ | 45.02 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | 0.19 | | 0.53 | | 0.37 | | 0.50 | | 0.31 | | 0.21 | |
Net realized and unrealized gains (losses) on investments | | 2.22 | | (1.78 | ) | 7.22 | | (9.97 | ) | (5.51 | ) | 10.34 | |
Total income (loss) from investment activities | | 2.41 | | (1.25 | ) | 7.59 | | (9.47 | ) | (5.20 | ) | 10.55 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | (0.62 | ) | (0.45 | ) | (0.48 | ) | (0.26 | ) | (0.22 | ) | (0.21 | ) |
Net realized gains on investments | | — | | — | | — | | (3.30 | ) | (3.51 | ) | (1.88 | ) |
Total distributions | | (0.62 | ) | (0.45 | ) | (0.48 | ) | (3.56 | ) | (3.73 | ) | (2.09 | ) |
Net Asset Value, End of Period | | $ | 38.72 | | $ | 36.93 | | $ | 38.63 | | $ | 31.52 | | $ | 44.55 | | $ | 53.48 | |
Total Return(b) | | 6.55 | % | (3.17 | )% | 24.18 | % | (23.37 | )% | (10.87 | )% | 24.07 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.68 | %(d) | 1.69 | % | 1.70 | % | 1.70 | % | 1.77 | % | 1.76 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | 1.02 | % | 1.52 | % | 1.07 | % | 1.28 | % | 0.59 | % | 0.43 | % |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 39,598 | | $ | 41,863 | | $ | 55,134 | | $ | 40,300 | | $ | 54,360 | | $ | 58,888 | |
Portfolio turnover rate(b)(e) | | 37 | % | 35 | % | 50 | % | 32 | % | 44 | % | 19 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) The gross expense ratio includes a non-recurring fee reduction for expenses accrued in a prior year. Had this fee reduction not occurred, the gross expense ratio would have been 1.69%. The net expense ratio, net investment income (loss) ratio, and total return were not affected by the fee reduction.
(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Pharmaceuticals :: 155
Investment Objective: The ProFund VP Pharmaceuticals seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Pharmaceuticals Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 63 | % |
Swap Agreements | | 37 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
Johnson & Johnson | | 19.9 | % |
Pfizer, Inc. | | 13.0 | % |
Merck & Co., Inc. | | 10.0 | % |
Bristol-Myers Squibb Co. | | 5.6 | % |
Eli Lilly & Co. | | 5.0 | % |
Dow Jones U.S. Pharmaceuticals Index — Composition
| | % of Index | |
Pharmaceuticals | | 100 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (63.1%)
| | Shares | | Value | |
Akorn, Inc.* (Pharmaceuticals) | | 780 | | $ | 12,940 | |
Allergan PLC (Pharmaceuticals) | | 3,025 | | 504,328 | |
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals) | | 645 | | 10,584 | |
Bristol-Myers Squibb Co. (Pharmaceuticals) | | 14,390 | | 796,343 | |
Catalent, Inc.* (Pharmaceuticals) | | 1,206 | | 50,519 | |
Eli Lilly & Co. (Pharmaceuticals) | | 8,322 | | 710,116 | |
Endo International PLC* (Pharmaceuticals) | | 1,757 | | 16,569 | |
Horizon Pharma PLC* (Pharmaceuticals) | | 1,375 | | 22,770 | |
Jazz Pharmaceuticals PLC* (Pharmaceuticals) | | 579 | | 99,762 | |
Johnson & Johnson (Pharmaceuticals) | | 23,471 | | 2,847,972 | |
Mallinckrodt PLC* (Pharmaceuticals) | | 768 | | 14,331 | |
Merck & Co., Inc. (Pharmaceuticals) | | 23,589 | | 1,431,852 | |
Mylan N.V.* (Pharmaceuticals) | | 4,565 | | 164,979 | |
Pacira Pharmaceuticals, Inc.* (Pharmaceuticals) | | 300 | | 9,615 | |
Perrigo Co. PLC (Pharmaceuticals) | | 1,140 | | 83,117 | |
Pfizer, Inc. (Pharmaceuticals) | | 51,213 | | 1,858,008 | |
Prestige Brands Holdings, Inc.* (Pharmaceuticals) | | 479 | | 18,384 | |
TESARO, Inc.* (Biotechnology) | | 266 | | 11,829 | |
The Medicines Co.* (Pharmaceuticals) | | 503 | | 18,460 | |
Zoetis, Inc. (Pharmaceuticals) | | 4,252 | | 362,228 | |
TOTAL COMMON STOCKS (Cost $3,926,241) | | | | 9,044,706 | |
| | | | | | |
Repurchase Agreements(a) (0.3%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $48,008 | | $ | 48,000 | | $ | 48,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $48,000) | | | | 48,000 | |
TOTAL INVESTMENT SECURITIES (Cost $3,974,241)—63.4% | | | | 9,092,706 | |
Net other assets (liabilities)—36.6% | | | | 5,243,634 | |
NET ASSETS—100.0% | | | | $ | 14,336,340 | |
| | | | | | | |
* Non-income producing security.
(a) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
Dow Jones U.S. Pharmaceuticals Index | | Goldman Sachs International | | 7/23/18 | | 2.48 | % | $ | 5,299,364 | | $ | (636 | ) |
| | | | | | | | | | | | | |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
See accompanying notes to financial statements.
156 :: ProFund VP Pharmaceuticals :: Financial Statements
ProFund VP Pharmaceuticals invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Biotechnology | | $ | 11,829 | | 0.1 | % |
Pharmaceuticals | | 9,032,877 | | 63.0 | % |
Other** | | 5,291,634 | | 36.9 | % |
Total | | $ | 14,336,340 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Pharmaceuticals :: 157
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 3,974,241 | |
Securities, at value | | 9,044,706 | |
Repurchase agreements, at value | | 48,000 | |
Total Investment Securities, at value | | 9,092,706 | |
Cash | | 404 | |
Dividends and interest receivable | | 18,476 | |
Receivable for investments sold | | 5,276,183 | |
Prepaid expenses | | 215 | |
TOTAL ASSETS | | 14,387,984 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 6,128 | |
Unrealized depreciation on swap agreements | | 636 | |
Advisory fees payable | | 9,133 | |
Management services fees payable | | 1,218 | |
Administration fees payable | | 416 | |
Administrative services fees payable | | 7,994 | |
Distribution fees payable | | 7,921 | |
Transfer agency fees payable | | 685 | |
Fund accounting fees payable | | 497 | |
Compliance services fees payable | | 84 | |
Other accrued expenses | | 16,932 | |
TOTAL LIABILITIES | | 51,644 | |
NET ASSETS | | $ | 14,336,340 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 11,510,055 | |
Accumulated net investment income (loss) | | 84,935 | |
Accumulated net realized gains (losses) on investments | | (2,376,479 | ) |
Net unrealized appreciation (depreciation) on investments | | 5,117,829 | |
NET ASSETS | | $ | 14,336,340 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 400,497 | |
Net Asset Value (offering and redemption price per share) | | $ | 35.80 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 215,499 | |
Interest | | 718 | |
TOTAL INVESTMENT INCOME | | 216,217 | |
EXPENSES: | | | |
Advisory fees | | 58,608 | |
Management services fees | | 7,814 | |
Administration fees | | 2,283 | |
Transfer agency fees | | 3,444 | |
Administrative services fees | | 20,800 | |
Distribution fees | | 19,536 | |
Custody fees | | 1,804 | |
Fund accounting fees | | 2,595 | |
Trustee fees | | 210 | |
Compliance services fees | | 84 | |
Other fees | | 3,352 | |
Recoupment of prior expenses reduced by the Advisor | | 10,752 | |
TOTAL NET EXPENSES | | 131,282 | |
NET INVESTMENT INCOME (LOSS) | | 84,935 | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 450,278 | |
Net realized gains (losses) on swap agreements | | (120,821 | ) |
Change in net unrealized appreciation/depreciation on investment securities | | (927,291 | ) |
Change in net unrealized appreciation/depreciation on swap agreements | | 138 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (597,696 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (512,761 | ) |
See accompanying notes to financial statements.
158 :: ProFund VP Pharmaceuticals :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 84,935 | | $ | 168,708 | |
Net realized gains (losses) on investments | | 329,457 | | 1,468,962 | |
Change in net unrealized appreciation/depreciation on investments | | (927,153 | ) | 203,220 | |
Change in net assets resulting from operations | | (512,761 | ) | 1,840,890 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net investment income | | (168,708 | ) | (184,347 | ) |
Net realized gains on investments | | (369,772 | ) | (82,163 | ) |
Change in net assets resulting from distributions | | (538,480 | ) | (266,510 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 10,210,404 | | 11,271,016 | |
Distributions reinvested | | 538,480 | | 266,510 | |
Value of shares redeemed | | (12,639,234 | ) | (15,712,062 | ) |
Change in net assets resulting from capital transactions | | (1,890,350 | ) | (4,174,536 | ) |
Change in net assets | | (2,941,591 | ) | (2,600,156 | ) |
NET ASSETS: | | | | | |
Beginning of period | | 17,277,931 | | 19,878,087 | |
End of period | | $ | 14,336,340 | | $ | 17,277,931 | |
Accumulated net investment income (loss) | | $ | 84,935 | | $ | 168,708 | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 267,286 | | 295,667 | |
Reinvested | | 14,912 | | 6,813 | |
Redeemed | | (330,089 | ) | (415,334 | ) |
Change in shares | | (47,891 | ) | (112,854 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Pharmaceuticals :: 159
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 38.53 | | $ | 35.42 | | $ | 39.47 | | $ | 38.89 | | $ | 34.19 | | $ | 27.62 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | 0.20 | | 0.33 | | 0.29 | | 0.24 | | 0.28 | | 0.35 | |
Net realized and unrealized gains (losses) on investments | | (1.58 | ) | 3.34 | | (1.63 | ) | 1.50 | | 6.16 | | 8.16 | |
Total income (loss) from investment activities | | (1.38 | ) | 3.67 | | (1.34 | ) | 1.74 | | 6.44 | | 8.51 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | (0.42 | ) | (0.39 | ) | (0.38 | ) | (0.19 | ) | (0.29 | ) | (0.52 | ) |
Net realized gains on investments | | (0.93 | ) | (0.17 | ) | (2.33 | ) | (0.97 | ) | (1.45 | ) | (1.42 | ) |
Total distributions | | (1.35 | ) | (0.56 | ) | (2.71 | ) | (1.16 | ) | (1.74 | ) | (1.94 | ) |
Net Asset Value, End of Period | | $ | 35.80 | | $ | 38.53 | | $ | 35.42 | | $ | 39.47 | | $ | 38.89 | | $ | 34.19 | |
Total Return(b) | | (3.64 | )% | 10.36 | % | (3.73 | )% | 4.44 | % | 19.36 | % | 31.63 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.68 | % | 1.70 | % | 1.71 | % | 1.72 | % | 1.71 | % | 1.74 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | 1.09 | % | 0.88 | % | 0.76 | % | 0.59 | % | 0.75 | % | 1.12 | % |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 14,336 | | $ | 17,278 | | $ | 19,878 | | $ | 30,710 | | $ | 32,911 | | $ | 19,839 | |
Portfolio turnover rate(b)(d) | | 159 | % | 219 | % | 247 | % | 254 | % | 256 | % | 275 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
160 :: ProFund VP Precious Metals :: Financial Statements
Investment Objective: The ProFund VP Precious Metals seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones Precious Metals Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Swap Agreements | | 100 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Holdings
The ProFund VP Precious Metals primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Dow Jones Precious Metals Index — Composition
| | % of Index | |
Gold | | 88 | % |
Silver | | 12 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (94.3%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%–2.00%, dated 6/29/18, due 7/2/18, total to be received $20,737,386 | | $ | 20,734,000 | | $ | 20,734,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $20,734,000) | | | | 20,734,000 | |
TOTAL INVESTMENT SECURITIES (Cost $20,734,000)—94.3% | | | | 20,734,000 | |
Net other assets (liabilities)—5.7% | | | | 1,258,954 | |
NET ASSETS—100.0% | | | | $ | 21,992,954 | |
| | | | | | | |
(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $3,839,000.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
Dow Jones Precious Metals Index | | Goldman Sachs International | | 7/23/18 | | 2.48 | % | $ | 11,389,547 | | $ | 169,906 | |
Dow Jones Precious Metals Index | | UBS AG | | 7/23/18 | | 2.73 | % | 10,583,423 | | 172,155 | |
| | | | | | | | $ | 21,972,970 | | $ | 342,061 | |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Precious Metals :: 161
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 20,734,000 | |
Repurchase agreements, at value | | 20,734,000 | |
Total Investment Securities, at value | | 20,734,000 | |
Cash | | 672 | |
Interest receivable | | 2,257 | |
Unrealized appreciation on swap agreements | | 342,061 | |
Receivable for capital shares issued | | 992,884 | |
Prepaid expenses | | 288 | |
TOTAL ASSETS | | 22,072,162 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 22,960 | |
Advisory fees payable | | 13,201 | |
Management services fees payable | | 1,760 | |
Administration fees payable | | 601 | |
Administrative services fees payable | | 9,831 | |
Distribution fees payable | | 9,586 | |
Transfer agency fees payable | | 990 | |
Fund accounting fees payable | | 719 | |
Compliance services fees payable | | 117 | |
Other accrued expenses | | 19,443 | |
TOTAL LIABILITIES | | 79,208 | |
NET ASSETS | | $ | 21,992,954 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 90,096,460 | |
Accumulated net investment income (loss) | | (21,467 | ) |
Accumulated net realized gains (losses) on investments | | (68,424,100 | ) |
Net unrealized appreciation (depreciation) on investments | | 342,061 | |
NET ASSETS | | $ | 21,992,954 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 1,187,524 | |
Net Asset Value (offering and redemption price per share) | | $ | 18.52 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Interest | | $ | 166,131 | |
EXPENSES: | | | |
Advisory fees | | 83,749 | |
Management services fees | | 11,166 | |
Administration fees | | 2,333 | |
Transfer agency fees | | 3,520 | |
Administrative services fees | | 31,448 | |
Distribution fees | | 27,916 | |
Custody fees | | 937 | |
Fund accounting fees | | 2,594 | |
Trustee fees | | 216 | |
Compliance services fees | | 117 | |
Other fees | | 3,161 | |
Recoupment of prior expenses reduced by the Advisor | | 20,441 | |
TOTAL NET EXPENSES | | 187,598 | |
NET INVESTMENT INCOME (LOSS) | | (21,467 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on swap agreements | | (1,945,741 | ) |
Change in net unrealized appreciation/depreciation on swap agreements | | 407,442 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (1,538,299 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (1,559,766 | ) |
See accompanying notes to financial statements.
162 :: ProFund VP Precious Metals :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (21,467 | ) | $ | (239,580 | ) |
Net realized gains (losses) on investments | | (1,945,741 | ) | 1,856,055 | |
Change in net unrealized appreciation/depreciation on investments | | 407,442 | | (92,931 | ) |
Change in net assets resulting from operations | | (1,559,766 | ) | 1,523,544 | |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 26,050,097 | | 76,157,346 | |
Value of shares redeemed | | (26,783,800 | ) | (81,954,370 | ) |
Change in net assets resulting from capital transactions | | (733,703 | ) | (5,797,024 | ) |
Change in net assets | | (2,293,469 | ) | (4,273,480 | ) |
NET ASSETS: | | | | | |
Beginning of period | | 24,286,423 | | 28,559,903 | |
End of period | | $ | 21,992,954 | | $ | 24,286,423 | |
Accumulated net investment income (loss) | | $ | (21,467 | ) | $ | — | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 1,354,600 | | 3,793,322 | |
Redeemed | | (1,396,744 | ) | (4,086,125 | ) |
Change in shares | | (42,144 | ) | (292,803 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Precious Metals :: 163
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 19.75 | | $ | 18.76 | | $ | 12.04 | | $ | 17.93 | | $ | 23.55 | | $ | 37.95 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | (0.02 | ) | (0.18 | ) | (0.30 | ) | (0.26 | ) | (0.40 | ) | (0.46 | ) |
Net realized and unrealized gains (losses) on investments | | (1.21 | ) | 1.17 | | 7.02 | | (5.63 | ) | (5.22 | ) | (13.94 | ) |
Total income (loss) from investment activities | | (1.23 | ) | 0.99 | | 6.72 | | (5.89 | ) | (5.62 | ) | (14.40 | ) |
Net Asset Value, End of Period | | $ | 18.52 | | $ | 19.75 | | $ | 18.76 | | $ | 12.04 | | $ | 17.93 | | $ | 23.55 | |
Total Return(b) | | (6.23 | )% | 5.28 | % | 55.81 | % | (32.85 | )% | (23.86 | )% | (37.94 | )% |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.68 | % | 1.70 | % | 1.70 | % | 1.76 | % | 1.77 | % | 1.72 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | (0.19 | )% | (0.88 | )% | (1.41 | )% | (1.64 | )% | (1.66 | )% | (1.65 | )% |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 21,993 | | $ | 24,286 | | $ | 28,560 | | $ | 17,515 | | $ | 25,212 | | $ | 38,866 | |
Portfolio turnover rate(d) | | — | | — | | — | | — | | — | | — | |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).
See accompanying notes to financial statements.
164 :: ProFund VP Real Estate :: Financial Statements
Investment Objective: The ProFund VP Real Estate seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Real Estate Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 100 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
American Tower Corp. | | 6.0 | % |
Simon Property Group, Inc. | | 5.0 | % |
Crown Castle International Corp. | | 4.2 | % |
Prologis, Inc. | | 3.3 | % |
Equinix, Inc. | | 3.2 | % |
Dow Jones U.S. Real Estate Index — Composition
| | % of Index | |
Equity Real Estate Investment Trusts (REITs) | | 92 | % |
Mortgage Real Estate Investment Trusts (REITs) | | 4 | % |
Real Estate Management & Development | | 3 | % |
Professional Services | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (100.0%)
| | Shares | | Value | |
Acadia Realty Trust (Equity Real Estate Investment Trusts) | | 799 | | $ | 21,869 | |
AGNC Investment Corp. (Mortgage Real Estate Investment Trusts) | | 4,129 | | 76,758 | |
Alexander & Baldwin, Inc. (Real Estate Management & Development) | | 662 | | 15,557 | |
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts) | | 1,008 | | 127,179 | |
American Campus Communities, Inc. (Equity Real Estate Investment Trusts) | | 1,339 | | 57,416 | |
American Homes 4 Rent—Class A (Equity Real Estate Investment Trusts) | | 2,544 | | 56,426 | |
American Tower Corp. (Equity Real Estate Investment Trusts) | | 4,327 | | 623,823 | |
Annaly Capital Management, Inc. (Mortgage Real Estate Investment Trusts) | | 11,359 | | 116,885 | |
Apartment Investment & Management Co.— Class A (Equity Real Estate Investment Trusts) | | 1,541 | | 65,184 | |
Apple Hospitality REIT, Inc. (Equity Real Estate Investment Trusts) | | 2,121 | | 37,923 | |
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | | 1,354 | | 232,739 | |
Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts) | | 1,063 | | 33,410 | |
Boston Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,512 | | 189,635 | |
Brandywine Realty Trust (Equity Real Estate Investment Trusts) | | 1,748 | | 29,506 | |
Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts) | | 2,967 | | 51,715 | |
Camden Property Trust (Equity Real Estate Investment Trusts) | | 909 | | 82,837 | |
CBL & Associates Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,692 | | 9,424 | |
CBRE Group, Inc.*—Class A (Real Estate Management & Development) | | 2,963 | | 141,453 | |
Chimera Investment Corp. (Mortgage Real Estate Investment Trusts) | | 1,832 | | 33,489 | |
Colony Capital, Inc. (Equity Real Estate Investment Trusts) | | 4,861 | | 30,333 | |
Columbia Property Trust, Inc. (Equity Real Estate Investment Trusts) | | 1,162 | | 26,389 | |
Corecivic, Inc. (Equity Real Estate Investment Trusts) | | 1,161 | | 27,736 | |
CoreSite Realty Corp. (Equity Real Estate Investment Trusts) | | 338 | | 37,457 | |
Corporate Office Properties Trust (Equity Real Estate Investment Trusts) | | 1,000 | | 28,990 | |
CoStar Group, Inc.* (Professional Services) | | 357 | | 147,309 | |
Cousins Properties, Inc. (Equity Real Estate Investment Trusts) | | 4,117 | | 39,894 | |
Crown Castle International Corp. (Equity Real Estate Investment Trusts) | | 4,063 | | 438,072 | |
CubeSmart (Equity Real Estate Investment Trusts) | | 1,785 | | 57,513 | |
CyrusOne, Inc. (Equity Real Estate Investment Trusts) | | 971 | | 56,668 | |
DCT Industrial Trust, Inc. (Equity Real Estate Investment Trusts) | | 923 | | 61,592 | |
DDR Corp. (Equity Real Estate Investment Trusts) | | 1,501 | | 26,868 | |
DiamondRock Hospitality Co. (Equity Real Estate Investment Trusts) | | 1,964 | | 24,118 | |
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 2,018 | | 225,168 | |
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts) | | 1,564 | | 62,842 | |
Duke Realty Corp. (Equity Real Estate Investment Trusts) | | 3,497 | | 101,518 | |
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | | 343 | | 32,777 | |
Education Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 743 | | 30,835 | |
EPR Properties (Equity Real Estate Investment Trusts) | | 633 | | 41,012 | |
Equinix, Inc. (Equity Real Estate Investment Trusts) | | 778 | | 334,453 | |
Equity Commonwealth* (Equity Real Estate Investment Trusts) | | 1,190 | | 37,477 | |
Equity LifeStyle Properties, Inc. (Equity Real Estate Investment Trusts) | | 870 | | 79,953 | |
Equity Residential (Equity Real Estate Investment Trusts) | | 3,607 | | 229,730 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Real Estate :: 165
Common Stocks, continued
| | Shares | | Value | |
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | | 646 | | $ | 154,439 | |
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | | 1,234 | | 123,166 | |
Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | | 718 | | 90,863 | |
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 1,227 | | 40,908 | |
Forest City Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | | 2,618 | | 59,717 | |
Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts) | | 601 | | 14,803 | |
Gaming & Leisure Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,965 | | 70,347 | |
GGP, Inc. (Equity Real Estate Investment Trusts) | | 6,197 | | 126,605 | |
Gramercy Property Trust, Inc. (Equity Real Estate Investment Trusts) | | 1,574 | | 43,002 | |
HCP, Inc. (Equity Real Estate Investment Trusts) | | 4,602 | | 118,824 | |
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 1,225 | | 35,623 | |
Healthcare Trust of America, Inc.—Class A (Equity Real Estate Investment Trusts) | | 2,011 | | 54,217 | |
Highwoods Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,012 | | 51,339 | |
Hospitality Properties Trust (Equity Real Estate Investment Trusts) | | 1,609 | | 46,033 | |
Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | | 7,261 | | 152,989 | |
Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,535 | | 54,385 | |
Invesco Mortgage Capital, Inc. (Mortgage Real Estate Investment Trusts) | | 1,094 | | 17,395 | |
Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | | 2,756 | | 96,488 | |
JBG Smith Properties (Equity Real Estate Investment Trusts) | | 913 | | 33,297 | |
Jones Lang LaSalle, Inc. (Real Estate Management & Development) | | 445 | | 73,866 | |
Kilroy Realty Corp. (Equity Real Estate Investment Trusts) | | 968 | | 73,220 | |
Kimco Realty Corp. (Equity Real Estate Investment Trusts) | | 4,162 | | 70,712 | |
Kite Realty Group Trust (Equity Real Estate Investment Trusts) | | 819 | | 13,989 | |
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts) | | 823 | | 56,219 | |
LaSalle Hotel Properties (Equity Real Estate Investment Trusts) | | 1,082 | | 37,037 | |
Lexington Realty Trust (Equity Real Estate Investment Trusts) | | 2,115 | | 18,464 | |
Liberty Property Trust (Equity Real Estate Investment Trusts) | | 1,448 | | 64,190 | |
Life Storage, Inc. (Equity Real Estate Investment Trusts) | | 455 | | 44,276 | |
Mack-Cali Realty Corp. (Equity Real Estate Investment Trusts) | | 884 | | 17,928 | |
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts) | | 3,573 | | 50,165 | |
MFA Financial, Inc. (Mortgage Real Estate Investment Trusts) | | 3,902 | | 29,577 | |
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts) | | 1,115 | | 112,247 | |
National Health Investors, Inc. (Equity Real Estate Investment Trusts) | | 407 | | 29,988 | |
National Retail Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,507 | | 66,248 | |
New Residential Investment Corp. (Mortgage Real Estate Investment Trusts) | | 3,292 | | 57,577 | |
Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts) | | 1,945 | | 60,295 | |
Outfront Media, Inc. (Equity Real Estate Investment Trusts) | | 1,363 | | 26,510 | |
Paramount Group, Inc. (Equity Real Estate Investment Trusts) | | 2,003 | | 30,846 | |
Park Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | | 1,969 | | 60,310 | |
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts) | | 677 | | 26,268 | |
Physicians Realty Trust (Equity Real Estate Investment Trusts) | | 1,782 | | 28,405 | |
Piedmont Office Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | | 1,256 | | 25,032 | |
Potlatch Corp. (Equity Real Estate Investment Trusts) | | 590 | | 30,002 | |
Prologis, Inc. (Equity Real Estate Investment Trusts) | | 5,222 | | 343,032 | |
Public Storage (Equity Real Estate Investment Trusts) | | 1,468 | | 333,030 | |
Quality Care Properties* (Equity Real Estate Investment Trusts) | | 923 | | 19,854 | |
Rayonier, Inc. (Equity Real Estate Investment Trusts) | | 1,268 | | 49,059 | |
Realogy Holdings Corp. (Real Estate Management & Development) | | 1,250 | | 28,500 | |
Realty Income Corp. (Equity Real Estate Investment Trusts) | | 2,786 | | 149,859 | |
Regency Centers Corp. (Equity Real Estate Investment Trusts) | | 1,445 | | 89,706 | |
Retail Properties of America, Inc. (Equity Real Estate Investment Trusts) | | 2,149 | | 27,464 | |
RLJ Lodging Trust (Equity Real Estate Investment Trusts) | | 1,716 | | 37,838 | |
Ryman Hospitality Properties, Inc. (Equity Real Estate Investment Trusts) | | 503 | | 41,824 | |
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | | 1,746 | | 37,941 | |
SBA Communications Corp.* (Equity Real Estate Investment Trusts) | | 1,128 | | 186,255 | |
Senior Housing Properties Trust (Equity Real Estate Investment Trusts) | | 2,327 | | 42,095 | |
Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | | 3,034 | | 516,355 | |
SL Green Realty Corp. (Equity Real Estate Investment Trusts) | | 867 | | 87,160 | |
Spirit MTA REIT* (Equity Real Estate Investment Trusts) | | 419 | | 4,316 | |
Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts) | | 4,198 | | 33,710 | |
Starwood Property Trust, Inc. (Mortgage Real Estate Investment Trusts) | | 2,565 | | 55,686 | |
STORE Capital Corp. (Equity Real Estate Investment Trusts) | | 1,688 | | 46,251 | |
Sun Communities, Inc. (Equity Real Estate Investment Trusts) | | 784 | | 76,738 | |
Sunstone Hotel Investors, Inc. (Equity Real Estate Investment Trusts) | | 2,211 | | 36,747 | |
Tanger Factory Outlet Centers, Inc. (Equity Real Estate Investment Trusts) | | 925 | | 21,728 | |
| | | | | | |
See accompanying notes to financial statements.
166 :: ProFund VP Real Estate :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Taubman Centers, Inc. (Equity Real Estate Investment Trusts) | | 597 | | $ | 35,080 | |
The GEO Group, Inc. (Equity Real Estate Investment Trusts) | | 1,204 | | 33,158 | |
The Howard Hughes Corp.* (Real Estate Management & Development) | | 379 | | 50,218 | |
The Macerich Co. (Equity Real Estate Investment Trusts) | | 1,064 | | 60,467 | |
Two Harbors Investment Corp. (Mortgage Real Estate Investment Trusts) | | 1,718 | | 27,144 | |
UDR, Inc. (Equity Real Estate Investment Trusts) | | 2,622 | | 98,430 | |
Uniti Group, Inc. (Equity Real Estate Investment Trusts) | | 1,617 | | 32,389 | |
Urban Edge Properties (Equity Real Estate Investment Trusts) | | 1,037 | | 23,716 | |
Ventas, Inc. (Equity Real Estate Investment Trusts) | | 3,490 | | 198,756 | |
VEREIT, Inc. (Equity Real Estate Investment Trusts) | | 9,485 | | 70,568 | |
Vornado Realty Trust (Equity Real Estate Investment Trusts) | | 1,695 | | 125,294 | |
Washington Prime Group, Inc. (Equity Real Estate Investment Trusts) | | 1,823 | | 14,785 | |
Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts) | | 770 | | 23,354 | |
Weingarten Realty Investors (Equity Real Estate Investment Trusts) | | 1,167 | | 35,955 | |
Welltower, Inc. (Equity Real Estate Investment Trusts) | | 3,643 | | 228,380 | |
Weyerhaeuser Co. (Equity Real Estate Investment Trusts) | | 7,415 | | 270,351 | |
WP Carey, Inc. (Equity Real Estate Investment Trusts) | | 1,051 | | 69,734 | |
Xenia Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | | 1,046 | | 25,481 | |
TOTAL COMMON STOCKS (Cost $4,505,075) | | | | 10,358,151 | |
TOTAL INVESTMENT SECURITIES (Cost $4,505,075)—100.0% | | | | 10,358,151 | |
Net other assets (liabilities)—NM | | | | 1,228 | |
NET ASSETS—100.0% | | | | $ | 10,359,379 | |
* Non-income producing security.
ProFund VP Real Estate invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Equity Real Estate Investment Trusts | | $ | 9,453,327 | | 91.3 | % |
Mortgage Real Estate Investment Trusts | | 447,921 | | 4.3 | % |
Professional Services | | 147,309 | | 1.4 | % |
Real Estate Management & Development | | 309,594 | | 3.0 | % |
Other** | | 1,228 | | NM | |
Total | | $ | 10,359,379 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
NM Not meaningful, amount is less than 0.05%
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Real Estate :: 167
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 4,505,075 | |
Securities, at value | | 10,358,151 | |
Total Investment Securities, at value | | 10,358,151 | |
Dividends receivable | | 48,654 | |
Receivable for capital shares issued | | 42,904 | |
Prepaid expenses | | 131 | |
TOTAL ASSETS | | 10,449,840 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 64,220 | |
Cash overdraft | | 4,018 | |
Advisory fees payable | | 6,240 | |
Management services fees payable | | 832 | |
Administration fees payable | | 284 | |
Administrative services fees payable | | 3,647 | |
Distribution fees payable | | 3,404 | |
Transfer agency fees payable | | 467 | |
Fund accounting fees payable | | 339 | |
Compliance services fees payable | | 54 | |
Other accrued expenses | | 6,956 | |
TOTAL LIABILITIES | | 90,461 | |
NET ASSETS | | $ | 10,359,379 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 5,529,196 | |
Accumulated net investment income (loss) | | 129,391 | |
Accumulated net realized gains (losses) on investments | | (1,152,284 | ) |
Net unrealized appreciation (depreciation) on investments | | 5,853,076 | |
NET ASSETS | | $ | 10,359,379 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 177,431 | |
Net Asset Value (offering and redemption price per share) | | $ | 58.39 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 212,117 | |
Interest | | 71 | |
TOTAL INVESTMENT INCOME | | 212,188 | |
EXPENSES: | | | |
Advisory fees | | 36,962 | |
Management services fees | | 4,928 | |
Administration fees | | 1,864 | |
Transfer agency fees | | 2,814 | |
Administrative services fees | | 15,023 | |
Distribution fees | | 12,321 | |
Custody fees | | 1,125 | |
Fund accounting fees | | 2,505 | |
Trustee fees | | 169 | |
Compliance services fees | | 54 | |
Other fees | | 5,032 | |
TOTAL NET EXPENSES | | 82,797 | |
NET INVESTMENT INCOME (LOSS) | | 129,391 | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 655,957 | |
Change in net unrealized appreciation/depreciation on investment securities | | (801,514 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (145,557 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (16,166 | ) |
See accompanying notes to financial statements.
168 :: ProFund VP Real Estate :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 129,391 | | $ | 207,107 | |
Net realized gains (losses) on investments | | 655,957 | | 1,535,089 | |
Change in net unrealized appreciation/depreciation on investments | | (801,514 | ) | (864,799 | ) |
Change in net assets resulting from operations | | (16,166 | ) | 877,397 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net investment income | | (172,062 | ) | (123,359 | ) |
Net realized gains on investments | | (1,139,462 | ) | (697,350 | ) |
Change in net assets resulting from distributions | | (1,311,524 | ) | (820,709 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 4,307,031 | | 23,011,577 | |
Distributions reinvested | | 1,311,524 | | 820,709 | |
Value of shares redeemed | | (5,350,856 | ) | (25,686,962 | ) |
Change in net assets resulting from capital transactions | | 267,699 | | (1,854,676 | ) |
Change in net assets | | (1,059,991 | ) | (1,797,988 | ) |
NET ASSETS: | | | | | |
Beginning of period | | 11,419,370 | | 13,217,358 | |
End of period | | $ | 10,359,379 | | $ | 11,419,370 | |
Accumulated net investment income (loss) | | $ | 129,391 | | $ | 172,062 | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 69,426 | | 339,040 | |
Reinvested | | 22,942 | | 12,485 | |
Redeemed | | (86,264 | ) | (383,477 | ) |
Change in shares | | 6,104 | | (31,952 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Real Estate :: 169
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 66.65 | | $ | 65.02 | | $ | 62.61 | | $ | 62.83 | | $ | 51.03 | | $ | 51.69 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | 0.81 | | 1.02 | | 0.84 | | 0.64 | | 0.88 | | 0.78 | |
Net realized and unrealized gains (losses) on investments | | (0.76 | ) | 4.13 | | 2.76 | | (0.44 | ) | 11.84 | | (0.72 | ) |
Total income (loss) from investment activities | | 0.05 | | 5.15 | | 3.60 | | 0.20 | | 12.72 | | 0.06 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | (1.10 | ) | (0.66 | ) | (1.19 | ) | (0.42 | ) | (0.92 | ) | (0.72 | ) |
Net realized gains on investments | | (7.21 | ) | (2.86 | ) | — | | — | | — | | — | |
Total distributions | | (8.31 | ) | (3.52 | ) | (1.19 | ) | (0.42 | ) | (0.92 | ) | (0.72 | ) |
Net Asset Value, End of Period | | $ | 58.39 | | $ | 66.65 | | $ | 65.02 | | $ | 62.61 | | $ | 62.83 | | $ | 51.03 | |
Total Return(b) | | 0.53 | % | 8.05 | % | 5.72 | % | 0.32 | % | 25.02 | % | 0.09 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.75 | % | 1.75 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | 2.63 | % | 1.52 | % | 1.29 | % | 1.02 | % | 1.52 | % | 1.44 | % |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 10,359 | | $ | 11,419 | | $ | 13,217 | | $ | 22,086 | | $ | 27,735 | | $ | 16,410 | |
Portfolio turnover rate(b)(d) | | 23 | % | 135 | % | 146 | % | 136 | % | 127 | % | 323 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
170 :: ProFund VP Rising Rates Opportunity :: Financial Statements
Investment Objective: The ProFund VP Rising Rates Opportunity seeks daily investment results, before fees and expenses, that correspond to one and one-quarter times the inverse (-1.25x) of the daily movement of the most recently issued 30-year U.S. Treasury Bond.
Allocation of Portfolio Holdings (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Swap Agreements | | (124 | )% |
Total Exposure | | (124 | )% |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Holdings
The ProFund VP Rising Rates Opportunity primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (102.0%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $11,200,829 | | $ | 11,199,000 | | $ | 11,199,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $11,199,000) | | | | 11,199,000 | |
TOTAL INVESTMENT SECURITIES (Cost $11,199,000)—102.0% | | | | 11,199,000 | |
Net other assets (liabilities)—(2.0)% | | | | (222,148 | ) |
NET ASSETS—100.0% | | | | $ | 10,976,852 | |
| | | | | | | |
(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $358,000.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
30-Year U.S. Treasury Bond, 3.13% due on 5/15/48 | | Citibank North America | | 7/16/18 | | (1.85 | )% | $ | (11,294,766 | ) | $ | (151,982 | ) |
30-Year U.S. Treasury Bond, 3.13% due on 5/15/48 | | Societe’ Generale | | 7/16/18 | | (1.69 | )% | (2,361,633 | ) | (28,133 | ) |
| | | | | | | | $ | (13,656,399 | ) | $ | 180,115 | ) |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Rising Rates Opportunity :: 171
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 11,199,000 | |
Repurchase agreements, at value | | 11,199,000 | |
Total Investment Securities, at value | | 11,199,000 | |
Cash | | 50 | |
Interest receivable | | 1,219 | |
Prepaid expenses | | 164 | |
TOTAL ASSETS | | 11,200,433 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 13,384 | |
Unrealized depreciation on swap agreements | | 180,115 | |
Advisory fees payable | | 7,166 | |
Management services fees payable | | 955 | |
Administration fees payable | | 327 | |
Administrative services fees payable | | 4,686 | |
Distribution fees payable | | 5,906 | |
Transfer agency fees payable | | 537 | |
Fund accounting fees payable | | 390 | |
Compliance services fees payable | | 66 | |
Other accrued expenses | | 10,049 | |
TOTAL LIABILITIES | | 223,581 | |
NET ASSETS | | $ | 10,976,852 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 35,596,646 | |
Accumulated net investment income (loss) | | (7,669 | ) |
Accumulated net realized gains (losses) on investments | | (24,432,010 | ) |
Net unrealized appreciation (depreciation) on investments | | (180,115 | ) |
NET ASSETS | | $ | 10,976,852 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 225,366 | |
Net Asset Value (offering and redemption price per share) | | $ | 48.71 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Interest | | $ | 85,336 | |
EXPENSES: | | | |
Advisory fees | | 42,669 | |
Management services fees | | 5,689 | |
Administration fees | | 2,070 | |
Transfer agency fees | | 3,134 | |
Administrative services fees | | 13,314 | |
Distribution fees | | 14,223 | |
Custody fees | | 814 | |
Fund accounting fees | | 2,310 | |
Trustee fees | | 171 | |
Compliance services fees | | 66 | |
Other fees | | 6,893 | |
Recoupment of prior expenses reduced by the Advisor | | 1,652 | |
TOTAL NET EXPENSES | | 93,005 | |
NET INVESTMENT INCOME (LOSS) | | (7,669 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on futures contracts | | (65,139 | ) |
Net realized gains (losses) on swap agreements | | 559,156 | |
Change in net unrealized appreciation/depreciation on swap agreements | | (268,735 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | 225,282 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 217,613 | |
See accompanying notes to financial statements.
172 :: ProFund VP Rising Rates Opportunity :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (7,669 | ) | $ | (103,641 | ) |
Net realized gains (losses) on investments | | 494,017 | | (1,524,213 | ) |
Change in net unrealized appreciation/depreciation on investments | | (268,735 | ) | 232,873 | |
Change in net assets resulting from operations | | 217,613 | | (1,394,981 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 29,978,556 | | 69,879,132 | |
Value of shares redeemed | | (26,845,280 | ) | (79,534,043 | ) |
Change in net assets resulting from capital transactions | | 3,133,276 | | (9,654,911 | ) |
Change in net assets | | 3,350,889 | | (11,049,892 | ) |
NET ASSETS: | | | | | |
Beginning of period | | 7,625,963 | | 18,675,855 | |
End of period | | $ | 10,976,852 | | $ | 7,625,963 | |
Accumulated net investment income (loss) | | $ | (7,669 | ) | $ | — | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 596,979 | | 1,407,608 | |
Redeemed | | (535,224 | ) | (1,596,942 | ) |
Change in shares | | 61,755 | | (189,334 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Rising Rates Opportunity :: 173
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016(a) | | Year Ended Dec. 31, 2015(a) | | Year Ended Dec. 31, 2014(a) | | Year Ended Dec. 31, 2013(a) | |
Net Asset Value, Beginning of Period | | $ | 46.61 | | $ | 52.91 | | $ | 55.80 | | $ | 56.72 | | $ | 81.29 | | $ | 69.79 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(b) | | (0.03 | ) | (0.46 | ) | (0.68 | ) | (0.90 | ) | (1.10 | ) | (1.30 | ) |
Net realized and unrealized gains (losses) on investments | | 2.13 | | (5.84 | ) | (2.21 | ) | (0.02 | ) | (23.47 | ) | 12.80 | |
Total income (loss) from investment activities | | 2.10 | | (6.30 | ) | (2.89 | ) | (0.92 | ) | (24.57 | ) | 11.50 | |
Net Asset Value, End of Period | | $ | 48.71 | | $ | 46.61 | | $ | 52.91 | | $ | 55.80 | | $ | 56.72 | | $ | 81.29 | |
Total Return(c) | | 4.48 | % | (11.90 | )% | (5.16 | )% | (1.59 | )% | (30.26 | )% | 16.48 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(d) | | 1.63 | % | 1.70 | % | 1.68 | % | 1.68 | % | 1.70 | % | 1.74 | % |
Net expenses(d) | | 1.63 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(d) | | (0.13 | )% | (0.91 | )% | (1.41 | )% | (1.63 | )% | (1.66 | )% | (1.65 | )% |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 10,977 | | $ | 7,626 | | $ | 18,676 | | $ | 15,753 | | $ | 19,498 | | $ | 30,319 | |
Portfolio turnover rate(e) | | — | | — | | — | | — | | — | | — | |
(a) As described in Note 9, share amounts have been adjusted for 1:10 reverse share split that occurred on December 5, 2016.
(b) Per share net investment income (loss) has been calculated using the average daily shares method.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts
See accompanying notes to financial statements.
174 :: ProFund VP Semiconductor :: Financial Statements
Investment Objective: The ProFund VP Semiconductor seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Semiconductors Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 77 | % |
Swap Agreements | | 23 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
Intel Corp. | | 17.4 | % |
NVIDIA Corp. | | 10.8 | % |
Texas Instruments, Inc. | | 8.1 | % |
Broadcom, Inc. | | 7.3 | % |
Qualcomm, Inc. | | 6.2 | % |
Dow Jones U.S. Semiconductors Index — Composition
| | % of Index | |
Semiconductors & Semiconductor Equipment | | 100 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (77.0%)
| | Shares | | Value | |
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | | 6,397 | | $ | 95,891 | |
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | | 2,907 | | 278,839 | |
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | | 7,862 | | 363,146 | |
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | | 3,117 | | 756,309 | |
Cavium, Inc.* (Semiconductors & Semiconductor Equipment) | | 556 | | 48,094 | |
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | | 468 | | 17,938 | |
Cree, Inc.* (Semiconductors & Semiconductor Equipment) | | 768 | | 31,926 | |
Cypress Semiconductor Corp. (Semiconductors & Semiconductor Equipment) | | 2,782 | | 43,344 | |
Entegris, Inc. (Semiconductors & Semiconductor Equipment) | | 1,086 | | 36,815 | |
Integrated Device Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | 1,009 | | 32,167 | |
Intel Corp. (Semiconductors & Semiconductor Equipment) | | 36,307 | | 1,804,822 | |
InterDigital, Inc. (Communications Equipment) | | 252 | | 20,387 | |
KLA-Tencor Corp. (Semiconductors & Semiconductor Equipment) | | 1,229 | | 126,009 | |
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | | 1,262 | | 218,137 | |
Marvell Technology Group, Ltd. (Semiconductors & Semiconductor Equipment) | | 3,376 | | 72,381 | |
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment) | | 2,183 | | 128,055 | |
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | | 1,831 | | 166,529 | |
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | 9,049 | | 474,530 | |
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | 404 | | 38,663 | |
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | | 293 | | 39,165 | |
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | | 4,749 | | 1,125,038 | |
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | | 3,331 | | 74,065 | |
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | | 981 | | 78,647 | |
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | | 11,519 | | 646,446 | |
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | | 520 | | 24,466 | |
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | | 338 | | 33,665 | |
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | | 1,394 | | 134,730 | |
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | | 251 | | 12,643 | |
Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | | 1,488 | | 56,648 | |
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | 7,617 | | 839,774 | |
Universal Display Corp. (Electronic Equipment, Instruments & Components) | | 325 | | 27,950 | |
Versum Materials, Inc. (Semiconductors & Semiconductor Equipment) | | 854 | | 31,726 | |
Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | | 1,967 | | 128,366 | |
TOTAL COMMON STOCKS (Cost $3,792,077) | | | | 8,007,311 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Semiconductor :: 175
Repurchase Agreements(a) (0.7%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $69,011 | | $ | 69,000 | | $ | 69,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $69,000) | | | | 69,000 | |
TOTAL INVESTMENT SECURITIES (Cost $3,861,077)—77.7% | | | | 8,076,311 | |
Net other assets (liabilities)—22.3% | | | | 2,315,964 | |
NET ASSETS—100.0% | | | | $ | 10,392,275 | |
| | | | | | | |
* Non-income producing security.
(a) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
Dow Jones U.S. Semiconductors Index | | Goldman Sachs International | | 7/23/18 | | 2.48 | % | $ | 2,399,712 | | $ | (288 | ) |
| | | | | | | | | | | | | |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/ (depreciation).
ProFund VP Semiconductor invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Communications Equipment | | $ | 20,387 | | 0.2 | % |
Electronic Equipment, Instruments & Components | | 27,950 | | 0.3 | % |
Semiconductors & Semiconductor Equipment | | 7,958,974 | | 76.5 | % |
Other** | | 2,384,964 | | 23.0 | % |
Total | | $ | 10,392,275 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
See accompanying notes to financial statements.
176 :: ProFund VP Semiconductor :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 3,861,077 | |
Securities, at value | | 8,007,311 | |
Repurchase agreements, at value | | 69,000 | |
Total Investment Securities, at value | | 8,076,311 | |
Cash | | 859 | |
Dividends and interest receivable | | 522 | |
Receivable for capital shares issued | | 11,340 | |
Receivable for investments sold | | 2,389,313 | |
Prepaid expenses | | 133 | |
TOTAL ASSETS | | 10,478,478 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 61,780 | |
Unrealized depreciation on swap agreements | | 288 | |
Advisory fees payable | | 6,966 | |
Management services fees payable | | 929 | |
Administration fees payable | | 316 | |
Administrative services fees payable | | 4,374 | |
Distribution fees payable | | 4,765 | |
Transfer agency fees payable | | 520 | |
Fund accounting fees payable | | 378 | |
Compliance services fees payable | | 60 | |
Other accrued expenses | | 5,827 | |
TOTAL LIABILITIES | | 86,203 | |
NET ASSETS | | $ | 10,392,275 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 6,627,440 | |
Accumulated net investment income (loss) | | 16,301 | |
Accumulated net realized gains (losses) on investments | | (466,412 | ) |
Net unrealized appreciation (depreciation) on investments | | 4,214,946 | |
NET ASSETS | | $ | 10,392,275 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 199,755 | |
Net Asset Value (offering and redemption price per share) | | $ | 52.03 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 89,714 | |
Interest | | 331 | |
TOTAL INVESTMENT INCOME | | 90,045 | |
EXPENSES: | | | |
Advisory fees | | 38,013 | |
Management services fees | | 5,068 | |
Administration fees | | 1,852 | |
Transfer agency fees | | 2,796 | |
Administrative services fees | | 12,983 | |
Distribution fees | | 12,671 | |
Custody fees | | 1,257 | |
Fund accounting fees | | 2,173 | |
Trustee fees | | 166 | |
Compliance services fees | | 65 | |
Other fees | | 5,687 | |
TOTAL NET EXPENSES | | 82,731 | |
NET INVESTMENT INCOME (LOSS) | | 7,314 | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 206,316 | |
Net realized gains (losses) on swap agreements | | (27,104 | ) |
Change in net unrealized appreciation/depreciation on investment securities | | 222,042 | |
Change in net unrealized appreciation/depreciation on swap agreements | | 18 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | 401,272 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 408,586 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Semiconductor :: 177
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 7,314 | | $ | (11,803 | ) |
Net realized gains (losses) on investments | | 179,212 | | 500,823 | |
Change in net unrealized appreciation/depreciation on investments | | 222,060 | | 2,121,899 | |
Change in net assets resulting from operations | | 408,586 | | 2,610,919 | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net investment income | | — | | (20,339 | ) |
Net realized gains on investments | | (713,683 | ) | — | |
Change in net assets resulting from distributions | | (713,683 | ) | (20,339 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 10,180,018 | | 24,725,731 | |
Distributions reinvested | | 713,683 | | 20,339 | |
Value of shares redeemed | | (11,255,878 | ) | (23,254,076 | ) |
Change in net assets resulting from capital transactions | | (362,177 | ) | 1,491,994 | |
Change in net assets | | (667,274 | ) | 4,082,574 | |
NET ASSETS: | | | | | |
Beginning of period | | 11,059,549 | | 6,976,975 | |
End of period | | $ | 10,392,275 | | $ | 11,059,549 | |
Accumulated net investment income (loss) | | $ | 16,301 | | $ | 8,987 | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 177,720 | | 534,240 | |
Reinvested | | 12,871 | | 419 | |
Redeemed | | (200,237 | ) | (503,867 | ) |
Change in shares | | (9,646 | ) | 30,792 | |
See accompanying notes to financial statements.
178 :: ProFund VP Semiconductor :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 52.82 | | $ | 39.06 | | $ | 30.62 | | $ | 32.67 | | $ | 24.32 | | $ | 18.33 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | 0.04 | | (0.06 | ) | 0.18 | | 0.06 | | 0.22 | | 0.14 | |
Net realized and unrealized gains (losses) on investments | | 2.99 | | 13.95 | | 8.29 | | (1.01 | ) | 8.17 | | 5.97 | |
Total income (loss) from investment activities | | 3.03 | | 13.89 | | 8.47 | | (0.95 | ) | 8.39 | | 6.11 | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | — | | (0.13 | ) | (0.03 | ) | (0.21 | ) | (0.04 | ) | (0.12 | ) |
Net realized gains on investments | | (3.82 | ) | — | | — | | (0.89 | ) | — | | — | |
Total distributions | | (3.82 | ) | (0.13 | ) | (0.03 | ) | (1.10 | ) | (0.04 | ) | (0.12 | ) |
Net Asset Value, End of Period | | $ | 52.03 | | $ | 52.82 | | $ | 39.06 | | $ | 30.62 | | $ | 32.67 | | $ | 24.32 | |
Total Return(b) | | 5.29 | % | 35.55 | % | 27.71 | % | (2.88 | )% | 34.53 | % | 33.48 | % |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.63 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.78 | % | 2.16 | % |
Net expenses(c) | | 1.63 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | 0.14 | % | (0.12 | )% | 0.51 | % | 0.20 | % | 0.76 | % | 0.68 | % |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 10,392 | | $ | 11,060 | | $ | 6,977 | | $ | 4,604 | | $ | 9,786 | | $ | 1,455 | |
Portfolio turnover rate(b)(d) | | 131 | % | 297 | % | 474 | % | 480 | % | 645 | % | 1,499 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Dow 30 :: 179
Investment Objective: The ProFund VP Short Dow 30 seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Dow Jones Industrial Average.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Swap Agreements | | (99 | )% |
Total Exposure | | (99 | )% |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Holdings
The ProFund VP Short Dow 30 primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Dow Jones Industrial Average — Composition
| | % of Index | |
Industrials | | 23 | % |
Information Technology | | 18 | % |
Financials | | 15 | % |
Consumer Discretionary | | 15 | % |
Health Care | | 13 | % |
Consumer Staples | | 7 | % |
Energy | | 6 | % |
Materials | | 2 | % |
Telecommunication Services | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (98.2%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $14,002 | | $ | 14,000 | | $ | 14,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $14,000) | | | | 14,000 | |
TOTAL INVESTMENT SECURITIES (Cost $14,000)—98.2% | | | | 14,000 | |
Net other assets (liabilities)—1.8% | | | | 260 | |
NET ASSETS—100.0% | | | | $ | 14,260 | |
| | | | | | | |
(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $13,000.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
Dow Jones Industrial Average | | Goldman Sachs International | | 7/27/18 | | (2.18 | )% | $ | (7,785 | ) | $ | (48 | ) |
Dow Jones Industrial Average | | UBS AG | | 7/27/18 | | (2.03 | )% | (6,384 | ) | (41 | ) |
| | | | | | | | $ | (14,169 | ) | $ | (89 | ) |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
See accompanying notes to financial statements.
180 :: ProFund VP Short Dow 30 :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 14,000 | |
Repurchase agreements, at value | | 14,000 | |
Total Investment Securities, at value | | 14,000 | |
Cash | | 366 | |
Interest receivable | | 2 | |
Receivable from Advisor | | 9 | |
TOTAL ASSETS | | 14,377 | |
LIABILITIES: | | | |
Unrealized depreciation on swap agreements | | 89 | |
Administrative services fees payable | | 3 | |
Distribution fees payable | | 5 | |
Transfer agency fees payable | | 1 | |
Other accrued expenses | | 19 | |
TOTAL LIABILITIES | | 117 | |
NET ASSETS | | $ | 14,260 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 66,330 | |
Accumulated net investment income (loss) | | (16 | ) |
Accumulated net realized gains (losses) on investments | | (51,965 | ) |
Net unrealized appreciation (depreciation) on investments | | (89 | ) |
NET ASSETS | | $ | 14,260 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 1,348 | |
Net Asset Value (offering and redemption price per share) | | $ | 10.58 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Interest | | $ | 102 | |
EXPENSES: | | | |
Advisory fees | | 53 | |
Management services fees | | 7 | |
Administration fees | | 1 | |
Transfer agency fees | | 1 | |
Administrative services fees | | 5 | |
Distribution fees | | 18 | |
Custody fees | | 2 | |
Fund accounting fees | | 1 | |
Printing fees | | 18 | |
Audit fees | | 10 | |
Other fees | | 1 | |
Recoupment of prior expenses reduced by the Advisor | | 3 | |
Total Gross Expenses before reductions | | 120 | |
Less fees paid indirectly | | (2 | ) |
TOTAL NET EXPENSES | | 118 | |
NET INVESTMENT INCOME (LOSS) | | (16 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on swap agreements | | 65 | |
Change in net unrealized appreciation/depreciation on swap agreements | | (122 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (57 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (73 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Dow 30 :: 181
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (16 | ) | $ | (152 | ) |
Net realized gains (losses) on investments | | 65 | | (3,899 | ) |
Change in net unrealized appreciation/depreciation on investments | | (122 | ) | (172 | ) |
Change in net assets resulting from operations | | (73 | ) | (4,223 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 2,528 | | 15,121 | |
Value of shares redeemed | | (2,530 | ) | (25,851 | ) |
Change in net assets resulting from capital transactions | | (2 | ) | (10,730 | ) |
Change in net assets | | (75 | ) | (14,953 | ) |
NET ASSETS: | | | | | |
Beginning of period | | 14,335 | | 29,288 | |
End of period | | $ | 14,260 | | $ | 14,335 | |
Accumulated net investment income (loss) | | $ | (16 | ) | $ | — | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 235 | | 1,114 | |
Redeemed | | (241 | ) | (1,917 | ) |
Change in shares | | (6 | ) | (803 | ) |
See accompanying notes to financial statements.
182 :: ProFund VP Short Dow 30 :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014(a) | | Year Ended Dec. 31, 2013(a) | |
Net Asset Value, Beginning of Period | | $ | 10.59 | | $ | 13.58 | | $ | 16.80 | | $ | 17.58 | | $ | 19.86 | | $ | 28.02 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(b) | | (0.01 | ) | (0.11 | ) | (0.22 | ) | (0.28 | ) | (0.32 | ) | (0.36 | ) |
Net realized and unrealized gains (losses) on investments | | — | (c)(d) | (2.88 | ) | (2.51 | ) | (0.50 | ) | (1.96 | ) | (7.80 | ) |
Total income (loss) from investment activities | | (0.01 | ) | (2.99 | ) | (2.73 | ) | (0.78 | ) | (2.28 | ) | (8.16 | ) |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net realized gains on investments | | — | | — | | (0.49 | ) | — | | — | | — | |
Net Asset Value, End of Period | | $ | 10.58 | | $ | 10.59 | | $ | 13.58 | | $ | 16.80 | | $ | 17.58 | | $ | 19.86 | |
Total Return(e) | | (0.09 | )% | (22.02 | )% | (16.45 | )% | (4.44 | )% | (11.48 | )% | (29.12 | )% |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(f) | | 1.71 | % | 2.87 | % | 1.99 | % | 4.80 | % | 12.33 | % | 6.85 | % |
Net expenses(f) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(f) | | (0.23 | )% | (0.90 | )% | (1.41 | )% | (1.64 | )% | (1.66 | )% | (1.66 | )% |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 14 | | $ | 14 | | $ | 29 | | $ | 29 | | $ | 77 | | $ | 45 | |
Portfolio turnover rate(g) | | — | | — | | — | | — | | — | | — | |
(a) As described in Note 9, adjusted for 1:6 reverse share split that occurred on October 20, 2014.
(b) Per share net investment income (loss) has been calculated using the average daily shares method.
(c) Amount is less than $0.005.
(d) 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 values during the period.
(e) Not annualized for periods less than one year.
(f) Annualized for periods less than one year.
(g) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Emerging Markets :: 183
Investment Objective: The ProFund VP Short Emerging Markets seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the BNY Mellon Emerging Markets 50 ADR Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Swap Agreements | | (100 | )% |
Total Exposure | | (100 | )% |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Holdings
The ProFund VP Short Emerging Markets primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
BNY Mellon Emerging Markets 50 ADR Index — Composition
Industry Breakdown | | % of Index | |
Information Technology | | 44 | % |
Financials | | 16 | % |
Telecommunication Services | | 10 | % |
Materials | | 9 | % |
Energy | | 9 | % |
Consumer Discretionary | | 7 | % |
Consumer Staples | | 3 | % |
Utilities | | 1 | % |
Health Care | | 1 | % |
Country Composition | | | |
China | | 48 | % |
Taiwan | | 14 | % |
Brazil | | 14 | % |
India | | 9 | % |
Other | | 15 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (118.7%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $2,688,439 | | $ | 2,688,000 | | $ | 2,688,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $2,688,000) | | | | 2,688,000 | |
TOTAL INVESTMENT SECURITIES (Cost $2,688,000)—118.7% | | | | 2,688,000 | |
Net other assets (liabilities)—(18.7)% | | | | (422,884 | ) |
NET ASSETS—100.0% | | | | $ | 2,265,116 | |
| | | | | | | |
(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $624,000.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
BNY Mellon Emerging Markets 50 ADR Index | | Goldman Sachs International | | 7/27/18 | | (1.48 | )% | $ | (362,111 | ) | $ | (5,721 | ) |
BNY Mellon Emerging Markets 50 ADR Index | | UBS AG | | 7/27/18 | | (1.48 | )% | (1,897,755 | ) | (37,609 | ) |
| | | | | | | | $ | (2,259,866 | ) | $ | (43,330 | ) |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
See accompanying notes to financial statements.
184 :: ProFund VP Short Emerging Markets :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 2,688,000 | |
Repurchase agreements, at value | | 2,688,000 | |
Total Investment Securities, at value | | 2,688,000 | |
Cash | | 845 | |
Interest receivable | | 293 | |
Receivable for capital shares issued | | 75 | |
Prepaid expenses | | 11 | |
TOTAL ASSETS | | 2,689,224 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 376,660 | |
Unrealized depreciation on swap agreements | | 43,330 | |
Advisory fees payable | | 1,073 | |
Management services fees payable | | 143 | |
Administration fees payable | | 49 | |
Administrative services fees payable | | 635 | |
Distribution fees payable | | 702 | |
Transfer agency fees payable | | 81 | |
Fund accounting fees payable | | 59 | |
Compliance services fees payable | | 7 | |
Other accrued expenses | | 1,369 | |
TOTAL LIABILITIES | | 424,108 | |
NET ASSETS | | $ | 2,265,116 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 3,959,481 | |
Accumulated net investment income (loss) | | (313 | ) |
Accumulated net realized gains (losses) on investments | | (1,650,722 | ) |
Net unrealized appreciation (depreciation) on investments | | (43,330 | ) |
NET ASSETS | | $ | 2,265,116 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 51,956 | |
Net Asset Value (offering and redemption price per share) | | $ | 43.60 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Interest | | $ | 7,521 | |
EXPENSES: | | | |
Advisory fees | | 3,646 | |
Management services fees | | 486 | |
Administration fees | | 179 | |
Transfer agency fees | | 272 | |
Administrative services fees | | 1,074 | |
Distribution fees | | 1,215 | |
Custody fees | | 71 | |
Fund accounting fees | | 200 | |
Trustee fees | | 15 | |
Compliance services fees | | 7 | |
Other fees | | 557 | |
Recoupment of prior expenses reduced by the Advisor | | 112 | |
TOTAL NET EXPENSES | | 7,834 | |
NET INVESTMENT INCOME (LOSS) | | (313 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on swap agreements | | 79,628 | |
Change in net unrealized appreciation/depreciation on swap agreements | | (40,044 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | 39,584 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 39,271 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Emerging Markets :: 185
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (313 | ) | $ | (8,264 | ) |
Net realized gains (losses) on investments | | 79,628 | | (339,970 | ) |
Change in net unrealized appreciation/depreciation on investments | | (40,044 | ) | (5,627 | ) |
Change in net assets resulting from operations | | 39,271 | | (353,861 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 7,087,636 | | 6,964,128 | |
Value of shares redeemed | | (5,820,589 | ) | (7,311,122 | ) |
Change in net assets resulting from capital transactions | | 1,267,047 | | (346,994 | ) |
Change in net assets | | 1,306,318 | | (700,855 | ) |
NET ASSETS: | | | | | |
Beginning of period | | 958,798 | | 1,659,653 | |
End of period | | $ | 2,265,116 | | $ | 958,798 | |
Accumulated net investment income (loss) | | $ | (313 | ) | $ | — | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 172,694 | | 149,317 | (a) |
Redeemed | | (143,337 | ) | (154,942 | )(a) |
Change in shares | | 29,357 | | (5,625 | ) |
(a) As described in Note 9, share amounts have been adjusted for 1:5 reverse share split that occurred on December 11, 2017.
See accompanying notes to financial statements.
186 :: ProFund VP Short Emerging Markets :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017(a) | | Year Ended Dec. 31, 2016(a) | | Year Ended Dec. 31, 2015(a) | | Year Ended Dec. 31, 2014(a) | | Year Ended Dec. 31, 2013(a) | |
Net Asset Value, Beginning of Period | | $ | 42.43 | | $ | 58.80 | | $ | 70.21 | | $ | 62.96 | | $ | 64.84 | | $ | 64.98 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(b) | | (0.01 | ) | (0.44 | ) | (0.95 | ) | (1.10 | ) | (1.05 | ) | (1.15 | ) |
Net realized and unrealized gains (losses) on investments | | 1.18 | | (15.93 | ) | (10.46 | ) | 8.35 | | (0.83 | ) | 1.01 | |
Total income (loss) from investment activities | | 1.17 | | (16.37 | ) | (11.41 | ) | 7.25 | | (1.88 | ) | (0.14 | ) |
Net Asset Value, End of Period | | $ | 43.60 | | $ | 42.43 | | $ | 58.80 | | $ | 70.21 | | $ | 62.96 | | $ | 64.84 | |
Total Return(c) | | 2.73 | %(d) | (27.84 | )% | (16.24 | )% | 11.52 | % | (2.93 | )% | (0.23 | )% |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(e) | | 1.61 | %(d) | 1.69 | % | 1.68 | % | 1.71 | % | 2.18 | % | 1.93 | % |
Net expenses(e) | | 1.61 | %(d) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(e) | | (0.06 | )%(d) | (0.91 | )% | (1.42 | )% | (1.63 | )% | (1.66 | )% | (1.66 | )% |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 2,265 | | $ | 959 | | $ | 1,660 | | $ | 5,215 | | $ | 1,649 | | $ | 1,154 | |
Portfolio turnover rate(f) | | — | | — | | — | | — | | — | | — | |
(a) As described in Note 9, share amounts have been adjusted for 1:5 reverse share split that occurred on December 11, 2017.
(b) Per share net investment income (loss) has been calculated using the average daily shares method.
(c) Not annualized for periods less than one year.
(d) The gross expense ratio, net expense ratio, and net investment income (loss) ratio include a non-recurring fee reduction for expenses accrued in a prior year. Had this fee reduction not occurred, the gross expense ratio, net expense ratio, and net investment income (loss) ratio would have been 1.72%, 1.68%, and (0.13)%, respectively, and the total return would have been 2.70%.
(e) Annualized for periods less than one year.
(f) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short International :: 187
Investment Objective: The ProFund VP Short International seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Morgan Stanley Capital International Europe, Australasia and Far East (“MSCI EAFE”) Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Swap Agreements | | (99 | )% |
Total Exposure | | (99 | )% |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Holdings
The ProFund VP Short International primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
MSCI EAFE Index — Composition
Industry Breakdown | | % of Index | |
Financials | | 20 | % |
Industrials | | 14 | % |
Consumer Discretionary | | 12 | % |
Consumer Staples | | 11 | % |
Health Care | | 11 | % |
Materials | | 8 | % |
Information Technology | | 7 | % |
Energy | | 6 | % |
Telecommunication Services | | 4 | % |
Real Estate | | 4 | % |
Utilities | | 3 | % |
Country Composition | | | |
Japan | | 24 | % |
United Kingdom | | 18 | % |
France | | 11 | % |
Germany | | 10 | % |
Other | | 37 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (100.9%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $1,029,168 | | $ | 1,029,000 | | $ | 1,029,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $1,029,000) | | | | 1,029,000 | |
TOTAL INVESTMENT SECURITIES (Cost $1,029,000)—100.9% | | | | 1,029,000 | |
Net other assets (liabilities)—(0.9)% | | | | (9,530 | ) |
NET ASSETS—100.0% | | | | $ | 1,019,470 | |
| | | | | | | |
(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $206,000.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
MSCI EAFE Index | | Goldman Sachs International | | 7/27/18 | | (1.58 | )% | $ | (540,706 | ) | $ | (5,490 | ) |
MSCI EAFE Index | | UBS AG | | 7/27/18 | | (1.68 | )% | (472,870 | ) | (4,951 | ) |
| | | | | | | | $ | (1,013,576 | ) | $ | (10,441 | ) |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
See accompanying notes to financial statements.
188 :: ProFund VP Short International :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 1,029,000 | |
Repurchase agreements, at value | | 1,029,000 | |
Total Investment Securities, at value | | 1,029,000 | |
Cash | | 782 | |
Interest receivable | | 112 | |
Receivable for capital shares issued | | 2,292 | |
Prepaid expenses | | 8 | |
TOTAL ASSETS | | 1,032,194 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 73 | |
Unrealized depreciation on swap agreements | | 10,441 | |
Advisory fees payable | | 422 | |
Management services fees payable | | 56 | |
Administration fees payable | | 19 | |
Administrative services fees payable | | 332 | |
Distribution fees payable | | 358 | |
Transfer agency fees payable | | 32 | |
Fund accounting fees payable | | 23 | |
Compliance services fees payable | | 3 | |
Other accrued expenses | | 965 | |
TOTAL LIABILITIES | | 12,724 | |
NET ASSETS | | $ | 1,019,470 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 2,834,811 | |
Accumulated net investment income (loss) | | (314 | ) |
Accumulated net realized gains (losses) on investments | | (1,804,586 | ) |
Net unrealized appreciation (depreciation) on investments | | (10,441 | ) |
NET ASSETS | | $ | 1,019,470 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 104,759 | |
Net Asset Value (offering and redemption price per share) | | $ | 9.73 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Interest | | $ | 4,298 | |
EXPENSES: | | | |
Advisory fees | | 2,124 | |
Management services fees | | 283 | |
Administration fees | | 132 | |
Transfer agency fees | | 200 | |
Administrative services fees | | 629 | |
Distribution fees | | 708 | |
Custody fees | | 50 | |
Fund accounting fees | | 147 | |
Trustee fees | | 11 | |
Compliance services fees | | 4 | |
Other fees | | 273 | |
Recoupment of prior expenses reduced by the Advisor | | 51 | |
TOTAL NET EXPENSES | | 4,612 | |
NET INVESTMENT INCOME (LOSS) | | (314 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on swap agreements | | 21,875 | |
Change in net unrealized appreciation/depreciation on swap agreements | | (10,491 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | 11,384 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 11,070 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short International :: 189
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (314 | ) | $ | (5,640 | ) |
Net realized gains (losses) on investments | | 21,875 | | (153,658 | ) |
Change in net unrealized appreciation/depreciation on investments | | (10,491 | ) | 2,570 | |
Change in net assets resulting from operations | | 11,070 | | (156,728 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 2,017,123 | | 2,142,352 | |
Value of shares redeemed | | (1,619,917 | ) | (2,557,766 | ) |
Change in net assets resulting from capital transactions | | 397,206 | | (415,414 | ) |
Change in net assets | | 408,276 | | (572,142 | ) |
NET ASSETS: | | | | | |
Beginning of period | | 611,194 | | 1,183,336 | |
End of period | | $ | 1,019,470 | | $ | 611,194 | |
Accumulated net investment income (loss) | | $ | (314 | ) | $ | — | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 212,565 | | 208,657 | |
Redeemed | | (172,157 | ) | (243,192 | ) |
Change in shares | | 40,408 | | (34,535 | ) |
See accompanying notes to financial statements.
190 :: ProFund VP Short International :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 9.50 | | $ | 11.97 | | $ | 12.72 | | $ | 13.22 | | $ | 12.86 | | $ | 16.28 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | (0.01 | ) | (0.09 | ) | (0.18 | ) | (0.21 | ) | (0.21 | ) | (0.24 | ) |
Net realized and unrealized gains (losses) on investments | | 0.24 | | (2.38 | ) | (0.57 | ) | (0.29 | ) | 0.57 | | (3.18 | ) |
Total income (loss) from investment activities | | 0.23 | | (2.47 | ) | (0.75 | ) | (0.50 | ) | 0.36 | | (3.42 | ) |
Net Asset Value, End of Period | | $ | 9.73 | | $ | 9.50 | | $ | 11.97 | | $ | 12.72 | | $ | 13.22 | | $ | 12.86 | |
Total Return(b) | | 2.42 | %(c) | (20.63 | )% | (5.90 | )% | (3.78 | )% | 2.80 | % | (21.01 | )% |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(d) | | 1.63 | %(c) | 1.69 | % | 1.68 | % | 1.72 | % | 2.06 | % | 1.86 | % |
Net expenses(d) | | 1.63 | %(c) | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(d) | | (0.11 | )%(c) | (0.90 | )% | (1.41 | )% | (1.63 | )% | (1.66 | )% | (1.65 | )% |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 1,019 | | $ | 611 | | $ | 1,183 | | $ | 1,228 | | $ | 1,487 | | $ | 1,443 | |
Portfolio turnover rate(e) | | — | | — | | — | | — | | — | | — | |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) The gross expense ratio, net expense ratio, and net investment income (loss) ratio include a non-recurring fee reduction for expenses accrued in a prior year. Had this fee reduction not occurred, the gross expense ratio, net expense ratio, and net investment income (loss) ratio would have been 1.76%, 1.68%, and (0.16)%, respectively, and the total return would have been 2.39%.
(d) Annualized for periods less than one year.
(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Mid-Cap :: 191
Investment Objective: The ProFund VP Short Mid-Cap seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&P MidCap 400®.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Swap Agreements | | (100 | )% |
Total Exposure | | (100 | )% |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Holdings
The ProFund VP Short Mid-Cap primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
S&P MidCap 400 — Composition
| | % of Index | |
Financials | | 17 | % |
Information Technology | | 16 | % |
Industrials | | 15 | % |
Consumer Discretionary | | 13 | % |
Real Estate | | 10 | % |
Health Care | | 9 | % |
Materials | | 7 | % |
Energy | | 5 | % |
Utilities | | 5 | % |
Consumer Staples | | 3 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (34.3%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $94,015 | | $ | 94,000 | | $ | 94,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $94,000) | | | | 94,000 | |
TOTAL INVESTMENT SECURITIES (Cost $94,000)—34.3% | | | | 94,000 | |
Net other assets (liabilities)—65.7%(c) | | | | 179,798 | |
NET ASSETS—100.0% | | | | $ | 273,798 | |
| | | | | | | |
(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $44,000.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
(c) Amount includes $180,225 of net receivable for capital shares issued.
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
S&P MidCap 400 | | Goldman Sachs International | | 7/27/18 | | (2.03 | )% | $ | (28,115 | ) | $ | (312 | ) |
S&P MidCap 400 | | UBS AG | | 7/27/18 | | (1.98 | )% | (245,563 | ) | (346 | ) |
| | | | | | | | $ | (273,678 | ) | $ | (658 | ) |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
See accompanying notes to financial statements.
192 :: ProFund VP Short Mid-Cap :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 94,000 | |
Repurchase agreements, at value | | 94,000 | |
Total Investment Securities, at value | | 94,000 | |
Cash | | 885 | |
Interest receivable | | 10 | |
Receivable for capital shares issued | | 180,225 | |
Prepaid expenses | | 2 | |
TOTAL ASSETS | | 275,122 | |
LIABILITIES: | | | |
Unrealized depreciation on swap agreements | | 658 | |
Advisory fees payable | | 183 | |
Management services fees payable | | 24 | |
Administration fees payable | | 9 | |
Administrative services fees payable | | 84 | |
Distribution fees payable | | 77 | |
Transfer agency fees payable | | 15 | |
Fund accounting fees payable | | 11 | |
Compliance services fees payable | | 1 | |
Other accrued expenses | | 262 | |
TOTAL LIABILITIES | | 1,324 | |
NET ASSETS | | $ | 273,798 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 2,658,476 | |
Accumulated net investment income (loss) | | (154 | ) |
Accumulated net realized gains (losses) on investments | | (2,383,866 | ) |
Net unrealized appreciation (depreciation) on investments | | (658 | ) |
NET ASSETS | | $ | 273,798 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 8,965 | |
Net Asset Value (offering and redemption price per share) | | $ | 30.54 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Interest | | $ | 1,502 | |
EXPENSES: | | | |
Advisory fees | | 739 | |
Management services fees | | 99 | |
Administration fees | | 37 | |
Transfer agency fees | | 56 | |
Administrative services fees | | 253 | |
Distribution fees | | 246 | |
Custody fees | | 35 | |
Fund accounting fees | | 41 | |
Trustee fees | | 4 | |
Compliance services fees | | 1 | |
Other fees | | 161 | |
Total Gross Expenses before reductions | | 1,672 | |
Expenses reduced and reimbursed by the Advisor | | (16 | ) |
TOTAL NET EXPENSES | | 1,656 | |
NET INVESTMENT INCOME (LOSS) | | (154 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on swap agreements | | (26,090 | ) |
Change in net unrealized appreciation/depreciation on swap agreements | | (1,051 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (27,141 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (27,295 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Mid-Cap :: 193
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (154 | ) | $ | (4,430 | ) |
Net realized gains (losses) on investments | | (26,090 | ) | (110,843 | ) |
Change in net unrealized appreciation/depreciation on investments | | (1,051 | ) | 3,443 | |
Change in net assets resulting from operations | | (27,295 | ) | (111,830 | ) |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net realized gains on investments | | (14,712 | ) | (4,598 | ) |
Change in net assets resulting from distributions | | (14,712 | ) | (4,598 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 7,417,954 | | 23,201,126 | |
Distributions reinvested | | 14,712 | | 4,598 | |
Value of shares redeemed | | (7,281,761 | ) | (23,320,341 | ) |
Change in net assets resulting from capital transactions | | 150,905 | | (114,617 | ) |
Change in net assets | | 108,898 | | (231,045 | ) |
NET ASSETS: | | | | | |
Beginning of period | | 164,900 | | 395,945 | |
End of period | | $ | 273,798 | | $ | 164,900 | |
Accumulated net investment income (loss) | | $ | (154 | ) | $ | — | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 223,812 | | 628,151 | |
Reinvested | | 491 | | 129 | |
Redeemed | | (220,196 | ) | (633,279 | ) |
Change in shares | | 4,107 | | (4,999 | ) |
See accompanying notes to financial statements.
194 :: ProFund VP Short Mid-Cap :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016(a) | | Year Ended Dec. 31, 2015(a) | | Year Ended Dec. 31, 2014(a) | | Year Ended Dec. 31, 2013(a) | |
Net Asset Value, Beginning of Period | | $ | 33.94 | | $ | 40.17 | | $ | 55.37 | | $ | 56.30 | | $ | 64.20 | | $ | 88.94 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(b) | | (0.03 | ) | (0.30 | ) | (0.71 | ) | (0.88 | ) | (1.04 | ) | (1.20 | ) |
Net realized and unrealized gains (losses) on investments | | (1.35 | ) | (5.66 | ) | (10.19 | ) | (0.05 | ) | (6.86 | ) | (23.54 | ) |
Total income (loss) from investment activities | | (1.38 | ) | (5.96 | ) | (10.90 | ) | (0.93 | ) | (7.90 | ) | (24.74 | ) |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net realized gains on investments | | (2.02 | ) | (0.27 | ) | (4.30 | ) | — | | — | | — | |
Net Asset Value, End of Period | | $ | 30.54 | | $ | 33.94 | | $ | 40.17 | | $ | 55.37 | | $ | 56.30 | | $ | 64.20 | |
Total Return(c) | | (3.99 | )% | (14.85 | )% | (20.19 | )% | (1.70 | )% | (12.44 | )% | (27.70 | )% |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(d) | | 1.70 | % | 1.68 | % | 1.68 | % | 1.84 | % | 2.51 | % | 2.06 | % |
Net expenses(d) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(d) | | (0.16 | )% | (0.81 | )% | (1.42 | )% | (1.64 | )% | (1.66 | )% | (1.65 | )% |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 274 | | $ | 165 | | $ | 396 | | $ | 547 | | $ | 548 | | $ | 426 | |
Portfolio turnover rate(e) | | — | | — | | — | | — | | — | | — | |
(a) As described in Note 9, share amounts have been adjusted for 1:8 reverse share split that occurred on December 5, 2016.
(b) Per share net investment income (loss) has been calculated using the average daily shares method.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short NASDAQ-100 :: 195
Investment Objective: The ProFund VP Short NASDAQ-100 seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the NASDAQ-100® Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Futures Contracts | | (7 | )% |
Swap Agreements | | (93 | )% |
Total Exposure | | (100 | )% |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Holdings
The ProFund VP Short NASDAQ-100 primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
NASDAQ-100 Index — Composition
| | % of Index | |
Information Technology | | 61 | % |
Consumer Discretionary | | 23 | % |
Health Care | | 9 | % |
Consumer Staples | | 4 | % |
Industrials | | 2 | % |
Telecommunication Services | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (109.1%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $2,280,372 | | $ | 2,280,000 | | $ | 2,280,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $2,280,000) | | | | 2,280,000 | |
TOTAL INVESTMENT SECURITIES (Cost $2,280,000)—109.1% | | | | 2,280,000 | |
Net other assets (liabilities)—(9.1)% | | | | (189,497 | ) |
NET ASSETS—100.0% | | | | $ | 2,090,503 | |
| | | | | | | |
(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $410,000.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
Futures Contracts Sold
| | Number of Contracts | | Expiration Date | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
E-Mini NASDAQ-100 Futures Contracts | | 1 | | 9/24/18 | | $ | (141,255 | ) | $ | 2,268 | |
| | | | | | | | | | | |
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
NASDAQ-100 Index | | Goldman Sachs International | | 7/27/18 | | (2.28 | )% | $ | (1,052,915 | ) | $ | (10,570 | ) |
NASDAQ-100 Index | | UBS AG | | 7/27/18 | | (2.13 | )% | (891,950 | ) | (11,667 | ) |
| | | | | | | | $ | (1,944,865 | ) | $ | (22,237 | ) |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
See accompanying notes to financial statements.
196 :: ProFund VP Short NASDAQ-100 :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 2,280,000 | |
Repurchase agreements, at value | | 2,280,000 | |
Total Investment Securities, at value | | 2,280,000 | |
Cash | | 377 | |
Segregated cash balances with brokers | | 6,380 | |
Segregated cash balances with custodian | | 600 | |
Interest receivable | | 248 | |
Receivable for capital shares issued | | 24,525 | |
Prepaid expenses | | 36 | |
TOTAL ASSETS | | 2,312,166 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 192,590 | |
Unrealized depreciation on swap agreements | | 22,237 | |
Variation margin on futures contracts | | 45 | |
Advisory fees payable | | 1,310 | |
Management services fees payable | | 175 | |
Administration fees payable | | 60 | |
Administrative services fees payable | | 1,081 | |
Distribution fees payable | | 1,086 | |
Transfer agency fees payable | | 98 | |
Fund accounting fees payable | | 71 | |
Compliance services fees payable | | 13 | |
Other accrued expenses | | 2,897 | |
TOTAL LIABILITIES | | 221,663 | |
NET ASSETS | | $ | 2,090,503 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 13,901,813 | |
Accumulated net investment income (loss) | | (3,021 | ) |
Accumulated net realized gains (losses) on investments | | (11,788,320 | ) |
Net unrealized appreciation (depreciation) on investments | | (19,969 | ) |
NET ASSETS | | $ | 2,090,503 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 205,057 | |
Net Asset Value (offering and redemption price per share) | | $ | 10.19 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Interest | | $ | 20,055 | |
EXPENSES: | | | |
Advisory fees | | 10,301 | |
Management services fees | | 1,374 | |
Administration fees | | 392 | |
Transfer agency fees | | 589 | |
Administrative services fees | | 3,585 | |
Distribution fees | | 3,434 | |
Custody fees | | 149 | |
Fund accounting fees | | 434 | |
Trustee fees | | 39 | |
Compliance services fees | | 13 | |
Other fees | | 685 | |
Recoupment of prior expenses reduced by the Advisor | | 2,081 | |
TOTAL NET EXPENSES | | 23,076 | |
NET INVESTMENT INCOME (LOSS) | | (3,021 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on futures contracts | | (110,608 | ) |
Net realized gains (losses) on swap agreements | | (38,631 | ) |
Change in net unrealized appreciation/depreciation on futures contracts | | 23,727 | |
Change in net unrealized appreciation/depreciation on swap agreements | | (35,150 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (160,662 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (163,683 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short NASDAQ-100 :: 197
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (3,021 | ) | $ | (31,994 | ) |
Net realized gains (losses) on investments | | (149,239 | ) | (1,010,350 | ) |
Change in net unrealized appreciation/depreciation on investments | | (11,423 | ) | (75,251 | ) |
Change in net assets resulting from operations | | (163,683 | ) | (1,117,595 | ) |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 26,399,777 | | 20,950,164 | |
Value of shares redeemed | | (27,738,470 | ) | (20,036,919 | ) |
Change in net assets resulting from capital transactions | | (1,338,693 | ) | 913,245 | |
Change in net assets | | (1,502,376 | ) | (204,350 | ) |
NET ASSETS: | | | | | |
Beginning of period | | 3,592,879 | | 3,797,229 | |
End of period | | $ | 2,090,503 | | $ | 3,592,879 | |
Accumulated net investment income (loss) | | $ | (3,021 | ) | $ | — | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 2,513,044 | | 1,614,981 | |
Redeemed | | (2,622,293 | ) | (1,548,975 | ) |
Change in shares | | (109,249 | ) | 66,006 | |
See accompanying notes to financial statements.
198 :: ProFund VP Short NASDAQ-100 :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014(a) | | Year Ended Dec. 31, 2013(a) | |
Net Asset Value, Beginning of Period | | $ | 11.43 | | $ | 15.29 | | $ | 17.00 | | $ | 19.55 | | $ | 24.25 | | $ | 34.35 | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(b) | | (0.01 | ) | (0.11 | ) | (0.24 | ) | (0.29 | ) | (0.37 | ) | (0.50 | ) |
Net realized and unrealized gains (losses) on investments | | (1.23 | ) | (3.75 | ) | (1.47 | ) | (2.26 | ) | (4.33 | ) | (9.60 | ) |
Total income (loss) from investment activities | | (1.24 | ) | (3.86 | ) | (1.71 | ) | (2.55 | ) | (4.70 | ) | (10.10 | ) |
Net Asset Value, End of Period | | $ | 10.19 | | $ | 11.43 | | $ | 15.29 | | $ | 17.00 | | $ | 19.55 | | $ | 24.25 | |
Total Return(c) | | (10.76 | )% | (25.25 | )% | (10.06 | )% | (13.04 | )% | (19.38 | )% | (29.40 | )% |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(d) | | 1.68 | % | 1.72 | % | 1.69 | % | 1.77 | % | 1.99 | % | 1.82 | % |
Net expenses(d) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(d) | | (0.22 | )% | (0.85 | )% | (1.42 | )% | (1.64 | )% | (1.66 | )% | (1.65 | )% |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 2,091 | | $ | 3,593 | | $ | 3,797 | | $ | 2,811 | | $ | 2,794 | | $ | 3,252 | |
Portfolio turnover rate(e) | | — | | — | | — | | — | | — | | — | |
(a) As described in Note 9, share amounts have been adjusted for 1:5 reverse share split that occurred on October 20, 2014.
(b) Per share net investment income (loss) has been calculated using the average daily shares method.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Small-Cap :: 199
Investment Objective: The ProFund VP Short Small-Cap seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Russell 2000® Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Futures Contracts | | (7 | )% |
Swap Agreements | | (92 | )% |
Total Exposure | | (99 | )% |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Holdings
The ProFund VP Short Small-Cap primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Russell 2000 Index — Composition
| | % of Index | |
Financials | | 19 | % |
Health Care | | 15 | % |
Industrials | | 15 | % |
Information Technology | | 15 | % |
Consumer Discretionary | | 13 | % |
Real Estate | | 7 | % |
Energy | | 5 | % |
Materials | | 4 | % |
Utilities | | 3 | % |
Consumer Staples | | 3 | % |
Telecommunication Services | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (64.7%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $1,463,239 | | $ | 1,463,000 | | $ | 1,463,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $1,463,000) | | | | 1,463,000 | |
TOTAL INVESTMENT SECURITIES (Cost $1,463,000)—64.7% | | | | 1,463,000 | |
Net other assets (liabilities)—35.3% | | | | 798,051 | |
NET ASSETS—100.0% | | | | $ | 2,261,051 | |
| | | | | | | |
(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $450,000.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
Futures Contracts Sold
| | Number of Contracts | | Expiration Date | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
E-Mini Russell 2000 Index Futures Contracts | | 2 | | 9/24/18 | | $ | (164,670 | ) | $ | 2,957 | |
| | | | | | | | | | | |
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
Russell 2000 Index | | Goldman Sachs International | | 7/27/18 | | (1.63 | )% | $ | (1,010,726 | ) | $ | (1,287 | ) |
Russell 2000 Index | | UBS AG | | 7/27/18 | | (1.48 | )% | (1,079,278 | ) | (1,647 | ) |
| | | | | | | | $ | (2,090,004 | ) | $ | (2,934 | ) |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
See accompanying notes to financial statements.
200 :: ProFund VP Short Small-Cap :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 1,463,000 | |
Repurchase agreements, at value | | 1,463,000 | |
Total Investment Securities, at value | | 1,463,000 | |
Cash | | 193 | |
Segregated cash balances with brokers | | 6,930 | |
Interest receivable | | 159 | |
Receivable for capital shares issued | | 798,961 | |
Variation margin on futures contracts | | 400 | |
Prepaid expenses | | 25 | |
TOTAL ASSETS | | 2,269,668 | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 40 | |
Unrealized depreciation on swap agreements | | 2,934 | |
Advisory fees payable | | 1,012 | |
Management services fees payable | | 135 | |
Administration fees payable | | 46 | |
Administrative services fees payable | | 966 | |
Distribution fees payable | | 963 | |
Transfer agency fees payable | | 76 | |
Fund accounting fees payable | | 55 | |
Compliance services fees payable | | 10 | |
Other accrued expenses | | 2,380 | |
TOTAL LIABILITIES | | 8,617 | |
NET ASSETS | | $ | 2,261,051 | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 7,408,102 | |
Accumulated net investment income (loss) | | (1,687 | ) |
Accumulated net realized gains (losses) on investments | | (5,145,387 | ) |
Net unrealized appreciation (depreciation) on investments | | 23 | |
NET ASSETS | | $ | 2,261,051 | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 188,939 | |
Net Asset Value (offering and redemption price per share) | | $ | 11.97 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Interest | | $ | 13,580 | |
EXPENSES: | | | |
Advisory fees | | 6,816 | |
Management services fees | | 909 | |
Administration fees | | 268 | |
Transfer agency fees | | 404 | |
Administrative services fees | | 2,349 | |
Distribution fees | | 2,272 | |
Custody fees | | 104 | |
Fund accounting fees | | 298 | |
Trustee fees | | 24 | |
Compliance services fees | | 10 | |
Other fees | | 516 | |
Recoupment of prior expenses reduced by the Advisor | | 1,297 | |
TOTAL NET EXPENSES | | 15,267 | |
NET INVESTMENT INCOME (LOSS) | | (1,687 | ) |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on futures contracts | | (29,312 | ) |
Net realized gains (losses) on swap agreements | | (150,422 | ) |
Change in net unrealized appreciation/depreciation on futures contracts | | 6,748 | |
Change in net unrealized appreciation/depreciation on swap agreements | | (10,727 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (183,713 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (185,400 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Short Small-Cap :: 201
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
| | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (1,687 | ) | $ | (22,646 | ) |
Net realized gains (losses) on investments | | (179,734 | ) | (288,986 | ) |
Change in net unrealized appreciation/depreciation on investments | | (3,979 | ) | (22,946 | ) |
Change in net assets resulting from operations | | (185,400 | ) | (334,578 | ) |
| | | | | |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 12,210,876 | | 44,686,132 | |
Value of shares redeemed | | (11,646,428 | ) | (44,556,903 | ) |
Change in net assets resulting from capital transactions | | 564,448 | | 129,229 | |
Change in net assets | | 379,048 | | (205,349 | ) |
| | | | | |
NET ASSETS: | | | | | |
Beginning of period | | 1,882,003 | | 2,087,352 | |
End of period | | $ | 2,261,051 | | $ | 1,882,003 | |
Accumulated net investment income (loss) | | $ | (1,687 | ) | $ | — | |
| | | | | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 979,569 | | 3,145,899 | |
Redeemed | | (935,556 | ) | (3,138,817 | ) |
Change in shares | | 44,013 | | 7,082 | |
See accompanying notes to financial statements.
202 :: ProFund VP Short Small-Cap :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014(a) | | Year Ended Dec. 31, 2013(a) | |
Net Asset Value, Beginning of Period | | $ | 12.99 | | $ | 15.14 | | $ | 19.31 | | $ | 19.47 | | $ | 21.45 | | $ | 31.20 | |
| | | | | | | | | | | | | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(b) | | (0.01 | ) | (0.12 | ) | (0.26 | ) | (0.31 | ) | (0.35 | ) | (0.45 | ) |
Net realized and unrealized gains (losses) on investments | | (1.01 | ) | (2.03 | ) | (3.91 | ) | 0.15 | | (1.63 | ) | (9.30 | ) |
Total income (loss) from investment activities | | (1.02 | ) | (2.15 | ) | (4.17 | ) | (0.16 | ) | (1.98 | ) | (9.75 | ) |
| | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 11.97 | | $ | 12.99 | | $ | 15.14 | | $ | 19.31 | | $ | 19.47 | | $ | 21.45 | |
| | | | | | | | | | | | | |
Total Return(c) | | (7.85 | )% | (14.20 | )% | (21.60 | )% | (0.82 | )% | (9.23 | )% | (31.25 | )% |
| | | | | | | | | | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(d) | | 1.68 | % | 1.70 | % | 1.72 | % | 1.74 | % | 1.96 | % | 1.83 | % |
Net expenses(d) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(d) | | (0.19 | )% | (0.87 | )% | (1.42 | )% | (1.64 | )% | (1.66 | )% | (1.65 | )% |
| | | | | | | | | | | | | |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 2,261 | | $ | 1,882 | | $ | 2,087 | | $ | 2,342 | | $ | 1,856 | | $ | 2,057 | |
Portfolio turnover rate(e) | | — | | — | | — | | — | | — | | — | |
(a) | As described in Note 9, share amounts have been adjusted for 1:5 reverse share split that occurred on October 20, 2014. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) | Not annualized for periods less than one year. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 203
Investment Objective: The ProFund VP Small-Cap seeks investment results, before fees and expenses, that correspond to the performance of the Russell 2000® Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 42 | % |
Futures Contracts | | 7 | % |
Swap Agreements | | 51 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
Five Below, Inc. | | 0.1 | % |
IDACORP, Inc. | | 0.1 | % |
Entegris, Inc. | | 0.1 | % |
Etsy, Inc. | | 0.1 | % |
Haemonetics Corp. | | 0.1 | % |
Russell 2000 Index — Composition
| | % of Index | |
Financials | | 19 | % |
Health Care | | 15 | % |
Industrials | | 15 | % |
Information Technology | | 15 | % |
Consumer Discretionary | | 13 | % |
Real Estate | | 7 | % |
Energy | | 5 | % |
Materials | | 4 | % |
Utilities | | 3 | % |
Consumer Staples | | 3 | % |
Telecommunication Services | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (41.6%)
| | Shares | | Value | |
1-800-Flowers.com, Inc.*—Class A (Internet & Direct Marketing Retail) | | 150 | | $ | 1,883 | |
22nd Century Group, Inc.* (Tobacco) | | 725 | | 1,784 | |
3D Systems Corp.* (Technology Hardware, Storage & Peripherals) | | 350 | | 4,834 | |
8x8, Inc.* (Software) | | 275 | | 5,514 | |
A. Schulman, Inc. (Chemicals) | | 100 | | 4,450 | |
A10 Networks, Inc.* (Software) | | 275 | | 1,713 | |
AAON, Inc. (Building Products) | | 125 | | 4,156 | |
AAR Corp. (Aerospace & Defense) | | 100 | | 4,649 | |
Aaron’s, Inc. (Specialty Retail) | | 200 | | 8,689 | |
Abeona Therapeutics, Inc.* (Biotechnology) | | 125 | | 2,000 | |
Abercrombie & Fitch Co.—Class A (Specialty Retail) | | 200 | | 4,896 | |
ABM Industries, Inc. (Commercial Services & Supplies) | | 200 | | 5,836 | |
Abraxas Petroleum Corp.* (Oil, Gas & Consumable Fuels) | | 750 | | 2,168 | |
Acacia Communications, Inc.* (Communications Equipment) | | 100 | | 3,481 | |
Acacia Research Corp.* (Professional Services) | | 350 | | 1,453 | |
ACADIA Pharmaceuticals, Inc.* (Biotechnology) | | 300 | | 4,581 | |
Acadia Realty Trust (Equity Real Estate Investment Trusts) | | 250 | | 6,843 | |
Accelerate Diagnostics, Inc.* (Life Sciences Tools & Services) | | 100 | | 2,230 | |
Acceleron Pharma, Inc.* (Biotechnology) | | 125 | | 6,065 | |
ACCO Brands Corp. (Commercial Services & Supplies) | | 350 | | 4,848 | |
Accuray, Inc.* (Health Care Equipment & Supplies) | | 450 | | 1,845 | |
Achaogen, Inc.* (Biotechnology) | | 150 | | 1,299 | |
Achillion Pharmaceuticals, Inc.* (Biotechnology) | | 675 | | 1,910 | |
ACI Worldwide, Inc.* (Software) | | 325 | | 8,018 | |
Aclaris Therapeutics, Inc.* (Pharmaceuticals) | | 125 | | 2,496 | |
Acorda Therapeutics, Inc.* (Biotechnology) | | 150 | | 4,305 | |
Actuant Corp.—Class A (Machinery) | | 200 | | 5,870 | |
Acushnet Holdings Corp. (Leisure Products) | | 125 | | 3,058 | |
Acxiom Corp.* (IT Services) | | 225 | | 6,739 | |
Adtalem Global Education, Inc.* (Diversified Consumer Services) | | 175 | | 8,417 | |
ADTRAN, Inc. (Communications Equipment) | | 175 | | 2,599 | |
Aduro Biotech, Inc.* (Biotechnology) | | 275 | | 1,925 | |
Advanced Disposal Services, Inc.* (Commercial Services & Supplies) | | 225 | | 5,576 | |
Advanced Drainage Systems, Inc. (Building Products) | | 150 | | 4,283 | |
Advanced Energy Industries, Inc.* (Semiconductors & Semiconductor Equipment) | | 125 | | 7,261 | |
AdvanSix, Inc.* (Chemicals) | | 100 | | 3,663 | |
Adverum Biotechnologies, Inc.* (Biotechnology) | | 300 | | 1,590 | |
Aegion Corp.* (Construction & Engineering) | | 125 | | 3,219 | |
Aerie Pharmaceuticals, Inc.* (Pharmaceuticals) | | 100 | | 6,755 | |
Aerohive Networks, Inc.* (Communications Equipment) | | 300 | | 1,191 | |
Aerojet Rocketdyne Holdings, Inc.* (Aerospace & Defense) | | 200 | | 5,898 | |
AG Mortgage Investment Trust, Inc. (Mortgage Real Estate Investment Trusts) | | 125 | | 2,349 | |
Agenus, Inc.* (Biotechnology) | | 575 | | 1,305 | |
Agree Realty Corp. (Equity Real Estate Investment Trusts) | | 100 | | 5,277 | |
AgroFresh Solutions, Inc.* (Chemicals) | | 200 | | 1,402 | |
Aimmune Therapeutics, Inc.* (Biotechnology) | | 150 | | 4,034 | |
Air Transport Services Group, Inc.* (Air Freight & Logistics) | | 200 | | 4,518 | |
Aircastle, Ltd. (Trading Companies & Distributors) | | 175 | | 3,588 | |
AK Steel Holding Corp.* (Metals & Mining) | | 1,000 | | 4,340 | |
Akebia Therapeutics, Inc.* (Biotechnology) | | 225 | | 2,246 | |
Akorn, Inc.* (Pharmaceuticals) | | 300 | | 4,977 | |
| | | | | | |
See accompanying notes to financial statements.
204 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Alarm.com Holdings, Inc.* (Internet Software & Services) | | 100 | | $ | 4,038 | |
Albany International Corp.—Class A (Machinery) | | 100 | | 6,015 | |
Alder Biopharmaceuticals, Inc.* (Biotechnology) | | 200 | | 3,160 | |
Alexander & Baldwin, Inc. (Real Estate Management & Development) | | 225 | | 5,288 | |
Allegheny Technologies, Inc.* (Metals & Mining) | | 350 | | 8,793 | |
ALLETE, Inc. (Electric Utilities) | | 150 | | 11,612 | |
Allscripts Healthcare Solutions, Inc.* (Health Care Technology) | | 525 | | 6,300 | |
Alta Mesa Resources, Inc.* (Oil, Gas & Consumable Fuels) | | 375 | | 2,554 | |
Altair Engineering, Inc.* (Software) | | 100 | | 3,418 | |
Alteryx, Inc.* (Internet Software & Services) | | 100 | | 3,816 | |
Altra Industrial Motion Corp. (Machinery) | | 100 | | 4,310 | |
AMAG Pharmaceuticals, Inc.* (Biotechnology) | | 125 | | 2,438 | |
Ambac Financial Group, Inc.* (Insurance) | | 150 | | 2,978 | |
Ambarella, Inc.* (Semiconductors & Semiconductor Equipment) | | 100 | | 3,861 | |
AMC Entertainment Holdings, Inc.—Class A (Media) | | 175 | | 2,783 | |
Amedisys, Inc.* (Health Care Providers & Services) | | 75 | | 6,410 | |
American Assets Trust, Inc. (Equity Real Estate Investment Trusts) | | 125 | | 4,786 | |
American Axle & Manufacturing Holdings, Inc.* (Auto Components) | | 350 | | 5,446 | |
American Eagle Outfitters, Inc. (Specialty Retail) | | 450 | | 10,462 | |
American Equity Investment Life Holding Co. (Insurance) | | 250 | | 9,000 | |
American Outdoor Brands Corp.* (Leisure Products) | | 200 | | 2,406 | |
American Software, Inc.—Class A (Software) | | 125 | | 1,821 | |
American States Water Co. (Water Utilities) | | 100 | | 5,716 | |
American Vanguard Corp. (Chemicals) | | 125 | | 2,869 | |
Americold Realty Trust (Equity Real Estate Investment Trusts) | | 175 | | 3,854 | |
Ameris Bancorp (Banks) | | 125 | | 6,669 | |
Amicus Therapeutics, Inc.* (Biotechnology) | | 550 | | 8,590 | |
Amkor Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | 375 | | 3,221 | |
AMN Healthcare Services, Inc.* (Health Care Providers & Services) | | 125 | | 7,325 | |
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals) | | 275 | | 4,513 | |
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | | 150 | | 2,289 | |
Ampio Pharmaceuticals, Inc.* (Pharmaceuticals) | | 750 | | 1,650 | |
AmTrust Financial Services, Inc. (Insurance) | | 350 | | 5,100 | |
Amyris, Inc.* (Oil, Gas & Consumable Fuels) | | 225 | | 1,438 | |
AngioDynamics, Inc.* (Health Care Equipment & Supplies) | | 125 | | 2,780 | |
Anixter International, Inc.* (Electronic Equipment, Instruments & Components) | | 100 | | 6,330 | |
Antares Pharma, Inc.* (Health Care Equipment & Supplies) | | 700 | | 1,806 | |
Anworth Mortgage Asset Corp. (Mortgage Real Estate Investment Trusts) | | 425 | | 2,112 | |
Apellis Pharmaceuticals, Inc.* (Biotechnology) | | 125 | | 2,750 | |
Apogee Enterprises, Inc. (Building Products) | | 100 | | 4,817 | |
Apollo Commercial Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts) | | 375 | | 6,854 | |
Apollo Medical Holdings, Inc.* (Health Care Providers & Services) | | 100 | | 2,586 | |
Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | | 100 | | 7,015 | |
Approach Resources, Inc.* (Oil, Gas & Consumable Fuels) | | 500 | | 1,220 | |
Apptio, Inc.* (Internet Software & Services) | | 100 | | 3,620 | |
Aratana Therapeutics, Inc.* (Pharmaceuticals) | | 325 | | 1,381 | |
Arbor Realty Trust, Inc. (Mortgage Real Estate Investment Trusts) | | 225 | | 2,347 | |
Arbutus BioPharma Corp.* (Biotechnology) | | 225 | | 1,643 | |
ArcBest Corp. (Road & Rail) | | 75 | | 3,428 | |
Archrock, Inc. (Energy Equipment & Services) | | 400 | | 4,800 | |
Ardelyx, Inc.* (Biotechnology) | | 300 | | 1,110 | |
Ardmore Shipping Corp.* (Oil, Gas & Consumable Fuels) | | 200 | | 1,640 | |
Arena Pharmaceuticals, Inc.* (Biotechnology) | | 150 | | 6,540 | |
Ares Commercial Real Estate Corp. (Mortgage Real Estate Investment Trusts) | | 125 | | 1,726 | |
Argo Group International Holdings, Ltd. (Insurance) | | 100 | | 5,815 | |
Arlington Asset Investment Corp.—Class A (Capital Markets) | | 150 | | 1,547 | |
Armada Hoffler Properties, Inc. (Equity Real Estate Investment Trusts) | | 175 | | 2,608 | |
ARMOUR Residential REIT, Inc. (Mortgage Real Estate Investment Trusts) | | 150 | | 3,422 | |
ArQule, Inc.* (Biotechnology) | | 425 | | 2,350 | |
Array BioPharma, Inc.* (Biotechnology) | | 575 | | 9,648 | |
Arrowhead Pharmaceuticals, Inc.* (Biotechnology) | | 300 | | 4,080 | |
Artisan Partners Asset Management, Inc. (Capital Markets) | | 150 | | 4,523 | |
Ascena Retail Group, Inc.* (Specialty Retail) | | 650 | | 2,590 | |
ASGN, Inc.* (Insurance) | | 150 | | 11,728 | |
Ashford Hospitality Trust, Inc. (Equity Real Estate Investment Trusts) | | 350 | | 2,835 | |
At Home Group, Inc.* (Specialty Retail) | | 100 | | 3,915 | |
Atara Biotherapeutics, Inc.* (Biotechnology) | | 125 | | 4,594 | |
Athenex, Inc.* (Biotechnology) | | 150 | | 2,799 | |
Athersys, Inc.* (Biotechnology) | | 750 | | 1,478 | |
Atkore International Group, Inc.* (Electrical Equipment) | | 150 | | 3,116 | |
Atlantic Capital Bancshares, Inc.* (Banks) | | 100 | | 1,965 | |
Atlantic Power Corp.* (Independent Power & Renewable Electricity Producers) | | 675 | | 1,485 | |
AtriCure, Inc.* (Health Care Equipment & Supplies) | | 125 | | 3,381 | |
Audentes Therapeutics, Inc.* (Biotechnology) | | 100 | | 3,821 | |
Avaya Holdings Corp.* (Software) | | 325 | | 6,526 | |
Aveo Phamaceuticals, Inc.* (Biotechnology) | | 650 | | 1,469 | |
Avid Bioservices, Inc.* (Biotechnology) | | 400 | | 1,568 | |
Avid Technology, Inc.* (Technology Hardware, Storage & Peripherals) | | 225 | | 1,170 | |
Avis Budget Group, Inc.* (Road & Rail) | | 200 | | 6,499 | |
Avista Corp. (Multi-Utilities) | | 175 | | 9,215 | |
AVX Corp. (Electronic Equipment, Instruments & Components) | | 175 | | 2,742 | |
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | | 125 | | 2,475 | |
AxoGen, Inc.* (Health Care Equipment & Supplies) | | 100 | | 5,025 | |
Axon Enterprise, Inc.* (Aerospace & Defense) | | 150 | | 9,477 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 205
Common Stocks, continued
| | Shares | | Value | |
Axt, Inc.* (Semiconductors & Semiconductor Equipment) | | 225 | | $ | 1,586 | |
AZZ, Inc. (Electrical Equipment) | | 75 | | 3,259 | |
B of I Holding, Inc.* (Thrifts & Mortgage Finance) | | 175 | | 7,159 | |
B&G Foods, Inc.—Class A (Food Products) | | 200 | | 5,980 | |
Babcock & Wilcox Enterprises, Inc.* (Electrical Equipment) | | 475 | | 1,131 | |
Badger Meter, Inc. (Electronic Equipment, Instruments & Components) | | 100 | | 4,470 | |
Balchem Corp. (Chemicals) | | 100 | | 9,813 | |
Banc of California, Inc. (Banks) | | 150 | | 2,933 | |
Banco Latinoamericano de Comercio Exterior S.A.—Class E (Banks) | | 125 | | 3,076 | |
BancorpSouth Bank (Banks) | | 275 | | 9,061 | |
Bank of Nt Butterfield & Son, Ltd. (The) (Banks) | | 150 | | 6,858 | |
Banner Corp. (Banks) | | 100 | | 6,013 | |
Barnes & Noble Education, Inc.* (Specialty Retail) | | 225 | | 1,269 | |
Barnes & Noble, Inc. (Specialty Retail) | | 300 | | 1,905 | |
Barnes Group, Inc. (Machinery) | | 150 | | 8,835 | |
BBX Capital Corp. (Hotels, Restaurants & Leisure) | | 275 | | 2,483 | |
Beacon Roofing Supply, Inc.* (Trading Companies & Distributors) | | 200 | | 8,523 | |
Beazer Homes USA, Inc.* (Household Durables) | | 150 | | 2,213 | |
Bed Bath & Beyond, Inc. (Specialty Retail) | | 400 | | 7,970 | |
Belden, Inc. (Electronic Equipment, Instruments & Components) | | 125 | | 7,640 | |
Bellicum Pharmaceutials, Inc.* (Biotechnology) | | 225 | | 1,661 | |
Belmond, Ltd.* (Hotels, Restaurants & Leisure) | | 300 | | 3,345 | |
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components) | | 150 | | 4,373 | |
Beneficial Bancorp, Inc. (Thrifts & Mortgage Finance) | | 225 | | 3,645 | |
Berkshire Hills Bancorp, Inc. (Banks) | | 125 | | 5,075 | |
Big Lots, Inc. (Multiline Retail) | | 125 | | 5,223 | |
BioCryst Pharmaceuticals, Inc.* (Biotechnology) | | 400 | | 2,292 | |
Biohaven Pharmaceutical Holding Co., Ltd.* (Biotechnology) | | 100 | | 3,952 | |
BioScrip, Inc.* (Health Care Providers & Services) | | 650 | | 1,905 | |
BioTelemetry, Inc.* (Health Care Providers & Services) | | 100 | | 4,500 | |
BioTime, Inc.* (Biotechnology) | | 625 | | 1,288 | |
Black Hills Corp. (Multi-Utilities) | | 150 | | 9,182 | |
Blackbaud, Inc. (Software) | | 125 | | 12,805 | |
Blackline, Inc.* (Software) | | 100 | | 4,343 | |
Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts) | | 300 | | 9,428 | |
Bloomin’ Brands, Inc. (Hotels, Restaurants & Leisure) | | 250 | | 5,025 | |
Blucora, Inc.* (Internet Software & Services) | | 150 | | 5,550 | |
Blueprint Medicines Corp.* (Biotechnology) | | 125 | | 7,934 | |
BMC Stock Holdings, Inc.* (Trading Companies & Distributors) | | 225 | | 4,691 | |
Boingo Wireless, Inc.* (Wireless Telecommunication Services) | | 150 | | 3,389 | |
Boise Cascade Co. (Paper & Forest Products) | | 125 | | 5,588 | |
Boston Private Financial Holdings, Inc. (Banks) | | 275 | | 4,373 | |
Bottomline Technologies, Inc.* (Software) | | 125 | | 6,229 | |
Box, Inc.*—Class A (Internet Software & Services) | | 375 | | 9,370 | |
Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | | 250 | | 8,664 | |
Brady Corp.—Class A (Commercial Services & Supplies) | | 150 | | 5,783 | |
Braemar Hotels & Resorts, Inc. (Insurance) | | 150 | | 1,713 | |
Briggs & Stratton Corp. (Machinery) | | 150 | | 2,642 | |
Brightcove, Inc.* (Internet Software & Services) | | 175 | | 1,689 | |
BrightSphere Investment Group PLC (Capital Markets) | | 275 | | 3,922 | |
Brinker International, Inc. (Hotels, Restaurants & Leisure) | | 125 | | 5,950 | |
Bristow Group, Inc.* (Energy Equipment & Services) | | 150 | | 2,117 | |
Brookdale Senior Living, Inc.* (Health Care Providers & Services) | | 575 | | 5,227 | |
Brookline Bancorp, Inc. (Banks) | | 250 | | 4,650 | |
Brooks Automation, Inc. (Semiconductors & Semiconductor Equipment) | | 200 | | 6,524 | |
Builders FirstSource, Inc.* (Building Products) | | 350 | | 6,402 | |
C&J Energy Services, Inc.* (Energy Equipment & Services) | | 200 | | 4,720 | |
Cabot Microelectronics Corp. (Semiconductors & Semiconductor Equipment) | | 75 | | 8,067 | |
CACI International, Inc.*—Class A (IT Services) | | 75 | | 12,640 | |
Cactus, Inc.*—Class A (Energy Equipment & Services) | | 100 | | 3,379 | |
Cadence BanCorp (Banks) | | 150 | | 4,331 | |
CalAmp Corp.* (Communications Equipment) | | 125 | | 2,929 | |
Caleres, Inc. (Specialty Retail) | | 125 | | 4,299 | |
California Resources Corp.* (Oil, Gas & Consumable Fuels) | | 150 | | 6,816 | |
California Water Service Group (Water Utilities) | | 150 | | 5,843 | |
Calithera Biosciences, Inc.* (Biotechnology) | | 250 | | 1,250 | |
Calix, Inc.* (Communications Equipment) | | 225 | | 1,755 | |
Callaway Golf Co. (Leisure Products) | | 300 | | 5,690 | |
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels) | | 675 | | 7,250 | |
Cal-Maine Foods, Inc.* (Food Products) | | 100 | | 4,585 | |
Cambrex Corp.* (Life Sciences Tools & Services) | | 100 | | 5,230 | |
Camping World Holdings, Inc. (Specialty Retail) | | 125 | | 3,123 | |
Cannae Holdings, Inc.* (Diversified Financial Services) | | 225 | | 4,174 | |
Capital Senior Living Corp.* (Health Care Providers & Services) | | 150 | | 1,601 | |
Capitol Federal Financial, Inc. (Thrifts & Mortgage Finance) | | 400 | | 5,264 | |
Capstead Mortgage Corp. (Mortgage Real Estate Investment Trusts) | | 325 | | 2,909 | |
Cara Therapeutics, Inc.* (Biotechnology) | | 125 | | 2,394 | |
Carbonite, Inc.* (Internet Software & Services) | | 100 | | 3,490 | |
Cardiovascular Systems, Inc.* (Health Care Equipment & Supplies) | | 125 | | 4,043 | |
Cardtronics PLC*—Class A (IT Services) | | 125 | | 3,023 | |
CareDx, Inc.* (Biotechnology) | | 150 | | 1,836 | |
Career Education Corp.* (Diversified Consumer Services) | | 225 | | 3,638 | |
CareTrust REIT, Inc. (Equity Real Estate Investment Trusts) | | 250 | | 4,173 | |
Cargurus, Inc.* (Internet Software & Services) | | 150 | | 5,211 | |
Carpenter Technology Corp. (Metals & Mining) | | 125 | | 6,571 | |
Carrizo Oil & Gas, Inc.* (Oil, Gas & Consumable Fuels) | | 225 | | 6,266 | |
Carrols Restaurant Group, Inc.* (Hotels, Restaurants & Leisure) | | 150 | | 2,228 | |
Cars.com, Inc.* (Internet Software & Services) | | 225 | | 6,388 | |
Carvana Co.* (Specialty Retail) | | 100 | | 4,160 | |
| | | | | | |
See accompanying notes to financial statements.
206 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Casella Waste Systems, Inc.*—Class A (Commercial Services & Supplies) | | 125 | | $ | 3,201 | |
CASI Pharmaceuticals, Inc.* (Biotechnology) | | 275 | | 2,263 | |
Castle Brands, Inc.* (Beverages) | | 975 | | 1,160 | |
Castlight Health, Inc.*—Class B (Health Care Technology) | | 425 | | 1,806 | |
Catalyst Pharmaceuticals, Inc.* (Biotechnology) | | 525 | | 1,638 | |
CatchMark Timber Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | | 200 | | 2,546 | |
Cathay General Bancorp, Inc. (Banks) | | 225 | | 9,110 | |
CBIZ, Inc.* (Professional Services) | | 175 | | 4,025 | |
CBL & Associates Properties, Inc. (Equity Real Estate Investment Trusts) | | 600 | | 3,342 | |
CECO Environmental Corp. (Commercial Services & Supplies) | | 225 | | 1,382 | |
Cedar Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 425 | | 2,006 | |
CenterState Banks, Inc. (Banks) | | 250 | | 7,455 | |
Central European Media Enterprises, Ltd.*—Class A (Media) | | 450 | | 1,868 | |
Central Garden & Pet Co.*—Class A (Household Products) | | 125 | | 5,059 | |
Central Pacific Financial Corp. (Banks) | | 100 | | 2,865 | |
Century Aluminum Co.* (Metals & Mining) | | 175 | | 2,756 | |
Century Casinos, Inc.* (Hotels, Restaurants & Leisure) | | 175 | | 1,531 | |
Century Communities, Inc.* (Household Durables) | | 100 | | 3,155 | |
Cerus Corp.* (Health Care Equipment & Supplies) | | 450 | | 3,002 | |
ChannelAdvisor Corp.* (Internet Software & Services) | | 125 | | 1,756 | |
Chart Industries, Inc.* (Machinery) | | 100 | | 6,168 | |
Chatham Lodging Trust (Equity Real Estate Investment Trusts) | | 150 | | 3,183 | |
Chegg, Inc.* (Diversified Consumer Services) | | 300 | | 8,337 | |
Chemical Financial Corp. (Banks) | | 200 | | 11,133 | |
Chesapeake Lodging Trust (Equity Real Estate Investment Trusts) | | 175 | | 5,537 | |
Chico’s FAS, Inc. (Specialty Retail) | | 425 | | 3,460 | |
Chimerix, Inc.* (Biotechnology) | | 300 | | 1,428 | |
ChromaDex Corp.* (Life Sciences Tools & Services) | | 350 | | 1,299 | |
Ciena Corp.* (Communications Equipment) | | 400 | | 10,603 | |
Cincinnati Bell, Inc.* (Diversified Telecommunication Services) | | 175 | | 2,748 | |
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | | 200 | | 7,666 | |
Cision, Ltd.* (Internet Software & Services) | | 150 | | 2,243 | |
Citizens, Inc.* (Insurance) | | 250 | | 1,948 | |
City Office REIT, Inc. (Equity Real Estate Investment Trusts) | | 175 | | 2,245 | |
Clean Energy Fuels Corp.* (Oil, Gas & Consumable Fuels) | | 650 | | 2,399 | |
Clear Channel Outdoor Holdings, Inc. (Media) | | 300 | | 1,290 | |
Clearside Biomedical, Inc.* (Pharmaceuticals) | | 150 | | 1,604 | |
Cleveland-Cliffs, Inc.* (Metals & Mining) | | 875 | | 7,376 | |
Cloud Peak Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 450 | | 1,571 | |
Cloudera, Inc.* (Internet Software & Services) | | 325 | | 4,433 | |
Clovis Oncology, Inc.* (Biotechnology) | | 150 | | 6,820 | |
CNO Financial Group, Inc. (Insurance) | | 475 | | 9,044 | |
CoBiz Financial, Inc. (Banks) | | 150 | | 3,222 | |
Codexis, Inc.* (Chemicals) | | 200 | | 2,880 | |
Coeur Mining, Inc.* (Metals & Mining) | | 600 | | 4,560 | |
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services) | | 125 | | 6,674 | |
Coherus Biosciences, Inc.* (Biotechnology) | | 175 | | 2,450 | |
Cohu, Inc. (Semiconductors & Semiconductor Equipment) | | 100 | | 2,451 | |
Collegium Pharmaceutical, Inc.* (Pharmaceuticals) | | 100 | | 2,385 | |
Colony Credit Real Estate, Inc. (Mortgage Real Estate Investment Trusts) | | 275 | | 5,700 | |
Columbia Banking System, Inc. (Banks) | | 200 | | 8,180 | |
Columbia Financial, Inc.* (Thrifts & Mortgage Finance) | | 175 | | 2,896 | |
Comfort Systems USA, Inc. (Construction & Engineering) | | 125 | | 5,725 | |
Commercial Metals Co. (Metals & Mining) | | 350 | | 7,389 | |
Commercial Vehicle Group, Inc.* (Machinery) | | 200 | | 1,468 | |
Community Bank System, Inc. (Banks) | | 150 | | 8,861 | |
Community Health Systems, Inc.* (Health Care Providers & Services) | | 425 | | 1,411 | |
CommVault Systems, Inc.* (Software) | | 125 | | 8,231 | |
Compass Minerals International, Inc. (Metals & Mining) | | 100 | | 6,575 | |
CONMED Corp. (Health Care Equipment & Supplies) | | 75 | | 5,490 | |
ConnectOne Bancorp, Inc. (Banks) | | 100 | | 2,490 | |
CONSOL Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 100 | | 3,835 | |
Consolidated Communications Holdings, Inc. (Diversified Telecommunication Services) | | 250 | | 3,090 | |
Continental Building Products, Inc.* (Building Products) | | 125 | | 3,944 | |
Control4 Corp.* (Electronic Equipment, Instruments & Components) | | 100 | | 2,431 | |
ConvergeOne Holdings, Inc. (IT Services) | | 150 | | 1,409 | |
Convergys Corp. (IT Services) | | 275 | | 6,721 | |
Cooper Tire & Rubber Co. (Auto Components) | | 175 | | 4,603 | |
Corbus Pharmaceuticals Holdings, Inc.* (Biotechnology) | | 275 | | 1,389 | |
Corcept Therapeutics, Inc.* (Pharmaceuticals) | | 300 | | 4,716 | |
Corecivic, Inc. (Equity Real Estate Investment Trusts) | | 350 | | 8,362 | |
Core-Mark Holding Co., Inc. (Distributors) | | 150 | | 3,405 | |
CorePoint Lodging, Inc.* (Equity Real Estate Investment Trusts) | | 150 | | 3,885 | |
Corium International, Inc.* (Pharmaceuticals) | | 175 | | 1,402 | |
Cornerstone OnDemand, Inc.* (Internet Software & Services) | | 150 | | 7,114 | |
Costamare, Inc. (Marine) | | 250 | | 1,995 | |
Cotiviti Holdings, Inc.* (Health Care Technology) | | 125 | | 5,516 | |
Coupa Software, Inc.* (Internet Software & Services) | | 150 | | 9,335 | |
Cousins Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,175 | | 11,385 | |
Covanta Holding Corp. (Commercial Services & Supplies) | | 350 | | 5,775 | |
Covia Holdings Corp.* (Energy Equipment & Services) | | 125 | | 2,320 | |
Cowen Group, Inc.*—Class A (Capital Markets) | | 125 | | 1,731 | |
Cray, Inc.* (Technology Hardware, Storage & Peripherals) | | 150 | | 3,690 | |
Cree, Inc.* (Semiconductors & Semiconductor Equipment) | | 275 | | 11,432 | |
Crocs, Inc.* (Textiles, Apparel & Luxury Goods) | | 225 | | 3,962 | |
Cross Country Healthcare, Inc.* (Health Care Providers & Services) | | 175 | | 1,969 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 207
Common Stocks, continued
| | Shares | | Value | |
CryoLife, Inc.* (Health Care Equipment & Supplies) | | 125 | | $ | 3,481 | |
CryoPort, Inc.* (Health Care Equipment & Supplies) | | 125 | | 1,973 | |
CSG Systems International, Inc. (IT Services) | | 100 | | 4,087 | |
CTI BioPharma Corp.* (Biotechnology) | | 325 | | 1,619 | |
CTS Corp. (Electronic Equipment, Instruments & Components) | | 100 | | 3,600 | |
Cubic Corp. (Aerospace & Defense) | | 75 | | 4,815 | |
Customers Bancorp, Inc.* (Banks) | | 100 | | 2,838 | |
CVB Financial Corp. (Banks) | | 300 | | 6,726 | |
Cymabay Therapeutics, Inc.* (Pharmaceuticals) | | 225 | | 3,020 | |
CYS Investments, Inc. (Mortgage Real Estate Investment Trusts) | | 525 | | 3,938 | |
Cytokinetics, Inc.* (Biotechnology) | | 225 | | 1,868 | |
Cytomx Therapeutics, Inc.* (Biotechnology) | | 125 | | 2,858 | |
CytoSorbents Corp.* (Health Care Equipment & Supplies) | | 150 | | 1,710 | |
Daktronics, Inc. (Electronic Equipment, Instruments & Components) | | 200 | | 1,702 | |
Dana Holding Corp. (Auto Components) | | 425 | | 8,580 | |
Darling Ingredients, Inc.* (Food Products) | | 475 | | 9,442 | |
Daseke, Inc.* (Road & Rail) | | 200 | | 1,986 | |
Dave & Buster’s Entertainment, Inc.* (Hotels, Restaurants & Leisure) | | 125 | | 5,950 | |
Dean Foods Co. (Food Products) | | 325 | | 3,416 | |
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods) | | 100 | | 11,288 | |
Del Taco Restaurants, Inc.* (Hotels, Restaurants & Leisure) | | 150 | | 2,127 | |
Delek US Holdings, Inc. (Oil, Gas & Consumable Fuels) | | 225 | | 11,287 | |
Deluxe Corp. (Commercial Services & Supplies) | | 125 | | 8,275 | |
Denbury Resources, Inc.* (Oil, Gas & Consumable Fuels) | | 1,350 | | 6,494 | |
Denny’s Corp.* (Hotels, Restaurants & Leisure) | | 225 | | 3,584 | |
Depomed, Inc.* (Pharmaceuticals) | | 275 | | 1,834 | |
Dermira, Inc.* (Pharmaceuticals) | | 175 | | 1,610 | |
DHT Holdings, Inc. (Oil, Gas & Consumable Fuels) | | 425 | | 1,993 | |
Diamond Offshore Drilling, Inc.* (Energy Equipment & Services) | | 225 | | 4,694 | |
DiamondRock Hospitality Co. (Equity Real Estate Investment Trusts) | | 600 | | 7,368 | |
Dicerna Pharmaceuticals, Inc.* (Biotechnology) | | 175 | | 2,144 | |
Diebold, Inc. (Technology Hardware, Storage & Peripherals) | | 275 | | 3,286 | |
Digi International, Inc.* (Communications Equipment) | | 125 | | 1,650 | |
Dime Community Bancshares, Inc. (Thrifts & Mortgage Finance) | | 125 | | 2,438 | |
Diodes, Inc.* (Semiconductors & Semiconductor Equipment) | | 125 | | 4,309 | |
Diplomat Pharmacy, Inc.* (Health Care Providers & Services) | | 175 | | 4,473 | |
Donnelley Financial Solutions, Inc.* (Capital Markets) | | 150 | | 2,606 | |
Dorian LPG, Ltd.* (Oil, Gas & Consumable Fuels) | | 175 | | 1,337 | |
Dorman Products, Inc.* (Auto Components) | | 75 | | 5,123 | |
Dril-Quip, Inc.* (Energy Equipment & Services) | | 125 | | 6,425 | |
Drive Shack, Inc.* (Hotels, Restaurants & Leisure) | | 275 | | 2,123 | |
DSW, Inc.—Class A (Specialty Retail) | | 225 | | 5,810 | |
Durect Corp.* (Pharmaceuticals) | | 850 | | 1,326 | |
Dycom Industries, Inc.* (Construction & Engineering) | | 100 | | 9,450 | |
Dynavax Technologies Corp.* (Biotechnology) | | 225 | | 3,431 | |
Dynex Capital, Inc. (Mortgage Real Estate Investment Trusts) | | 275 | | 1,796 | |
Eagle Bancorp, Inc.* (Banks) | | 100 | | 6,130 | |
Eagle Bulk Shipping, Inc.* (Marine) | | 275 | | 1,496 | |
Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts) | | 175 | | 3,458 | |
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | | 100 | | 9,556 | |
Ebix, Inc. (Software) | | 75 | | 5,719 | |
Echo Global Logistics, Inc.* (Air Freight & Logistics) | | 100 | | 2,925 | |
Eclipse Resources Corp.* (Oil, Gas & Consumable Fuels) | | 775 | | 1,240 | |
Edgewell Personal Care Co.* (Personal Products) | | 150 | | 7,569 | |
Editas Medicine, Inc.* (Biotechnology) | | 150 | | 5,375 | |
Education Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 225 | | 9,338 | |
El Paso Electric Co. (Electric Utilities) | | 125 | | 7,388 | |
Eldorado Resorts, Inc.* (Hotels, Restaurants & Leisure) | | 200 | | 7,820 | |
Electro Scientific Industries, Inc.* (Electronic Equipment, Instruments & Components) | | 125 | | 1,971 | |
Electronics for Imaging, Inc.* (Technology Hardware, Storage & Peripherals) | | 150 | | 4,884 | |
Ellie Mae, Inc.* (Software) | | 100 | | 10,384 | |
EMCOR Group, Inc. (Construction & Engineering) | | 150 | | 11,426 | |
Emerald Expositions Events, Inc. (Media) | | 100 | | 2,060 | |
Emergent BioSolutions, Inc.* (Biotechnology) | | 125 | | 6,311 | |
Employers Holdings, Inc. (Insurance) | | 100 | | 4,020 | |
Encore Capital Group, Inc.* (Consumer Finance) | | 100 | | 3,660 | |
Endo International PLC* (Pharmaceuticals) | | 675 | | 6,365 | |
Endocyte, Inc.* (Pharmaceuticals) | | 225 | | 3,105 | |
Endologix, Inc.* (Health Care Equipment & Supplies) | | 375 | | 2,123 | |
Endurance International Group Holdings, Inc.* (Internet Software & Services) | | 275 | | 2,736 | |
Energy Fuels, Inc.* (Oil, Gas & Consumable Fuels) | | 625 | | 1,419 | |
Energy Recovery, Inc.* (Machinery) | | 200 | | 1,616 | |
Energy XXI Gulf Coast, Inc.* (Oil, Gas & Consumable Fuels) | | 175 | | 1,547 | |
EnerSys (Electrical Equipment) | | 125 | | 9,329 | |
Ennis, Inc. (Commercial Services & Supplies) | | 100 | | 2,035 | |
Enova International, Inc.* (Consumer Finance) | | 100 | | 3,655 | |
Enphase Energy, Inc.* (Electrical Equipment) | | 375 | | 2,524 | |
Entegris, Inc. (Semiconductors & Semiconductor Equipment) | | 400 | | 13,559 | |
Entercom Communications Corp.—Class A (Media) | | 450 | | 3,398 | |
Entravision Communications Corp.—Class A (Media) | | 350 | | 1,750 | |
Envestnet, Inc.* (Internet Software & Services) | | 125 | | 6,869 | |
Enzo Biochem, Inc.* (Life Sciences Tools & Services) | | 275 | | 1,427 | |
EP Energy Corp.*—Class A (Oil, Gas & Consumable Fuels) | | 425 | | 1,275 | |
Epizyme, Inc.* (Biotechnology) | | 200 | | 2,710 | |
Eros International PLC* (Media) | | 150 | | 1,950 | |
ESCO Technologies, Inc. (Machinery) | | 75 | | 4,328 | |
| | | | | | |
See accompanying notes to financial statements.
208 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Essendant, Inc. (Commercial Services & Supplies) | | 175 | | $ | 2,314 | |
Essent Group, Ltd.* (Thrifts & Mortgage Finance) | | 275 | | 9,851 | |
Esterline Technologies Corp.* (Aerospace & Defense) | | 75 | | 5,535 | |
Ethan Allen Interiors, Inc. (Household Durables) | | 100 | | 2,450 | |
Etsy, Inc.* (Internet & Direct Marketing Retail) | | 325 | | 13,711 | |
Everbridge, Inc.* (Software) | | 75 | | 3,557 | |
Everi Holdings, Inc.* (IT Services) | | 275 | | 1,980 | |
EVERTEC, Inc. (IT Services) | | 200 | | 4,370 | |
Evolent Health, Inc.* (Health Care Technology) | | 225 | | 4,736 | |
Evolution Petroleum Corp. (Oil, Gas & Consumable Fuels) | | 150 | | 1,478 | |
Evoqua Water Technologies Corp.* (Water Utilities) | | 250 | | 5,125 | |
Exantas Capital Corp. (Mortgage Real Estate Investment Trusts) | | 175 | | 1,782 | |
Exela Technologies, Inc.* (IT Services) | | 300 | | 1,425 | |
ExlService Holdings, Inc.* (IT Services) | | 100 | | 5,661 | |
Exponent, Inc. (Professional Services) | | 150 | | 7,244 | |
Express, Inc.* (Specialty Retail) | | 275 | | 2,516 | |
Exterran Corp.* (Energy Equipment & Services) | | 125 | | 3,130 | |
Extreme Networks, Inc.* (Communications Equipment) | | 400 | | 3,184 | |
EZCORP, Inc.*—Class A (Consumer Finance) | | 200 | | 2,410 | |
Fabrinet* (Electronic Equipment, Instruments & Components) | | 125 | | 4,611 | |
Farmers National Banc Corp. (Banks) | | 125 | | 1,994 | |
Farmland Partners, Inc. (Equity Real Estate Investment Trusts) | | 175 | | 1,540 | |
Fate Therapeutics, Inc.* (Biotechnology) | | 200 | | 2,268 | |
FCB Financial Holdings, Inc.*—Class A (Banks) | | 125 | | 7,350 | |
Federal Signal Corp. (Machinery) | | 200 | | 4,658 | |
Federated Investors, Inc.—Class B (Capital Markets) | | 300 | | 6,996 | |
Ferro Corp.* (Chemicals) | | 250 | | 5,213 | |
FGL Holdings* (Diversified Financial Services) | | 475 | | 3,985 | |
FibroGen, Inc.* (Biotechnology) | | 200 | | 12,519 | |
Financial Engines, Inc. (Capital Markets) | | 175 | | 7,857 | |
Finisar Corp.* (Communications Equipment) | | 350 | | 6,300 | |
First Bancorp (Banks) | | 100 | | 4,091 | |
First BanCorp.* (Banks) | | 675 | | 5,164 | |
First Busey Corp. (Banks) | | 150 | | 4,758 | |
First Commonwealth Financial Corp. (Banks) | | 325 | | 5,041 | |
First Financial Bancorp (Banks) | | 275 | | 8,429 | |
First Financial Bankshares, Inc. (Banks) | | 175 | | 8,908 | |
First Foundation, Inc.* (Banks) | | 125 | | 2,318 | |
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 350 | | 11,668 | |
First Interstate Bancsys (Banks) | | 100 | | 4,220 | |
First Merchants Corp. (Banks) | | 150 | | 6,960 | |
First Midwest Bancorp, Inc. (Banks) | | 300 | | 7,641 | |
First of Long Island Corp. (The) (Banks) | | 100 | | 2,485 | |
FirstCash, Inc. (Consumer Finance) | | 125 | | 11,230 | |
Fitbit, Inc.* (Electronic Equipment, Instruments & Components) | | 675 | | 4,408 | |
Five Below, Inc.* (Specialty Retail) | | 150 | | 14,656 | |
Five Prime Therapeutics, Inc.* (Biotechnology) | | 150 | | 2,372 | |
Five9, Inc.* (Internet Software & Services) | | 175 | | 6,050 | |
Flagstar Bancorp, Inc.* (Thrifts & Mortgage Finance) | | 100 | | 3,426 | |
Flexion Therapeutics, Inc.* (Biotechnology) | | 125 | | 3,231 | |
Flotek Industries, Inc.* (Chemicals) | | 425 | | 1,373 | |
Fluent, Inc.* (Media) | | 400 | | 980 | |
Fluidigm Corp.* (Life Sciences Tools & Services) | | 250 | | 1,490 | |
Flushing Financial Corp. (Banks) | | 100 | | 2,610 | |
ForeScout Technologies, Inc.* (Software) | | 100 | | 3,426 | |
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment) | | 250 | | 3,325 | |
Fortress Biotech, Inc.* (Biotechnology) | | 375 | | 1,118 | |
Forum Energy Technologies, Inc.* (Energy Equipment & Services) | | 300 | | 3,705 | |
Forward Air Corp. (Air Freight & Logistics) | | 100 | | 5,908 | |
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods) | | 150 | | 4,031 | |
Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts) | | 200 | | 4,926 | |
Fox Factory Holding Corp.* (Auto Components) | | 125 | | 5,819 | |
Francesca’s Holdings Corp.* (Specialty Retail) | | 200 | | 1,510 | |
Franklin Electric Co., Inc. (Machinery) | | 150 | | 6,765 | |
Franklin Street Properties Corp. (Equity Real Estate Investment Trusts) | | 375 | | 3,210 | |
Frank’s International NV (Energy Equipment & Services) | | 325 | | 2,535 | |
Fresh Del Monte Produce, Inc. (Food Products) | | 100 | | 4,455 | |
Freshpet, Inc.* (Food Products) | | 100 | | 2,745 | |
Front Yard Residential Corp. (Equity Real Estate Investment Trusts) | | 200 | | 2,084 | |
Frontier Communications Corp. (Diversified Telecommunication Services) | | 350 | | 1,876 | |
Frontline, Ltd.* (Oil, Gas & Consumable Fuels) | | 350 | | 2,044 | |
FTI Consulting, Inc.* (Professional Services) | | 100 | | 6,048 | |
FuelCell Energy, Inc.* (Electrical Equipment) | | 875 | | 1,155 | |
Fulton Financial Corp. (Banks) | | 500 | | 8,250 | |
FutureFuel Corp. (Chemicals) | | 125 | | 1,751 | |
GAIN Capital Holdings, Inc. (Capital Markets) | | 200 | | 1,510 | |
GameStop Corp.—Class A (Specialty Retail) | | 325 | | 4,735 | |
Gannett Co., Inc. (Media) | | 375 | | 4,013 | |
GasLog, Ltd. (Oil, Gas & Consumable Fuels) | | 150 | | 2,865 | |
GATX Corp. (Trading Companies & Distributors) | | 100 | | 7,423 | |
GCP Applied Technologies, Inc.* (Chemicals) | | 225 | | 6,514 | |
Generac Holdings, Inc.* (Electrical Equipment) | | 175 | | 9,052 | |
Genesis Healthcare, Inc.* (Health Care Providers & Services) | | 500 | | 1,145 | |
GenMark Diagnostics, Inc.* (Health Care Equipment & Supplies) | | 250 | | 1,595 | |
Gentherm, Inc.* (Auto Components) | | 125 | | 4,913 | |
Genworth Financial, Inc.*—Class A (Insurance) | | 1,500 | | 6,750 | |
Geron Corp.* (Biotechnology) | | 675 | | 2,315 | |
Getty Realty Corp. (Equity Real Estate Investment Trusts) | | 125 | | 3,521 | |
Gibraltar Industries, Inc.* (Building Products) | | 100 | | 3,750 | |
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods) | | 125 | | 5,550 | |
Glacier Bancorp, Inc. (Banks) | | 250 | | 9,669 | |
Gladstone Commercial Corp. (Equity Real Estate Investment Trusts) | | 125 | | 2,403 | |
Glaukos Corp.* (Health Care Equipment & Supplies) | | 100 | | 4,064 | |
Global Blood Therapeutics, Inc.* (Biotechnology) | | 150 | | 6,779 | |
Global Net Lease, Inc. (Equity Real Estate Investment Trusts) | | 225 | | 4,597 | |
Globus Medical, Inc.*—Class A (Health Care Equipment & Supplies) | | 200 | | 10,091 | |
Glu Mobile, Inc.* (Software) | | 425 | | 2,724 | |
Glycomimetics, Inc.* (Biotechnology) | | 150 | | 2,420 | |
Gms, Inc.* (Trading Companies & Distributors) | | 125 | | 3,386 | |
GNC Holdings, Inc.*—Class A (Specialty Retail) | | 425 | | 1,496 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 209
Common Stocks, continued
| | Shares | | Value | |
Gogo, Inc.* (Internet Software & Services) | | 325 | | $ | 1,580 | |
Golar LNG, Ltd. (Oil, Gas & Consumable Fuels) | | 275 | | 8,102 | |
Gold Resource Corp. (Metals & Mining) | | 275 | | 1,812 | |
GoPro, Inc.*—Class A (Household Durables) | | 425 | | 2,737 | |
Government Properties Income Trust (Equity Real Estate Investment Trusts) | | 325 | | 5,151 | |
Gramercy Property Trust, Inc. (Equity Real Estate Investment Trusts) | | 450 | | 12,293 | |
Granite Construction, Inc. (Construction & Engineering) | | 125 | | 6,958 | |
Granite Point Mortgage Trust (Mortgage Real Estate Investment Trusts) | | 150 | | 2,753 | |
Gray Television, Inc.* (Media) | | 275 | | 4,345 | |
Great Lakes Dredge & Dock Corp.* (Construction & Engineering) | | 325 | | 1,706 | |
Great Western Bancorp, Inc. (Banks) | | 175 | | 7,348 | |
Green Brick Partners, Inc.* (Household Durables) | | 150 | | 1,470 | |
Green Dot Corp.*—Class A (Consumer Finance) | | 125 | | 9,174 | |
Green Plains, Inc. (Oil, Gas & Consumable Fuels) | | 150 | | 2,745 | |
Greenlight Capital Re, Ltd.*—Class A (Insurance) | | 150 | | 2,130 | |
Greif, Inc.—Class A (Containers & Packaging) | | 75 | | 3,967 | |
Griffon Corp. (Building Products) | | 125 | | 2,225 | |
Groupon, Inc.* (Internet & Direct Marketing Retail) | | 1,350 | | 5,805 | |
GTT Communications, Inc.* (Internet Software & Services) | | 100 | | 4,500 | |
Guaranty BanCorp (Banks) | | 100 | | 2,980 | |
GUESS?, Inc. (Specialty Retail) | | 200 | | 4,280 | |
Gulfport Energy Corp.* (Oil, Gas & Consumable Fuels) | | 525 | | 6,599 | |
H&E Equipment Services, Inc. (Trading Companies & Distributors) | | 100 | | 3,761 | |
H.B. Fuller Co. (Chemicals) | | 150 | | 8,052 | |
Haemonetics Corp.* (Health Care Equipment & Supplies) | | 150 | | 13,451 | |
Halcon Resources Corp.* (Oil, Gas & Consumable Fuels) | | 575 | | 2,524 | |
Halozyme Therapeutics, Inc.* (Biotechnology) | | 375 | | 6,326 | |
Halyard Health, Inc.* (Health Care Equipment & Supplies) | | 125 | | 7,156 | |
Hancock Holding Co. (Banks) | | 250 | | 11,662 | |
Hanmi Financial Corp. (Banks) | | 125 | | 3,544 | |
Hannon Armstrong Sustainable, Inc. (Mortgage Real Estate Investment Trusts) | | 175 | | 3,456 | |
Harmonic, Inc.* (Communications Equipment) | | 425 | | 1,806 | |
Harsco Corp.* (Machinery) | | 250 | | 5,525 | |
Harvard Bioscience, Inc.* (Life Sciences Tools & Services) | | 275 | | 1,471 | |
Hawaiian Holdings, Inc. (Airlines) | | 150 | | 5,393 | |
HC2 Holdings, Inc.* (Construction & Engineering) | | 275 | | 1,609 | |
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 350 | | 10,177 | |
Healthcare Services Group, Inc. (Commercial Services & Supplies) | | 225 | | 9,717 | |
HealthEquity, Inc.* (Health Care Providers & Services) | | 150 | | 11,264 | |
HealthStream, Inc. (Health Care Technology) | | 100 | | 2,731 | |
Heartland Express, Inc. (Road & Rail) | | 175 | | 3,246 | |
Heartland Financial USA, Inc. (Banks) | | 100 | | 5,485 | |
Hecla Mining Co. (Metals & Mining) | | 1,275 | | 4,437 | |
Helen of Troy, Ltd.* (Household Durables) | | 75 | | 7,383 | |
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services) | | 500 | | 4,165 | |
Heritage Commerce Corp. (Banks) | | 150 | | 2,549 | |
Heritage Financial Corp. (Banks) | | 125 | | 4,356 | |
Herman Miller, Inc. (Commercial Services & Supplies) | | 175 | | 5,933 | |
Heron Therapeutics, Inc.* (Biotechnology) | | 200 | | 7,769 | |
Hersha Hospitality Trust (Equity Real Estate Investment Trusts) | | 125 | | 2,681 | |
Hertz Global Holdings, Inc.* (Road & Rail) | | 200 | | 3,068 | |
HFF, Inc.—Class A (Real Estate Management & Development) | | 125 | | 4,294 | |
HighPoint Resources Corp.* (Oil, Gas & Consumable Fuels) | | 425 | | 2,584 | |
Hill International, Inc.* (Professional Services) | | 275 | | 1,623 | |
Hillenbrand, Inc. (Machinery) | | 175 | | 8,251 | |
Hilltop Holdings, Inc. (Banks) | | 225 | | 4,966 | |
HMS Holdings Corp.* (Health Care Technology) | | 250 | | 5,405 | |
HNI Corp. (Commercial Services & Supplies) | | 125 | | 4,650 | |
Home BancShares, Inc. (Banks) | | 450 | | 10,151 | |
HomeStreet, Inc.* (Thrifts & Mortgage Finance) | | 100 | | 2,695 | |
Hope Bancorp, Inc. (Banks) | | 375 | | 6,686 | |
Horace Mann Educators Corp. (Insurance) | | 125 | | 5,575 | |
Horizon BanCorp, Inc. (Banks) | | 150 | | 3,104 | |
Horizon Pharma PLC* (Pharmaceuticals) | | 475 | | 7,865 | |
Hortonworks, Inc.* (Internet Software & Services) | | 225 | | 4,100 | |
Hostess Brands, Inc.* (Food Products) | | 325 | | 4,420 | |
Houghton Mifflin Harcourt Co.* (Diversified Consumer Services) | | 375 | | 2,869 | |
Houlihan Lokey, Inc. (Capital Markets) | | 100 | | 5,122 | |
Hovnanian Enterprises, Inc.*—Class A (Household Durables) | | 800 | | 1,304 | |
HRG Group, Inc.* (Household Products) | | 400 | | 5,236 | |
Hub Group, Inc.*—Class A (Air Freight & Logistics) | | 100 | | 4,980 | |
Hubspot, Inc.* (Software) | | 100 | | 12,539 | |
Hudson, Ltd.*—Class A (Specialty Retail) | | 150 | | 2,624 | |
IBERIABANK Corp. (Banks) | | 150 | | 11,369 | |
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment) | | 100 | | 2,122 | |
IDACORP, Inc. (Electric Utilities) | | 150 | | 13,835 | |
Idera Pharmaceuticals, Inc.* (Biotechnology) | | 1,000 | | 1,320 | |
II-VI, Inc.* (Electronic Equipment, Instruments & Components) | | 175 | | 7,604 | |
ILG, Inc. (Hotels, Restaurants & Leisure) | | 300 | | 9,908 | |
IMAX Corp.* (Media) | | 175 | | 3,876 | |
Immersion Corp.* (Technology Hardware, Storage & Peripherals) | | 125 | | 1,930 | |
Immune Design Corp.* (Biotechnology) | | 300 | | 1,365 | |
ImmunoGen, Inc.* (Biotechnology) | | 400 | | 3,892 | |
Immunomedics, Inc.* (Biotechnology) | | 375 | | 8,875 | |
Imperva, Inc.* (Software) | | 100 | | 4,825 | |
Independence Contract Drilling, Inc.* (Energy Equipment & Services) | | 325 | | 1,339 | |
Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 325 | | 3,351 | |
Independent Bank Corp. (Banks) | | 75 | | 5,880 | |
Infinera Corp.* (Communications Equipment) | | 475 | | 4,717 | |
Information Services Group, Inc.* (IT Services) | | 300 | | 1,230 | |
InfraREIT, Inc. (Equity Real Estate Investment Trusts) | | 150 | | 3,326 | |
Ingevity Corp.* (Chemicals) | | 125 | | 10,107 | |
InnerWorkings, Inc.* (Commercial Services & Supplies) | | 225 | | 1,955 | |
Innospec, Inc. (Chemicals) | | 75 | | 5,741 | |
Innoviva, Inc.* (Pharmaceuticals) | | 250 | | 3,450 | |
| | | | | | |
See accompanying notes to financial statements.
210 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Inovalon Holdings, Inc.* (Health Care Technology) | | 275 | | $ | 2,729 | |
Inovio Pharmaceuticals, Inc.* (Biotechnology) | | 425 | | 1,666 | |
Inphi Corp.* (Semiconductors & Semiconductor Equipment) | | 150 | | 4,892 | |
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components) | | 100 | | 4,893 | |
Insmed, Inc.* (Biotechnology) | | 225 | | 5,321 | |
Insperity, Inc. (Professional Services) | | 100 | | 9,524 | |
Instructure, Inc.* (Internet Software & Services) | | 100 | | 4,255 | |
Insys Therapeutics, Inc.* (Biotechnology) | | 175 | | 1,267 | |
Integer Holdings Corp.* (Health Care Equipment & Supplies) | | 100 | | 6,465 | |
Integrated Device Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | 375 | | 11,955 | |
Intellia Therapeutics, Inc.* (Biotechnology) | | 125 | | 3,420 | |
Intelsat S.A.* (Diversified Telecommunication Services) | | 150 | | 2,499 | |
InterDigital, Inc. (Communications Equipment) | | 100 | | 8,090 | |
Interface, Inc. (Commercial Services & Supplies) | | 200 | | 4,590 | |
International Bancshares Corp. (Banks) | | 175 | | 7,490 | |
International Speedway Corp.—Class A (Hotels, Restaurants & Leisure) | | 75 | | 3,353 | |
Intersect ENT, Inc.* (Pharmaceuticals) | | 100 | | 3,745 | |
Intra-Cellular Therapies, Inc.* (Pharmaceuticals) | | 175 | | 3,092 | |
Intrepid Potash, Inc.* (Chemicals) | | 450 | | 1,845 | |
Intrexon Corp.* (Biotechnology) | | 225 | | 3,137 | |
Invacare Corp. (Health Care Equipment & Supplies) | | 125 | | 2,325 | |
Invesco Mortgage Capital, Inc. (Mortgage Real Estate Investment Trusts) | | 350 | | 5,564 | |
Investment Technology Group, Inc. (Capital Markets) | | 125 | | 2,615 | |
Investors Bancorp, Inc. (Banks) | | 725 | | 9,273 | |
Investors Real Estate Trust (Equity Real Estate Investment Trusts) | | 450 | | 2,489 | |
Invitae Corp.* (Biotechnology) | | 275 | | 2,021 | |
Iovance Biotherapeutics, Inc.* (Biotechnology) | | 275 | | 3,520 | |
Iridium Communications, Inc.* (Diversified Telecommunication Services) | | 300 | | 4,830 | |
iRobot Corp.* (Household Durables) | | 75 | | 5,683 | |
Ironwood Pharmaceuticals, Inc.* (Biotechnology) | | 400 | | 7,647 | |
iStar Financial, Inc.* (Equity Real Estate Investment Trusts) | | 250 | | 2,698 | |
Iteris, Inc.* (Electronic Equipment, Instruments & Components) | | 250 | | 1,210 | |
Itron, Inc.* (Electronic Equipment, Instruments & Components) | | 100 | | 6,005 | |
J.C. Penney Co., Inc.* (Multiline Retail) | | 1,150 | | 2,691 | |
j2 Global, Inc. (Internet Software & Services) | | 125 | | 10,825 | |
Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | | 75 | | 6,384 | |
Jagged Peak Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 250 | | 3,255 | |
James River Group Holdings, Ltd. (Insurance) | | 100 | | 3,929 | |
Jeld-Wen Holding, Inc.* (Building Products) | | 225 | | 6,432 | |
John Bean Technologies Corp. (Machinery) | | 100 | | 8,890 | |
K12, Inc.* (Diversified Consumer Services) | | 150 | | 2,456 | |
K2M Group Holdings, Inc.* (Health Care Equipment & Supplies) | | 150 | | 3,375 | |
Kadmon Holdings, Inc.* (Biotechnology) | | 425 | | 1,696 | |
Kaman Corp.—Class A (Trading Companies & Distributors) | | 75 | | 5,227 | |
KapStone Paper & Packaging Corp. (Paper & Forest Products) | | 250 | | 8,625 | |
Karyopharm Therapeutics, Inc.* (Biotechnology) | | 175 | | 2,973 | |
KB Home (Household Durables) | | 250 | | 6,810 | |
KBR, Inc. (Construction & Engineering) | | 425 | | 7,616 | |
Keane Group, Inc.* (Energy Equipment & Services) | | 200 | | 2,734 | |
Kearny Financial Corp. (Thrifts & Mortgage Finance) | | 325 | | 4,371 | |
Kelly Services, Inc.—Class A (Professional Services) | | 125 | | 2,806 | |
KEMET Corp.* (Electronic Equipment, Instruments & Components) | | 175 | | 4,226 | |
Kemper Corp. (Insurance) | | 125 | | 9,456 | |
Kennametal, Inc. (Machinery) | | 225 | | 8,078 | |
Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development) | | 375 | | 7,930 | |
Keryx Biopharmaceuticals, Inc.* (Biotechnology) | | 425 | | 1,598 | |
Kimball Electronics, Inc.* (Electronic Equipment, Instruments & Components) | | 125 | | 2,288 | |
Kimball International, Inc.—Class B (Commercial Services & Supplies) | | 150 | | 2,424 | |
Kindred Biosciences, Inc.* (Biotechnology) | | 150 | | 1,598 | |
Kite Realty Group Trust (Equity Real Estate Investment Trusts) | | 275 | | 4,697 | |
Klondex Mines, Ltd.* (Metals & Mining) | | 700 | | 1,617 | |
KLX, Inc.* (Aerospace & Defense) | | 150 | | 10,785 | |
Knoll, Inc. (Commercial Services & Supplies) | | 175 | | 3,642 | |
Knowles Corp.* (Electronic Equipment, Instruments & Components) | | 275 | | 4,208 | |
Kopin Corp.* (Semiconductors & Semiconductor Equipment) | | 450 | | 1,287 | |
Korn/Ferry International (Professional Services) | | 150 | | 9,289 | |
Kraton Performance Polymers, Inc.* (Chemicals) | | 100 | | 4,614 | |
Kratos Defense & Security Solutions, Inc.* (Aerospace & Defense) | | 300 | | 3,453 | |
Kura Oncology, Inc.* (Biotechnology) | | 125 | | 2,275 | |
Ladder Capital Corp. (Mortgage Real Estate Investment Trusts) | | 275 | | 4,296 | |
Ladenburg Thalmann Financial Services, Inc. (Capital Markets) | | 500 | | 1,700 | |
Lakeland Bancorp, Inc. (Banks) | | 150 | | 2,978 | |
Lakeland Financial Corp. (Banks) | | 75 | | 3,614 | |
Landec Corp.* (Food Products) | | 125 | | 1,863 | |
Lannett Co., Inc.* (Pharmaceuticals) | | 150 | | 2,040 | |
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies) | | 150 | | 2,183 | |
Laredo Petroleum, Inc.* (Oil, Gas & Consumable Fuels) | | 500 | | 4,810 | |
LaSalle Hotel Properties (Equity Real Estate Investment Trusts) | | 325 | | 11,124 | |
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | | 450 | | 2,952 | |
Laureate Education, Inc.*—Class A (Diversified Consumer Services) | | 175 | | 2,508 | |
La-Z-Boy, Inc. (Household Durables) | | 150 | | 4,590 | |
LCI Industries (Auto Components) | | 75 | | 6,761 | |
LegacyTexas Financial Group, Inc. (Banks) | | 150 | | 5,853 | |
LendingClub Corp.* (Consumer Finance) | | 1,050 | | 3,980 | |
Lexicon Pharmaceuticals, Inc.* (Biotechnology) | | 175 | | 2,100 | |
Lexington Realty Trust (Equity Real Estate Investment Trusts) | | 650 | | 5,675 | |
LHC Group, Inc.* (Health Care Providers & Services) | | 100 | | 8,558 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 211
Common Stocks, continued
| | Shares | | Value | |
Liberty Braves Group*—Class C (Media) | | 125 | | $ | 3,233 | |
Liberty Expedia Holdings*—Class A (Internet & Direct Marketing Retail) | | 150 | | 6,591 | |
Liberty Latin America, Ltd.*—Class A (Media) | | 150 | | 2,868 | |
Liberty Latin America, Ltd.*—Class C (Media) | | 350 | | 6,783 | |
Liberty TripAdvisor Holdings, Inc.*—Class A (Internet & Direct Marketing Retail) | | 250 | | 4,025 | |
LifePoint Health, Inc.* (Health Care Providers & Services) | | 100 | | 4,880 | |
Lilis Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 300 | | 1,560 | |
Limelight Networks, Inc.* (Internet Software & Services) | | 450 | | 2,012 | |
Liquidity Services, Inc.* (Internet Software & Services) | | 200 | | 1,310 | |
LivaNova PLC* (Health Care Equipment & Supplies) | | 125 | | 12,477 | |
Live Oak Bancshares, Inc. (Banks) | | 100 | | 3,065 | |
LivePerson, Inc.* (Internet Software & Services) | | 175 | | 3,693 | |
LiveXLive Media, Inc.* (Media) | | 175 | | 1,010 | |
Louisiana-Pacific Corp. (Paper & Forest Products) | | 425 | | 11,568 | |
Loxo Oncology, Inc.* (Biotechnology) | | 75 | | 13,010 | |
LSC Communications, Inc. (Commercial Services & Supplies) | | 150 | | 2,349 | |
LTC Properties, Inc. (Equity Real Estate Investment Trusts) | | 125 | | 5,343 | |
Lumber Liquidators Holdings, Inc.* (Specialty Retail) | | 100 | | 2,435 | |
Lumentum Holdings, Inc.* (Communications Equipment) | | 175 | | 10,133 | |
Luminex Corp. (Life Sciences Tools & Services) | | 125 | | 3,691 | |
M.D.C. Holdings, Inc. (Household Durables) | | 150 | | 4,616 | |
M/A-COM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | | 150 | | 3,456 | |
M/I Homes, Inc.* (Household Durables) | | 100 | | 2,648 | |
Macatawa Bank Corp. (Banks) | | 150 | | 1,821 | |
Mack-Cali Realty Corp. (Equity Real Estate Investment Trusts) | | 275 | | 5,577 | |
MacroGenics, Inc.* (Biotechnology) | | 150 | | 3,098 | |
Magellan Health, Inc.* (Health Care Providers & Services) | | 75 | | 7,196 | |
Maiden Holdings, Ltd. (Insurance) | | 275 | | 2,131 | |
Mallinckrodt PLC* (Pharmaceuticals) | | 250 | | 4,665 | |
MannKind Corp.* (Biotechnology) | | 825 | | 1,568 | |
ManTech International Corp.—Class A (IT Services) | | 75 | | 4,023 | |
Marinus Pharmaceuticals, Inc.* (Pharmaceuticals) | | 225 | | 1,591 | |
Marrone Bio Innovations, Inc.* (Chemicals) | | 675 | | 1,242 | |
Marten Transport, Ltd. (Road & Rail) | | 150 | | 3,518 | |
Masonite International Corp.* (Building Products) | | 75 | | 5,389 | |
MasTec, Inc.* (Construction & Engineering) | | 175 | | 8,881 | |
Matador Resources Co.* (Oil, Gas & Consumable Fuels) | | 300 | | 9,014 | |
Matrix Service Co.* (Energy Equipment & Services) | | 125 | | 2,294 | |
Matson, Inc. (Marine) | | 125 | | 4,797 | |
Matthews International Corp.—Class A (Commercial Services & Supplies) | | 100 | | 5,880 | |
Maxar Technologies, Ltd. (Aerospace & Defense) | | 175 | | 8,841 | |
MAXIMUS, Inc. (IT Services) | | 175 | | 10,868 | |
MaxLinear, Inc.*—Class A (Semiconductors & Semiconductor Equipment) | | 225 | | 3,508 | |
Maxwell Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | 250 | | 1,300 | |
MB Financial, Inc. (Banks) | | 225 | | 10,507 | |
MBIA, Inc.* (Insurance) | | 325 | | 2,938 | |
McDermott International, Inc.* (Energy Equipment & Services) | | 500 | | 9,824 | |
McGrath RentCorp (Commercial Services & Supplies) | | 75 | | 4,745 | |
MDC Partners, Inc.*—Class A (Media) | | 325 | | 1,495 | |
Medequities Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 150 | | 1,653 | |
MediciNova, Inc.* (Biotechnology) | | 200 | | 1,592 | |
Medidata Solutions, Inc.* (Health Care Technology) | | 150 | | 12,085 | |
Mercury Systems, Inc.* (Aerospace & Defense) | | 150 | | 5,709 | |
Meredith Corp. (Media) | | 125 | | 6,375 | |
Meridian Bancorp, Inc. (Thrifts & Mortgage Finance) | | 175 | | 3,351 | |
Meridian Bioscience, Inc. (Health Care Equipment & Supplies) | | 150 | | 2,385 | |
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies) | | 150 | | 7,680 | |
Meritage Homes Corp.* (Household Durables) | | 125 | | 5,494 | |
Meritor, Inc.* (Machinery) | | 250 | | 5,143 | |
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components) | | 125 | | 5,038 | |
MGE Energy, Inc. (Electric Utilities) | | 100 | | 6,305 | |
MGIC Investment Corp.* (Thrifts & Mortgage Finance) | | 1,050 | | 11,255 | |
Milacron Holdings Corp.* (Machinery) | | 225 | | 4,259 | |
MiMedx Group, Inc.* (Biotechnology) | | 425 | | 2,716 | |
Mindbody, Inc.* (Internet Software & Services) | | 125 | | 4,825 | |
Minerals Technologies, Inc. (Chemicals) | | 100 | | 7,535 | |
Minerva Neurosciences, Inc.* (Biotechnology) | | 175 | | 1,444 | |
Miragen Therapeutics, Inc.* (Biotechnology) | | 200 | | 1,282 | |
Mitek System, Inc.* (Software) | | 175 | | 1,558 | |
Mobile Mini, Inc. (Commercial Services & Supplies) | | 125 | | 5,863 | |
MobileIron, Inc.* (Software) | | 375 | | 1,669 | |
Model N, Inc.* (Software) | | 125 | | 2,325 | |
Modine Manufacturing Co.* (Auto Components) | | 175 | | 3,194 | |
Moelis & Co. (Capital Markets) | | 125 | | 7,331 | |
Momenta Pharmaceuticals, Inc.* (Biotechnology) | | 250 | | 5,113 | |
MoneyGram International, Inc.* (IT Services) | | 200 | | 1,338 | |
Monmouth Real Estate Investment Corp.— Class A (Equity Real Estate Investment Trusts) | | 250 | | 4,133 | |
Monotype Imaging Holdings, Inc. (Software) | | 150 | | 3,045 | |
Monro Muffler Brake, Inc. (Specialty Retail) | | 100 | | 5,810 | |
Moog, Inc.—Class A (Aerospace & Defense) | | 100 | | 7,796 | |
MRC Global, Inc.* (Trading Companies & Distributors) | | 250 | | 5,418 | |
MSA Safety, Inc. (Commercial Services & Supplies) | | 100 | | 9,633 | |
MSG Networks, Inc.*—Class A (Media) | | 200 | | 4,790 | |
MTGE Investment Corp. (Mortgage Real Estate Investment Trusts) | | 150 | | 2,940 | |
Mueller Industries, Inc. (Machinery) | | 175 | | 5,164 | |
Mueller Water Products, Inc.—Class A (Machinery) | | 475 | | 5,567 | |
Murphy USA, Inc.* (Specialty Retail) | | 100 | | 7,429 | |
Myers Industries, Inc. (Containers & Packaging) | | 125 | | 2,400 | |
Myokardia, Inc.* (Pharmaceuticals) | | 100 | | 4,965 | |
| | | | | | |
See accompanying notes to financial statements.
212 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Myriad Genetics, Inc.* (Biotechnology) | | 200 | | $ | 7,473 | |
Nantkwest, Inc.* (Biotechnology) | | 400 | | 1,224 | |
Natera, Inc.* (Biotechnology) | | 150 | | 2,823 | |
National Bank Holdings Corp. (Banks) | | 100 | | 3,859 | |
National CineMedia, Inc. (Media) | | 300 | | 2,520 | |
National General Holdings Corp. (Insurance) | | 200 | | 5,266 | |
National Health Investors, Inc. (Equity Real Estate Investment Trusts) | | 125 | | 9,210 | |
National Storage Affiliates Trust (Equity Real Estate Investment Trusts) | | 150 | | 4,623 | |
National Vision Holdings, Inc.* (Specialty Retail) | | 100 | | 3,657 | |
Nationstar Mortgage Holdings, Inc.* (Thrifts & Mortgage Finance) | | 125 | | 2,191 | |
Natus Medical, Inc.* (Health Care Equipment & Supplies) | | 100 | | 3,450 | |
Nautilus, Inc.* (Leisure Products) | | 125 | | 1,963 | |
Navigant Consulting, Inc.* (Professional Services) | | 150 | | 3,321 | |
Navistar International Corp.* (Machinery) | | 150 | | 6,108 | |
NBT Bancorp, Inc. (Banks) | | 125 | | 4,769 | |
NCI Building Systems, Inc.* (Building Products) | | 150 | | 3,150 | |
Neogen Corp.* (Health Care Equipment & Supplies) | | 150 | | 12,028 | |
NeoGenomics, Inc.* (Life Sciences Tools & Services) | | 200 | | 2,622 | |
NeoPhotonics Corp.* (Semiconductors & Semiconductor Equipment) | | 225 | | 1,402 | |
Neos Therapeutics, Inc.* (Pharmaceuticals) | | 200 | | 1,250 | |
NETGEAR, Inc.* (Communications Equipment) | | 100 | | 6,250 | |
NetScout Systems, Inc.* (Communications Equipment) | | 250 | | 7,425 | |
Nevro Corp.* (Health Care Equipment & Supplies) | | 75 | | 5,989 | |
New Jersey Resources Corp. (Gas Utilities) | | 250 | | 11,187 | |
New Media Investment Group, Inc. (Media) | | 200 | | 3,696 | |
New Relic, Inc.* (Internet Software & Services) | | 125 | | 12,573 | |
New Senior Investment Group, Inc. (Equity Real Estate Investment Trusts) | | 300 | | 2,271 | |
New York & Co., Inc.* (Specialty Retail) | | 275 | | 1,408 | |
New York Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts) | | 425 | | 2,554 | |
NewLink Genetics Corp.* (Biotechnology) | | 250 | | 1,190 | |
Newpark Resources, Inc.* (Energy Equipment & Services) | | 325 | | 3,526 | |
Nexeo Solutions, Inc.* (Trading Companies & Distributors) | | 175 | | 1,598 | |
Nexstar Broadcasting Group, Inc.—Class A (Media) | | 125 | | 9,174 | |
NIC, Inc. (Internet Software & Services) | | 225 | | 3,499 | |
NII Holdings, Inc.* (Wireless Telecommunication Services) | | 475 | | 1,853 | |
NMI Holdings, Inc.*—Class A (Thrifts & Mortgage Finance) | | 225 | | 3,668 | |
NN, Inc. (Machinery) | | 125 | | 2,363 | |
Noble Corp. PLC* (Energy Equipment & Services) | | 825 | | 5,222 | |
Nordic American Tankers, Ltd. (Oil, Gas & Consumable Fuels) | | 700 | | 1,876 | |
Northern Oil & Gas, Inc.* (Oil, Gas & Consumable Fuels) | | 625 | | 1,969 | |
Northfield Bancorp, Inc. (Thrifts & Mortgage Finance) | | 175 | | 2,909 | |
NorthStar Realty Europe Corp. (Equity Real Estate Investment Trusts) | | 175 | | 2,536 | |
Northwest Bancshares, Inc. (Thrifts & Mortgage Finance) | | 300 | | 5,217 | |
Northwest Natural Gas Co. (Gas Utilities) | | 100 | | 6,380 | |
NorthWestern Corp. (Multi-Utilities) | | 150 | | 8,588 | |
Novanta, Inc.* (Electronic Equipment, Instruments & Components) | | 100 | | 6,230 | |
Novavax, Inc.* (Biotechnology) | | 1,575 | | 2,111 | |
Novocure, Ltd.* (Health Care Equipment & Supplies) | | 225 | | 7,043 | |
NOW, Inc.* (Trading Companies & Distributors) | | 350 | | 4,666 | |
NRG Yield, Inc.—Class A (Independent Power & Renewable Electricity Producers) | | 100 | | 1,705 | |
NRG Yield, Inc.—Class C (Independent Power & Renewable Electricity Producers) | | 225 | | 3,870 | |
Nutrisystem, Inc. (Internet & Direct Marketing Retail) | | 100 | | 3,850 | |
NuVasive, Inc.* (Health Care Equipment & Supplies) | | 150 | | 7,818 | |
NxStage Medical, Inc.* (Health Care Equipment & Supplies) | | 200 | | 5,580 | |
Nymox Pharmaceutical Corp.* (Biotechnology) | | 350 | | 1,176 | |
Oasis Petroleum, Inc.* (Oil, Gas & Consumable Fuels) | | 775 | | 10,051 | |
Ocean RIG Udw, Inc.* (Energy Equipment & Services) | | 175 | | 5,159 | |
Oceaneering International, Inc. (Energy Equipment & Services) | | 300 | | 7,638 | |
Oceanfirst Financial Corp. (Thrifts & Mortgage Finance) | | 150 | | 4,494 | |
Oclaro, Inc.* (Communications Equipment) | | 550 | | 4,912 | |
Ocular Therapeutix, Inc.* (Pharmaceuticals) | | 200 | | 1,350 | |
Ocwen Financial Corp.* (Thrifts & Mortgage Finance) | | 500 | | 1,980 | |
Office Depot, Inc. (Specialty Retail) | | 1,750 | | 4,463 | |
OFG Bancorp (Banks) | | 175 | | 2,459 | |
Oil States International, Inc.* (Energy Equipment & Services) | | 175 | | 5,618 | |
Old National Bancorp (Banks) | | 450 | | 8,370 | |
Old Second Bancorp, Inc. (Banks) | | 125 | | 1,800 | |
Ollie’s Bargain Outlet Holdings, Inc.* (Multiline Retail) | | 150 | | 10,874 | |
Omeros Corp.* (Pharmaceuticals) | | 175 | | 3,175 | |
Omnicell, Inc.* (Health Care Technology) | | 125 | | 6,556 | |
OMNOVA Solutions, Inc.* (Chemicals) | | 200 | | 2,080 | |
On Deck Capital, Inc.* (Diversified Financial Services) | | 250 | | 1,750 | |
ONE Gas, Inc. (Gas Utilities) | | 150 | | 11,210 | |
OneSpan, Inc.* (Software) | | 125 | | 2,456 | |
OPKO Health, Inc.* (Biotechnology) | | 1,025 | | 4,818 | |
OraSure Technologies, Inc.* (Health Care Equipment & Supplies) | | 200 | | 3,294 | |
ORBCOMM, Inc.* (Diversified Telecommunication Services) | | 275 | | 2,778 | |
Orchid Island Capital, Inc. (Mortgage Real Estate Investment Trusts) | | 250 | | 1,880 | |
Organovo Holdings, Inc.* (Biotechnology) | | 900 | | 1,260 | |
Orion Marine Group, Inc.* (Construction & Engineering) | | 175 | | 1,446 | |
Oritani Financial Corp. (Thrifts & Mortgage Finance) | | 150 | | 2,430 | |
Ormat Technologies, Inc. (Independent Power & Renewable Electricity Producers) | | 125 | | 6,648 | |
Otter Tail Corp. (Electric Utilities) | | 125 | | 5,950 | |
Overseas Shipholding Group, Inc.*—Class A (Oil, Gas & Consumable Fuels) | | 375 | | 1,455 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 213
Common Stocks, continued
| | Shares | | Value | |
Owens & Minor, Inc. (Health Care Providers & Services) | | 200 | | $ | 3,342 | |
Oxford Immunotec Global PLC* (Health Care Equipment & Supplies) | | 125 | | 1,611 | |
P.H. Glatfelter Co. (Paper & Forest Products) | | 150 | | 2,939 | |
Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services) | | 550 | | 1,953 | |
Pacific Premier Bancorp, Inc.* (Banks) | | 150 | | 5,723 | |
Pacira Pharmaceuticals, Inc.* (Pharmaceuticals) | | 125 | | 4,006 | |
Palatin Technologies, Inc.* (Biotechnology) | | 1,450 | | 1,406 | |
Pandora Media, Inc.* (Internet Software & Services) | | 775 | | 6,107 | |
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels) | | 125 | | 2,173 | |
Paratek Pharmaceuticals, Inc.* (Pharmaceuticals) | | 175 | | 1,785 | |
Party City Holdco, Inc.* (Specialty Retail) | | 150 | | 2,288 | |
Pattern Energy Group, Inc. (Independent Power & Renewable Electricity Producers) | | 250 | | 4,687 | |
Patterson Cos., Inc. (Health Care Providers & Services) | | 250 | | 5,668 | |
Paylocity Holding Corp.* (Software) | | 100 | | 5,886 | |
PDC Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 175 | | 10,578 | |
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment) | | 150 | | 1,797 | |
PDL BioPharma, Inc.* (Biotechnology) | | 750 | | 1,755 | |
Peabody Energy Corp. (Oil, Gas & Consumable Fuels) | | 225 | | 10,232 | |
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts) | | 200 | | 7,760 | |
Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure) | | 250 | | 8,398 | |
Pennsylvania Real Estate Investment Trust (Equity Real Estate Investment Trusts) | | 250 | | 2,748 | |
PennyMac Mortgage Investment Trust (Mortgage Real Estate Investment Trusts) | | 200 | | 3,798 | |
Perficient, Inc.* (IT Services) | | 125 | | 3,296 | |
Performance Food Group Co.* (Food & Staples Retailing) | | 300 | | 11,010 | |
Perspecta, Inc. (IT Services) | | 425 | | 8,734 | |
PGT, Inc.* (Building Products) | | 175 | | 3,649 | |
PHH Corp.* (Thrifts & Mortgage Finance) | | 175 | | 1,901 | |
Photronics, Inc.* (Semiconductors & Semiconductor Equipment) | | 275 | | 2,193 | |
Physicians Realty Trust (Equity Real Estate Investment Trusts) | | 525 | | 8,369 | |
Piedmont Office Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | | 375 | | 7,474 | |
Pier 1 Imports, Inc. (Specialty Retail) | | 500 | | 1,190 | |
Pieris Pharmaceuticals, Inc.* (Biotechnology) | | 300 | | 1,521 | |
Pinnacle Entertainment, Inc.* (Hotels, Restaurants & Leisure) | | 150 | | 5,060 | |
Pioneer Energy Services Corp.* (Energy Equipment & Services) | | 400 | | 2,340 | |
Pitney Bowes, Inc. (Commercial Services & Supplies) | | 575 | | 4,928 | |
Planet Fitness, Inc.* (Hotels, Restaurants & Leisure) | | 250 | | 10,984 | |
Plantronics, Inc. (Communications Equipment) | | 100 | | 7,625 | |
Plexus Corp.* (Electronic Equipment, Instruments & Components) | | 100 | | 5,954 | |
Plug Power, Inc.* (Electrical Equipment) | | 1,000 | | 2,020 | |
PNM Resources, Inc. (Electric Utilities) | | 225 | | 8,753 | |
PolyOne Corp. (Chemicals) | | 225 | | 9,724 | |
Portland General Electric Co. (Electric Utilities) | | 250 | | 10,690 | |
Portola Pharmaceuticals, Inc.* (Biotechnology) | | 200 | | 7,553 | |
Potlatch Corp. (Equity Real Estate Investment Trusts) | | 175 | | 8,899 | |
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | | 75 | | 5,479 | |
PQ Group Holdings, Inc.* (Chemicals) | | 150 | | 2,700 | |
PRA Group, Inc.* (Consumer Finance) | | 150 | | 5,783 | |
Preferred Apartment Communities, Inc.— Class A (Equity Real Estate Investment Trusts) | | 150 | | 2,549 | |
Presidio, Inc.* (IT Services) | | 150 | | 1,965 | |
Prestige Brands Holdings, Inc.* (Pharmaceuticals) | | 150 | | 5,757 | |
Primerica, Inc. (Insurance) | | 125 | | 12,449 | |
Primo Water Corp.* (Beverages) | | 125 | | 2,187 | |
Primoris Services Corp. (Construction & Engineering) | | 150 | | 4,085 | |
ProAssurance Corp. (Insurance) | | 175 | | 6,204 | |
Progenics Pharmaceuticals, Inc.* (Biotechnology) | | 300 | | 2,412 | |
Progress Software Corp. (Software) | | 150 | | 5,823 | |
ProPetro Holding Corp.* (Energy Equipment & Services) | | 250 | | 3,920 | |
PROS Holdings, Inc.* (Software) | | 100 | | 3,657 | |
Proteostasis Therapeutics, Inc.* (Biotechnology) | | 375 | | 1,046 | |
Prothena Corp. PLC* (Biotechnology) | | 175 | | 2,552 | |
Proto Labs, Inc.* (Machinery) | | 75 | | 8,920 | |
Provident Financial Services, Inc. (Thrifts & Mortgage Finance) | | 200 | | 5,506 | |
PTC Therapeutics, Inc.* (Biotechnology) | | 150 | | 5,060 | |
Puma Biotechnology, Inc.* (Biotechnology) | | 100 | | 5,915 | |
Q2 Holdings, Inc.* (Internet Software & Services) | | 100 | | 5,705 | |
QTS Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | | 150 | | 5,925 | |
Quad/Graphics, Inc. (Commercial Services & Supplies) | | 125 | | 2,604 | |
Quality Care Properties* (Equity Real Estate Investment Trusts) | | 275 | | 5,915 | |
Quality Systems, Inc.* (Health Care Technology) | | 175 | | 3,413 | |
Qualys, Inc.* (Software) | | 100 | | 8,430 | |
Quanex Building Products Corp. (Building Products) | | 150 | | 2,693 | |
Quantenna Communications, Inc.* (Communications Equipment) | | 150 | | 2,331 | |
Quidel Corp.* (Health Care Equipment & Supplies) | | 100 | | 6,650 | |
QuinStreet, Inc.* (Internet Software & Services) | | 175 | | 2,223 | |
Quorum Health Corp.* (Health Care Providers & Services) | | 250 | | 1,250 | |
Quotient Technology, Inc.* (Internet Software & Services) | | 275 | | 3,603 | |
R. R. Donnelley & Sons Co. (Commercial Services & Supplies) | | 300 | | 1,728 | |
R1 RCM, Inc.* (Health Care Providers & Services) | | 375 | | 3,255 | |
Radian Group, Inc. (Thrifts & Mortgage Finance) | | 625 | | 10,137 | |
Radiant Logistics, Inc.* (Air Freight & Logistics) | | 325 | | 1,271 | |
Radius Health, Inc.* (Biotechnology) | | 125 | | 3,684 | |
RadNet, Inc.* (Health Care Providers & Services) | | 175 | | 2,625 | |
Rambus, Inc.* (Semiconductors & Semiconductor Equipment) | | 350 | | 4,389 | |
Ramco-Gershenson Properties Trust (Equity Real Estate Investment Trusts) | | 275 | | 3,633 | |
Rapid7, Inc.* (Software) | | 125 | | 3,528 | |
Raven Industries, Inc. (Industrial Conglomerates) | | 125 | | 4,806 | |
| | | | | | |
See accompanying notes to financial statements.
214 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Rayonier Advanced Materials, Inc. (Chemicals) | | 200 | | $ | 3,418 | |
Red Rock Resorts, Inc.—Class A (Hotels, Restaurants & Leisure) | | 200 | | 6,700 | |
Redfin Corp.* (Real Estate Management & Development) | | 225 | | 5,195 | |
Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts) | | 250 | | 4,118 | |
Regenxbio, Inc.* (Biotechnology) | | 100 | | 7,174 | |
Regis Corp.* (Diversified Consumer Services) | | 150 | | 2,481 | |
Remark Holdings, Inc.* (Internet Software & Services) | | 250 | | 978 | |
Renasant Corp. (Banks) | | 150 | | 6,828 | |
Renewable Energy Group, Inc.* (Oil, Gas & Consumable Fuels) | | 150 | | 2,678 | |
Rent-A-Center, Inc.* (Specialty Retail) | | 175 | | 2,576 | |
Repligen Corp.* (Biotechnology) | | 125 | | 5,880 | |
Republic First Bancorp, Inc.* (Banks) | | 225 | | 1,766 | |
Resources Connection, Inc. (Professional Services) | | 125 | | 2,113 | |
Retail Opportunity Investments Corp. (Equity Real Estate Investment Trusts) | | 325 | | 6,227 | |
Retrophin, Inc.* (Biotechnology) | | 125 | | 3,408 | |
REV Group, Inc. (Machinery) | | 125 | | 2,126 | |
Revance Therapeutics, Inc.* (Pharmaceuticals) | | 125 | | 3,431 | |
Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts) | | 250 | | 7,848 | |
Rexnord Corp.* (Machinery) | | 300 | | 8,718 | |
Ribbon Communications, Inc.* (Communications Equipment) | | 275 | | 1,958 | |
Rigel Pharmaceuticals, Inc.* (Biotechnology) | | 700 | | 1,981 | |
Ring Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 225 | | 2,840 | |
Rite Aid Corp.* (Food & Staples Retailing) | | 3,200 | | 5,536 | |
RLI Corp. (Insurance) | | 125 | | 8,274 | |
RLJ Lodging Trust (Equity Real Estate Investment Trusts) | | 500 | | 11,024 | |
Rockwell Medical, Inc.* (Health Care Equipment & Supplies) | | 300 | | 1,479 | |
Roku, Inc.* (Household Durables) | | 125 | | 5,328 | |
Rowan Cos. PLC*—Class A (Energy Equipment & Services) | | 400 | | 6,488 | |
RTI Surgical, Inc.* (Health Care Equipment & Supplies) | | 350 | | 1,610 | |
Rudolph Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | | 100 | | 2,960 | |
Rush Enterprises, Inc.*—Class A (Trading Companies & Distributors) | | 100 | | 4,338 | |
Ruth’s Hospitality Group, Inc. (Hotels, Restaurants & Leisure) | | 100 | | 2,805 | |
Ryman Hospitality Properties, Inc. (Equity Real Estate Investment Trusts) | | 125 | | 10,393 | |
S&T Bancorp, Inc. (Banks) | | 100 | | 4,324 | |
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | | 500 | | 10,864 | |
Safe Bulkers, Inc.* (Marine) | | 375 | | 1,275 | |
Saia, Inc.* (Road & Rail) | | 75 | | 6,063 | |
SailPoint Technologies Holding, Inc.* (Software) | | 125 | | 3,068 | |
Sally Beauty Holdings, Inc.* (Specialty Retail) | | 375 | | 6,011 | |
Sanchez Energy Corp.* (Oil, Gas & Consumable Fuels) | | 425 | | 1,921 | |
SandRidge Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 125 | | 2,218 | |
Sandy Spring Bancorp, Inc. (Banks) | | 100 | | 4,101 | |
Sangamo BioSciences, Inc.* (Biotechnology) | | 325 | | 4,615 | |
Sanmina Corp.* (Electronic Equipment, Instruments & Components) | | 200 | | 5,860 | |
Savara, Inc.* (Biotechnology) | | 150 | | 1,698 | |
ScanSource, Inc.* (Electronic Equipment, Instruments & Components) | | 75 | | 3,023 | |
Schnitzer Steel Industries, Inc.—Class A (Metals & Mining) | | 100 | | 3,370 | |
Scholastic Corp. (Media) | | 100 | | 4,431 | |
Schweitzer-Mauduit International, Inc. (Paper & Forest Products) | | 100 | | 4,372 | |
Science Applications International Corp. (IT Services) | | 125 | | 10,116 | |
Scientific Games Corp.*—Class A (Hotels, Restaurants & Leisure) | | 150 | | 7,373 | |
Scorpio Bulkers, Inc. (Marine) | | 275 | | 1,953 | |
Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels) | | 1,075 | | 3,021 | |
Seacoast Banking Corp. of Florida* (Banks) | | 150 | | 4,737 | |
Sears Holdings Corp.* (Multiline Retail) | | 475 | | 1,126 | |
SeaWorld Entertainment, Inc.* (Hotels, Restaurants & Leisure) | | 175 | | 3,819 | |
Select Energy Services, Inc.* (Energy Equipment & Services) | | 175 | | 2,543 | |
Select Income REIT (Equity Real Estate Investment Trusts) | | 200 | | 4,494 | |
Select Medical Holdings Corp.* (Health Care Providers & Services) | | 325 | | 5,899 | |
Selective Insurance Group, Inc. (Insurance) | | 175 | | 9,624 | |
SemGroup Corp.—Class A (Oil, Gas & Consumable Fuels) | | 250 | | 6,350 | |
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | | 175 | | 8,234 | |
Senseonics Holdings, Inc.* (Health Care Equipment & Supplies) | | 350 | | 1,439 | |
Sensient Technologies Corp. (Chemicals) | | 125 | | 8,944 | |
Seritage Growth Properties—Class A (Equity Real Estate Investment Trusts) | | 100 | | 4,243 | |
ServiceSource International, Inc.* (IT Services) | | 425 | | 1,675 | |
ServisFirst Bancshares, Inc. (Banks) | | 150 | | 6,260 | |
Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure) | | 75 | | 4,964 | |
Shenandoah Telecommunications Co. (Wireless Telecommunication Services) | | 150 | | 4,904 | |
Ship Finance International, Ltd. (Oil, Gas & Consumable Fuels) | | 275 | | 4,111 | |
Shutterfly, Inc.* (Internet & Direct Marketing Retail) | | 100 | | 9,003 | |
SIGA Technologies, Inc.* (Pharmaceuticals) | | 275 | | 1,634 | |
Sigma Designs, Inc.* (Semiconductors & Semiconductor Equipment) | | 225 | | 1,373 | |
Signet Jewelers, Ltd. (Specialty Retail) | | 175 | | 9,755 | |
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | | 125 | | 12,449 | |
Simmons First National Corp.—Class A (Banks) | | 275 | | 8,223 | |
Simply Good Foods Co. (The)* (Food Products) | | 225 | | 3,249 | |
Simpson Manufacturing Co., Inc. (Building Products) | | 125 | | 7,773 | |
Sinclair Broadcast Group, Inc.—Class A (Media) | | 225 | | 7,233 | |
Siteone Landscape Supply, Inc.* (Trading Companies & Distributors) | | 125 | | 10,495 | |
SkyWest, Inc. (Airlines) | | 150 | | 7,785 | |
Sleep Number Corp.* (Specialty Retail) | | 125 | | 3,628 | |
Solaris Oilfield Infrastructure, Inc.* (Energy Equipment & Services) | | 125 | | 1,786 | |
Sonic Corp. (Hotels, Restaurants & Leisure) | | 125 | | 4,303 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 215
Common Stocks, continued
| | Shares | | Value | |
Sorrento Therapeutics, Inc.* (Biotechnology) | | 375 | | $ | 2,700 | |
Sotheby’s*—Class A (Diversified Consumer Services) | | 125 | | 6,793 | |
South Jersey Industries, Inc. (Gas Utilities) | | 250 | | 8,368 | |
South State Corp. (Banks) | | 100 | | 8,625 | |
Southside Bancshares, Inc. (Banks) | | 100 | | 3,368 | |
Southwest Gas Corp. (Gas Utilities) | | 125 | | 9,534 | |
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels) | | 1,700 | | 9,009 | |
Spark Therapeutics, Inc.* (Biotechnology) | | 100 | | 8,275 | |
Spartan Motors, Inc. (Auto Components) | | 150 | | 2,265 | |
SpartanNash Co. (Food & Staples Retailing) | | 125 | | 3,190 | |
Spectrum Pharmaceuticals, Inc.* (Biotechnology) | | 300 | | 6,288 | |
Spire, Inc. (Gas Utilities) | | 150 | | 10,598 | |
Spirit Airlines, Inc.* (Airlines) | | 200 | | 7,270 | |
Spirit MTA REIT* (Equity Real Estate Investment Trusts) | | 200 | | 2,060 | |
Sportsman’s Warehouse Holdings, Inc.* (Specialty Retail) | | 250 | | 1,280 | |
SPX Corp.* (Machinery) | | 125 | | 4,381 | |
SPX FLOW, Inc.* (Machinery) | | 125 | | 5,471 | |
SRC Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 725 | | 7,990 | |
STAAR Surgical Co.* (Health Care Equipment & Supplies) | | 125 | | 3,875 | |
STAG Industrial, Inc. (Equity Real Estate Investment Trusts) | | 275 | | 7,488 | |
State Bank Financial Corp. (Banks) | | 125 | | 4,175 | |
Steelcase, Inc.—Class A (Commercial Services & Supplies) | | 275 | | 3,713 | |
Stemline Therapeutics, Inc.* (Biotechnology) | | 125 | | 2,006 | |
Sterling Construction Co., Inc.* (Construction & Engineering) | | 125 | | 1,629 | |
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods) | | 175 | | 9,293 | |
Stifel Financial Corp. (Capital Markets) | | 200 | | 10,449 | |
Stoneridge, Inc.* (Auto Components) | | 100 | | 3,514 | |
Stratasys, Ltd.* (Technology Hardware, Storage & Peripherals) | | 175 | | 3,350 | |
Summit Hotel Properties, Inc. (Equity Real Estate Investment Trusts) | | 325 | | 4,651 | |
Summit Materials, Inc.*—Class A (Construction Materials) | | 325 | | 8,531 | |
Sun Hydraulics Corp. (Machinery) | | 100 | | 4,819 | |
SunCoke Energy, Inc.* (Metals & Mining) | | 225 | | 3,015 | |
SunPower Corp.* (Semiconductors & Semiconductor Equipment) | | 275 | | 2,109 | |
Sunrun, Inc.* (Electrical Equipment) | | 300 | | 3,945 | |
Sunstone Hotel Investors, Inc. (Equity Real Estate Investment Trusts) | | 650 | | 10,802 | |
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals) | | 125 | | 2,956 | |
Superior Energy Services, Inc.* (Energy Equipment & Services) | | 500 | | 4,870 | |
Superior Industries International, Inc. (Auto Components) | | 100 | | 1,790 | |
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals) | | 150 | | 8,977 | |
SUPERVALU, Inc.* (Food & Staples Retailing) | | 150 | | 3,078 | |
Sykes Enterprises, Inc.* (IT Services) | | 125 | | 3,598 | |
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | | 100 | | 5,037 | |
Syneos Health, Inc.* (Life Sciences Tools & Services) | | 175 | | 8,207 | |
Synergy Pharmaceuticals, Inc.* (Biotechnology) | | 1,100 | | 1,914 | |
SYNNEX Corp. (Electronic Equipment, Instruments & Components) | | 75 | | 7,238 | |
Syntel, Inc.* (IT Services) | | 125 | | 4,011 | |
Syros Pharmaceuticals, Inc.* (Biotechnology) | | 150 | | 1,532 | |
T2 Biosystems, Inc.* (Biotechnology) | | 175 | | 1,355 | |
Tahoe Resources, Inc. (Metals & Mining) | | 1,000 | | 4,920 | |
Tailored Brands, Inc. (Specialty Retail) | | 150 | | 3,828 | |
Tandem Diabetes Care, Inc.* (Health Care Equipment & Supplies) | | 150 | | 3,303 | |
Tanger Factory Outlet Centers, Inc. (Equity Real Estate Investment Trusts) | | 275 | | 6,460 | |
Taylor Morrison Home Corp.*—Class A (Household Durables) | | 325 | | 6,754 | |
Team, Inc.* (Commercial Services & Supplies) | | 125 | | 2,888 | |
Tech Data Corp.* (Electronic Equipment, Instruments & Components) | | 100 | | 8,211 | |
Teekay Corp. (Oil, Gas & Consumable Fuels) | | 300 | | 2,325 | |
Teekay Tankers, Ltd.—Class A (Oil, Gas & Consumable Fuels) | | 1,225 | | 1,433 | |
TEGNA, Inc. (Media) | | 650 | | 7,053 | |
Teladoc, Inc.* (Health Care Providers & Services) | | 175 | | 10,158 | |
Telaria, Inc.* (Internet Software & Services) | | 325 | | 1,313 | |
Telenav, Inc.* (Software) | | 225 | | 1,260 | |
Teligent, Inc.* (Pharmaceuticals) | | 350 | | 1,211 | |
Tellurian, Inc.* (Oil, Gas & Consumable Fuels) | | 300 | | 2,496 | |
Tenet Healthcare Corp.* (Health Care Providers & Services) | | 250 | | 8,393 | |
Tenneco, Inc. (Auto Components) | | 150 | | 6,594 | |
Terraform Power, Inc.—Class A (Independent Power & Renewable Electricity Producers) | | 275 | | 3,218 | |
Terreno Realty Corp. (Equity Real Estate Investment Trusts) | | 175 | | 6,592 | |
Tetra Tech, Inc. (Commercial Services & Supplies) | | 150 | | 8,774 | |
TETRA Technologies, Inc.* (Energy Equipment & Services) | | 525 | | 2,336 | |
Tetraphase Pharmaceuticals, Inc.* (Pharmaceuticals) | | 350 | | 1,250 | |
Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure) | | 200 | | 13,101 | |
Textainer Group Holdings, Ltd.* (Trading Companies & Distributors) | | 125 | | 1,988 | |
TG Therapeutics, Inc.* (Biotechnology) | | 225 | | 2,959 | |
The Andersons, Inc. (Food & Staples Retailing) | | 100 | | 3,420 | |
The Bancorp, Inc.* (Banks) | | 225 | | 2,354 | |
The Brink’s Co. (Commercial Services & Supplies) | | 150 | | 11,962 | |
The Buckle, Inc. (Specialty Retail) | | 100 | | 2,690 | |
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure) | | 125 | | 6,883 | |
The E.W. Scripps Co.—Class A (Media) | | 175 | | 2,343 | |
The Ensign Group, Inc. (Health Care Providers & Services) | | 150 | | 5,373 | |
The GEO Group, Inc. (Equity Real Estate Investment Trusts) | | 350 | | 9,638 | |
The Greenbrier Cos., Inc. (Machinery) | | 100 | | 5,275 | |
The Hackett Group, Inc. (IT Services) | | 125 | | 2,009 | |
The KEYW Holding Corp.* (Aerospace & Defense) | | 225 | | 1,967 | |
The Manitowoc Co., Inc.* (Machinery) | | 125 | | 3,233 | |
The Medicines Co.* (Pharmaceuticals) | | 200 | | 7,340 | |
The Meet Group, Inc.* (Internet Software & Services) | | 400 | | 1,792 | |
The New York Times Co.—Class A (Media) | | 375 | | 9,712 | |
| | | | | | |
See accompanying notes to financial statements.
216 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
The St Joe Co.* (Real Estate Management & Development) | | 150 | | $ | 2,693 | |
TherapeuticsMD, Inc.* (Pharmaceuticals) | | 575 | | 3,588 | |
Theravance Biopharma, Inc.* (Pharmaceuticals) | | 150 | | 3,402 | |
Thermon Group Holdings, Inc.* (Electrical Equipment) | | 125 | | 2,859 | |
Third Point Reinsurance, Ltd.* (Insurance) | | 275 | | 3,438 | |
Tier REIT, Inc. (Equity Real Estate Investment Trusts) | | 150 | | 3,567 | |
Tile Shop Holdings, Inc. (Specialty Retail) | | 225 | | 1,733 | |
TimkenSteel Corp.* (Metals & Mining) | | 150 | | 2,453 | |
Tiptree Financial, Inc.—Class A (Diversified Financial Services) | | 200 | | 1,360 | |
Titan International, Inc. (Machinery) | | 200 | | 2,146 | |
Tivity Health, Inc.* (Health Care Providers & Services) | | 125 | | 4,400 | |
TiVo Corp. (Software) | | 375 | | 5,044 | |
TopBuild Corp.* (Household Durables) | | 100 | | 7,833 | |
TowneBank (Banks) | | 200 | | 6,420 | |
TPG RE Finance Trust, Inc. (Mortgage Real Estate Investment Trusts) | | 125 | | 2,540 | |
Trade Desk, Inc. (The)* (Internet Software & Services) | | 100 | | 9,379 | |
TransEnterix, Inc.* (Health Care Equipment & Supplies) | | 625 | | 2,725 | |
Travelport Worldwide, Ltd. (IT Services) | | 375 | | 6,953 | |
Tredegar Corp. (Chemicals) | | 100 | | 2,350 | |
Trex Co., Inc.* (Building Products) | | 175 | | 10,952 | |
TRI Pointe Group, Inc.* (Household Durables) | | 450 | | 7,361 | |
TriMas Corp.* (Machinery) | | 150 | | 4,410 | |
TriNet Group, Inc.* (Professional Services) | | 125 | | 6,993 | |
Trinseo SA (Chemicals) | | 125 | | 8,869 | |
Triton International, Ltd./Bermuda (Trading Companies & Distributors) | | 175 | | 5,366 | |
Triumph Group, Inc. (Aerospace & Defense) | | 175 | | 3,430 | |
Tronox, Ltd.—Class A (Chemicals) | | 300 | | 5,904 | |
TrueBlue, Inc.* (Professional Services) | | 150 | | 4,043 | |
TrueCar, Inc.* (Internet Software & Services) | | 325 | | 3,279 | |
TrustCo Bank Corp. (Thrifts & Mortgage Finance) | | 350 | | 3,115 | |
Trustmark Corp. (Banks) | | 200 | | 6,526 | |
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | 300 | | 5,289 | |
Tupperware Brands Corp. (Household Durables) | | 150 | | 6,186 | |
Tutor Perini Corp.* (Construction & Engineering) | | 150 | | 2,768 | |
Tyme Technologies, Inc.* (Biotechnology) | | 350 | | 1,106 | |
U.S. Silica Holdings, Inc. (Energy Equipment & Services) | | 225 | | 5,780 | |
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | | 150 | | 2,490 | |
Ultra Petroleum Corp.* (Oil, Gas & Consumable Fuels) | | 825 | | 1,906 | |
Ultragenyx Pharmaceutical, Inc.* (Biotechnology) | | 125 | | 9,608 | |
UMB Financial Corp. (Banks) | | 125 | | 9,528 | |
UMH Properties, Inc. (Equity Real Estate Investment Trusts) | | 150 | | 2,303 | |
Union Bankshares Corp. (Banks) | | 200 | | 7,776 | |
Unisys Corp.* (IT Services) | | 200 | | 2,580 | |
Unit Corp.* (Energy Equipment & Services) | | 175 | | 4,473 | |
United Bankshares, Inc. (Banks) | | 275 | | 10,009 | |
United Community Banks, Inc. (Banks) | | 225 | | 6,901 | |
United Community Financial Corp. (Thrifts & Mortgage Finance) | | 200 | | 2,198 | |
United Financial Bancorp, Inc. (Thrifts & Mortgage Finance) | | 175 | | 3,066 | |
United Natural Foods, Inc.* (Food & Staples Retailing) | | 150 | | 6,399 | |
Universal Corp. (Tobacco) | | 75 | | 4,954 | |
Universal Forest Products, Inc. (Building Products) | | 175 | | 6,409 | |
Universal Insurance Holdings, Inc. (Insurance) | | 100 | | 3,510 | |
Univest Corp. of Pennsylvania (Banks) | | 100 | | 2,750 | |
Uranium Energy Corp.* (Oil, Gas & Consumable Fuels) | | 950 | | 1,530 | |
Urban Edge Properties (Equity Real Estate Investment Trusts) | | 325 | | 7,433 | |
Urstadt Biddle Properties, Inc.—Class A (Equity Real Estate Investment Trusts) | | 125 | | 2,829 | |
USA Technologies, Inc.* (Technology Hardware, Storage & Peripherals) | | 200 | | 2,800 | |
Valhi, Inc. (Chemicals) | | 225 | | 1,071 | |
Valley National Bancorp (Banks) | | 900 | | 10,943 | |
Vanda Pharmaceuticals, Inc.* (Biotechnology) | | 175 | | 3,334 | |
Varex Imaging Corp.* (Health Care Equipment & Supplies) | | 125 | | 4,636 | |
Varonis Systems, Inc.* (Software) | | 75 | | 5,588 | |
Vector Group, Ltd. (Tobacco) | | 300 | | 5,723 | |
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment) | | 175 | | 2,494 | |
Veracyte, Inc.* (Biotechnology) | | 150 | | 1,401 | |
Verastem, Inc.* (Biotechnology) | | 250 | | 1,720 | |
Vericel Corp.* (Biotechnology) | | 175 | | 1,698 | |
VeriFone Systems, Inc.* (Electronic Equipment, Instruments & Components) | | 325 | | 7,417 | |
Verint Systems, Inc.* (Software) | | 175 | | 7,761 | |
Verso Corp.*—Class A (Paper & Forest Products) | | 125 | | 2,720 | |
ViaSat, Inc.* (Communications Equipment) | | 150 | | 9,858 | |
Viavi Solutions, Inc.* (Communications Equipment) | | 675 | | 6,912 | |
ViewRay, Inc.* (Health Care Equipment & Supplies) | | 250 | | 1,730 | |
Viking Therapeutics, Inc.* (Biotechnology) | | 200 | | 1,898 | |
VirnetX Holding Corp.* (Software) | | 400 | | 1,360 | |
Virtusa Corp.* (IT Services) | | 100 | | 4,868 | |
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | | 375 | | 8,699 | |
Vista Outdoor, Inc.* (Leisure Products) | | 200 | | 3,098 | |
Vital Therapies, Inc.* (Biotechnology) | | 225 | | 1,541 | |
Vivint Solar, Inc.* (Independent Power & Renewable Electricity Producers) | | 250 | | 1,238 | |
Vocera Communications, Inc.* (Health Care Technology) | | 100 | | 2,989 | |
Vonage Holdings Corp.* (Diversified Telecommunication Services) | | 650 | | 8,378 | |
W&T Offshore, Inc.* (Oil, Gas & Consumable Fuels) | | 375 | | 2,681 | |
Wabash National Corp. (Machinery) | | 200 | | 3,732 | |
Waddell & Reed Financial, Inc.—Class A (Capital Markets) | | 250 | | 4,493 | |
WageWorks, Inc.* (Professional Services) | | 125 | | 6,250 | |
Walker & Dunlop, Inc. (Thrifts & Mortgage Finance) | | 75 | | 4,174 | |
Warrior Met Coal, Inc. (Metals & Mining) | | 125 | | 3,446 | |
Washington Federal, Inc. (Thrifts & Mortgage Finance) | | 250 | | 8,175 | |
Washington Prime Group, Inc. (Equity Real Estate Investment Trusts) | | 600 | | 4,866 | |
Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts) | | 225 | | 6,824 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 217
Common Stocks, continued
| | Shares | | Value | |
Waterstone Financial, Inc. (Thrifts & Mortgage Finance) | | 125 | | $ | 2,131 | |
Watts Water Technologies, Inc.—Class A (Machinery) | | 75 | | 5,880 | |
Web.com Group, Inc.* (Internet Software & Services) | | 150 | | 3,878 | |
Weight Watchers International, Inc.* (Diversified Consumer Services) | | 100 | | 10,109 | |
Werner Enterprises, Inc. (Road & Rail) | | 150 | | 5,633 | |
WesBanco, Inc. (Banks) | | 125 | | 5,630 | |
Wesco Aircraft Holdings, Inc.* (Aerospace & Defense) | | 225 | | 2,531 | |
Westamerica Bancorp (Banks) | | 75 | | 4,238 | |
Western Asset Mortgage Capital Corp. (Mortgage Real Estate Investment Trusts) | | 175 | | 1,824 | |
Western New England BanCorp, Inc. (Thrifts & Mortgage Finance) | | 150 | | 1,650 | |
WGL Holdings, Inc. (Gas Utilities) | | 150 | | 13,312 | |
Whitestone REIT (Equity Real Estate Investment Trusts) | | 175 | | 2,184 | |
WideOpenWest, Inc.* (Media) | | 175 | | 1,691 | |
Wildhorse Resource Development Corp.* (Oil, Gas & Consumable Fuels) | | 100 | | 2,536 | |
William Lyon Homes*—Class A (Household Durables) | | 125 | | 2,900 | |
Willscot Corp.* (Construction & Engineering) | | 150 | | 2,220 | |
Windstream Holdings, Inc.* (Diversified Telecommunication Services) | | 250 | | 1,318 | |
Wingstop, Inc. (Hotels, Restaurants & Leisure) | | 100 | | 5,212 | |
Winnebago Industries, Inc. (Automobiles) | | 100 | | 4,060 | |
WisdomTree Investments, Inc. (Capital Markets) | | 400 | | 3,632 | |
WMIH Corp.* (Insurance) | | 1,175 | | 1,575 | |
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods) | | 275 | | 9,562 | |
Woodward, Inc. (Machinery) | | 150 | | 11,528 | |
Workiva, Inc.* (Software) | | 100 | | 2,440 | |
World Fuel Services Corp. (Oil, Gas & Consumable Fuels) | | 225 | | 4,592 | |
World Wrestling Entertainment, Inc.—Class A (Media) | | 125 | | 9,102 | |
Worthington Industries, Inc. (Metals & Mining) | | 125 | | 5,246 | |
Wright Medical Group N.V.* (Health Care Equipment & Supplies) | | 300 | | 7,788 | |
WSFS Financial Corp. (Thrifts & Mortgage Finance) | | 100 | | 5,330 | |
Xcerra Corp.* (Semiconductors & Semiconductor Equipment) | | 200 | | 2,794 | |
Xencor, Inc.* (Biotechnology) | | 150 | | 5,552 | |
Xenia Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | | 325 | | 7,917 | |
XO Group, Inc.* (Internet Software & Services) | | 100 | | 3,200 | |
Xperi Corp. (Semiconductors & Semiconductor Equipment) | | 175 | | 2,818 | |
Yelp, Inc.* (Internet Software & Services) | | 225 | | 8,815 | |
Yext, Inc.* (Internet Software & Services) | | 250 | | 4,835 | |
YRC Worldwide, Inc.* (Road & Rail) | | 175 | | 1,759 | |
ZAGG, Inc.* (Household Durables) | | 125 | | 2,163 | |
Zion Oil & Gas, Inc.* (Oil, Gas & Consumable Fuels) | | 400 | | 1,622 | |
ZIOPHARM Oncology, Inc.* (Biotechnology) | | 625 | | 1,888 | |
ZixCorp.* (Software) | | 300 | | 1,617 | |
Zogenix, Inc.* (Pharmaceuticals) | | 100 | | 4,420 | |
Zomedica Pharmaceuticals Corp.* (Pharmaceuticals) | | 550 | | 1,238 | |
TOTAL COMMON STOCKS (Cost $4,183,182) | | | | 5,772,367 | |
| | | | | | |
Contingent Right(NM)
Dyax Corp.*^+(a) (Biotechnology) | | 450 | | 500 | |
TOTAL CONTINGENT RIGHT (Cost $—) | | | | 500 | |
Trust (0.0%)
| | Interest Units | | Value | |
Ferroglobe Representation and Warranty Insurance^+ (Metals & Mining) | | 250 | | $ | — | |
TOTAL TRUST (Cost $—) | | | | — | |
| | | | | | |
Repurchase Agreements(b)(c) (58.2%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $8,085,320 | | $ | 8,084,000 | | $ | 8,084,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $8,084,000) | | | | 8,084,000 | |
TOTAL INVESTMENT SECURITIES (Cost $12,267,182)—99.8% | | | | 13,856,867 | |
Net other assets (liabilities)—0.2% | | | | 31,034 | |
NET ASSETS—100.0% | | | | $ | 13,887,901 | |
| | | | | | | |
* | Non-income producing security. |
^ | The Advisor has deemed these securities to be illiquid. As of June 30, 2018, these securities represented less than 0.005% of the net assets of the Fund. |
+ | These securities were fair valued based on procedures approved by the Board of Trustees. As of June 30, 2018, these securities represented less than 0.005% of the net assets of the Fund. |
(a) | Expiration is on or before December 31, 2019; expiration is subject to contingencies. Rights entitle the Fund to cash if the company receives U.S. Food and Drug Administration approval on a specific medication that is being developed. |
(b) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $631,000. |
(c) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
See accompanying notes to financial statements.
218 :: ProFund VP Small-Cap :: Financial Statements
Futures Contracts Purchased
| | Number of Contracts | | Expiration Date | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
E-Mini Russell 2000 Index Futures Contracts | | 12 | | 9/24/18 | | $ | 988,020 | | $ | (17,783 | ) |
| | | | | | | | | | | |
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
Russell 2000 Index | | Goldman Sachs International | | 7/27/18 | | 2.13 | % | $ | 4,122,561 | | $ | 8,416 | |
Russell 2000 Index | | UBS AG | | 7/27/18 | | 1.98 | % | 3,003,576 | | 6,123 | |
| | | | | | | | $ | 7,126,137 | | $ | 14,539 | |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
ProFund VP Small-Cap invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Aerospace & Defense | | $ | 74,886 | | 0.5 | % |
Air Freight & Logistics | | 19,602 | | 0.1 | % |
Airlines | | 20,448 | | 0.1 | % |
Auto Components | | 58,602 | | 0.4 | % |
Automobiles | | 4,060 | | NM | |
Banks | | 491,045 | | 3.4 | % |
Beverages | | 3,347 | | NM | |
Biotechnology | | 423,850 | | 2.9 | % |
Building Products | | 76,024 | | 0.5 | % |
Capital Markets | | 66,034 | | 0.5 | % |
Chemicals | | 124,124 | | 0.8 | % |
Commercial Services & Supplies | | 143,003 | | 1.0 | % |
Communications Equipment | | 105,709 | | 0.8 | % |
Construction & Engineering | | 68,738 | | 0.5 | % |
Construction Materials | | 8,531 | | 0.1 | % |
Consumer Finance | | 39,892 | | 0.3 | % |
Containers & Packaging | | 6,367 | | NM | |
Distributors | | 3,405 | | NM | |
Diversified Consumer Services | | 47,608 | | 0.3 | % |
Diversified Financial Services | | 11,269 | | 0.1 | % |
Diversified Telecommunication Services | | 34,191 | | 0.2 | % |
Electric Utilities | | 64,533 | | 0.5 | % |
Electrical Equipment | | 38,390 | | 0.3 | % |
Electronic Equipment, Instruments & Components | | 138,971 | | 1.0 | % |
Energy Equipment & Services | | 119,880 | | 0.9 | % |
Equity Real Estate Investment Trusts | | 429,523 | | 3.1 | % |
Food & Staples Retailing | | 32,633 | | 0.2 | % |
Food Products | | 40,155 | | 0.3 | % |
Gas Utilities | | 70,589 | | 0.5 | % |
Health Care Equipment & Supplies | | 191,954 | | 1.4 | % |
Health Care Providers & Services | | 120,813 | | 0.9 | % |
Health Care Technology | | 54,266 | | 0.4 | % |
Hotels, Restaurants & Leisure | | 150,077 | | 1.2 | % |
Household Durables | | 89,078 | | 0.6 | % |
Household Products | | 10,295 | | 0.1 | % |
Independent Power & Renewable Electricity Producers | | 22,851 | | 0.2 | % |
Industrial Conglomerates | | 4,806 | | NM | |
Insurance | | 134,595 | | 1.0 | % |
Internet & Direct Marketing Retail | | 44,868 | | 0.3 | % |
Internet Software & Services | | 191,987 | | 1.4 | % |
IT Services | | 115,319 | | 0.8 | % |
Leisure Products | | 16,215 | | 0.1 | % |
Life Sciences Tools & Services | | 29,620 | | 0.2 | % |
Machinery | | 182,662 | | 1.4 | % |
Marine | | 11,516 | | 0.1 | % |
Media | | 111,822 | | 0.9 | % |
Metals & Mining | | 78,676 | | 0.6 | % |
Mortgage Real Estate Investment Trusts | | 80,086 | | 0.6 | % |
Multiline Retail | | 19,914 | | 0.1 | % |
Multi-Utilities | | 26,985 | | 0.2 | % |
Oil, Gas & Consumable Fuels | | 210,922 | | 1.5 | % |
Paper & Forest Products | | 35,812 | | 0.3 | % |
Personal Products | | 7,569 | | 0.1 | % |
Pharmaceuticals | | 136,655 | | 1.0 | % |
Professional Services | | 64,732 | | 0.5 | % |
Real Estate Management & Development | | 25,400 | | 0.2 | % |
Road & Rail | | 35,200 | | 0.3 | % |
Semiconductors & Semiconductor Equipment | | 163,927 | | 1.2 | % |
Software | | 168,307 | | 1.2 | % |
Specialty Retail | | 154,546 | | 1.2 | % |
Technology Hardware, Storage & Peripherals | | 28,900 | | 0.2 | % |
Textiles, Apparel & Luxury Goods | | 43,686 | | 0.3 | % |
Thrifts & Mortgage Finance | | 126,623 | | 0.9 | % |
Tobacco | | 12,461 | | 0.1 | % |
Trading Companies & Distributors | | 77,483 | | 0.6 | % |
Water Utilities | | 16,684 | | 0.1 | % |
Wireless Telecommunication Services | | 10,146 | | 0.1 | % |
Other** | | 8,115,034 | | 58.4 | % |
Total | | $ | 13,887,901 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
NM Not meaningful, amount is less than 0.05%.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 219
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 12,267,182 | |
Securities, at value | | 5,772,867 | |
Repurchase agreements, at value | | 8,084,000 | |
Total Investment Securities, at value | | 13,856,867 | |
Cash | | 212 | |
Segregated cash balances with brokers | | 41,580 | |
Segregated cash balances with custodian | | 938 | |
Dividends and interest receivable | | 6,922 | |
Unrealized appreciation on swap agreements | | 14,539 | |
Receivable for capital shares issued | | 10,415 | |
Receivable for investments sold | | 12,059 | |
Prepaid expenses | | 165 | |
TOTAL ASSETS | | 13,943,697 | |
| | | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 10,033 | |
Variation margin on futures contracts | | 2,400 | |
Advisory fees payable | | 9,323 | |
Management services fees payable | | 1,243 | |
Administration fees payable | | 424 | |
Administrative services fees payable | | 7,577 | |
Distribution fees payable | | 8,582 | |
Transfer agency fees payable | | 698 | |
Fund accounting fees payable | | 507 | |
Compliance services fees payable | | 73 | |
Other accrued expenses | | 14,936 | |
TOTAL LIABILITIES | | 55,796 | |
NET ASSETS | | $ | 13,887,901 | |
| | | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 11,367,887 | |
Accumulated net investment income (loss) | | (17,162 | ) |
Accumulated net realized gains (losses) on investments | | 950,735 | |
Net unrealized appreciation (depreciation) on investments | | 1,586,441 | |
NET ASSETS | | $ | 13,887,901 | |
| | | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 396,419 | |
| | | |
Net Asset Value (offering and redemption price per share) | | $ | 35.03 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 37,499 | |
Interest | | 52,851 | |
TOTAL INVESTMENT INCOME | | 90,350 | |
| | | |
EXPENSES: | | | |
Advisory fees | | 47,317 | |
Management services fees | | 6,309 | |
Administration fees | | 1,973 | |
Transfer agency fees | | 2,983 | |
Administrative services fees | | 13,944 | |
Distribution fees | | 15,772 | |
Custody fees | | 791 | |
Fund accounting fees | | 5,602 | |
Trustee fees | | 173 | |
Compliance services fees | | 73 | |
Other fees | | 5,479 | |
Recoupment of prior expenses reduced by the Advisor | | 5,575 | |
TOTAL NET EXPENSES | | 105,991 | |
NET INVESTMENT INCOME (LOSS) | | (15,641 | ) |
| | | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 429,688 | |
Net realized gains (losses) on futures contracts | | 128,294 | |
Net realized gains (losses) on swap agreements | | 424,373 | |
Change in net unrealized appreciation/depreciation on investment securities | | (65,760 | ) |
Change in net unrealized appreciation/depreciation on futures contracts | | (40,484 | ) |
Change in net unrealized appreciation/depreciation on swap agreements | | 50,853 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | 926,964 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 911,323 | |
See accompanying notes to financial statements.
220 :: ProFund VP Small-Cap :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
| | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (15,641 | ) | $ | (124,119 | ) |
Net realized gains (losses) on investments | | 982,355 | | 1,054,631 | |
Change in net unrealized appreciation/depreciation on investments | | (55,391 | ) | 538,201 | |
Change in net assets resulting from operations | | 911,323 | | 1,468,713 | |
| | | | | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net realized gains on investments | | (955,187 | ) | (1,491,113 | ) |
Change in net assets resulting from distributions | | (955,187 | ) | (1,491,113 | ) |
| | | | | |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 6,799,701 | | 12,723,905 | |
Distributions reinvested | | 955,187 | | 1,491,113 | |
Value of shares redeemed | | (8,014,620 | ) | (21,226,311 | ) |
Change in net assets resulting from capital transactions | | (259,732 | ) | (7,011,293 | ) |
Change in net assets | | (303,596 | ) | (7,033,693 | ) |
| | | | | |
NET ASSETS: | | | | | |
Beginning of period | | 14,191,497 | | 21,225,190 | |
End of period | | $ | 13,887,901 | | $ | 14,191,497 | |
Accumulated net investment income (loss) | | $ | (17,162 | ) | $ | (1,521 | ) |
| | | | | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 189,030 | | 355,642 | |
Reinvested | | 26,459 | | 43,108 | |
Redeemed | | (224,199 | ) | (594,479 | ) |
Change in shares | | (8,710 | ) | (195,729 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Small-Cap :: 221
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 35.03 | | $ | 35.32 | | $ | 29.58 | | $ | 32.16 | | $ | 39.81 | | $ | 29.76 | |
| | | | | | | | | | | | | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | (0.04 | ) | (0.29 | ) | (0.29 | ) | (0.39 | ) | (0.39 | ) | (0.41 | ) |
Net realized and unrealized gains (losses) on investments | | 2.40 | | 4.63 | | 6.03 | | (1.50 | ) | 0.95 | | 11.29 | |
Total income (loss) from investment activities | | 2.36 | | 4.34 | | 5.74 | | (1.89 | ) | 0.56 | | 10.88 | |
| | | | | | | | | | | | | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net realized gains on investments | | (2.36 | ) | (4.63 | ) | — | | (0.69 | ) | (8.21 | ) | (0.83 | ) |
| | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 35.03 | | $ | 35.03 | | $ | 35.32 | | $ | 29.58 | | $ | 32.16 | | $ | 39.81 | |
| | | | | | | | | | | | | |
Total Return(b) | | 6.54 | % | 12.43 | % | 19.44 | % | (6.02 | )% | 2.48 | % | 37.18 | % |
| | | | | | | | | | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.68 | %(d) | 1.72 | % | 1.76 | % | 1.79 | % | 1.80 | % | 1.81 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | (0.25 | )% | (0.81 | )% | (0.94 | )% | (1.22 | )% | (1.12 | )% | (1.17 | )% |
| | | | | | | | | | | | | |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 13,888 | | $ | 14,191 | | $ | 21,225 | | $ | 12,666 | | $ | 14,932 | | $ | 24,482 | |
Portfolio turnover rate(b)(e) | | 17 | % | 12 | % | 14 | % | 57 | % | 16 | % | 31 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) The gross expense ratio includes a non-recurring fee reduction for expenses accrued in a prior year. Had this fee reduction not occurred, the gross expense ratio would have been 1.71%. The net expense ratio, net investment income (loss) ratio, and total return were not affected by the fee reduction.
(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
222 :: ProFund VP Small-Cap Growth :: Financial Statements
Investment Objective: The ProFund VP Small-Cap Growth seeks investment results, before fees and expenses, that correspond to the performance of the S&P SmallCap 600 Growth Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 100 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
Stamps.com, Inc. | | 1.2 | % |
Ligand Pharmaceuticals, Inc. | | 1.2 | % |
FirstCash, Inc. | | 1.1 | % |
Neogen Corp. | | 1.0 | % |
ASGN, Inc. | | 1.0 | % |
S&P SmallCap 600 Growth Index — Composition
| | % of Index | |
Industrials | | 20 | % |
Health Care | | 18 | % |
Information Technology | | 17 | % |
Consumer Discretionary | | 14 | % |
Financials | | 13 | % |
Real Estate | | 6 | % |
Materials | | 4 | % |
Consumer Staples | | 4 | % |
Utilities | | 2 | % |
Telecommunication Services | | 1 | % |
Energy | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (100.0%)
| | Shares | | Value | |
8x8, Inc.* (Software) | | 3,990 | | $ | 80,000 | |
AAON, Inc. (Building Products) | | 1,995 | | 66,334 | |
Abaxis, Inc. (Health Care Equipment & Supplies) | | 1,140 | | 94,631 | |
Actuant Corp.—Class A (Machinery) | | 1,710 | | 50,189 | |
ADTRAN, Inc. (Communications Equipment) | | 1,995 | | 29,626 | |
Advanced Energy Industries, Inc.* (Semiconductors & Semiconductor Equipment) | | 3,135 | | 182,112 | |
AdvanSix, Inc.* (Chemicals) | | 1,140 | | 41,758 | |
Aerojet Rocketdyne Holdings, Inc.* (Aerospace & Defense) | | 5,985 | | 176,498 | |
Aerovironment, Inc.* (Aerospace & Defense) | | 1,710 | | 122,145 | |
Agilysys, Inc.* (Electronic Equipment, Instruments & Components) | | 570 | | 8,835 | |
Agree Realty Corp. (Equity Real Estate Investment Trusts) | | 1,140 | | 60,158 | |
Alamo Group, Inc. (Machinery) | | 855 | | 77,258 | |
Alarm.com Holdings, Inc.* (Internet Software & Services) | | 1,140 | | 46,033 | |
Albany International Corp.—Class A (Machinery) | | 2,280 | | 137,142 | |
Allegiant Travel Co. (Airlines) | | 570 | | 79,202 | |
Ambac Financial Group, Inc.* (Insurance) | | 855 | | 16,972 | |
Amedisys, Inc.* (Health Care Providers & Services) | | 2,280 | | 194,849 | |
American Assets Trust, Inc. (Equity Real Estate Investment Trusts) | | 1,425 | | 54,563 | |
American States Water Co. (Water Utilities) | | 1,710 | | 97,743 | |
American Vanguard Corp. (Chemicals) | | 1,425 | | 32,704 | |
American Woodmark Corp.* (Building Products) | | 1,140 | | 104,367 | |
Ameris Bancorp (Banks) | | 1,995 | | 106,433 | |
AMERISAFE, Inc. (Insurance) | | 570 | | 32,918 | |
AMN Healthcare Services, Inc.* (Health Care Providers & Services) | | 3,705 | | 217,113 | |
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | | 1,425 | | 21,746 | |
ANI Pharmaceuticals, Inc.* (Pharmaceuticals) | | 855 | | 57,114 | |
Anika Therapeutics, Inc.* (Health Care Equipment & Supplies) | | 570 | | 18,240 | |
Apogee Enterprises, Inc. (Building Products) | | 1,140 | | 54,914 | |
Applied Optoelectronics, Inc.* (Communications Equipment) | | 1,425 | | 63,983 | |
Armada Hoffler Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,995 | | 29,726 | |
ASGN, Inc.* (Insurance) | | 3,990 | | 311,977 | |
Avista Corp. (Multi-Utilities) | | 2,280 | | 120,065 | |
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | | 2,565 | | 50,787 | |
Axon Enterprise, Inc.* (Aerospace & Defense) | | 4,560 | | 288,101 | |
B of I Holding, Inc.* (Thrifts & Mortgage Finance) | | 4,275 | | 174,890 | |
B&G Foods, Inc.—Class A (Food Products) | | 3,420 | | 102,258 | |
Badger Meter, Inc. (Electronic Equipment, Instruments & Components) | | 1,425 | | 63,698 | |
Balchem Corp. (Chemicals) | | 1,425 | | 139,850 | |
Banc of California, Inc. (Banks) | | 1,710 | | 33,431 | |
Banner Corp. (Banks) | | 1,140 | | 68,548 | |
Barnes Group, Inc. (Machinery) | | 3,705 | | 218,224 | |
Berkshire Hills Bancorp, Inc. (Banks) | | 855 | | 34,713 | |
BioTelemetry, Inc.* (Health Care Providers & Services) | | 2,565 | | 115,425 | |
BJ’s Restaurants, Inc. (Hotels, Restaurants & Leisure) | | 855 | | 51,300 | |
Bottomline Technologies, Inc.* (Software) | | 2,850 | | 142,015 | |
Brady Corp.—Class A (Commercial Services & Supplies) | | 1,710 | | 65,921 | |
Brookline Bancorp, Inc. (Banks) | | 2,850 | | 53,010 | |
Brooks Automation, Inc. (Semiconductors & Semiconductor Equipment) | | 5,415 | | 176,637 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Growth :: 223
Common Stocks, continued
| | Shares | | Value | |
C&J Energy Services, Inc.* (Energy Equipment & Services) | | 1,140 | | $ | 26,904 | |
Cabot Microelectronics Corp. (Semiconductors & Semiconductor Equipment) | | 1,995 | | 214,582 | |
CalAmp Corp.* (Communications Equipment) | | 2,850 | | 66,776 | |
Calavo Growers, Inc. (Food Products) | | 1,140 | | 109,611 | |
California Water Service Group (Water Utilities) | | 2,280 | | 88,806 | |
Callaway Golf Co. (Leisure Products) | | 4,845 | | 91,910 | |
Cal-Maine Foods, Inc.* (Food Products) | | 855 | | 39,202 | |
Cambrex Corp.* (Life Sciences Tools & Services) | | 1,710 | | 89,433 | |
Capella Education Co. (Diversified Consumer Services) | | 570 | | 56,259 | |
CARBO Ceramics, Inc.* (Energy Equipment & Services) | | 570 | | 5,227 | |
Career Education Corp.* (Diversified Consumer Services) | | 3,420 | | 55,301 | |
CareTrust REIT, Inc. (Equity Real Estate Investment Trusts) | | 3,420 | | 57,080 | |
Cavco Industries, Inc.* (Household Durables) | | 570 | | 118,361 | |
Central Garden & Pet Co.* (Household Products) | | 855 | | 37,175 | |
Central Garden & Pet Co.*—Class A (Household Products) | | 2,850 | | 115,339 | |
Central Pacific Financial Corp. (Banks) | | 1,425 | | 40,826 | |
CEVA, Inc.* (Semiconductors & Semiconductor Equipment) | | 1,710 | | 51,642 | |
Chesapeake Lodging Trust (Equity Real Estate Investment Trusts) | | 1,995 | | 63,122 | |
City Holding Co. (Banks) | | 570 | | 42,881 | |
Coca-Cola Bottling Co. (Beverages) | | 285 | | 38,512 | |
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services) | | 3,135 | | 167,409 | |
Cohu, Inc. (Semiconductors & Semiconductor Equipment) | | 2,280 | | 55,883 | |
Columbia Banking System, Inc. (Banks) | | 2,850 | | 116,565 | |
Comfort Systems USA, Inc. (Construction & Engineering) | | 2,850 | | 130,530 | |
Community Healthcare Trust, Inc. (Equity Real Estate Investment Trusts) | | 570 | | 17,026 | |
Computer Programs & Systems, Inc. (Health Care Technology) | | 285 | | 9,377 | |
CONMED Corp. (Health Care Equipment & Supplies) | | 855 | | 62,586 | |
CONSOL Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 1,140 | | 43,719 | |
Control4 Corp.* (Electronic Equipment, Instruments & Components) | | 1,710 | | 41,570 | |
Corcept Therapeutics, Inc.* (Pharmaceuticals) | | 7,410 | | 116,485 | |
CorVel Corp.* (Health Care Providers & Services) | | 855 | | 46,170 | |
Crocs, Inc.* (Textiles, Apparel & Luxury Goods) | | 3,420 | | 60,226 | |
CryoLife, Inc.* (Health Care Equipment & Supplies) | | 1,140 | | 31,749 | |
CSG Systems International, Inc. (IT Services) | | 1,140 | | 46,592 | |
CTS Corp. (Electronic Equipment, Instruments & Components) | | 1,425 | | 51,300 | |
Cubic Corp. (Aerospace & Defense) | | 855 | | 54,891 | |
Customers Bancorp, Inc.* (Banks) | | 1,140 | | 32,353 | |
Cutera, Inc.* (Health Care Equipment & Supplies) | | 1,140 | | 45,942 | |
CVB Financial Corp. (Banks) | | 4,275 | | 95,846 | |
Cytokinetics, Inc.* (Biotechnology) | | 1,710 | | 14,193 | |
Darling Ingredients, Inc.* (Food Products) | | 6,555 | | 130,313 | |
Dave & Buster’s Entertainment, Inc.* (Hotels, Restaurants & Leisure) | | 3,135 | | 149,226 | |
Depomed, Inc.* (Pharmaceuticals) | | 2,280 | | 15,208 | |
Dime Community Bancshares, Inc. (Thrifts & Mortgage Finance) | | 1,140 | | 22,230 | |
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure) | | 570 | | 42,636 | |
Dorman Products, Inc.* (Auto Components) | | 1,140 | | 77,873 | |
Eagle Pharmaceuticals, Inc.* (Biotechnology) | | 570 | | 43,126 | |
Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts) | | 4,560 | | 90,106 | |
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | | 2,850 | | 272,345 | |
Ebix, Inc. (Software) | | 1,710 | | 130,388 | |
eHealth, Inc.* (Insurance) | | 570 | | 12,597 | |
El Paso Electric Co. (Electric Utilities) | | 1,710 | | 101,061 | |
Electro Scientific Industries, Inc.* (Electronic Equipment, Instruments & Components) | | 2,565 | | 40,450 | |
Emergent BioSolutions, Inc.* (Biotechnology) | | 2,850 | | 143,897 | |
Employers Holdings, Inc. (Insurance) | | 1,140 | | 45,828 | |
Enanta Pharmaceuticals, Inc.* (Biotechnology) | | 1,140 | | 132,126 | |
Encore Capital Group, Inc.* (Consumer Finance) | | 1,140 | | 41,724 | |
EnPro Industries, Inc. (Machinery) | | 1,710 | | 119,615 | |
ePlus, Inc.* (Electronic Equipment, Instruments & Components) | | 855 | | 80,456 | |
ESCO Technologies, Inc. (Machinery) | | 1,140 | | 65,778 | |
EVERTEC, Inc. (IT Services) | | 1,710 | | 37,364 | |
ExlService Holdings, Inc.* (IT Services) | | 2,565 | | 145,204 | |
Exponent, Inc. (Professional Services) | | 3,990 | | 192,717 | |
Extreme Networks, Inc.* (Communications Equipment) | | 9,120 | | 72,595 | |
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | 855 | | 46,469 | |
Federal Signal Corp. (Machinery) | | 2,565 | | 59,739 | |
Financial Engines, Inc. (Capital Markets) | | 2,280 | | 102,371 | |
First Commonwealth Financial Corp. (Banks) | | 4,845 | | 75,146 | |
First Financial Bancorp (Banks) | | 3,420 | | 104,823 | |
First Financial Bankshares, Inc. (Banks) | | 3,135 | | 159,572 | |
FirstCash, Inc. (Consumer Finance) | | 3,705 | | 332,894 | |
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment) | | 5,700 | | 75,810 | |
Forrester Research, Inc. (IT Services) | | 570 | | 23,912 | |
Forward Air Corp. (Air Freight & Logistics) | | 2,280 | | 134,702 | |
Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts) | | 4,845 | | 119,331 | |
Fox Factory Holding Corp.* (Auto Components) | | 2,850 | | 132,668 | |
Franklin Electric Co., Inc. (Machinery) | | 1,425 | | 64,268 | |
Franklin Financial Network, Inc.* (Banks) | | 285 | | 10,716 | |
Gentherm, Inc.* (Auto Components) | | 1,140 | | 44,802 | |
Getty Realty Corp. (Equity Real Estate Investment Trusts) | | 1,425 | | 40,142 | |
Glacier Bancorp, Inc. (Banks) | | 3,705 | | 143,309 | |
Global Net Lease, Inc. (Equity Real Estate Investment Trusts) | | 2,850 | | 58,226 | |
Green BanCorp, Inc. (Banks) | | 1,425 | | 30,780 | |
Green Dot Corp.*—Class A (Consumer Finance) | | 3,705 | | 271,910 | |
Griffon Corp. (Building Products) | | 1,140 | | 20,292 | |
H.B. Fuller Co. (Chemicals) | | 1,710 | | 91,793 | |
Hanmi Financial Corp. (Banks) | | 1,425 | | 40,399 | |
Harsco Corp.* (Machinery) | | 6,270 | | 138,566 | |
HealthEquity, Inc.* (Health Care Providers & Services) | | 3,990 | | 299,649 | |
HealthStream, Inc. (Health Care Technology) | | 855 | | 23,350 | |
Heartland Express, Inc. (Road & Rail) | | 1,425 | | 26,434 | |
Heritage Financial Corp. (Banks) | | 1,425 | | 49,661 | |
| | | | | | |
See accompanying notes to financial statements.
224 :: ProFund VP Small-Cap Growth :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Heska Corp.* (Pharmaceuticals) | | 570 | | $ | 59,160 | |
HFF, Inc.—Class A (Real Estate Management & Development) | | 2,850 | | 97,898 | |
Hillenbrand, Inc. (Machinery) | | 2,565 | | 120,940 | |
HMS Holdings Corp.* (Health Care Technology) | | 2,565 | | 55,455 | |
II-VI, Inc.* (Electronic Equipment, Instruments & Components) | | 4,275 | | 185,748 | |
Independent Bank Corp. (Banks) | | 1,140 | | 89,376 | |
Ingevity Corp.* (Chemicals) | | 3,420 | | 276,541 | |
Innospec, Inc. (Chemicals) | | 855 | | 65,450 | |
Innoviva, Inc.* (Pharmaceuticals) | | 5,415 | | 74,727 | |
Inogen, Inc.* (Health Care Equipment & Supplies) | | 1,425 | | 265,520 | |
Insperity, Inc. (Professional Services) | | 2,850 | | 271,463 | |
Installed Building Products, Inc.* (Household Durables) | | 1,710 | | 96,701 | |
Integer Holdings Corp.* (Health Care Equipment & Supplies) | | 2,280 | | 147,402 | |
Inter Parfums, Inc. (Personal Products) | | 1,425 | | 76,238 | |
Interface, Inc. (Commercial Services & Supplies) | | 4,560 | | 104,651 | |
iRobot Corp.* (Household Durables) | | 2,280 | | 172,755 | |
Itron, Inc.* (Electronic Equipment, Instruments & Components) | | 1,140 | | 68,457 | |
J & J Snack Foods Corp. (Food Products) | | 855 | | 130,362 | |
James River Group Holdings, Ltd. (Insurance) | | 1,140 | | 44,791 | |
John Bean Technologies Corp. (Machinery) | | 2,565 | | 228,028 | |
KEMET Corp.* (Electronic Equipment, Instruments & Components) | | 3,990 | | 96,359 | |
Kopin Corp.* (Semiconductors & Semiconductor Equipment) | | 3,135 | | 8,966 | |
Koppers Holdings, Inc.* (Chemicals) | | 1,710 | | 65,579 | |
Korn/Ferry International (Professional Services) | | 4,560 | | 282,400 | |
Kraton Performance Polymers, Inc.* (Chemicals) | | 2,565 | | 118,349 | |
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment) | | 5,415 | | 128,985 | |
Lannett Co., Inc.* (Pharmaceuticals) | | 1,425 | | 19,380 | |
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies) | | 2,280 | | 33,174 | |
La-Z-Boy, Inc. (Household Durables) | | 1,995 | | 61,047 | |
LCI Industries (Auto Components) | | 1,995 | | 179,849 | |
LegacyTexas Financial Group, Inc. (Banks) | | 3,420 | | 133,448 | |
Lemaitre Vascular, Inc. (Health Care Equipment & Supplies) | | 1,140 | | 38,167 | |
Lexington Realty Trust (Equity Real Estate Investment Trusts) | | 17,100 | | 149,282 | |
Lgi Homes, Inc.* (Household Durables) | | 1,425 | | 82,265 | |
LHC Group, Inc.* (Health Care Providers & Services) | | 2,280 | | 195,145 | |
Ligand Pharmaceuticals, Inc.*—Class B (Biotechnology) | | 1,710 | | 354,261 | |
Lindsay Corp. (Machinery) | | 285 | | 27,642 | |
Lithia Motors, Inc.—Class A (Specialty Retail) | | 855 | | 80,857 | |
LivePerson, Inc.* (Internet Software & Services) | | 2,280 | | 48,108 | |
LTC Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,710 | | 73,085 | |
Lumber Liquidators Holdings, Inc.* (Specialty Retail) | | 1,425 | | 34,699 | |
Luminex Corp. (Life Sciences Tools & Services) | | 1,710 | | 50,496 | |
Lydall, Inc.* (Machinery) | | 570 | | 24,881 | |
M.D.C. Holdings, Inc. (Household Durables) | | 1,710 | | 52,617 | |
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure) | | 1,995 | | 225,354 | |
Marten Transport, Ltd. (Road & Rail) | | 1,710 | | 40,100 | |
MaxLinear, Inc.*—Class A (Semiconductors & Semiconductor Equipment) | | 4,845 | | 75,534 | |
Medifast, Inc. (Personal Products) | | 855 | | 136,936 | |
Mercury Systems, Inc.* (Aerospace & Defense) | | 3,705 | | 141,012 | |
Meridian Bioscience, Inc. (Health Care Equipment & Supplies) | | 1,425 | | 22,658 | |
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies) | | 3,990 | | 204,288 | |
Meritage Homes Corp.* (Household Durables) | | 1,710 | | 75,155 | |
Meta Financial Group, Inc. (Thrifts & Mortgage Finance) | | 855 | | 83,277 | |
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components) | | 1,425 | | 57,428 | |
Mgp Ingredients, Inc. (Beverages) | | 855 | | 75,933 | |
MicroStrategy, Inc.*—Class A (Software) | | 285 | | 36,409 | |
MiMedx Group, Inc.* (Biotechnology) | | 7,980 | | 50,992 | |
Mobile Mini, Inc. (Commercial Services & Supplies) | | 1,995 | | 93,566 | |
Momenta Pharmaceuticals, Inc.* (Biotechnology) | | 5,985 | | 122,393 | |
Monarch Casino & Resort, Inc.* (Hotels, Restaurants & Leisure) | | 855 | | 37,663 | |
Monotype Imaging Holdings, Inc. (Software) | | 1,995 | | 40,499 | |
Moog, Inc.—Class A (Aerospace & Defense) | | 1,140 | | 88,874 | |
Motorcar Parts of America, Inc.* (Auto Components) | | 855 | | 15,997 | |
Multi-Color Corp. (Commercial Services & Supplies) | | 570 | | 36,851 | |
Myers Industries, Inc. (Containers & Packaging) | | 1,425 | | 27,360 | |
Myriad Genetics, Inc.* (Biotechnology) | | 5,415 | | 202,359 | |
Nanometrics, Inc.* (Semiconductors & Semiconductor Equipment) | | 1,425 | | 50,459 | |
National Bank Holdings Corp. (Banks) | | 1,995 | | 76,987 | |
National Storage Affiliates Trust (Equity Real Estate Investment Trusts) | | 3,990 | | 122,971 | |
Natus Medical, Inc.* (Health Care Equipment & Supplies) | | 1,425 | | 49,163 | |
Nautilus, Inc.* (Leisure Products) | | 1,140 | | 17,898 | |
Neenah Paper, Inc. (Paper & Forest Products) | | 570 | | 48,365 | |
Neogen Corp.* (Health Care Equipment & Supplies) | | 3,990 | | 319,958 | |
NIC, Inc. (Internet Software & Services) | | 2,280 | | 35,454 | |
NMI Holdings, Inc.*—Class A (Thrifts & Mortgage Finance) | | 4,560 | | 74,328 | |
Northfield Bancorp, Inc. (Thrifts & Mortgage Finance) | | 2,280 | | 37,894 | |
Northwest Natural Gas Co. (Gas Utilities) | | 855 | | 54,549 | |
Nutrisystem, Inc. (Internet & Direct Marketing Retail) | | 2,280 | | 87,780 | |
Oclaro, Inc.* (Communications Equipment) | | 7,410 | | 66,171 | |
Omnicell, Inc.* (Health Care Technology) | | 3,135 | | 164,430 | |
OraSure Technologies, Inc.* (Health Care Equipment & Supplies) | | 4,845 | | 79,797 | |
Orthofix International N.V.* (Health Care Equipment & Supplies) | | 1,425 | | 80,969 | |
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components) | | 570 | | 44,078 | |
Pacific Premier Bancorp, Inc.* (Banks) | | 3,135 | | 119,600 | |
Park Electrochemical Corp. (Electronic Equipment, Instruments & Components) | | 570 | | 13,218 | |
Patrick Industries, Inc.* (Building Products) | | 1,710 | | 97,214 | |
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment) | | 855 | | 10,243 | |
Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure) | | 6,555 | | 220,182 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Growth :: 225
Common Stocks, continued
| | Shares | | Value | |
Penn Virginia Corp.* (Oil, Gas & Consumable Fuels) | | 570 | | $ | 48,387 | |
PetMed Express, Inc. (Internet & Direct Marketing Retail) | | 1,710 | | 75,326 | |
PGT, Inc.* (Building Products) | | 3,990 | | 83,192 | |
Phibro Animal Health Corp.—Class A (Pharmaceuticals) | | 1,425 | | 65,621 | |
Piper Jaffray Cos. (Capital Markets) | | 570 | | 43,805 | |
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | | 1,425 | | 104,096 | |
ProAssurance Corp. (Insurance) | | 1,995 | | 70,723 | |
Progenics Pharmaceuticals, Inc.* (Biotechnology) | | 2,280 | | 18,331 | |
Progress Software Corp. (Software) | | 3,705 | | 143,827 | |
ProPetro Holding Corp.* (Energy Equipment & Services) | | 3,990 | | 62,563 | |
Proto Labs, Inc.* (Machinery) | | 1,995 | | 237,304 | |
PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | | 855 | | 109,868 | |
Quaker Chemical Corp. (Chemicals) | | 570 | | 88,276 | |
Quality Systems, Inc.* (Health Care Technology) | | 3,705 | | 72,248 | |
Qualys, Inc.* (Software) | | 2,565 | | 216,229 | |
Quanex Building Products Corp. (Building Products) | | 1,710 | | 30,695 | |
QuinStreet, Inc.* (Internet Software & Services) | | 2,850 | | 36,195 | |
R. R. Donnelley & Sons Co. (Commercial Services & Supplies) | | 1,710 | | 9,850 | |
Rambus, Inc.* (Semiconductors & Semiconductor Equipment) | | 8,550 | | 107,217 | |
Ramco-Gershenson Properties Trust (Equity Real Estate Investment Trusts) | | 3,990 | | 52,708 | |
Raven Industries, Inc. (Industrial Conglomerates) | | 2,850 | | 109,583 | |
Regenxbio, Inc.* (Biotechnology) | | 1,140 | | 81,795 | |
Repligen Corp.* (Biotechnology) | | 2,850 | | 134,064 | |
Restoration Hardware, Inc.* (Specialty Retail) | | 1,425 | | 199,073 | |
Retail Opportunity Investments Corp. (Equity Real Estate Investment Trusts) | | 4,560 | | 87,370 | |
Ring Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 1,425 | | 17,984 | |
RLI Corp. (Insurance) | | 1,425 | | 94,321 | |
Rogers Corp.* (Electronic Equipment, Instruments & Components) | | 1,425 | | 158,830 | |
Rudolph Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | | 2,565 | | 75,924 | |
Ruth’s Hospitality Group, Inc. (Hotels, Restaurants & Leisure) | | 2,280 | | 63,954 | |
S&T Bancorp, Inc. (Banks) | | 1,425 | | 61,617 | |
Saia, Inc.* (Road & Rail) | | 1,425 | | 115,211 | |
Saul Centers, Inc. (Equity Real Estate Investment Trusts) | | 570 | | 30,541 | |
Schweitzer-Mauduit International, Inc. (Paper & Forest Products) | | 1,140 | | 49,840 | |
Seacoast Banking Corp. of Florida* (Banks) | | 2,850 | | 90,003 | |
Select Medical Holdings Corp.* (Health Care Providers & Services) | | 4,845 | | 87,937 | |
Selective Insurance Group, Inc. (Insurance) | | 2,850 | | 156,749 | |
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | | 3,135 | | 147,502 | |
ServisFirst Bancshares, Inc. (Banks) | | 3,420 | | 142,717 | |
Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure) | | 1,425 | | 94,307 | |
Shutterfly, Inc.* (Internet & Direct Marketing Retail) | | 1,710 | | 153,951 | |
Shutterstock, Inc.* (Internet Software & Services) | | 1,425 | | 67,631 | |
Simpson Manufacturing Co., Inc. (Building Products) | | 3,135 | | 194,965 | |
Sleep Number Corp.* (Specialty Retail) | | 2,850 | | 82,707 | |
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | | 1,710 | | 81,824 | |
Sonic Corp. (Hotels, Restaurants & Leisure) | | 1,425 | | 49,049 | |
South Jersey Industries, Inc. (Gas Utilities) | | 2,850 | | 95,390 | |
Spectrum Pharmaceuticals, Inc.* (Biotechnology) | | 4,845 | | 101,551 | |
Sps Commerce, Inc.* (Internet Software & Services) | | 1,425 | | 104,709 | |
Stamps.com, Inc.* (Internet Software & Services) | | 1,425 | | 360,596 | |
Standex International Corp. (Machinery) | | 570 | | 58,254 | |
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods) | | 2,280 | | 121,068 | |
Strayer Education, Inc. (Diversified Consumer Services) | | 570 | | 64,416 | |
Sturm, Ruger & Co., Inc. (Leisure Products) | | 570 | | 31,920 | |
Summit Hotel Properties, Inc. (Equity Real Estate Investment Trusts) | | 5,415 | | 77,489 | |
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals) | | 3,990 | | 238,801 | |
SurModics, Inc.* (Health Care Equipment & Supplies) | | 1,140 | | 62,928 | |
Tabula Rasa Healthcare, Inc.* (Health Care Technology) | | 1,140 | | 72,766 | |
Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies) | | 570 | | 29,640 | |
Tailored Brands, Inc. (Specialty Retail) | | 1,995 | | 50,912 | |
Tennant Co. (Machinery) | | 570 | | 45,030 | |
Tetra Tech, Inc. (Commercial Services & Supplies) | | 2,280 | | 133,379 | |
The Children’s Place, Inc. (Specialty Retail) | | 855 | | 103,284 | |
The E.W. Scripps Co.—Class A (Media) | | 2,280 | | 30,529 | |
The Ensign Group, Inc. (Health Care Providers & Services) | | 1,995 | | 71,461 | |
The Medicines Co.* (Pharmaceuticals) | | 2,565 | | 94,136 | |
The Providence Service Corp.* (Health Care Providers & Services) | | 855 | | 67,160 | |
Third Point Reinsurance, Ltd.* (Insurance) | | 6,555 | | 81,938 | |
Tivity Health, Inc.* (Health Care Providers & Services) | | 2,565 | | 90,288 | |
Tompkins Financial Corp. (Banks) | | 570 | | 48,952 | |
TopBuild Corp.* (Household Durables) | | 2,850 | | 223,268 | |
Trex Co., Inc.* (Building Products) | | 4,560 | | 285,409 | |
TrustCo Bank Corp. (Thrifts & Mortgage Finance) | | 3,420 | | 30,438 | |
Ttec Holdings, Inc. (IT Services) | | 1,140 | | 39,387 | |
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | 7,410 | | 130,638 | |
U.S. Physical Therapy, Inc. (Health Care Providers & Services) | | 570 | | 54,720 | |
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | | 1,995 | | 33,117 | |
UniFirst Corp. (Commercial Services & Supplies) | | 570 | | 100,833 | |
United Community Banks, Inc. (Banks) | | 3,135 | | 96,150 | |
Universal Forest Products, Inc. (Building Products) | | 2,565 | | 93,930 | |
Universal Health Realty Income Trust (Equity Real Estate Investment Trusts) | | 855 | | 54,703 | |
Universal Insurance Holdings, Inc. (Insurance) | | 1,710 | | 60,021 | |
| | | | | | |
See accompanying notes to financial statements.
226 :: ProFund VP Small-Cap Growth :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Urstadt Biddle Properties, Inc.—Class A (Equity Real Estate Investment Trusts) | | 855 | | $ | 19,349 | |
US Concrete, Inc.* (Construction Materials) | | 1,140 | | 59,850 | |
US Ecology, Inc. (Commercial Services & Supplies) | | 1,140 | | 72,618 | |
Varex Imaging Corp.* (Health Care Equipment & Supplies) | | 1,710 | | 63,424 | |
Viad Corp. (Commercial Services & Supplies) | | 855 | | 46,384 | |
Viavi Solutions, Inc.* (Communications Equipment) | | 11,115 | | 113,817 | |
Vicor Corp.* (Electrical Equipment) | | 1,425 | | 62,059 | |
Virtusa Corp.* (IT Services) | | 2,280 | | 110,990 | |
Vonage Holdings Corp.* (Diversified Telecommunication Services) | | 17,100 | | 220,419 | |
Wabash National Corp. (Machinery) | | 2,280 | | 42,545 | |
WageWorks, Inc.* (Professional Services) | | 3,135 | | 156,750 | |
Walker & Dunlop, Inc. (Thrifts & Mortgage Finance) | | 2,280 | | 126,882 | |
Watts Water Technologies, Inc.—Class A (Machinery) | | 855 | | 67,032 | |
WD-40 Co. (Household Products) | | 570 | | 83,363 | |
Westamerica Bancorp (Banks) | | 855 | | 48,316 | |
Whitestone REIT (Equity Real Estate Investment Trusts) | | 1,425 | | 17,784 | |
William Lyon Homes*—Class A (Household Durables) | | 1,140 | | 26,448 | |
Wingstop, Inc. (Hotels, Restaurants & Leisure) | | 2,280 | | 118,834 | |
Winnebago Industries, Inc. (Automobiles) | | 2,280 | | 92,568 | |
WisdomTree Investments, Inc. (Capital Markets) | | 4,845 | | 43,993 | |
World Wrestling Entertainment, Inc.— Class A (Media) | | 3,135 | | 228,291 | |
XO Group, Inc.* (Internet Software & Services) | | 1,995 | | 63,840 | |
Xperi Corp. (Semiconductors & Semiconductor Equipment) | | 1,425 | | 22,943 | |
TOTAL COMMON STOCKS (Cost $22,016,798) | | | | 30,528,784 | |
| | | | | | |
Repurchase Agreements(a) (0.1%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $23,004 | | $ | 23,000 | | $ | 23,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $23,000) | | | | 23,000 | |
TOTAL INVESTMENT SECURITIES (Cost $22,039,798)—100.1% | | | | 30,551,784 | |
Net other assets (liabilities)—(0.1)% | | | | (28,698 | ) |
NET ASSETS—100.0% | | | | $ | 30,523,086 | |
| | | | | | | |
* Non-income producing security.
(a) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
ProFund VP Small-Cap Growth invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Aerospace & Defense | | $ | 871,521 | | 2.9 | % |
Air Freight & Logistics | | 134,702 | | 0.4 | % |
Airlines | | 79,202 | | 0.3 | % |
Auto Components | | 451,189 | | 1.5 | % |
Automobiles | | 92,568 | | 0.3 | % |
Banks | | 2,146,178 | | 7.1 | % |
Beverages | | 114,445 | | 0.4 | % |
Biotechnology | | 1,399,088 | | 4.6 | % |
Building Products | | 1,031,312 | | 3.4 | % |
Capital Markets | | 190,169 | | 0.6 | % |
Chemicals | | 920,300 | | 3.0 | % |
Commercial Services & Supplies | | 664,053 | | 2.2 | % |
Communications Equipment | | 412,968 | | 1.4 | % |
Construction & Engineering | | 130,530 | | 0.4 | % |
Construction Materials | | 59,850 | | 0.2 | % |
Consumer Finance | | 646,528 | | 2.1 | % |
Containers & Packaging | | 27,360 | | 0.1 | % |
Diversified Consumer Services | | 175,976 | | 0.6 | % |
Diversified Telecommunication Services | | 387,828 | | 1.3 | % |
Electric Utilities | | 101,061 | | 0.3 | % |
Electrical Equipment | | 62,059 | | 0.2 | % |
Electronic Equipment, Instruments & Components | | 1,087,534 | | 3.6 | % |
Energy Equipment & Services | | 94,694 | | 0.3 | % |
Equity Real Estate Investment Trusts | | 1,656,975 | | 5.4 | % |
Food Products | | 511,746 | | 1.6 | % |
Gas Utilities | | 149,939 | | 0.5 | % |
Health Care Equipment & Supplies | | 1,650,236 | | 5.4 | % |
Health Care Providers & Services | | 1,439,917 | | 4.7 | % |
Health Care Technology | | 397,626 | | 1.3 | % |
Hotels, Restaurants & Leisure | | 1,052,505 | | 3.4 | % |
Household Durables | | 908,617 | | 3.0 | % |
Household Products | | 235,877 | | 0.8 | % |
Industrial Conglomerates | | 109,583 | | 0.4 | % |
Insurance | | 928,835 | | 3.0 | % |
Internet & Direct Marketing Retail | | 317,057 | | 1.0 | % |
Internet Software & Services | | 762,566 | | 2.5 | % |
IT Services | | 403,449 | | 1.3 | % |
Leisure Products | | 141,728 | | 0.5 | % |
Life Sciences Tools & Services | | 139,929 | | 0.5 | % |
Machinery | | 1,782,435 | | 5.8 | % |
Media | | 258,820 | | 0.8 | % |
Multi-Utilities | | 120,065 | | 0.4 | % |
Oil, Gas & Consumable Fuels | | 110,090 | | 0.4 | % |
Paper & Forest Products | | 98,205 | | 0.3 | % |
Personal Products | | 213,174 | | 0.7 | % |
Pharmaceuticals | | 762,378 | | 2.5 | % |
Professional Services | | 903,330 | | 3.0 | % |
Real Estate Management & Development | | 97,898 | | 0.3 | % |
Road & Rail | | 181,745 | | 0.6 | % |
Semiconductors & Semiconductor Equipment | | 1,654,263 | | 5.3 | % |
Software | | 789,367 | | 2.6 | % |
Specialty Retail | | 551,532 | | 1.8 | % |
Textiles, Apparel & Luxury Goods | | 181,294 | | 0.6 | % |
Thrifts & Mortgage Finance | | 549,939 | | 1.8 | % |
Water Utilities | | 186,549 | | 0.6 | % |
Other** | | (5,698 | ) | NM | |
Total | | $ | 30,523,086 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
NM Not meaningful, amount is less than 0.05%
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Growth :: 227
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 22,039,798 | |
Securities, at value | | 30,528,784 | |
Repurchase agreements, at value | | 23,000 | |
Total Investment Securities, at value | | 30,551,784 | |
Cash | | 1,124 | |
Dividends and interest receivable | | 21,225 | |
Receivable for capital shares issued | | 41 | |
Receivable for investments sold | | 642,626 | |
Prepaid expenses | | 316 | |
TOTAL ASSETS | | 31,217,116 | |
| | | |
LIABILITIES: | | | |
Payable for investments purchased | | 50,713 | |
Payable for capital shares redeemed | | 584,112 | |
Advisory fees payable | | 19,496 | |
Management services fees payable | | 2,599 | |
Administration fees payable | | 887 | |
Administrative services fees payable | | 10,270 | |
Distribution fees payable | | 10,035 | |
Trustee fees payable | | 7 | |
Transfer agency fees payable | | 1,460 | |
Fund accounting fees payable | | 1,060 | |
Compliance services fees payable | | 152 | |
Other accrued expenses | | 13,239 | |
TOTAL LIABILITIES | | 694,030 | |
NET ASSETS | | $ | 30,523,086 | |
| | | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 20,606,071 | |
Accumulated net investment income (loss) | | (81,984 | ) |
Accumulated net realized gains (losses) on investments | | 1,487,013 | |
Net unrealized appreciation (depreciation) on investments | | 8,511,986 | |
NET ASSETS | | $ | 30,523,086 | |
| | | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 752,106 | |
Net Asset Value (offering and redemption price per share) | | $ | 40.58 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 128,553 | |
Interest | | 283 | |
TOTAL INVESTMENT INCOME | | 128,836 | |
| | | |
EXPENSES: | | | |
Advisory fees | | 95,918 | |
Management services fees | | 12,789 | |
Administration fees | | 4,447 | |
Transfer agency fees | | 6,732 | |
Administrative services fees | | 38,283 | |
Distribution fees | | 31,972 | |
Custody fees | | 1,962 | |
Fund accounting fees | | 5,940 | |
Trustee fees | | 382 | |
Compliance services fees | | 152 | |
Other fees | | 12,279 | |
Recoupment of prior expenses reduced by the Advisor | | 4,000 | |
TOTAL NET EXPENSES | | 214,856 | |
NET INVESTMENT INCOME (LOSS) | | (86,020 | ) |
| | | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 2,374,757 | |
Change in net unrealized appreciation/depreciation on investment securities | | 374,452 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | 2,749,209 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 2,663,189 | |
See accompanying notes to financial statements.
228 :: ProFund VP Small-Cap Growth :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
| | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (86,020 | ) | $ | (154,019 | ) |
Net realized gains (losses) on investments | | 2,374,757 | | 2,751,034 | |
Change in net unrealized appreciation/depreciation on investments | | 374,452 | | 389,504 | |
Change in net assets resulting from operations | | 2,663,189 | | 2,986,519 | |
| | | | | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net realized gains on investments | | (2,167,456 | ) | (2,118,469 | ) |
Change in net assets resulting from distributions | | (2,167,456 | ) | (2,118,469 | ) |
| | | | | |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 17,696,313 | | 27,234,230 | |
Distributions reinvested | | 2,167,456 | | 2,118,469 | |
Value of shares redeemed | | (15,624,382 | ) | (34,485,544 | ) |
Change in net assets resulting from capital transactions | | 4,239,387 | | (5,132,845 | ) |
Change in net assets | | 4,735,120 | | (4,264,795 | ) |
| | | | | |
NET ASSETS: | | | | | |
Beginning of period | | 25,787,966 | | 30,052,761 | |
End of period | | $ | 30,523,086 | | $ | 25,787,966 | |
Accumulated net investment income (loss) | | $ | (81,984 | ) | $ | 4,036 | |
| | | | | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 431,534 | | 702,335 | |
Reinvested | | 51,977 | | 54,897 | |
Redeemed | | (386,918 | ) | (895,038 | ) |
Change in shares | | 96,593 | | (137,806 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Small-Cap Growth :: 229
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 39.34 | | $ | 37.88 | | $ | 33.35 | | $ | 37.45 | | $ | 43.02 | | $ | 32.63 | |
| | | | | | | | | | | | | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | (0.14 | ) | (0.22 | ) | (0.15 | ) | (0.17 | ) | (0.29 | ) | (0.31 | ) |
Net realized and unrealized gains (losses) on investments | | 4.43 | | 5.07 | | 6.74 | | 0.69 | | 0.84 | | 12.90 | |
Total income (loss) from investment activities | | 4.29 | | 4.85 | | 6.59 | | 0.52 | | 0.55 | | 12.59 | |
| | | | | | | | | | | | | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net realized gains on investments | | (3.05 | ) | (3.39 | ) | (2.06 | ) | (4.62 | ) | (6.12 | ) | (2.20 | ) |
| | | | | | | | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 40.58 | | $ | 39.34 | | $ | 37.88 | | $ | 33.35 | | $ | 37.45 | | $ | 43.02 | |
| | | | | | | | | | | | | |
Total Return(b) | | 10.73 | % | 12.97 | % | 20.23 | % | 1.17 | % | 2.17 | % | 40.42 | % |
| | | | | | | | | | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.70 | % | 1.82 | % | 1.83 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | (0.67 | )% | (0.56 | )% | (0.45 | )% | (0.48 | )% | (0.75 | )% | (0.83 | )% |
| | | | | | | | | | | | | |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 30,523 | | $ | 25,788 | | $ | 30,053 | | $ | 27,617 | | $ | 27,747 | | $ | 50,187 | |
Portfolio turnover rate(b)(d) | | 67 | % | 134 | % | 220 | % | 201 | % | 166 | % | 174 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
230 :: ProFund VP Small-Cap Value :: Financial Statements
Investment Objective: The ProFund VP Small-Cap Value seeks investment results, before fees and expenses, that correspond to the performance of the S&P SmallCap 600 Value Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 100 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
CACI International, Inc. | | 1.0 | % |
PDC Energy, Inc. | | 1.0 | % |
Spire, Inc. | | 0.9 | % |
Wolverine World Wide, Inc. | | 0.8 | % |
American Equity Investment Life Holding Co. | | 0.8 | % |
S&P SmallCap 600 Value Index — Composition
| | % of Index | |
Financials | | 20 | % |
Industrials | | 17 | % |
Consumer Discretionary | | 16 | % |
Information Technology | | 14 | % |
Energy | | 8 | % |
Materials | | 6 | % |
Real Estate | | 6 | % |
Health Care | | 6 | % |
Consumer Staples | | 3 | % |
Utilities | | 3 | % |
Telecommunication Services | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (100.1%)
| | Shares | | Value | |
3D Systems Corp.* (Technology Hardware, Storage & Peripherals) | | 6,840 | | $ | 94,460 | |
8x8, Inc.* (Software) | | 2,584 | | 51,809 | |
A. Schulman, Inc. (Chemicals) | | 1,748 | | 77,786 | |
AAON, Inc. (Building Products) | | 912 | | 30,324 | |
AAR Corp. (Aerospace & Defense) | | 1,900 | | 88,332 | |
Abaxis, Inc. (Health Care Equipment & Supplies) | | 608 | | 50,470 | |
Abercrombie & Fitch Co.—Class A (Specialty Retail) | | 4,028 | | 98,605 | |
ABM Industries, Inc. (Commercial Services & Supplies) | | 3,952 | | 115,320 | |
Acadia Realty Trust (Equity Real Estate Investment Trusts) | | 4,864 | | 133,128 | |
Aceto Corp. (Health Care Providers & Services) | | 1,824 | | 6,110 | |
Acorda Therapeutics, Inc.* (Biotechnology) | | 2,812 | | 80,705 | |
Actuant Corp.—Class A (Machinery) | | 2,280 | | 66,918 | |
ADTRAN, Inc. (Communications Equipment) | | 1,368 | | 20,315 | |
AdvanSix, Inc.* (Chemicals) | | 836 | | 30,623 | |
Aegion Corp.* (Construction & Engineering) | | 1,900 | | 48,925 | |
Agilysys, Inc.* (Electronic Equipment, Instruments & Components) | | 456 | | 7,068 | |
Agree Realty Corp. (Equity Real Estate Investment Trusts) | | 912 | | 48,126 | |
AK Steel Holding Corp.* (Metals & Mining) | | 18,848 | | 81,800 | |
Alarm.com Holdings, Inc.* (Internet Software & Services) | | 684 | | 27,620 | |
Allegiant Travel Co. (Airlines) | | 304 | | 42,241 | |
AMAG Pharmaceuticals, Inc.* (Biotechnology) | | 2,052 | | 40,014 | |
Ambac Financial Group, Inc.* (Insurance) | | 2,128 | | 42,241 | |
American Assets Trust, Inc. (Equity Real Estate Investment Trusts) | | 1,368 | | 52,381 | |
American Axle & Manufacturing Holdings, Inc.* (Auto Components) | | 5,928 | | 92,240 | |
American Equity Investment Life Holding Co. (Insurance) | | 5,396 | | 194,257 | |
American Public Education, Inc.* (Diversified Consumer Services) | | 988 | | 41,596 | |
American States Water Co. (Water Utilities) | | 836 | | 47,786 | |
American Vanguard Corp. (Chemicals) | | 456 | | 10,465 | |
Ameris Bancorp (Banks) | | 988 | | 52,710 | |
AMERISAFE, Inc. (Insurance) | | 684 | | 39,501 | |
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | | 1,064 | | 16,237 | |
AngioDynamics, Inc.* (Health Care Equipment & Supplies) | | 2,204 | | 49,017 | |
Anika Therapeutics, Inc.* (Health Care Equipment & Supplies) | | 380 | | 12,160 | |
Anixter International, Inc.* (Electronic Equipment, Instruments & Components) | | 1,748 | | 110,647 | |
Apogee Enterprises, Inc. (Building Products) | | 760 | | 36,609 | |
Apollo Commercial Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts) | | 6,688 | | 122,256 | |
Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | | 2,280 | | 159,942 | |
ArcBest Corp. (Road & Rail) | | 1,520 | | 69,463 | |
Archrock, Inc. (Energy Equipment & Services) | | 7,752 | | 93,024 | |
Armada Hoffler Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,140 | | 16,986 | |
ARMOUR Residential REIT, Inc. (Mortgage Real Estate Investment Trusts) | | 2,508 | | 57,207 | |
Asbury Automotive Group, Inc.* (Specialty Retail) | | 1,064 | | 72,937 | |
Ascena Retail Group, Inc.* (Specialty Retail) | | 10,184 | | 40,583 | |
Astec Industries, Inc. (Machinery) | | 1,140 | | 68,172 | |
Atlas Air Worldwide Holdings, Inc.* (Air Freight & Logistics) | | 1,520 | | 108,984 | |
ATN International, Inc. (Diversified Telecommunication Services) | | 684 | | 36,095 | |
Avista Corp. (Multi-Utilities) | | 2,204 | | 116,063 | |
Avon Products, Inc.* (Personal Products) | | 26,372 | | 42,723 | |
AZZ, Inc. (Electrical Equipment) | | 1,520 | | 66,044 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Value :: 231
Common Stocks, continued
| | Shares | | Value | |
B&G Foods, Inc.—Class A (Food Products) | | 1,444 | | $ | 43,176 | |
Badger Meter, Inc. (Electronic Equipment, Instruments & Components) | | 608 | | 27,178 | |
Balchem Corp. (Chemicals) | | 760 | | 74,586 | |
Banc of California, Inc. (Banks) | | 1,140 | | 22,287 | |
Banner Corp. (Banks) | | 1,140 | | 68,548 | |
Barnes & Noble Education, Inc.* (Specialty Retail) | | 2,280 | | 12,859 | |
Barnes & Noble, Inc. (Specialty Retail) | | 3,420 | | 21,717 | |
Bel Fuse, Inc.—Class B (Communications Equipment) | | 608 | | 12,707 | |
Belmond, Ltd.* (Hotels, Restaurants & Leisure) | | 5,016 | | 55,927 | |
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components) | | 2,812 | | 81,970 | |
Berkshire Hills Bancorp, Inc. (Banks) | | 1,596 | | 64,798 | |
Big 5 Sporting Goods Corp. (Specialty Retail) | | 1,216 | | 9,242 | |
BJ’s Restaurants, Inc. (Hotels, Restaurants & Leisure) | | 456 | | 27,360 | |
Blucora, Inc.* (Internet Software & Services) | | 2,812 | | 104,045 | |
Boise Cascade Co. (Paper & Forest Products) | | 2,356 | | 105,313 | |
Boston Private Financial Holdings, Inc. (Banks) | | 5,016 | | 79,754 | |
Brady Corp.—Class A (Commercial Services & Supplies) | | 1,596 | | 61,526 | |
Briggs & Stratton Corp. (Machinery) | | 2,584 | | 45,504 | |
Bristow Group, Inc.* (Energy Equipment & Services) | | 1,900 | | 26,809 | |
Brookline Bancorp, Inc. (Banks) | | 2,736 | | 50,890 | |
C&J Energy Services, Inc.* (Energy Equipment & Services) | | 3,040 | | 71,744 | |
CACI International, Inc.*—Class A (IT Services) | | 1,444 | | 243,387 | |
Caleres, Inc. (Specialty Retail) | | 2,584 | | 88,864 | |
California Water Service Group (Water Utilities) | | 1,064 | | 41,443 | |
Callaway Golf Co. (Leisure Products) | | 1,900 | | 36,043 | |
Cal-Maine Foods, Inc.* (Food Products) | | 1,064 | | 48,784 | |
Cambrex Corp.* (Life Sciences Tools & Services) | | 760 | | 39,748 | |
Capella Education Co. (Diversified Consumer Services) | | 380 | | 37,506 | |
Capstead Mortgage Corp. (Mortgage Real Estate Investment Trusts) | | 5,548 | | 49,655 | |
CARBO Ceramics, Inc.* (Energy Equipment & Services) | | 912 | | 8,363 | |
Cardtronics PLC*—Class A (IT Services) | | 2,736 | | 66,156 | |
Career Education Corp.* (Diversified Consumer Services) | | 1,444 | | 23,349 | |
CareTrust REIT, Inc. (Equity Real Estate Investment Trusts) | | 1,900 | | 31,711 | |
Carrizo Oil & Gas, Inc.* (Oil, Gas & Consumable Fuels) | | 4,636 | | 129,113 | |
CBL & Associates Properties, Inc. (Equity Real Estate Investment Trusts) | | 10,336 | | 57,572 | |
Cedar Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 4,712 | | 22,241 | |
Central Pacific Financial Corp. (Banks) | | 684 | | 19,597 | |
Century Aluminum Co.* (Metals & Mining) | | 2,964 | | 46,683 | |
Chart Industries, Inc.* (Machinery) | | 1,824 | | 112,505 | |
Chatham Lodging Trust (Equity Real Estate Investment Trusts) | | 2,736 | | 58,058 | |
Chesapeake Lodging Trust (Equity Real Estate Investment Trusts) | | 2,052 | | 64,925 | |
Chico’s FAS, Inc. (Specialty Retail) | | 7,752 | | 63,101 | |
Chuy’s Holdings, Inc.* (Hotels, Restaurants & Leisure) | | 988 | | 30,332 | |
Cincinnati Bell, Inc.* (Diversified Telecommunication Services) | | 2,508 | | 39,376 | |
CIRCOR International, Inc. (Machinery) | | 988 | | 36,516 | |
City Holding Co. (Banks) | | 456 | | 34,305 | |
Clearwater Paper Corp.* (Paper & Forest Products) | | 988 | | 22,823 | |
Cloud Peak Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 4,560 | | 15,914 | |
Columbia Banking System, Inc. (Banks) | | 2,204 | | 90,144 | |
Community Bank System, Inc. (Banks) | | 3,040 | | 179,572 | |
Community Health Systems, Inc.* (Health Care Providers & Services) | | 6,916 | | 22,961 | |
Community Healthcare Trust, Inc. (Equity Real Estate Investment Trusts) | | 532 | | 15,891 | |
Computer Programs & Systems, Inc. (Health Care Technology) | | 380 | | 12,502 | |
Comtech Telecommunications Corp. (Communications Equipment) | | 1,444 | | 46,035 | |
CONMED Corp. (Health Care Equipment & Supplies) | | 760 | | 55,632 | |
CONSOL Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 684 | | 26,231 | |
Consolidated Communications Holdings, Inc. (Diversified Telecommunication Services) | | 3,876 | | 47,907 | |
Cooper Tire & Rubber Co. (Auto Components) | | 3,040 | | 79,952 | |
Cooper-Standard Holding, Inc.* (Auto Components) | | 988 | | 129,102 | |
Core-Mark Holding Co., Inc. (Distributors) | | 2,736 | | 62,107 | |
Cray, Inc.* (Technology Hardware, Storage & Peripherals) | | 2,432 | | 59,827 | |
Crocs, Inc.* (Textiles, Apparel & Luxury Goods) | | 1,368 | | 24,090 | |
Cross Country Healthcare, Inc.* (Health Care Providers & Services) | | 2,204 | | 24,795 | |
CryoLife, Inc.* (Health Care Equipment & Supplies) | | 1,064 | | 29,632 | |
CSG Systems International, Inc. (IT Services) | | 1,064 | | 43,486 | |
CTS Corp. (Electronic Equipment, Instruments & Components) | | 912 | | 32,832 | |
Cubic Corp. (Aerospace & Defense) | | 760 | | 48,792 | |
Customers Bancorp, Inc.* (Banks) | | 912 | | 25,883 | |
CVB Financial Corp. (Banks) | | 2,812 | | 63,045 | |
Cytokinetics, Inc.* (Biotechnology) | | 1,824 | | 15,139 | |
Daktronics, Inc. (Electronic Equipment, Instruments & Components) | | 2,356 | | 20,050 | |
Darling Ingredients, Inc.* (Food Products) | | 4,788 | | 95,185 | |
Dean Foods Co. (Food Products) | | 5,472 | | 57,511 | |
Denbury Resources, Inc.* (Oil, Gas & Consumable Fuels) | | 23,940 | | 115,151 | |
Depomed, Inc.* (Pharmaceuticals) | | 2,204 | | 14,701 | |
DiamondRock Hospitality Co. (Equity Real Estate Investment Trusts) | | 12,008 | | 147,457 | |
Diebold, Inc. (Technology Hardware, Storage & Peripherals) | | 4,560 | | 54,492 | |
Digi International, Inc.* (Communications Equipment) | | 1,596 | | 21,067 | |
Dime Community Bancshares, Inc. (Thrifts & Mortgage Finance) | | 1,064 | | 20,748 | |
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure) | | 532 | | 39,794 | |
Diodes, Inc.* (Semiconductors & Semiconductor Equipment) | | 2,280 | | 78,592 | |
Diplomat Pharmacy, Inc.* (Health Care Providers & Services) | | 2,888 | | 73,818 | |
Donnelley Financial Solutions, Inc.* (Capital Markets) | | 2,052 | | 35,643 | |
Dorman Products, Inc.* (Auto Components) | | 836 | | 57,107 | |
DSP Group, Inc.* (Semiconductors & Semiconductor Equipment) | | 1,368 | | 17,032 | |
| | | | | | |
See accompanying notes to financial statements.
232 :: ProFund VP Small-Cap Value :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
DSW, Inc.—Class A (Specialty Retail) | | 4,332 | | $ | 111,853 | |
DXP Enterprises, Inc.* (Trading Companies & Distributors) | | 912 | | 34,838 | |
Echo Global Logistics, Inc.* (Air Freight & Logistics) | | 1,596 | | 46,683 | |
eHealth, Inc.* (Insurance) | | 456 | | 10,078 | |
El Paso Electric Co. (Electric Utilities) | | 1,140 | | 67,374 | |
El Pollo Locco Holdings, Inc.* (Hotels, Restaurants & Leisure) | | 1,292 | | 14,729 | |
Electronics for Imaging, Inc.* (Technology Hardware, Storage & Peripherals) | | 2,660 | | 86,610 | |
Employers Holdings, Inc. (Insurance) | | 1,064 | | 42,773 | |
Encore Capital Group, Inc.* (Consumer Finance) | | 608 | | 22,253 | |
Encore Wire Corp. (Electrical Equipment) | | 1,216 | | 57,699 | |
Endo International PLC* (Pharmaceuticals) | | 12,008 | | 113,235 | |
Engility Holdings, Inc.* (Aerospace & Defense) | | 1,064 | | 32,601 | |
Enova International, Inc.* (Consumer Finance) | | 2,052 | | 75,001 | |
ePlus, Inc.* (Electronic Equipment, Instruments & Components) | | 228 | | 21,455 | |
Era Group, Inc.* (Energy Equipment & Services) | | 1,216 | | 15,747 | |
ESCO Technologies, Inc. (Machinery) | | 608 | | 35,082 | |
Essendant, Inc. (Commercial Services & Supplies) | | 2,280 | | 30,142 | |
Ethan Allen Interiors, Inc. (Household Durables) | | 1,520 | | 37,240 | |
EVERTEC, Inc. (IT Services) | | 2,204 | | 48,157 | |
Express, Inc.* (Specialty Retail) | | 4,484 | | 41,029 | |
Exterran Corp.* (Energy Equipment & Services) | | 1,900 | | 47,576 | |
EZCORP, Inc.*—Class A (Consumer Finance) | | 3,116 | | 37,548 | |
Fabrinet* (Electronic Equipment, Instruments & Components) | | 2,204 | | 81,306 | |
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | 380 | | 20,653 | |
Federal Signal Corp. (Machinery) | | 1,748 | | 40,711 | |
Fidelity Southern Corp. (Banks) | | 1,292 | | 32,830 | |
Fiesta Restaurant Group, Inc.* (Hotels, Restaurants & Leisure) | | 1,596 | | 45,805 | |
Financial Engines, Inc. (Capital Markets) | | 2,128 | | 95,547 | |
Finisar Corp.* (Communications Equipment) | | 6,840 | | 123,120 | |
First BanCorp.* (Banks) | | 10,868 | | 83,140 | |
First Commonwealth Financial Corp. (Banks) | | 2,432 | | 37,720 | |
First Financial Bancorp (Banks) | | 3,192 | | 97,835 | |
First Financial Bankshares, Inc. (Banks) | | 1,672 | | 85,105 | |
First Midwest Bancorp, Inc. (Banks) | | 6,156 | | 156,792 | |
Flotek Industries, Inc.* (Chemicals) | | 3,420 | | 11,047 | |
Forrester Research, Inc. (IT Services) | | 228 | | 9,565 | |
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods) | | 2,584 | | 69,432 | |
Francesca’s Holdings Corp.* (Specialty Retail) | | 2,052 | | 15,493 | |
Franklin Electric Co., Inc. (Machinery) | | 1,140 | | 51,414 | |
Franklin Financial Network, Inc.* (Banks) | | 532 | | 20,003 | |
Franklin Street Properties Corp. (Equity Real Estate Investment Trusts) | | 6,384 | | 54,647 | |
Frontier Communications Corp. (Diversified Telecommunication Services) | | 4,788 | | 25,664 | |
FTD Cos., Inc.* (Internet & Direct Marketing Retail) | | 988 | | 4,584 | |
FTI Consulting, Inc.* (Professional Services) | | 2,280 | | 137,894 | |
FutureFuel Corp. (Chemicals) | | 1,520 | | 21,295 | |
GameStop Corp.—Class A (Specialty Retail) | | 6,080 | | 88,586 | |
Gannett Co., Inc. (Media) | | 6,764 | | 72,375 | |
Genesco, Inc.* (Specialty Retail) | | 1,216 | | 48,275 | |
Gentherm, Inc.* (Auto Components) | | 1,216 | | 47,789 | |
Geospace Technologies Corp.* (Energy Equipment & Services) | | 836 | | 11,754 | |
Getty Realty Corp. (Equity Real Estate Investment Trusts) | | 912 | | 25,691 | |
Gibraltar Industries, Inc.* (Building Products) | | 1,900 | | 71,249 | |
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods) | | 2,508 | | 111,355 | |
Glacier Bancorp, Inc. (Banks) | | 1,976 | | 76,432 | |
Global Net Lease, Inc. (Equity Real Estate Investment Trusts) | | 1,900 | | 38,817 | |
Government Properties Income Trust (Equity Real Estate Investment Trusts) | | 5,928 | | 93,959 | |
Great Western Bancorp, Inc. (Banks) | | 3,496 | | 146,797 | |
Green BanCorp, Inc. (Banks) | | 456 | | 9,850 | |
Green Plains, Inc. (Oil, Gas & Consumable Fuels) | | 2,356 | | 43,115 | |
Greenhill & Co., Inc. (Capital Markets) | | 1,368 | | 38,851 | |
Griffon Corp. (Building Products) | | 912 | | 16,234 | |
Group 1 Automotive, Inc. (Specialty Retail) | | 1,140 | | 71,820 | |
GUESS?, Inc. (Specialty Retail) | | 3,496 | | 74,814 | |
Gulf Island Fabrication, Inc. (Energy Equipment & Services) | | 836 | | 7,524 | |
H.B. Fuller Co. (Chemicals) | | 1,596 | | 85,673 | |
Hanmi Financial Corp. (Banks) | | 912 | | 25,855 | |
Harmonic, Inc.* (Communications Equipment) | | 5,092 | | 21,641 | |
Haverty Furniture Cos., Inc. (Specialty Retail) | | 1,140 | | 24,624 | |
Hawaiian Holdings, Inc. (Airlines) | | 3,040 | | 109,288 | |
Hawkins, Inc. (Chemicals) | | 532 | | 18,806 | |
Haynes International, Inc. (Metals & Mining) | | 760 | | 27,922 | |
HCI Group, Inc. (Insurance) | | 456 | | 18,956 | |
HealthStream, Inc. (Health Care Technology) | | 760 | | 20,756 | |
Heartland Express, Inc. (Road & Rail) | | 1,824 | | 33,835 | |
Heidrick & Struggles International, Inc. (Professional Services) | | 1,140 | | 39,900 | |
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services) | | 8,360 | | 69,639 | |
Heritage Financial Corp. (Banks) | | 608 | | 21,189 | |
Hersha Hospitality Trust (Equity Real Estate Investment Trusts) | | 2,204 | | 47,276 | |
Hibbett Sports, Inc.* (Specialty Retail) | | 1,140 | | 26,106 | |
HighPoint Resources Corp.* (Oil, Gas & Consumable Fuels) | | 5,928 | | 36,042 | |
Hillenbrand, Inc. (Machinery) | | 1,824 | | 86,002 | |
HMS Holdings Corp.* (Health Care Technology) | | 2,964 | | 64,081 | |
HomeStreet, Inc.* (Thrifts & Mortgage Finance) | | 1,596 | | 43,012 | |
Hope Bancorp, Inc. (Banks) | | 7,676 | | 136,863 | |
Horace Mann Educators Corp. (Insurance) | | 2,432 | | 108,468 | |
Hub Group, Inc.*—Class A (Air Freight & Logistics) | | 2,052 | | 102,190 | |
Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 5,168 | | 53,282 | |
Independent Bank Corp. (Banks) | | 836 | | 65,542 | |
Infinity Property & Casualty Corp. (Insurance) | | 684 | | 97,367 | |
Innophos Holdings, Inc. (Chemicals) | | 1,140 | | 54,264 | |
Innospec, Inc. (Chemicals) | | 760 | | 58,178 | |
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components) | | 2,128 | | 104,123 | |
Insteel Industries, Inc. (Building Products) | | 1,064 | | 35,538 | |
INTL FCStone, Inc.* (Capital Markets) | | 912 | | 47,160 | |
Invacare Corp. (Health Care Equipment & Supplies) | | 1,976 | | 36,754 | |
Invesco Mortgage Capital, Inc. (Mortgage Real Estate Investment Trusts) | | 6,688 | | 106,339 | |
Investment Technology Group, Inc. (Capital Markets) | | 1,976 | | 41,338 | |
Iridium Communications, Inc.* (Diversified Telecommunication Services) | | 5,016 | | 80,757 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Value :: 233
Common Stocks, continued
| | Shares | | Value | |
Itron, Inc.* (Electronic Equipment, Instruments & Components) | | 1,292 | | $ | 77,585 | |
J & J Snack Foods Corp. (Food Products) | | 304 | | 46,351 | |
J.C. Penney Co., Inc.* (Multiline Retail) | | 18,772 | | 43,926 | |
James River Group Holdings, Ltd. (Insurance) | | 836 | | 32,846 | |
John B. Sanfilippo & Son, Inc. (Food Products) | | 532 | | 39,607 | |
Kaiser Aluminum Corp. (Metals & Mining) | | 988 | | 102,862 | |
Kaman Corp.—Class A (Trading Companies & Distributors) | | 1,672 | | 116,522 | |
KapStone Paper & Packaging Corp. (Paper & Forest Products) | | 5,244 | | 180,918 | |
Kelly Services, Inc.—Class A (Professional Services) | | 1,824 | | 40,949 | |
Kirkland’s, Inc.* (Specialty Retail) | | 912 | | 10,616 | |
Kite Realty Group Trust (Equity Real Estate Investment Trusts) | | 5,016 | | 85,673 | |
Knowles Corp.* (Electronic Equipment, Instruments & Components) | | 5,396 | | 82,559 | |
Kopin Corp.* (Semiconductors & Semiconductor Equipment) | | 1,368 | | 3,912 | |
Lannett Co., Inc.* (Pharmaceuticals) | | 684 | | 9,302 | |
La-Z-Boy, Inc. (Household Durables) | | 1,368 | | 41,861 | |
Lindsay Corp. (Machinery) | | 304 | | 29,485 | |
Liquidity Services, Inc.* (Internet Software & Services) | | 1,520 | | 9,956 | |
Lithia Motors, Inc.—Class A (Specialty Retail) | | 684 | | 64,686 | |
LivePerson, Inc.* (Internet Software & Services) | | 1,672 | | 35,279 | |
LSB Industries, Inc.* (Chemicals) | | 1,216 | | 6,445 | |
LSC Communications, Inc. (Commercial Services & Supplies) | | 1,976 | | 30,944 | |
LTC Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,140 | | 48,724 | |
Lumber Liquidators Holdings, Inc.* (Specialty Retail) | | 684 | | 16,655 | |
Luminex Corp. (Life Sciences Tools & Services) | | 1,140 | | 33,664 | |
Lydall, Inc.* (Machinery) | | 608 | | 26,539 | |
M.D.C. Holdings, Inc. (Household Durables) | | 1,292 | | 39,755 | |
M/I Homes, Inc.* (Household Durables) | | 1,672 | | 44,275 | |
Magellan Health, Inc.* (Health Care Providers & Services) | | 1,444 | | 138,553 | |
Maiden Holdings, Ltd. (Insurance) | | 4,104 | | 31,806 | |
ManTech International Corp.—Class A (IT Services) | | 1,596 | | 85,609 | |
MarineMax, Inc.* (Specialty Retail) | | 1,292 | | 24,483 | |
Marten Transport, Ltd. (Road & Rail) | | 988 | | 23,169 | |
Materion Corp. (Metals & Mining) | | 1,216 | | 65,846 | |
Matrix Service Co.* (Energy Equipment & Services) | | 1,596 | | 29,287 | |
Matson, Inc. (Marine) | | 2,584 | | 99,174 | |
Matthews International Corp.—Class A (Commercial Services & Supplies) | | 1,900 | | 111,720 | |
Meridian Bioscience, Inc. (Health Care Equipment & Supplies) | | 1,520 | | 24,168 | |
Meritage Homes Corp.* (Household Durables) | | 1,064 | | 46,762 | |
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components) | | 1,140 | | 45,942 | |
MicroStrategy, Inc.*—Class A (Software) | | 304 | | 38,836 | |
Mobile Mini, Inc. (Commercial Services & Supplies) | | 1,140 | | 53,466 | |
Monotype Imaging Holdings, Inc. (Software) | | 988 | | 20,056 | |
Monro Muffler Brake, Inc. (Specialty Retail) | | 1,976 | | 114,807 | |
Moog, Inc.—Class A (Aerospace & Defense) | | 1,064 | | 82,949 | |
Motorcar Parts of America, Inc.* (Auto Components) | | 608 | | 11,376 | |
Movado Group, Inc. (Textiles, Apparel & Luxury Goods) | | 912 | | 44,050 | |
MTS Systems Corp. (Electronic Equipment, Instruments & Components) | | 1,064 | | 56,020 | |
Mueller Industries, Inc. (Machinery) | | 3,420 | | 100,924 | |
Multi-Color Corp. (Commercial Services & Supplies) | | 456 | | 29,480 | |
Myers Industries, Inc. (Containers & Packaging) | | 608 | | 11,674 | |
MYR Group, Inc.* (Construction & Engineering) | | 988 | | 35,034 | |
Nanometrics, Inc.* (Semiconductors & Semiconductor Equipment) | | 456 | | 16,147 | |
National Presto Industries, Inc. (Aerospace & Defense) | | 304 | | 37,696 | |
Natus Medical, Inc.* (Health Care Equipment & Supplies) | | 988 | | 34,086 | |
Nautilus, Inc.* (Leisure Products) | | 988 | | 15,512 | |
Navigant Consulting, Inc.* (Professional Services) | | 2,736 | | 60,575 | |
NBT Bancorp, Inc. (Banks) | | 2,584 | | 98,580 | |
Neenah Paper, Inc. (Paper & Forest Products) | | 532 | | 45,140 | |
NETGEAR, Inc.* (Communications Equipment) | | 1,900 | | 118,750 | |
New Media Investment Group, Inc. (Media) | | 3,572 | | 66,011 | |
New York Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts) | | 6,688 | | 40,195 | |
Newpark Resources, Inc.* (Energy Equipment & Services) | | 5,320 | | 57,722 | |
NIC, Inc. (Internet Software & Services) | | 2,128 | | 33,090 | |
Noble Corp. PLC* (Energy Equipment & Services) | | 14,744 | | 93,330 | |
Northfield Bancorp, Inc. (Thrifts & Mortgage Finance) | | 1,064 | | 17,684 | |
Northwest Bancshares, Inc. (Thrifts & Mortgage Finance) | | 6,156 | | 107,054 | |
Northwest Natural Gas Co. (Gas Utilities) | | 988 | | 63,034 | |
Oclaro, Inc.* (Communications Equipment) | | 4,560 | | 40,721 | |
Office Depot, Inc. (Specialty Retail) | | 30,704 | | 78,295 | |
OFG Bancorp (Banks) | | 2,660 | | 37,373 | |
Oil States International, Inc.* (Energy Equipment & Services) | | 3,572 | | 114,661 | |
Old National Bancorp (Banks) | | 7,980 | | 148,427 | |
Olympic Steel, Inc. (Metals & Mining) | | 532 | | 10,858 | |
OneSpan, Inc.* (Software) | | 1,824 | | 35,842 | |
Opus Bank (Banks) | | 1,064 | | 30,537 | |
Orion Marine Group, Inc.* (Construction & Engineering) | | 1,672 | | 13,811 | |
Oritani Financial Corp. (Thrifts & Mortgage Finance) | | 2,356 | | 38,167 | |
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components) | | 532 | | 41,140 | |
Owens & Minor, Inc. (Health Care Providers & Services) | | 3,724 | | 62,228 | |
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods) | | 988 | | 81,984 | |
P.H. Glatfelter Co. (Paper & Forest Products) | | 2,584 | | 50,621 | |
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels) | | 1,520 | | 26,418 | |
Park Electrochemical Corp. (Electronic Equipment, Instruments & Components) | | 684 | | 15,862 | |
PDC Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 3,952 | | 238,898 | |
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment) | | 988 | | 11,836 | |
Penn Virginia Corp.* (Oil, Gas & Consumable Fuels) | | 304 | | 25,807 | |
| | | | | | |
See accompanying notes to financial statements.
234 :: ProFund VP Small-Cap Value :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Pennsylvania Real Estate Investment Trust (Equity Real Estate Investment Trusts) | | 4,180 | | $ | 45,938 | |
PennyMac Mortgage Investment Trust (Mortgage Real Estate Investment Trusts) | | 3,648 | | 69,276 | |
Perficient, Inc.* (IT Services) | | 2,128 | | 56,115 | |
Perry Ellis International, Inc.* (Textiles, Apparel & Luxury Goods) | | 760 | | 20,649 | |
Photronics, Inc.* (Semiconductors & Semiconductor Equipment) | | 4,180 | | 33,336 | |
Pioneer Energy Services Corp.* (Energy Equipment & Services) | | 4,636 | | 27,121 | |
Piper Jaffray Cos. (Capital Markets) | | 456 | | 35,044 | |
Plexus Corp.* (Electronic Equipment, Instruments & Components) | | 1,976 | | 117,650 | |
Powell Industries, Inc. (Electrical Equipment) | | 532 | | 18,530 | |
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | | 684 | | 49,966 | |
PRA Group, Inc.* (Consumer Finance) | | 2,736 | | 105,472 | |
ProAssurance Corp. (Insurance) | | 1,672 | | 59,272 | |
Progenics Pharmaceuticals, Inc.* (Biotechnology) | | 2,736 | | 21,997 | |
ProPetro Holding Corp.* (Energy Equipment & Services) | | 1,216 | | 19,067 | |
Provident Financial Services, Inc. (Thrifts & Mortgage Finance) | | 3,648 | | 100,429 | |
PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | | 532 | | 68,362 | |
Quaker Chemical Corp. (Chemicals) | | 304 | | 47,080 | |
Quanex Building Products Corp. (Building Products) | | 836 | | 15,006 | |
Quorum Health Corp.* (Health Care Providers & Services) | | 1,672 | | 8,360 | |
R. R. Donnelley & Sons Co. (Commercial Services & Supplies) | | 2,888 | | 16,635 | |
Ramco-Gershenson Properties Trust (Equity Real Estate Investment Trusts) | | 1,748 | | 23,091 | |
Rayonier Advanced Materials, Inc. (Chemicals) | | 3,116 | | 53,252 | |
RE/MAX Holdings, Inc. (Real Estate Management & Development) | | 1,064 | | 55,807 | |
Red Robin Gourmet Burgers, Inc.* (Hotels, Restaurants & Leisure) | | 760 | | 35,416 | |
Regenxbio, Inc.* (Biotechnology) | | 836 | | 59,983 | |
Regis Corp.* (Diversified Consumer Services) | | 2,052 | | 33,940 | |
Renewable Energy Group, Inc.* (Oil, Gas & Consumable Fuels) | | 1,976 | | 35,272 | |
Rent-A-Center, Inc.* (Specialty Retail) | | 3,192 | | 46,986 | |
Resources Connection, Inc. (Professional Services) | | 1,748 | | 29,541 | |
Retail Opportunity Investments Corp. (Equity Real Estate Investment Trusts) | | 3,344 | | 64,071 | |
REX American Resources Corp.* (Oil, Gas & Consumable Fuels) | | 304 | | 24,615 | |
Ring Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 2,204 | | 27,814 | |
RLI Corp. (Insurance) | | 1,292 | | 85,517 | |
S&T Bancorp, Inc. (Banks) | | 1,064 | | 46,007 | |
Safety Insurance Group, Inc. (Insurance) | | 912 | | 77,885 | |
Saia, Inc.* (Road & Rail) | | 456 | | 36,868 | |
Sanmina Corp.* (Electronic Equipment, Instruments & Components) | | 4,104 | | 120,246 | |
Saul Centers, Inc. (Equity Real Estate Investment Trusts) | | 304 | | 16,288 | |
ScanSource, Inc.* (Electronic Equipment, Instruments & Components) | | 1,520 | | 61,256 | |
Scholastic Corp. (Media) | | 1,672 | | 74,085 | |
Schweitzer-Mauduit International, Inc. (Paper & Forest Products) | | 1,064 | | 46,518 | |
Seacoast Banking Corp. of Florida* (Banks) | | 684 | | 21,601 | |
SEACOR Holdings, Inc. (Energy Equipment & Services) | | 988 | | 56,583 | |
Select Medical Holdings Corp.* (Health Care Providers & Services) | | 2,736 | | 49,658 | |
Selective Insurance Group, Inc. (Insurance) | | 1,292 | | 71,060 | |
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | | 1,444 | | 67,940 | |
Seneca Foods Corp.*—Class A (Food Products) | | 380 | | 10,260 | |
Shoe Carnival, Inc. (Specialty Retail) | | 608 | | 19,730 | |
Shutterfly, Inc.* (Internet & Direct Marketing Retail) | | 760 | | 68,423 | |
Simmons First National Corp.—Class A (Banks) | | 4,712 | | 140,889 | |
SkyWest, Inc. (Airlines) | | 3,116 | | 161,720 | |
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | | 988 | | 47,276 | |
Sonic Automotive, Inc.—Class A (Specialty Retail) | | 1,444 | | 29,746 | |
Sonic Corp. (Hotels, Restaurants & Leisure) | | 1,064 | | 36,623 | |
South Jersey Industries, Inc. (Gas Utilities) | | 2,888 | | 96,661 | |
Southside Bancshares, Inc. (Banks) | | 1,672 | | 56,313 | |
SpartanNash Co. (Food & Staples Retailing) | | 2,128 | | 54,307 | |
Spectrum Pharmaceuticals, Inc.* (Biotechnology) | | 1,900 | | 39,824 | |
Spire, Inc. (Gas Utilities) | | 3,040 | | 214,776 | |
Spok Holdings, Inc. (Wireless Telecommunication Services) | | 1,216 | | 18,301 | |
SPX Corp.* (Machinery) | | 2,584 | | 90,569 | |
SPX FLOW, Inc.* (Machinery) | | 2,508 | | 109,775 | |
SRC Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 14,440 | | 159,129 | |
Standard Motor Products, Inc. (Auto Components) | | 1,216 | | 58,781 | |
Standex International Corp. (Machinery) | | 380 | | 38,836 | |
Stepan Co. (Chemicals) | | 1,216 | | 94,861 | |
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods) | | 1,368 | | 72,641 | |
Stewart Information Services Corp. (Insurance) | | 1,444 | | 62,193 | |
Strayer Education, Inc. (Diversified Consumer Services) | | 228 | | 25,766 | |
Sturm, Ruger & Co., Inc. (Leisure Products) | | 608 | | 34,048 | |
Summit Hotel Properties, Inc. (Equity Real Estate Investment Trusts) | | 2,204 | | 31,539 | |
SunCoke Energy, Inc.* (Metals & Mining) | | 3,876 | | 51,938 | |
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals) | | 2,280 | | 53,922 | |
Superior Industries International, Inc. (Auto Components) | | 1,368 | | 24,487 | |
SUPERVALU, Inc.* (Food & Staples Retailing) | | 2,280 | | 46,786 | |
Sykes Enterprises, Inc.* (IT Services) | | 2,356 | | 67,806 | |
Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies) | | 380 | | 19,760 | |
Tailored Brands, Inc. (Specialty Retail) | | 1,444 | | 36,851 | |
Team, Inc.* (Commercial Services & Supplies) | | 1,824 | | 42,134 | |
Tennant Co. (Machinery) | | 608 | | 48,032 | |
Tetra Tech, Inc. (Commercial Services & Supplies) | | 1,520 | | 88,920 | |
TETRA Technologies, Inc.* (Energy Equipment & Services) | | 7,524 | | 33,482 | |
The Andersons, Inc. (Food & Staples Retailing) | | 1,596 | | 54,582 | |
The Buckle, Inc. (Specialty Retail) | | 1,672 | | 44,977 | |
The Cato Corp.—Class A (Specialty Retail) | | 1,368 | | 33,680 | |
The Children’s Place, Inc. (Specialty Retail) | | 304 | | 36,723 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Value :: 235
Common Stocks, continued
| | Shares | | Value | |
The E.W. Scripps Co.—Class A (Media) | | 1,520 | | $ | 20,353 | |
The Ensign Group, Inc. (Health Care Providers & Services) | | 1,292 | | 46,279 | |
The Greenbrier Cos., Inc. (Machinery) | | 1,672 | | 88,198 | |
The Marcus Corp. (Hotels, Restaurants & Leisure) | | 1,140 | | 37,050 | |
The Medicines Co.* (Pharmaceuticals) | | 1,976 | | 72,519 | |
The Navigators Group, Inc. (Insurance) | | 1,368 | | 77,976 | |
Tile Shop Holdings, Inc. (Specialty Retail) | | 2,052 | | 15,800 | |
TimkenSteel Corp.* (Metals & Mining) | | 2,356 | | 38,521 | |
Titan International, Inc. (Machinery) | | 2,964 | | 31,804 | |
TiVo Corp. (Software) | | 7,372 | | 99,154 | |
Tompkins Financial Corp. (Banks) | | 380 | | 32,634 | |
Travelport Worldwide, Ltd. (IT Services) | | 7,524 | | 139,495 | |
Tredegar Corp. (Chemicals) | | 1,520 | | 35,720 | |
Triumph Group, Inc. (Aerospace & Defense) | | 2,964 | | 58,094 | |
TrueBlue, Inc.* (Professional Services) | | 2,508 | | 67,591 | |
TrustCo Bank Corp. (Thrifts & Mortgage Finance) | | 3,116 | | 27,732 | |
U.S. Physical Therapy, Inc. (Health Care Providers & Services) | | 228 | | 21,888 | |
U.S. Silica Holdings, Inc. (Energy Equipment & Services) | | 4,636 | | 119,098 | |
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | | 684 | | 11,354 | |
Unifi, Inc.* (Textiles, Apparel & Luxury Goods) | | 988 | | 31,320 | |
UniFirst Corp. (Commercial Services & Supplies) | | 456 | | 80,666 | |
Unit Corp.* (Energy Equipment & Services) | | 3,268 | | 83,530 | |
United Community Banks, Inc. (Banks) | | 2,052 | | 62,935 | |
United Fire Group, Inc. (Insurance) | | 1,292 | | 70,427 | |
United Insurance Holdings Corp. (Insurance) | | 1,216 | | 23,809 | |
Universal Corp. (Tobacco) | | 1,520 | | 100,396 | |
Universal Electronics, Inc.* (Household Durables) | | 836 | | 27,630 | |
Universal Forest Products, Inc. (Building Products) | | 1,748 | | 64,012 | |
Universal Insurance Holdings, Inc. (Insurance) | | 684 | | 24,008 | |
Urstadt Biddle Properties, Inc.—Class A (Equity Real Estate Investment Trusts) | | 1,064 | | 24,078 | |
US Ecology, Inc. (Commercial Services & Supplies) | | 532 | | 33,888 | |
Varex Imaging Corp.* (Health Care Equipment & Supplies) | | 1,064 | | 39,464 | |
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment) | | 2,888 | | 41,154 | |
Vera Bradley, Inc.* (Textiles, Apparel & Luxury Goods) | | 1,140 | | 16,006 | |
Veritiv Corp.* (Trading Companies & Distributors) | | 684 | | 27,257 | |
Viad Corp. (Commercial Services & Supplies) | | 608 | | 32,984 | |
Viavi Solutions, Inc.* (Communications Equipment) | | 5,168 | | 52,920 | |
Virtus Investment Partners, Inc. (Capital Markets) | | 456 | | 58,345 | |
Vista Outdoor, Inc.* (Leisure Products) | | 3,420 | | 52,975 | |
Vitamin Shoppe, Inc.* (Specialty Retail) | | 1,444 | | 10,036 | |
Wabash National Corp. (Machinery) | | 1,672 | | 31,200 | |
Waddell & Reed Financial, Inc.—Class A (Capital Markets) | | 4,940 | | 88,772 | |
Washington Prime Group, Inc. (Equity Real Estate Investment Trusts) | | 11,096 | | 89,989 | |
Watts Water Technologies, Inc.—Class A (Machinery) | | 988 | | 77,459 | |
WD-40 Co. (Household Products) | | 380 | | 55,575 | |
Westamerica Bancorp (Banks) | | 912 | | 51,537 | |
Whitestone REIT (Equity Real Estate Investment Trusts) | | 1,368 | | 17,073 | |
William Lyon Homes*—Class A (Household Durables) | | 760 | | 17,632 | |
WisdomTree Investments, Inc. (Capital Markets) | | 3,192 | | 28,983 | |
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods) | | 5,700 | | 198,190 | |
World Acceptance Corp.* (Consumer Finance) | | 380 | | 42,184 | |
Xperi Corp. (Semiconductors & Semiconductor Equipment) | | 1,824 | | 29,366 | |
Zumiez, Inc.* (Specialty Retail) | | 1,064 | | 26,653 | |
TOTAL COMMON STOCKS (Cost $18,697,159) | | | | 25,126,862 | |
TOTAL INVESTMENT SECURITIES (Cost $18,697,159)—100.1% | | | | 25,126,862 | |
Net other assets (liabilities)—(0.1)% | | | | (26,720 | ) |
NET ASSETS—100.0% | | | | $ | 25,100,142 | |
* Non-income producing security.
ProFund VP Small-Cap Value invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Aerospace & Defense | | $ | 348,464 | | 1.4 | % |
Air Freight & Logistics | | 257,857 | | 1.0 | % |
Airlines | | 313,249 | | 1.2 | % |
Auto Components | | 500,834 | | 2.0 | % |
Banks | | 2,474,319 | | 9.8 | % |
Biotechnology | | 257,662 | | 1.0 | % |
Building Products | | 268,972 | | 1.1 | % |
Capital Markets | | 469,683 | | 1.9 | % |
Chemicals | | 680,081 | | 2.8 | % |
Commercial Services & Supplies | | 727,825 | | 2.9 | % |
Communications Equipment | | 457,276 | | 1.8 | % |
Construction & Engineering | | 97,770 | | 0.4 | % |
Consumer Finance | | 282,458 | | 1.1 | % |
Containers & Packaging | | 11,674 | | NM | |
Distributors | | 62,107 | | 0.2 | % |
Diversified Consumer Services | | 162,157 | | 0.6 | % |
Diversified Telecommunication Services | | 229,799 | | 0.9 | % |
Electric Utilities | | 67,374 | | 0.3 | % |
Electrical Equipment | | 142,273 | | 0.6 | % |
Electronic Equipment, Instruments & Components | | 1,125,542 | | 4.6 | % |
Energy Equipment & Services | | 986,061 | | 3.9 | % |
Equity Real Estate Investment Trusts | | 1,476,974 | | 5.9 | % |
Food & Staples Retailing | | 155,675 | | 0.6 | % |
Food Products | | 340,874 | | 1.4 | % |
Gas Utilities | | 374,471 | | 1.4 | % |
Health Care Equipment & Supplies | | 351,143 | | 1.4 | % |
Health Care Providers & Services | | 454,650 | | 1.8 | % |
Health Care Technology | | 97,339 | | 0.4 | % |
Hotels, Restaurants & Leisure | | 323,036 | | 1.3 | % |
Household Durables | | 255,155 | | 1.0 | % |
Household Products | | 55,575 | | 0.2 | % |
Insurance | | 1,170,440 | | 4.6 | % |
Internet & Direct Marketing Retail | | 73,007 | | 0.3 | % |
Internet Software & Services | | 209,990 | | 0.8 | % |
IT Services | | 759,776 | | 3.0 | % |
Leisure Products | | 138,578 | | 0.6 | % |
| | | | | | |
See accompanying notes to financial statements.
236 :: ProFund VP Small-Cap Value :: Financial Statements
| | Value | | % of Net Assets | |
Life Sciences Tools & Services | | $ | 73,412 | | 0.3 | % |
Machinery | | 1,215,645 | | 4.8 | % |
Marine | | 99,174 | | 0.4 | % |
Media | | 232,824 | | 0.9 | % |
Metals & Mining | | 426,430 | | 1.7 | % |
Mortgage Real Estate Investment Trusts | | 444,928 | | 1.8 | % |
Multiline Retail | | 43,926 | | 0.2 | % |
Multi-Utilities | | 116,063 | | 0.5 | % |
Oil, Gas & Consumable Fuels | | 903,519 | | 3.6 | % |
Paper & Forest Products | | 451,333 | | 1.8 | % |
Personal Products | | 42,723 | | 0.2 | % |
Pharmaceuticals | | 225,994 | | 0.9 | % |
Professional Services | | 376,450 | | 1.5 | % |
Real Estate Management & Development | | 55,807 | | 0.2 | % |
Road & Rail | | 163,335 | | 0.7 | % |
Semiconductors & Semiconductor Equipment | | 407,911 | | 1.6 | % |
Software | | 245,697 | | 1.0 | % |
Specialty Retail | | 1,521,232 | | 6.1 | % |
Technology Hardware, Storage & Peripherals | | 349,311 | | 1.4 | % |
Textiles, Apparel & Luxury Goods | | 669,717 | | 2.7 | % |
Thrifts & Mortgage Finance | | 354,826 | | 1.4 | % |
Tobacco | | 100,396 | | 0.4 | % |
Trading Companies & Distributors | | 338,559 | | 1.3 | % |
Water Utilities | | 89,229 | | 0.4 | % |
Wireless Telecommunication Services | | 18,301 | | 0.1 | % |
Other** | | (26,720 | ) | (0.1 | )% |
Total | | $ | 25,100,142 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
NM Not meaningful, amount is less than 0.05%.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Value :: 237
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 18,697,159 | |
Securities, at value | | 25,126,862 | |
Total Investment Securities, at value | | 25,126,862 | |
Dividends receivable | | 32,147 | |
Receivable for capital shares issued | | 5,913 | |
Receivable for investments sold | | 49,242 | |
Prepaid expenses | | 368 | |
TOTAL ASSETS | | 25,214,532 | |
| | | |
LIABILITIES: | | | |
Payable for investments purchased | | 21,191 | |
Payable for capital shares redeemed | | 16,279 | |
Cash overdraft | | 11,022 | |
Advisory fees payable | | 15,224 | |
Management services fees payable | | 2,030 | |
Administration fees payable | | 692 | |
Administrative services fees payable | | 9,960 | |
Distribution fees payable | | 10,051 | |
Transfer agency fees payable | | 1,139 | |
Fund accounting fees payable | | 827 | |
Compliance services fees payable | | 141 | |
Other accrued expenses | | 25,834 | |
TOTAL LIABILITIES | | 114,390 | |
NET ASSETS | | $ | 25,100,142 | |
| | | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 21,791,965 | |
Accumulated net investment income (loss) | | 16,175 | |
Accumulated net realized gains (losses) on investments | | (3,137,701 | ) |
Net unrealized appreciation (depreciation) on investments | | 6,429,703 | |
NET ASSETS | | $ | 25,100,142 | |
| | | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 510,598 | |
Net Asset Value (offering and redemption price per share) | | $ | 49.16 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 227,369 | |
Interest | | 553 | |
TOTAL INVESTMENT INCOME | | 227,922 | |
| | | |
EXPENSES: | | | |
Advisory fees | | 94,530 | |
Management services fees | | 12,604 | |
Administration fees | | 3,419 | |
Transfer agency fees | | 5,167 | |
Administrative services fees | | 34,342 | |
Distribution fees | | 31,510 | |
Custody fees | | 1,899 | |
Fund accounting fees | | 4,957 | |
Trustee fees | | 305 | |
Compliance services fees | | 141 | |
Other fees | | 6,873 | |
Recoupment of prior expenses reduced by the Advisor | | 16,000 | |
TOTAL NET EXPENSES | | 211,747 | |
NET INVESTMENT INCOME (LOSS) | | 16,175 | |
| | | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | (327,874 | ) |
Change in net unrealized appreciation/depreciation on investment securities | | 1,409,813 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | 1,081,939 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,098,114 | |
See accompanying notes to financial statements.
238 :: ProFund VP Small-Cap Value :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
| | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 16,175 | | $ | (95,481 | ) |
Net realized gains (losses) on investments | | (327,874 | ) | 4,107,355 | |
Change in net unrealized appreciation/depreciation on investments | | 1,409,813 | | (2,328,145 | ) |
Change in net assets resulting from operations | | 1,098,114 | | 1,683,729 | |
| | | | | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net investment income | | — | | (4,544 | ) |
Net realized gains on investments | | (1,980,769 | ) | (212,516 | ) |
Change in net assets resulting from distributions | | (1,980,769 | ) | (217,060 | ) |
| | | | | |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 15,975,023 | | 21,822,073 | |
Distributions reinvested | | 1,980,769 | | 217,060 | |
Value of shares redeemed | | (16,828,847 | ) | (44,996,207 | ) |
Change in net assets resulting from capital transactions | | 1,126,945 | | (22,957,074 | ) |
Change in net assets | | 244,290 | | (21,490,405 | ) |
| | | | | |
NET ASSETS: | | | | | |
Beginning of period | | 24,855,852 | | 46,346,257 | |
End of period | | $ | 25,100,142 | | $ | 24,855,852 | |
Accumulated net investment income (loss) | | $ | 16,175 | | $ | — | |
| | | | | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 310,692 | | 466,326 | |
Reinvested | | 39,254 | | 4,400 | |
Redeemed | | (333,837 | ) | (978,769 | ) |
Change in shares | | 16,109 | | (508,043 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Small-Cap Value :: 239
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 50.27 | | $ | 46.23 | | $ | 35.90 | | $ | 42.32 | | $ | 41.78 | | $ | 30.41 | |
| | | | | | | | | | | | | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | 0.03 | | (0.15 | ) | 0.01 | | (0.03 | ) | — | (b) | (0.07 | ) |
Net realized and unrealized gains (losses) on investments | | 3.20 | | 4.63 | | 10.32 | | (3.24 | ) | 2.32 | | 11.51 | |
Total income (loss) from investment activities | | 3.23 | | 4.48 | | 10.33 | | (3.27 | ) | 2.32 | | 11.44 | |
| | | | | | | | | | | | | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | — | | (0.01 | ) | — | | — | | — | | (0.07 | ) |
Net realized gains on investments | | (4.34 | ) | (0.43 | ) | — | | (3.15 | ) | (1.78 | ) | — | |
Total distributions | | (4.34 | ) | (0.44 | ) | — | | (3.15 | ) | (1.78 | ) | (0.07 | ) |
| | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 49.16 | | $ | 50.27 | | $ | 46.23 | | $ | 35.90 | | $ | 42.32 | | $ | 41.78 | |
| | | | | | | | | | | | | |
Total Return(c) | | 6.20 | % | 9.71 | % | 28.77 | % | (8.28 | )% | 5.81 | % | 37.67 | % |
| | | | | | | | | | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(d) | | 1.68 | % | 1.73 | % | 1.73 | % | 1.74 | % | 1.87 | % | 1.88 | % |
Net expenses(d) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(d) | | 0.13 | % | (0.32 | )% | 0.02 | % | (0.07 | )% | (0.01 | )% | (0.19 | )% |
| | | | | | | | | | | | | |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 25,100 | | $ | 24,856 | | $ | 46,346 | | $ | 20,097 | | $ | 25,476 | | $ | 40,145 | |
Portfolio turnover rate(c)(e) | | 64 | % | 91 | % | 191 | % | 203 | % | 143 | % | 169 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Amount is less than $0.005.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
240 :: ProFund VP Technology :: Financial Statements
Investment Objective: The ProFund VP Technology seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Technology Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 97 | % |
Swap Agreements | | 3 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
Apple, Inc. | | 16.0 | % |
Microsoft Corp. | | 13.3 | % |
Alphabet, Inc. | | 11.9 | % |
Facebook, Inc. | | 8.2 | % |
Intel Corp. | | 4.1 | % |
Dow Jones U.S. Technology Index — Composition
| | % of Index | |
Software & Services | | 55 | % |
Technology Hardware & Equipment | | 25 | % |
Semiconductors & Semiconductor Equipment | | 19 | % |
Health Care Equipment & Services | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (96.7%)
| | Shares | | Value | |
3D Systems Corp.* (Technology Hardware, Storage & Peripherals) | | 630 | | $ | 8,700 | |
ACI Worldwide, Inc.* (Software) | | 646 | | 15,937 | |
Adobe Systems, Inc.* (Software) | | 2,720 | | 663,163 | |
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | | 4,552 | | 68,234 | |
Akamai Technologies, Inc.* (Internet Software & Services) | | 945 | | 69,202 | |
Allscripts Healthcare Solutions, Inc.* (Health Care Technology) | | 988 | | 11,856 | |
Alphabet, Inc.*—Class A (Internet Software & Services) | | 1,659 | | 1,873,326 | |
Alphabet, Inc.*—Class C (Internet Software & Services) | | 1,668 | | 1,860,904 | |
Amdocs, Ltd. (IT Services) | | 779 | | 51,562 | |
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | | 2,044 | | 196,060 | |
ANSYS, Inc.* (Software) | | 455 | | 79,252 | |
Apple, Inc. (Technology Hardware, Storage & Peripherals) | | 27,147 | | 5,025,182 | |
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | | 5,577 | | 257,602 | |
Arista Networks, Inc.* (Communications Equipment) | | 280 | | 72,097 | |
ARRIS International PLC* (Communications Equipment) | | 971 | | 23,736 | |
Aspen Technology, Inc.* (Software) | | 401 | | 37,189 | |
athenahealth, Inc.* (Health Care Technology) | | 238 | | 37,875 | |
Autodesk, Inc.* (Software) | | 1,210 | | 158,619 | |
Blackbaud, Inc. (Software) | | 286 | | 29,301 | |
Booz Allen Hamilton Holding Corp. (IT Services) | | 794 | | 34,722 | |
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | | 2,222 | | 539,146 | |
CA, Inc. (Software) | | 1,720 | | 61,318 | |
CACI International, Inc.*—Class A (IT Services) | | 145 | | 24,440 | |
Cadence Design Systems, Inc.* (Software) | | 1,560 | | 67,564 | |
Cars.com, Inc.* (Internet Software & Services) | | 403 | | 11,441 | |
Cavium, Inc.* (Semiconductors & Semiconductor Equipment) | | 391 | | 33,822 | |
CDK Global, Inc. (Software) | | 689 | | 44,819 | |
CDW Corp. (Electronic Equipment, Instruments & Components) | | 834 | | 67,378 | |
CenturyLink, Inc. (Diversified Telecommunication Services) | | 5,422 | | 101,066 | |
Cerner Corp.* (Health Care Technology) | | 1,736 | | 103,796 | |
Ciena Corp.* (Communications Equipment) | | 785 | | 20,810 | |
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | | 339 | | 12,994 | |
Cisco Systems, Inc. (Communications Equipment) | | 25,977 | | 1,117,791 | |
Citrix Systems, Inc.* (Software) | | 718 | | 75,275 | |
Cognizant Technology Solutions Corp. (IT Services) | | 3,231 | | 255,216 | |
CommScope Holding Co., Inc.* (Communications Equipment) | | 1,051 | | 30,694 | |
CommVault Systems, Inc.* (Software) | | 249 | | 16,397 | |
Cree, Inc.* (Semiconductors & Semiconductor Equipment) | | 552 | | 22,947 | |
Cypress Semiconductor Corp. (Semiconductors & Semiconductor Equipment) | | 1,971 | | 30,708 | |
Dell Technologies, Inc.*—Class V (Software) | | 1,094 | | 92,531 | |
Diebold, Inc. (Technology Hardware, Storage & Peripherals) | | 427 | | 5,103 | |
DXC Technology Co. (IT Services) | | 1,577 | | 127,122 | |
eBay, Inc.* (Internet Software & Services) | | 5,104 | | 185,071 | |
EchoStar Corp.* (Communications Equipment) | | 285 | | 12,654 | |
Electronics for Imaging, Inc.* (Technology Hardware, Storage & Peripherals) | | 263 | | 8,563 | |
Ellie Mae, Inc.* (Software) | | 202 | | 20,976 | |
Entegris, Inc. (Semiconductors & Semiconductor Equipment) | | 775 | | 26,273 | |
EPAM Systems, Inc.* (IT Services) | | 299 | | 37,175 | |
F5 Networks, Inc.* (Communications Equipment) | | 340 | | 58,633 | |
Facebook, Inc.*—Class A (Internet Software & Services) | | 13,246 | | 2,573,963 | |
Fair Isaac Corp.* (Software) | | 176 | | 34,024 | |
Finisar Corp.* (Communications Equipment) | | 635 | | 11,430 | |
FireEye, Inc.* (Software) | | 1,014 | | 15,605 | |
Fortinet, Inc.* (Software) | | 791 | | 49,382 | |
Garmin, Ltd. (Household Durables) | | 615 | | 37,515 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Technology :: 241
Common Stocks, continued
| | Shares | | Value | |
Gartner, Inc.* (IT Services) | | 497 | | $ | 66,051 | |
GrubHub, Inc.* (Internet Software & Services) | | 491 | | 51,511 | |
Guidewire Software, Inc.* (Software) | | 449 | | 39,862 | |
Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals) | | 8,433 | | 123,206 | |
HP, Inc. (Technology Hardware, Storage & Peripherals) | | 9,067 | | 205,730 | |
IAC/InterActiveCorp* (Internet Software & Services) | | 439 | | 66,943 | |
Integrated Device Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | 721 | | 22,985 | |
Intel Corp. (Semiconductors & Semiconductor Equipment) | | 25,744 | | 1,279,735 | |
InterDigital, Inc. (Communications Equipment) | | 205 | | 16,585 | |
International Business Machines Corp. (IT Services) | | 4,708 | | 657,707 | |
Intuit, Inc. (Software) | | 1,356 | | 277,038 | |
j2 Global, Inc. (Internet Software & Services) | | 289 | | 25,030 | |
Juniper Networks, Inc. (Communications Equipment) | | 1,936 | | 53,085 | |
KLA-Tencor Corp. (Semiconductors & Semiconductor Equipment) | | 858 | | 87,971 | |
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | | 906 | | 156,602 | |
Leidos Holdings, Inc. (IT Services) | | 780 | | 46,020 | |
LogMeIn, Inc. (Internet Software & Services) | | 307 | | 31,698 | |
Lumentum Holdings, Inc.* (Communications Equipment) | | 350 | | 20,265 | |
Manhattan Associates, Inc.* (Software) | | 374 | | 17,582 | |
Marvell Technology Group, Ltd. (Semiconductors & Semiconductor Equipment) | | 2,384 | | 51,113 | |
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment) | | 1,547 | | 90,747 | |
Medidata Solutions, Inc.* (Health Care Technology) | | 329 | | 26,504 | |
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | | 1,304 | | 118,599 | |
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | 6,410 | | 336,140 | |
Microsoft Corp. (Software) | | 42,429 | | 4,183,923 | |
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | 302 | | 28,901 | |
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | | 229 | | 30,610 | |
Motorola Solutions, Inc. (Communications Equipment) | | 895 | | 104,152 | |
NCR Corp.* (Technology Hardware, Storage & Peripherals) | | 657 | | 19,697 | |
NetApp, Inc. (Technology Hardware, Storage & Peripherals) | | 1,478 | | 116,067 | |
NetScout Systems, Inc.* (Communications Equipment) | | 453 | | 13,454 | |
Nuance Communications, Inc.* (Software) | | 1,501 | | 20,841 | |
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | | 3,355 | | 794,800 | |
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | | 2,358 | | 52,430 | |
Oracle Corp. (Software) | | 16,451 | | 724,831 | |
Palo Alto Networks, Inc.* (Communications Equipment) | | 501 | | 102,940 | |
Pandora Media, Inc.* (Internet Software & Services) | | 1,402 | | 11,048 | |
Paycom Software, Inc.* (Software) | | 285 | | 28,167 | |
Perspecta, Inc. (IT Services) | | 780 | | 16,029 | |
Pitney Bowes, Inc. (Commercial Services & Supplies) | | 1,045 | | 8,956 | |
Plantronics, Inc. (Communications Equipment) | | 196 | | 14,945 | |
Proofpoint, Inc.* (Software) | | 299 | | 34,478 | |
PTC, Inc.* (Software) | | 640 | | 60,038 | |
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | | 705 | | 56,520 | |
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | | 8,192 | | 459,735 | |
Red Hat, Inc.* (Software) | | 986 | | 132,489 | |
Salesforce.com, Inc.* (Software) | | 3,894 | | 531,142 | |
Science Applications International Corp. (IT Services) | | 249 | | 20,152 | |
Seagate Technology PLC (Technology Hardware, Storage & Peripherals) | | 1,591 | | 89,844 | |
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | | 370 | | 17,409 | |
ServiceNow, Inc.* (Software) | | 981 | | 169,193 | |
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | | 255 | | 25,398 | |
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | | 1,012 | | 97,810 | |
Splunk, Inc.* (Software) | | 794 | | 78,693 | |
SS&C Technologies Holdings, Inc. (Software) | | 1,098 | | 56,986 | |
Symantec Corp. (Software) | | 3,440 | | 71,036 | |
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | | 204 | | 10,275 | |
SYNNEX Corp. (Electronic Equipment, Instruments & Components) | | 172 | | 16,600 | |
Synopsys, Inc.* (Software) | | 818 | | 69,996 | |
Tableau Software, Inc.*—Class A (Software) | | 380 | | 37,145 | |
Tech Data Corp.* (Electronic Equipment, Instruments & Components) | | 205 | | 16,835 | |
Teradata Corp.* (IT Services) | | 672 | | 26,981 | |
Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | | 1,047 | | 39,859 | |
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | 5,405 | | 595,901 | |
The Ultimate Software Group, Inc.* (Software) | | 171 | | 44,000 | |
Twitter, Inc.* (Internet Software & Services) | | 3,616 | | 157,911 | |
Tyler Technologies, Inc.* (Software) | | 210 | | 46,641 | |
Universal Display Corp. (Electronic Equipment, Instruments & Components) | | 247 | | 21,242 | |
Veeva Systems, Inc.*—Class A (Health Care Technology) | | 662 | | 50,881 | |
Verint Systems, Inc.* (Software) | | 357 | | 15,833 | |
VeriSign, Inc.* (Internet Software & Services) | | 525 | | 72,146 | |
Versum Materials, Inc. (Semiconductors & Semiconductor Equipment) | | 602 | | 22,364 | |
ViaSat, Inc.* (Communications Equipment) | | 303 | | 19,913 | |
Viavi Solutions, Inc.* (Communications Equipment) | | 1,253 | | 12,831 | |
VMware, Inc.*—Class A (Software) | | 389 | | 57,171 | |
Western Digital Corp. (Technology Hardware, Storage & Peripherals) | | 1,662 | | 128,655 | |
Workday, Inc.*—Class A (Software) | | 801 | | 97,017 | |
Xerox Corp. (Technology Hardware, Storage & Peripherals) | | 1,180 | | 28,320 | |
Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | | 1,392 | | 90,842 | |
| | | | | | |
See accompanying notes to financial statements.
242 :: ProFund VP Technology :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Zayo Group Holdings, Inc.* (Diversified Telecommunication Services) | | 1,038 | | $ | 37,866 | |
Zillow Group, Inc.*—Class A (Internet Software & Services) | | 284 | | 16,969 | |
Zillow Group, Inc.*—Class C (Internet Software & Services) | | 617 | | 36,440 | |
TOTAL COMMON STOCKS (Cost $8,512,078) | | | | 30,320,218 | |
| | | | | | |
Repurchase Agreements(a) (0.2%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $68,011 | | $ | 68,000 | | $ | 68,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $68,000) | | | | 68,000 | |
TOTAL INVESTMENT SECURITIES (Cost $8,580,078)—96.9% | | | | 30,388,218 | |
Net other assets (liabilities)—3.1% | | | | 975,445 | |
NET ASSETS—100.0% | | | | $ | 31,363,663 | |
| | | | | | | |
* Non-income producing security.
(a) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
Dow Jones U.S. Technology Index | | Goldman Sachs International | | 7/23/18 | | 2.48 | % | $ | 1,049,874 | | $ | (126 | ) |
| | | | | | | | | | | | | |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
ProFund VP Technology invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Commercial Services & Supplies | | $ | 8,956 | | NM | |
Communications Equipment | | 1,706,015 | | 5.4 | % |
Diversified Telecommunication Services | | 138,932 | | 0.4 | % |
Electronic Equipment, Instruments & Components | | 122,055 | | 0.4 | % |
Health Care Technology | | 230,912 | | 0.8 | % |
Household Durables | | 37,515 | | 0.1 | % |
Internet Software & Services | | 7,043,603 | | 22.5 | % |
IT Services | | 1,363,177 | | 4.3 | % |
Semiconductors & Semiconductor Equipment | | 5,654,532 | | 18.0 | % |
Software | | 8,255,454 | | 26.4 | % |
Technology Hardware, Storage & Peripherals | | 5,759,067 | | 18.4 | % |
Other** | | 1,043,445 | | 3.3 | % |
Total | | $ | 31,363,663 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
NM Not meaningful, amount is less than 0.05%.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Technology :: 243
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 8,580,078 | |
Securities, at value | | 30,320,218 | |
Repurchase agreements, at value | | 68,000 | |
Total Investment Securities, at value | | 30,388,218 | |
Cash | | 698 | |
Dividends and interest receivable | | 5,934 | |
Receivable for capital shares issued | | 293,838 | |
Receivable for investments sold | | 794,865 | |
Prepaid expenses | | 396 | |
TOTAL ASSETS | | 31,483,949 | |
| | | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 47,314 | |
Unrealized depreciation on swap agreements | | 126 | |
Advisory fees payable | | 20,231 | |
Management services fees payable | | 2,697 | |
Administration fees payable | | 921 | |
Administrative services fees payable | | 10,144 | |
Distribution fees payable | | 16,132 | |
Trustee fees payable | | 7 | |
Transfer agency fees payable | | 1,516 | |
Fund accounting fees payable | | 1,101 | |
Compliance services fees payable | | 177 | |
Other accrued expenses | | 19,920 | |
TOTAL LIABILITIES | | 120,286 | |
NET ASSETS | | $ | 31,363,663 | |
| | | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 11,193,945 | |
Accumulated net investment income (loss) | | (32,806 | ) |
Accumulated net realized gains (losses) on investments | | (1,605,490 | ) |
Net unrealized appreciation (depreciation) on investments | | 21,808,014 | |
NET ASSETS | | $ | 31,363,663 | |
| | | | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 698,283 | |
Net Asset Value (offering and redemption price per share) | | $ | 44.92 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 190,615 | |
Interest | | 542 | |
TOTAL INVESTMENT INCOME | | 191,157 | |
| | | |
EXPENSES: | | | |
Advisory fees | | 114,046 | |
Management services fees | | 15,206 | |
Administration fees | | 5,648 | |
Transfer agency fees | | 8,536 | |
Administrative services fees | | 28,803 | |
Distribution fees | | 38,016 | |
Custody fees | | 2,845 | |
Fund accounting fees | | 6,764 | |
Trustee fees | | 497 | |
Compliance services fees | | 185 | |
Other fees | | 17,805 | |
TOTAL NET EXPENSES | | 238,351 | |
NET INVESTMENT INCOME (LOSS) | | (47,194 | ) |
| | | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 617,935 | |
Change in net unrealized appreciation/depreciation on investment securities | | 2,051,504 | |
Change in net unrealized appreciation/depreciation on swap agreements | | (42 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | 2,669,397 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 2,622,203 | |
See accompanying notes to financial statements.
244 :: ProFund VP Technology :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
| | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (47,194 | ) | $ | (72,450 | ) |
Net realized gains (losses) on investments | | 617,935 | | 1,159,562 | |
Change in net unrealized appreciation/depreciation on investments | | 2,051,462 | | 7,029,950 | |
Change in net assets resulting from operations | | 2,622,203 | | 8,117,062 | |
| | | | | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net investment income | | — | | (15,522 | ) |
Net realized gains on investments | | (826,813 | ) | — | |
Change in net assets resulting from distributions | | (826,813 | ) | (15,522 | ) |
| | | | | |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 13,952,026 | | 40,316,096 | |
Distributions reinvested | | 826,813 | | 15,522 | |
Value of shares redeemed | | (18,941,484 | ) | (34,021,768 | ) |
Change in net assets resulting from capital transactions | | (4,162,645 | ) | 6,309,850 | |
Change in net assets | | (2,367,255 | ) | 14,411,390 | |
| | | | | |
NET ASSETS: | | | | | |
Beginning of period | | 33,730,918 | | 19,319,528 | |
End of period | | $ | 31,363,663 | | $ | 33,730,918 | |
Accumulated net investment income (loss) | | $ | (32,806 | ) | $ | 14,388 | |
| | | | | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 307,767 | | 1,088,903 | |
Reinvested | | 17,773 | | 399 | |
Redeemed | | (429,311 | ) | (907,972 | ) |
Change in shares | | (103,771 | ) | 181,330 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Technology :: 245
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 42.06 | | $ | 31.12 | | $ | 27.71 | | $ | 27.06 | | $ | 22.91 | | $ | 18.30 | |
| | | | | | | | | | | | | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | (0.07 | ) | (0.09 | ) | 0.03 | | (0.03 | ) | (0.03 | ) | — | (b) |
Net realized and unrealized gains (losses) on investments | | 4.11 | | 11.05 | | 3.38 | | 0.68 | | 4.18 | | 4.61 | |
Total income (loss) from investment activities | | 4.04 | | 10.96 | | 3.41 | | 0.65 | | 4.15 | | 4.61 | |
| | | | | | | | | | | | | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | — | | (0.02 | ) | — | | — | | — | | — | |
Net realized gains on investments | | (1.18 | ) | — | | — | | — | | — | | — | |
Total distributions | | (1.18 | ) | (0.02 | ) | — | | — | | — | | — | |
| | | | | | | | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 44.92 | | $ | 42.06 | | $ | 31.12 | | $ | 27.71 | | $ | 27.06 | | $ | 22.91 | |
| | | | | | | | | | | | | |
Total Return(c) | | 9.50 | % | 35.18 | % | 12.34 | % | 2.40 | % | 18.11 | % | 25.19 | % |
| | | | | | | | | | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(d) | | 1.57 | % | 1.56 | % | 1.62 | % | 1.68 | % | 1.68 | % | 1.73 | % |
Net expenses(d) | | 1.57 | % | 1.56 | % | 1.62 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(d) | | (0.31 | )% | (0.25 | )% | 0.09 | % | (0.12 | )% | (0.11 | )% | 0.01 | % |
| | | | | | | | | | | | | |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 31,364 | | $ | 33,731 | | $ | 19,320 | | $ | 23,662 | | $ | 23,227 | | $ | 15,426 | |
Portfolio turnover rate(c)(e) | | 27 | % | 86 | % | 93 | % | 119 | % | 109 | % | 148 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Amount is less than $0.005.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
246 :: ProFund VP Telecommunications :: Financial Statements
Investment Objective: The ProFund VP Telecommunications seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Telecommunications Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 49 | % |
Swap Agreements | | 51 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
AT&T, Inc. | | 24.3 | % |
Verizon Communications, Inc. | | 21.7 | % |
T-Mobile U.S., Inc. | | 1.9 | % |
Sprint Corp. | | 0.4 | % |
Telephone & Data Systems, Inc. | | 0.2 | % |
Dow Jones U.S. Telecommunications Index — Composition
| | % of Index | |
Diversified Telecommunication Services | | 95 | % |
Wireless Telecommunication Services | | 5 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (48.6%)
| | Shares | | Value | |
AT&T, Inc. (Diversified Telecommunication Services) | | 49,492 | | $ | 1,589,188 | |
Sprint Corp.* (Wireless Telecommunication Services) | | 4,656 | | 25,329 | |
Telephone & Data Systems, Inc. (Wireless Telecommunication Services) | | 534 | | 14,642 | |
T-Mobile U.S., Inc.* (Wireless Telecommunication Services) | | 2,095 | | 125,176 | |
Verizon Communications, Inc. (Diversified Telecommunication Services) | | 28,203 | | 1,418,893 | |
TOTAL COMMON STOCKS (Cost $1,730,212) | | | | 3,173,228 | |
| | | | | | |
Repurchase Agreements(a) (0.3%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $19,003 | | $ | 19,000 | | $ | 19,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $19,000) | | | | 19,000 | |
TOTAL INVESTMENT SECURITIES (Cost $1,749,212)—48.9% | | | | 3,192,228 | |
Net other assets (liabilities)—51.1% | | | | 3,340,958 | |
NET ASSETS—100.0% | | | | $ | 6,533,186 | |
| | | | | | | |
* Non-income producing security.
(a) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
Dow Jones U.S. Telecommunications Index | | Goldman Sachs International | | 7/23/18 | | 2.48 | % | $ | 3,349,598 | | $ | (402 | ) |
| | | | | | | | | | | | | |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Telecommunications :: 247
ProFund VP Telecommunications invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Diversified Telecommunication Services | | $ | 3,008,081 | | 46.1 | % |
Wireless Telecommunication Services | | 165,147 | | 2.5 | % |
Other** | | 3,359,958 | | 51.4 | % |
Total | | $ | 6,533,186 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
See accompanying notes to financial statements.
248 :: ProFund VP Telecommunications :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 1,749,212 | |
Securities, at value | | 3,173,228 | |
Repurchase agreements, at value | | 19,000 | |
Total Investment Securities, at value | | 3,192,228 | |
Cash | | 767 | |
Dividends and interest receivable | | 2 | |
Receivable for capital shares issued | | 193,172 | |
Receivable for investments sold | | 3,165,119 | |
Prepaid expenses | | 102 | |
TOTAL ASSETS | | 6,551,390 | |
| | | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 102 | |
Unrealized depreciation on swap agreements | | 402 | |
Advisory fees payable | | 3,938 | |
Management services fees payable | | 525 | |
Administration fees payable | | 179 | |
Administrative services fees payable | | 2,706 | |
Distribution fees payable | | 2,429 | |
Transfer agency fees payable | | 295 | |
Fund accounting fees payable | | 214 | |
Compliance services fees payable | | 37 | |
Other accrued expenses | | 7,377 | |
TOTAL LIABILITIES | | 18,204 | |
NET ASSETS | | $ | 6,533,186 | |
| | | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 7,053,486 | |
Accumulated net investment income (loss) | | 124,443 | |
Accumulated net realized gains (losses) on investments | | (2,087,357 | ) |
Net unrealized appreciation (depreciation) on investments | | 1,442,614 | |
NET ASSETS | | $ | 6,533,186 | |
| | | | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 216,486 | |
Net Asset Value (offering and redemption price per share) | | $ | 30.18 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 182,641 | |
Interest | | 430 | |
TOTAL INVESTMENT INCOME | | 183,071 | |
| | | |
EXPENSES: | | | |
Advisory fees | | 26,173 | |
Management services fees | | 3,490 | |
Administration fees | | 671 | |
Transfer agency fees | | 1,011 | |
Administrative services fees | | 10,596 | |
Distribution fees | | 8,724 | |
Custody fees | | 701 | |
Fund accounting fees | | 754 | |
Trustee fees | | 63 | |
Compliance services fees | | 37 | |
Other fees | | 408 | |
Recoupment of prior expenses reduced by the Advisor | | 6,000 | |
TOTAL NET EXPENSES | | 58,628 | |
NET INVESTMENT INCOME (LOSS) | | 124,443 | |
| | | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | (230,959 | ) |
Net realized gains (losses) on swap agreements | | (48,929 | ) |
Change in net unrealized appreciation/depreciation on investment securities | | (635,627 | ) |
Change in net unrealized appreciation/depreciation on swap agreements | | 168 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (915,347 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (790,904 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Telecommunications :: 249
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
| | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 124,443 | | $ | 376,240 | |
Net realized gains (losses) on investments | | (279,888 | ) | (317,507 | ) |
Change in net unrealized appreciation/depreciation on investments | | (635,459 | ) | (977,415 | ) |
Change in net assets resulting from operations | | (790,904 | ) | (918,682 | ) |
| | | | | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net investment income | | (376,240 | ) | (449,569 | ) |
Net realized gains on investments | | — | | (552,138 | ) |
Change in net assets resulting from distributions | | (376,240 | ) | (1,001,707 | ) |
| | | | | |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 2,654,070 | | 15,201,396 | |
Distributions reinvested | | 376,240 | | 1,001,707 | |
Value of shares redeemed | | (4,701,661 | ) | (20,873,447 | ) |
Change in net assets resulting from capital transactions | | (1,671,351 | ) | (4,670,344 | ) |
Change in net assets | | (2,838,495 | ) | (6,590,733 | ) |
| | | | | |
NET ASSETS: | | | | | |
Beginning of period | | 9,371,681 | | 15,962,414 | |
End of period | | $ | 6,533,186 | | $ | 9,371,681 | |
Accumulated net investment income (loss) | | $ | 124,443 | | $ | 376,240 | |
| | | | | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 81,975 | | 387,562 | |
Reinvested | | 12,600 | | 28,968 | |
Redeemed | | (141,967 | ) | (544,083 | ) |
Change in shares | | (47,392 | ) | (127,553 | ) |
See accompanying notes to financial statements.
250 :: ProFund VP Telecommunications :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016(a) | | Year Ended Dec. 31, 2015(a) | | Year Ended Dec. 31, 2014(a) | | Year Ended Dec. 31, 2013(a) | |
Net Asset Value, Beginning of Period | | $ | 35.52 | | $ | 40.78 | | $ | 34.04 | | $ | 34.09 | | $ | 35.09 | | $ | 33.42 | |
| | | | | | | | | | | | | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(b) | | 0.58 | | 1.29 | | 0.99 | | 1.08 | | 0.96 | | 0.92 | |
Net realized and unrealized gains (losses) on investments | | (4.10 | ) | (2.27 | ) | 6.37 | | (0.53 | ) | (0.72 | ) | 3.19 | |
Total income (loss) from investment activities | | (3.52 | ) | (0.98 | ) | 7.36 | | 0.55 | | 0.24 | | 4.11 | |
| | | | | | | | | | | | | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | (1.82 | ) | (1.92 | ) | (0.62 | ) | (0.60 | ) | (1.24 | ) | (0.96 | ) |
Net realized gains on investments | | — | | (2.36 | ) | — | | — | | — | | (1.48 | ) |
Total distributions | | (1.82 | ) | (4.28 | ) | (0.62 | ) | (0.60 | ) | (1.24 | ) | (2.44 | ) |
| | | | | | | | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 30.18 | | $ | 35.52 | | $ | 40.78 | | $ | 34.04 | | $ | 34.09 | | $ | 35.09 | |
| | | | | | | | | | | | | |
Total Return(c) | | (9.85 | )% | (2.12 | )% | 21.65 | % | 1.52 | % | 0.57 | % | 12.07 | % |
| | | | | | | | | | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(d) | | 1.68 | %(e) | 1.72 | % | 1.72 | % | 1.76 | % | 1.78 | % | 1.73 | % |
Net expenses(d) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(d) | | 3.57 | % | 3.43 | % | 2.55 | % | 3.12 | % | 2.75 | % | 2.58 | % |
| | | | | | | | | | | | | |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 6,533 | | $ | 9,372 | | $ | 15,962 | | $ | 8,240 | | $ | 8,931 | | $ | 9,991 | |
Portfolio turnover rate(c)(f) | | 177 | % | 388 | % | 428 | % | 418 | % | 382 | % | 423 | % |
(a) As described in Note 9, share amounts have been adjusted for 1:4 reverse share split that occurred on December 5, 2016.
(b) Per share net investment income (loss) has been calculated using the average daily shares method.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) The gross expense ratio includes a non-recurring fee reduction for expenses accrued in a prior year. Had this fee reduction not occurred, the gross expense ratio would have been 1.69%. The net expense ratio, net investment income (loss) ratio, and total return were not affected by the fee reduction.
(f) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP U.S. Government Plus :: 251
Investment Objective: The ProFund VP U.S. Government Plus seeks daily investment results, before fees and expenses, that correspond to one and one-quarter times (1.25x) the daily movement of the most recently issued 30-year U.S. Treasury Bond.
Allocation of Portfolio Holdings (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Fixed Income Securities | | 41 | % |
Swap Agreements | | 84 | % |
Total Exposure | | 125 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Holdings
The ProFund VP U.S. Government Plus primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Schedule of Portfolio Investments (unaudited)
U.S. Treasury Obligation (40.5%)
| | Principal Amount | | Value | |
U.S. Treasury Bond, 3.13%, 5/15/48 | | $ | 5,840,000 | | $ | 5,996,494 | |
TOTAL U.S. TREASURY OBLIGATION (Cost $5,769,004) | | | | 5,996,494 | |
| | | | | | | |
Repurchase Agreements(a)(b) (61.7%)
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $9,147,494 | | 9,146,000 | | 9,146,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $9,146,000) | | | | 9,146,000 | |
TOTAL INVESTMENT SECURITIES (Cost $14,915,004)—102.2% | | | | 15,142,494 | |
Net other assets (liabilities)—(2.2)% | | | | (319,921 | ) |
NET ASSETS—100.0% | | | | $ | 14,822,573 | |
| | | | | | |
(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $77,000.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
30-Year U.S. Treasury Bond, 3.13% due on 5/15/48 | | Citibank North America | | 7/16/18 | | 2.15 | % | $ | 2,156,273 | | $ | 19,787 | |
30-Year U.S. Treasury Bond, 3.13% due on 5/15/48 | | Societe’ Generale | | 7/16/18 | | 2.13 | % | 10,267,969 | | 120,577 | |
| | | | | | | | $ | 12,424,242 | | $ | 140,364 | |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
See accompanying notes to financial statements.
252 :: ProFund VP U.S. Government Plus :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 14,915,004 | |
Securities, at value | | 5,996,494 | |
Repurchase agreements, at value | | 9,146,000 | |
Total Investment Securities, at value | | 15,142,494 | |
Cash | | 355 | |
Segregated cash balances with custodian | | 100,000 | |
Interest receivable | | 24,304 | |
Unrealized appreciation on swap agreements | | 140,364 | |
Prepaid expenses | | 229 | |
TOTAL ASSETS | | 15,407,746 | |
| | | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 543,890 | |
Advisory fees payable | | 7,591 | |
Management services fees payable | | 1,518 | |
Administration fees payable | | 519 | |
Administrative services fees payable | | 6,995 | |
Distribution fees payable | | 8,094 | |
Transfer agency fees payable | | 854 | |
Fund accounting fees payable | | 621 | |
Compliance services fees payable | | 98 | |
Other accrued expenses | | 14,993 | |
TOTAL LIABILITIES | | 585,173 | |
NET ASSETS | | $ | 14,822,573 | |
| | | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 15,813,569 | |
Accumulated net realized gains (losses) on investments | | (1,358,850 | ) |
Net unrealized appreciation (depreciation) on investments | | 367,854 | |
| | | | |
NET ASSETS | | $ | 14,822,573 | |
| | | | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 636,231 | |
Net Asset Value (offering and redemption price per share) | | $ | 23.30 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Interest | | $ | 202,381 | |
| | | |
EXPENSES: | | | |
Advisory fees | | 46,724 | |
Management services fees | | 9,345 | |
Administration fees | | 960 | |
Transfer agency fees | | 1,448 | |
Administrative services fees | | 23,309 | |
Distribution fees | | 23,362 | |
Custody fees | | 325 | |
Fund accounting fees | | 1,067 | |
Trustee fees | | 89 | |
Compliance services fees | | 98 | |
Other fees | | 353 | |
Recoupment of prior expenses reduced by the Advisor | | 21,878 | |
TOTAL NET EXPENSES | | 128,958 | |
NET INVESTMENT INCOME (LOSS) | | 73,423 | |
| | | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | (623,635 | ) |
Net realized gains (losses) on futures contracts | | 5,383 | |
Net realized gains (losses) on swap agreements | | (662,145 | ) |
Change in net unrealized appreciation/depreciation on investment securities | | (481 | ) |
Change in net unrealized appreciation/depreciation on swap agreements | | 141,287 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (1,139,591 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (1,066,168 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP U.S. Government Plus :: 253
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
| | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 73,423 | | $ | 107,171 | |
Net realized gains (losses) on investments | | (1,280,397 | ) | 2,121,112 | |
Change in net unrealized appreciation/depreciation on investments | | 140,806 | | 345,330 | |
Change in net assets resulting from operations | | (1,066,168 | ) | 2,573,613 | |
| | | | | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net investment income | | (73,423 | ) | (107,171 | ) |
Change in net assets resulting from distributions | | (73,423 | ) | (107,171 | ) |
| | | | | |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 91,021,650 | | 242,213,680 | |
Distributions reinvested | | 73,423 | | 107,171 | |
Value of shares redeemed | | (94,140,707 | ) | (251,941,216 | ) |
Change in net assets resulting from capital transactions | | (3,045,634 | ) | (9,620,365 | ) |
Change in net assets | | (4,185,225 | ) | (7,153,923 | ) |
| | | | | |
NET ASSETS: | | | | | |
Beginning of period | | 19,007,798 | | 26,161,721 | |
End of period | | $ | 14,822,573 | | $ | 19,007,798 | |
| | | | | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 3,990,668 | | 10,213,470 | |
Reinvested | | 3,183 | | 4,494 | |
Redeemed | | (4,126,323 | ) | (10,602,766 | ) |
Change in shares | | (132,472 | ) | (384,802 | ) |
See accompanying notes to financial statements.
254 :: ProFund VP U.S. Government Plus :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 24.73 | | $ | 22.68 | | $ | 22.75 | | $ | 24.11 | | $ | 17.71 | | $ | 22.99 | |
| | | | | | | | | | | | | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | 0.09 | | 0.10 | | (0.11 | ) | (0.03 | ) | 0.04 | | 0.04 | |
Net realized and unrealized gains (losses) on investments | | (1.43 | ) | 2.06 | | 0.04 | | (1.33 | ) | 6.40 | | (4.21 | ) |
Total income (loss) from investment activities | | (1.34 | ) | 2.16 | | (0.07 | ) | (1.36 | ) | 6.44 | | (4.17 | ) |
| | | | | | | | | | | | | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | (0.09 | ) | (0.11 | ) | — | | — | | (0.04 | ) | (0.05 | ) |
Net realized gains on investments | | — | | — | | — | | — | | — | | (1.06 | ) |
Return of capital | | — | | — | | — | | — | | — | (b) | — | |
Total distributions | | (0.09 | ) | (0.11 | ) | — | | — | | (0.04 | ) | (1.11 | ) |
| | | | | | | | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 23.30 | | $ | 24.73 | | $ | 22.68 | | $ | 22.75 | | $ | 24.11 | | $ | 17.71 | |
| | | | | | | | | | | | | |
Total Return(c) | | (5.38 | )% | 9.49 | % | (0.31 | )% | (5.64 | )% | 36.39 | % | (19.11 | )% |
| | | | | | | | | | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(d) | | 1.38 | % | 1.43 | % | 1.42 | % | 1.42 | % | 1.46 | % | 1.42 | % |
Net expenses(d) | | 1.38 | % | 1.38 | % | 1.38 | % | 1.38 | % | 1.38 | % | 1.38 | % |
Net investment income (loss)(d) | | 0.79 | % | 0.43 | % | (0.42 | )% | (0.12 | )% | 0.18 | % | 0.19 | % |
| | | | | | | | | | | | | |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 14,823 | | $ | 19,008 | | $ | 26,162 | | $ | 30,903 | | $ | 40,574 | | $ | 21,814 | |
Portfolio turnover rate(c)(e) | | 180 | % | 397 | % | 400 | % | 573 | % | 903 | % | 1,099 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Amount is less than $0.005.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraBull :: 255
Investment Objective: The ProFund VP UltraBull seeks daily investment results, before fees and expenses, that correspond to twice (2x) the daily performance of the S&P 500®.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 66 | % |
Futures Contracts | | 4 | % |
Swap Agreements | | 130 | % |
Total Exposure | | 200 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
Apple, Inc. | | 2.6 | % |
Microsoft Corp. | | 2.2 | % |
Amazon.com, Inc. | | 2.0 | % |
Alphabet, Inc. | | 1.9 | % |
Facebook, Inc. | | 1.3 | % |
S&P 500 — Composition
| | % of Index | |
Information Technology | | 25 | % |
Health Care | | 14 | % |
Financials | | 14 | % |
Consumer Discretionary | | 13 | % |
Industrials | | 10 | % |
Consumer Staples | | 7 | % |
Energy | | 6 | % |
Utilities | | 3 | % |
Real Estate | | 3 | % |
Materials | | 3 | % |
Telecommunication Services | | 2 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (66.1%)
| | Shares | | Value | |
3M Co. (Industrial Conglomerates) | | 1,421 | | $ | 279,539 | |
A.O. Smith Corp. (Building Products) | | 348 | | 20,584 | |
Abbott Laboratories (Health Care Equipment & Supplies) | | 4,176 | | 254,695 | |
AbbVie, Inc. (Biotechnology) | | 3,596 | | 333,170 | |
ABIOMED, Inc.* (Health Care Equipment & Supplies) | | 87 | | 35,587 | |
Accenture PLC—Class A (IT Services) | | 1,537 | | 251,438 | |
Activision Blizzard, Inc. (Software) | | 1,798 | | 137,223 | |
Adobe Systems, Inc.* (Software) | | 1,160 | | 282,820 | |
Advance Auto Parts, Inc. (Specialty Retail) | | 174 | | 23,612 | |
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | | 1,943 | | 29,126 | |
Aetna, Inc. (Health Care Providers & Services) | | 783 | | 143,681 | |
Affiliated Managers Group, Inc. (Capital Markets) | | 116 | | 17,246 | |
Aflac, Inc. (Insurance) | | 1,827 | | 78,598 | |
Agilent Technologies, Inc. (Life Sciences Tools & Services) | | 754 | | 46,627 | |
Air Products & Chemicals, Inc. (Chemicals) | | 522 | | 81,291 | |
Akamai Technologies, Inc.* (Internet Software & Services) | | 406 | | 29,731 | |
Alaska Air Group, Inc. (Airlines) | | 290 | | 17,513 | |
Albemarle Corp. (Chemicals) | | 261 | | 24,620 | |
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts) | | 232 | | 29,271 | |
Alexion Pharmaceuticals, Inc.* (Biotechnology) | | 522 | | 64,806 | |
Align Technology, Inc.* (Health Care Equipment & Supplies) | | 174 | | 59,532 | |
Allegion PLC (Building Products) | | 232 | | 17,948 | |
Allergan PLC (Pharmaceuticals) | | 812 | | 135,377 | |
Alliance Data Systems Corp. (IT Services) | | 116 | | 27,051 | |
Alliant Energy Corp. (Electric Utilities) | | 551 | | 23,318 | |
Alphabet, Inc.*—Class A (Internet Software & Services) | | 696 | | 785,916 | |
Alphabet, Inc.*—Class C (Internet Software & Services) | | 725 | | 808,846 | |
Altria Group, Inc. (Tobacco) | | 4,495 | | 255,271 | |
Amazon.com, Inc.* (Internet & Direct Marketing Retail) | | 957 | | 1,626,710 | |
Ameren Corp. (Multi-Utilities) | | 580 | | 35,293 | |
American Airlines Group, Inc. (Airlines) | | 986 | | 37,429 | |
American Electric Power Co., Inc. (Electric Utilities) | | 1,160 | | 80,330 | |
American Express Co. (Consumer Finance) | | 1,682 | | 164,836 | |
American International Group, Inc. (Insurance) | | 2,117 | | 112,243 | |
American Tower Corp. (Equity Real Estate Investment Trusts) | | 1,044 | | 150,512 | |
American Water Works Co., Inc. (Water Utilities) | | 435 | | 37,140 | |
Ameriprise Financial, Inc. (Capital Markets) | | 348 | | 48,678 | |
AmerisourceBergen Corp. (Health Care Providers & Services) | | 377 | | 32,147 | |
AMETEK, Inc. (Electrical Equipment) | | 551 | | 39,760 | |
Amgen, Inc. (Biotechnology) | | 1,595 | | 294,422 | |
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | | 725 | | 63,184 | |
Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels) | | 1,218 | | 89,219 | |
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | | 870 | | 83,450 | |
Andeavor (Oil, Gas & Consumable Fuels) | | 319 | | 41,846 | |
ANSYS, Inc.* (Software) | | 203 | | 35,359 | |
Anthem, Inc. (Health Care Providers & Services) | | 609 | | 144,960 | |
Aon PLC (Insurance) | | 580 | | 79,559 | |
Apache Corp. (Oil, Gas & Consumable Fuels) | | 899 | | 42,028 | |
Apartment Investment & Management Co.—Class A (Equity Real Estate Investment Trusts) | | 377 | | 15,947 | |
| | | | | | |
See accompanying notes to financial statements.
256 :: ProFund VP UltraBull :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Apple, Inc. (Technology Hardware, Storage & Peripherals) | | 11,658 | | $ | 2,158,013 | |
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | | 2,407 | | 111,179 | |
Aptiv PLC (Auto Components) | | 638 | | 58,460 | |
Archer-Daniels-Midland Co. (Food Products) | | 1,334 | | 61,137 | |
Arconic, Inc. (Aerospace & Defense) | | 1,015 | | 17,265 | |
Arthur J. Gallagher & Co. (Insurance) | | 435 | | 28,397 | |
Assurant, Inc. (Insurance) | | 116 | | 12,005 | |
AT&T, Inc. (Diversified Telecommunication Services) | | 17,284 | | 554,989 | |
Autodesk, Inc.* (Software) | | 522 | | 68,429 | |
Automatic Data Processing, Inc. (IT Services) | | 1,044 | | 140,042 | |
AutoZone, Inc.* (Specialty Retail) | | 58 | | 38,914 | |
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | | 319 | | 54,833 | |
Avery Dennison Corp. (Containers & Packaging) | | 203 | | 20,726 | |
Baker Hughes, Inc.—Class A (Energy Equipment & Services) | | 986 | | 32,568 | |
Ball Corp. (Containers & Packaging) | | 841 | | 29,898 | |
Bank of America Corp. (Banks) | | 22,388 | | 631,118 | |
Baxter International, Inc. (Health Care Equipment & Supplies) | | 1,160 | | 85,654 | |
BB&T Corp. (Banks) | | 1,856 | | 93,617 | |
Becton, Dickinson & Co. (Health Care Equipment & Supplies) | | 638 | | 152,839 | |
Berkshire Hathaway, Inc.*—Class B (Diversified Financial Services) | | 4,582 | | 855,230 | |
Best Buy Co., Inc. (Specialty Retail) | | 580 | | 43,256 | |
Biogen, Inc.* (Biotechnology) | | 493 | | 143,088 | |
BlackRock, Inc.—Class A (Capital Markets) | | 290 | | 144,722 | |
Booking Holdings, Inc.* (Internet & Direct Marketing Retail) | | 116 | | 235,142 | |
BorgWarner, Inc. (Auto Components) | | 464 | | 20,026 | |
Boston Properties, Inc. (Equity Real Estate Investment Trusts) | | 377 | | 47,283 | |
Boston Scientific Corp.* (Health Care Equipment & Supplies) | | 3,277 | | 107,158 | |
Brighthouse Financial, Inc.* (Insurance) | | 232 | | 9,296 | |
Bristol-Myers Squibb Co. (Pharmaceuticals) | | 3,886 | | 215,051 | |
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | | 986 | | 239,243 | |
Broadridge Financial Solutions, Inc. (IT Services) | | 290 | | 33,379 | |
Brown-Forman Corp.—Class B (Beverages) | | 609 | | 29,847 | |
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | | 319 | | 26,688 | |
CA, Inc. (Software) | | 754 | | 26,880 | |
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels) | | 1,073 | | 25,537 | |
Cadence Design Systems, Inc.* (Software) | | 667 | | 28,888 | |
Campbell Soup Co. (Food Products) | | 464 | | 18,811 | |
Capital One Financial Corp. (Consumer Finance) | | 1,160 | | 106,604 | |
Cardinal Health, Inc. (Health Care Providers & Services) | | 725 | | 35,402 | |
CarMax, Inc.* (Specialty Retail) | | 435 | | 31,698 | |
Carnival Corp.—Class A (Hotels, Restaurants & Leisure) | | 957 | | 54,846 | |
Caterpillar, Inc. (Machinery) | | 1,421 | | 192,788 | |
CBOE Holdings, Inc. (Capital Markets) | | 261 | | 27,162 | |
CBRE Group, Inc.*—Class A (Real Estate Management & Development) | | 725 | | 34,612 | |
CBS Corp.—Class B (Media) | | 812 | | 45,651 | |
Celgene Corp.* (Biotechnology) | | 1,682 | | 133,584 | |
Centene Corp.* (Health Care Providers & Services) | | 493 | | 60,743 | |
CenterPoint Energy, Inc. (Multi-Utilities) | | 1,015 | | 28,126 | |
CenturyLink, Inc. (Diversified Telecommunication Services) | | 2,320 | | 43,245 | |
Cerner Corp.* (Health Care Technology) | | 754 | | 45,082 | |
CF Industries Holdings, Inc. (Chemicals) | | 551 | | 24,464 | |
Charter Communications, Inc.*—Class A (Media) | | 435 | | 127,546 | |
Chevron Corp. (Oil, Gas & Consumable Fuels) | | 4,524 | | 571,969 | |
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | | 58 | | 25,019 | |
Chubb, Ltd. (Insurance) | | 1,102 | | 139,975 | |
Church & Dwight Co., Inc. (Household Products) | | 580 | | 30,833 | |
Cigna Corp. (Health Care Providers & Services) | | 580 | | 98,571 | |
Cimarex Energy Co. (Oil, Gas & Consumable Fuels) | | 232 | | 23,604 | |
Cincinnati Financial Corp. (Insurance) | | 348 | | 23,267 | |
Cintas Corp. (Commercial Services & Supplies) | | 203 | | 37,569 | |
Cisco Systems, Inc. (Communications Equipment) | | 11,165 | | 480,431 | |
Citigroup, Inc. (Banks) | | 6,061 | | 405,602 | |
Citizens Financial Group, Inc. (Banks) | | 1,160 | | 45,124 | |
Citrix Systems, Inc.* (Software) | | 319 | | 33,444 | |
CME Group, Inc. (Capital Markets) | | 812 | | 133,103 | |
CMS Energy Corp. (Multi-Utilities) | | 667 | | 31,536 | |
Cognizant Technology Solutions Corp. (IT Services) | | 1,392 | | 109,954 | |
Colgate-Palmolive Co. (Household Products) | | 2,059 | | 133,444 | |
Comcast Corp.—Class A (Media) | | 10,904 | | 357,759 | |
Comerica, Inc. (Banks) | | 406 | | 36,914 | |
ConAgra Foods, Inc. (Food Products) | | 928 | | 33,157 | |
Concho Resources, Inc.* (Oil, Gas & Consumable Fuels) | | 348 | | 48,146 | |
ConocoPhillips (Oil, Gas & Consumable Fuels) | | 2,784 | | 193,822 | |
Consolidated Edison, Inc. (Multi-Utilities) | | 725 | | 56,536 | |
Constellation Brands, Inc.—Class A (Beverages) | | 406 | | 88,861 | |
Copart, Inc.* (Commercial Services & Supplies) | | 493 | | 27,884 | |
Corning, Inc. (Electronic Equipment, Instruments & Components) | | 1,972 | | 54,250 | |
Costco Wholesale Corp. (Food & Staples Retailing) | | 1,044 | | 218,176 | |
Coty, Inc. (Personal Products) | | 1,131 | | 15,947 | |
Crown Castle International Corp. (Equity Real Estate Investment Trusts) | | 986 | | 106,311 | |
CSX Corp. (Road & Rail) | | 2,088 | | 133,173 | |
Cummins, Inc. (Machinery) | | 377 | | 50,141 | |
CVS Health Corp. (Food & Staples Retailing) | | 2,407 | | 154,890 | |
D.R. Horton, Inc. (Household Durables) | | 812 | | 33,292 | |
Danaher Corp. (Health Care Equipment & Supplies) | | 1,450 | | 143,086 | |
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | | 290 | | 31,047 | |
DaVita HealthCare Partners, Inc.* (Health Care Providers & Services) | | 319 | | 22,151 | |
Deere & Co. (Machinery) | | 783 | | 109,464 | |
Delta Air Lines, Inc. (Airlines) | | 1,537 | | 76,143 | |
Dentsply Sirona, Inc. (Health Care Equipment & Supplies) | | 551 | | 24,117 | |
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | | 1,247 | | 54,818 | |
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 493 | | 55,009 | |
Discover Financial Services (Consumer Finance) | | 841 | | 59,215 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraBull :: 257
Common Stocks, continued
| | Shares | | Value | |
Discovery Communications, Inc.*—Class A (Media) | | 377 | | $ | 10,368 | |
Discovery Communications, Inc.*—Class C (Media) | | 812 | | 20,706 | |
Dish Network Corp.*—Class A (Media) | | 551 | | 18,519 | |
Dollar General Corp. (Multiline Retail) | | 609 | | 60,047 | |
Dollar Tree, Inc.* (Multiline Retail) | | 551 | | 46,835 | |
Dominion Resources, Inc. (Multi-Utilities) | | 1,537 | | 104,793 | |
Dover Corp. (Machinery) | | 377 | | 27,596 | |
DowDuPont, Inc. (Chemicals) | | 5,510 | | 363,220 | |
DTE Energy Co. (Multi-Utilities) | | 435 | | 45,079 | |
Duke Energy Corp. (Electric Utilities) | | 1,653 | | 130,719 | |
Duke Realty Corp. (Equity Real Estate Investment Trusts) | | 841 | | 24,414 | |
DXC Technology Co. (IT Services) | | 667 | | 53,767 | |
E*TRADE Financial Corp.* (Capital Markets) | | 638 | | 39,020 | |
Eastman Chemical Co. (Chemicals) | | 348 | | 34,786 | |
Eaton Corp. PLC (Electrical Equipment) | | 1,044 | | 78,029 | |
eBay, Inc.* (Internet Software & Services) | | 2,204 | | 79,917 | |
Ecolab, Inc. (Chemicals) | | 609 | | 85,461 | |
Edison International (Electric Utilities) | | 783 | | 49,540 | |
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | | 493 | | 71,766 | |
Electronic Arts, Inc.* (Software) | | 725 | | 102,240 | |
Eli Lilly & Co. (Pharmaceuticals) | | 2,262 | | 193,016 | |
Emerson Electric Co. (Electrical Equipment) | | 1,508 | | 104,263 | |
Entergy Corp. (Electric Utilities) | | 435 | | 35,144 | |
Envision Healthcare Corp.* (Health Care Providers & Services) | | 290 | | 12,763 | |
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | | 1,363 | | 169,598 | |
EQT Corp. (Oil, Gas & Consumable Fuels) | | 609 | | 33,605 | |
Equifax, Inc. (Professional Services) | | 290 | | 36,282 | |
Equinix, Inc. (Equity Real Estate Investment Trusts) | | 203 | | 87,268 | |
Equity Residential (Equity Real Estate Investment Trusts) | | 870 | | 55,410 | |
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | | 145 | | 34,665 | |
Everest Re Group, Ltd. (Insurance) | | 87 | | 20,052 | |
Evergy, Inc. (Electric Utilities) | | 638 | | 35,824 | |
Eversource Energy (Electric Utilities) | | 754 | | 44,192 | |
Exelon Corp. (Electric Utilities) | | 2,291 | | 97,597 | |
Expedia, Inc. (Internet & Direct Marketing Retail) | | 290 | | 34,855 | |
Expeditors International of Washington, Inc. (Air Freight & Logistics) | | 406 | | 29,679 | |
Express Scripts Holding Co.* (Health Care Providers & Services) | | 1,334 | | 102,998 | |
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | | 290 | | 28,945 | |
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | | 10,063 | | 832,512 | |
F5 Networks, Inc.* (Communications Equipment) | | 145 | | 25,005 | |
Facebook, Inc.*—Class A (Internet Software & Services) | | 5,684 | | 1,104,516 | |
Fastenal Co. (Trading Companies & Distributors) | | 696 | | 33,498 | |
Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | | 174 | | 22,020 | |
FedEx Corp. (Air Freight & Logistics) | | 580 | | 131,694 | |
Fidelity National Information Services, Inc. (IT Services) | | 783 | | 83,021 | |
Fifth Third Bancorp (Banks) | | 1,624 | | 46,609 | |
First Horizon National Corp. (Banks) | | — | (a) | 5 | |
FirstEnergy Corp. (Electric Utilities) | | 1,073 | | 38,531 | |
Fiserv, Inc.* (IT Services) | | 986 | | 73,053 | |
FleetCor Technologies, Inc.* (IT Services) | | 203 | | 42,762 | |
FLIR Systems, Inc. (Electronic Equipment, Instruments & Components) | | 319 | | 16,578 | |
Flowserve Corp. (Machinery) | | 319 | | 12,888 | |
Fluor Corp. (Construction & Engineering) | | 348 | | 16,975 | |
FMC Corp. (Chemicals) | | 319 | | 28,458 | |
Foot Locker, Inc. (Specialty Retail) | | 290 | | 15,269 | |
Ford Motor Co. (Automobiles) | | 9,280 | | 102,730 | |
Fortive Corp. (Machinery) | | 725 | | 55,905 | |
Fortune Brands Home & Security, Inc. (Building Products) | | 348 | | 18,684 | |
Franklin Resources, Inc. (Capital Markets) | | 754 | | 24,166 | |
Freeport-McMoRan, Inc. (Metals & Mining) | | 3,190 | | 55,059 | |
Garmin, Ltd. (Household Durables) | | 261 | | 15,921 | |
Gartner, Inc.* (IT Services) | | 203 | | 26,979 | |
General Dynamics Corp. (Aerospace & Defense) | | 667 | | 124,335 | |
General Electric Co. (Industrial Conglomerates) | | 20,619 | | 280,625 | |
General Mills, Inc. (Food Products) | | 1,421 | | 62,893 | |
General Motors Co. (Automobiles) | | 3,016 | | 118,830 | |
Genuine Parts Co. (Distributors) | | 348 | | 31,942 | |
GGP, Inc. (Equity Real Estate Investment Trusts) | | 1,508 | | 30,808 | |
Gilead Sciences, Inc. (Biotechnology) | | 3,074 | | 217,762 | |
Global Payments, Inc. (IT Services) | | 377 | | 42,032 | |
H & R Block, Inc. (Diversified Consumer Services) | | 493 | | 11,231 | |
Halliburton Co. (Energy Equipment & Services) | | 2,088 | | 94,085 | |
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods) | | 870 | | 19,157 | |
Harley-Davidson, Inc. (Automobiles) | | 406 | | 17,084 | |
Harris Corp. (Communications Equipment) | | 290 | | 41,917 | |
Hartford Financial Services Group, Inc. (Insurance) | | 841 | | 43,000 | |
Hasbro, Inc. (Leisure Products) | | 261 | | 24,093 | |
HCA Holdings, Inc. (Health Care Providers & Services) | | 667 | | 68,434 | |
HCP, Inc. (Equity Real Estate Investment Trusts) | | 1,102 | | 28,454 | |
Helmerich & Payne, Inc. (Energy Equipment & Services) | | 261 | | 16,641 | |
Henry Schein, Inc.* (Health Care Providers & Services) | | 377 | | 27,385 | |
Hess Corp. (Oil, Gas & Consumable Fuels) | | 609 | | 40,736 | |
Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals) | | 3,625 | | 52,961 | |
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure) | | 667 | | 52,800 | |
HollyFrontier Corp. (Oil, Gas & Consumable Fuels) | | 406 | | 27,783 | |
Hologic, Inc.* (Health Care Equipment & Supplies) | | 638 | | 25,361 | |
Honeywell International, Inc. (Industrial Conglomerates) | | 1,769 | | 254,824 | |
Hormel Foods Corp. (Food Products) | | 638 | | 23,740 | |
Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | | 1,769 | | 37,273 | |
HP, Inc. (Technology Hardware, Storage & Peripherals) | | 3,886 | | 88,174 | |
Humana, Inc. (Health Care Providers & Services) | | 319 | | 94,944 | |
Huntington Bancshares, Inc. (Banks) | | 2,610 | | 38,524 | |
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | | 116 | | 25,148 | |
| | | | | | |
See accompanying notes to financial statements.
258 :: ProFund VP UltraBull :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | | 203 | | $ | 44,242 | |
IHS Markit, Ltd.* (Professional Services) | | 841 | | 43,388 | |
Illinois Tool Works, Inc. (Machinery) | | 725 | | 100,442 | |
Illumina, Inc.* (Life Sciences Tools & Services) | | 348 | | 97,193 | |
Incyte Corp.* (Biotechnology) | | 406 | | 27,202 | |
Ingersoll-Rand PLC (Machinery) | | 580 | | 52,043 | |
Intel Corp. (Semiconductors & Semiconductor Equipment) | | 11,078 | | 550,688 | |
Intercontinental Exchange, Inc. (Capital Markets) | | 1,363 | | 100,249 | |
International Business Machines Corp. (IT Services) | | 2,030 | | 283,591 | |
International Flavors & Fragrances, Inc. (Chemicals) | | 174 | | 21,569 | |
International Paper Co. (Containers & Packaging) | | 986 | | 51,351 | |
Intuit, Inc. (Software) | | 580 | | 118,497 | |
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | | 261 | | 124,883 | |
Invesco, Ltd. (Capital Markets) | | 986 | | 26,188 | |
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components) | | 87 | | 19,195 | |
IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | | 348 | | 34,737 | |
Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | | 667 | | 23,352 | |
J.B. Hunt Transport Services, Inc. (Road & Rail) | | 203 | | 24,675 | |
Jacobs Engineering Group, Inc. (Construction & Engineering) | | 290 | | 18,413 | |
Jefferies Financial Group, Inc. (Capital Markets) | | 725 | | 16,487 | |
Johnson & Johnson (Pharmaceuticals) | | 6,380 | | 774,149 | |
Johnson Controls International PLC (Building Products) | | 2,204 | | 73,723 | |
JPMorgan Chase & Co. (Banks) | | 8,091 | | 843,083 | |
Juniper Networks, Inc. (Communications Equipment) | | 841 | | 23,060 | |
Kansas City Southern Industries, Inc. (Road & Rail) | | 232 | | 24,583 | |
Kellogg Co. (Food Products) | | 580 | | 40,525 | |
KeyCorp (Banks) | | 2,523 | | 49,299 | |
Kimberly-Clark Corp. (Household Products) | | 841 | | 88,591 | |
Kimco Realty Corp. (Equity Real Estate Investment Trusts) | | 1,015 | | 17,245 | |
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | | 4,495 | | 79,427 | |
KLA-Tencor Corp. (Semiconductors & Semiconductor Equipment) | | 377 | | 38,654 | |
Kohl’s Corp. (Multiline Retail) | | 406 | | 29,597 | |
L Brands, Inc. (Specialty Retail) | | 580 | | 21,390 | |
L3 Technologies, Inc. (Aerospace & Defense) | | 174 | | 33,464 | |
Laboratory Corp. of America Holdings* (Health Care Providers & Services) | | 232 | | 41,651 | |
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | | 377 | | 65,164 | |
Leggett & Platt, Inc. (Household Durables) | | 319 | | 14,240 | |
Lennar Corp.—Class A (Household Durables) | | 638 | | 33,496 | |
Lincoln National Corp. (Insurance) | | 522 | | 32,495 | |
LKQ Corp.* (Distributors) | | 725 | | 23,128 | |
Lockheed Martin Corp. (Aerospace & Defense) | | 580 | | 171,349 | |
Loews Corp. (Insurance) | | 609 | | 29,403 | |
Lowe’s Cos., Inc. (Specialty Retail) | | 1,943 | | 185,693 | |
LyondellBasell Industries N.V.—Class A (Chemicals) | | 754 | | 82,827 | |
M&T Bank Corp. (Banks) | | 348 | | 59,212 | |
Macy’s, Inc. (Multiline Retail) | | 725 | | 27,137 | |
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | | 2,030 | | 42,346 | |
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | | 1,102 | | 77,316 | |
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | | 696 | | 88,146 | |
Marsh & McLennan Cos., Inc. (Insurance) | | 1,218 | | 99,839 | |
Martin Marietta Materials, Inc. (Construction Materials) | | 145 | | 32,383 | |
Masco Corp. (Building Products) | | 725 | | 27,130 | |
MasterCard, Inc.—Class A (IT Services) | | 2,175 | | 427,431 | |
Mattel, Inc. (Leisure Products) | | 812 | | 13,333 | |
McCormick & Co., Inc. (Food Products) | | 290 | | 33,666 | |
McDonald’s Corp. (Hotels, Restaurants & Leisure) | | 1,856 | | 290,817 | |
McKesson Corp. (Health Care Providers & Services) | | 493 | | 65,766 | |
Medtronic PLC (Health Care Equipment & Supplies) | | 3,219 | | 275,580 | |
Merck & Co., Inc. (Pharmaceuticals) | | 6,380 | | 387,266 | |
MetLife, Inc. (Insurance) | | 2,407 | | 104,945 | |
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | | 58 | | 33,561 | |
MGM Resorts International (Hotels, Restaurants & Leisure) | | 1,189 | | 34,517 | |
Michael Kors Holdings, Ltd.* (Textiles, Apparel & Luxury Goods) | | 348 | | 23,177 | |
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | | 551 | | 50,113 | |
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | 2,755 | | 144,472 | |
Microsoft Corp. (Software) | | 18,241 | | 1,798,744 | |
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts) | | 261 | | 26,275 | |
Mohawk Industries, Inc.* (Household Durables) | | 145 | | 31,069 | |
Molson Coors Brewing Co.—Class B (Beverages) | | 435 | | 29,597 | |
Mondelez International, Inc.—Class A (Food Products) | | 3,509 | | 143,870 | |
Monster Beverage Corp.* (Beverages) | | 986 | | 56,498 | |
Moody’s Corp. (Capital Markets) | | 406 | | 69,247 | |
Morgan Stanley (Capital Markets) | | 3,248 | | 153,955 | |
Motorola Solutions, Inc. (Communications Equipment) | | 377 | | 43,871 | |
MSCI, Inc.—Class A (Capital Markets) | | 203 | | 33,582 | |
Mylan N.V.* (Pharmaceuticals) | | 1,218 | | 44,019 | |
National Oilwell Varco, Inc. (Energy Equipment & Services) | | 899 | | 39,017 | |
Nektar Therapeutics* (Pharmaceuticals) | | 377 | | 18,409 | |
NetApp, Inc. (Technology Hardware, Storage & Peripherals) | | 638 | | 50,102 | |
Netflix, Inc.* (Internet & Direct Marketing Retail) | | 1,044 | | 408,653 | |
Newell Rubbermaid, Inc. (Household Durables) | | 1,160 | | 29,916 | |
Newfield Exploration Co.* (Oil, Gas & Consumable Fuels) | | 464 | | 14,036 | |
Newmont Mining Corp. (Metals & Mining) | | 1,276 | | 48,118 | |
News Corp.—Class A (Media) | | 899 | | 13,935 | |
News Corp.—Class B (Media) | | 290 | | 4,597 | |
NextEra Energy, Inc. (Electric Utilities) | | 1,131 | | 188,912 | |
Nielsen Holdings PLC (Professional Services) | | 783 | | 24,218 | |
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | | 3,045 | | 242,626 | |
NiSource, Inc. (Multi-Utilities) | | 812 | | 21,339 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraBull :: 259
Common Stocks, continued
| | Shares | | Value | |
Noble Energy, Inc. (Oil, Gas & Consumable Fuels) | | 1,160 | | $ | 40,925 | |
Nordstrom, Inc. (Multiline Retail) | | 290 | | 15,016 | |
Norfolk Southern Corp. (Road & Rail) | | 667 | | 100,630 | |
Northern Trust Corp. (Capital Markets) | | 493 | | 50,725 | |
Northrop Grumman Corp. (Aerospace & Defense) | | 406 | | 124,926 | |
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure) | | 493 | | 23,294 | |
NRG Energy, Inc. (Independent Power & Renewable Electricity Producers) | | 696 | | 21,367 | |
Nucor Corp. (Metals & Mining) | | 754 | | 47,125 | |
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | | 1,450 | | 343,506 | |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | | 1,827 | | 152,883 | |
Omnicom Group, Inc. (Media) | | 551 | | 42,025 | |
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | | 986 | | 68,852 | |
Oracle Corp. (Software) | | 7,076 | | 311,768 | |
O’Reilly Automotive, Inc.* (Specialty Retail) | | 203 | | 55,535 | |
PACCAR, Inc. (Machinery) | | 841 | | 52,108 | |
Packaging Corp. of America (Containers & Packaging) | | 232 | | 25,935 | |
Parker-Hannifin Corp. (Machinery) | | 319 | | 49,716 | |
Paychex, Inc. (IT Services) | | 754 | | 51,536 | |
PayPal Holdings, Inc.* (IT Services) | | 2,639 | | 219,750 | |
Pentair PLC (Machinery) | | 377 | | 15,864 | |
People’s United Financial, Inc. (Banks) | | 812 | | 14,689 | |
PepsiCo, Inc. (Beverages) | | 3,364 | | 366,239 | |
PerkinElmer, Inc. (Life Sciences Tools & Services) | | 261 | | 19,113 | |
Perrigo Co. PLC (Pharmaceuticals) | | 319 | | 23,258 | |
Pfizer, Inc. (Pharmaceuticals) | | 13,891 | | 503,965 | |
PG&E Corp. (Electric Utilities) | | 1,218 | | 51,838 | |
Philip Morris International, Inc. (Tobacco) | | 3,683 | | 297,365 | |
Phillips 66 (Oil, Gas & Consumable Fuels) | | 986 | | 110,738 | |
Pinnacle West Capital Corp. (Electric Utilities) | | 261 | | 21,026 | |
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | | 406 | | 76,831 | |
PNC Financial Services Group, Inc. (Banks) | | 1,102 | | 148,880 | |
PPG Industries, Inc. (Chemicals) | | 580 | | 60,163 | |
PPL Corp. (Electric Utilities) | | 1,653 | | 47,193 | |
Praxair, Inc. (Chemicals) | | 696 | | 110,073 | |
Principal Financial Group, Inc. (Insurance) | | 638 | | 33,782 | |
Prologis, Inc. (Equity Real Estate Investment Trusts) | | 1,276 | | 83,820 | |
Prudential Financial, Inc. (Insurance) | | 986 | | 92,201 | |
Public Service Enterprise Group, Inc. (Multi-Utilities) | | 1,189 | | 64,372 | |
Public Storage (Equity Real Estate Investment Trusts) | | 348 | | 78,947 | |
PulteGroup, Inc. (Household Durables) | | 638 | | 18,343 | |
PVH Corp. (Textiles, Apparel & Luxury Goods) | | 174 | | 26,051 | |
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | | 290 | | 23,249 | |
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | | 3,509 | | 196,925 | |
Quanta Services, Inc.* (Construction & Engineering) | | 348 | | 11,623 | |
Quest Diagnostics, Inc. (Health Care Providers & Services) | | 319 | | 35,071 | |
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | | 145 | | 18,229 | |
Raymond James Financial, Inc. (Capital Markets) | | 319 | | 28,503 | |
Raytheon Co. (Aerospace & Defense) | | 696 | | 134,453 | |
Realty Income Corp. (Equity Real Estate Investment Trusts) | | 667 | | 35,878 | |
Red Hat, Inc.* (Software) | | 435 | | 58,451 | |
Regency Centers Corp. (Equity Real Estate Investment Trusts) | | 348 | | 21,604 | |
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | | 174 | | 60,028 | |
Regions Financial Corp. (Banks) | | 2,668 | | 47,437 | |
Republic Services, Inc.—Class A (Commercial Services & Supplies) | | 522 | | 35,684 | |
ResMed, Inc. (Health Care Equipment & Supplies) | | 348 | | 36,046 | |
Robert Half International, Inc. (Professional Services) | | 290 | | 18,879 | |
Rockwell Automation, Inc. (Electrical Equipment) | | 290 | | 48,207 | |
Rockwell Collins, Inc. (Aerospace & Defense) | | 377 | | 50,774 | |
Roper Technologies, Inc. (Industrial Conglomerates) | | 232 | | 64,011 | |
Ross Stores, Inc. (Specialty Retail) | | 899 | | 76,190 | |
Royal Caribbean Cruises, Ltd. (Hotels, Restaurants & Leisure) | | 406 | | 42,062 | |
S&P Global, Inc. (Capital Markets) | | 609 | | 124,169 | |
Salesforce.com, Inc.* (Software) | | 1,682 | | 229,425 | |
SBA Communications Corp.* (Equity Real Estate Investment Trusts) | | 261 | | 43,096 | |
SCANA Corp. (Multi-Utilities) | | 348 | | 13,405 | |
Schlumberger, Ltd. (Energy Equipment & Services) | | 3,277 | | 219,657 | |
Seagate Technology PLC (Technology Hardware, Storage & Peripherals) | | 696 | | 39,303 | |
Sealed Air Corp. (Containers & Packaging) | | 377 | | 16,004 | |
Sempra Energy (Multi-Utilities) | | 638 | | 74,078 | |
Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | | 725 | | 123,388 | |
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | | 435 | | 42,043 | |
SL Green Realty Corp. (Equity Real Estate Investment Trusts) | | 203 | | 20,408 | |
Snap-on, Inc. (Machinery) | | 145 | | 23,304 | |
Southwest Airlines Co. (Airlines) | | 1,276 | | 64,923 | |
Stanley Black & Decker, Inc. (Machinery) | | 377 | | 50,069 | |
Starbucks Corp. (Hotels, Restaurants & Leisure) | | 3,277 | | 160,081 | |
State Street Corp. (Capital Markets) | | 870 | | 80,988 | |
Stericycle, Inc.* (Commercial Services & Supplies) | | 203 | | 13,254 | |
Stryker Corp. (Health Care Equipment & Supplies) | | 754 | | 127,320 | |
SunTrust Banks, Inc. (Banks) | | 1,102 | | 72,754 | |
SVB Financial Group* (Banks) | | 116 | | 33,496 | |
Symantec Corp. (Software) | | 1,479 | | 30,541 | |
Synchrony Financial (Consumer Finance) | | 1,682 | | 56,145 | |
Synopsys, Inc.* (Software) | | 348 | | 29,778 | |
Sysco Corp. (Food & Staples Retailing) | | 1,131 | | 77,236 | |
T. Rowe Price Group, Inc. (Capital Markets) | | 580 | | 67,332 | |
Take-Two Interactive Software, Inc.* (Software) | | 261 | | 30,892 | |
Tapestry, Inc. (Textiles, Apparel & Luxury Goods) | | 696 | | 32,510 | |
Target Corp. (Multiline Retail) | | 1,276 | | 97,130 | |
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | | 841 | | 75,740 | |
| | | | | | |
See accompanying notes to financial statements.
260 :: ProFund VP UltraBull :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
TechnipFMC PLC (Energy Equipment & Services) | | 1,044 | | $ | 33,137 | |
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | 2,320 | | 255,780 | |
Textron, Inc. (Aerospace & Defense) | | 609 | | 40,139 | |
The AES Corp. (Independent Power & Renewable Electricity Producers) | | 1,566 | | 21,000 | |
The Allstate Corp. (Insurance) | | 841 | | 76,758 | |
The Bank of New York Mellon Corp. (Capital Markets) | | 2,407 | | 129,810 | |
The Boeing Co. (Aerospace & Defense) | | 1,305 | | 437,841 | |
The Charles Schwab Corp. (Capital Markets) | | 2,842 | | 145,226 | |
The Clorox Co. (Household Products) | | 319 | | 43,145 | |
The Coca-Cola Co. (Beverages) | | 9,106 | | 399,389 | |
The Cooper Cos., Inc. (Health Care Equipment & Supplies) | | 116 | | 27,312 | |
The Estee Lauder Cos., Inc.—Class A (Personal Products) | | 522 | | 74,484 | |
The Gap, Inc. (Specialty Retail) | | 522 | | 16,908 | |
The Goldman Sachs Group, Inc. (Capital Markets) | | 841 | | 185,499 | |
The Goodyear Tire & Rubber Co. (Auto Components) | | 580 | | 13,508 | |
The Hershey Co. (Food Products) | | 319 | | 29,686 | |
The Home Depot, Inc. (Specialty Retail) | | 2,726 | | 531,842 | |
The Interpublic Group of Cos., Inc. (Media) | | 928 | | 21,752 | |
The JM Smucker Co.—Class A (Food Products) | | 261 | | 28,052 | |
The Kraft Heinz Co. (Food Products) | | 1,421 | | 89,267 | |
The Kroger Co. (Food & Staples Retailing) | | 1,943 | | 55,278 | |
The Macerich Co. (Equity Real Estate Investment Trusts) | | 261 | | 14,833 | |
The Mosaic Co. (Chemicals) | | 841 | | 23,590 | |
The NASDAQ OMX Group, Inc. (Capital Markets) | | 290 | | 26,468 | |
The Procter & Gamble Co. (Household Products) | | 5,974 | | 466,330 | |
The Progressive Corp. (Insurance) | | 1,392 | | 82,337 | |
The Sherwin-Williams Co. (Chemicals) | | 203 | | 82,737 | |
The Southern Co. (Electric Utilities) | | 2,407 | | 111,468 | |
The TJX Cos., Inc. (Specialty Retail) | | 1,479 | | 140,771 | |
The Travelers Cos., Inc. (Insurance) | | 638 | | 78,053 | |
The Walt Disney Co. (Media) | | 3,538 | | 370,817 | |
The Western Union Co. (IT Services) | | 1,102 | | 22,404 | |
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | | 1,972 | | 53,461 | |
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | | 957 | | 198,233 | |
Tiffany & Co. (Specialty Retail) | | 232 | | 30,531 | |
Torchmark Corp. (Insurance) | | 261 | | 21,248 | |
Total System Services, Inc. (IT Services) | | 406 | | 34,315 | |
Tractor Supply Co. (Specialty Retail) | | 290 | | 22,182 | |
TransDigm Group, Inc. (Aerospace & Defense) | | 116 | | 40,036 | |
TripAdvisor, Inc.* (Internet & Direct Marketing Retail) | | 261 | | 14,540 | |
Twenty-First Century Fox, Inc.—Class A (Media) | | 2,494 | | 123,927 | |
Twenty-First Century Fox, Inc.—Class B (Media) | | 1,044 | | 51,438 | |
Twitter, Inc.* (Internet Software & Services) | | 1,566 | | 68,387 | |
Tyson Foods, Inc.—Class A (Food Products) | | 696 | | 47,920 | |
U.S. Bancorp (Banks) | | 3,712 | | 185,674 | |
UDR, Inc. (Equity Real Estate Investment Trusts) | �� | 638 | | 23,951 | |
Ulta Salon, Cosmetics & Fragrance, Inc.* (Specialty Retail) | | 145 | | 33,852 | |
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | | 435 | | 9,779 | |
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods) | | 435 | | 9,170 | |
Union Pacific Corp. (Road & Rail) | | 1,827 | | 258,849 | |
United Continental Holdings, Inc.* (Airlines) | | 551 | | 38,421 | |
United Parcel Service, Inc.—Class B (Air Freight & Logistics) | | 1,624 | | 172,517 | |
United Rentals, Inc.* (Trading Companies & Distributors) | | 203 | | 29,967 | |
United Technologies Corp. (Aerospace & Defense) | | 1,769 | | 221,178 | |
UnitedHealth Group, Inc. (Health Care Providers & Services) | | 2,291 | | 562,074 | |
Universal Health Services, Inc.—Class B (Health Care Providers & Services) | | 203 | | 22,622 | |
Unum Group (Insurance) | | 522 | | 19,309 | |
V.F. Corp. (Textiles, Apparel & Luxury Goods) | | 783 | | 63,830 | |
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | | 1,015 | | 112,492 | |
Varian Medical Systems, Inc.* (Health Care Equipment & Supplies) | | 203 | | 23,085 | |
Ventas, Inc. (Equity Real Estate Investment Trusts) | | 841 | | 47,895 | |
VeriSign, Inc.* (Internet Software & Services) | | 232 | | 31,881 | |
Verisk Analytics, Inc.*—Class A (Professional Services) | | 377 | | 40,580 | |
Verizon Communications, Inc. (Diversified Telecommunication Services) | | 9,802 | | 493,139 | |
Vertex Pharmaceuticals, Inc.* (Biotechnology) | | 609 | | 103,506 | |
Viacom, Inc.—Class B (Media) | | 841 | | 25,365 | |
Visa, Inc.—Class A (IT Services) | | 4,234 | | 560,792 | |
Vornado Realty Trust (Equity Real Estate Investment Trusts) | | 406 | | 30,012 | |
Vulcan Materials Co. (Construction Materials) | | 319 | | 41,170 | |
W.W. Grainger, Inc. (Trading Companies & Distributors) | | 116 | | 35,775 | |
Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | | 2,030 | | 121,830 | |
Wal-Mart Stores, Inc. (Food & Staples Retailing) | | 3,422 | | 293,095 | |
Waste Management, Inc. (Commercial Services & Supplies) | | 957 | | 77,842 | |
Waters Corp.* (Life Sciences Tools & Services) | | 174 | | 33,685 | |
WEC Energy Group, Inc. (Multi-Utilities) | | 754 | | 48,746 | |
Wells Fargo & Co. (Banks) | | 10,411 | | 577,186 | |
Welltower, Inc. (Equity Real Estate Investment Trusts) | | 870 | | 54,540 | |
Western Digital Corp. (Technology Hardware, Storage & Peripherals) | | 696 | | 53,877 | |
WestRock Co. (Containers & Packaging) | | 609 | | 34,725 | |
Weyerhaeuser Co. (Equity Real Estate Investment Trusts) | | 1,798 | | 65,555 | |
Whirlpool Corp. (Household Durables) | | 145 | | 21,203 | |
Willis Towers Watson PLC (Insurance) | | 319 | | 48,360 | |
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure) | | 203 | | 33,970 | |
Xcel Energy, Inc. (Electric Utilities) | | 1,218 | | 55,638 | |
Xerox Corp. (Technology Hardware, Storage & Peripherals) | | 522 | | 12,528 | |
Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | | 609 | | 39,743 | |
XL Group, Ltd. (Insurance) | | 609 | | 34,074 | |
Xylem, Inc. (Machinery) | | 435 | | 29,310 | |
YUM! Brands, Inc. (Hotels, Restaurants & Leisure) | | 754 | | 58,978 | |
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies) | | 493 | | 54,940 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraBull :: 261
Common Stocks, continued
| | Shares | | Value | |
Zions Bancorp (Banks) | | 464 | | $ | 24,448 | |
Zoetis, Inc. (Pharmaceuticals) | | 1,160 | | 98,820 | |
TOTAL COMMON STOCKS (Cost $48,096,289) | | | | 54,630,538 | |
| | | | | | |
Repurchase Agreements(b)(c) (12.6%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $10,450,706 | | $ | 10,449,000 | | $ | 10,449,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $10,449,000) | | | | 10,449,000 | |
TOTAL INVESTMENT SECURITIES (Cost $58,545,289)—78.7% | | | | 65,079,538 | |
Net other assets (liabilities)—21.3% | | | | 17,645,586 | |
NET ASSETS—100.0% | | | | $ | 82,725,124 | |
| | | | | | | |
* | Non-income producing security. |
(a) | Number of shares is less than 0.50 |
(b) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $5,601,000. |
(c) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Futures Contracts Purchased
| | Number of Contracts | | Expiration Date | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
E-Mini S&P 500 Futures Contracts | | 23 | | 9/24/18 | | $ | 3,129,150 | | $ | (70,992 | ) |
| | | | | | | | | | | |
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
S&P 500 | | Goldman Sachs International | | 7/27/18 | | 2.53 | % | $ | 56,725,440 | | $ | 342,749 | |
SDPR S&P 500 ETF | | Goldman Sachs International | | 7/27/18 | | 2.43 | % | 21,226,705 | | 142,938 | |
| | | | | | | | 77,952,145 | | 485,687 | |
S&P 500 | | UBS AG | | 7/27/18 | | 2.48 | % | 20,410,750 | | 141,895 | |
SDPR S&P 500 ETF | | UBS AG | | 7/27/18 | | 2.08 | % | 9,349,669 | | 65,440 | |
| | | | | | | | 29,760,419 | | 207,335 | |
| | | | | | | | $ | 107,712,564 | | $ | 693,022 | |
(1) | Agreements may be terminated at will by either party without penalty. |
(2) | Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation). |
See accompanying notes to financial statements.
262 :: ProFund VP UltraBull :: Financial Statements
ProFund VP UltraBull invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Aerospace & Defense | | $ | 1,420,908 | | 1.7 | % |
Air Freight & Logistics | | 360,578 | | 0.4 | % |
Airlines | | 234,429 | | 0.3 | % |
Auto Components | | 91,994 | | 0.1 | % |
Automobiles | | 238,644 | | 0.3 | % |
Banks | | 3,353,671 | | 4.0 | % |
Beverages | | 970,431 | | 1.2 | % |
Biotechnology | | 1,377,568 | | 1.7 | % |
Building Products | | 158,069 | | 0.2 | % |
Capital Markets | | 1,672,525 | | 2.0 | % |
Chemicals | | 1,023,259 | | 1.2 | % |
Commercial Services & Supplies | | 192,233 | | 0.2 | % |
Communications Equipment | | 614,284 | | 0.7 | % |
Construction & Engineering | | 47,011 | | 0.1 | % |
Construction Materials | | 73,553 | | 0.1 | % |
Consumer Finance | | 386,800 | | 0.5 | % |
Containers & Packaging | | 178,639 | | 0.2 | % |
Distributors | | 55,070 | | 0.1 | % |
Diversified Consumer Services | | 11,231 | | NM | |
Diversified Financial Services | | 855,230 | | 1.0 | % |
Diversified Telecommunication Services | | 1,091,373 | | 1.3 | % |
Electric Utilities | | 1,011,270 | | 1.3 | % |
Electrical Equipment | | 270,259 | | 0.3 | % |
Electronic Equipment, Instruments & Components | | 228,947 | | 0.3 | % |
Energy Equipment & Services | | 435,105 | | 0.5 | % |
Equity Real Estate Investment Trusts | | 1,519,222 | | 1.9 | % |
Food & Staples Retailing | | 920,505 | | 1.1 | % |
Food Products | | 612,724 | | 0.7 | % |
Health Care Equipment & Supplies | | 1,673,203 | | 2.0 | % |
Health Care Providers & Services | | 1,571,363 | | 1.9 | % |
Health Care Technology | | 45,082 | | 0.1 | % |
Hotels, Restaurants & Leisure | | 895,577 | | 1.1 | % |
Household Durables | | 197,480 | | 0.2 | % |
Household Products | | 762,343 | | 0.9 | % |
Independent Power & Renewable Electricity Producers | | 42,367 | | 0.1 | % |
Industrial Conglomerates | | 878,999 | | 1.1 | % |
Insurance | | 1,299,196 | | 1.6 | % |
Internet & Direct Marketing Retail | | 2,319,900 | | 2.9 | % |
Internet Software & Services | | 2,909,194 | | 3.5 | % |
IT Services | | 2,483,297 | | 3.0 | % |
Leisure Products | | 37,426 | | NM | |
Life Sciences Tools & Services | | 463,149 | | 0.6 | % |
Machinery | | 821,638 | | 1.0 | % |
Media | | 1,234,405 | | 1.5 | % |
Metals & Mining | | 150,302 | | 0.2 | % |
Multiline Retail | | 275,762 | | 0.3 | % |
Multi-Utilities | | 523,303 | | 0.6 | % |
Oil, Gas & Consumable Fuels | | 3,024,530 | | 3.7 | % |
Personal Products | | 90,431 | | 0.1 | % |
Pharmaceuticals | | 2,393,330 | | 2.8 | % |
Professional Services | | 163,347 | | 0.2 | % |
Real Estate Management & Development | | 34,612 | | NM | |
Road & Rail | | 541,910 | | 0.7 | % |
Semiconductors & Semiconductor Equipment | | 2,213,335 | | 2.7 | % |
Software | | 3,323,379 | | 4.1 | % |
Specialty Retail | | 1,267,643 | | 1.5 | % |
Technology Hardware, Storage & Peripherals | | 2,454,958 | | 3.0 | % |
Textiles, Apparel & Luxury Goods | | 444,529 | | 0.5 | % |
Tobacco | | 552,636 | | 0.7 | % |
Trading Companies & Distributors | | 99,240 | | 0.1 | % |
Water Utilities | | 37,140 | | NM | |
Other** | | 28,094,586 | | 33.9 | % |
Total | | $ | 82,725,124 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
NM Not meaningful, amount is less than 0.05%.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraBull :: 263
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 58,545,289 | |
Securities, at value | | 54,630,538 | |
Repurchase agreements, at value | | 10,449,000 | |
Total Investment Securities, at value | | 65,079,538 | |
Cash | | 689 | |
Segregated cash balances with brokers | | 141,680 | |
Dividends and interest receivable | | 17,160 | |
Unrealized appreciation on swap agreements | | 693,022 | |
Receivable for capital shares issued | | 45,533,515 | |
Receivable for investments sold | | 25,616 | |
Variation margin on futures contracts | | 1,725 | |
Prepaid expenses | | 567 | |
TOTAL ASSETS | | 111,493,512 | |
| | | |
LIABILITIES: | | | |
Payable for investments purchased | | 28,274,009 | |
Payable for capital shares redeemed | | 432,707 | |
Advisory fees payable | | 19,338 | |
Management services fees payable | | 2,578 | |
Administration fees payable | | 872 | |
Administrative services fees payable | | 5,892 | |
Distribution fees payable | | 8,907 | |
Trustee fees payable | | 7 | |
Transfer agency fees payable | | 1,435 | |
Fund accounting fees payable | | 1,042 | |
Compliance services fees payable | | 208 | |
Other accrued expenses | | 21,393 | |
TOTAL LIABILITIES | | 28,768,388 | |
NET ASSETS | | $ | 82,725,124 | |
| | | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 80,246,781 | |
Accumulated net investment income (loss) | | 59,712 | |
Accumulated net realized gains (losses) on investments | | (4,737,648 | ) |
Net unrealized appreciation (depreciation) on investments | | 7,156,279 | |
NET ASSETS | | $ | 82,725,124 | |
| | | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 6,798,698 | |
Net Asset Value (offering and redemption price per share) | | $ | 12.17 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 225,292 | |
Interest | | 78,601 | |
TOTAL INVESTMENT INCOME | | 303,893 | |
| | | |
EXPENSES: | | | |
Advisory fees | | 121,569 | |
Management services fees | | 16,209 | |
Administration fees | | 6,026 | |
Transfer agency fees | | 9,156 | |
Administrative services fees | | 23,757 | |
Distribution fees | | 40,523 | |
Custody fees | | 2,411 | |
Fund accounting fees | | 7,945 | |
Trustee fees | | 472 | |
Compliance services fees | | 208 | |
Other fees | | 18,759 | |
TOTAL NET EXPENSES | | 247,035 | |
NET INVESTMENT INCOME (LOSS) | | 56,858 | |
| | | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | (941,169 | ) |
Net realized gains (losses) on futures contracts | | 78,500 | |
Net realized gains (losses) on swap agreements | | (2,606,042 | ) |
Change in net unrealized appreciation/depreciation on investment securities | | 203,629 | |
Change in net unrealized appreciation/depreciation on futures contracts | | (107,440 | ) |
Change in net unrealized appreciation/depreciation on swap agreements | | 746,146 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (2,626,376 | ) |
| | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (2,569,518 | ) |
See accompanying notes to financial statements.
264 :: ProFund VP UltraBull :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
| | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 56,858 | | $ | (33,521 | ) |
Net realized gains (losses) on investments | | (3,468,711 | ) | 11,070,586 | |
Change in net unrealized appreciation/depreciation on investments | | 842,335 | | 2,016,876 | |
Change in net assets resulting from operations | | (2,569,518 | ) | 13,053,941 | |
| | | | | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net realized gains on investments | | (11,077,999 | ) | (4,217,255 | ) |
Change in net assets resulting from distributions | | (11,077,999 | ) | (4,217,255 | ) |
| | | | | |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 741,379,179 | | 1,220,298,594 | |
Distributions reinvested | | 3,186,175 | | 4,217,255 | |
Value of shares redeemed | | (683,187,466 | ) | (1,252,109,535 | ) |
Change in net assets resulting from capital transactions | | 61,377,888 | | (27,593,686 | ) |
Change in net assets | | 47,730,371 | | (18,757,000 | ) |
| | | | | |
NET ASSETS: | | | | | |
Beginning of period | | 34,994,753 | | 53,751,753 | |
End of period | | $ | 82,725,124 | | $ | 34,994,753 | |
Accumulated net investment income (loss) | | $ | 59,712 | | $ | 2,854 | |
| | | | | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 51,473,711 | | 82,020,940 | |
Reinvested | | 252,270 | | 313,085 | |
Redeemed | | (47,296,832 | ) | (83,952,365 | ) |
Change in shares | | 4,429,149 | | (1,618,340 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP UltraBull :: 265
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 14.77 | | $ | 13.48 | | $ | 13.96 | | $ | 16.50 | | $ | 19.63 | | $ | 13.42 | |
| | | | | | | | | | | | | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | 0.03 | | (0.02 | ) | (0.03 | ) | (0.05 | ) | (0.06 | ) | (0.08 | ) |
Net realized and unrealized gains (losses) on investments | | 0.27 | (b) | 5.18 | | 2.49 | | (0.27 | ) | 3.73 | | 8.47 | |
Total income (loss) from investment activities | | 0.30 | | 5.16 | | 2.46 | | (0.32 | ) | 3.67 | | 8.39 | |
| | | | | | | | | | | | | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net realized gains on investments | | (2.90 | ) | (3.87 | ) | (2.94 | ) | (2.22 | ) | (6.80 | ) | (2.18 | ) |
| | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 12.17 | | $ | 14.77 | | $ | 13.48 | | $ | 13.96 | | $ | 16.50 | | $ | 19.63 | |
| | | | | | | | | | | | | |
Total Return(c) | | 1.31 | % | 41.02 | % | 18.60 | % | (2.88 | )% | 23.24 | % | 68.05 | % |
| | | | | | | | | | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(d) | | 1.53 | % | 1.60 | % | 1.68 | % | 1.68 | % | 1.78 | % | 1.79 | % |
Net expenses(d) | | 1.53 | % | 1.60 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(d) | | 0.35 | % | (0.12 | )% | (0.20 | )% | (0.35 | )% | (0.38 | )% | (0.50 | )% |
| | | | | | | | | | | | | |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 82,725 | | $ | 34,995 | | $ | 53,752 | | $ | 28,680 | | $ | 67,317 | | $ | 35,757 | |
Portfolio turnover rate(c)(e) | | 1,659 | % | 2,993 | % | 2,888 | % | 2,578 | % | 2,750 | % | 1,884 | % |
(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 values during the period.
(c) Not annualized for periods less than one year.
(d) Annualized for periods less than one year.
(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
266 :: ProFund VP UltraMid-Cap :: Financial Statements
Investment Objective: The ProFund VP UltraMid-Cap seeks daily investment results, before fees and expenses, that correspond to twice (2x) the daily performance of the S&P MidCap 400®.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 51 | % |
Futures Contracts | | 9 | % |
Swap Agreements | | 140 | % |
Total Exposure | | 200 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
NVR, Inc. | | 0.5 | % |
Domino’s Pizza, Inc. | | 0.4 | % |
Teleflex, Inc. | | 0.3 | % |
Keysight Technologies, Inc. | | 0.3 | % |
WellCare Health Plans, Inc. | | 0.3 | % |
S&P MidCap 400 — Composition
| | % of Index | |
Financials | | 17 | % |
Information Technology | | 16 | % |
Industrials | | 15 | % |
Consumer Discretionary | | 13 | % |
Real Estate | | 10 | % |
Health Care | | 9 | % |
Materials | | 7 | % |
Energy | | 5 | % |
Utilities | | 5 | % |
Consumer Staples | | 3 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (51.4%)
| | Shares | | Value | |
Aaron’s, Inc. (Specialty Retail) | | 800 | | $ | 34,760 | |
Acadia Healthcare Co., Inc.* (Health Care Providers & Services) | | 1,040 | | 42,546 | |
ACI Worldwide, Inc.* (Software) | | 1,440 | | 35,525 | |
Acuity Brands, Inc. (Electrical Equipment) | | 480 | | 55,618 | |
Acxiom Corp.* (IT Services) | | 960 | | 28,752 | |
Adtalem Global Education, Inc.* (Diversified Consumer Services) | | 800 | | 38,480 | |
AECOM Technology Corp.* (Construction & Engineering) | | 2,000 | | 66,059 | |
AGCO Corp. (Machinery) | | 800 | | 48,576 | |
Akorn, Inc.* (Pharmaceuticals) | | 1,200 | | 19,908 | |
Alexander & Baldwin, Inc. (Real Estate Management & Development) | | 880 | | 20,680 | |
Alleghany Corp. (Insurance) | | 160 | | 91,995 | |
Allegheny Technologies, Inc.* (Metals & Mining) | | 1,600 | | 40,192 | |
ALLETE, Inc. (Electric Utilities) | | 640 | | 49,542 | |
Allscripts Healthcare Solutions, Inc.* (Health Care Technology) | | 2,240 | | 26,880 | |
AMC Networks, Inc.*—Class A (Media) | | 560 | | 34,832 | |
American Campus Communities, Inc. (Equity Real Estate Investment Trusts) | | 1,760 | | 75,469 | |
American Eagle Outfitters, Inc. (Specialty Retail) | | 2,160 | | 50,220 | |
American Financial Group, Inc. (Insurance) | | 880 | | 94,450 | |
Apergy Corp.* (Energy Equipment & Services) | | 960 | | 40,080 | |
AptarGroup, Inc. (Containers & Packaging) | | 800 | | 74,704 | |
Aqua America, Inc. (Water Utilities) | | 2,240 | | 78,803 | |
ARRIS International PLC* (Communications Equipment) | | 2,240 | | 54,758 | |
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components) | | 1,120 | | 84,314 | |
Ashland Global Holdings, Inc. (Chemicals) | | 800 | | 62,544 | |
Aspen Insurance Holdings, Ltd. (Insurance) | | 720 | | 29,304 | |
Associated Banc-Corp. (Banks) | | 2,160 | | 58,968 | |
Atmos Energy Corp. (Gas Utilities) | | 1,440 | | 129,801 | |
AutoNation, Inc.* (Specialty Retail) | | 720 | | 34,978 | |
Avis Budget Group, Inc.* (Road & Rail) | | 880 | | 28,600 | |
Avnet, Inc. (Electronic Equipment, Instruments & Components) | | 1,520 | | 65,193 | |
BancorpSouth Bank (Banks) | | 1,040 | | 34,268 | |
Bank of Hawaii Corp. (Banks) | | 560 | | 46,715 | |
Bank of the Ozarks, Inc. (Banks) | | 1,520 | | 68,461 | |
Bed Bath & Beyond, Inc. (Specialty Retail) | | 1,760 | | 35,068 | |
Belden, Inc. (Electronic Equipment, Instruments & Components) | | 480 | | 29,338 | |
Bemis Co., Inc. (Containers & Packaging) | | 1,120 | | 47,275 | |
Big Lots, Inc. (Multiline Retail) | | 560 | | 23,397 | |
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services) | | 240 | | 69,250 | |
Bio-Techne Corp. (Life Sciences Tools & Services) | | 480 | | 71,016 | |
Black Hills Corp. (Multi-Utilities) | | 640 | | 39,174 | |
Blackbaud, Inc. (Software) | | 640 | | 65,568 | |
Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | | 1,040 | | 36,046 | |
Brinker International, Inc. (Hotels, Restaurants & Leisure) | | 560 | | 26,656 | |
Brown & Brown, Inc. (Insurance) | | 2,880 | | 79,862 | |
Brunswick Corp. (Leisure Products) | | 1,120 | | 72,218 | |
Cable One, Inc. (Media) | | 80 | | 58,663 | |
Cabot Corp. (Chemicals) | | 800 | | 49,416 | |
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels) | | 2,800 | | 30,072 | |
Camden Property Trust (Equity Real Estate Investment Trusts) | | 1,200 | | 109,356 | |
Cantel Medical Corp. (Health Care Equipment & Supplies) | | 480 | | 47,213 | |
Carlisle Cos., Inc. (Industrial Conglomerates) | | 800 | | 86,648 | |
Carpenter Technology Corp. (Metals & Mining) | | 560 | | 29,439 | |
Cars.com, Inc.* (Internet Software & Services) | | 880 | | 24,983 | |
Carter’s, Inc. (Textiles, Apparel & Luxury Goods) | | 560 | | 60,698 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraMid-Cap :: 267
Common Stocks, continued
| | Shares | | Value | |
Casey’s General Stores, Inc. (Food & Staples Retailing) | | 480 | | $ | 50,439 | |
Catalent, Inc.* (Pharmaceuticals) | | 1,680 | | 70,376 | |
Cathay General Bancorp, Inc. (Banks) | | 960 | | 38,870 | |
CDK Global, Inc. (Software) | | 1,600 | | 104,080 | |
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | | 640 | | 71,846 | |
Chemed Corp. (Health Care Providers & Services) | | 240 | | 77,234 | |
Chemical Financial Corp. (Banks) | | 880 | | 48,990 | |
Chesapeake Energy Corp.* (Oil, Gas & Consumable Fuels) | | 11,520 | | 60,365 | |
Churchill Downs, Inc. (Hotels, Restaurants & Leisure) | | 160 | | 47,440 | |
Ciena Corp.* (Communications Equipment) | | 1,840 | | 48,778 | |
Cinemark Holdings, Inc. (Media) | | 1,360 | | 47,709 | |
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | | 800 | | 30,664 | |
Clean Harbors, Inc.* (Commercial Services & Supplies) | | 640 | | 35,552 | |
CNO Financial Group, Inc. (Insurance) | | 2,080 | | 39,603 | |
CNX Resources Corp.* (Oil, Gas & Consumable Fuels) | | 2,480 | | 44,094 | |
Cognex Corp. (Electronic Equipment, Instruments & Components) | | 2,160 | | 96,357 | |
Coherent, Inc.* (Electronic Equipment, Instruments & Components) | | 320 | | 50,054 | |
Commerce Bancshares, Inc. (Banks) | | 1,200 | | 77,652 | |
Commercial Metals Co. (Metals & Mining) | | 1,440 | | 30,398 | |
CommVault Systems, Inc.* (Software) | | 560 | | 36,876 | |
Compass Minerals International, Inc. (Metals & Mining) | | 400 | | 26,300 | |
Convergys Corp. (IT Services) | | 1,120 | | 27,373 | |
Core Laboratories N.V. (Energy Equipment & Services) | | 560 | | 70,678 | |
Corecivic, Inc. (Equity Real Estate Investment Trusts) | | 1,520 | | 36,313 | |
CoreLogic, Inc.* (IT Services) | | 1,040 | | 53,976 | |
CoreSite Realty Corp. (Equity Real Estate Investment Trusts) | | 400 | | 44,328 | |
Corporate Office Properties Trust (Equity Real Estate Investment Trusts) | | 1,280 | | 37,107 | |
Cousins Properties, Inc. (Equity Real Estate Investment Trusts) | | 5,280 | | 51,163 | |
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | | 320 | | 49,987 | |
Crane Co. (Machinery) | | 640 | | 51,283 | |
Cree, Inc.* (Semiconductors & Semiconductor Equipment) | | 1,280 | | 53,210 | |
Cullen/Frost Bankers, Inc. (Banks) | | 720 | | 77,933 | |
Curtiss-Wright Corp. (Aerospace & Defense) | | 560 | | 66,651 | |
Cypress Semiconductor Corp. (Semiconductors & Semiconductor Equipment) | | 4,560 | | 71,045 | |
CyrusOne, Inc. (Equity Real Estate Investment Trusts) | | 1,280 | | 74,701 | |
Dana Holding Corp. (Auto Components) | | 1,840 | | 37,150 | |
DCT Industrial Trust, Inc. (Equity Real Estate Investment Trusts) | | 1,200 | | 80,076 | |
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods) | | 400 | | 45,156 | |
Delphi Technologies PLC (Auto Components) | | 1,120 | | 50,915 | |
Deluxe Corp. (Commercial Services & Supplies) | | 640 | | 42,374 | |
Diamond Offshore Drilling, Inc.* (Energy Equipment & Services) | | 800 | | 16,688 | |
Dick’s Sporting Goods, Inc. (Specialty Retail) | | 960 | | 33,840 | |
Dillard’s, Inc.—Class A (Multiline Retail) | | 240 | | 22,680 | |
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure) | | 560 | | 158,015 | |
Domtar Corp. (Paper & Forest Products) | | 800 | | 38,192 | |
Donaldson Co., Inc. (Machinery) | | 1,680 | | 75,802 | |
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts) | | 2,000 | | 80,360 | |
Dril-Quip, Inc.* (Energy Equipment & Services) | | 480 | | 24,672 | |
Dunkin’ Brands Group, Inc. (Hotels, Restaurants & Leisure) | | 1,040 | | 71,833 | |
Dycom Industries, Inc.* (Construction & Engineering) | | 400 | | 37,804 | |
Eagle Materials, Inc. (Construction Materials) | | 640 | | 67,181 | |
East West Bancorp, Inc. (Banks) | | 1,840 | | 119,967 | |
Eaton Vance Corp. (Capital Markets) | | 1,520 | | 79,329 | |
Edgewell Personal Care Co.* (Personal Products) | | 720 | | 36,331 | |
Education Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 960 | | 39,840 | |
EMCOR Group, Inc. (Construction & Engineering) | | 720 | | 54,850 | |
Encompass Health Corp. (Health Care Providers & Services) | | 1,280 | | 86,682 | |
Energen Corp.* (Oil, Gas & Consumable Fuels) | | 1,200 | | 87,384 | |
Energizer Holdings, Inc. (Household Products) | | 720 | | 45,331 | |
EnerSys (Electrical Equipment) | | 560 | | 41,798 | |
Ensco PLCADR—Class A (Energy Equipment & Services) | | 5,520 | | 40,075 | |
EPR Properties (Equity Real Estate Investment Trusts) | | 800 | | 51,832 | |
Esterline Technologies Corp.* (Aerospace & Defense) | | 320 | | 23,616 | |
Evercore Partners, Inc.—Class A (Capital Markets) | | 480 | | 50,616 | |
Exelixis, Inc.* (Biotechnology) | | 3,600 | | 77,472 | |
F.N.B. Corp. (Banks) | | 4,080 | | 54,754 | |
FactSet Research Systems, Inc. (Capital Markets) | | 480 | | 95,088 | |
Fair Isaac Corp.* (Software) | | 400 | | 77,328 | |
Federated Investors, Inc.—Class B (Capital Markets) | | 1,200 | | 27,984 | |
First American Financial Corp. (Insurance) | | 1,440 | | 74,477 | |
First Horizon National Corp. (Banks) | | 4,160 | | 74,214 | |
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 1,600 | | 53,344 | |
First Solar, Inc.* (Semiconductors & Semiconductor Equipment) | | 1,040 | | 54,766 | |
Five Below, Inc.* (Specialty Retail) | | 720 | | 70,350 | |
Flowers Foods, Inc. (Food Products) | | 2,320 | | 48,326 | |
Fortinet, Inc.* (Software) | | 1,840 | | 114,871 | |
Fulton Financial Corp. (Banks) | | 2,240 | | 36,960 | |
GATX Corp. (Trading Companies & Distributors) | | 480 | | 35,630 | |
Genesee & Wyoming, Inc.*—Class A (Road & Rail) | | 800 | | 65,056 | |
Gentex Corp. (Auto Components) | | 3,440 | | 79,189 | |
Genworth Financial, Inc.*—Class A (Insurance) | | 6,320 | | 28,440 | |
| | | | | | |
See accompanying notes to financial statements.
268 :: ProFund VP UltraMid-Cap :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Globus Medical, Inc.*—Class A (Health Care Equipment & Supplies) | | 960 | | $ | 48,442 | |
Graco, Inc. (Machinery) | | 2,080 | | 94,058 | |
Graham Holdings Co.—Class B (Diversified Consumer Services) | | 80 | | 46,888 | |
Granite Construction, Inc. (Construction & Engineering) | | 560 | | 31,170 | |
Greif, Inc.—Class A (Containers & Packaging) | | 320 | | 16,925 | |
Gulfport Energy Corp.* (Oil, Gas & Consumable Fuels) | | 2,000 | | 25,140 | |
Haemonetics Corp.* (Health Care Equipment & Supplies) | | 640 | | 57,395 | |
Halyard Health, Inc.* (Health Care Equipment & Supplies) | | 560 | | 32,060 | |
Hancock Holding Co. (Banks) | | 1,040 | | 48,516 | |
Hawaiian Electric Industries, Inc. (Electric Utilities) | | 1,360 | | 46,648 | |
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 1,600 | | 46,528 | |
Healthcare Services Group, Inc. (Commercial Services & Supplies) | | 960 | | 41,462 | |
Helen of Troy, Ltd.* (Household Durables) | | 320 | | 31,504 | |
Herman Miller, Inc. (Commercial Services & Supplies) | | 720 | | 24,408 | |
Highwoods Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,280 | | 64,934 | |
Hill-Rom Holdings, Inc. (Health Care Equipment & Supplies) | | 800 | | 69,872 | |
HNI Corp. (Commercial Services & Supplies) | | 560 | | 20,832 | |
Home BancShares, Inc. (Banks) | | 2,000 | | 45,120 | |
Hospitality Properties Trust (Equity Real Estate Investment Trusts) | | 2,080 | | 59,509 | |
Hubbell, Inc. (Electrical Equipment) | | 720 | | 76,133 | |
ICU Medical, Inc.* (Health Care Equipment & Supplies) | | 160 | | 46,984 | |
IDACORP, Inc. (Electric Utilities) | | 640 | | 59,034 | |
IDEX Corp. (Machinery) | | 960 | | 131,022 | |
ILG, Inc. (Hotels, Restaurants & Leisure) | | 1,360 | | 44,921 | |
Ingredion, Inc. (Food Products) | | 880 | | 97,416 | |
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies) | | 880 | | 56,681 | |
Integrated Device Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | 1,600 | | 51,008 | |
Interactive Brokers Group, Inc.—Class A (Capital Markets) | | 880 | | 56,681 | |
InterDigital, Inc. (Communications Equipment) | | 400 | | 32,360 | |
International Bancshares Corp. (Banks) | | 720 | | 30,816 | |
International Speedway Corp.—Class A (Hotels, Restaurants & Leisure) | | 320 | | 14,304 | |
ITT, Inc. (Machinery) | | 1,120 | | 58,542 | |
j2 Global, Inc. (Internet Software & Services) | | 640 | | 55,430 | |
Jabil, Inc. (Electronic Equipment, Instruments & Components) | | 2,160 | | 59,746 | |
Jack Henry & Associates, Inc. (IT Services) | | 960 | | 125,146 | |
Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | | 320 | | 27,238 | |
Janus Henderson Group PLC (Capital Markets) | | 2,240 | | 68,835 | |
JBG Smith Properties (Equity Real Estate Investment Trusts) | | 1,200 | | 43,764 | |
JetBlue Airways Corp.* (Airlines) | | 4,000 | | 75,920 | |
John Wiley & Sons, Inc.—Class A (Media) | | 560 | | 34,944 | |
Jones Lang LaSalle, Inc. (Real Estate Management & Development) | | 560 | | 92,954 | |
KB Home (Household Durables) | | 1,040 | | 28,330 | |
KBR, Inc. (Construction & Engineering) | | 1,760 | | 31,539 | |
Kemper Corp. (Insurance) | | 640 | | 48,416 | |
Kennametal, Inc. (Machinery) | | 1,040 | | 37,336 | |
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | 2,400 | | 141,671 | |
Kilroy Realty Corp. (Equity Real Estate Investment Trusts) | | 1,280 | | 96,819 | |
Kirby Corp.* (Marine) | | 640 | | 53,504 | |
KLX, Inc.* (Aerospace & Defense) | | 640 | | 46,016 | |
Knight-Swift Transportation Holdings, Inc. (Road & Rail) | | 1,600 | | 61,136 | |
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts) | | 1,040 | | 71,042 | |
Lamb Weston Holding, Inc. (Food Products) | | 1,840 | | 126,058 | |
Lancaster Colony Corp. (Food Products) | | 240 | | 33,221 | |
Landstar System, Inc. (Road & Rail) | | 560 | | 61,152 | |
LaSalle Hotel Properties (Equity Real Estate Investment Trusts) | | 1,360 | | 46,553 | |
Legg Mason, Inc. (Capital Markets) | | 1,120 | | 38,898 | |
Leidos Holdings, Inc. (IT Services) | | 1,840 | | 108,560 | |
LendingTree, Inc.* (Thrifts & Mortgage Finance) | | 80 | | 17,104 | |
Lennox International, Inc. (Building Products) | | 480 | | 96,072 | |
Liberty Property Trust (Equity Real Estate Investment Trusts) | | 1,840 | | 81,567 | |
Life Storage, Inc. (Equity Real Estate Investment Trusts) | | 560 | | 54,494 | |
LifePoint Health, Inc.* (Health Care Providers & Services) | | 480 | | 23,424 | |
Lincoln Electric Holdings, Inc. (Machinery) | | 800 | | 70,208 | |
Littelfuse, Inc. (Electronic Equipment, Instruments & Components) | | 320 | | 73,018 | |
LivaNova PLC* (Health Care Equipment & Supplies) | | 560 | | 55,899 | |
Live Nation Entertainment, Inc.* (Media) | | 1,680 | | 81,598 | |
LogMeIn, Inc. (Internet Software & Services) | | 640 | | 66,081 | |
Louisiana-Pacific Corp. (Paper & Forest Products) | | 1,840 | | 50,085 | |
Lumentum Holdings, Inc.* (Communications Equipment) | | 800 | | 46,320 | |
Mack-Cali Realty Corp. (Equity Real Estate Investment Trusts) | | 1,120 | | 22,714 | |
Mallinckrodt PLC* (Pharmaceuticals) | | 1,040 | | 19,406 | |
Manhattan Associates, Inc.* (Software) | | 880 | | 41,369 | |
ManpowerGroup, Inc. (Professional Services) | | 800 | | 68,848 | |
MarketAxess Holdings, Inc. (Capital Markets) | | 480 | | 94,973 | |
Masimo Corp.* (Health Care Equipment & Supplies) | | 640 | | 62,496 | |
Matador Resources Co.* (Oil, Gas & Consumable Fuels) | | 1,280 | | 38,464 | |
MAXIMUS, Inc. (IT Services) | | 800 | | 49,688 | |
MB Financial, Inc. (Banks) | | 1,040 | | 48,568 | |
McDermott International, Inc.* (Energy Equipment & Services) | | 2,240 | | 44,016 | |
MDU Resources Group, Inc. (Multi-Utilities) | | 2,480 | | 71,126 | |
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts) | | 4,640 | | 65,146 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraMid-Cap :: 269
Common Stocks, continued
| | Shares | | Value | |
Medidata Solutions, Inc.* (Health Care Technology) | | 720 | | $ | 58,003 | |
MEDNAX, Inc.* (Health Care Providers & Services) | | 1,200 | | 51,936 | |
Mercury General Corp. (Insurance) | | 480 | | 21,869 | |
Meredith Corp. (Media) | | 480 | | 24,480 | |
Minerals Technologies, Inc. (Chemicals) | | 480 | | 36,168 | |
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | 720 | | 68,904 | |
Molina Healthcare, Inc.* (Health Care Providers & Services) | | 640 | | 62,682 | |
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | | 480 | | 64,162 | |
MSA Safety, Inc. (Commercial Services & Supplies) | | 400 | | 38,536 | |
MSC Industrial Direct Co., Inc.—Class A (Trading Companies & Distributors) | | 560 | | 47,516 | |
Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | | 2,080 | | 70,242 | |
Murphy USA, Inc.* (Specialty Retail) | | 400 | | 29,716 | |
Nabors Industries, Ltd. (Energy Equipment & Services) | | 4,480 | | 28,717 | |
National Fuel Gas Co. (Gas Utilities) | | 1,120 | | 59,315 | |
National Instruments Corp. (Electronic Equipment, Instruments & Components) | | 1,360 | | 57,093 | |
National Retail Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,920 | | 84,403 | |
Navient Corp. (Consumer Finance) | | 3,360 | | 43,781 | |
NCR Corp.* (Technology Hardware, Storage & Peripherals) | | 1,520 | | 45,570 | |
NetScout Systems, Inc.* (Communications Equipment) | | 1,040 | | 30,888 | |
New Jersey Resources Corp. (Gas Utilities) | | 1,120 | | 50,120 | |
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance) | | 6,160 | | 68,006 | |
NewMarket Corp. (Chemicals) | | 80 | | 32,360 | |
Nordson Corp. (Machinery) | | 640 | | 82,182 | |
NorthWestern Corp. (Multi-Utilities) | | 640 | | 36,640 | |
NOW, Inc.* (Trading Companies & Distributors) | | 1,360 | | 18,129 | |
Nu Skin Enterprises, Inc.—Class A (Personal Products) | | 720 | | 56,297 | |
NuVasive, Inc.* (Health Care Equipment & Supplies) | | 640 | | 33,357 | |
nVent Electric PLC* (Electrical Equipment) | | 2,080 | | 52,208 | |
NVR, Inc.* (Household Durables) | | 80 | | 237,628 | |
Oasis Petroleum, Inc.* (Oil, Gas & Consumable Fuels) | | 3,360 | | 43,579 | |
Oceaneering International, Inc. (Energy Equipment & Services) | | 1,280 | | 32,589 | |
OGE Energy Corp. (Electric Utilities) | | 2,560 | | 90,138 | |
Old Dominion Freight Line, Inc. (Road & Rail) | | 880 | | 131,085 | |
Old Republic International Corp. (Insurance) | | 3,200 | | 63,712 | |
Olin Corp. (Chemicals) | | 2,080 | | 59,738 | |
Ollie’s Bargain Outlet Holdings, Inc.* (Multiline Retail) | | 640 | | 46,400 | |
Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts) | | 2,480 | | 76,880 | |
ONE Gas, Inc. (Gas Utilities) | | 640 | | 47,834 | |
Oshkosh Corp. (Machinery) | | 960 | | 67,507 | |
Owens-Illinois, Inc.* (Containers & Packaging) | | 2,080 | | 34,965 | |
PacWest Bancorp (Banks) | | 1,600 | | 79,072 | |
Papa John’s International, Inc. (Hotels, Restaurants & Leisure) | | 320 | | 16,230 | |
Patterson Cos., Inc. (Health Care Providers & Services) | | 1,040 | | 23,577 | |
Patterson-UTI Energy, Inc. (Energy Equipment & Services) | | 2,800 | | 50,400 | |
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels) | | 1,440 | | 60,379 | |
Perspecta, Inc. (IT Services) | | 1,840 | | 37,812 | |
Pinnacle Financial Partners, Inc. (Banks) | | 960 | | 58,896 | |
Pitney Bowes, Inc. (Commercial Services & Supplies) | | 2,400 | | 20,568 | |
Plantronics, Inc. (Communications Equipment) | | 400 | | 30,500 | |
PNM Resources, Inc. (Electric Utilities) | | 1,040 | | 40,456 | |
Polaris Industries, Inc. (Leisure Products) | | 720 | | 87,969 | |
PolyOne Corp. (Chemicals) | | 1,040 | | 44,949 | |
Pool Corp. (Distributors) | | 480 | | 72,720 | |
Post Holdings, Inc.* (Food Products) | | 880 | | 75,698 | |
Potlatch Corp. (Equity Real Estate Investment Trusts) | | 800 | | 40,680 | |
PRA Health Sciences, Inc.* (Life Sciences Tools & Services) | | 640 | | 59,750 | |
Prestige Brands Holdings, Inc.* (Pharmaceuticals) | | 640 | | 24,563 | |
Primerica, Inc. (Insurance) | | 560 | | 55,776 | |
Prosperity Bancshares, Inc. (Banks) | | 880 | | 60,157 | |
PTC, Inc.* (Software) | | 1,440 | | 135,086 | |
QEP Resources, Inc.* (Oil, Gas & Consumable Fuels) | | 3,040 | | 37,270 | |
Quality Care Properties* (Equity Real Estate Investment Trusts) | | 1,200 | | 25,812 | |
Range Resources Corp. (Oil, Gas & Consumable Fuels) | | 2,880 | | 48,182 | |
Rayonier, Inc. (Equity Real Estate Investment Trusts) | | 1,600 | | 61,904 | |
Regal Beloit Corp. (Electrical Equipment) | | 560 | | 45,808 | |
Reinsurance Group of America, Inc. (Insurance) | | 800 | | 106,784 | |
Reliance Steel & Aluminum Co. (Metals & Mining) | | 880 | | 77,035 | |
RenaissanceRe Holdings, Ltd. (Insurance) | | 480 | | 57,754 | |
Rollins, Inc. (Commercial Services & Supplies) | | 1,200 | | 63,097 | |
Rowan Cos. PLC*—Class A (Energy Equipment & Services) | | 1,440 | | 23,357 | |
Royal Gold, Inc. (Metals & Mining) | | 800 | | 74,272 | |
RPM International, Inc. (Chemicals) | | 1,680 | | 97,977 | |
Ryder System, Inc. (Road & Rail) | | 640 | | 45,990 | |
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | | 2,240 | | 48,675 | |
Sabre Corp. (IT Services) | | 3,200 | | 78,848 | |
Sally Beauty Holdings, Inc.* (Specialty Retail) | | 1,520 | | 24,366 | |
Sanderson Farms, Inc. (Food Products) | | 240 | | 25,236 | |
Science Applications International Corp. (IT Services) | | 560 | | 45,321 | |
Scientific Games Corp.*—Class A (Hotels, Restaurants & Leisure) | | 640 | | 31,456 | |
SEI Investments Co. (Capital Markets) | | 1,680 | | 105,033 | |
Senior Housing Properties Trust (Equity Real Estate Investment Trusts) | | 3,040 | | 54,994 | |
Sensient Technologies Corp. (Chemicals) | | 560 | | 40,068 | |
| | | | | | |
See accompanying notes to financial statements.
270 :: ProFund VP UltraMid-Cap :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Service Corp. International (Diversified Consumer Services) | | 2,320 | | $ | 83,033 | |
Signature Bank* (Banks) | | 640 | | 81,843 | |
Signet Jewelers, Ltd. (Specialty Retail) | | 720 | | 40,140 | |
Silgan Holdings, Inc. (Containers & Packaging) | | 960 | | 25,757 | |
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | | 560 | | 55,776 | |
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure) | | 960 | | 67,248 | |
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods) | | 1,680 | | 50,417 | |
SLM Corp.* (Consumer Finance) | | 5,520 | | 63,204 | |
SM Energy Co. (Oil, Gas & Consumable Fuels) | | 1,280 | | 32,883 | |
Sonoco Products Co. (Containers & Packaging) | | 1,280 | | 67,200 | |
Sotheby’s*—Class A (Diversified Consumer Services) | | 480 | | 26,083 | |
Southwest Gas Corp. (Gas Utilities) | | 640 | | 48,813 | |
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels) | | 6,480 | | 34,344 | |
Sprouts Farmers Market, Inc.* (Food & Staples Retailing) | | 1,520 | | 33,546 | |
Steel Dynamics, Inc. (Metals & Mining) | | 2,960 | | 136,013 | |
STERIS PLC (Health Care Equipment & Supplies) | | 1,040 | | 109,210 | |
Sterling Bancorp (Banks) | | 2,880 | | 67,680 | |
Stifel Financial Corp. (Capital Markets) | | 880 | | 45,980 | |
Superior Energy Services, Inc.* (Energy Equipment & Services) | | 1,920 | | 18,701 | |
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | | 400 | | 20,148 | |
Syneos Health, Inc.* (Life Sciences Tools & Services) | | 720 | | 33,768 | |
SYNNEX Corp. (Electronic Equipment, Instruments & Components) | | 400 | | 38,604 | |
Synovus Financial Corp. (Banks) | | 1,520 | | 80,302 | |
Tanger Factory Outlet Centers, Inc. (Equity Real Estate Investment Trusts) | | 1,200 | | 28,188 | |
Taubman Centers, Inc. (Equity Real Estate Investment Trusts) | | 800 | | 47,008 | |
TCF Financial Corp. (Banks) | | 2,160 | | 53,179 | |
Tech Data Corp.* (Electronic Equipment, Instruments & Components) | | 480 | | 39,418 | |
TEGNA, Inc. (Media) | | 2,720 | | 29,512 | |
Teledyne Technologies, Inc.* (Aerospace & Defense) | | 480 | | 95,549 | |
Teleflex, Inc. (Health Care Equipment & Supplies) | | 560 | | 150,198 | |
Telephone & Data Systems, Inc. (Wireless Telecommunication Services) | | 1,200 | | 32,904 | |
Tempur Sealy International, Inc.* (Household Durables) | | 560 | | 26,908 | |
Tenet Healthcare Corp.* (Health Care Providers & Services) | | 1,040 | | 34,913 | |
Teradata Corp.* (IT Services) | | 1,520 | | 61,028 | |
Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | | 2,400 | | 91,367 | |
Terex Corp. (Machinery) | | 880 | | 37,127 | |
Texas Capital Bancshares, Inc.* (Banks) | | 640 | | 58,560 | |
Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure) | | 800 | | 52,408 | |
The Boston Beer Co., Inc.*—Class A (Beverages) | | 80 | | 23,976 | |
The Brink’s Co. (Commercial Services & Supplies) | | 640 | | 51,040 | |
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure) | | 560 | | 30,834 | |
The Chemours Co. (Chemicals) | | 2,240 | | 99,365 | |
The Dun & Bradstreet Corp. (Professional Services) | | 480 | | 58,872 | |
The GEO Group, Inc. (Equity Real Estate Investment Trusts) | | 1,520 | | 41,861 | |
The Hain Celestial Group, Inc.* (Food Products) | | 1,280 | | 38,144 | |
The Hanover Insurance Group, Inc. (Insurance) | | 560 | | 66,954 | |
The Michaels Cos., Inc.* (Specialty Retail) | | 1,440 | | 27,605 | |
The New York Times Co.—Class A (Media) | | 1,600 | | 41,440 | |
The Scotts Miracle-Gro Co.—Class A (Chemicals) | | 480 | | 39,917 | |
The Timken Co. (Machinery) | | 880 | | 38,324 | |
The Toro Co. (Machinery) | | 1,360 | | 81,940 | |
The Ultimate Software Group, Inc.* (Software) | | 400 | | 102,924 | |
The Wendy’s Co. (Hotels, Restaurants & Leisure) | | 2,240 | | 38,483 | |
Thor Industries, Inc. (Automobiles) | | 640 | | 62,330 | |
Toll Brothers, Inc. (Household Durables) | | 1,760 | | 65,102 | |
Tootsie Roll Industries, Inc. (Food Products) | | 240 | | 7,404 | |
Transocean, Ltd.* (Energy Equipment & Services) | | 5,520 | | 74,188 | |
TreeHouse Foods, Inc.* (Food Products) | | 720 | | 37,807 | |
TRI Pointe Group, Inc.* (Household Durables) | | 1,920 | | 31,411 | |
Trimble Navigation, Ltd.* (Electronic Equipment, Instruments & Components) | | 3,120 | | 102,460 | |
Trinity Industries, Inc. (Machinery) | | 1,920 | | 65,779 | |
Trustmark Corp. (Banks) | | 880 | | 28,714 | |
Tupperware Brands Corp. (Household Durables) | | 640 | | 26,394 | |
Tyler Technologies, Inc.* (Software) | | 480 | | 106,608 | |
UGI Corp. (Gas Utilities) | | 2,160 | | 112,471 | |
UMB Financial Corp. (Banks) | | 560 | | 42,689 | |
Umpqua Holdings Corp. (Banks) | | 2,800 | | 63,252 | |
United Bankshares, Inc. (Banks) | | 1,360 | | 49,504 | |
United Natural Foods, Inc.* (Food & Staples Retailing) | | 640 | | 27,302 | |
United States Steel Corp. (Metals & Mining) | | 2,240 | | 77,840 | |
United Therapeutics Corp.* (Biotechnology) | | 560 | | 63,364 | |
Uniti Group, Inc. (Equity Real Estate Investment Trusts) | | 2,080 | | 41,662 | |
Urban Edge Properties (Equity Real Estate Investment Trusts) | | 1,360 | | 31,103 | |
Urban Outfitters, Inc.* (Specialty Retail) | | 1,040 | | 46,332 | |
Valley National Bancorp (Banks) | | 3,360 | | 40,858 | |
Valmont Industries, Inc. (Construction & Engineering) | | 320 | | 48,240 | |
Valvoline, Inc. (Chemicals) | | 2,480 | | 53,494 | |
Vectren Corp. (Multi-Utilities) | | 1,040 | | 74,309 | |
VeriFone Systems, Inc.* (Electronic Equipment, Instruments & Components) | | 1,360 | | 31,035 | |
Versum Materials, Inc. (Semiconductors & Semiconductor Equipment) | | 1,360 | | 50,524 | |
ViaSat, Inc.* (Communications Equipment) | | 720 | | 47,318 | |
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | | 1,680 | | 38,976 | |
W.R. Berkley Corp. (Insurance) | | 1,200 | | 86,892 | |
Wabtec Corp. (Machinery) | | 1,120 | | 110,410 | |
Washington Federal, Inc. (Thrifts & Mortgage Finance) | | 1,040 | | 34,008 | |
Watsco, Inc. (Trading Companies & Distributors) | | 400 | | 71,312 | |
Webster Financial Corp. (Banks) | | 1,200 | | 76,440 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraMid-Cap :: 271
Common Stocks, continued
| | Shares | | Value | |
Weingarten Realty Investors (Equity Real Estate Investment Trusts) | | 1,520 | | $ | 46,831 | |
WellCare Health Plans, Inc.* (Health Care Providers & Services) | | 560 | | 137,894 | |
Werner Enterprises, Inc. (Road & Rail) | | 560 | | 21,028 | |
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies) | | 960 | | 95,318 | |
WEX, Inc.* (IT Services) | | 480 | | 91,430 | |
WGL Holdings, Inc. (Gas Utilities) | | 640 | | 56,800 | |
Williams-Sonoma, Inc. (Specialty Retail) | | 960 | | 58,925 | |
Wintrust Financial Corp. (Banks) | | 720 | | 62,676 | |
Woodward, Inc. (Machinery) | | 720 | | 55,339 | |
World Fuel Services Corp. (Oil, Gas & Consumable Fuels) | | 880 | | 17,961 | |
Worthington Industries, Inc. (Metals & Mining) | | 560 | | 23,503 | |
WPX Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 5,040 | | 90,872 | |
Wyndham Destinations, Inc. (Hotels, Restaurants & Leisure) | | 1,280 | | 56,666 | |
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | | 1,280 | | 75,302 | |
Zebra Technologies Corp.*—Class A (Electronic Equipment, Instruments & Components) | | 640 | | 91,680 | |
TOTAL COMMON STOCKS (Cost $16,021,847) | | | | 22,379,827 | |
| | | | | | |
Repurchase Agreements(a)(b) (22.2%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $9,634,573 | | $ | 9,633,000 | | $ | 9,633,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $9,633,000) | | | | 9,633,000 | |
TOTAL INVESTMENT SECURITIES (Cost $25,654,847)—73.6% | | | | 32,012,827 | |
Net other assets (liabilities)—26.4% | | | | 11,475,825 | |
NET ASSETS—100.0% | | | | $ | 43,488,652 | |
| | | | | | | |
* Non-income producing security.
(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $3,954,000.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
ADR American Depositary Receipt
Futures Contracts Purchased
| | Number of Contracts | | Expiration Date | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
E-Mini S&P MidCap 400 Futures Contracts | | 19 | | 9/24/18 | | $ | 3,716,590 | | $ | (92,791 | ) |
| | | | | | | | | | | |
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
S&P MidCap 400 | | Goldman Sachs International | | 7/27/18 | | 2.43 | % | $ | 15,244,736 | | $ | 120,793 | |
SPDR S&P MidCap 400 ETF | | Goldman Sachs International | | 7/27/18 | | 2.18 | % | 4,382,003 | | 60,836 | |
| | | | | | | | $ | 19,626,739 | | $ | 181,629 | |
S&P MidCap 400 | | UBS AG | | 7/27/18 | | 2.43 | % | 22,993,832 | | 57,000 | |
SPDR S&P MidCap 400 ETF | | UBS AG | | 7/27/18 | | 2.28 | % | 18,231,113 | | 35,437 | |
| | | | | | | | $ | 41,224,945 | | $ | 92,437 | |
| | | | | | | | $ | 60,851,684 | | $ | 274,066 | |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
See accompanying notes to financial statements.
272 :: ProFund VP UltraMid-Cap :: Financial Statements
ProFund VP UltraMid-Cap invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Aerospace & Defense | | $ | 231,832 | | 0.5 | % |
Airlines | | 75,920 | | 0.2 | % |
Auto Components | | 167,254 | | 0.4 | % |
Automobiles | | 62,330 | | 0.1 | % |
Banks | | 1,814,594 | | 4.1 | % |
Beverages | | 23,976 | | 0.1 | % |
Biotechnology | | 140,836 | | 0.3 | % |
Building Products | | 96,072 | | 0.2 | % |
Capital Markets | | 663,417 | | 1.5 | % |
Chemicals | | 615,996 | | 1.4 | % |
Commercial Services & Supplies | | 337,869 | | 0.8 | % |
Communications Equipment | | 290,922 | | 0.7 | % |
Construction & Engineering | | 269,662 | | 0.6 | % |
Construction Materials | | 67,181 | | 0.2 | % |
Consumer Finance | | 106,985 | | 0.2 | % |
Containers & Packaging | | 266,826 | | 0.6 | % |
Distributors | | 72,720 | | 0.2 | % |
Diversified Consumer Services | | 194,484 | | 0.4 | % |
Electric Utilities | | 285,818 | | 0.7 | % |
Electrical Equipment | | 271,565 | | 0.6 | % |
Electronic Equipment, Instruments & Components | | 998,957 | | 2.2 | % |
Energy Equipment & Services | | 464,161 | | 1.1 | % |
Equity Real Estate Investment Trusts | | 2,016,960 | | 4.6 | % |
Food & Staples Retailing | | 111,287 | | 0.3 | % |
Food Products | | 489,310 | | 1.1 | % |
Gas Utilities | | 505,154 | | 1.1 | % |
Health Care Equipment & Supplies | | 865,125 | | 2.1 | % |
Health Care Providers & Services | | 540,888 | | 1.2 | % |
Health Care Technology | | 84,883 | | 0.2 | % |
Hotels, Restaurants & Leisure | | 845,067 | | 2.0 | % |
Household Durables | | 447,277 | | 1.0 | % |
Household Products | | 45,331 | | 0.1 | % |
Industrial Conglomerates | | 86,648 | | 0.2 | % |
Insurance | | 946,288 | | 2.2 | % |
Internet Software & Services | | 146,494 | | 0.3 | % |
IT Services | | 707,934 | | 1.6 | % |
Leisure Products | | 160,187 | | 0.4 | % |
Life Sciences Tools & Services | | 305,630 | | 0.7 | % |
Machinery | | 1,105,435 | | 2.6 | % |
Marine | | 53,504 | | 0.1 | % |
Media | | 353,178 | | 0.8 | % |
Metals & Mining | | 514,992 | | 1.2 | % |
Multiline Retail | | 92,477 | | 0.2 | % |
Multi-Utilities | | 221,249 | | 0.5 | % |
Oil, Gas & Consumable Fuels | | 721,231 | | 1.6 | % |
Paper & Forest Products | | 88,277 | | 0.2 | % |
Personal Products | | 92,628 | | 0.2 | % |
Pharmaceuticals | | 134,253 | | 0.3 | % |
Professional Services | | 127,720 | | 0.3 | % |
Real Estate Management & Development | | 113,634 | | 0.3 | % |
Road & Rail | | 414,047 | | 1.0 | % |
Semiconductors & Semiconductor Equipment | | 611,574 | | 1.4 | % |
Software | | 820,235 | | 1.9 | % |
Specialty Retail | | 486,300 | | 1.1 | % |
Technology Hardware, Storage & Peripherals | | 45,570 | | 0.1 | % |
Textiles, Apparel & Luxury Goods | | 156,271 | | 0.4 | % |
Thrifts & Mortgage Finance | | 119,118 | | 0.3 | % |
Trading Companies & Distributors | | 172,587 | | 0.4 | % |
Water Utilities | | 78,803 | | 0.2 | % |
Wireless Telecommunication Services | | 32,904 | | 0.1 | % |
Other** | | 21,108,825 | | 48.6 | % |
Total | | $ | 43,488,652 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraMid-Cap :: 273
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 25,654,847 | |
Securities, at value | | 22,379,827 | |
Repurchase agreements, at value | | 9,633,000 | |
Total Investment Securities, at value | | 32,012,827 | |
Cash | | 330 | |
Segregated cash balances with brokers | | 156,750 | |
Dividends and interest receivable | | 18,781 | |
Unrealized appreciation on swap agreements | | 274,066 | |
Receivable for capital shares issued | | 11,047,268 | |
Receivable for investments sold | | 144,774 | |
Variation margin on futures contracts | | 3,800 | |
Prepaid expenses | | 368 | |
TOTAL ASSETS | | 43,658,964 | |
| | | |
LIABILITIES: | | | |
Payable for investments purchased | | 77,481 | |
Payable for capital shares redeemed | | 42,541 | |
Advisory fees payable | | 15,616 | |
Management services fees payable | | 2,082 | |
Administration fees payable | | 707 | |
Administrative services fees payable | | 7,929 | |
Distribution fees payable | | 6,591 | |
Trustee fees payable | | 6 | |
Transfer agency fees payable | | 1,163 | |
Fund accounting fees payable | | 845 | |
Compliance services fees payable | | 148 | |
Other accrued expenses | | 15,203 | |
TOTAL LIABILITIES | | 170,312 | |
NET ASSETS | | $ | 43,488,652 | |
| | | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 37,613,967 | |
Accumulated net investment income (loss) | | (14,403 | ) |
Accumulated net realized gains (losses) on investments | | (650,167 | ) |
Net unrealized appreciation (depreciation) on investments | | 6,539,255 | |
NET ASSETS | | $ | 43,488,652 | |
| | | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 741,260 | |
Net Asset Value (offering and redemption price per share) | | $ | 58.67 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 147,044 | |
Interest | | 55,521 | |
Foreign tax withholding | | (73 | ) |
TOTAL INVESTMENT INCOME | | 202,492 | |
| | | |
EXPENSES: | | | |
Advisory fees | | 97,545 | |
Management services fees | | 13,006 | |
Administration fees | | 4,612 | |
Transfer agency fees | | 6,981 | |
Administrative services fees | | 35,208 | |
Distribution fees | | 32,515 | |
Custody fees | | 1,857 | |
Fund accounting fees | | 6,234 | |
Trustee fees | | 404 | |
Compliance services fees | | 154 | |
Other fees | | 13,127 | |
Recoupment of prior expenses reduced by the Advisor | | 5,252 | |
TOTAL NET EXPENSES | | 216,895 | |
NET INVESTMENT INCOME (LOSS) | | (14,403 | ) |
| | | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 1,116,012 | |
Net realized gains (losses) on futures contracts | | 146,817 | |
Net realized gains (losses) on swap agreements | | (59,855 | ) |
Change in net unrealized appreciation/depreciation on investment securities | | (730,978 | ) |
Change in net unrealized appreciation/depreciation on futures contracts | | (136,679 | ) |
Change in net unrealized appreciation/depreciation on swap agreements | | 319,405 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | 654,722 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 640,319 | |
See accompanying notes to financial statements.
274 :: ProFund VP UltraMid-Cap :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
| | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (14,403 | ) | $ | (106,354 | ) |
Net realized gains (losses) on investments | | 1,202,974 | | 6,058,325 | |
Change in net unrealized appreciation/depreciation on investments | | (548,252 | ) | 1,672,337 | |
Change in net assets resulting from operations | | 640,319 | | 7,624,308 | |
| | | | | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net realized gains on investments | | (5,729,395 | ) | (1,888,977 | ) |
Change in net assets resulting from distributions | | (5,729,395 | ) | (1,888,977 | ) |
| | | | | |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 286,475,595 | | 463,062,362 | |
Distributions reinvested | | 5,729,395 | | 1,888,977 | |
Value of shares redeemed | | (269,441,897 | ) | (482,440,718 | ) |
Change in net assets resulting from capital transactions | | 22,763,093 | | (17,489,379 | ) |
Change in net assets | | 17,674,017 | | (11,754,048 | ) |
| | | | | |
NET ASSETS: | | | | | |
Beginning of period | | 25,814,635 | | 37,568,683 | |
End of period | | $ | 43,488,652 | | $ | 25,814,635 | |
Accumulated net investment income (loss) | | $ | (14,403 | ) | $ | — | |
| | | | | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 3,828,478 | | 6,250,038 | |
Reinvested | | 93,679 | | 25,883 | |
Redeemed | | (3,504,811 | ) | (6,499,626 | ) |
Change in shares | | 417,346 | | (223,705 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP UltraMid-Cap :: 275
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 79.70 | | $ | 68.60 | | $ | 49.75 | | $ | 61.87 | | $ | 53.64 | | $ | 31.44 | |
| | | | | | | | | | | | | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | (0.04 | ) | (0.32 | ) | (0.28 | ) | (0.44 | ) | (0.42 | ) | (0.34 | ) |
Net realized and unrealized gains (losses) on investments | | 3.62 | | 19.39 | | 19.13 | | (4.14 | ) | 8.65 | | 22.54 | |
Total income (loss) from investment activities | | 3.58 | | 19.07 | | 18.85 | | (4.58 | ) | 8.23 | | 22.20 | |
| | | | | | | | | | | | | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net realized gains on investments | | (24.61 | ) | (7.97 | ) | — | | (7.54 | ) | — | | — | |
| | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 58.67 | | $ | 79.70 | | $ | 68.60 | | $ | 49.75 | | $ | 61.87 | | $ | 53.64 | |
| | | | | | | | | | | | | |
Total Return(b) | | 3.23 | % | 28.86 | % | 37.91 | % | (9.15 | )% | 15.34 | % | 70.61 | % |
| | | | | | | | | | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.67 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.79 | % | 1.76 | % |
Net expenses(c) | | 1.67 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | (0.11 | )% | (0.43 | )% | (0.50 | )% | (0.75 | )% | (0.75 | )% | (0.80 | )% |
| | | | | | | | | | | | | |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 43,489 | | $ | 25,815 | | $ | 37,569 | | $ | 27,041 | | $ | 32,452 | | $ | 26,717 | |
Portfolio turnover rate(b)(d) | | 313 | % | 594 | % | 547 | % | 463 | % | 430 | % | 38 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
276 :: ProFund VP UltraNASDAQ-100 :: Financial Statements
Investment Objective: The ProFund VP UltraNASDAQ-100 seeks daily investment results, before fees and expenses, that correspond to twice (2x) the daily performance of the NASDAQ-100® Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 54 | % |
Futures Contracts | | 9 | % |
Swap Agreements | | 137 | % |
Total Exposure | | 200 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
Apple, Inc. | | 6.2 | % |
Amazon.com, Inc. | | 5.6 | % |
Microsoft Corp. | | 5.1 | % |
Alphabet, Inc. | | 4.9 | % |
Facebook, Inc. | | 3.2 | % |
NASDAQ-100 Index — Composition
| | % of Index | |
Information Technology | | 61 | % |
Consumer Discretionary | | 23 | % |
Health Care | | 9 | % |
Consumer Staples | | 4 | % |
Industrials | | 2 | % |
Telecommunication Services | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (54.1%)
| | Shares | | Value | |
Activision Blizzard, Inc. (Software) | | 8,848 | | $ | 675,279 | |
Adobe Systems, Inc.* (Software) | | 5,712 | | 1,392,642 | |
Alexion Pharmaceuticals, Inc.* (Biotechnology) | | 2,576 | | 319,810 | |
Align Technology, Inc.* (Health Care Equipment & Supplies) | | 952 | | 325,717 | |
Alphabet, Inc.*—Class A (Internet Software & Services) | | 3,472 | | 3,920,548 | |
Alphabet, Inc.*—Class C (Internet Software & Services) | | 4,088 | | 4,560,777 | |
Amazon.com, Inc.* (Internet & Direct Marketing Retail) | | 5,656 | | 9,614,069 | |
American Airlines Group, Inc. (Airlines) | | 5,432 | | 206,199 | |
Amgen, Inc. (Biotechnology) | | 7,728 | | 1,426,512 | |
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | | 4,312 | | 413,607 | |
Apple, Inc. (Technology Hardware, Storage & Peripherals) | | 57,288 | | 10,604,581 | |
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | | 11,760 | | 543,194 | |
ASML Holding N.V.NYS (Semiconductors & Semiconductor Equipment) | | 896 | | 177,381 | |
Autodesk, Inc.* (Software) | | 2,576 | | 337,688 | |
Automatic Data Processing, Inc. (IT Services) | | 5,152 | | 691,089 | |
Baidu, Inc.*ADR (Internet Software & Services) | | 3,248 | | 789,264 | |
Biogen, Inc.* (Biotechnology) | | 2,464 | | 715,151 | |
BioMarin Pharmaceutical, Inc.* (Biotechnology) | | 2,072 | | 195,182 | |
Booking Holdings, Inc.* (Internet & Direct Marketing Retail) | | 560 | | 1,135,170 | |
Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | | 4,760 | | 1,154,966 | |
CA, Inc. (Software) | | 4,872 | | 173,687 | |
Cadence Design Systems, Inc.* (Software) | | 3,304 | | 143,096 | |
Celgene Corp.* (Biotechnology) | | 8,456 | | 671,576 | |
Cerner Corp.* (Health Care Technology) | | 3,864 | | 231,029 | |
Charter Communications, Inc.*—Class A (Media) | | 2,744 | | 804,568 | |
Check Point Software Technologies, Ltd.* (Software) | | 1,848 | | 180,513 | |
Cintas Corp. (Commercial Services & Supplies) | | 1,232 | | 228,006 | |
Cisco Systems, Inc. (Communications Equipment) | | 54,824 | | 2,359,077 | |
Citrix Systems, Inc.* (Software) | | 1,568 | | 164,389 | |
Cognizant Technology Solutions Corp. (IT Services) | | 6,832 | | 539,660 | |
Comcast Corp.—Class A (Media) | | 53,536 | | 1,756,516 | |
Costco Wholesale Corp. (Food & Staples Retailing) | | 5,096 | | 1,064,961 | |
CSX Corp. (Road & Rail) | | 10,192 | | 650,046 | |
Ctrip.com International, Ltd.*ADR (Internet & Direct Marketing Retail) | | 5,432 | | 258,726 | |
Dentsply Sirona, Inc. (Health Care Equipment & Supplies) | | 2,632 | | 115,203 | |
Dish Network Corp.*—Class A (Media) | | 2,688 | | 90,344 | |
Dollar Tree, Inc.* (Multiline Retail) | | 2,744 | | 233,240 | |
eBay, Inc.* (Internet Software & Services) | | 11,592 | | 420,326 | |
Electronic Arts, Inc.* (Software) | | 3,584 | | 505,416 | |
Expedia, Inc. (Internet & Direct Marketing Retail) | | 1,624 | | 195,189 | |
Express Scripts Holding Co.* (Health Care Providers & Services) | | 6,552 | | 505,880 | |
Facebook, Inc.*—Class A (Internet Software & Services) | | 27,944 | | 5,430,078 | |
Fastenal Co. (Trading Companies & Distributors) | | 3,360 | | 161,717 | |
Fiserv, Inc.* (IT Services) | | 4,760 | | 352,668 | |
Gilead Sciences, Inc. (Biotechnology) | | 15,176 | | 1,075,068 | |
Hasbro, Inc. (Leisure Products) | | 1,456 | | 134,403 | |
Henry Schein, Inc.* (Health Care Providers & Services) | | 1,792 | | 130,171 | |
Hologic, Inc.* (Health Care Equipment & Supplies) | | 3,192 | | 126,882 | |
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | | 1,008 | | 219,684 | |
Illumina, Inc.* (Life Sciences Tools & Services) | | 1,736 | | 484,847 | |
Incyte Corp.* (Biotechnology) | | 2,464 | | 165,088 | |
Intel Corp. (Semiconductors & Semiconductor Equipment) | | 54,320 | | 2,700,248 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraNASDAQ-100 :: 277
Common Stocks, continued
| | Shares | | Value | |
Intuit, Inc. (Software) | | 2,968 | | $ | 606,377 | |
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | | 1,344 | | 643,077 | |
J.B. Hunt Transport Services, Inc. (Road & Rail) | | 1,288 | | 156,556 | |
JD.com, Inc.*ADR (Internet & Direct Marketing Retail) | | 10,752 | | 418,790 | |
KLA-Tencor Corp. (Semiconductors & Semiconductor Equipment) | | 1,792 | | 183,734 | |
Lam Research Corp. (Semiconductors & Semiconductor Equipment) | | 1,904 | | 329,106 | |
Liberty Global PLC*—Class A (Media) | | 2,520 | | 69,401 | |
Liberty Global PLC*—Class C (Media) | | 6,664 | | 177,329 | |
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure) | | 4,144 | | 524,630 | |
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment) | | 3,248 | | 190,528 | |
Mercadolibre, Inc. (Internet Software & Services) | | 504 | | 150,661 | |
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | | 2,744 | | 249,567 | |
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | 13,496 | | 707,730 | |
Microsoft Corp. (Software) | | 89,544 | | 8,829,933 | |
Mondelez International, Inc.—Class A (Food Products) | | 17,192 | | 704,872 | |
Monster Beverage Corp.* (Beverages) | | 6,552 | | 375,430 | |
Mylan N.V.* (Pharmaceuticals) | | 5,992 | | 216,551 | |
Netease.com, Inc.ADR (Internet Software & Services) | | 896 | | 226,392 | |
Netflix, Inc.* (Internet & Direct Marketing Retail) | | 5,040 | | 1,972,807 | |
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | | 7,056 | | 1,671,567 | |
O’Reilly Automotive, Inc.* (Specialty Retail) | | 952 | | 260,439 | |
PACCAR, Inc. (Machinery) | | 4,088 | | 253,292 | |
Paychex, Inc. (IT Services) | | 4,200 | | 287,070 | |
PayPal Holdings, Inc.* (IT Services) | | 13,832 | | 1,151,791 | |
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | | 17,304 | | 971,100 | |
Qurate Retail, Inc.*—Class A (Health Care Providers & Services) | | 5,152 | | 109,325 | |
Regeneron Pharmaceuticals, Inc.* (Biotechnology) | | 1,232 | | 425,028 | |
Ross Stores, Inc. (Specialty Retail) | | 4,424 | | 374,934 | |
Seagate Technology PLC (Technology Hardware, Storage & Peripherals) | | 3,360 | | 189,739 | |
Shire Pharmaceuticals Group PLCADR (Biotechnology) | | 784 | | 132,339 | |
Sirius XM Holdings, Inc. (Media) | | 52,192 | | 353,340 | |
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | | 2,128 | | 205,671 | |
Starbucks Corp. (Hotels, Restaurants & Leisure) | | 16,072 | | 785,118 | |
Symantec Corp. (Software) | | 7,224 | | 149,176 | |
Synopsys, Inc.* (Software) | | 1,736 | | 148,550 | |
Take-Two Interactive Software, Inc.* (Software) | | 1,344 | | 159,076 | |
Tesla Motors, Inc.* (Automobiles) | | 1,960 | | 672,182 | |
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | 11,424 | | 1,259,496 | |
The Kraft Heinz Co. (Food Products) | | 14,224 | | 893,552 | |
T-Mobile U.S., Inc.* (Wireless Telecommunication Services) | | 9,856 | | 588,896 | |
Twenty-First Century Fox, Inc.—Class A (Media) | | 12,264 | | 609,398 | |
Twenty-First Century Fox, Inc.—Class B (Media) | | 9,296 | | 458,014 | |
Ulta Salon, Cosmetics & Fragrance, Inc.* (Specialty Retail) | | 728 | | 169,959 | |
Verisk Analytics, Inc.*—Class A (Professional Services) | | 1,904 | | 204,947 | |
Vertex Pharmaceuticals, Inc.* (Biotechnology) | | 2,968 | | 504,441 | |
Vodafone Group PLCADR (Wireless Telecommunication Services) | | 5,544 | | 134,775 | |
Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | | 11,536 | | 692,333 | |
Western Digital Corp. (Technology Hardware, Storage & Peripherals) | | 3,472 | | 268,768 | |
Workday, Inc.*—Class A (Software) | | 1,680 | | 203,482 | |
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure) | | 1,288 | | 215,534 | |
Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | | 2,968 | | 193,692 | |
TOTAL COMMON STOCKS (Cost $47,917,120) | | | | 92,901,623 | |
| | | | | | |
Repurchase Agreements(a)(b) (38.6%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $66,164,804 | | $ | 66,154,000 | | $ | 66,154,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $66,154,000) | | | | 66,154,000 | |
TOTAL INVESTMENT SECURITIES (Cost $114,071,120)—92.7% | | | | 159,055,623 | |
Net other assets (liabilities)—7.3% | | | | 12,488,667 | |
NET ASSETS—100.0% | | | | $ | 171,544,290 | |
| | | | | | | |
* Non-income producing security.
(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $21,675,000.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
ADR American Depositary Receipt
NYS New York Shares
See accompanying notes to financial statements.
278 :: ProFund VP UltraNASDAQ-100 :: Financial Statements
Futures Contracts Purchased
| | Number of Contracts | | Expiration Date | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
E-Mini NASDAQ-100 Futures Contracts | | 113 | | 9/24/18 | | $ | 15,961,815 | | $ | (270,491 | ) |
| | | | | | | | | | | |
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
NASDAQ-100 Index | | Goldman Sachs International | | 7/27/18 | | 2.53 | % | $ | 74,432,461 | | $ | 668,284 | |
PowerShares QQQ Trust, Series 1 ETF | | Goldman Sachs International | | 7/27/18 | | 2.28 | % | 46,660,196 | | 617,148 | |
| | | | | | | | 121,092,657 | | 1,285,432 | |
NASDAQ-100 Index | | UBS AG | | 7/27/18 | | 2.48 | % | 74,499,733 | | 781,656 | |
PowerShares QQQ Trust, Series 1 ETF | | UBS AG | | 7/27/18 | | 2.48 | % | 38,652,336 | | 427,096 | |
| | | | | | | | 113,152,069 | | 1,208,752 | |
| | | | | | | | $ | 234,244,726 | | $ | 2,494,184 | |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
ProFund VP UltraNASDAQ-100 invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Airlines | | $ | 206,199 | | 0.1 | % |
Automobiles | | 672,182 | | 0.4 | % |
Beverages | | 375,430 | | 0.2 | % |
Biotechnology | | 5,630,195 | | 3.4 | % |
Commercial Services & Supplies | | 228,006 | | 0.1 | % |
Communications Equipment | | 2,359,077 | | 1.4 | % |
Food & Staples Retailing | | 1,757,294 | | 1.1 | % |
Food Products | | 1,598,424 | | 0.9 | % |
Health Care Equipment & Supplies | | 1,430,563 | | 0.8 | % |
Health Care Providers & Services | | 745,376 | | 0.4 | % |
Health Care Technology | | 231,029 | | 0.1 | % |
Hotels, Restaurants & Leisure | | 1,525,282 | | 0.9 | % |
Internet & Direct Marketing Retail | | 13,594,751 | | 7.9 | % |
Internet Software & Services | | 15,498,046 | | 8.9 | % |
IT Services | | 3,022,278 | | 1.8 | % |
Leisure Products | | 134,403 | | 0.1 | % |
Life Sciences Tools & Services | | 484,847 | | 0.3 | % |
Machinery | | 253,292 | | 0.1 | % |
Media | | 4,318,910 | | 2.5 | % |
Multiline Retail | | 233,240 | | 0.1 | % |
Pharmaceuticals | | 216,551 | | 0.1 | % |
Professional Services | | 204,947 | | 0.1 | % |
Road & Rail | | 806,602 | | 0.6 | % |
Semiconductors & Semiconductor Equipment | | 10,951,587 | | 6.4 | % |
Software | | 13,669,304 | | 8.0 | % |
Specialty Retail | | 805,332 | | 0.5 | % |
Technology Hardware, Storage & Peripherals | | 11,063,088 | | 6.4 | % |
Trading Companies & Distributors | | 161,717 | | 0.1 | % |
Wireless Telecommunication Services | | 723,671 | | 0.4 | % |
Other** | | 78,642,667 | | 45.9 | % |
Total | | $ | 171,544,290 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraNASDAQ-100 :: 279
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 114,071,120 | |
Securities, at value | | 92,901,623 | |
Repurchase agreements, at value | | 66,154,000 | |
Total Investment Securities, at value | | 159,055,623 | |
Cash | | 1 | |
Segregated cash balances with brokers | | 720,940 | |
Segregated cash balances with custodian | | 902 | |
Dividends and interest receivable | | 22,010 | |
Unrealized appreciation on swap agreements | | 2,494,184 | |
Receivable for capital shares issued | | 26,133,446 | |
Variation margin on futures contracts | | 5,085 | |
Prepaid expenses | | 1,575 | |
TOTAL ASSETS | | 188,433,766 | |
| | | |
LIABILITIES: | | | |
Payable for investments purchased | | 16,591,566 | |
Payable for capital shares redeemed | | 96,235 | |
Advisory fees payable | | 71,894 | |
Management services fees payable | | 9,586 | |
Administration fees payable | | 3,341 | |
Administrative services fees payable | | 42,109 | |
Distribution fees payable | | 40,178 | |
Trustee fees payable | | 26 | |
Transfer agency fees payable | | 5,500 | |
Fund accounting fees payable | | 3,994 | |
Compliance services fees payable | | 683 | |
Other accrued expenses | | 24,364 | |
TOTAL LIABILITIES | | 16,889,476 | |
NET ASSETS | | $ | 171,544,290 | |
| | | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 124,803,156 | |
Accumulated net investment income (loss) | | (262,797 | ) |
Accumulated net realized gains (losses) on investments | | (204,265 | ) |
Net unrealized appreciation (depreciation) on investments | | 47,208,196 | |
NET ASSETS | | $ | 171,544,290 | |
| | | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 1,946,465 | |
Net Asset Value (offering and redemption price per share) | | $ | 88.13 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 385,548 | |
Interest | | 277,003 | |
TOTAL INVESTMENT INCOME | | 662,551 | |
| | | |
EXPENSES: | | | |
Advisory fees | | 423,652 | |
Management services fees | | 56,487 | |
Administration fees | | 15,709 | |
Transfer agency fees | | 23,810 | |
Administrative services fees | | 154,574 | |
Distribution fees | | 141,217 | |
Custody fees | | 6,441 | |
Fund accounting fees | | 17,723 | |
Trustee fees | | 1,332 | |
Compliance services fees | | 683 | |
Other fees | | 54,987 | |
Recoupment of prior expenses reduced by the Advisor | | 51,977 | |
TOTAL NET EXPENSES | | 948,592 | |
NET INVESTMENT INCOME (LOSS) | | (286,041 | ) |
| | | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 113,529 | |
Net realized gains (losses) on futures contracts | | 2,803,056 | |
Net realized gains (losses) on swap agreements | | (1,269,294 | ) |
Change in net unrealized appreciation/depreciation on investment securities | | 6,867,358 | |
Change in net unrealized appreciation/depreciation on futures contracts | | (453,395 | ) |
Change in net unrealized appreciation/depreciation on swap agreements | | 3,067,501 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | 11,128,755 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 10,842,714 | |
See accompanying notes to financial statements.
280 :: ProFund VP UltraNASDAQ-100 :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
| | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (286,041 | ) | $ | (626,594 | ) |
Net realized gains (losses) on investments | | 1,647,291 | | 36,148,746 | |
Change in net unrealized appreciation/depreciation on investments | | 9,481,464 | | 16,422,506 | |
Change in net assets resulting from operations | | 10,842,714 | | 51,944,658 | |
| | | | | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net realized gains on investments | | (35,475,871 | ) | (2,556,570 | ) |
Change in net assets resulting from distributions | | (35,475,871 | ) | (2,556,570 | ) |
| | | | | |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 777,235,480 | | 1,507,812,339 | |
Distributions reinvested | | 35,391,124 | | 2,556,570 | |
Value of shares redeemed | | (747,887,234 | ) | (1,521,544,851 | ) |
Change in net assets resulting from capital transactions | | 64,739,370 | | (11,175,942 | ) |
Change in net assets | | 40,106,213 | | 38,212,146 | |
| | | | | |
NET ASSETS: | | | | | |
Beginning of period | | 131,438,077 | | 93,225,931 | |
End of period | | $ | 171,544,290 | | $ | 131,438,077 | |
Accumulated net investment income (loss) | | $ | (262,797 | ) | $ | 23,244 | |
| | | | | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 6,688,083 | | 15,918,607 | |
Reinvested | | 380,304 | | 25,510 | |
Redeemed | | (6,279,624 | ) | (16,137,591 | ) |
Change in shares | | 788,763 | | (193,474 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP UltraNASDAQ-100 :: 281
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 113.53 | | $ | 69.00 | | $ | 69.69 | | $ | 69.97 | | $ | 51.51 | | $ | 28.77 | |
| | | | | | | | | | | | | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | (0.31 | ) | (0.65 | ) | (0.49 | ) | (0.55 | ) | (0.42 | ) | (0.33 | ) |
Net realized and unrealized gains (losses) on investments | | 22.25 | | 47.48 | | 6.47 | | 9.55 | | 18.88 | | 23.07 | |
Total income (loss) from investment activities | | 21.94 | | 46.83 | | 5.98 | | 9.00 | | 18.46 | | 22.74 | |
| | | | | | | | | | | | | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net realized gains on investments | | (47.34 | ) | (2.30 | ) | (6.67 | ) | (9.28 | ) | — | | — | |
| | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 88.13 | | $ | 113.53 | | $ | 69.00 | | $ | 69.69 | | $ | 69.97 | | $ | 51.51 | |
| | | | | | | | | | | | | |
Total Return(b) | | 17.10 | % | 68.33 | % | 8.62 | % | 13.60 | % | 35.84 | % | 79.04 | % |
| | | | | | | | | | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.68 | % | 1.69 | % | 1.71 | % | 1.71 | % | 1.72 | % | 1.72 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | (0.51 | )% | (0.68 | )% | (0.75 | )% | (0.79 | )% | (0.72 | )% | (0.88 | )% |
| | | | | | | | | | | | | |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 171,544 | | $ | 131,438 | | $ | 93,226 | | $ | 76,684 | | $ | 105,265 | | $ | 64,938 | |
Portfolio turnover rate(b)(d) | | 1 | % | 4 | % | 33 | % | 58 | % | 77 | % | 27 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
282 :: ProFund VP UltraShort Dow 30 :: Financial Statements
Investment Objective: The ProFund VP UltraShort Dow 30 seeks daily investment results, before fees and expenses, that correspond to twice the inverse (-2x) of the daily performance of the Dow Jones Industrial Average.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Swap Agreements | | (200 | )% |
Total Exposure | | (200 | )% |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Holdings
The ProFund VP UltraShort Dow 30 primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
Dow Jones Industrial Average — Composition
| | % of Index | |
Industrials | | 23 | % |
Information Technology | | 18 | % |
Financials | | 15 | % |
Consumer Discretionary | | 15 | % |
Health Care | | 13 | % |
Consumer Staples | | 7 | % |
Energy | | 6 | % |
Materials | | 2 | % |
Telecommunication Services | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (94.6%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $7,001 | | $ | 7,000 | | $ | 7,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $7,000) | | | | 7,000 | |
TOTAL INVESTMENT SECURITIES (Cost $7,000)—94.6% | | | | 7,000 | |
Net other assets (liabilities)—5.4% | | | | 402 | |
NET ASSETS—100.0% | | | | $ | 7,402 | |
| | | | | | | |
(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $2,000.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
Dow Jones Industrial Average | | Goldman Sachs International | | 7/27/18 | | (2.18 | )% | $ | (7,471 | ) | $ | (46 | ) |
Dow Jones Industrial Average | | UBS AG | | 7/27/18 | | (2.18 | )% | (7,302 | ) | (47 | ) |
| | | | | | | | $ | (14,773 | ) | $ | (93 | ) |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraShort Dow 30 :: 283
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 7,000 | |
Repurchase agreements, at value | | 7,000 | |
Total Investment Securities, at value | | 7,000 | |
Cash | | 744 | |
Interest receivable | | 1 | |
TOTAL ASSETS | | 7,745 | |
| | | |
LIABILITIES: | | | |
Unrealized depreciation on swap agreements | | 93 | |
Advisory fees payable | | 7 | |
Management services fees payable | | 1 | |
Administration fees payable | | 2 | |
Administrative services fees payable | | 3 | |
Distribution fees payable | | 19 | |
Transfer agency fees payable | | 3 | |
Fund accounting fees payable | | 2 | |
Other accrued expenses | | 213 | |
TOTAL LIABILITIES | | 343 | |
NET ASSETS | | $ | 7,402 | |
| | | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 946,356 | |
Accumulated net investment income (loss) | | 6 | |
Accumulated net realized gains (losses) on investments | | (938,867 | ) |
Net unrealized appreciation (depreciation) on investments | | (93 | ) |
NET ASSETS | | $ | 7,402 | |
| | | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 1,214 | |
Net Asset Value (offering and redemption price per share) | | $ | 6.10 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Interest | | $ | 210 | |
| | | |
EXPENSES: | | | |
Advisory fees | | 91 | |
Management services fees | | 12 | |
Administration fees | | 4 | |
Transfer agency fees | | 6 | |
Administrative services fees | | 7 | |
Distribution fees | | 30 | |
Custody fees | | 8 | |
Fund accounting fees | | 5 | |
Audit fees | | 62 | |
Printing fees | | 117 | |
Other fees | | 8 | |
Total Gross Expenses before reductions | | 350 | |
Less fees paid indirectly | | (2 | ) |
Expenses reduced and reimbursed by the Advisor | | (144 | ) |
TOTAL NET EXPENSES | | 204 | |
NET INVESTMENT INCOME (LOSS) | | 6 | |
| | | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on swap agreements | | (7,287 | ) |
Change in net unrealized appreciation/depreciation on swap agreements | | (129 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (7,416 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (7,410 | ) |
See accompanying notes to financial statements.
284 :: ProFund VP UltraShort Dow 30 :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
| | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 6 | | $ | (817 | ) |
Net realized gains (losses) on investments | | (7,287 | ) | (79,514 | ) |
Change in net unrealized appreciation/depreciation on investments | | (129 | ) | (135 | ) |
Change in net assets resulting from operations | | (7,410 | ) | (80,466 | ) |
| | | | | |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 1,430,743 | | 8,623,275 | |
Value of shares redeemed | | (1,423,739 | ) | (8,552,705 | ) |
Change in net assets resulting from capital transactions | | 7,004 | | 70,570 | |
Change in net assets | | (406 | ) | (9,896 | ) |
| | | | | |
NET ASSETS: | | | | | |
Beginning of period | | 7,808 | | 17,704 | |
End of period | | $ | 7,402 | | $ | 7,808 | |
Accumulated net investment income (loss) | | $ | 6 | | $ | — | |
| | | | | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 238,173 | | 1,033,164 | |
Redeemed | | (238,208 | ) | (1,033,618 | ) |
Change in shares | | (35 | ) | (454 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP UltraShort Dow 30 :: 285
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014(a) | | Year Ended Dec. 31, 2013(a) | |
Net Asset Value, Beginning of Period | | $ | 6.25 | | $ | 10.40 | | $ | 15.24 | | $ | 16.79 | | $ | 22.44 | | $ | 39.84 | |
| | | | | | | | | | | | | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(b) | | — | (c) | (0.09 | ) | (0.19 | ) | (0.26 | ) | (0.32 | ) | (0.48 | ) |
Net realized and unrealized gains (losses) on investments | | (0.15 | ) | (4.06 | ) | (4.65 | ) | (1.29 | ) | (5.33 | ) | (16.92 | ) |
Total income (loss) from investment activities | | (0.15 | ) | (4.15 | ) | (4.84 | ) | (1.55 | ) | (5.65 | ) | (17.40 | ) |
| | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 6.10 | | $ | 6.25 | | $ | 10.40 | | $ | 15.24 | | $ | 16.79 | | $ | 22.44 | |
| | | | | | | | | | | | | |
Total Return(d) | | (2.40 | )% | (39.90 | )% | (31.76 | )% | (9.23 | )% | (25.18 | )% | (43.84 | )% |
| | | | | | | | | | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(e) | | 2.89 | % | 1.68 | % | 1.68 | % | 2.27 | % | 4.08 | % | 3.41 | % |
Net expenses(e) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(e) | | 0.05 | % | (0.99 | )% | (1.43 | )% | (1.63 | )% | (1.66 | )% | (1.65 | )% |
| | | | | | | | | | | | | |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 7 | | $ | 8 | | $ | 18 | | $ | 28 | | $ | 50 | | $ | 191 | |
Portfolio turnover rate(f) | | — | | — | | — | | — | | — | | — | |
(a) As described in Note 9, share amounts have been adjusted for 1:12 reverse share split that occurred on October 20, 2014.
(b) Per share net investment income (loss) has been calculated using the average daily shares method.
(c) Amount is less than $0.005.
(d) Not annualized for periods less than one year.
(e) Annualized for periods less than one year.
(f) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).
See accompanying notes to financial statements.
286 :: ProFund VP UltraShort NASDAQ-100 :: Financial Statements
Investment Objective: The ProFund VP UltraShort NASDAQ-100 seeks daily investment results, before fees and expenses, that correspond to twice the inverse (-2x) of the daily performance of the NASDAQ-100 Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Swap Agreements | | (200 | )% |
Total Exposure | | (200 | )% |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Holdings
The ProFund VP UltraShort NASDAQ-100 primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.
NASDAQ-100 Index — Composition
| | % of Index | |
Information Technology | | 61 | % |
Consumer Discretionary | | 23 | % |
Health Care | | 9 | % |
Consumer Staples | | 4 | % |
Industrials | | 2 | % |
Telecommunication Services | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (187.6%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $485,079 | | $ | 485,000 | | $ | 485,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $485,000) | | | | 485,000 | |
TOTAL INVESTMENT SECURITIES (Cost $485,000)—187.6% | | | | 485,000 | |
Net other assets (liabilities)—(87.6)% | | | | (226,421 | ) |
NET ASSETS—100.0% | | | | $ | 258,579 | |
| | | | | | | |
(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $209,000.
(b) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
NASDAQ-100 Index | | Goldman Sachs International | | 7/27/18 | | (2.28 | )% | $ | (225,265 | ) | $ | (2,261 | ) |
NASDAQ-100 Index | | UBS AG | | 7/27/18 | | (2.13 | )% | (291,727 | ) | (8,132 | ) |
| | | | | | | | $ | (516,992 | ) | $ | (10,393 | ) |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraShort NASDAQ-100 :: 287
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 485,000 | |
Repurchase agreements, at value | | 485,000 | |
Total Investment Securities, at value | | 485,000 | |
Cash | | 634 | |
Interest receivable | | 53 | |
Receivable for capital shares issued | | 19,993 | |
Prepaid expenses | | 4 | |
TOTAL ASSETS | | 505,684 | |
| | | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 235,899 | |
Unrealized depreciation on swap agreements | | 10,393 | |
Advisory fees payable | | 214 | |
Management services fees payable | | 29 | |
Administration fees payable | | 10 | |
Administrative services fees payable | | 150 | |
Distribution fees payable | | 190 | |
Transfer agency fees payable | | 16 | |
Fund accounting fees payable | | 12 | |
Compliance services fees payable | | 2 | |
Other accrued expenses | | 190 | |
TOTAL LIABILITIES | | 247,105 | |
NET ASSETS | | $ | 258,579 | |
| | | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 5,753,358 | |
Accumulated net investment income (loss) | | (232 | ) |
Accumulated net realized gains (losses) on investments | | (5,484,154 | ) |
Net unrealized appreciation (depreciation) on investments | | (10,393 | ) |
NET ASSETS | | $ | 258,579 | |
| | | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 7,565 | |
Net Asset Value (offering and redemption price per share) | | $ | 34.18 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Interest | | $ | 2,377 | |
| | | |
EXPENSES: | | | |
Advisory fees | | 1,165 | |
Management services fees | | 155 | |
Administration fees | | 48 | |
Transfer agency fees | | 73 | |
Administrative services fees | | 305 | |
Distribution fees | | 388 | |
Custody fees | | 29 | |
Fund accounting fees | | 54 | |
Trustee fees | | 4 | |
Compliance services fees | | 2 | |
Other fees | | 229 | |
Recoupment of prior expenses reduced by the Advisor | | 163 | |
Total Gross Expenses before reductions | | 2,615 | |
Expenses reduced and reimbursed by the Advisor | | (6 | ) |
TOTAL NET EXPENSES | | 2,609 | |
NET INVESTMENT INCOME (LOSS) | | (232 | ) |
| | | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on futures contracts | | (7,275 | ) |
Net realized gains (losses) on swap agreements | | (68,861 | ) |
Change in net unrealized appreciation/depreciation on futures contracts | | 1,951 | |
Change in net unrealized appreciation/depreciation on swap agreements | | (13,430 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (87,615 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (87,847 | ) |
See accompanying notes to financial statements.
288 :: ProFund VP UltraShort NASDAQ-100 :: Financial Statements
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
| | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (232 | ) | $ | (5,145 | ) |
Net realized gains (losses) on investments | | (76,136 | ) | (423,312 | ) |
Change in net unrealized appreciation/depreciation on investments | | (11,479 | ) | (25,053 | ) |
Change in net assets resulting from operations | | (87,847 | ) | (453,510 | ) |
| | | | | |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 4,843,737 | | 21,093,036 | |
Value of shares redeemed | | (4,821,211 | ) | (21,224,939 | ) |
Change in net assets resulting from capital transactions | | 22,526 | | (131,903 | ) |
Change in net assets | | (65,321 | ) | (585,413 | ) |
| | | | | |
NET ASSETS: | | | | | |
Beginning of period | | 323,900 | | 909,313 | |
End of period | | $ | 258,579 | | $ | 323,900 | |
Accumulated net investment income (loss) | | $ | (232 | ) | $ | — | |
| | | | | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 131,311 | | 382,529 | (a) |
Redeemed | | (131,136 | ) | (386,564 | )(a) |
Change in shares | | 175 | | (4,035 | ) |
��
(a) As described in Note 9, share amounts have been adjusted for 1:8 reverse share split that occurred on December 11, 2017.
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP UltraShort NASDAQ-100 :: 289
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017(a) | | Year Ended Dec. 31, 2016(a) | | Year Ended Dec. 31, 2015(a) | | Year Ended Dec. 31, 2014(a)(b) | | Year Ended Dec. 31, 2013(a)(b) | |
Net Asset Value, Beginning of Period | | $ | 43.83 | | $ | 79.59 | | $ | 99.69 | | $ | 135.27 | | $ | 212.18 | | $ | 410.00 | |
| | | | | | | | | | | | | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(c) | | (0.03 | ) | (0.49 | ) | (1.36 | ) | (1.84 | ) | (2.80 | ) | (5.15 | ) |
Net realized and unrealized gains (losses) on investments | | (9.62 | ) | (35.27 | ) | (18.74 | ) | (33.74 | ) | (74.11 | ) | (192.67 | ) |
Total income (loss) from investment activities | | (9.65 | ) | (35.76 | ) | (20.10 | ) | (35.58 | ) | (76.91 | ) | (197.82 | ) |
| | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 34.18 | | $ | 43.83 | | $ | 79.59 | | $ | 99.69 | | $ | 135.27 | | $ | 212.18 | |
| | | | | | | | | | | | | |
Total Return(d) | | (22.02 | )% | (44.94 | )% | (20.21 | )% | (26.26 | )% | (35.75 | )% | (48.63 | )% |
| | | | | | | | | | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(e) | | 1.69 | % | 1.68 | % | 1.68 | % | 1.71 | % | 2.20 | % | 1.97 | % |
Net expenses(e) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(e) | | (0.15 | )% | (0.88 | )% | (1.42 | )% | (1.64 | )% | (1.66 | )% | (1.65 | )% |
| | | | | | | | | | | | | |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 259 | | $ | 324 | | $ | 909 | | $ | 615 | | $ | 605 | | $ | 756 | |
Portfolio turnover rate(f) | | — | | — | | — | | — | | — | | — | |
(a) As described in Note 9, share amounts have been adjusted for 1:8 reverse share split that occurred on December 11, 2017.
(b) As described in Note 9, share amounts have been adjusted for 1:14 reverse share split that occurred on October 20, 2014.
(c) Per share net investment income (loss) has been calculated using the average daily shares method.
(d) Not annualized for periods less than one year.
(e) Annualized for periods less than one year.
(f) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts).
See accompanying notes to financial statements.
290 :: ProFund VP UltraSmall-Cap :: Financial Statements
Investment Objective: The ProFund VP UltraSmall-Cap seeks daily investment results, before fees and expenses, that correspond to twice (2x) the daily performance of the Russell 2000® Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 23 | % |
Futures Contracts | | 15 | % |
Swap Agreements | | 162 | % |
Total Exposure | | 200 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
Five Below, Inc. | | 0.1 | % |
Etsy, Inc. | | 0.1 | % |
IDACORP, Inc. | | 0.1 | % |
Entegris, Inc. | | 0.1 | % |
Haemonetics Corp. | | 0.1 | % |
Russell 2000 Index — Composition
| | % of Index | |
Financials | | 19 | % |
Health Care | | 15 | % |
Industrials | | 15 | % |
Information Technology | | 15 | % |
Consumer Discretionary | | 13 | % |
Real Estate | | 7 | % |
Energy | | 5 | % |
Materials | | 4 | % |
Utilities | | 3 | % |
Consumer Staples | | 3 | % |
Telecommunication Services | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (23.2%)
| | Shares | | Value | |
1-800-Flowers.com, Inc.*—Class A (Internet & Direct Marketing Retail) | | 222 | | $ | 2,786 | |
22nd Century Group, Inc.* (Tobacco) | | 1,073 | | 2,640 | |
3D Systems Corp.* (Technology Hardware, Storage & Peripherals) | | 518 | | 7,154 | |
8x8, Inc.* (Software) | | 407 | | 8,160 | |
A. Schulman, Inc. (Chemicals) | | 148 | | 6,586 | |
A10 Networks, Inc.* (Software) | | 407 | | 2,536 | |
AAON, Inc. (Building Products) | | 185 | | 6,151 | |
AAR Corp. (Aerospace & Defense) | | 148 | | 6,881 | |
Aaron’s, Inc. (Specialty Retail) | | 296 | | 12,861 | |
Abeona Therapeutics, Inc.* (Biotechnology) | | 185 | | 2,960 | |
Abercrombie & Fitch Co.—Class A (Specialty Retail) | | 296 | | 7,246 | |
ABM Industries, Inc. (Commercial Services & Supplies) | | 296 | | 8,637 | |
Abraxas Petroleum Corp.* (Oil, Gas & Consumable Fuels) | | 1,110 | | 3,208 | |
Acacia Communications, Inc.* (Communications Equipment) | | 148 | | 5,152 | |
Acacia Research Corp.* (Professional Services) | | 518 | | 2,150 | |
ACADIA Pharmaceuticals, Inc.* (Biotechnology) | | 444 | | 6,780 | |
Acadia Realty Trust (Equity Real Estate Investment Trusts) | | 370 | | 10,127 | |
Accelerate Diagnostics, Inc.* (Life Sciences Tools & Services) | | 148 | | 3,300 | |
Acceleron Pharma, Inc.* (Biotechnology) | | 185 | | 8,976 | |
ACCO Brands Corp. (Commercial Services & Supplies) | | 518 | | 7,174 | |
Accuray, Inc.* (Health Care Equipment & Supplies) | | 666 | | 2,731 | |
Achaogen, Inc.* (Biotechnology) | | 222 | | 1,923 | |
Achillion Pharmaceuticals, Inc.* (Biotechnology) | | 999 | | 2,827 | |
ACI Worldwide, Inc.* (Software) | | 481 | | 11,866 | |
Aclaris Therapeutics, Inc.* (Pharmaceuticals) | | 185 | | 3,694 | |
Acorda Therapeutics, Inc.* (Biotechnology) | | 222 | | 6,371 | |
Actuant Corp.—Class A (Machinery) | | 296 | | 8,688 | |
Acushnet Holdings Corp. (Leisure Products) | | 185 | | 4,525 | |
Acxiom Corp.* (IT Services) | | 333 | | 9,973 | |
Adtalem Global Education, Inc.* (Diversified Consumer Services) | | 259 | | 12,458 | |
ADTRAN, Inc. (Communications Equipment) | | 259 | | 3,846 | |
Aduro Biotech, Inc.* (Biotechnology) | | 407 | | 2,849 | |
Advanced Disposal Services, Inc.* (Commercial Services & Supplies) | | 333 | | 8,252 | |
Advanced Drainage Systems, Inc. (Building Products) | | 222 | | 6,338 | |
Advanced Energy Industries, Inc.* (Semiconductors & Semiconductor Equipment) | | 185 | | 10,747 | |
AdvanSix, Inc.* (Chemicals) | | 148 | | 5,421 | |
Adverum Biotechnologies, Inc.* (Biotechnology) | | 444 | | 2,353 | |
Aegion Corp.* (Construction & Engineering) | | 185 | | 4,764 | |
Aerie Pharmaceuticals, Inc.* (Pharmaceuticals) | | 148 | | 9,997 | |
Aerohive Networks, Inc.* (Communications Equipment) | | 444 | | 1,763 | |
Aerojet Rocketdyne Holdings, Inc.* (Aerospace & Defense) | | 296 | | 8,729 | |
AG Mortgage Investment Trust, Inc. (Mortgage Real Estate Investment Trusts) | | 185 | | 3,476 | |
Agenus, Inc.* (Biotechnology) | | 851 | | 1,932 | |
Agree Realty Corp. (Equity Real Estate Investment Trusts) | | 148 | | 7,810 | |
AgroFresh Solutions, Inc.* (Chemicals) | | 296 | | 2,075 | |
Aimmune Therapeutics, Inc.* (Biotechnology) | | 222 | | 5,970 | |
Air Transport Services Group, Inc.* (Air Freight & Logistics) | | 296 | | 6,687 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 291
Common Stocks, continued
| | Shares | | Value | |
Aircastle, Ltd. (Trading Companies & Distributors) | | 259 | | $ | 5,310 | |
AK Steel Holding Corp.* (Metals & Mining) | | 1,480 | | 6,423 | |
Akebia Therapeutics, Inc.* (Biotechnology) | | 333 | | 3,323 | |
Akorn, Inc.* (Pharmaceuticals) | | 444 | | 7,366 | |
Alarm.com Holdings, Inc.* (Internet Software & Services) | | 148 | | 5,976 | |
Albany International Corp.—Class A (Machinery) | | 148 | | 8,902 | |
Alder Biopharmaceuticals, Inc.* (Biotechnology) | | 296 | | 4,677 | |
Alexander & Baldwin, Inc. (Real Estate Management & Development) | | 333 | | 7,826 | |
Allegheny Technologies, Inc.* (Metals & Mining) | | 518 | | 13,013 | |
ALLETE, Inc. (Electric Utilities) | | 222 | | 17,185 | |
Allscripts Healthcare Solutions, Inc.* (Health Care Technology) | | 777 | | 9,324 | |
Alta Mesa Resources, Inc.* (Oil, Gas & Consumable Fuels) | | 555 | | 3,780 | |
Altair Engineering, Inc.* (Software) | | 148 | | 5,059 | |
Alteryx, Inc.* (Internet Software & Services) | | 148 | | 5,648 | |
Altra Industrial Motion Corp. (Machinery) | | 148 | | 6,379 | |
AMAG Pharmaceuticals, Inc.* (Biotechnology) | | 185 | | 3,608 | |
Ambac Financial Group, Inc.* (Insurance) | | 222 | | 4,407 | |
Ambarella, Inc.* (Semiconductors & Semiconductor Equipment) | | 148 | | 5,714 | |
AMC Entertainment Holdings, Inc.—Class A (Media) | | 259 | | 4,118 | |
Amedisys, Inc.* (Health Care Providers & Services) | | 111 | | 9,486 | |
American Assets Trust, Inc. (Equity Real Estate Investment Trusts) | | 185 | | 7,084 | |
American Axle & Manufacturing Holdings, Inc.* (Auto Components) | | 518 | | 8,060 | |
American Eagle Outfitters, Inc. (Specialty Retail) | | 666 | | 15,485 | |
American Equity Investment Life Holding Co. (Insurance) | | 370 | | 13,320 | |
American Outdoor Brands Corp.* (Leisure Products) | | 296 | | 3,561 | |
American Software, Inc.—Class A (Software) | | 185 | | 2,695 | |
American States Water Co. (Water Utilities) | | 148 | | 8,460 | |
American Vanguard Corp. (Chemicals) | | 185 | | 4,246 | |
Americold Realty Trust (Equity Real Estate Investment Trusts) | | 259 | | 5,703 | |
Ameris Bancorp (Banks) | | 185 | | 9,870 | |
Amicus Therapeutics, Inc.* (Biotechnology) | | 814 | | 12,715 | |
Amkor Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | 555 | | 4,767 | |
AMN Healthcare Services, Inc.* (Health Care Providers & Services) | | 185 | | 10,841 | |
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals) | | 407 | | 6,679 | |
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | | 222 | | 3,388 | |
Ampio Pharmaceuticals, Inc.* (Pharmaceuticals) | | 1,110 | | 2,442 | |
AmTrust Financial Services, Inc. (Insurance) | | 518 | | 7,547 | |
Amyris, Inc.* (Oil, Gas & Consumable Fuels) | | 333 | | 2,128 | |
AngioDynamics, Inc.* (Health Care Equipment & Supplies) | | 185 | | 4,114 | |
Anixter International, Inc.* (Electronic Equipment, Instruments & Components) | | 148 | | 9,368 | |
Antares Pharma, Inc.* (Health Care Equipment & Supplies) | | 1,036 | | 2,673 | |
Anworth Mortgage Asset Corp. (Mortgage Real Estate Investment Trusts) | | 629 | | 3,126 | |
Apellis Pharmaceuticals, Inc.* (Biotechnology) | | 185 | | 4,070 | |
Apogee Enterprises, Inc. (Building Products) | | 148 | | 7,129 | |
Apollo Commercial Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts) | | 555 | | 10,145 | |
Apollo Medical Holdings, Inc.* (Health Care Providers & Services) | | 148 | | 3,827 | |
Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | | 148 | | 10,382 | |
Approach Resources, Inc.* (Oil, Gas & Consumable Fuels) | | 740 | | 1,806 | |
Apptio, Inc.* (Internet Software & Services) | | 148 | | 5,358 | |
Aratana Therapeutics, Inc.* (Pharmaceuticals) | | 481 | | 2,044 | |
Arbor Realty Trust, Inc. (Mortgage Real Estate Investment Trusts) | | 333 | | 3,473 | |
Arbutus BioPharma Corp.* (Biotechnology) | | 333 | | 2,431 | |
ArcBest Corp. (Road & Rail) | | 111 | | 5,073 | |
Archrock, Inc. (Energy Equipment & Services) | | 592 | | 7,104 | |
Ardelyx, Inc.* (Biotechnology) | | 444 | | 1,643 | |
Ardmore Shipping Corp.* (Oil, Gas & Consumable Fuels) | | 296 | | 2,427 | |
Arena Pharmaceuticals, Inc.* (Biotechnology) | | 222 | | 9,679 | |
Ares Commercial Real Estate Corp. (Mortgage Real Estate Investment Trusts) | | 185 | | 2,555 | |
Argo Group International Holdings, Ltd. (Insurance) | | 148 | | 8,606 | |
Arlington Asset Investment Corp.—Class A (Capital Markets) | | 222 | | 2,289 | |
Armada Hoffler Properties, Inc. (Equity Real Estate Investment Trusts) | | 259 | | 3,859 | |
ARMOUR Residential REIT, Inc. (Mortgage Real Estate Investment Trusts) | | 222 | | 5,064 | |
ArQule, Inc.* (Biotechnology) | | 629 | | 3,478 | |
Array BioPharma, Inc.* (Biotechnology) | | 851 | | 14,280 | |
Arrowhead Pharmaceuticals, Inc.* (Biotechnology) | | 444 | | 6,038 | |
Artisan Partners Asset Management, Inc. (Capital Markets) | | 222 | | 6,693 | |
Ascena Retail Group, Inc.* (Specialty Retail) | | 962 | | 3,834 | |
ASGN, Inc.* (Insurance) | | 222 | | 17,358 | |
Ashford Hospitality Trust, Inc. (Equity Real Estate Investment Trusts) | | 518 | | 4,196 | |
At Home Group, Inc.* (Specialty Retail) | | 148 | | 5,794 | |
Atara Biotherapeutics, Inc.* (Biotechnology) | | 185 | | 6,799 | |
Athenex, Inc.* (Biotechnology) | | 222 | | 4,143 | |
Athersys, Inc.* (Biotechnology) | | 1,110 | | 2,187 | |
Atkore International Group, Inc.* (Electrical Equipment) | | 222 | | 4,611 | |
Atlantic Capital Bancshares, Inc.* (Banks) | | 148 | | 2,908 | |
Atlantic Power Corp.* (Independent Power & Renewable Electricity Producers) | | 999 | | 2,198 | |
AtriCure, Inc.* (Health Care Equipment & Supplies) | | 185 | | 5,004 | |
Audentes Therapeutics, Inc.* (Biotechnology) | | 148 | | 5,655 | |
| | | | | | |
See accompanying notes to financial statements.
292 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Avaya Holdings Corp.* (Software) | | 481 | | $ | 9,658 | |
Aveo Phamaceuticals, Inc.* (Biotechnology) | | 962 | | 2,174 | |
Avid Bioservices, Inc.* (Biotechnology) | | 592 | | 2,321 | |
Avid Technology, Inc.* (Technology Hardware, Storage & Peripherals) | | 333 | | 1,732 | |
Avis Budget Group, Inc.* (Road & Rail) | | 296 | | 9,620 | |
Avista Corp. (Multi-Utilities) | | 259 | | 13,638 | |
AVX Corp. (Electronic Equipment, Instruments & Components) | | 259 | | 4,059 | |
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | | 185 | | 3,663 | |
AxoGen, Inc.* (Health Care Equipment & Supplies) | | 148 | | 7,437 | |
Axon Enterprise, Inc.* (Aerospace & Defense) | | 222 | | 14,026 | |
Axt, Inc.* (Semiconductors & Semiconductor Equipment) | | 333 | | 2,348 | |
AZZ, Inc. (Electrical Equipment) | | 111 | | 4,823 | |
B of I Holding, Inc.* (Thrifts & Mortgage Finance) | | 259 | | 10,596 | |
B&G Foods, Inc.—Class A (Food Products) | | 296 | | 8,849 | |
Babcock & Wilcox Enterprises, Inc.* (Electrical Equipment) | | 703 | | 1,673 | |
Badger Meter, Inc. (Electronic Equipment, Instruments & Components) | | 148 | | 6,616 | |
Balchem Corp. (Chemicals) | | 148 | | 14,524 | |
Banc of California, Inc. (Banks) | | 222 | | 4,340 | |
Banco Latinoamericano de Comercio Exterior S.A.—Class E (Banks) | | 185 | | 4,553 | |
BancorpSouth Bank (Banks) | | 407 | | 13,411 | |
Bank of Nt Butterfield & Son, Ltd. (The) (Banks) | | 222 | | 10,150 | |
Banner Corp. (Banks) | | 148 | | 8,899 | |
Barnes & Noble Education, Inc.* (Specialty Retail) | | 333 | | 1,878 | |
Barnes & Noble, Inc. (Specialty Retail) | | 444 | | 2,819 | |
Barnes Group, Inc. (Machinery) | | 222 | | 13,076 | |
BBX Capital Corp. (Hotels, Restaurants & Leisure) | | 407 | | 3,675 | |
Beacon Roofing Supply, Inc.* (Trading Companies & Distributors) | | 296 | | 12,615 | |
Beazer Homes USA, Inc.* (Household Durables) | | 222 | | 3,275 | |
Bed Bath & Beyond, Inc. (Specialty Retail) | | 592 | | 11,796 | |
Belden, Inc. (Electronic Equipment, Instruments & Components) | | 185 | | 11,307 | |
Bellicum Pharmaceutials, Inc.* (Biotechnology) | | 333 | | 2,458 | |
Belmond, Ltd.* (Hotels, Restaurants & Leisure) | | 444 | | 4,951 | |
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components) | | 222 | | 6,471 | |
Beneficial Bancorp, Inc. (Thrifts & Mortgage Finance) | | 333 | | 5,395 | |
Berkshire Hills Bancorp, Inc. (Banks) | | 185 | | 7,511 | |
Big Lots, Inc. (Multiline Retail) | | 185 | | 7,729 | |
BioCryst Pharmaceuticals, Inc.* (Biotechnology) | | 592 | | 3,392 | |
Biohaven Pharmaceutical Holding Co., Ltd.* (Biotechnology) | | 148 | | 5,849 | |
BioScrip, Inc.* (Health Care Providers & Services) | | 962 | | 2,819 | |
BioTelemetry, Inc.* (Health Care Providers & Services) | | 148 | | 6,660 | |
BioTime, Inc.* (Biotechnology) | | 925 | | 1,906 | |
Black Hills Corp. (Multi-Utilities) | | 222 | | 13,589 | |
Blackbaud, Inc. (Software) | | 185 | | 18,953 | |
Blackline, Inc.* (Software) | | 148 | | 6,428 | |
Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts) | | 444 | | 13,956 | |
Bloomin’ Brands, Inc. (Hotels, Restaurants & Leisure) | | 370 | | 7,437 | |
Blucora, Inc.* (Internet Software & Services) | | 222 | | 8,214 | |
Blueprint Medicines Corp.* (Biotechnology) | | 185 | | 11,744 | |
BMC Stock Holdings, Inc.* (Trading Companies & Distributors) | | 333 | | 6,943 | |
Boingo Wireless, Inc.* (Wireless Telecommunication Services) | | 222 | | 5,015 | |
Boise Cascade Co. (Paper & Forest Products) | | 185 | | 8,270 | |
Boston Private Financial Holdings, Inc. (Banks) | | 407 | | 6,471 | |
Bottomline Technologies, Inc.* (Software) | | 185 | | 9,219 | |
Box, Inc.*—Class A (Internet Software & Services) | | 555 | | 13,869 | |
Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | | 370 | | 12,824 | |
Brady Corp.—Class A (Commercial Services & Supplies) | | 222 | | 8,558 | |
Braemar Hotels & Resorts, Inc. (Insurance) | | 222 | | 2,535 | |
Briggs & Stratton Corp. (Machinery) | | 222 | | 3,909 | |
Brightcove, Inc.* (Internet Software & Services) | | 259 | | 2,499 | |
BrightSphere Investment Group PLC (Capital Markets) | | 407 | | 5,804 | |
Brinker International, Inc. (Hotels, Restaurants & Leisure) | | 185 | | 8,806 | |
Bristow Group, Inc.* (Energy Equipment & Services) | | 222 | | 3,132 | |
Brookdale Senior Living, Inc.* (Health Care Providers & Services) | | 851 | | 7,736 | |
Brookline Bancorp, Inc. (Banks) | | 370 | | 6,882 | |
Brooks Automation, Inc. (Semiconductors & Semiconductor Equipment) | | 296 | | 9,656 | |
Builders FirstSource, Inc.* (Building Products) | | 518 | | 9,474 | |
C&J Energy Services, Inc.* (Energy Equipment & Services) | | 296 | | 6,986 | |
Cabot Microelectronics Corp. (Semiconductors & Semiconductor Equipment) | | 111 | | 11,939 | |
CACI International, Inc.*—Class A (IT Services) | | 111 | | 18,710 | |
Cactus, Inc.*—Class A (Energy Equipment & Services) | | 148 | | 5,001 | |
Cadence BanCorp (Banks) | | 222 | | 6,409 | |
CalAmp Corp.* (Communications Equipment) | | 185 | | 4,335 | |
Caleres, Inc. (Specialty Retail) | | 185 | | 6,362 | |
California Resources Corp.* (Oil, Gas & Consumable Fuels) | | 222 | | 10,088 | |
California Water Service Group (Water Utilities) | | 222 | | 8,647 | |
Calithera Biosciences, Inc.* (Biotechnology) | | 370 | | 1,850 | |
Calix, Inc.* (Communications Equipment) | | 333 | | 2,597 | |
Callaway Golf Co. (Leisure Products) | | 444 | | 8,422 | |
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels) | | 999 | | 10,729 | |
Cal-Maine Foods, Inc.* (Food Products) | | 148 | | 6,786 | |
Cambrex Corp.* (Life Sciences Tools & Services) | | 148 | | 7,740 | |
Camping World Holdings, Inc. (Specialty Retail) | | 185 | | 4,621 | |
Cannae Holdings, Inc.* (Diversified Financial Services) | | 333 | | 6,177 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 293
Common Stocks, continued
| | Shares | | Value | |
Capital Senior Living Corp.* (Health Care Providers & Services) | | 222 | | $ | 2,369 | |
Capitol Federal Financial, Inc. (Thrifts & Mortgage Finance) | | 592 | | 7,791 | |
Capstead Mortgage Corp. (Mortgage Real Estate Investment Trusts) | | 481 | | 4,305 | |
Cara Therapeutics, Inc.* (Biotechnology) | | 185 | | 3,543 | |
Carbonite, Inc.* (Internet Software & Services) | | 148 | | 5,165 | |
Cardiovascular Systems, Inc.* (Health Care Equipment & Supplies) | | 185 | | 5,983 | |
Cardtronics PLC*—Class A (IT Services) | | 185 | | 4,473 | |
CareDx, Inc.* (Biotechnology) | | 222 | | 2,717 | |
Career Education Corp.* (Diversified Consumer Services) | | 333 | | 5,385 | |
CareTrust REIT, Inc. (Equity Real Estate Investment Trusts) | | 370 | | 6,175 | |
Cargurus, Inc.* (Internet Software & Services) | | 222 | | 7,712 | |
Carpenter Technology Corp. (Metals & Mining) | | 185 | | 9,725 | |
Carrizo Oil & Gas, Inc.* (Oil, Gas & Consumable Fuels) | | 333 | | 9,274 | |
Carrols Restaurant Group, Inc.* (Hotels, Restaurants & Leisure) | | 222 | | 3,297 | |
Cars.com, Inc.* (Internet Software & Services) | | 333 | | 9,454 | |
Carvana Co.* (Specialty Retail) | | 148 | | 6,157 | |
Casella Waste Systems, Inc.*—Class A (Commercial Services & Supplies) | | 185 | | 4,738 | |
CASI Pharmaceuticals, Inc.* (Biotechnology) | | 407 | | 3,350 | |
Castle Brands, Inc.* (Beverages) | | 1,443 | | 1,717 | |
Castlight Health, Inc.*—Class B (Health Care Technology) | | 629 | | 2,673 | |
Catalyst Pharmaceuticals, Inc.* (Biotechnology) | | 777 | | 2,424 | |
CatchMark Timber Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | | 296 | | 3,768 | |
Cathay General Bancorp, Inc. (Banks) | | 333 | | 13,483 | |
CBIZ, Inc.* (Professional Services) | | 259 | | 5,957 | |
CBL & Associates Properties, Inc. (Equity Real Estate Investment Trusts) | | 888 | | 4,946 | |
CECO Environmental Corp. (Commercial Services & Supplies) | | 333 | | 2,045 | |
Cedar Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 629 | | 2,969 | |
CenterState Banks, Inc. (Banks) | | 370 | | 11,033 | |
Central European Media Enterprises, Ltd.*— Class A (Media) | | 666 | | 2,764 | |
Central Garden & Pet Co.*—Class A (Household Products) | | 185 | | 7,487 | |
Central Pacific Financial Corp. (Banks) | | 148 | | 4,240 | |
Century Aluminum Co.* (Metals & Mining) | | 259 | | 4,079 | |
Century Casinos, Inc.* (Hotels, Restaurants & Leisure) | | 259 | | 2,266 | |
Century Communities, Inc.* (Household Durables) | | 148 | | 4,669 | |
Cerus Corp.* (Health Care Equipment & Supplies) | | 666 | | 4,442 | |
ChannelAdvisor Corp.* (Internet Software & Services) | | 185 | | 2,599 | |
Chart Industries, Inc.* (Machinery) | | 148 | | 9,129 | |
Chatham Lodging Trust (Equity Real Estate Investment Trusts) | | 222 | | 4,711 | |
Chegg, Inc.* (Diversified Consumer Services) | | 444 | | 12,339 | |
Chemical Financial Corp. (Banks) | | 296 | | 16,478 | |
Chesapeake Lodging Trust (Equity Real Estate Investment Trusts) | | 259 | | 8,195 | |
Chico’s FAS, Inc. (Specialty Retail) | | 629 | | 5,120 | |
Chimerix, Inc.* (Biotechnology) | | 444 | | 2,113 | |
ChromaDex Corp.* (Life Sciences Tools & Services) | | 518 | | 1,922 | |
Ciena Corp.* (Communications Equipment) | | 592 | | 15,694 | |
Cincinnati Bell, Inc.* (Diversified Telecommunication Services) | | 259 | | 4,066 | |
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | | 296 | | 11,346 | |
Cision, Ltd.* (Internet Software & Services) | | 222 | | 3,319 | |
Citizens, Inc.* (Insurance) | | 370 | | 2,882 | |
City Office REIT, Inc. (Equity Real Estate Investment Trusts) | | 259 | | 3,323 | |
Clean Energy Fuels Corp.* (Oil, Gas & Consumable Fuels) | | 962 | | 3,550 | |
Clear Channel Outdoor Holdings, Inc. (Media) | | 444 | | 1,909 | |
Clearside Biomedical, Inc.* (Pharmaceuticals) | | 222 | | 2,373 | |
Cleveland-Cliffs, Inc.* (Metals & Mining) | | 1,295 | | 10,917 | |
Cloud Peak Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 666 | | 2,324 | |
Cloudera, Inc.* (Internet Software & Services) | | 481 | | 6,561 | |
Clovis Oncology, Inc.* (Biotechnology) | | 222 | | 10,094 | |
CNO Financial Group, Inc. (Insurance) | | 703 | | 13,385 | |
CoBiz Financial, Inc. (Banks) | | 222 | | 4,769 | |
Codexis, Inc.* (Chemicals) | | 296 | | 4,262 | |
Coeur Mining, Inc.* (Metals & Mining) | | 888 | | 6,749 | |
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services) | | 185 | | 9,879 | |
Coherus Biosciences, Inc.* (Biotechnology) | | 259 | | 3,626 | |
Cohu, Inc. (Semiconductors & Semiconductor Equipment) | | 148 | | 3,627 | |
Collegium Pharmaceutical, Inc.* (Pharmaceuticals) | | 148 | | 3,530 | |
Colony Credit Real Estate, Inc. (Mortgage Real Estate Investment Trusts) | | 407 | | 8,437 | |
Columbia Banking System, Inc. (Banks) | | 296 | | 12,106 | |
Columbia Financial, Inc.* (Thrifts & Mortgage Finance) | | 259 | | 4,286 | |
Comfort Systems USA, Inc. (Construction & Engineering) | | 185 | | 8,473 | |
Commercial Metals Co. (Metals & Mining) | | 518 | | 10,935 | |
Commercial Vehicle Group, Inc.* (Machinery) | | 296 | | 2,173 | |
Community Bank System, Inc. (Banks) | | 222 | | 13,114 | |
Community Health Systems, Inc.* (Health Care Providers & Services) | | 629 | | 2,088 | |
CommVault Systems, Inc.* (Software) | | 185 | | 12,182 | |
Compass Minerals International, Inc. (Metals & Mining) | | 148 | | 9,731 | |
CONMED Corp. (Health Care Equipment & Supplies) | | 111 | | 8,125 | |
ConnectOne Bancorp, Inc. (Banks) | | 148 | | 3,685 | |
CONSOL Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 148 | | 5,676 | |
Consolidated Communications Holdings, Inc. (Diversified Telecommunication Services) | | 370 | | 4,573 | |
Continental Building Products, Inc.* (Building Products) | | 185 | | 5,837 | |
Control4 Corp.* (Electronic Equipment, Instruments & Components) | | 148 | | 3,598 | |
| | | | | | |
See accompanying notes to financial statements.
294 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
ConvergeOne Holdings, Inc. (IT Services) | | 222 | | $ | 2,085 | |
Convergys Corp. (IT Services) | | 407 | | 9,947 | |
Cooper Tire & Rubber Co. (Auto Components) | | 259 | | 6,812 | |
Corbus Pharmaceuticals Holdings, Inc.* (Biotechnology) | | 407 | | 2,055 | |
Corcept Therapeutics, Inc.* (Pharmaceuticals) | | 444 | | 6,980 | |
Corecivic, Inc. (Equity Real Estate Investment Trusts) | | 518 | | 12,375 | |
Core-Mark Holding Co., Inc. (Distributors) | | 222 | | 5,039 | |
CorePoint Lodging, Inc.* (Equity Real Estate Investment Trusts) | | 222 | | 5,750 | |
Corium International, Inc.* (Pharmaceuticals) | | 259 | | 2,075 | |
Cornerstone OnDemand, Inc.* (Internet Software & Services) | | 222 | | 10,529 | |
Costamare, Inc. (Marine) | | 370 | | 2,953 | |
Cotiviti Holdings, Inc.* (Health Care Technology) | | 185 | | 8,164 | |
Coupa Software, Inc.* (Internet Software & Services) | | 222 | | 13,817 | |
Cousins Properties, Inc. (Equity Real Estate Investment Trusts) | | 1,739 | | 16,851 | |
Covanta Holding Corp. (Commercial Services & Supplies) | | 518 | | 8,547 | |
Covia Holdings Corp.* (Energy Equipment & Services) | | 185 | | 3,434 | |
Cowen Group, Inc.*—Class A (Capital Markets) | | 185 | | 2,562 | |
Cray, Inc.* (Technology Hardware, Storage & Peripherals) | | 222 | | 5,461 | |
Cree, Inc.* (Semiconductors & Semiconductor Equipment) | | 407 | | 16,919 | |
Crocs, Inc.* (Textiles, Apparel & Luxury Goods) | | 333 | | 5,864 | |
Cross Country Healthcare, Inc.* (Health Care Providers & Services) | | 259 | | 2,914 | |
CryoLife, Inc.* (Health Care Equipment & Supplies) | | 185 | | 5,152 | |
CryoPort, Inc.* (Health Care Equipment & Supplies) | | 185 | | 2,919 | |
CSG Systems International, Inc. (IT Services) | | 148 | | 6,049 | |
CTI BioPharma Corp.* (Biotechnology) | | 481 | | 2,395 | |
CTS Corp. (Electronic Equipment, Instruments & Components) | | 148 | | 5,328 | |
Cubic Corp. (Aerospace & Defense) | | 111 | | 7,126 | |
Customers Bancorp, Inc.* (Banks) | | 148 | | 4,200 | |
CVB Financial Corp. (Banks) | | 444 | | 9,954 | |
Cymabay Therapeutics, Inc.* (Pharmaceuticals) | | 333 | | 4,469 | |
CYS Investments, Inc. (Mortgage Real Estate Investment Trusts) | | 777 | | 5,828 | |
Cytokinetics, Inc.* (Biotechnology) | | 333 | | 2,764 | |
Cytomx Therapeutics, Inc.* (Biotechnology) | | 185 | | 4,229 | |
CytoSorbents Corp.* (Health Care Equipment & Supplies) | | 222 | | 2,531 | |
Daktronics, Inc. (Electronic Equipment, Instruments & Components) | | 296 | | 2,519 | |
Dana Holding Corp. (Auto Components) | | 629 | | 12,699 | |
Darling Ingredients, Inc.* (Food Products) | | 703 | | 13,975 | |
Daseke, Inc.* (Road & Rail) | | 296 | | 2,939 | |
Dave & Buster’s Entertainment, Inc.* (Hotels, Restaurants & Leisure) | | 185 | | 8,806 | |
Dean Foods Co. (Food Products) | | 481 | | 5,055 | |
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods) | | 148 | | 16,708 | |
Del Taco Restaurants, Inc.* (Hotels, Restaurants & Leisure) | | 222 | | 3,148 | |
Delek US Holdings, Inc. (Oil, Gas & Consumable Fuels) | | 333 | | 16,706 | |
Deluxe Corp. (Commercial Services & Supplies) | | 185 | | 12,249 | |
Denbury Resources, Inc.* (Oil, Gas & Consumable Fuels) | | 1,998 | | 9,610 | |
Denny’s Corp.* (Hotels, Restaurants & Leisure) | | 333 | | 5,305 | |
Depomed, Inc.* (Pharmaceuticals) | | 407 | | 2,715 | |
Dermira, Inc.* (Pharmaceuticals) | | 259 | | 2,383 | |
DHT Holdings, Inc. (Oil, Gas & Consumable Fuels) | | 629 | | 2,950 | |
Diamond Offshore Drilling, Inc.* (Energy Equipment & Services) | | 333 | | 6,946 | |
DiamondRock Hospitality Co. (Equity Real Estate Investment Trusts) | | 888 | | 10,905 | |
Dicerna Pharmaceuticals, Inc.* (Biotechnology) | | 259 | | 3,173 | |
Diebold, Inc. (Technology Hardware, Storage & Peripherals) | | 407 | | 4,864 | |
Digi International, Inc.* (Communications Equipment) | | 185 | | 2,442 | |
Dime Community Bancshares, Inc. (Thrifts & Mortgage Finance) | | 185 | | 3,608 | |
Diodes, Inc.* (Semiconductors & Semiconductor Equipment) | | 185 | | 6,377 | |
Diplomat Pharmacy, Inc.* (Health Care Providers & Services) | | 259 | | 6,620 | |
Donnelley Financial Solutions, Inc.* (Capital Markets) | | 222 | | 3,856 | |
Dorian LPG, Ltd.* (Oil, Gas & Consumable Fuels) | | 259 | | 1,979 | |
Dorman Products, Inc.* (Auto Components) | | 111 | | 7,582 | |
Dril-Quip, Inc.* (Energy Equipment & Services) | | 185 | | 9,509 | |
Drive Shack, Inc.* (Hotels, Restaurants & Leisure) | | 407 | | 3,142 | |
DSW, Inc.—Class A (Specialty Retail) | | 333 | | 8,598 | |
Durect Corp.* (Pharmaceuticals) | | 1,258 | | 1,962 | |
Dycom Industries, Inc.* (Construction & Engineering) | | 148 | | 13,987 | |
Dynavax Technologies Corp.* (Biotechnology) | | 333 | | 5,078 | |
Dynex Capital, Inc. (Mortgage Real Estate Investment Trusts) | | 407 | | 2,658 | |
Eagle Bancorp, Inc.* (Banks) | | 148 | | 9,072 | |
Eagle Bulk Shipping, Inc.* (Marine) | | 407 | | 2,214 | |
Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts) | | 259 | | 5,118 | |
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | | 148 | | 14,143 | |
Ebix, Inc. (Software) | | 111 | | 8,464 | |
Echo Global Logistics, Inc.* (Air Freight & Logistics) | | 148 | | 4,329 | |
Eclipse Resources Corp.* (Oil, Gas & Consumable Fuels) | | 1,147 | | 1,835 | |
Edgewell Personal Care Co.* (Personal Products) | | 222 | | 11,202 | |
Editas Medicine, Inc.* (Biotechnology) | | 222 | | 7,954 | |
Education Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 333 | | 13,820 | |
El Paso Electric Co. (Electric Utilities) | | 185 | | 10,934 | |
Eldorado Resorts, Inc.* (Hotels, Restaurants & Leisure) | | 296 | | 11,574 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 295
Common Stocks, continued
| | Shares | | Value | |
Electro Scientific Industries, Inc.* (Electronic Equipment, Instruments & Components) | | 185 | | $ | 2,917 | |
Electronics for Imaging, Inc.* (Technology Hardware, Storage & Peripherals) | | 222 | | 7,228 | |
Ellie Mae, Inc.* (Software) | | 148 | | 15,368 | |
EMCOR Group, Inc. (Construction & Engineering) | | 222 | | 16,912 | |
Emerald Expositions Events, Inc. (Media) | | 148 | | 3,049 | |
Emergent BioSolutions, Inc.* (Biotechnology) | | 185 | | 9,341 | |
Employers Holdings, Inc. (Insurance) | | 148 | | 5,950 | |
Encore Capital Group, Inc.* (Consumer Finance) | | 148 | | 5,417 | |
Endo International PLC* (Pharmaceuticals) | | 999 | | 9,421 | |
Endocyte, Inc.* (Pharmaceuticals) | | 333 | | 4,595 | |
Endologix, Inc.* (Health Care Equipment & Supplies) | | 555 | | 3,141 | |
Endurance International Group Holdings, Inc.* (Internet Software & Services) | | 407 | | 4,050 | |
Energy Fuels, Inc.* (Oil, Gas & Consumable Fuels) | | 925 | | 2,100 | |
Energy Recovery, Inc.* (Machinery) | | 296 | | 2,392 | |
Energy XXI Gulf Coast, Inc.* (Oil, Gas & Consumable Fuels) | | 259 | | 2,290 | |
EnerSys (Electrical Equipment) | | 185 | | 13,808 | |
Ennis, Inc. (Commercial Services & Supplies) | | 148 | | 3,012 | |
Enova International, Inc.* (Consumer Finance) | | 148 | | 5,409 | |
Enphase Energy, Inc.* (Electrical Equipment) | | 555 | | 3,735 | |
Entegris, Inc. (Semiconductors & Semiconductor Equipment) | | 592 | | 20,068 | |
Entercom Communications Corp.—Class A (Media) | | 666 | | 5,028 | |
Entravision Communications Corp.—Class A (Media) | | 518 | | 2,590 | |
Envestnet, Inc.* (Internet Software & Services) | | 185 | | 10,166 | |
Enzo Biochem, Inc.* (Life Sciences Tools & Services) | | 407 | | 2,112 | |
EP Energy Corp.*—Class A (Oil, Gas & Consumable Fuels) | | 629 | | 1,887 | |
Epizyme, Inc.* (Biotechnology) | | 296 | | 4,011 | |
Eros International PLC* (Media) | | 222 | | 2,886 | |
ESCO Technologies, Inc. (Machinery) | | 111 | | 6,405 | |
Essendant, Inc. (Commercial Services & Supplies) | | 259 | | 3,424 | |
Essent Group, Ltd.* (Thrifts & Mortgage Finance) | | 407 | | 14,579 | |
Esterline Technologies Corp.* (Aerospace & Defense) | | 111 | | 8,192 | |
Ethan Allen Interiors, Inc. (Household Durables) | | 148 | | 3,626 | |
Etsy, Inc.* (Internet & Direct Marketing Retail) | | 481 | | 20,294 | |
Everbridge, Inc.* (Software) | | 111 | | 5,264 | |
Everi Holdings, Inc.* (IT Services) | | 407 | | 2,930 | |
EVERTEC, Inc. (IT Services) | | 296 | | 6,468 | |
Evolent Health, Inc.* (Health Care Technology) | | 333 | | 7,010 | |
Evolution Petroleum Corp. (Oil, Gas & Consumable Fuels) | | 222 | | 2,187 | |
Evoqua Water Technologies Corp.* (Water Utilities) | | 370 | | 7,585 | |
Exantas Capital Corp. (Mortgage Real Estate Investment Trusts) | | 259 | | 2,637 | |
Exela Technologies, Inc.* (IT Services) | | 444 | | 2,109 | |
ExlService Holdings, Inc.* (IT Services) | | 148 | | 8,378 | |
Exponent, Inc. (Professional Services) | | 222 | | 10,723 | |
Express, Inc.* (Specialty Retail) | | 407 | | 3,724 | |
Exterran Corp.* (Energy Equipment & Services) | | 185 | | 4,632 | |
Extreme Networks, Inc.* (Communications Equipment) | | 592 | | 4,712 | |
EZCORP, Inc.*—Class A (Consumer Finance) | | 296 | | 3,567 | |
Fabrinet* (Electronic Equipment, Instruments & Components) | | 185 | | 6,825 | |
Farmers National Banc Corp. (Banks) | | 185 | | 2,951 | |
Farmland Partners, Inc. (Equity Real Estate Investment Trusts) | | 259 | | 2,279 | |
Fate Therapeutics, Inc.* (Biotechnology) | | 296 | | 3,357 | |
FCB Financial Holdings, Inc.*—Class A (Banks) | | 185 | | 10,878 | |
Federal Signal Corp. (Machinery) | | 296 | | 6,894 | |
Federated Investors, Inc.—Class B (Capital Markets) | | 444 | | 10,354 | |
Ferro Corp.* (Chemicals) | | 370 | | 7,715 | |
FGL Holdings* (Diversified Financial Services) | | 703 | | 5,898 | |
FibroGen, Inc.* (Biotechnology) | | 296 | | 18,529 | |
Financial Engines, Inc. (Capital Markets) | | 259 | | 11,629 | |
Finisar Corp.* (Communications Equipment) | | 518 | | 9,324 | |
First Bancorp (Banks) | | 148 | | 6,055 | |
First BanCorp.* (Banks) | | 999 | | 7,642 | |
First Busey Corp. (Banks) | | 222 | | 7,042 | |
First Commonwealth Financial Corp. (Banks) | | 481 | | 7,460 | |
First Financial Bancorp (Banks) | | 407 | | 12,475 | |
First Financial Bankshares, Inc. (Banks) | | 259 | | 13,183 | |
First Foundation, Inc.* (Banks) | | 185 | | 3,430 | |
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 518 | | 17,270 | |
First Interstate Bancsys—Class A (Banks) | | 148 | | 6,246 | |
First Merchants Corp. (Banks) | | 222 | | 10,301 | |
First Midwest Bancorp, Inc. (Banks) | | 444 | | 11,309 | |
First of Long Island Corp. (The) (Banks) | | 148 | | 3,678 | |
FirstCash, Inc. (Consumer Finance) | | 185 | | 16,622 | |
Fitbit, Inc.*—Class A (Electronic Equipment, Instruments & Components) | | 999 | | 6,523 | |
Five Below, Inc.* (Specialty Retail) | | 222 | | 21,693 | |
Five Prime Therapeutics, Inc.* (Biotechnology) | | 222 | | 3,510 | |
Five9, Inc.* (Internet Software & Services) | | 259 | | 8,954 | |
Flagstar Bancorp, Inc.* (Thrifts & Mortgage Finance) | | 148 | | 5,070 | |
Flexion Therapeutics, Inc.* (Biotechnology) | | 185 | | 4,782 | |
Flotek Industries, Inc.* (Chemicals) | | 629 | | 2,032 | |
Fluent, Inc.* (Media) | | 592 | | 1,450 | |
Fluidigm Corp.* (Life Sciences Tools & Services) | | 370 | | 2,205 | |
Flushing Financial Corp. (Banks) | | 148 | | 3,863 | |
ForeScout Technologies, Inc.* (Software) | | 148 | | 5,070 | |
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment) | | 370 | | 4,921 | |
Fortress Biotech, Inc.* (Biotechnology) | | 555 | | 1,654 | |
Forum Energy Technologies, Inc.* (Energy Equipment & Services) | | 444 | | 5,483 | |
Forward Air Corp. (Air Freight & Logistics) | | 148 | | 8,744 | |
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods) | | 222 | | 5,965 | |
Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts) | | 296 | | 7,290 | |
Fox Factory Holding Corp.* (Auto Components) | | 185 | | 8,612 | |
Francesca’s Holdings Corp.* (Specialty Retail) | | 296 | | 2,235 | |
Franklin Electric Co., Inc. (Machinery) | | 222 | | 10,012 | |
| | | | | | |
See accompanying notes to financial statements.
296 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Franklin Street Properties Corp. (Equity Real Estate Investment Trusts) | | 555 | | $ | 4,751 | |
Frank’s International N.V. (Energy Equipment & Services) | | 481 | | 3,752 | |
Fresh Del Monte Produce, Inc. (Food Products) | | 148 | | 6,593 | |
Freshpet, Inc.* (Food Products) | | 148 | | 4,063 | |
Front Yard Residential Corp. (Equity Real Estate Investment Trusts) | | 296 | | 3,084 | |
Frontier Communications Corp. (Diversified Telecommunication Services) | | 518 | | 2,776 | |
Frontline, Ltd.* (Oil, Gas & Consumable Fuels) | | 518 | | 3,025 | |
FTI Consulting, Inc.* (Professional Services) | | 148 | | 8,951 | |
FuelCell Energy, Inc.* (Electrical Equipment) | | 1,295 | | 1,709 | |
Fulton Financial Corp. (Banks) | | 740 | | 12,210 | |
FutureFuel Corp. (Chemicals) | | 185 | | 2,592 | |
GAIN Capital Holdings, Inc. (Capital Markets) | | 296 | | 2,235 | |
GameStop Corp.—Class A (Specialty Retail) | | 481 | | 7,008 | |
Gannett Co., Inc. (Media) | | 555 | | 5,939 | |
GasLog, Ltd. (Oil, Gas & Consumable Fuels) | | 222 | | 4,240 | |
GATX Corp. (Trading Companies & Distributors) | | 148 | | 10,986 | |
GCP Applied Technologies, Inc.* (Chemicals) | | 333 | | 9,640 | |
Generac Holdings, Inc.* (Electrical Equipment) | | 259 | | 13,398 | |
Genesis Healthcare, Inc.* (Health Care Providers & Services) | | 740 | | 1,695 | |
GenMark Diagnostics, Inc.* (Health Care Equipment & Supplies) | | 370 | | 2,361 | |
Gentherm, Inc.* (Auto Components) | | 185 | | 7,271 | |
Genworth Financial, Inc.*—Class A (Insurance) | | 2,220 | | 9,990 | |
Geron Corp.* (Biotechnology) | | 999 | | 3,427 | |
Getty Realty Corp. (Equity Real Estate Investment Trusts) | | 185 | | 5,211 | |
Gibraltar Industries, Inc.* (Building Products) | | 148 | | 5,550 | |
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods) | | 185 | | 8,214 | |
Glacier Bancorp, Inc. (Banks) | | 370 | | 14,312 | |
Gladstone Commercial Corp. (Equity Real Estate Investment Trusts) | | 185 | | 3,556 | |
Glaukos Corp.* (Health Care Equipment & Supplies) | | 148 | | 6,015 | |
Global Blood Therapeutics, Inc.* (Biotechnology) | | 222 | | 10,034 | |
Global Net Lease, Inc. (Equity Real Estate Investment Trusts) | | 333 | | 6,803 | |
Globus Medical, Inc.*—Class A (Health Care Equipment & Supplies) | | 296 | | 14,936 | |
Glu Mobile, Inc.* (Software) | | 629 | | 4,032 | |
Glycomimetics, Inc.* (Biotechnology) | | 222 | | 3,581 | |
Gms, Inc.* (Trading Companies & Distributors) | | 185 | | 5,012 | |
GNC Holdings, Inc.*—Class A (Specialty Retail) | | 629 | | 2,214 | |
Gogo, Inc.* (Internet Software & Services) | | 481 | | 2,338 | |
Golar LNG, Ltd. (Oil, Gas & Consumable Fuels) | | 407 | | 11,990 | |
Gold Resource Corp. (Metals & Mining) | | 407 | | 2,682 | |
GoPro, Inc.*—Class A (Household Durables) | | 629 | | 4,051 | |
Government Properties Income Trust (Equity Real Estate Investment Trusts) | | 481 | | 7,624 | |
Gramercy Property Trust, Inc. (Equity Real Estate Investment Trusts) | | 666 | | 18,195 | |
Granite Construction, Inc. (Construction & Engineering) | | 185 | | 10,297 | |
Granite Point Mortgage Trust (Mortgage Real Estate Investment Trusts) | | 222 | | 4,074 | |
Gray Television, Inc.* (Media) | | 407 | | 6,431 | |
Great Lakes Dredge & Dock Corp.* (Construction & Engineering) | | 481 | | 2,525 | |
Great Western Bancorp, Inc. (Banks) | | 259 | | 10,875 | |
Green Brick Partners, Inc.* (Household Durables) | | 222 | | 2,176 | |
Green Dot Corp.*—Class A (Consumer Finance) | | 185 | | 13,577 | |
Green Plains, Inc. (Oil, Gas & Consumable Fuels) | | 222 | | 4,063 | |
Greenlight Capital Re, Ltd.*—Class A (Insurance) | | 222 | | 3,152 | |
Greif, Inc.—Class A (Containers & Packaging) | | 111 | | 5,871 | |
Griffon Corp. (Building Products) | | 185 | | 3,293 | |
Groupon, Inc.* (Internet & Direct Marketing Retail) | | 1,998 | | 8,591 | |
GTT Communications, Inc.* (Internet Software & Services) | | 148 | | 6,660 | |
Guaranty BanCorp (Banks) | | 148 | | 4,410 | |
GUESS?, Inc. (Specialty Retail) | | 296 | | 6,334 | |
Gulfport Energy Corp.* (Oil, Gas & Consumable Fuels) | | 777 | | 9,767 | |
H&E Equipment Services, Inc. (Trading Companies & Distributors) | | 148 | | 5,566 | |
H.B. Fuller Co. (Chemicals) | | 222 | | 11,917 | |
Haemonetics Corp.* (Health Care Equipment & Supplies) | | 222 | | 19,910 | |
Halcon Resources Corp.* (Oil, Gas & Consumable Fuels) | | 851 | | 3,736 | |
Halozyme Therapeutics, Inc.* (Biotechnology) | | 555 | | 9,363 | |
Halyard Health, Inc.* (Health Care Equipment & Supplies) | | 185 | | 10,591 | |
Hancock Holding Co. (Banks) | | 370 | | 17,261 | |
Hanmi Financial Corp. (Banks) | | 185 | | 5,245 | |
Hannon Armstrong Sustainable, Inc. (Mortgage Real Estate Investment Trusts) | | 259 | | 5,115 | |
Harmonic, Inc.* (Communications Equipment) | | 629 | | 2,673 | |
Harsco Corp.* (Machinery) | | 370 | | 8,177 | |
Harvard Bioscience, Inc.* (Life Sciences Tools & Services) | | 407 | | 2,177 | |
Hawaiian Holdings, Inc. (Airlines) | | 222 | | 7,981 | |
HC2 Holdings, Inc.* (Construction & Engineering) | | 407 | | 2,381 | |
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 518 | | 15,063 | |
Healthcare Services Group, Inc. (Commercial Services & Supplies) | | 333 | | 14,381 | |
HealthEquity, Inc.* (Health Care Providers & Services) | | 222 | | 16,673 | |
HealthStream, Inc. (Health Care Technology) | | 148 | | 4,042 | |
Heartland Express, Inc. (Road & Rail) | | 259 | | 4,804 | |
Heartland Financial USA, Inc. (Banks) | | 148 | | 8,118 | |
Hecla Mining Co. (Metals & Mining) | | 1,887 | | 6,567 | |
Helen of Troy, Ltd.* (Household Durables) | | 111 | | 10,928 | |
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services) | | 740 | | 6,164 | |
Heritage Commerce Corp. (Banks) | | 222 | | 3,772 | |
Heritage Financial Corp. (Banks) | | 185 | | 6,447 | |
Herman Miller, Inc. (Commercial Services & Supplies) | | 259 | | 8,780 | |
Heron Therapeutics, Inc.* (Biotechnology) | | 296 | | 11,500 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 297
Common Stocks, continued
| | Shares | | Value | |
Hersha Hospitality Trust (Equity Real Estate Investment Trusts) | | 185 | | $ | 3,968 | |
Hertz Global Holdings, Inc.* (Road & Rail) | | 296 | | 4,541 | |
HFF, Inc.—Class A (Real Estate Management & Development) | | 185 | | 6,355 | |
HighPoint Resources Corp.* (Oil, Gas & Consumable Fuels) | | 629 | | 3,824 | |
Hill International, Inc.* (Professional Services) | | 407 | | 2,401 | |
Hillenbrand, Inc. (Machinery) | | 259 | | 12,212 | |
Hilltop Holdings, Inc. (Banks) | | 333 | | 7,349 | |
HMS Holdings Corp.* (Health Care Technology) | | 370 | | 7,999 | |
HNI Corp. (Commercial Services & Supplies) | | 185 | | 6,882 | |
Home BancShares, Inc. (Banks) | | 666 | | 15,025 | |
HomeStreet, Inc.* (Thrifts & Mortgage Finance) | | 148 | | 3,989 | |
Hope Bancorp, Inc. (Banks) | | 555 | | 9,896 | |
Horace Mann Educators Corp. (Insurance) | | 185 | | 8,251 | |
Horizon BanCorp, Inc. (Banks) | | 222 | | 4,593 | |
Horizon Pharma PLC* (Pharmaceuticals) | | 703 | | 11,642 | |
Hortonworks, Inc.* (Internet Software & Services) | | 333 | | 6,067 | |
Hostess Brands, Inc.* (Food Products) | | 481 | | 6,542 | |
Houghton Mifflin Harcourt Co.* (Diversified Consumer Services) | | 555 | | 4,246 | |
Houlihan Lokey, Inc. (Capital Markets) | | 148 | | 7,581 | |
Hovnanian Enterprises, Inc.*—Class A (Household Durables) | | 1,184 | | 1,930 | |
HRG Group, Inc.* (Household Products) | | 592 | | 7,749 | |
Hub Group, Inc.*—Class A (Air Freight & Logistics) | | 148 | | 7,370 | |
Hubspot, Inc.* (Software) | | 148 | | 18,559 | |
Hudson, Ltd.*—Class A (Specialty Retail) | | 222 | | 3,883 | |
IBERIABANK Corp. (Banks) | | 222 | | 16,828 | |
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment) | | 148 | | 3,141 | |
IDACORP, Inc. (Electric Utilities) | | 222 | | 20,477 | |
Idera Pharmaceuticals, Inc.* (Biotechnology) | | 1,480 | | 1,954 | |
II-VI, Inc.* (Electronic Equipment, Instruments & Components) | | 259 | | 11,254 | |
ILG, Inc. (Hotels, Restaurants & Leisure) | | 444 | | 14,665 | |
IMAX Corp.* (Media) | | 259 | | 5,737 | |
Immersion Corp.* (Technology Hardware, Storage & Peripherals) | | 185 | | 2,856 | |
Immune Design Corp.* (Biotechnology) | | 444 | | 2,020 | |
ImmunoGen, Inc.* (Biotechnology) | | 592 | | 5,760 | |
Immunomedics, Inc.* (Biotechnology) | | 555 | | 13,137 | |
Imperva, Inc.* (Software) | | 148 | | 7,141 | |
Independence Contract Drilling, Inc.* (Energy Equipment & Services) | | 481 | | 1,982 | |
Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 481 | | 4,959 | |
Independent Bank Corp. (Banks) | | 111 | | 8,702 | |
Infinera Corp.* (Communications Equipment) | | 703 | | 6,981 | |
Information Services Group, Inc.* (IT Services) | | 444 | | 1,820 | |
InfraREIT, Inc. (Equity Real Estate Investment Trusts) | | 222 | | 4,922 | |
Ingevity Corp.* (Chemicals) | | 185 | | 14,958 | |
InnerWorkings, Inc.* (Commercial Services & Supplies) | | 333 | | 2,894 | |
Innospec, Inc. (Chemicals) | | 111 | | 8,497 | |
Innoviva, Inc.* (Pharmaceuticals) | | 370 | | 5,106 | |
Inovalon Holdings, Inc.* (Health Care Technology) | | 407 | | 4,039 | |
Inovio Pharmaceuticals, Inc.* (Biotechnology) | | 629 | | 2,466 | |
Inphi Corp.* (Semiconductors & Semiconductor Equipment) | | 222 | | 7,239 | |
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components) | | 148 | | 7,242 | |
Insmed, Inc.* (Biotechnology) | | 333 | | 7,875 | |
Insperity, Inc. (Professional Services) | | 148 | | 14,097 | |
Instructure, Inc.* (Internet Software & Services) | | 148 | | 6,297 | |
Insys Therapeutics, Inc.* (Biotechnology) | | 259 | | 1,875 | |
Integer Holdings Corp.* (Health Care Equipment & Supplies) | | 148 | | 9,568 | |
Integrated Device Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | 555 | | 17,693 | |
Intellia Therapeutics, Inc.* (Biotechnology) | | 185 | | 5,062 | |
Intelsat S.A.* (Diversified Telecommunication Services) | | 222 | | 3,699 | |
InterDigital, Inc. (Communications Equipment) | | 148 | | 11,973 | |
Interface, Inc. (Commercial Services & Supplies) | | 296 | | 6,793 | |
International Bancshares Corp. (Banks) | | 259 | | 11,085 | |
International Speedway Corp.—Class A (Hotels, Restaurants & Leisure) | | 111 | | 4,962 | |
Intersect ENT, Inc.* (Pharmaceuticals) | | 148 | | 5,543 | |
Intra-Cellular Therapies, Inc.* (Pharmaceuticals) | | 259 | | 4,577 | |
Intrepid Potash, Inc.* (Chemicals) | | 666 | | 2,731 | |
Intrexon Corp.* (Biotechnology) | | 333 | | 4,642 | |
Invacare Corp. (Health Care Equipment & Supplies) | | 185 | | 3,441 | |
Invesco Mortgage Capital, Inc. (Mortgage Real Estate Investment Trusts) | | 518 | | 8,236 | |
Investment Technology Group, Inc. (Capital Markets) | | 185 | | 3,870 | |
Investors Bancorp, Inc. (Banks) | | 1,073 | | 13,724 | |
Investors Real Estate Trust (Equity Real Estate Investment Trusts) | | 666 | | 3,683 | |
Invitae Corp.* (Biotechnology) | | 407 | | 2,991 | |
Iovance Biotherapeutics, Inc.* (Biotechnology) | | 407 | | 5,210 | |
Iridium Communications, Inc.* (Diversified Telecommunication Services) | | 444 | | 7,148 | |
iRobot Corp.* (Household Durables) | | 111 | | 8,410 | |
Ironwood Pharmaceuticals, Inc.* (Biotechnology) | | 592 | | 11,319 | |
iStar Financial, Inc.* (Equity Real Estate Investment Trusts) | | 370 | | 3,992 | |
Iteris, Inc.* (Electronic Equipment, Instruments & Components) | | 370 | | 1,791 | |
Itron, Inc.* (Electronic Equipment, Instruments & Components) | | 148 | | 8,887 | |
J.C. Penney Co., Inc.* (Multiline Retail) | | 1,702 | | 3,983 | |
j2 Global, Inc. (Internet Software & Services) | | 185 | | 16,023 | |
Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | | 111 | | 9,448 | |
Jagged Peak Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 370 | | 4,817 | |
James River Group Holdings, Ltd. (Insurance) | | 148 | | 5,815 | |
Jeld-Wen Holding, Inc.* (Building Products) | | 333 | | 9,520 | |
John Bean Technologies Corp. (Machinery) | | 148 | | 13,157 | |
K12, Inc.* (Diversified Consumer Services) | | 222 | | 3,634 | |
| | | | | | |
See accompanying notes to financial statements.
298 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
K2M Group Holdings, Inc.* (Health Care Equipment & Supplies) | | 222 | | $ | 4,995 | |
Kadmon Holdings, Inc.* (Biotechnology) | | 629 | | 2,510 | |
Kaman Corp.—Class A (Trading Companies & Distributors) | | 111 | | 7,736 | |
KapStone Paper & Packaging Corp. (Paper & Forest Products) | | 370 | | 12,765 | |
Karyopharm Therapeutics, Inc.* (Biotechnology) | | 259 | | 4,400 | |
KB Home (Household Durables) | | 370 | | 10,079 | |
KBR, Inc. (Construction & Engineering) | | 629 | | 11,272 | |
Keane Group, Inc.* (Energy Equipment & Services) | | 296 | | 4,046 | |
Kearny Financial Corp. (Thrifts & Mortgage Finance) | | 481 | | 6,469 | |
Kelly Services, Inc.—Class A (Professional Services) | | 185 | | 4,153 | |
KEMET Corp.* (Electronic Equipment, Instruments & Components) | | 259 | | 6,255 | |
Kemper Corp. (Insurance) | | 185 | | 13,995 | |
Kennametal, Inc. (Machinery) | | 333 | | 11,955 | |
Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development) | | 555 | | 11,737 | |
Keryx Biopharmaceuticals, Inc.* (Biotechnology) | | 629 | | 2,365 | |
Kimball Electronics, Inc.* (Electronic Equipment, Instruments & Components) | | 185 | | 3,386 | |
Kimball International, Inc.—Class B (Commercial Services & Supplies) | | 222 | | 3,588 | |
Kindred Biosciences, Inc.* (Biotechnology) | | 222 | | 2,364 | |
Kite Realty Group Trust (Equity Real Estate Investment Trusts) | | 407 | | 6,952 | |
Klondex Mines, Ltd.* (Metals & Mining) | | 1,036 | | 2,393 | |
KLX, Inc.* (Aerospace & Defense) | | 222 | | 15,963 | |
Knoll, Inc. (Commercial Services & Supplies) | | 259 | | 5,390 | |
Knowles Corp.* (Electronic Equipment, Instruments & Components) | | 407 | | 6,227 | |
Kopin Corp.* (Semiconductors & Semiconductor Equipment) | | 666 | | 1,905 | |
Korn/Ferry International (Professional Services) | | 222 | | 13,748 | |
Kraton Performance Polymers, Inc.* (Chemicals) | | 148 | | 6,829 | |
Kratos Defense & Security Solutions, Inc.* (Aerospace & Defense) | | 444 | | 5,110 | |
Kura Oncology, Inc.* (Biotechnology) | | 185 | | 3,367 | |
Ladder Capital Corp. (Mortgage Real Estate Investment Trusts) | | 407 | | 6,357 | |
Ladenburg Thalmann Financial Services, Inc. (Capital Markets) | | 740 | | 2,516 | |
Lakeland Bancorp, Inc. (Banks) | | 222 | | 4,407 | |
Lakeland Financial Corp. (Banks) | | 111 | | 5,349 | |
Landec Corp.* (Food Products) | | 185 | | 2,757 | |
Lannett Co., Inc.* (Pharmaceuticals) | | 222 | | 3,019 | |
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies) | | 222 | | 3,230 | |
Laredo Petroleum, Inc.* (Oil, Gas & Consumable Fuels) | | 740 | | 7,119 | |
LaSalle Hotel Properties (Equity Real Estate Investment Trusts) | | 481 | | 16,465 | |
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | | 666 | | 4,369 | |
Laureate Education, Inc.*—Class A (Diversified Consumer Services) | | 259 | | 3,711 | |
La-Z-Boy, Inc. (Household Durables) | | 222 | | 6,793 | |
LCI Industries (Auto Components) | | 111 | | 10,007 | |
LegacyTexas Financial Group, Inc. (Banks) | | 222 | | 8,662 | |
LendingClub Corp.* (Consumer Finance) | | 1,554 | | 5,890 | |
Lexicon Pharmaceuticals, Inc.* (Biotechnology) | | 259 | | 3,108 | |
Lexington Realty Trust (Equity Real Estate Investment Trusts) | | 962 | | 8,398 | |
LHC Group, Inc.* (Health Care Providers & Services) | | 148 | | 12,667 | |
Liberty Braves Group*—Class C (Media) | | 185 | | 4,784 | |
Liberty Expedia Holdings*—Class A (Internet & Direct Marketing Retail) | | 222 | | 9,755 | |
Liberty Latin America, Ltd.*—Class A (Media) | | 222 | | 4,245 | |
Liberty Latin America, Ltd.*—Class C (Media) | | 518 | | 10,039 | |
Liberty TripAdvisor Holdings, Inc.*—Class A (Internet & Direct Marketing Retail) | | 370 | | 5,957 | |
LifePoint Health, Inc.* (Health Care Providers & Services) | | 148 | | 7,222 | |
Lilis Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 444 | | 2,309 | |
Limelight Networks, Inc.* (Internet Software & Services) | | 666 | | 2,977 | |
Liquidity Services, Inc.* (Internet Software & Services) | | 296 | | 1,939 | |
LivaNova PLC* (Health Care Equipment & Supplies) | | 185 | | 18,468 | |
Live Oak Bancshares, Inc. (Banks) | | 148 | | 4,536 | |
LivePerson, Inc.* (Internet Software & Services) | | 259 | | 5,465 | |
LiveXLive Media, Inc.* (Media) | | 259 | | 1,494 | |
Louisiana-Pacific Corp. (Paper & Forest Products) | | 629 | | 17,120 | |
Loxo Oncology, Inc.* (Biotechnology) | | 111 | | 19,255 | |
LSC Communications, Inc. (Commercial Services & Supplies) | | 222 | | 3,477 | |
LTC Properties, Inc. (Equity Real Estate Investment Trusts) | | 185 | | 7,907 | |
Lumber Liquidators Holdings, Inc.* (Specialty Retail) | | 148 | | 3,604 | |
Lumentum Holdings, Inc.* (Communications Equipment) | | 259 | | 14,996 | |
Luminex Corp. (Life Sciences Tools & Services) | | 185 | | 5,463 | |
M.D.C. Holdings, Inc. (Household Durables) | | 222 | | 6,831 | |
M/A-COM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | | 222 | | 5,115 | |
M/I Homes, Inc.* (Household Durables) | | 148 | | 3,919 | |
Macatawa Bank Corp. (Banks) | | 222 | | 2,695 | |
Mack-Cali Realty Corp. (Equity Real Estate Investment Trusts) | | 407 | | 8,254 | |
MacroGenics, Inc.* (Biotechnology) | | 222 | | 4,584 | |
Magellan Health, Inc.* (Health Care Providers & Services) | | 111 | | 10,650 | |
Maiden Holdings, Ltd. (Insurance) | | 407 | | 3,154 | |
Mallinckrodt PLC* (Pharmaceuticals) | | 370 | | 6,904 | |
MannKind Corp.* (Biotechnology) | | 1,221 | | 2,320 | |
ManTech International Corp.—Class A (IT Services) | | 111 | | 5,954 | |
Marinus Pharmaceuticals, Inc.* (Pharmaceuticals) | | 333 | | 2,354 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 299
Common Stocks, continued
| | Shares | | Value | |
Marrone Bio Innovations, Inc.* (Chemicals) | | 999 | | $ | 1,838 | |
Marten Transport, Ltd. (Road & Rail) | | 222 | | 5,206 | |
Masonite International Corp.* (Building Products) | | 111 | | 7,975 | |
MasTec, Inc.* (Construction & Engineering) | | 259 | | 13,144 | |
Matador Resources Co.* (Oil, Gas & Consumable Fuels) | | 444 | | 13,342 | |
Matrix Service Co.* (Energy Equipment & Services) | | 185 | | 3,395 | |
Matson, Inc. (Marine) | | 185 | | 7,100 | |
Matthews International Corp.—Class A (Commercial Services & Supplies) | | 148 | | 8,702 | |
Maxar Technologies, Ltd. (Aerospace & Defense) | | 259 | | 13,085 | |
MAXIMUS, Inc. (IT Services) | | 259 | | 16,087 | |
MaxLinear, Inc.*—Class A (Semiconductors & Semiconductor Equipment) | | 333 | | 5,191 | |
Maxwell Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | 370 | | 1,924 | |
MB Financial, Inc. (Banks) | | 333 | | 15,551 | |
MBIA, Inc.* (Insurance) | | 481 | | 4,348 | |
McDermott International, Inc.* (Energy Equipment & Services) | | 740 | | 14,541 | |
McGrath RentCorp (Commercial Services & Supplies) | | 111 | | 7,023 | |
MDC Partners, Inc.*—Class A (Media) | | 481 | | 2,213 | |
Medequities Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | 222 | | 2,446 | |
MediciNova, Inc.* (Biotechnology) | | 296 | | 2,356 | |
Medidata Solutions, Inc.* (Health Care Technology) | | 222 | | 17,885 | |
Mercury Systems, Inc.* (Aerospace & Defense) | | 222 | | 8,449 | |
Meredith Corp. (Media) | | 185 | | 9,435 | |
Meridian Bancorp, Inc. (Thrifts & Mortgage Finance) | | 259 | | 4,960 | |
Meridian Bioscience, Inc. (Health Care Equipment & Supplies) | | 222 | | 3,530 | |
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies) | | 222 | | 11,366 | |
Meritage Homes Corp.* (Household Durables) | | 185 | | 8,131 | |
Meritor, Inc.* (Machinery) | | 370 | | 7,611 | |
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components) | | 185 | | 7,456 | |
MGE Energy, Inc. (Electric Utilities) | | 148 | | 9,331 | |
MGIC Investment Corp.* (Thrifts & Mortgage Finance) | | 1,554 | | 16,658 | |
Milacron Holdings Corp.* (Machinery) | | 333 | | 6,304 | |
MiMedx Group, Inc.* (Biotechnology) | | 629 | | 4,019 | |
Mindbody, Inc.* (Internet Software & Services) | | 185 | | 7,141 | |
Minerals Technologies, Inc. (Chemicals) | | 148 | | 11,152 | |
Minerva Neurosciences, Inc.* (Biotechnology) | | 259 | | 2,137 | |
Miragen Therapeutics, Inc.* (Biotechnology) | | 296 | | 1,897 | |
Mitek System, Inc.* (Software) | | 259 | | 2,305 | |
Mobile Mini, Inc. (Commercial Services & Supplies) | | 185 | | 8,677 | |
MobileIron, Inc.* (Software) | | 555 | | 2,470 | |
Model N, Inc.* (Software) | | 185 | | 3,441 | |
Modine Manufacturing Co.* (Auto Components) | | 259 | | 4,727 | |
Moelis & Co. (Capital Markets) | | 185 | | 10,850 | |
Momenta Pharmaceuticals, Inc.* (Biotechnology) | | 370 | | 7,567 | |
MoneyGram International, Inc.* (IT Services) | | 296 | | 1,980 | |
Monmouth Real Estate Investment Corp.— Class A (Equity Real Estate Investment Trusts) | | 370 | | 6,116 | |
Monotype Imaging Holdings, Inc. (Software) | | 222 | | 4,507 | |
Monro Muffler Brake, Inc. (Specialty Retail) | | 148 | | 8,599 | |
Moog, Inc.—Class A (Aerospace & Defense) | | 148 | | 11,538 | |
MRC Global, Inc.* (Trading Companies & Distributors) | | 370 | | 8,018 | |
MSA Safety, Inc. (Commercial Services & Supplies) | | 148 | | 14,257 | |
MSG Networks, Inc.*—Class A (Media) | | 296 | | 7,089 | |
MTGE Investment Corp. (Mortgage Real Estate Investment Trusts) | | 222 | | 4,351 | |
Mueller Industries, Inc. (Machinery) | | 259 | | 7,643 | |
Mueller Water Products, Inc.—Class A (Machinery) | | 703 | | 8,239 | |
Murphy USA, Inc.* (Specialty Retail) | | 148 | | 10,995 | |
Myers Industries, Inc. (Containers & Packaging) | | 185 | | 3,552 | |
Myokardia, Inc.* (Pharmaceuticals) | | 148 | | 7,348 | |
Myriad Genetics, Inc.* (Biotechnology) | | 296 | | 11,062 | |
Nantkwest, Inc.* (Biotechnology) | | 592 | | 1,812 | |
Natera, Inc.* (Biotechnology) | | 222 | | 4,178 | |
National Bank Holdings Corp. (Banks) | | 148 | | 5,711 | |
National CineMedia, Inc. (Media) | | 444 | | 3,730 | |
National General Holdings Corp. (Insurance) | | 296 | | 7,794 | |
National Health Investors, Inc. (Equity Real Estate Investment Trusts) | | 185 | | 13,631 | |
National Storage Affiliates Trust (Equity Real Estate Investment Trusts) | | 222 | | 6,842 | |
National Vision Holdings, Inc.* (Specialty Retail) | | 148 | | 5,412 | |
Nationstar Mortgage Holdings, Inc.* (Thrifts & Mortgage Finance) | | 185 | | 3,243 | |
Natus Medical, Inc.* (Health Care Equipment & Supplies) | | 148 | | 5,106 | |
Nautilus, Inc.* (Leisure Products) | | 185 | | 2,905 | |
Navigant Consulting, Inc.* (Professional Services) | | 222 | | 4,915 | |
Navistar International Corp.* (Machinery) | | 222 | | 9,040 | |
NBT Bancorp, Inc. (Banks) | | 185 | | 7,058 | |
NCI Building Systems, Inc.* (Building Products) | | 222 | | 4,662 | |
Neogen Corp.* (Health Care Equipment & Supplies) | | 222 | | 17,802 | |
NeoGenomics, Inc.* (Life Sciences Tools & Services) | | 296 | | 3,881 | |
NeoPhotonics Corp.* (Semiconductors & Semiconductor Equipment) | | 333 | | 2,075 | |
Neos Therapeutics, Inc.* (Pharmaceuticals) | | 296 | | 1,850 | |
NETGEAR, Inc.* (Communications Equipment) | | 148 | | 9,250 | |
NetScout Systems, Inc.* (Communications Equipment) | | 370 | | 10,989 | |
Nevro Corp.* (Health Care Equipment & Supplies) | | 111 | | 8,863 | |
New Jersey Resources Corp. (Gas Utilities) | | 370 | | 16,558 | |
New Media Investment Group, Inc. (Media) | | 296 | | 5,470 | |
New Relic, Inc.* (Internet Software & Services) | | 185 | | 18,610 | |
New Senior Investment Group, Inc. (Equity Real Estate Investment Trusts) | | 444 | | 3,361 | |
New York & Co., Inc.* (Specialty Retail) | | 407 | | 2,084 | |
| | | | | | |
See accompanying notes to financial statements.
300 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
New York Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts) | | 629 | | $ | 3,780 | |
NewLink Genetics Corp.* (Biotechnology) | | 370 | | 1,761 | |
Newpark Resources, Inc.* (Energy Equipment & Services) | | 481 | | 5,219 | |
Nexeo Solutions, Inc.* (Trading Companies & Distributors) | | 259 | | 2,365 | |
Nexstar Broadcasting Group, Inc.—Class A (Media) | | 185 | | 13,578 | |
NIC, Inc. (Internet Software & Services) | | 333 | | 5,178 | |
NII Holdings, Inc.* (Wireless Telecommunication Services) | | 703 | | 2,742 | |
NMI Holdings, Inc.*—Class A (Thrifts & Mortgage Finance) | | 333 | | 5,428 | |
NN, Inc. (Machinery) | | 185 | | 3,497 | |
Noble Corp. PLC* (Energy Equipment & Services) | | 1,221 | | 7,729 | |
Nordic American Tankers, Ltd. (Oil, Gas & Consumable Fuels) | | 1,036 | | 2,776 | |
Northern Oil & Gas, Inc.* (Oil, Gas & Consumable Fuels) | | 925 | | 2,914 | |
Northfield Bancorp, Inc. (Thrifts & Mortgage Finance) | | 259 | | 4,305 | |
NorthStar Realty Europe Corp. (Equity Real Estate Investment Trusts) | | 259 | | 3,753 | |
Northwest Bancshares, Inc. (Thrifts & Mortgage Finance) | | 444 | | 7,721 | |
Northwest Natural Gas Co. (Gas Utilities) | | 148 | | 9,442 | |
NorthWestern Corp. (Multi-Utilities) | | 222 | | 12,710 | |
Novanta, Inc.* (Electronic Equipment, Instruments & Components) | | 148 | | 9,220 | |
Novavax, Inc.* (Biotechnology) | | 2,331 | | 3,124 | |
Novocure, Ltd.* (Health Care Equipment & Supplies) | | 333 | | 10,423 | |
NOW, Inc.* (Trading Companies & Distributors) | | 518 | | 6,905 | |
NRG Yield, Inc.—Class A (Independent Power & Renewable Electricity Producers) | | 148 | | 2,523 | |
NRG Yield, Inc.—Class C (Independent Power & Renewable Electricity Producers) | | 333 | | 5,728 | |
Nutrisystem, Inc. (Internet & Direct Marketing Retail) | | 148 | | 5,698 | |
NuVasive, Inc.* (Health Care Equipment & Supplies) | | 222 | | 11,571 | |
NxStage Medical, Inc.* (Health Care Equipment & Supplies) | | 296 | | 8,258 | |
Nymox Pharmaceutical Corp.* (Biotechnology) | | 518 | | 1,740 | |
Oasis Petroleum, Inc.* (Oil, Gas & Consumable Fuels) | | 1,147 | | 14,877 | |
Ocean RIG Udw, Inc.* (Energy Equipment & Services) | | 259 | | 7,635 | |
Oceaneering International, Inc. (Energy Equipment & Services) | | 444 | | 11,304 | |
Oceanfirst Financial Corp. (Thrifts & Mortgage Finance) | | 222 | | 6,651 | |
Oclaro, Inc.* (Communications Equipment) | | 814 | | 7,269 | |
Ocular Therapeutix, Inc.* (Pharmaceuticals) | | 296 | | 1,998 | |
Ocwen Financial Corp.* (Thrifts & Mortgage Finance) | | 740 | | 2,930 | |
Office Depot, Inc. (Specialty Retail) | | 2,590 | | 6,605 | |
OFG Bancorp (Banks) | | 259 | | 3,639 | |
Oil States International, Inc.* (Energy Equipment & Services) | | 259 | | 8,314 | |
Old National Bancorp (Banks) | | 666 | | 12,388 | |
Old Second Bancorp, Inc. (Banks) | | 185 | | 2,664 | |
Ollie’s Bargain Outlet Holdings, Inc.* (Multiline Retail) | | 222 | | 16,095 | |
Omeros Corp.* (Pharmaceuticals) | | 259 | | 4,698 | |
Omnicell, Inc.* (Health Care Technology) | | 185 | | 9,703 | |
OMNOVA Solutions, Inc.* (Chemicals) | | 296 | | 3,078 | |
On Deck Capital, Inc.* (Diversified Financial Services) | | 370 | | 2,590 | |
ONE Gas, Inc. (Gas Utilities) | | 222 | | 16,592 | |
OneSpan, Inc.* (Software) | | 185 | | 3,635 | |
OPKO Health, Inc.* (Biotechnology) | | 1,517 | | 7,130 | |
OraSure Technologies, Inc.* (Health Care Equipment & Supplies) | | 296 | | 4,875 | |
ORBCOMM, Inc.* (Diversified Telecommunication Services) | | 407 | | 4,111 | |
Orchid Island Capital, Inc. (Mortgage Real Estate Investment Trusts) | | 370 | | 2,782 | |
Organovo Holdings, Inc.* (Biotechnology) | | 1,332 | | 1,865 | |
Orion Marine Group, Inc.* (Construction & Engineering) | | 259 | | 2,139 | |
Oritani Financial Corp. (Thrifts & Mortgage Finance) | | 222 | | 3,596 | |
Ormat Technologies, Inc. (Independent Power & Renewable Electricity Producers) | | 185 | | 9,839 | |
Otter Tail Corp. (Electric Utilities) | | 185 | | 8,806 | |
Overseas Shipholding Group, Inc.*—Class A (Oil, Gas & Consumable Fuels) | | 555 | | 2,153 | |
Owens & Minor, Inc. (Health Care Providers & Services) | | 296 | | 4,946 | |
Oxford Immunotec Global PLC* (Health Care Equipment & Supplies) | | 185 | | 2,385 | |
P.H. Glatfelter Co. (Paper & Forest Products) | | 222 | | 4,349 | |
Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services) | | 814 | | 2,890 | |
Pacific Premier Bancorp, Inc.* (Banks) | | 222 | | 8,469 | |
Pacira Pharmaceuticals, Inc.* (Pharmaceuticals) | | 185 | | 5,929 | |
Palatin Technologies, Inc.* (Biotechnology) | | 2,146 | | 2,081 | |
Pandora Media, Inc.* (Internet Software & Services) | | 1,147 | | 9,038 | |
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels) | | 185 | | 3,215 | |
Paratek Pharmaceuticals, Inc.* (Pharmaceuticals) | | 259 | | 2,642 | |
Party City Holdco, Inc.* (Specialty Retail) | | 222 | | 3,386 | |
Pattern Energy Group, Inc. (Independent Power & Renewable Electricity Producers) | | 370 | | 6,938 | |
Patterson Cos., Inc. (Health Care Providers & Services) | | 370 | | 8,388 | |
Paylocity Holding Corp.* (Software) | | 148 | | 8,711 | |
PDC Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 259 | | 15,656 | |
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment) | | 222 | | 2,660 | |
PDL BioPharma, Inc.* (Biotechnology) | | 1,110 | | 2,597 | |
Peabody Energy Corp. (Oil, Gas & Consumable Fuels) | | 333 | | 15,144 | |
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts) | | 296 | | 11,485 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 301
Common Stocks, continued
| | Shares | | Value | |
Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure) | | 370 | | $ | 12,428 | |
Pennsylvania Real Estate Investment Trust (Equity Real Estate Investment Trusts) | | 370 | | 4,066 | |
PennyMac Mortgage Investment Trust (Mortgage Real Estate Investment Trusts) | | 296 | | 5,621 | |
Perficient, Inc.* (IT Services) | | 185 | | 4,878 | |
Performance Food Group Co.* (Food & Staples Retailing) | | 444 | | 16,295 | |
Perspecta, Inc. (IT Services) | | 629 | | 12,926 | |
PGT, Inc.* (Building Products) | | 259 | | 5,400 | |
PHH Corp.* (Thrifts & Mortgage Finance) | | 259 | | 2,813 | |
Photronics, Inc.* (Semiconductors & Semiconductor Equipment) | | 407 | | 3,246 | |
Physicians Realty Trust (Equity Real Estate Investment Trusts) | | 777 | | 12,385 | |
Piedmont Office Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | | 555 | | 11,061 | |
Pier 1 Imports, Inc. (Specialty Retail) | | 740 | | 1,761 | |
Pieris Pharmaceuticals, Inc.* (Biotechnology) | | 444 | | 2,251 | |
Pinnacle Entertainment, Inc.* (Hotels, Restaurants & Leisure) | | 222 | | 7,488 | |
Pioneer Energy Services Corp.* (Energy Equipment & Services) | | 592 | | 3,463 | |
Pitney Bowes, Inc. (Commercial Services & Supplies) | | 851 | | 7,293 | |
Planet Fitness, Inc.* (Hotels, Restaurants & Leisure) | | 370 | | 16,258 | |
Plantronics, Inc. (Communications Equipment) | | 148 | | 11,285 | |
Plexus Corp.* (Electronic Equipment, Instruments & Components) | | 148 | | 8,812 | |
Plug Power, Inc.* (Electrical Equipment) | | 1,480 | | 2,990 | |
PNM Resources, Inc. (Electric Utilities) | | 333 | | 12,954 | |
PolyOne Corp. (Chemicals) | | 333 | | 14,392 | |
Portland General Electric Co. (Electric Utilities) | | 370 | | 15,821 | |
Portola Pharmaceuticals, Inc.* (Biotechnology) | | 296 | | 11,180 | |
Potlatch Corp. (Equity Real Estate Investment Trusts) | | 259 | | 13,170 | |
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | | 111 | | 8,109 | |
PQ Group Holdings, Inc.* (Chemicals) | | 222 | | 3,996 | |
PRA Group, Inc.* (Consumer Finance) | | 222 | | 8,558 | |
Preferred Apartment Communities, Inc.— Class A (Equity Real Estate Investment Trusts) | | 222 | | 3,772 | |
Presidio, Inc.* (IT Services) | | 222 | | 2,908 | |
Prestige Brands Holdings, Inc.* (Pharmaceuticals) | | 222 | | 8,520 | |
Primerica, Inc. (Insurance) | | 185 | | 18,427 | |
Primo Water Corp.* (Beverages) | | 185 | | 3,236 | |
Primoris Services Corp. (Construction & Engineering) | | 222 | | 6,045 | |
ProAssurance Corp. (Insurance) | | 259 | | 9,182 | |
Progenics Pharmaceuticals, Inc.* (Biotechnology) | | 444 | | 3,570 | |
Progress Software Corp. (Software) | | 222 | | 8,618 | |
ProPetro Holding Corp.* (Energy Equipment & Services) | | 370 | | 5,802 | |
PROS Holdings, Inc.* (Software) | | 148 | | 5,412 | |
Proteostasis Therapeutics, Inc.* (Biotechnology) | | 555 | | 1,548 | |
Prothena Corp. PLC* (Biotechnology) | | 259 | | 3,776 | |
Proto Labs, Inc.* (Machinery) | | 111 | | 13,203 | |
Provident Financial Services, Inc. (Thrifts & Mortgage Finance) | | 296 | | 8,149 | |
PTC Therapeutics, Inc.* (Biotechnology) | | 222 | | 7,488 | |
Puma Biotechnology, Inc.* (Biotechnology) | | 148 | | 8,754 | |
Q2 Holdings, Inc.* (Internet Software & Services) | | 148 | | 8,443 | |
QTS Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | | 222 | | 8,769 | |
Quad/Graphics, Inc. (Commercial Services & Supplies) | | 185 | | 3,854 | |
Quality Care Properties* (Equity Real Estate Investment Trusts) | | 407 | | 8,755 | |
Quality Systems, Inc.* (Health Care Technology) | | 259 | | 5,051 | |
Qualys, Inc.* (Software) | | 148 | | 12,476 | |
Quanex Building Products Corp. (Building Products) | | 222 | | 3,985 | |
Quantenna Communications, Inc.* (Communications Equipment) | | 222 | | 3,450 | |
Quidel Corp.* (Health Care Equipment & Supplies) | | 148 | | 9,842 | |
QuinStreet, Inc.* (Internet Software & Services) | | 259 | | 3,289 | |
Quorum Health Corp.* (Health Care Providers & Services) | | 370 | | 1,850 | |
Quotient Technology, Inc.* (Internet Software & Services) | | 407 | | 5,332 | |
R. R. Donnelley & Sons Co. (Commercial Services & Supplies) | | 444 | | 2,557 | |
R1 RCM, Inc.* (Health Care Providers & Services) | | 555 | | 4,817 | |
Radian Group, Inc. (Thrifts & Mortgage Finance) | | 925 | | 15,004 | |
Radiant Logistics, Inc.* (Air Freight & Logistics) | | 481 | | 1,881 | |
Radius Health, Inc.* (Biotechnology) | | 185 | | 5,452 | |
RadNet, Inc.* (Health Care Providers & Services) | | 259 | | 3,885 | |
Rambus, Inc.* (Semiconductors & Semiconductor Equipment) | | 518 | | 6,496 | |
Ramco-Gershenson Properties Trust (Equity Real Estate Investment Trusts) | | 407 | | 5,376 | |
Rapid7, Inc.* (Software) | | 185 | | 5,221 | |
Raven Industries, Inc. (Industrial Conglomerates) | | 185 | | 7,113 | |
Rayonier Advanced Materials, Inc. (Chemicals) | | 296 | | 5,059 | |
Red Rock Resorts, Inc.—Class A (Hotels, Restaurants & Leisure) | | 296 | | 9,916 | |
Redfin Corp.* (Real Estate Management & Development) | | 333 | | 7,689 | |
Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts) | | 370 | | 6,094 | |
Regenxbio, Inc.* (Biotechnology) | | 148 | | 10,619 | |
Regis Corp.* (Diversified Consumer Services) | | 222 | | 3,672 | |
Remark Holdings, Inc.* (Internet Software & Services) | | 370 | | 1,447 | |
Renasant Corp. (Banks) | | 222 | | 10,105 | |
Renewable Energy Group, Inc.* (Oil, Gas & Consumable Fuels) | | 222 | | 3,963 | |
Rent-A-Center, Inc.* (Specialty Retail) | | 259 | | 3,812 | |
Repligen Corp.* (Biotechnology) | | 185 | | 8,702 | |
Republic First Bancorp, Inc.* (Banks) | | 333 | | 2,614 | |
| | | | | | |
See accompanying notes to financial statements.
302 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
Resources Connection, Inc. (Professional Services) | | 185 | | $ | 3,127 | |
Retail Opportunity Investments Corp. (Equity Real Estate Investment Trusts) | | 481 | | 9,216 | |
Retrophin, Inc.* (Biotechnology) | | 185 | | 5,043 | |
REV Group, Inc. (Machinery) | | 185 | | 3,147 | |
Revance Therapeutics, Inc.* (Pharmaceuticals) | | 185 | | 5,078 | |
Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts) | | 370 | | 11,614 | |
Rexnord Corp.* (Machinery) | | 444 | | 12,903 | |
Ribbon Communications, Inc.* (Communications Equipment) | | 407 | | 2,898 | |
Rigel Pharmaceuticals, Inc.* (Biotechnology) | | 1,036 | | 2,932 | |
Ring Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 333 | | 4,202 | |
Rite Aid Corp.* (Food & Staples Retailing) | | 4,736 | | 8,193 | |
RLI Corp. (Insurance) | | 185 | | 12,245 | |
RLJ Lodging Trust (Equity Real Estate Investment Trusts) | | 740 | | 16,317 | |
Rockwell Medical, Inc.* (Health Care Equipment & Supplies) | | 444 | | 2,189 | |
Roku, Inc.* (Household Durables) | | 185 | | 7,885 | |
Rowan Cos. PLC*—Class A (Energy Equipment & Services) | | 592 | | 9,602 | |
RTI Surgical, Inc.* (Health Care Equipment & Supplies) | | 518 | | 2,383 | |
Rudolph Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | | 148 | | 4,381 | |
Rush Enterprises, Inc.*—Class A (Trading Companies & Distributors) | | 148 | | 6,420 | |
Ruth’s Hospitality Group, Inc. (Hotels, Restaurants & Leisure) | | 148 | | 4,151 | |
Ryman Hospitality Properties, Inc. (Equity Real Estate Investment Trusts) | | 185 | | 15,383 | |
S&T Bancorp, Inc. (Banks) | | 148 | | 6,400 | |
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | | 740 | | 16,080 | |
Safe Bulkers, Inc.* (Marine) | | 555 | | 1,887 | |
Saia, Inc.* (Road & Rail) | | 111 | | 8,974 | |
SailPoint Technologies Holding, Inc.* (Software) | | 185 | | 4,540 | |
Sally Beauty Holdings, Inc.* (Specialty Retail) | | 555 | | 8,897 | |
Sanchez Energy Corp.* (Oil, Gas & Consumable Fuels) | | 629 | | 2,843 | |
SandRidge Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 185 | | 3,282 | |
Sandy Spring Bancorp, Inc. (Banks) | | 148 | | 6,069 | |
Sangamo BioSciences, Inc.* (Biotechnology) | | 481 | | 6,830 | |
Sanmina Corp.* (Electronic Equipment, Instruments & Components) | | 296 | | 8,673 | |
Savara, Inc.* (Biotechnology) | | 222 | | 2,513 | |
ScanSource, Inc.* (Electronic Equipment, Instruments & Components) | | 111 | | 4,473 | |
Schnitzer Steel Industries, Inc.—Class A (Metals & Mining) | | 148 | | 4,988 | |
Scholastic Corp. (Media) | | 148 | | 6,558 | |
Schweitzer-Mauduit International, Inc. (Paper & Forest Products) | | 148 | | 6,471 | |
Science Applications International Corp. (IT Services) | | 185 | | 14,972 | |
Scientific Games Corp.*—Class A (Hotels, Restaurants & Leisure) | | 222 | | 10,911 | |
Scorpio Bulkers, Inc. (Marine) | | 407 | | 2,890 | |
Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels) | | 1,591 | | 4,471 | |
Seacoast Banking Corp. of Florida* (Banks) | | 222 | | 7,011 | |
Sears Holdings Corp.* (Multiline Retail) | | 703 | | 1,666 | |
SeaWorld Entertainment, Inc.* (Hotels, Restaurants & Leisure) | | 259 | | 5,651 | |
Select Energy Services, Inc.* (Energy Equipment & Services) | | 259 | | 3,763 | |
Select Income REIT (Equity Real Estate Investment Trusts) | | 296 | | 6,651 | |
Select Medical Holdings Corp.* (Health Care Providers & Services) | | 481 | | 8,730 | |
Selective Insurance Group, Inc. (Insurance) | | 259 | | 14,245 | |
SemGroup Corp.—Class A (Oil, Gas & Consumable Fuels) | | 370 | | 9,398 | |
Semtech Corp.* (Semiconductors & Semiconductor Equipment) | | 259 | | 12,186 | |
Senseonics Holdings, Inc.* (Health Care Equipment & Supplies) | | 518 | | 2,129 | |
Sensient Technologies Corp. (Chemicals) | | 185 | | 13,237 | |
Seritage Growth Properties—Class A (Equity Real Estate Investment Trusts) | | 148 | | 6,280 | |
ServiceSource International, Inc.* (IT Services) | | 629 | | 2,478 | |
ServisFirst Bancshares, Inc. (Banks) | | 222 | | 9,264 | |
Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure) | | 111 | | 7,346 | |
Shenandoah Telecommunications Co. (Wireless Telecommunication Services) | | 222 | | 7,259 | |
Ship Finance International, Ltd. (Oil, Gas & Consumable Fuels) | | 407 | | 6,085 | |
Shutterfly, Inc.* (Internet & Direct Marketing Retail) | | 148 | | 13,324 | |
SIGA Technologies, Inc.* (Pharmaceuticals) | | 407 | | 2,418 | |
Sigma Designs, Inc.* (Semiconductors & Semiconductor Equipment) | | 333 | | 2,031 | |
Signet Jewelers, Ltd. (Specialty Retail) | | 259 | | 14,439 | |
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | | 185 | | 18,425 | |
Simmons First National Corp.—Class A (Banks) | | 407 | | 12,169 | |
Simply Good Foods Co. (The)* (Food Products) | | 333 | | 4,809 | |
Simpson Manufacturing Co., Inc. (Building Products) | | 185 | | 11,505 | |
Sinclair Broadcast Group, Inc.—Class A (Media) | | 333 | | 10,706 | |
Siteone Landscape Supply, Inc.* (Trading Companies & Distributors) | | 185 | | 15,533 | |
SkyWest, Inc. (Airlines) | | 222 | | 11,521 | |
Sleep Number Corp.* (Specialty Retail) | | 185 | | 5,369 | |
Solaris Oilfield Infrastructure, Inc.* (Energy Equipment & Services) | | 185 | | 2,644 | |
Sonic Corp. (Hotels, Restaurants & Leisure) | | 185 | | 6,368 | |
Sorrento Therapeutics, Inc.* (Biotechnology) | | 555 | | 3,996 | |
Sotheby’s*—Class A (Diversified Consumer Services) | | 185 | | 10,053 | |
South Jersey Industries, Inc. (Gas Utilities) | | 370 | | 12,384 | |
South State Corp. (Banks) | | 148 | | 12,765 | |
Southside Bancshares, Inc. (Banks) | | 148 | | 4,985 | |
Southwest Gas Corp. (Gas Utilities) | | 185 | | 14,110 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 303
Common Stocks, continued
| | Shares | | Value | |
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels) | | 2,516 | | $ | 13,335 | |
Spark Therapeutics, Inc.* (Biotechnology) | | 148 | | 12,248 | |
Spartan Motors, Inc. (Auto Components) | | 222 | | 3,352 | |
SpartanNash Co. (Food & Staples Retailing) | | 185 | | 4,721 | |
Spectrum Pharmaceuticals, Inc.* (Biotechnology) | | 444 | | 9,306 | |
Spire, Inc. (Gas Utilities) | | 222 | | 15,684 | |
Spirit Airlines, Inc.* (Airlines) | | 296 | | 10,760 | |
Spirit MTA REIT* (Equity Real Estate Investment Trusts) | | 296 | | 3,049 | |
Sportsman’s Warehouse Holdings, Inc.* (Specialty Retail) | | 370 | | 1,894 | |
SPX Corp.* (Machinery) | | 185 | | 6,484 | |
SPX FLOW, Inc.* (Machinery) | | 185 | | 8,097 | |
SRC Energy, Inc.* (Oil, Gas & Consumable Fuels) | | 1,073 | | 11,824 | |
STAAR Surgical Co.* (Health Care Equipment & Supplies) | | 185 | | 5,735 | |
STAG Industrial, Inc. (Equity Real Estate Investment Trusts) | | 407 | | 11,083 | |
State Bank Financial Corp. (Banks) | | 185 | | 6,179 | |
Steelcase, Inc.—Class A (Commercial Services & Supplies) | | 407 | | 5,495 | |
Stemline Therapeutics, Inc.* (Biotechnology) | | 185 | | 2,969 | |
Sterling Construction Co., Inc.* (Construction & Engineering) | | 185 | | 2,411 | |
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods) | | 259 | | 13,753 | |
Stifel Financial Corp. (Capital Markets) | | 296 | | 15,467 | |
Stoneridge, Inc.* (Auto Components) | | 148 | | 5,201 | |
Stratasys, Ltd.* (Technology Hardware, Storage & Peripherals) | | 259 | | 4,957 | |
Summit Hotel Properties, Inc. (Equity Real Estate Investment Trusts) | | 481 | | 6,883 | |
Summit Materials, Inc.*—Class A (Construction Materials) | | 481 | | 12,626 | |
Sun Hydraulics Corp. (Machinery) | | 148 | | 7,132 | |
SunCoke Energy, Inc.* (Metals & Mining) | | 333 | | 4,462 | |
SunPower Corp.* (Semiconductors & Semiconductor Equipment) | | 407 | | 3,122 | |
Sunrun, Inc.* (Electrical Equipment) | | 444 | | 5,839 | |
Sunstone Hotel Investors, Inc. (Equity Real Estate Investment Trusts) | | 962 | | 15,988 | |
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals) | | 185 | | 4,375 | |
Superior Energy Services, Inc.* (Energy Equipment & Services) | | 740 | | 7,208 | |
Superior Industries International, Inc. (Auto Components) | | 148 | | 2,649 | |
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals) | | 222 | | 13,287 | |
SUPERVALU, Inc.* (Food & Staples Retailing) | | 222 | | 4,555 | |
Sykes Enterprises, Inc.* (IT Services) | | 185 | | 5,324 | |
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | | 148 | | 7,455 | |
Syneos Health, Inc.* (Life Sciences Tools & Services) | | 259 | | 12,148 | |
Synergy Pharmaceuticals, Inc.* (Biotechnology) | | 1,628 | | 2,833 | |
SYNNEX Corp. (Electronic Equipment, Instruments & Components) | | 111 | | 10,713 | |
Syntel, Inc.* (IT Services) | | 185 | | 5,937 | |
Syros Pharmaceuticals, Inc.* (Biotechnology) | | 222 | | 2,267 | |
T2 Biosystems, Inc.* (Biotechnology) | | 259 | | 2,005 | |
Tahoe Resources, Inc. (Metals & Mining) | | 1,480 | | 7,282 | |
Tailored Brands, Inc. (Specialty Retail) | | 222 | | 5,665 | |
Tandem Diabetes Care, Inc.* (Health Care Equipment & Supplies) | | 222 | | 4,888 | |
Tanger Factory Outlet Centers, Inc. (Equity Real Estate Investment Trusts) | | 407 | | 9,560 | |
Taylor Morrison Home Corp.*—Class A (Household Durables) | | 481 | | 9,995 | |
Team, Inc.* (Commercial Services & Supplies) | | 185 | | 4,274 | |
Tech Data Corp.* (Electronic Equipment, Instruments & Components) | | 148 | | 12,154 | |
Teekay Corp. (Oil, Gas & Consumable Fuels) | | 444 | | 3,441 | |
Teekay Tankers, Ltd.—Class A (Oil, Gas & Consumable Fuels) | | 1,813 | | 2,121 | |
TEGNA, Inc. (Media) | | 962 | | 10,438 | |
Teladoc, Inc.* (Health Care Providers & Services) | | 259 | | 15,035 | |
Telaria, Inc.* (Internet Software & Services) | | 481 | | 1,943 | |
Telenav, Inc.* (Software) | | 333 | | 1,865 | |
Teligent, Inc.* (Pharmaceuticals) | | 518 | | 1,792 | |
Tellurian, Inc.* (Oil, Gas & Consumable Fuels) | | 444 | | 3,694 | |
Tenet Healthcare Corp.* (Health Care Providers & Services) | | 370 | | 12,421 | |
Tenneco, Inc. (Auto Components) | | 222 | | 9,759 | |
Terraform Power, Inc.—Class A (Independent Power & Renewable Electricity Producers) | | 407 | | 4,762 | |
Terreno Realty Corp. (Equity Real Estate Investment Trusts) | | 259 | | 9,757 | |
Tetra Tech, Inc. (Commercial Services & Supplies) | | 222 | | 12,987 | |
TETRA Technologies, Inc.* (Energy Equipment & Services) | | 777 | | 3,458 | |
Tetraphase Pharmaceuticals, Inc.* (Pharmaceuticals) | | 518 | | 1,849 | |
Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure) | | 296 | | 19,391 | |
Textainer Group Holdings, Ltd.* (Trading Companies & Distributors) | | 185 | | 2,942 | |
TG Therapeutics, Inc.* (Biotechnology) | | 333 | | 4,379 | |
The Andersons, Inc. (Food & Staples Retailing) | | 148 | | 5,062 | |
The Bancorp, Inc.* (Banks) | | 333 | | 3,483 | |
The Brink’s Co. (Commercial Services & Supplies) | | 222 | | 17,704 | |
The Buckle, Inc. (Specialty Retail) | | 148 | | 3,981 | |
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure) | | 185 | | 10,186 | |
The E.W. Scripps Co.—Class A (Media) | | 259 | | 3,468 | |
The Ensign Group, Inc. (Health Care Providers & Services) | | 222 | | 7,952 | |
The GEO Group, Inc. (Equity Real Estate Investment Trusts) | | 518 | | 14,266 | |
The Greenbrier Cos., Inc. (Machinery) | | 148 | | 7,807 | |
The Hackett Group, Inc. (IT Services) | | 185 | | 2,973 | |
The KEYW Holding Corp.* (Aerospace & Defense) | | 333 | | 2,910 | |
The Manitowoc Co., Inc.* (Machinery) | | 185 | | 4,784 | |
| | | | | | |
See accompanying notes to financial statements.
304 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
| | Shares | | Value | |
The Medicines Co.* (Pharmaceuticals) | | 296 | | $ | 10,863 | |
The Meet Group, Inc.* (Internet Software & Services) | | 592 | | 2,652 | |
The New York Times Co.—Class A (Media) | | 555 | | 14,374 | |
The St Joe Co.* (Real Estate Management & Development) | | 222 | | 3,985 | |
TherapeuticsMD, Inc.* (Pharmaceuticals) | | 851 | | 5,310 | |
Theravance Biopharma, Inc.* (Pharmaceuticals) | | 222 | | 5,035 | |
Thermon Group Holdings, Inc.* (Electrical Equipment) | | 185 | | 4,231 | |
Third Point Reinsurance, Ltd.* (Insurance) | | 407 | | 5,088 | |
Tier REIT, Inc. (Equity Real Estate Investment Trusts) | | 222 | | 5,279 | |
Tile Shop Holdings, Inc. (Specialty Retail) | | 333 | | 2,564 | |
TimkenSteel Corp.* (Metals & Mining) | | 222 | | 3,630 | |
Tiptree Financial, Inc.—Class A (Diversified Financial Services) | | 296 | | 2,013 | |
Titan International, Inc. (Machinery) | | 296 | | 3,176 | |
Tivity Health, Inc.* (Health Care Providers & Services) | | 185 | | 6,512 | |
TiVo Corp. (Software) | | 555 | | 7,465 | |
TopBuild Corp.* (Household Durables) | | 148 | | 11,593 | |
TowneBank (Banks) | | 296 | | 9,502 | |
TPG RE Finance Trust, Inc. (Mortgage Real Estate Investment Trusts) | | 185 | | 3,759 | |
Trade Desk, Inc. (The)* (Internet Software & Services) | | 148 | | 13,882 | |
TransEnterix, Inc.* (Health Care Equipment & Supplies) | | 925 | | 4,033 | |
Travelport Worldwide, Ltd. (IT Services) | | 555 | | 10,290 | |
Tredegar Corp. (Chemicals) | | 148 | | 3,478 | |
Trex Co., Inc.* (Building Products) | | 259 | | 16,212 | |
TRI Pointe Group, Inc.* (Household Durables) | | 666 | | 10,896 | |
TriMas Corp.* (Machinery) | | 222 | | 6,527 | |
TriNet Group, Inc.* (Professional Services) | | 185 | | 10,349 | |
Trinseo SA (Chemicals) | | 185 | | 13,126 | |
Triton International, Ltd./Bermuda (Trading Companies & Distributors) | | 259 | | 7,941 | |
Triumph Group, Inc. (Aerospace & Defense) | | 259 | | 5,076 | |
Tronox, Ltd.—Class A (Chemicals) | | 444 | | 8,738 | |
TrueBlue, Inc.* (Professional Services) | | 222 | | 5,983 | |
TrueCar, Inc.* (Internet Software & Services) | | 481 | | 4,853 | |
TrustCo Bank Corp. (Thrifts & Mortgage Finance) | | 518 | | 4,610 | |
Trustmark Corp. (Banks) | | 296 | | 9,658 | |
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | 444 | | 7,828 | |
Tupperware Brands Corp. (Household Durables) | | 222 | | 9,155 | |
Tutor Perini Corp.* (Construction & Engineering) | | 222 | | 4,096 | |
Tyme Technologies, Inc.* (Biotechnology) | | 518 | | 1,637 | |
U.S. Silica Holdings, Inc. (Energy Equipment & Services) | | 333 | | 8,555 | |
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | | 222 | | 3,685 | |
Ultra Petroleum Corp.* (Oil, Gas & Consumable Fuels) | | 1,221 | | 2,821 | |
Ultragenyx Pharmaceutical, Inc.* (Biotechnology) | | 185 | | 14,221 | |
UMB Financial Corp. (Banks) | | 185 | | 14,103 | |
UMH Properties, Inc. (Equity Real Estate Investment Trusts) | | 222 | | 3,408 | |
Union Bankshares Corp. (Banks) | | 296 | | 11,508 | |
Unisys Corp.* (IT Services) | | 296 | | 3,818 | |
Unit Corp.* (Energy Equipment & Services) | | 259 | | 6,620 | |
United Bankshares, Inc. (Banks) | | 407 | | 14,815 | |
United Community Banks, Inc. (Banks) | | 333 | | 10,213 | |
United Community Financial Corp. (Thrifts & Mortgage Finance) | | 296 | | 3,253 | |
United Financial Bancorp, Inc. (Thrifts & Mortgage Finance) | | 259 | | 4,538 | |
United Natural Foods, Inc.* (Food & Staples Retailing) | | 222 | | 9,471 | |
Universal Corp. (Tobacco) | | 111 | | 7,332 | |
Universal Forest Products, Inc. (Building Products) | | 259 | | 9,485 | |
Universal Insurance Holdings, Inc. (Insurance) | | 148 | | 5,195 | |
Univest Corp. of Pennsylvania (Banks) | | 148 | | 4,070 | |
Uranium Energy Corp.* (Oil, Gas & Consumable Fuels) | | 1,406 | | 2,264 | |
Urban Edge Properties (Equity Real Estate Investment Trusts) | | 481 | | 11,000 | |
Urstadt Biddle Properties, Inc.—Class A (Equity Real Estate Investment Trusts) | | 185 | | 4,187 | |
USA Technologies, Inc.* (Technology Hardware, Storage & Peripherals) | | 296 | | 4,144 | |
Valhi, Inc. (Chemicals) | | 333 | | 1,585 | |
Valley National Bancorp (Banks) | | 1,332 | | 16,197 | |
Vanda Pharmaceuticals, Inc.* (Biotechnology) | | 259 | | 4,934 | |
Varex Imaging Corp.* (Health Care Equipment & Supplies) | | 185 | | 6,862 | |
Varonis Systems, Inc.* (Software) | | 111 | | 8,270 | |
Vector Group, Ltd. (Tobacco) | | 444 | | 8,471 | |
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment) | | 259 | | 3,691 | |
Veracyte, Inc.* (Biotechnology) | | 222 | | 2,073 | |
Verastem, Inc.* (Biotechnology) | | 370 | | 2,546 | |
Vericel Corp.* (Biotechnology) | | 259 | | 2,512 | |
VeriFone Systems, Inc.* (Electronic Equipment, Instruments & Components) | | 481 | | 10,976 | |
Verint Systems, Inc.* (Software) | | 259 | | 11,487 | |
Verso Corp.*—Class A (Paper & Forest Products) | | 185 | | 4,026 | |
ViaSat, Inc.* (Communications Equipment) | | 222 | | 14,590 | |
Viavi Solutions, Inc.* (Communications Equipment) | | 999 | | 10,230 | |
ViewRay, Inc.* (Health Care Equipment & Supplies) | | 370 | | 2,560 | |
Viking Therapeutics, Inc.* (Biotechnology) | | 296 | | 2,809 | |
VirnetX Holding Corp.* (Software) | | 592 | | 2,013 | |
Virtusa Corp.* (IT Services) | | 148 | | 7,205 | |
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | | 555 | | 12,875 | |
Vista Outdoor, Inc.* (Leisure Products) | | 296 | | 4,585 | |
Vital Therapies, Inc.* (Biotechnology) | | 333 | | 2,281 | |
Vivint Solar, Inc.* (Independent Power & Renewable Electricity Producers) | | 370 | | 1,832 | |
Vocera Communications, Inc.* (Health Care Technology) | | 148 | | 4,424 | |
Vonage Holdings Corp.* (Diversified Telecommunication Services) | | 962 | | 12,401 | |
| | | | | | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 305
Common Stocks, continued
| | Shares | | Value | |
W&T Offshore, Inc.* (Oil, Gas & Consumable Fuels) | | 555 | | $ | 3,968 | |
Wabash National Corp. (Machinery) | | 296 | | 5,523 | |
Waddell & Reed Financial, Inc.—Class A (Capital Markets) | | 370 | | 6,649 | |
WageWorks, Inc.* (Professional Services) | | 185 | | 9,250 | |
Walker & Dunlop, Inc. (Thrifts & Mortgage Finance) | | 111 | | 6,177 | |
Warrior Met Coal, Inc. (Metals & Mining) | | 185 | | 5,100 | |
Washington Federal, Inc. (Thrifts & Mortgage Finance) | | 370 | | 12,099 | |
Washington Prime Group, Inc. (Equity Real Estate Investment Trusts) | | 888 | | 7,202 | |
Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts) | | 333 | | 10,100 | |
Waterstone Financial, Inc. (Thrifts & Mortgage Finance) | | 185 | | 3,154 | |
Watts Water Technologies, Inc.—Class A (Machinery) | | 111 | | 8,702 | |
Web.com Group, Inc.* (Internet Software & Services) | | 222 | | 5,739 | |
Weight Watchers International, Inc.* (Diversified Consumer Services) | | 148 | | 14,962 | |
Werner Enterprises, Inc. (Road & Rail) | | 222 | | 8,336 | |
WesBanco, Inc. (Banks) | | 185 | | 8,332 | |
Wesco Aircraft Holdings, Inc.* (Aerospace & Defense) | | 333 | | 3,746 | |
Westamerica Bancorp (Banks) | | 111 | | 6,273 | |
Western Asset Mortgage Capital Corp. (Mortgage Real Estate Investment Trusts) | | 259 | | 2,699 | |
Western New England BanCorp, Inc. (Thrifts & Mortgage Finance) | | 222 | | 2,442 | |
WGL Holdings, Inc. (Gas Utilities) | | 222 | | 19,702 | |
Whitestone REIT (Equity Real Estate Investment Trusts) | | 259 | | 3,232 | |
WideOpenWest, Inc.* (Media) | | 259 | | 2,502 | |
Wildhorse Resource Development Corp.* (Oil, Gas & Consumable Fuels) | | 148 | | 3,753 | |
William Lyon Homes*—Class A (Household Durables) | | 185 | | 4,292 | |
Willscot Corp.* (Construction & Engineering) | | 222 | | 3,286 | |
Windstream Holdings, Inc.* (Diversified Telecommunication Services) | | 370 | | 1,950 | |
Wingstop, Inc. (Hotels, Restaurants & Leisure) | | 148 | | 7,714 | |
Winnebago Industries, Inc. (Automobiles) | | 148 | | 6,009 | |
WisdomTree Investments, Inc. (Capital Markets) | | 592 | | 5,375 | |
WMIH Corp.* (Insurance) | | 1,739 | | 2,330 | |
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods) | | 407 | | 14,151 | |
Woodward, Inc. (Machinery) | | 222 | | 17,063 | |
Workiva, Inc.* (Software) | | 148 | | 3,611 | |
World Fuel Services Corp. (Oil, Gas & Consumable Fuels) | | 333 | | 6,797 | |
World Wrestling Entertainment, Inc.—Class A (Media) | | 185 | | 13,472 | |
Worthington Industries, Inc. (Metals & Mining) | | 185 | | 7,764 | |
Wright Medical Group N.V.* (Health Care Equipment & Supplies) | | 444 | | 11,526 | |
WSFS Financial Corp. (Thrifts & Mortgage Finance) | | 148 | | 7,888 | |
Xcerra Corp.* (Semiconductors & Semiconductor Equipment) | | 296 | | 4,135 | |
Xencor, Inc.* (Biotechnology) | | 222 | | 8,216 | |
Xenia Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts) | | 481 | | 11,717 | |
XO Group, Inc.* (Internet Software & Services) | | 148 | | 4,736 | |
Xperi Corp. (Semiconductors & Semiconductor Equipment) | | 259 | | 4,170 | |
Yelp, Inc.* (Internet Software & Services) | | 333 | | 13,047 | |
Yext, Inc.* (Internet Software & Services) | | 370 | | 7,156 | |
YRC Worldwide, Inc.* (Road & Rail) | | 259 | | 2,603 | |
ZAGG, Inc.* (Household Durables) | | 185 | | 3,201 | |
Zion Oil & Gas, Inc.* (Oil, Gas & Consumable Fuels) | | 592 | | 2,401 | |
ZIOPHARM Oncology, Inc.* (Biotechnology) | | 925 | | 2,794 | |
ZixCorp.* (Software) | | 444 | | 2,393 | |
Zogenix, Inc.* (Pharmaceuticals) | | 148 | | 6,542 | |
Zomedica Pharmaceuticals Corp.* (Pharmaceuticals) | | 814 | | 1,832 | |
TOTAL COMMON STOCKS (Cost $5,754,175) | | | | 8,543,104 | |
| | | | | | |
Contingent Right(NM) | | | | | |
| | | | | |
Dyax Corp.*^+(a) (Biotechnology) | | 972 | | 1,079 | |
TOTAL CONTINGENT RIGHT (Cost $—) | | | | 1,079 | |
Trust (0.0%)
| | Interest Units | | Value | |
Ferroglobe Representation and Warranty Insurance^+ (Metals & Mining) | | 510 | | — | |
TOTAL TRUST (Cost $—) | | | | — | |
Repurchase Agreements(b)(c) (52.1%)
| | Principal Amount | | Value | |
Repurchase Agreements with various counterparties, rates 1.91%—2.00%, dated 6/29/18, due 7/2/18, total to be received $19,146,126 | | $ | 19,143,000 | | $ | 19,143,000 | |
TOTAL REPURCHASE AGREEMENTS (Cost $19,143,000) | | | | 19,143,000 | |
TOTAL INVESTMENT SECURITIES (Cost $24,897,175)—75.3% | | | | 27,687,183 | |
Net other assets (liabilities)—24.7% | | | | 9,077,198 | |
NET ASSETS—100.0% | | | | $ | 36,764,381 | |
| | | | | | | |
* Non-income producing security.
^ The Advisor has deemed these securities to be illiquid. As of June 30, 2018, these securities represented less than 0.005% of the net assets of the Fund.
+ These securities were fair valued based on procedures approved by the Board of Trustees. As of June 30, 2018, these securities represented less than 0.005% of the net assets of the Fund.
(a) Expiration is on or before December 31, 2019; expiration is subject to contingencies. Rights entitle the Fund to cash if the
See accompanying notes to financial statements.
306 :: ProFund VP UltraSmall-Cap :: Financial Statements
company receives U.S. Food and Drug Administration approval on a specific medication that is being developed.
(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2018, the aggregate amount held in a segregated account was $5,878,000.
(c) The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
Futures Contracts Purchased
| | Number of Contracts | | Expiration Date | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
E-Mini Russell 2000 Index Futures Contracts | | 65 | | 9/24/18 | | $ | 5,351,775 | | $ | (93,235 | ) |
| | | | | | | | | | | |
Total Return Swap Agreements
Underlying Instrument | | Counterparty | | Termination Date(1) | | Rate Paid (Received)(2) | | Notional Amount | | Value and Unrealized Appreciation/ (Depreciation) | |
iShares Russell 2000 ETF | | Goldman Sachs International | | 7/27/18 | | 1.78 | % | $ | 12,656,370 | | $ | 32,081 | |
Russell 2000 Index | | Goldman Sachs International | | 7/27/18 | | 2.13 | % | 7,462,191 | | 43,815 | |
| | | | | | | | 20,118,561 | | 75,896 | |
iShares Russell 2000 ETF | | UBS AG | | 7/27/18 | | 1.78 | % | 17,267,053 | | 48,952 | |
Russell 2000 Index | | UBS AG | | 7/27/18 | | 1.98 | % | 22,250,581 | | 26,547 | |
| | | | | | | | 39,517,634 | | 75,499 | |
| | | | | | | | $ | 59,636,195 | | $ | 151,395 | |
(1) Agreements may be terminated at will by either party without penalty.
(2) Reflects the floating financing rate, as of June 30, 2018, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation / (depreciation).
ProFund VP UltraSmall-Cap invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Aerospace & Defense | | $ | 110,831 | | 0.3 | % |
Air Freight & Logistics | | 29,011 | | 0.1 | % |
Airlines | | 30,262 | | 0.1 | % |
Auto Components | | 86,731 | | 0.2 | % |
Automobiles | | 6,009 | | NM | |
Banks | | 726,747 | | 2.0 | % |
Beverages | | 4,953 | | NM | |
Biotechnology | | 627,638 | | 1.7 | % |
Building Products | | 112,516 | | 0.3 | % |
Capital Markets | | 97,730 | | 0.3 | % |
Chemicals | | 183,704 | | 0.6 | % |
Commercial Services & Supplies | | 211,644 | | 0.6 | % |
Communications Equipment | | 156,449 | | 0.4 | % |
Construction & Engineering | | 101,732 | | 0.3 | % |
Construction Materials | | 12,626 | | NM | |
Consumer Finance | | 59,040 | | 0.2 | % |
Containers & Packaging | | 9,423 | | NM | |
Distributors | | 5,039 | | NM | |
Diversified Consumer Services | | 70,460 | | 0.2 | % |
Diversified Financial Services | | 16,678 | | NM | |
Diversified Telecommunication Services | | 50,603 | | 0.2 | % |
Electric Utilities | | 95,508 | | 0.3 | % |
Electrical Equipment | | 56,817 | | 0.2 | % |
Electronic Equipment, Instruments & Components | | 205,677 | | 0.6 | % |
Energy Equipment & Services | | 177,423 | | 0.5 | % |
Equity Real Estate Investment Trusts | | 635,694 | | 1.7 | % |
Food & Staples Retailing | | | 48,297 | | 0.1 | % |
Food Products | | 59,429 | | 0.2 | % |
Gas Utilities | | 104,472 | | 0.2 | % |
Health Care Equipment & Supplies | | 284,093 | | 0.8 | % |
Health Care Providers & Services | | 178,803 | | 0.5 | % |
Health Care Technology | | 80,314 | | 0.2 | % |
Hotels, Restaurants & Leisure | | 222,114 | | 0.6 | % |
Household Durables | | 131,835 | | 0.4 | % |
Household Products | | 15,236 | | NM | |
Independent Power & Renewable Electricity Producers | | 33,820 | | 0.1 | % |
Industrial Conglomerates | | 7,113 | | NM | |
Insurance | | 199,201 | | 0.5 | % |
Internet & Direct Marketing Retail | | 66,405 | | 0.2 | % |
Internet Software & Services | | 284,142 | | 0.7 | % |
IT Services | | 170,672 | | 0.5 | % |
Leisure Products | | 23,998 | | 0.1 | % |
Life Sciences Tools & Services | | 43,838 | | 0.1 | % |
Machinery | | 270,342 | | 0.7 | % |
Marine | | 17,044 | | NM | |
Media | | 165,496 | | 0.5 | % |
Metals & Mining | | 116,440 | | 0.3 | % |
Mortgage Real Estate Investment Trusts | | 118,528 | | 0.3 | % |
Multiline Retail | | 29,473 | | 0.1 | % |
Multi-Utilities | | 39,937 | | 0.1 | % |
Oil, Gas & Consumable Fuels | | 312,164 | | 0.8 | % |
Paper & Forest Products | | 53,001 | | 0.1 | % |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 307
| | Value | | % of Net Assets | |
Personal Products | | $ | 11,202 | | NM | |
Pharmaceuticals | | 202,249 | | 0.6 | % |
Professional Services | | 95,804 | | 0.3 | % |
Real Estate Management & Development | | 37,592 | | 0.1 | % |
Road & Rail | | 52,096 | | 0.1 | % |
Semiconductors & Semiconductor Equipment | | 242,612 | | 0.7 | % |
Software | | 249,094 | | 0.7 | % |
Specialty Retail | | 228,729 | | 0.5 | % |
Technology Hardware, Storage & Peripherals | | 42,771 | | 0.1 | % |
Textiles, Apparel & Luxury Goods | | 64,655 | | 0.2 | % |
Thrifts & Mortgage Finance | | 187,402 | | 0.5 | % |
Tobacco | | 18,443 | | 0.1 | % |
Trading Companies & Distributors | | 114,674 | | 0.3 | % |
Water Utilities | | 24,692 | | 0.1 | % |
Wireless Telecommunication Services | | 15,016 | | NM | |
Other** | | 28,220,198 | | 76.8 | % |
Total | | $ | 36,764,381 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
NM Not meaningful, amount is less than 0.05%.
See accompanying notes to financial statements.
308 :: ProFund VP UltraSmall-Cap :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 24,897,175 | |
Securities, at value | | 8,544,183 | |
Repurchase agreements, at value | | 19,143,000 | |
Total Investment Securities, at value | | 27,687,183 | |
Cash | | 246 | |
Segregated cash balances with brokers | | 225,225 | |
Segregated cash balances with custodian | | 738 | |
Dividends and interest receivable | | 11,026 | |
Unrealized appreciation on swap agreements | | 151,395 | |
Receivable for capital shares issued | | 9,135,232 | |
Receivable for investments sold | | 4,328 | |
Prepaid expenses | | 358 | |
TOTAL ASSETS | | 37,215,731 | |
| | | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 359,046 | |
Variation margin on futures contracts | | 13,000 | |
Advisory fees payable | | 18,901 | |
Management services fees payable | | 2,520 | |
Administration fees payable | | 862 | |
Administrative services fees payable | | 12,997 | |
Distribution fees payable | | 13,162 | |
Trustee fees payable | | 7 | |
Transfer agency fees payable | | 1,419 | |
Fund accounting fees payable | | 1,030 | |
Compliance services fees payable | | 161 | |
Other accrued expenses | | 28,245 | |
TOTAL LIABILITIES | | 451,350 | |
NET ASSETS | | $ | 36,764,381 | |
| | | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 30,608,346 | |
Accumulated net investment income (loss) | | (37,748 | ) |
Accumulated net realized gains (losses) on investments | | 3,345,615 | |
Net unrealized appreciation (depreciation) on investments | | 2,848,168 | |
NET ASSETS | | $ | 36,764,381 | |
| | | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 1,488,037 | |
Net Asset Value (offering and redemption price per share) | | $ | 24.71 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 55,507 | |
Interest | | 135,223 | |
TOTAL INVESTMENT INCOME | | 190,730 | |
| | | |
EXPENSES: | | | |
Advisory fees | | 101,206 | |
Management services fees | | 13,494 | |
Administration fees | | 4,130 | |
Transfer agency fees | | 6,249 | |
Administrative services fees | | 34,674 | |
Distribution fees | | 33,735 | |
Custody fees | | 1,681 | |
Fund accounting fees | | 7,771 | |
Trustee fees | | 358 | |
Compliance services fees | | 161 | |
Other fees | | 12,433 | |
Recoupment of prior expenses reduced by the Advisor | | 10,810 | |
TOTAL NET EXPENSES | | 226,702 | |
NET INVESTMENT INCOME (LOSS) | | (35,972 | ) |
| | | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 721,495 | |
Net realized gains (losses) on futures contracts | | 570,130 | |
Net realized gains (losses) on swap agreements | | 2,540,692 | |
Change in net unrealized appreciation/depreciation on investment securities | | (182,394 | ) |
Change in net unrealized appreciation/depreciation on futures contracts | | (181,888 | ) |
Change in net unrealized appreciation/depreciation on swap agreements | | 311,907 | |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | 3,779,942 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 3,743,970 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 309
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
| | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | (35,972 | ) | $ | (197,914 | ) |
Net realized gains (losses) on investments | | 3,832,317 | | 7,135,433 | |
Change in net unrealized appreciation/depreciation on investments | | (52,375 | ) | (171,008 | ) |
Change in net assets resulting from operations | | 3,743,970 | | 6,766,511 | |
| | | | | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net realized gains on investments | | (7,150,628 | ) | (2,247,114 | ) |
Change in net assets resulting from distributions | | (7,150,628 | ) | (2,247,114 | ) |
| | | | | |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 233,192,665 | | 499,488,916 | |
Distributions reinvested | | 7,150,628 | | 2,247,114 | |
Value of shares redeemed | | (232,044,990 | ) | (501,157,887 | ) |
Change in net assets resulting from capital transactions | | 8,298,303 | | 578,143 | |
Change in net assets | | 4,891,645 | | 5,097,540 | |
| | | | | |
NET ASSETS: | | | | | |
Beginning of period | | 31,872,736 | | 26,775,196 | |
End of period | | $ | 36,764,381 | | $ | 31,872,736 | |
Accumulated net investment income (loss) | | $ | (37,748 | ) | $ | (1,776 | ) |
| | | | | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 8,151,311 | | 18,839,310 | |
Reinvested | | 272,301 | | 80,657 | |
Redeemed | | (8,050,580 | ) | (18,867,171 | ) |
Change in shares | | 373,032 | | 52,796 | |
See accompanying notes to financial statements.
310 :: ProFund VP UltraSmall-Cap :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 28.59 | | $ | 25.21 | | $ | 18.07 | | $ | 21.36 | | $ | 24.90 | | $ | 13.35 | |
| | | | | | | | | | | | | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | (0.04 | ) | (0.20 | ) | (0.15 | ) | (0.19 | ) | (0.20 | ) | (0.18 | ) |
Net realized and unrealized gains (losses) on investments | | 3.96 | | 6.48 | | 7.29 | | (2.48 | ) | 1.05 | | 11.73 | |
Total income (loss) from investment activities | | 3.92 | | 6.28 | | 7.14 | | (2.67 | ) | 0.85 | | 11.55 | |
| | | | | | | | | | | | | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net realized gains on investments | | (7.80 | ) | (2.90 | ) | — | | (0.62 | ) | (4.39 | ) | — | |
| | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 24.71 | | $ | 28.59 | | $ | 25.21 | | $ | 18.07 | | $ | 21.36 | | $ | 24.90 | |
| | | | | | | | | | | | | |
Total Return(b) | | 12.11 | % | 25.20 | % | 39.51 | % | (12.93 | )% | 5.38 | % | 86.52 | % |
| | | | | | | | | | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.68 | %(d) | 1.72 | % | 1.78 | % | 1.79 | % | 1.76 | % | 1.80 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | (0.27 | )% | (0.74 | )% | (0.79 | )% | (0.89 | )% | (0.93 | )% | (0.95 | )% |
| | | | | | | | | | | | | |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 36,764 | | $ | 31,873 | | $ | 26,775 | | $ | 19,372 | | $ | 25,158 | | $ | 35,264 | |
Portfolio turnover rate(b)(e) | | 17 | % | 27 | % | 32 | % | 45 | % | 16 | % | 32 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) The gross expense ratio includes a non-recurring fee reduction for expenses accrued in a prior year. Had this fee reduction not occurred, the gross expense ratio would have been 1.70%. The net expense ratio, net investment income (loss) ratio, and total return were not affected by the fee reduction.
(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Utilities :: 311
Investment Objective: The ProFund VP Utilities seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Utilities Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2018
Market Exposure
Investment Type | | % of Net Assets | |
Equity Securities | | 100 | % |
Total Exposure | | 100 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Largest Equity Holdings
Company | | % of Net Assets | |
NextEra Energy, Inc. | | 10.2 | % |
Duke Energy Corp. | | 7.2 | % |
The Southern Co. | | 6.1 | % |
Exelon Corp. | | 4.8 | % |
Dominion Resources, Inc. | | 4.6 | % |
Dow Jones U.S. Utilites Index — Composition
| | % of Index | |
Electric Utilities | | 57 | % |
Multi-Utilities | | 31 | % |
Gas Utilities | | 6 | % |
Independent Power and Renewable Electricity Producers | | 3 | % |
Water Utilities | | 3 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (100.0%)
| | Shares | | Value | |
ALLETE, Inc. (Electric Utilities) | | 2,067 | | $ | 160,006 | |
Alliant Energy Corp. (Electric Utilities) | | 9,370 | | 396,538 | |
Ameren Corp. (Multi-Utilities) | | 9,857 | | 599,798 | |
American Electric Power Co., Inc. (Electric Utilities) | | 19,932 | | 1,380,291 | |
American Water Works Co., Inc. (Water Utilities) | | 7,203 | | 614,993 | |
Aqua America, Inc. (Water Utilities) | | 7,197 | | 253,190 | |
Atmos Energy Corp. (Gas Utilities) | | 4,496 | | 405,269 | |
Avista Corp. (Multi-Utilities) | | 2,657 | | 139,918 | |
Black Hills Corp. (Multi-Utilities) | | 2,173 | | 133,009 | |
CenterPoint Energy, Inc. (Multi-Utilities) | | 17,455 | | 483,678 | |
CMS Energy Corp. (Multi-Utilities) | | 11,427 | | 540,269 | |
Consolidated Edison, Inc. (Multi-Utilities) | | 12,568 | | 980,053 | |
Dominion Resources, Inc. (Multi-Utilities) | | 21,113 | | 1,439,484 | |
DTE Energy Co. (Multi-Utilities) | | 7,336 | | 760,230 | |
Duke Energy Corp. (Electric Utilities) | | 28,363 | | 2,242,946 | |
Edison International (Electric Utilities) | | 13,185 | | 834,215 | |
El Paso Electric Co. (Electric Utilities) | | 1,640 | | 96,924 | |
Entergy Corp. (Electric Utilities) | | 7,311 | | 590,656 | |
Evergy, Inc. (Electric Utilities) | | 10,973 | | 616,134 | |
Eversource Energy (Electric Utilities) | | 12,823 | | 751,556 | |
Exelon Corp. (Electric Utilities) | | 35,082 | | 1,494,493 | |
FirstEnergy Corp. (Electric Utilities) | | 18,139 | | 651,371 | |
Hawaiian Electric Industries, Inc. (Electric Utilities) | | 4,409 | | 151,229 | |
IDACORP, Inc. (Electric Utilities) | | 2,033 | | 187,524 | |
MDU Resources Group, Inc. (Multi-Utilities) | | 7,904 | | 226,687 | |
National Fuel Gas Co. (Gas Utilities) | | 3,474 | | 183,983 | |
New Jersey Resources Corp. (Gas Utilities) | | 3,544 | | 158,594 | |
NextEra Energy, Inc. (Electric Utilities) | | 19,083 | | 3,187,434 | |
NiSource, Inc. (Multi-Utilities) | | 13,648 | | 358,669 | |
NorthWestern Corp. (Multi-Utilities) | | 1,997 | | 114,328 | |
NRG Energy, Inc. (Independent Power & Renewable Electricity Producers) | | 12,103 | | 371,562 | |
ONE Gas, Inc. (Gas Utilities) | | 2,129 | | 159,121 | |
PG&E Corp. (Electric Utilities) | | 20,891 | | 889,121 | |
Pinnacle West Capital Corp. (Electric Utilities) | | 4,529 | | 364,856 | |
PNM Resources, Inc. (Electric Utilities) | | 3,230 | | 125,647 | |
Portland General Electric Co. (Electric Utilities) | | 3,617 | | 154,663 | |
PPL Corp. (Electric Utilities) | | 28,287 | | 807,594 | |
Public Service Enterprise Group, Inc. (Multi-Utilities) | | 20,440 | | 1,106,622 | |
SCANA Corp. (Multi-Utilities) | | 5,767 | | 222,145 | |
Sempra Energy (Multi-Utilities) | | 10,683 | | 1,240,403 | |
South Jersey Industries, Inc. (Gas Utilities) | | 3,457 | | 115,706 | |
Southwest Gas Corp. (Gas Utilities) | | 1,954 | | 149,032 | |
Spire, Inc. (Gas Utilities) | | 2,031 | | 143,490 | |
The AES Corp. (Independent Power & Renewable Electricity Producers) | | 26,764 | | 358,905 | |
The Southern Co. (Electric Utilities) | | 40,927 | | 1,895,329 | |
UGI Corp. (Gas Utilities) | | 7,012 | | 365,115 | |
Vectren Corp. (Multi-Utilities) | | 3,363 | | 240,286 | |
Vistra Energy Corp.* (Independent Power & Renewable Electricity Producers) | | 15,027 | | 355,539 | |
WEC Energy Group, Inc. (Multi-Utilities) | | 12,771 | | 825,645 | |
WGL Holdings, Inc. (Gas Utilities) | | 2,086 | | 185,133 | |
Xcel Energy, Inc. (Electric Utilities) | | 20,597 | | 940,871 | |
TOTAL COMMON STOCKS (Cost $12,046,126) | | | | 31,150,254 | |
TOTAL INVESTMENT SECURITIES (Cost $12,046,126)—100.0% | | | | 31,150,254 | |
Net other assets (liabilities)—NM | | | | 12,715 | |
NET ASSETS—100.0% | | | | $ | 31,162,969 | |
* Non-income producing security.
ProFund VP Utilities invested in the following industries as of June 30, 2018:
| | Value | | % of Net Assets | |
Electric Utilities | | $ | 17,919,398 | | 57.5 | % |
Gas Utilities | | 1,865,443 | | 6.0 | % |
Independent Power & Renewable Electricity Producers | | 1,086,006 | | 3.5 | % |
Multi-Utilities | | 9,411,224 | | 30.2 | % |
Water Utilities | | 868,183 | | 2.8 | % |
Other** | | 12,715 | | NM | |
Total | | $ | 31,162,969 | | 100.0 | % |
** Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.
NM Not meaningful, amount is less than 0.05%
See accompanying notes to financial statements.
312 :: ProFund VP Utilities :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2018
ASSETS: | | | |
Total Investment Securities, at cost | | $ | 12,046,126 | |
Securities, at value | | 31,150,254 | |
Total Investment Securities, at value | | 31,150,254 | |
Dividends receivable | | 51,911 | |
Receivable for capital shares issued | | 78,545 | |
Prepaid expenses | | 410 | |
TOTAL ASSETS | | 31,281,120 | |
| | | |
LIABILITIES: | | | |
Payable for capital shares redeemed | | 5,159 | |
Cash overdraft | | 33,708 | |
Advisory fees payable | | 18,126 | |
Management services fees payable | | 2,417 | |
Administration fees payable | | 825 | |
Administrative services fees payable | | 12,915 | |
Distribution fees payable | | 12,099 | |
Trustee fees payable | | 6 | |
Transfer agency fees payable | | 1,358 | |
Fund accounting fees payable | | 986 | |
Compliance services fees payable | | 165 | |
Other accrued expenses | | 30,387 | |
TOTAL LIABILITIES | | 118,151 | |
NET ASSETS | | $ | 31,162,969 | |
| | | |
NET ASSETS CONSIST OF: | | | |
Capital | | $ | 12,429,288 | |
Accumulated net investment income (loss) | | 318,009 | |
Accumulated net realized gains (losses) on investments | | (688,456 | ) |
Net unrealized appreciation (depreciation) on investments | | 19,104,128 | |
NET ASSETS | | $ | 31,162,969 | |
| | | |
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | 720,044 | |
Net Asset Value (offering and redemption price per share) | | $ | 43.28 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2018
INVESTMENT INCOME: | | | |
Dividends | | $ | 547,320 | |
Interest | | 399 | |
TOTAL INVESTMENT INCOME | | 547,719 | |
| | | |
EXPENSES: | | | |
Advisory fees | | 117,508 | |
Management services fees | | 15,668 | |
Administration fees | | 3,476 | |
Transfer agency fees | | 5,242 | |
Administrative services fees | | 46,834 | |
Distribution fees | | 39,169 | |
Custody fees | | 1,843 | |
Fund accounting fees | | 3,970 | |
Trustee fees | | 319 | |
Compliance services fees | | 165 | |
Other fees | | 4,513 | |
Recoupment of prior expenses reduced by the Advisor | | 24,511 | |
TOTAL NET EXPENSES | | 263,218 | |
NET INVESTMENT INCOME (LOSS) | | 284,501 | |
| | | |
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | |
Net realized gains (losses) on investment securities | | 2,495,475 | |
Change in net unrealized appreciation/depreciation on investment securities | | (3,193,123 | ) |
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | (697,648 | ) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (413,147 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Utilities :: 313
Statements of Changes in Net Assets
| | Six Months Ended June 30, 2018 (unaudited) | | Year Ended December 31, 2017 | |
FROM INVESTMENT ACTIVITIES: | | | | | |
| | | | | |
OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 284,501 | | $ | 660,339 | |
Net realized gains (losses) on investments | | 2,495,475 | | 1,095,606 | |
Change in net unrealized appreciation/depreciation on investments | | (3,193,123 | ) | 2,030,819 | |
Change in net assets resulting from operations | | (413,147 | ) | 3,786,764 | |
| | | | | |
DISTRIBUTIONS TO SHAREHOLDERS FROM: | | | | | |
Net investment income | | (660,339 | ) | (839,554 | ) |
Net realized gains on investments | | (995,403 | ) | (1,375,423 | ) |
Change in net assets resulting from distributions | | (1,655,742 | ) | (2,214,977 | ) |
| | | | | |
CAPITAL TRANSACTIONS: | | | | | |
Proceeds from shares issued | | 16,436,955 | | 37,878,272 | |
Distributions reinvested | | 1,655,742 | | 2,214,977 | |
Value of shares redeemed | | (23,325,044 | ) | (43,397,350 | ) |
Change in net assets resulting from capital transactions | | (5,232,347 | ) | (3,304,101 | ) |
Change in net assets | | (7,301,236 | ) | (1,732,314 | ) |
| | | | | |
NET ASSETS: | | | | | |
Beginning of period | | 38,464,205 | | 40,196,519 | |
End of period | | $ | 31,162,969 | | $ | 38,464,205 | |
Accumulated net investment income (loss) | | $ | 318,009 | | $ | 693,847 | |
| | | | | |
SHARE TRANSACTIONS: | | | | | |
Issued | | 374,953 | | 797,865 | |
Reinvested | | 39,451 | | 48,521 | |
Redeemed | | (536,956 | ) | (924,055 | ) |
Change in shares | | (122,552 | ) | (77,669 | ) |
See accompanying notes to financial statements.
314 :: ProFund VP Utilities :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | Six Months Ended Jun. 30, 2018 (unaudited) | | Year Ended Dec. 31, 2017 | | Year Ended Dec. 31, 2016 | | Year Ended Dec. 31, 2015 | | Year Ended Dec. 31, 2014 | | Year Ended Dec. 31, 2013 | |
Net Asset Value, Beginning of Period | | $ | 45.65 | | $ | 43.68 | | $ | 39.63 | | $ | 43.44 | | $ | 35.08 | | $ | 31.68 | |
| | | | | | | | | | | | | |
Investment Activities: | | | | | | | | | | | | | |
Net investment income (loss)(a) | | 0.39 | | 0.76 | | 0.74 | | 0.77 | | 0.74 | | 0.75 | |
Net realized and unrealized gains (losses) on investments | | (0.26 | ) | 3.89 | | 5.26 | | (3.55 | ) | 8.26 | | 3.51 | |
Total income (loss) from investment activities | | 0.13 | | 4.65 | | 6.00 | | (2.78 | ) | 9.00 | | 4.26 | |
| | | | | | | | | | | | | |
Distributions to Shareholders From: | | | | | | | | | | | | | |
Net investment income | | (1.00 | ) | (1.02 | ) | (0.68 | ) | (0.84 | ) | (0.64 | ) | (0.86 | ) |
Net realized gains on investments | | (1.50 | ) | (1.66 | ) | (1.27 | ) | (0.19 | ) | — | | — | |
Total distributions | | (2.50 | ) | (2.68 | ) | (1.95 | ) | (1.03 | ) | (0.64 | ) | (0.86 | ) |
| | | | | | | | | | | | | |
Net Asset Value, End of Period | | $ | 43.28 | | $ | 45.65 | | $ | 43.68 | | $ | 39.63 | | $ | 43.44 | | $ | 35.08 | |
| | | | | | | | | | | | | |
Total Return(b) | | 0.45 | % | 10.64 | % | 15.07 | % | (6.40 | )% | 25.88 | % | 13.31 | % |
| | | | | | | | | | | | | |
Ratios to Average Net Assets: | | | | | | | | | | | | | |
Gross expenses(c) | | 1.68 | %(d) | 1.72 | % | 1.71 | % | 1.73 | % | 1.76 | % | 1.76 | % |
Net expenses(c) | | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % | 1.68 | % |
Net investment income (loss)(c) | | 1.82 | % | 1.62 | % | 1.68 | % | 1.91 | % | 1.91 | % | 2.17 | % |
| | | | | | | | | | | | | |
Supplemental Data: | | | | | | | | | | | | | |
Net assets, end of period (000’s) | | $ | 31,163 | | $ | 38,464 | | $ | 40,197 | | $ | 30,117 | | $ | 53,224 | | $ | 31,170 | |
Portfolio turnover rate(b)(e) | | 40 | % | 60 | % | 97 | % | 59 | % | 83 | % | 77 | % |
(a) Per share net investment income (loss) has been calculated using the average daily shares method.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) The gross expense ratio includes a non-recurring fee reduction for expenses accrued in a prior year. Had this fee reduction not occurred, the gross expense ratio would have been 1.72%. The net expense ratio, net investment income (loss) ratio, and total return were not affected by the fee reduction.
(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.
See accompanying notes to financial statements.
Notes to Financial Statements
316 :: Notes to Financial Statements :: June 30, 2018 (unaudited)
1. Organization
ProFunds (the “Trust”) consists of 112 separate investment portfolios and is registered as an open-end management investment company under the Investment Company Act of 1940 (the “1940 Act”) and thus follows accounting and reporting guidance for investment companies. The Trust is organized as a Delaware statutory trust and is authorized to issue an unlimited number of shares of beneficial interest of no par value which may be issued in more than one class or series. These accompanying financial statements relate to the following portfolios of the Trust included in this report (collectively, the “ProFunds VP” and individually, a “ProFund VP”):
Classic ProFunds VP: | |
ProFund VP Asia 30 | ProFund VP Large-Cap Value |
ProFund VP Bull | ProFund VP Mid-Cap |
ProFund VP Dow 30 | ProFund VP Mid-Cap Growth |
ProFund VP Emerging Markets | ProFund VP Mid-Cap Value |
ProFund VP Europe 30 | ProFund VP NASDAQ-100 |
ProFund VP International | ProFund VP Small-Cap |
ProFund VP Japan | ProFund VP Small-Cap Growth |
ProFund VP Large-Cap Growth | ProFund VP Small-Cap Value |
| |
Ultra ProFunds VP: | |
ProFund VP UltraBull | ProFund VP UltraNASDAQ-100 |
ProFund VP UltraMid-Cap | ProFund VP UltraSmall-Cap |
| |
Inverse ProFunds VP: | |
ProFund VP Bear | ProFund VP Short NASDAQ-100 |
ProFund VP Short Dow 30 | ProFund VP Short Small-Cap |
ProFund VP Short Emerging Markets | ProFund VP UltraShort Dow 30 |
ProFund VP Short International | ProFund VP UltraShort NASDAQ-100 |
ProFund VP Short Mid-Cap | |
| |
Sector ProFunds VP: | |
ProFund VP Banks | ProFund VP Oil & Gas |
ProFund VP Basic Materials | ProFund VP Pharmaceuticals |
ProFund VP Biotechnology | ProFund VP Precious Metals |
ProFund VP Consumer Goods | ProFund VP Real Estate |
ProFund VP Consumer Services | ProFund VP Semiconductor |
ProFund VP Financials | ProFund VP Technology |
ProFund VP Health Care | ProFund VP Telecommunications |
ProFund VP Industrials | ProFund VP Utilities |
ProFund VP Internet | |
| |
Non-Equity ProFunds VP: | |
ProFund VP Falling U.S. Dollar | ProFund VP U.S. Government Plus |
ProFund VP Rising Rates Opportunity | |
| |
Money Market ProFund VP: | |
ProFund VP Government Money Market | |
The ProFunds VP, excluding ProFund VP Government Money Market, are referred to as the “non-money market ProFunds VP.” Each non-money market ProFund VP, other than ProFund VP Consumer Services, ProFund VP Europe 30, ProFund VP Industrials, ProFund VP Large-Cap Growth, ProFund VP Large-Cap Value, ProFund VP Mid-Cap Growth, ProFund VP Mid-Cap Value, ProFund VP Real Estate, ProFund VP Small-Cap Growth, ProFund VP Small-Cap Value, and ProFund VP Utilities, is classified as non-diversified under the 1940 Act. Each ProFund VP has one class of shares.
Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust and ProFunds VP’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the ProFunds VP.
June 30, 2018 (unaudited) :: Notes to Financial Statements :: 317
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by each ProFund VP in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. The actual results could differ from those estimates.
Investment Valuation
The ProFunds VP record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 3.
Repurchase Agreements
Each ProFund VP may enter into repurchase agreements with financial institutions in pursuit of its investment objective, as “cover” for the investment techniques it employs, or for liquidity purposes. Repurchase agreements are primarily used by the ProFunds VP as short-term investments for cash positions. Under a repurchase agreement, a ProFund VP purchases a debt security and simultaneously agrees 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 an agreed-upon market interest rate during the purchaser’s holding period. While the maturities of the underlying securities in repurchase transactions may be more than one year, the term of each repurchase agreement will always be less than one year.
The ProFunds VP follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions generally with major, global financial institutions whose creditworthiness is continuously monitored by ProFund Advisors LLC (the “Advisor”). In addition, the value of the collateral underlying the repurchase agreement is required to be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. Funds within both the Trust and Access One Trust (an affiliated trust) invest in repurchase agreements jointly. Each ProFund VP, therefore, holds a pro rata share of the collateral and interest income based upon the dollar amount of the repurchase agreements entered into by each ProFund VP. The collateral underlying the repurchase agreement is held by the ProFund VP’s custodian. In the event of a default or bankruptcy by a selling financial institution, a ProFund VP will seek to liquidate such collateral which could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the ProFund VP could suffer a loss. A ProFund VP also may experience difficulties and incur certain costs in exercising its rights to the collateral and may lose the interest the ProFund VP expected to receive under the repurchase agreement. During periods of high demand for repurchase agreements, the ProFunds VP may be unable to invest available cash in these instruments to the extent desired by the Advisor.
Information concerning the counterparties, value of, collateralization and amounts due under repurchase agreement transactions may be found in the table below.
As of June 30, 2018, the ProFunds VP had undivided interest in joint repurchase agreements with the following counterparties, for the time periods and rates indicated. Amounts shown in the table below represent principal amount, cost and value for each respective repurchase agreement.
Fund Name | | HSBC Securities (USA), Inc., 1.95% dated 6/29/18, due 7/2/18(1) | | RBC Capital Markets, LLC, 2.00% dated 6/29/18, due 7/2/18(2) | | RBS Securities, Inc., 1.91% dated 6/29/18, due 7/2/18(3) | | Societe’ Generale, 2.00% dated 6/29/18, due 7/2/18(4) | | UMB Bank N.A., 2.00% dated 6/29/18, due 7/2/18(5) | |
ProFund VP Banks | | $ | 8,000 | | $ | 8,000 | | $ | 12,000 | | $ | 10,000 | | $ | 2,000 | |
ProFund VP Basic Materials | | 13,000 | | 13,000 | | 21,000 | | 18,000 | | 3,000 | |
ProFund VP Bear | | 688,000 | | 688,000 | | 1,101,000 | | 918,000 | | 38,000 | |
ProFund VP Biotechnology | | 39,000 | | 39,000 | | 63,000 | | 53,000 | | 5,000 | |
ProFund VP Bull | | 3,795,000 | | 3,795,000 | | 6,073,000 | | 5,061,000 | | 192,000 | |
ProFund VP Dow 30 | | 55,000 | | 55,000 | | 88,000 | | 73,000 | | 7,000 | |
ProFund VP Emerging Markets | | 311,000 | | 311,000 | | 497,000 | | 414,000 | | 19,000 | |
ProFund VP Falling U.S. Dollar | | 84,000 | | 84,000 | | 134,000 | | 112,000 | | 10,000 | |
ProFund VP Government Money Market | | 28,698,000 | | 28,698,000 | | 45,918,000 | | 38,265,000 | | 1,406,000 | |
ProFund VP Health Care | | 15,000 | | 15,000 | | 24,000 | | 20,000 | | 2,000 | |
ProFund VP International | | 1,575,000 | | 1,575,000 | | 2,522,000 | | 2,100,000 | | 84,000 | |
ProFund VP Internet | | 30,000 | | 30,000 | | 48,000 | | 40,000 | | 2,000 | |
ProFund VP Japan | | 2,618,000 | | 2,618,000 | | 4,189,000 | | 3,491,000 | | 131,000 | |
ProFund VP Mid-Cap | | 2,266,000 | | 2,266,000 | | 3,626,000 | | 3,021,000 | | 117,000 | |
ProFund VP Mid-Cap Growth | | 17,000 | | 17,000 | | 28,000 | | 23,000 | | 3,000 | |
ProFund VP Mid-Cap Value | | 16,000 | | 16,000 | | 26,000 | | 22,000 | | 3,000 | |
ProFund VP NASDAQ-100 | | 5,302,000 | | 5,302,000 | | 8,484,000 | | 7,070,000 | | 264,000 | |
ProFund VP Oil & Gas | | 41,000 | | 41,000 | | 65,000 | | 54,000 | | 4,000 | |
ProFund VP Pharmaceuticals | | 9,000 | | 9,000 | | 15,000 | | 12,000 | | 3,000 | |
ProFund VP Precious Metals | | 4,160,000 | | 4,160,000 | | 6,657,000 | | 5,547,000 | | 210,000 | |
| | | | | | | | | | | | | | | | |
318 :: Notes to Financial Statements :: June 30, 2018 (unaudited)
Fund Name | | HSBC Securities (USA), Inc., 1.95% dated 6/29/18, due 7/2/18(1) | | RBC Capital Markets, LLC, 2.00% dated 6/29/18, due 7/2/18(2) | | RBS Securities, Inc., 1.91% dated 6/29/18, due 7/2/18(3) | | Societe’ Generale, 2.00% dated 6/29/18, due 7/2/18(4) | | UMB Bank N.A., 2.00% dated 6/29/18, due 7/2/18(5) | |
ProFund VP Rising Rates Opportunity | | $ | 2,246,000 | | $ | 2,246,000 | | $ | 3,595,000 | | $ | 2,996,000 | | $ | 116,000 | |
ProFund VP Semiconductor | | 13,000 | | 13,000 | | 22,000 | | 18,000 | | 3,000 | |
ProFund VP Short Dow 30 | | 2,000 | | 2,000 | | 3,000 | | 2,000 | | 5,000 | |
ProFund VP Short Emerging Markets | | 539,000 | | 539,000 | | 862,000 | | 718,000 | | 30,000 | |
ProFund VP Short International | | 206,000 | | 206,000 | | 329,000 | | 274,000 | | 14,000 | |
ProFund VP Short Mid-Cap | | 18,000 | | 18,000 | | 29,000 | | 24,000 | | 5,000 | |
ProFund VP Short NASDAQ-100 | | 456,000 | | 456,000 | | 730,000 | | 609,000 | | 29,000 | |
ProFund VP Short Small-Cap | | 293,000 | | 293,000 | | 468,000 | | 391,000 | | 18,000 | |
ProFund VP Small-Cap | | 1,621,000 | | 1,621,000 | | 2,595,000 | | 2,162,000 | | 85,000 | |
ProFund VP Small-Cap Growth | | 4,000 | | 4,000 | | 7,000 | | 6,000 | | 2,000 | |
ProFund VP Technology | | 13,000 | | 13,000 | | 21,000 | | 18,000 | | 3,000 | |
ProFund VP Telecommunications | | 3,000 | | 3,000 | | 6,000 | | 5,000 | | 2,000 | |
ProFund VP U.S. Government Plus | | 1,835,000 | | 1,835,000 | | 2,936,000 | | 2,447,000 | | 93,000 | |
ProFund VP UltraBull | | 2,097,000 | | 2,097,000 | | 3,353,000 | | 2,795,000 | | 107,000 | |
ProFund VP UltraMid-Cap | | 1,932,000 | | 1,932,000 | | 3,092,000 | | 2,576,000 | | 101,000 | |
ProFund VP UltraNASDAQ-100 | | 13,276,000 | | 13,276,000 | | 21,242,000 | | 17,702,000 | | 658,000 | |
ProFund VP UltraShort Dow 30 | | 1,000 | | 1,000 | | 1,000 | | 1,000 | | 3,000 | |
ProFund VP UltraShort NASDAQ-100 | | 96,000 | | 96,000 | | 154,000 | | 128,000 | | 11,000 | |
ProFund VP UltraSmall-Cap | | 3,841,000 | | 3,841,000 | | 6,146,000 | | 5,121,000 | | 194,000 | |
| | $ | 78,232,000 | | $ | 78,232,000 | | $ | 125,182,000 | | $ | 104,317,000 | | $ | 3,984,000 | |
Each repurchase agreement was fully collateralized by U.S. government securities as of June 30, 2018 as follows:
(1) U.S. Treasury Separate Trading of Registered Interest and Principal of Securities (STRIPS), effective yield or interest rate in effect at June 30, 2018, 2.999%, due 2/15/43, total value $79,798,576.
(2) U.S. Treasury Inflation-Protected Securities (TIPS), 1.125%, due 1/15/21, total value $79,801,801.
(3) U.S. Treasury Notes, 2.125% to 2.875%, due 9/30/24 to 5/31/25, U.S. Treasury Bonds, 3.00% to 3.125%, due 2/15/43 to 11/15/45, which had an aggregate value of $127,689,739.
(4) U.S. Treasury Inflation-Protected Securities (TIPS), 0.125%, due 4/15/20, total value $106,407,931.
(5) U.S. Treasury Notes, 1.125% to 1.625%, due 12/31/19 to 5/15/26, which had an aggregate value of $4,068,282.
Depositary Receipts
Certain non-money market ProFunds VP may invest in American Depositary Receipts (“ADRs”), New York Shares (“NYSs”) and Global Depositary Receipts (“GDRs”). ADRs represent the right to receive securities of foreign issuers deposited in a bank or corresponding bank. ADRs are an alternative to purchasing the underlying securities in their national markets and currencies. For many foreign securities, U.S. dollar-denominated ADRs, which are traded in the United States on exchanges or over-the-counter (“OTC”), are issued by domestic banks. NYSs (or “direct shares”) are foreign stocks denominated in U.S. dollars that trade on American exchanges without being converted to ADRs. GDRs are receipts for shares in a foreign-based corporation traded in capital markets around the world.
Real Estate Investment Trusts
Certain non-money market ProFunds VP may invest in real estate investment trusts (“REITS”) which report information on the source of their distributions annually. REITS are dependent upon management skill, are not diversified and are subject to heavy cash flow dependency, default by borrowers, self-liquidation, the possibility of failing to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended, and the possibility of failing to maintain exempt status under the 1940 Act. Certain distributions received from REITS during the year are recorded as realized gains or return of capital when such information becomes known.
Derivative Instruments
In seeking to achieve each ProFund VP’s investment objective, the Advisor uses a mathematical approach to investing. Using this approach, the Advisor determines the type, quantity and mix of investment positions, including derivative instruments such as futures contracts, forward currency contracts and swap agreements, that a ProFund VP should hold to approximate the daily performance, inverse performance, or multiple thereof, as applicable, of its benchmark. All derivative instruments held during the period ended June 30, 2018, were utilized to gain exposure or inverse exposure to each ProFund VP’s benchmark (e.g., index, etc.) to meet its investment objective.
Each non-money market ProFund VP, other than the Classic ProFunds VP, the Sector ProFunds VP and the ProFund VP Falling U.S. Dollar, does not seek to achieve its investment objective over a period of time greater than a single day.
All open derivative positions at period end are reflected on each respective ProFund VP’s Schedule of Portfolio Investments. The volume associated with derivative positions varies on a daily basis as each ProFund VP transacts in derivative contracts in order to achieve the appropriate exposure, as expressed in notional amount (contract value for forward currency contracts), in comparison to net assets consistent with each ProFund VP’s investment objective.
Certain ProFunds VP utilized a varying level of derivative instruments in conjunction with the investment securities to meet their investment objective during the period ended June 30, 2018.
June 30, 2018 (unaudited) :: Notes to Financial Statements :: 319
With the exception of the ProFunds VP listed below, the notional amount of open derivative positions relative to each ProFund VP’s net assets at period end is generally representative of the notional amount of open positions to net assets throughout the year. The volume associated with derivative positions in the ProFund VP Banks, ProFund VP Biotechnology, ProFund VP Pharmaceuticals, ProFund VP Semiconductor, ProFund VP Telecommunications, and ProFund VP UltraMid-Cap was 7%, 6%, 12%, 7%, 17%, and 138%, respectively, based on average monthly notional amounts in comparison to net assets during the period ended June 30, 2018.
In connection with its management of certain series of the Trust included in this report (ProFund VP UltraShort Dow 30 and ProFund VP UltraShort NASDAQ-100 (the “Commodity Pools”)), the Advisor is registered as a commodity pool operator (a “CPO”) and the Commodity Pools are commodity pools under the Commodity Exchange Act (the “CEA”). The Advisor also registered as a commodity trading advisor (a “CTA”) under the CEA as a result of its role as subadvisor to funds outside the Trust. Accordingly, the Advisor is subject to registration and regulation as a CPO and CTA under the CEA, and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission (“CFTC”) and the National Futures Association (“NFA”), including investor protection requirements, antifraud provisions, disclosure requirements and reporting and recordkeeping requirements. The Advisor is also subject to periodic inspections and audits by the CFTC and NFA. Compliance with these regulatory requirements could adversely affect the Commodity Pools’ total return. In this regard, any further amendment to the CEA or its related regulations that subject the Advisor or the Commodity Pools to additional regulation may have adverse impacts on the Commodity Pools’ operations and expenses.
The following is a description of the derivative instruments utilized by the ProFunds VP, including certain risks related to each instrument type.
Futures Contracts
Each non-money market ProFund VP may purchase or sell futures contracts as a substitute for a comparable market position in the underlying securities or to satisfy regulatory requirements. A cash-settled futures contract obligates the seller to deliver (and the purchaser to accept) an amount of cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the final settlement price of a specific futures contract and the price at which the agreement is made. No physical delivery of the underlying asset is made.
Each ProFund VP generally engages in closing or offsetting transactions before final settlement of a futures contract, wherein a second identical futures contract is sold to offset a long position (or bought to offset a short position). In such cases, the obligation is to deliver (or take delivery of) cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the price of the offsetting transaction and the price at which the original contract was entered into. If the original position entered into is a long position (futures contract purchased), there will be a gain (loss) if the offsetting sell transaction is carried out at a higher (lower) price, inclusive of commissions. If the original position entered into is a short position (futures contract sold), there will be a gain (loss) if the offsetting buy transaction is carried out at a lower (higher) price, inclusive of commissions.
Whether a ProFund VP realizes a gain or loss from futures activities depends generally upon movements in the underlying currency, commodity, security or index. The extent of a ProFund VP’s loss from an unhedged short position in futures contracts is potentially unlimited and investors may lose the amount that they invest plus any profits recognized on that investment. Each ProFund VP will engage in transactions in futures contracts that are traded on a U.S. exchange or board of trade or that have been approved for sale in the U.S. by the CFTC.
Upon entering into a futures contract, each ProFund VP will be required to deposit with the broker an amount of cash or cash equivalents in the range of approximately 5% to 10% of the contract amount for equity index futures and in the range of approximately 1% to 3% of the contract amount for treasury futures (this amount is subject to change by the exchange on which the contract is traded). This amount, known as “initial margin,” is in the nature of a performance bond or good faith deposit on the contract and is returned to the ProFund VP upon termination of the futures contract, assuming all contractual obligations have been satisfied. Subsequent payments, known as “variation margin,” to and from the broker will be made daily as the price of the asset underlying the futures contract fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as “marking-to-market.” At any time prior to expiration of a futures contract, a ProFund VP may elect to close its position by taking an opposite position, which will operate to terminate the ProFund VP’s existing position in the contract.
The primary risks associated with the use of futures contracts are imperfect correlation between movements in the price of futures and the market value of the underlying assets, and the possibility of an illiquid market for a futures contract. Although each ProFund VP intends to sell futures contracts only if there is an active market for such contracts, no assurance can be given that a liquid market will exist for any particular contract at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a ProFund VP to substantial losses. If trading is not possible, or if a ProFund VP determines not to close a futures position in anticipation of adverse price movements, the ProFund VP will be required to make daily cash payments of variation margin. The risk that the ProFund VP will be unable to close out a futures position will be minimized by entering into such transactions on a national exchange with an active and liquid secondary market. In addition, although the counterparty to a futures contract is often a clearing organization, backed by a group of financial institutions, there may be instances in which the counterparty could fail to perform its obligations, causing significant losses to a ProFund VP.
320 :: Notes to Financial Statements :: June 30, 2018 (unaudited)
Forward Currency Contracts
The ProFund VP Falling U.S. Dollar may invest in forward currency contracts for investment or risk management purposes. A forward currency contract is an obligation to buy or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are entered into on the interbank market conducted directly between currency traders (usually large commercial banks) and their customers.
It is possible that, under certain circumstances, this ProFund VP may have to limit its currency transactions to qualify as a “regulated investment company” (“RIC”) under the Internal Revenue Code. The ProFund VP Falling U.S. Dollar does not intend to enter into a forward currency contract with a term of more than one year, or to engage in position hedging with respect to the currency of a particular country to more than the aggregate market value (at the time the hedging transaction is entered into) of their portfolio securities denominated in (or quoted in or currently convertible into or directly related through the use of forward currency contracts in conjunction with money market instruments to) that particular currency.
At or before the maturity of a forward currency contract, the ProFund VP Falling U.S. Dollar may either sell a portfolio security and make delivery of the currency, or retain the security and terminate its contractual obligation to deliver the currency by buying an “offsetting” contract obligating it to buy, on the same maturity date, the same amount of the currency. If this ProFund VP engages in an offsetting transaction, it may later enter into a new forward currency contract to sell the currency.
If the ProFund VP Falling U.S. Dollar engages in offsetting transactions it will incur a gain or loss, to the extent that there has been movement in forward currency contract prices. If forward prices go down during the period between the date the ProFund VP Falling U.S. Dollar enters into a forward currency contract for the sale of a currency and the date it enters into an offsetting contract for the purchase of the currency, the ProFund VP will realize a gain to the extent that the price of ProFund VP currency it has agreed to sell exceeds the price of the currency it has agreed to buy. If forward prices go up, the ProFund VP will suffer a loss to the extent the price of the currency it has agreed to buy exceeds the price of the currency it has agreed to sell.
The ProFund VP Falling U.S. Dollar collateralizes forward currency contracts with cash and certain securities as indicated on the Statement of Assets and Liabilities and the Schedule of Portfolio Investments, respectively. Such collateral is held for the benefit of the counterparty in a segregated tri-party account at the custodian, to protect the counterparty against non-payment by the ProFund VP. Similarly, the ProFund VP Falling U.S. Dollar has sought to mitigate credit risk by generally requiring that the counterparties to the ProFund VP post collateral for the benefit of the ProFund VP in a segregated account at the custodian, marked to market daily, in an amount equal to what the counterparty owes the ProFund VP, subject to certain minimum thresholds. In the event of a default by the counterparty, the ProFund VP will seek withdrawal of this collateral from the segregated account and may incur certain costs exercising its right with respect to the collateral. If a counterparty becomes bankrupt or fails to perform its obligations, the ProFund VP Falling U.S. Dollar may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The ProFund VP Falling U.S. Dollar may obtain only limited recovery or may obtain no recovery in such circumstances. The ProFund VP Falling U.S. Dollar will enter into forward currency contracts only with financial institutions that meet the credit quality standards and monitoring policies established by the Advisor. As of June 30, 2018, there was no collateral posted by counterparties.
Swap Agreements
Each non-money market ProFund VP may enter into swap agreements to gain exposure to an underlying asset without actually purchasing such asset (or shorting such asset), or to hedge a position, including in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard “swap” transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular pre-determined investments or instruments. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or increase in value of a particular dollar amount invested in a “basket” of securities or an ETF representing a particular index or group of securities. On a typical long swap, the counterparty will generally agree to pay the ProFund VP the amount, if any, by which the notional amount of the swap agreement would have increased in value had it been invested in the particular underlying assets (e.g., securities comprising the relevant benchmark index), plus the dividends or interest that would have been received on those assets. The ProFund VP will agree to pay to the counterparty a floating rate of interest on the notional amount of the swap agreement plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such assets, plus, in certain circumstances, commissions or trading spreads on the notional amount. Therefore, the return to the ProFund VP on any swap agreement should be the gain or loss on the notional amount plus dividends or interest on the assets less the interest paid by the ProFund VP on the notional amount. As a trading technique, the Advisor may substitute physical securities with a swap agreement having investment characteristics substantially similar to the underlying securities. Some ProFunds VP may also enter into swap agreements that provide the opposite return of their benchmark or security (“short” the benchmark or security). Their operations are similar to that of the swaps disclosed above except that the counterparty pays interest to each ProFund VP on the notional amount outstanding and that dividends or interest on the underlying instruments reduce the value of the swap, plus, in certain instances, each ProFund VP will agree to pay to the counterparty commissions or trading spreads on the notional amount.
Most swap agreements entered into by a ProFund VP calculate and settle the obligations of the parties to the agreement on a “net basis” with a single payment. Consequently, a ProFund VP’s current obligations (or rights) under a swap agreement will generally be
June 30, 2018 (unaudited) :: Notes to Financial Statements :: 321
equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the “net amount”). When investing in index swap agreements, the ProFunds VP may hold or gain exposure to only a representative sample of securities in the index, or to a component of the index.
A ProFund VP’s current obligations under a swap agreement, will be accrued daily (offset against any amounts owed to the ProFund VP) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by segregating or earmarking cash and/or securities determined to be liquid, but typically no payments will be made until the settlement date. Each ProFund VP reserves the right to modify its asset segregation policies in the future, including modifications to comply with any changes in the positions articulated by the SEC or its staff regarding asset segregation. Swap agreements that cannot be terminated of in the ordinary course of business within seven days at approximately the amount a ProFund VP has valued the asset may be considered to be illiquid for purposes of a ProFund VP’s illiquid investment limitations.
A ProFund VP bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. If such a default occurs, a ProFund VP will have contractual remedies pursuant to the swap agreements, but such remedies may be subject to bankruptcy and insolvency laws that could affect the ProFund VP’s rights as a creditor. A ProFund VP will only enter into swap agreements with counterparties that meet the ProFund VP’s standard of creditworthiness (generally, such counterparties would have to be eligible counterparties under the terms of the ProFund VP’s repurchase agreement guidelines). The counterparty to an uncleared swap agreement will typically be a major, global financial institution.
Payments may be made at the conclusion of a swap agreement. Swap agreements do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to swap agreements is limited to the net amount of payments that a ProFund VP is contractually obligated to make. If the other party to a swap agreement defaults, a ProFund VP’s risk of loss consists of the net amount of payments that such ProFund VP is contractually entitled to receive, if any. The net amount of the excess, if any, of a ProFund VP’s obligations over its entitlements with respect to each equity swap will be accrued on a daily basis and an amount of cash or liquid assets, having an aggregate NAV at least equal to such accrued excess will be earmarked or segregated by a ProFund VP’s custodian.
In the normal course of business, a ProFund VP enters into International Swap Dealers Association, Inc. (“ISDA”) agreements with certain counterparties for derivative transactions. These agreements contain, among other conditions, events of default and termination events, and various covenants and representations. Certain of the ProFund VP’s ISDA agreements contain provisions that require the ProFund VP to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the ProFund VP’s NAV over specific periods of time, which may or may not be exclusive of redemptions. If the ProFund VP were to trigger such provisions and have open derivative positions, at that time counterparties to the ISDA agreements could elect to terminate such ISDA agreements and request immediate payment in an amount equal to the net liability positions, if any, under the relevant ISDA agreement. Pursuant to the terms of its ISDA agreements, the ProFund VP will have already collateralized its liability under such agreements, in some cases only in excess of certain threshold amounts. The ProFunds VP seek to mitigate risks by generally requiring that the counterparties for each ProFund VP agree to post collateral for the benefit of the ProFund VP, marked to market daily, in an amount approximately equal to what the counterparty owes the ProFund VP, subject to certain minimum thresholds, although the ProFunds VP may not always be successful. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the ProFunds VP will be exposed to the risks described above, including possible delays in recovering amounts as a result of bankruptcy proceedings. As of June 30, 2018, the collateral posted by counterparties consisted of U.S. Treasury securities and cash. This collateral is included in the table below under the “Summary of Derivative Instruments” header.
The use of swaps is a highly specialized activity which involves investment techniques and risks in addition to and in some cases different from those associated with ordinary portfolio securities transactions. The primary risks associated with the use of swap agreements are mispricing or improper valuation, imperfect correlation between movements in the notional amount and the price of the underlying investments, and the inability of the counterparties to perform. If a counterparty’s creditworthiness for an over-the-counter swap declines, the value of the swap would likely decline. The Advisor, under the supervision of the Trust’s Board of Trustees, is responsible for determining and monitoring the liquidity of a ProFund VP’s transactions in swap agreements.
Offsetting Assets and Liabilities
The ProFunds VP are subject to master netting agreements for swap agreements and forward currency contracts that allow for amounts owed between the ProFund VP and the counterparty to be netted upon early termination. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties.
As described above, the ProFunds VP utilize derivative instruments to achieve their investment objective during the period. The amounts shown in the Statements of Assets and Liabilities generally do not take into consideration the effects of legally enforceable master netting agreements.
322 :: Notes to Financial Statements :: June 30, 2018 (unaudited)
Summary of Derivative Instruments
The following table summarizes the fair values of derivative instruments on the ProFund VP’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2018.
| | Assets | | Liabilities | |
Fund | | Variation Margin on Futures Contracts* | | Unrealized Appreciation on Swap Agreements | | Unrealized Appreciation on Forward Currency Contracts | | Variation Margin on Futures Contracts* | | Unrealized Depreciation on Swap Agreements | | Unrealized Depreciation on Forward Currency Contracts | |
Equity Risk Exposure: | | | | | | | | | | | | | |
ProFund VP Banks | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 288 | | $ | — | |
ProFund VP Bear | | 15,771 | | — | | — | | — | | 21,441 | | — | |
ProFund VP Biotechnology | | — | | — | | — | | — | | 1,368 | | — | |
ProFund VP Bull | | — | | 59,763 | | — | | 237,670 | | — | | — | |
ProFund VP Dow 30 | | — | | 1,732 | | — | | — | | — | | — | |
ProFund VP Emerging Markets | | — | | 26,334 | | — | | — | | — | | — | |
ProFund VP International | | — | | 79,707 | | — | | — | | — | | — | |
ProFund VP Japan | | — | | — | | — | | 150,438 | | — | | — | |
ProFund VP Mid-Cap | | — | | 34,207 | | — | | 116,648 | | — | | — | |
ProFund VP NASDAQ-100 | | — | | 157,826 | | — | | 181,912 | | — | | — | |
ProFund VP Pharmaceuticals | | — | | — | | — | | — | | 636 | | — | |
ProFund VP Precious Metals | | — | | 342,061 | | — | | — | | — | | — | |
ProFund VP Semiconductor | | — | | — | | — | | — | | 288 | | — | |
ProFund VP Short Dow 30 | | — | | — | | — | | — | | 89 | | — | |
ProFund VP Short Emerging Markets | | — | | — | | — | | — | | 43,330 | | — | |
ProFund VP Short International | | — | | — | | — | | — | | 10,441 | | — | |
ProFund VP Short Mid-Cap | | — | | — | | — | | — | | 658 | | — | |
ProFund VP Short NASDAQ-100 | | 2,268 | | — | | — | | — | | 22,237 | | — | |
ProFund VP Short Small-Cap | | 2,957 | | — | | — | | — | | 2,934 | | — | |
ProFund VP Small-Cap | | — | | 14,539 | | — | | 17,783 | | — | | — | |
ProFund VP Technology | | — | | — | | — | | — | | 126 | | — | |
ProFund VP Telecommunications | | — | | — | | — | | — | | 402 | | — | |
ProFund VP UltraBull | | — | | 693,022 | | — | | 70,992 | | — | | — | |
ProFund VP UltraMid-Cap | | — | | 274,066 | | — | | 92,791 | | — | | — | |
ProFund VP UltraNASDAQ-100 | | — | | 2,494,184 | | — | | 270,491 | | — | | — | |
ProFund VP UltraShort Dow 30 | | — | | — | | — | | — | | 93 | | — | |
ProFund VP UltraShort NASDAQ-100 | | — | | — | | — | | — | | 10,393 | | — | |
ProFund VP UltraSmall-Cap | | — | | 151,395 | | — | | 93,235 | | — | | — | |
Foreign Exchange Rate Risk Exposure: | | | | | | | | | | | | | |
ProFund VP Falling U.S. Dollar | | — | | — | | — | | — | | — | | 4,386 | |
Interest Rate Risk Exposure: | | | | | | | | | | | | | |
ProFund VP Rising Rates Opportunity | | — | | — | | — | | — | | 180,115 | | — | |
ProFund VP U.S. Government Plus | | — | | 140,364 | | — | | — | | — | | — | |
| | | | | | | | | | | | | | | | | | | |
* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.
The following table presents the effect of derivative instruments on the ProFund VP’s Statement of Operations, categorized by risk exposure, for the period ended June 30, 2018.
| | Realized Gain (Loss) on Derivatives Recognized as a Result from Operations | | Change in Net Unrealized Appreciation/ Depreciation on Derivatives Recognized as a Result from Operations | |
Fund | | Net Realized Gains (Losses) on Futures Contracts | | Net Realized Gains (Losses) on Swap Agreements | | Net Realized Gains (Losses) on Forward Currency Contracts | | Change in Net Unrealized Appreciation/ Depreciation on Futures Contracts | | Change in Net Unrealized Appreciation/ Depreciation on Swap Agreements | | Change in Net Unrealized Appreciation/ Depreciation on Forward Currency Contracts | |
Equity Risk Exposure: | | | | | | | | | | | | | |
ProFund VP Banks | | $ | — | | $ | (38,530 | ) | $ | — | | $ | — | | $ | 132 | | $ | — | |
ProFund VP Bear | | (47,674 | ) | 9,822 | | — | | 38,591 | | (30,370 | ) | — | |
ProFund VP Biotechnology | | — | | (62,127 | ) | — | | — | | 405 | | — | |
| | | | | | | | | | | | | | | | | | | |
June 30, 2018 (unaudited) :: Notes to Financial Statements :: 323
| | Realized Gain (Loss) on Derivatives Recognized as a Result from Operations | | Change in Net Unrealized Appreciation/ Depreciation on Derivatives Recognized as a Result from Operations | |
Fund | | Net Realized Gains (Losses) on Futures Contracts | | Net Realized Gains (Losses) on Swap Agreements | | Net Realized Gains (Losses) on Forward Currency Contracts | | Change in Net Unrealized Appreciation/ Depreciation on Futures Contracts | | Change in Net Unrealized Appreciation/ Depreciation on Swap Agreements | | Change in Net Unrealized Appreciation/ Depreciation on Forward Currency Contracts | |
ProFund VP Bull | | $ | 630,054 | | $ | 704,594 | | $ | — | | $ | (485,974 | ) | $ | 159,251 | | $ | — | |
ProFund VP Dow 30 | | — | | (436 | ) | — | | — | | 2,799 | | — | |
ProFund VP Emerging Markets | | — | | (259,616 | ) | — | | — | | 16,859 | | — | |
ProFund VP International | | — | | (363,817 | ) | — | | — | | 81,861 | | — | |
ProFund VP Japan | | (53,506 | ) | — | | — | | (295,707 | ) | — | | — | |
ProFund VP Mid-Cap | | 249,457 | | 310,270 | | — | | (207,167 | ) | 61,771 | | — | |
ProFund VP NASDAQ-100 | | 1,475,834 | | 1,645,864 | | — | | (375,803 | ) | 240,741 | | — | |
ProFund VP Pharmaceuticals | | — | | (120,821 | ) | — | | — | | 138 | | — | |
ProFund VP Precious Metals | | — | | (1,945,741 | ) | — | | — | | 407,442 | | — | |
ProFund VP Semiconductor | | — | | (27,104 | ) | — | | — | | 18 | | — | |
ProFund VP Short Dow 30 | | — | | 65 | | — | | — | | (122 | ) | — | |
ProFund VP Short Emerging Markets | | — | | 79,628 | | — | | — | | (40,044 | ) | — | |
ProFund VP Short International | | — | | 21,875 | | — | | — | | (10,491 | ) | — | |
ProFund VP Short Mid-Cap | | — | | (26,090 | ) | — | | — | | (1,051 | ) | — | |
ProFund VP Short NASDAQ-100 | | (110,608 | ) | (38,631 | ) | — | | 23,727 | | (35,150 | ) | — | |
ProFund VP Short Small-Cap | | (29,312 | ) | (150,422 | ) | — | | 6,748 | | (10,727 | ) | — | |
ProFund VP Small-Cap | | 128,294 | | 424,373 | | — | | (40,484 | ) | 50,853 | | — | |
ProFund VP Technology | | — | | — | | — | | — | | (42 | ) | — | |
ProFund VP Telecommunications | | — | | (48,929 | ) | — | | — | | 168 | | — | |
ProFund VP UltraBull | | 78,500 | | (2,606,042 | ) | — | | (107,440 | ) | 746,146 | | — | |
ProFund VP UltraMid-Cap | | 146,817 | | (59,855 | ) | — | | (136,679 | ) | 319,405 | | — | |
ProFund VP UltraNASDAQ-100 | | 2,803,056 | | (1,269,294 | ) | — | | (453,395 | ) | 3,067,501 | | — | |
ProFund VP UltraShort Dow 30 | | — | | (7,287 | ) | — | | — | | (129 | ) | — | |
ProFund VP UltraShort NASDAQ-100 | | (7,275 | ) | (68,861 | ) | — | | 1,951 | | (13,430 | ) | — | |
ProFund VP UltraSmall-Cap | | 570,130 | | 2,540,692 | | — | | (181,888 | ) | 311,907 | | — | |
Foreign Exchange Rate Risk Exposure: | | | | | | | | | | | | | |
ProFund VP Falling U.S. Dollar | | — | | — | | (26,677 | ) | — | | — | | (11,630 | ) |
Interest Rate Risk Exposure: | | | | | | | | | | | | | |
ProFund VP Rising Rates Opportunity | | (65,139 | ) | 559,156 | | — | | — | | (268,735 | ) | — | |
ProFund VP U.S. Government Plus | | 5,383 | | (662,145 | ) | — | | — | | 141,287 | | — | |
| | | | | | | | | | | | | | | | | | | |
Asset (Liability) amounts shown in the table below represent amounts owed to (by) the ProFunds VP for swap agreements and forward currency contracts at June 30, 2018. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the ProFunds VP or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the un-collateralized portions of these amounts at period end. Any un-collateralized amounts are due to timing differences related to market movements or subject to certain minimum thresholds for collateral movement, as further described above.
| | Gross Amounts Not Offset in the Statement of Assets and Liabilities* | |
| | Asset (Liability) as presented in the Statement of Assets and Liabilities | | Financial Instruments (Received) Pledged** | | Cash Collateral (Received) Pledged** | | Net Amount | |
ProFund VP Banks | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | $ | (288 | ) | $ | — | | $ | — | | $ | (288 | ) |
ProFund VP Bear | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | (12,717 | ) | 12,717 | | — | | — | |
Swap Agreements — UBS AG | | (8,724 | ) | 8,724 | | — | | — | |
ProFund VP Biotechnology | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | (1,368 | ) | — | | — | | (1,368 | ) |
ProFund VP Bull | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | 43,242 | | — | | — | | 43,242 | |
Swap Agreements — UBS AG | | 16,521 | | — | | (16,521 | ) | — | |
| | | | | | | | | | | | | |
324 :: Notes to Financial Statements :: June 30, 2018 (unaudited)
| | Gross Amounts Not Offset in the Statement of Assets and Liabilities* | |
| | Asset (Liability) as presented in the Statement of Assets and Liabilities | | Financial Instruments (Received) Pledged** | | Cash Collateral (Received) Pledged** | | Net Amount | |
ProFund VP Dow 30 | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | $ | 847 | | $ | — | | $ | — | | $ | 847 | |
Swap Agreements — UBS AG | | 885 | | — | | — | | 885 | |
ProFund VP Emerging Markets | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | 14,431 | | — | | — | | 14,431 | |
Swap Agreements — UBS AG | | 11,903 | | — | | — | | 11,903 | |
ProFund VP Falling U.S. Dollar | | | | | | | | | |
Forward Currency Contracts — Goldman Sachs International | | (2,138 | ) | 2,138 | | — | | — | |
Forward Currency Contracts — UBS AG | | (2,248 | ) | 2,248 | | — | | — | |
ProFund VP International | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | 30,698 | | — | | — | | 30,698 | |
Swap Agreements — UBS AG | | 49,009 | | — | | — | | 49,009 | |
ProFund VP Mid-Cap | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | 15,358 | | (15,358 | ) | — | | — | |
Swap Agreements — UBS AG | | 18,849 | | — | | (18,849 | ) | — | |
ProFund VP NASDAQ-100 | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | 73,930 | | (73,930 | ) | — | | — | |
Swap Agreements — UBS AG | | 83,896 | | (52,939 | ) | (30,957 | ) | — | |
ProFund VP Pharmaceuticals | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | (636 | ) | — | | — | | (636 | ) |
ProFund VP Precious Metals | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | 169,906 | | — | | — | | 169,906 | |
Swap Agreements — UBS AG | | 172,155 | | — | | — | | 172,155 | |
ProFund VP Rising Rates Opportunity | | | | | | | | | |
Swap Agreements — Citibank North America | | (151,982 | ) | 151,982 | | — | | — | |
Swap Agreements — Societe’ Generale | | (28,133 | ) | 20,000 | | — | | (8,133 | ) |
ProFund VP Semiconductor | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | (288 | ) | — | | — | | (288 | ) |
ProFund VP Short Dow 30 | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | (48 | ) | 48 | | — | | — | |
Swap Agreements — UBS AG | | (41 | ) | 41 | | — | | — | |
ProFund VP Short Emerging Markets | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | (5,721 | ) | 5,721 | | — | | — | |
Swap Agreements — UBS AG | | (37,609 | ) | 37,609 | | — | | — | |
ProFund VP Short International | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | (5,490 | ) | 5,490 | | — | | — | |
Swap Agreements — UBS AG | | (4,951 | ) | 4,951 | | — | | — | |
ProFund VP Short Mid-Cap | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | (312 | ) | 312 | | — | | — | |
Swap Agreements — UBS AG | | (346 | ) | 346 | | — | | — | |
ProFund VP Short NASDAQ-100 | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | (10,570 | ) | 10,570 | | — | | — | |
Swap Agreements — UBS AG | | (11,667 | ) | 11,667 | | — | | — | |
ProFund VP Short Small-Cap | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | (1,287 | ) | 1,287 | | — | | — | |
Swap Agreements — UBS AG | | (1,647 | ) | 1,647 | | — | | — | |
ProFund VP Small-Cap | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | 8,416 | | (8,416 | ) | — | | — | |
Swap Agreements — UBS AG | | 6,123 | | — | | — | | 6,123 | |
ProFund VP Technology | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | (126 | ) | — | | — | | (126 | ) |
ProFund VP Telecommunications | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | (402 | ) | — | | — | | (402 | ) |
ProFund VP U.S. Government Plus | | | | | | | | | |
Swap Agreements — Citibank North America | | 19,787 | | — | | — | | 19,787 | |
Swap Agreements — Societe’ Generale | | 120,577 | | — | | (120,577 | ) | — | |
ProFund VP UltraBull | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | 485,687 | | (485,687 | ) | — | | — | |
Swap Agreements — UBS AG | | 207,335 | | — | | (170,000 | ) | 37,335 | |
| | | | | | | | | | | | | |
June 30, 2018 (unaudited) :: Notes to Financial Statements :: 325
| | Gross Amounts Not Offset in the Statement of Assets and Liabilities* | |
| | Asset (Liability) as presented in the Statement of Assets and Liabilities | | Financial Instruments (Received) Pledged** | | Cash Collateral (Received) Pledged** | | Net Amount | |
ProFund VP UltraMid-Cap | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | $ | 181,629 | | $ | (176,715 | ) | $ | — | | $ | 4,914 | |
Swap Agreements — UBS AG | | 92,437 | | — | | (92,437 | ) | — | |
ProFund VP UltraNASDAQ-100 | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | 1,285,432 | | (1,184,791 | ) | — | | 100,641 | |
Swap Agreements — UBS AG | | 1,208,752 | | (1,050,518 | ) | — | | 158,234 | |
ProFund VP UltraShort Dow 30 | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | (46 | ) | — | | — | | (46 | ) |
Swap Agreements — UBS AG | | (47 | ) | 47 | | — | | — | |
ProFund VP UltraShort NASDAQ-100 | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | (2,261 | ) | 2,261 | | — | | — | |
Swap Agreements — UBS AG | | (8,132 | ) | 8,132 | | — | | — | |
ProFund VP UltraSmall-Cap | | | | | | | | | |
Swap Agreements — Goldman Sachs International | | 75,896 | | (75,896 | ) | — | | — | |
Swap Agreements — UBS AG | | 75,499 | | (75,499 | ) | — | | — | |
| | | | | | | | | | | | | |
* The actual financial instruments and cash collateral (received) pledged may be in excess of the amounts shown in the table. The table only reflects collateral amounts up to the amount of the financial instrument disclosed on the Statement of Assets and Liabilities.
** Financial instruments and cash collateral received are not disclosed on the Statement of Assets and Liabilities because the Fund does not have effective control of the collateral.
Investment Transactions and Related Income
Throughout the reporting period, investment transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, investment transactions are accounted for on trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date except in the case of depositary receipts, in which case dividends are recorded as soon as such information becomes available. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds.
Allocations
Expenses directly attributable to a ProFund VP are charged to that ProFund VP, while expenses which are attributable to more than one fund in the Trust, or jointly with an affiliate, are allocated among the respective funds in the Trust and/or affiliate based upon relative net assets or another reasonable basis.
Distributions to Shareholders
Each of the ProFunds VP (except ProFund VP Government Money Market, ProFund VP Real Estate, and ProFund VP U.S. Government Plus) intends to declare and distribute net investment income at least annually, if any. ProFund VP Government Money Market and ProFund VP U.S. Government Plus declare dividends from net investment income daily, if any, and pay dividends on a monthly basis. ProFund VP Real Estate declares and pays dividends from net investment income quarterly, if any. Net realized capital gains, if any, will be distributed annually.
The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, distribution reclassification, and equalization), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require a reclassification. The ProFunds VP may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. To the extent they exceed net investment income and net realized capital gains for tax purposes, they are reported as distribution of capital.
Federal Income Taxes
Each of the ProFunds VP intends to continue to qualify each year as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended. A RIC generally is not subject to federal income tax on income and gains distributed in a timely manner to its shareholders. The ProFunds VP intend to make timely distributions in order to avoid tax liability. Accordingly, no provision for federal income taxes is required in the financial statements. The ProFunds VP have a calendar tax year end.
Management of the ProFunds VP has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken and the ProFunds VP are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
326 :: Notes to Financial Statements :: June 30, 2018 (unaudited)
Other
Expense offsets to custody fees that arise from credits on cash balances maintained on deposit are reflected on the Statement of Operations, 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 Reporting Modernization (the “Rules”). The Rules introduced two new regulatory reporting forms for investment companies, Form N-PORT and Form N-CEN. The ProFunds’ VP compliance date for Form N-PORT was June 1, 2018, and the ProFunds VP will make their initial filing with the SEC on Form N-PORT for the period ending March 31, 2019. Effective with the period ending June 30, 2018, the ProFunds VP are required to maintain and make available to the SEC upon request, the information required to be included in Form N-PORT. Form N-PORT will replace Form N-Q filings effective with the requirement to file Form N-PORT with the SEC for the period ending March 31, 2019. The ProFunds’ VP compliance date for Form N-CEN was June 1, 2018, and the ProFunds’ VP will make their initial filing on Form N-CEN for the period ending December 31, 2018. Form N-CEN will replace Form N-SAR filings. The ProFunds’ VP adoption of these amendments had no effect on the ProFunds’ VP net assets or results of operations.
3. Investment Valuation Summary
The valuation techniques employed by the ProFunds VP, described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These valuation techniques distinguish between market participant assumptions developed based on market data obtained from sources independent of the ProFunds VP (observable inputs) and the ProFunds VPs’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The inputs used for valuing the ProFunds VPs’ investments 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 ProFunds VPs’ own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. For example, repurchase agreements are generally valued at amortized cost. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2. Fair value measurements may also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The Trust determines transfers between fair value hierarchy levels at the reporting period end.
Security prices are generally valued at their market value using information provided by a third party pricing service or market quotations or other procedures approved by the Trust’s Board of Trustees. The securities in the portfolio of a non-money market ProFund VP, except as otherwise noted, that are listed or traded on a stock exchange or the NASDAQ National Market System (“NASDAQ/NMS”), are valued 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 system where the security is principally traded, then the value may be determined with reference to the last sale price, or the official closing price, if applicable, on any other exchange or system. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy. If there have been no sales for that day on any exchange or system, the security will be valued using fair value procedures in accordance with procedures approved by the Trust’s Board of Trustees as described below.
Securities regularly traded in the OTC markets, including securities listed on an exchange, but that are primarily traded OTC other than those traded on the NASDAQ/NMS, are generally valued on the basis of the mean between the bid and asked quotes furnished by dealers actively trading those instruments. Fixed-income securities are generally valued according to prices as furnished by an independent pricing service, generally at the mean of the bid and asked quotes for those instruments. Short-term fixed-income securities maturing in sixty days or less, and of sufficient credit quality, may be valued at amortized cost, which approximates market value. For the ProFund VP Government Money Market, investments are valued at amortized cost, in accordance with Rule 2a-7 of the 1940 Act. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant basis to the maturity of the security. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.
Derivatives are generally valued using independent pricing services and/or agreements with counterparties or other procedures approved by the Trust’s Board of Trustees. Futures contracts are generally valued at their last sale price prior to the time at which the net asset value per share of a ProFund VP is determined and are typically categorized as Level 1 in the fair value hierarchy. Swap agreements are generally valued using independent sources and/or agreements with counterparties. Forward currency contracts are valued at their quoted daily prices obtained from an independent pricing service. These valuations are typically categorized as Level 2 in the fair value hierarchy. If there was no sale on that day, fair valuation procedures as described below may be applied.
When the Advisor determines that the market price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price), it may in good faith establish a fair value for that security in accordance with procedures established by and under the general supervision and responsibility of the Trust’s Board of Trustees. Fair value pricing may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of a ProFund VP’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Advisor or persons
June 30, 2018 (unaudited) :: Notes to Financial Statements :: 327
acting at their direction would accurately reflect the price that a ProFund VP could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a ProFund VP may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.
For the period ended June 30, 2018, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.
A summary of the valuations as of June 30, 2018, based upon the three levels defined above, is included in the table below while the breakdown, by category, of equity securities is disclosed on the Schedule of Portfolio Investments for each ProFund VP:
| | LEVEL 1 - Quoted Prices | | LEVEL 2 - Other Significant Observable Inputs | | Total | |
| | Investment Securities | | Other Financial Instruments^ | | Investment Securities | | Other Financial Instruments^ | | Investment Securities | | Other Financial Instruments^ | |
ProFund VP Asia 30 | | | | | | | | | | | | | |
Common Stocks | | $ | 28,283,138 | | $ | — | | $ | — | | $ | — | | $ | 28,283,138 | | $ | — | |
Total | | $ | 28,283,138 | | $ | — | | $ | — | | $ | — | | $ | 28,283,138 | | $ | — | |
ProFund VP Banks | | | | | | | | | | | | | |
Common Stocks | | $ | 8,463,715 | | $ | — | | $ | — | | $ | — | | $ | 8,463,715 | | $ | — | |
Repurchase Agreements | | — | | — | | 40,000 | | — | | 40,000 | | — | |
Swap Agreements | | — | | — | | — | | (288 | ) | — | | (288 | ) |
Total | | $ | 8,463,715 | | $ | — | | $ | 40,000 | | $ | (288 | ) | $ | 8,503,715 | | $ | (288 | ) |
ProFund VP Basic Materials | | | | | | | | | | | | | |
Common Stocks | | $ | 17,093,822 | | $ | — | | $ | — | | $ | — | | $ | 17,093,822 | | $ | — | |
Repurchase Agreements | | — | | — | | 68,000 | | — | | 68,000 | | — | |
Total | | $ | 17,093,822 | | $ | — | | $ | 68,000 | | $ | — | | $ | 17,161,822 | | $ | — | |
ProFund VP Bear | | | | | | | | | | | | | |
Repurchase Agreements | | $ | — | | $ | — | | $ | 3,433,000 | | $ | — | | $ | 3,433,000 | | $ | — | |
Futures Contracts | | — | | 15,771 | | — | | — | | — | | 15,771 | |
Swap Agreements | | — | | — | | — | | (21,441 | ) | — | | (21,441 | ) |
Total | | $ | — | | $ | 15,771 | | $ | 3,433,000 | | $ | (21,441 | ) | $ | 3,433,000 | | $ | (5,670 | ) |
ProFund VP Biotechnology | | | | | | | | | | | | | |
Common Stocks | | $ | 54,225,986 | | $ | — | | $ | — | | $ | — | | $ | 54,225,986 | | $ | — | |
Contingent Right | | — | | — | | 16,099 | | — | | 16,099 | | — | |
Repurchase Agreements | | — | | — | | 199,000 | | — | | 199,000 | | — | |
Swap Agreements | | — | | — | | — | | (1,368 | ) | — | | (1,368 | ) |
Total | | $ | 54,225,986 | | $ | — | | $ | 215,099 | | $ | (1,368 | ) | $ | 54,441,085 | | $ | (1,368 | ) |
ProFund VP Bull | | | | | | | | | | | | | |
Common Stocks | | $ | 47,095,376 | | $ | — | | $ | — | | $ | — | | $ | 47,095,376 | | $ | — | |
Repurchase Agreements | | — | | — | | 18,916,000 | | — | | 18,916,000 | | — | |
Futures Contracts | | — | | (237,670 | ) | — | | — | | — | | (237,670 | ) |
Swap Agreements | | — | | — | | — | | 59,763 | | — | | 59,763 | |
Total | | $ | 47,095,376 | | $ | (237,670 | ) | $ | 18,916,000 | | $ | 59,763 | | $ | 66,011,376 | | $ | (177,907 | ) |
ProFund VP Consumer Goods | | | | | | | | | | | | | |
Common Stocks | | $ | 11,823,628 | | $ | — | | $ | — | | $ | — | | $ | 11,823,628 | | $ | — | |
Total | | $ | 11,823,628 | | $ | — | | $ | — | | $ | — | | $ | 11,823,628 | | $ | — | |
ProFund VP Consumer Services | | | | | | | | | | | | | |
Common Stocks | | $ | 26,056,961 | | $ | — | | $ | — | | $ | — | | $ | 26,056,961 | | $ | — | |
Total | | $ | 26,056,961 | | $ | — | | $ | — | | $ | — | | $ | 26,056,961 | | $ | — | |
ProFund VP Dow 30 | | | | | | | | | | | | | |
Repurchase Agreements | | $ | — | | $ | — | | $ | 278,000 | | $ | — | | $ | 278,000 | | $ | — | |
Swap Agreements | | — | | — | | — | | 1,732 | | — | | 1,732 | |
Total | | $ | — | | $ | — | | $ | 278,000 | | $ | 1,732 | | $ | 278,000 | | $ | 1,732 | |
328 :: Notes to Financial Statements :: June 30, 2018 (unaudited)
| | LEVEL 1 - Quoted Prices | | LEVEL 2 - Other Significant Observable Inputs | | Total | |
| | Investment Securities | | Other Financial Instruments^ | | Investment Securities | | Other Financial Instruments^ | | Investment Securities | | Other Financial Instruments^ | |
ProFund VP Emerging Markets | | | | | | | | | | | | | |
Common Stocks | | $ | 21,091,773 | | $ | — | | $ | — | | $ | — | | $ | 21,091,773 | | $ | — | |
Preferred Stocks | | 340,190 | | — | | — | | — | | 340,190 | | — | |
Repurchase Agreements | | — | | — | | 1,552,000 | | — | | 1,552,000 | | — | |
Swap Agreements | | — | | — | | — | | 26,334 | | — | | 26,334 | |
Total | | $ | 21,431,963 | | $ | — | | $ | 1,552,000 | | $ | 26,334 | | $ | 22,983,963 | | $ | 26,334 | |
ProFund VP Europe 30 | | | | | | | | | | | | | |
Common Stocks | | $ | 23,998,411 | | $ | — | | $ | — | | $ | — | | $ | 23,998,411 | | $ | — | |
Total | | $ | 23,998,411 | | $ | — | | $ | — | | $ | — | | $ | 23,998,411 | | $ | — | |
ProFund VP Falling U.S. Dollar | | | | | | | | | | | | | |
Repurchase Agreements | | $ | — | | $ | — | | $ | 424,000 | | $ | — | | $ | 424,000 | | $ | — | |
Forward Currency Contracts | | — | | — | | — | | (4,386 | ) | — | | (4,386 | ) |
Total | | $ | — | | $ | — | | $ | 424,000 | | $ | (4,386 | ) | $ | 424,000 | | $ | (4,386 | ) |
ProFund VP Financials | | | | | | | | | | | | | |
Common Stocks | | $ | 40,282,512 | | $ | — | | $ | — | | $ | — | | $ | 40,282,512 | | $ | — | |
Total | | $ | 40,282,512 | | $ | — | | $ | — | | $ | — | | $ | 40,282,512 | | $ | — | |
ProFund VP Government Money Market | | | | | | | | | | | | | |
U.S. Treasury Obligations | | $ | — | | $ | — | | $ | 13,796,078 | | $ | — | | $ | 13,796,078 | | $ | — | |
Repurchase Agreements | | — | | — | | 142,985,000 | | — | | 142,985,000 | | — | |
Total | | $ | — | | $ | — | | $ | 156,781,078 | | $ | — | | $ | 156,781,078 | | $ | — | |
ProFund VP Health Care | | | | | | | | | | | | | |
Common Stocks | | $ | 47,315,824 | | $ | — | | $ | — | | $ | — | | $ | 47,315,824 | | $ | — | |
Contingent Right | | — | | — | | 4,125 | | — | | 4,125 | | — | |
Repurchase Agreements | | — | | — | | 76,000 | | — | | 76,000 | | — | |
Total | | $ | 47,315,824 | | $ | — | | $ | 80,125 | | $ | — | | $ | 47,395,949 | | $ | — | |
ProFund VP Industrials | | | | | | | | | | | | | |
Common Stocks | | $ | 17,769,182 | | $ | — | | $ | — | | $ | — | | $ | 17,769,182 | | $ | — | |
Total | | $ | 17,769,182 | | $ | — | | $ | — | | $ | — | | $ | 17,769,182 | | $ | — | |
ProFund VP International | | | | | | | | | | | | | |
Repurchase Agreements | | $ | — | | $ | — | | $ | 7,856,000 | | $ | — | | $ | 7,856,000 | | $ | — | |
Swap Agreements | | — | | — | | — | | 79,707 | | — | | 79,707 | |
Total | | $ | — | | $ | — | | $ | 7,856,000 | | $ | 79,707 | | $ | 7,856,000 | | $ | 79,707 | |
ProFund VP Internet | | | | | | | | | | | | | |
Common Stocks | | $ | 27,830,625 | | $ | — | | $ | — | | $ | — | | $ | 27,830,625 | | $ | — | |
Repurchase Agreements | | — | | — | | 150,000 | | — | | 150,000 | | — | |
Total | | $ | 27,830,625 | | $ | — | | $ | 150,000 | | $ | — | | $ | 27,980,625 | | $ | — | |
ProFund VP Japan | | | | | | | | | | | | | |
Repurchase Agreements | | $ | — | | $ | — | | $ | 13,047,000 | | $ | — | | $ | 13,047,000 | | $ | — | |
Futures Contracts | | — | | (150,438 | ) | — | | — | | — | | (150,438 | ) |
Total | | $ | — | | $ | (150,438 | ) | $ | 13,047,000 | | $ | — | | $ | 13,047,000 | | $ | (150,438 | ) |
ProFund VP Large-Cap Growth | | | | | | | | | | | | | |
Common Stocks | | $ | 32,190,696 | | $ | — | | $ | — | | $ | — | | $ | 32,190,696 | | $ | — | |
Total | | $ | 32,190,696 | | $ | — | | $ | — | | $ | — | | $ | 32,190,696 | | $ | — | |
ProFund VP Large-Cap Value | | | | | | | | | | | | | |
Common Stocks | | $ | 18,373,547 | | $ | — | | $ | — | | $ | — | | $ | 18,373,547 | | $ | — | |
Total | | $ | 18,373,547 | | $ | — | | $ | — | | $ | — | | $ | 18,373,547 | | $ | — | |
June 30, 2018 (unaudited) :: Notes to Financial Statements :: 329
| | LEVEL 1 - Quoted Prices | | LEVEL 2 - Other Significant Observable Inputs | | Total | |
| | Investment Securities | | Other Financial Instruments^ | | Investment Securities | | Other Financial Instruments^ | | Investment Securities | | Other Financial Instruments^ | |
ProFund VP Mid-Cap | | | | | | | | | | | | | |
Repurchase Agreements | | $ | — | | $ | — | | $ | 11,296,000 | | $ | — | | $ | 11,296,000 | | $ | — | |
Futures Contracts | | — | | (116,648 | ) | — | | — | | — | | (116,648 | ) |
Swap Agreements | | — | | — | | — | | 34,207 | | — | | 34,207 | |
Total | | $ | — | | $ | (116,648 | ) | $ | 11,296,000 | | $ | 34,207 | | $ | 11,296,000 | | $ | (82,441 | ) |
ProFund VP Mid-Cap Growth | | | | | | | | | | | | | |
Common Stocks | | $ | 26,913,457 | | $ | — | | $ | — | | $ | — | | $ | 26,913,457 | | $ | — | |
Repurchase Agreements | | — | | — | | 88,000 | | — | | 88,000 | | — | |
Total | | $ | 26,913,457 | | $ | — | | $ | 88,000 | | $ | — | | $ | 27,001,457 | | $ | — | |
ProFund VP Mid-Cap Value | | | | | | | | | | | | | |
Common Stocks | | $ | 16,036,827 | | $ | — | | $ | — | | $ | — | | $ | 16,036,827 | | $ | — | |
Repurchase Agreements | | — | | — | | 83,000 | | — | | 83,000 | | — | |
Total | | $ | 16,036,827 | | $ | — | | $ | 83,000 | | $ | — | | $ | 16,119,827 | | $ | — | |
ProFund VP NASDAQ-100 | | | | | | | | | | | | | |
Common Stocks | | $ | 49,768,726 | | $ | — | | $ | — | | $ | — | | $ | 49,768,726 | | $ | — | |
Repurchase Agreements | | — | | — | | 26,422,000 | | — | | 26,422,000 | | — | |
Futures Contracts | | — | | (181,912 | ) | — | | — | | — | | (181,912 | ) |
Swap Agreements | | — | | — | | — | | 157,826 | | — | | 157,826 | |
Total | | $ | 49,768,726 | | $ | (181,912 | ) | $ | 26,422,000 | | $ | 157,826 | | $ | 76,190,726 | | $ | (24,086 | ) |
ProFund VP Oil & Gas | | | | | | | | | | | | | |
Common Stocks | | $ | 39,404,704 | | $ | — | | $ | — | | $ | — | | $ | 39,404,704 | | $ | — | |
Repurchase Agreements | | — | | — | | 205,000 | | — | | 205,000 | | — | |
Total | | $ | 39,404,704 | | $ | — | | $ | 205,000 | | $ | — | | $ | 39,609,704 | | $ | — | |
ProFund VP Pharmaceuticals | | | | | | | | | | | | | |
Common Stocks | | $ | 9,044,706 | | $ | — | | $ | — | | $ | — | | $ | 9,044,706 | | $ | — | |
Repurchase Agreements | | — | | — | | 48,000 | | — | | 48,000 | | — | |
Swap Agreements | | — | | — | | — | | (636 | ) | — | | (636 | ) |
Total | | $ | 9,044,706 | | $ | — | | $ | 48,000 | | $ | (636 | ) | $ | 9,092,706 | | $ | (636 | ) |
ProFund VP Precious Metals | | | | | | | | | | | | | |
Repurchase Agreements | | $ | — | | $ | — | | $ | 20,734,000 | | $ | — | | $ | 20,734,000 | | $ | — | |
Swap Agreements | | — | | — | | — | | 342,061 | | — | | 342,061 | |
Total | | $ | — | | $ | — | | $ | 20,734,000 | | $ | 342,061 | | $ | 20,734,000 | | $ | 342,061 | |
ProFund VP Real Estate | | | | | | | | | | | | | |
Common Stocks | | $ | 10,358,151 | | $ | — | | $ | — | | $ | — | | $ | 10,358,151 | | $ | — | |
Total | | $ | 10,358,151 | | $ | — | | $ | — | | $ | — | | $ | 10,358,151 | | $ | — | |
ProFund VP Rising Rates Opportunity | | | | | | | | | | | | | |
Repurchase Agreements | | $ | — | | $ | — | | $ | 11,199,000 | | $ | — | | $ | 11,199,000 | | $ | — | |
Swap Agreements | | — | | — | | — | | (180,115 | ) | — | | (180,115 | ) |
Total | | $ | — | | $ | — | | $ | 11,199,000 | | $ | (180,115 | ) | $ | 11,199,000 | | $ | (180,115 | ) |
ProFund VP Semiconductor | | | | | | | | | | | | | |
Common Stocks | | $ | 8,007,311 | | $ | — | | $ | — | | $ | — | | $ | 8,007,311 | | $ | — | |
Repurchase Agreements | | — | | — | | 69,000 | | — | | 69,000 | | — | |
Swap Agreements | | — | | — | | — | | (288 | ) | — | | (288 | ) |
Total | | $ | 8,007,311 | | $ | — | | $ | 69,000 | | $ | (288 | ) | $ | 8,076,311 | | $ | (288 | ) |
ProFund VP Short Dow 30 | | | | | | | | | | | | | |
Repurchase Agreements | | $ | — | | $ | — | | $ | 14,000 | | $ | — | | $ | 14,000 | | $ | — | |
Swap Agreements | | — | | — | | — | | (89 | ) | — | | (89 | ) |
Total | | $ | — | | $ | — | | $ | 14,000 | | $ | (89 | ) | $ | 14,000 | | $ | (89 | ) |
330 :: Notes to Financial Statements :: June 30, 2018 (unaudited)
| | LEVEL 1 - Quoted Prices | | LEVEL 2 - Other Significant Observable Inputs | | Total | |
| | Investment Securities | | Other Financial Instruments^ | | Investment Securities | | Other Financial Instruments^ | | Investment Securities | | Other Financial Instruments^ | |
ProFund VP Short Emerging Markets | | | | | | | | | | | | | |
Repurchase Agreements | | $ | — | | $ | — | | $ | 2,688,000 | | $ | — | | $ | 2,688,000 | | $ | — | |
Swap Agreements | | — | | — | | — | | (43,330 | ) | — | | (43,330 | ) |
Total | | $ | — | | $ | — | | $ | 2,688,000 | | $ | (43,330 | ) | $ | 2,688,000 | | $ | (43,330 | ) |
ProFund VP Short International | | | | | | | | | | | | | |
Repurchase Agreements | | $ | — | | $ | — | | $ | 1,029,000 | | $ | — | | $ | 1,029,000 | | $ | — | |
Swap Agreements | | — | | — | | — | | (10,441 | ) | — | | (10,441 | ) |
Total | | $ | — | | $ | — | | $ | 1,029,000 | | $ | (10,441 | ) | $ | 1,029,000 | | $ | (10,441 | ) |
ProFund VP Short Mid-Cap | | | | | | | | | | | | | |
Repurchase Agreements | | $ | — | | $ | — | | $ | 94,000 | | $ | — | | $ | 94,000 | | $ | — | |
Swap Agreements | | — | | — | | — | | (658 | ) | — | | (658 | ) |
Total | | $ | — | | $ | — | | $ | 94,000 | | $ | (658 | ) | $ | 94,000 | | $ | (658 | ) |
ProFund VP Short NASDAQ-100 | | | | | | | | | | | | | |
Repurchase Agreements | | $ | — | | $ | — | | $ | 2,280,000 | | $ | — | | $ | 2,280,000 | | $ | — | |
Futures Contracts | | — | | 2,268 | | — | | — | | — | | 2,268 | |
Swap Agreements | | — | | — | | — | | (22,237 | ) | — | | (22,237 | ) |
Total | | $ | — | | $ | 2,268 | | $ | 2,280,000 | | $ | (22,237 | ) | $ | 2,280,000 | | $ | (19,969 | ) |
ProFund VP Short Small-Cap | | | | | | | | | | | | | |
Repurchase Agreements | | $ | — | | $ | — | | $ | 1,463,000 | | $ | — | | $ | 1,463,000 | | $ | — | |
Futures Contracts | | — | | 2,957 | | — | | — | | — | | 2,957 | |
Swap Agreements | | — | | — | | — | | (2,934 | ) | — | | (2,934 | ) |
Total | | $ | — | | $ | 2,957 | | $ | 1,463,000 | | $ | (2,934 | ) | $ | 1,463,000 | | $ | 23 | |
ProFund VP Small-Cap | | | | | | | | | | | | | |
Common Stocks | | $ | 5,772,367 | | $ | — | | $ | — | | $ | — | | $ | 5,772,367 | | $ | — | |
Contingent Right | | — | | — | | 500 | | — | | 500 | | — | |
Trust* | | — | | — | | — | | — | | — | | — | |
Repurchase Agreements | | — | | — | | 8,084,000 | | — | | 8,084,000 | | — | |
Futures Contracts | | — | | (17,783 | ) | — | | — | | — | | (17,783 | ) |
Swap Agreements | | — | | — | | — | | 14,539 | | — | | 14,539 | |
Total | | $ | 5,772,367 | | $ | (17,783 | ) | $ | 8,084,500 | | $ | 14,539 | | $ | 13,856,867 | | $ | (3,244 | ) |
ProFund VP Small-Cap Growth | | | | | | | | | | | | | |
Common Stocks | | $ | 30,528,784 | | $ | — | | $ | — | | $ | — | | $ | 30,528,784 | | $ | — | |
Repurchase Agreements | | — | | — | | 23,000 | | — | | 23,000 | | — | |
Total | | $ | 30,528,784 | | $ | — | | $ | 23,000 | | $ | — | | $ | 30,551,784 | | $ | — | |
ProFund VP Small-Cap Value | | | | | | | | | | | | | |
Common Stocks | | $ | 25,126,862 | | $ | — | | $ | — | | $ | — | | $ | 25,126,862 | | $ | — | |
Total | | $ | 25,126,862 | | $ | — | | $ | — | | $ | — | | $ | 25,126,862 | | $ | — | |
ProFund VP Technology | | | | | | | | | | | | | |
Common Stocks | | $ | 30,320,218 | | $ | — | | $ | — | | $ | — | | $ | 30,320,218 | | $ | — | |
Repurchase Agreements | | — | | — | | 68,000 | | — | | 68,000 | | — | |
Swap Agreements | | — | | — | | — | | (126 | ) | — | | (126 | ) |
Total | | $ | 30,320,218 | | $ | — | | $ | 68,000 | | $ | (126 | ) | $ | 30,388,218 | | $ | (126 | ) |
ProFund VP Telecommunications | | | | | | | | | | | | | |
Common Stocks | | $ | 3,173,228 | | $ | — | | $ | — | | $ | — | | $ | 3,173,228 | | $ | — | |
Repurchase Agreements | | — | | — | | 19,000 | | — | | 19,000 | | — | |
Swap Agreements | | — | | — | | — | | (402 | ) | — | | (402 | ) |
Total | | $ | 3,173,228 | | $ | — | | $ | 19,000 | | $ | (402 | ) | $ | 3,192,228 | | $ | (402 | ) |
June 30, 2018 (unaudited) :: Notes to Financial Statements :: 331
| | LEVEL 1 - Quoted Prices | | LEVEL 2 - Other Significant Observable Inputs | | Total | |
| | Investment Securities | | Other Financial Instruments^ | | Investment Securities | | Other Financial Instruments^ | | Investment Securities | | Other Financial Instruments^ | |
ProFund VP U.S. Government Plus | | | | | | | | | | | | | |
U.S. Treasury Obligation | | $ | — | | $ | — | | $ | 5,996,494 | | $ | — | | $ | 5,996,494 | | $ | — | |
Repurchase Agreements | | — | | — | | 9,146,000 | | — | | 9,146,000 | | — | |
Swap Agreements | | — | | — | | — | | 140,364 | | — | | 140,364 | |
Total | | $ | — | | $ | — | | $ | 15,142,494 | | $ | 140,364 | | $ | 15,142,494 | | $ | 140,364 | |
ProFund VP UltraBull | | | | | | | | | | | | | |
Common Stocks | | $ | 54,630,538 | | $ | — | | $ | — | | $ | — | | $ | 54,630,538 | | $ | — | |
Repurchase Agreements | | — | | — | | 10,449,000 | | — | | 10,449,000 | | — | |
Futures Contracts | | — | | (70,992 | ) | — | | — | | — | | (70,992 | ) |
Swap Agreements | | — | | — | | — | | 693,022 | | — | | 693,022 | |
Total | | $ | 54,630,538 | | $ | (70,992 | ) | $ | 10,449,000 | | $ | 693,022 | | $ | 65,079,538 | | $ | 622,030 | |
ProFund VP UltraMid-Cap | | | | | | | | | | | | | |
Common Stocks | | $ | 22,379,827 | | $ | — | | $ | — | | $ | — | | $ | 22,379,827 | | $ | — | |
Repurchase Agreements | | — | | — | | 9,633,000 | | — | | 9,633,000 | | — | |
Futures Contracts | | — | | (92,791 | ) | — | | — | | — | | (92,791 | ) |
Swap Agreements | | — | | — | | — | | 274,066 | | — | | 274,066 | |
Total | | $ | 22,379,827 | | $ | (92,791 | ) | $ | 9,633,000 | | $ | 274,066 | | $ | 32,012,827 | | $ | 181,275 | |
ProFund VP UltraNASDAQ-100 | | | | | | | | | | | | | |
Common Stocks | | $ | 92,901,623 | | $ | — | | $ | — | | $ | — | | $ | 92,901,623 | | $ | — | |
Repurchase Agreements | | — | | — | | 66,154,000 | | — | | 66,154,000 | | — | |
Futures Contracts | | — | | (270,491 | ) | — | | — | | — | | (270,491 | ) |
Swap Agreements | | — | | — | | — | | 2,494,184 | | — | | 2,494,184 | |
Total | | $ | 92,901,623 | | $ | (270,491 | ) | $ | 66,154,000 | | $ | 2,494,184 | | $ | 159,055,623 | | $ | 2,223,693 | |
ProFund VP UltraShort Dow 30 | | | | | | | | | | | | | |
Repurchase Agreements | | $ | — | | $ | — | | $ | 7,000 | | $ | — | | $ | 7,000 | | $ | — | |
Swap Agreements | | — | | — | | — | | (93 | ) | — | | (93 | ) |
Total | | $ | — | | $ | — | | $ | 7,000 | | $ | (93 | ) | $ | 7,000 | | $ | (93 | ) |
ProFund VP UltraShort NASDAQ-100 | | | | | | | | | | | | | |
Repurchase Agreements | | $ | — | | $ | — | | $ | 485,000 | | $ | — | | $ | 485,000 | | $ | — | |
Swap Agreements | | — | | — | | — | | (10,393 | ) | — | | (10,393 | ) |
Total | | $ | — | | $ | — | | $ | 485,000 | | $ | (10,393 | ) | $ | 485,000 | | $ | (10,393 | ) |
ProFund VP UltraSmall-Cap | | | | | | | | | | | | | |
Common Stocks | | $ | 8,543,104 | | $ | — | | $ | — | | $ | — | | $ | 8,543,104 | | $ | — | |
Contingent Right | | — | | — | | 1,079 | | — | | 1,079 | | — | |
Trust* | | — | | — | | — | | — | | — | | — | |
Repurchase Agreements | | — | | — | | 19,143,000 | | — | | 19,143,000 | | — | |
Futures Contracts | | — | | (93,235 | ) | — | | — | | — | | (93,235 | ) |
Swap Agreements | | — | | — | | — | | 151,395 | | — | | 151,395 | |
Total | | $ | 8,543,104 | | $ | (93,235 | ) | $ | 19,144,079 | | $ | 151,395 | | $ | 27,687,183 | | $ | 58,160 | |
ProFund VP Utilities | | | | | | | | | | | | | |
Common Stocks | | $ | 31,150,254 | | $ | — | | $ | — | | $ | — | | $ | 31,150,254 | | $ | — | |
Total | | $ | 31,150,254 | | $ | — | | $ | — | | $ | — | | $ | 31,150,254 | | $ | — | |
^ Other financial instruments include any derivative instruments not reflected in the Schedule of Portfolio Investments as Investment Securities, such as futures contracts, forward contracts and swap agreements. These instruments are generally recorded in the financial statements at the unrealized gain or loss on the investment.
* Ferroglobe Representation and Warranty Insurance trust was valued at $0 and categorized as Level 2 within the fair value hierarchy.
332 :: Notes to Financial Statements :: June 30, 2018 (unaudited)
4. Fees and Transactions with Affiliates and Other Parties
The ProFunds VP have entered into an Investment Advisory Agreement with the Advisor. Under this agreement, the ProFunds VP (excluding ProFund VP U.S. Government Plus) each pay the Advisor a fee at an annualized rate of 0.75% of the average daily net assets of each respective ProFund VP. The ProFund VP U.S. Government Plus pays the Advisor a fee at an annualized rate of 0.50% of its average daily net assets.
In addition, subject to the condition that the aggregate daily net assets of the Trust and Access One Trust be equal to or greater than $10 billion, the Advisor has agreed to the following fee reductions with respect to each individual ProFund VP: 0.025% of the ProFund VP’s daily net assets in excess of $500 million to $1 billion, 0.05% of the ProFund VP’s daily net assets in excess of $1 billion to $2 billion, and 0.075% of the ProFund VP’s net assets in excess of $2 billion. During the period ended June 30, 2018, no Fund’s annual investment advisory fee was subject to such reductions.
Citi Fund Services Ohio, Inc. (“Citi”), acts as the Trust’s administrator (the “Administrator”). For its services as Administrator, the Trust pays Citi an annual fee based on the Trust’s and Access One Trust’s aggregate average net assets at a tier rate ranging from 0.00375% to 0.05%, and a base fee for certain filings. Administration fees also include additional fees paid to Citi by the Trust for additional services provided, including support of the Trust’s compliance program.
Citi also acts as fund accounting agent for the Trust. For these services, the Trust pays Citi an annual fee based on the Trust’s and Access One Trust’s aggregate average net assets at a tier rate ranging from 0.00375% to 0.03%, a base fee, and reimbursement of certain expenses.
FIS Investor Services LLC (“FIS”) acts as transfer agent for the Trust. For these services, the Trust pays FIS a base fee, service charges fees based on the number of VP Funds, and reimbursement of certain expenses.
ProFunds Distributors, Inc. (the “Distributor”), a wholly owned subsidiary of the Advisor, serves as the Trust’s distributor. Under a Distribution and Shareholder Services Plan, adopted by the Trust’s Board of Trustees pursuant to Rule 12b-1 under the 1940 Act, each ProFund VP may pay financial intermediaries such as broker-dealers, insurance companies and the Distributor up to 0.25%, on an annualized basis, of the average daily net assets as compensation for the distribution-related activities and/or shareholder services.
Distribution Fees were suspended throughout the period ended June 30, 2018 for ProFund VP Government Money Market to maintain a more competitive net yield. If ProFund VP Government Money Market had paid an amount equal to 0.25% of its average daily net assets, the Distribution Fees would have been $229,541 for the period ended June 30, 2018. The Distributor may reinstate all or a portion of the Distribution Fees for ProFund VP Government Money Market at any time.
The Advisor, pursuant to a separate Management Services Agreement, performs certain client support services and other administrative services on behalf of the ProFunds VP. For these services, each ProFund VP pays the Advisor a fee at the annual rate of 0.10% of its average daily net assets.
The Trust, on behalf of the ProFunds VP, has entered into an administrative services agreement with certain insurance companies, pursuant to which the insurance companies will provide administrative services with respect to the ProFunds VP. For these services, the ProFunds VP may pay the insurance companies administrative services fees at an annual rate of up to 0.35% of their average daily net assets as reflected on the Statement of Operations as “Administrative services fees.” Throughout the period ended June 30, 2018, the administrative services fees of ProFund VP Government Money Market were suspended to maintain a more competitive net yield. If ProFund VP Government Money Market had paid an amount equal to the full amount per the administrative services agreements, the administrative services fees would have been $80,370 for the period ended June 30, 2018. All or a portion of the Administrative services fees of ProFund VP Government Money Market may be reinstated at any time.
Certain Officers and a Trustee of the Trust are affiliated with the Advisor or the Administrator. Except as noted below with respect to the Trust’s Chief Compliance Officer, such Officers and Trustee receive no compensation from the ProFunds VP for serving in their respective roles. The Trust, together with affiliated Trusts, pays each Independent Trustee compensation for his services at an annual rate of $185,000. Independent Trustees also receive $10,000 for attending each regularly quarterly in-person meeting, $3,000 for attending each special in-person meeting, and $3,000 for attending each telephonic meeting. During the period ended June 30, 2018, actual Trustee compensation was $364,500 in aggregate from the Trust and affiliated trusts. There are certain employees of the Advisor, such as the Trust’s Chief Compliance Officer and staff who administer the Trust’s compliance program, in which the ProFunds VP reimburse the Advisor for their related compensation and certain other expenses incurred as reflected on the Statement of Operations as “Compliance services fees.”
The Advisor has contractually agreed to waive advisory and management services fees, and if necessary, reimburse certain other expenses of the ProFunds VP in order to limit the annual operating expenses (exclusive of brokerage costs, interest, taxes, dividends (including dividend expenses on securities sold short), litigation, indemnification, and extraordinary expenses as determined under GAAP) to an annualized rate of 1.35% of the average daily net assets of ProFund VP Government Money Market, 1.38% of the average daily net assets of ProFund VP U.S. Government Plus and 1.68% of the average daily net assets of each other ProFund VP. These expense limitations remain in effect until at least April 30, 2019.
The Advisor may recoup the advisory and management services fees contractually waived or limited and other expenses reimbursed by it within three years from the expense limit period in which they were taken. Such repayments shall be made monthly, but only to the extent that such repayments would not cause annualized operating expenses of the ProFund VP to exceed the expense limit in effect at the time of the waiver, and the expense limit in effect at the time of the recoupment. Any amounts recouped by the Advisor during the period are reflected on the
June 30, 2018 (unaudited) :: Notes to Financial Statements :: 333
Statement of Operations as “Recoupment of prior expenses reduced by the Advisor.” As of June 30, 2018, the recoupments that may potentially be made by the ProFunds VP are as follows:
| | Expires 4/30/19 | | Expires 4/30/20 | | Expires 4/30/21 | | Expires 4/30/22 | | Total | |
ProFund VP Asia 30 | | $ | 48,562 | | $ | — | | $ | — | | $ | — | | $ | 48,562 | |
ProFund VP Banks | | — | | — | | — | | 245 | | 245 | |
ProFund VP Basic Materials | | 17,757 | | — | | — | | — | | 17,757 | |
ProFund VP Bull | | 21,854 | | — | | — | | — | | 21,854 | |
ProFund VP Consumer Goods | | — | | — | | — | | 368 | | 368 | |
ProFund VP Consumer Services | | 19,995 | | — | | | | — | | 19,995 | |
ProFund VP Emerging Markets | | 21,560 | | 4,401 | | — | | — | | 25,961 | |
ProFund VP Europe 30 | | 45,434 | | — | | — | | — | | 45,434 | |
ProFund VP Falling U.S. Dollar | | 1,096 | | 22,900 | | 12,218 | | 12,741 | | 48,955 | |
ProFund VP Financials | | 14,437 | | — | | — | | — | | 14,437 | |
ProFund VP Large-Cap Value | | 1,648 | | 1,471 | | — | | 473 | | 3,592 | |
ProFund VP Mid-Cap Growth | | 6,153 | | 2,261 | | 266 | | 404 | | 9,084 | |
ProFund VP Mid-Cap Value | | 1,935 | | — | | 7,624 | | 252 | | 9,811 | |
ProFund VP NASDAQ-100 | | 58,130 | | — | | — | | — | | 58,130 | |
ProFund VP Oil & Gas | | 4,091 | | 7,877 | | — | | — | | 11,968 | |
ProFund VP Pharmaceuticals | | 16,359 | | — | | — | | — | | 16,359 | |
ProFund VP Precious Metals | | 25,204 | | 2,783 | | — | | — | | 27,987 | |
ProFund VP Real Estate | | 3,646 | | — | | — | | — | | 3,646 | |
ProFund VP Short Dow 30 | | 572 | | 43 | | 122 | | 38 | | 775 | |
ProFund VP Short Mid-Cap | | — | | — | | — | | 16 | | 16 | |
ProFund VP Short NASDAQ-100 | | 2,414 | | 227 | | — | | — | | 2,641 | |
ProFund VP Short Small-Cap | | 899 | | 1,057 | | — | | — | | 1,956 | |
ProFund VP Small-Cap | | 25,619 | | — | | — | | — | | 25,619 | |
ProFund VP Small-Cap Growth | | 9,497 | | — | | — | | — | | 9,497 | |
ProFund VP Small-Cap Value | | 2,880 | | 25,332 | | — | | — | | 28,212 | |
ProFund VP Telecommunications | | 13,684 | | — | | — | | — | | 13,684 | |
ProFund VP U.S. Government Plus | | 26,154 | | 8,861 | | — | | — | | 35,015 | |
ProFund VP UltraNASDAQ-100 | | — | | — | | — | | 2,580 | | 2,580 | |
ProFund VP UltraShort Dow 30 | | — | | — | | 27 | | 67 | | 94 | |
ProFund VP UltraShort NASDAQ-100 | | — | | — | | — | | 6 | | 6 | |
ProFund VP UltraSmall-Cap | | 44,693 | | — | | — | | 185 | | 44,878 | |
ProFund VP Utilities | | 23,509 | | 13,908 | | — | | — | | 37,417 | |
| | | | | | | | | | | | | | | | |
The Advisor has contractually agreed to waive advisory and management services fees, and if necessary, reimburse certain other expenses of ProFund VP Government Money Market through April 30, 2019 to the extent necessary to maintain a certain minimum net yield as determined by the Advisor.
The Advisor may recoup the advisory and management services fees contractually waived or limited and other expenses reimbursed by it within three years from the minimum yield limit period in which they were taken. Such repayments shall be made monthly, but only to the extent that such repayments would not cause the ProFund VP Government Money Market’s net yield to fall below the highest previously determined minimum yield and such recoupment would not be subject to the contractual operating expense limit in effect at the time of such recoupment. Any amounts recouped by the Advisor during the period are reflected on the Statement of Operations as “Recoupment of prior expenses reduced by the Advisor.” As of June 30, 2018, the recoupments that may potentially be made by ProFund VP Government Money Market are as follows:
| | Expires 4/30/19 | | Expires 4/30/20 | | Total | |
ProFund VP Government Money Market | | $ | 2,126,754 | | $ | 1,401,913 | | $ | 3,528,667 | |
| | | | | | | | | | |
The ProFunds VP are permitted to purchase and sell securities (“cross trade”) from and to other funds within the Trust pursuant to “Cross-Trading” Procedures adopted by the Trust’s Board of Trustees. These procedures have been designed to ensure that any cross trade of securities by the respective ProFund VP from or to another fund that is or could be considered an affiliate of the ProFund VP under certain limited circumstances by virtue of having a common investment adviser, common Officer, or common Trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each cross trade is executed at the current market price
334 :: Notes to Financial Statements :: June 30, 2018 (unaudited)
to save costs where allowed. Pursuant to these procedures, for the period ended June 30, 2018, the ProFunds VP engaged in the following cross trades, which resulted in the following net realized gains (losses):
| | Purchases | | Sales | | Net Realized Gains (Losses) | |
ProFund VP Large-Cap Growth | | $ | — | | $ | 2,179,739 | | $ | 73,142 | |
ProFund VP Large-Cap Value | | 1,612,495 | | — | | — | |
ProFund VP Mid-Cap Growth | | 562,430 | | 1,277,979 | | (81,596 | ) |
ProFund VP Mid-Cap Value | | 168,186 | | 334,480 | | (20,510 | ) |
ProFund VP Small-Cap Growth | | 4,168,363 | | 4,912,589 | | (159,397 | ) |
ProFund VP Small-Cap Value | | 2,204,308 | | 310,432 | | (13,717 | ) |
ProFund VP UltraBull | | 10,830,275 | | 3,668,117 | | 66,997 | |
| | | | | | | | | | |
5. Securities Transactions
The cost of security purchases and the proceeds from the sale of securities (excluding securities maturing less than one year from acquisition) during the period ended June 30, 2018 were as follows:
| | Purchases | | Sales | |
ProFund VP Asia 30 | | $ | 13,713,487 | | $ | 20,251,858 | |
ProFund VP Banks | | 22,336,384 | | 24,156,270 | |
ProFund VP Basic Materials | | 5,024,418 | | 20,628,987 | |
ProFund VP Biotechnology | | 44,301,604 | | 42,153,990 | |
ProFund VP Bull | | 650,019 | | 781,276 | |
ProFund VP Consumer Goods | | 3,697,390 | | 9,313,023 | |
ProFund VP Consumer Services | | 11,613,637 | | 20,504,174 | |
ProFund VP Emerging Markets | | 2,819,517 | | 11,841,570 | |
ProFund VP Europe 30 | | 19,987,945 | | 27,493,122 | |
ProFund VP Financials | | 7,369,626 | | 17,665,000 | |
ProFund VP Health Care | | 14,014,438 | | 20,599,474 | |
ProFund VP Industrials | | 8,668,020 | | 29,237,420 | |
ProFund VP Internet | | 17,004,575 | | 10,180,516 | |
ProFund VP Large-Cap Growth | | 18,839,672 | | 23,249,323 | |
ProFund VP Large-Cap Value | | 7,208,714 | | 8,464,452 | |
ProFund VP Mid-Cap Growth | | 18,794,393 | | 15,240,771 | |
ProFund VP Mid-Cap Value | | 3,419,836 | | 4,057,189 | |
ProFund VP NASDAQ-100 | | 465,215 | | 472,995 | |
ProFund VP Oil & Gas | | 14,808,646 | | 18,889,350 | |
ProFund VP Pharmaceuticals | | 20,899,394 | | 22,111,615 | |
ProFund VP Real Estate | | 2,333,506 | | 3,325,181 | |
ProFund VP Semiconductor | | 12,214,088 | | 13,161,854 | |
ProFund VP Small-Cap | | 958,937 | | 996,745 | |
ProFund VP Small-Cap Growth | | 19,465,440 | | 17,426,484 | |
ProFund VP Small-Cap Value | | 16,243,724 | | 16,927,669 | |
ProFund VP Technology | | 8,191,196 | | 13,577,825 | |
ProFund VP Telecommunications | | 9,887,468 | | 10,486,617 | |
ProFund VP UltraBull | | 407,218,246 | | 377,853,176 | |
ProFund VP UltraMid-Cap | | 67,592,136 | | 63,843,614 | |
ProFund VP UltraNASDAQ-100 | | 17,304,896 | | 725,259 | |
ProFund VP UltraSmall-Cap | | 1,419,219 | | 1,474,735 | |
ProFund VP Utilities | | 12,894,635 | | 19,251,083 | |
| | | | | | | |
The cost of U.S. government security purchases and the proceeds from the sale of U.S. government securities (excluding securities maturing less than one year from acquisition) during the period ended June 30, 2018 were as follows:
| | Purchases | | Sales | |
ProFund VP U.S. Government Plus | | $ | 15,183,538 | | $ | 20,826,631 | |
| | | | | | | |
6. Investment Risks
Some risks apply to all ProFunds VP, while others are specific to the investment strategy of certain ProFunds VP. Each ProFund VP may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the ProFunds VP.
June 30, 2018 (unaudited) :: Notes to Financial Statements :: 335
Risks Associated with the Use of Derivatives
Certain ProFunds VP may obtain investment exposure through derivatives. Investing in derivatives may be considered aggressive and may expose the ProFund VP to greater risks and may result in larger losses or smaller gains than investing directly in the reference asset(s) underlying those derivatives (e.g., securities in the Index). These risks include counterparty risk, liquidity risk and increased correlation risk. When the ProFund VP uses derivatives, there may be imperfect correlation between the value of the reference asset(s) underlying the derivative (e.g., securities in the Index) and the derivative, which may prevent the ProFund VP from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives also may expose the ProFund VP to losses in excess of those amounts initially invested.
Certain ProFunds VP may use a combination of swaps on the Index and swaps on an ETF that is designed to track the performance of the Index. The performance of an ETF may not track the performance of the Index due to embedded costs and other factors. Thus, to the extent the ProFund VP invests in swaps that use an ETF as the reference asset, the ProFund VP may be subject to greater correlation risk and may not achieve as high a degree of correlation with the Index as it would if the ProFund VP only used swaps on the Index.
Moreover, with respect to the use of swap agreements, if the Index has a dramatic intraday move that causes a material decline in a ProFund VP’s net assets, the terms of a swap agreement between the ProFund VP and its counterparty may permit the counterparty to immediately close out the transaction with the ProFund VP. In that event, the ProFund VP may be unable to enter into another swap agreement or invest in other derivatives to achieve the desired exposure consistent with the ProFund VP’s investment objective. This, in turn, may prevent the ProFund VP from achieving its investment objective, even if the Index reverses all or a portion of its intraday move by the end of the day. As a result, the value of an investment in the ProFund VP may change quickly and without warning. Any costs associated with using derivatives will also have the effect of lowering the ProFund VP’s return.
Compounding Risk
Certain ProFunds VP are “geared” funds (“Geared Funds”) in the sense that each has an investment objective to match a multiple, the inverse, or an inverse multiple of the performance of a benchmark on a single day. These Geared Funds are subject to all of the correlation risks described below. In addition, because these ProFunds VP have a single day investment objective, for periods greater than one day, the effect of compounding may cause the performance of a ProFund VP to vary from the benchmark performance (or the inverse of the benchmark performance) times the stated multiple in the ProFund VP objective, as applicable, before accounting for fees and ProFund VP expenses. As explained in greater detail in their Prospectuses, as a result of compounding, Geared Funds are unlikely to provide a simple multiple (e.g. -1x, 2x, or -2x) of a benchmark’s return over periods longer than a single day.
Leverage Risk
Certain ProFunds VP utilize leverage (i.e., obtain investment exposure in excess of their assets) in seeking to achieve their investment objective and will lose more money in market environments adverse to their daily objective than similar funds that do not employ leverage.
Because the ProFunds VP that utilize leverage include either multipliers of 2x or 1.25x (or sometimes the inverse thereof), a single day adverse price movement of more than 50% or 80%, respectively, in a relevant benchmark, could result in the total loss of an investor’s investment.
Active Investor Risk
Each ProFund VP permits short-term trading of its securities. In addition, the Advisor expects a significant portion of the assets invested in the ProFund VP to come from professional money managers and investors who use the ProFund VP as part of active trading or tactical asset allocation strategies. These strategies often call for frequent trading to take advantage of anticipated changes in market conditions, which could increase portfolio turnover, and may result in additional costs for the ProFund VP. In addition, large movements of assets into and out of the ProFund VP may have a negative impact on the ProFund VP’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the ProFund VP’s expense ratio may vary from current estimates or the historical ratio disclosed in the ProFund VP’s prospectus.
Concentration Risk
Concentration risk results from maintaining concentrated exposure to certain types of issuers, industries, market sectors, countries or geographical regions. A ProFund VP that concentrates its investments will be more susceptible to risks associated with that concentration. With respect to the Sector ProFunds VP, a ProFund VP may have significant exposure to an individual industry that constitutes a significant portion of that ProFund VP’s benchmark. Such a ProFund VP will be more susceptible to the risks associated with that specific industry, which may be different from the risks generally associated with other benchmarks. Each ProFund VP will concentrate its investments in a particular industry or group of industries to approximately the same extent as its benchmark, up to the extent permitted by applicable regulatory guidance. Additionally, certain ProFunds VP that focus their investments in particular countries or geographic regions may be particularly susceptible to economic, political or regulatory events affecting those countries or regions. These ProFunds VP may be more volatile than a more geographically diversified ProFund VP. The Schedule of Portfolio Investments includes information on each ProFund VP’s holdings, including industry and/or geographical composition, as relevant.
Correlation Risk
There is no guarantee that a ProFund VP will achieve a high degree of correlation with its benchmark. Failure to achieve a high degree of correlation may prevent a ProFund VP from achieving its investment objective, and the percentage change of the ProFund VP’s net asset value (“NAV”) each day may differ, perhaps
336 :: Notes to Financial Statements :: June 30, 2018 (unaudited)
significantly, from the percentage change of the ProFund VP’s benchmark on such day. This may be due, among other reasons, to the impact of a limited trading market in the underlying component securities on the calculation of the benchmark.
A number of other factors may adversely affect a ProFund VP’s correlation with its benchmark, including material over- or underexposure, fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which a ProFund VP invests. A ProFund VP may not have investment exposure to all securities in its benchmark, or its weighting of investment exposure to stocks or industries may be different from that of the benchmark. In addition, a ProFund VP may invest in securities not included in the benchmark or in financial instruments. Each ProFund VP may take or refrain from taking positions in order to improve tax efficiency or comply with regulatory restrictions, either of which may negatively affect the ProFund VP’s correlation with its benchmark. A ProFund VP may also be subject to large movements of assets into and out of the ProFund VP, potentially resulting in the ProFund VP being over- or underexposed to its benchmark, and may be impacted by index reconstitutions and index rebalancing events. Additionally, a ProFund VP’s underlying holdings or reference assets may trade on markets that may or may not be open on the same day as the ProFund VP. Each ProFund VP (other than the Classic ProFunds VP, the Sector ProFunds VP, ProFund VP Falling U.S. Dollar and ProFund VP Government Money Market) seeks to rebalance its portfolio daily to keep its leveraged, inverse or inverse leveraged exposure to the benchmark consistent with its investment objective. Any of these factors could decrease correlation between the performance of a ProFund VP and may hinder a ProFund VP’s ability to meet its investment objective on or around that day.
Counterparty Risk
A ProFund VP will invest in financial instruments involving third parties (i.e., counterparties). The use of financial instruments, such as swap agreements or futures contracts, involves risks that are different from those associated with ordinary portfolio securities transactions. Certain ProFunds VP will be subject to credit risk (i.e., the risk that a counterparty is unwilling or unable to make timely payments to meet its contractual obligations) with respect to the amount they expect to receive from counterparties to financial instruments and repurchase agreements entered into by the ProFunds VP. Each ProFund VP generally structures the agreement such that either party can terminate the contract without penalty prior to the termination date. A ProFund VP may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations, the value of an investment in each ProFund VP may decline. A ProFund VP may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding and a ProFund VP may obtain only limited recovery or may obtain no recovery in such circumstances.
The ProFunds VP typically enter into transactions with counterparties whose credit rating at the time of the transaction is investment grade, as determined by a nationally recognized statistical rating organization, or, if unrated, judged by the Advisor to be of comparable quality. These are usually major, global financial institutions. Although the counterparty to an exchange-traded futures contract is often backed by a futures commission merchant (“FCM”) or clearing organization that is further backed by a group of financial institutions, there may be instances in which the FCM or the clearing organization could fail to perform its obligations, causing significant losses to the ProFund VP. For example, a ProFund VP could lose margin payments it has deposited with a clearing organization as well as gains owed but not paid to the ProFund VP if the clearing organization becomes insolvent or otherwise fails to perform its obligations. Under current CFTC regulations, a FCM maintains customers’ assets in a bulk segregated account. If a FCM fails to do so, or is unable to satisfy a substantial deficit in a customer account, its other customers may be subject to risk of loss of their funds in the event of that FCM’s bankruptcy. In that event, in the case of futures, the FCM’s customers are entitled to recover, even in respect of property specifically traceable to them, only a proportional share of all property available for distribution to all of that FCM’s customers.
Debt Instruments Risk
The ProFunds VP may invest in, or seek exposure to, debt instruments. Debt instruments may have varying levels of sensitivity to changes in interest rates and other factors. Typically, the price of outstanding debt instruments falls when interest rates rise. Without taking into account other factors, the prices of debt instruments with longer maturities may fluctuate more in response to interest rate changes than those of debt instruments with shorter maturities. In addition, changes in the credit quality of the issuer of a debt instrument (including a default) can also affect the price of a debt instrument. Many types of debt instruments are subject to prepayment risk, which is the risk that the issuer of the security will repay principal (in part or in whole) prior to the maturity date. Debt instruments allowing prepayment may offer less potential for gains during a period of declining interest rates, as a ProFund VP may be required to reinvest the proceeds received at lower interest rates. These factors may cause the value of an investment in the ProFund VP to change. Also, the securities of certain U.S. government agencies, authorities or instrumentalities are neither issued by nor guaranteed as to principal and interest by the U.S. government, and may be exposed to more credit risk than those issued by and guaranteed as to principal and interest by the U.S. government. All U.S. government securities are subject to credit risk. It is possible that the U.S. government may not be able to meet its financial obligations or that securities issued by the U.S. government may experience credit downgrades. Such a credit event may also adversely impact the financial markets. Certain ProFunds VP are inversely correlated to bond prices and will typically respond differently to the above factors than would a ProFund VP positively correlated to bond prices.
Index Performance Risk
Certain ProFunds VP will be subject to index performance risk. There is no guarantee or assurance that the methodology used to create the Index will result in the ProFund VP achieving high, or even positive, returns. The Index may underperform, and the ProFund VP could lose value, while other indices or measures of market performance increase in value.
June 30, 2018 (unaudited) :: Notes to Financial Statements :: 337
Liquidity Risk
In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which a ProFund VP invests, the ProFunds VP might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Advisor. Markets for the securities or financial instruments in which a ProFund VP invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes inside or outside of the U.S. For example, regulation limiting the ability of certain financial institutions to invest in certain securities would likely reduce the liquidity of those securities. These situations may prevent a ProFund VP from limiting losses, realizing gains, or from achieving a high correlation (or inverse correlation) with its underlying benchmark.
7. Federal Income Tax Information
The tax character of distributions paid to shareholders during the latest tax year ended December 31, 2017, were as follows:
| | Distributions Paid from Ordinary Income | | Distributions Paid from Net Long-Term Capital Gains | | Tax Return of Capital | | Total Distributions Paid | |
ProFund VP Asia 30 | | $ | — | | $ | 1,099,295 | | $ | — | | $ | 1,099,295 | |
ProFund VP Banks | | 29,961 | | — | | — | | 29,961 | |
ProFund VP Basic Materials | | 103,682 | | — | | — | | 103,682 | |
ProFund VP Bull | | 641,927 | | 1,587,849 | | — | | 2,229,776 | |
ProFund VP Consumer Goods | | 179,485 | | 209,288 | | — | | 388,773 | |
ProFund VP Dow 30 | | 90,714 | | 13,821 | | — | | 104,535 | |
ProFund VP Emerging Markets | | 17,623 | | — | | — | | 17,623 | |
ProFund VP Europe 30 | | 625,699 | | — | | — | | 625,699 | |
ProFund VP Financials | | 166,272 | | — | | — | | 166,272 | |
ProFund VP Government Money Market | | 38,688 | | — | | — | | 38,688 | |
ProFund VP Health Care | | — | | 3,659,790 | | — | | 3,659,790 | |
ProFund VP Industrials | | 54,047 | | — | | — | | 54,047 | |
ProFund VP Large-Cap Growth | | 2,261 | | 1,215,645 | | — | | 1,217,906 | |
ProFund VP Large-Cap Value | | 191,199 | | — | | — | | 191,199 | |
ProFund VP Mid-Cap | | 3,354,991 | | 405,829 | | — | | 3,760,820 | |
ProFund VP Mid-Cap Growth | | — | | 2,003,816 | | — | | 2,003,816 | |
ProFund VP Mid-Cap Value | | 487,397 | | 588,026 | | — | | 1,075,423 | |
ProFund VP NASDAQ-100 | | — | | 282,363 | | — | | 282,363 | |
ProFund VP Oil & Gas | | 509,954 | | — | | — | | 509,954 | |
ProFund VP Pharmaceuticals | | 184,347 | | 82,163 | | — | | 266,510 | |
ProFund VP Real Estate | | 123,359 | | 697,350 | | — | | 820,709 | |
ProFund VP Semiconductor | | 20,339 | | — | | — | | 20,339 | |
ProFund VP Short Mid-Cap | | 4,598 | | — | | — | | 4,598 | |
ProFund VP Small-Cap | | 1,185,128 | | 305,985 | | — | | 1,491,113 | |
ProFund VP Small-Cap Growth | | 65,436 | | 2,053,033 | | — | | 2,118,469 | |
ProFund VP Small-Cap Value | | 4,544 | | 212,516 | | — | | 217,060 | |
ProFund VP Technology | | 15,522 | | — | | — | | 15,522 | |
ProFund VP Telecommunications | | 1,001,707 | | — | | — | | 1,001,707 | |
ProFund VP U.S. Government Plus | | 107,171 | | — | | — | | 107,171 | |
ProFund VP UltraBull | | 4,089,291 | | 127,964 | | — | | 4,217,255 | |
ProFund VP UltraMid-Cap | | 1,540,940 | | 348,037 | | — | | 1,888,977 | |
ProFund VP UltraNASDAQ-100 | | 2,145,689 | | 410,881 | | — | | 2,556,570 | |
ProFund VP UltraSmall-Cap | | 1,621,951 | | 625,163 | | — | | 2,247,114 | |
ProFund VP Utilities | | 1,110,076 | | 1,104,901 | | — | | 2,214,977 | |
| | | | | | | | | | | | | |
As of the latest tax year ended December 31, 2017, the components of accumulated earnings (deficit) on a tax basis were as follows:
| | Undistributed Ordinary Income | | Undistributed Long-Term Capital Gains | | Accumulated Capital and Other Losses | | Unrealized Appreciation (Depreciation) | | Total Accumulated Earnings (Deficit) | |
ProFund VP Asia 30 | | $ | 129,308 | | $ | — | | $ | (324,453 | ) | $ | 12,190,746 | | $ | 11,995,601 | |
ProFund VP Banks | | 45,033 | | — | | (7,274,422 | ) | 2,501,398 | | (4,727,991 | ) |
ProFund VP Basic Materials | | 67,046 | | — | | (1,760,480 | ) | 8,811,325 | | 7,117,891 | |
ProFund VP Bear | | — | | — | | (18,956,130 | ) | 8,929 | | (18,947,201 | ) |
ProFund VP Biotechnology | | — | | — | | (129,849 | ) | 25,659,703 | | 25,529,854 | |
ProFund VP Bull | | 4,356,517 | | 2,967,028 | | — | | 28,503,671 | | 35,827,216 | |
ProFund VP Consumer Goods | | 161,183 | | 1,953,694 | | — | | 9,110,949 | | 11,225,826 | |
ProFund VP Consumer Services | | — | | 1,368,209 | | — | | 15,949,062 | | 17,317,271 | |
| | | | | | | | | | | | | | | | |
338 :: Notes to Financial Statements :: June 30, 2018 (unaudited)
| | Undistributed Ordinary Income | | Undistributed Long-Term Capital Gains | | Accumulated Capital and Other Losses | | Unrealized Appreciation (Depreciation) | | Total Accumulated Earnings (Deficit) | |
ProFund VP Dow 30 | | $ | 175,647 | | $ | — | | $ | (1,637,009 | ) | $ | (1,067 | ) | $ | (1,462,429 | ) |
ProFund VP Emerging Markets | | 60,833 | | — | | (7,007,490 | ) | 7,456,006 | | 509,349 | |
ProFund VP Europe 30 | | 694,945 | | — | | (2,101,483 | ) | 2,797,967 | | 1,391,429 | |
ProFund VP Falling U.S. Dollar | | 17,778 | | 38,602 | | (211,904 | ) | — | | (155,524 | ) |
ProFund VP Financials | | 164,918 | | — | | (986,601 | ) | 16,708,675 | | 15,886,992 | |
ProFund VP Government Money Market | | — | | — | | (44,116 | ) | (2,198 | ) | (46,314 | ) |
ProFund VP Health Care | | 78,636 | | 2,906,954 | | — | | 32,306,613 | | 35,292,203 | |
ProFund VP Industrials | | 35,771 | | — | | — | | 10,913,275 | | 10,949,046 | |
ProFund VP International | | 1,305,170 | | — | | (1,674,736 | ) | (2,154 | ) | (371,720 | ) |
ProFund VP Internet | | 13,004 | | 1,158,052 | | — | | 8,418,188 | | 9,589,244 | |
ProFund VP Japan | | — | | — | | (703,554 | ) | — | | (703,554 | ) |
ProFund VP Large-Cap Growth | | 508,196 | | 928,930 | | — | | 16,051,924 | | 17,489,050 | |
ProFund VP Large-Cap Value | | 162,982 | | — | | — | | 4,121,178 | | 4,284,160 | |
ProFund VP Mid-Cap | | 2,406,145 | | 472,015 | | — | | (27,564 | ) | 2,850,596 | |
ProFund VP Mid-Cap Growth | | 44,883 | | 2,357,859 | | — | | 6,398,656 | | 8,801,398 | |
ProFund VP Mid-Cap Value | | 764,415 | | 1,329,411 | | — | | 2,260,603 | | 4,354,429 | |
ProFund VP NASDAQ-100 | | 4,894,319 | | 2,121,773 | | — | | 31,033,497 | | 38,049,589 | |
ProFund VP Oil & Gas | | 664,278 | | — | | (2,371,323 | ) | 18,102,474 | | 16,395,429 | |
ProFund VP Pharmaceuticals | | 168,708 | | 369,771 | | (481,014 | ) | 3,820,061 | | 3,877,526 | |
ProFund VP Precious Metals | | — | | — | | (66,478,359 | ) | (65,381 | ) | (66,543,740 | ) |
ProFund VP Real Estate | | 172,062 | | 1,139,114 | | — | | 4,846,697 | | 6,157,873 | |
ProFund VP Rising Rates Opportunity | | — | | — | | (24,926,027 | ) | 88,620 | | (24,837,407 | ) |
ProFund VP Semiconductor | | 664,313 | | 42,088 | | — | | 3,363,531 | | 4,069,932 | |
ProFund VP Short Dow 30 | | — | | — | | (52,030 | ) | 33 | | (51,997 | ) |
ProFund VP Short Emerging Markets | | — | | — | | (1,730,350 | ) | (3,286 | ) | (1,733,636 | ) |
ProFund VP Short International | | — | | — | | (1,826,461 | ) | 50 | | (1,826,411 | ) |
ProFund VP Short Mid-Cap | | 14,715 | | — | | (2,357,779 | ) | 393 | | (2,342,671 | ) |
ProFund VP Short NASDAQ-100 | | — | | — | | (11,660,540 | ) | 12,913 | | (11,647,627 | ) |
ProFund VP Short Small-Cap | | — | | — | | (4,969,444 | ) | 7,793 | | (4,961,651 | ) |
ProFund VP Small-Cap | | 632,576 | | 326,134 | | — | | 1,605,168 | | 2,563,878 | |
ProFund VP Small-Cap Growth | | — | | 2,165,724 | | — | | 7,255,558 | | 9,421,282 | |
ProFund VP Small-Cap Value | | 233,636 | | 1,748,346 | | (248,076 | ) | 2,456,926 | | 4,190,832 | |
ProFund VP Technology | | 467,033 | | 354,706 | | — | | 17,552,589 | | 18,374,328 | |
ProFund VP Telecommunications | | 376,240 | | — | | (817,255 | ) | 1,087,859 | | 646,844 | |
ProFund VP U.S. Government Plus | | — | | — | | (78,453 | ) | 227,048 | | 148,595 | |
ProFund VP UltraBull | | 10,650,934 | | 427,136 | | — | | 5,047,790 | | 16,125,860 | |
ProFund VP UltraMid-Cap | | 4,616,260 | | 1,113,801 | | — | | 5,233,700 | | 10,963,761 | |
ProFund VP UltraNASDAQ-100 | | 33,026,789 | | 2,441,111 | | — | | 35,906,391 | | 71,374,291 | |
ProFund VP UltraShort Dow 30 | | — | | — | | (931,580 | ) | 36 | | (931,544 | ) |
ProFund VP UltraShort NASDAQ-100 | | — | | — | | (5,409,969 | ) | 3,037 | | (5,406,932 | ) |
ProFund VP UltraSmall-Cap | | 4,944,580 | | 2,207,626 | | — | | 2,410,487 | | 9,562,693 | |
ProFund VP Utilities | | 660,339 | | 995,404 | | — | | 19,146,827 | | 20,802,570 | |
| | | | | | | | | | | | | | | | |
As of the latest tax year ended December 31, 2017, the following ProFunds VP have net capital loss carryforwards (“CLCFs”) as summarized in the tables below. CLCFs subject to expiration are applied as short-term capital loss regardless of whether the originating capital loss was short-term or long-term. CLCFs that are not subject to expiration must be utilized before those that are subject to expiration.
| | Expiring 2018 | | No Expiration Date | | Total | |
ProFund VP Asia 30 | | $ | — | | $ | 324,453 | | $ | 324,453 | |
ProFund VP Banks | | 4,222,982 | | 3,051,440 | | 7,274,422 | |
ProFund VP Basic Materials | | 1,760,480 | | — | | 1,760,480 | |
ProFund VP Bear | | — | | 18,956,130 | * | 18,956,130 | |
ProFund VP Biotechnology | | 129,849 | * | — | | 129,849 | |
ProFund VP Dow 30 | | — | | 1,637,009 | * | 1,637,009 | |
ProFund VP Emerging Markets | | — | | 7,007,490 | * | 7,007,490 | |
ProFund VP Europe 30 | | 1,215,920 | | 885,563 | | 2,101,483 | |
ProFund VP Falling U.S. Dollar | | — | | 211,904 | * | 211,904 | |
ProFund VP Financials | | 986,601 | | — | | 986,601 | |
ProFund VP Government Money Market | | — | | 44,116 | * | 44,116 | |
ProFund VP International | | — | | 1,674,736 | * | 1,674,736 | |
ProFund VP Japan | | 484,987 | * | 218,567 | * | 703,554 | |
| | | | | | | | | | |
June 30, 2018 (unaudited) :: Notes to Financial Statements :: 339
| | Expiring 2018 | | No Expiration Date | | Total | |
ProFund VP Oil & Gas | | $ | — | | $ | 2,371,323 | | $ | 2,371,323 | |
ProFund VP Pharmaceuticals | | 481,014 | * | — | | 481,014 | |
ProFund VP Precious Metals | | — | | 66,478,359 | | 66,478,359 | |
ProFund VP Rising Rates Opportunity | | — | | 24,926,027 | * | 24,926,027 | |
ProFund VP Short Dow 30 | | — | | 52,030 | * | 52,030 | |
ProFund VP Short Emerging Markets | | — | | 1,730,350 | * | 1,730,350 | |
ProFund VP Short International | | — | | 1,826,461 | * | 1,826,461 | |
ProFund VP Short Mid-Cap | | — | | 2,357,779 | * | 2,357,779 | |
ProFund VP Short NASDAQ-100 | | — | | 11,660,540 | * | 11,660,540 | |
ProFund VP Short Small-Cap | | — | | 4,969,444 | * | 4,969,444 | |
ProFund VP Small-Cap Value | | 248,076 | * | — | | 248,076 | |
ProFund VP Telecommunications | | — | | 817,255 | | 817,255 | |
ProFund VP U.S. Government Plus | | — | | 78,453 | | 78,453 | |
ProFund VP UltraShort Dow 30 | | — | | 931,580 | * | 931,580 | |
ProFund VP UltraShort NASDAQ-100 | | — | | 5,409,969 | * | 5,409,969 | |
| | | | | | | | | | |
* All or a portion are limited as a result of changes in the ProFund VP ownership during the year and in prior years.
Unused limitations accumulate and increase limited CLCFs available for use in offsetting net capital gains. The tax character of current year distribution paid and the tax basis of the current components of accumulated earnings (deficit) and any CLCFs will be determined at the end of the current tax year. The Board does not intend to authorize a distribution of any realized gain for a ProFund VP until any applicable CLCF has been offset or expires.
As of June 30, 2018, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:
Fund Name | | Tax Cost | | Tax Unrealized Appreciation | | Tax Unrealized Depreciation | | Net Unrealized Appreciation (Depreciation) | |
ProFund VP Asia 30 | | $ | 17,175,046 | | $ | 14,197,142 | | $ | (3,089,050 | ) | $ | 11,108,092 | |
ProFund VP Banks | | 6,974,093 | | 4,782,584 | | (3,253,250 | ) | 1,529,334 | |
ProFund VP Basic Materials | | 10,252,069 | | 9,449,631 | | (2,539,878 | ) | 6,909,753 | |
ProFund VP Bear | | 3,433,000 | | 15,771 | | (21,441 | ) | (5,670 | ) |
ProFund VP Biotechnology | | 31,056,221 | | 31,820,064 | | (8,436,568 | ) | 23,383,496 | |
ProFund VP Bull | | 37,061,386 | | 34,098,413 | | (5,326,330 | ) | 28,772,083 | |
ProFund VP Consumer Goods | | 4,982,579 | | 7,878,989 | | (1,037,940 | ) | 6,841,049 | |
ProFund VP Consumer Services | | 9,762,090 | | 17,404,686 | | (1,109,815 | ) | 16,294,871 | |
ProFund VP Dow 30 | | 278,000 | | 1,732 | | — | | 1,732 | |
ProFund VP Emerging Markets | | 17,507,045 | | 7,179,441 | | (1,676,189 | ) | 5,503,252 | |
ProFund VP Europe 30 | | 22,355,108 | | 8,688,275 | | (7,044,972 | ) | 1,643,303 | |
ProFund VP Falling U.S. Dollar | | 424,000 | | — | | (4,386 | ) | (4,386 | ) |
ProFund VP Financials | | 25,693,115 | | 24,313,611 | | (9,724,214 | ) | 14,589,397 | |
ProFund VP Government Money Market | | 156,781,078 | | — | | — | | — | |
ProFund VP Health Care | | 19,005,517 | | 32,442,257 | | (4,051,825 | ) | 28,390,432 | |
ProFund VP Industrials | | 9,354,932 | | 10,072,148 | | (1,657,898 | ) | 8,414,250 | |
ProFund VP International | | 7,856,000 | | 79,707 | | — | | 79,707 | |
ProFund VP Internet | | 15,611,726 | | 13,946,775 | | (1,577,876 | ) | 12,368,899 | |
ProFund VP Japan | | 13,047,000 | | — | | (150,438 | ) | (150,438 | ) |
ProFund VP Large-Cap Growth | | 14,540,265 | | 18,872,459 | | (1,222,028 | ) | 17,650,431 | |
ProFund VP Large-Cap Value | | 15,277,995 | | 6,061,078 | | (2,965,526 | ) | 3,095,552 | |
ProFund VP Mid-Cap | | 11,296,000 | | 34,207 | | (116,648 | ) | (82,441 | ) |
ProFund VP Mid-Cap Growth | | 21,657,994 | | 7,028,067 | | (1,684,604 | ) | 5,343,463 | |
ProFund VP Mid-Cap Value | | 13,744,908 | | 4,203,899 | | (1,828,980 | ) | 2,374,919 | |
ProFund VP NASDAQ-100 | | 40,896,516 | | 37,698,841 | | (2,428,717 | ) | 35,270,124 | |
ProFund VP Oil & Gas | | 21,629,135 | | 24,415,367 | | (6,434,798 | ) | 17,980,569 | |
ProFund VP Pharmaceuticals | | 6,177,922 | | 5,122,442 | | (2,208,294 | ) | 2,914,148 | |
ProFund VP Precious Metals | | 20,734,000 | | 342,061 | | — | | 342,061 | |
ProFund VP Real Estate | | 6,126,902 | | 5,891,147 | | (1,659,898 | ) | 4,231,249 | |
ProFund VP Rising Rates Opportunity | | 11,199,000 | | — | | (180,115 | ) | (180,115 | ) |
ProFund VP Semiconductor | | 4,551,637 | | 4,216,641 | | (692,255 | ) | 3,524,386 | |
ProFund VP Short Dow 30 | | 14,000 | | — | | (89 | ) | (89 | ) |
ProFund VP Short Emerging Markets | | 2,688,000 | | — | | (43,330 | ) | (43,330 | ) |
ProFund VP Short International | | 1,029,000 | | — | | (10,441 | ) | (10,441 | ) |
ProFund VP Short Mid-Cap | | 94,000 | | — | | (658 | ) | (658 | ) |
ProFund VP Short NASDAQ-100 | | 2,280,000 | | 2,268 | | (22,237 | ) | (19,969 | ) |
| | | | | | | | | | | | | |
340 :: Notes to Financial Statements :: June 30, 2018 (unaudited)
Fund Name | | Tax Cost | | Tax Unrealized Appreciation | | Tax Unrealized Depreciation | | Net Unrealized Appreciation (Depreciation) | |
ProFund VP Short Small-Cap | | $ | 1,463,000 | | $ | 2,957 | | $ | (2,934 | ) | $ | 23 | |
ProFund VP Small-Cap | | 12,281,398 | | 1,901,181 | | (328,956 | ) | 1,572,225 | |
ProFund VP Small-Cap Growth | | 23,332,282 | | 8,846,346 | | (1,626,844 | ) | 7,219,502 | |
ProFund VP Small-Cap Value | | 21,657,236 | | 6,805,507 | | (3,335,881 | ) | 3,469,626 | |
ProFund VP Technology | | 10,784,433 | | 21,826,620 | | (2,222,961 | ) | 19,603,659 | |
ProFund VP Telecommunications | | 2,893,347 | | 1,443,016 | | (1,144,537 | ) | 298,479 | |
ProFund VP U.S. Government Plus | | 14,915,004 | | 367,854 | | — | | 367,854 | |
ProFund VP UltraBull | | 61,379,458 | | 7,228,481 | | (2,906,371 | ) | 4,322,110 | |
ProFund VP UltraMid-Cap | | 27,652,323 | | 6,663,735 | | (2,121,956 | ) | 4,541,779 | |
ProFund VP UltraNASDAQ-100 | | 115,759,090 | | 48,125,288 | | (2,605,062 | ) | 45,520,226 | |
ProFund VP UltraShort Dow 30 | | 7,000 | | — | | (93 | ) | (93 | ) |
ProFund VP UltraShort NASDAQ-100 | | 485,000 | | — | | (10,393 | ) | (10,393 | ) |
ProFund VP UltraSmall-Cap | | 25,234,146 | | 3,192,992 | | (681,795 | ) | 2,511,197 | |
ProFund VP Utilities | | 14,658,852 | | 19,104,128 | | (2,612,726 | ) | 16,491,402 | |
| | | | | | | | | | | | | |
8. Legal and Regulatory Matters
In December 2007, ProFund VP UltraMid-Cap, as a shareholder of Lyondell Chemical Company (“Lyondell”), participated in a cash out merger of Lyondell in which it received $48/share of merger consideration. Lyondell later filed for bankruptcy and two entities created by the Lyondell bankruptcy plan of reorganization have initiated lawsuits seeking to recover, or clawback, proceeds received by shareholders in the December 2007 merger based on fraudulent transfer claims.
The value of the proceeds received by the ProFund VP UltraMid-Cap is approximately $521,000. The ProFund VP cannot predict the outcome of this proceeding. The complaints, however, allege no misconduct by the ProFund VP. The ProFund VP is currently assessing the cases and has not yet determined the potential effect, if any, on its net asset value. Accordingly, no loss has been accrued in the balance sheet.
9. Reverse Share Splits
Effective December 11, 2017, the ProFund VP Short Emerging Markets underwent a 1-for-5 reverse share split, and the ProFund VP UltraShort NASDAQ-100 underwent a 1-for-8 reverse share split.
Effective December 5, 2016, the ProFund VP Japan and ProFund VP Telecommunications underwent a 4-for-1 reverse share split, the ProFund VP Bear underwent a 5-for-1 reverse share split, the ProFund VP Short Mid-Cap underwent a 8-for-1 reverse share split, and the ProFund VP Rising Rates Opportunity underwent a 10-for-1 reverse share split.
Effective October 20, 2014, the ProFund VP Short Small-Cap and ProFund VP Short NASDAQ-100 underwent a 1-for-5 reverse share split, the ProFund VP Short Dow 30 underwent a 1-for-6 reverse share split, the ProFund VP UltraShort Dow 30 underwent a 1-for-12 reverse share split, and the ProFund VP UltraShort NASDAQ-100 underwent a 1-for-14 reverse share split.
The effect of the reverse share split transactions was to divide the number of outstanding shares of the ProFunds VP by the respective reverse split factor, with a corresponding increase in the net asset value per share. These transactions did not change the net assets of these ProFunds VP or the value of a shareholder’s investment. The historical share transactions presented in the Statements of Changes in Net Assets and per share data presented in the Financial Highlights have been adjusted retroactively to give effect to the reverse share splits.
10. Subsequent Events
In June 2018, the Trust’s Board of Trustees authorized the Advisor, on behalf of the Trust, to change the underlying benchmark for the ProFund VP Pharmaceuticals and for the ProFund VP Telecommunications. For the ProFund VP Pharmaceuticals and the ProFund VP Telecommunications, each ProFund VP’s benchmark will change from the Dow Jones U.S. Pharmaceuticals Index and the Dow Jones U.S. Telecommunications Index, respectively, to the Dow Jones U.S. Select Pharmaceuticals Index and the Dow Jones U.S. Select Telecommunications Index, respectively. These changes will be effective on or around September 28, 2018.
342 :: Expense Examples (unaudited)
As a ProFund VP shareholder, you may incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; distribution fees; and other ProFund VP expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a ProFund VP and to compare these costs with the ongoing cost of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. If these transactional costs were included, your costs would have been higher. These examples also do not reflect fees associated with insurance company or insurance contracts. If those fees were reflected, expenses would be higher. Therefore, the examples are useful in comparing ongoing costs only and will not help you determine the relative total cost of owning different funds.
Actual Expenses
The actual examples are based on an investment of $1,000 invested at the beginning of a six-month period and held through the period ended June 30, 2018.
The columns below under the heading entitled “Actual” provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this 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 held through the period ended June 30, 2018.
The columns below under the heading entitled “Hypothetical” provide information about hypothetical account values and hypothetical expenses based on each ProFund VP’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each ProFund VP’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your ProFund VP and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
| | | | | | Actual | | Hypothetical (5% return before expenses) | |
| | Annualized Expense Ratio During Period | | Beginning Account Value 1/1/18 | | Ending Account Value 6/30/18 | | Expenses Paid During Period(1) | | Ending Account Value 6/30/18 | | Expenses Paid During Period(1) | |
ProFund VP Asia 30 | | 1.68 | % | $ | 1,000.00 | | $ | 995.90 | | $ | 8.31 | | $ | 1,016.46 | | $ | 8.40 | |
ProFund VP Banks | | 1.68 | % | 1,000.00 | | 963.60 | | 8.18 | | 1,016.46 | | 8.40 | |
ProFund VP Basic Materials | | 1.68 | % | 1,000.00 | | 970.20 | | 8.21 | | 1,016.46 | | 8.40 | |
ProFund VP Bear | | 1.68 | % | 1,000.00 | | 970.40 | | 8.21 | | 1,016.46 | | 8.40 | |
ProFund VP Biotechnology | | 1.59 | % | 1,000.00 | | 980.40 | | 7.81 | | 1,016.91 | | 7.95 | |
ProFund VP Bull | | 1.68 | % | 1,000.00 | | 1,016.60 | | 8.40 | | 1,016.46 | | 8.40 | |
ProFund VP Consumer Goods | | 1.68 | % | 1,000.00 | | 939.10 | | 8.08 | | 1,016.46 | | 8.40 | |
ProFund VP Consumer Services | | 1.68 | % | 1,000.00 | | 1,079.50 | | 8.66 | | 1,016.46 | | 8.40 | |
ProFund VP Dow 30 | | 1.51 | % | 1,000.00 | | 978.10 | | 7.41 | | 1,017.31 | | 7.55 | |
ProFund VP Emerging Markets | | 1.68 | % | 1,000.00 | | 948.50 | | 8.12 | | 1,016.46 | | 8.40 | |
ProFund VP Europe 30 | | 1.68 | % | 1,000.00 | | 998.30 | | 8.32 | | 1,016.46 | | 8.40 | |
ProFund VP Falling U.S. Dollar | | 1.68 | % | 1,000.00 | | 963.40 | | 8.18 | | 1,016.46 | | 8.40 | |
ProFund VP Financials | | 1.68 | % | 1,000.00 | | 983.90 | | 8.26 | | 1,016.46 | | 8.40 | |
ProFund VP Government Money Market | | 1.38 | % | 1,000.00 | | 1,000.70 | | 6.85 | | 1,017.95 | | 6.90 | |
ProFund VP Health Care | | 1.62 | % | 1,000.00 | | 1,021.20 | | 8.12 | | 1,016.76 | | 8.10 | |
ProFund VP Industrials | | 1.66 | % | 1,000.00 | | 974.50 | | 8.13 | | 1,016.56 | | 8.30 | |
ProFund VP International | | 1.63 | % | 1,000.00 | | 959.10 | | 7.92 | | 1,016.71 | | 8.15 | |
ProFund VP Internet | | 1.62 | % | 1,000.00 | | 1,245.40 | | 9.02 | | 1,016.76 | | 8.10 | |
ProFund VP Japan | | 1.66 | % | 1,000.00 | | 981.00 | | 8.15 | | 1,016.56 | | 8.30 | |
ProFund VP Large-Cap Growth | | 1.67 | % | 1,000.00 | | 1,063.50 | | 8.54 | | 1,016.51 | | 8.35 | |
ProFund VP Large-Cap Value | | 1.68 | % | 1,000.00 | | 968.10 | | 8.20 | | 1,016.46 | | 8.40 | |
ProFund VP Mid-Cap | | 1.62 | % | 1,000.00 | | 1,023.40 | | 8.13 | | 1,016.76 | | 8.10 | |
ProFund VP Mid-Cap Growth | | 1.68 | % | 1,000.00 | | 1,036.80 | | 8.48 | | 1,016.46 | | 8.40 | |
ProFund VP Mid-Cap Value | | 1.68 | % | 1,000.00 | | 1,014.20 | | 8.39 | | 1,016.46 | | 8.40 | |
ProFund VP NASDAQ-100 | | 1.68 | % | 1,000.00 | | 1,096.00 | | 8.73 | | 1,016.46 | | 8.40 | |
ProFund VP Oil & Gas | | 1.68 | % | 1,000.00 | | 1,065.50 | | 8.60 | | 1,016.46 | | 8.40 | |
ProFund VP Pharmaceuticals | | 1.68 | % | 1,000.00 | | 963.60 | | 8.18 | | 1,016.46 | | 8.40 | |
ProFund VP Precious Metals | | 1.68 | % | 1,000.00 | | 937.70 | | 8.07 | | 1,016.46 | | 8.40 | |
ProFund VP Real Estate | | 1.68 | % | 1,000.00 | | 1,005.30 | | 8.35 | | 1,016.46 | | 8.40 | |
| | | | | | | | | | | | | | | | | | |
Expense Examples (unaudited) :: 343
| | | | | | Actual | | Hypothetical (5% return before expenses) | |
| | Annualized Expense Ratio During Period | | Beginning Account Value 1/1/18 | | Ending Account Value 6/30/18 | | Expenses Paid During Period(1) | | Ending Account Value 6/30/18 | | Expenses Paid During Period(1) | |
ProFund VP Rising Rates Opportunity | | 1.63 | % | $ | 1,000.00 | | $ | 1,044.80 | | $ | 8.26 | | $ | 1,016.71 | | $ | 8.15 | |
ProFund VP Semiconductor | | 1.63 | % | 1,000.00 | | 1,052.90 | | 8.30 | | 1,016.71 | | 8.15 | |
ProFund VP Short Dow 30 | | 1.68 | % | 1,000.00 | | 999.10 | | 8.33 | | 1,016.46 | | 8.40 | |
ProFund VP Short Emerging Markets | | 1.61 | % | 1,000.00 | | 1,027.30 | | 8.09 | | 1,016.81 | | 8.05 | |
ProFund VP Short International | | 1.63 | % | 1,000.00 | | 1,024.20 | | 8.18 | | 1,016.71 | | 8.15 | |
ProFund VP Short Mid-Cap | | 1.68 | % | 1,000.00 | | 960.10 | | 8.16 | | 1,016.46 | | 8.40 | |
ProFund VP Short NASDAQ-100 | | 1.68 | % | 1,000.00 | | 892.40 | | 7.88 | | 1,016.46 | | 8.40 | |
ProFund VP Short Small-Cap | | 1.68 | % | 1,000.00 | | 921.50 | | 8.00 | | 1,016.46 | | 8.40 | |
ProFund VP Small-Cap | | 1.68 | % | 1,000.00 | | 1,065.40 | | 8.60 | | 1,016.46 | | 8.40 | |
ProFund VP Small-Cap Growth | | 1.68 | % | 1,000.00 | | 1,107.30 | | 8.78 | | 1,016.46 | | 8.40 | |
ProFund VP Small-Cap Value | | 1.68 | % | 1,000.00 | | 1,062.00 | | 8.59 | | 1,016.46 | | 8.40 | |
ProFund VP Technology | | 1.57 | % | 1,000.00 | | 1,095.00 | | 8.16 | | 1,017.01 | | 7.85 | |
ProFund VP Telecommunications | | 1.68 | % | 1,000.00 | | 901.50 | | 7.92 | | 1,016.46 | | 8.40 | |
ProFund VP U.S. Government Plus | | 1.38 | % | 1,000.00 | | 946.20 | | 6.66 | | 1,017.95 | | 6.90 | |
ProFund VP UltraBull | | 1.53 | % | 1,000.00 | | 1,013.10 | | 7.64 | | 1,017.21 | | 7.65 | |
ProFund VP UltraMid-Cap | | 1.67 | % | 1,000.00 | | 1,032.30 | | 8.42 | | 1,016.51 | | 8.35 | |
ProFund VP UltraNASDAQ-100 | | 1.68 | % | 1,000.00 | | 1,171.00 | | 9.04 | | 1,016.46 | | 8.40 | |
ProFund VP UltraShort Dow 30 | | 1.68 | % | 1,000.00 | | 976.00 | | 8.23 | | 1,016.46 | | 8.40 | |
ProFund VP UltraShort NASDAQ-100 | | 1.68 | % | 1,000.00 | | 779.80 | | 7.41 | | 1,016.46 | | 8.40 | |
ProFund VP UltraSmall-Cap | | 1.68 | % | 1,000.00 | | 1,121.10 | | 8.84 | | 1,016.46 | | 8.40 | |
ProFund VP Utilities | | 1.68 | % | 1,000.00 | | 1,004.50 | | 8.35 | | 1,016.46 | | 8.40 | |
| | | | | | | | | | | | | | | | | | |
(1) Expenses are equal to the average account value, multiplied by the ProFund VP’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).
This Page Intentionally Left Blank
This Page Intentionally Left Blank

P.O. Box 182800
Columbus, OH 43218-2800
This report is submitted for the general information of the shareholders of the ProFunds VP. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. To receive the most recent month end performance information for each Fund, please call toll-free 888-776-5717.
A description of the policies and procedures that the ProFunds VP uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling toll-free 888-776-3637; and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the ProFund VP voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available. (i) without change by calling toll-free 888-776-3637; (ii) on the ProFunds’ VP website at ProFunds.com; and (iii) on the Commission’s website at sec.gov.
ProFunds VP file complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. Schedules of Portfolio Holding for the Funds in this report are available without charge on the Commission’s website at sec.gov, or may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.
6/18
Item 2. Code of Ethics.
Not applicable — only for annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable — only for annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable — only for annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
(a) Not applicable.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
(a)(1) Not applicable — only for annual reports.
(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.
(a)(3) Not applicable.
(a)(4) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) are furnished hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
By (Signature and Title)* | /s/ Christopher E. Sabato | |
| Christopher E. Sabato, Treasurer and Principal Financial Officer |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Todd B. Johnson | |
| Todd B. Johnson, President and Principal Executive Officer |
By (Signature and Title)* | /s/ Christopher E. Sabato | |
| Christopher E. Sabato, Treasurer and Principal Financial Officer |
* Print the name and title of each signing officer under his or her signature.