Profunds N-CSRS Certified semi-annual shareholder report (management investment company)

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, 2020                               

Item 1. Reports to Stockholders.

Semiannual Report

JUNE 30, 2020

Government Money Market ProFund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund's website (www.profunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 888-PRO-FNDS (888-776-3637) or by sending an e-mail request to info@profunds.com.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 888-PRO-FNDS (888-776-3637) or send an email request to info@profunds.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports.Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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.

This Page Intentionally Left Blank

Message from the Chairman

Dear Shareholder:

During times of uncertainty such as these, we appreciate the opportunity to reaffirm our commitment to our customers, partners and associates. ProFunds is focused on continually taking the necessary steps to ensure the safety of our associates and effective management of our funds. The following is the semiannual report to shareholders of the Government Money Market ProFund for the six months ended June 30, 2020.

The Government Money Market ProFund is a "master feeder" arrangement whereby it invests substantially all of its assets in the Government Cash Management Portfolio, a separately registered investment company managed by DWS Investment Management Americas, Inc.

Money market rates moved in a range of 0.04% to 1.60% during the period, closely tracking the effective federal funds rate, which ended the period at 0.08%.

COVID-19 Concerns Roiled the Economy and Markets

The fallout from the COVID-19 (coronavirus) took a toll on the global economy. In the U.S., first-quarter real GDP contracted 5% annualized, down from a 2.6% rise in the previous quarter. National unemployment, which registered at 3.5% in December 2019, closed June at 11.1%.

Concerns about diminishing economic activity led to widespread selling of stocks and other riskier asset classes during the first quarter. To support the U.S. economy and markets, the Federal Reserve (Fed) cut its fed funds rate target to 0.00%-0.25% in March. Lawmakers and the central bank proceeded to introduce programs that offered trillions of dollars in combined stimulus. Stock prices rebounded in the second quarter, although market concerns about COVID and the economy lingered.

Yields Plunged

During the six-month period, economic uncertainty and stimulus bolstered demand for U.S. Treasury bonds, propelling their prices higher and yields, which move opposite to price, lower. Over the six months, the Ryan Labs Returns Treasury Yield Curve 30 Year Index and Ryan Labs Returns Treasury Yield Curve 10 Year Index rose 25.1% and 12.8%, respectively. The 30-year U.S. Treasury yield dropped and closed June at 1.41%, and 10-year Treasury's yield fell, ending the period at 0.66%. The U.S. dollar rose 3.0% against a basket of currencies over the period, based on the Bloomberg Dollar Spot Index.

Money Market Flows Fell in the Volatile Environment

The Government Money Market ProFund experienced outflows of 6.3% and ProFunds' assets under management fell by 13.4% over the reporting period.

We thank you for the trust and confidence you have placed in us by choosing the Government Money Market ProFund and appreciate the opportunity to continue serving 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, 2020 (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)		91	%
Total Exposure		91	%

^(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		56	%
U.S. Treasury Obligations		19	%
Repurchase Agreements		25	%

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 throughout the entire period ended June 30, 2020.

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 throughout the entire period ended June 30, 2020.

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 1/1/20		Ending Account Value 6/30/20		Expenses Paid During Period*		Ending Account Value 6/30/20		Expenses Paid During Period*
Government Money Market ProFund – Investor Class		0.55	%	$	1,000.00	$	1,001.30	$	2.74	$	1,022.13	$	2.77
Government Money Market ProFund – Service Class		0.72	%		1,000.00		1,000.10		3.58		1,021.28		3.62

* Expenses are equal to the average account value over the period multiplied by the ProFund's annualized expense ratio multiplied by 182/366 (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, 2020

ASSETS:
Investment in Government Cash Management Portfolio, at value	$	243,058,640
Receivable for capital shares issued		38,097,281
Receivable from Advisor under a yield support agreement		61,518
Prepaid expenses		26,552
TOTAL ASSETS		281,243,991
LIABILITIES:
Distributions payable		213
Payable for capital shares redeemed		13,113,525
Administration fees payable		6,724
Trustee fees payable		91
Transfer agency fees payable		30,916
Fund accounting fees payable		5,000
Compliance services fees payable		2,419
Service fees payable		1,325
Other accrued expenses		83,151
TOTAL LIABILITIES		13,243,364
NET ASSETS	$	268,000,627
NET ASSETS CONSIST OF:
Capital	$	268,005,544
Total distributable earnings (loss)		(4,917	)
NET ASSETS	$	268,000,627
INVESTOR CLASS:
Net Assets	$	256,609,337
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		256,612,558
Net Asset Value (offering and redemption price per share)	$	1.00
SERVICE CLASS:
Net Assets	$	11,391,290
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		11,391,380
Net Asset Value (offering and redemption price per share)	$	1.00

Statement of Operations (unaudited)
For the Period Ended June 30, 2020

INVESTMENT INCOME:
Interest	$	1,111,645	(a)
Expenses		(98,637	)(a)(b)
TOTAL INVESTMENT INCOME		1,013,008
EXPENSES:
Management services fees		494,363
Administration fees		44,077
Distribution and services fees-Service Class		46,761
Transfer agency fees		197,548
Administrative services fees		163,196
Registration and filing fees		29,286
Fund accounting fees		5,000
Trustee fees		3,890
Compliance services fees		2,419
Service fees		8,660
Other fees		72,629
Recoupment of prior expenses reimbursed by the Advisor		108,449
Total Gross Expenses before reductions		1,176,278
Less Expenses reduced by the Advisor		(490,592	)
TOTAL NET EXPENSES		685,686
NET INVESTMENT INCOME		327,322
REALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		2,284	(a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	329,606

^(a) Allocated from Government Cash Management Portfolio.

^(b) For the period ended June 30, 2020, the Advisor to the Government Cash Management Portfolio waived fees, of which $93,680 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

	Period Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income	$	327,322		$	4,332,838
Net realized gains (losses) on investments		2,284			(3,256	)
Change in net assets resulting from operations		329,606			4,329,582
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions
Investor Class		(326,190	)		(4,298,300	)
Service Class		(1,134	)		(36,511	)
Change in net assets resulting from distributions		(327,324	)		(4,334,811	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued
Investor Class		2,498,382,357			4,917,216,483
Service Class		58,602,470			69,465,496
Distributions reinvested
Investor Class		314,362			4,191,800
Service Class		1,134			36,500
Value of shares redeemed
Investor Class		(2,519,822,191	)		(5,103,875,422	)
Service Class		(55,648,542	)		(75,587,916	)
Change in net assets resulting from capital transactions		(18,170,410	)		(188,553,059	)
Change in net assets		(18,168,128	)		(188,558,288	)
NET ASSETS:
Beginning of period		286,168,755			474,727,043
End of period	$	268,000,627		$	286,168,755
SHARE TRANSACTIONS:
Issued
Investor Class		2,498,380,508			4,917,216,440
Service Class		58,602,470			69,465,496
Reinvested
Investor Class		314,362			4,191,800
Service Class		1,134			36,500
Redeemed
Investor Class		(2,519,822,191	)		(5,103,875,422	)
Service Class		(55,648,542	)		(75,587,916	)
Change in shares		(18,172,259	)		(188,553,102	)

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.

			Investment Activities									Distributions to Shareholders From														Ratios to Average Net Assets									Supplemental Data
	Net Asset																				Net Asset
	Value,		Net			Net Realized			Total from			Net			Net Realized						Value,											Net			Net Assets,
	Beginning		Investment			Gains (Losses)			Investment			Investment			Gains on			Total			End of		Total			Gross			Net			Investment			End of Period
	of Period		Income(a)(b)			on Investments(b)			Activities			Income			Investments			Distributions			Period		Return(c)			Expenses(b)(d)(e)			Expenses(b)(d)			Income(b)(d)			(000's)
Government Money Market ProFund
Investor Class
Period Ended June 30, 2020 (unaudited)	$	1.000		0.001			—	(f)		0.001			(0.001	)		—			(0.001	)	$	1.000		0.13	%		0.86	%		0.55	%(g)		0.24	%	$	256,609
Year Ended December 31, 2019	$	1.000		0.013			—	(f)		0.013			(0.013	)		—			(0.013	)	$	1.000		1.25	%		0.98	%		0.98	%		1.26	%	$	277,733
Year Ended December 31, 2018	$	1.000		0.009			—	(f)		0.009			(0.009	)		—	(f)		(0.009	)	$	1.000		0.86	%		1.01	%		1.01	%		0.87	%	$	460,210
Year Ended December 31, 2017	$	1.000		—	(f)		—	(f)		—	(f)		—	(f)		—			—	(f)	$	1.000		0.02	%		0.96	%		0.90	%		0.02	%	$	386,955
Year Ended December 31, 2016	$	1.000		—	(f)		—	(f)		—	(f)		—	(f)		—			—	(f)	$	1.000		0.02	%		0.84	%		0.41	%(g)		0.02	%	$	304,901
Year Ended December 31, 2015	$	1.000		—	(f)		—	(f)		—	(f)		—	(f)		—			—	(f)	$	1.000		0.02	%		0.86	%		0.23	%(g)		0.02	%	$	422,541
Service Class
Period Ended June 30, 2020 (unaudited)	$	1.000		—	(f)		—	(f)		—	(f)		—	(f)		—			—	(f)	$	1.000		0.01	%		1.69	%		0.72	%(g)		0.02	%	$	11,391
Year Ended December 31, 2019	$	1.000		0.003			—	(f)		0.003			(0.003	)		—			(0.003	)	$	1.000		0.31	%		1.98	%		1.98	%		0.32	%	$	8,436
Year Ended December 31, 2018	$	1.000		0.002			—	(f)		0.002			(0.002	)		—	(f)		(0.002	)	$	1.000		0.20	%		1.64	%		1.64	%		0.20	%	$	14,517
Year Ended December 31, 2017	$	1.000		—	(f)		—	(f)		—	(f)		—	(f)		—			—	(f)	$	1.000		0.02	%		0.96	%		0.90	%		0.02	%	$	13,037
Year Ended December 31, 2016	$	1.000		—	(f)		—	(f)		—	(f)		—	(f)		—			—	(f)	$	1.000		0.02	%		0.84	%		0.41	%(g)		0.02	%	$	22,011
Year Ended December 31, 2015	$	1.000		—	(f)		—	(f)		—	(f)		—	(f)		—			—	(f)	$	1.000		0.02	%		0.86	%		0.23	%(g)		0.02	%	$	43,741

^(a) Per share net investment income has been calculated using the average daily shares method.

^(b) Per share amounts and percentages include the applicable allocation from the Government Cash Management Portfolio.

^(c) Not annualized for periods less than one year.

^(d) Annualized for period less than one year.

^(e) For the periods ended June 30, 2020, December 31, 2019, December 31, 2018, December 31, 2017, December 31, 2016, and December 31, 2015, 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 0.07%, 0.07%, 0.04%, 0.03%, 0.05%, and 0.03%, respectively.

^(f) Amount is less than $0.0005.

^(g) 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, 2020 (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 DWS Investment Management Americas, Inc. ("DIMA") and has the same investment objective as the ProFund. As of June 30, 2020, the percentage of the Portfolio's interests owned by the ProFund was 1.1%. 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.

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

June 30, 2020 (unaudited) :: Notes to Financial Statements :: Government Money Market ProFund :: 11

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.

As of June 30, 2020, the ProFund's $243,058,640 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, 2020.

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") 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.

The Distribution and Service Fees were suspended effective June 1, 2020 throughout the remainder of the period ended June 30, 2020. If the ProFund had paid an amount equal to 1.00% of the average daily net assets attributable to Service Class shares for the entire period, the Distribution and Service Fees would have been $56,599 for the period ended June 30, 2020. All or a portion of the Distribution and Services Fees may be reinstated 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".

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, 2020, actual Trustee compensation was $346,500 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".

The Advisor has contractually agreed to waive management services fees, and if necessary, reimburse certain other expenses of the ProFund for the periods below in order to limit the annual operating expenses (exclusive of brokerage costs, interest, taxes, litigation, indemnification, and extraordinary expenses) as follows:

	For the Period May 1, 2020 through April 30, 2021						For the Period May 1, 2019 through April 30, 2020
	Investor Class			Service Class			Investor Class			Service Class
Government Money Market ProFund		0.98	%		1.98	%		0.98	%		1.98	%

The Advisor has also contractually agreed to waive management services fees, and if necessary, reimburse certain other expenses of the ProFund through April 30, 2021 to the extent necessary to maintain a certain minimum net yield as determined by the Advisor. The Advisor has contractually undertaken to waive its fees and/or reimburse certain expenses to maintain the minimum yield floor limit at 0.02% through April 30, 2021.

12 :: Government Money Market ProFund :: Notes to Financial Statements :: June 30, 2020 (unaudited)

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 period are reflected on the Statement of Operations as "Recoupment of prior expenses reduced by the Advisor". As of June 30, 2020, the recoupments that may potentially be made by the ProFund are as follows:

	Expires 4/30/23		Expires 4/30/24		Total
Government Money Market ProFund	$	204,782	$	292,004	$	496,786

5. Investment Risks

The Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Fund. The risks are presented in an order intended to facilitate readability, and their order does not imply that the realization of one risk is likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk.

Natural Disaster/Epidemic Risk

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus (COVID-19), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such as natural disaster and health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Fund and its investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under these circumstances, the Fund may have difficulty achieving its investment objective which may adversely impact performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Fund's Sponsor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. These factors can cause substantial market volatility, exchange trading suspensions and closures and can impact the ability of the Fund to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on the Fund's performance, resulting in losses to your investment.

Risk that Current Assumptions and Expectations Could Become Outdated As a Result of Global Economic Shocks

The onset of the novel coronavirus (COVID-19) has caused significant shocks to global financial markets and economies, with many governments taking extreme actions to slow and contain the spread of COVID-19. These actions have had, and likely will continue to have, a severe economic impact on global economies as economic activity in some instances has essentially ceased. Financial markets across the globe are experiencing severe distress at least equal to what was experienced during the global financial crisis in 2008. In March 2020, U.S. equity markets entered a bear market in the fastest such move in the history of U.S. financial markets. Contemporaneous with the onset of the COVID-19 pandemic in the US, oil experienced shocks to supply and demand, impacting the price and volatility of oil. The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of the Fund to become outdated quickly or inaccurate, resulting in significant losses.

6. Federal Income Tax Information

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

	Ordinary Income		Total Distributions Paid
December 31, 2019
Government Money Market ProFund	$	4,333,453	$	4,333,453
December 31, 2018
Government Money Market ProFund	$	3,295,941	$	3,295,941

June 30, 2020 (unaudited) :: Notes to Financial Statements :: Government Money Market ProFund :: 13

As of the most recent tax year ended December 31, 2019, 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			Total Unrealized Appreciation (Depreciation)		Accumulated Earnings (Deficit)
Government Money Market ProFund	$	—	$	—	$	(1,358	)	$	(5,841	)	$	—	$	(7,199	)

As of the tax year ended December 31, 2019, the ProFund had net capital loss carryforwards ("CLCFs") as summarized in the table below:

	No Expiration Date
Government Money Market ProFund	$	5,841

Unused limitations accumulate and increase limited CLCFs available for use in offsetting net capital gains. The Board does not intend to authorize a distribution of any realized gain for the ProFund until any applicable CLCF has been offset or utilized.

7. Subsequent Events

The ProFund has evaluated the need for additional disclosures or adjustments resulting from subsequent events through the date these financial statements were issued. Based on this evaluation, there were no subsequent events to report that have a material impact on the ProFund's financial statements.

This Page Intentionally Left Blank

Government Cash Management Portfolio

16 :: Government Cash Management Portfolio :: Investment Portfolio :: as of June 30, 2020 (unaudited)

Investment Portfolio

Government & Agency Obligations 75.4%

U.S. Government Sponsored Agencies 56.0%  

	Principal Amount		Value
Federal Farm Credit Bank:
SOFR plus 0.040%, 0.12%*, 2/9/2021	$	52,000,000	$	52,000,000
1-month LIBOR minus 0.055%, 0.123%*, 2/3/2021		170,000,000		169,990,217
1-month LIBOR minus 0.050%, 0.125%*, 7/6/2020		50,000,000		50,000,000
1-month LIBOR minus 0.035%, 0.155%*, 8/20/2020		240,000,000		239,999,909
SOFR plus 0.075%, 0.155%*, 7/9/2021		68,000,000		68,000,000
SOFR plus 0.100%, 0.18%*, 5/7/2021		25,000,000		25,000,000
1-month LIBOR plus 0.005%, 0.196%*, 1/12/2021		100,000,000		99,996,111
1-month LIBOR plus 0.010%, 0.204%*, 8/19/2020		15,000,000		15,000,218
0.35%, 5/7/2021		70,000,000		69,967,533
1.61%, 1/15/2021		90,000,000		90,000,000
Federal Home Loan Bank:
SOFR plus 0.030%, 0.11%*, 7/17/2020		70,000,000		70,000,000
SOFR plus 0.030%, 0.11%*, 9/4/2020		400,000,000		400,000,000
SOFR plus 0.030%, 0.11%*, 11/6/2020		81,500,000		81,500,000
SOFR plus 0.040%, 0.12%*, 2/9/2021		50,000,000		50,000,000
0.122%**, 7/22/2020		82,000,000		81,994,260
SOFR plus 0.045%, 0.125%*, 8/14/2020		185,000,000		185,000,000
0.128%**, 7/29/2020		85,000,000		84,991,670
SOFR plus 0.050%, 0.13%*, 1/22/2021		38,000,000		38,000,000
SOFR plus 0.050%, 0.13%*, 1/28/2021		42,000,000		42,000,000
0.132%**, 7/29/2020		100,000,000		99,989,889
0.132%**, 9/17/2020		85,000,000		84,976,058
1-month LIBOR minus 0.050%, 0.134%*, 1/27/2021		125,000,000		125,000,000
0.136%**, 7/6/2020		500,000,000		499,990,695
0.142%**, 8/3/2020		80,000,000		79,989,733
0.142%**, 9/1/2020		100,000,000		99,975,889
0.142%**, 10/30/2020		128,000,000		127,939,769
SOFR plus 0.065%, 0.145%*, 2/26/2021		150,000,000		150,000,000
SOFR plus 0.070%, 0.15%*, 8/26/2020		120,000,000		120,000,000
0.15%**, 10/28/2020		25,000,000		24,987,769
SOFR plus 0.075%, 0.155%*, 6/11/2021		106,000,000		106,000,000
0.158%**, 9/2/2020		630,000		629,829
SOFR plus 0.080%, 0.16%*, 9/25/2020		400,000,000		400,000,000
SOFR plus 0.080%, 0.16%*, 10/23/2020		150,000,000		150,000,000
1-month LIBOR minus 0.010%, 0.163%*, 9/1/2020		75,000,000		75,000,000
0.163%**, 7/17/2020		75,000,000		74,994,667
1-month LIBOR minus 0.030%, 0.165%*, 4/16/2021		100,000,000		100,000,000
0.168%**, 9/16/2020		50,000,000		49,982,354
1-month LIBOR minus 0.010%, 0.168%*, 5/3/2021		84,000,000		83,992,768
0.173%**, 9/30/2020		30,000,000		29,987,108
SOFR plus 0.100%, 0.18%*, 9/15/2020		64,500,000		64,500,000
SOFR plus 0.100%, 0.18%*, 10/6/2020		480,000,000		480,000,000
SOFR plus 0.100%, 0.18%*, 10/8/2020		291,500,000		291,500,000
0.181%**, 10/2/2020		20,000,000		19,990,803
SOFR plus 0.105%, 0.185%*, 10/1/2020		65,000,000		65,000,000
SOFR plus 0.110%, 0.19%*, 12/10/2020		50,000,000		50,000,000
SOFR plus 0.110%, 0.19%*, 12/10/2020		50,000,000		50,000,000
0.198%**, 10/13/2020		88,435,000		88,385,182
SOFR plus 0.120%, 0.2%*, 12/11/2020		335,000,000		335,000,000
SOFR plus 0.120%, 0.2%*, 2/28/2022		150,000,000		150,000,000
0.203%**, 10/13/2020		215,000,000		214,875,778
0.203%**, 10/15/2020		88,435,000		88,382,922
SOFR plus 0.130%, 0.21%*, 3/11/2021		440,000,000		440,000,000
0.234%**, 1/19/2021		1,850,000		1,847,613
0.285%**, 3/10/2021		1,300,000		1,297,452
0.295%**, 9/25/2020		230,000,000		229,840,661
0.305%**, 11/17/2020		180,000,000		179,791,500
3-month LIBOR minus 0.155%, 0.401%*, 1/29/2021		156,500,000		156,500,000
0.407%**, 3/18/2021		75,000,000		74,783,333
0.458%**, 3/8/2021		185,000,000		184,421,875
0.528%**, 8/13/2020		135,000,000		134,916,150
0.53%**, 3/9/2021		169,000,000		168,387,281
0.691%**, 7/17/2020		120,000,000		119,963,733
3-month LIBOR minus 0.175%, 0.712%*, 10/28/2020		214,000,000		214,000,000
3-month LIBOR minus 0.185%, 0.806%*, 10/26/2020		125,000,000		125,000,000
3-month LIBOR minus 0.205%, 0.971%*, 10/16/2020		80,000,000		80,000,000
1.596%**, 7/6/2020		37,500,000		37,491,823
2.625%, 10/1/2020		3,050,000		3,057,973
Federal Home Loan Mortgage Corp.:
SOFR plus 0.010%, 0.09%*, 7/22/2020		37,500,000		37,500,000
SOFR plus 0.010%, 0.09%*, 8/5/2020		339,000,000		339,000,000
SOFR plus 0.010%, 0.09%*, 8/25/2020		375,000,000		375,000,000
SOFR plus 0.020%, 0.1%*, 7/8/2020		250,000,000		250,000,000
SOFR plus 0.020%, 0.1%*, 7/10/2020		100,000,000		100,000,000
SOFR plus 0.030%, 0.11%*, 8/21/2020		130,000,000		130,000,000
SOFR plus 0.030%, 0.11%*, 1/22/2021		160,000,000		160,000,000
SOFR plus 0.030%, 0.11%*, 2/5/2021		3,635,000		3,635,114
SOFR plus 0.030%, 0.11%*, 2/24/2021		240,000,000		240,000,000

The accompanying notes are an integral part of the financial statements.

as of June 30, 2020 (unaudited) :: Investment Portfolio :: Government Cash Management Portfolio :: 17

U.S. Government Sponsored Agencies, continued  

	Principal Amount		Value
SOFR plus 0.040%, 0.12%*, 9/10/2020	$	654,000,000	$	654,000,000
SOFR plus 0.040%, 0.12%*, 12/4/2020		50,000,000		50,000,000
SOFR plus 0.045%, 0.125%*, 8/27/2021		50,000,000		50,000,000
SOFR plus 0.140%, 0.22%*, 12/10/2021		100,000,000		99,970,789
SOFR plus 0.145%, 0.225%*, 12/9/2021		40,000,000		40,000,000
SOFR plus 0.190%, 0.27%*, 6/2/2022		40,000,000		40,000,000
SOFR plus 0.400%, 0.48%*, 10/21/2021		90,000,000		90,000,000
Federal National Mortgage Association:
SOFR plus 0.040%, 0.12%*, 1/29/2021		80,000,000		80,000,000
SOFR plus 0.050%, 0.13%*, 3/4/2021		363,000,000		363,000,000
SOFR plus 0.060%, 0.14%*, 7/30/2020		75,000,000		75,000,000
SOFR plus 0.075%, 0.155%*, 10/30/2020		83,000,000		83,000,000
SOFR plus 0.075%, 0.155%*, 6/4/2021		150,000,000		150,000,000
SOFR plus 0.300%, 0.38%*, 1/7/2022		80,000,000		80,000,000
SOFR plus 0.310%, 0.39%*, 10/25/2021		85,000,000		85,000,000
0.691%**, 7/15/2020		80,000,000		79,978,844
2.875%, 10/30/2020		685,000		687,748
				12,101,583,020
U.S. Treasury Obligations 19.4%
U.S. Cash Management Bills:
0.147%**, 9/8/2020		150,000,000		149,958,313
0.152%**, 9/15/2020		130,000,000		129,958,833
0.152%**, 9/8/2020		202,250,000		202,191,853
0.159%**, 12/1/2020		250,000,000		249,834,250
0.163%**, 10/20/2020		343,000,000		342,830,787
U.S. Treasury Bills:
0.112%**, 8/6/2020		380,000,000		379,958,200
0.132%**, 7/30/2020		39,090,000		39,085,906
0.136%**, 9/3/2020		150,000,000		149,964,400
0.142%**, 10/1/2020		100,000,000		99,964,222
0.144%**, 10/1/2020		100,000,000		99,963,711
0.174%**, 12/3/2020		130,000,000		129,904,008
0.203%**, 7/21/2020		235,000,000		234,973,889
U.S. Treasury Floating Rate Notes:
3-month U.S. Treasury Bill Money Market Yield plus 0.043%, 0.193%*, 7/31/2020		715,000,000		715,010,588
3-month U.S. Treasury Bill Money Market Yield plus 0.045%, 0.195%*, 10/31/2020		835,000,000		835,101,942
3-month U.S. Treasury Bill Money Market Yield plus 0.115%, 0.265%*, 1/31/2021		352,000,000		352,206,777
3-month U.S. Treasury Bill Money Market Yield plus 0.139%, 0.289%*, 4/30/2021		42,500,000		42,543,954
U.S. Treasury Notes, 2.625%, 8/31/2020		25,000,000		25,043,379
				4,178,495,012
Total Government & Agency Obligations (Cost $16,280,078,032)				16,280,078,032
Repurchase Agreements 24.6%
Barclays Bank PLC, 0.07%, dated 6/30/2020, to be repurchased at $624,001,213 on 7/1/2020,(a)		624,000,000		624,000,000
Barclays Bank PLC, 0.08%, dated 6/30/2020, to be repurchased at $500,001,111 on 7/1/2020,(b)		500,000,000		500,000,000
BNP Paribas, 0.05%, dated 6/30/2020, to be repurchased at $150,000,208 on 7/1/2020,(c)		150,000,000		150,000,000
BNP Paribas, 0.07%, dated 6/30/2020, to be repurchased at $765,683,489 on 7/1/2020,(d)		765,682,000		765,682,000
Citigroup Global Markets, Inc., 0.06%, dated 6/30/2020, to be repurchased at $309,800,516 on 7/1/2020,(e)		309,800,000		309,800,000
Citigroup Global Markets, Inc., 0.07%, dated 6/30/2020, to be repurchased at $436,320,848 on 7/1/2020,(f)		436,320,000		436,320,000
Citigroup Global Markets, Inc., 0.09%, dated 6/30/2020, to be repurchased at $500,001,250 on 7/1/2020,(g)		500,000,000		500,000,000
Fixed Income Clearing Corp., 0.07%, dated 6/30/2020, to be repurchased at $700,001,361 on 7/1/2020,(h)		700,000,000		700,000,000
HSBC Securities, Inc., 0.07%, dated 6/30/2020, to be repurchased at $99,000,193 on 7/1/2020,(i)		99,000,000		99,000,000
JPMorgan Securities, Inc., 0.07%, dated 6/30/2020, to be repurchased at $143,500,279 on 7/1/2020,(j)		143,500,000		143,500,000
Merrill Lynch & Co., Inc., 0.07%, dated 6/30/2020, to be repurchased at $50,000,097 on 7/1/2020,(k)		50,000,000		50,000,000
Merrill Lynch & Co., Inc., 0.09%, dated 6/30/2020, to be repurchased at $150,000,375 on 7/1/2020,(l)		150,000,000		150,000,000
Wells Fargo Bank, 0.07%, dated 6/30/2020, to be repurchased at $166,400,324 on 7/1/2020,(m)		166,400,000		166,400,000
Wells Fargo Bank, 0.09%, dated 6/30/2020, to be repurchased at $722,100,805 on 7/1/2020,(n)		722,099,000		722,099,000
Total Repurchase Agreements (Cost $5,316,801,000)				5,316,801,000

	% of Net Assets		Value
Total Investment Portfolio (Cost $21,596,879,032)		100.0		21,596,879,032
Other Assets and Liabilities, Net		0.0		2,804,735
Net Assets		100.0	$	21,599,683,767

The accompanying notes are an integral part of the financial statements.

18 :: Government Cash Management Portfolio :: Investment Portfolio :: as of June 30, 2020 (unaudited)

* Floating rate security. These securities are shown at their current rate as of June 30, 2020.

** Annualized yield at time of purchase; not a coupon rate.

^(a) Collateralized by $638,460,500 U.S. Treasury Bond, with a coupon rate of 1.125%, with maturity date of 5/15/2040 with a value of $636,480,155.

^(b) Collateralized by $375,193,200 U.S. Treasury Bond, with a coupon rate of 3.0%, with maturity date of 11/15/2045 with a value of $510,000,117.

^(c) Collateralized by $29,040,441 of cash collateral and by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	60,200,000	U.S. Treasury Bond		2.875	5/15/2043		79,187,727
	39,396,200	U.S. Treasury Notes		0.25–1.375	4/30/2021–06/30/2025		39,794,591
	4,866,201	U.S. Treasury STRIPS	Zero Coupon		11/15/2031		4,396,433
Total Collateral Value							123,378,751

^(d)  Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	311,244,500	U.S. Treasury Bills	Zero Coupon		7/14/2020–6/17/2021		311,066,781
	1,200	U.S. Treasury Bonds		2.5–3.0	5/15/2043–2/15/2049		1,613
	123,781,600	U.S. Treasury Inflation-Indexed Bonds		0.125–1.125	1/15/2021–4/15/2021		134,620,805
	322,151,300	U.S. Treasury Notes		0.25–3.125	7/15/2020–11/15/2029		335,306,456
Total Collateral Value							780,995,655

^(e)  Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	121,700	U.S. Treasury Bills	Zero Coupon		04/22/2021–06/17/2021		121,510
	316,372,600	U.S. Treasury Notes		0.125–2.125	09/30/2021–06/30/2025		315,874,584
Total Collateral Value							315,996,094

^(f)  Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	8,740,200	U.S. Treasury Bills	Zero Coupon		12/31/2020–06/17/2021		8,726,549
	436,660,500	U.S. Treasury Note		0.125	6/30/2022		436,319,905
Total Collateral Value							445,046,454

^(g)  Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	6,110,200	U.S. Treasury Bills	Zero Coupon		12/31/2020–06/17/2021		6,100,657
	504,454,200	U.S. Treasury Notes		0.125–2.125	9/30/2021–06/30/2025		503,899,442
Total Collateral Value							510,000,099

^(h)  Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	208,292,500	U.S. Treasury Inflation-Indexed Bond		0.625	1/15/2024		241,873,381
	435,218,000	U.S. Treasury Notes		2.625	12/31/2023		472,126,663
Total Collateral Value							714,000,044

The accompanying notes are an integral part of the financial statements.

as of June 30, 2020 (unaudited) :: Investment Portfolio :: Government Cash Management Portfolio :: 19

⁽ⁱ⁾ Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	101,049,000	U.S. Treasury Bill	Zero Coupon		12/03/2020		100,979,781
	200	U.S. Treasury Inflation-Indexed Bond		0.375	07/15/2025		232
Total Collateral Value							100,980,013

^(j) Collateralized by $136,115,200 U.S. Treasury Inflation-Indexed Bond, with a coupon rate of 0.625%, with maturity date of 4/15/2023 with a value of $146,370,071.

^(k) Collateralized by $56,449,462 U.S. Treasury STRIPS, Zero Coupon, with maturity date of 11/15/2031 with a value of $51,000,000.

^(l) Collateralized by $293,342,352 Government National Mortgage Association, with a coupon rate of 4.5%, with various maturity dates of 1/20/2049-6/20/2050 with a value of $153,000,001.

^(m) Collateralized by $169,746,504 U.S. Treasury Bills, Zero Coupon, with various maturity dates of 7/14/2020-7/28/2020 with a value of $169,728,026.

⁽ⁿ⁾ Collateralized by:

Principal Amount ($)		Security	Rate (%)		Maturity Date	Collateral Value ($)
	6,645,303	Federal Home Loan Mortgage Corp.		3.5–4.5	09/01/2042–08/01/2048		7,268,777
	666,616,812	Federal National Mortgage Association		2.5–7.0	10/1/2022–09/01/2049		729,272,203
Total Collateral Value							736,540,980

LIBOR: London Interbank Offered Rate

SOFR: SOFR: Secured Overnight Financing 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, 2020 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(o)	$	—	$	16,280,078,032	$	—	$	16,280,078,032
Repurchase Agreements		—		5,316,801,000		—		5,316,801,000
Total	$	—	$	21,596,879,032	$	—	$	21,596,879,032

^(o) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

20 :: Government Cash Management Portfolio :: Financial Statements

Statement of Assets and Liabilities (unaudited)
as of June 30, 2020

ASSETS:
Investments in non-affiliated securities, valued at amortized cost	$	16,280,078,032
Repurchase agreements, valued at amortized cost		5,316,801,000
Cash		97,198
Interest receivable		3,714,263
Other assets		172,236
TOTAL ASSETS		21,600,862,729
LIABILITIES:
Accrued investment advisory fee		336,191
Accrued Trustees' fees		70,317
Other accrued expenses and payables		772,454
TOTAL LIABILITIES		1,178,962
NET ASSETS, AT VALUE	$	21,599,683,767

Statement of Operations (unaudited)
for the six months ended June 30, 2020

INVESTMENT INCOME:
Income:
Interest	$	86,482,008
EXPENSES:
Management fee		10,475,836
Administration fee		3,249,527
Custodian fee		74,216
Professional fees		159,083
Reports to shareholders		18,688
Trustees' fees and expenses		409,738
Other		331,013
Total expenses before expense reductions		14,718,101
Expense reductions		(7,117,504	)
TOTAL EXPENSES AFTER EXPENSE REDUCTIONS		7,600,597
NET INVESTMENT INCOME		78,881,411
Net realized gain (loss) from investments		197,152
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	79,078,563

The accompanying notes are an integral part of the financial statements.

Financial Statements :: Government Cash Management Portfolio :: 21

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:	��
Net investment income (loss)	$	78,881,411		$	378,856,334
Net realized gain (loss)		197,152			(115,473	)
Net increase (decrease) in net assets resulting from operations		79,078,563			378,740,861
CAPITAL TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST:
Proceeds from capital invested		42,981,297,978			70,171,749,351
Value of capital withdrawn		(40,351,562,182	)		(67,380,088,034	)
Net increase (decrease) in net assets from capital transactions in shares of beneficial interest		2,629,735,796			2,791,661,317
INCREASE (DECREASE) IN NET ASSETS		2,708,814,359			3,170,402,178
Net assets at beginning of period		18,890,869,408			15,720,467,230
Net assets at end of period	$	21,599,683,767		$	18,890,869,408

The accompanying notes are an integral part of the financial statements.

22 :: Government Cash Management Portfolio :: Financial Highlights

	Six Months Ended 6/30/20 (unaudited)			Year Ended December 31, 2019		Year Ended December 31, 2018		Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
Net assets, end of period ($ millions)		21,600			18,891		15,720		17,172		11,975		18,021
Ratio of expenses before expense reductions (%)		.14	*		.14		.14		.14		.16		.17
Ratio of expenses after expense reductions (%)		.07	*		.07		.10		.11		.11		.14
Ratio of net investment income (%)		.73	*		2.13		1.76		.83		.32		.11
Total Return (%)a,b		.37	**		2.17		1.78		.81		.32		.11

^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

The accompanying notes are an integral part of the financial statements.

June 30, 2020 (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, 2020, DWS Government Cash Management Fund, DWS Government Cash Reserves Fund Institutional and DWS Government Money Market Series owned approximately 1%, 1% and 97% 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 Portfolio 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, 2020, the Portfolio held repurchase agreements with a gross value of $5,316,801,000. 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 June 30, 2020, Government Cash Management Portfolio had an aggregate cost of investments for federal income tax purposes of $21,596,879,032.

The Portfolio has reviewed the tax positions for the open tax years as of December 31, 2019 and has determined that no provision for income tax and/or uncertain tax positions 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, 2020 (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. ("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, 2020, 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 Portfolio's average daily net assets.

For the period from January 1, 2020 through March 5, 2020, 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 0.09% of the Portfolio's average daily net assets.

Effective March 6, 2020 through June 30, 2020, 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 0.06% 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, 2020, fees waived and/or expenses reimbursed are $7,117,504.

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 paid 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, 2020, the Administration Fee was $3,249,527, of which $502,031 is unpaid.

Filing Service Fees

Under an agreement with the Portfolio, DIMA is compensated for providing certain regulatory filing services to the Portfolio. For the six months ended June 30, 2020, the amount charged to the Portfolio by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $2,307, of which $1 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 to each committee Chairperson.

Transactions with Affiliates

The Portfolio may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers or common trustees. During the six months ended June 30, 2020, the Portfolio engaged in securities sales of $850,000 with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act.

C. Line of Credit

The Portfolio and other affiliated funds (the "Participants") share in a $350 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, 2020.

D. Money Market Fund Investments and Yield

Rising interest rates could cause the value of the Fund's investments — and therefore its share price as well — to decline. Conversely, any decline in interest rates is likely to cause the Fund's

June 30, 2020 (unaudited) :: Notes to Financial Statements :: Government Cash Management Portfolio :: 25

yield to decline, and during periods of unusually low interest rates, the Fund's yield may approach zero. A low interest rate environment may prevent the fund from providing a positive yield or paying fund expenses out of current income and, at times, could impair the fund's ability to maintain a stable $1.00 share price. Over time, the total return of a money market fund may not keep pace with inflation, which could result in a net loss of purchasing power for long-term investors. Recent and potential future changes in monetary policy made by central banks or governments are likely to affect the level of interest rates. Money market funds try to minimize this risk by purchasing short-term securities.

If there is an insufficient supply of US government securities to meet investor demand, it could result in lower yields on such securities and increase interest rate risk for the fund.

E. Other – COVID-19 Pandemic

A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the pandemic. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased financial market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Fund and its investments. A prolonged disruption may result in the Fund and its service providers experiencing operational difficulties in implementing their business continuity plans. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund's accounting and financial reporting.

F. Other – Deutsche Bank AG Consent Order

On June 17, 2020, Deutsche Bank AG ("DB"), an affiliate of DWS Group, resolved with the Commodity Futures Trading Commission ("CFTC") charges stemming from alleged violations of various swap data reporting requirements and corresponding supervision and other failures. The matter, which was resolved by the issuance of a federal court order ("Consent Order"), involved unintentional conduct that resulted from a system outage that prevented DB from reporting data in accordance with applicable CFTC requirements for a period of five days in April 2016.

The matter giving rise to the Consent Order did not arise out of any investment advisory, fund management activities or distribution activities of DIMA, DWS Distributors, Inc. or their advisory affiliates (the "DWS Service Providers"). DWS Group, of which the DWS Service Providers are wholly-owned subsidiaries, is a separate publicly traded company but continues to be an affiliate of DB due to, among other things, DB's 79.49% ownership interest in DWS Group. Under the provisions of the Investment Company Act of 1940, as a result of the Consent Order, the DWS Service Providers would not be eligible to continue to provide investment advisory and underwriting services to the Fund absent an order from the Securities and Exchange Commission (the "SEC"). DB and the DWS Service Providers are seeking temporary and permanent orders from the SEC to permit the DWS Service Providers to continue to provide investment advisory and underwriting services to the Fund and other registered investment companies notwithstanding the Consent Order. While there can be no assurance that the requested exemptive orders will be granted, the SEC has granted this type of relief in the past. Consistent with their fiduciary and other relationships with the Fund, and in accordance with the desire of the Board of the Fund, the DWS Service Providers continue to provide investment advisory and distribution services to the Fund. Subject to the receipt of the temporary and permanent exemptive orders, the DWS Service Providers have informed the Fund that they do not believe the Consent Order will have any material impact on the Fund or the ability of the Service Providers to provide services for the Fund.

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.

The ProFund discloses on the Adviser's website that it invests substantially all of its assets in the Portfolio and includes a link to the latest available listing of holdings in the Portfolio. In addition, the ProFund will file with the SEC on Form N-MFP, within five business days after the end of each month, more detailed portfolio holdings information. The ProFund's Form N-MFP filings will be available on the SEC's website, and the Adviser's website will contain a link to such filings.

PRO0620

Semiannual Report

JUNE 30, 2020

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

UltraBull

UltraMid-Cap

UltraNasdaq-100

UltraShort Dow 30

UltraShort Nasdaq-100

UltraSmall-Cap

U.S. Government Plus

Utilities

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the ProFunds' VP website at ProFunds.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as banks & insurance companies).

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. Please contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account that you invest in through your financial intermediary.

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
45	ProFund VP Consumer Services
52	ProFund VP Dow 30
56	ProFund VP Emerging Markets
62	ProFund VP Europe 30
67	ProFund VP Falling U.S. Dollar
72	ProFund VP Financials
80	ProFund VP Government Money Market
84	ProFund VP Health Care
90	ProFund VP Industrials
97	ProFund VP International
101	ProFund VP Internet
106	ProFund VP Japan
110	ProFund VP Large-Cap Growth
118	ProFund VP Large-Cap Value
127	ProFund VP Mid-Cap
131	ProFund VP Mid-Cap Growth
139	ProFund VP Mid-Cap Value
147	ProFund VP Nasdaq-100
153	ProFund VP Oil & Gas
158	ProFund VP Pharmaceuticals
163	ProFund VP Precious Metals
167	ProFund VP Real Estate
173	ProFund VP Rising Rates Opportunity
177	ProFund VP Semiconductor
182	ProFund VP Short Dow 30
186	ProFund VP Short Emerging Markets
190	ProFund VP Short International
194	ProFund VP Short Mid-Cap
198	ProFund VP Short Nasdaq-100
202	ProFund VP Short Small-Cap
206	ProFund VP Small-Cap
234	ProFund VP Small-Cap Growth
243	ProFund VP Small-Cap Value
254	ProFund VP Technology
261	ProFund VP Telecommunications
266	ProFund VP UltraBull
277	ProFund VP UltraMid-Cap
287	ProFund VP UltraNasdaq-100
294	ProFund VP UltraShort Dow 30
298	ProFund VP UltraShort Nasdaq-100
302	ProFund VP UltraSmall-Cap
331	ProFund VP U.S. Government Plus
335	ProFund VP Utilities
341	Notes to Financial Statements
371	Board Approval of Liquidity Risk Management Program
373	Expense Examples

This Page Intentionally Left Blank

Message from the Chairman

Dear Shareholder:

During times of uncertainty such as these, we appreciate the opportunity to reaffirm our commitment to our customers, partners and associates. ProFunds is focused on continually taking the necessary steps to ensure the safety of our associates and effective management of our funds. The following is the semiannual report to shareholders of ProFunds VP for the six months ended June 30, 2020.

U.S. Stock Market Fell but Sector Returns Varied

The U.S. equity market, as measured by the S&P 500^® , declined over the period and suffered historic bouts of volatility. In mid-January, the Dow Jones Industrial Average^® (Dow) and S&P 500^® closed at record highs after the U.S. and China signed a "Phase 1" trade deal. At the end of February, sentiment changed and stock prices dropped sharply during late February continuing through March in reaction to COVID-19 (coronavirus) concerns. Both indexes posted their worst first-quarter returns ever.

To support the U.S. economy and markets, the Federal Reserve (Fed) cut its fed funds rate target to 0.00%-0.25% in March. Lawmakers and the Fed proceeded to introduce programs that offered trillions of dollars in combined stimulus. In April, the Dow and S&P 500^® delivered their largest monthly returns since 1987. Stock prices rose during the remainder of the reporting period as states announced plans to ease COVID-19 lockdowns, but concerns about COVID-19 and the economy lingered.

Over the six months, the large-cap S&P 500^® dropped 3.1%, and the Dow fell 8.4%, while the tech-heavy Nasdaq 100^® Index rose 16.3%. The S&P MidCap 400^® dropped 12.8%. The small-cap Russell 2000^® Index fell 13.0%. Six of ten Dow Jones U.S. Industry indexes posted positive returns. Technology, consumer services, and health care gained 16.4%, 2.3% and 0.8%, respectively. The worst performers were oil and gas (-35.8%), financials (-18.9%) and telecom (-12.1%).

International Equities Lagged

COVID-19 concerns also led to steep drops in stock markets outside the U.S., even though some rose in the second quarter. The MSCI EAFE Index, which tracks developed markets outside North America, fell 11.3%. The MSCI Europe Index dropped 12.8%. Japan's Nikkei 225 Stock Average fell 4%. Emerging markets, as measured by the S&P/BNY Mellon Emerging 50 ADR Index (USD), dropped 10.4%. The S&P/BNY Mellon Latin America 35 ADR Index (USD) declined 39.7%. The S&P/BNY China Select ADR Index (USD) returned 8.1%.

1

U.S. Treasury Bonds Rallied, Yields Plunged

Economic uncertainty and the Fed's stimulus bolstered demand for investment-grade bonds, propelling their prices higher and yields lower. Over the six months, the Bloomberg Barclays US Aggregate Bond Index^® returned 6.1%. The Ryan Labs Returns Treasury Yield Curve 30 Year Index and Ryan Labs Returns Treasury Yield Curve 10 Year Index rose 25.1% and 12.8%, respectively. The yields on 30-year and 10-year U.S. Treasurys dropped and closed June 2020 at 1.4% and 0.7%, respectively, according to data from the U.S. Department of the Treasury. Investment-grade corporate bonds, as measured by the Markit iBoxx^® $ Liquid Investment Grade Index, rose 6.1%, but their high yield peers dropped 5.2%, based on the Markit iBoxx^® $ Liquid High Yield Index. The U.S. dollar rose 3.0% against a basket of currencies, based on the Bloomberg Dollar Spot Index.

Economy Contracted

The pandemic took a toll on the global economy. In the U.S. first-quarter real GDP contracted 5% annualized, down from a 2.6% rise in the previous quarter . National unemployment, which registered at 3.5% in December 2019, closed in June at 11.1%.

ProFunds VP's Performance Reflects Market Returns

Overall market depreciation and outflows during the period led to a 13.4% drop in ProFunds VP assets under management. International stocks experienced the largest percentage drop, while Treasurys saw the largest rise. We thank you for the trust and confidence you have placed in us by choosing ProFunds VP and appreciate the opportunity to continue serving your investing needs.

Sincerely,

 

Michael L. Sapir

Chairman of the Board of Trustees

2

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, 2020

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 investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Alibaba Group Holding, Ltd.		8.7	%
Sea, Ltd.		7.3	%
Taiwan Semiconductor Manufacturing Co., Ltd.		6.9	%
Pinduoduo, Inc.		5.4	%
China Mobile, Ltd.		5.2	%

ProFunds Asia 30^® Index – Composition

Industry Breakdown	% of Index
Consumer Discretionary		26	%
Communication Services		25	%
Information Technology		14	%
Materials		10	%
Financials		8	%
Industrials		6	%
Energy		6	%
Health Care		3	%
Utilities		2	%
Country Composition
China		59	%
India		8	%
Australia		8	%
Singapore		7	%
Taiwan		7	%
Other		11	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (100.1%)

	Shares		Value
51job, Inc.*ADR (Professional Services)		5,926	$	425,428
Alibaba Group Holding, Ltd.*ADR (Internet & Direct Marketing Retail)		8,661		1,868,177
Baidu, Inc.*ADR (Interactive Media & Services)		5,494		658,676
Beigene, Ltd.*ADR (Biotechnology)		3,097		583,475
BHP Billiton PLCADR (Metals & Mining)		20,766		854,521
BHP Billiton, Ltd.ADR (Metals & Mining)		17,819		886,139
China Mobile, Ltd.ADR (Wireless Telecommunication Services)		33,014		1,110,591
China Petroleum & Chemical Corp.ADR (Oil, Gas & Consumable Fuels)		15,556		652,730
CNOOC, Ltd.ADR (Oil, Gas & Consumable Fuels)		5,276		595,344
GDS Holdings, Ltd.*ADR(a) (IT Services)		9,995		796,202
HDFC Bank, Ltd.ADR (Banks)		15,134		687,992
Huazhu Group, Ltd.ADR (Hotels, Restaurants & Leisure)		11,261		394,698
ICICI Bank, Ltd.ADR (Banks)		48,218		447,945
Infosys Technologies, Ltd.ADR (IT Services)		68,350		660,261
iQIYI, Inc.*ADR (Entertainment)		26,678		618,663
JD.com, Inc.*ADR (Internet & Direct Marketing Retail)		15,068		906,792
KB Financial Group, Inc.ADR (Banks)		13,302		370,062
Korea Electric Power Corp.*ADR (Electric Utilities)		46,102		367,894
Momo, Inc.ADR (Interactive Media & Services)		14,651		256,099
NetEase, Inc.ADR (Entertainment)		1,688		724,792
New Oriental Education & Technology Group, Inc.*ADR (Diversified Consumer Services)		3,589		467,395
Pinduoduo, Inc.*ADR (Internet & Direct Marketing Retail)		13,377		1,148,282
POSCOADR (Metals & Mining)		10,842		401,587
Qudian, Inc.*ADR(a) (Consumer Finance)		102,413		174,102
Sea, Ltd.*ADR (Entertainment)		14,572		1,562,701
Taiwan Semiconductor Manufacturing Co., Ltd.ADR (Semiconductors & Semiconductor Equipment)		25,918		1,471,365
TAL Education Group*ADR (Diversified Consumer Services)		9,290		635,251
Trip.com Group, Ltd.*ADR (Internet & Direct Marketing Retail)		16,963		439,681
Weibo Corp.*ADR (Interactive Media & Services)		11,408		383,309
ZTO Express Cayman, Inc.ADR (Air Freight & Logistics)		24,918		914,740
TOTAL COMMON STOCKS (Cost $10,758,201)				21,464,894
Collateral for Securities Loaned (0.5%)
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(b)		17,536		17,536
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(b)		192		192
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(b)		96,197		96,197
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $113,925)				113,925
TOTAL INVESTMENT SECURITIES (Cost $10,872,126)—100.6%				21,578,819
Net other assets (liabilities)—(0.6)%				(136,413	)
NET ASSETS—100.0%			$	21,442,406

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Asia 30 :: 5

*	Non-income producing security.
(a)	All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $99,888.
(b)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.
ADR	American Depositary Receipt

ProFund VP Asia 30 invested in the following industries as of June 30, 2020:

	Value			% of Net Assets
Air Freight & Logistics	$	914,740			4.3	%
Banks		1,505,999			7.0	%
Biotechnology		583,475			2.7	%
Consumer Finance		174,102			0.8	%
Diversified Consumer Services		1,102,646			5.1	%
Electric Utilities		367,894			1.7	%
Entertainment		2,906,156			13.6	%
Hotels, Restaurants & Leisure		394,698			1.8	%
Interactive Media & Services		1,298,084			6.1	%
Internet & Direct Marketing Retail		4,362,932			20.3	%
IT Services		1,456,463			6.8	%
Metals & Mining		2,142,247			10.0	%
Oil, Gas & Consumable Fuels		1,248,074			5.8	%
Professional Services		425,428			2.0	%
Semiconductors & Semiconductor Equipment		1,471,365			6.9	%
Wireless Telecommunication Services		1,110,591			5.2	%
Other**		(22,488	)		(0.1	)%
Total	$	21,442,406			100.0	%

ProFund VP Asia 30 invested in securities with exposure to the following countries as of June 30, 2020:

	Value			% of Net Assets
Australia	$	1,740,660			8.1	%
China		12,643,836			58.9	%
Hong Kong		1,110,591			5.2	%
India		1,796,198			8.4	%
Singapore		1,562,701			7.3	%
South Korea		1,139,543			5.3	%
Taiwan		1,471,365			6.9	%
Other**		(22,488	)		(0.1	)%
Total	$	21,442,406			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, 2020

ASSETS:
Total Investment Securities, at cost	$	10,872,126
Securities, at value(a)		21,578,819
Total Investment Securities, at value		21,578,819
Dividends receivable		80,815
Receivable for capital shares issued		88,009
Prepaid expenses		429
TOTAL ASSETS		21,748,072
LIABILITIES:
Payable for capital shares redeemed		24,324
Cash overdraft		106,086
Payable for collateral for securities loaned		113,925
Advisory fees payable		12,601
Management services fees payable		1,680
Administration fees payable		1,670
Administrative services fees payable		7,198
Distribution fees payable		9,973
Trustee fees payable		7
Transfer agency fees payable		1,361
Fund accounting fees payable		926
Compliance services fees payable		163
Other accrued expenses		25,752
TOTAL LIABILITIES		305,666
NET ASSETS	$	21,442,406
NET ASSETS CONSIST OF:
Capital	$	9,863,293
Total distributable earnings (loss)		11,579,113
NET ASSETS	$	21,442,406
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		345,102
Net Asset Value (offering and redemption price per share)	$	62.13
(a) Includes securities on loan valued at:	$	99,888

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	209,049
Interest		99
Foreign tax withholding		(11,640	)
Income from securities lending		3,054
TOTAL INVESTMENT INCOME		200,562
EXPENSES:
Advisory fees		83,425
Management services fees		11,123
Administration fees		11,323
Transfer agency fees		9,180
Administrative services fees		23,374
Distribution fees		27,808
Custody fees		9,313
Fund accounting fees		6,376
Trustee fees		370
Compliance services fees		163
Other fees		14,016
Total Gross Expenses before reductions		196,471
Expenses reduced and reimbursed by the Advisor		(9,599	)
TOTAL NET EXPENSES		186,872
NET INVESTMENT INCOME (LOSS)		13,690
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		(450,232	)
Change in net unrealized appreciation/depreciation on investment securities		(25,290	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(475,522	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(461,832	)

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Asia 30 :: 7

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	13,690		$	166,648
Net realized gains (losses) on investments		(450,232	)		2,594,675
Change in net unrealized appreciation/depreciation on investments		(25,290	)		2,259,595
Change in net assets resulting from operations		(461,832	)		5,020,918
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(54,139	)
Change in net assets resulting from distributions		—			(54,139	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		11,372,458			35,490,099
Distributions reinvested		—			54,139
Value of shares redeemed		(18,525,011	)		(31,250,135	)
Change in net assets resulting from capital transactions		(7,152,553	)		4,294,103
Change in net assets		(7,614,385	)		9,260,882
NET ASSETS:
Beginning of period		29,056,791			19,795,909
End of period	$	21,442,406		$	29,056,791
SHARE TRANSACTIONS:
Issued		197,538			618,962
Reinvested		—			1,038
Redeemed		(319,971	)		(553,653	)
Change in shares		(122,433	)		66,347

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	62.15		$	49.34		$	60.88		$	47.26		$	47.47		$	55.06
Investment Activities:
Net investment income (loss)(a)		0.04			0.39			0.11			0.21			(0.06	)		0.46
Net realized and unrealized gains (losses) on investments		(0.06	)		12.56			(11.37	)		15.27			0.41			(5.08	)
Total income (loss) from investment activities		(0.02	)		12.95			(11.26	)		15.48			0.35			(4.62	)
Distributions to Shareholders From:
Net investment income		—			(0.14	)		(0.28	)		—			(0.56	)		(0.15	)
Net realized gains on investments		—			—			—			(1.86	)		—			(2.82	)
Total distributions		—			(0.14	)		(0.28	)		(1.86	)		(0.56	)		(2.97	)
Net Asset Value, End of Period	$	62.13		$	62.15		$	49.34		$	60.88		$	47.26		$	47.47
Total Return(b)		(0.03	)%		26.31	%		(18.59	)%		32.87	%		0.64	%		(9.38	)%
Ratios to Average Net Assets:
Gross expenses(c)		1.77	%		1.72	%		1.74	%		1.70	%		1.76	%		1.79	%
Net expenses(c)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(c)		0.12	%		0.68	%		0.19	%		0.37	%		(0.14	)%		0.87	%
Supplemental Data:
Net assets, end of period (000's)	$	21,442		$	29,057		$	19,796		$	34,695		$	22,764		$	26,542
Portfolio turnover rate(b)(d)		32	%		111	%		87	%		96	%		79	%		96	%

(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 that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Banks^SM Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Equity Securities		80	%
Swap Agreements		22	%
Total Exposure		102	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
JPMorgan Chase & Co.		21.8	%
Bank of America Corp.		13.7	%
Citigroup, Inc.		8.1	%
Wells Fargo & Co.		7.3	%
Truist Financial Corp.		3.8	%

Dow Jones U.S. Banks^SM Index – Composition

	% of Index
Diversified Banks		68	%
Regional Banks		31	%
Thrifts & Mortgage Finance		1	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (80.1%)

	Shares		Value
Associated Banc-Corp. (Banks)		452	$	6,183
BancorpSouth Bank (Banks)		286		6,504
Bank of America Corp. (Banks)		22,389		531,739
Bank of Hawaii Corp. (Banks)		119		7,308
Bank OZK (Banks)		357		8,379
BankUnited, Inc. (Banks)		272		5,508
BOK Financial Corp. (Banks)		93		5,249
Capitol Federal Financial, Inc. (Thrifts & Mortgage Finance)		415		4,569
Cathay General Bancorp (Banks)		222		5,839
CIT Group, Inc. (Banks)		290		6,012
Citigroup, Inc. (Banks)		6,131		313,294
Citizens Financial Group, Inc. (Banks)		1,257		31,727
Comerica, Inc. (Banks)		409		15,583
Commerce Bancshares, Inc. (Banks)		295		17,544
Cullen/Frost Bankers, Inc. (Banks)		168		12,551
East West Bancorp, Inc. (Banks)		417		15,112
F.N.B. Corp. (Banks)		950		7,125
Fifth Third Bancorp (Banks)		2,096		40,411
First Citizens BancShares, Inc.—Class A (Banks)		24		9,720
First Financial Bankshares, Inc. (Banks)		419		12,105
First Hawaiian, Inc. (Banks)		382		6,586
First Horizon National Corp. (Banks)		918		9,139
First Republic Bank (Banks)		506		53,631
Fulton Financial Corp. (Banks)		474		4,991
Glacier BanCorp, Inc. (Banks)		262		9,246
Hancock Whitney Corp. (Banks)		254		5,385
Home BancShares, Inc. (Banks)		451		6,936
Huntington Bancshares, Inc. (Banks)		2,985		26,969
IBERIABANK Corp. (Banks)		155		7,059
International Bancshares Corp. (Banks)		164		5,251
Investors Bancorp, Inc. (Banks)		595		5,058
JPMorgan Chase & Co. (Banks)		8,973		843,999
KeyCorp (Banks)		2,871		34,969
M&T Bank Corp. (Banks)		377		39,197
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance)		1,365		13,924
PacWest Bancorp (Banks)		343		6,761
People's United Financial, Inc. (Banks)		1,249		14,451
Pinnacle Financial Partners, Inc. (Banks)		209		8,776
Popular, Inc. (Banks)		260		9,664
Prosperity Bancshares, Inc. (Banks)		273		16,211
Regions Financial Corp. (Banks)		2,815		31,303
Signature Bank (Banks)		157		16,786
Sterling Bancorp (Banks)		572		6,704
SVB Financial Group* (Banks)		152		32,761
Synovus Financial Corp. (Banks)		433		8,889
TCF Financial Corp. (Banks)		448		13,180
Texas Capital Bancshares, Inc.* (Banks)		148		4,569
TFS Financial Corp. (Thrifts & Mortgage Finance)		148		2,118
The PNC Financial Services Group, Inc (Banks)		1,249		131,407
Truist Financial Corp. (Banks)		3,968		148,998
Trustmark Corp. (Banks)		186		4,561
U.S. Bancorp (Banks)		4,038		148,679
UMB Financial Corp. (Banks)		124		6,392
Umpqua Holdings Corp. (Banks)		647		6,884
United Bankshares, Inc. (Banks)		374		10,345
Valley National Bancorp (Banks)		1,151		9,001
Washington Federal, Inc. (Thrifts & Mortgage Finance)		222		5,958
Webster Financial Corp. (Banks)		266		7,610
Wells Fargo & Co. (Banks)		10,987		281,267
Western Alliance Bancorp (Banks)		274		10,376
Wintrust Financial Corp. (Banks)		170		7,415
Zions Bancorp (Banks)		483		16,422
TOTAL COMMON STOCKS (Cost $980,831)				3,102,290

Repurchase Agreements^(a) (1.6%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $61,000	$	61,000	$	61,000
TOTAL REPURCHASE AGREEMENTS (Cost $61,000)				61,000
TOTAL INVESTMENT SECURITIES (Cost $1,041,831)–81.7%				3,163,290
Net other assets (liabilities)–18.3%				710,665
NET ASSETS–100.0%			$	3,873,955

See accompanying notes to financial statements.

10 :: ProFund VP Banks :: 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.

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Banks Index	Goldman Sachs International	7/23/20		1.47	%	$	846,366	$	(6,898	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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, 2020:

	Value		% of Net Assets
Banks	$	3,075,721		79.4	%
Thrifts & Mortgage Finance		26,569		0.7	%
Other**		771,665		19.9	%
Total	$	3,873,955		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, 2020

ASSETS:
Total Investment Securities, at cost	$	1,041,831
Securities, at value		3,102,290
Repurchase agreements, at value		61,000
Total Investment Securities, at value		3,163,290
Cash		228
Segregated cash balances for swap agreements with custodian		90,000
Dividends and interest receivable		5,490
Receivable for capital shares issued		118,156
Receivable for investments sold		663,295
Prepaid expenses		100
TOTAL ASSETS		4,040,559
LIABILITIES:
Payable for capital shares redeemed		149,627
Unrealized depreciation on swap agreements		6,898
Advisory fees payable		2,284
Management services fees payable		305
Administration fees payable		330
Administrative services fees payable		1,504
Distribution fees payable		1,479
Transfer agency fees payable		269
Fund accounting fees payable		198
Compliance services fees payable		35
Other accrued expenses		3,675
TOTAL LIABILITIES		166,604
NET ASSETS	$	3,873,955
NET ASSETS CONSIST OF:
Capital	$	7,043,521
Total distributable earnings (loss)		(3,169,566	)
NET ASSETS	$	3,873,955
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		207,614
Net Asset Value (offering and redemption price per share)	$	18.66

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	94,326
Interest		480
TOTAL INVESTMENT INCOME		94,806
EXPENSES:
Advisory fees		20,059
Management services fees		2,674
Administration fees		2,535
Transfer agency fees		1,960
Administrative services fees		7,665
Distribution fees		6,686
Custody fees		255
Fund accounting fees		1,470
Trustee fees		81
Compliance services fees		35
Other fees		3,140
Total Gross Expenses before reductions		46,560
Expenses reduced and reimbursed by the Advisor		(1,628	)
TOTAL NET EXPENSES		44,932
NET INVESTMENT INCOME (LOSS)		49,874
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		(296,342	)
Net realized gains (losses) on swap agreements		(97,372	)
Change in net unrealized appreciation/depreciation on investment securities		(2,310,060	)
Change in net unrealized appreciation/depreciation on swap agreements		(8,186	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(2,711,960	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,662,086	)

See accompanying notes to financial statements.

12 :: ProFund VP Banks :: Financial Statements

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	49,874		$	92,909
Net realized gains (losses) on investments		(393,714	)		884,118
Change in net unrealized appreciation/depreciation on investments		(2,318,246	)		1,274,847
Change in net assets resulting from operations		(2,662,086	)		2,251,874
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(67,297	)
Change in net assets resulting from distributions		—			(67,297	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		6,285,030			16,652,489
Distributions reinvested		—			67,297
Value of shares redeemed		(9,081,632	)		(16,110,416	)
Change in net assets resulting from capital transactions		(2,796,602	)		609,370
Change in net assets		(5,458,688	)		2,793,947
NET ASSETS:
Beginning of period		9,332,643			6,538,696
End of period	$	3,873,955		$	9,332,643
SHARE TRANSACTIONS:
Issued		283,815			658,154
Reinvested		—			2,871
Redeemed		(400,909	)		(643,147	)
Change in shares		(117,094	)		17,878

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	28.74		$	21.31		$	26.03		$	22.14		$	18.02		$	18.15
Investment Activities:
Net investment income (loss)(a)		0.20			0.31			0.15			0.08			0.09			0.04
Net realized and unrealized gains (losses) on investments		(10.28	)		7.39			(4.79	)		3.87			4.08			(0.12	)
Total income (loss) from investment activities		(10.08	)		7.70			(4.64	)		3.95			4.17			(0.08	)
Distributions to Shareholders From:
Net investment income		—			(0.27	)		(0.08	)		(0.06	)		(0.05	)		(0.05	)
Net Asset Value, End of Period	$	18.66		$	28.74		$	21.31		$	26.03		$	22.14		$	18.02
Total Return(b)		(35.07	)%		36.43	%		(17.90	)%		17.92	%		23.23	%		(0.43	)%
Ratios to Average Net Assets:
Gross expenses(c)		1.75	%		1.70	%		1.71	%		1.69	%		1.68	%		1.69	%
Net expenses(c)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(c)		1.87	%		1.24	%		0.57	%		0.36	%		0.50	%		0.21	%
Supplemental Data:
Net assets, end of period (000's)	$	3,874		$	9,333		$	6,539		$	14,608		$	14,273		$	8,533
Portfolio turnover rate(b)(d)		153	%		293	%		324	%		319	%		362	%		451	%

(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 that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Basic Materials^SM Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Equity Securities		92	%
Swap Agreements		8	%
Total Exposure		100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Linde PLC		17.8	%
Air Products & Chemicals, Inc.		8.5	%
Newmont Corp.		7.9	%
Ecolab, Inc.		7.8	%
DuPont de Nemours, Inc.		6.2	%

Dow Jones U.S. Basic Materials^SM Index – Composition

	% of Index
Chemicals		81	%
Metals & Mining		19	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (91.9%)

	Shares		Value
Air Products & Chemicals, Inc. (Chemicals)		3,374	$	814,686
Albemarle Corp. (Chemicals)		1,623		125,312
Alcoa Corp.* (Metals & Mining)		2,841		31,933
Allegheny Technologies, Inc.* (Metals & Mining)		1,935		19,718
Arconic Corp.* (Metals & Mining)		1,468		20,449
Ashland Global Holdings, Inc. (Chemicals)		923		63,779
Axalta Coating Systems, Ltd.* (Chemicals)		3,200		72,160
Cabot Corp. (Chemicals)		863		31,974
Carpenter Technology Corp. (Metals & Mining)		731		17,749
Celanese Corp.—Series A (Chemicals)		1,807		156,016
CF Industries Holdings, Inc. (Chemicals)		3,266		91,905
Commercial Metals Co. (Metals & Mining)		1,819		37,108
Corteva, Inc. (Chemicals)		11,433		306,290
Domtar Corp. (Paper & Forest Products)		844		17,817
Dow, Inc. (Chemicals)		11,315		461,199
DuPont de Nemours, Inc. (Chemicals)		11,210		595,587
Eastman Chemical Co. (Chemicals)		2,076		144,573
Ecolab, Inc. (Chemicals)		3,777		751,434
Element Solutions, Inc.* (Chemicals)		3,345		36,293
FMC Corp. (Chemicals)		1,977		196,949
Freeport-McMoRan, Inc. (Metals & Mining)		22,182		256,646
H.B. Fuller Co. (Chemicals)		785		35,011
Huntsman Corp. (Chemicals)		3,000		53,910
Ingevity Corp.* (Chemicals)		629		33,067
International Flavors & Fragrances, Inc.(Chemicals)		1,632		199,855
Linde PLC (Chemicals)		8,023		1,701,759
LyondellBasell Industries N.V.—Class A (Chemicals)		3,926		258,017
NewMarket Corp. (Chemicals)		110		44,053
Newmont Corp. (Metals & Mining)		12,261		756,993
Nucor Corp. (Metals & Mining)		4,600		190,486
Olin Corp. (Chemicals)		2,413		27,725
Peabody Energy Corp. (Oil, Gas & Consumable Fuels)		1,107		3,188
PolyOne Corp. (Chemicals)		1,396		36,617
PPG Industries, Inc. (Chemicals)		3,604		382,240
Reliance Steel & Aluminum Co. (Metals & Mining)		972		92,272
Royal Gold, Inc. (Metals & Mining)		1,002		124,569
RPM International, Inc. (Chemicals)		1,978		148,469
Sensient Technologies Corp. (Chemicals)		647		33,748
Steel Dynamics, Inc. (Metals & Mining)		3,212		83,801
The Chemours Co. (Chemicals)		2,509		38,513
The Mosaic Co. (Chemicals)		5,328		66,653
The Scotts Miracle-Gro Co.—Class A (Chemicals)		602		80,951
United States Steel Corp.(a) (Metals & Mining)		3,364		24,288
Valvoline, Inc. (Chemicals)		2,827		54,646
W.R. Grace & Co. (Chemicals)		849		43,138
Westlake Chemical Corp. (Chemicals)		528		28,327
Worthington Industries, Inc. (Metals & Mining)		560		20,888
TOTAL COMMON STOCKS (Cost $3,936,016)				8,812,761

Repurchase Agreements^(b) (0.4%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $35,000	$	35,000	$	35,000
TOTAL REPURCHASE AGREEMENTS (Cost $35,000)				35,000

Collateral for Securities Loaned (0.2%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(c)		2,774	$	2,774
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(c)		30		30
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(c)		15,219		15,219
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $18,023)				18,023
TOTAL INVESTMENT SECURITIES (Cost $3,989,039)—92.5%				8,865,784
Net other assets (liabilities)—7.5%				717,291
NET ASSETS—100.0%			$	9,583,075

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Basic Materials :: 15

*	Non-income producing security.
(a)	All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $17,350.
(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)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Basic Materials Index	Goldman Sachs International	7/23/20		1.47	%	$	742,424	$	(7,066	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 Basic Materials invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Chemicals	$	7,114,856		74.2	%
Metals & Mining		1,676,900		17.5	%
Oil, Gas & Consumable Fuels		3,188		NM
Paper & Forest Products		17,817		0.2	%
Other**		770,314		8.1	%
Total	$	9,583,075		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.

16  :: ProFund VP Basic Materials :: Financial Statements

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	3,989,039
Securities, at value(a)		8,830,784
Repurchase agreements, at value		35,000
Total Investment Securities, at value		8,865,784
Cash		548
Segregated cash balances for swap agreements with custodian		130,000
Dividends and interest receivable		14,616
Receivable for capital shares issued		279,117
Receivable for investments sold		342,105
Prepaid expenses		174
TOTAL ASSETS		9,632,344
LIABILITIES:
Payable for capital shares redeemed		358
Payable for collateral for securities loaned		18,023
Unrealized depreciation on swap agreements		7,066
Advisory fees payable		5,619
Management services fees payable		749
Administration fees payable		792
Administrative services fees payable		4,272
Distribution fees payable		4,048
Transfer agency fees payable		646
Fund accounting fees payable		448
Compliance services fees payable		71
Other accrued expenses		7,177
TOTAL LIABILITIES		49,269
NET ASSETS	$	9,583,075
NET ASSETS CONSIST OF:
Capital	$	5,631,039
Total distributable earnings (loss)		3,952,036
NET ASSETS	$	9,583,075
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		161,923
Net Asset Value (offering and redemption price per share)	$	59.18
(a)   Includes securities on loan valued at:	$	17,350

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	109,270
Interest		664
Income from securities lending		640
TOTAL INVESTMENT INCOME		110,574
EXPENSES:
Advisory fees		34,791
Management services fees		4,639
Administration fees		4,328
Transfer agency fees		3,478
Administrative services fees		13,233
Distribution fees		11,597
Custody fees		491
Fund accounting fees		2,463
Trustee fees		137
Compliance services fees		71
Other fees		5,791
Total Gross Expenses before reductions		81,019
Expenses reduced and reimbursed by the Advisor		(3,087	)
TOTAL NET EXPENSES		77,932
NET INVESTMENT INCOME (LOSS)		32,642
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		367,722
Net realized gains (losses) on swap agreements		(91,985	)
Change in net unrealized appreciation/depreciation on investment securities		(1,533,838	)
Change in net unrealized appreciation/depreciation on swap agreements		(9,030	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(1,267,131	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,234,489	)

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Basic Materials :: 17

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	32,642		$	71,443
Net realized gains (losses) on investments		275,737			988,472
Change in net unrealized appreciation/depreciation on investments		(1,542,868	)		851,709
Change in net assets resulting from operations		(1,234,489	)		1,911,624
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(388,712	)
Change in net assets resulting from distributions		—			(388,712	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		4,934,067			9,985,388
Distributions reinvested		—			388,712
Value of shares redeemed		(6,000,354	)		(12,184,208	)
Change in net assets resulting from capital transactions		(1,066,287	)		(1,810,108	)
Change in net assets		(2,300,776	)		(287,196	)
NET ASSETS:
Beginning of period		11,883,851			12,171,047
End of period	$	9,583,075		$	11,883,851
SHARE TRANSACTIONS:
Issued		85,089			160,189
Reinvested		—			6,543
Redeemed		(106,827	)		(196,834	)
Change in shares		(21,738	)		(30,102	)

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	64.71		$	56.94		$	69.41		$	56.66		$	48.01		$	56.06
Investment Activities:
Net investment income (loss)(a)		0.20			0.37			0.14			0.17			0.29			0.28
Net realized and unrealized gains (losses) on investments		(5.73	)		9.53			(12.36	)		12.84			8.57			(8.04	)
Total income (loss) from investment activities		(5.53	)		9.90			(12.22	)		13.01			8.86			(7.76	)
Distributions to Shareholders From:
Net investment income		—			(0.22	)		(0.25	)		(0.26	)		(0.21	)		(0.29	)
Net realized gains on investments		—			(1.91	)		—			—			—			—
Total distributions		—			(2.13	)		(0.25	)		(0.26	)		(0.21	)		(0.29	)
Net Asset Value, End of Period	$	59.18		$	64.71		$	56.94		$	69.41		$	56.66		$	48.01
Total Return(b)		(8.55	)%		17.72	%		(17.66	)%		22.96	%		18.49	%		(13.92	)%
Ratios to Average Net Assets:
Gross expenses(c)		1.75	%		1.71	%		1.74	%		1.69	%		1.73	%		1.76	%
Net expenses(c)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(c)		0.70	%		0.60	%		0.21	%		0.27	%		0.56	%		0.54	%
Supplemental Data:
Net assets, end of period (000's)	$	9,583		$	11,884		$	12,171		$	33,707		$	23,131		$	12,746
Portfolio turnover rate(b)(d)		42	%		58	%		39	%		127	%		109	%		46	%

(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 that, before fees and expenses, correspond to the inverse (-1x) of the return of the S&P 500^® for a single day, not for any other period.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		(20	)%
Swap Agreements		(80	)%
Total Exposure		(100	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments 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^® Index – Composition

	% of Index
Information Technology		26	%
Health Care		15	%
Consumer Discretionary		11	%
Communication Services		11	%
Financials		10	%
Industrials		8	%
Consumer Staples		7	%
Utilities		3	%
Real Estate		3	%
Energy		3	%
Materials		3	%

Schedule of Portfolio Investments (unaudited)

Repurchase Agreements^(a)(b) (108.5%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $4,238,003	$	4,238,000	$	4,238,000
TOTAL REPURCHASE AGREEMENTS (Cost $4,238,000)				4,238,000
TOTAL INVESTMENT SECURITIES (Cost $4,238,000)—108.5%				4,238,000
Net other assets (liabilities)—(8.5)%				(330,562	)
NET ASSETS—100.0%			$	3,907,438

(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, 2020, the aggregate amount held in a segregated account was $658,000.
(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		5	9/21/20	$	(771,063	)	$	22,692

Total Return Swap Agreements – Short

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
S&P 500	Goldman Sachs International	7/27/20		(1.32	)%	$	(2,759,344	)	$	(42,062	)
S&P 500	UBS AG	7/27/20		(1.12	)%		(360,831	)		(12,594	)
						$	(3,120,175	)	$	(54,656	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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, 2020

ASSETS:
Total Investment Securities, at cost	$	4,238,000
Repurchase agreements, at value		4,238,000
Total Investment Securities, at value		4,238,000
Cash		39
Segregated cash balances for futures contracts with brokers		66,000
Interest receivable		3
Prepaid expenses		419
TOTAL ASSETS		4,304,461
LIABILITIES:
Payable for capital shares redeemed		320,663
Unrealized depreciation on swap agreements		54,656
Variation margin on futures contracts		9,138
Advisory fees payable		2,118
Management services fees payable		282
Administration fees payable		325
Administrative services fees payable		1,807
Distribution fees payable		1,884
Transfer agency fees payable		265
Fund accounting fees payable		179
Compliance services fees payable		53
Other accrued expenses		5,653
TOTAL LIABILITIES		397,023
NET ASSETS	$	3,907,438
NET ASSETS CONSIST OF:
Capital	$	25,215,771
Total distributable earnings (loss)		(21,308,333	)
NET ASSETS	$	3,907,438
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		157,823
Net Asset Value (offering and redemption price per share)	$	24.76

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Interest	$	12,486
EXPENSES:
Advisory fees		21,138
Management services fees		2,818
Administration fees		2,840
Transfer agency fees		2,434
Administrative services fees		7,998
Distribution fees		7,046
Custody fees		428
Fund accounting fees		1,681
Trustee fees		77
Compliance services fees		53
Other fees		4,411
Total Gross Expenses before reductions		50,924
Expenses reduced and reimbursed by the Advisor		(3,574	)
TOTAL NET EXPENSES		47,350
NET INVESTMENT INCOME (LOSS)		(34,864	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on futures contracts		(6,910	)
Net realized gains (losses) on swap agreements		(934,746	)
Change in net unrealized appreciation/depreciation on futures contracts		37,425
Change in net unrealized appreciation/depreciation on swap agreements		(61,706	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(965,937	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,000,801	)

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Bear :: 21

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(34,864	)	$	18,942
Net realized gains (losses) on investments		(941,656	)		(1,223,236	)
Change in net unrealized appreciation/depreciation on investments		(24,281	)		(13,846	)
Change in net assets resulting from operations		(1,000,801	)		(1,218,140	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(3,463	)
Change in net assets resulting from distributions		—			(3,463	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		41,494,427			51,564,472
Distributions reinvested		—			3,463
Value of shares redeemed		(39,793,215	)		(51,274,347	)
Change in net assets resulting from capital transactions		1,701,212			293,588
Change in net assets		700,411			(928,015	)
NET ASSETS:
Beginning of period		3,207,027			4,135,042
End of period	$	3,907,438		$	3,207,027
SHARE TRANSACTIONS:
Issued		1,435,876			1,672,477
Reinvested		—			116
Redeemed		(1,399,188	)		(1,671,667	)
Change in shares		36,688			926

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016(a)			Year Ended Dec. 31, 2015(a)
Net Asset Value, Beginning of Period	$	26.47		$	34.40		$	33.06		$	40.30		$	46.37		$	48.76
Investment Activities:
Net investment income (loss)(b)		(0.17	)		0.13			0.03			(0.32	)		(0.63	)		(0.75	)
Net realized and unrealized gains (losses) on investments		(1.54	)		(8.03	)		1.31			(6.92	)		(5.44	)		(1.64	)
Total income (loss) from investment activities		(1.71	)		(7.90	)		1.34			(7.24	)		(6.07	)		(2.39	)
Distributions to Shareholders From:
Net investment income		—			(0.03	)		—			—			—			—
Net Asset Value, End of Period	$	24.76		$	26.47		$	34.40		$	33.06		$	40.30		$	46.37
Total Return(c)		(6.50	)%		(22.95	)%		4.05	%		(17.97	)%		(13.05	)%		(4.92	)%
Ratios to Average Net Assets:
Gross expenses(d)		1.81	%		1.74	%		1.65	%		1.68	%		1.68	%		1.68	%
Net expenses(d)		1.68	%		1.71	%(e)		1.65	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(d)		(1.24	)%		0.43	%		0.08	%		(0.88	)%		(1.42	)%		(1.63	)%
Supplemental Data:
Net assets, end of period (000's)	$	3,907		$	3,207		$	4,135		$	4,157		$	6,283		$	7,745
Portfolio turnover rate(f)		—			—			—			—			—			—

(a)	As described in Note 8, 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)	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.
(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 Biotechnology :: 23

Investment Objective: The ProFund VP Biotechnology seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Biotechnology^SM Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Equity Securities		88	%
Swap Agreements		12	%
Total Exposure		100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
AbbVie, Inc.		15.5	%
Amgen, Inc.		12.4	%
Gilead Sciences, Inc.		8.6	%
Vertex Pharmaceuticals, Inc.		6.7	%
Regeneron Pharmaceuticals, Inc.		5.6	%

Dow Jones U.S. Biotechnology^SM Index – Composition

	% of Index
Biotechnology		83	%
Life Sciences Tools & Services		17	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (87.8%)

	Shares		Value
10X Genomics, Inc.*—Class A (Life Sciences Tools & Services)		664	$	59,302
AbbVie, Inc. (Biotechnology)		101,002		9,916,375
ACADIA Pharmaceuticals, Inc.* (Biotechnology)		6,521		316,073
Agilent Technologies, Inc. (Life Sciences Tools & Services)		17,696		1,563,795
Agios Pharmaceuticals, Inc.* (Biotechnology)		3,474		185,790
Alexion Pharmaceuticals, Inc.* (Biotechnology)		12,656		1,420,509
Alkermes PLC* (Biotechnology)		9,099		176,566
Allogene Therapeutics, Inc.* (Biotechnology)		3,691		158,049
Alnylam Pharmaceuticals, Inc.* (Biotechnology)		6,480		959,753
Amgen, Inc. (Biotechnology)		33,713		7,951,548
Avantor, Inc.* (Life Sciences Tools & Services)		15,488		263,296
Biogen, Inc.* (Biotechnology)		9,353		2,502,395
BioMarin Pharmaceutical, Inc.* (Biotechnology)		10,364		1,278,296
Bio-Techne Corp. (Life Sciences Tools & Services)		2,190		578,313
Bluebird Bio, Inc.* (Biotechnology)		3,711		226,519
Blueprint Medicines Corp.*(a) (Biotechnology)		3,106		242,268
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services)		2,836		494,457
Exact Sciences Corp.* (Biotechnology)		8,153		708,822
Exelixis, Inc.* (Biotechnology)		17,576		417,254
FibroGen, Inc.* (Biotechnology)		4,597		186,316
Gilead Sciences, Inc. (Biotechnology)		71,869		5,529,601
Illumina, Inc.* (Life Sciences Tools & Services)		8,425		3,120,198
Immunomedics, Inc.* (Biotechnology)		11,911		422,126
Incyte Corp.* (Biotechnology)		10,340		1,075,050
Intercept Pharmaceuticals, Inc.* (Biotechnology)		1,454		69,661
Ionis Pharmaceuticals, Inc.* (Biotechnology)		7,266		428,403
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		10,178		1,444,054
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)		1,370		1,103,604
Moderna, Inc.* (Biotechnology)		16,936		1,087,461
Myriad Genetics, Inc.* (Biotechnology)		4,275		48,479
Nektar Therapeutics* (Pharmaceuticals)		10,202		236,278
Neurocrine Biosciences, Inc.* (Biotechnology)		5,322		649,284
Portola Pharmaceuticals, Inc.* (Biotechnology)		4,139		74,461
Ppd, Inc.* (Life Sciences Tools & Services)		3,597		96,400
PRA Health Sciences, Inc.* (Life Sciences Tools & Services)		3,647		354,817
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		5,781		3,605,321
Repligen Corp.* (Biotechnology)		2,698		333,500
Sage Therapeutics, Inc.* (Biotechnology)		2,976		123,742
Sarepta Therapeutics, Inc.* (Biotechnology)		4,246		680,804
Seattle Genetics, Inc.* (Biotechnology)		6,647		1,129,458
Syneos Health, Inc.* (Life Sciences Tools & Services)		3,583		208,710
Ultragenyx Pharmaceutical, Inc.* (Biotechnology)		3,218		251,712
United Therapeutics Corp.* (Biotechnology)		2,522		305,162
Vertex Pharmaceuticals, Inc.* (Biotechnology)		14,860		4,314,007
Vir Biotechnology, Inc.*(a) (Biotechnology)		474		19,420
TOTAL COMMON STOCKS (Cost $20,046,987)				56,317,409

Repurchase Agreements^(b) (2.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $1,723,001	$	1,723,000	$	1,723,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,723,000)				1,723,000

See accompanying notes to financial statements.

24 :: ProFund VP Biotechnology :: Financial Statements

Collateral for Securities Loaned (0.4%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(c)		40,288	$	40,288
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(c)		441		441
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(c)		221,010		221,010
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $261,739)				261,739
TOTAL INVESTMENT SECURITIES (Cost $22,031,726)—90.9%				58,302,148
Net other assets (liabilities)—9.1%				5,862,420
NET ASSETS—100.0%			$	64,164,568

*	Non-income producing security.
(a)	All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $260,034.
(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)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Biotechnology Index	Goldman Sachs International	7/23/20		1.47	%	$	7,802,594	$	(4,093	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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, 2020:

	Value		% of Net Assets
Biotechnology	$	46,794,185		72.9	%
Life Sciences Tools & Services		9,286,946		14.5	%
Pharmaceuticals		236,278		0.4	%
Other**		7,847,159		12.2	%
Total	$	64,164,568		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, 2020

ASSETS:
Total Investment Securities, at cost	$	22,031,726
Securities, at value(a)		56,579,148
Repurchase agreements, at value		1,723,000
Total Investment Securities, at value		58,302,148
Cash		340
Segregated cash balances for swap agreements with custodian		340,000
Dividends and interest receivable		3,551
Receivable for capital shares issued		30,161
Receivable for investments sold		6,029,249
Prepaid expenses		1,060
TOTAL ASSETS		64,706,509
LIABILITIES:
Payable for capital shares redeemed		92,498
Payable for collateral for securities loaned		261,739
Unrealized depreciation on swap agreements		4,093
Advisory fees payable		39,400
Management services fees payable		5,253
Administration fees payable		4,941
Administrative services fees payable		22,578
Distribution fees payable		33,802
Trustee fees payable		22
Transfer agency fees payable		4,029
Fund accounting fees payable		2,727
Compliance services fees payable		449
Other accrued expenses		70,410
TOTAL LIABILITIES		541,941
NET ASSETS	$	64,164,568
NET ASSETS CONSIST OF:
Capital	$	28,032,581
Total distributable earnings (loss)		36,131,987
NET ASSETS	$	64,164,568
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		750,561
Net Asset Value (offering and redemption price per share)	$	85.49
(a) Includes securities on loan valued at:	$	260,034

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	468,790
Interest		3,967
Income from securities lending		59
TOTAL INVESTMENT INCOME		472,816
EXPENSES:
Advisory fees		211,306
Management services fees		28,174
Administration fees		30,155
Transfer agency fees		24,592
Administrative services fees		51,837
Distribution fees		70,436
Custody fees		4,253
Fund accounting fees		16,957
Trustee fees		949
Compliance services fees		449
Other fees		49,519
TOTAL NET EXPENSES		488,627
NET INVESTMENT INCOME (LOSS)		(15,811	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		680,818
Net realized gains (losses) on swap agreements		(21,413	)
Change in net unrealized appreciation/depreciation on investment securities		6,119,465
Change in net unrealized appreciation/depreciation on swap agreements		16,399
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		6,795,269
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,779,458

See accompanying notes to financial statements.

26 :: ProFund VP Biotechnology :: Financial Statements

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(15,811	)	$	10,571
Net realized gains (losses) on investments		659,405			5,959,876
Change in net unrealized appreciation/depreciation on investments		6,135,864			2,329,120
Change in net assets resulting from operations		6,779,458			8,299,567
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(215,659	)
Change in net assets resulting from distributions		—			(215,659	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		16,776,005			26,387,774
Distributions reinvested		—			215,659
Value of shares redeemed		(17,158,256	)		(32,440,451	)
Change in net assets resulting from capital transactions		(382,251	)		(5,837,018	)
Change in net assets		6,397,207			2,246,890
NET ASSETS:
Beginning of period		57,767,361			55,520,471
End of period	$	64,164,568		$	57,767,361
SHARE TRANSACTIONS:
Issued		213,788			381,550
Reinvested		—			3,321
Redeemed		(222,066	)		(471,795	)
Change in shares		(8,278	)		(86,924	)

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	76.13		$	65.65		$	70.40		$	57.44		$	68.89		$	69.13
Investment Activities:
Net investment income (loss)(a)		(0.02	)		0.01			(0.07	)		(0.14	)		(0.14	)		(0.47	)
Net realized and unrealized gains (losses) on investments		9.38			10.75			(4.68	)		13.10			(10.47	)		2.77
Total income (loss) from investment activities		9.36			10.76			(4.75	)		12.96			(10.61	)		2.30
Distributions to Shareholders From:
Net realized gains on investments		—			(0.28	)		—			—			(0.84	)		(2.54	)
Net Asset Value, End of Period	$	85.49		$	76.13		$	65.65		$	70.40		$	57.44		$	68.89
Total Return(b)		12.29	%		16.46	%		(6.75	)%		22.54	%		(15.48	)%		3.30	%
Ratios to Average Net Assets:
Gross expenses(c)		1.73	%		1.63	%		1.58	%		1.59	%		1.57	%		1.61	%
Net expenses(c)		1.73	%(d)		1.63	%		1.58	%		1.59	%		1.57	%		1.61	%
Net investment income (loss)(c)		(0.06	)%		0.02	%		(0.10	)%		(0.22	)%		(0.24	)%		(0.66	)%
Supplemental Data:
Net assets, end of period (000's)	$	64,165		$	57,767		$	55,520		$	68,165		$	59,112		$	85,306
Portfolio turnover rate(b)(e)		46	%		81	%		114	%		157	%		154	%		164	%

(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 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)	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 that, before fees and expenses, correspond to the performance of the S&P 500^®.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Equity Securities		61	%
Futures Contracts		15	%
Swap Agreements		25	%
Total Exposure		101	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Microsoft Corp.		3.7	%
Apple, Inc.		3.5	%
Amazon.com, Inc.		2.8	%
Alphabet, Inc.		2.0	%
Facebook, Inc.		1.3	%

S&P 500^® Index – Composition

	% of Index
Information Technology		26	%
Health Care		15	%
Consumer Discretionary		11	%
Communication Services		11	%
Financials		10	%
Industrials		8	%
Consumer Staples		7	%
Utilities		3	%
Real Estate		3	%
Energy		3	%
Materials		3	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (61.0%)

	Shares		Value
3M Co. (Industrial Conglomerates)		766	$	119,488
A.O. Smith Corp. (Building Products)		180		8,482
Abbott Laboratories (Health Care Equipment & Supplies)		2,357		215,500
AbbVie, Inc. (Biotechnology)		2,348		230,526
ABIOMED, Inc.* (Health Care Equipment & Supplies)		60		14,494
Accenture PLC–Class A (IT Services)		849		182,297
Activision Blizzard, Inc. (Entertainment)		1,027		77,949
Adobe, Inc.* (Software)		642		279,470
Advance Auto Parts, Inc. (Specialty Retail)		92		13,105
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		1,561		82,124
Aflac, Inc. (Insurance)		956		34,445
Agilent Technologies, Inc. (Life Sciences Tools & Services)		411		36,320
Air Products & Chemicals, Inc. (Chemicals)		294		70,989
Akamai Technologies, Inc.* (IT Services)		216		23,131
Alaska Air Group, Inc. (Airlines)		163		5,910
Albemarle Corp. (Chemicals)		142		10,964
Alexandria Real Estate Equities, Inc.(a) (Equity Real Estate Investment Trusts)		168		27,258
Alexion Pharmaceuticals, Inc.* (Biotechnology)		294		32,999
Align Technology, Inc.* (Health Care Equipment & Supplies)		96		26,346
Allegion PLC (Building Products)		123		12,573
Alliant Energy Corp. (Electric Utilities)		332		15,883
Alphabet, Inc.*–Class A (Interactive Media & Services)		400		567,220
Alphabet, Inc.*–Class C (Interactive Media & Services)		390		551,308
Altria Group, Inc. (Tobacco)		2,476		97,183
Amazon.com, Inc.* (Internet & Direct Marketing Retail)		558		1,539,421
Amcor PLC (Containers & Packaging)		2,098		21,421
Ameren Corp. (Multi-Utilities)		329		23,148
American Airlines Group, Inc.(a) (Airlines)		502		6,561
American Electric Power Co., Inc. (Electric Utilities)		660		52,562
American Express Co. (Consumer Finance)		880		83,775
American International Group, Inc. (Insurance)		1,148		35,795
American Tower Corp. (Equity Real Estate Investment Trusts)		591		152,798
American Water Works Co., Inc. (Water Utilities)		241		31,007
Ameriprise Financial, Inc. (Capital Markets)		163		24,457
AmerisourceBergen Corp. (Health Care Providers & Services)		198		19,952
AMETEK, Inc. (Electrical Equipment)		306		27,347
Amgen, Inc. (Biotechnology)		784		184,914
Amphenol Corp.–Class A (Electronic Equipment, Instruments & Components)		394		37,750
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		491		60,216
ANSYS, Inc.* (Software)		114		33,257
Anthem, Inc. (Health Care Providers & Services)		336		88,361
Aon PLC (Insurance)		308		59,321
Apache Corp. (Oil, Gas & Consumable Fuels)		503		6,791
Apartment Investment & Management Co. (Equity Real Estate Investment Trusts)		198		7,453
Apple, Inc. (Technology Hardware, Storage & Peripherals)		5,429		1,980,500

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Bull :: 29

Common Stocks, continued

	Shares		Value
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		1,221	$	73,809
Aptiv PLC (Auto Components)		340		26,493
Archer-Daniels-Midland Co. (Food Products)		740		29,526
Arista Networks, Inc.* (Communications Equipment)		72		15,122
Arthur J. Gallagher & Co. (Insurance)		253		24,665
Assurant, Inc. (Insurance)		79		8,160
AT&T, Inc. (Diversified Telecommunication Services)		9,494		287,004
Atmos Energy Corp. (Gas Utilities)		163		16,232
Autodesk, Inc.* (Software)		292		69,843
Automatic Data Processing, Inc. (IT Services)		573		85,314
AutoZone, Inc.* (Specialty Retail)		31		34,972
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts)		188		29,072
Avery Dennison Corp. (Containers & Packaging)		111		12,664
Baker Hughes Co.–Class A (Energy Equipment & Services)		873		13,435
Ball Corp. (Containers & Packaging)		434		30,158
Bank of America Corp. (Banks)		10,404		247,095
Baxter International, Inc. (Health Care Equipment & Supplies)		678		58,376
Becton, Dickinson & Co. (Health Care Equipment & Supplies)		393		94,033
Berkshire Hathaway, Inc.*–Class B (Diversified Financial Services)		2,590		462,341
Best Buy Co., Inc. (Specialty Retail)		303		26,443
Biogen, Inc.* (Biotechnology)		217		58,058
Bio-Rad Laboratories, Inc.*–Class A (Life Sciences Tools & Services)		28		12,642
BlackRock, Inc.–Class A (Capital Markets)		206		112,082
Booking Holdings, Inc.* (Internet & Direct Marketing Retail)		55		87,578
BorgWarner, Inc.(a) (Auto Components)		276		9,743
Boston Properties, Inc. (Equity Real Estate Investment Trusts)		193		17,443
Boston Scientific Corp.* (Health Care Equipment & Supplies)		1,904		66,849
Bristol-Myers Squibb Co. (Pharmaceuticals)		3,015		177,282
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		533		168,220
Broadridge Financial Solutions, Inc. (IT Services)		153		19,307
Brown-Forman Corp.–Class B (Beverages)		243		15,469
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		179		14,152
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels)		531		9,123
Cadence Design Systems, Inc.* (Software)		372		35,697
Campbell Soup Co. (Food Products)		225		11,167
Capital One Financial Corp. (Consumer Finance)		607		37,992
Cardinal Health, Inc. (Health Care Providers & Services)		389		20,302
CarMax, Inc.* (Specialty Retail)		217		19,432
Carnival Corp.(a)–Class A (Hotels, Restaurants & Leisure)		631		10,361
Carrier Global Corp. (Building Products)		1,085		24,109
Caterpillar, Inc. (Machinery)		721		91,206
CBOE Global Markets, Inc. (Capital Markets)		146		13,619
CBRE Group, Inc.*–Class A (Real Estate Management & Development)		447		20,213
CDW Corp. (Electronic Equipment, Instruments & Components)		190		22,074
Celanese Corp.–Series A (Chemicals)		158		13,642
Centene Corp.* (Health Care Providers & Services)		772		49,061
CenterPoint Energy, Inc. (Multi-Utilities)		726		13,554
CenturyLink, Inc. (Diversified Telecommunication Services)		1,316		13,199
Cerner Corp. (Health Care Technology)		406		27,831
CF Industries Holdings, Inc. (Chemicals)		285		8,020
Charter Communications, Inc.*–Class A (Media)		201		102,518
Chevron Corp. (Oil, Gas & Consumable Fuels)		2,488		222,004
Chipotle Mexican Grill, Inc.*(a) (Hotels, Restaurants & Leisure)		34		35,780
Chubb, Ltd. (Insurance)		601		76,098
Church & Dwight Co., Inc. (Household Products)		328		25,354
Cigna Corp. (Health Care Providers & Services)		492		92,324
Cincinnati Financial Corp. (Insurance)		201		12,870
Cintas Corp. (Commercial Services & Supplies)		112		29,832
Cisco Systems, Inc. (Communications Equipment)		5,651		263,562
Citigroup, Inc. (Banks)		2,774		141,751
Citizens Financial Group, Inc. (Banks)		568		14,336
Citrix Systems, Inc. (Software)		155		22,926
CME Group, Inc. (Capital Markets)		478		77,694
CMS Energy Corp. (Multi-Utilities)		381		22,258
Cognizant Technology Solutions Corp.–Class A (IT Services)		720		40,910
Colgate-Palmolive Co. (Household Products)		1,141		83,590
Comcast Corp.–Class A (Media)		6,069		236,570
Comerica, Inc. (Banks)		185		7,049
Conagra Brands, Inc. (Food Products)		649		22,825
Concho Resources, Inc. (Oil, Gas & Consumable Fuels)		262		13,493
ConocoPhillips (Oil, Gas & Consumable Fuels)		1,429		60,047
Consolidated Edison, Inc. (Multi-Utilities)		445		32,009
Constellation Brands, Inc.–Class A (Beverages)		224		39,189
Copart, Inc.* (Commercial Services & Supplies)		275		22,899
Corning, Inc. (Electronic Equipment, Instruments & Components)		1,011		26,185
Corteva, Inc. (Chemicals)		997		26,710
Costco Wholesale Corp. (Food & Staples Retailing)		588		178,287
Coty, Inc.–Class A (Personal Products)		397		1,775
Crown Castle International Corp. (Equity Real Estate Investment Trusts)		555		92,879
CSX Corp. (Road & Rail)		1,020		71,135
Cummins, Inc. (Machinery)		197		34,132
CVS Health Corp. (Health Care Providers & Services)		1,742		113,178
D.R. Horton, Inc. (Household Durables)		441		24,453

See accompanying notes to financial statements.

30 :: ProFund VP Bull :: Financial Statements

Common Stocks, continued

	Shares		Value
Danaher Corp. (Health Care Equipment & Supplies)		838	$	148,183
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		173		13,108
DaVita, Inc.* (Health Care Providers & Services)		114		9,022
Deere & Co.(a) (Machinery)		417		65,532
Delta Air Lines, Inc. (Airlines)		756		21,206
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies)		292		12,866
Devon Energy Corp. (Oil, Gas & Consumable Fuels)		510		5,783
DexCom, Inc.* (Health Care Equipment & Supplies)		123		49,864
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		210		8,782
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts)		358		50,875
Discover Financial Services (Consumer Finance)		408		20,437
Discovery, Inc.* (Media)		213		4,494
Discovery, Inc.*–Class C (Media)		422		8,128
Dish Network Corp.*–Class A (Media)		343		11,837
Dollar General Corp. (Multiline Retail)		335		63,821
Dollar Tree, Inc.* (Multiline Retail)		316		29,287
Dominion Energy, Inc. (Multi-Utilities)		1,118		90,759
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)		52		19,211
Dover Corp. (Machinery)		192		18,540
Dow, Inc. (Chemicals)		987		40,230
DTE Energy Co. (Multi-Utilities)		257		27,628
Duke Energy Corp. (Electric Utilities)		979		78,212
Duke Realty Corp. (Equity Real Estate Investment Trusts)		491		17,376
DuPont de Nemours, Inc. (Chemicals)		978		51,961
DXC Technology Co. (IT Services)		338		5,577
E*TRADE Financial Corp. (Capital Markets)		295		14,670
Eastman Chemical Co. (Chemicals)		181		12,605
Eaton Corp. PLC (Electrical Equipment)		533		46,627
eBay, Inc. (Internet & Direct Marketing Retail)		880		46,156
Ecolab, Inc. (Chemicals)		330		65,654
Edison International (Electric Utilities)		504		27,372
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies)		826		57,085
Electronic Arts, Inc.* (Entertainment)		385		50,839
Eli Lilly & Co. (Pharmaceuticals)		1,122		184,210
Emerson Electric Co. (Electrical Equipment)		796		49,376
Entergy Corp. (Electric Utilities)		267		25,047
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		776		39,312
Equifax, Inc. (Professional Services)		162		27,845
Equinix, Inc. (Equity Real Estate Investment Trusts)		118		82,871
Equity Residential (Equity Real Estate Investment Trusts)		466		27,410
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts)		87		19,938
Everest Re Group, Ltd. (Insurance)		53		10,929
Evergy, Inc. (Electric Utilities)		302		17,906
Eversource Energy (Electric Utilities)		448		37,305
Exelon Corp. (Electric Utilities)		1,298		47,104
Expedia Group, Inc. (Internet & Direct Marketing Retail)		180		14,796
Expeditors International of Washington, Inc. (Air Freight & Logistics)		222		16,881
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts)		172		15,888
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		5,634		251,953
F5 Networks, Inc.* (Communications Equipment)		81		11,298
Facebook, Inc.*–Class A (Interactive Media & Services)		3,204		727,532
Fastenal Co. (Trading Companies & Distributors)		763		32,687
Federal Realty Investment Trust (Equity Real Estate Investment Trusts)		94		8,010
FedEx Corp. (Air Freight & Logistics)		320		44,870
Fidelity National Information Services, Inc. (IT Services)		823		110,356
Fifth Third Bancorp (Banks)		949		18,297
First Horizon National Corp. (Banks)		1		6
First Republic Bank (Banks)		228		24,166
FirstEnergy Corp. (Electric Utilities)		722		27,999
Fiserv, Inc.* (IT Services)		749		73,117
FleetCor Technologies, Inc.* (IT Services)		112		28,171
FLIR Systems, Inc. (Electronic Equipment, Instruments & Components)		174		7,059
Flowserve Corp. (Machinery)		173		4,934
FMC Corp. (Chemicals)		172		17,135
Ford Motor Co. (Automobiles)		5,205		31,646
Fortinet, Inc.* (Software)		179		24,571
Fortive Corp. (Machinery)		395		26,726
Fortune Brands Home & Security, Inc. (Building Products)		186		11,891
Fox Corp.–Class A (Media)		457		12,257
Fox Corp.–Class B (Media)		212		5,690
Franklin Resources, Inc. (Capital Markets)		370		7,759
Freeport-McMoRan, Inc. (Metals & Mining)		1,935		22,388
Garmin, Ltd. (Household Durables)		193		18,818
Gartner, Inc.* (IT Services)		119		14,438
General Dynamics Corp. (Aerospace & Defense)		310		46,333
General Electric Co. (Industrial Conglomerates)		11,655		79,604
General Mills, Inc. (Food Products)		808		49,813
General Motors Co. (Automobiles)		1,678		42,454
Genuine Parts Co.(a) (Distributors)		192		16,696
Gilead Sciences, Inc. (Biotechnology)		1,671		128,567
Global Payments, Inc. (IT Services)		399		67,678
Globe Life, Inc. (Insurance)		130		9,650
H&R Block, Inc. (Diversified Consumer Services)		256		3,656
Halliburton Co. (Energy Equipment & Services)		1,169		15,174
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)		464		5,239
Hartford Financial Services Group, Inc. (Insurance)		477		18,388
Hasbro, Inc. (Leisure Products)		170		12,742

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Bull :: 31

Common Stocks, continued

	Shares		Value
HCA Healthcare, Inc. (Health Care Providers & Services)		351	$	34,068
Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts)		717		19,761
Henry Schein, Inc.* (Health Care Providers & Services)		190		11,094
Hess Corp. (Oil, Gas & Consumable Fuels)		348		18,030
Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals)		1,712		16,658
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)		369		27,103
HollyFrontier Corp. (Oil, Gas & Consumable Fuels)		198		5,782
Hologic, Inc.* (Health Care Equipment & Supplies)		344		19,608
Honeywell International, Inc. (Industrial Conglomerates)		935		135,192
Hormel Foods Corp. (Food Products)		373		18,005
Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts)		939		10,132
Howmet Aerospace, Inc.* (Aerospace & Defense)		511		8,099
HP, Inc. (Technology Hardware, Storage & Peripherals)		1,905		33,204
Humana, Inc. (Health Care Providers & Services)		176		68,244
Huntington Bancshares, Inc. (Banks)		1,351		12,206
Huntington Ingalls Industries, Inc. (Aerospace & Defense)		54		9,422
IDEX Corp.(a) (Machinery)		100		15,804
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		113		37,308
IHS Markit, Ltd. (Professional Services)		532		40,165
Illinois Tool Works, Inc. (Machinery)		383		66,968
Illumina, Inc.* (Life Sciences Tools & Services)		196		72,589
Incyte Corp.* (Biotechnology)		240		24,953
Ingersoll Rand, Inc.* (Machinery)		461		12,963
Intel Corp. (Semiconductors & Semiconductor Equipment)		5,642		337,562
Intercontinental Exchange, Inc. (Capital Markets)		729		66,776
International Business Machines Corp. (IT Services)		1,183		142,871
International Flavors & Fragrances, Inc. (Chemicals)		142		17,389
International Paper Co. (Containers & Packaging)		524		18,450
Intuit, Inc. (Software)		347		102,778
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		155		88,324
Invesco, Ltd. (Capital Markets)		501		5,391
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components)		47		7,538
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		237		33,626
Iron Mountain, Inc. (Equity Real Estate Investment Trusts)		384		10,022
J.B. Hunt Transport Services, Inc. (Road & Rail)		112		13,478
Jack Henry & Associates, Inc. (IT Services)		102		18,771
Jacobs Engineering Group, Inc. (Construction & Engineering)		173		14,670
Johnson & Johnson (Pharmaceuticals)		3,511		493,753
Johnson Controls International PLC(a) (Building Products)		991		33,832
JPMorgan Chase & Co. (Banks)		4,060		381,883
Juniper Networks, Inc. (Communications Equipment)		442		10,104
Kansas City Southern Industries, Inc. (Road & Rail)		127		18,960
Kellogg Co. (Food Products)		333		21,998
KeyCorp (Banks)		1,300		15,834
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components)		249		25,094
Kimberly-Clark Corp. (Household Products)		454		64,173
Kimco Realty Corp. (Equity Real Estate Investment Trusts)		576		7,396
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		2,592		39,321
KLA Corp. (Semiconductors & Semiconductor Equipment)		207		40,257
Kohl's Corp. (Multiline Retail)		210		4,362
L Brands, Inc. (Specialty Retail)		311		4,656
L3Harris Technologies, Inc. (Aerospace & Defense)		288		48,865
Laboratory Corp. of America Holdings* (Health Care Providers & Services)		130		21,594
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		193		62,428
Lamb Weston Holding, Inc. (Food Products)		195		12,466
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)		448		20,402
Leggett & Platt, Inc. (Household Durables)		176		6,186
Leidos Holdings, Inc. (IT Services)		178		16,673
Lennar Corp.–Class A (Household Durables)		366		22,553
Lincoln National Corp. (Insurance)		257		9,455
Linde PLC (Chemicals)		700		148,476
Live Nation Entertainment, Inc.* (Entertainment)		189		8,378
LKQ Corp.* (Distributors)		405		10,611
Lockheed Martin Corp. (Aerospace & Defense)		329		120,059
Loews Corp. (Insurance)		323		11,076
Lowe's Cos., Inc. (Specialty Retail)		1,006		135,930
LyondellBasell Industries N.V.–Class A (Chemicals)		342		22,476
M&T Bank Corp. (Banks)		171		17,779
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		1,053		6,444
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		866		32,371
MarketAxess Holdings, Inc. (Capital Markets)		51		25,547
Marriott International, Inc.–Class A (Hotels, Restaurants & Leisure)		360		30,849
Marsh & McLennan Cos., Inc. (Insurance)		680		73,011
Martin Marietta Materials, Inc. (Construction Materials)		83		17,145
Masco Corp. (Building Products)		351		17,624
MasterCard, Inc.–Class A (IT Services)		1,178		348,336
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment)		355		21,517
McCormick & Co., Inc. (Food Products)		165		29,603
McDonald's Corp. (Hotels, Restaurants & Leisure)		991		182,810

See accompanying notes to financial statements.

32 :: ProFund VP Bull :: Financial Statements

Common Stocks, continued

	Shares		Value
McKesson Corp. (Health Care Providers & Services)		216	$	33,139
Medtronic PLC (Health Care Equipment & Supplies)		1,787		163,867
Merck & Co., Inc. (Pharmaceuticals)		3,363		260,061
MetLife, Inc. (Insurance)		1,028		37,543
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)		32		25,778
MGM Resorts International (Hotels, Restaurants & Leisure)		657		11,038
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		327		34,436
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment)		1,482		76,353
Microsoft Corp. (Software)		10,105		2,056,470
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts)		152		17,430
Mohawk Industries, Inc.* (Household Durables)		79		8,039
Molson Coors Beverage Co.–Class B (Beverages)		251		8,624
Mondelez International, Inc.–Class A (Food Products)		1,902		97,249
Monster Beverage Corp.* (Beverages)		498		34,521
Moody's Corp. (Capital Markets)		215		59,067
Morgan Stanley (Capital Markets)		1,596		77,087
Motorola Solutions, Inc. (Communications Equipment)		227		31,810
MSCI, Inc.–Class A (Capital Markets)		113		37,722
Mylan N.V.* (Pharmaceuticals)		689		11,079
Nasdaq, Inc. (Capital Markets)		153		18,279
National Oilwell Varco, Inc. (Energy Equipment & Services)		517		6,333
NetApp, Inc. (Technology Hardware, Storage & Peripherals)		295		13,089
Netflix, Inc.* (Entertainment)		586		266,653
Newell Brands, Inc. (Household Durables)		509		8,083
Newmont Corp. (Metals & Mining)		1,069		66,000
News Corp.–Class A (Media)		518		6,143
News Corp.–Class B (Media)		162		1,936
NextEra Energy, Inc. (Electric Utilities)		652		156,592
Nielsen Holdings PLC (Professional Services)		475		7,059
NIKE, Inc.–Class B (Textiles, Apparel & Luxury Goods)		1,652		161,978
NiSource, Inc. (Multi-Utilities)		510		11,597
Noble Energy, Inc. (Oil, Gas & Consumable Fuels)		639		5,725
Norfolk Southern Corp. (Road & Rail)		341		59,869
Northern Trust Corp. (Capital Markets)		277		21,977
Northrop Grumman Corp. (Aerospace & Defense)		207		63,640
NortonLifelock, Inc. (Software)		722		14,317
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure)		342		5,619
NRG Energy, Inc. (Independent Power and Renewable Electricity Producers)		325		10,582
Nucor Corp. (Metals & Mining)		401		16,605
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		820		311,526
NVR, Inc.* (Household Durables)		5		16,294
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		1,199		21,942
Old Dominion Freight Line, Inc. (Road & Rail)		126		21,368
Omnicom Group, Inc. (Media)		286		15,616
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		552		18,337
Oracle Corp. (Software)		2,773		153,264
O'Reilly Automotive, Inc.* (Specialty Retail)		99		41,745
Otis Worldwide Corp. (Machinery)		542		30,818
PACCAR, Inc. (Machinery)		461		34,506
Packaging Corp. of America (Containers & Packaging)		126		12,575
Parker-Hannifin Corp. (Machinery)		171		31,339
Paychex, Inc. (IT Services)		425		32,194
Paycom Software, Inc.* (Software)		64		19,823
PayPal Holdings, Inc.* (IT Services)		1,565		272,670
Pentair PLC (Machinery)		221		8,396
People's United Financial, Inc. (Banks)		566		6,549
PepsiCo, Inc. (Beverages)		1,849		244,549
PerkinElmer, Inc. (Life Sciences Tools & Services)		148		14,517
Perrigo Co. PLC (Pharmaceuticals)		182		10,059
Pfizer, Inc. (Pharmaceuticals)		7,402		242,045
Philip Morris International, Inc. (Tobacco)		2,075		145,375
Phillips 66 (Oil, Gas & Consumable Fuels)		582		41,846
Pinnacle West Capital Corp. (Electric Utilities)		150		10,994
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		220		21,494
PPG Industries, Inc. (Chemicals)		314		33,303
PPL Corp. (Electric Utilities)		1,024		26,460
Principal Financial Group, Inc. (Insurance)		339		14,082
Prologis, Inc. (Equity Real Estate Investment Trusts)		984		91,837
Prudential Financial, Inc. (Insurance)		526		32,033
Public Service Enterprise Group, Inc. (Multi-Utilities)		674		33,134
Public Storage (Equity Real Estate Investment Trusts)		200		38,378
PulteGroup, Inc. (Household Durables)		336		11,434
PVH Corp. (Textiles, Apparel & Luxury Goods)		95		4,565
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment)		153		16,911
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment)		1,499		136,724
Quanta Services, Inc. (Construction & Engineering)		183		7,179
Quest Diagnostics, Inc. (Health Care Providers & Services)		178		20,285
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)		64		4,641
Raymond James Financial, Inc. (Capital Markets)		163		11,219
Raytheon Technologies Corp. (Aerospace & Defense)		1,960		120,775
Realty Income Corp. (Equity Real Estate Investment Trusts)		458		27,251
Regency Centers Corp. (Equity Real Estate Investment Trusts)		226		10,371
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		134		83,569
Regions Financial Corp. (Banks)		1,275		14,178

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Bull :: 33

Common Stocks, continued

	Shares		Value
Republic Services, Inc.–Class A (Commercial Services & Supplies)		280	$	22,974
ResMed, Inc. (Health Care Equipment & Supplies)		193		37,056
Robert Half International, Inc. (Professional Services)		153		8,083
Rockwell Automation, Inc. (Electrical Equipment)		154		32,802
Rollins, Inc. (Commercial Services & Supplies)		188		7,969
Roper Technologies, Inc. (Industrial Conglomerates)		139		53,968
Ross Stores, Inc. (Specialty Retail)		474		40,404
Royal Caribbean Cruises, Ltd. (Hotels, Restaurants & Leisure)		229		11,519
S&P Global, Inc. (Capital Markets)		321		105,763
Salesforce.com, Inc.* (Software)		1,201		224,983
SBA Communications Corp. (Equity Real Estate Investment Trusts)		149		44,390
Schlumberger, Ltd. (Energy Equipment & Services)		1,849		34,004
Seagate Technology PLC (Technology Hardware, Storage & Peripherals)		301		14,571
Sealed Air Corp. (Containers & Packaging)		207		6,800
Sempra Energy (Multi-Utilities)		390		45,720
ServiceNow, Inc.* (Software)		254		102,885
Simon Property Group, Inc. (Equity Real Estate Investment Trusts)		407		27,831
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		222		28,385
SL Green Realty Corp. (Equity Real Estate Investment Trusts)		102		5,028
Snap-on, Inc. (Machinery)		72		9,973
Southwest Airlines Co. (Airlines)		715		24,439
Stanley Black & Decker, Inc. (Machinery)		205		28,573
Starbucks Corp. (Hotels, Restaurants & Leisure)		1,556		114,506
State Street Corp. (Capital Markets)		469		29,805
STERIS PLC (Health Care Equipment & Supplies)		113		17,339
Stryker Corp. (Health Care Equipment & Supplies)		430		77,482
SVB Financial Group* (Banks)		69		14,872
Synchrony Financial (Consumer Finance)		716		15,867
Synopsys, Inc.* (Software)		201		39,195
Sysco Corp. (Food & Staples Retailing)		676		36,950
T. Rowe Price Group, Inc. (Capital Markets)		303		37,421
Take-Two Interactive Software, Inc.* (Entertainment)		152		21,215
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)		368		4,887
Target Corp. (Multiline Retail)		666		79,873
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components)		440		35,882
TechnipFMC PLC (Energy Equipment & Services)		560		3,830
Teledyne Technologies, Inc.* (Aerospace & Defense)		49		15,237
Teleflex, Inc. (Health Care Equipment & Supplies)		62		22,567
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		1,223		155,284
Textron, Inc. (Aerospace & Defense)		303		9,972
The AES Corp. (Independent Power and Renewable Electricity Producers)		886		12,838
The Allstate Corp. (Insurance)		419		40,639
The Bank of New York Mellon Corp. (Capital Markets)		1,074		41,510
The Boeing Co. (Aerospace & Defense)		714		130,876
The Charles Schwab Corp. (Capital Markets)		1,527		51,521
The Clorox Co. (Household Products)		167		36,635
The Coca-Cola Co. (Beverages)		5,151		230,147
The Cooper Cos., Inc. (Health Care Equipment & Supplies)		65		18,437
The Estee Lauder Co., Inc. (Personal Products)		299		56,415
The Gap, Inc. (Specialty Retail)		284		3,584
The Goldman Sachs Group, Inc. (Capital Markets)		412		81,419
The Hershey Co. (Food Products)		196		25,406
The Home Depot, Inc. (Specialty Retail)		1,433		358,980
The Interpublic Group of Cos., Inc. (Media)		519		8,906
The JM Smucker Co.–Class A (Food Products)		152		16,083
The Kraft Heinz Co. (Food Products)		830		26,469
The Kroger Co. (Food & Staples Retailing)		1,048		35,475
The Mosaic Co. (Chemicals)		465		5,817
The PNC Financial Services Group, Inc (Banks)		565		59,444
The Procter & Gamble Co. (Household Products)		3,299		394,461
The Progressive Corp. (Insurance)		780		62,485
The Sherwin-Williams Co. (Chemicals)		108		62,408
The Southern Co. (Electric Utilities)		1,407		72,953
The TJX Cos., Inc. (Specialty Retail)		1,596		80,694
The Travelers Cos., Inc. (Insurance)		337		38,435
The Walt Disney Co. (Entertainment)		2,407		268,406
The Western Union Co. (IT Services)		548		11,848
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)		1,617		30,755
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		526		190,590
Tiffany & Co. (Specialty Retail)		146		17,803
T-Mobile U.S., Inc.* (Wireless Telecommunication Services)		759		79,050
Tractor Supply Co. (Specialty Retail)		154		20,296
Trane Technologies PLC (Building Products)		319		28,384
TransDigm Group, Inc. (Aerospace & Defense)		67		29,617
Truist Financial Corp. (Banks)		1,795		67,402
Twitter, Inc.* (Interactive Media & Services)		1,046		31,160
Tyler Technologies, Inc.*(a) (Software)		53		18,385
Tyson Foods, Inc.–Class A (Food Products)		392		23,406
U.S. Bancorp (Banks)		1,826		67,233
UDR, Inc. (Equity Real Estate Investment Trusts)		393		14,690
Ulta Beauty, Inc.* (Specialty Retail)		75		15,257
Under Armour, Inc.*–Class A (Textiles, Apparel & Luxury Goods)		251		2,445
Under Armour, Inc.*(a)–Class C (Textiles, Apparel & Luxury Goods)		262		2,316
Union Pacific Corp. (Road & Rail)		904		152,840
United Airlines Holdings , Inc.* (Airlines)		337		11,664

See accompanying notes to financial statements.

34 :: ProFund VP Bull :: Financial Statements

Common Stocks, continued

	Shares		Value
United Parcel Service, Inc.–Class B (Air Freight & Logistics)		938	$	104,287
United Rentals, Inc.* (Trading Companies & Distributors)		96		14,308
UnitedHealth Group, Inc. (Health Care Providers & Services)		1,264		372,816
Universal Health Services, Inc.–Class B (Health Care Providers & Services)		103		9,568
Unum Group (Insurance)		271		4,496
Valero Energy Corp. (Oil, Gas & Consumable Fuels)		543		31,939
Varian Medical Systems, Inc.* (Health Care Equipment & Supplies)		121		14,825
Ventas, Inc. (Equity Real Estate Investment Trusts)		497		18,200
VeriSign, Inc.* (IT Services)		135		27,922
Verisk Analytics, Inc.–Class A (Professional Services)		216		36,763
Verizon Communications, Inc. (Diversified Telecommunication Services)		5,514		303,987
Vertex Pharmaceuticals, Inc.* (Biotechnology)		345		100,157
VF Corp. (Textiles, Apparel & Luxury Goods)		425		25,900
ViacomCBS, Inc.–Class B (Media)		720		16,790
Visa, Inc.–Class A (IT Services)		2,248		434,247
Vornado Realty Trust (Equity Real Estate Investment Trusts)		211		8,062
Vulcan Materials Co. (Construction Materials)		176		20,390
W.R. Berkley Corp. (Insurance)		188		10,771
W.W. Grainger, Inc. (Trading Companies & Distributors)		58		18,221
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)		982		41,627
Walmart, Inc. (Food & Staples Retailing)		1,887		226,025
Waste Management, Inc. (Commercial Services & Supplies)		517		54,756
Waters Corp.* (Life Sciences Tools & Services)		82		14,793
WEC Energy Group, Inc. (Multi-Utilities)		420		36,813
Wells Fargo & Co. (Banks)		4,972		127,283
Welltower, Inc. (Equity Real Estate Investment Trusts)		556		28,773
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies)		98		22,263
Western Digital Corp. (Technology Hardware, Storage & Peripherals)		399		17,616
Westinghouse Air Brake Technologies Corp. (Machinery)		241		13,874
WestRock Co. (Containers & Packaging)		345		9,750
Weyerhaeuser Co. (Equity Real Estate Investment Trusts)		994		22,325
Whirlpool Corp. (Household Durables)		83		10,751
Willis Towers Watson PLC (Insurance)		172		33,875
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure)		129		9,609
Xcel Energy, Inc. (Electric Utilities)		700		43,750
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals)		244		3,731
Xilinx, Inc. (Semiconductors & Semiconductor Equipment)		324		31,878
Xylem, Inc. (Machinery)		240		15,590
YUM! Brands, Inc. (Hotels, Restaurants & Leisure)		401		34,851
Zebra Technologies Corp.*–Class A (Electronic Equipment, Instruments & Components)		71		18,172
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies)		276		32,943
Zions Bancorp (Banks)		218		7,412
Zoetis, Inc. (Pharmaceuticals)		633		86,746
TOTAL COMMON STOCKS (Cost $8,331,907)				34,157,483

Repurchase Agreements^(b)(c) (37.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $21,112,016	$	21,112,000	$	21,112,000
TOTAL REPURCHASE AGREEMENTS (Cost $21,112,000)				21,112,000

Collateral for Securities Loaned (0.4%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio–Institutional Shares, 0.18%(d)		30,877	$	30,877
Fidelity Investments Money Market Government Portfolio–Class I, 0.41%(d)		338		338
JPMorgan U.S. Government Money Market Fund–Capital Shares, 0.19%(d)		169,388		169,388
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $200,603)				200,603
TOTAL INVESTMENT SECURITIES (Cost $29,644,510)–99.1%				55,470,086
Net other assets (liabilities)–0.9%				482,339
NET ASSETS–100.0%			$	55,952,425

*	Non-income producing security.
(a)	All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $197,728.
(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, 2020, the aggregate amount held in a segregated account was $2,239,000.
(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.
(d)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Bull :: 35

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P 500 Futures Contracts		53	9/21/20	$	8,173,263	$	(240,709	)

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500	Goldman Sachs International	7/27/20		1.52	%	$	6,657,704	$	101,451
S&P 500	UBS AG	7/27/20		1.47	%		7,153,732		109,491
						$	13,811,436	$	210,942

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 Bull invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Aerospace & Defense	$	602,895		1.2	%
Air Freight & Logistics		180,190		0.3	%
Airlines		69,780		0.1	%
Auto Components		36,236		0.1	%
Automobiles		74,100		0.1	%
Banks		1,244,775		2.3	%
Beverages		572,499		1.0	%
Biotechnology		843,743		1.5	%
Building Products		136,895		0.2	%
Capital Markets		920,785		1.6	%
Chemicals		607,779		1.0	%
Commercial Services & Supplies		138,430		0.2	%
Communications Equipment		331,896		0.6	%
Construction & Engineering		21,849		NM
Construction Materials		37,535		0.1	%
Consumer Finance		158,071		0.3	%
Containers & Packaging		111,818		0.2	%
Distributors		27,307		NM
Diversified Consumer Services		3,656		NM
Diversified Financial Services		462,341		0.8	%
Diversified Telecommunication Services		604,190		1.1	%
Electric Utilities		640,139		1.2	%
Electrical Equipment		156,152		0.3	%
Electronic Equipment, Instruments & Components		179,754		0.3	%
Energy Equipment & Services		72,776		0.1	%
Entertainment		693,440		1.2	%
Equity Real Estate Investment Trusts		951,148		1.7	%
Food & Staples Retailing		518,364		0.9	%
Food Products		384,016		0.7	%
Gas Utilities		16,232		NM
Health Care Equipment & Supplies		1,295,615		2.3	%
Health Care Providers & Services		963,008		1.7	%
Health Care Technology		27,831		NM
Hotels, Restaurants & Leisure		526,766		0.9	%
Household Durables		126,611		0.2	%
Household Products		604,213		1.2	%
Independent Power and Renewable Electricity Producers		23,420		NM
Industrial Conglomerates		388,252		0.7	%
Insurance		658,222		1.2	%
Interactive Media & Services		1,877,220		3.4	%
Internet & Direct Marketing Retail		1,687,951		3.1	%
IT Services		1,955,828		3.5	%
Leisure Products		12,742		NM
Life Sciences Tools & Services		400,855		0.7	%
Machinery		509,874		1.0	%
Media		430,885		0.8	%
Metals & Mining		104,993		0.2	%
Multiline Retail		177,343		0.3	%
Multi-Utilities		336,620		0.6	%
Oil, Gas & Consumable Fuels		891,274		1.6	%
Personal Products		58,190		0.1	%
Pharmaceuticals		1,465,235		2.7	%
Professional Services		119,915		0.2	%
Real Estate Management & Development		20,213		NM
Road & Rail		337,650		0.6	%
Semiconductors & Semiconductor Equipment		1,637,630		2.9	%
Software		3,197,864		5.7	%
Specialty Retail		813,301		1.5	%
Technology Hardware, Storage & Peripherals		2,079,369		3.7	%
Textiles, Apparel & Luxury Goods		211,971		0.4	%
Tobacco		242,558		0.4	%
Trading Companies & Distributors		65,216		0.1	%
Water Utilities		31,007		0.1	%
Wireless Telecommunication Services		79,050		0.1	%
Other**		21,794,942		39.0	%
Total	$	55,952,425		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, 2020

ASSETS:
Total Investment Securities, at cost	$	29,644,510
Securities, at value(a)		34,358,086
Repurchase agreements, at value		21,112,000
Total Investment Securities, at value		55,470,086
Cash		356
Segregated cash balances for futures contracts with brokers		699,600
Dividends and interest receivable		26,953
Unrealized appreciation on swap agreements		210,942
Receivable for capital shares issued		297,336
Variation margin on futures contracts		96,858
Prepaid expenses		3,118
TOTAL ASSETS		56,805,249
LIABILITIES:
Payable for capital shares redeemed		511,185
Payable for collateral for securities loaned		200,603
Advisory fees payable		31,724
Management services fees payable		4,230
Administration fees payable		4,440
Administrative services fees payable		24,001
Distribution fees payable		25,152
Trustee fees payable		20
Transfer agency fees payable		3,621
Fund accounting fees payable		2,576
Compliance services fees payable		404
Other accrued expenses		44,868
TOTAL LIABILITIES		852,824
NET ASSETS	$	55,952,425
NET ASSETS CONSIST OF:
Capital	$	30,206,259
Total distributable earnings (loss)		25,746,166
NET ASSETS	$	55,952,425
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		1,088,548
Net Asset Value (offering and redemption price per share)	$	51.40
(a) Includes securities on loan valued at:	$	197,728

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	367,441
Interest		64,086
Income from securities lending		252
TOTAL INVESTMENT INCOME		431,779
EXPENSES:
Advisory fees		206,426
Management services fees		27,523
Administration fees		25,555
Transfer agency fees		20,450
Administrative services fees		71,931
Distribution fees		68,809
Custody fees		4,032
Fund accounting fees		14,831
Trustee fees		810
Compliance services fees		404
Other fees		38,020
Total Gross Expenses before reductions		478,791
Expenses reduced and reimbursed by the Advisor		(7,664	)
TOTAL NET EXPENSES		471,127
NET INVESTMENT INCOME (LOSS)		(39,348	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		2,445,923
Net realized gains (losses) on futures contracts		72,105
Net realized gains (losses) on swap agreements		(1,528,658	)
Change in net unrealized appreciation/depreciation on investment securities		(3,788,228	)
Change in net unrealized appreciation/depreciation on futures contracts		(396,311	)
Change in net unrealized appreciation/depreciation on swap agreements		248,650
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(2,946,519	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,985,867	)

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Bull :: 37

Statements of Changes in Net Assets  

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(39,348	)	$	197,148
Net realized gains (losses) on investments		989,370			11,132,642
Change in net unrealized appreciation/depreciation on investments		(3,935,889	)		3,196,756
Change in net assets resulting from operations		(2,985,867	)		14,526,546
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(1,205,822	)
Change in net assets resulting from distributions		—			(1,205,822	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		85,899,481			239,398,218
Distributions reinvested		—			1,205,822
Value of shares redeemed		(92,933,108	)		(246,878,704	)
Change in net assets resulting from capital transactions		(7,033,627	)		(6,274,664	)
Change in net assets		(10,019,494	)		7,046,060
NET ASSETS:
Beginning of period		65,971,919			58,925,859
End of period	$	55,952,425		$	65,971,919
SHARE TRANSACTIONS:
Issued		1,704,024			4,930,838
Reinvested		—			25,200
Redeemed		(1,845,778	)		(5,113,563	)
Change in shares		(141,754	)		(157,525	)

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	53.62		$	42.46		$	50.65		$	43.55		$	40.57		$	41.22
Investment Activities:
Net investment income (loss)(a)		(0.04	)		0.16			0.11			(0.13	)		(0.19	)		(0.17	)
Net realized and unrealized gains (losses) on investments		(2.18	)		11.98			(2.71	)		8.48			4.09			(0.01	)
Total income (loss) from investment activities		(2.22	)		12.14			(2.60	)		8.35			3.90			(0.18	)
Distributions to Shareholders From:
Net investment income		—			(0.13	)		—			—			—			—
Net realized gains on investments		—			(0.85	)		(5.59	)		(1.25	)		(0.92	)		(0.47	)
Total distributions		—			(0.98	)		(5.59	)		(1.25	)		(0.92	)		(0.47	)
Net Asset Value, End of Period	$	51.40		$	53.62		$	42.46		$	50.65		$	43.55		$	40.57
Total Return(b)		(4.14	)%		28.88	%		(6.15	)%(c)		19.34	%		9.66	%		(0.46	)%
Ratios to Average Net Assets:
Gross expenses(d)		1.74	%		1.70	%		1.69	%		1.68	%		1.71	%		1.73	%
Net expenses(d)		1.71	%(e)		1.70	%(e)		1.62	%(c)		1.68	%		1.68	%		1.68	%
Net investment income (loss)(d)		(0.14	)%		0.32	%		0.23	%(c)		(0.28	)%		(0.45	)%		(0.42	)%
Supplemental Data:
Net assets, end of period (000's)	$	55,952		$	65,972		$	58,926		$	92,541		$	77,915		$	104,154
Portfolio turnover rate(b)(f)		1	%		56	%		8	%		3	%		4	%		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)	During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.68% and 0.17%, respectively, and the total return would have been (6.22)%.
(d)	Annualized for periods less than one year.
(e)	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 period 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.
(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 Consumer Goods :: 39

Investment Objective: The ProFund VP Consumer Goods seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Consumer Goods^SM Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

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 investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
The Procter & Gamble Co.		12.7	%
PepsiCo, Inc.		7.9	%
The Coca-Cola Co.		7.4	%
Tesla, Inc.		6.8	%
NIKE, Inc.		5.2	%

Dow Jones U.S. Consumer Goods^SM Index – Composition

	% of Index
Food, Beverage & Tobacco		43	%
Household & Personal Products		23	%
Consumer Durables & Apparel		15	%
Automobiles & Components		12	%
Media & Entertainment		5	%
Retailing		1	%
Capital Goods		1	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (96.5%)

	Shares		Value
Activision Blizzard, Inc. (Entertainment)		4,117	$	312,480
Adient PLC* (Auto Components)		466		7,652
Altria Group, Inc. (Tobacco)		9,926		389,596
Aptiv PLC (Auto Components)		1,429		111,347
Archer-Daniels-Midland Co. (Food Products)		2,967		118,383
Autoliv, Inc. (Auto Components)		420		27,094
Beyond Meat, Inc.* (Food Products)		57		7,637
BorgWarner, Inc. (Auto Components)		1,107		39,077
Brown-Forman Corp.–Class B (Beverages)		975		62,069
Brunswick Corp. (Leisure Products)		423		27,076
Bunge, Ltd. (Food Products)		759		31,218
Campbell Soup Co. (Food Products)		903		44,816
Capri Holdings, Ltd.* (Textiles, Apparel & Luxury Goods)		797		12,457
Carter's, Inc. (Textiles, Apparel & Luxury Goods)		233		18,803
Church & Dwight Co., Inc. (Household Products)		1,313		101,495
Colgate-Palmolive Co. (Household Products)		4,576		335,238
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods)		152		12,248
Conagra Brands, Inc. (Food Products)		2,602		91,512
Constellation Brands, Inc.–Class A (Beverages)		898		157,105
Coty, Inc.–Class A (Personal Products)		1,589		7,103
D.R. Horton, Inc. (Household Durables)		1,768		98,036
Dana, Inc. (Auto Components)		772		9,411
Darling Ingredients, Inc.* (Food Products)		876		21,567
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods)		149		29,262
Electronic Arts, Inc.* (Entertainment)		1,542		203,621
Energizer Holdings, Inc. (Household Products)		339		16,099
Flowers Foods, Inc. (Food Products)		1,028		22,986
Ford Motor Co. (Automobiles)		20,872		126,902
General Mills, Inc. (Food Products)		3,238		199,623
General Motors Co. (Automobiles)		6,726		170,168
Gentex Corp. (Auto Components)		1,309		33,733
Genuine Parts Co. (Distributors)		771		67,046
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)		1,859		20,988
Harley-Davidson, Inc. (Automobiles)		817		19,420
Hasbro, Inc. (Leisure Products)		679		50,891
Helen of Troy, Ltd.* (Household Durables)		135		25,456
Herbalife Nutrition, Ltd.* (Personal Products)		497		22,355
Herman Miller, Inc. (Commercial Services & Supplies)		313		7,390
Hormel Foods Corp. (Food Products)		1,497		72,260
Ingredion, Inc. (Food Products)		358		29,714
Jefferies Financial Group, Inc. (Diversified Financial Services)		1,207		18,769
Kellogg Co. (Food Products)		1,335		88,190
Keurig Dr Pepper, Inc. (Beverages)		1,803		51,205
Kimberly-Clark Corp. (Household Products)		1,820		257,257
Lamb Weston Holding, Inc. (Food Products)		780		49,865
Lancaster Colony Corp. (Food Products)		105		16,274
Lear Corp. (Auto Components)		291		31,725
Leggett & Platt, Inc. (Household Durables)		705		24,781
Lennar Corp.–Class A (Household Durables)		1,466		90,335
Lennar Corp.–Class B (Household Durables)		81		3,733
Levi Strauss & Co. (Textiles, Apparel & Luxury Goods)		218		2,921
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods)		611		190,638
Mattel, Inc.* (Leisure Products)		1,853		17,919
McCormick & Co., Inc. (Food Products)		661		118,590
Mohawk Industries, Inc.* (Household Durables)		318		32,360
Molson Coors Beverage Co.–Class B (Beverages)		1,005		34,532
Mondelez International, Inc.–Class A (Food Products)		7,627		389,968
Monster Beverage Corp.* (Beverages)		1,998		138,501
National Beverage Corp.*(a) (Beverages)		62		3,783

See accompanying notes to financial statements.

40  :: ProFund VP Consumer Goods :: Financial Statements

Common Stocks, continued

	Shares		Value
Newell Brands, Inc. (Household Durables)		2,039	$	32,379
NIKE, Inc.–Class B (Textiles, Apparel & Luxury Goods)		6,626		649,680
Nu Skin Enterprises, Inc.–Class A (Personal Products)		276		10,551
NVR, Inc.* (Household Durables)		19		61,916
Peloton Interactive, Inc.*–Class A (Leisure Products)		131		7,568
PepsiCo, Inc. (Beverages)		7,414		980,576
Performance Food Group Co.* (Food & Staples Retailing)		708		20,631
Philip Morris International, Inc. (Tobacco)		8,318		582,759
Pilgrim's Pride Corp.* (Food Products)		277		4,679
Polaris, Inc. (Leisure Products)		308		28,505
Pool Corp. (Distributors)		213		57,908
Post Holdings, Inc.* (Food Products)		343		30,054
PulteGroup, Inc. (Household Durables)		1,345		45,770
PVH Corp. (Textiles, Apparel & Luxury Goods)		378		18,163
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)		255		18,493
Reynolds Consumer Products, Inc. (Household Products)		257		8,928
Seaboard Corp. (Food Products)		1		2,934
Skechers U.S.A., Inc.*–Class A (Textiles, Apparel & Luxury Goods)		727		22,813
Spectrum Brands Holdings, Inc. (Household Products)		219		10,052
Stanley Black & Decker, Inc. (Machinery)		825		114,988
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods)		408		10,074
Take-Two Interactive Software, Inc.* (Entertainment)		609		84,998
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)		1,475		19,588
Tempur Sealy International, Inc.* (Household Durables)		232		16,692
Tesla, Inc.* (Automobiles)		782		844,412
The Boston Beer Co., Inc.*(a)–Class A (Beverages)		51		27,369
The Clorox Co. (Household Products)		668		146,539
The Coca-Cola Co. (Beverages)		20,653		922,776
The Estee Lauder Co., Inc. (Personal Products)		1,202		226,794
The Goodyear Tire & Rubber Co. (Auto Components)		1,243		11,119
The Hain Celestial Group, Inc.* (Food Products)		418		13,171
The Hershey Co. (Food Products)		787		102,011
The JM Smucker Co.–Class A (Food Products)		610		64,544
The Kraft Heinz Co. (Food Products)		3,329		106,162
The Procter & Gamble Co. (Household Products)		13,229		1,581,791
Thor Industries, Inc. (Automobiles)		295		31,426
Toll Brothers, Inc. (Household Durables)		617		20,108
TreeHouse Foods, Inc.* (Food Products)		301		13,184
Tyson Foods, Inc.–Class A (Food Products)		1,573		93,924
Under Armour, Inc.*–Class A (Textiles, Apparel & Luxury Goods)		1,006		9,798
Under Armour, Inc.*–Class C (Textiles, Apparel & Luxury Goods)		1,047		9,255
US Foods Holding Corp.* (Food & Staples Retailing)		1,176		23,191
Veoneer, Inc.* (Auto Components)		536		5,730
VF Corp. (Textiles, Apparel & Luxury Goods)		1,703		103,781
Whirlpool Corp. (Household Durables)		332		43,004
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods)		433		10,310
ZYNGA INC* (Entertainment)		5,107		48,721
TOTAL COMMON STOCKS (Cost $5,212,740)				12,022,499

Repurchase Agreements^(b) (2.2%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $276,000	$	276,000	$	276,000
TOTAL REPURCHASE AGREEMENTS (Cost $276,000)				276,000

Collateral for Securities Loaned (0.2%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio–Institutional Shares, 0.18%(c)		3,913	$	3,913
Fidelity Investments Money Market Government Portfolio–Class I, 0.41%(c)		43		43
JPMorgan U.S. Government Money Market Fund–Capital Shares, 0.19%(c)		21,467		21,467
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $25,423)				25,423
TOTAL INVESTMENT SECURITIES (Cost $5,514,163)–98.9%				12,323,922
Net other assets (liabilities)–1.1%				137,490
NET ASSETS–100.0%			$	12,461,412

*	Non-income producing security.
(a)	All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $24,456.
(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)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Consumer Goods :: 41

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Consumer Goods Index	Goldman Sachs International	7/23/20		1.47	%	$	407,188	$	(11,780	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 Consumer Goods invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Auto Components	$	276,888		2.2	%
Automobiles		1,192,328		9.5	%
Beverages		2,377,916		19.1	%
Commercial Services & Supplies		7,390		0.1	%
Distributors		124,954		1.0	%
Diversified Financial Services		18,769		0.2	%
Entertainment		649,820		5.2	%
Food & Staples Retailing		43,822		0.4	%
Food Products		1,733,266		13.9	%
Household Durables		494,570		4.0	%
Household Products		2,457,399		19.7	%
Leisure Products		131,959		1.1	%
Machinery		114,988		0.9	%
Personal Products		266,803		2.1	%
Textiles, Apparel & Luxury Goods		1,159,272		9.3	%
Tobacco		972,355		7.8	%
Other**		438,913		3.5	%
Total	$	12,461,412		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.

42  :: ProFund VP Consumer Goods :: Financial Statements

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	5,514,163
Securities, at value(a)		12,047,922
Repurchase agreements, at value		276,000
Total Investment Securities, at value		12,323,922
Cash		871
Dividends and interest receivable		34,668
Receivable for capital shares issued		165,160
Prepaid expenses		203
TOTAL ASSETS		12,524,824
LIABILITIES:
Payable for capital shares redeemed		710
Payable for collateral for securities loaned		25,423
Unrealized depreciation on swap agreements		11,780
Advisory fees payable		6,691
Management services fees payable		892
Administration fees payable		990
Administrative services fees payable		4,467
Distribution fees payable		4,268
Transfer agency fees payable		808
Fund accounting fees payable		573
Compliance services fees payable		89
Other accrued expenses		6,721
TOTAL LIABILITIES		63,412
NET ASSETS	$	12,461,412
NET ASSETS CONSIST OF:
Capital	$	5,759,302
Total distributable earnings (loss)		6,702,110
NET ASSETS	$	12,461,412
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		268,663
Net Asset Value (offering and redemption price per share)	$	46.38
(a) Includes securities on loan valued at:	$	24,456

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	145,385
Interest		580
Income from securities lending		33
TOTAL INVESTMENT INCOME		145,998
EXPENSES:
Advisory fees		44,449
Management services fees		5,927
Administration fees		5,384
Transfer agency fees		4,359
Administrative services fees		17,482
Distribution fees		14,816
Custody fees		1,010
Fund accounting fees		3,147
Trustee fees		170
Compliance services fees		89
Other fees		7,114
Total Gross Expenses before reductions		103,947
Expenses reduced and reimbursed by the Advisor		(4,381	)
TOTAL NET EXPENSES		99,566
NET INVESTMENT INCOME (LOSS)		46,432
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		485,186
Net realized gains (losses) on swap agreements		12,923
Change in net unrealized appreciation/depreciation on investment securities		(1,383,424	)
Change in net unrealized appreciation/depreciation on swap agreements		(12,001	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(897,316	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(850,884	)

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Consumer Goods :: 43

Statements of Changes in Net Assets  

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	46,432		$	110,861
Net realized gains (losses) on investments		498,109			94,233
Change in net unrealized appreciation/depreciation on investments		(1,395,425	)		2,328,633
Change in net assets resulting from operations		(850,884	)		2,533,727
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(1,848,713	)
Change in net assets resulting from distributions		—			(1,848,713	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		13,612,916			11,763,405
Distributions reinvested		—			1,848,713
Value of shares redeemed		(12,437,631	)		(11,149,089	)
Change in net assets resulting from capital transactions		1,175,285			2,463,029
Change in net assets		324,401			3,148,043
NET ASSETS:
Beginning of period		12,137,011			8,988,968
End of period	$	12,461,412		$	12,137,011
SHARE TRANSACTIONS:
Issued		307,893			245,718
Reinvested		—			42,227
Redeemed		(290,971	)		(230,959	)
Change in shares		16,922			56,986

See accompanying notes to financial statements.

44  :: ProFund VP Consumer Goods :: 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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	48.21		$	46.16		$	66.23		$	59.18		$	57.77		$	56.02
Investment Activities:
Net investment income (loss)(a)		0.18			0.49			0.70			0.49			0.48			0.67
Net realized and unrealized gains (losses) on investments		(2.01	)		10.83			(9.43	)		8.33			1.59			1.64
Total income (loss) from investment activities		(1.83	)		11.32			(8.73	)		8.82			2.07			2.31
Distributions to Shareholders From:
Net investment income		—			(0.80	)		(0.74	)		(0.82	)		(0.66	)		(0.56	)
Net realized gains on investments		—			(8.47	)		(10.60	)		(0.95	)		—			—
Total distributions		—			(9.27	)		(11.34	)		(1.77	)		(0.66	)		(0.56	)
Net Asset Value, End of Period	$	46.38		$	48.21		$	46.16		$	66.23		$	59.18		$	57.77
Total Return(b)		(3.80	)%		26.56	%		(14.80	)%		15.05	%		3.54	%		4.16	%
Ratios to Average Net Assets:
Gross expenses(c)		1.75	%		1.73	%		1.72	%		1.68	%		1.68	%		1.68	%
Net expenses(c)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(c)		0.78	%		1.01	%		1.23	%		0.76	%		0.81	%		1.18	%
Supplemental Data:
Net assets, end of period (000's)	$	12,461		$	12,137		$	8,989		$	18,827		$	16,374		$	24,118
Portfolio turnover rate(b)(d)		85	%		71	%		41	%		107	%		84	%		156	%

(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 Services :: 45

Investment Objective: The ProFund VP Consumer Services seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Consumer Services^SM Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

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 investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Amazon.com, Inc.		24.8	%
The Home Depot, Inc.		4.8	%
Netflix, Inc.		4.8	%
Comcast Corp.		4.8	%
Walmart, Inc.		4.6	%

Dow Jones U.S. Consumer Services^SM Index – Composition

	% of Index
Retailing		51	%
Media & Entertainment		21	%
Consumer Services		13	%
Food & Staples Retailing		10	%
Transportation		2	%
Commercial & Professional Services		2	%
Health Care Equipment & Services		1	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (97.1%)

	Shares		Value
Aaron's, Inc. (Specialty Retail)		446	$	20,248
Adtalem Global Education, Inc.* (Diversified Consumer Services)		341		10,622
Advance Auto Parts, Inc. (Specialty Retail)		458		65,242
Alaska Air Group, Inc. (Airlines)		809		29,334
Allegiant Travel Co. (Airlines)		87		9,501
Altice USA, Inc.* (Media)		1,800		40,572
Amazon.com, Inc.* (Internet & Direct Marketing Retail)		2,203		6,077,681
AMC Networks, Inc.*—Class A (Media)		267		6,245
AMERCO (Road & Rail)		53		16,016
American Airlines Group, Inc.(a) (Airlines)		2,996		39,158
American Eagle Outfitters, Inc. (Specialty Retail)		1,030		11,227
AmerisourceBergen Corp. (Health Care Providers & Services)		982		98,956
Aramark (Hotels, Restaurants & Leisure)		1,671		37,714
AutoNation, Inc.* (Specialty Retail)		380		14,280
AutoZone, Inc.* (Specialty Retail)		156		175,987
Avis Budget Group, Inc.* (Road & Rail)		353		8,080
Beacon Roofing Supply, Inc.* (Trading Companies & Distributors)		454		11,972
Best Buy Co., Inc. (Specialty Retail)		1,505		131,341
Booking Holdings, Inc.* (Internet & Direct Marketing Retail)		270		429,932
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)		530		11,077
Bright Horizons Family Solutions, Inc.* (Diversified Consumer Services)		385		45,122
Burlington Stores, Inc.* (Specialty Retail)		435		85,665
Cable One, Inc. (Media)		35		62,120
Caesars Entertainment Corp.* (Hotels, Restaurants & Leisure)		3,712		45,027
Cardinal Health, Inc. (Health Care Providers & Services)		1,932		100,831
CarMax, Inc.* (Specialty Retail)		1,077		96,445
Carnival Corp.(a)—Class A (Hotels, Restaurants & Leisure)		3,036		49,851
Carvana Co.* (Specialty Retail)		366		43,993
Casey's General Stores, Inc. (Food & Staples Retailing)		244		36,483
Charter Communications, Inc.*—Class A (Media)		999		509,530
Chegg, Inc.* (Diversified Consumer Services)		778		52,327
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure)		170		178,901
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure)		208		16,411
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)		232		30,891
Cinemark Holdings, Inc. (Entertainment)		708		8,177
Comcast Corp.—Class A (Media)		30,147		1,175,130
Copart, Inc.* (Commercial Services & Supplies)		1,367		113,830
Costco Wholesale Corp. (Food & Staples Retailing)		2,922		885,980
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure)		157		17,413
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		860		65,162
Delta Air Lines, Inc. (Airlines)		3,756		105,356
Dick's Sporting Goods, Inc. (Specialty Retail)		430		17,742
Discovery, Inc.* (Media)		1,057		22,303
Discovery, Inc.*—Class C (Media)		2,092		40,292
Dish Network Corp.*—Class A (Media)		1,700		58,667
Dollar General Corp. (Multiline Retail)		1,666		317,390
Dollar Tree, Inc.* (Multiline Retail)		1,570		145,508
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)		260		96,054
Dunkin' Brands Group, Inc. (Hotels, Restaurants & Leisure)		543		35,420

See accompanying notes to financial statements.

46  :: ProFund VP Consumer Services :: Financial Statements

Common Stocks, continued

	Shares		Value
Expedia Group, Inc. (Internet & Direct Marketing Retail)		897	$	73,733
Extended Stay America, Inc. (Hotels, Restaurants & Leisure)		1,174		13,137
Five Below, Inc.* (Specialty Retail)		369		39,450
Floor & Decor Holdings, Inc.* (Specialty Retail)		467		26,923
Foot Locker, Inc. (Specialty Retail)		689		20,091
Fox Corp.—Class A (Media)		2,265		60,747
Fox Corp.—Class B (Media)		1,053		28,263
frontdoor, Inc.*—Class A (Diversified Consumer Services)		565		25,046
Graham Holdings Co.—Class B (Diversified Consumer Services)		28		9,595
Grand Canyon Education, Inc.* (Diversified Consumer Services)		313		28,336
H&R Block, Inc. (Diversified Consumer Services)		1,274		18,193
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure)		562		10,987
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)		1,836		134,854
Hyatt Hotels Corp.—Class A (Hotels, Restaurants & Leisure)		236		11,868
IAA, Inc.* (Commercial Services & Supplies)		886		34,173
IHS Markit, Ltd. (Professional Services)		2,640		199,320
JetBlue Airways Corp.* (Airlines)		1,785		19,457
John Wiley & Sons, Inc.—Class A (Media)		288		11,232
KAR Auction Services, Inc. (Commercial Services & Supplies)		855		11,765
Kohl's Corp. (Multiline Retail)		1,044		21,684
L Brands, Inc. (Specialty Retail)		1,544		23,114
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)		2,223		101,235
Liberty Broadband Corp.*—Class A (Media)		161		19,673
Liberty Broadband Corp.*—Class C (Media)		1,013		125,571
Liberty Media Corp-Liberty Formula One*—Class A (Entertainment)		170		4,961
Liberty Media Corp-Liberty Formula One*—Class C (Entertainment)		1,345		42,650
Liberty Media Corp-Liberty SiriusXM*—Class A (Media)		551		19,021
Liberty Media Corp-Liberty SiriusXM*—Class C (Media)		1,105		38,067
Lions Gate Entertainment Corp.*—Class A (Entertainment)		372		2,757
Lions Gate Entertainment Corp.*—Class B (Entertainment)		723		4,938
Lithia Motors, Inc.—Class A (Specialty Retail)		147		22,246
Live Nation Entertainment, Inc.* (Entertainment)		940		41,670
LiveRamp Holdings, Inc.* (IT Services)		432		18,347
LKQ Corp.* (Distributors)		2,011		52,688
Lowe's Cos., Inc. (Specialty Retail)		4,997		675,195
Lyft, Inc.* (Road & Rail)		1,399		46,181
Macy's, Inc.(a) (Multiline Retail)		2,049		14,097
Madison Square Garden Entertainment* (Entertainment)		115		8,625
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure)		1,782		152,759
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure)		241		19,813
McDonald's Corp. (Hotels, Restaurants & Leisure)		4,921		907,777
Meredith Corp. (Media)		266		3,870
MGM Resorts International (Hotels, Restaurants & Leisure)		3,262		54,802
Murphy USA, Inc.* (Specialty Retail)		182		20,491
National Vision Holdings, Inc.* (Specialty Retail)		529		16,145
Netflix, Inc.* (Entertainment)		2,603		1,184,468
News Corp.—Class A (Media)		2,573		30,516
News Corp.—Class B (Media)		805		9,620
Nexstar Media Group, Inc.—Class A (Media)		300		25,107
Nordstrom, Inc. (Multiline Retail)		716		11,091
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure)		1,697		27,882
Ollie's Bargain Outlet Holdings, Inc.* (Multiline Retail)		374		36,521
Omnicom Group, Inc. (Media)		1,418		77,423
O'Reilly Automotive, Inc.* (Specialty Retail)		491		207,040
Penske Automotive Group, Inc. (Specialty Retail)		217		8,400
Pinterest, Inc.*—Class A (Interactive Media & Services)		747		16,561
Planet Fitness, Inc.* (Hotels, Restaurants & Leisure)		529		32,042
Qurate Retail, Inc.*—Class A (Internet & Direct Marketing Retail)		2,564		24,358
Roku, Inc.* (Household Durables)		606		70,617
Rollins, Inc. (Commercial Services & Supplies)		931		39,465
Ross Stores, Inc. (Specialty Retail)		2,352		200,484
Royal Caribbean Cruises, Ltd. (Hotels, Restaurants & Leisure)		1,136		57,141
Service Corp. International (Diversified Consumer Services)		1,177		45,774
ServiceMaster Global Holdings, Inc.* (Diversified Consumer Services)		872		31,122
Sinclair Broadcast Group, Inc.—Class A (Media)		366		6,756
Sirius XM Holdings, Inc. (Media)		8,986		52,748
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)		521		10,008
Southwest Airlines Co. (Airlines)		3,549		121,304
Spirit Airlines, Inc.*(a) (Airlines)		586		10,431
Sprouts Farmers Market, Inc.* (Food & Staples Retailing)		778		19,909
Starbucks Corp. (Hotels, Restaurants & Leisure)		7,732		568,998
Sysco Corp. (Food & Staples Retailing)		3,360		183,658
Target Corp. (Multiline Retail)		3,310		396,968
TEGNA, Inc. (Media)		1,446		16,108
Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure)		431		22,658
The Cheesecake Factory, Inc.(a) (Hotels, Restaurants & Leisure)		275		6,303
The Gap, Inc. (Specialty Retail)		1,409		17,782
The Home Depot, Inc. (Specialty Retail)		4,737		1,186,665
The Interpublic Group of Cos., Inc. (Media)		2,578		44,238
The Kroger Co. (Food & Staples Retailing)		5,203		176,122

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Consumer Services :: 47

Common Stocks, continued

	Shares		Value
The Madison Square Garden Co.*— Class A (Entertainment)		116	$	17,039
The New York Times Co.—Class A (Media)		955		40,139
The TJX Cos., Inc. (Specialty Retail)		7,927		400,789
The Walt Disney Co. (Entertainment)		9,937		1,108,075
The Wendy's Co. (Hotels, Restaurants & Leisure)		1,178		25,657
Tiffany & Co. (Specialty Retail)		723		88,163
Tractor Supply Co. (Specialty Retail)		764		100,688
TripAdvisor, Inc. (Interactive Media & Services)		666		12,661
Uber Technologies, Inc.* (Road & Rail)		1,375		42,735
Ulta Beauty, Inc.* (Specialty Retail)		373		75,876
United Airlines Holdings , Inc.* (Airlines)		1,672		57,868
Urban Outfitters, Inc.* (Specialty Retail)		464		7,062
Vail Resorts, Inc. (Hotels, Restaurants & Leisure)		267		48,634
ViacomCBS, Inc.—Class B (Media)		3,576		83,392
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)		4,875		206,651
Walmart, Inc. (Food & Staples Retailing)		9,373		1,122,697
Warner Music Group Corp.*—Class A (Entertainment)		507		14,957
Wayfair, Inc.*—Class A (Internet & Direct Marketing Retail)		448		88,529
Williams-Sonoma, Inc. (Specialty Retail)		515		42,235
World Wrestling Entertainment, Inc.—Class A (Entertainment)		306		13,296
Wyndham Destinations, Inc. (Hotels, Restaurants & Leisure)		562		15,837
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)		614		26,169
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure)		642		47,823
Yelp, Inc.* (Interactive Media & Services)		432		9,992
YUM! Brands, Inc. (Hotels, Restaurants & Leisure)		1,992		173,125
TOTAL COMMON STOCKS (Cost $14,850,818)				23,785,130

Repurchase Agreements^(b) (1.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $405,000	$	405,000	$	405,000
TOTAL REPURCHASE AGREEMENTS (Cost $405,000)				405,000

Collateral for Securities Loaned (0.4%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(c)		16,751	$	16,751
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(c)		184		184
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(c)		91,892		91,892
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $108,827)				108,827
TOTAL INVESTMENT SECURITIES (Cost $15,364,645)—99.2%				24,298,957
Net other assets (liabilities)—0.8%				190,423
NET ASSETS—100.0%			$	24,489,380

*	Non-income producing security.
(a)	All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $104,162.
(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)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Consumer Services Index	Goldman Sachs International	7/23/20		1.47	%	$	659,666	$	(20,532	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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.

48  :: ProFund VP Consumer Services :: Financial Statements

ProFund VP Consumer Services invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Airlines	$	392,409		1.6	%
Commercial Services & Supplies		199,233		0.8	%
Distributors		52,688		0.2	%
Diversified Consumer Services		266,137		1.1	%
Entertainment		2,451,613		10.0	%
Food & Staples Retailing		2,631,500		10.7	%
Health Care Providers & Services		199,787		0.8	%
Hotels, Restaurants & Leisure		3,053,430		12.5	%
Household Durables		70,617		0.3	%
Interactive Media & Services		39,214		0.2	%
Internet & Direct Marketing Retail		6,694,233		27.3	%
IT Services		18,347		0.1	%
Media		2,607,350		10.6	%
Multiline Retail		943,259		3.9	%
Professional Services		199,320		0.8	%
Road & Rail		113,012		0.5	%
Specialty Retail		3,841,009		15.7	%
Trading Companies & Distributors		11,972		NM
Other**		704,250		2.9	%
Total	$	24,489,380		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 Consumer Services :: 49

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	15,364,645
Securities, at value(a)		23,893,957
Repurchase agreements, at value		405,000
Total Investment Securities, at value		24,298,957
Cash		328
Segregated cash balances for swap agreements with custodian		270,000
Dividends and interest receivable		12,001
Receivable for capital shares issued		98,105
Prepaid expenses		429
TOTAL ASSETS		24,679,820
LIABILITIES:
Payable for capital shares redeemed		2,359
Payable for collateral for securities loaned		108,827
Unrealized depreciation on swap agreements		20,532
Advisory fees payable		13,395
Management services fees payable		1,786
Administration fees payable		1,930
Administrative services fees payable		11,134
Distribution fees payable		10,924
Trustee fees payable		9
Transfer agency fees payable		1,574
Fund accounting fees payable		1,103
Compliance services fees payable		177
Other accrued expenses		16,690
TOTAL LIABILITIES		190,440
NET ASSETS	$	24,489,380
NET ASSETS CONSIST OF:
Capital	$	7,357,468
Total distributable earnings (loss)		17,131,912
NET ASSETS	$	24,489,380
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		289,126
Net Asset Value (offering and redemption price per share)	$	84.70
(a) Includes securities on loan valued at:	$	104,162

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	120,770
Interest		2,799
Income from securities lending		631
TOTAL INVESTMENT INCOME		124,200
EXPENSES:
Advisory fees		87,409
Management services fees		11,655
Administration fees		10,840
Transfer agency fees		8,752
Administrative services fees		32,174
Distribution fees		29,136
Custody fees		1,675
Fund accounting fees		6,248
Trustee fees		342
Compliance services fees		177
Other fees		15,072
Total Gross Expenses before reductions		203,480
Expenses reduced and reimbursed by the Advisor		(7,683	)
TOTAL NET EXPENSES		195,797
NET INVESTMENT INCOME (LOSS)		(71,597	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		(80,716	)
Net realized gains (losses) on swap agreements		(61,543	)
Change in net unrealized appreciation/depreciation on investment securities		106,036
Change in net unrealized appreciation/depreciation on swap agreements		(26,137	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(62,360	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(133,957	)

See accompanying notes to financial statements.

50  :: ProFund VP Consumer Services :: Financial Statements

Statements of Changes in Net Assets  

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(71,597	)	$	(140,308	)
Net realized gains (losses) on investments		(142,259	)		12,818,995
Change in net unrealized appreciation/depreciation on investments		79,899			(6,928,885	)
Change in net assets resulting from operations		(133,957	)		5,749,802
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(1,296,563	)
Change in net assets resulting from distributions		—			(1,296,563	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		12,537,962			18,478,590
Distributions reinvested		—			1,296,563
Value of shares redeemed		(14,760,801	)		(22,603,792	)
Change in net assets resulting from capital transactions		(2,222,839	)		(2,828,639	)
Change in net assets		(2,356,796	)		1,624,600
NET ASSETS:
Beginning of period		26,846,176			25,221,576
End of period	$	24,489,380		$	26,846,176
SHARE TRANSACTIONS:
Issued		162,469			228,896
Reinvested		—			16,674
Redeemed		(196,912	)		(284,659	)
Change in shares		(34,443	)		(39,089	)

See accompanying notes to financial statements.

Financial Highlights :: ProFund VP Consumer Services :: 51

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	82.97		$	69.55		$	72.88		$	61.58		$	59.70		$	64.15
Investment Activities:
Net investment income (loss)(a)		(0.24	)		(0.40	)		(0.29	)		(0.12	)		(0.12	)		(0.12	)
Net realized and unrealized gains (losses) on investments		1.97	(b)		17.30			1.12			11.42			2.61			3.04
Total income (loss) from investment activities		1.73			16.90			0.83			11.30			2.49			2.92
Distributions to Shareholders From:
Net realized gains on investments		—			(3.48	)		(4.16	)		—			(0.61	)		(7.37	)
Net Asset Value, End of Period	$	84.70		$	82.97		$	69.55		$	72.88		$	61.58		$	59.70
Total Return(c)		2.08	%		24.64	%		0.62	%(d)		18.37	%		4.18	%		4.69	%
Ratios to Average Net Assets:
Gross expenses(e)		1.75	%		1.72	%		1.73	%		1.72	%		1.73	%		1.73	%
Net expenses(e)		1.68	%		1.71	%(f)		1.65	%(d)		1.68	%		1.68	%		1.68	%
Net investment income (loss)(e)		(0.61	)%		(0.50	)%		(0.38	)%(d)		(0.18	)%		(0.20	)%		(0.20	)%
Supplemental Data:
Net assets, end of period (000's)	$	24,489		$	26,846		$	25,222		$	32,762		$	27,416		$	34,472
Portfolio turnover rate(c)(g)		46	%		182	%		82	%		81	%		66	%		103	%

(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)	During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.67% and (0.40)%, respectively, and the total return would have been 0.60%.
(e)	Annualized for periods less than one year.
(f)	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.
(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). 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.

52  :: ProFund VP Dow 30 :: Financial Statements

Investment Objective: The ProFund VP Dow 30 seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones Industrial Average^®.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

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 investments 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
Information Technology		27	%
Health Care		14	%
Consumer Discretionary		14	%
Industrials		14	%
Financials		13	%
Consumer Staples		9	%
Communication Services		4	%
Energy		4	%
Materials		1	%

Schedule of Portfolio Investments (unaudited)

Repurchase Agreements^(a)(b) (128.4%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%—0.04%, dated 6/30/20, due 7/1/20, total to be received $443,000	$	443,000	$	443,000
TOTAL REPURCHASE AGREEMENTS (Cost $443,000)				443,000
TOTAL INVESTMENT SECURITIES (Cost $443,000)—128.4%				443,000
Net other assets (liabilities)—(28.4)%				(97,914	)
NET ASSETS—100.0%			$	345,086

^(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, 2020, the aggregate amount held in a segregated account was $71,000.

^(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 — Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones Industrial Average	Goldman Sachs International	7/27/20		1.47	%	$	194,534	$	2,478
Dow Jones Industrial Average	UBS AG	7/27/20		1.47	%		149,293		1,253
						$	343,827	$	3,731

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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.

3

Financial Statements :: ProFund VP Dow 30 :: 53

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	443,000
Repurchase agreements, at value		443,000
Total Investment Securities, at value		443,000
Cash		67
Unrealized appreciation on swap agreements		3,731
Prepaid expenses		6
TOTAL ASSETS		446,804
LIABILITIES:
Payable for capital shares redeemed		100,686
Advisory fees payable		235
Management services fees payable		31
Administration fees payable		27
Administrative services fees payable		131
Distribution fees payable		170
Transfer agency fees payable		24
Fund accounting fees payable		16
Compliance services fees payable		3
Other accrued expenses		395
TOTAL LIABILITIES		101,718
NET ASSETS	$	345,086
NET ASSETS CONSIST OF:
Capital	$	1,885,188
Total distributable earnings (loss)		(1,540,102	)
NET ASSETS	$	345,086
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		13,536
Net Asset Value (offering and redemption price per share)	$	25.49

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Interest	$	1,105
EXPENSES:
Advisory fees		1,388
Management services fees		185
Administration fees		202
Transfer agency fees		176
Administrative services fees		224
Distribution fees		463
Custody fees		33
Fund accounting fees		121
Trustee fees		7
Compliance services fees		3
Audit fees		182
Other fees		131
TOTAL NET EXPENSES		3,115
NET INVESTMENT INCOME (LOSS)		(2,010	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on swap agreements		(12,672	)
Change in net unrealized appreciation/depreciation on swap agreements		4,983
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(7,689	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(9,699	)

See accompanying notes to financial statements.

4

54  :: ProFund VP Dow 30 :: Financial Statements

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(2,010	)	$	2,163
Net realized gains (losses) on investments		(12,672	)		107,737
Change in net unrealized appreciation/depreciation on investments		4,983			(3,215	)
Change in net assets resulting from operations		(9,699	)		106,685
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(837	)
Change in net assets resulting from distributions		—			(837	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		3,971,687			15,592,838
Distributions reinvested		—			837
Value of shares redeemed		(3,932,670	)		(15,691,099	)
Change in net assets resulting from capital transactions		39,017			(97,424	)
Change in net assets		29,318			8,424
NET ASSETS:
Beginning of period		315,768			307,344
End of period	$	345,086		$	315,768
SHARE TRANSACTIONS:
Issued		149,439			590,876
Reinvested		—			33
Redeemed		(147,115	)		(593,022	)
Change in shares		2,324			(2,113	)

See accompanying notes to financial statements.

5

Financial Highlights :: ProFund VP Dow 30 :: 55

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	28.16		$	23.07		$	31.90		$	36.39		$	32.23		$	33.94
Investment Activities:
Net investment income (loss)(a)		(0.14	)		0.15			0.05			(0.24	)		(0.38	)		(0.51	)
Net realized and unrealized gains (losses) on investments		(2.53	)		4.97			(1.18	)		7.74			4.54			(0.54	)
Total income (loss) from investment activities		(2.67	)		5.12			(1.13	)		7.50			4.16			(1.05	)
Distributions to Shareholders From:
Net investment income		—			(0.03	)		—			—			—			—
Net realized gains on investments		—			—			(7.70	)		(11.99	)		—			(0.66	)
Total distributions		—			(0.03	)		(7.70	)		(11.99	)		—			(0.66	)
Net Asset Value, End of Period	$	25.49		$	28.16		$	23.07		$	31.90		$	36.39		$	32.23
Total Return(b)		(9.48	)%		22.18	%		(6.03	)%		23.63	%		12.91	%		(2.97	)%
Ratios to Average Net Assets:
Gross expenses(c)		1.68	%		1.47	%		1.49	%		1.44	%		1.44	%		1.58	%
Net expenses(c)		1.68	%		1.47	%		1.49	%		1.44	%		1.44	%		1.58	%
Net investment income (loss)(c)		(1.09	)%		0.56	%		0.16	%		(0.68	)%		(1.15	)%		(1.54	)%
Supplemental Data:
Net assets, end of period (000's)	$	345		$	316		$	307		$	349		$	330		$	2,616
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.

6

56 :: ProFund VP Emerging Markets :: Financial Statements

Investment Objective: The ProFund VP Emerging Markets seeks investment results that, before fees and expenses, correspond to the performance of the S&P/BNY Mellon Emerging 50 ADR Index (USD).

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

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 investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Alibaba Group Holding, Ltd.		19.0	%
Taiwan Semiconductor Manufacturing Co., Ltd.		17.6	%
HDFC Bank, Ltd.		5.3	%
JD.com, Inc.		4.4	%
China Mobile, Ltd.		3.0	%

S&P/BNY Mellon Emerging 50 ADR Index (USD) – Composition

Industry Breakdown	% of Index
Consumer Discretionary		32	%
Information Technology		23	%
Communication Services		15	%
Financials		14	%
Materials		6	%
Energy		5	%
Consumer Staples		2	%
Industrials		1	%
Health Care		1	%
Utilities		1	%
Country Composition
China		49	%
Taiwan		20	%
India		11	%
Brazil		10	%
Other		10	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (95.5%)

	Shares		Value
58.com, Inc.*ADR (Interactive Media & Services)		1,172	$	63,218
Alibaba Group Holding, Ltd.*ADR (Internet & Direct Marketing Retail)		13,577		2,928,559
Ambev S.A.ADR (Beverages)		55,553		146,660
America Movil S.A.B. de C.V.ADR (Wireless Telecommunication Services)		14,701		186,556
AngloGold Ashanti, Ltd.ADR (Metals & Mining)		5,202		153,406
ASE Technology Holding Co., Ltd.ADR (Semiconductors & Semiconductor Equipment)		19,404		88,094
Autohome, Inc.ADR (Interactive Media & Services)		720		54,360
Baidu, Inc.*ADR (Interactive Media & Services)		3,453		413,980
Banco Bradesco S.A.ADR (Banks)		55,923		213,067
Beigene, Ltd.*ADR (Biotechnology)		323		60,853
China Life Insurance Co., Ltd.ADR (Insurance)		18,766		189,349
China Mobile, Ltd.ADR (Wireless Telecommunication Services)		13,942		469,009
China Petroleum & Chemical Corp.ADR (Oil, Gas & Consumable Fuels)		3,217		134,985
China Telecom Corp., Ltd.ADR (Diversified Telecommunication Services)		1,750		49,123
Chunghwa Telecom Co., Ltd.ADR (Diversified Telecommunication Services)		4,793		188,700
CNOOC, Ltd.ADR (Oil, Gas & Consumable Fuels)		2,027		228,727
Dr. Reddy's Laboratories, Ltd.ADR (Pharmaceuticals)		1,526		80,893
Enel Americas S.A.ADR (Electric Utilities)		9,211		69,175
Fomento Economico Mexicano S.A.B. de C.V.ADR (Beverages)		2,343		145,289
GDS Holdings, Ltd.*ADR (IT Services)		942		75,040
Gold Fields, Ltd.ADR (Metals & Mining)		11,139		104,707
HDFC Bank, Ltd.ADR (Banks)		17,820		810,097
ICICI Bank, Ltd.ADR (Banks)		29,927		278,022
Infosys Technologies, Ltd.ADR (IT Services)		47,116		455,141
iQIYI, Inc.*ADR (Entertainment)		3,460		80,237
Itau Unibanco Holding S.A.ADR (Banks)		61,103		286,573
JD.com, Inc.*ADR (Internet & Direct Marketing Retail)		11,131		669,864
KB Financial Group, Inc.ADR (Banks)		4,929		137,125
Korea Electric Power Corp.*ADR (Electric Utilities)		6,476		51,678
Mobile TeleSystems PJSCADR (Wireless Telecommunication Services)		5,670		52,107
NetEase, Inc.ADR (Entertainment)		1,000		429,380
New Oriental Education & Technology Group, Inc.*ADR (Diversified Consumer Services)		1,499		195,215
PetroChina Co., Ltd.ADR (Oil, Gas & Consumable Fuels)		2,661		87,999
Petroleo Brasileiro S.A.ADR (Oil, Gas & Consumable Fuels)		16,892		139,697
Pinduoduo, Inc.*ADR (Internet & Direct Marketing Retail)		4,546		390,229
POSCOADR (Metals & Mining)		3,562		131,936
PT Telekomunikasi Indonesia TbkADR(a) (Diversified Telecommunication Services)		5,997		131,214
Shinhan Financial Group Co., Ltd.ADR (Banks)		5,930		142,677
Sibanye Stillwater, Ltd.*ADR (Metals & Mining)		6,712		58,059
SK Telecom Co., Ltd.ADR (Wireless Telecommunication Services)		3,757		72,585
Suzano Papel e Celulose S.A.*ADR (Paper & Forest Products)		6,694		45,251

Financial Statements :: ProFund VP Emerging Markets :: 57

Common Stocks, continued

	Shares		Value
Taiwan Semiconductor Manufacturing Co., Ltd.ADR (Semiconductors & Semiconductor Equipment)		47,744	$	2,710,427
TAL Education Group*ADR (Diversified Consumer Services)		4,859		332,258
Trip.com Group, Ltd.*ADR (Internet & Direct Marketing Retail)		5,385		139,579
United Microelectronics Corp.ADR (Semiconductors & Semiconductor Equipment)		26,815		70,792
Vale S.A.ADR (Metals & Mining)		39,999		412,390
Vipshop Holdings, Ltd.*ADR (Internet & Direct Marketing Retail)		4,835		96,265
Wipro, Ltd.ADR (IT Services)		17,288		57,223
ZTO Express Cayman, Inc.ADR (Air Freight & Logistics)		5,464		200,583
TOTAL COMMON STOCKS (Cost $8,830,956)				14,708,353

Preferred Stock (1.5%)

Petroleo Brasileiro S.A.ADR (Oil, Gas & Consumable Fuels)	28,256	225,200
TOTAL PREFERRED STOCK (Cost $19,228)		225,200

Repurchase Agreements^(b)(c) (2.6%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $393,000	$	393,000	$	393,000
TOTAL REPURCHASE AGREEMENTS (Cost $393,000)				393,000

Collateral for Securities Loaned (0.8%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(d)		18,532	$	18,532
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(d)		203		203
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(d)		101,663		101,663
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $120,398)				120,398
TOTAL INVESTMENT SECURITIES (Cost $9,363,582)—100.4%				15,446,951
Net other assets (liabilities)—(0.4)%				(57,590	)
NET ASSETS—100.0%			$	15,389,361

*	Non-income producing security.
(a)	All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $117,080.
(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, 2020, the aggregate amount held in a segregated account was $309,000.
(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.
(d)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.
ADR	American Depositary Receipt

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P/BNY Mellon Emerging 50 ADR Index (USD)	Goldman Sachs International	7/27/20		1.42	%	$	93,219	$	102
S&P/BNY Mellon Emerging 50 ADR Index (USD)	UBS AG	7/27/20		1.47	%		378,919		336
						$	472,138	$	438

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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.

58 :: ProFund VP Emerging Markets :: Financial Statements

ProFund VP Emerging Markets invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Air Freight & Logistics	$	200,583		1.3	%
Banks		1,867,561		12.1	%
Beverages		291,949		1.9	%
Biotechnology		60,853		0.4	%
Diversified Consumer Services		527,473		3.4	%
Diversified Telecommunication Services		369,037		2.4	%
Electric Utilities		120,853		0.7	%
Entertainment		509,617		3.3	%
Insurance		189,349		1.2	%
Interactive Media & Services		531,558		3.5	%
Internet & Direct Marketing Retail		4,224,496		27.4	%
IT Services		587,404		3.8	%
Metals & Mining		860,498		5.7	%
Oil, Gas & Consumable Fuels		816,608		5.3	%
Paper & Forest Products		45,251		0.3	%
Pharmaceuticals		80,893		0.5	%
Semiconductors & Semiconductor Equipment		2,869,313		18.7	%
Wireless Telecommunication Services		780,257		5.1	%
Other**		455,808		3.0	%
Total	$	15,389,361		100.0	%

ProFund VP Emerging Markets invested in securities with exposure to the following countries as of June 30, 2020:

	Value		% of Net Assets
Brazil	$	1,468,838		9.6	%
Chile		69,175		0.4	%
China		6,819,803		44.2	%
Hong Kong		469,009		3.0	%
India		1,681,376		10.9	%
Indonesia		131,214		0.9	%
Mexico		331,845		2.2	%
Russia		52,107		0.3	%
South Africa		316,172		2.1	%
South Korea		536,001		3.5	%
Taiwan		3,058,013		19.9	%
Other**		455,808		3.0	%
Total	$	15,389,361		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.

Financial Statements :: ProFund VP Emerging Markets :: 59

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	9,363,582
Securities, at value(a)		15,053,951
Repurchase agreements, at value		393,000
Total Investment Securities, at value		15,446,951
Cash		873
Dividends and interest receivable		79,472
Unrealized appreciation on swap agreements		438
Receivable for capital shares issued		39,784
Receivable for tax reclaims		488
Prepaid expenses		996
TOTAL ASSETS		15,569,002
LIABILITIES:
Payable for capital shares redeemed		16,798
Payable for collateral for securities loaned		120,398
Advisory fees payable		8,260
Management services fees payable		1,101
Administration fees payable		1,197
Administrative services fees payable		8,403
Distribution fees payable		8,724
Trustee fees payable		5
Transfer agency fees payable		976
Fund accounting fees payable		671
Compliance services fees payable		122
Other accrued expenses		12,986
TOTAL LIABILITIES		179,641
NET ASSETS	$	15,389,361
NET ASSETS CONSIST OF:
Capital	$	17,587,017
Total distributable earnings (loss)		(2,197,656	)
NET ASSETS	$	15,389,361
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		594,791
Net Asset Value (offering and redemption price per share)	$	25.87
(a) Includes securities on loan valued at:	$	117,080

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	127,599
Interest		3,489
Foreign tax withholding		(14,476	)
Income from securities lending		656
TOTAL INVESTMENT INCOME		117,268
EXPENSES:
Advisory fees		65,699
Management services fees		8,760
Administration fees		8,326
Transfer agency fees		6,707
Administrative services fees		20,785
Distribution fees		21,900
Custody fees		7,125
Fund accounting fees		4,711
Trustee fees		273
Compliance services fees		122
Other fees		10,770
Total Gross Expenses before reductions		155,178
Expenses reduced and reimbursed by the Advisor		(8,012	)
TOTAL NET EXPENSES		147,166
NET INVESTMENT INCOME (LOSS)		(29,898	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		(849,433	)
Net realized gains (losses) on swap agreements		(154,853	)
Change in net unrealized appreciation/depreciation on investment securities		(2,184,243	)
Change in net unrealized appreciation/depreciation on swap agreements		18,930
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(3,169,599	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,199,497	)

See accompanying notes to financial statements.

60 :: ProFund VP Emerging Markets :: Financial Statements

Statements of Changes in Net Assets  

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(29,898	)	$	117,347
Net realized gains (losses) on investments		(1,004,286	)		195,836
Change in net unrealized appreciation/depreciation on investments		(2,165,313	)		3,504,179
Change in net assets resulting from operations		(3,199,497	)		3,817,362
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(84,945	)
Change in net assets resulting from distributions		—			(84,945	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		14,144,973			45,916,725
Distributions reinvested		—			84,945
Value of shares redeemed		(21,507,786	)		(40,847,675	)
Change in net assets resulting from capital transactions		(7,362,813	)		5,153,995
Change in net assets		(10,562,310	)		8,886,412
NET ASSETS:
Beginning of period		25,951,671			17,065,259
End of period	$	15,389,361		$	25,951,671
SHARE TRANSACTIONS:
Issued		525,760			1,742,107
Reinvested		—			3,531
Redeemed		(823,296	)		(1,578,311	)
Change in shares		(297,536	)		167,327

See accompanying notes to financial statements.

Financial Highlights :: ProFund VP Emerging Markets :: 61

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	29.08		$	23.54		$	27.85		$	20.91		$	18.86		$	23.02
Investment Activities:
Net investment income (loss)(a)		(0.04	)		0.15			0.09			0.06			0.02			0.08
Net realized and unrealized gains (losses) on investments		(3.17	)		5.53			(4.33	)		6.89			2.06			(4.03	)
Total income (loss) from investment activities		(3.21	)		5.68			(4.24	)		6.95			2.08			(3.95	)
Distributions to Shareholders From:
Net investment income		—			(0.14	)		(0.07	)		(0.01	)		(0.03	)		(0.21	)
Net Asset Value, End of Period	$	25.87		$	29.08		$	23.54		$	27.85		$	20.91		$	18.86
Total Return(b)		(11.04	)%		24.23	%(c)		(15.27	)%		33.26	%		11.01	%		(17.36	)%
Ratios to Average Net Assets:
Gross expenses(d)		1.77	%		1.74	%		1.74	%		1.70	%		1.72	%		1.83	%
Net expenses(d)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(d)		(0.34	)%		0.58	%		0.34	%		0.21	%		0.10	%		0.36	%
Supplemental Data:
Net assets, end of period (000's)	$	15,389		$	25,952		$	17,065		$	34,450		$	14,906		$	9,079
Portfolio turnover rate(b)(e)		69	%		83	%		21	%		54	%		118	%		182	%

(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)	During the year ended December 31, 2019, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.69%.
(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.

62 :: ProFund VP Europe 30 :: Financial Statements

Investment Objective: The ProFund VP Europe 30 seeks investment results that, before fees and expenses, correspond to the performance of the ProFunds Europe 30^® Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

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 investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
SAP		6.4	%
Unilever N.V.		5.4	%
NOVO Nordisk A/S		5.0	%
ASML Holding N.V.		5.0	%
AstraZeneca PLC		4.6	%

ProFunds Europe 30^® Index — Composition

Industry Breakdown	% of Index
Health Care		25	%
Information Technology		18	%
Consumer Staples		17	%
Energy		16	%
Financials		10	%
Materials		6	%
Utilities		3	%
Communication Services		3	%
Industrials		2	%

Country Composition
United Kingdom	44	%
Netherlands	11	%
France	8	%
Germany	6	%
Belgium	6	%
Other	25	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (100.0%)

	Shares		Value
Amarin Corp. PLC*ADR (Biotechnology)		15,849	$	109,675
Anheuser-Busch InBev N.V.ADR (Beverages)		10,960		540,328
ArcelorMittal*NYS(a)—Class A (Metals & Mining)		20,744		222,583
ASML Holding N.V.NYS (Semiconductors & Semiconductor Equipment)		1,958		720,603
AstraZeneca PLCADR (Pharmaceuticals)		12,719		672,709
Banco Santander S.A.ADR(a) (Banks)		134,052		323,066
Barclays PLCADR (Banks)		48,138		272,461
BP PLCADR (Oil, Gas & Consumable Fuels)		20,351		474,585
British American Tobacco PLCADR (Tobacco)		15,460		600,157
Diageo PLCADR (Beverages)		3,912		525,734
Equinor ASAADR (Oil, Gas & Consumable Fuels)		27,984		405,208
Galapagos NV*ADR(a) (Biotechnology)		1,762		347,625
GlaxoSmithKline PLCADR (Pharmaceuticals)		14,662		598,063
Grifols SAADR (Biotechnology)		16,827		306,924
GW Pharmaceuticals PLC*ADR(a) (Pharmaceuticals)		2,938		360,551
HSBC Holdings PLCADR(a) (Banks)		22,503		524,995
ING Groep N.V.ADR(a) (Banks)		39,726		274,109
National Grid PLCADR (Multi-Utilities)		7,437		451,723
Nokia Corp.ADR (Communications Equipment)		107,236		471,838
NOVO Nordisk A/SADR (Pharmaceuticals)		11,153		730,298
Rio Tinto PLCADR (Metals & Mining)		11,349		637,587
Royal Dutch Shell PLCADR—Class A (Oil, Gas & Consumable Fuels)		19,375		633,369
Ryanair Holdings PLC*ADR (Airlines)		4,306		285,660
SanofiADR (Pharmaceuticals)		12,719		649,305
SAPADR (Software)		6,654		931,560
Telefonaktiebolaget LM EricssonADR (Communications Equipment)		47,356		440,411
Tenaris S.A.ADR (Energy Equipment & Services)		16,046		207,475
TOTAL S.A.ADR (Oil, Gas & Consumable Fuels)		14,876		572,131
Unilever N.V.NYS (Personal Products)		14,679		781,950
Vodafone Group PLCADR (Wireless Telecommunication Services)		25,439		405,498
TOTAL COMMON STOCKS (Cost $11,471,155)				14,478,181

Collateral for Securities Loaned (7.6%)

BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(b)	169,026		169,026
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(b)	1,853		1,853
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(b)	927,245		927,245
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $1,098,124)			1,098,124
TOTAL INVESTMENT SECURITIES (Cost $12,569,279)—107.6%			15,576,305
Net other assets (liabilities)—(7.6)%			(1,093,477	)
NET ASSETS—100.0%		$	14,482,828

* Non-income producing security.

^(a) All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $1,063,436.

^(b) Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

^ADR American Depositary Receipt

^NYS New York Shares

See accompanying notes to financial statements.

7

Financial Statements :: ProFund VP Europe 30 :: 63

ProFund VP Europe 30 invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Airlines	$	285,660		1.9	%
Banks		1,394,631		9.6	%
Beverages		1,066,062		7.3	%
Biotechnology		764,224		5.3	%
Communications Equipment		912,249		6.3	%
Energy Equipment & Services		207,475		1.4	%
Metals & Mining		860,170		6.0	%
Multi-Utilities		451,723		3.1	%
Oil, Gas & Consumable Fuels		2,085,293		14.5	%
Personal Products		781,950		5.4	%
Pharmaceuticals		3,010,926		20.9	%
Semiconductors & Semiconductor Equipment		720,603		5.0	%
Software		931,560		6.4	%
Tobacco		600,157		4.1	%
Wireless Telecommunication Services		405,498		2.8	%
Other**		4,647			NM
Total	$	14,482,828		100.0	%

ProFund VP Europe 30 invested in securities with exposure to the following countries as of June 30, 2020:

	Value		% of Net Assets
Belgium	$	887,953		6.1	%
Denmark		730,298		5.0	%
Finland		471,838		3.3	%
France		1,221,436		8.5	%
Germany		931,560		6.4	%
Ireland		395,335		2.7	%
Luxembourg		430,058		3.0	%
Netherlands		1,628,081		11.3	%
Norway		405,208		2.8	%
Spain		629,990		4.3	%
Sweden		440,411		3.0	%
United Kingdom		6,306,013		43.6	%
Other**		4,647			NM
Total	$	14,482,828		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.

8

64 :: ProFund VP Europe 30 :: Financial Statements

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	12,569,279
Securities, at value(a)		15,576,305
Total Investment Securities, at value		15,576,305
Dividends receivable		32,993
Receivable for capital shares issued		301,489
Receivable for tax reclaims		18,660
Prepaid expenses		292
TOTAL ASSETS		15,929,739
LIABILITIES:
Payable for investments purchased		209,884
Payable for capital shares redeemed		16,675
Cash overdraft		84,533
Payable for collateral for securities loaned		1,098,124
Advisory fees payable		7,740
Management services fees payable		1,032
Administration fees payable		1,163
Administrative services fees payable		4,453
Distribution fees payable		5,735
Trustee fees payable		5
Transfer agency fees payable		948
Fund accounting fees payable		647
Compliance services fees payable		111
Other accrued expenses		15,861
TOTAL LIABILITIES		1,446,911
NET ASSETS	$	14,482,828
NET ASSETS CONSIST OF:
Capital	$	16,267,545
Total distributable earnings (loss)		(1,784,717	)
NET ASSETS	$	14,482,828
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		752,043
Net Asset Value (offering and redemption price per share)	$	19.26
(a) Includes securities on loan valued at:	$	1,063,436

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	244,515
Interest		38
Foreign tax withholding		(23,992	)
Income from securities lending		1,944
TOTAL INVESTMENT INCOME		222,505
EXPENSES:
Advisory fees		56,148
Management services fees		7,486
Administration fees		7,358
Transfer agency fees		5,897
Administrative services fees		17,924
Distribution fees		18,716
Custody fees		6,617
Fund accounting fees		4,111
Trustee fees		233
Compliance services fees		111
Other fees		9,300
Total Gross Expenses before reductions		133,901
Expenses reduced and reimbursed by the Advisor		(8,157	)
TOTAL NET EXPENSES		125,744
NET INVESTMENT INCOME (LOSS)		96,761
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		257,226
Change in net unrealized appreciation/depreciation on investment securities		(3,664,265	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(3,407,039	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,310,278	)

See accompanying notes to financial statements.

9

Financial Statements :: ProFund VP Europe 30 :: 65

Statements of Changes in Net Assets  

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	96,761		$	395,173
Net realized gains (losses) on investments		257,226			1,046,502
Change in net unrealized appreciation/depreciation on investments		(3,664,265	)		1,842,841
Change in net assets resulting from operations		(3,310,278	)		3,284,516
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(507,890	)
Change in net assets resulting from distributions		—			(507,890	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		5,157,424			20,862,649
Distributions reinvested		—			507,890
Value of shares redeemed		(6,890,366	)		(22,952,573	)
Change in net assets resulting from capital transactions		(1,732,942	)		(1,582,034	)
Change in net assets		(5,043,220	)		1,194,592
NET ASSETS:
Beginning of period		19,526,048			18,331,456
End of period	$	14,482,828		$	19,526,048
SHARE TRANSACTIONS:
Issued		265,865			932,763
Reinvested		—			23,623
Redeemed		(344,555	)		(1,017,584	)
Change in shares		(78,690	)		(61,198	)

See accompanying notes to financial statements.

10

66 :: 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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	23.50		$	20.55		$	24.53		$	20.84		$	19.90		$	23.35
Investment Activities:
Net investment income (loss)(a)		0.13			0.45			0.48			0.50			0.50			0.53
Net realized and unrealized gains (losses) on investments		(4.37	)		3.15			(3.86	)		3.60			1.03			(2.92	)
Total income (loss) from investment activities		(4.24	)		3.60			(3.38	)		4.10			1.53			(2.39	)
Distributions to Shareholders From:
Net investment income		—			(0.65	)		(0.60	)		(0.41	)		(0.59	)		(1.06	)
Net Asset Value, End of Period	$	19.26		$	23.50		$	20.55		$	24.53		$	20.84		$	19.90
Total Return(b)		(18.04	)%		17.79	%		(14.13	)%		19.71	%		7.76	%		(10.83	)%
Ratios to Average Net Assets:
Gross expenses(c)		1.79	%		1.79	%		1.75	%		1.74	%		1.70	%		1.79	%
Net expenses(c)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(c)		1.29	%		1.97	%		1.99	%		2.14	%		2.54	%		2.38	%
Supplemental Data:
Net assets, end of period (000's)	$	14,483		$	19,526		$	18,331		$	32,199		$	24,231		$	26,164
Portfolio turnover rate(b)(d)		18	%		85	%		228	%		181	%		102	%		107	%

(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.

11

Financial Statements :: ProFund VP Falling U.S. Dollar :: 67

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, 2020

Market Exposure

Investment Type	% of Net Assets
Forward Currency Contracts		(100	)%
Total Exposure		(100	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments 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) (101.5%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%—0.04%, dated 6/30/20, due 7/1/20, total to be received $390,000	$	390,000	$	390,000
TOTAL REPURCHASE AGREEMENTS (Cost $390,000)				390,000
TOTAL INVESTMENT SECURITIES (Cost $390,000)—101.5%				390,000
Net other assets (liabilities)—(1.5)%				(5,582	)
NET ASSETS—100.0%			$	384,418

^(a) A portion of these securities were held in a segregated account for the benefit of foreign currency contracts counterparties in the event of default. At June 30, 2020, the aggregate amount held in a segregated account was $61,000.

^(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.

As of June 30, 2020, 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	7,771	U.S. dollar	$	9,790	7/10/20	$	9,628	$	(162	)
Canadian dollar	10,433	U.S. dollar		7,734	7/10/20		7,686		(48	)
Euro	43,804	U.S. dollar		49,181	7/10/20		49,221		40
Japanese yen	949,937	U.S. dollar		8,734	7/10/20		8,800		66
Swedish krona	28,328	U.S. dollar		3,052	7/10/20		3,042		(10	)
Swiss franc	847	U.S. dollar		881	7/10/20		894		13
Total Long Contracts			$	79,372		$	79,271	$	(101	)

As of June 30, 2020, 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)
Short:
U.S. dollar	$	6,378	British pound	5,079	7/10/20	$	6,292	$	86
U.S. dollar		5,389	Canadian dollar	7,308	7/10/20		5,384		5
U.S. dollar		36,695	Euro	32,580	7/10/20		36,609		86
U.S. dollar		8,530	Japanese yen	917,234	7/10/20		8,497		33
U.S. dollar		2,621	Swedish krona	24,379	7/10/20		2,618		3
U.S. dollar		2,211	Swiss franc	2,105	7/10/20		2,223		(12	)
Total Short Contracts	$	61,824				$	61,623	$	201

See accompanying notes to financial statements.

12

68 :: ProFund VP Falling U.S. Dollar :: Financial Statements

Description and amount of currency purchased		Description and amount of currency sold			Delivery Date	Fair Value		Unrealized Appreciation/ (Depreciation)
Long:
British pound	34,471	U.S. dollar	$	43,480	7/10/20	$	42,708	$	(772	)
Canadian dollar	44,646	U.S. dollar		33,128	7/10/20		32,892		(236	)
Euro 185,555		U.S. dollar		208,743	7/10/20		208,501		(242	)
Japanese yen	5,585,039	U.S. dollar		51,446	7/10/20		51,740		294
Swedish krona	146,337	U.S. dollar		15,789	7/10/20		15,712		(77	)
Swiss franc	14,400	U.S. dollar		15,016	7/10/20		15,207		191
Total Long Contracts			$	367,602		$	366,760	$	(842	)
			Total unrealized appreciation					$	817
			Total unrealized (depreciation)						(1,559	)
			Total net unrealized appreciation/(depreciation)					$	(742	)

See accompanying notes to financial statements.

13

Financial Statements :: ProFund VP Falling U.S. Dollar :: 69

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	390,000
Repurchase agreements, at value		390,000
Total Investment Securities, at value		390,000
Cash		633
Segregated cash balances for forward foreign currency contracts with custodian		320
Unrealized appreciation on forward foreign currency contracts		817
Receivable for capital shares issued		26
Receivable from Advisor under an expense limitation agreement		332
Prepaid expenses		10
TOTAL ASSETS		392,138
LIABILITIES:
Payable for capital shares redeemed		85
Unrealized depreciation on forward foreign currency contracts		1,559
Administration fees payable		31
Administrative services fees payable		234
Distribution fees payable		247
Transfer agency fees payable		25
Fund accounting fees payable		17
Compliance services fees payable		4
Other accrued expenses		5,518
TOTAL LIABILITIES		7,720
NET ASSETS	$	384,418
NET ASSETS CONSIST OF:
Capital	$	698,302
Total distributable earnings (loss)		(313,884	)
NET ASSETS	$	384,418
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		22,285
Net Asset Value (offering and redemption price per share)	$	17.25

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Interest	$	1,381
EXPENSES:
Advisory fees		1,625
Management services fees		217
Administration fees		276
Transfer agency fees		230
Administrative services fees		506
Distribution fees		542
Custody fees		6,303
Fund accounting fees		159
Trustee fees		9
Compliance services fees		4
Other fees		851
Total Gross Expenses before reductions		10,722
Expenses reduced and reimbursed by the Advisor		(7,081	)
TOTAL NET EXPENSES		3,641
NET INVESTMENT INCOME (LOSS)		(2,260	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on forward currency contracts		(14,514	)
Change in net unrealized appreciation/depreciation on forward currency contracts		(4,504	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(19,018	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(21,278	)

See accompanying notes to financial statements.

14

70 :: ProFund VP Falling U.S. Dollar :: Financial Statements

Statements of Changes in Net Assets  

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(2,260	)	$	1,949
Net realized gains (losses) on investments		(14,514	)		(19,595	)
Change in net unrealized appreciation/depreciation on investments		(4,504	)		3,085
Change in net assets resulting from operations		(21,278	)		(14,561	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(214	)
Change in net assets resulting from distributions		—			(214	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		928,986			2,615,070
Distributions reinvested		—			214
Value of shares redeemed		(1,138,429	)		(2,662,160	)
Change in net assets resulting from capital transactions		(209,443	)		(46,876	)
Change in net assets		(230,721	)		(61,651	)
NET ASSETS:
Beginning of period		615,139			676,790
End of period	$	384,418		$	615,139
SHARE TRANSACTIONS:
Issued		53,900			148,050
Reinvested		—			12
Redeemed		(66,560	)		(150,646	)
Change in shares		(12,660	)		(2,584	)

See accompanying notes to financial statements.

15

Financial Highlights :: ProFund VP Falling U.S. Dollar :: 71

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	17.60		$	18.03		$	22.30		$	20.57		$	21.85		$	24.28
Investment Activities:
Net investment income (loss)(a)		(0.09	)		0.08			0.01			(0.18	)		(0.31	)		(0.37	)
Net realized and unrealized gains (losses) on investments		(0.26	)		(0.50	)		(1.34	)		1.91			(0.97	)		(2.06	)
Total income (loss) from investment activities		(0.35	)		(0.42	)		(1.33	)		1.73			(1.28	)		(2.43	)
Distributions to Shareholders From:
Net investment income		—			(0.01	)		—			—			—			—
Net realized gains on investments		—			—			(2.94	)		—			—			—
Total distributions		—			(0.01	)		(2.94	)		—			—			—
Net Asset Value, End of Period	$	17.25		$	17.60		$	18.03		$	22.30		$	20.57		$	21.85
Total Return(b)		(1.99	)%		(2.34	)%		(6.31	)%		8.46	%		(5.86	)%		(10.01	)%
Ratios to Average Net Assets:
Gross expenses(c)		4.95	%		5.49	%		4.51	%		3.09	%		4.39	%		1.89	%
Net expenses(c)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(c)		(1.04	)%		0.44	%		0.03	%		(0.84	)%		(1.42	)%		(1.64	)%
Supplemental Data:
Net assets, end of period (000's)	$	384		$	615		$	677		$	693		$	445		$	796
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.

16

72 :: ProFund VP Financials :: Financial Statements

Investment Objective: The ProFund VP Financials seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Financials^SM Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Equity Securities		99	%
Swap Agreements		1	%
Total Exposure		100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Berkshire Hathaway, Inc.		7.3	%
Visa, Inc.		6.9	%
JPMorgan Chase & Co.		6.1	%
MasterCard, Inc.		5.5	%
Bank of America Corp.		3.9	%

Dow Jones U.S. Financials^SM Index — Composition

	% of Index
Diversified Financials		28	%
Banks		23	%
Real Estate		22	%
Insurance		13	%
Software & Services		13	%
Commercial & Professional Services		1	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (98.8%)

	Shares		Value
Acadia Realty Trust (Equity Real Estate Investment Trusts)		442	$	5,737
Affiliated Managers Group, Inc. (Capital Markets)		243		18,118
Aflac, Inc. (Insurance)		3,686		132,807
AGNC Investment Corp. (Mortgage Real Estate Investment Trusts)		2,874		37,075
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts)		648		105,138
Alleghany Corp. (Insurance)		74		36,196
Ally Financial, Inc. (Consumer Finance)		1,917		38,014
American Campus Communities, Inc. (Equity Real Estate Investment Trusts)		707		24,717
American Express Co. (Consumer Finance)		3,391		322,824
American Financial Group, Inc. (Insurance)		383		24,305
American Homes 4 Rent—Class A (Equity Real Estate Investment Trusts)		1,311		35,266
American International Group, Inc. (Insurance)		4,425		137,972
American Tower Corp. (Equity Real Estate Investment Trusts)		2,277		588,697
Americold Realty Trust (Equity Real Estate Investment Trusts)		1,029		37,353
Ameriprise Financial, Inc. (Capital Markets)		628		94,225
Annaly Capital Management, Inc. (Mortgage Real Estate Investment Trusts)		7,348		48,202
Aon PLC (Insurance)		1,187		228,616
Apartment Investment & Management Co. (Equity Real Estate Investment Trusts)		765		28,795
Apple Hospitality REIT, Inc. (Equity Real Estate Investment Trusts)		1,078		10,413
Arch Capital Group, Ltd.* (Insurance)		2,084		59,707
Arthur J. Gallagher & Co. (Insurance)		974		94,955
Associated Banc-Corp. (Banks)		789		10,794
Assurant, Inc. (Insurance)		306		31,607
Assured Guaranty, Ltd. (Insurance)		447		10,911
Athene Holding, Ltd.* (Insurance)		609		18,995
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts)		723		111,805
Axis Capital Holdings, Ltd. (Insurance)		433		17,562
BancorpSouth Bank (Banks)		500		11,370
Bank of America Corp. (Banks)		40,112		952,660
Bank of Hawaii Corp. (Banks)		206		12,650
Bank OZK (Banks)		621		14,575
BankUnited, Inc. (Banks)		474		9,599
Berkshire Hathaway, Inc.*—Class B (Diversified Financial Services)		9,987		1,782,780
BlackRock, Inc.—Class A (Capital Markets)		792		430,920
Blackstone Group, Inc.—Class A (Capital Markets)		3,441		194,967
Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts)		695		16,743
BOK Financial Corp. (Banks)		163		9,200
Boston Properties, Inc. (Equity Real Estate Investment Trusts)		742		67,062
Brandywine Realty Trust (Equity Real Estate Investment Trusts)		876		9,540
Brighthouse Financial, Inc.* (Insurance)		482		13,409
Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts)		1,523		19,525
Brown & Brown, Inc. (Insurance)		1,208		49,238
Camden Property Trust (Equity Real Estate Investment Trusts)		500		45,610
Capital One Financial Corp. (Consumer Finance)		2,339		146,398
Capitol Federal Financial, Inc. (Thrifts & Mortgage Finance)		727		8,004
Cathay General Bancorp (Banks)		388		10,204
CBOE Global Markets, Inc. (Capital Markets)		564		52,610
CBRE Group, Inc.*—Class A (Real Estate Management & Development)		1,722		77,869
Chimera Investment Corp. (Mortgage Real Estate Investment Trusts)		987		9,485
Chubb, Ltd. (Insurance)		2,319		293,632
Cincinnati Financial Corp. (Insurance)		775		49,623
CIT Group, Inc. (Banks)		505		10,469
Citigroup, Inc. (Banks)		10,695		546,515
Citizens Financial Group, Inc. (Banks)		2,192		55,326

See accompanying notes to financial statements.

17

Financial Statements :: ProFund VP Financials :: 73

Common Stocks, continued

	Shares		Value
CME Group, Inc. (Capital Markets)		1,842	$	299,399
CNA Financial Corp. (Insurance)		139		4,469
CNO Financial Group, Inc. (Insurance)		738		11,491
Colony Capital, Inc. (Equity Real Estate Investment Trusts)		2,472		5,933
Columbia Property Trust, Inc. (Equity Real Estate Investment Trusts)		588		7,726
Comerica, Inc. (Banks)		714		27,203
Commerce Bancshares, Inc. (Banks)		516		30,687
Corecivic, Inc. (Equity Real Estate Investment Trusts)		615		5,756
CoreSite Realty Corp. (Equity Real Estate Investment Trusts)		207		25,059
Corporate Office Properties Trust (Equity Real Estate Investment Trusts)		576		14,596
CoStar Group, Inc.* (Professional Services)		202		143,555
Cousins Properties, Inc. (Equity Real Estate Investment Trusts)		763		22,760
Credit Acceptance Corp.* (Consumer Finance)		67		28,074
Crown Castle International Corp. (Equity Real Estate Investment Trusts)		2,141		358,297
CubeSmart (Equity Real Estate Investment Trusts)		995		26,855
Cullen/Frost Bankers, Inc. (Banks)		292		21,815
Cushman & Wakefield PLC*(a) (Real Estate Management & Development)		849		10,579
CyrusOne, Inc. (Equity Real Estate Investment Trusts)		592		43,068
DiamondRock Hospitality Co. (Equity Real Estate Investment Trusts)		1,024		5,663
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts)		1,378		195,828
Discover Financial Services (Consumer Finance)		1,574		78,842
Diversified Healthcare Trust (Equity Real Estate Investment Trusts)		1,222		5,407
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts)		847		25,969
Duke Realty Corp. (Equity Real Estate Investment Trusts)		1,892		66,958
E*TRADE Financial Corp. (Capital Markets)		1,136		56,493
East West Bancorp, Inc. (Banks)		727		26,346
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts)		201		23,841
Eaton Vance Corp. (Capital Markets)		585		22,581
Enstar Group, Ltd.* (Insurance)		78		11,916
EPR Properties (Equity Real Estate Investment Trusts)		398		13,186
Equinix, Inc. (Equity Real Estate Investment Trusts)		455		319,547
Equitable Holdings, Inc. (Diversified Financial Services)		2,083		40,181
Equity Commonwealth (Equity Real Estate Investment Trusts)		624		20,093
Equity LifeStyle Properties, Inc. (Equity Real Estate Investment Trusts)		936		58,481
Equity Residential (Equity Real Estate Investment Trusts)		1,797		105,700
Erie Indemnity Co.—Class A (Insurance)		95		18,231
Essent Group, Ltd. (Thrifts & Mortgage Finance)		568		20,601
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts)		336		77,001
Evercore Partners, Inc.—Class A (Capital Markets)		208		12,255
Everest Re Group, Ltd. (Insurance)		205		42,271
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts)		663		61,241
F.N.B. Corp. (Banks)		1,660		12,450
FactSet Research Systems, Inc. (Capital Markets)		195		64,052
Federal Realty Investment Trust (Equity Real Estate Investment Trusts)		361		30,761
Federated Hermes, Inc.—Class B (Capital Markets)		493		11,684
Fifth Third Bancorp (Banks)		3,657		70,507
First American Financial Corp. (Insurance)		572		27,467
First Citizens BancShares, Inc.—Class A (Banks)		40		16,201
First Financial Bankshares, Inc. (Banks)		730		21,090
First Hawaiian, Inc. (Banks)		667		11,499
First Horizon National Corp. (Banks)		1,602		15,960
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts)		653		25,101
First Republic Bank (Banks)		881		93,377
FirstCash, Inc. (Consumer Finance)		213		14,373
FNF Group (Insurance)		1,484		45,499
Franklin Resources, Inc. (Capital Markets)		1,425		29,882
Fulton Financial Corp. (Banks)		831		8,750
Gaming & Leisure Properties, Inc. (Equity Real Estate Investment Trusts)		1,062		36,754
Genworth Financial, Inc.*—Class A (Insurance)		2,586		5,974
Glacier BanCorp, Inc. (Banks)		456		16,092
Globe Life, Inc. (Insurance)		503		37,338
Green Dot Corp.*—Class A (Consumer Finance)		250		12,270
Hancock Whitney Corp. (Banks)		443		9,392
Hartford Financial Services Group, Inc. (Insurance)		1,840		70,932
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts)		693		20,298
Healthcare Trust of America, Inc.—Class A (Equity Real Estate Investment Trusts)		1,122		29,755
Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts)		2,765		76,203
Highwoods Properties, Inc. (Equity Real Estate Investment Trusts)		534		19,934
Home BancShares, Inc. (Banks)		789		12,135
Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts)		3,622		39,081
Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts)		788		19,826
Huntington Bancshares, Inc. (Banks)		5,210		47,072
IBERIABANK Corp. (Banks)		271		12,341
Interactive Brokers Group, Inc.—Class A (Capital Markets)		394		16,457
Intercontinental Exchange, Inc. (Capital Markets)		2,811		257,488
International Bancshares Corp. (Banks)		287		9,190
Invesco Mortgage Capital, Inc.(a) (Mortgage Real Estate Investment Trusts)		847		3,168
Invesco, Ltd. (Capital Markets)		1,933		20,799
Investors Bancorp, Inc. (Banks)		1,041		8,849
Invitation Homes, Inc. (Equity Real Estate Investment Trusts)		2,793		76,891
Iron Mountain, Inc. (Equity Real Estate Investment Trusts)		1,479		38,602

See accompanying notes to financial statements.

18

74 :: ProFund VP Financials :: Financial Statements

Common Stocks, continued

	Shares		Value
Janus Henderson Group PLC (Capital Markets)		788	$	16,674
JBG Smith Properties (Equity Real Estate Investment Trusts)		604		17,860
Jones Lang LaSalle, Inc. (Real Estate Management & Development)		265		27,417
JPMorgan Chase & Co. (Banks)		15,653		1,472,320
Kemper Corp. (Insurance)		315		22,844
KeyCorp (Banks)		5,011		61,034
Kilroy Realty Corp. (Equity Real Estate Investment Trusts)		544		31,933
Kimco Realty Corp. (Equity Real Estate Investment Trusts)		2,222		28,530
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts)		444		29,641
Lazard, Ltd.—Class A (Capital Markets)		579		16,577
Legg Mason, Inc. (Capital Markets)		430		21,393
LendingTree, Inc.* (Thrifts & Mortgage Finance)		40		11,581
Lexington Realty Trust (Equity Real Estate Investment Trusts)		1,419		14,970
Life Storage, Inc. (Equity Real Estate Investment Trusts)		241		22,883
Lincoln National Corp. (Insurance)		993		36,532
Loews Corp. (Insurance)		1,243		42,622
LPL Financial Holdings, Inc. (Capital Markets)		405		31,752
M&T Bank Corp. (Banks)		659		68,516
Mack-Cali Realty Corp. (Equity Real Estate Investment Trusts)		465		7,110
Markel Corp.* (Insurance)		71		65,545
MarketAxess Holdings, Inc. (Capital Markets)		195		97,679
Marsh & McLennan Cos., Inc. (Insurance)		2,621		281,417
MasterCard, Inc.—Class A (IT Services)		4,540		1,342,478
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts)		2,714		51,023
Mercury General Corp. (Insurance)		139		5,664
MetLife, Inc. (Insurance)		3,963		144,729
MFA Financial, Inc. (Mortgage Real Estate Investment Trusts)		2,328		5,797
MGIC Investment Corp. (Thrifts & Mortgage Finance)		1,739		14,242
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts)		587		67,311
Moody's Corp. (Capital Markets)		828		227,476
Morgan Stanley (Capital Markets)		6,152		297,142
Morningstar, Inc. (Capital Markets)		106		14,943
MSCI, Inc.—Class A (Capital Markets)		437		145,879
Nasdaq, Inc. (Capital Markets)		590		70,487
National Health Investors, Inc. (Equity Real Estate Investment Trusts)		229		13,905
National Retail Properties, Inc. (Equity Real Estate Investment Trusts)		883		31,329
Navient Corp. (Consumer Finance)		876		6,158
New Residential Investment Corp. (Mortgage Real Estate Investment Trusts)		2,135		15,863
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance)		2,383		24,307
Northern Trust Corp. (Capital Markets)		1,069		84,814
Old Republic International Corp. (Insurance)		1,468		23,943
Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts)		1,166		34,665
Onemain Holdings, Inc. (Consumer Finance)		386		9,472
Outfront Media, Inc. (Equity Real Estate Investment Trusts)		742		10,514
PacWest Bancorp (Banks)		598		11,787
Paramount Group, Inc. (Equity Real Estate Investment Trusts)		980		7,556
Park Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts)		1,210		11,967
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts)		672		9,180
People's United Financial, Inc. (Banks)		2,182		25,246
Physicians Realty Trust (Equity Real Estate Investment Trusts)		1,041		18,238
Piedmont Office Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts)		647		10,747
Pinnacle Financial Partners, Inc. (Banks)		366		15,368
Popular, Inc. (Banks)		453		16,838
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts)		344		13,082
Primerica, Inc. (Insurance)		209		24,369
Principal Financial Group, Inc. (Insurance)		1,308		54,334
ProAssurance Corp. (Insurance)		277		4,008
Prologis, Inc. (Equity Real Estate Investment Trusts)		3,794		354,094
Prosperity Bancshares, Inc. (Banks)		476		28,265
Prudential Financial, Inc. (Insurance)		2,029		123,566
PS Business Parks, Inc. (Equity Real Estate Investment Trusts)		103		13,637
Public Storage (Equity Real Estate Investment Trusts)		772		148,139
Radian Group, Inc. (Thrifts & Mortgage Finance)		1,001		15,526
Raymond James Financial, Inc. (Capital Markets)		627		43,156
Rayonier, Inc. (Equity Real Estate Investment Trusts)		711		17,626
Realty Income Corp. (Equity Real Estate Investment Trusts)		1,764		104,958
Regency Centers Corp. (Equity Real Estate Investment Trusts)		871		39,970
Regions Financial Corp. (Banks)		4,914		54,644
Reinsurance Group of America, Inc. (Insurance)		348		27,297
RenaissanceRe Holdings, Ltd. (Insurance)		258		44,126
Retail Properties of America, Inc. (Equity Real Estate Investment Trusts)		1,100		8,052
Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts)		630		26,101
RLI Corp. (Insurance)		205		16,831
RLJ Lodging Trust (Equity Real Estate Investment Trusts)		848		8,005
Ryman Hospitality Properties, Inc.—Class I (Equity Real Estate Investment Trusts)		282		9,757
S&P Global, Inc. (Capital Markets)		1,238		407,896
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts)		1,055		15,224
Santander Consumer USA Holdings, Inc. (Consumer Finance)		495		9,113
SBA Communications Corp. (Equity Real Estate Investment Trusts)		573		170,708
SEI Investments Co. (Capital Markets)		638		35,077
Selective Insurance Group, Inc. (Insurance)		307		16,191
Service Properties Trust (Equity Real Estate Investment Trusts)		844		5,984

See accompanying notes to financial statements.

19

Financial Statements :: ProFund VP Financials :: 75

Common Stocks, continued

	Shares		Value
Signature Bank (Banks)		275	$	29,403
Simon Property Group, Inc. (Equity Real Estate Investment Trusts)		1,571		107,425
SITE Centers Corp. (Equity Real Estate Investment Trusts)		764		6,188
SL Green Realty Corp. (Equity Real Estate Investment Trusts)		393		19,371
SLM Corp. (Consumer Finance)		1,927		13,547
Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts)		528		18,406
Starwood Property Trust, Inc. (Mortgage Real Estate Investment Trusts)		1,450		21,692
State Street Corp. (Capital Markets)		1,808		114,898
Sterling Bancorp (Banks)		999		11,708
Stifel Financial Corp. (Capital Markets)		352		16,695
STORE Capital Corp. (Equity Real Estate Investment Trusts)		1,143		27,215
Sun Communities, Inc. (Equity Real Estate Investment Trusts)		505		68,518
Sunstone Hotel Investors, Inc. (Equity Real Estate Investment Trusts)		1,108		9,030
SVB Financial Group* (Banks)		265		57,115
Synchrony Financial (Consumer Finance)		2,759		61,139
Synovus Financial Corp. (Banks)		757		15,541
T. Rowe Price Group, Inc. (Capital Markets)		1,169		144,372
Taubman Centers, Inc. (Equity Real Estate Investment Trusts)		316		11,932
TCF Financial Corp. (Banks)		781		22,977
TD Ameritrade Holding Corp. (Capital Markets)		1,362		49,550
Texas Capital Bancshares, Inc.* (Banks)		259		7,995
TFS Financial Corp. (Thrifts & Mortgage Finance)		259		3,706
The Allstate Corp. (Insurance)		1,614		156,542
The Bank of New York Mellon Corp. (Capital Markets)		4,138		159,934
The Charles Schwab Corp. (Capital Markets)		5,886		198,594
The GEO Group, Inc. (Equity Real Estate Investment Trusts)		623		7,370
The Goldman Sachs Group, Inc. (Capital Markets)		1,590		314,216
The Hanover Insurance Group, Inc. (Insurance)		195		19,759
The Howard Hughes Corp.* (Real Estate Management & Development)		231		12,000
The Macerich Co.(a) (Equity Real Estate Investment Trusts)		598		5,364
The PNC Financial Services Group, Inc (Banks)		2,180		229,358
The Progressive Corp. (Insurance)		3,007		240,891
The Travelers Cos., Inc. (Insurance)		1,299		148,151
Tradeweb Markets, Inc.—Class A (Capital Markets)		397		23,082
Truist Financial Corp. (Banks)		6,922		259,921
Trustmark Corp. (Banks)		326		7,994
Two Harbors Investment Corp. (Mortgage Real Estate Investment Trusts)		1,405		7,081
U.S. Bancorp (Banks)		7,042		259,286
UDR, Inc. (Equity Real Estate Investment Trusts)		1,515		56,631
UMB Financial Corp. (Banks)		218		11,238
Umpqua Holdings Corp. (Banks)		1,131		12,034
United Bankshares, Inc. (Banks)		653		18,062
Unum Group (Insurance)		1,045		17,337
Urban Edge Properties (Equity Real Estate Investment Trusts)		569		6,754
Valley National Bancorp (Banks)		2,012		15,734
Ventas, Inc. (Equity Real Estate Investment Trusts)		1,917		70,201
VEREIT, Inc. (Equity Real Estate Investment Trusts)		5,537		35,603
VICI Properties, Inc. (Equity Real Estate Investment Trusts)		2,407		48,597
Virtu Financial, Inc.—Class A (Capital Markets)		390		9,204
Visa, Inc.—Class A (IT Services)		8,667		1,674,204
Vornado Realty Trust (Equity Real Estate Investment Trusts)		815		31,141
Voya Financial, Inc. (Diversified Financial Services)		648		30,229
W.R. Berkley Corp. (Insurance)		725		41,535
Washington Federal, Inc. (Thrifts & Mortgage Finance)		389		10,441
Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts)		423		9,391
Webster Financial Corp. (Banks)		463		13,246
Weingarten Realty Investors (Equity Real Estate Investment Trusts)		619		11,718
Wells Fargo & Co. (Banks)		19,167		490,675
Welltower, Inc. (Equity Real Estate Investment Trusts)		2,145		111,004
Western Alliance Bancorp (Banks)		477		18,064
Weyerhaeuser Co. (Equity Real Estate Investment Trusts)		3,831		86,044
White Mountains Insurance Group, Ltd. (Insurance)		15		13,320
Willis Towers Watson PLC (Insurance)		661		130,184
Wintrust Financial Corp. (Banks)		296		12,912
WP Carey, Inc. (Equity Real Estate Investment Trusts)		885		59,870
Xenia Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts)		583		5,439
Zions Bancorp (Banks)		842		28,628
TOTAL COMMON STOCKS (Cost $9,091,142)				24,005,277

Repurchase Agreements^(b) (1.3%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%—0.04%, dated 6/30/20, due 7/1/20, total to be received $321,000	$	321,000	$	321,000
TOTAL REPURCHASE AGREEMENTS (Cost $321,000)				321,000

See accompanying notes to financial statements.

20

76 :: ProFund VP Financials :: Financial Statements

Collateral for Securities Loaned^(NM)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(c)		1,555	$	1,555
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(c)		17		17
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(c)		8,527		8,527
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $10,099)				10,099
TOTAL INVESTMENT SECURITIES (Cost $9,422,241)—100.1%				24,336,376
Net other assets (liabilities)—(0.1)%				(17,497	)
NET ASSETS—100.0%			$	24,318,879

* Non-income producing security.

^(a) All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $9,779.

^(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) Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

^NM Not meaningful, amount is less than 0.05%.

Total Return Swap Agreements — Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Financials Index	Goldman Sachs International	7/23/20		1.47	%	$	334,151	$	(7,303	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 Financials invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Banks	$	5,390,227		22.3	%
Capital Markets		4,123,420		17.0	%
Consumer Finance		740,224		3.0	%
Diversified Financial Services		1,853,190		7.6	%
Equity Real Estate Investment Trusts		5,159,740		21.2	%
Insurance		3,176,860		13.1	%
IT Services		3,016,682		12.4	%
Mortgage Real Estate Investment Trusts		165,106		0.7	%
Professional Services		143,555		0.6	%
Real Estate Management & Development		127,865		0.5	%
Thrifts & Mortgage Finance		108,408		0.4	%
Other**		313,602		1.2	%
Total	$	24,318,879		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.

21

Financial Statements :: ProFund VP Financials :: 77

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	9,422,241
Securities, at value(a)		24,015,376
Repurchase agreements, at value		321,000
Total Investment Securities, at value		24,336,376
Cash		1,211
Dividends and interest receivable		34,738
Receivable for capital shares issued		30,348
Prepaid expenses		508
TOTAL ASSETS		24,403,181
LIABILITIES:
Payable for capital shares redeemed		500
Payable for collateral for securities loaned		10,099
Unrealized depreciation on swap agreements		7,303
Advisory fees payable		14,133
Management services fees payable		1,884
Administration fees payable		1,988
Administrative services fees payable		10,065
Distribution fees payable		10,590
Trustee fees payable		9
Transfer agency fees payable		1,621
Fund accounting fees payable		1,169
Compliance services fees payable		194
Other accrued expenses		24,747
TOTAL LIABILITIES		84,302
NET ASSETS	$	24,318,879
NET ASSETS CONSIST OF:
Capital	$	12,550,263
Total distributable earnings (loss)		11,768,616
NET ASSETS	$	24,318,879
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		654,578
Net Asset Value (offering and redemption price per share)	$	37.15
(a) Includes securities on loan valued at:	$	9,779

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	343,147
Interest		911
Income from securities lending		44
TOTAL INVESTMENT INCOME		344,102
EXPENSES:
Advisory fees		101,359
Management services fees		13,514
Administration fees		12,812
Transfer agency fees		10,219
Administrative services fees		35,524
Distribution fees		33,786
Custody fees		2,166
Fund accounting fees		7,514
Trustee fees		406
Compliance services fees		194
Other fees		17,529
Total Gross Expenses before reductions		235,023
Expenses reduced and reimbursed by the Advisor		(7,978	)
TOTAL NET EXPENSES		227,045
NET INVESTMENT INCOME (LOSS)		117,057
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		3,319,089
Net realized gains (losses) on swap agreements		(71,282	)
Change in net unrealized appreciation/depreciation on investment securities		(10,194,075	)
Change in net unrealized appreciation/depreciation on swap agreements		(10,027	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(6,956,295	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,839,238	)

See accompanying notes to financial statements.

22

78 :: ProFund VP Financials :: Financial Statements

Statements of Changes in Net Assets  

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	117,057		$	169,031
Net realized gains (losses) on investments		3,247,807			2,331,205
Change in net unrealized appreciation/depreciation on investments		(10,204,102	)		6,297,254
Change in net assets resulting from operations		(6,839,238	)		8,797,490
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(1,842,899	)
Change in net assets resulting from distributions		—			(1,842,899	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		21,730,313			28,480,708
Distributions reinvested		—			1,842,899
Value of shares redeemed		(27,319,375	)		(30,356,198	)
Change in net assets resulting from capital transactions		(5,589,062	)		(32,591	)
Change in net assets		(12,428,300	)		6,922,000
NET ASSETS:
Beginning of period		36,747,179			29,825,179
End of period	$	24,318,879		$	36,747,179
SHARE TRANSACTIONS:
Issued		591,904			659,760
Reinvested		—			44,687
Redeemed		(735,194	)		(704,254	)
Change in shares		(143,290	)		193

See accompanying notes to financial statements.

23

Financial Highlights :: ProFund VP Financials :: 79

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	46.06		$	37.39		$	41.89		$	35.57		$	30.95		$	31.53
Investment Activities:
Net investment income (loss)(a)		0.17			0.21			0.19			0.13			0.17			0.09
Net realized and unrealized gains (losses) on investments		(9.08	)		10.83			(4.53	)		6.32			4.56			(0.56	)
Total income (loss) from investment activities		(8.91	)		11.04			(4.34	)		6.45			4.73			(0.47	)
Distributions to Shareholders From:
Net investment income		—			(0.23	)		(0.16	)		(0.13	)		(0.11	)		(0.11	)
Net realized gains on investments		—			(2.14	)		—			—			—			—
Total distributions		—			(2.37	)		(0.16	)		(0.13	)		(0.11	)		(0.11	)
Net Asset Value, End of Period	$	37.15		$	46.06		$	37.39		$	41.89		$	35.57		$	30.95
Total Return(b)		(19.34	)%		30.27	%		(10.43	)%(c)		18.19	%		15.32	%		(1.49	)%
Ratios to Average Net Assets:
Gross expenses(d)		1.74	%		1.71	%		1.70	%		1.68	%		1.71	%		1.74	%
Net expenses(d)		1.68	%		1.71	%(e)		1.63	%(c)		1.68	%		1.68	%		1.68	%
Net investment income (loss)(d)		0.87	%		0.50	%		0.45	%(c)		0.35	%		0.56	%		0.27	%
Supplemental Data:
Net assets, end of period (000's)	$	24,319		$	36,747		$	29,825		$	51,452		$	46,125		$	42,944
Portfolio turnover rate(b)(f)		64	%		52	%		27	%		64	%		98	%		97	%

^(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) During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.67% and 0.41%, respectively, and the total return would have been (10.48)%.

^(d) Annualized for periods less than one year.

^(e) 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.

^(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.

24

80 :: 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, 2020

Market Exposure

Investment Type	% of Net Assets
U.S. Treasury Obligations		75	%
Repurchase Agreements		23	%
Total Exposure		98	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.

Schedule of Portfolio Investments (unaudited)

U.S. Treasury Obligations (74.9%)

	Principal Amount		Value
U.S. Treasury Bills 1.35%+, 7/9/20	$	20,000,000	$	19,993,267
0.15%+, 10/8/20		20,000,000		19,991,778
TOTAL U.S. TREASURY OBLIGATIONS (Cost $39,985,045)				39,985,045

Repurchase Agreements^(a) (22.5%)

Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $11,999,009	11,999,000		11,999,000
TOTAL REPURCHASE AGREEMENTS (Cost $11,999,000)			11,999,000
TOTAL INVESTMENT SECURITIES (Cost $51,984,045)—97.4%			51,984,045
Net other assets (liabilities)—2.6%			1,399,754
NET ASSETS—100.0%		$	53,383,799

+	Reflects the effective yield or interest rate in effect at June 30, 2020.
(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 Government Money Market :: 81

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	51,984,045
Securities, at value		39,985,045
Repurchase agreements, at value		11,999,000
Total Investment Securities, at value		51,984,045
Cash		75
Interest receivable		9
Receivable for capital shares issued		2,185,289
Prepaid expenses		3,426
TOTAL ASSETS		54,172,844
LIABILITIES:
Payable for capital shares redeemed		527,968
Advisory fees payable		7,594
Management services fees payable		1,013
Administration fees payable		4,094
Trustee fees payable		41
Transfer agency fees payable		7,570
Fund accounting fees payable		5,121
Compliance services fees payable		1,153
Other accrued expenses		234,491
TOTAL LIABILITIES		789,045
NET ASSETS	$	53,383,799
NET ASSETS CONSIST OF:
Capital	$	53,438,318
Total distributable earnings (loss)		(54,519	)
NET ASSETS	$	53,383,799
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		53,438,318
Net Asset Value (offering and redemption price per share)	$	1.00

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Interest	$	565,201
EXPENSES:
Advisory fees		586,966
Management services fees		78,261
Administration fees		50,620
Transfer agency fees		91,381
Custody fees		17,894
Fund accounting fees		64,095
Trustee fees		3,485
Compliance services fees		1,153
Audit fees		89,189
Other fees		39,246
Total Gross Expenses before reductions		1,022,290
Expenses reduced and reimbursed by the Advisor		(508,246	)
TOTAL NET EXPENSES		514,044
NET INVESTMENT INCOME (LOSS)		51,157
REALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		5,473
NET REALIZED GAINS (LOSSES) ON INVESTMENTS		5,473
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	56,630

See accompanying notes to financial statements.

82 :: ProFund VP Government Money Market :: Financial Statements

Statements of Changes in Net Assets  

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	51,157		$	1,278,580
Net realized gains (losses) on investments		5,473			18,564
Change in net assets resulting from operations		56,630			1,297,144
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		(51,157	)		(1,278,580	)
Change in net assets resulting from distributions		(51,157	)		(1,278,580	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		645,010,029			2,155,360,223
Distributions reinvested		51,157			1,278,233
Value of shares redeemed		(737,397,399	)		(2,204,461,355	)
Change in net assets resulting from capital transactions		(92,336,213	)		(47,822,899	)
Change in net assets		(92,330,740	)		(47,804,335	)
NET ASSETS:
Beginning of period		145,714,539			193,518,874
End of period	$	53,383,799		$	145,714,539
SHARE TRANSACTIONS:
Issued		645,010,029			2,155,360,223
Reinvested		51,157			1,278,233
Redeemed		(737,397,399	)		(2,204,461,355	)
Change in shares		(92,336,213	)		(47,822,899	)

See accompanying notes to financial statements.

Financial Highlights :: ProFund VP Government Money Market :: 83

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Investment Activities:
Net investment income (loss)(a)		—	(b)		0.008			—	(b)		—	(b)		—	(b)		—	(b)
Net realized gains (losses) on investments		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Total income (loss) from investment activities		—	(b)		0.008			—	(b)		—	(b)		—	(b)		—	(b)
Distributions to Shareholders From:
Net investment income		—	(b)		(0.008	)		—	(b)		—	(b)		—	(b)		—	(b)
Net Asset Value, End of Period	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
Total Return(c)		0.03	%		0.77	%		0.42	%		0.02	%		0.02	%		0.02	%
Ratios to Average Net Assets:
Gross expenses(d)		1.31	%		1.35	%		1.46	%		1.14	%		1.14	%		1.17	%
Net expenses(d)		0.66	%		1.35	%		1.37	%(e)		0.83	%		0.29	%		0.06	%
Net investment income (loss)(d)		0.07	%		0.78	%		0.41	%		0.01	%		0.01	%		0.02	%
Supplemental Data:
Net assets, end of period (000's)	$	53,384		$	145,715		$	193,519		$	188,217		$	120,099		$	198,352

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Amount is less than $0.0005.
(c)	Not annualized for periods less than one year.
(d)	Annualized for periods less than one year.
(e)	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 the 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.

See accompanying notes to financial statements.

84 :: ProFund VP Health Care :: Financial Statements

Investment Objective: The ProFund VP Health Care seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Health Care^SM Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Equity Securities		98	%
Swap Agreements		2	%
Total Exposure		100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Johnson & Johnson		8.9	%
UnitedHealth Group, Inc.		6.7	%
Merck & Co., Inc.		4.7	%
Pfizer, Inc.		4.4	%
AbbVie, Inc.		4.2	%

Dow Jones U.S. Health Care^SM Index – Composition

	% of Index
Pharmaceuticals		29	%
Health Care Equipment & Supplies		25	%
Biotechnology		20	%
Health Care Providers & Services		18	%
Life Sciences Tools & Services		8	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (98.1%)

	Shares		Value
10X Genomics, Inc.*—Class A (Life Sciences Tools & Services)		133	$	11,878
1Life Healthcare, Inc.*(a) (Health Care Providers & Services)		231		8,390
Abbott Laboratories (Health Care Equipment & Supplies)		20,290		1,855,114
AbbVie, Inc. (Biotechnology)		20,215		1,984,708
ABIOMED, Inc.* (Health Care Equipment & Supplies)		516		124,645
Acadia Healthcare Co., Inc.* (Health Care Providers & Services)		1,020		25,622
ACADIA Pharmaceuticals, Inc.* (Biotechnology)		1,305		63,253
Agilent Technologies, Inc. (Life Sciences Tools & Services)		3,542		313,007
Agios Pharmaceuticals, Inc.* (Biotechnology)		695		37,169
Alexion Pharmaceuticals, Inc.* (Biotechnology)		2,533		284,304
Align Technology, Inc.* (Health Care Equipment & Supplies)		822		225,590
Alkermes PLC* (Biotechnology)		1,821		35,337
Allogene Therapeutics, Inc.* (Biotechnology)		739		31,644
Alnylam Pharmaceuticals, Inc.* (Biotechnology)		1,297		192,099
Amedisys, Inc.* (Health Care Providers & Services)		371		73,658
Amgen, Inc. (Biotechnology)		6,747		1,591,346
Anthem, Inc. (Health Care Providers & Services)		2,892		760,538
Avanos Medical, Inc.*(a)—Class I (Health Care Equipment & Supplies)		548		16,106
Avantor, Inc.* (Life Sciences Tools & Services)		3,100		52,700
Baxter International, Inc. (Health Care Equipment & Supplies)		5,837		502,566
Becton, Dickinson & Co. (Health Care Equipment & Supplies)		3,382		809,211
Biogen, Inc.* (Biotechnology)		1,872		500,854
BioMarin Pharmaceutical, Inc.* (Biotechnology)		2,074		255,807
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services)		245		110,615
Bio-Techne Corp. (Life Sciences Tools & Services)		438		115,663
Bluebird Bio, Inc.* (Biotechnology)		743		45,353
Blueprint Medicines Corp.*(a) (Biotechnology)		622		48,516
Boston Scientific Corp.* (Health Care Equipment & Supplies)		16,388		575,383
Bristol-Myers Squibb Co. (Pharmaceuticals)		25,959		1,526,389
Bruker Corp. (Life Sciences Tools & Services)		1,167		47,474
Cantel Medical Corp. (Health Care Equipment & Supplies)		426		18,842
Catalent, Inc.* (Pharmaceuticals)		1,777		130,254
Centene Corp.* (Health Care Providers & Services)		6,643		422,163
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services)		568		99,031
Chemed Corp. (Health Care Providers & Services)		182		82,095
Cigna Corp. (Health Care Providers & Services)		4,232		794,135
Covetrus, Inc.* (Health Care Providers & Services)		1,117		19,983
CVS Health Corp. (Health Care Providers & Services)		14,993		974,095
Danaher Corp. (Health Care Equipment & Supplies)		7,218		1,276,359
DaVita, Inc.* (Health Care Providers & Services)		978		77,399
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies)		2,513		110,723
DexCom, Inc.* (Health Care Equipment & Supplies)		1,059		429,319
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies)		7,108		491,234
Elanco Animal Health, Inc.* (Pharmaceuticals)		4,574		98,112
Eli Lilly & Co. (Pharmaceuticals)		9,660		1,585,979
Encompass Health Corp. (Health Care Providers & Services)		1,140		70,600
Exact Sciences Corp.* (Biotechnology)		1,632		141,886
Exelixis, Inc.* (Biotechnology)		3,518		83,517
FibroGen, Inc.* (Biotechnology)		920		37,288
Gilead Sciences, Inc. (Biotechnology)		14,384		1,106,704

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Health Care :: 85

Common Stocks, continued

	Shares		Value
Globus Medical, Inc.*—Class A (Health Care Equipment & Supplies)		868	$	41,412
Guardant Health, Inc.* (Health Care Providers & Services)		598		48,516
Haemonetics Corp.* (Health Care Equipment & Supplies)		578		51,766
HCA Healthcare, Inc. (Health Care Providers & Services)		3,021		293,218
HealthEquity, Inc.* (Health Care Providers & Services)		817		47,933
Henry Schein, Inc.* (Health Care Providers & Services)		1,637		95,584
Hill-Rom Holdings, Inc. (Health Care Equipment & Supplies)		763		83,762
Hologic, Inc.* (Health Care Equipment & Supplies)		2,962		168,834
Horizon Therapeutics PLC* (Pharmaceuticals)		2,188		121,609
Humana, Inc. (Health Care Providers & Services)		1,516		587,829
ICU Medical, Inc.* (Health Care Equipment & Supplies)		222		40,917
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		974		321,576
Illumina, Inc.* (Life Sciences Tools & Services)		1,686		624,409
Immunomedics, Inc.* (Biotechnology)		2,384		84,489
Incyte Corp.* (Biotechnology)		2,070		215,218
Insulet Corp.* (Health Care Equipment & Supplies)		751		145,889
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies)		808		37,968
Intercept Pharmaceuticals, Inc.* (Biotechnology)		291		13,942
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		1,338		762,433
Ionis Pharmaceuticals, Inc.* (Biotechnology)		1,454		85,728
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		2,037		289,010
Jazz Pharmaceuticals PLC* (Pharmaceuticals)		635		70,066
Johnson & Johnson (Pharmaceuticals)		30,226		4,250,683
Laboratory Corp. of America Holdings* (Health Care Providers & Services)		1,115		185,213
LivaNova PLC* (Health Care Equipment & Supplies)		557		26,808
Masimo Corp.* (Health Care Equipment & Supplies)		571		130,182
McKesson Corp. (Health Care Providers & Services)		1,857		284,901
MEDNAX, Inc.* (Health Care Providers & Services)		980		16,758
Medtronic PLC (Health Care Equipment & Supplies)		15,383		1,410,620
Merck & Co., Inc. (Pharmaceuticals)		28,953		2,238,936
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)		274		220,721
Moderna, Inc.* (Biotechnology)		3,390		217,672
Molina Healthcare, Inc.* (Health Care Providers & Services)		679		120,848
Mylan N.V.* (Pharmaceuticals)		5,930		95,354
Myriad Genetics, Inc.* (Biotechnology)		855		9,696
Nektar Therapeutics* (Pharmaceuticals)		2,042		47,293
Neogen Corp.* (Health Care Equipment & Supplies)		607		47,103
Neurocrine Biosciences, Inc.* (Biotechnology)		1,065		129,930
NuVasive, Inc.* (Health Care Equipment & Supplies)		588		32,728
Penumbra, Inc.* (Health Care Equipment & Supplies)		379		67,773
Perrigo Co. PLC (Pharmaceuticals)		1,564		86,442
Pfizer, Inc. (Pharmaceuticals)		63,717		2,083,546
Portola Pharmaceuticals, Inc.* (Biotechnology)		828		14,896
Ppd, Inc.* (Life Sciences Tools & Services)		720		19,296
PRA Health Sciences, Inc.* (Life Sciences Tools & Services)		730		71,022
Premier, Inc.* (Health Care Providers & Services)		764		26,190
Quest Diagnostics, Inc. (Health Care Providers & Services)		1,534		174,815
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		1,157		721,563
Repligen Corp.* (Biotechnology)		540		66,749
ResMed, Inc. (Health Care Equipment & Supplies)		1,659		318,528
Royalty Pharma PLC*(a)—Class A (Pharmaceuticals)		884		42,918
Sage Therapeutics, Inc.* (Biotechnology)		596		24,782
Sarepta Therapeutics, Inc.* (Biotechnology)		850		136,289
Seattle Genetics, Inc.* (Biotechnology)		1,330		225,994
STERIS PLC (Health Care Equipment & Supplies)		974		149,451
Stryker Corp. (Health Care Equipment & Supplies)		3,698		666,343
Syneos Health, Inc.* (Life Sciences Tools & Services)		717		41,765
Teladoc Health, Inc.* (Health Care Technology)		854		162,977
Teleflex, Inc. (Health Care Equipment & Supplies)		533		194,001
Tenet Healthcare Corp.* (Health Care Providers & Services)		1,201		21,750
The Cooper Cos., Inc. (Health Care Equipment & Supplies)		564		159,973
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		4,530		1,641,399
Ultragenyx Pharmaceutical, Inc.* (Biotechnology)		644		50,374
United Therapeutics Corp.* (Biotechnology)		505		61,105
UnitedHealth Group, Inc. (Health Care Providers & Services)		10,878		3,208,467
Universal Health Services, Inc.—Class B (Health Care Providers & Services)		893		82,951
Varian Medical Systems, Inc.* (Health Care Equipment & Supplies)		1,042		127,666
Vertex Pharmaceuticals, Inc.* (Biotechnology)		2,974		863,382
Vir Biotechnology, Inc.*(a) (Biotechnology)		95		3,892
Waters Corp.* (Life Sciences Tools & Services)		710		128,084
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies)		844		191,731
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies)		2,372		283,122
Zoetis, Inc. (Pharmaceuticals)		5,448		746,594
TOTAL COMMON STOCKS (Cost $19,012,534)				46,838,041

See accompanying notes to financial statements.

86 :: ProFund VP Health Care :: Financial Statements

Repurchase Agreements^(b) (0.6%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $300,000	$	300,000	$	300,000
TOTAL REPURCHASE AGREEMENTS (Cost $300,000)				300,000

Collateral for Securities Loaned (0.2%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(c)		14,420	$	14,420
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(c)		158		158
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(c)		79,108		79,108
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $93,686)				93,686
TOTAL INVESTMENT SECURITIES (Cost $19,406,220)—98.9%				47,231,727
Net other assets (liabilities)—1.1%				528,169
NET ASSETS—100.0%			$	47,759,896

*	Non-income producing security.
(a)	All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $92,974.
(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)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Health Care Index	Goldman Sachs International	7/23/20	1.47%	$	981,922	$	(4,517	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 Health Care invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Biotechnology	$	9,365,486		19.6	%
Health Care Equipment & Supplies		11,895,678		24.9	%
Health Care Providers & Services		8,503,651		17.8	%
Health Care Technology		162,977		0.3	%
Life Sciences Tools & Services		3,786,074		7.9	%
Pharmaceuticals		13,124,175		27.6	%
Other**		921,855		1.9	%
Total	$	47,759,896		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 Health Care :: 87

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	19,406,220
Securities, at value(a)		46,931,727
Repurchase agreements, at value		300,000
Total Investment Securities, at value		47,231,727
Cash		688
Segregated cash balances for swap agreements with custodian		540,000
Dividends and interest receivable		36,524
Receivable for capital shares issued		167,840
Prepaid expenses		833
TOTAL ASSETS		47,977,612
LIABILITIES:
Payable for capital shares redeemed		15,934
Payable for collateral for securities loaned		93,686
Unrealized depreciation on swap agreements		4,517
Advisory fees payable		26,702
Management services fees payable		3,560
Administration fees payable		3,761
Administrative services fees payable		15,676
Distribution fees payable		17,897
Trustee fees payable		17
Transfer agency fees payable		3,067
Fund accounting fees payable		2,099
Compliance services fees payable		344
Other accrued expenses		30,456
TOTAL LIABILITIES		217,716
NET ASSETS	$	47,759,896
NET ASSETS CONSIST OF:
Capital	$	12,731,687
Total distributable earnings (loss)		35,028,209
NET ASSETS	$	47,759,896
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		636,133
Net Asset Value (offering and redemption price per share)	$	75.08
(a) Includes securities on loan valued at:	$	92,974

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	370,576
Interest		3,556
Income from securities lending		362
TOTAL INVESTMENT INCOME		374,494
EXPENSES:
Advisory fees		169,650
Management services fees		22,620
Administration fees		20,183
Transfer agency fees		16,378
Administrative services fees		59,810
Distribution fees		56,550
Custody fees		3,250
Fund accounting fees		11,429
Trustee fees		640
Compliance services fees		344
Other fees		28,442
Total Gross Expenses before reductions		389,296
Expenses reduced and reimbursed by the Advisor		(9,280	)
TOTAL NET EXPENSES		380,016
NET INVESTMENT INCOME (LOSS)		(5,522	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		4,039,994
Net realized gains (losses) on swap agreements		(1,879	)
Change in net unrealized appreciation/depreciation on investment securities		(5,053,427	)
Change in net unrealized appreciation/depreciation on swap agreements		2,651
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(1,012,661	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,018,183	)

See accompanying notes to financial statements.

88 :: ProFund VP Health Care :: Financial Statements

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(5,522	)	$	(4,421	)
Net realized gains (losses) on investments		4,038,115			7,280,037
Change in net unrealized appreciation/depreciation on investments		(5,050,776	)		1,102,620
Change in net assets resulting from operations		(1,018,183	)		8,378,236
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(5,775,400	)
Change in net assets resulting from distributions		—			(5,775,400	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		27,480,243			25,474,008
Distributions reinvested		—			5,775,400
Value of shares redeemed		(28,111,618	)		(36,616,170	)
Change in net assets resulting from capital transactions		(631,375	)		(5,366,762	)
Change in net assets		(1,649,558	)		(2,763,926	)
NET ASSETS:
Beginning of period		49,409,454			52,173,380
End of period	$	47,759,896		$	49,409,454
SHARE TRANSACTIONS:
Issued		379,888			351,111
Reinvested		—			87,599
Redeemed		(403,363	)		(505,532	)
Change in shares		(23,475	)		(66,822	)

See accompanying notes to financial statements.

Financial Highlights :: ProFund VP Health Care :: 89

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	74.91		$	71.82		$	73.28		$	64.38		$	67.11		$	63.90
Investment Activities:
Net investment income (loss)(a)		(0.01	)		(0.01	)		(0.06	)		(0.03	)		(0.05	)		(0.15	)
Net realized and unrealized gains (losses) on investments		0.18	(b)		12.63			3.29			13.49			(2.68	)		3.36
Total income (loss) from investment activities		0.17			12.62			3.23			13.46			(2.73	)		3.21
Distributions to Shareholders From:
Net realized gains on investments		—			(9.53	)		(4.69	)		(4.56	)		—			—
Net Asset Value, End of Period	$	75.08		$	74.91		$	71.82		$	73.28		$	64.38		$	67.11
Total Return(c)		0.23	%		19.37	%		4.44	%		20.92	%		(4.05	)%		5.02	%
Ratios to Average Net Assets:
Gross expenses(d)		1.72	%		1.72	%		1.66	%		1.64	%		1.68	%		1.69	%
Net expenses(d)		1.68	%		1.68	%		1.65	%		1.64	%		1.68	%		1.68	%
Net investment income (loss)(d)		(0.02	)%		(0.01	)%		(0.08	)%		(0.04	)%		(0.08	)%		(0.22	)%
Supplemental Data:
Net assets, end of period (000's)	$	47,760		$	49,409		$	52,173		$	53,670		$	48,744		$	77,842
Portfolio turnover rate(c)(e)		43	%		33	%		61	%		43	%		24	%		47	%

(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.

90 :: ProFund VP Industrials :: Financial Statements

Investment Objective: The ProFund VP Industrials seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Industrials^SM Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Equity Securities		100	%
Swap Agreements		—	*
Total Exposure		100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.

* Amount is less than 0.5%

Largest Equity Holdings

Company	% of Net Assets
PayPal Holdings, Inc.		6.0	%
Accenture PLC		4.0	%
Union Pacific Corp.		3.4	%
Honeywell International, Inc.		3.0	%
The Boeing Co.		2.9	%

Dow Jones U.S. Industrials^SM Index – Composition

	% of Index
Capital Goods		49	%
Software & Services		22	%
Transportation		12	%
Commercial & Professional Services		6	%
Materials		6	%
Technology Hardware & Equipment		5	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (99.7%)

	Shares		Value
3M Co. (Industrial Conglomerates)		1,945	$	303,401
A.O. Smith Corp. (Building Products)		457		21,534
Accenture PLC—Class A (IT Services)		2,154		462,508
Acuity Brands, Inc. (Electrical Equipment)		134		12,829
ADT, Inc. (Commercial Services & Supplies)		359		2,865
AECOM* (Construction & Engineering)		541		20,331
AGCO Corp. (Machinery)		210		11,647
Air Lease Corp. (Trading Companies & Distributors)		357		10,457
Allegion PLC (Building Products)		312		31,893
Alliance Data Systems Corp. (IT Services)		143		6,452
Allison Transmission Holdings, Inc. (Machinery)		382		14,050
Amcor PLC (Containers & Packaging)		5,323		54,348
AMETEK, Inc. (Electrical Equipment)		776		69,351
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components)		1,091		104,528
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)		131		8,173
AptarGroup, Inc. (Containers & Packaging)		217		24,300
Armstrong World Industries, Inc. (Building Products)		161		12,552
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components)		266		18,272
ASGN, Inc.* (Professional Services)		178		11,869
Automatic Data Processing, Inc. (IT Services)		1,454		216,486
Avery Dennison Corp. (Containers & Packaging)		282		32,173
Avnet, Inc. (Electronic Equipment, Instruments & Components)		333		9,286
Axon Enterprise, Inc.* (Aerospace & Defense)		203		19,920
Ball Corp. (Containers & Packaging)		1,102		76,578
Barnes Group, Inc. (Machinery)		160		6,330
Belden, Inc. (Electronic Equipment, Instruments & Components)		129		4,199
Berry Global Group, Inc.* (Containers & Packaging)		447		19,811
Black Knight, Inc.* (IT Services)		507		36,788
Broadridge Financial Solutions, Inc. (IT Services)		388		48,962
BWX Technologies, Inc. (Aerospace & Defense)		322		18,238
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		455		35,972
Carlisle Cos., Inc. (Industrial Conglomerates)		185		22,139
Carrier Global Corp. (Building Products)		2,749		61,083
Caterpillar, Inc. (Machinery)		1,831		231,621
Cimpress PLC* (Commercial Services & Supplies)		82		6,260
Cintas Corp. (Commercial Services & Supplies)		285		75,912
Clean Harbors, Inc.* (Commercial Services & Supplies)		173		10,377
Cognex Corp. (Electronic Equipment, Instruments & Components)		581		34,697
Coherent, Inc.* (Electronic Equipment, Instruments & Components)		82		10,740
Colfax Corp.* (Machinery)		284		7,924
CoreLogic, Inc. (IT Services)		269		18,082
Corning, Inc. (Electronic Equipment, Instruments & Components)		2,567		66,485
Covanta Holding Corp. (Commercial Services & Supplies)		396		3,798
Crane Co. (Machinery)		167		9,930
Crown Holdings, Inc.* (Containers & Packaging)		456		29,699
CSX Corp. (Road & Rail)		2,589		180,557
Cummins, Inc. (Machinery)		499		86,457
Curtiss-Wright Corp. (Aerospace & Defense)		141		12,588
Deere & Co. (Machinery)		1,058		166,264
Deluxe Corp. (Commercial Services & Supplies)		140		3,296
Dolby Laboratories, Inc.—Class A (Electronic Equipment, Instruments & Components)		218		14,360
Donaldson Co., Inc. (Machinery)		426		19,818
Dover Corp. (Machinery)		487		47,025
Eagle Materials, Inc. (Construction Materials)		140		9,831
Eaton Corp. PLC (Electrical Equipment)		1,353		118,360
EMCOR Group, Inc. (Construction & Engineering)		185		12,236
Emerson Electric Co. (Electrical Equipment)		2,020		125,301

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Industrials :: 91

Common Stocks, continued

	Shares		Value
EnerSys (Electrical Equipment)		144	$	9,271
Equifax, Inc. (Professional Services)		411		70,643
Euronet Worldwide, Inc.* (IT Services)		177		16,960
Expeditors International of Washington, Inc. (Air Freight & Logistics)		563		42,811
Fastenal Co. (Trading Companies & Distributors)		1,937		82,980
FedEx Corp. (Air Freight & Logistics)		813		113,999
Fidelity National Information Services, Inc. (IT Services)		2,089		280,114
Fiserv, Inc.* (IT Services)		1,902		185,673
FleetCor Technologies, Inc.* (IT Services)		283		71,183
FLIR Systems, Inc. (Electronic Equipment, Instruments & Components)		442		17,932
Flowserve Corp. (Machinery)		440		12,549
Fluor Corp. (Construction & Engineering)		473		5,714
Fortive Corp. (Machinery)		1,002		67,795
Fortune Brands Home & Security, Inc. (Building Products)		472		30,175
FTI Consulting, Inc.* (Professional Services)		126		14,433
Gates Industrial Corp. PLC* (Machinery)		157		1,614
GATX Corp. (Trading Companies & Distributors)		118		7,196
Generac Holdings, Inc.* (Electrical Equipment)		212		25,849
General Dynamics Corp. (Aerospace & Defense)		786		117,476
General Electric Co. (Industrial Conglomerates)		29,579		202,025
Genpact, Ltd. (IT Services)		522		19,063
Global Payments, Inc. (IT Services)		1,012		171,655
Graco, Inc. (Machinery)		563		27,018
GrafTech International, Ltd. (Electrical Equipment)		189		1,508
Graphic Packaging Holding Co. (Containers & Packaging)		944		13,207
HD Supply Holdings, Inc.* (Trading Companies & Distributors)		547		18,954
HEICO Corp. (Aerospace & Defense)		138		13,752
HEICO Corp.—Class A (Aerospace & Defense)		245		19,904
Hexcel Corp. (Aerospace & Defense)		282		12,752
Hillenbrand, Inc. (Machinery)		253		6,849
Honeywell International, Inc. (Industrial Conglomerates)		2,373		343,111
Howmet Aerospace, Inc.* (Aerospace & Defense)		1,297		20,557
Hubbell, Inc. (Electrical Equipment)		183		22,941
Huntington Ingalls Industries, Inc. (Aerospace & Defense)		137		23,905
IDEX Corp. (Machinery)		255		40,300
Illinois Tool Works, Inc. (Machinery)		972		169,953
Ingersoll Rand, Inc.* (Machinery)		1,169		32,872
Insperity, Inc. (Professional Services)		123		7,962
International Paper Co. (Containers & Packaging)		1,328		46,759
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components)		120		19,247
Itron, Inc.* (Electronic Equipment, Instruments & Components)		121		8,016
ITT, Inc. (Machinery)		292		17,152
J.B. Hunt Transport Services, Inc. (Road & Rail)		285		34,297
Jabil, Inc. (Electronic Equipment, Instruments & Components)		463		14,853
Jack Henry & Associates, Inc. (IT Services)		260		47,848
Jacobs Engineering Group, Inc. (Construction & Engineering)		440		37,312
Johnson Controls International PLC (Building Products)		2,515		85,861
Kansas City Southern Industries, Inc. (Road & Rail)		321		47,922
Kennametal, Inc. (Machinery)		280		8,039
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components)		633		63,794
Kirby Corp.* (Marine)		203		10,873
Knight-Swift Transportation Holdings, Inc. (Road & Rail)		414		17,268
Korn Ferry (Professional Services)		186		5,716
L3Harris Technologies, Inc. (Aerospace & Defense)		730		123,859
Landstar System, Inc. (Road & Rail)		129		14,488
Lennox International, Inc. (Building Products)		117		27,260
Lincoln Electric Holdings, Inc. (Machinery)		201		16,932
Littelfuse, Inc. (Electronic Equipment, Instruments & Components)		83		14,162
Lockheed Martin Corp. (Aerospace & Defense)		835		304,708
Louisiana-Pacific Corp. (Paper & Forest Products)		379		9,721
Macquarie Infrastructure Corp. (Transportation Infrastructure)		264		8,102
ManpowerGroup, Inc. (Professional Services)		196		13,475
Martin Marietta Materials, Inc. (Construction Materials)		211		43,586
Masco Corp. (Building Products)		892		44,787
MasTec, Inc.* (Construction & Engineering)		197		8,839
MAXIMUS, Inc. (IT Services)		207		14,583
Mercury Systems, Inc.* (Aerospace & Defense)		188		14,788
Moog, Inc.—Class A (Aerospace & Defense)		102		5,404
MSA Safety, Inc. (Commercial Services & Supplies)		121		13,847
MSC Industrial Direct Co., Inc.—Class A (Trading Companies & Distributors)		154		11,213
National Instruments Corp. (Electronic Equipment, Instruments & Components)		397		15,368
Navistar International Corp.* (Machinery)		222		6,260
Nielsen Holdings PLC (Professional Services)		1,204		17,891
Nordson Corp. (Machinery)		173		32,820
Norfolk Southern Corp. (Road & Rail)		867		152,219
Northrop Grumman Corp. (Aerospace & Defense)		525		161,406
nVent Electric PLC (Electrical Equipment)		527		9,871
O-I Glass, Inc. (Containers & Packaging)		528		4,741
Old Dominion Freight Line, Inc. (Road & Rail)		319		54,099
Oshkosh Corp. (Machinery)		230		16,473
Otis Worldwide Corp. (Machinery)		1,377		78,296
Owens Corning (Building Products)		365		20,352
PACCAR, Inc. (Machinery)		1,169		87,499
Packaging Corp. of America (Containers & Packaging)		321		32,036
Parker-Hannifin Corp. (Machinery)		434		79,539
Paychex, Inc. (IT Services)		1,079		81,734
PayPal Holdings, Inc.* (IT Services)		3,971		691,868
Pentair PLC (Machinery)		560		21,274
PerkinElmer, Inc. (Life Sciences Tools & Services)		377		36,980
Quanta Services, Inc. (Construction & Engineering)		466		18,281

See accompanying notes to financial statements.

92  :: ProFund VP Industrials :: Financial Statements

Common Stocks, continued

	Shares		Value
Raytheon Technologies Corp. (Aerospace & Defense)		4,973	$	306,436
Regal Beloit Corp. (Electrical Equipment)		137		11,963
Republic Services, Inc.—Class A (Commercial Services & Supplies)		711		58,338
Resideo Technologies, Inc.* (Building Products)		415		4,864
Robert Half International, Inc. (Professional Services)		388		20,498
Rockwell Automation, Inc. (Electrical Equipment)		392		83,496
Roper Technologies, Inc. (Industrial Conglomerates)		353		137,056
Ryder System, Inc. (Road & Rail)		181		6,789
Sabre Corp. (IT Services)		931		7,504
Sealed Air Corp. (Containers & Packaging)		526		17,279
Sensata Technologies Holding PLC* (Electrical Equipment)		532		19,806
Silgan Holdings, Inc. (Containers & Packaging)		262		8,486
Siteone Landscape Supply, Inc.* (Trading Companies & Distributors)		141		16,070
Snap-on, Inc. (Machinery)		183		25,347
Sonoco Products Co. (Containers & Packaging)		339		17,726
Spirit AeroSystems Holdings, Inc.—Class A (Aerospace & Defense)		356		8,523
Square, Inc.*—Class A (IT Services)		1,154		121,101
Stericycle, Inc.* (Commercial Services & Supplies)		309		17,298
Summit Materials, Inc.*—Class A (Construction Materials)		385		6,191
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components)		1,115		90,928
Teledyne Technologies, Inc.* (Aerospace & Defense)		124		38,558
Terex Corp. (Machinery)		215		4,036
Tetra Tech, Inc. (Commercial Services & Supplies)		183		14,479
Textron, Inc. (Aerospace & Defense)		769		25,308
The Boeing Co. (Aerospace & Defense)		1,812		332,139
The Brink's Co. (Commercial Services & Supplies)		171		7,782
The Middleby Corp.* (Machinery)		188		14,841
The Sherwin-Williams Co. (Chemicals)		273		157,753
The Timken Co. (Machinery)		228		10,372
The Toro Co. (Machinery)		362		24,015
The Western Union Co. (IT Services)		1,389		30,030
Trane Technologies PLC (Building Products)		809		71,985
TransDigm Group, Inc. (Aerospace & Defense)		170		75,149
TransUnion (Professional Services)		642		55,880
Trex Co., Inc.* (Building Products)		195		25,364
Trimble, Inc.* (Electronic Equipment, Instruments & Components)		845		36,496
TriNet Group, Inc.* (Professional Services)		145		8,836
Trinity Industries, Inc. (Machinery)		318		6,770
Union Pacific Corp. (Road & Rail)		2,295		388,016
United Parcel Service, Inc.—Class B (Air Freight & Logistics)		2,381		264,719
United Rentals, Inc.* (Trading Companies & Distributors)		244		36,365
Univar Solutions, Inc.* (Trading Companies & Distributors)		467		7,874
Valmont Industries, Inc. (Construction & Engineering)		72		8,181
Verisk Analytics, Inc.—Class A (Professional Services)		548		93,270
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components)		447		6,826
Vulcan Materials Co. (Construction Materials)		448		51,901
W.W. Grainger, Inc. (Trading Companies & Distributors)		147		46,181
Waste Management, Inc. (Commercial Services & Supplies)		1,313		139,059
Watsco, Inc. (Trading Companies & Distributors)		111		19,725
Welbilt, Inc.* (Machinery)		445		2,710
WESCO International, Inc.* (Trading Companies & Distributors)		166		5,823
Westinghouse Air Brake Technologies Corp. (Machinery)		612		35,233
WestRock Co. (Containers & Packaging)		876		24,756
WEX, Inc.* (IT Services)		147		24,256
Woodward, Inc. (Machinery)		192		14,890
XPO Logistics, Inc.* (Air Freight & Logistics)		308		23,793
Xylem, Inc. (Machinery)		608		39,496
Zebra Technologies Corp.*—Class A (Electronic Equipment, Instruments & Components)		180		46,071
TOTAL COMMON STOCKS (Cost $4,459,776)				11,431,953

Preferred Stock^(NM)

WESCO International, Inc.—Series A (Trading Companies & Distributors)	—	(a)	5
TOTAL PREFERRED STOCK (Cost $5)			5

Repurchase Agreements^(b) (0.4%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $47,000	$	47,000	$	47,000
TOTAL REPURCHASE AGREEMENTS (Cost $47,000)				47,000
TOTAL INVESTMENT SECURITIES (Cost $4,506,781)—100.1%				11,478,958
Net other assets (liabilities)—(0.1)%				(14,026	)
NET ASSETS—100.0%			$	11,464,932

*	Non-income producing security.
(a)	Number of shares is less than 0.50
(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%.

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Industrials :: 93

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Industrials Index	Goldman Sachs International	7/23/20	1.47%	$	39,483	$	(132	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 Industrials invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Aerospace & Defense	$	1,655,370		14.3	%
Air Freight & Logistics		481,294		4.2	%
Building Products		437,710		3.8	%
Chemicals		157,753		1.4	%
Commercial Services & Supplies		353,311		3.1	%
Construction & Engineering		110,894		1.0	%
Construction Materials		111,509		1.0	%
Containers & Packaging		401,899		3.4	%
Electrical Equipment		510,546		4.5	%
Electronic Equipment, Instruments & Components		596,260		5.2	%
Industrial Conglomerates		1,007,732		8.8	%
IT Services		2,552,850		22.3	%
Life Sciences Tools & Services		36,980		0.3	%
Machinery		1,502,010		13.1	%
Marine		10,873		0.1	%
Paper & Forest Products		9,721		0.1	%
Professional Services		320,473		2.8	%
Road & Rail		895,655		7.8	%
Trading Companies & Distributors		271,016		2.4	%
Transportation Infrastructure		8,102		0.1	%
Other**		32,974		0.3	%
Total	$	11,464,932		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.

94  :: ProFund VP Industrials :: Financial Statements

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	4,506,781
Securities, at value		11,431,958
Repurchase agreements, at value		47,000
Total Investment Securities, at value		11,478,958
Cash		642
Dividends and interest receivable		6,940
Receivable for capital shares issued		4,509
Prepaid expenses		230
TOTAL ASSETS		11,491,279
LIABILITIES:
Payable for capital shares redeemed		778
Unrealized depreciation on swap agreements		132
Advisory fees payable		6,432
Management services fees payable		858
Administration fees payable		937
Administrative services fees payable		4,302
Distribution fees payable		4,047
Transfer agency fees payable		764
Fund accounting fees payable		570
Compliance services fees payable		88
Other accrued expenses		7,439
TOTAL LIABILITIES		26,347
NET ASSETS	$	11,464,932
NET ASSETS CONSIST OF:
Capital	$	4,270,987
Total distributable earnings (loss)		7,193,945
NET ASSETS	$	11,464,932
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		159,706
Net Asset Value (offering and redemption price per share)	$	71.79

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	101,526
Interest		1,570
Income from securities lending		42
TOTAL INVESTMENT INCOME		103,138
EXPENSES:
Advisory fees		45,831
Management services fees		6,111
Administration fees		5,562
Transfer agency fees		4,435
Administrative services fees		17,607
Distribution fees		15,277
Custody fees		888
Fund accounting fees		3,375
Trustee fees		178
Compliance services fees		88
Other fees		7,382
Total Gross Expenses before reductions		106,734
Expenses reduced and reimbursed by the Advisor		(4,073	)
TOTAL NET EXPENSES		102,661
NET INVESTMENT INCOME (LOSS)		477
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		1,301,678
Net realized gains (losses) on swap agreements		(109,550	)
Change in net unrealized appreciation/depreciation on investment securities		(3,343,001	)
Change in net unrealized appreciation/depreciation on swap agreements		2,317
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(2,148,556	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,148,079	)

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Industrials :: 95

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	477		$	19,431
Net realized gains (losses) on investments		1,192,128			263,565
Change in net unrealized appreciation/depreciation on investments		(3,340,684	)		3,362,682
Change in net assets resulting from operations		(2,148,079	)		3,645,678
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(2,486,434	)
Change in net assets resulting from distributions		—			(2,486,434	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		7,821,870			22,920,198
Distributions reinvested		—			2,486,434
Value of shares redeemed		(12,087,490	)		(19,803,258	)
Change in net assets resulting from capital transactions		(4,265,620	)		5,603,374
Change in net assets		(6,413,699	)		6,762,618
NET ASSETS:
Beginning of period		17,878,631			11,116,013
End of period	$	11,464,932		$	17,878,631
SHARE TRANSACTIONS:
Issued		111,928			279,930
Reinvested		—			34,220
Redeemed		(177,806	)		(241,460	)
Change in shares		(65,878	)		72,690

See accompanying notes to financial statements.

96  :: ProFund VP Industrials :: 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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	79.25		$	72.70		$	83.42		$	68.28		$	58.19		$	60.31
Investment Activities:
Net investment income (loss)(a)		—	(b)		0.10			(0.07	)		0.09			0.23			0.13
Net realized and unrealized gains (losses) on investments		(7.46	)		20.77			(10.56	)		15.19			9.97			(2.19	)
Total income (loss) from investment activities		(7.46	)		20.87			(10.63	)		15.28			10.20			(2.06	)
Distributions to Shareholders From:
Net investment income		—			—			(0.09	)		(0.14	)		(0.11	)		(0.06	)
Net realized gains on investments		—			(14.32	)		—			—			—			—
Total distributions		—			(14.32	)		(0.09	)		(0.14	)		(0.11	)		(0.06	)
Net Asset Value, End of Period	$	71.79		$	79.25		$	72.70		$	83.42		$	68.28		$	58.19
Total Return(c)		(9.41	)%		30.49	%		(12.76	)%		22.40	%		17.55	%		(3.42	)%
Ratios to Average Net Assets:
Gross expenses(d)		1.75	%		1.71	%		1.68	%		1.68	%		1.69	%		1.68	%
Net expenses(d)		1.68	%		1.68	%		1.67	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(d)		0.01	%		0.12	%		(0.09	)%		0.12	%		0.37	%		0.22	%
Supplemental Data:
Net assets, end of period (000's)	$	11,465		$	17,879		$	11,116		$	39,291		$	32,361		$	16,223
Portfolio turnover rate(c)(e)		43	%		71	%		67	%		107	%		203	%		121	%

(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 International :: 97

Investment Objective: The ProFund VP International seeks investment results that, before fees and expenses, 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, 2020

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 investments 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		17	%
Industrials		15	%
Health Care		15	%
Consumer Staples		12	%
Consumer Discretionary		11	%
Information Technology		8	%
Materials		7	%
Communication Services		5	%
Utilities		4	%
Energy		3	%
Real Estate		3	%

Country Composition
Japan	25	%
United Kingdom	14	%
France	11	%
Switzerland	10	%
Germany	9	%
Other	31	%

Schedule of Portfolio Investments (unaudited)

Repurchase Agreements^(a)(b) (100.6%)  

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $5,757,004	$	5,757,000	$	5,757,000
TOTAL REPURCHASE AGREEMENTS (Cost $5,757,000)				5,757,000
TOTAL INVESTMENT SECURITIES (Cost $5,757,000)—100.6%				5,757,000
Net other assets (liabilities)—(0.6)%				(36,199	)
NET ASSETS—100.0%			$	5,720,801

^(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, 2020, the aggregate amount held in a segregated account was $804,000.

^(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 – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
MSCI EAFE Index	Goldman Sachs International	7/27/20		1.27	%	$	3,000,214	$	(6,572	)
MSCI EAFE Index	UBS AG	7/27/20		1.77	%		2,728,812		(5,948	)
						$	5,729,026	$	(12,520	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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.

25

98  :: ProFund VP International :: Financial Statements

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	5,757,000
Repurchase agreements, at value		5,757,000
Total Investment Securities, at value		5,757,000
Cash		565
Segregated cash balances for swap agreements with custodian		50
Interest receivable		4
Receivable for capital shares issued		11,081
Prepaid expenses		104
TOTAL ASSETS		5,768,804
LIABILITIES:
Payable for capital shares redeemed		19,822
Unrealized depreciation on swap agreements		12,520
Advisory fees payable		3,373
Management services fees payable		450
Administration fees payable		396
Administrative services fees payable		2,996
Distribution fees payable		3,123
Transfer agency fees payable		354
Fund accounting fees payable		238
Compliance services fees payable		41
Other accrued expenses		4,690
TOTAL LIABILITIES		48,003
NET ASSETS	$	5,720,801
NET ASSETS CONSIST OF:
Capital	$	8,212,750
Total distributable earnings (loss)		(2,491,949	)
NET ASSETS	$	5,720,801
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		331,036
Net Asset Value (offering and redemption price per share)	$	17.28

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Interest	$	15,970
EXPENSES:
Advisory fees		19,337
Management services fees		2,578
Administration fees		2,415
Transfer agency fees		2,139
Administrative services fees		6,175
Distribution fees		6,446
Custody fees		411
Fund accounting fees		1,470
Trustee fees		82
Compliance services fees		41
Other fees		2,879
Total Gross Expenses before reductions		43,973
Expenses reduced and reimbursed by the Advisor		(287	)
TOTAL NET EXPENSES		43,686
NET INVESTMENT INCOME (LOSS)		(27,716	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on swap agreements		(652,173	)
Change in net unrealized appreciation/depreciation on swap agreements		7,529
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(644,644	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(672,360	)

See accompanying notes to financial statements.

26

Financial Statements :: ProFund VP International :: 99

Statements of Changes in Net Assets  

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(27,716	)	$	26,163
Net realized gains (losses) on investments		(652,173	)		1,078,268
Change in net unrealized appreciation/depreciation on investments		7,529			(59,987	)
Change in net assets resulting from operations		(672,360	)		1,044,444
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(16,547	)
Change in net assets resulting from distributions		—			(16,547	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		5,389,157			9,409,815
Distributions reinvested		—			16,547
Value of shares redeemed		(4,675,372	)		(10,914,998	)
Change in net assets resulting from capital transactions		713,785			(1,488,636	)
Change in net assets		41,425			(460,739	)
NET ASSETS:
Beginning of period		5,679,376			6,140,115
End of period	$	5,720,801		$	5,679,376
SHARE TRANSACTIONS:
Issued		317,806			509,595
Reinvested		—			933
Redeemed		(275,588	)		(593,256	)
Change in shares		42,218			(82,728	)

See accompanying notes to financial statements.

27

100  :: ProFund VP 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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	19.66		$	16.53		$	23.47		$	19.27		$	19.45		$	20.16
Investment Activities:
Net investment income (loss)(a)		(0.09	)		0.08			0.04			(0.18	)		(0.27	)		(0.35	)
Net realized and unrealized gains (losses) on investments		(2.29	)		3.10			(3.26	)		4.38			0.09			(0.36	)
Total income (loss) from investment activities		(2.38	)		3.18			(3.22	)		4.20			(0.18	)		(0.71	)
Distributions to Shareholders From:
Net investment income		—			(0.05	)		—			—			—			—
Net realized gains on investments		—			—			(3.72	)		—			—			—
Total distributions		—			(0.05	)		(3.72	)		—			—			—
Net Asset Value, End of Period	$	17.28		$	19.66		$	16.53		$	23.47		$	19.27		$	19.45
Total Return(b)		(12.11	)%		19.27	%		(15.76	)%(c)		21.80	%		(0.93	)%		(3.52	)%
Ratios to Average Net Assets:
Gross expenses(d)		1.71	%		1.65	%		1.57	%		1.68	%		1.68	%		1.75	%
Net expenses(d)		1.70	%(e)		1.65	%		1.50	%(c)		1.68	%		1.68	%		1.68	%
Net investment income (loss)(d)		(1.08	)%		0.43	%		0.20	%(c)		(0.81	)%		(1.42	)%		(1.64	)%
Supplemental Data:
Net assets, end of period (000's)	$	5,721		$	5,679		$	6,140		$	15,131		$	6,320		$	6,460
Portfolio turnover rate(f)		—			—			—			—			—			—

^(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) During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.57% and 0.13%, respectively, and the total return would have been (15.84)%.

^(d) Annualized for periods less than one year.

^(e) 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.

^(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.

28

Financial Statements :: ProFund VP Internet :: 101

Investment Objective: The ProFund VP Internet seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones Internet Composite^SM Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Equity Securities		96	%
Swap Agreements		4	%
Total Exposure		100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Amazon.com, Inc.		9.5	%
Alphabet, Inc.		7.9	%
Facebook, Inc.		6.6	%
PayPal Holdings, Inc.		5.0	%
Netflix, Inc.		4.9	%

Dow Jones Internet Composite^SM Index – Composition

	% of Index
Software		23	%
Interactive Media & Services		20	%
Internet & Direct Marketing Retail		19	%
IT Services		14	%
Communications Equipment		10	%
Entertainment		5	%
Health Care Technology		5	%
Capital Markets		3	%
Diversified Telecommunication Services		1	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (96.3%)

	Shares		Value
2U, Inc.* (Software)		5,205	$	197,582
8x8, Inc.* (Software)		10,635		170,160
Akamai Technologies, Inc.* (IT Services)		4,316		462,200
Alphabet, Inc.*—Class A (Interactive Media & Services)		624		884,863
Alphabet, Inc.*—Class C (Interactive Media & Services)		608		859,475
Amazon.com, Inc.* (Internet & Direct Marketing Retail)		759		2,093,944
Arista Networks, Inc.* (Communications Equipment)		1,686		354,111
Box, Inc.*—Class A (Software)		10,648		221,052
Ciena Corp.* (Communications Equipment)		5,971		323,389
Cisco Systems, Inc. (Communications Equipment)		22,294		1,039,791
Citrix Systems, Inc. (Software)		3,131		463,106
Cloudera, Inc.* (Software)		17,833		226,836
CommScope Holding Co., Inc.* (Communications Equipment)		16,566		137,995
DocuSign, Inc.* (Software)		3,217		554,000
Dropbox, Inc.* (Software)		11,744		255,667
E*TRADE Financial Corp. (Capital Markets)		7,400		368,002
eBay, Inc. (Internet & Direct Marketing Retail)		12,238		641,883
Etsy, Inc.* (Internet & Direct Marketing Retail)		4,332		460,188
Expedia Group, Inc. (Internet & Direct Marketing Retail)		4,378		359,872
Facebook, Inc.*—Class A (Interactive Media & Services)		6,400		1,453,248
GoDaddy, Inc.*—Class A (IT Services)		5,051		370,390
Groupon, Inc.* (Internet & Direct Marketing Retail)		4,002		72,516
GrubHub, Inc.* (Internet & Direct Marketing Retail)		4,575		321,623
Hubspot, Inc.* (Software)		1,573		352,903
Juniper Networks, Inc. (Communications Equipment)		12,989		296,929
LogMeIn, Inc. (Software)		2,812		238,373
Netflix, Inc.* (Entertainment)		2,377		1,081,630
Okta, Inc.* (IT Services)		2,735		547,629
PayPal Holdings, Inc.* (IT Services)		6,405		1,115,943
Pinterest, Inc.*—Class A (Interactive Media & Services)		8,600		190,662
Salesforce.com, Inc.* (Software)		5,293		991,539
Smartsheet, Inc.* (Software)		5,295		269,621
Snap, Inc.* (Interactive Media & Services)		21,447		503,790
TD Ameritrade Holding Corp. (Capital Markets)		8,953		325,710
Teladoc Health, Inc.* (Health Care Technology)		2,273		433,779
Twitter, Inc.* (Interactive Media & Services)		15,898		473,601
Veeva Systems, Inc.*—Class A (Health Care Technology)		2,585		605,976
VeriSign, Inc.* (IT Services)		2,359		487,912
Vonage Holdings Corp.* (Diversified Telecommunication Services)		18,063		181,714
Workday, Inc.*—Class A (Software)		3,169		593,744
Zoom Video Communications, Inc.*(a)—Class A (Software)		1,306		331,123
TOTAL COMMON STOCKS
(Cost $9,485,012)				21,314,471

Repurchase Agreements^(b) (4.0%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $895,001	$	895,000	$	895,000
TOTAL REPURCHASE AGREEMENTS
(Cost $895,000)				895,000

See accompanying notes to financial statements.

102  :: ProFund VP Internet :: Financial Statements

Collateral for Securities Loaned (1.3%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(c)		43,276	$	43,276
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(c)		474		474
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(c)		237,404		237,404
TOTAL COLLATERAL FOR SECURITIES LOANED
(Cost $281,154)				281,154
TOTAL INVESTMENT SECURITIES
(Cost $10,661,166)—101.6%				22,490,625
Net other assets (liabilities)—(1.6)%				(346,422	)
NET ASSETS—100.0%			$	22,144,203

*	Non-income producing security.
(a)	All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $280,922.
(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)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date		Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones Internet Composite Index	Goldman Sachs International		7/23/20		1.47	%	$	824,081	$	(5,720	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 Internet invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Capital Markets	$	693,712		3.1	%
Communications Equipment		2,152,215		9.7	%
Diversified Telecommunication Services		181,714		0.8	%
Entertainment		1,081,630		4.9	%
Health Care Technology		1,039,755		4.7	%
Interactive Media & Services		4,365,639		19.7	%
Internet & Direct Marketing Retail		3,950,026		17.8	%
IT Services		2,984,074		13.5	%
Software		4,865,706		22.1	%
Other**		829,732		3.7	%
Total	$	22,144,203		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 Internet :: 103

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	10,661,166
Securities, at value(a)		21,595,625
Repurchase agreements, at value		895,000
Total Investment Securities, at value		22,490,625
Cash		767
Dividends and interest receivable		16
Receivable for capital shares issued		15,330
Prepaid expenses		307
TOTAL ASSETS		22,507,045
LIABILITIES:
Payable for capital shares redeemed		29,254
Payable for collateral for securities loaned		281,154
Unrealized depreciation on swap agreements		5,720
Advisory fees payable		12,533
Management services fees payable		1,671
Administration fees payable		1,695
Administrative services fees payable		8,084
Distribution fees payable		8,785
Trustee fees payable		8
Transfer agency fees payable		1,382
Fund accounting fees payable		943
Compliance services fees payable		141
Other accrued expenses		11,472
TOTAL LIABILITIES		362,842
NET ASSETS	$	22,144,203
NET ASSETS CONSIST OF:
Capital	$	7,347,651
Total distributable earnings (loss)		14,796,552
NET ASSETS	$	22,144,203
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		421,911
Net Asset Value (offering and redemption price per share)	$	52.49
(a) Includes securities on loan valued at:	$	280,922

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	31,567
Interest		1,652
Income from securities lending		15
TOTAL INVESTMENT INCOME		33,234
EXPENSES:
Advisory fees		64,205
Management services fees		8,561
Administration fees		8,028
Transfer agency fees		6,554
Administrative services fees		22,024
Distribution fees		21,402
Custody fees		1,263
Fund accounting fees		4,546
Trustee fees		255
Compliance services fees		141
Other fees		10,545
Total Gross Expenses before reductions		147,524
Expenses reduced and reimbursed by the Advisor		(3,705	)
TOTAL NET EXPENSES		143,819
NET INVESTMENT INCOME (LOSS)		(110,585	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		1,629,990
Net realized gains (losses) on swap agreements		21,178
Change in net unrealized appreciation/depreciation on investment securities		1,947,795
Change in net unrealized appreciation/depreciation on swap agreements		(4,969	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		3,593,994
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,483,409

See accompanying notes to financial statements.

104  :: ProFund VP Internet :: Financial Statements

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(110,585	)	$	(240,881	)
Net realized gains (losses) on investments		1,651,168			3,393,226
Change in net unrealized appreciation/depreciation on investments		1,942,826			(193,427	)
Change in net assets resulting from operations		3,483,409			2,958,918
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(491,896	)
Change in net assets resulting from distributions		—			(491,896	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		14,634,382			33,569,114
Distributions reinvested		—			491,896
Value of shares redeemed		(12,567,008	)		(37,851,719	)
Change in net assets resulting from capital transactions		2,067,374			(3,790,709	)
Change in net assets		5,550,783			(1,323,687	)
NET ASSETS:
Beginning of period		16,593,420			17,917,107
End of period	$	22,144,203		$	16,593,420
SHARE TRANSACTIONS:
Issued		317,112			761,465	(a)
Reinvested		—			11,504	(a)
Redeemed		(280,226	)		(867,050	)(a)
Change in shares		36,886			(94,081	)

^(a)  As described in Note 8, share amounts have been adjusted for 3:1 share split that occurred on November 18, 2019.

See accompanying notes to financial statements.

Financial Highlights :: ProFund VP Internet :: 105

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, 2020 (unaudited)			Year Ended Dec. 31, 2019(a)			Year Ended Dec. 31, 2018(a)			Year Ended Dec. 31, 2017(a)			Year Ended Dec. 31, 2016(a)			Year Ended Dec. 31, 2015(a)
Net Asset Value, Beginning of Period	$	43.10		$	37.40		$	37.12		$	27.28		$	27.49		$	25.83
Investment Activities:
Net investment income (loss)(b)		(0.29	)		(0.54	)		(0.59	)		(0.47	)		(0.40	)		(0.38	)
Net realized and unrealized gains (losses) on investments		9.68			7.27			2.80			10.31			1.93			5.26
Total income (loss) from investment activities		9.39			6.73			2.21			9.84			1.53			4.88
Distributions to Shareholders From:
Net realized gains on investments		—			(1.03	)		(1.93	)		—			(1.74	)		(3.22	)
Net Asset Value, End of Period	$	52.49		$	43.10		$	37.40		$	37.12		$	27.28		$	27.49
Total Return(c)		21.79	%		18.03	%		4.93	%		36.05	%		5.53	%		20.35	%
Ratios to Average Net Assets:
Gross expenses(d)		1.72	%		1.69	%		1.64	%		1.64	%		1.68	%		1.68	%
Net expenses(d)		1.68	%		1.69	%(e)		1.64	%		1.64	%		1.68	%		1.68	%
Net investment income (loss)(d)		(1.29	)%		(1.24	)%		(1.39	)%		(1.43	)%		(1.52	)%		(1.44	)%
Supplemental Data:
Net assets, end of period (000's)	$	22,144		$	16,593		$	17,917		$	16,656		$	12,356		$	20,560
Portfolio turnover rate(c)(f)		61	%		163	%		138	%		116	%		113	%		157	%

(a)	As described in Note 8, share amounts have been adjusted for 3:1 share split that occurred on November 18, 2019.
(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 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.
(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.

106 :: ProFund VP Japan :: Financial Statements

Investment Objective: The ProFund VP Japan seeks investment results that, before fees and expenses, correspond to the performance of the Nikkei 225 Stock Average.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		98	%
Swap Agreements		1	%
Total Exposure		99	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments 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
Consumer Discretionary		19	%
Industrials		19	%
Information Technology		17	%
Health Care		16	%
Communication Services		10	%
Consumer Staples		9	%
Materials		6	%
Financials		2	%
Real Estate		2	%

Schedule of Portfolio Investments (unaudited)

Repurchase Agreements^(a) (92.6%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $6,516,005	$	6,516,000	$	6,516,000
TOTAL REPURCHASE AGREEMENTS (Cost $6,516,000)				6,516,000
TOTAL INVESTMENT SECURITIES (Cost $6,516,000)—92.6%				6,516,000
Net other assets (liabilities)—7.4%				517,006
NET ASSETS—100.0%			$	7,033,006

^(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		62	9/11/20	$	6,923,850	$	(263,828	)

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Nikkei 225 Stock Average	Goldman Sachs International	7/27/20		1.37	%	$	78,187	$	(167	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 Japan :: 107

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	6,516,000
Repurchase agreements, at value		6,516,000
Total Investment Securities, at value		6,516,000
Cash		726
Segregated cash balances for futures contracts with brokers		545,600
Interest receivable		5
Receivable for capital shares issued		1,655
Receivable from insurance companies		4,134
Prepaid expenses		127
TOTAL ASSETS		7,068,247
LIABILITIES:
Payable for capital shares redeemed		459
Unrealized depreciation on swap agreements		167
Variation margin on futures contracts		15,500
Advisory fees payable		3,934
Management services fees payable		525
Administration fees payable		573
Administrative services fees payable		2,672
Distribution fees payable		2,469
Transfer agency fees payable		467
Fund accounting fees payable		315
Compliance services fees payable		52
Other accrued expenses		8,108
TOTAL LIABILITIES		35,241
NET ASSETS	$	7,033,006
NET ASSETS CONSIST OF:
Capital	$	7,860,613
Total distributable earnings (loss)		(827,607	)
NET ASSETS	$	7,033,006
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		135,122
Net Asset Value (offering and redemption price per share)	$	52.05

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Interest	$	22,375
EXPENSES:
Advisory fees		25,839
Management services fees		3,445
Administration fees		3,271
Transfer agency fees		2,586
Administrative services fees		10,174
Distribution fees		8,613
Custody fees		496
Fund accounting fees		1,780
Trustee fees		102
Compliance services fees		52
Other fees		4,745
Total Gross Expenses before reductions		61,103
Expenses reduced and reimbursed by the Advisor		(3,224	)
TOTAL NET EXPENSES		57,879
NET INVESTMENT INCOME (LOSS)		(35,504	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on futures contracts		(259,193	)
Net realized gains (losses) on swap agreements		5,889
Change in net unrealized appreciation/depreciation on futures contracts		(277,426	)
Change in net unrealized appreciation/depreciation on swap agreements		(167	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(530,897	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(566,401	)

See accompanying notes to financial statements.

108 :: ProFund VP Japan :: Financial Statements

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(35,504	)	$	18,886
Net realized gains (losses) on investments		(253,304	)		793,232
Change in net unrealized appreciation/depreciation on investments		(277,593	)		621,320
Change in net assets resulting from operations		(566,401	)		1,433,438
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(9,941	)
Change in net assets resulting from distributions		—			(9,941	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		5,732,862			15,089,180
Distributions reinvested		—			9,941
Value of shares redeemed		(7,452,065	)		(15,809,594	)
Change in net assets resulting from capital transactions		(1,719,203	)		(710,473	)
Change in net assets		(2,285,604	)		713,024
NET ASSETS:
Beginning of period		9,318,610			8,605,586
End of period	$	7,033,006		$	9,318,610
SHARE TRANSACTIONS:
Issued		111,608			292,924
Reinvested		—			206
Redeemed		(145,717	)		(311,178	)
Change in shares		(34,109	)		(18,048	)

See accompanying notes to financial statements.

Financial Highlights :: ProFund VP Japan :: 109

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016(a)			Year Ended Dec. 31, 2015(a)
Net Asset Value, Beginning of Period	$	55.06		$	45.95		$	52.00		$	43.90		$	43.71		$	41.33
Investment Activities:
Net investment income (loss)(b)		(0.26	)		0.12			0.05			(0.41	)		(0.56	)		(0.76	)
Net realized and unrealized gains (losses) on investments		(2.75	)		9.06			(6.10	)		8.51			0.75			3.14
Total income (loss) from investment activities		(3.01	)		9.18			(6.05	)		8.10			0.19			2.38
Distributions to Shareholders From:
Net investment income		—			(0.07	)		—			—			—			—
Net Asset Value, End of Period	$	52.05		$	55.06		$	45.95		$	52.00		$	43.90		$	43.71
Total Return(c)		(5.47	)%		20.00	%		(11.63	)%(d)		18.45	%		0.41	%		5.81	%
Ratios to Average Net Assets:
Gross expenses(e)		1.77	%		1.74	%		1.63	%		1.71	%		1.69	%		1.68	%
Net expenses(e)		1.68	%		1.74	%(f)		1.56	%(d)		1.68	%		1.68	%		1.68	%
Net investment income (loss)(e)		(1.03	)%		0.23	%		0.09	%(d)		(0.89	)%		(1.44	)%		(1.64	)%
Supplemental Data:
Net assets, end of period (000's)	$	7,033		$	9,319		$	8,606		$	12,840		$	11,563		$	17,017
Portfolio turnover rate(g)		—			—			—			—			—			—

(a)	As described in Note 8, 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)	During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.63% and 0.02%, respectively, and the total return would have been (11.71)%.
(e)	Annualized for periods less than one year.
(f)	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.
(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.

110 :: ProFund VP Large-Cap Growth :: Financial Statements

Investment Objective: The ProFund VP Large-Cap Growth seeks investment results that, before fees and expenses, correspond to the performance of the S&P 500^® Growth Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

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 investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Microsoft Corp.		10.6	%
Apple, Inc.		10.2	%
Amazon.com, Inc.		4.9	%
Alphabet, Inc.		4.6	%
Facebook, Inc.		3.7	%

S&P 500^® Growth Index – Composition

	% of Index
Information Technology		39	%
Consumer Discretionary		15	%
Communication Services		13	%
Health Care		11	%
Industrials		7	%
Financials		4	%
Consumer Staples		4	%
Real Estate		3	%
Materials		2	%
Energy		1	%
Utilities		1	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (100.0%)

	Shares		Value
Abbott Laboratories (Health Care Equipment & Supplies)		1,952	$	178,472
AbbVie, Inc. (Biotechnology)		1,776		174,367
ABIOMED, Inc.* (Health Care Equipment & Supplies)		47		11,353
Accenture PLC—Class A (IT Services)		764		164,046
Adobe, Inc.* (Software)		916		398,744
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		2,227		117,162
Agilent Technologies, Inc. (Life Sciences Tools & Services)		335		29,604
Air Products & Chemicals, Inc. (Chemicals)		419		101,172
Akamai Technologies, Inc.* (IT Services)		222		23,774
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts)		130		21,093
Alexion Pharmaceuticals, Inc.* (Biotechnology)		242		27,162
Align Technology, Inc.* (Health Care Equipment & Supplies)		136		37,324
Allegion PLC (Building Products)		176		17,991
Alphabet, Inc.*—Class A (Interactive Media & Services)		330		467,957
Alphabet, Inc.*—Class C (Interactive Media & Services)		565		798,690
Altria Group, Inc. (Tobacco)		1,379		54,126
Amazon.com, Inc.* (Internet & Direct Marketing Retail)		492		1,357,339
American Express Co. (Consumer Finance)		751		71,494
American Tower Corp. (Equity Real Estate Investment Trusts)		843		217,949
American Water Works Co., Inc. (Water Utilities)		172		22,130
Ameriprise Financial, Inc. (Capital Markets)		151		22,656
AMETEK, Inc. (Electrical Equipment)		435		38,876
Amgen, Inc. (Biotechnology)		660		155,668
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components)		563		53,940
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		700		85,848
ANSYS, Inc.* (Software)		163		47,552
Aon PLC (Insurance)		276		53,158
Apache Corp. (Oil, Gas & Consumable Fuels)		446		6,021
Apple, Inc. (Technology Hardware, Storage & Peripherals)		7,748		2,826,470
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		1,743		105,364
Arista Networks, Inc.* (Communications Equipment)		102		21,423
Arthur J. Gallagher & Co. (Insurance)		184		17,938
Autodesk, Inc.* (Software)		417		99,742
Automatic Data Processing, Inc. (IT Services)		508		75,636
AutoZone, Inc.* (Specialty Retail)		45		50,765
Avery Dennison Corp. (Containers & Packaging)		113		12,892
Ball Corp. (Containers & Packaging)		441		30,645
Baxter International, Inc. (Health Care Equipment & Supplies)		434		37,367
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services)		31		13,996
BlackRock, Inc.—Class A (Capital Markets)		150		81,614
Booking Holdings, Inc.* (Internet & Direct Marketing Retail)		78		124,203
Boston Properties, Inc. (Equity Real Estate Investment Trusts)		121		10,936
Boston Scientific Corp.* (Health Care Equipment & Supplies)		1,604		56,316
Bristol-Myers Squibb Co. (Pharmaceuticals)		2,366		139,121
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		761		240,179
Broadridge Financial Solutions, Inc. (IT Services)		153		19,307

See accompanying notes to financial statements.

29

Financial Statements :: ProFund VP Large-Cap Growth :: 111

Common Stocks, continued

	Shares		Value
Brown-Forman Corp.—Class B (Beverages)		347	$	22,090
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels)		477		8,195
Cadence Design Systems, Inc.* (Software)		531		50,955
Campbell Soup Co. (Food Products)		140		6,948
CarMax, Inc.* (Specialty Retail)		311		27,850
Carrier Global Corp. (Building Products)		820		18,220
Caterpillar, Inc. (Machinery)		606		76,660
CBOE Global Markets, Inc. (Capital Markets)		209		19,496
CBRE Group, Inc.*—Class A (Real Estate Management & Development)		637		28,805
CDW Corp. (Electronic Equipment, Instruments & Components)		271		31,485
Celanese Corp.—Series A (Chemicals)		224		19,340
Cerner Corp. (Health Care Technology)		365		25,021
Charter Communications, Inc.*—Class A (Media)		287		146,381
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure)		49		51,566
Church & Dwight Co., Inc. (Household Products)		252		19,480
Cincinnati Financial Corp. (Insurance)		132		8,452
Cintas Corp. (Commercial Services & Supplies)		159		42,351
Citrix Systems, Inc. (Software)		116		17,158
CME Group, Inc. (Capital Markets)		348		56,564
Colgate-Palmolive Co. (Household Products)		734		53,773
Comcast Corp.—Class A (Media)		4,853		189,170
ConocoPhillips (Oil, Gas & Consumable Fuels)		2,040		85,720
Copart, Inc.* (Commercial Services & Supplies)		394		32,808
Corning, Inc. (Electronic Equipment, Instruments & Components)		680		17,612
Costco Wholesale Corp. (Food & Staples Retailing)		496		150,393
Coty, Inc.—Class A (Personal Products)		274		1,225
Crown Castle International Corp. (Equity Real Estate Investment Trusts)		460		76,981
CSX Corp. (Road & Rail)		727		50,701
Cummins, Inc. (Machinery)		177		30,667
D.R. Horton, Inc. (Household Durables)		628		34,822
Danaher Corp. (Health Care Equipment & Supplies)		766		135,452
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		114		8,638
Deere & Co. (Machinery)		351		55,160
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies)		221		9,737
DexCom, Inc.* (Health Care Equipment & Supplies)		176		71,350
Discover Financial Services (Consumer Finance)		362		18,133
Dollar General Corp. (Multiline Retail)		479		91,254
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)		75		27,708
Dover Corp. (Machinery)		161		15,546
Dow, Inc. (Chemicals)		1,409		57,431
Duke Realty Corp. (Equity Real Estate Investment Trusts)		414		14,651
eBay, Inc. (Internet & Direct Marketing Retail)		1,256		65,877
Ecolab, Inc. (Chemicals)		239		47,549
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies)		1,179		81,481
Electronic Arts, Inc.* (Entertainment)		291		38,427
Eli Lilly & Co. (Pharmaceuticals)		881		144,643
Emerson Electric Co. (Electrical Equipment)		612		37,962
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		554		28,066
Equifax, Inc. (Professional Services)		138		23,719
Equinix, Inc. (Equity Real Estate Investment Trusts)		169		118,689
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts)		61		13,979
Expeditors International of Washington, Inc. (Air Freight & Logistics)		163		12,395
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts)		141		13,024
Facebook, Inc.*—Class A (Interactive Media & Services)		4,574		1,038,618
Fastenal Co. (Trading Companies & Distributors)		762		32,645
Federal Realty Investment Trust (Equity Real Estate Investment Trusts)		55		4,687
First Republic Bank (Banks)		159		16,852
Fiserv, Inc.* (IT Services)		1,068		104,258
FleetCor Technologies, Inc.* (IT Services)		158		39,742
FLIR Systems, Inc. (Electronic Equipment, Instruments & Components)		121		4,909
FMC Corp. (Chemicals)		246		24,507
Fortinet, Inc.* (Software)		256		35,141
Fortune Brands Home & Security, Inc. (Building Products)		267		17,069
Freeport-McMoRan, Inc. (Metals & Mining)		1,519		17,575
Garmin, Ltd. (Household Durables)		276		26,910
Gartner, Inc.* (IT Services)		170		20,626
Global Payments, Inc. (IT Services)		278		47,154
Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts)		482		13,284
Hess Corp. (Oil, Gas & Consumable Fuels)		498		25,801
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)		526		38,635
Hologic, Inc.* (Health Care Equipment & Supplies)		266		15,162
Honeywell International, Inc. (Industrial Conglomerates)		612		88,489
Howmet Aerospace, Inc.* (Aerospace & Defense)		366		5,801
Huntington Ingalls Industries, Inc. (Aerospace & Defense)		45		7,852
IDEX Corp.(a) (Machinery)		82		12,959
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		161		53,156
IHS Markit, Ltd. (Professional Services)		553		41,752
Illinois Tool Works, Inc. (Machinery)		333		58,225
Illumina, Inc.* (Life Sciences Tools & Services)		168		62,219
Incyte Corp.* (Biotechnology)		344		35,766
Ingersoll Rand, Inc.* (Machinery)		480		13,498
Intel Corp. (Semiconductors & Semiconductor Equipment)		4,590		274,620
Intercontinental Exchange, Inc. (Capital Markets)		573		52,487
Intuit, Inc. (Software)		497		147,206
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		221		125,932
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components)		35		5,614
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		233		33,058
J.B. Hunt Transport Services, Inc. (Road & Rail)		95		11,432
Jack Henry & Associates, Inc. (IT Services)		76		13,986
Johnson & Johnson (Pharmaceuticals)		2,104		295,885
JPMorgan Chase & Co. (Banks)		2,782		261,676
Kansas City Southern Industries, Inc. (Road & Rail)		181		27,021

See accompanying notes to financial statements.

30

112 :: ProFund VP Large-Cap Growth :: Financial Statements

Common Stocks, continued

	Shares		Value
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components)		355	$	35,777
Kimberly-Clark Corp. (Household Products)		318		44,949
KLA Corp. (Semiconductors & Semiconductor Equipment)		294		57,177
L3Harris Technologies, Inc. (Aerospace & Defense)		412		69,904
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		276		89,275
Lamb Weston Holding, Inc. (Food Products)		152		9,717
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)		364		16,577
Leggett & Platt, Inc. (Household Durables)		166		5,835
Leidos Holdings, Inc. (IT Services)		128		11,990
Linde PLC (Chemicals)		709		150,386
Live Nation Entertainment, Inc.* (Entertainment)		182		8,068
LKQ Corp.* (Distributors)		301		7,886
Lockheed Martin Corp. (Aerospace & Defense)		469		171,148
Lowe's Cos., Inc. (Specialty Retail)		949		128,229
MarketAxess Holdings, Inc. (Capital Markets)		73		36,567
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure)		511		43,836
Marsh & McLennan Cos., Inc. (Insurance)		591		63,455
Martin Marietta Materials, Inc. (Construction Materials)		118		24,375
Masco Corp. (Building Products)		503		25,256
MasterCard, Inc.—Class A (IT Services)		1,681		497,072
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment)		224		13,577
McCormick & Co., Inc. (Food Products)		120		21,529
McDonald's Corp. (Hotels, Restaurants & Leisure)		622		114,740
Merck & Co., Inc. (Pharmaceuticals)		2,641		204,229
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)		29		23,361
MGM Resorts International (Hotels, Restaurants & Leisure)		573		9,626
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		467		49,180
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment)		2,116		109,016
Microsoft Corp. (Software)		14,423		2,935,224
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts)		98		11,238
Monster Beverage Corp.* (Beverages)		476		32,996
Moody's Corp. (Capital Markets)		308		84,617
Motorola Solutions, Inc. (Communications Equipment)		324		45,402
MSCI, Inc.—Class A (Capital Markets)		162		54,079
Nasdaq, Inc. (Capital Markets)		103		12,305
National Oilwell Varco, Inc. (Energy Equipment & Services)		230		2,818
NetApp, Inc. (Technology Hardware, Storage & Peripherals)		194		8,608
Netflix, Inc.* (Entertainment)		836		380,413
NextEra Energy, Inc. (Electric Utilities)		494		118,643
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods)		1,581		155,017
Norfolk Southern Corp. (Road & Rail)		263		46,175
Northrop Grumman Corp. (Aerospace & Defense)		294		90,387
NortonLifelock, Inc. (Software)		640		12,691
NRG Energy, Inc. (Independent Power and Renewable Electricity Producers)		465		15,140
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		1,170		444,495
NVR, Inc.* (Household Durables)		6		19,553
Old Dominion Freight Line, Inc. (Road & Rail)		180		30,526
Oracle Corp. (Software)		2,376		131,322
O'Reilly Automotive, Inc.* (Specialty Retail)		140		59,034
Otis Worldwide Corp. (Machinery)		412		23,426
PACCAR, Inc. (Machinery)		658		49,251
Parker-Hannifin Corp. (Machinery)		135		24,741
Paychex, Inc. (IT Services)		407		30,830
Paycom Software, Inc.* (Software)		92		28,495
PayPal Holdings, Inc.* (IT Services)		2,233		389,056
PepsiCo, Inc. (Beverages)		1,267		167,574
PerkinElmer, Inc. (Life Sciences Tools & Services)		121		11,869
Philip Morris International, Inc. (Tobacco)		1,302		91,218
Phillips 66 (Oil, Gas & Consumable Fuels)		416		29,910
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		194		18,954
PPG Industries, Inc. (Chemicals)		230		24,394
Prologis, Inc. (Equity Real Estate Investment Trusts)		801		74,757
Public Storage (Equity Real Estate Investment Trusts)		126		24,178
PulteGroup, Inc. (Household Durables)		480		16,334
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment)		218		24,096
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment)		2,140		195,189
Quanta Services, Inc. (Construction & Engineering)		119		4,668
Raytheon Technologies Corp. (Aerospace & Defense)		1,482		91,322
Realty Income Corp. (Equity Real Estate Investment Trusts)		293		17,434
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		129		80,451
Republic Services, Inc.—Class A (Commercial Services & Supplies)		184		15,097
ResMed, Inc. (Health Care Equipment & Supplies)		275		52,800
Rockwell Automation, Inc. (Electrical Equipment)		126		26,838
Rollins, Inc. (Commercial Services & Supplies)		126		5,341
Roper Technologies, Inc. (Industrial Conglomerates)		197		76,487
Ross Stores, Inc. (Specialty Retail)		677		57,707
S&P Global, Inc. (Capital Markets)		457		150,572
Salesforce.com, Inc.* (Software)		1,715		321,271
SBA Communications Corp. (Equity Real Estate Investment Trusts)		213		63,457
Seagate Technology PLC (Technology Hardware, Storage & Peripherals)		257		12,441
Sempra Energy (Multi-Utilities)		250		29,308
ServiceNow, Inc.* (Software)		363		147,037
Simon Property Group, Inc. (Equity Real Estate Investment Trusts)		232		15,864
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		184		23,526

See accompanying notes to financial statements.

31

Financial Statements :: ProFund VP Large-Cap Growth :: 113

Common Stocks, continued

	Shares		Value
Starbucks Corp. (Hotels, Restaurants & Leisure)		2,223	$	163,590
STERIS PLC (Health Care Equipment & Supplies)		87		13,349
Stryker Corp. (Health Care Equipment & Supplies)		405		72,977
SVB Financial Group* (Banks)		61		13,147
Synchrony Financial (Consumer Finance)		1,022		22,648
Synopsys, Inc.* (Software)		287		55,965
Sysco Corp. (Food & Staples Retailing)		434		23,722
T. Rowe Price Group, Inc. (Capital Markets)		320		39,520
Take-Two Interactive Software, Inc.* (Entertainment)		217		30,287
Target Corp. (Multiline Retail)		607		72,798
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components)		314		25,607
Teledyne Technologies, Inc.* (Aerospace & Defense)		72		22,388
Teleflex, Inc. (Health Care Equipment & Supplies)		89		32,394
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		1,082		137,382
The Boeing Co. (Aerospace & Defense)		448		82,118
The Charles Schwab Corp. (Capital Markets)		1,591		53,680
The Coca-Cola Co. (Beverages)		2,941		131,404
The Cooper Cos., Inc. (Health Care Equipment & Supplies)		53		15,033
The Estee Lauder Co., Inc. (Personal Products)		427		80,566
The Hershey Co. (Food Products)		188		24,369
The Home Depot, Inc. (Specialty Retail)		1,453		363,992
The Procter & Gamble Co. (Household Products)		2,731		326,545
The Progressive Corp. (Insurance)		680		54,475
The Sherwin-Williams Co. (Chemicals)		153		88,411
The TJX Cos., Inc. (Specialty Retail)		2,278		115,176
The Walt Disney Co. (Entertainment)		2,095		233,613
The Western Union Co. (IT Services)		782		16,907
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		750		271,754
Tiffany & Co. (Specialty Retail)		209		25,485
Tractor Supply Co. (Specialty Retail)		107		14,102
Trane Technologies PLC (Building Products)		281		25,003
TransDigm Group, Inc. (Aerospace & Defense)		96		42,437
Tyler Technologies, Inc.* (Software)		77		26,710
Tyson Foods, Inc.—Class A (Food Products)		269		16,062
UDR, Inc. (Equity Real Estate Investment Trusts)		264		9,868
Ulta Beauty, Inc.* (Specialty Retail)		58		11,798
Union Pacific Corp. (Road & Rail)		800		135,257
United Parcel Service, Inc.—Class B (Air Freight & Logistics)		602		66,930
United Rentals, Inc.* (Trading Companies & Distributors)		137		20,418
Varian Medical Systems, Inc.* (Health Care Equipment & Supplies)		96		11,762
VeriSign, Inc.* (IT Services)		103		21,303
Verisk Analytics, Inc.—Class A (Professional Services)		213		36,253
Vertex Pharmaceuticals, Inc.* (Biotechnology)		494		143,413
VF Corp. (Textiles, Apparel & Luxury Goods)		322		19,623
Visa, Inc.—Class A (IT Services)		3,208		619,690
Vulcan Materials Co. (Construction Materials)		253		29,310
Waste Management, Inc. (Commercial Services & Supplies)		428		45,330
Waters Corp.* (Life Sciences Tools & Services)		74		13,350
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies)		139		31,577
Willis Towers Watson PLC (Insurance)		118		23,240
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure)		185		13,781
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals)		350		5,352
Xilinx, Inc. (Semiconductors & Semiconductor Equipment)		287		28,238
Xylem, Inc. (Machinery)		201		13,057
YUM! Brands, Inc. (Hotels, Restaurants & Leisure)		573		49,799
Zebra Technologies Corp.*—Class A (Electronic Equipment, Instruments & Components)		101		25,851
Zoetis, Inc. (Pharmaceuticals)		903		123,747
TOTAL COMMON STOCKS (Cost $13,879,251)				27,785,427

Repurchase Agreements^(b) (0.1%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $25,000	$	25,000	$	25,000
TOTAL REPURCHASE AGREEMENTS (Cost $25,000)				25,000

Collateral for Securities Loaned^(NM)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(c)		438	$	438
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(c)		5		5
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(c)		2,402		2,402
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $2,845)				2,845
TOTAL INVESTMENT SECURITIES (Cost $13,907,096)—100.1%				27,813,272
Net other assets (liabilities)—(0.1)%				(19,778	)
NET ASSETS—100.0%			$	27,793,494

* Non-income producing security.

^(a) All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $2,845.

^(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) Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

See accompanying notes to financial statements.

32

114 :: ProFund VP Large-Cap Growth :: Financial Statements

ProFund VP Large-Cap Growth invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Aerospace & Defense	$	583,357		2.0	%
Air Freight & Logistics		79,325		0.3	%
Banks		291,675		1.0	%
Beverages		354,064		1.3	%
Biotechnology		616,827		2.2	%
Building Products		103,539		0.4	%
Capital Markets		664,157		2.4	%
Chemicals		513,190		1.8	%
Commercial Services & Supplies		140,927		0.5	%
Communications Equipment		66,825		0.2	%
Construction & Engineering		4,668		NM
Construction Materials		53,685		0.2	%
Consumer Finance		112,275		0.4	%
Containers & Packaging		43,537		0.2	%
Distributors		7,886		NM
Electric Utilities		118,643		0.4	%
Electrical Equipment		103,676		0.4	%
Electronic Equipment, Instruments & Components		200,795		0.7	%
Energy Equipment & Services		2,818		NM
Entertainment		690,808		2.5	%
Equity Real Estate Investment Trusts		722,069		2.6	%
Food & Staples Retailing		174,115		0.6	%
Food Products		78,625		0.3	%
Health Care Equipment & Supplies		1,042,994		3.7	%
Health Care Technology		25,021		0.1	%
Hotels, Restaurants & Leisure		538,496		1.9	%
Household Durables		103,454		0.4	%
Household Products		444,747		1.6	%
Independent Power and Renewable Electricity Producers		15,140		0.1	%
Industrial Conglomerates		164,976		0.6	%
Insurance		220,718		0.8	%
Interactive Media & Services		2,305,265		8.3	%
Internet & Direct Marketing Retail		1,547,419		5.6	%
IT Services		2,095,377		7.5	%
Life Sciences Tools & Services		459,211		1.7	%
Machinery		373,190		1.3	%
Media		335,551		1.2	%
Metals & Mining		17,575		0.1	%
Multiline Retail		164,052		0.6	%
Multi-Utilities		29,308		0.1	%
Oil, Gas & Consumable Fuels		202,667		0.7	%
Personal Products		81,791		0.3	%
Pharmaceuticals		907,625		3.3	%
Professional Services		101,724		0.4	%
Real Estate Management & Development		28,805		0.1	%
Road & Rail		301,112		1.1	%
Semiconductors & Semiconductor Equipment		1,994,324		7.2	%
Software		4,455,213		16.1	%
Specialty Retail		854,138		3.1	%
Technology Hardware, Storage & Peripherals		2,852,871		10.3	%
Textiles, Apparel & Luxury Goods		174,640		0.6	%
Tobacco		145,344		0.5	%
Trading Companies & Distributors		53,063		0.2	%
Water Utilities		22,130		0.1	%
Other**		8,067		NM
Total	$	27,793,494		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.

33

Financial Statements :: ProFund VP Large-Cap Growth :: 115

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	13,907,096
Securities, at value(a)		27,788,272
Repurchase agreements, at value		25,000
Total Investment Securities, at value		27,813,272
Cash		858
Dividends and interest receivable		13,431
Receivable for investments sold		352,359
Prepaid expenses		1,523
TOTAL ASSETS		28,181,443
LIABILITIES:
Payable for capital shares redeemed		328,004
Payable for collateral for securities loaned		2,845
Advisory fees payable		14,965
Management services fees payable		1,995
Administration fees payable		2,136
Administrative services fees payable		9,073
Distribution fees payable		8,822
Trustee fees payable		9
Transfer agency fees payable		1,742
Fund accounting fees payable		1,248
Compliance services fees payable		186
Other accrued expenses		16,924
TOTAL LIABILITIES		387,949
NET ASSETS	$	27,793,494
NET ASSETS CONSIST OF:
Capital	$	10,699,323
Total distributable earnings (loss)		17,094,171
NET ASSETS	$	27,793,494
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		403,619
Net Asset Value (offering and redemption price per share)	$	68.86
(a) Includes securities on loan valued at:	$	2,845

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	172,876
Interest		149
Income from securities lending		25
TOTAL INVESTMENT INCOME		173,050
EXPENSES:
Advisory fees		94,878
Management services fees		12,650
Administration fees		11,650
Transfer agency fees		9,420
Administrative services fees		36,512
Distribution fees		31,626
Custody fees		2,140
Fund accounting fees		6,875
Trustee fees		374
Compliance services fees		186
Other fees		14,917
Total Gross Expenses before reductions		221,228
Expenses reduced and reimbursed by the Advisor		(8,703	)
TOTAL NET EXPENSES		212,525
NET INVESTMENT INCOME (LOSS)		(39,475	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		1,293,506
Change in net unrealized appreciation/depreciation on investment securities		219,976
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		1,513,482
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,474,007

See accompanying notes to financial statements.

34

116 :: ProFund VP Large-Cap Growth :: Financial Statements

Statements of Changes in Net Assets  

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(39,475	)	$	(38,134	)
Net realized gains (losses) on investments		1,293,506			3,419,160
Change in net unrealized appreciation/depreciation on investments		219,976			3,035,979
Change in net assets resulting from operations		1,474,007			6,417,005
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(6,298,722	)
Change in net assets resulting from distributions		—			(6,298,722	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		24,626,299			35,112,167
Distributions reinvested		—			6,298,722
Value of shares redeemed		(27,247,556	)		(37,409,678	)
Change in net assets resulting from capital transactions		(2,621,257	)		4,001,211
Change in net assets		(1,147,250	)		4,119,494
NET ASSETS:
Beginning of period		28,940,744			24,821,250
End of period	$	27,793,494		$	28,940,744
SHARE TRANSACTIONS:
Issued		387,472			522,577
Reinvested		—			107,579
Redeemed		(433,610	)		(562,150	)
Change in shares		(46,138	)		68,006

See accompanying notes to financial statements.

35

Financial Highlights :: ProFund VP Large-Cap Growth :: 117

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	64.35		$	65.02		$	69.22		$	57.48		$	59.38		$	57.23
Investment Activities:
Net investment income (loss)(a)		(0.10	)		(0.10	)		(0.22	)		(0.04	)		(0.06	)		0.03
Net realized and unrealized gains (losses) on investments		4.61			17.13			(0.74	)		14.41			3.07			2.12
Total income (loss) from investment activities		4.51			17.03			(0.96	)		14.37			3.01			2.15
Distributions to Shareholders From:
Net investment income		—			—			—			—			(0.03	)		—
Net realized gains on investments		—			(17.70	)		(3.24	)		(2.63	)		(4.88	)		—
Total distributions		—			(17.70	)		(3.24	)		(2.63	)		(4.91	)		—
Net Asset Value, End of Period	$	68.86		$	64.35		$	65.02		$	69.22		$	57.48		$	59.38
Total Return(b)		7.01	%		28.89	%		(1.86	)%		25.29	%		5.01	%		3.76	%
Ratios to Average Net Assets:
Gross expenses(c)		1.75	%		1.73	%		1.69	%		1.68	%		1.68	%		1.68	%
Net expenses(c)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(c)		(0.31	)%		(0.14	)%		(0.30	)%		(0.07	)%		(0.10	)%		0.05	%
Supplemental Data:
Net assets, end of period (000's)	$	27,793		$	28,941		$	24,821		$	34,398		$	26,012		$	35,086
Portfolio turnover rate(b)(d)		77	%		136	%		149	%		154	%		150	%		141	%

^(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.

118 :: ProFund VP Large-Cap Value :: Financial Statements

Investment Objective: The ProFund VP Large-Cap Value seeks investment results that, before fees and expenses, correspond to the performance of the S&P 500^® Value Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Equity Securities		101	%
Total Exposure		101	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Berkshire Hathaway, Inc.		3.4	%
UnitedHealth Group, Inc.		2.7	%
Verizon Communications, Inc.		2.2	%
AT&T, Inc.		2.1	%
Johnson & Johnson		2.1	%

S&P 500^® Value Index – Composition

	% of Index
Health Care		20	%
Financials		18	%
Consumer Staples		11	%
Industrials		10	%
Information Technology		9	%
Communication Services		8	%
Utilities		7	%
Energy		6	%
Consumer Discretionary		5	%
Real Estate		3	%
Materials		3	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (100.6%)

	Shares		Value
3M Co. (Industrial Conglomerates)		654	$	102,017
A.O. Smith Corp. (Building Products)		154		7,256
Abbott Laboratories (Health Care Equipment & Supplies)		844		77,167
AbbVie, Inc. (Biotechnology)		942		92,485
ABIOMED, Inc.* (Health Care Equipment & Supplies)		22		5,314
Accenture PLC—Class A (IT Services)		268		57,545
Activision Blizzard, Inc. (Entertainment)		876		66,488
Advance Auto Parts, Inc. (Specialty Retail)		79		11,254
Aflac, Inc. (Insurance)		816		29,400
Agilent Technologies, Inc. (Life Sciences Tools & Services)		151		13,344
Akamai Technologies, Inc.* (IT Services)		52		5,569
Alaska Air Group, Inc. (Airlines)		139		5,040
Albemarle Corp. (Chemicals)		121		9,342
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts)		66		10,709
Alexion Pharmaceuticals, Inc.* (Biotechnology)		105		11,785
Alliant Energy Corp. (Electric Utilities)		284		13,587
Altria Group, Inc. (Tobacco)		1,289		50,593
Amcor PLC (Containers & Packaging)		1,790		18,277
Ameren Corp. (Multi-Utilities)		281		19,771
American Airlines Group, Inc.(a) (Airlines)		428		5,594
American Electric Power Co., Inc. (Electric Utilities)		563		44,837
American Express Co. (Consumer Finance)		300		28,560
American International Group, Inc. (Insurance)		979		30,525
American Water Works Co., Inc. (Water Utilities)		103		13,252
Ameriprise Financial, Inc. (Capital Markets)		49		7,352
AmerisourceBergen Corp. (Health Care Providers & Services)		169		17,030
Amgen, Inc. (Biotechnology)		274		64,626
Anthem, Inc. (Health Care Providers & Services)		287		75,475
Aon PLC (Insurance)		97		18,682
Apache Corp. (Oil, Gas & Consumable Fuels)		163		2,201
Apartment Investment & Management Co. (Equity Real Estate Investment Trusts)		169		6,361
Aptiv PLC (Auto Components)		290		22,597
Archer-Daniels-Midland Co. (Food Products)		631		25,177
Arthur J. Gallagher & Co. (Insurance)		106		10,334
Assurant, Inc. (Insurance)		68		7,024
AT&T, Inc. (Diversified Telecommunication Services)		8,099		244,833
Atmos Energy Corp. (Gas Utilities)		139		13,842
Automatic Data Processing, Inc. (IT Services)		186		27,694
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts)		160		24,742
Avery Dennison Corp. (Containers & Packaging)		27		3,080
Baker Hughes Co.—Class A (Energy Equipment & Services)		745		11,466
Ball Corp. (Containers & Packaging)		107		7,435
Bank of America Corp. (Banks)		8,876		210,804
Baxter International, Inc. (Health Care Equipment & Supplies)		318		27,380
Becton, Dickinson & Co. (Health Care Equipment & Supplies)		335		80,155
Berkshire Hathaway, Inc.*—Class B (Diversified Financial Services)		2,210		394,507
Best Buy Co., Inc. (Specialty Retail)		258		22,516
Biogen, Inc.* (Biotechnology)		185		49,497
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services)		7		3,160
BlackRock, Inc.—Class A (Capital Markets)		86		46,792
BorgWarner, Inc. (Auto Components)		236		8,331

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Large-Cap Value :: 119

Common Stocks, continued

	Shares		Value
Boston Properties, Inc. (Equity Real Estate Investment Trusts)		92	$	8,315
Boston Scientific Corp.* (Health Care Equipment & Supplies)		666		23,383
Bristol-Myers Squibb Co. (Pharmaceuticals)		1,157		68,032
Broadridge Financial Solutions, Inc. (IT Services)		39		4,921
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		153		12,096
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels)		168		2,886
Campbell Soup Co. (Food Products)		108		5,360
Capital One Financial Corp. (Consumer Finance)		518		32,422
Cardinal Health, Inc. (Health Care Providers & Services)		332		17,327
Carnival Corp.(a)—Class A (Hotels, Restaurants & Leisure)		539		8,850
Carrier Global Corp. (Building Products)		435		9,666
Caterpillar, Inc. (Machinery)		252		31,877
Centene Corp.* (Health Care Providers & Services)		658		41,816
CenterPoint Energy, Inc. (Multi-Utilities)		619		11,557
CenturyLink, Inc. (Diversified Telecommunication Services)		1,123		11,264
Cerner Corp. (Health Care Technology)		128		8,774
CF Industries Holdings, Inc. (Chemicals)		243		6,838
Chevron Corp. (Oil, Gas & Consumable Fuels)		2,122		189,346
Chubb, Ltd. (Insurance)		513		64,957
Church & Dwight Co., Inc. (Household Products)		129		9,972
Cigna Corp. (Health Care Providers & Services)		419		78,625
Cincinnati Financial Corp. (Insurance)		93		5,955
Cisco Systems, Inc. (Communications Equipment)		4,821		224,852
Citigroup, Inc. (Banks)		2,366		120,902
Citizens Financial Group, Inc. (Banks)		485		12,241
Citrix Systems, Inc. (Software)		63		9,318
CME Group, Inc. (Capital Markets)		200		32,508
CMS Energy Corp. (Multi-Utilities)		325		18,987
Cognizant Technology Solutions Corp.—Class A (IT Services)		614		34,887
Colgate-Palmolive Co. (Household Products)		535		39,194
Comcast Corp.—Class A (Media)		2,278		88,797
Comerica, Inc. (Banks)		158		6,020
Conagra Brands, Inc. (Food Products)		554		19,484
Concho Resources, Inc. (Oil, Gas & Consumable Fuels)		224		11,536
Consolidated Edison, Inc. (Multi-Utilities)		380		27,333
Constellation Brands, Inc.—Class A (Beverages)		191		33,415
Corning, Inc. (Electronic Equipment, Instruments & Components)		457		11,836
Corteva, Inc. (Chemicals)		851		22,798
Costco Wholesale Corp. (Food & Staples Retailing)		206		62,461
Coty, Inc.—Class A (Personal Products)		179		800
Crown Castle International Corp. (Equity Real Estate Investment Trusts)		199		33,303
CSX Corp. (Road & Rail)		435		30,337
Cummins, Inc. (Machinery)		62		10,742
CVS Health Corp. (Health Care Providers & Services)		1,486		96,546
Danaher Corp. (Health Care Equipment & Supplies)		257		45,445
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		80		6,062
DaVita, Inc.* (Health Care Providers & Services)		97		7,677
Deere & Co. (Machinery)		146		22,944
Delta Air Lines, Inc. (Airlines)		645		18,092
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies)		117		5,155
Devon Energy Corp. (Oil, Gas & Consumable Fuels)		435		4,933
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		179		7,486
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts)		305		43,343
Discover Financial Services (Consumer Finance)		132		6,612
Discovery, Inc.* (Media)		182		3,840
Discovery, Inc.*—Class C (Media)		360		6,934
Dish Network Corp.*—Class A (Media)		292		10,077
Dollar Tree, Inc.* (Multiline Retail)		270		25,023
Dominion Energy, Inc. (Multi-Utilities)		954		77,445
Dover Corp. (Machinery)		67		6,470
DTE Energy Co. (Multi-Utilities)		219		23,543
Duke Energy Corp. (Electric Utilities)		835		66,709
Duke Realty Corp. (Equity Real Estate Investment Trusts)		172		6,087
DuPont de Nemours, Inc. (Chemicals)		834		44,310
DXC Technology Co. (IT Services)		288		4,752
E*TRADE Financial Corp. (Capital Markets)		251		12,482
Eastman Chemical Co. (Chemicals)		154		10,725
Eaton Corp. PLC (Electrical Equipment)		455		39,804
Ecolab, Inc. (Chemicals)		138		27,455
Edison International (Electric Utilities)		430		23,353
Electronic Arts, Inc.* (Entertainment)		154		20,336
Eli Lilly & Co. (Pharmaceuticals)		431		70,762
Emerson Electric Co. (Electrical Equipment)		312		19,353
Entergy Corp. (Electric Utilities)		228		21,389
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		331		16,768
Equifax, Inc. (Professional Services)		55		9,453
Equity Residential (Equity Real Estate Investment Trusts)		398		23,410
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts)		37		8,479
Everest Re Group, Ltd. (Insurance)		45		9,279
Evergy, Inc. (Electric Utilities)		258		15,297
Eversource Energy (Electric Utilities)		382		31,809
Exelon Corp. (Electric Utilities)		1,108		40,209
Expedia Group, Inc. (Internet & Direct Marketing Retail)		154		12,659
Expeditors International of Washington, Inc. (Air Freight & Logistics)		91		6,920
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts)		62		5,727
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		4,806		214,923
F5 Networks, Inc.* (Communications Equipment)		69		9,624

See accompanying notes to financial statements.

120 :: ProFund VP Large-Cap Value :: Financial Statements

Common Stocks, continued

	Shares			Value
Fastenal Co. (Trading Companies & Distributors)		195		$	8,354
Federal Realty Investment Trust (Equity Real Estate Investment Trusts)		46			3,920
FedEx Corp. (Air Freight & Logistics)		273			38,280
Fidelity National Information Services, Inc. (IT Services)		702			94,131
Fifth Third Bancorp (Banks)		809			15,598
First Horizon National Corp. (Banks)		—	(b)		5
First Republic Bank (Banks)		99			10,493
FirstEnergy Corp. (Electric Utilities)		616			23,888
FLIR Systems, Inc. (Electronic Equipment, Instruments & Components)		77			3,124
Flowserve Corp. (Machinery)		148			4,221
Ford Motor Co. (Automobiles)		4,440			26,995
Fortive Corp. (Machinery)		337			22,801
Fox Corp.—Class A (Media)		389			10,433
Fox Corp.—Class B (Media)		181			4,858
Franklin Resources, Inc. (Capital Markets)		315			6,606
Freeport-McMoRan, Inc. (Metals & Mining)		743			8,597
General Dynamics Corp. (Aerospace & Defense)		264			39,457
General Electric Co. (Industrial Conglomerates)		9,943			67,911
General Mills, Inc. (Food Products)		689			42,477
General Motors Co. (Automobiles)		1,432			36,230
Genuine Parts Co. (Distributors)		164			14,262
Gilead Sciences, Inc. (Biotechnology)		1,425			109,639
Global Payments, Inc. (IT Services)		173			29,344
Globe Life, Inc. (Insurance)		111			8,240
H&R Block, Inc. (Diversified Consumer Services)		219			3,127
Halliburton Co. (Energy Equipment & Services)		997			12,941
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)		396			4,471
Hartford Financial Services Group, Inc. (Insurance)		407			15,690
Hasbro, Inc. (Leisure Products)		145			10,868
HCA Healthcare, Inc. (Health Care Providers & Services)		299			29,021
Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts)		324			8,929
Henry Schein, Inc.* (Health Care Providers & Services)		162			9,459
Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals)		1,460			14,206
HollyFrontier Corp. (Oil, Gas & Consumable Fuels)		169			4,935
Hologic, Inc.* (Health Care Equipment & Supplies)		135			7,695
Honeywell International, Inc. (Industrial Conglomerates)		431			62,318
Hormel Foods Corp. (Food Products)		319			15,398
Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts)		801			8,643
Howmet Aerospace, Inc.* (Aerospace & Defense)		218			3,455
HP, Inc. (Technology Hardware, Storage & Peripherals)		1,625			28,324
Humana, Inc. (Health Care Providers & Services)		150			58,163
Huntington Bancshares, Inc. (Banks)		1,153			10,417
Huntington Ingalls Industries, Inc. (Aerospace & Defense)		19			3,315
IDEX Corp. (Machinery)		37			5,847
IHS Markit, Ltd. (Professional Services)		122			9,211
Illinois Tool Works, Inc. (Machinery)		127			22,206
Illumina, Inc.* (Life Sciences Tools & Services)		67			24,813
Ingersoll Rand, Inc.* (Machinery)		106			2,981
Intel Corp. (Semiconductors & Semiconductor Equipment)		2,070			123,848
Intercontinental Exchange, Inc. (Capital Markets)		280			25,648
International Business Machines Corp. (IT Services)		1,009			121,857
International Flavors & Fragrances, Inc. (Chemicals)		121			14,818
International Paper Co. (Containers & Packaging)		447			15,739
Invesco, Ltd. (Capital Markets)		428			4,605
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components)		20			3,208
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		63			8,938
Iron Mountain, Inc. (Equity Real Estate Investment Trusts)		327			8,535
J.B. Hunt Transport Services, Inc. (Road & Rail)		39			4,693
Jack Henry & Associates, Inc. (IT Services)		42			7,729
Jacobs Engineering Group, Inc. (Construction & Engineering)		148			12,550
Johnson & Johnson (Pharmaceuticals)		1,737			244,274
Johnson Controls International PLC (Building Products)		846			28,883
JPMorgan Chase & Co. (Banks)		1,801			169,401
Juniper Networks, Inc. (Communications Equipment)		377			8,618
Kellogg Co. (Food Products)		284			18,761
KeyCorp (Banks)		1,109			13,508
Kimberly-Clark Corp. (Household Products)		197			27,846
Kimco Realty Corp. (Equity Real Estate Investment Trusts)		492			6,317
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		2,211			33,541
Kohl's Corp. (Multiline Retail)		179			3,718
L Brands, Inc. (Specialty Retail)		265			3,967
Laboratory Corp. of America Holdings* (Health Care Providers & Services)		110			18,272
Lamb Weston Holding, Inc. (Food Products)		75			4,795
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)		164			7,469
Leggett & Platt, Inc. (Household Durables)		51			1,793
Leidos Holdings, Inc. (IT Services)		76			7,119
Lennar Corp.—Class A (Household Durables)		312			19,224
Lincoln National Corp. (Insurance)		220			8,094
Linde PLC (Chemicals)		173			36,695
Live Nation Entertainment, Inc.* (Entertainment)		53			2,349
LKQ Corp.* (Distributors)		166			4,349
Loews Corp. (Insurance)		275			9,430
Lowe's Cos., Inc. (Specialty Retail)		292			39,455
LyondellBasell Industries N.V.—Class A (Chemicals)		292			19,190
M&T Bank Corp. (Banks)		146			15,180

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Large-Cap Value :: 121

Common Stocks, continued

	Shares			Value
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		898		$	5,496
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		739			27,624
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure)		—	(b)		27
Marsh & McLennan Cos., Inc. (Insurance)		226			24,266
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment)		170			10,304
McCormick & Co., Inc. (Food Products)		69			12,379
McDonald's Corp. (Hotels, Restaurants & Leisure)		473			87,253
McKesson Corp. (Health Care Providers & Services)		184			28,229
Medtronic PLC (Health Care Equipment & Supplies)		1,524			139,752
Merck & Co., Inc. (Pharmaceuticals)		1,291			99,833
MetLife, Inc. (Insurance)		877			32,028
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)		10			8,056
MGM Resorts International (Hotels, Restaurants & Leisure)		219			3,679
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts)		71			8,142
Mohawk Industries, Inc.* (Household Durables)		68			6,920
Molson Coors Beverage Co.—Class B (Beverages)		214			7,353
Mondelez International, Inc.—Class A (Food Products)		1,623			82,984
Monster Beverage Corp.* (Beverages)		140			9,705
Morgan Stanley (Capital Markets)		1,361			65,737
Mylan N.V.* (Pharmaceuticals)		588			9,455
Nasdaq, Inc. (Capital Markets)		69			8,243
National Oilwell Varco, Inc. (Energy Equipment & Services)		304			3,724
NetApp, Inc. (Technology Hardware, Storage & Peripherals)		136			6,034
Newell Brands, Inc. (Household Durables)		434			6,892
Newmont Corp. (Metals & Mining)		912			56,307
News Corp.—Class A (Media)		442			5,242
News Corp.—Class B (Media)		138			1,649
NextEra Energy, Inc. (Electric Utilities)		261			62,684
Nielsen Holdings PLC (Professional Services)		405			6,018
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods)		465			45,594
NiSource, Inc. (Multi-Utilities)		435			9,892
Noble Energy, Inc. (Oil, Gas & Consumable Fuels)		545			4,883
Norfolk Southern Corp. (Road & Rail)		134			23,526
Northern Trust Corp. (Capital Markets)		236			18,724
NortonLifelock, Inc. (Software)		234			4,640
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure)		291			4,781
Nucor Corp. (Metals & Mining)		342			14,162
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		1,023			18,721
Omnicom Group, Inc. (Media)		244			13,322
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		470			15,613
Oracle Corp. (Software)		946			52,286
Otis Worldwide Corp. (Machinery)		217			12,339
Packaging Corp. of America (Containers & Packaging)		108			10,778
Parker-Hannifin Corp. (Machinery)		66			12,096
Paychex, Inc. (IT Services)		120			9,090
Pentair PLC (Machinery)		188			7,142
People's United Financial, Inc. (Banks)		483			5,588
PepsiCo, Inc. (Beverages)		820			108,453
PerkinElmer, Inc. (Life Sciences Tools & Services)		54			5,297
Perrigo Co. PLC (Pharmaceuticals)		155			8,567
Pfizer, Inc. (Pharmaceuticals)		6,314			206,468
Philip Morris International, Inc. (Tobacco)		991			69,430
Phillips 66 (Oil, Gas & Consumable Fuels)		248			17,831
Pinnacle West Capital Corp. (Electric Utilities)		128			9,381
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		71			6,937
PPG Industries, Inc. (Chemicals)		131			13,894
PPL Corp. (Electric Utilities)		874			22,584
Principal Financial Group, Inc. (Insurance)		290			12,047
Prologis, Inc. (Equity Real Estate Investment Trusts)		361			33,692
Prudential Financial, Inc. (Insurance)		449			27,344
Public Service Enterprise Group, Inc. (Multi-Utilities)		575			28,267
Public Storage (Equity Real Estate Investment Trusts)		96			18,421
PVH Corp. (Textiles, Apparel & Luxury Goods)		81			3,892
Quanta Services, Inc. (Construction & Engineering)		86			3,374
Quest Diagnostics, Inc. (Health Care Providers & Services)		152			17,322
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)		54			3,916
Raymond James Financial, Inc. (Capital Markets)		139			9,567
Raytheon Technologies Corp. (Aerospace & Defense)		786			48,433
Realty Income Corp. (Equity Real Estate Investment Trusts)		215			12,793
Regency Centers Corp. (Equity Real Estate Investment Trusts)		193			8,857
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		38			23,699
Regions Financial Corp. (Banks)		1,088			12,099
Republic Services, Inc.—Class A (Commercial Services & Supplies)		129			10,584
Robert Half International, Inc. (Professional Services)		130			6,868
Rockwell Automation, Inc. (Electrical Equipment)		57			12,141
Rollins, Inc. (Commercial Services & Supplies)		85			3,603
Royal Caribbean Cruises, Ltd. (Hotels, Restaurants & Leisure)		195			9,809
Schlumberger, Ltd. (Energy Equipment & Services)		1,578			29,019
Seagate Technology PLC (Technology Hardware, Storage & Peripherals)		103			4,986
Sealed Air Corp. (Containers & Packaging)		177			5,814
Sempra Energy (Multi-Utilities)		183			21,453
Simon Property Group, Inc. (Equity Real Estate Investment Trusts)		209			14,291

See accompanying notes to financial statements.

122 :: ProFund VP Large-Cap Value :: Financial Statements

Common Stocks, continued

	Shares		Value
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		80	$	10,229
SL Green Realty Corp. (Equity Real Estate Investment Trusts)		87		4,288
Snap-on, Inc. (Machinery)		62		8,588
Southwest Airlines Co. (Airlines)		610		20,850
Stanley Black & Decker, Inc. (Machinery)		175		24,391
State Street Corp. (Capital Markets)		400		25,420
STERIS PLC (Health Care Equipment & Supplies)		44		6,751
Stryker Corp. (Health Care Equipment & Supplies)		125		22,524
SVB Financial Group* (Banks)		21		4,526
Sysco Corp. (Food & Staples Retailing)		317		17,327
T. Rowe Price Group, Inc. (Capital Markets)		67		8,275
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)		314		4,170
Target Corp. (Multiline Retail)		205		24,586
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components)		187		15,250
TechnipFMC PLC (Energy Equipment & Services)		478		3,270
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		396		50,280
Textron, Inc. (Aerospace & Defense)		259		8,524
The AES Corp. (Independent Power and Renewable Electricity Producers)		756		10,954
The Allstate Corp. (Insurance)		357		34,625
The Bank of New York Mellon Corp. (Capital Markets)		916		35,403
The Boeing Co. (Aerospace & Defense)		341		62,506
The Charles Schwab Corp. (Capital Markets)		352		11,876
The Clorox Co. (Household Products)		142		31,151
The Coca-Cola Co. (Beverages)		2,636		117,777
The Cooper Cos., Inc. (Health Care Equipment & Supplies)		24		6,807
The Gap, Inc. (Specialty Retail)		242		3,054
The Goldman Sachs Group, Inc. (Capital Markets)		352		69,563
The Hershey Co. (Food Products)		55		7,129
The Home Depot, Inc. (Specialty Retail)		355		88,930
The Interpublic Group of Cos., Inc. (Media)		443		7,602
The JM Smucker Co.—Class A (Food Products)		130		13,755
The Kraft Heinz Co. (Food Products)		708		22,578
The Kroger Co. (Food & Staples Retailing)		894		30,262
The Mosaic Co. (Chemicals)		396		4,954
The PNC Financial Services Group, Inc (Banks)		482		50,711
The Procter & Gamble Co. (Household Products)		1,182		141,331
The Progressive Corp. (Insurance)		259		20,748
The Southern Co. (Electric Utilities)		1,200		62,220
The Travelers Cos., Inc. (Insurance)		287		32,732
The Walt Disney Co. (Entertainment)		801		89,320
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)		1,379		26,229
T-Mobile U.S., Inc.* (Wireless Telecommunication Services)		646		67,281
Tractor Supply Co. (Specialty Retail)		67		8,830
Trane Technologies PLC (Building Products)		103		9,165
Truist Financial Corp. (Banks)		1,532		57,527
Twitter, Inc.* (Interactive Media & Services)		892		26,573
Tyson Foods, Inc.—Class A (Food Products)		174		10,390
U.S. Bancorp (Banks)		1,558		57,366
UDR, Inc. (Equity Real Estate Investment Trusts)		178		6,654
Ulta Beauty, Inc.* (Specialty Retail)		29		5,899
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods)		214		2,084
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods)		223		1,971
Union Pacific Corp. (Road & Rail)		293		49,538
United Airlines Holdings , Inc.* (Airlines)		287		9,933
United Parcel Service, Inc.—Class B (Air Freight & Logistics)		440		48,919
UnitedHealth Group, Inc. (Health Care Providers & Services)		1,078		317,957
Universal Health Services, Inc.—Class B (Health Care Providers & Services)		88		8,174
Unum Group (Insurance)		231		3,832
Valero Energy Corp. (Oil, Gas & Consumable Fuels)		463		27,234
Varian Medical Systems, Inc.* (Health Care Equipment & Supplies)		46		5,636
Ventas, Inc. (Equity Real Estate Investment Trusts)		424		15,527
VeriSign, Inc.* (IT Services)		54		11,169
Verisk Analytics, Inc.—Class A (Professional Services)		57		9,702
Verizon Communications, Inc. (Diversified Telecommunication Services)		4,704		259,331
VF Corp. (Textiles, Apparel & Luxury Goods)		170		10,360
ViacomCBS, Inc.—Class B (Media)		614		14,318
Vornado Realty Trust (Equity Real Estate Investment Trusts)		180		6,878
W.R. Berkley Corp. (Insurance)		160		9,166
W.W. Grainger, Inc. (Trading Companies & Distributors)		49		15,394
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)		838		35,523
Walmart, Inc. (Food & Staples Retailing)		1,610		192,846
Waste Management, Inc. (Commercial Services & Supplies)		185		19,594
Waters Corp.* (Life Sciences Tools & Services)		27		4,871
WEC Energy Group, Inc. (Multi-Utilities)		359		31,466
Wells Fargo & Co. (Banks)		4,241		108,570
Welltower, Inc. (Equity Real Estate Investment Trusts)		475		24,581
Western Digital Corp. (Technology Hardware, Storage & Peripherals)		341		15,055
Westinghouse Air Brake Technologies Corp. (Machinery)		205		11,802
WestRock Co. (Containers & Packaging)		295		8,337
Weyerhaeuser Co. (Equity Real Estate Investment Trusts)		848		19,046
Whirlpool Corp. (Household Durables)		71		9,197
Willis Towers Watson PLC (Insurance)		76		14,968
Xcel Energy, Inc. (Electric Utilities)		597		37,313
Xilinx, Inc. (Semiconductors & Semiconductor Equipment)		105		10,331
Xylem, Inc. (Machinery)		84		5,457
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies)		235		28,050
Zions Bancorp (Banks)		186		6,324
TOTAL COMMON STOCKS (Cost $9,003,213)				11,831,138

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Large-Cap Value :: 123

Collateral for Securities Loaned (0.1%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(c)		2,079	$	2,079
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(c)		23		23
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(c)		11,404		11,404
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $13,506)				13,506
TOTAL INVESTMENT SECURITIES (Cost $9,016,719)—100.7%				11,844,644
Net other assets (liabilities)—(0.7)%				(84,083	)
NET ASSETS—100.0%			$	11,760,561

* Non-income producing security.

^(a) All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $12,848.

^(b) Number of shares is less than 0.50

^(c) Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

ProFund VP Large-Cap Value invested in the following industries as of June 30, 2020:

	Value			% of Net Assets
Aerospace & Defense	$	165,690			1.4	%
Air Freight & Logistics		106,215			0.9	%
Airlines		59,509			0.5	%
Auto Components		30,928			0.3	%
Automobiles		63,225			0.5	%
Banks		887,280			7.4	%
Beverages		276,703			2.4	%
Biotechnology		351,731			3.0	%
Building Products		54,970			0.5	%
Capital Markets		388,801			3.3	%
Chemicals		211,019			1.8	%
Commercial Services & Supplies		33,781			0.3	%
Communications Equipment		243,094			2.1	%
Construction & Engineering		15,924			0.1	%
Consumer Finance		67,594			0.6	%
Containers & Packaging		69,460			0.6	%
Distributors		18,611			0.2	%
Diversified Consumer Services		3,127			NM
Diversified Financial Services		394,507			3.4	%
Diversified Telecommunication Services		515,428			4.4	%
Electric Utilities		475,260			4.1	%
Electrical Equipment		71,298			0.6	%
Electronic Equipment, Instruments & Components		33,418			0.3	%
Energy Equipment & Services		60,420			0.5	%
Entertainment		178,493			1.5	%
Equity Real Estate Investment Trusts		379,990			3.2	%
Food & Staples Retailing		338,419			2.9	%
Food Products		280,667			2.4	%
Gas Utilities		13,842			0.1	%
Health Care Equipment & Supplies		481,214			4.1	%
Health Care Providers & Services		821,093			6.9	%
Health Care Technology		8,774			0.1	%
Hotels, Restaurants & Leisure		127,930			1.0	%
Household Durables		44,026			0.4	%
Household Products		249,494			2.1	%
Independent Power and Renewable Electricity Producers		10,954			0.1	%
Industrial Conglomerates		232,246			2.0	%
Insurance		429,366			3.7	%
Interactive Media & Services		26,573			0.2	%
Internet & Direct Marketing Retail		12,659			0.1	%
IT Services		415,807			3.5	%
Leisure Products		10,868			0.1	%
Life Sciences Tools & Services		68,479			0.6	%
Machinery		211,904			1.8	%
Media		167,072			1.4	%
Metals & Mining		79,066			0.7	%
Multiline Retail		53,327			0.5	%
Multi-Utilities		269,714			2.3	%
Oil, Gas & Consumable Fuels		639,123			5.4	%
Personal Products		800			NM
Pharmaceuticals		707,391			6.0	%
Professional Services		41,252			0.4	%
Road & Rail		108,094			0.9	%
Semiconductors & Semiconductor Equipment		204,992			1.7	%
Software		66,244			0.6	%
Specialty Retail		183,905			1.5	%
Technology Hardware, Storage & Peripherals		68,605			0.6	%
Textiles, Apparel & Luxury Goods		76,458			0.7	%
Tobacco		120,023			1.0	%
Trading Companies & Distributors		23,748			0.2	%
Water Utilities		13,252			0.1	%
Wireless Telecommunication Services		67,281			0.6	%
Other**		(70,577	)		(0.6	)%
Total	$	11,760,561			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.

124 :: ProFund VP Large-Cap Value :: Financial Statements

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	9,016,719
Securities, at value(a)		11,844,644
Total Investment Securities, at value		11,844,644
Dividends receivable		15,129
Receivable for capital shares issued		2,397
Prepaid expenses		799
TOTAL ASSETS		11,862,969
LIABILITIES:
Payable for capital shares redeemed		66
Cash overdraft		61,224
Payable for collateral for securities loaned		13,506
Advisory fees payable		6,023
Management services fees payable		803
Administration fees payable		957
Administrative services fees payable		4,150
Distribution fees payable		3,743
Transfer agency fees payable		781
Fund accounting fees payable		633
Compliance services fees payable		102
Other accrued expenses		10,420
TOTAL LIABILITIES		102,408
NET ASSETS	$	11,760,561
NET ASSETS CONSIST OF:
Capital	$	10,642,440
Total distributable earnings (loss)		1,118,121
NET ASSETS	$	11,760,561
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		294,029
Net Asset Value (offering and redemption price per share)	$	40.00
(a) Includes securities on loan valued at:	$	12,848

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	223,742
Interest		48
Income from securities lending		257
TOTAL INVESTMENT INCOME		224,047
EXPENSES:
Advisory fees		57,052
Management services fees		7,607
Administration fees		7,028
Transfer agency fees		5,551
Administrative services fees		22,350
Distribution fees		19,018
Custody fees		1,513
Fund accounting fees		4,518
Trustee fees		224
Compliance services fees		102
Other fees		8,826
Total Gross Expenses before reductions		133,789
Expenses reduced and reimbursed by the Advisor		(5,991	)
TOTAL NET EXPENSES		127,798
NET INVESTMENT INCOME (LOSS)		96,249
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		(1,353,324	)
Change in net unrealized appreciation/depreciation on investment securities		(2,753,598	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(4,106,922	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,010,673	)

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Large-Cap Value :: 125

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	96,249		$	142,662
Net realized gains (losses) on investments		(1,353,324	)		1,982,595
Change in net unrealized appreciation/depreciation on investments		(2,753,598	)		2,491,774
Change in net assets resulting from operations		(4,010,673	)		4,617,031
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(1,686,095	)
Change in net assets resulting from distributions		—			(1,686,095	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		8,844,962			17,749,163
Distributions reinvested		—			1,686,095
Value of shares redeemed		(15,275,655	)		(15,558,111	)
Change in net assets resulting from capital transactions		(6,430,693	)		3,877,147
Change in net assets		(10,441,366	)		6,808,083
NET ASSETS:
Beginning of period		22,201,927			15,393,844
End of period	$	11,760,561		$	22,201,927
SHARE TRANSACTIONS:
Issued		221,636			396,532
Reinvested		—			40,678
Redeemed		(394,016	)		(343,324	)
Change in shares		(172,380	)		93,886

See accompanying notes to financial statements.

126 :: ProFund VP Large-Cap Value :: 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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	47.60		$	41.32		$	46.62		$	41.52		$	36.40		$	38.58
Investment Activities:
Net investment income (loss)(a)		0.27			0.37			0.38			0.35			0.38			0.36
Net realized and unrealized gains (losses) on investments		(7.87	)		11.15			(5.29	)		5.21			5.20			(2.17	)
Total income (loss) from investment activities		(7.60	)		11.52			(4.91	)		5.56			5.58			(1.81	)
Distributions to Shareholders From:
Net investment income		—			(0.46	)		(0.39	)		(0.46	)		(0.46	)		(0.37	)
Net realized gains on investments		—			(4.78	)		—			—			—			—
Total distributions		—			(5.24	)		(0.39	)		(0.46	)		(0.46	)		(0.37	)
Net Asset Value, End of Period	$	40.00		$	47.60		$	41.32		$	46.62		$	41.52		$	36.40
Total Return(b)		(15.97	)%		29.77	%		(10.63	)%		13.43	%		15.43	%		(4.73	)%
Ratios to Average Net Assets:
Gross expenses(c)		1.76	%		1.74	%		1.70	%		1.68	%		1.69	%		1.70	%
Net expenses(c)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(c)		1.27	%		0.81	%		0.84	%		0.81	%		1.01	%		0.96	%
Supplemental Data:
Net assets, end of period (000's)	$	11,761		$	22,202		$	15,394		$	20,450		$	25,426		$	18,354
Portfolio turnover rate(b)(d)		47	%		110	%		116	%		72	%		138	%		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 Mid-Cap :: 127

Investment Objective: The ProFund VP Mid-Cap seeks investment results that before fees and expenses, correspond to the performance of the S&P MidCap 400^®.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		9	%
Swap Agreements		90	%
Total Exposure		99	%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any investments 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
Information Technology		17	%
Industrials		16	%
Financials		15	%
Consumer Discretionary		14	%
Health Care		11	%
Real Estate		10	%
Materials		6	%
Utilities		4	%
Consumer Staples		4	%
Communication Services		2	%
Energy		1	%

Schedule of Portfolio Investments (unaudited)

Repurchase Agreements^(a)(b) (98.0%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $7,492,006	$	7,492,000	$	7,492,000
TOTAL REPURCHASE AGREEMENTS (Cost $7,492,000)				7,492,000
TOTAL INVESTMENT SECURITIES (Cost $7,492,000) – 98.0%				7,492,000
Net other assets (liabilities) – 2.0%				153,130
NET ASSETS – 100.0%			$	7,645,130

(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, 2020, the aggregate amount held in a segregated account was $2,053,000.
(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 MidCap400 Futures Contracts		4	9/21/20	$	711,200	$	(28,487	)

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P MidCap 400	Goldman Sachs International	7/27/20		1.42	%	$	1,536,852	$	20,061
S&P MidCap 400	UBS AG	7/27/20		1.32	%		5,381,939		70,267
						$	6,918,791	$	90,328

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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.

1

128 :: ProFund VP Mid-Cap :: Financial Statements

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	7,492,000
Repurchase agreements, at value		7,492,000
Total Investment Securities, at value		7,492,000
Cash		370
Segregated cash balances for futures contracts with brokers		66,000
Interest receivable		6
Unrealized appreciation on swap agreements		90,328
Receivable for capital shares issued		14,519
Variation margin on futures contracts		8,840
Prepaid expenses		589
TOTAL ASSETS		7,672,652
LIABILITIES:
Payable for capital shares redeemed		224
Advisory fees payable		5,501
Management services fees payable		733
Administration fees payable		678
Administrative services fees payable		4,739
Distribution fees payable		4,921
Trustee fees payable		3
Transfer agency fees payable		553
Fund accounting fees payable		373
Compliance services fees payable		61
Other accrued expenses		9,736
TOTAL LIABILITIES		27,522
NET ASSETS	$	7,645,130
NET ASSETS CONSIST OF:
Capital	$	7,471,956
Total distributable earnings (loss)		173,174
NET ASSETS	$	7,645,130
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		371,938
Net Asset Value (offering and redemption price per share)	$	20.55

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Interest	$	29,435
EXPENSES:
Advisory fees		32,350
Management services fees		4,313
Administration fees		4,967
Transfer agency fees		3,949
Administrative services fees		10,359
Distribution fees		10,783
Custody fees		774
Fund accounting fees		2,724
Trustee fees		163
Compliance services fees		61
Other fees		6,215
TOTAL NET EXPENSES		76,658
NET INVESTMENT INCOME (LOSS)		(47,223	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on futures contracts		(510,736	)
Net realized gains (losses) on swap agreements		(932,694	)
Change in net unrealized appreciation/depreciation on futures contracts		(54,374	)
Change in net unrealized appreciation/depreciation on swap agreements		88,090
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(1,409,714	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,456,937	)

See accompanying notes to financial statements.

2

Financial Statements :: ProFund VP Mid-Cap :: 129

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(47,223	)	$	70,768
Net realized gains (losses) on investments		(1,443,430	)		2,634,081
Change in net unrealized appreciation/depreciation on investments		33,716			191,874
Change in net assets resulting from operations		(1,456,937	)		2,896,723
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(15,907	)
Change in net assets resulting from distributions		—			(15,907	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		5,841,928			20,016,638
Distributions reinvested		—			15,907
Value of shares redeemed		(8,071,819	)		(32,620,202	)
Change in net assets resulting from capital transactions		(2,229,891	)		(12,587,657	)
Change in net assets		(3,686,828	)		(9,706,841	)
NET ASSETS:
Beginning of period		11,331,958			21,038,799
End of period	$	7,645,130		$	11,331,958
SHARE TRANSACTIONS:
Issued		293,629			878,939
Reinvested		—			727
Redeemed		(396,080	)		(1,491,483	)
Change in shares		(102,451	)		(611,817	)

See accompanying notes to financial statements.

3

130 :: ProFund VP 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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	23.89		$	19.37		$	29.47		$	34.24		$	29.46		$	31.48
Investment Activities:
Net investment income (loss)(a)		(0.11	)		0.11			0.02			(0.33	)		(0.44	)		(0.52	)
Net realized and unrealized gains (losses) on investments		(3.23	)		4.44			(2.56	)		4.53			5.77			(0.83	)
Total income (loss) from investment activities		(3.34	)		4.55			(2.54	)		4.20			5.33			(1.35	)
Distributions to Shareholders From:
Net investment income		—			(0.03	)		—			—			—			—
Net realized gains on investments		—			—			(7.56	)		(8.97	)		(0.55	)		(0.67	)
Total distributions		—			(0.03	)		(7.56	)		(8.97	)		(0.55	)		(0.67	)
Net Asset Value, End of Period	$	20.55		$	23.89		$	19.37		$	29.47		$	34.24		$	29.46
Total Return(b)		(13.98	)%		23.53	%		(12.86	)%(c)		13.43	%		18.19	%		(4.45	)%
Ratios to Average Net Assets:
Gross expenses(d)		1.78	%		1.64	%		1.52	%		1.66	%		1.68	%		1.76	%
Net expenses(d)		1.78	%(e)		1.64	%		1.49	%(c)		1.66	%		1.68	%		1.68	%
Net investment income (loss)(d)		(1.10	)%		0.50	%		0.08	%(c)		(0.96	)%		(1.42	)%		(1.64	)%
Supplemental Data:
Net assets, end of period (000's)	$	7,645		$	11,332		$	21,039		$	38,793		$	44,946		$	30,118
Portfolio turnover rate(f)		—			—			—			—			—			—

^(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) During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.52% and 0.05%, respectively, and the total return would have been (12.94)%.

^(d) Annualized for periods less than one year.

^(e) 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.

^(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.

4

Financial Statements :: ProFund VP Mid-Cap Growth :: 131

Investment Objective: The ProFund VP Mid-Cap Growth seeks investment results that, before fees and expenses, correspond to the performance of the S&P MidCap 400^® Growth Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020 

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 investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Teradyne, Inc.		1.6	%
Etsy, Inc.		1.4	%
FactSet Research Systems, Inc.		1.4	%
Fair Isaac Corp.		1.4	%
Catalent, Inc.		1.4	%

S&P MidCap 400^® Growth Index – Composition

	% of Index
Information Technology		20	%
Industrials		17	%
Consumer Discretionary		16	%
Health Care		15	%
Financials		9	%
Real Estate		9	%
Materials		6	%
Consumer Staples		3	%
Utilities		2	%
Communication Services		2	%
Energy		1	%

Schedule of Portfolio Investments (unaudited) 

Common Stocks (100.1%)

	Shares		Value
Aaron's, Inc. (Specialty Retail)		677	$	30,736
ACI Worldwide, Inc.* (Software)		2,038		55,006
AGCO Corp. (Machinery)		579		32,111
Alleghany Corp. (Insurance)		126		61,632
Allegheny Technologies, Inc.* (Metals & Mining)		1,090		11,107
Amedisys, Inc.* (Health Care Providers & Services)		569		112,969
American Campus Communities, Inc. (Equity Real Estate Investment Trusts)		1,161		40,589
AptarGroup, Inc. (Containers & Packaging)		677		75,810
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)		1,789		77,267
ASGN, Inc.* (Professional Services)		563		37,541
Axon Enterprise, Inc.* (Aerospace & Defense)		1,103		108,238
Bank of Hawaii Corp. (Banks)		408		25,055
Bio-Techne Corp. (Life Sciences Tools & Services)		672		177,454
Black Hills Corp. (Multi-Utilities)		519		29,407
Blackbaud, Inc. (Software)		873		49,831
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)		1,407		29,406
Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts)		2,918		37,409
Brown & Brown, Inc. (Insurance)		4,136		168,583
Brunswick Corp. (Leisure Products)		681		43,591
Cable One, Inc. (Media)		93		165,061
Cabot Corp. (Chemicals)		446		16,524
Cabot Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		511		71,305
CACI International, Inc.*—Class A (IT Services)		441		95,644
Caesars Entertainment Corp.* (Hotels, Restaurants & Leisure)		9,861		119,614
Camden Property Trust (Equity Real Estate Investment Trusts)		942		85,929
Cantel Medical Corp. (Health Care Equipment & Supplies)		365		16,144
Carlisle Cos., Inc. (Industrial Conglomerates)		965		115,482
Carpenter Technology Corp. (Metals & Mining)		462		11,217
Carter's, Inc. (Textiles, Apparel & Luxury Goods)		483		38,978
Casey's General Stores, Inc. (Food & Staples Retailing)		647		96,739
Catalent, Inc.* (Pharmaceuticals)		2,855		209,272
CDK Global, Inc. (Software)		1,303		53,970
Ceridian HCM Holding, Inc.* (Software)		1,071		84,898
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services)		870		151,685
Chemed Corp. (Health Care Providers & Services)		280		126,299
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure)		555		43,790
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)		617		82,154
Ciena Corp.* (Communications Equipment)		1,674		90,664
Cimarex Energy Co. (Oil, Gas & Consumable Fuels)		969		26,638
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment)		1,026		63,386
CIT Group, Inc. (Banks)		812		16,833
Clean Harbors, Inc.* (Commercial Services & Supplies)		899		53,922
Cognex Corp. (Electronic Equipment, Instruments & Components)		3,019		180,295
Coherent, Inc.* (Electronic Equipment, Instruments & Components)		426		55,797
Colfax Corp.* (Machinery)		665		18,554

See accompanying notes to financial statements.

132 :: ProFund VP Mid-Cap Growth :: Financial Statements

Common Stocks, continued

	Shares		Value
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods)		310	$	24,980
Commerce Bancshares, Inc. (Banks)		971		57,745
CommVault Systems, Inc.* (Software)		366		14,164
Compass Minerals International, Inc. Metals & Mining)		430		20,963
CoreLogic, Inc. (IT Services)		628		42,214
CoreSite Realty Corp. (Equity Real Estate Investment Trusts)		708		85,710
Corporate Office Properties Trust (Equity Real Estate Investment Trusts)		906		22,958
Cousins Properties, Inc. (Equity Real Estate Investment Trusts)		2,611		77,886
Curtiss-Wright Corp. (Aerospace & Defense)		535		47,765
CyrusOne, Inc. (Equity Real Estate Investment Trusts)		1,317		95,813
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods)		493		96,820
Deluxe Corp. (Commercial Services & Supplies)		330		7,768
Donaldson Co., Inc. (Machinery)		1,419		66,012
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts)		1,826		55,985
Dunkin' Brands Group, Inc. (Hotels, Restaurants & Leisure)		1,444		94,192
Eagle Materials, Inc. (Construction Materials)		732		51,401
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts)		687		81,485
Eaton Vance Corp. (Capital Markets)		1,422		54,889
Eldorado Resorts, Inc.*(a) (Hotels, Restaurants & Leisure)		1,463		58,608
EMCOR Group, Inc. (Construction & Engineering)		444		29,366
Encompass Health Corp. (Health Care Providers & Services)		822		50,906
Energizer Holdings, Inc. (Household Products)		1,119		53,141
Enphase Energy, Inc.* (Electrical Equipment)		1,030		48,997
EPR Properties (Equity Real Estate Investment Trusts)		599		19,845
Essent Group, Ltd. (Thrifts & Mortgage Finance)		1,945		70,545
Essential Utilities, Inc. (Water Utilities)		2,156		91,069
Etsy, Inc.* (Internet & Direct Marketing Retail)		2,087		221,702
Evercore Partners, Inc.—Class A (Capital Markets)		499		29,401
Exelixis, Inc.* (Biotechnology)		5,391		127,982
FactSet Research Systems, Inc. (Capital Markets)		666		218,762
Fair Isaac Corp.* (Software)		510		213,201
Federated Hermes, Inc.—Class B (Capital Markets)		1,196		28,345
First Financial Bankshares, Inc. (Banks)		1,598		46,166
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts)		1,476		56,737
FirstCash, Inc. (Consumer Finance)		474		31,985
Five Below, Inc.* (Specialty Retail)		980		104,772
FTI Consulting, Inc.* (Professional Services)		653		74,801
Generac Holdings, Inc.* (Electrical Equipment)		1,102		134,367
Gentex Corp. (Auto Components)		4,305		110,939
Glacier BanCorp, Inc. (Banks)		920		32,467
Globus Medical, Inc.*—Class A (Health Care Equipment & Supplies)		1,330		63,454
Graco, Inc. (Machinery)		2,929		140,563
Grocery Outlet Holding Corp.* (Food & Staples Retailing)		692		28,234
GrubHub, Inc.* (Internet & Direct Marketing Retail)		905		63,622
Haemonetics Corp.* (Health Care Equipment & Supplies)		567		50,781
Hawaiian Electric Industries, Inc. (Electric Utilities)		921		33,211
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts)		1,091		31,955
HealthEquity, Inc.* (Health Care Providers & Services)		1,256		73,690
Helen of Troy, Ltd.* (Household Durables)		262		49,403
Herman Miller, Inc. (Commercial Services & Supplies)		1,033		24,389
Hexcel Corp. (Aerospace & Defense)		1,468		66,383
Highwoods Properties, Inc. (Equity Real Estate Investment Trusts)		913		34,082
Hill-Rom Holdings, Inc. (Health Care Equipment & Supplies)		644		70,698
Hubbell, Inc. (Electrical Equipment)		953		119,468
Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts)		970		24,405
ICU Medical, Inc.* (Health Care Equipment & Supplies)		341		62,850
IDACORP, Inc. (Electric Utilities)		399		34,862
Ingevity Corp.* (Chemicals)		724		38,061
Insperity, Inc. (Professional Services)		359		23,238
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies)		1,238		58,174
ITT, Inc. (Machinery)		1,017		59,739
j2 Global, Inc.* (Software)		797		50,378
Jabil, Inc. (Electronic Equipment, Instruments & Components)		2,411		77,345
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)		195		14,448
Jones Lang LaSalle, Inc. (Real Estate Management & Development)		436		45,109
KB Home (Household Durables)		703		21,568
KBR, Inc. (IT Services)		2,502		56,420
Kilroy Realty Corp. (Equity Real Estate Investment Trusts)		1,117		65,568
Kirby Corp.* (Marine)		549		29,404
Knight-Swift Transportation Holdings, Inc. (Road & Rail)		2,150		89,676
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts)		926		61,820
Lancaster Colony Corp. (Food Products)		171		26,503
Landstar System, Inc. (Road & Rail)		458		51,438
LendingTree, Inc.* (Thrifts & Mortgage Finance)		136		39,376
Lennox International, Inc. (Building Products)		404		94,128
LHC Group, Inc.* (Health Care Providers & Services)		522		90,995
Life Storage, Inc. (Equity Real Estate Investment Trusts)		503		47,760
Ligand Pharmaceuticals, Inc.*—Class B (Biotechnology)		282		31,542
Lincoln Electric Holdings, Inc. (Machinery)		1,044		87,947
Littelfuse, Inc. (Electronic Equipment, Instruments & Components)		269		45,899

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Mid-Cap Growth :: 133

Common Stocks, continued

	Shares		Value
LivaNova PLC* (Health Care Equipment & Supplies)		436	$	20,985
LiveRamp Holdings, Inc.* (IT Services)		459		19,494
LogMeIn, Inc. (Software)		549		46,539
Louisiana-Pacific Corp. (Paper & Forest Products)		1,419		36,397
Lumentum Holdings, Inc.* (Communications Equipment)		1,317		107,243
Manhattan Associates, Inc.* (Software)		1,116		105,127
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure)		643		52,861
Masimo Corp.* (Health Care Equipment & Supplies)		875		199,490
MasTec, Inc.* (Construction & Engineering)		1,024		45,947
MAXIMUS, Inc. (IT Services)		593		41,777
MDU Resources Group, Inc. (Multi-Utilities)		1,480		32,826
MEDNAX, Inc.* (Health Care Providers & Services)		585		10,004
Mercury Systems, Inc.* (Aerospace & Defense)		978		76,929
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment)		964		109,163
Monolithic Power Systems, Inc. Semiconductors & Semiconductor Equipment)		732		173,484
MSA Safety, Inc. (Commercial Services & Supplies)		402		46,005
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)		1,155		15,939
Murphy USA, Inc.* (Specialty Retail)		483		54,381
National Instruments Corp. (Electronic Equipment, Instruments & Components)		971		37,587
National Retail Properties, Inc. (Equity Real Estate Investment Trusts)		1,662		58,968
NCR Corp.* (Technology Hardware, Storage & Peripherals)		965		16,714
Nektar Therapeutics* (Pharmaceuticals)		1,000		23,160
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance)		4,078		41,596
NewMarket Corp. (Chemicals)		83		33,240
Nordson Corp. (Machinery)		902		171,117
NuVasive, Inc.* (Health Care Equipment & Supplies)		586		32,617
Ollie's Bargain Outlet Holdings, Inc.* (Multiline Retail)		556		54,293
Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts)		1,794		53,336
ONE Gas, Inc. (Gas Utilities)		465		35,828
Oshkosh Corp. (Machinery)		706		50,564
Owens Corning (Building Products)		1,005		56,039
Papa John's International, Inc. (Hotels,Restaurants & Leisure)		251		19,932
Paylocity Holding Corp.* (Software)		633		92,348
Penumbra, Inc.* (Health Care Equipment & Supplies)		582		104,073
Perspecta, Inc. (IT Services)		2,399		55,729
Physicians Realty Trust (Equity Real Estate Investment Trusts)		1,745		30,572
Pilgrim's Pride Corp.* (Food Products)		582		9,830
PNM Resources, Inc. (Electric Utilities)		700		26,908
Polaris, Inc. (Leisure Products)		1,012		93,660
Pool Corp. (Distributors)		702		190,853
Post Holdings, Inc.* (Food Products)		519		45,475
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts)		541		20,574
PRA Health Sciences, Inc.* (Life Sciences Tools & Services)		1,119		108,868
Primerica, Inc. (Insurance)		717		83,602
PS Business Parks, Inc. (Equity Real Estate Investment Trusts)		352		46,605
PTC, Inc.* (Software)		952		74,056
Qualys, Inc.* (Software)		589		61,268
Quidel Corp.* (Health Care Equipment & Supplies)		672		150,353
Rayonier, Inc. (Equity Real Estate Investment Trusts)		1,022		25,335
Reliance Steel & Aluminum Co. (Metals & Mining)		1,119		106,227
RenaissanceRe Holdings, Ltd. (Insurance)		884		151,191
Repligen Corp.* (Biotechnology)		828		102,349
RH* (Specialty Retail)		292		72,679
RLI Corp. (Insurance)		443		36,370
Royal Gold, Inc. (Metals & Mining)		1,153		143,341
RPM International, Inc. (Chemicals)		1,366		102,532
Sabre Corp. (IT Services)		2,324		18,731
Sanderson Farms, Inc. (Food Products)		348		40,330
Science Applications International Corp. (IT Services)		391		30,373
Scientific Games Corp.*—Class A (Hotels, Restaurants & Leisure)		963		14,888
SEI Investments Co. (Capital Markets)		2,185		120,131
Semtech Corp.* (Semiconductors & Semiconductor Equipment)		584		30,496
Service Corp. International (Diversified Consumer Services)		1,597		62,106
Silgan Holdings, Inc. (Containers & Packaging)		818		26,495
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		768		77,007
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)		691		13,274
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods)		2,394		75,124
SLM Corp. (Consumer Finance)		3,296		23,171
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		873		121,155
Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts)		760		26,494
Steel Dynamics, Inc. (Metals & Mining)		1,811		47,249
Stericycle, Inc.* (Commercial Services & Supplies)		707		39,578
Stifel Financial Corp. (Capital Markets)		590		27,984
STORE Capital Corp. (Equity Real Estate Investment Trusts)		3,051		72,644
Strategic Education, Inc. (Diversified Consumer Services)		207		31,806
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment)		365		21,944
Syneos Health, Inc.* (Life Sciences Tools & Services)		1,099		64,017
Taubman Centers, Inc. (Equity Real Estate Investment Trusts)		465		17,558
Tempur Sealy International, Inc.* (Household Durables)		761		54,754

See accompanying notes to financial statements.

134 :: ProFund VP Mid-Cap Growth :: Financial Statements

Common Stocks, continued

	Shares		Value
Teradata Corp.* (IT Services)		743	$	15,454
Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		2,915		246,347
Tetra Tech, Inc. (Commercial Services & Supplies)		950		75,164
Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure)		584		30,701
The Boston Beer Co., Inc.*(a)—Class A (Beverages)		170		91,231
The Brink's Co. (Commercial Services & Supplies)		888		40,413
The Middleby Corp.* (Machinery)		567		44,759
The New York Times Co.—Class A (Media)		1,674		70,358
The Scotts Miracle-Gro Co.—Class A(Chemicals)		693		93,188
The Timken Co. (Machinery)		1,188		54,042
The Toro Co. (Machinery)		1,885		125,051
The Wendy's Co. (Hotels, Restaurants & Leisure)		1,816		39,552
Toll Brothers, Inc. (Household Durables)		1,015		33,079
Tootsie Roll Industries, Inc.(a) (Food Products)		138		4,729
TopBuild Corp.* (Household Durables)		649		73,836
Trex Co., Inc.* (Building Products)		1,017		132,281
Trimble, Inc.* (Electronic Equipment, Instruments & Components)		4,391		189,648
Universal Display Corp. (Semiconductors & Semiconductor Equipment)		745		111,467
Urban Edge Properties (Equity Real Estate Investment Trusts)		894		10,612
Valmont Industries, Inc. (Construction & Engineering)		173		19,656
Valvoline, Inc. (Chemicals)		1,756		33,943
ViaSat, Inc.* (Communications Equipment)		524		20,106
Visteon Corp.* (Auto Components)		347		23,770
Washington Federal, Inc. (Thrifts & Mortgage Finance)		838		22,492
Watsco, Inc. (Trading Companies & Distributors)		294		52,244
Weingarten Realty Investors (Equity Real Estate Investment Trusts)		930		17,605
Werner Enterprises, Inc. (Road & Rail)		464		20,198
WEX, Inc.* (IT Services)		765		126,233
Williams-Sonoma, Inc. (Specialty Retail)		944		77,417
Woodward, Inc. (Machinery)		997		77,317
World Wrestling Entertainment, Inc.—Class A (Entertainment)		464		20,161
WPX Energy, Inc.* (Oil, Gas & Consumable Fuels)		7,179		45,802
WW International, Inc.* (Diversified Consumer Services)		425		10,787
Wyndham Destinations, Inc. (Hotels, Restaurants & Leisure)		643		18,120
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)		1,637		69,769
Yelp, Inc.* (Interactive Media & Services)		1,150		26,600
TOTAL COMMON STOCKS (Cost $11,417,984)				15,361,797

Repurchase Agreements^(b)(0.1%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $16,000	$	16,000	$	16,000
TOTAL REPURCHASE AGREEMENTS (Cost $16,000)				16,000

Collateral for Securities Loaned (0.9%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(c)		21,252	$	21,252
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(c)		233		233
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(c)		116,583		116,583
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $138,068)				138,068
TOTAL INVESTMENT SECURITIES (Cost $11,572,052)—101.1%				15,515,865
Net other assets (liabilities)—(1.1)%				(164,394	)
NET ASSETS—100.0%			$	15,351,471

*	Non-income producing security.
(a)	All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $134,136.
(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)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Mid-Cap Growth :: 135

ProFund VP Mid-Cap Growth invested in the following industries as of June 30, 2020:

	Value			% of Net Assets
Aerospace & Defense	$	299,315			1.9	%
Auto Components		134,709			0.9	%
Banks		178,266			1.2	%
Beverages		91,231			0.6	%
Biotechnology		339,140			2.2	%
Building Products		282,448			1.8	%
Capital Markets		479,512			3.1	%
Chemicals		317,488			2.1	%
Commercial Services & Supplies		287,239			1.9	%
Communications Equipment		218,013			1.4	%
Construction & Engineering		94,969			0.6	%
Construction Materials		51,401			0.3	%
Consumer Finance		55,156			0.4	%
Containers & Packaging		102,305			0.7	%
Distributors		190,853			1.2	%
Diversified Consumer Services		104,699			0.7	%
Electric Utilities		94,981			0.7	%
Electrical Equipment		302,832			2.0	%
Electronic Equipment, Instruments & Components		586,571			3.8	%
Entertainment		20,161			0.1	%
Equity Real Estate Investment Trusts		1,306,239			8.5	%
Food & Staples Retailing		124,973			0.8	%
Food Products		126,867			0.9	%
Gas Utilities		35,828			0.2	%
Health Care Equipment & Supplies		829,619			5.4	%
Health Care Providers & Services		464,863			3.0	%
Hotels, Restaurants & Leisure		701,309			4.5	%
Household Durables		232,640			1.5	%
Household Products		53,141			0.3	%
Industrial Conglomerates		115,482			0.8	%
Insurance		501,378			3.2	%
Interactive Media & Services		26,600			0.2	%
Internet & Direct Marketing Retail		285,324			1.9	%
IT Services		502,069			3.3	%
Leisure Products		137,251			0.9	%
Life Sciences Tools & Services		502,024			3.3	%
Machinery		927,776			6.0	%
Marine		29,404			0.2	%
Media		235,419			1.5	%
Metals & Mining		340,104			2.2	%
Multiline Retail		54,293			0.4	%
Multi-Utilities		62,233			0.4	%
Oil, Gas & Consumable Fuels		88,379			0.6	%
Paper & Forest Products		36,397			0.2	%
Pharmaceuticals		232,432			1.5	%
Professional Services		135,580			0.9	%
Real Estate Management & Development		45,109			0.3	%
Road & Rail		161,312			1.1	%
Semiconductors & Semiconductor Equipment		1,025,754			6.8	%
Software		900,786			5.9	%
Specialty Retail		339,985			2.2	%
Technology Hardware, Storage & Peripherals		16,714			0.1	%
Textiles, Apparel & Luxury Goods		235,902			1.5	%
Thrifts & Mortgage Finance		174,009			1.1	%
Trading Companies & Distributors		52,244			0.3	%
Water Utilities		91,069			0.6	%
Other**		(10,326	)		(0.1	%)
Total	$	15,351,471			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.

136 :: ProFund VP Mid-Cap Growth :: Financial Statements

Statement of Assets and Liabilities (unaudited)
June 30, 2020 

ASSETS:
Total Investment Securities, at cost	$	11,572,052
Securities, at value(a)		15,499,865
Repurchase agreements, at value		16,000
Total Investment Securities, at value		15,515,865
Cash		406
Dividends and interest receivable		11,467
Prepaid expenses		923
TOTAL ASSETS		15,528,661
LIABILITIES:
Payable for capital shares redeemed		7,423
Payable for collateral for securities loaned		138,068
Advisory fees payable		9,028
Management services fees payable		1,204
Administration fees payable		1,369
Administrative services fees payable		5,910
Distribution fees payable		4,841
Transfer agency fees payable		1,117
Fund accounting fees payable		815
Compliance services fees payable		110
Other accrued expenses		7,305
TOTAL LIABILITIES		177,190
NET ASSETS	$	15,351,471
NET ASSETS CONSIST OF:
Capital	$	10,330,680
Total distributable earnings (loss)		5,020,791
NET ASSETS	$	15,351,471
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		378,210
Net Asset Value (offering and redemption price per share)	$	40.59
(a)      Includes securities on loan valued at:	$	134,136

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2020 

INVESTMENT INCOME:
Dividends	$	87,427
Interest		113
Foreign tax withholding		(12	)
Income from securities lending		118
TOTAL INVESTMENT INCOME		87,646
EXPENSES:
Advisory fees		56,723
Management services fees		7,563
Administration fees		6,730
Transfer agency fees		5,397
Administrative services fees		25,016
Distribution fees		18,907
Custody fees		1,401
Fund accounting fees		4,042
Trustee fees		220
Compliance services fees		110
Other fees		8,412
Total Gross Expenses before reductions		134,521
Expenses reduced and reimbursed by the Advisor		(7,463	)
TOTAL NET EXPENSES		127,058
NET INVESTMENT INCOME (LOSS)		(39,412	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		51,103
Change in net unrealized appreciation/depreciation on investment securities		(953,317	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(902,214	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(941,626	)

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Mid-Cap Growth :: 137

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(39,412	)	$	(70,898	)
Net realized gains (losses) on investments		51,103			1,921,848
Change in net unrealized appreciation/depreciation on investments		(953,317	)		1,561,360
Change in net assets resulting from operations		(941,626	)		3,412,310
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(1,641,985	)
Change in net assets resulting from distributions		—			(1,641,985	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		14,099,640			36,147,759
Distributions reinvested		—			1,641,985
Value of shares redeemed		(18,598,676	)		(33,371,110	)
Change in net assets resulting from capital transactions		(4,499,036	)		4,418,634
Change in net assets		(5,440,662	)		6,188,959
NET ASSETS:
Beginning of period		20,792,133			14,603,174
End of period	$	15,351,471		$	20,792,133
SHARE TRANSACTIONS:
Issued		367,452			837,209
Reinvested		—			40,876
Redeemed		(471,330	)		(775,223	)
Change in shares		(103,878	)		102,862

See accompanying notes to financial statements.

138 :: ProFund VP Mid-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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	43.13		$	38.51		$	47.64		$	44.26		$	41.33		$	48.21
Investment Activities:
Net investment income (loss)(a)		(0.10	)		(0.16	)		(0.23	)		(0.23	)		(0.19	)		(0.22	)
Net realized and unrealized gains (losses) on investments		(2.44	)		9.17			(4.76	)		8.08			5.47			0.63
Total income (loss) from investment activities		(2.54	)		9.01			(4.99	)		7.85			5.28			0.41
Distributions to Shareholders From:
Net realized gains on investments		—			(4.39	)		(4.14	)		(4.47	)		(2.35	)		(7.29	)
Net Asset Value, End of Period	$	40.59		$	43.13		$	38.51		$	47.64		$	44.26		$	41.33
Total Return(b)		(5.89	)%		24.24	%		(11.98	)%		18.31	%		12.87	%		0.28	%
Ratios to Average Net Assets:
Gross expenses(c)		1.78	%		1.75	%		1.70	%		1.69	%		1.69	%		1.70	%
Net expenses(c)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(c)		(0.52	)%		(0.38	)%		(0.48	)%		(0.49	)%		(0.45	)%		(0.49	)%
Supplemental Data:
Net assets, end of period (000's)	$	15,351		$	20,792		$	14,603		$	22,590		$	21,492		$	26,732
Portfolio turnover rate(b)(d)		96	%		191	%		131	%		88	%		171	%		215	%

(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 Mid-Cap Value :: 139

Investment Objective: The ProFunds VP Mid-Cap Value seeks investment results that, before fees and expenses, correspond to the performance of the S&P MidCap 400^® Value Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Equity Securities		99	%
Total Exposure		99	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Molina Healthcare, Inc.		1.5	%
Medical Properties Trust, Inc.		1.4	%
XPO Logistics, Inc.		1.0	%
UGI Corp.		1.0	%
Cree, Inc.		0.9	%

S&P MidCap 400^® Value Index – Composition

	% of Index
Financials		22	%
Industrials		14	%
Consumer Discretionary		13	%
Real Estate		11	%
Information Technology		10	%
Utilities		7	%
Materials		7	%
Health Care		6	%
Consumer Staples		5	%
Energy		3	%
Communication Services		2	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (99.4%)

	Shares		Value
Aaron's, Inc. (Specialty Retail)		386	$	17,524
Acadia Healthcare Co., Inc.* (Health Care Providers & Services)		1,183		29,717
Acuity Brands, Inc. (Electrical Equipment)		527		50,455
Adient PLC* (Auto Components)		1,161		19,064
Adtalem Global Education, Inc.* (Diversified Consumer Services)		689		21,462
AECOM* (Construction & Engineering)		2,129		80,008
Affiliated Managers Group, Inc. (Capital Markets)		628		46,824
AGCO Corp. (Machinery)		388		21,518
Alleghany Corp. (Insurance)		95		46,468
Allegheny Technologies, Inc.* (Metals & Mining)		859		8,753
ALLETE, Inc. (Electric Utilities)		689		37,626
Alliance Data Systems Corp. (IT Services)		564		25,448
AMC Networks, Inc.*—Class A (Media)		539		12,607
American Campus Communities, Inc. (Equity Real Estate Investment Trusts)		951		33,247
American Eagle Outfitters, Inc. (Specialty Retail)		2,069		22,552
American Financial Group, Inc. (Insurance)		992		62,952
Antero Midstream Corp. (Oil, Gas & Consumable Fuels)		3,738		19,064
AptarGroup, Inc. (Containers & Packaging)		341		38,185
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components)		1,046		71,850
ASGN, Inc.* (Professional Services)		272		18,137
Ashland Global Holdings, Inc. (Chemicals)		804		55,557
Associated Banc-Corp. (Banks)		2,043		27,948
AutoNation, Inc.* (Specialty Retail)		765		28,749
Avanos Medical, Inc.*—Class I (Health Care Equipment & Supplies)		635		18,663
Avis Budget Group, Inc.* (Road & Rail)		712		16,298
Avnet, Inc. (Electronic Equipment, Instruments & Components)		1,313		36,613
BancorpSouth Bank (Banks)		1,293		29,403
Bank of Hawaii Corp. (Banks)		223		13,694
Bank OZK (Banks)		1,607		37,716
Belden, Inc. (Electronic Equipment, Instruments & Components)		509		16,568
BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing)		1,640		61,123
Black Hills Corp. (Multi-Utilities)		442		25,044
Brighthouse Financial, Inc.* (Insurance)		1,248		34,719
Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts)		1,734		22,230
Brunswick Corp. (Leisure Products)		537		34,373
Cabot Corp. (Chemicals)		413		15,302
Camden Property Trust (Equity Real Estate Investment Trusts)		583		53,181
Cantel Medical Corp. (Health Care Equipment & Supplies)		217		9,598
Carpenter Technology Corp. (Metals & Mining)		286		6,944
Carter's, Inc. (Textiles, Apparel & Luxury Goods)		215		17,350
Cathay General Bancorp (Banks)		1,005		26,432
CDK Global, Inc. (Software)		630		26,095
Ceridian HCM Holding, Inc.* (Software)		540		42,806
Championx Corp.* (Energy Equipment & Services)		2,470		24,107
Ciena Corp.* (Communications Equipment)		776		42,028
Cimarex Energy Co. (Oil, Gas & Consumable Fuels)		625		17,181
Cinemark Holdings, Inc. (Entertainment)		1,423		16,436
CIT Group, Inc. (Banks)		693		14,366
CNO Financial Group, Inc. (Insurance)		1,910		29,739

See accompanying notes to financial statements.

140 :: ProFund VP Mid-Cap Value :: Financial Statements

Common Stocks, continued

	Shares		Value
CNX Resources Corp.* (Oil, Gas & Consumable Fuels)		2,487	$	21,513
Colfax Corp.* (Machinery)		614		17,131
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods)		144		11,604
Commerce Bancshares, Inc. (Banks)		601		35,741
Commercial Metals Co. (Metals & Mining)		1,583		32,293
CommVault Systems, Inc.* (Software)		288		11,146
Compass Minerals International, Inc. (Metals & Mining)		126		6,143
Corecivic, Inc. (Equity Real Estate Investment Trusts)		1,591		14,892
CoreLogic, Inc. (IT Services)		581		39,055
Corporate Office Properties Trust (Equity Real Estate Investment Trusts)		805		20,399
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure)		315		34,937
Crane Co. (Machinery)		655		38,947
Cree, Inc.* (Semiconductors & Semiconductor Equipment)		1,438		85,115
Cullen/Frost Bankers, Inc. (Banks)		757		56,555
Curtiss-Wright Corp. (Aerospace & Defense)		150		13,392
CyrusOne, Inc. (Equity Real Estate Investment Trusts)		536		38,994
Dana, Inc. (Auto Components)		1,921		23,417
Darling Ingredients, Inc.* (Food Products)		2,181		53,696
Delphi Technologies PLC* (Auto Components)		1,148		16,313
Deluxe Corp. (Commercial Services & Supplies)		306		7,203
Dick's Sporting Goods, Inc. (Specialty Retail)		866		35,731
Domtar Corp. (Paper & Forest Products)		734		15,494
Donaldson Co., Inc. (Machinery)		604		28,099
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts)		811		24,865
Dycom Industries, Inc.* (Construction & Engineering)		421		17,215
East West Bancorp, Inc. (Banks)		1,881		68,167
Eaton Vance Corp. (Capital Markets)		439		16,945
Edgewell Personal Care Co.* (Personal Products)		723		22,529
EMCOR Group, Inc. (Construction & Engineering)		394		26,059
Encompass Health Corp. (Health Care Providers & Services)		701		43,413
EnerSys (Electrical Equipment)		564		36,310
Enphase Energy, Inc.* (Electrical Equipment)		303		14,414
EPR Properties (Equity Real Estate Investment Trusts)		577		19,116
EQT Corp. (Oil, Gas & Consumable Fuels)		3,398		40,436
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		5,404		44,908
Essential Utilities, Inc. (Water Utilities)		1,334		56,348
Evercore Partners, Inc.—Class A (Capital Markets)		162		9,545
F.N.B. Corp. (Banks)		4,296		32,220
Federated Hermes, Inc.—Class B (Capital Markets)		370		8,769
First American Financial Corp. (Insurance)		1,482		71,165
First Financial Bankshares, Inc. (Banks)		680		19,645
First Horizon National Corp. (Banks)		4,147		41,304
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts)		575		22,103
First Solar, Inc.* (Semiconductors & Semiconductor Equipment)		1,014		50,193
FirstCash, Inc. (Consumer Finance)		193		13,024
Flowers Foods, Inc. (Food Products)		2,560		57,242
Fluor Corp. (Construction & Engineering)		1,864		22,517
Foot Locker, Inc. (Specialty Retail)		1,385		40,386
Fulton Financial Corp. (Banks)		2,151		22,650
GATX Corp. (Trading Companies & Distributors)		464		28,295
Genworth Financial, Inc.*—Class A (Insurance)		6,693		15,461
Glacier BanCorp, Inc. (Banks)		484		17,080
Graham Holdings Co.—Class B (Diversified Consumer Services)		57		19,532
Grand Canyon Education, Inc.* (Diversified Consumer Services)		629		56,944
Greif, Inc.—Class A (Containers & Packaging)		352		12,112
Grocery Outlet Holding Corp.* (Food & Staples Retailing)		321		13,097
GrubHub, Inc.* (Internet & Direct Marketing Retail)		538		37,821
Haemonetics Corp.* (Health Care Equipment & Supplies)		241		21,584
Hancock Whitney Corp. (Banks)		1,147		24,316
Harley-Davidson, Inc. (Automobiles)		2,037		48,419
Hawaiian Electric Industries, Inc. (Electric Utilities)		755		27,225
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts)		969		28,382
Healthcare Services Group, Inc. (Commercial Services & Supplies)		990		24,215
Helen of Troy, Ltd.* (Household Durables)		138		26,021
Highwoods Properties, Inc. (Equity Real Estate Investment Trusts)		691		25,795
Hill-Rom Holdings, Inc. (Health Care Equipment & Supplies)		398		43,692
HNI Corp. (Commercial Services & Supplies)		567		17,333
Home BancShares, Inc. (Banks)		2,042		31,406
Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts)		1,305		32,834
IDACORP, Inc. (Electric Utilities)		369		32,240
II-VI, Inc.* (Electronic Equipment, Instruments & Components)		1,165		55,011
Ingredion, Inc. (Food Products)		891		73,953
Insperity, Inc. (Professional Services)		213		13,787
Interactive Brokers Group, Inc.—Class A (Capital Markets)		1,021		42,647
InterDigital, Inc. (Communications Equipment)		409		23,162
International Bancshares Corp. (Banks)		740		23,695
ITT, Inc. (Machinery)		379		22,262
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)		154		11,410
Janus Henderson Group PLC (Capital Markets)		2,041		43,188
JBG Smith Properties (Equity Real Estate Investment Trusts)		1,563		46,218
Jefferies Financial Group, Inc. (Diversified Financial Services)		3,003		46,697
JetBlue Airways Corp.* (Airlines)		3,586		39,087
John Wiley & Sons, Inc.—Class A (Media)		581		22,659

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Mid-Cap Value :: 141

Common Stocks, continued

	Shares		Value
Jones Lang LaSalle, Inc. (Real Estate Management & Development)		357	$	36,935
KAR Auction Services, Inc. (Commercial Services & Supplies)		1,718		23,640
KB Home (Household Durables)		625		19,175
Kemper Corp. (Insurance)		816		59,176
Kennametal, Inc. (Machinery)		1,103		31,668
Kilroy Realty Corp. (Equity Real Estate Investment Trusts)		563		33,048
Kirby Corp.* (Marine)		383		20,513
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts)		448		29,908
Lancaster Colony Corp. (Food Products)		134		20,769
Landstar System, Inc. (Road & Rail)		163		18,307
Lear Corp. (Auto Components)		725		79,039
Legg Mason, Inc. (Capital Markets)		1,112		55,322
Lennox International, Inc. (Building Products)		157		36,579
Life Storage, Inc. (Equity Real Estate Investment Trusts)		243		23,073
Littelfuse, Inc. (Electronic Equipment, Instruments & Components)		119		20,305
LivaNova PLC* (Health Care Equipment & Supplies)		317		15,257
LiveRamp Holdings, Inc.* (IT Services)		521		22,127
LogMeIn, Inc. (Software)		233		19,751
Louisiana-Pacific Corp. (Paper & Forest Products)		418		10,722
Mack-Cali Realty Corp. (Equity Real Estate Investment Trusts)		1,205		18,424
ManpowerGroup, Inc. (Professional Services)		772		53,075
Mattel, Inc.*(a) (Leisure Products)		4,613		44,608
MAXIMUS, Inc. (IT Services)		367		25,855
MDU Resources Group, Inc. (Multi-Utilities)		1,547		34,312
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts)		7,025		132,071
MEDNAX, Inc.* (Health Care Providers & Services)		693		11,850
Mercury General Corp. (Insurance)		361		14,711
Minerals Technologies, Inc. (Chemicals)		454		21,306
Molina Healthcare, Inc.* (Health Care Providers & Services)		787		140,071
MSA Safety, Inc. (Commercial Services & Supplies)		171		19,569
MSC Industrial Direct Co., Inc.—Class A (Trading Companies & Distributors)		604		43,977
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)		1,068		14,738
National Fuel Gas Co. (Gas Utilities)		1,202		50,400
National Instruments Corp. (Electronic Equipment, Instruments & Components)		828		32,052
National Retail Properties, Inc. (Equity Real Estate Investment Trusts)		1,029		36,509
Navient Corp. (Consumer Finance)		2,268		15,944
NCR Corp.* (Technology Hardware, Storage & Peripherals)		969		16,783
Nektar Therapeutics* (Pharmaceuticals)		1,609		37,264
NetScout Systems, Inc.* (Communications Equipment)		845		21,598
New Jersey Resources Corp. (Gas Utilities)		1,273		41,563
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance)		3,085		31,467
NewMarket Corp. (Chemicals)		34		13,616
Nordstrom, Inc. (Multiline Retail)		1,440		22,306
NorthWestern Corp. (Multi-Utilities)		671		36,583
Nu Skin Enterprises, Inc.—Class A (Personal Products)		690		26,378
NuVasive, Inc.* (Health Care Equipment & Supplies)		239		13,303
nVent Electric PLC (Electrical Equipment)		2,078		38,921
OGE Energy Corp. (Electric Utilities)		2,662		80,819
O-I Glass, Inc. (Containers & Packaging)		2,082		18,696
Old Republic International Corp. (Insurance)		3,800		61,978
Olin Corp. (Chemicals)		2,099		24,118
Ollie's Bargain Outlet Holdings, Inc.* (Multiline Retail)		331		32,322
Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts)		1,659		49,322
ONE Gas, Inc. (Gas Utilities)		351		27,045
Oshkosh Corp. (Machinery)		371		26,571
Owens Corning (Building Products)		674		37,583
PacWest Bancorp (Banks)		1,549		30,531
Papa John's International, Inc. (Hotels, Restaurants & Leisure)		107		8,497
Park Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts)		3,133		30,985
Patterson Cos., Inc. (Health Care Providers & Services)		1,147		25,234
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels)		1,356		13,885
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts)		1,739		23,755
Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure)		1,718		52,468
Physicians Realty Trust (Equity Real Estate Investment Trusts)		1,374		24,072
Pilgrim's Pride Corp.* (Food Products)		248		4,189
Pinnacle Financial Partners, Inc. (Banks)		948		39,807
PNM Resources, Inc. (Electric Utilities)		530		20,373
PolyOne Corp. (Chemicals)		1,215		31,869
Post Holdings, Inc.* (Food Products)		460		40,305
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts)		481		18,292
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals)		666		25,015
Prosperity Bancshares, Inc. (Banks)		1,232		73,156
PTC, Inc.* (Software)		665		51,730
Rayonier, Inc. (Equity Real Estate Investment Trusts)		1,068		26,476
Regal Beloit Corp. (Electrical Equipment)		539		47,065
Reinsurance Group of America, Inc. (Insurance)		902		70,753
RLI Corp. (Insurance)		197		16,174
RPM International, Inc. (Chemicals)		689		51,717
Ryder System, Inc. (Road & Rail)		715		26,819
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts)		2,733		39,437
Sabre Corp. (IT Services)		1,905		15,354
Sally Beauty Holdings, Inc.* (Specialty Retail)		1,501		18,808
Science Applications International Corp. (IT Services)		361		28,042
Selective Insurance Group, Inc. (Insurance)		794		41,876

See accompanying notes to financial statements.

142 :: ProFund VP Mid-Cap Value :: Financial Statements

Common Stocks, continued

	Shares		Value
Semtech Corp.* (Semiconductors & Semiconductor Equipment)		425	$	22,194
Sensient Technologies Corp. (Chemicals)		563		29,366
Service Corp. International (Diversified Consumer Services)		1,161		45,151
Service Properties Trust (Equity Real Estate Investment Trusts)		2,188		15,513
Signature Bank (Banks)		712		76,128
Silgan Holdings, Inc. (Containers & Packaging)		413		13,377
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)		524		10,066
SLM Corp. (Consumer Finance)		2,494		17,533
Sonoco Products Co. (Containers & Packaging)		1,334		69,756
Southwest Gas Holdings, Inc. (Gas Utilities)		733		50,614
Spire, Inc. (Gas Utilities)		681		44,749
Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts)		794		27,679
Sprouts Farmers Market, Inc.* (Food & Staples Retailing)		1,566		40,074
Steel Dynamics, Inc. (Metals & Mining)		1,426		37,204
Stericycle, Inc.* (Commercial Services & Supplies)		681		38,123
Sterling Bancorp (Banks)		2,586		30,308
Stifel Financial Corp. (Capital Markets)		465		22,055
STORE Capital Corp. (Equity Real Estate Investment Trusts)		651		15,500
Strategic Education, Inc. (Diversified Consumer Services)		139		21,357
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment)		177		10,641
SYNNEX Corp. (Electronic Equipment, Instruments & Components)		548		65,634
Synovus Financial Corp. (Banks)		1,959		40,218
Taubman Centers, Inc. (Equity Real Estate Investment Trusts)		467		17,634
Taylor Morrison Home Corp.* (Household Durables)		1,723		33,237
TCF Financial Corp. (Banks)		2,023		59,517
TEGNA, Inc. (Media)		2,906		32,373
Telephone & Data Systems, Inc. (Wireless Telecommunication Services)		1,298		25,804
Tenet Healthcare Corp.* (Health Care Providers & Services)		1,392		25,209
Teradata Corp.* (IT Services)		880		18,304
Terex Corp. (Machinery)		848		15,917
Texas Capital Bancshares, Inc.* (Banks)		671		20,714
Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure)		425		22,342
The Chemours Co. (Chemicals)		2,184		33,524
The GEO Group, Inc. (Equity Real Estate Investment Trusts)		1,614		19,094
The Goodyear Tire & Rubber Co. (Auto Components)		3,094		27,676
The Hain Celestial Group, Inc.* (Food Products)		1,044		32,896
The Hanover Insurance Group, Inc. (Insurance)		505		51,172
The Macerich Co.(a) (Equity Real Estate Investment Trusts)		1,546		13,868
The Middleby Corp.* (Machinery)		310		24,471
The New York Times Co.—Class A (Media)		652		27,404
The Wendy's Co. (Hotels, Restaurants & Leisure)		995		21,671
Thor Industries, Inc. (Automobiles)		734		78,194
Toll Brothers, Inc. (Household Durables)		768		25,029
Tootsie Roll Industries, Inc.(a) (Food Products)		123		4,215
Transocean, Ltd.*(a) (Energy Equipment & Services)		7,682		14,058
TreeHouse Foods, Inc.* (Food Products)		750		32,850
TRI Pointe Group, Inc.* (Household Durables)		1,732		25,443
Trinity Industries, Inc. (Machinery)		1,253		26,676
TripAdvisor, Inc. (Interactive Media & Services)		1,340		25,473
Trustmark Corp. (Banks)		843		20,670
UGI Corp. (Gas Utilities)		2,769		88,053
UMB Financial Corp. (Banks)		563		29,023
Umpqua Holdings Corp. (Banks)		2,928		31,154
United Bankshares, Inc. (Banks)		1,691		46,773
United States Steel Corp.(a) (Metals & Mining)		2,927		21,133
United Therapeutics Corp.* (Biotechnology)		585		70,785
Univar Solutions, Inc.* (Trading Companies & Distributors)		1,842		31,056
Urban Edge Properties (Equity Real Estate Investment Trusts)		795		9,437
Urban Outfitters, Inc.* (Specialty Retail)		936		14,246
Valley National Bancorp (Banks)		5,208		40,727
Valmont Industries, Inc. (Construction & Engineering)		153		17,384
Valvoline, Inc. (Chemicals)		1,132		21,882
ViaSat, Inc.* (Communications Equipment)		381		14,619
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components)		1,763		26,921
Visteon Corp.* (Auto Components)		107		7,330
Washington Federal, Inc. (Thrifts & Mortgage Finance)		372		9,984
Watsco, Inc. (Trading Companies & Distributors)		213		37,850
Webster Financial Corp. (Banks)		1,199		34,303
Weingarten Realty Investors (Equity Real Estate Investment Trusts)		897		16,980
Werner Enterprises, Inc. (Road & Rail)		412		17,934
Williams-Sonoma, Inc. (Specialty Retail)		321		26,325
Wintrust Financial Corp. (Banks)		766		33,413
World Fuel Services Corp. (Oil, Gas & Consumable Fuels)		842		21,690
World Wrestling Entertainment, Inc.—Class A (Entertainment)		265		11,514
Worthington Industries, Inc. (Metals & Mining)		487		18,165
WW International, Inc.* (Diversified Consumer Services)		297		7,538
Wyndham Destinations, Inc. (Hotels, Restaurants & Leisure)		645		18,176
XPO Logistics, Inc.* (Air Freight & Logistics)		1,212		93,627
TOTAL COMMON STOCKS (Cost $8,079,660)				9,207,005

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Mid-Cap Value :: 143

Repurchase Agreements^(b) (0.6%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $58,000	$	58,000	$	58,000
TOTAL REPURCHASE AGREEMENTS (Cost $58,000)				58,000

Collateral for Securities Loaned (0.7%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(c)		10,253	$	10,253
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(c)		112		112
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(c)		56,248		56,248
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $66,613)				66,613
TOTAL INVESTMENT SECURITIES (Cost $8,204,273)—100.7%				9,331,618
Net other assets (liabilities)—(0.7)%				(68,030	)
NET ASSETS—100.0%			$	9,263,588

* Non-income producing security.

^(a) All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $64,024.

^(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) Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

ProFund VP Mid-Cap Value invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Aerospace & Defense	$	13,392		0.1	%
Air Freight & Logistics		93,627		1.0	%
Airlines		39,087		0.4	%
Auto Components		172,839		1.9	%
Automobiles		126,613		1.4	%
Banks		1,128,780		12.3	%
Biotechnology		70,785		0.8	%
Building Products		74,162		0.8	%
Capital Markets		245,295		2.6	%
Chemicals		298,257		3.3	%
Commercial Services & Supplies		130,083		1.4	%
Communications Equipment		101,407		1.1	%
Construction & Engineering		163,183		1.8	%
Consumer Finance		46,501		0.5	%
Containers & Packaging		152,126		1.6	%
Diversified Consumer Services		171,984		1.9	%
Diversified Financial Services		46,697		0.5	%
Electric Utilities		198,283		2.1	%
Electrical Equipment		187,165		2.0	%
Electronic Equipment, Instruments & Components		324,954		3.5	%
Energy Equipment & Services		38,165		0.4	%
Entertainment		27,950		0.3	%
Equity Real Estate Investment Trusts		1,003,333		10.8	%
Food & Staples Retailing		114,294		1.2	%
Food Products		320,115		3.5	%
Gas Utilities		302,424		3.3	%
Health Care Equipment & Supplies		122,097		1.3	%
Health Care Providers & Services		275,494		2.9	%
Hotels, Restaurants & Leisure		179,567		1.9	%
Household Durables		128,905		1.4	%
Insurance		576,344		6.3	%
Interactive Media & Services		25,473		0.3	%
Internet & Direct Marketing Retail		37,821		0.4	%
IT Services		174,185		1.9	%
Leisure Products		78,981		0.9	%
Machinery		253,260		2.8	%
Marine		20,513		0.2	%
Media		95,043		1.0	%
Metals & Mining		130,635		1.4	%
Multiline Retail		54,628		0.6	%
Multi-Utilities		95,939		1.0	%
Oil, Gas & Consumable Fuels		193,415		2.1	%
Paper & Forest Products		26,216		0.3	%
Personal Products		48,907		0.5	%
Pharmaceuticals		62,279		0.7	%
Professional Services		84,999		0.9	%
Real Estate Management & Development		36,935		0.4	%
Road & Rail		79,358		0.9	%
Semiconductors & Semiconductor Equipment		168,143		1.8	%
Software		151,528		1.6	%
Specialty Retail		204,321		2.1	%
Technology Hardware, Storage & Peripherals		16,783		0.2	%
Textiles, Apparel & Luxury Goods		28,954		0.3	%
Thrifts & Mortgage Finance		41,451		0.4	%
Trading Companies & Distributors		141,178		1.5	%
Water Utilities		56,348		0.6	%
Wireless Telecommunication Services		25,804		0.3	%
Other**		56,583		0.6	%
Total	$	9,263,588		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.

144 :: ProFund VP Mid-Cap Value :: Financial Statements

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	8,204,273
Securities, at value(a)		9,273,618
Repurchase agreements, at value		58,000
Total Investment Securities, at value		9,331,618
Cash		830
Dividends and interest receivable		14,108
Receivable for capital shares issued		2,211
Prepaid expenses		567
TOTAL ASSETS		9,349,334
LIABILITIES:
Payable for capital shares redeemed		619
Payable for collateral for securities loaned		66,613
Advisory fees payable		4,800
Management services fees payable		640
Administration fees payable		761
Administrative services fees payable		3,238
Distribution fees payable		2,489
Transfer agency fees payable		621
Fund accounting fees payable		498
Compliance services fees payable		70
Other accrued expenses		5,397
TOTAL LIABILITIES		85,746
NET ASSETS	$	9,263,588
NET ASSETS CONSIST OF:
Capital	$	10,190,162
Total distributable earnings (loss)		(926,574	)
NET ASSETS	$	9,263,588
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		279,657
Net Asset Value (offering and redemption price per share)	$	33.12
(a)     Includes securities on loan valued at:	$	64,024

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	129,506
Interest		39
Foreign tax withholding		(15	)
Income from securities lending		613
TOTAL INVESTMENT INCOME		130,143
EXPENSES:
Advisory fees		36,849
Management services fees		4,913
Administration fees		4,517
Transfer agency fees		3,577
Administrative services fees		16,798
Distribution fees		12,283
Custody fees		1,008
Fund accounting fees		2,925
Trustee fees		145
Compliance services fees		70
Other fees		5,800
Total Gross Expenses before reductions		88,885
Expenses reduced and reimbursed by the Advisor		(6,344	)
TOTAL NET EXPENSES		82,541
NET INVESTMENT INCOME (LOSS)		47,602
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		(1,555,553	)
Change in net unrealized appreciation/depreciation on investment securities		(1,627,202	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(3,182,755	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,135,153	)

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Mid-Cap Value :: 145

Statements of Changes in Net Assets  

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	47,602		$	37,966
Net realized gains (losses) on investments		(1,555,553	)		1,394,179
Change in net unrealized appreciation/depreciation on investments		(1,627,202	)		1,089,148
Change in net assets resulting from operations		(3,135,153	)		2,521,293
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(452,477	)
Change in net assets resulting from distributions		—			(452,477	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		7,412,188			36,174,139
Distributions reinvested		—			452,477
Value of shares redeemed		(12,725,462	)		(31,968,582	)
Change in net assets resulting from capital transactions		(5,313,274	)		4,658,034
Change in net assets		(8,448,427	)		6,726,850
NET ASSETS:
Beginning of period		17,712,015			10,985,165
End of period	$	9,263,588		$	17,712,015
SHARE TRANSACTIONS:
Issued		225,126			903,293
Reinvested		—			11,989
Redeemed		(365,661	)		(806,694	)
Change in shares		(140,535	)		108,588

See accompanying notes to financial statements.

146 :: ProFund VP Mid-Cap Value :: 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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	42.15		$	35.25		$	46.61		$	45.02		$	36.86		$	42.11
Investment Activities:
Net investment income (loss)(a)		0.17			0.10			0.09			0.03			0.11			0.08
Net realized and unrealized gains (losses) on investments		(9.20	)		8.22			(5.33	)		4.63			8.80			(3.35	)
Total income (loss) from investment activities		(9.03	)		8.32			(5.24	)		4.66			8.91			(3.27	)
Distributions to Shareholders From:
Net investment income		—			(0.08	)		(0.05	)		(0.15	)		(0.08	)		(0.05	)
Net realized gains on investments		—			(1.34	)		(6.07	)		(2.92	)		(0.67	)		(1.93	)
Total distributions		—			(1.42	)		(6.12	)		(3.07	)		(0.75	)		(1.98	)
Net Asset Value, End of Period	$	33.12		$	42.15		$	35.25		$	46.61		$	45.02		$	36.86
Total Return(b)		(21.42	)%		24.08	%		(13.29	)%		10.61	%		24.34	%		(8.22	)%
Ratios to Average Net Assets:
Gross expenses(c)		1.81	%		1.75	%		1.71	%		1.70	%		1.70	%		1.71	%
Net expenses(c)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(c)		0.97	%		0.26	%		0.21	%		0.07	%		0.27	%		0.20	%
Supplemental Data:
Net assets, end of period (000's)	$	9,264		$	17,712		$	10,985		$	16,464		$	30,042		$	14,777
Portfolio turnover rate(b)(d)		67	%		232	%		127	%		66	%		181	%		183	%

(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 Nasdaq-100 :: 147

Investment Objective: The ProFund VP Nasdaq-100 seeks investment results that, before fees and expenses, correspond to the performance of the Nasdaq-100^® Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Equity Securities		64	%
Futures Contracts		5	%
Swap Agreements		31	%
Total Exposure		100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Apple, Inc.		7.7	%
Microsoft Corp.		7.5	%
Amazon.com, Inc.		6.7	%
Alphabet, Inc.		4.7	%
Facebook, Inc.		2.7	%

Nasdaq-100^® Index – Composition

	% of Index
Information Technology		48	%
Communication Services		20	%
Consumer Discretionary		17	%
Health Care		7	%
Consumer Staples		5	%
Industrials		2	%
Utilities		1	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (64.0%)

	Shares		Value
Activision Blizzard, Inc. (Entertainment)		5,884	$	446,596
Adobe, Inc.* (Software)		3,679		1,601,505
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		8,943		470,491
Alexion Pharmaceuticals, Inc.* (Biotechnology)		1,686		189,237
Align Technology, Inc.* (Health Care Equipment & Supplies)		601		164,938
Alphabet, Inc.*—Class A (Interactive Media & Services)		2,061		2,922,601
Alphabet, Inc.*—Class C (Interactive Media & Services)		2,012		2,844,183
Amazon.com, Inc.* (Internet & Direct Marketing Retail)		2,986		8,237,837
Amgen, Inc. (Biotechnology)		4,492		1,059,483
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		2,813		344,986
ANSYS, Inc.* (Software)		654		190,791
Apple, Inc. (Technology Hardware, Storage & Peripherals)		25,947		9,465,466
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		6,998		423,029
ASML Holding N.V.NYS (Semiconductors & Semiconductor Equipment)		587		216,034
Autodesk, Inc.* (Software)		1,674		400,404
Automatic Data Processing, Inc. (IT Services)		3,282		488,657
Baidu, Inc.*ADR (Interactive Media & Services)		2,100		251,769
Biogen, Inc.* (Biotechnology)		1,246		333,367
BioMarin Pharmaceutical, Inc.* (Biotechnology)		1,381		170,333
Booking Holdings, Inc.* (Internet & Direct Marketing Retail)		313		498,402
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		3,053		963,557
Cadence Design Systems, Inc.* (Software)		2,132		204,587
CDW Corp. (Electronic Equipment, Instruments & Components)		1,087		126,288
Cerner Corp. (Health Care Technology)		2,324		159,310
Charter Communications, Inc.*—Class A (Media)		1,577		804,333
Check Point Software Technologies, Ltd.* (Software)		1,092		117,314
Cintas Corp. (Commercial Services & Supplies)		795		211,756
Cisco Systems, Inc. (Communications Equipment)		32,242		1,503,767
Citrix Systems, Inc. (Software)		943		139,479
Cognizant Technology Solutions Corp.—Class A (IT Services)		4,128		234,553
Comcast Corp.—Class A (Media)		34,781		1,355,763
Copart, Inc.* (Commercial Services & Supplies)		1,793		149,303
CoStar Group, Inc.* (Professional Services)		298		211,780
Costco Wholesale Corp. (Food & Staples Retailing)		3,372		1,022,424
CSX Corp. (Road & Rail)		5,845		407,630
DexCom, Inc.* (Health Care Equipment & Supplies)		705		285,807
DocuSign, Inc.* (Software)		1,398		240,750
Dollar Tree, Inc.* (Multiline Retail)		1,812		167,936
eBay, Inc. (Internet & Direct Marketing Retail)		5,366		281,447
Electronic Arts, Inc.* (Entertainment)		2,204		291,038
Exelon Corp. (Electric Utilities)		7,441		270,034
Expedia Group, Inc. (Internet & Direct Marketing Retail)		1,034		84,995
Facebook, Inc.*—Class A (Interactive Media & Services)		14,394		3,268,446
Fastenal Co. (Trading Companies & Distributors)		4,374		187,382
Fiserv, Inc.* (IT Services)		5,112		499,033
Fox Corp.—Class A (Media)		2,617		70,188
Fox Corp.—Class B (Media)		1,994		53,519
Gilead Sciences, Inc. (Biotechnology)		9,579		737,008
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		649		214,274
Illumina, Inc.* (Life Sciences Tools & Services)		1,123		415,903
Incyte Corp.* (Biotechnology)		1,660		172,590

See accompanying notes to financial statements.

148 :: ProFund VP Nasdaq-100 :: Financial Statements

Common Stocks, continued

	Shares		Value
Intel Corp. (Semiconductors & Semiconductor Equipment)		32,332	$	1,934,424
Intuit, Inc. (Software)		1,991		589,714
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		891		507,719
JD.com, Inc.*ADR (Internet & Direct Marketing Retail)		7,089		426,616
KLA Corp. (Semiconductors & Semiconductor Equipment)		1,184		230,264
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		1,108		358,394
Liberty Global PLC*—Class A (Media)		1,392		30,429
Liberty Global PLC*—Class C (Media)		3,143		67,606
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods)		949		296,097
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure)		2,476		212,267
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment)		2,036		123,402
Mercadolibre, Inc.* (Internet & Direct Marketing Retail)		380		374,593
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		1,873		197,246
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment)		8,493		437,559
Microsoft Corp. (Software)		45,397		9,238,743
Mondelez International, Inc.—Class A (Food Products)		10,900		557,317
Monster Beverage Corp.* (Beverages)		4,021		278,736
NetApp, Inc. (Technology Hardware, Storage & Peripherals)		1,689		74,941
NetEase, Inc.ADR (Entertainment)		566		243,029
Netflix, Inc.* (Entertainment)		3,358		1,528,024
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		4,696		1,784,057
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		2,131		243,019
O'Reilly Automotive, Inc.* (Specialty Retail)		567		239,087
PACCAR, Inc. (Machinery)		2,640		197,604
Paychex, Inc. (IT Services)		2,739		207,479
PayPal Holdings, Inc.* (IT Services)		8,966		1,562,147
PepsiCo, Inc. (Beverages)		10,595		1,401,294
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment)		8,590		783,494
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		770		480,211
Ross Stores, Inc. (Specialty Retail)		2,714		231,341
Seattle Genetics, Inc.* (Biotechnology)		1,322		224,634
Sirius XM Holdings, Inc. (Media)		33,440		196,293
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		1,274		162,894
Splunk, Inc.* (Software)		1,213		241,023
Starbucks Corp. (Hotels, Restaurants & Leisure)		8,921		656,497
Synopsys, Inc.* (Software)		1,151		224,445
Take-Two Interactive Software, Inc.* (Entertainment)		870		121,426
Tesla, Inc.* (Automobiles)		1,416		1,529,011
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		7,008		889,806
The Kraft Heinz Co. (Food Products)		9,330		297,534
T-Mobile U.S., Inc.* (Wireless Telecommunication Services)		9,437		982,864
Trip.com Group, Ltd.*ADR (Internet & Direct Marketing Retail)		3,994		103,524
Ulta Beauty, Inc.* (Specialty Retail)		430		87,471
VeriSign, Inc.* (IT Services)		882		182,424
Verisk Analytics, Inc.—Class A (Professional Services)		1,239		210,878
Vertex Pharmaceuticals, Inc.* (Biotechnology)		1,980		574,814
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)		6,699		283,971
Western Digital Corp. (Technology Hardware, Storage & Peripherals)		2,289		101,059
Workday, Inc.*—Class A (Software)		1,329		249,001
Xcel Energy, Inc. (Electric Utilities)		4,010		250,625
Xilinx, Inc. (Semiconductors & Semiconductor Equipment)		1,857		182,710
Zoom Video Communications, Inc.*(a)—Class A (Software)		1,280		324,531
TOTAL COMMON STOCKS (Cost $20,455,216)				78,486,591

Repurchase Agreements^(b)(c) (36.1%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $44,283,034	$	44,283,000	$	44,283,000
TOTAL REPURCHASE AGREEMENTS (Cost $44,283,000)				44,283,000

Collateral for Securities Loaned (0.2%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(d)		44,799	$	44,799
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(d)		491		491
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(d)		245,761		245,761
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $291,051)				291,051
TOTAL INVESTMENT SECURITIES (Cost $65,029,267)—100.3%				123,060,642
Net other assets (liabilities)—(0.3)%				(417,715	)
NET ASSETS—100.0%			$	122,642,927

*	Non-income producing security.
(a)	All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $290,810.
(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, 2020, the aggregate amount held in a segregated account was $5,442,000.
(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.
(d)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.
ADR	American Depositary Receipt
NYS	New York Shares

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Nasdaq-100 :: 149

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini Nasdaq-100 Futures Contracts		31	9/21/20	$	6,282,770	$	114,553

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Nasdaq-100 Index	Goldman Sachs International	7/27/20		1.52	%	$	14,093,009	$	285,040
Nasdaq-100 Index	UBS AG	7/27/20		1.77	%		24,426,081		472,500
						$	38,519,090	$	757,540

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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, 2020:

	Value		% of Net Assets
Automobiles	$	1,529,011		1.2	%
Beverages		1,680,030		1.3	%
Biotechnology		3,941,677		3.2	%
Commercial Services & Supplies		361,059		0.3	%
Communications Equipment		1,503,767		1.2	%
Electric Utilities		520,659		0.4	%
Electronic Equipment, Instruments & Components		126,288		0.1	%
Entertainment		2,630,113		2.1	%
Food & Staples Retailing		1,306,395		1.1	%
Food Products		854,851		0.7	%
Health Care Equipment & Supplies		1,172,738		1.0	%
Health Care Technology		159,310		0.1	%
Hotels, Restaurants & Leisure		868,764		0.7	%
Interactive Media & Services		9,286,999		7.7	%
Internet & Direct Marketing Retail		10,007,414		8.2	%
IT Services		3,174,293		2.6	%
Life Sciences Tools & Services		415,903		0.3	%
Machinery		197,604		0.2	%
Media		2,578,131		2.1	%
Multiline Retail		167,936		0.1	%
Professional Services		422,658		0.3	%
Road & Rail		407,630		0.3	%
Semiconductors & Semiconductor Equipment		9,745,366		7.9	%
Software		13,762,287		11.3	%
Specialty Retail		557,899		0.5	%
Technology Hardware, Storage & Peripherals		9,641,466		7.9	%
Textiles, Apparel & Luxury Goods		296,097		0.2	%
Trading Companies & Distributors		187,382		0.2	%
Wireless Telecommunication Services		982,864		0.8	%
Other**		44,156,336		36.0	%
Total	$	122,642,927		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.

150 :: ProFund VP Nasdaq-100 :: Financial Statements

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	65,029,267
Securities, at value(a)		78,777,642
Repurchase agreements, at value		44,283,000
Total Investment Securities, at value		123,060,642
Cash		709
Segregated cash balances for futures contracts with brokers		511,500
Dividends and interest receivable		18,390
Unrealized appreciation on swap agreements		757,540
Receivable for capital shares issued		316,022
Variation margin on futures contracts		99,045
Prepaid expenses		1,737
TOTAL ASSETS		124,765,585
LIABILITIES:
Payable for capital shares redeemed		1,546,934
Payable for collateral for securities loaned		291,051
Advisory fees payable		67,577
Management services fees payable		9,010
Administration fees payable		9,435
Administrative services fees payable		53,932
Distribution fees payable		57,623
Trustee fees payable		42
Transfer agency fees payable		7,693
Fund accounting fees payable		5,213
Compliance services fees payable		813
Other accrued expenses		73,335
TOTAL LIABILITIES		2,122,658
NET ASSETS	$	122,642,927
NET ASSETS CONSIST OF:
Capital	$	53,529,659
Total distributable earnings (loss)		69,113,268
NET ASSETS	$	122,642,927
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		2,053,906
Net Asset Value (offering and redemption price per share)	$	59.71
(a) Includes securities on loan valued at:	$	290,810

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	356,509
Interest		102,243
Foreign tax withholding		(242	)
Income from securities lending		292
TOTAL INVESTMENT INCOME		458,802
EXPENSES:
Advisory fees		391,875
Management services fees		52,249
Administration fees		46,966
Transfer agency fees		38,265
Administrative services fees		130,777
Distribution fees		130,625
Custody fees		7,544
Fund accounting fees		26,393
Trustee fees		1,493
Compliance services fees		813
Other fees		74,866
Total Gross Expenses before reductions		901,866
Expenses reduced and reimbursed by the Advisor		(24,065	)
TOTAL NET EXPENSES		877,801
NET INVESTMENT INCOME (LOSS)		(418,999	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		(300,474	)
Net realized gains (losses) on futures contracts		1,575,127
Net realized gains (losses) on swap agreements		1,844,498
Change in net unrealized appreciation/depreciation on investment securities		10,652,678
Change in net unrealized appreciation/depreciation on futures contracts		(296,166	)
Change in net unrealized appreciation/depreciation on swap agreements		863,031
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		14,338,694
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,919,695

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Nasdaq-100 :: 151

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(418,999	)	$	(248,804	)
Net realized gains (losses) on investments		3,119,151			8,610,746
Change in net unrealized appreciation/depreciation on investments		11,219,543			17,646,238
Change in net assets resulting from operations		13,919,695			26,008,180
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(709,177	)
Change in net assets resulting from distributions		—			(709,177	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		306,892,800			353,298,241
Distributions reinvested		—			709,177
Value of shares redeemed		(301,362,883	)		(340,765,839	)
Change in net assets resulting from capital transactions		5,529,917			13,241,579
Change in net assets		19,449,612			38,540,582
NET ASSETS:
Beginning of period		103,193,315			64,652,733
End of period	$	122,642,927		$	103,193,315
SHARE TRANSACTIONS:
Issued		5,836,064			7,798,969
Reinvested		—			15,812
Redeemed		(5,778,955	)		(7,515,300	)
Change in shares		57,109			299,481

See accompanying notes to financial statements.

152 :: ProFund VP 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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	51.68		$	38.09		$	42.74		$	32.91		$	32.56		$	34.41
Investment Activities:
Net investment income (loss)(a)		(0.21	)		(0.13	)		(0.15	)		(0.26	)		(0.26	)		(0.33	)
Net realized and unrealized gains (losses) on investments		8.24			14.06			(0.08	)		10.24			1.97			2.74
Total income (loss) from investment activities		8.03			13.93			(0.23	)		9.98			1.71			2.41
Distributions to Shareholders From:
Net realized gains on investments		—			(0.34	)		(4.42	)		(0.15	)		(1.36	)		(4.26	)
Net Asset Value, End of Period	$	59.71		$	51.68		$	38.09		$	42.74		$	32.91		$	32.56
Total Return(b)		15.54	%		36.70	%		(1.87	)%(c)		30.37	%		5.26	%		7.45	%
Ratios to Average Net Assets:
Gross expenses(d)		1.72	%		1.72	%		1.74	%		1.71	%		1.73	%		1.74	%
Net expenses(d)		1.68	%		1.69	%(e)		1.67	%(c)		1.68	%		1.68	%		1.68	%
Net investment income (loss)(d)		(0.80	)%		(0.29	)%		(0.34	)%(c)		(0.68	)%		(0.82	)%		(0.99	)%
Supplemental Data:
Net assets, end of period (000's)	$	122,643		$	103,193		$	64,653		$	73,907		$	60,499		$	77,454
Portfolio turnover rate(b)(f)		2	%		9	%		6	%		4	%		4	%		9	%

(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)	During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.68% and (0.35)%, respectively, and the total return would have been (1.88)%.
(d)	Annualized for periods less than one year.
(e)	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.
(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 Oil & Gas :: 153

Investment Objective: The ProFund VP Oil & Gas seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Oil & Gas^SM Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

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 investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Exxon Mobil Corp.		23.3	%
Chevron Corp.		20.5	%
ConocoPhillips		5.6	%
Phillips 66		3.9	%
Kinder Morgan, Inc.		3.6	%

Dow Jones U.S. Oil & Gas^SM Index – Composition

	% of Index
Oil, Gas & Consumable Fuels		91	%
Energy Equipment & Services		8	%
Electric Utilities		1	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (96.5%)

	Shares		Value
Apache Corp. (Oil, Gas & Consumable Fuels)		8,038	$	108,513
Baker Hughes Co.—Class A (Energy Equipment & Services)		13,951		214,706
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels)		8,489		145,841
Championx Corp.* (Energy Equipment & Services)		3,956		38,611
Cheniere Energy, Inc.* (Oil, Gas & Consumable Fuels)		4,886		236,092
Chevron Corp. (Oil, Gas & Consumable Fuels)		39,762		3,547,963
Cimarex Energy Co. (Oil, Gas & Consumable Fuels)		2,175		59,791
Concho Resources, Inc. (Oil, Gas & Consumable Fuels)		4,190		215,785
ConocoPhillips (Oil, Gas & Consumable Fuels)		22,841		959,779
Continental Resources, Inc.(a) (Oil, Gas & Consumable Fuels)		1,789		31,361
Core Laboratories N.V. (Energy Equipment & Services)		947		19,243
CVR Energy, Inc. (Oil, Gas & Consumable Fuels)		620		12,468
Delek US Holdings, Inc. (Oil, Gas & Consumable Fuels)		1,565		27,247
Devon Energy Corp. (Oil, Gas & Consumable Fuels)		8,150		92,421
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		3,361		140,557
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		12,397		628,032
EQT Corp. (Oil, Gas & Consumable Fuels)		5,443		64,772
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		8,656		71,931
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		90,051		4,027,080
First Solar, Inc.* (Semiconductors & Semiconductor Equipment)		1,624		80,388
Halliburton Co. (Energy Equipment & Services)		18,684		242,518
Helmerich & Payne, Inc. (Energy Equipment & Services)		2,288		44,639
Hess Corp. (Oil, Gas & Consumable Fuels)		5,560		288,064
HollyFrontier Corp. (Oil, Gas & Consumable Fuels)		3,172		92,622
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		41,422		628,372
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		16,831		103,006
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		13,849		517,676
Matador Resources Co.* (Oil, Gas & Consumable Fuels)		2,333		19,831
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)		3,110		42,918
National Oilwell Varco, Inc. (Energy Equipment & Services)		8,268		101,283
Noble Energy, Inc. (Oil, Gas & Consumable Fuels)		10,216		91,535
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		19,168		350,774
OGE Energy Corp. (Electric Utilities)		4,264		129,455
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		9,359		310,906
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)		5,533		52,840
Parsley Energy, Inc.—Class A (Oil, Gas & Consumable Fuels)		6,595		70,435
Patterson-UTI Energy, Inc. (Energy Equipment & Services)		3,972		13,783
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels)		2,171		22,231
Phillips 66 (Oil, Gas & Consumable Fuels)		9,300		668,670
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		3,512		343,122
Schlumberger, Ltd. (Energy Equipment & Services)		29,557		543,553
Targa Resources Corp. (Oil, Gas & Consumable Fuels)		4,965		99,648

See accompanying notes to financial statements.

154 :: ProFund VP Oil & Gas :: Financial Statements

Common Stocks, continued

	Shares		Value
TechnipFMC PLC (Energy Equipment & Services)		8,957	$	61,266
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)		25,838		491,439
Transocean, Ltd.*(a) (Energy Equipment & Services)		12,304		22,516
Valero Energy Corp. (Oil, Gas & Consumable Fuels)		8,683		510,734
World Fuel Services Corp. (Oil, Gas & Consumable Fuels)		1,348		34,724
WPX Energy, Inc.* (Oil, Gas & Consumable Fuels)		8,696		55,480
TOTAL COMMON STOCKS (Cost $9,892,815)				16,676,621

Repurchase Agreements^(b) (2.0%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $339,000	$	339,000	$	339,000
TOTAL REPURCHASE AGREEMENTS (Cost $339,000)				339,000

Collateral for Securities Loaned (0.3%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(c)		7,545	$	7,545
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(c)		83		83
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(c)		41,392		41,392
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $49,020)				49,020
TOTAL INVESTMENT SECURITIES (Cost $10,280,835)—98.8%				17,064,641
Net other assets (liabilities)—1.2%				203,155
NET ASSETS—100.0%			$	17,267,796

*	Non-income producing security.
(a)	All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $48,390.
(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)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Oil & Gas Index	Goldman Sachs International	7/23/20		1.47	%	$	511,462	$	(26,985	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 Oil & Gas invested in the following industries as of June 30, 2020:

			% of
	Value		Net Assets
Electric Utilities	$	129,455		0.7	%
Energy Equipment & Services		1,302,118		7.5	%
Oil, Gas & Consumable Fuels		15,164,660		87.8	%
Semiconductors & Semiconductor Equipment		80,388		0.5	%
Other**		591,175		3.5	%
Total	$	17,267,796		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 Oil & Gas :: 155

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	10,280,835
Securities, at value(a)		16,725,641
Repurchase agreements, at value		339,000
Total Investment Securities, at value		17,064,641
Cash		155
Segregated cash balances for swap agreements with custodian		170,000
Dividends and interest receivable		6,335
Receivable for capital shares issued		157,298
Receivable for investments sold		613
Prepaid expenses		342
TOTAL ASSETS		17,399,384
LIABILITIES:
Payable for investments purchased		12
Payable for capital shares redeemed		849
Payable for collateral for securities loaned		49,020
Unrealized depreciation on swap agreements		26,985
Advisory fees payable		9,791
Management services fees payable		1,305
Administration fees payable		1,467
Administrative services fees payable		8,712
Distribution fees payable		8,823
Trustee fees payable		7
Transfer agency fees payable		1,196
Fund accounting fees payable		819
Compliance services fees payable		133
Other accrued expenses		22,469
TOTAL LIABILITIES		131,588
NET ASSETS	$	17,267,796
NET ASSETS CONSIST OF:
Capital	$	16,005,074
Total distributable earnings (loss)		1,262,722
NET ASSETS	$	17,267,796
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		909,824
Net Asset Value (offering and redemption price per share)	$	18.98
(a)     Includes securities on loan valued at:	$	48,390

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	499,528
Interest		986
Foreign tax withholding		(35	)
Income from securities lending		163
TOTAL INVESTMENT INCOME		500,642
EXPENSES:
Advisory fees		72,834
Management services fees		9,711
Administration fees		8,986
Transfer agency fees		7,137
Administrative services fees		25,336
Distribution fees		24,278
Custody fees		1,066
Fund accounting fees		5,004
Trustee fees		291
Compliance services fees		133
Other fees		15,173
Total Gross Expenses before reductions		169,949
Expenses reduced and reimbursed by the Advisor		(6,802	)
TOTAL NET EXPENSES		163,147
NET INVESTMENT INCOME (LOSS)		337,495
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		(1,613,459	)
Net realized gains (losses) on swap agreements		(179,112	)
Change in net unrealized appreciation/depreciation on investment securities		(6,856,971	)
Change in net unrealized appreciation/depreciation on swap agreements		(25,436	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(8,674,978	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(8,337,483	)

See accompanying notes to financial statements.

156 :: ProFund VP Oil & Gas :: Financial Statements

Statements of Changes in Net Assets
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	337,495		$	379,134
Net realized gains (losses) on investments		(1,792,571	)		1,291,991
Change in net unrealized appreciation/depreciation on investments		(6,882,407	)		606,163
Change in net assets resulting from operations		(8,337,483	)		2,277,288
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(1,174,970	)
Change in net assets resulting from distributions		—			(1,174,970	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		12,918,874			17,342,848
Distributions reinvested		—			1,174,970
Value of shares redeemed		(13,755,563	)		(18,961,207	)
Change in net assets resulting from capital transactions		(836,689	)		(443,389	)
Change in net assets		(9,174,172	)		658,929
NET ASSETS:
Beginning of period		26,441,968			25,783,039
End of period	$	17,267,796		$	26,441,968
SHARE TRANSACTIONS:
Issued		682,009			571,758
Reinvested		—			42,418
Redeemed		(657,751	)		(617,849	)
Change in shares		24,258			(3,673	)

See accompanying notes to financial statements.

Financial Highlights :: ProFund VP Oil & Gas :: 157

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	29.86		$	28.99		$	36.93		$	38.63		$	31.52		$	44.55
Investment Activities:
Net investment income (loss)(a)		0.36			0.45			0.36			0.53			0.37			0.50
Net realized and unrealized gains (losses) on investments		(11.24	)		1.90			(7.68	)		(1.78	)		7.22			(9.97	)
Total income (loss) from investment activities		(10.88	)		2.35			(7.32	)		(1.25	)		7.59			(9.47	)
Distributions to Shareholders From:
Net investment income		—			(0.44	)		(0.62	)		(0.45	)		(0.48	)		(0.26	)
Net realized gains on investments		—			(1.04	)		—			—			—			(3.30	)
Total distributions		—			(1.48	)		(0.62	)		(0.45	)		(0.48	)		(3.56	)
Net Asset Value, End of Period	$	18.98		$	29.86		$	28.99		$	36.93		$	38.63		$	31.52
Total Return(b)		(36.44	)%		8.52	%		(20.22	)%(c)		(3.17	)%		24.18	%		(23.37	)%
Ratios to Average Net Assets:
Gross expenses(d)		1.75	%		1.72	%		1.72	%		1.69	%		1.70	%		1.70	%
Net expenses(d)		1.68	%		1.72	%(e)		1.65	%(c)		1.68	%		1.68	%		1.68	%
Net investment income (loss)(d)		3.48	%		1.46	%		0.99	%(c)		1.52	%		1.07	%		1.28	%
Supplemental Data:
Net assets, end of period (000's)	$	17,268		$	26,442		$	25,783		$	41,863		$	55,134		$	40,300
Portfolio turnover rate(b)(f)		53	%		38	%		76	%		35	%		50	%		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)	During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.68% and 0.96%, respectively, and the total return would have been (20.26)%.
(d)	Annualized for periods less than one year.
(e)	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.
(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.

5

158 :: ProFund VP Pharmaceuticals :: Financial Statements

Investment Objective: The ProFund VP Pharmaceuticals seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Select Pharmaceuticals^SM Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Equity Securities		100	%
Swap Agreements		1	%
Total Exposure		101	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Johnson & Johnson		21.7	%
Merck & Co., Inc.		18.6	%
Eli Lilly & Co.		5.0	%
Horizon Therapeutics PLC		4.9	%
Catalent, Inc.		4.5	%

Dow Jones U.S. Select Pharmaceuticals^SM Index – Composition

	% of Index
Pharmaceuticals		96	%
Biotechnology		4	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (99.5%)

	Shares		Value
Aerie Pharmaceuticals, Inc.* (Pharmaceuticals)		2,497	$	36,856
AMAG Pharmaceuticals, Inc.*(a) (Biotechnology)		2,048		15,667
Amicus Therapeutics, Inc.* (Biotechnology)		15,384		231,991
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals)		6,597		31,402
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals)		2,014		45,234
Arvinas, Inc.* (Pharmaceuticals)		911		30,555
Axsome Therapeutics, Inc.* (Pharmaceuticals)		1,616		132,964
Bristol-Myers Squibb Co. (Pharmaceuticals)		9,884		581,179
Cara Therapeutics, Inc.* (Biotechnology)		2,515		43,007
Catalent, Inc.* (Pharmaceuticals)		7,968		584,054
Catalyst Pharmaceuticals, Inc.* (Biotechnology)		5,744		26,537
Corcept Therapeutics, Inc.* (Pharmaceuticals)		6,159		103,594
Elanco Animal Health, Inc.* (Pharmaceuticals)		23,810		510,725
Eli Lilly & Co. (Pharmaceuticals)		3,938		646,541
Endo International PLC* (Pharmaceuticals)		12,208		41,873
Horizon Therapeutics PLC* (Pharmaceuticals)		11,390		633,056
Innoviva, Inc.* (Pharmaceuticals)		3,993		55,822
Intersect ENT, Inc.* (Pharmaceuticals)		1,945		26,335
Intra-Cellular Therapies, Inc.* (Pharmaceuticals)		3,293		84,531
Ironwood Pharmaceuticals, Inc.* (Biotechnology)		9,517		98,215
Jazz Pharmaceuticals PLC* (Pharmaceuticals)		3,303		364,453
Johnson & Johnson (Pharmaceuticals)		20,117		2,829,055
Madrigal Pharmaceuticals, Inc.* (Biotechnology)		562		63,647
Merck & Co., Inc. (Pharmaceuticals)		31,291		2,419,733
Mylan N.V.* (Pharmaceuticals)		30,864		496,293
Myokardia, Inc.* (Pharmaceuticals)		3,148		304,160
Omeros Corp.* (Pharmaceuticals)		3,060		45,043
Pacira BioSciences, Inc.* (Pharmaceuticals)		2,515		131,962
Perrigo Co. PLC (Pharmaceuticals)		8,138		449,787
Pfizer, Inc. (Pharmaceuticals)		16,555		541,349
Phathom Pharmaceuticals, Inc.* (Pharmaceuticals)		778		25,604
Phibro Animal Health Corp.—Class A (Pharmaceuticals)		1,211		31,813
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals)		2,990		112,304
Reata Pharmaceuticals, Inc.* (Pharmaceuticals)		1,580		246,512
Relmada Therapeutics, Inc.* (Pharmaceuticals)		807		36,113
Revance Therapeutics, Inc.* (Pharmaceuticals)		2,861		69,866
Spectrum Pharmaceuticals, Inc.* (Biotechnology)		6,856		23,173
TherapeuticsMD, Inc.*(a) (Pharmaceuticals)		13,303		16,629
Theravance Biopharma, Inc.* (Pharmaceuticals)		2,863		60,094
Tricida, Inc.* (Pharmaceuticals)		1,611		44,270
Vanda Pharmaceuticals, Inc.* (Biotechnology)		3,240		37,066
Zoetis, Inc. (Pharmaceuticals)		4,250		582,420
Zogenix, Inc.* (Pharmaceuticals)		3,106		83,893
TOTAL COMMON STOCKS (Cost $9,164,233)				12,975,377

Collateral for Securities Loaned (0.2%)

BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(b)	4,354		4,354
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(b)	48		48
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(b)	23,883		23,883
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $28,285)			28,285
TOTAL INVESTMENT SECURITIES (Cost $9,192,518)—99.7%			13,003,662
Net other assets (liabilities)—0.3%			39,370
NET ASSETS—100.0%		$	13,043,032

*      Non-income producing security.

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Pharmaceuticals :: 159

^(a) All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $27,143.

^(b) Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Select Pharmaceuticals Index	Goldman Sachs International	7/23/20		1.47	%	$	111,226	$	(4,267	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 Pharmaceuticals invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Biotechnology	$	539,303		4.1	%
Pharmaceuticals		12,436,074		95.4	%
Other**		67,655		0.5	%
Total	$	13,043,032		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.

160 :: ProFund VP Pharmaceuticals :: Financial Statements

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	9,192,518
Securities, at value(a)		13,003,662
Total Investment Securities, at value		13,003,662
Segregated cash balances for swap agreements with custodian		120,000
Dividends receivable		17,099
Receivable for capital shares issued		3,348
Prepaid expenses		232
TOTAL ASSETS		13,144,341
LIABILITIES:
Payable for capital shares redeemed		26,800
Cash overdraft		7,790
Payable for collateral for securities loaned		28,285
Unrealized depreciation on swap agreements		4,267
Advisory fees payable		7,455
Management services fees payable		994
Administration fees payable		1,036
Administrative services fees payable		6,885
Distribution fees payable		6,961
Transfer agency fees payable		845
Fund accounting fees payable		581
Compliance services fees payable		95
Other accrued expenses		9,315
TOTAL LIABILITIES		101,309
NET ASSETS	$	13,043,032
NET ASSETS CONSIST OF:
Capital	$	11,178,968
Total distributable earnings (loss)		1,864,064
NET ASSETS	$	13,043,032
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		395,282
Net Asset Value (offering and redemption price per share)	$	33.00
(a)    Includes securities on loan valued at:	$	27,143

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	102,558
Interest		993
Income from securities lending		475
TOTAL INVESTMENT INCOME		104,026
EXPENSES:
Advisory fees		46,744
Management services fees		6,232
Administration fees		5,850
Transfer agency fees		4,768
Administrative services fees		16,219
Distribution fees		15,581
Custody fees		770
Fund accounting fees		3,345
Trustee fees		186
Compliance services fees		95
Other fees		8,067
Total Gross Expenses before reductions		107,857
Expenses reduced and reimbursed by the Advisor		(3,150	)
TOTAL NET EXPENSES		104,707
NET INVESTMENT INCOME (LOSS)		(681	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		(32,941	)
Net realized gains (losses) on swap agreements		(15,576	)
Change in net unrealized appreciation/depreciation on investment securities		(407,484	)
Change in net unrealized appreciation/depreciation on swap agreements		(234	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(456,235	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(456,916	)

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Pharmaceuticals :: 161

Statements of Changes in Net Assets  

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(681	)	$	15,201
Net realized gains (losses) on investments		(48,517	)		(125,627	)
Change in net unrealized appreciation/depreciation on investments		(407,718	)		1,786,144
Change in net assets resulting from operations		(456,916	)		1,675,718
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(1,644,528	)
Change in net assets resulting from distributions		—			(1,644,528	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		7,479,433			12,135,082
Distributions reinvested		—			1,644,528
Value of shares redeemed		(7,583,311	)		(14,039,833	)
Change in net assets resulting from capital transactions		(103,878	)		(260,223	)
Change in net assets		(560,794	)		(229,033	)
NET ASSETS:
Beginning of period		13,603,826			13,832,859
End of period	$	13,043,032		$	13,603,826
SHARE TRANSACTIONS:
Issued		230,925			356,716
Reinvested		—			54,275
Redeemed		(232,338	)		(411,187	)
Change in shares		(1,413	)		(196	)

See accompanying notes to financial statements.

162 :: ProFund VP Pharmaceuticals :: 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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	34.29		$	34.85		$	38.53		$	35.42		$	39.47		$	38.89
Investment Activities:
Net investment income (loss)(a)		—	(b)		0.04			0.25			0.33			0.29			0.24
Net realized and unrealized gains (losses) on investments		(1.29	)		4.22			(2.58	)		3.34			(1.63	)		1.50
Total income (loss) from investment activities		(1.29	)		4.26			(2.33	)		3.67			(1.34	)		1.74
Distributions to Shareholders From:
Net investment income		—			(0.31	)		(0.42	)		(0.39	)		(0.38	)		(0.19	)
Net realized gains on investments		—			(4.51	)		(0.93	)		(0.17	)		(2.33	)		(0.97	)
Total distributions		—			(4.82	)		(1.35	)		(0.56	)		(2.71	)		(1.16	)
Net Asset Value, End of Period	$	33.00		$	34.29		$	34.85		$	38.53		$	35.42		$	39.47
Total Return(c)		(3.76	)%		14.04	%		(6.20	)%		10.36	%		(3.73	)%		4.44	%
Ratios to Average Net Assets:
Gross expenses(d)		1.73	%		1.74	%		1.76	%		1.70	%		1.71	%		1.72	%
Net expenses(d)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(d)		(0.01	)%		0.12	%		0.65	%		0.88	%		0.76	%		0.59	%
Supplemental Data:
Net assets, end of period (000's)	$	13,043		$	13,604		$	13,833		$	17,278		$	19,878		$	30,710
Portfolio turnover rate(c)(e)		42	%		126	%		261	%		219	%		247	%		254	%

^(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 Precious Metals :: 163

Investment Objective: The ProFund VP Precious Metals seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones Precious Metals^SM Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

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 investments 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^SM Index – Composition

	% of Index
Gold		95	%
Silver		5	%

Schedule of Portfolio Investments (unaudited)

Repurchase Agreements^(a)(b) (95.8%)

	Principal Amount			Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $38,723,029	$	38,723,000	$	38,723,000
TOTAL REPURCHASE AGREEMENTS (Cost $38,723,000)				38,723,000
TOTAL INVESTMENT SECURITIES (Cost $38,723,000)—95.8%				38,723,000
Net other assets (liabilities)—4.2%				1,696,321
NET ASSETS—100.0%			$	40,419,321

(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, 2020, the aggregate amount held in a segregated account was $5,063,000.
(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 – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones Precious Metals Index	Goldman Sachs International	7/23/20		1.47	%	$	22,750,835	$	888,586
Dow Jones Precious Metals Index	UBS AG	7/23/20		1.72	%		17,451,158		676,585
						$	40,201,993	$	1,565,171

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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.

164 :: ProFund VP Precious Metals :: Financial Statements

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	38,723,000
Repurchase agreements, at value		38,723,000
Total Investment Securities, at value		38,723,000
Cash		555
Segregated cash balances for swap agreements with custodian		600
Interest receivable		30
Unrealized appreciation on swap agreements		1,565,171
Receivable for capital shares issued		218,057
Prepaid expenses		643
TOTAL ASSETS		40,508,056
LIABILITIES:
Payable for capital shares redeemed		4,459
Advisory fees payable		20,087
Management services fees payable		2,678
Administration fees payable		2,643
Administrative services fees payable		16,495
Distribution fees payable		16,512
Trustee fees payable		13
Transfer agency fees payable		2,360
Fund accounting fees payable		1,591
Compliance services fees payable		278
Other accrued expenses		21,619
TOTAL LIABILITIES		88,735
NET ASSETS	$	40,419,321
NET ASSETS CONSIST OF:
Capital	$	99,102,321
Total distributable earnings (loss)		(58,683,000	)
NET ASSETS	$	40,419,321
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		1,281,831
Net Asset Value (offering and redemption price per share)	$	31.53

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Interest	$	89,425
EXPENSES:
Advisory fees		123,618
Management services fees		16,482
Administration fees		13,732
Transfer agency fees		12,405
Administrative services fees		45,074
Distribution fees		41,206
Custody fees		2,846
Fund accounting fees		8,514
Trustee fees		475
Compliance services fees		278
Other fees		21,307
Total Gross Expenses before reductions		285,937
Expenses reduced and reimbursed by the Advisor		(9,035	)
TOTAL NET EXPENSES		276,902
NET INVESTMENT INCOME (LOSS)		(187,477	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on swap agreements		2,332,339
Change in net unrealized appreciation/depreciation on swap agreements		99,378
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		2,431,717
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,244,240

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Precious Metals :: 165

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(187,477	)	$	89,778
Net realized gains (losses) on investments		2,332,339			7,245,134
Change in net unrealized appreciation/depreciation on investments		99,378			1,498,482
Change in net assets resulting from operations		2,244,240			8,833,394
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(8,874	)
Change in net assets resulting from distributions		—			(8,874	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		62,148,337			57,439,083
Distributions reinvested		—			8,874
Value of shares redeemed		(56,367,769	)		(52,878,475	)
Change in net assets resulting from capital transactions		5,780,568			4,569,482
Change in net assets		8,024,808			13,394,002
NET ASSETS:
Beginning of period		32,394,513			19,000,511
End of period	$	40,419,321		$	32,394,513
SHARE TRANSACTIONS:
Issued		2,350,479			2,810,479
Reinvested		—			382
Redeemed		(2,367,487	)		(2,623,427	)
Change in shares		(17,008	)		187,434

See accompanying notes to financial statements.

166 :: ProFund VP Precious Metals :: 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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	24.94		$	17.10		$	19.75		$	18.76		$	12.04		$	17.93
Investment Activities:
Net investment income (loss)(a)		(0.15	)		0.07			0.01			(0.18	)		(0.30	)		(0.26	)
Net realized and unrealized gains (losses) on investments		6.74			7.78			(2.66	)		1.17			7.02			(5.63	)
Total income (loss) from investment activities		6.59			7.85			(2.65	)		0.99			6.72			(5.89	)
Distributions to Shareholders From:
Net investment income		—			(0.01	)		—			—			—			—
Net Asset Value, End of Period	$	31.53		$	24.94		$	17.10		$	19.75		$	18.76		$	12.04
Total Return(b)		26.42	%		45.98	%		(13.47	)%		5.28	%		55.81	%		(32.85	)%
Ratios to Average Net Assets:
Gross expenses(c)		1.73	%		1.72	%		1.75	%		1.70	%		1.70	%		1.76	%
Net expenses(c)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(c)		(1.14	)%		0.37	%		0.04	%		(0.88	)%		(1.41	)%		(1.64	)%
Supplemental Data:
Net assets, end of period (000's)	$	40,419		$	32,395		$	19,001		$	24,286		$	28,560		$	17,515
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.

Financial Statements :: ProFund VP Real Estate :: 167

Investment Objective: The ProFund VP Real Estate seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Real Estate^SM Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Equity Securities		99	%
Swap Agreements		1	%
Total Exposure		100	%

“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
American Tower Corp.		10.5	%
Crown Castle International Corp.		6.4	%
Prologis, Inc.		6.3	%
Equinix, Inc.		4.4	%
Digital Realty Trust, Inc.		3.5	%

Dow Jones U.S. Real Estate^SM Index – Composition

	% of Index
Equity Real Estate Investment Trusts (REITs)		92	%
Mortgage Real Estate Investment Trusts (REITs)		3	%
Professional Services		3	%
Real Estate Management & Development		2	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (98.9%)

	Shares		Value
Acadia Realty Trust (Equity Real Estate Investment Trusts)		715	$	9,281
AGNC Investment Corp. (Mortgage Real Estate Investment Trusts)		4,657		60,075
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts)		1,052		170,687
American Campus Communities, Inc. (Equity Real Estate Investment Trusts)		1,146		40,064
American Homes 4 Rent—Class A (Equity Real Estate Investment Trusts)		2,125		57,163
American Tower Corp. (Equity Real Estate Investment Trusts)		3,693		954,789
Americold Realty Trust (Equity Real Estate Investment Trusts)		1,668		60,548
Annaly Capital Management, Inc. (Mortgage Real Estate Investment Trusts)		11,912		78,144
Apartment Investment & Management Co. (Equity Real Estate Investment Trusts)		1,241		46,711
Apple Hospitality REIT, Inc. (Equity Real Estate Investment Trusts)		1,745		16,857
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts)		1,172		181,238
Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts)		1,127		27,149
Boston Properties, Inc. (Equity Real Estate Investment Trusts)		1,203		108,727
Brandywine Realty Trust (Equity Real Estate Investment Trusts)		1,418		15,442
Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts)		2,467		31,627
Camden Property Trust (Equity Real Estate Investment Trusts)		811		73,979
CBRE Group, Inc.*—Class A (Real Estate Management & Development)		2,792		126,255
Chimera Investment Corp. (Mortgage Real Estate Investment Trusts)		1,599		15,366
Colony Capital, Inc. (Equity Real Estate Investment Trusts)		4,005		9,612
Columbia Property Trust, Inc. (Equity Real Estate Investment Trusts)		951		12,496
Corecivic, Inc. (Equity Real Estate Investment Trusts)		994		9,304
CoreSite Realty Corp. (Equity Real Estate Investment Trusts)		336		40,676
Corporate Office Properties Trust (Equity Real Estate Investment Trusts)		934		23,668
CoStar Group, Inc.* (Professional Services)		328		233,100
Cousins Properties, Inc. (Equity Real Estate Investment Trusts)		1,238		36,930
Crown Castle International Corp. (Equity Real Estate Investment Trusts)		3,471		580,872
CubeSmart (Equity Real Estate Investment Trusts)		1,612		43,508
Cushman & Wakefield PLC* (Real Estate Management & Development)		1,376		17,145
CyrusOne, Inc. (Equity Real Estate Investment Trusts)		960		69,840
DiamondRock Hospitality Co. (Equity Real Estate Investment Trusts)		1,655		9,152
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts)		2,235		317,616
Diversified Healthcare Trust (Equity Real Estate Investment Trusts)		1,978		8,753
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts)		1,373		42,096
Duke Realty Corp. (Equity Real Estate Investment Trusts)		3,068		108,577
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts)		325		38,548
EPR Properties (Equity Real Estate Investment Trusts)		644		21,336
Equinix, Inc. (Equity Real Estate Investment Trusts)		565		396,800
Equity Commonwealth (Equity Real Estate Investment Trusts)		1,012		32,578
Equity LifeStyle Properties, Inc.(Equity Real Estate Investment Trusts)		1,518		94,845
Equity Residential (Equity Real Estate Investment Trusts)		2,914		171,401

See accompanying notes to financial statements.

168 :: ProFund VP Real Estate :: Financial Statements

Common Stocks, continued

	Shares		Value
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts)		545	$	124,898
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts)		1,076		99,390
Federal Realty Investment Trust (Equity Real Estate Investment Trusts)		586		49,933
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts)		1,060		40,746
Gaming & Leisure Properties, Inc. (Equity Real Estate Investment Trusts)		1,723		59,602
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts)		1,124		32,922
Healthcare Trust of America, Inc.—Class A (Equity Real Estate Investment Trusts)		1,820		48,266
Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts)		4,482		123,524
Highwoods Properties, Inc. (Equity Real Estate Investment Trusts)		866		32,328
Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts)		5,870		63,337
Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts)		1,277		32,129
Invesco Mortgage Capital, Inc.(a) (Mortgage Real Estate Investment Trusts)		1,370		5,124
Invitation Homes, Inc. (Equity Real Estate Investment Trusts)		4,529		124,683
Iron Mountain, Inc. (Equity Real Estate Investment Trusts)		2,397		62,562
JBG Smith Properties (Equity Real Estate Investment Trusts)		979		28,949
Jones Lang LaSalle, Inc. (Real Estate Management & Development)		431		44,591
Kilroy Realty Corp. (Equity Real Estate Investment Trusts)		882		51,773
Kimco Realty Corp. (Equity Real Estate Investment Trusts)		3,601		46,237
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts)		720		48,067
Lexington Realty Trust (Equity Real Estate Investment Trusts)		2,298		24,244
Life Storage, Inc. (Equity Real Estate Investment Trusts)		391		37,125
Mack-Cali Realty Corp. (Equity Real Estate Investment Trusts)		753		11,513
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts)		4,400		82,720
MFA Financial, Inc. (Mortgage Real Estate Investment Trusts)		3,772		9,392
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts)		952		109,166
National Health Investors, Inc. (Equity Real Estate Investment Trusts)		372		22,588
National Retail Properties, Inc. (Equity Real Estate Investment Trusts)		1,432		50,807
New Residential Investment Corp. (Mortgage Real Estate Investment Trusts)		3,459		25,700
Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts)		1,890		56,190
Outfront Media, Inc. (Equity Real Estate Investment Trusts)		1,200		17,004
Paramount Group, Inc. (Equity Real Estate Investment Trusts)		1,585		12,220
Park Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts)		1,960		19,384
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts)		1,087		14,848
Physicians Realty Trust (Equity Real Estate Investment Trusts)		1,686		29,539
Piedmont Office Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts)		1,047		17,391
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts)		558		21,221
Prologis, Inc. (Equity Real Estate Investment Trusts)		6,152		574,166
PS Business Parks, Inc. (Equity Real Estate Investment Trusts)		167		22,111
Public Storage (Equity Real Estate Investment Trusts)		1,253		240,438
Rayonier, Inc. (Equity Real Estate Investment Trusts)		1,151		28,533
Realty Income Corp. (Equity Real Estate Investment Trusts)		2,860		170,170
Regency Centers Corp. (Equity Real Estate Investment Trusts)		1,414		64,888
Retail Properties of America, Inc. (Equity Real Estate Investment Trusts)		1,782		13,044
Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts)		1,021		42,300
RLJ Lodging Trust (Equity Real Estate Investment Trusts)		1,372		12,952
Ryman Hospitality Properties, Inc.—Class I (Equity Real Estate Investment Trusts)		458		15,847
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts)		1,710		24,675
SBA Communications Corp. (Equity Real Estate Investment Trusts)		930		277,066
Service Properties Trust (Equity Real Estate Investment Trusts)		1,367		9,692
Simon Property Group, Inc. (Equity Real Estate Investment Trusts)		2,547		174,164
SITE Centers Corp. (Equity Real Estate Investment Trusts)		1,236		10,012
SL Green Realty Corp. (Equity Real Estate Investment Trusts)		637		31,398
Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts)		857		29,875
Starwood Property Trust, Inc. (Mortgage Real Estate Investment Trusts)		2,349		35,141
STORE Capital Corp. (Equity Real Estate Investment Trusts)		1,852		44,096
Sun Communities, Inc. (Equity Real Estate Investment Trusts)		819		111,122
Sunstone Hotel Investors, Inc. (Equity Real Estate Investment Trusts)		1,793		14,613
Taubman Centers, Inc. (Equity Real Estate Investment Trusts)		513		19,371
The GEO Group, Inc. (Equity Real Estate Investment Trusts)		1,008		11,925

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Real Estate :: 169

Common Stocks, continued

	Shares		Value
The Howard Hughes Corp.* (Real Estate Management & Development)		376	$	19,533
The Macerich Co.(a) (Equity Real Estate Investment Trusts)		965		8,656
Two Harbors Investment Corp. (Mortgage Real Estate Investment Trusts)		2,276		11,471
UDR, Inc. (Equity Real Estate Investment Trusts)		2,456		91,805
Urban Edge Properties (Equity Real Estate Investment Trusts)		919		10,909
Ventas, Inc. (Equity Real Estate Investment Trusts)		3,107		113,778
VEREIT, Inc. (Equity Real Estate Investment Trusts)		8,975		57,709
VICI Properties, Inc. (Equity Real Estate Investment Trusts)		3,903		78,802
Vornado Realty Trust (Equity Real Estate Investment Trusts)		1,321		50,475
Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts)		685		15,207
Weingarten Realty Investors (Equity Real Estate Investment Trusts)		1,002		18,968
Welltower, Inc. (Equity Real Estate Investment Trusts)		3,477		179,935
Weyerhaeuser Co. (Equity Real Estate Investment Trusts)		6,214		139,566
WP Carey, Inc. (Equity Real Estate Investment Trusts)		1,436		97,145
Xenia Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts)		942		8,789
TOTAL COMMON STOCKS (Cost $4,119,923)				8,953,415

Repurchase Agreements^(b) (0.2%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $16,000	$	16,000	$	16,000
TOTAL REPURCHASE AGREEMENTS (Cost $16,000)				16,000

Collateral for Securities Loaned (0.1%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(c)		1,968	$	1,968
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(c)		22		22
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(c)		10,797		10,797
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $12,787)				12,787
TOTAL INVESTMENT SECURITIES (Cost $4,148,710)—99.2%				8,982,202
Net other assets (liabilities)—0.8%				74,722
NET ASSETS—100.0%			$	9,056,924

*	Non-income producing security.
(a)	All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $12,334.
(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)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Real Estate Index	Goldman Sachs International	7/23/20		1.47	%	$	102,811	$	(8,293	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 Real Estate invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Equity Real Estate Investment Trusts	$	8,245,229		91.0	%
Mortgage Real Estate Investment Trusts		267,562		3.0	%
Professional Services		233,100		2.6	%
Real Estate Management & Development		207,524		2.3	%
Other**		103,509		1.1	%
Total	$	9,056,924		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.

170 :: ProFund VP Real Estate :: Financial Statements

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	4,148,710
Securities, at value(a)		8,966,202
Repurchase agreements, at value		16,000
Total Investment Securities, at value		8,982,202
Cash		1,421
Dividends and interest receivable		33,430
Receivable for capital shares issued		82,503
Prepaid expenses		238
TOTAL ASSETS		9,099,794
LIABILITIES:
Payable for capital shares redeemed		940
Payable for collateral for securities loaned		12,787
Unrealized depreciation on swap agreements		8,293
Advisory fees payable		4,955
Management services fees payable		661
Administration fees payable		740
Administrative services fees payable		3,407
Distribution fees payable		3,197
Transfer agency fees payable		604
Fund accounting fees payable		437
Compliance services fees payable		82
Other accrued expenses		6,767
TOTAL LIABILITIES		42,870
NET ASSETS	$	9,056,924
NET ASSETS CONSIST OF:
Capital	$	5,516,838
Total distributable earnings (loss)		3,540,086
NET ASSETS	$	9,056,924
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		164,112
Net Asset Value (offering and redemption price per share)	$	55.19
(a)      Includes securities on loan valued at:	$	12,334

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	143,089
Interest		778
Income from securities lending		60
TOTAL INVESTMENT INCOME		143,927
EXPENSES:
Advisory fees		41,782
Management services fees		5,571
Administration fees		5,075
Transfer agency fees		4,005
Administrative services fees		16,444
Distribution fees		13,927
Custody fees		878
Fund accounting fees		2,952
Trustee fees		157
Compliance services fees		82
Other fees		6,725
Total Gross Expenses before reductions		97,598
Expenses reduced and reimbursed by the Advisor		(4,006	)
TOTAL NET EXPENSES		93,592
NET INVESTMENT INCOME (LOSS)		50,335
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		100,377
Net realized gains (losses) on swap agreements		(79,743	)
Change in net unrealized appreciation/depreciation on investment securities		(2,885,984	)
Change in net unrealized appreciation/depreciation on swap agreements		(12,053	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(2,877,403	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,827,068	)

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Real Estate :: 171

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	50,335		$	202,861
Net realized gains (losses) on investments		20,634			111,962
Change in net unrealized appreciation/depreciation on investments		(2,898,037	)		3,149,435
Change in net assets resulting from operations		(2,827,068	)		3,464,258
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		(88,216	)		(1,051,102	)
Change in net assets resulting from distributions		(88,216	)		(1,051,102	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		13,830,985			33,259,408
Distributions reinvested		88,216			1,051,102
Value of shares redeemed		(17,892,116	)		(31,162,524	)
Change in net assets resulting from capital transactions		(3,972,915	)		3,147,986
Change in net assets		(6,888,199	)		5,561,142
NET ASSETS:
Beginning of period		15,945,123			10,383,981
End of period	$	9,056,924		$	15,945,123
SHARE TRANSACTIONS:
Issued		238,202			525,980
Reinvested		1,726			16,699
Redeemed		(320,945	)		(488,036	)
Change in shares		(81,017	)		54,643

See accompanying notes to financial statements.

172 :: ProFund VP Real Estate :: 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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	65.05		$	54.51		$	66.65		$	65.02		$	62.61		$	62.83
Investment Activities:
Net investment income (loss)(a)		0.26			0.75			1.09			1.02			0.84			0.64
Net realized and unrealized gains (losses) on investments		(9.63	)		13.65			(4.66	)		4.13			2.76			(0.44	)
Total income (loss) from investment activities		(9.37	)		14.40			(3.57	)		5.15			3.60			0.20
Distributions to Shareholders From:
Net investment income		(0.49	)		(1.06	)		(1.36	)		(0.66	)		(1.19	)		(0.42	)
Net realized gains on investments		—			(2.80	)		(7.21	)		(2.86	)		—			—
Total distributions		(0.49	)		(3.86	)		(8.57	)		(3.52	)		(1.19	)		(0.42	)
Net Asset Value, End of Period	$	55.19		$	65.05		$	54.51		$	66.65		$	65.02		$	62.61
Total Return(b)		(14.35	)%		26.76	%		(5.70	)%		8.05	%		5.72	%		0.32	%
Ratios to Average Net Assets:
Gross expenses(c)		1.75	%		1.71	%		1.69	%		1.68	%		1.68	%		1.68	%
Net expenses(c)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(c)		0.90	%		1.18	%		1.82	%		1.52	%		1.29	%		1.02	%
Supplemental Data:
Net assets, end of period (000's)	$	9,057		$	15,945		$	10,384		$	11,419		$	13,217		$	22,086
Portfolio turnover rate(b)(d)		95	%		126	%		82	%		135	%		146	%		136	%

(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 Rising Rates Opportunity :: 173

Investment Objective: The ProFund VP Rising Rates Opportunity seeks daily investment results that, before fees and expenses, 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 for a single day, not for any other period.

Allocation of Portfolio Holdings (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(123	)%
Total Exposure		(123	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments 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) (92.5%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $4,496,003	$	4,496,000	$	4,496,000
TOTAL REPURCHASE AGREEMENTS (Cost $4,496,000)				4,496,000
TOTAL INVESTMENT SECURITIES (Cost $4,496,000)—92.5%				4,496,000
Net other assets (liabilities)—7.5%				363,156
NET ASSETS—100.0%			$	4,859,156

(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, 2020, the aggregate amount held in a segregated account was $288,000.
(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 – Short

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
30-Year U.S. Treasury Bond, 1.25% due on 5/15/50	Citibank North America	7/15/20		0.15	%	$	(4,320,703	)	$	(67,074	)
30-Year U.S. Treasury Bond, 1.25% due on 5/15/50	Societe' Generale	7/15/20		0.21	%		(1,632,266	)		(17,844	)
						$	(5,952,969	)	$	(84,918	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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.

174 :: ProFund VP Rising Rates Opportunity :: Financial Statements

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	4,496,000
Repurchase agreements, at value		4,496,000
Total Investment Securities, at value		4,496,000
Cash		353
Interest receivable		3
Receivable for capital shares issued		462,889
Prepaid expenses		106
TOTAL ASSETS		4,959,351
LIABILITIES:
Unrealized depreciation on swap agreements		84,918
Advisory fees payable		3,036
Management services fees payable		405
Administration fees payable		346
Administrative services fees payable		1,455
Distribution fees payable		2,037
Transfer agency fees payable		282
Fund accounting fees payable		190
Compliance services fees payable		36
Other accrued expenses		7,490
TOTAL LIABILITIES		100,195
NET ASSETS	$	4,859,156
NET ASSETS CONSIST OF:
Capital	$	33,501,718
Total distributable earnings (loss)		(28,642,562	)
NET ASSETS	$	4,859,156
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		179,726
Net Asset Value (offering and redemption price per share)	$	27.04

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Interest	$	16,324
EXPENSES:
Advisory fees		17,364
Management services fees		2,315
Administration fees		2,656
Transfer agency fees		2,127
Administrative services fees		4,896
Distribution fees		5,788
Custody fees		273
Fund accounting fees		1,464
Trustee fees		83
Compliance services fees		36
Other fees		3,905
Total Gross Expenses before reductions		40,907
Expenses reduced and reimbursed by the Advisor		(2,011	)
TOTAL NET EXPENSES		38,896
NET INVESTMENT INCOME (LOSS)		(22,572	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on futures contracts		(7,912	)
Net realized gains (losses) on swap agreements		(1,538,650	)
Change in net unrealized appreciation/depreciation on swap agreements		(194,462	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(1,741,024	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,763,596	)

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Rising Rates Opportunity :: 175

Statements of Changes in Net Assets
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(22,572	)	$	37,790
Net realized gains (losses) on investments		(1,546,562	)		(2,200,960	)
Change in net unrealized appreciation/depreciation on investments		(194,462	)		343,086
Change in net assets resulting from operations		(1,763,596	)		(1,820,084	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(336,149	)
Change in net assets resulting from distributions		—			(336,149	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		8,945,977			51,956,491
Distributions reinvested		—			336,149
Value of shares redeemed		(8,285,099	)		(54,115,854	)
Change in net assets resulting from capital transactions		660,878			(1,823,214	)
Change in net assets		(1,102,718	)		(3,979,447	)
NET ASSETS:
Beginning of period		5,961,874			9,941,321
End of period	$	4,859,156		$	5,961,874
SHARE TRANSACTIONS:
Issued		301,438			1,206,219
Reinvested		—			8,974
Redeemed		(277,742	)		(1,263,895	)
Change in shares		23,696			(48,702	)

See accompanying notes to financial statements.

176 :: ProFund VP Rising Rates Opportunity :: 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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016(a)			Year Ended Dec. 31, 2015(a)
Net Asset Value, Beginning of Period	$	38.21		$	48.56		$	46.61		$	52.91		$	55.80		$	56.72
Investment Activities:
Net investment income (loss)(b)		(0.15	)		0.21			0.06			(0.46	)		(0.68	)		(0.90	)
Net realized and unrealized gains (losses) on investments		(11.02	)		(8.70	)		1.89			(5.84	)		(2.21	)		(0.02	)
Total income (loss) from investment activities		(11.17	)		(8.49	)		1.95			(6.30	)		(2.89	)		(0.92	)
Distributions to Shareholders From:
Net investment income		—			(0.08	)		—			—			—			—
Net realized gains on investments		—			(1.78	)		—			—			—			—
Total distributions		—			(1.86	)		—			—			—			—
Net Asset Value, End of Period	$	27.04		$	38.21		$	48.56		$	46.61		$	52.91		$	55.80
Total Return(c)		(29.23	)%		(17.41	)%		4.16	%		(11.90	)%		(5.16	)%		(1.59	)%
Ratios to Average Net Assets:
Gross expenses(d)		1.77	%		1.70	%		1.64	%		1.70	%		1.68	%		1.68	%
Net expenses(d)		1.68	%		1.67	%		1.64	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(d)		(0.98	)%		0.50	%		0.12	%		(0.91	)%		(1.41	)%		(1.63	)%
Supplemental Data:
Net assets, end of period (000's)	$	4,859		$	5,962		$	9,941		$	7,626		$	18,676		$	15,753
Portfolio turnover rate(e)		—			—			—			—			—			—

(a)	As described in Note 8, 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.

Financial Statements :: ProFund VP Semiconductor :: 177

Investment Objective: The ProFund VP Semiconductor seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Semiconductors^SM Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Equity Securities		79	%
Swap Agreements		21	%
Total Exposure		100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
Intel Corp.		14.7	%
NVIDIA Corp.		13.5	%
Broadcom, Inc.		7.3	%
Texas Instruments, Inc.		6.8	%
Qualcomm, Inc.		5.9	%

Dow Jones U.S. Semiconductors^SM Index – Composition

	% of Index
Semiconductors & Semiconductor Equipment		100	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (78.5%)

	Shares		Value
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		6,231	$	327,813
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		1,960		240,374
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		4,876		294,754
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		2,127		671,302
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment)		311		19,214
Cree, Inc.* (Semiconductors & Semiconductor Equipment)		575		34,034
Entegris, Inc. (Semiconductors & Semiconductor Equipment)		717		42,339
Intel Corp. (Semiconductors & Semiconductor Equipment)		22,524		1,347,612
InterDigital, Inc. (Communications Equipment)		164		9,287
KLA Corp. (Semiconductors & Semiconductor Equipment)		825		160,446
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		772		249,711
Marvell Technology Group, Ltd. (Semiconductors & Semiconductor Equipment)		3,527		123,657
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment)		1,418		85,945
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		1,304		137,324
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment)		5,917		304,844
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment)		291		32,953
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)		221		52,377
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		3,273		1,243,446
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		1,485		169,349
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		2,181		43,227
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment)		610		67,423
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment)		5,983		545,709
Semtech Corp.* (Semiconductors & Semiconductor Equipment)		346		18,068
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		232		23,263
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		888		113,540
Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		882		74,538
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		4,882		619,868
Universal Display Corp. (Semiconductors & Semiconductor Equipment)		226		33,814
Xilinx, Inc. (Semiconductors & Semiconductor Equipment)		1,293		127,218
TOTAL COMMON STOCKS (Cost $2,458,214)				7,213,449

See accompanying notes to financial statements.

178 :: ProFund VP Semiconductor :: Financial Statements

Repurchase Agreements^(a) (0.5%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $42,000	$	42,000	$	42,000
TOTAL REPURCHASE AGREEMENTS (Cost $42,000)				42,000
TOTAL INVESTMENT SECURITIES (Cost $2,500,214)—79.0%				7,255,449
Net other assets (liabilities)—21.0%				1,924,711
NET ASSETS—100.0%			$	9,180,160

* 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 – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Semiconductors Index	Goldman Sachs International	7/23/20		1.47	%	$	1,919,374	$	(1,367	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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, 2020:

	Value		% of Net Assets
Communications Equipment	$	9,287		0.1	%
Semiconductors & Semiconductor Equipment		7,204,162		78.4	%
Other**		1,966,711		21.5	%
Total	$	9,180,160		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 Semiconductor :: 179

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	2,500,214
Securities, at value		7,213,449
Repurchase agreements, at value		42,000
Total Investment Securities, at value		7,255,449
Cash		345
Segregated cash balances for swap agreements with custodian		60,000
Dividends and interest receivable		1,266
Receivable for capital shares issued		94,585
Receivable for investments sold		1,807,675
Prepaid expenses		132
TOTAL ASSETS		9,219,452
LIABILITIES:
Payable for capital shares redeemed		17,614
Unrealized depreciation on swap agreements		1,367
Advisory fees payable		5,164
Management services fees payable		688
Administration fees payable		695
Administrative services fees payable		3,225
Distribution fees payable		3,384
Transfer agency fees payable		567
Fund accounting fees payable		389
Compliance services fees payable		60
Other accrued expenses		6,139
TOTAL LIABILITIES		39,292
NET ASSETS	$	9,180,160
NET ASSETS CONSIST OF:
Capital	$	3,876,026
Total distributable earnings (loss)		5,304,134
NET ASSETS	$	9,180,160
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		138,864
Net Asset Value (offering and redemption price per share)	$	66.11

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	76,865
Interest		745
TOTAL INVESTMENT INCOME		77,610
EXPENSES:
Advisory fees		32,040
Management services fees		4,272
Administration fees		4,244
Transfer agency fees		3,401
Administrative services fees		11,063
Distribution fees		10,680
Custody fees		665
Fund accounting fees		2,384
Trustee fees		135
Compliance services fees		60
Other fees		5,794
Total Gross Expenses before reductions		74,738
Expenses reduced and reimbursed by the Advisor		(722	)
TOTAL NET EXPENSES		74,016
NET INVESTMENT INCOME (LOSS)		3,594
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		382,849
Net realized gains (losses) on swap agreements		(41,587	)
Change in net unrealized appreciation/depreciation on investment securities		(14,243	)
Change in net unrealized appreciation/depreciation on swap agreements		(61	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		326,958
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	330,552

See accompanying notes to financial statements.

180 :: ProFund VP Semiconductor :: Financial Statements

Statements of Changes in Net Assets  

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	3,594		$	34,077
Net realized gains (losses) on investments		341,262			498,006
Change in net unrealized appreciation/depreciation on investments		(14,304	)		2,426,219
Change in net assets resulting from operations		330,552			2,958,302
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(646,386	)
Change in net assets resulting from distributions		—			(646,386	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		19,811,833			40,375,196
Distributions reinvested		—			646,386
Value of shares redeemed		(20,479,622	)		(39,180,112	)
Change in net assets resulting from capital transactions		(667,789	)		1,841,470
Change in net assets		(337,237	)		4,153,386
NET ASSETS:
Beginning of period		9,517,397			5,364,011
End of period	$	9,180,160		$	9,517,397
SHARE TRANSACTIONS:
Issued		327,266			753,788
Reinvested		—			13,436
Redeemed		(345,435	)		(731,107	)
Change in shares		(18,169	)		36,117

See accompanying notes to financial statements.

Financial Highlights :: ProFund VP Semiconductor :: 181

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	60.61		$	44.36		$	52.82		$	39.06		$	30.62		$	32.67
Investment Activities:
Net investment income (loss)(a)		0.03			0.22			0.17			(0.06	)		0.18			0.06
Net realized and unrealized gains (losses) on investments		5.47			20.66			(4.81	)		13.95			8.29			(1.01	)
Total income (loss) from investment activities		5.50			20.88			(4.64	)		13.89			8.47			(0.95	)
Distributions to Shareholders From:
Net investment income		—			(0.15	)		—			(0.13	)		(0.03	)		(0.21	)
Net realized gains on investments		—			(4.48	)		(3.82	)		—			—			(0.89	)
Total distributions		—			(4.63	)		(3.82	)		(0.13	)		(0.03	)		(1.10	)
Net Asset Value, End of Period	$	66.11		$	60.61		$	44.36		$	52.82		$	39.06		$	30.62
Total Return(b)		9.07	%		49.77	%		(10.23	)%		35.55	%		27.71	%		(2.88	)%
Ratios to Average Net Assets:
Gross expenses(c)		1.75	%		1.67	%		1.65	%		1.68	%		1.68	%		1.68	%
Net expenses(c)		1.73	%(d)		1.66	%		1.65	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(c)		0.08	%		0.41	%		0.31	%		(0.12	)%		0.51	%		0.20	%
Supplemental Data:
Net assets, end of period (000's)	$	9,180		$	9,517		$	5,364		$	11,060		$	6,977		$	4,604
Portfolio turnover rate(b)(e)		263	%		561	%		249	%		297	%		474	%		480	%

^(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 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) 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.

182 :: ProFund VP Short Dow 30 :: Financial Statements

Investment Objective: The ProFund VP Short Dow 30 seeks daily investment results that, before fees and expenses, correspond to the inverse (-1x) of the daily performance of the Dow Jones Industrial Average^® for a single day, not for any other period.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

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 investments 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^® Index – Composition

	% of Index
Information Technology		27	%
Health Care		14	%
Consumer Discretionary		14	%
Industrials		14	%
Financials		13	%
Consumer Staples		9	%
Communication Services		4	%
Energy		4	%
Materials		1	%

Schedule of Portfolio Investments (unaudited)

Repurchase Agreements^(a)(b) (99.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $423,000	$	423,000	$	423,000
TOTAL REPURCHASE AGREEMENTS (Cost $423,000)				423,000
TOTAL INVESTMENT SECURITIES (Cost $423,000)—99.9%				423,000
Net other assets (liabilities)—0.1%				528
NET ASSETS—100.0%			$	423,528

(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, 2020, the aggregate amount held in a segregated account was $17,000.
(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 – Short

Underlying Instrument	Counterparty	Termination Date		Rate Paid (Received)(1)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Dow Jones Industrial Average	Goldman Sachs International		7/27/20		(1.17	)%	$	(395,827	)	$	(3,369	)
Dow Jones Industrial Average	UBS AG		7/27/20		(1.17	)%		(23,559	)		(198	)
							$	(419,386	)	$	(3,567	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 Short Dow 30 :: 183

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	423,000
Repurchase agreements, at value		423,000
Total Investment Securities, at value		423,000
Cash		136
Receivable for capital shares issued		4,487
TOTAL ASSETS		427,623
LIABILITIES:
Unrealized depreciation on swap agreements		3,567
Advisory fees payable		168
Management services fees payable		22
Administration fees payable		19
Administrative services fees payable		95
Distribution fees payable		112
Transfer agency fees payable		17
Fund accounting fees payable		12
Compliance services fees payable		1
Other accrued expenses		82
TOTAL LIABILITIES		4,095
NET ASSETS	$	423,528
NET ASSETS CONSIST OF:
Capital	$	525,775
Total distributable earnings (loss)		(102,247	)
NET ASSETS	$	423,528
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		12,562
Net Asset Value (offering and redemption price per share)	$	33.72

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Interest	$	40
EXPENSES:
Advisory fees		408
Management services fees		54
Administration fees		50
Transfer agency fees		45
Administrative services fees		98
Distribution fees		136
Custody fees		8
Fund accounting fees		31
Trustee fees		2
Compliance services fees		1
Other fees		72
Recoupment of prior expenses reduced by the Advisor		10
TOTAL NET EXPENSES		915
NET INVESTMENT INCOME (LOSS)		(875	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on swap agreements		(43,068	)
Change in net unrealized appreciation/depreciation on swap agreements		(3,612	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(46,680	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(47,555	)

See accompanying notes to financial statements.

184 :: ProFund VP Short Dow 30 :: Financial Statements

Statements of Changes in Net Assets
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(875	)	$	43
Net realized gains (losses) on investments		(43,068	)		(2,984	)
Change in net unrealized appreciation/depreciation on investments		(3,612	)		161
Change in net assets resulting from operations		(47,555	)		(2,780	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(5	)
Change in net assets resulting from distributions		—			(5	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		789,086			—
Distributions reinvested		—			5
Value of shares redeemed		(329,531	)		(167	)
Change in net assets resulting from capital transactions		459,555			(162	)
Change in net assets		412,000			(2,947	)
NET ASSETS:
Beginning of period		11,528			14,475
End of period	$	423,528		$	11,528
SHARE TRANSACTIONS:
Issued		22,361			—	(a)(b)
Redeemed		(10,128	)		(5	)(a)
Change in shares		12,233			(5	)

^(a)   As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on November 18, 2019.

^(b)  Amount is less than 0.50.

See accompanying notes to financial statements.

Financial Highlights :: ProFund VP Short Dow 30 :: 185

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, 2020 (unaudited)			Year Ended Dec. 31, 2019(a)			Year Ended Dec. 31, 2018(a)			Year Ended Dec. 31, 2017(a)			Year Ended Dec. 31, 2016(a)			Year Ended Dec. 31, 2015(a)
Net Asset Value, Beginning of Period	$	35.04		$	43.37		$	42.35		$	54.31		$	67.20		$	70.33
Investment Activities:
Net investment income (loss)(b)		(0.28	)		0.13			—	(c)		(0.44	)		(0.88	)		(1.12	)
Net realized and unrealized gains (losses) on investments		(1.04	)		(8.44	)		1.02			(11.52	)		(10.05	)		(2.01	)
Total income (loss) from investment activities		(1.32	)		(8.31	)		1.02			(11.96	)		(10.93	)		(3.13	)
Distributions to Shareholders From:
Net investment income		—			(0.02	)		—			—			—			—
Net realized gains on investments		—			—			—			—			(1.96	)		—
Total distributions		—			(0.02	)		—			—			(1.96	)		—
Net Asset Value, End of Period	$	33.72		$	35.04		$	43.37		$	42.35		$	54.31		$	67.20
Total Return(d)		(3.66	)%		(19.25	)%		2.36	%		(22.02	)%		(16.45	)%		(4.44	)%
Ratios to Average Net Assets:
Gross expenses(e)		1.68	%		1.76	%		1.81	%		2.87	%		1.99	%		4.80	%
Net expenses(e)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(e)		(1.61	)%		0.34	%		0.03	%		(0.90	)%		(1.41	)%		(1.64	)%
Supplemental Data:
Net assets, end of period (000's)	$	424		$	12		$	14		$	14		$	29		$	29
Portfolio turnover rate(f)		—			—			—			—			—			—

^(a) As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on November 18, 2019.

^(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.

186 :: ProFund VP Short Emerging Markets :: Financial Statements

Investment Objective: The ProFund VP Short Emerging Markets seeks daily investment results that, before fees and expenses, correspond to the inverse (-1x) of the daily performance of the S&P/BNY Mellon Emerging 50 ADR Index (USD) for a single day, not for any other period.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

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 investments 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.

S&P/BNY Mellon Emerging 50 ADR Index (USD) – Composition

Industry Breakdown	% of Index
Consumer Discretionary		32	%
Information Technology		23	%
Communication Services		15	%
Financials		14	%
Materials		6	%
Energy		5	%
Consumer Staples		2	%
Industrials		1	%
Health Care		1	%
Utilities		1	%

Country Composition
China	49	%
Taiwan	20	%
India	11	%
Brazil	10	%
Other	10	%

Schedule of Portfolio Investments (unaudited)

Repurchase Agreements^(a)(b) (102.0%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $1,402,001	$	1,402,000	$	1,402,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,402,000)				1,402,000
TOTAL INVESTMENT SECURITIES (Cost $1,402,000)—102.0%				1,402,000
Net other assets (liabilities)—(2.0)%				(26,997	)
NET ASSETS—100.0%			$	1,375,003

(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, 2020, the aggregate amount held in a segregated account was $392,000.
(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 – Short

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
S&P/BNY Mellon Emerging 50 ADR Index (USD)	Goldman Sachs International	7/27/20		(0.47	)%	$	(463,228	)	$	(520	)
S&P/BNY Mellon Emerging 50 ADR Index (USD)	UBS AG	7/27/20		(0.47	)%		(908,782	)		(1,031	)
						$	(1,372,010	)	$	(1,551	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 Short Emerging Markets :: 187

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	1,402,000
Repurchase agreements, at value		1,402,000
Total Investment Securities, at value		1,402,000
Cash		845
Interest receivable		1
Receivable for capital shares issued		14,043
Prepaid expenses		74
TOTAL ASSETS		1,416,963
LIABILITIES:
Payable for capital shares redeemed		34,832
Unrealized depreciation on swap agreements		1,551
Advisory fees payable		727
Management services fees payable		97
Administration fees payable		88
Administrative services fees payable		1,466
Distribution fees payable		1,535
Transfer agency fees payable		78
Fund accounting fees payable		53
Compliance services fees payable		14
Other accrued expenses		1,519
TOTAL LIABILITIES		41,960
NET ASSETS	$	1,375,003
NET ASSETS CONSIST OF:
Capital	$	3,644,226
Total distributable earnings (loss)		(2,269,223	)
NET ASSETS	$	1,375,003
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		39,308
Net Asset Value (offering and redemption price per share)	$	34.98

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Interest	$	3,247
EXPENSES:
Advisory fees		7,327
Management services fees		977
Administration fees		916
Transfer agency fees		843
Administrative services fees		2,287
Distribution fees		2,442
Custody fees		147
Fund accounting fees		584
Trustee fees		30
Compliance services fees		14
Other fees		1,230
Total Gross Expenses before reductions		16,797
Expenses reduced and reimbursed by the Advisor		(281	)
TOTAL NET EXPENSES		16,516
NET INVESTMENT INCOME (LOSS)		(13,269	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on swap agreements		(222,804	)
Change in net unrealized appreciation/depreciation on swap agreements		(8,169	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(230,973	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(244,242	)

See accompanying notes to financial statements.

188 :: ProFund VP Short Emerging Markets :: Financial Statements

Statements of Changes in Net Assets
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(13,269	)	$	5,130
Net realized gains (losses) on investments		(222,804	)		(375,364	)
Change in net unrealized appreciation/depreciation on investments		(8,169	)		11,231
Change in net assets resulting from operations		(244,242	)		(359,003	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(96,628	)
Change in net assets resulting from distributions		—			(96,628	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		10,073,675			8,803,755
Distributions reinvested		—			96,628
Value of shares redeemed		(9,299,628	)		(9,587,412	)
Change in net assets resulting from capital transactions		774,047			(687,029	)
Change in net assets		529,805			(1,142,660	)
NET ASSETS:
Beginning of period		845,198			1,987,858
End of period	$	1,375,003		$	845,198
SHARE TRANSACTIONS:
Issued		257,533			215,578
Reinvested		—			2,325
Redeemed		(242,831	)		(234,908	)
Change in shares		14,702			(17,005	)

See accompanying notes to financial statements.

Financial Highlights :: ProFund VP Short Emerging Markets :: 189

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017(a)			Year Ended Dec. 31, 2016(a)			Year Ended Dec. 31, 2015(a)
Net Asset Value, Beginning of Period	$	34.35		$	47.77		$	42.43		$	58.80		$	70.21		$	62.96
Investment Activities:
Net investment income (loss)(b)		(0.26	)		0.20			0.15			(0.44	)		(0.95	)		(1.10	)
Net realized and unrealized gains (losses) on investments		0.89	(c)		(9.52	)		5.19			(15.93	)		(10.46	)		8.35
Total income (loss) from investment activities		0.63			(9.32	)		5.34			(16.37	)		(11.41	)		7.25
Distributions to Shareholders From:
Net investment income		—			(0.23	)		—			—			—			—
Net realized gains on investments		—			(3.87	)		—			—			—			—
Total distributions		—			(4.10	)		—			—			—			—
Net Asset Value, End of Period	$	34.98		$	34.35		$	47.77		$	42.43		$	58.80		$	70.21
Total Return(d)		1.83	%		(20.99	)%		12.59	%(e)		(27.84	)%		(16.24	)%		11.52	%
Ratios to Average Net Assets:
Gross expenses(f)		1.72	%		1.67	%		1.59	%		1.69	%		1.68	%		1.71	%
Net expenses(f)		1.69	%(g)		1.67	%		1.52	%(e)		1.68	%		1.68	%		1.68	%
Net investment income (loss)(f)		(1.36	)%		0.48	%		0.34	%(e)		(0.91	)%		(1.42	)%		(1.63	)%
Supplemental Data:
Net assets, end of period (000's)	$	1,375		$	845		$	1,988		$	959		$	1,660		$	5,215
Portfolio turnover rate(h)		—			—			—			—			—			—

(a)	As described in Note 8, 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)	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.
(d)	Not annualized for periods less than one year.
(e)	During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.59% and 0.27%, respectively, and the total return would have been 12.51%.
(f)	Annualized for periods less than one year.
(g)	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.
(h)	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.

190 :: ProFund VP Short International :: Financial Statements

Investment Objective: The ProFund VP Short International seeks daily investment results that, before fees and expenses, correspond to the inverse (-1x) of the daily performance of the Morgan Stanley Capital International Europe, Australasia and Far East ("MSCI EAFE") Index^® for a single day, not for any other period.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

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 investments 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		17	%
Industrials		15	%
Health Care		15	%
Consumer Staples		12	%
Consumer Discretionary		11	%
Information Technology		8	%
Materials		7	%
Communication Services		5	%
Utilities		4	%
Energy		3	%
Real Estate		3	%

Country Composition
Japan	25	%
United Kingdom	14	%
France	11	%
Switzerland	10	%
Germany	9	%
Other	31	%

Schedule of Portfolio Investments (unaudited)

Repurchase Agreements^(a)(b) (100.2%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $803,001	$	803,000	$	803,000
TOTAL REPURCHASE AGREEMENTS (Cost $803,000)				803,000
TOTAL INVESTMENT SECURITIES (Cost $803,000)—100.2%				803,000
Net other assets (liabilities)—(0.2)%				(1,399	)
NET ASSETS—100.0%			$	801,601

^(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, 2020, the aggregate amount held in a segregated account was $220,000.

^(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 – Short

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
MSCI EAFE Index	Goldman Sachs International	7/27/20		(0.57	)%	$	(428,789	)	$	931
MSCI EAFE Index	UBS AG	7/27/20		(0.67	)%		(366,321	)		796
						$	(795,110	)	$	1,727

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 Short International :: 191

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	803,000
Repurchase agreements, at value		803,000
Total Investment Securities, at value		803,000
Cash		594
Interest receivable		1
Unrealized appreciation on swap agreements		1,727
Receivable for capital shares issued		211
Prepaid expenses		33
TOTAL ASSETS		805,566
LIABILITIES:
Payable for capital shares redeemed		69
Advisory fees payable		679
Management services fees payable		90
Administration fees payable		70
Administrative services fees payable		846
Distribution fees payable		953
Transfer agency fees payable		63
Fund accounting fees payable		42
Compliance services fees payable		11
Other accrued expenses		1,142
TOTAL LIABILITIES		3,965
NET ASSETS	$	801,601
NET ASSETS CONSIST OF:
Capital	$	2,903,889
Total distributable earnings (loss)		(2,102,288	)
NET ASSETS	$	801,601
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		22,177
Net Asset Value (offering and redemption price per share)	$	36.15

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Interest	$	2,374
EXPENSES:
Advisory fees		4,807
Management services fees		641
Administration fees		618
Transfer agency fees		576
Administrative services fees		1,414
Distribution fees		1,602
Custody fees		92
Fund accounting fees		399
Trustee fees		20
Compliance services fees		11
Other fees		806
Total Gross Expenses before reductions		10,986
Expenses reduced and reimbursed by the Advisor		(219	)
TOTAL NET EXPENSES		10,767
NET INVESTMENT INCOME (LOSS)		(8,393	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on swap agreements		(162,433	)
Change in net unrealized appreciation/depreciation on swap agreements		(230	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(162,663	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(171,056	)

See accompanying notes to financial statements.

192 :: ProFund VP Short International :: Financial Statements

Statements of Changes in Net Assets  

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(8,393	)	$	3,789
Net realized gains (losses) on investments		(162,433	)		(235,585	)
Change in net unrealized appreciation/depreciation on investments		(230	)		19,507
Change in net assets resulting from operations		(171,056	)		(212,289	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(22,231	)
Change in net assets resulting from distributions		—			(22,231	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		7,308,454			4,055,233
Distributions reinvested		—			22,231
Value of shares redeemed		(6,932,056	)		(5,429,883	)
Change in net assets resulting from capital transactions		376,398			(1,352,419	)
Change in net assets		205,342			(1,586,939	)
NET ASSETS:
Beginning of period		596,259			2,183,198
End of period	$	801,601		$	596,259
SHARE TRANSACTIONS:
Issued		179,184			101,726	(a)
Reinvested		—			565	(a)
Redeemed		(173,962	)		(135,101	)(a)
Change in shares		5,222			(32,810	)

^(a) As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on November 18, 2019.

See accompanying notes to financial statements.

Financial Highlights :: ProFund VP Short International :: 193

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, 2020 (unaudited)			Year Ended Dec. 31, 2019(a)			Year Ended Dec. 31, 2018(a)			Year Ended Dec. 31, 2017(a)			Year Ended Dec. 31, 2016(a)			Year Ended Dec. 31, 2015(a)
Net Asset Value, Beginning of Period	$	35.17		$	43.87		$	37.99		$	47.87		$	50.88		$	52.87
Investment Activities:
Net investment income (loss)(b)		(0.26	)		0.19			0.16			(0.36	)		(0.72	)		(0.84	)
Net realized and unrealized gains (losses) on investments		1.24	(c)		(7.70	)		5.72			(9.52	)		(2.29	)		(1.15	)
Total income (loss) from investment activities		0.98			(7.51	)		5.88			(9.88	)		(3.01	)		(1.99	)
Distributions to Shareholders From:
Net investment income		—			(0.20	)		—			—			—			—
Net realized gains on investments		—			(0.99	)		—			—			—			—
Total distributions		—			(1.19	)		—			—			—			—
Net Asset Value, End of Period	$	36.15		$	35.17		$	43.87		$	37.99		$	47.87		$	50.88
Total Return(d)		2.79	%		(17.42	)%		15.47	%(e)		(20.63	)%		(5.90	)%		(3.78	)%
Ratios to Average Net Assets:
Gross expenses(f)		1.72	%		1.69	%		1.54	%		1.69	%		1.68	%		1.72	%
Net expenses(f)		1.68	%		1.68	%		1.46	%(e)		1.68	%		1.68	%		1.68	%
Net investment income (loss)(f)		(1.31	)%		0.48	%		0.41	%(e)		(0.90	)%		(1.41	)%		(1.63	)%
Supplemental Data:
Net assets, end of period (000's)	$	802		$	596		$	2,183		$	611		$	1,183		$	1,228
Portfolio turnover rate(g)		—			—			—			—			—			—

^(a) As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on November 18, 2019.

^(b) Per share net investment income (loss) has been calculated using the average daily shares method.

^(c) 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.

^(d) Not annualized for periods less than one year.

^(e) During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.54% and 0.33%, respectively, and the total return would have been 15.39%.

^(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.

194 :: ProFund VP Short Mid-Cap :: Financial Statements

Investment Objective: The ProFund VP Short Mid-Cap seeks daily investment results that, before fees and expenses, correspond to the inverse (-1x) of the daily performance of the S&P MidCap 400^® for a single day, not for any other period.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

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 investments 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
Information Technology		17	%
Industrials		16	%
Financials		15	%
Consumer Discretionary		14	%
Health Care		11	%
Real Estate		10	%
Materials		6	%
Utilities		4	%
Consumer Staples		4	%
Communication Services		2	%
Energy		1	%

Schedule of Portfolio Investments (unaudited)

Repurchase Agreements^(a)(b) (101.1%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $194,000	$	194,000	$	194,000
TOTAL REPURCHASE AGREEMENTS (Cost $194,000)				194,000
TOTAL INVESTMENT SECURITIES (Cost $194,000)—101.1%				194,000
Net other assets (liabilities)—(1.1)%				(2,124	)
NET ASSETS—100.0%			$	191,876

(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, 2020, the aggregate amount held in a segregated account was $83,000.
(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 – Short

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
S&P MidCap 400	Goldman Sachs International	7/27/20		(1.02	)%	$	(128,041	)	$	(1,673	)
S&P MidCap 400	UBS AG	7/27/20		(0.97	)%		(63,034	)		(893	)
						$	(191,075	)	$	(2,566	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 Short Mid-Cap :: 195

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	194,000
Repurchase agreements, at value		194,000
Total Investment Securities, at value		194,000
Cash		972
Receivable for capital shares issued		19
Prepaid expenses		28
TOTAL ASSETS		195,019
LIABILITIES:
Unrealized depreciation on swap agreements		2,566
Advisory fees payable		101
Management services fees payable		14
Administration fees payable		14
Administrative services fees payable		111
Distribution fees payable		127
Transfer agency fees payable		12
Fund accounting fees payable		8
Compliance services fees payable		4
Other accrued expenses		186
TOTAL LIABILITIES		3,143
NET ASSETS	$	191,876
NET ASSETS CONSIST OF:
Capital	$	2,542,771
Total distributable earnings (loss)		(2,350,895	)
NET ASSETS	$	191,876
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		7,022
Net Asset Value (offering and redemption price per share)	$	27.32

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Interest	$	608
EXPENSES:
Advisory fees		1,675
Management services fees		223
Administration fees		177
Transfer agency fees		171
Administrative services fees		590
Distribution fees		559
Custody fees		73
Fund accounting fees		119
Trustee fees		4
Compliance services fees		4
Other fees		225
Total Gross Expenses before reductions		3,820
Expenses reduced and reimbursed by the Advisor		(43	)
TOTAL NET EXPENSES		3,777
NET INVESTMENT INCOME (LOSS)		(3,169	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on swap agreements		139,689
Change in net unrealized appreciation/depreciation on swap agreements		(2,492	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		137,197
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	134,028

See accompanying notes to financial statements.

196 :: ProFund VP Short Mid-Cap :: Financial Statements

Statements of Changes in Net Assets
		Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(3,169	)	$	1,287
Net realized gains (losses) on investments		139,689			(93,163	)
Change in net unrealized appreciation/depreciation on investments		(2,492	)		6,608
Change in net assets resulting from operations		134,028			(85,268	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(411	)
Change in net assets resulting from distributions		—			(411	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		12,204,907			7,384,516
Distributions reinvested		—			411
Value of shares redeemed		(12,288,658	)		(7,814,176	)
Change in net assets resulting from capital transactions		(83,751	)		(429,249	)
Change in net assets		50,277			(514,928	)
NET ASSETS:
Beginning of period		141,599			656,527
End of period	$	191,876		$	141,599
SHARE TRANSACTIONS:
Issued		359,360			240,486
Reinvested		—			13
Redeemed		(357,440	)		(253,997	)
Change in shares		1,920			(13,498	)

See accompanying notes to financial statements.

Financial Highlights :: ProFund VP Short Mid-Cap :: 197

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016(a)			Year Ended Dec. 31, 2015(a)
Net Asset Value, Beginning of Period	$	27.75		$	35.30		$	33.94		$	40.17		$	55.37		$	56.30
Investment Activities:
Net investment income (loss)(b)		(0.23	)		0.18			0.05			(0.30	)		(0.71	)		(0.88	)
Net realized and unrealized gains (losses) on investments		(0.20	)(c)		(7.64	)		3.33			(5.66	)		(10.19	)		(0.05	)
Total income (loss) from investment activities		(0.43	)		(7.46	)		3.38			(5.96	)		(10.90	)		(0.93	)
Distributions to Shareholders From:
Net investment income		—			(0.09	)		—			—			—			—
Net realized gains on investments		—			—			(2.02	)		(0.27	)		(4.30	)		—
Total distributions		—			(0.09	)		(2.02	)		(0.27	)		(4.30	)		—
Net Asset Value, End of Period	$	27.32		$	27.75		$	35.30		$	33.94		$	40.17		$	55.37
Total Return(d)		(1.51	)%		(21.17	)%		10.97	%		(14.85	)%		(20.19	)%		(1.70	)%
Ratios to Average Net Assets:
Gross expenses(e)		1.71	%		1.66	%		1.67	%		1.68	%		1.68	%		1.84	%
Net expenses(e)		1.69	%(f)		1.66	%		1.67	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(e)		(1.42	)%		0.59	%		0.17	%		(0.81	)%		(1.42	)%		(1.64	)%
Supplemental Data:
Net assets, end of period (000's)	$	192		$	142		$	657		$	165		$	396		$	547
Portfolio turnover rate(g)		—			—			—			—			—			—

(a)	As described in Note 8, 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)	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.
(d)	Not annualized for periods less than one year.
(e)	Annualized for periods less than one year.
(f)	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.
(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.

198 :: ProFund VP Short Nasdaq-100 :: Financial Statements

Investment Objective: The ProFund VP Short Nasdaq-100 seeks daily investment results that, before fees and expenses, correspond to the inverse (-1x) of the daily performance of the Nasdaq-100^® Index for a single day, not for any other period.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		(1	)%
Swap Agreements		(99	)%
Total Exposure		(100	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments 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		48	%
Communication Services		20	%
Consumer Discretionary		17	%
Health Care		7	%
Consumer Staples		5	%
Industrials		2	%
Utilities		1	%

Schedule of Portfolio Investments (unaudited)

Repurchase Agreements^(a)(b) (101.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $14,749,011	$	14,749,000	$	14,749,000
TOTAL REPURCHASE AGREEMENTS (Cost $14,749,000)				14,749,000
TOTAL INVESTMENT SECURITIES (Cost $14,749,000)—101.9%				14,749,000
Net other assets (liabilities)—(1.9)%				(277,100	)
NET ASSETS—100.0%			$	14,471,900

^(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, 2020, the aggregate amount held in a segregated account was $1,773,000.

^(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	9/21/20	$	(202,670	)	$	(1,176	)

Total Return Swap Agreements – Short

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Nasdaq-100 Index	Goldman Sachs International	7/27/20		(1.27	)%	$	(13,301,583	)	$	(266,769	)
Nasdaq-100 Index	UBS AG	7/27/20		(1.12	)%		(954,056	)		(18,472	)
						$	(14,255,639	)	$	(285,241	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 Short Nasdaq-100 :: 199

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	14,749,000
Repurchase agreements, at value		14,749,000
Total Investment Securities, at value		14,749,000
Cash		379
Segregated cash balances for futures contracts with brokers		16,500
Segregated cash balances for swap agreements with custodian		600
Interest receivable		11
Receivable for capital shares issued		81,124
Prepaid expenses		170
TOTAL ASSETS		14,847,784
LIABILITIES:
Payable for capital shares redeemed		70,842
Unrealized depreciation on swap agreements		285,241
Variation margin on futures contracts		3,195
Advisory fees payable		3,382
Management services fees payable		451
Administration fees payable		402
Administrative services fees payable		2,590
Distribution fees payable		2,888
Transfer agency fees payable		328
Fund accounting fees payable		221
Compliance services fees payable		58
Other accrued expenses		6,286
TOTAL LIABILITIES		375,884
NET ASSETS	$	14,471,900
NET ASSETS CONSIST OF:
Capital	$	27,968,376
Total distributable earnings (loss)		(13,496,476	)
NET ASSETS	$	14,471,900
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		596,979
Net Asset Value (offering and redemption price per share)	$	24.24

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Interest	$	23,372
EXPENSES:
Advisory fees		23,780
Management services fees		3,171
Administration fees		3,279
Transfer agency fees		2,784
Administrative services fees		7,582
Distribution fees		7,927
Custody fees		502
Fund accounting fees		1,912
Trustee fees		105
Compliance services fees		58
Other fees		5,547
Total Gross Expenses before reductions		56,647
Expenses reduced and reimbursed by the Advisor		(3,379	)
TOTAL NET EXPENSES		53,268
NET INVESTMENT INCOME (LOSS)		(29,896	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on futures contracts		(145,848	)
Net realized gains (losses) on swap agreements		(408,200	)
Change in net unrealized appreciation/depreciation on futures contracts		3,962
Change in net unrealized appreciation/depreciation on swap agreements		(317,352	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(867,438	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(897,334	)

See accompanying notes to financial statements.

200 :: ProFund VP Short Nasdaq-100 :: Financial Statements

Statements of Changes in Net Assets  

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(29,896	)	$	11,485
Net realized gains (losses) on investments		(554,048	)		(966,348	)
Change in net unrealized appreciation/depreciation on investments		(313,390	)		18,618
Change in net assets resulting from operations		(897,334	)		(936,245	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(2,407	)
Change in net assets resulting from distributions		—			(2,407	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		170,770,426			121,885,465
Distributions reinvested		—			2,407
Value of shares redeemed		(162,753,940	)		(118,263,754	)
Change in net assets resulting from capital transactions		8,016,486			3,624,118
Change in net assets		7,119,152			2,685,466
NET ASSETS:
Beginning of period		7,352,748			4,667,282
End of period	$	14,471,900		$	7,352,748
SHARE TRANSACTIONS:
Issued		5,945,081			3,239,164	(a)
Reinvested		—			65	(a)
Redeemed		(5,578,569	)		(3,113,922	)(a)
Change in shares		366,512			125,307

^(a) As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on November 18, 2019.

See accompanying notes to financial statements.

Financial Highlights :: ProFund VP Short Nasdaq-100 :: 201

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, 2020 (unaudited)			Year Ended Dec. 31, 2019(a)			Year Ended Dec. 31, 2018(a)			Year Ended Dec. 31, 2017(a)			Year Ended Dec. 31, 2016(a)			Year Ended Dec. 31, 2015(a)
Net Asset Value, Beginning of Period	$	31.90		$	44.38		$	45.72		$	61.17		$	68.02		$	78.20
Investment Activities:
Net investment income (loss)(b)		(0.14	)		0.12			0.04			(0.44	)		(0.96	)		(1.16	)
Net realized and unrealized gains (losses) on investments		(7.52	)		(12.55	)		(1.38	)		(15.01	)		(5.89	)		(9.02	)
Total income (loss) from investment activities		(7.66	)		(12.43	)		(1.34	)		(15.45	)		(6.85	)		(10.18	)
Distributions to Shareholders From:
Net investment income		—			(0.05	)		—			—			—			—
Net Asset Value, End of Period	$	24.24					$	44.38		$	45.72		$	61.17		$	68.02
Total Return(c)		(24.01	)%		(28.05	)%		(2.89	)%(d)		(25.25	)%		(10.06	)%		(13.04	)%
Ratios to Average Net Assets:
Gross expenses(e)		1.79	%		1.73	%		1.76	%		1.72	%		1.69	%		1.77	%
Net expenses(e)		1.68	%		1.69	%(f)		1.66	%(d)		1.68	%		1.68	%		1.68	%
Net investment income (loss)(e)		(0.94	)%		0.32	%		0.08	%(d)		(0.85	)%		(1.42	)%		(1.64	)%
Supplemental Data:
Net assets, end of period (000's)	$	14,472		$	7,353		$	4,667		$	3,593		$	3,797		$	2,811
Portfolio turnover rate(g)		—			—			—			—			—			—

^(a) As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on November 18, 2019.

^(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) During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.67% and 0.07%, respectively, and the total return would have been (2.90)%.

^(e) Annualized for periods less than one year.

^(f) 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.

^(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.

202 :: ProFund VP Short Small-Cap :: Financial Statements

Investment Objective: The ProFund VP Short Small-Cap seeks daily investment results that, before fees and expenses, correspond to the inverse (-1x) of the daily performance of the Russell 2000^® Index for a single day, not for any other period.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

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 investments 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
Health Care		20	%
Financials		16	%
Industrials		15	%
Information Technology		14	%
Consumer Discretionary		12	%
Real Estate		7	%
Materials		4	%
Utilities		4	%
Consumer Staples		3	%
Communication Services		3	%
Energy		2	%

Schedule of Portfolio Investments (unaudited)

Repurchase Agreements^(a)(b) (95.3%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $1,877,001	$	1,877,000	$	1,877,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,877,000)				1,877,000
TOTAL INVESTMENT SECURITIES (Cost $1,877,000)—95.3%				1,877,000
Net other assets (liabilities)—4.7%				91,709
NET ASSETS—100.0%			$	1,968,709

(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, 2020, the aggregate amount held in a segregated account was $495,000.
(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	9/21/20	$	(143,630	)	$	2,617

Total Return Swap Agreements – Short

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Russell 2000 Index	Goldman Sachs International	7/27/20		(0.72	)%	$	(331,830	)	$	(3,808	)
Russell 2000 Index	UBS AG	7/27/20		(0.47	)%		(1,490,912	)		(20,935	)
						$	(1,822,742	)	$	(24,743	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 Short Small-Cap :: 203

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	1,877,000
Repurchase agreements, at value		1,877,000
Total Investment Securities, at value		1,877,000
Cash		519
Segregated cash balances for futures contracts with brokers		14,080
Interest receivable		1
Receivable for capital shares issued		121,303
Prepaid expenses		63
TOTAL ASSETS		2,012,966
LIABILITIES:
Payable for capital shares redeemed		11,622
Unrealized depreciation on swap agreements		24,743
Variation margin on futures contracts		1,310
Advisory fees payable		933
Management services fees payable		124
Administration fees payable		155
Administrative services fees payable		1,364
Distribution fees payable		1,418
Transfer agency fees payable		126
Fund accounting fees payable		85
Compliance services fees payable		21
Other accrued expenses		2,356
TOTAL LIABILITIES		44,257
NET ASSETS	$	1,968,709
NET ASSETS CONSIST OF:
Capital	$	7,236,532
Total distributable earnings (loss)		(5,267,823	)
NET ASSETS	$	1,968,709
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		198,525
Net Asset Value (offering and redemption price per share)	$	9.92

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Interest	$	6,477
EXPENSES:
Advisory fees		9,883
Management services fees		1,318
Administration fees		1,289
Transfer agency fees		1,069
Administrative services fees		3,332
Distribution fees		3,294
Custody fees		230
Fund accounting fees		738
Trustee fees		35
Compliance services fees		21
Licensing fees		1,774
Other fees		1,431
Total Gross Expenses before reductions		24,414
Expenses reduced and reimbursed by the Advisor		(2,277	)
TOTAL NET EXPENSES		22,137
NET INVESTMENT INCOME (LOSS)		(15,660	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on futures contracts		24,502
Net realized gains (losses) on swap agreements		160,660
Change in net unrealized appreciation/depreciation on futures contracts		7,924
Change in net unrealized appreciation/depreciation on swap agreements		(24,577	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		168,509
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	152,849

See accompanying notes to financial statements.

204 :: ProFund VP Short Small-Cap :: Financial Statements

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(15,660	)	$	9,164
Net realized gains (losses) on investments		185,162			(511,821	)
Change in net unrealized appreciation/depreciation on investments		(16,653	)		(2,866	)
Change in net assets resulting from operations		152,849			(505,523	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(178,883	)
Change in net assets resulting from distributions		—			(178,883	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		33,947,063			40,251,079
Distributions reinvested		—			178,883
Value of shares redeemed		(33,986,072	)		(40,821,892	)
Change in net assets resulting from capital transactions		(39,009	)		(391,930	)
Change in net assets		113,840			(1,076,336	)
NET ASSETS:
Beginning of period		1,854,869			2,931,205
End of period	$	1,968,709		$	1,854,869
SHARE TRANSACTIONS:
Issued		2,828,160			3,389,361
Reinvested		—			15,609
Redeemed		(2,811,561	)		(3,427,494	)
Change in shares		16,599			(22,524	)

See accompanying notes to financial statements.

Financial Highlights :: ProFund VP Short Small-Cap :: 205

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	10.20		$	14.34		$	12.99		$	15.14		$	19.31		$	19.47
Investment Activities:
Net investment income (loss)(a)		(0.07	)		0.05			0.01			(0.12	)		(0.26	)		(0.31	)
Net realized and unrealized gains (losses) on investments		(0.21	)(b)		(2.89	)		1.34			(2.03	)		(3.91	)		0.15
Total income (loss) from investment activities		(0.28	)		(2.84	)		1.35			(2.15	)		(4.17	)		(0.16	)
Distributions to Shareholders From:
Net investment income		—			(0.01	)		—			—			—			—
Net realized gains on investments		—			(1.29	)		—			—			—			—
Total distributions		—			(1.30	)		—			—			—			—
Net Asset Value, End of Period	$	9.92		$	10.20		$	14.34		$	12.99		$	15.14		$	19.31
Total Return(c)		(2.75	)%		(20.78	)%		10.39	%(d)		(14.20	)%		(21.60	)%		(0.82	)%
Ratios to Average Net Assets:
Gross expenses(e)		1.85	%		1.77	%		1.78	%		1.70	%		1.72	%		1.74	%
Net expenses(e)		1.68	%		1.68	%		1.68	%(d)		1.68	%		1.68	%		1.68	%
Net investment income (loss)(e)		(1.19	)%		0.42	%		0.10	%(d)		(0.87	)%		(1.42	)%		(1.64	)%
Supplemental Data:
Net assets, end of period (000's)	$	1,969		$	1,855		$	2,931		$	1,882		$	2,087		$	2,342
Portfolio turnover rate(f)		—			—			—			—			—			—

(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)	During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. The effect to the net expense ratio, net investment income (loss) ratio, and total return were each less than 0.005%.
(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.

206 :: ProFund VP Small-Cap :: Financial Statements

Investment Objective: The ProFund VP Small-Cap seeks investment results that, before fees and expenses, correspond to the performance of the Russell 2000^® Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Equity Securities		52	%
Futures Contracts		5	%
Swap Agreements		43	%
Total Exposure		100	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Deckers Outdoor Corp.		0.2	%
LHC Group, Inc.		0.2	%
BJ's Wholesale Club Holdings, Inc.		0.2	%
Churchill Downs, Inc.		0.1	%
Novavax, Inc.		0.1	%

Russell 2000^® Index – Composition

	% of Index
Health Care		20	%
Financials		16	%
Industrials		15	%
Information Technology		14	%
Consumer Discretionary		12	%
Real Estate		7	%
Materials		4	%
Utilities		4	%
Consumer Staples		3	%
Communication Services		3	%
Energy		2	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (52.2%)

	Shares		Value
1-800-Flowers.com, Inc.*–Class A (Internet & Direct Marketing Retail)		63	$	1,261
1Life Healthcare, Inc.* (Health Care Providers & Services)		54		1,961
1st Constitution BanCorp (Banks)		23		285
1st Source Corp. (Banks)		41		1,459
3D Systems Corp.* (Technology Hardware, Storage & Peripherals)		291		2,034
89Bio, Inc.* (Biotechnology)		7		140
8x8, Inc.* (Software)		256		4,096
A10 Networks, Inc.* (Software)		155		1,056
AAON, Inc. (Building Products)		103		5,592
AAR Corp. (Aerospace & Defense)		84		1,736
Aaron's, Inc. (Specialty Retail)		170		7,718
Abeona Therapeutics, Inc.* (Biotechnology)		150		437
Abercrombie & Fitch Co.—Class A (Specialty Retail)		155		1,649
ABM Industries, Inc. (Commercial Services & Supplies)		169		6,135
Acacia Communications, Inc.* (Communications Equipment)		98		6,584
Acacia Research Corp.* (Professional Services)		120		491
Acadia Realty Trust (Equity Real Estate Investment Trusts)		213		2,765
Accel Entertainment, Inc.* (Hotels, Restaurants & Leisure)		106		1,021
Accelerate Diagnostics, Inc.* (Life Sciences Tools & Services)		77		1,167
ACCO Brands Corp. (Commercial Services & Supplies)		232		1,647
Accuray, Inc.* (Health Care Equipment & Supplies)		225		457
AcelRx Pharmaceuticals, Inc.* (Pharmaceuticals)		201		243
ACI Worldwide, Inc.* (Software)		288		7,772
ACNB Corp. (Banks)		21		550
Acushnet Holdings Corp. (Leisure Products)		86		2,992
Adams Resources & Energy, Inc. (Oil, Gas & Consumable Fuels)		6		161
AdaptHealth Corp.* (Health Care Providers & Services)		20		322
Addus Homecare Corp.* (Health Care Providers & Services)		35		3,240
Adient PLC* (Auto Components)		221		3,629
ADMA Biologics, Inc.* (Biotechnology)		151		442
Adtalem Global Education, Inc.* (Diversified Consumer Services)		131		4,081
ADTRAN, Inc. (Communications Equipment)		120		1,312
Aduro Biotech, Inc.* (Biotechnology)		167		386
Advanced Disposal Services, Inc.* (Commercial Services & Supplies)		186		5,612
Advanced Drainage Systems, Inc. (Building Products)		124		6,125
Advanced Emissions Solutions, Inc. (Chemicals)		40		194
Advanced Energy Industries, Inc.* (Semiconductors & Semiconductor Equipment)		96		6,508
AdvanSix, Inc.* (Chemicals)		69		810
Adverum Biotechnologies, Inc.* (Biotechnology)		184		3,842
Aegion Corp.* (Construction & Engineering)		76		1,206
Aeglea BioTherapeutics, Inc.* (Biotechnology)		106		981
Aerie Pharmaceuticals, Inc.* (Pharmaceuticals)		92		1,358
Aerojet Rocketdyne Holdings, Inc.* (Aerospace & Defense)		185		7,334
AeroVironment, Inc.* (Aerospace & Defense)		54		4,301
Affimed NV* (Biotechnology)		185		854
Agenus, Inc.* (Biotechnology)		348		1,368
Agile Therapeutics, Inc.* (Pharmaceuticals)		171		475

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Small-Cap :: 207

Common Stocks, continued

	Shares		Value
Agilysys, Inc.* (Software)		46	$	825
Agree Realty Corp. (Equity Real Estate Investment Trusts)		134		8,805
AgroFresh Solutions, Inc.* (Chemicals)		75		227
Aimmune Therapeutics, Inc.* (Biotechnology)		117		1,955
Air Transport Services Group, Inc.* (Air Freight & Logistics)		148		3,296
Akcea Therapeutics, Inc.* (Pharmaceuticals)		41		562
Akebia Therapeutics, Inc.* (Biotechnology)		327		4,441
Akerna Corp.* (Professional Services)		23		202
Akero Therapeutics, Inc.* (Biotechnology)		28		698
Akoustis Technologies, Inc.* (Electronic Equipment, Instruments & Components)		78		647
Alamo Group, Inc. (Machinery)		25		2,566
Alarm.com Holdings, Inc.* (Software)		114		7,388
Alaska Communications Systems Group, Inc. (Diversified Telecommunication Services)		130		363
Albany International Corp.—Class A (Machinery)		77		4,521
Albireo Pharma, Inc.* (Biotechnology)		33		874
Alcoa Corp.* (Metals & Mining)		471		5,294
Alector, Inc.* (Biotechnology)		116		2,835
Alerus Financial Corp. (Diversified Financial Services)		38		751
Alexander & Baldwin, Inc. (Equity Real Estate Investment Trusts)		181		2,206
Alexander's, Inc. (Equity Real Estate Investment Trusts)		5		1,205
Alico, Inc. (Food Products)		13		405
Allakos, Inc.* (Biotechnology)		61		4,383
Allegheny Technologies, Inc.* (Metals & Mining)		319		3,251
Allegiance Bancshares, Inc. (Banks)		48		1,219
Allegiant Travel Co. (Airlines)		33		3,604
ALLETE, Inc. (Electric Utilities)		131		7,154
Allied Motion Technologies, Inc. (Electrical Equipment)		18		635
Allogene Therapeutics, Inc.* (Biotechnology)		122		5,224
Allscripts Healthcare Solutions, Inc.* (Health Care Technology)		407		2,755
Alpha & Omega Semiconductor, Ltd.* (Semiconductors & Semiconductor Equipment)		51		555
Alpha Pro Tech, Ltd.* (Building Products)		31		549
Alphatec Holdings, Inc.* (Health Care Equipment & Supplies)		112		526
Alpine Income Property Trust, Inc. (Equity Real Estate Investment Trusts)		17		276
Alta Equipment Group, Inc.* (Trading Companies & Distributors)		43		334
Altair Engineering, Inc.*—Class A (Software)		106		4,214
Altisource Portfolio Solutions S.A.* (Real Estate Management & Development)		12		177
Altra Industrial Motion Corp. (Machinery)		162		5,161
AMAG Pharmaceuticals, Inc.* (Biotechnology)		78		597
Amalgamated Bank—Class A (Banks)		33		417
A-Mark Precious Metals, Inc.* (Diversified Financial Services)		12		229
Ambac Financial Group, Inc.* (Insurance)		114		1,632
Ambarella, Inc.* (Semiconductors & Semiconductor Equipment)		83		3,801
AMC Entertainment Holdings, Inc.—Class A (Entertainment)		131		562
AMC Networks, Inc.*—Class A (Media)		97		2,269
Amerant BanCorp, Inc.* (Banks)		57		857
Ameresco, Inc.*—Class A (Construction & Engineering)		61		1,695
American Assets Trust, Inc. (Equity Real Estate Investment Trusts)		127		3,536
American Axle & Manufacturing Holdings, Inc.* (Auto Components)		283		2,151
American Eagle Outfitters, Inc. (Specialty Retail)		379		4,131
American Equity Investment Life Holding Co. (Insurance)		228		5,634
American Finance Trust, Inc. (Equity Real Estate Investment Trusts)		275		2,182
American National Bankshares, Inc. (Banks)		27		676
American Public Education, Inc.* (Diversified Consumer Services)		36		1,066
American Realty Investors, Inc.* (Real Estate Management & Development)		3		27
American Renal Associates Holdings, Inc.* (Health Care Providers & Services)		34		222
American Software, Inc.—Class A (Software)		75		1,182
American States Water Co. (Water Utilities)		93		7,313
American Superconductor Corp.* (Electrical Equipment)		55		447
American Vanguard Corp. (Chemicals)		73		1,004
American Woodmark Corp.* (Building Products)		43		3,253
America's Car-Mart, Inc.* (Specialty Retail)		15		1,318
Ameris Bancorp (Banks)		167		3,940
AMERISAFE, Inc. (Insurance)		48		2,936
Ames National Corp. (Banks)		22		434
Amicus Therapeutics, Inc.* (Biotechnology)		639		9,636
Amkor Technology, Inc.* (Semiconductors & Semiconductor Equipment)		251		3,090
AMN Healthcare Services, Inc.* (Health Care Providers & Services)		117		5,293
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals)		249		1,185
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals)		89		1,999
Amyris, Inc.* (Oil, Gas & Consumable Fuels)		177		756
AnaptysBio, Inc.* (Biotechnology)		54		1,206
Anavex Life Sciences Corp.* (Biotechnology)		129		635
AngioDynamics, Inc.* (Health Care Equipment & Supplies)		92		936
ANI Pharmaceuticals, Inc.* (Pharmaceuticals)		24		776
Anika Therapeutics, Inc.* (Health Care Equipment & Supplies)		35		1,321
Antares Pharma, Inc.* (Health Care Equipment & Supplies)		413		1,136
Anterix, Inc.* (Diversified Telecommunication Services)		34		1,542
Antero Resources Corp.* (Oil, Gas & Consumable Fuels)		610		1,549
Anworth Mortgage Asset Corp. (Mortgage Real Estate Investment Trusts)		247		420
Apellis Pharmaceuticals, Inc.* (Biotechnology)		151		4,932
API Group Corp.* (Construction & Engineering)		352		4,277
Apogee Enterprises, Inc. (Building Products)		65		1,498
Apollo Commercial Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts)		389		3,816

See accompanying notes to financial statements.

208 :: ProFund VP Small-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
Apollo Medical Holdings, Inc.* (Health Care Providers & Services)		25	$	413
Appfolio, Inc.* (Software)		40		6,508
Appian Corp.* (Software)		83		4,254
Applied Genetic Technologies Corp.* (Biotechnology)		59		327
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)		97		6,052
Applied Optoelectronics, Inc.* (Communications Equipment)		49		533
Applied Therapeutics, Inc.* (Biotechnology)		34		1,229
Aprea Therapeutics, Inc.* (Biotechnology)		18		698
Aptinyx, Inc.* (Biotechnology)		62		259
Apyx Medical Corp.* (Health Care Equipment & Supplies)		84		466
Aquestive Therapeutics, Inc.* (Pharmaceuticals)		50		243
Aravive, Inc.* (Biotechnology)		31		361
Arbor Realty Trust, Inc. (Mortgage Real Estate Investment Trusts)		259		2,393
ArcBest Corp. (Road & Rail)		63		1,670
Arch Resources, Inc.* (Oil, Gas & Consumable Fuels)		38		1,080
Archrock, Inc. (Energy Equipment & Services)		326		2,116
Arconic Corp.* (Metals & Mining)		250		3,483
Arcosa, Inc. (Construction & Engineering)		122		5,148
Arcturus Therapeutics Holdings, Inc.* (Biotechnology)		33		1,542
Arcus Biosciences, Inc.* (Biotechnology)		83		2,053
Arcutis Biotherapeutics, Inc.* (Biotechnology)		24		726
Ardelyx, Inc.* (Biotechnology)		184		1,273
Ardmore Shipping Corp. (Oil, Gas & Consumable Fuels)		84		365
Arena Pharmaceuticals, Inc.* (Biotechnology)		142		8,939
Ares Commercial Real Estate Corp. (Mortgage Real Estate Investment Trusts)		77		702
Argan, Inc. (Construction & Engineering)		37		1,753
Argo Group International Holdings, Ltd. (Insurance)		82		2,856
Arlington Asset Investment Corp.—Class A (Capital Markets)		92		273
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components)		195		503
Armada Hoffler Properties, Inc. (Equity Real Estate Investment Trusts)		141		1,403
ARMOUR Residential REIT, Inc. (Mortgage Real Estate Investment Trusts)		161		1,512
Arrow Financial Corp. (Banks)		32		951
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)		252		10,884
Artesian Resources Corp.—Class A (Water Utilities)		20		726
Artisan Partners Asset Management, Inc. (Capital Markets)		137		4,453
Arvinas, Inc.* (Pharmaceuticals)		74		2,482
Asbury Automotive Group, Inc.* (Specialty Retail)		48		3,712
ASGN, Inc.* (Professional Services)		128		8,535
Aspen Aerogels, Inc.* (Energy Equipment & Services)		51		336
Aspen Group, Inc.* (Diversified Consumer Services)		47		425
Aspira Women's Health, Inc.* (Health Care Equipment & Supplies)		119		457
Assembly Biosciences, Inc.* (Pharmaceuticals)		77		1,796
Assetmark Financial Holdings, Inc.* (Capital Markets)		41		1,119
Associated Capital Group, Inc.—Class A (Capital Markets)		5		183
Astec Industries, Inc. (Machinery)		56		2,593
Astronics Corp.* (Aerospace & Defense)		58		612
Asure Software, Inc.* (Software)		34		219
AT Home Group, Inc.* (Specialty Retail)		121		785
Atara Biotherapeutics, Inc.* (Biotechnology)		144		2,098
Athenex, Inc.* (Biotechnology)		185		2,546
Athersys, Inc.* (Biotechnology)		436		1,203
Atkore International Group, Inc.* (Electrical Equipment)		119		3,255
Atlantic Capital Bancshares, Inc.* (Banks)		53		644
Atlantic Power Corp.* (Independent Power and Renewable Electricity Producers)		228		456
Atlantic Union Bankshares (Banks)		196		4,539
Atlanticus Holdings Corp.* (Consumer Finance)		13		134
Atlas Air Worldwide Holdings, Inc.* (Air Freight & Logistics)		65		2,797
ATN International, Inc. (Diversified Telecommunication Services)		28		1,696
Atomera, Inc.* (Semiconductors & Semiconductor Equipment)		36		324
Atreca, Inc.*—Class A (Biotechnology)		54		1,149
AtriCure, Inc.* (Health Care Equipment & Supplies)		98		4,405
Atrion Corp. (Health Care Equipment & Supplies)		4		2,548
Auburn National BanCorp, Inc. (Banks)		6		343
Avalon GloboCare Corp.* (Health Care Providers & Services)		48		91
Avanos Medical, Inc.*—Class I (Health Care Equipment & Supplies)		120		3,527
Avaya Holdings Corp.*—Class C (Software)		233		2,880
Avenue Therapeutics, Inc.* (Pharmaceuticals)		17		183
AVEO Pharmaceuticals, Inc.* (Biotechnology)		34		175
Avid Bioservices, Inc.* (Biotechnology)		142		932
Avid Technology, Inc.* (Technology Hardware, Storage & Peripherals)		79		574
Avis Budget Group, Inc.* (Road & Rail)		132		3,021
Avista Corp. (Multi-Utilities)		169		6,150
Avrobio, Inc.* (Biotechnology)		78		1,361
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		82		2,284
Axcella Health, Inc.* (Biotechnology)		24		133
AxoGen, Inc.* (Health Care Equipment & Supplies)		92		850
Axonics Modulation Technologies, Inc.* (Health Care Equipment & Supplies)		77		2,703
Axos Financial, Inc.*—Class I (Thrifts & Mortgage Finance)		145		3,202
Axsome Therapeutics, Inc.* (Pharmaceuticals)		70		5,759
AXT, Inc.* (Semiconductors & Semiconductor Equipment)		98		466
Aytu BioScience, Inc.* (Pharmaceuticals)		58		82
AZZ, Inc. (Electrical Equipment)		65		2,231
B Riley Financial, Inc. (Capital Markets)		49		1,066
B&G Foods, Inc.(a)—Class A (Food Products)		160		3,901

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Small-Cap :: 209

Common Stocks, continued

	Shares		Value
Badger Meter, Inc. (Electronic Equipment, Instruments & Components)		73	$	4,593
Balchem Corp. (Chemicals)		81		7,684
Banc of California, Inc. (Banks)		112		1,213
Bancfirst Corp. (Banks)		47		1,907
Banco Latinoamericano de Comercio Exterior S.A.—Class E (Diversified Financial Services)		78		897
BancorpSouth Bank (Banks)		249		5,662
Bandwidth, Inc.* (Diversified Telecommunication Services)		48		6,096
Bank First Corp. (Banks)		16		1,026
Bank of Commerce Holdings (Banks)		40		303
Bank of Marin Bancorp (Banks)		33		1,100
Bank7 Corp. (Thrifts & Mortgage Finance)		7		76
BankFinancial Corp. (Thrifts & Mortgage Finance)		34		286
BankUnited, Inc. (Banks)		231		4,678
Bankwell Financial Group, Inc. (Banks)		17		270
Banner Corp. (Banks)		87		3,306
Bar Harbor Bankshares (Banks)		39		873
Barnes Group, Inc. (Machinery)		118		4,668
Barrett Business Services, Inc. (Professional Services)		19		1,009
Baycom Corp.* (Banks)		29		374
BBX Capital Corp. (Hotels, Restaurants & Leisure)		157		399
BCB BanCorp, Inc. (Banks)		37		343
Beacon Roofing Supply, Inc.* (Trading Companies & Distributors)		137		3,613
Beam Therapeutics, Inc.* (Biotechnology)		31		868
Beazer Homes USA, Inc.* (Household Durables)		72		725
Bed Bath & Beyond, Inc. (Specialty Retail)		319		3,381
Bel Fuse, Inc.—Class B (Electronic Equipment, Instruments & Components)		25		268
Belden, Inc. (Electronic Equipment, Instruments & Components)		111		3,613
Bellerophon Therapeutics, Inc.* (Health Care Equipment & Supplies)		9		113
Bellring Brands, Inc.*—Class A (Personal Products)		100		1,994
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components)		92		1,987
Benefitfocus, Inc.* (Software)		73		785
Benefytt Technologies, Inc.* (Insurance)		26		532
Berkshire Hills Bancorp, Inc. (Banks)		112		1,234
Berry Corp. (Oil, Gas & Consumable Fuels)		170		821
Beyond Air, Inc.* (Health Care Equipment & Supplies)		33		239
Beyondspring, Inc.* (Biotechnology)		34		513
BG Staffing, Inc. (Professional Services)		23		260
BGC Partners, Inc.—Class A (Capital Markets)		767		2,102
Big Lots, Inc. (Multiline Retail)		99		4,158
Biglari Holdings, Inc.*—Class B (Hotels, Restaurants & Leisure)		2		138
BioCryst Pharmaceuticals, Inc.* (Biotechnology)		388		1,849
BioDelivery Sciences International, Inc.* (Pharmaceuticals)		223		972
Biohaven Pharmaceutical Holding Co., Ltd.* (Biotechnology)		119		8,700
Biolife Solutions, Inc.* (Health Care Equipment & Supplies)		18		294
BioSig Technologies, Inc.* (Health Care Equipment & Supplies)		53		382
BioSpecifics Technologies Corp.* (Biotechnology)		16		980
BioTelemetry, Inc.* (Health Care Providers & Services)		84		3,796
Bioxcel Therapeutics, Inc.* (Biotechnology)		27		1,431
BJ's Restaurants, Inc. (Hotels, Restaurants & Leisure)		47		984
BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing)		344		12,822
Black Diamond Therapeutics, Inc.* (Biotechnology)		31		1,307
Black Hills Corp. (Multi-Utilities)		158		8,952
Blackbaud, Inc. (Software)		124		7,078
Blackline, Inc.* (Software)		126		10,446
Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts)		346		8,334
Bloom Energy Corp.* (Electrical Equipment)		214		2,328
Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure)		220		2,345
Blucora, Inc.* (Capital Markets)		121		1,382
Blue Bird Corp.* (Machinery)		39		585
Bluegreen Vacations Corp. (Hotels, Restaurants & Leisure)		13		70
Blueprint Medicines Corp.* (Biotechnology)		136		10,608
Bluerock Residential Growth REIT, Inc. (Equity Real Estate Investment Trusts)		59		477
BMC Stock Holdings, Inc.* (Trading Companies & Distributors)		169		4,249
Bogota Financial Corp.* (Thrifts & Mortgage Finance)		15		131
Boingo Wireless, Inc.* (Wireless Telecommunication Services)		110		1,465
Boise Cascade Co. (Paper & Forest Products)		98		3,686
Bonanza Creek Energy, Inc.* (Oil, Gas & Consumable Fuels)		47		697
Boot Barn Holdings, Inc.* (Specialty Retail)		72		1,552
Boston Omaha Corp.*—Class A (Media)		28		448
Boston Private Financial Holdings, Inc. (Banks)		206		1,417
Bottomline Technologies, Inc.* (Software)		109		5,534
Box, Inc.*—Class A (Software)		371		7,701
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)		204		4,264
Brady Corp.—Class A (Commercial Services & Supplies)		122		5,712
BrainStorm Cell Therapeutics, Inc.* (Biotechnology)		67		751
Bridge Bancorp, Inc. (Banks)		42		959
Bridgebio Pharma, Inc.* (Biotechnology)		183		5,968
Bridgewater Bancshares, Inc.* (Thrifts & Mortgage Finance)		55		564
Bridgford Foods Corp.* (Food Products)		4		66
Brigham Minerals, Inc. (Oil, Gas & Consumable Fuels)		76		939
Brightcove, Inc.* (IT Services)		98		772
Brightsphere Investment Group, Inc. (Capital Markets)		156		1,944
Brightview Holdings, Inc.* (Commercial Services & Supplies)		78		874

See accompanying notes to financial statements.

210 :: ProFund VP Small-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
Brinker International, Inc. (Hotels, Restaurants & Leisure)		110	$	2,640
Bristow Group, Inc.* (Energy Equipment & Services)		17		237
Broadmark Realty Capital, Inc. (Mortgage Real Estate Investment Trusts)		324		3,068
Brookdale Senior Living, Inc.* (Health Care Providers & Services)		462		1,363
Brookfield Infrastructure Corp.—Class A (Gas Utilities)		82		3,734
Brookline Bancorp, Inc. (Banks)		195		1,966
Brooks Automation, Inc. (Semiconductors & Semiconductor Equipment)		183		8,096
BRP Group, Inc.*—Class A (Insurance)		50		864
BRT Apartments Corp. (Equity Real Estate Investment Trusts)		25		271
Bryn Mawr Bank Corp. (Banks)		50		1,383
Builders FirstSource, Inc.* (Building Products)		291		6,023
Business First Bancshares, Inc. (Banks)		31		476
Byline Bancorp, Inc. (Banks)		61		799
C&F Financial Corp. (Banks)		9		299
Cabaletta Bio, Inc.* (Biotechnology)		32		356
Cabot Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		73		10,187
Cactus, Inc.—Class A (Energy Equipment & Services)		120		2,476
Cadence Bancorp (Banks)		315		2,791
Cadiz, Inc.* (Water Utilities)		50		508
Caesarstone, Ltd. (Building Products)		56		664
CAI International, Inc.* (Trading Companies & Distributors)		41		683
CalAmp Corp.* (Communications Equipment)		84		673
Calavo Growers, Inc. (Food Products)		41		2,579
Caledonia Mining Corp. PLC (Metals & Mining)		28		485
Caleres, Inc. (Specialty Retail)		96		801
California BanCorp, Inc.* (Banks)		19		283
California Resources Corp.* (Oil, Gas & Consumable Fuels)		122		149
California Water Service Group (Water Utilities)		123		5,867
Calithera Biosciences, Inc.* (Biotechnology)		165		871
Calix, Inc.* (Communications Equipment)		122		1,818
Callaway Golf Co. (Leisure Products)		235		4,115
Cal-Maine Foods, Inc.* (Food Products)		80		3,558
Calyxt, Inc.* (Biotechnology)		26		128
Cambium Networks Corp.* (Communications Equipment)		14		103
Cambridge BanCorp (Banks)		16		948
Camden National Corp. (Banks)		37		1,278
Camping World Holdings, Inc.—Class A (Specialty Retail)		83		2,254
Cannae Holdings, Inc.* (Diversified Financial Services)		213		8,754
Cantel Medical Corp. (Health Care Equipment & Supplies)		95		4,202
Capital BanCorp, Inc.* (Banks)		20		214
Capital City Bank Group, Inc. (Banks)		34		712
Capitol Federal Financial, Inc. (Thrifts & Mortgage Finance)		334		3,677
Capstar Financial Holdings, Inc. (Banks)		40		480
Capstead Mortgage Corp. (Mortgage Real Estate Investment Trusts)		240		1,318
Cara Therapeutics, Inc.* (Biotechnology)		104		1,778
Cardiovascular Systems, Inc.* (Health Care Equipment & Supplies)		87		2,745
Cardlytics, Inc.* (Media)		65		4,548
Cardtronics PLC*—Class A (IT Services)		90		2,158
CareDx, Inc.* (Biotechnology)		108		3,826
CareTrust REIT, Inc. (Equity Real Estate Investment Trusts)		240		4,118
Cargurus, Inc.* (Interactive Media & Services)		217		5,500
Carpenter Technology Corp. (Metals & Mining)		119		2,889
Carriage Services, Inc. (Diversified Consumer Services)		41		743
Carrols Restaurant Group, Inc.* (Hotels, Restaurants & Leisure)		89		431
Cars.com, Inc.* (Interactive Media & Services)		170		979
Carter Bank & Trust (Banks)		57		460
Casa Systems, Inc.* (Communications Equipment)		80		333
Casella Waste Systems, Inc.*—Class A (Commercial Services & Supplies)		116		6,046
CASI Pharmaceuticals, Inc.* (Biotechnology)		135		338
Casper Sleep, Inc.* (Household Durables)		21		188
Cass Information Systems, Inc. (IT Services)		36		1,405
Cassava Sciences, Inc.* (Pharmaceuticals)		58		179
Castle Biosciences, Inc.* (Biotechnology)		26		980
Catabasis Pharmaceuticals, Inc.* (Biotechnology)		45		289
Catalyst Biosciences, Inc.* (Biotechnology)		44		258
Catalyst Pharmaceuticals, Inc.* (Biotechnology)		244		1,127
Catasys, Inc.* (Health Care Providers & Services)		20		495
CatchMark Timber Trust, Inc.—Class A (Equity Real Estate Investment Trusts)		123		1,089
Cathay General Bancorp (Banks)		191		5,023
Cavco Industries, Inc.* (Household Durables)		22		4,243
CB Financial Services, Inc. (Banks)		12		262
CBIZ, Inc.* (Professional Services)		128		3,068
CBTX, Inc. (Banks)		44		924
CECO Environmental Corp.* (Commercial Services & Supplies)		78		514
Cellular Biomedicine Group, Inc.* (Biotechnology)		31		464
CEL-SCI Corp.* (Biotechnology)		83		1,238
Celsius Holdings, Inc.* (Beverages)		86		1,012
Centogene NV* (Biotechnology)		10		229
Central European Media Enterprises, Ltd.*—Class A (Media)		224		793
Central Garden & Pet Co.* (Household Products)		24		864
Central Garden & Pet Co.*—Class A (Household Products)		99		3,345
Central Pacific Financial Corp. (Banks)		69		1,106
Central Valley Community BanCorp (Banks)		27		416
Century Aluminum Co.* (Metals & Mining)		127		906
Century BanCorp, Inc.—Class A (Banks)		7		544
Century Casinos, Inc.* (Hotels, Restaurants & Leisure)		68		282
Century Communities, Inc.* (Household Durables)		73		2,238
Cerecor, Inc.* (Pharmaceuticals)		73		190
Cerence, Inc.* (Software)		92		3,757
Cerus Corp.* (Health Care Equipment & Supplies)		407		2,686

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Small-Cap :: 211

Common Stocks, continued

	Shares			Value
CEVA, Inc.* (Semiconductors & Semiconductor Equipment)		55		$	2,058
Champions Oncology, Inc.* (Life Sciences Tools & Services)		18			172
Championx Corp.* (Energy Equipment & Services)		467			4,557
ChannelAdvisor Corp.* (Software)		69			1,093
Chart Industries, Inc.* (Machinery)		91			4,413
Chase Corp. (Chemicals)		19			1,948
Chatham Lodging Trust (Equity Real Estate Investment Trusts)		117			716
Checkpoint Therapeutics, Inc.* (Biotechnology)		103			204
Chefs' Warehouse, Inc.* (Food & Staples Retailing)		62			842
Chembio Diagnostics, Inc.* (Health Care Equipment & Supplies)		49			159
ChemoCentryx, Inc.* (Biotechnology)		112			6,444
Chemung Financial Corp. (Banks)		9			246
Cherry Hill Mortgage Investment Corp. (Mortgage Real Estate Investment Trusts)		38			343
Chesapeake Utilities Corp. (Gas Utilities)		41			3,444
Chiasma, Inc.* (Pharmaceuticals)		92			495
Chico's FAS, Inc. (Specialty Retail)		299			413
Chimera Investment Corp. (Mortgage Real Estate Investment Trusts)		483			4,642
Chimerix, Inc.* (Biotechnology)		122			378
ChoiceOne Financial Services, Inc. (Banks)		17			503
ChromaDex Corp.* (Life Sciences Tools & Services)		102			468
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)		96			12,781
Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure)		42			625
Cidara Therapeutics, Inc.* (Biotechnology)		84			310
CIM Commercial Trust Corp. (Equity Real Estate Investment Trusts)		28			302
Cimpress PLC* (Commercial Services & Supplies)		45			3,435
Cincinnati Bell, Inc.* (Diversified Telecommunication Services)		126			1,871
Cinemark Holdings, Inc. (Entertainment)		269			3,107
CIRCOR International, Inc.* (Machinery)		50			1,274
CIT Group, Inc. (Banks)		248			5,141
Citi Trends, Inc. (Specialty Retail)		27			546
Citizens & Northern Corp. (Banks)		34			702
Citizens Holding Co. (Banks)		12			300
Citizens, Inc.* (Insurance)		125			749
City Holding Co. (Banks)		40			2,607
City Office REIT, Inc. (Equity Real Estate Investment Trusts)		118			1,187
Civista Bancshares, Inc. (Banks)		40			616
Clarus Corp. (Leisure Products)		59			683
Clean Energy Fuels Corp.* (Oil, Gas & Consumable Fuels)		330			733
Clearfield, Inc.* (Communications Equipment)		28			391
Clearwater Paper Corp.* (Paper & Forest Products)		40			1,445
Clearway Energy, Inc.—Class A (Independent Power and Renewable Electricity Producers)		88			1,845
Clearway Energy, Inc.—Class C (Independent Power and Renewable Electricity Producers)		201			4,635
Cleveland-Cliffs, Inc.(a) (Metals & Mining)		993			5,481
Clipper Realty, Inc. (Equity Real Estate Investment Trusts)		37			300
Cloudera, Inc.* (Software)		515			6,551
Clovis Oncology, Inc.* (Biotechnology)		182			1,229
CNB Financial Corp. (Banks)		37	��		663
CNO Financial Group, Inc. (Insurance)		360			5,605
CNX Resources Corp.* (Oil, Gas & Consumable Fuels)		467			4,040
Co.-Diagnostics, Inc.* (Health Care Equipment & Supplies)		65			1,258
Coastal Financial Corp.* (Banks)		23			334
Coca-Cola Consolidated, Inc. (Beverages)		12			2,750
Codexis, Inc.* (Life Sciences Tools & Services)		135			1,539
Codorus Valley BanCorp, Inc. (Banks)		24			332
Coeur Mining, Inc.* (Metals & Mining)		609			3,094
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services)		107			8,277
Cohbar, Inc.* (Biotechnology)		62			96
Cohen & Steers, Inc. (Capital Markets)		61			4,151
Coherus Biosciences, Inc.* (Biotechnology)		146			2,608
Cohu, Inc. (Semiconductors & Semiconductor Equipment)		103			1,786
Collectors Universe, Inc. (Diversified Consumer Services)		23			788
Collegium Pharmaceutical, Inc.* (Pharmaceuticals)		86			1,505
Colony Bankcorp, Inc. (Banks)		19			224
Colony Capital, Inc. (Equity Real Estate Investment Trusts)		1,221			2,930
Colony Credit Real Estate, Inc. (Mortgage Real Estate Investment Trusts)		211			1,481
Columbia Banking System, Inc. (Banks)		181			5,130
Columbia Financial, Inc.* (Thrifts & Mortgage Finance)		124			1,730
Columbia Property Trust, Inc. (Equity Real Estate Investment Trusts)		288			3,784
Columbus McKinnon Corp. (Machinery)		58			1,940
Comfort Systems USA, Inc. (Construction & Engineering)		90			3,668
Commercial Metals Co. (Metals & Mining)		299			6,099
Community Bank System, Inc. (Banks)		129			7,356
Community Bankers Trust Corp. (Banks)		55			303
Community Health Systems, Inc.* (Health Care Providers & Services)		214			644
Community Healthcare Trust, Inc. (Equity Real Estate Investment Trusts)		53			2,168
Community Trust Bancorp, Inc. (Banks)		39			1,278
CommVault Systems, Inc.* (Software)		105			4,064
Compass Minerals International, Inc. (Metals & Mining)		86			4,193
Computer Programs & Systems, Inc. (Health Care Technology)		32			729
CompX International, Inc. (Commercial Services & Supplies)		4			55
comScore, Inc.* (Media)		147			456
Comstock Resources, Inc.* (Oil, Gas & Consumable Fuels)		50			219
Comtech Telecommunications Corp. (Communications Equipment)		61			1,030
Concert Pharmaceuticals, Inc.* (Biotechnology)		72			716

See accompanying notes to financial statements.

212 :: ProFund VP Small-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
Concrete Pumping Holdings, Inc.* (Construction & Engineering)		67	$	233
Conduent, Inc.* (IT Services)		415		992
CONMED Corp. (Health Care Equipment & Supplies)		68		4,895
ConnectOne Bancorp, Inc. (Banks)		93		1,499
Conn's, Inc.* (Specialty Retail)		44		444
CONSOL Energy, Inc.* (Oil, Gas & Consumable Fuels)		65		330
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services)		183		1,239
Consolidated Water Co., Ltd. (Water Utilities)		36		519
Constellation Pharmaceuticals, Inc.* (Biotechnology)		68		2,043
Construction Partners, Inc.*—Class A (Construction & Engineering)		47		835
Contango Oil & Gas Co.* (Oil, Gas & Consumable Fuels)		225		515
ContraFect Corp.* (Biotechnology)		34		217
Cooper Tire & Rubber Co. (Auto Components)		127		3,506
Cooper-Standard Holding, Inc.* (Auto Components)		42		557
Corbus Pharmaceuticals Holdings, Inc.* (Biotechnology)		167		1,401
Corcept Therapeutics, Inc.* (Pharmaceuticals)		241		4,054
Corecivic, Inc. (Equity Real Estate Investment Trusts)		301		2,817
Core-Mark Holding Co., Inc. (Distributors)		112		2,795
CorEnergy Infrastructure Trust, Inc. (Equity Real Estate Investment Trusts)		35		320
CorePoint Lodging, Inc. (Equity Real Estate Investment Trusts)		99		417
Cormedix, Inc.* (Pharmaceuticals)		65		410
Cornerstone Building Brands* (Building Products)		110		667
Cornerstone OnDemand, Inc.* (Software)		152		5,861
Cortexyme, Inc.* (Biotechnology)		40		1,852
CorVel Corp.* (Health Care Providers & Services)		22		1,560
Costamare, Inc. (Marine)		125		695
County BanCorp, Inc. (Banks)		13		272
Covanta Holding Corp. (Commercial Services & Supplies)		298		2,858
Covenant Transportation Group, Inc.*—Class A (Road & Rail)		32		462
Covetrus, Inc.* (Health Care Providers & Services)		247		4,419
Cowen, Inc.—Class A (Capital Markets)		67		1,086
CRA International, Inc. (Professional Services)		19		751
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure)		60		6,655
Craft Brew Alliance, Inc.* (Beverages)		29		446
Crawford & Co.—Class A (Insurance)		41		323
Crinetics Pharmaceuticals, Inc.* (Biotechnology)		68		1,191
Crocs, Inc.* (Textiles, Apparel & Luxury Goods)		168		6,186
Cross Country Healthcare, Inc.* (Health Care Providers & Services)		90		554
CrossFirst Bankshares, Inc.* (Banks)		121		1,183
CryoLife, Inc.* (Health Care Equipment & Supplies)		93		1,783
CryoPort, Inc.* (Health Care Equipment & Supplies)		84		2,541
CSG Systems International, Inc. (IT Services)		82		3,394
CSW Industrials, Inc. (Building Products)		35		2,419
CTO Realty Growth, Inc. (Real Estate Management & Development)		12		474
CTS Corp. (Electronic Equipment, Instruments & Components)		80		1,603
Cubic Corp. (Aerospace & Defense)		79		3,794
Cue BioPharma, Inc.* (Biotechnology)		70		1,716
Curo Group Holdings Corp. (Consumer Finance)		46		376
Cushman & Wakefield PLC* (Real Estate Management & Development)		278		3,464
Customers Bancorp, Inc.* (Banks)		72		865
Cutera, Inc.* (Health Care Equipment & Supplies)		42		511
CVB Financial Corp. (Banks)		325		6,091
CVR Energy, Inc. (Oil, Gas & Consumable Fuels)		74		1,488
CyberOptics Corp.* (Semiconductors & Semiconductor Equipment)		18		580
Cyclerion Therapeutics, Inc.* (Biotechnology)		56		331
Cymabay Therapeutics, Inc.* (Pharmaceuticals)		174		607
Cytokinetics, Inc.* (Biotechnology)		141		3,323
Cytomx Therapeutics, Inc.* (Biotechnology)		114		950
CytoSorbents Corp.* (Health Care Equipment & Supplies)		87		861
Daily Journal Corp.* (Media)		3		810
Daktronics, Inc. (Electronic Equipment, Instruments & Components)		93		405
Dana, Inc. (Auto Components)		364		4,437
Darling Ingredients, Inc.* (Food Products)		405		9,972
DASAN Zhone Solutions, Inc.* (Communications Equipment)		30		268
Daseke, Inc.* (Road & Rail)		115		452
Dave & Buster's Entertainment, Inc.(a) (Hotels, Restaurants & Leisure)		117		1,560
Deciphera Pharmaceuticals, Inc.* (Biotechnology)		94		5,614
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods)		70		13,747
Del Taco Restaurants, Inc.* (Hotels, Restaurants & Leisure)		75		445
Delek US Holdings, Inc. (Oil, Gas & Consumable Fuels)		157		2,733
Delmar BanCorp (Banks)		25		164
Deluxe Corp. (Commercial Services & Supplies)		105		2,472
Denali Therapeutics, Inc.* (Biotechnology)		158		3,820
Denny's Corp.* (Hotels, Restaurants & Leisure)		136		1,374
DermTech, Inc.* (Biotechnology)		20		265
Designer Brands, Inc. (Specialty Retail)		155		1,049
DHI Group, Inc.* (Interactive Media & Services)		122		256
DHT Holdings, Inc. (Oil, Gas & Consumable Fuels)		280		1,436
Diamond Hill Investment Group, Inc. (Capital Markets)		8		909
Diamond S Shipping, Inc.* (Oil, Gas & Consumable Fuels)		69		551
DiamondRock Hospitality Co. (Equity Real Estate Investment Trusts)		502		2,776
Dicerna Pharmaceuticals, Inc.* (Biotechnology)		163		4,140
Diebold Nixdorf, Inc.* (Technology Hardware, Storage & Peripherals)		177		1,073
Digi International, Inc.* (Communications Equipment)		72		839

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Small-Cap :: 213

Common Stocks, continued

	Shares		Value
Digimarc Corp.* (Software)		30	$	480
Digital Turbine, Inc.* (Software)		207		2,602
Dillard's, Inc.(a)—Class A (Multiline Retail)		19		490
Dime Community Bancshares, Inc. (Thrifts & Mortgage Finance)		72		989
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure)		39		1,642
Diodes, Inc.* (Semiconductors & Semiconductor Equipment)		107		5,425
Diversified Healthcare Trust (Equity Real Estate Investment Trusts)		596		2,637
DMC Global, Inc.(a) (Machinery)		37		1,021
Domo, Inc.* (Software)		64		2,059
Domtar Corp. (Paper & Forest Products)		138		2,913
Donegal Group, Inc.—Class A (Insurance)		27		384
Donnelley Financial Solutions, Inc.* (Capital Markets)		76		638
Dorian LPG, Ltd.* (Oil, Gas & Consumable Fuels)		87		673
Dorman Products, Inc.* (Auto Components)		67		4,494
Douglas Dynamics, Inc. (Machinery)		57		2,002
Dril-Quip, Inc.* (Energy Equipment & Services)		88		2,621
DSP Group, Inc.* (Semiconductors & Semiconductor Equipment)		55		873
Ducommun, Inc.* (Aerospace & Defense)		27		941
Duluth Holdings, Inc.*—Class B (Internet & Direct Marketing Retail)		28		206
Durect Corp.* (Pharmaceuticals)		497		1,153
DXP Enterprises, Inc.* (Trading Companies & Distributors)		41		816
Dyadic International, Inc.* (Biotechnology)		48		416
Dycom Industries, Inc.* (Construction & Engineering)		77		3,149
Dynavax Technologies Corp.* (Biotechnology)		225		1,996
Dynex Capital, Inc. (Mortgage Real Estate Investment Trusts)		56		801
Eagle BanCorp Montana, Inc. (Banks)		16		278
Eagle Bancorp, Inc. (Banks)		80		2,620
Eagle Bulk Shipping, Inc.* (Marine)		111		243
Eagle Pharmaceuticals, Inc.* (Biotechnology)		27		1,295
Earthstone Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels)		59		168
Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts)		190		4,393
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts)		97		11,504
Eastman Kodak Co.* (Technology Hardware, Storage & Peripherals)		39		87
Ebix, Inc. (Software)		66		1,476
Echo Global Logistics, Inc.* (Air Freight & Logistics)		66		1,427
Edgewell Personal Care Co.* (Personal Products)		137		4,268
Editas Medicine, Inc.* (Biotechnology)		139		4,112
eGain Corp.* (Software)		52		578
eHealth, Inc.* (Insurance)		64		6,287
Eidos Therapeutics, Inc.* (Biotechnology)		28		1,335
Eiger Biopharmaceuticals, Inc.* (Biotechnology)		59		566
El Paso Electric Co. (Electric Utilities)		103		6,901
El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure)		45		664
Eldorado Resorts, Inc.*(a) (Hotels, Restaurants & Leisure)		213		8,533
Electromed, Inc.* (Health Care Equipment & Supplies)		17		262
elf Beauty, Inc.* (Personal Products)		66		1,259
Ellington Financial, Inc. (Mortgage Real Estate Investment Trusts)		104		1,225
Ellington Residential Mortgage REIT (Mortgage Real Estate Investment Trusts)		23		237
Eloxx Pharmaceuticals, Inc.* (Pharmaceuticals)		67		203
EMCOR Group, Inc. (Construction & Engineering)		137		9,060
Emerald Holding, Inc. (Media)		61		188
Emergent BioSolutions, Inc.* (Biotechnology)		112		8,857
Employers Holdings, Inc. (Insurance)		75		2,261
Enanta Pharmaceuticals, Inc.* (Biotechnology)		48		2,410
Encore Capital Group, Inc.* (Consumer Finance)		78		2,666
Encore Wire Corp. (Electrical Equipment)		51		2,490
Endo International PLC* (Pharmaceuticals)		570		1,955
Endurance International Group Holdings, Inc.* (IT Services)		166		669
Energy Fuels, Inc.* (Oil, Gas & Consumable Fuels)		293		442
Energy Recovery, Inc.* (Machinery)		95		722
Enerpac Tool Group Corp. (Machinery)		136		2,394
EnerSys (Electrical Equipment)		107		6,889
Ennis, Inc. (Commercial Services & Supplies)		64		1,161
Enochian Biosciences, Inc.* (Biotechnology)		35		147
Enova International, Inc.* (Consumer Finance)		74		1,100
EnPro Industries, Inc. (Machinery)		52		2,563
Enstar Group, Ltd.* (Insurance)		30		4,583
Entercom Communications Corp.—Class A (Media)		295		407
Enterprise BanCorp, Inc. (Banks)		23		548
Enterprise Financial Services Corp. (Banks)		60		1,867
Entravision Communications Corp.—Class A (Media)		148		212
Envela Corp.* (Specialty Retail)		19		116
Envestnet, Inc.*(a) (Software)		134		9,853
Enzo Biochem, Inc.* (Life Sciences Tools & Services)		112		251
Epizyme, Inc.* (Biotechnology)		224		3,597
ePlus, Inc.* (Electronic Equipment, Instruments & Components)		33		2,332
Equity Bancshares, Inc.*—Class A (Banks)		36		628
Eros International PLC* (Entertainment)		184		581
Escalade, Inc. (Leisure Products)		26		363
ESCO Technologies, Inc. (Machinery)		64		5,410
Esperion Therapeutics, Inc.*(a) (Biotechnology)		65		3,335
Esquire Financial Holdings, Inc.* (Banks)		17		287
ESSA BanCorp, Inc. (Thrifts & Mortgage Finance)		24		334
Essent Group, Ltd. (Thrifts & Mortgage Finance)		273		9,903
Essential Properties Realty Trust, Inc. (Real Estate Management & Development)		230		3,413
Ethan Allen Interiors, Inc. (Household Durables)		59		698
Eton Pharmaceuticals, Inc.* (Pharmaceuticals)		37		202
Evans BanCorp, Inc. (Banks)		12		279
Evelo Biosciences, Inc.* (Biotechnology)		35		172
Eventbrite, Inc.* (Interactive Media & Services)		160		1,371
Everi Holdings, Inc.* (IT Services)		204		1,053
EverQuote, Inc.*—Class A (Interactive Media & Services)		35		2,036

See accompanying notes to financial statements.

214 :: ProFund VP Small-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
EVERTEC, Inc. (IT Services)		151	$	4,243
EVI Industries, Inc.* (Trading Companies & Distributors)		12		261
Evo Payments, Inc.* (IT Services)		103		2,351
Evofem Biosciences, Inc.* (Pharmaceuticals)		118		334
Evolent Health, Inc.* (Health Care Technology)		190		1,353
Evolus, Inc.* (Pharmaceuticals)		55		292
Evolution Petroleum Corp. (Oil, Gas & Consumable Fuels)		71		199
Evoqua Water Technologies Corp.* (Machinery)		216		4,018
Exagen, Inc.* (Health Care Providers & Services)		12		149
Exicure, Inc.* (Biotechnology)		149		364
ExlService Holdings, Inc.* (IT Services)		84		5,326
eXp World Holdings, Inc.* (Real Estate Management & Development)		60		1,023
Exponent, Inc. (Professional Services)		129		10,441
Express, Inc.* (Specialty Retail)		160		246
Exterran Corp.* (Energy Equipment & Services)		66		356
Extreme Networks, Inc.* (Communications Equipment)		293		1,272
EZCORP, Inc.*—Class A (Consumer Finance)		122		769
Fabrinet* (Electronic Equipment, Instruments & Components)		92		5,743
Falcon Minerals Corp. (Oil, Gas & Consumable Fuels)		97		310
Farmer Bros Co.* (Food Products)		40		294
Farmers & Merchants BanCorp, Inc./Archbold Ohio (Banks)		25		531
Farmers National BanCorp (Banks)		65		771
Farmland Partners, Inc. (Equity Real Estate Investment Trusts)		66		452
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components)		45		2,412
Fate Therapeutics, Inc.* (Biotechnology)		158		5,421
FB Financial Corp. (Banks)		45		1,115
FBL Financial Group, Inc.—Class A (Insurance)		24		861
Federal Agricultural Mortgage Corp. (Thrifts & Mortgage Finance)		23		1,472
Federal Signal Corp. (Machinery)		150		4,460
Federated Hermes, Inc.—Class B (Capital Markets)		243		5,759
Fednat Holding Co. (Insurance)		31		343
Fennec Pharmaceuticals, Inc.* (Biotechnology)		54		451
Ferro Corp.* (Chemicals)		206		2,460
FibroGen, Inc.* (Biotechnology)		209		8,471
Fidelity D&D BanCorp, Inc. (Banks)		10		481
Fiesta Restaurant Group, Inc.* (Hotels, Restaurants & Leisure)		45		287
Financial Institutions, Inc. (Banks)		40		744
First Bancorp (Banks)		72		1,806
First BanCorp (Banks)		541		3,024
First Bancshares, Inc. (Banks)		52		1,170
First Bank (Banks)		41		267
First Busey Corp. (Banks)		127		2,369
First Business Financial Services, Inc. (Banks)		20		329
First Capital, Inc. (Thrifts & Mortgage Finance)		8		556
First Choice BanCorp (Banks)		26		426
First Commonwealth Financial Corp. (Banks)		245		2,029
First Community Bancshares, Inc. (Banks)		44		988
First Community Corp. (Banks)		18		273
First Financial Bancorp (Banks)		244		3,389
First Financial Bankshares, Inc. (Banks)		325		9,388
First Financial Corp. (Banks)		34		1,253
First Foundation, Inc. (Banks)		99		1,618
First Guaranty Bancshares, Inc. (Banks)		9		110
First Internet BanCorp (Banks)		24		399
First Interstate BancSystem—Class A (Banks)		107		3,313
First Merchants Corp. (Banks)		136		3,750
First Mid Bancshares, Inc. (Banks)		37		971
First Midwest Bancorp, Inc. (Banks)		287		3,831
First Northwest BanCorp (Banks)		23		286
First of Long Island Corp. (Banks)		57		931
First Savings Financial Group, Inc. (Banks)		5		217
First United Corp. (Banks)		17		227
First Western Financial, Inc.* (Banks)		16		228
FirstCash, Inc. (Consumer Finance)		102		6,884
Fitbit, Inc.*—Class A (Electronic Equipment, Instruments & Components)		600		3,876
Five Prime Therapeutics, Inc.* (Biotechnology)		67		409
Five Star Senior Living* (Health Care Providers & Services)		47		183
Flagstar Bancorp, Inc. (Thrifts & Mortgage Finance)		90		2,649
Flexion Therapeutics, Inc.* (Biotechnology)		86		1,131
Fluent, Inc.* (Media)		105		187
Fluidigm Corp.* (Life Sciences Tools & Services)		177		710
Fluor Corp. (Construction & Engineering)		354		4,276
Flushing Financial Corp. (Banks)		68		783
FNCB BanCorp, Inc. (Banks)		43		247
Focus Financial Partners, Inc.* (Capital Markets)		79		2,611
FONAR Corp.* (Health Care Equipment & Supplies)		16		342
ForeScout Technologies, Inc.* (Software)		121		2,565
Forestar Group, Inc.* (Real Estate Management & Development)		42		633
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment)		192		5,631
Forrester Research, Inc.* (Professional Services)		28		897
Forterra, Inc.* (Construction Materials)		48		536
Fortress Biotech, Inc.* (Biotechnology)		146		391
Forward Air Corp. (Air Freight & Logistics)		70		3,487
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods)		116		539
Foundation Building Materials, Inc.* (Trading Companies & Distributors)		51		796
Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts)		177		4,319
Fox Factory Holding Corp.* (Auto Components)		97		8,012
Franchise Group, Inc. (Diversified Consumer Services)		48		1,050
Franklin Covey Co.* (Professional Services)		31		663
Franklin Electric Co., Inc. (Machinery)		116		6,092
Franklin Financial Network, Inc. (Banks)		35		901
Franklin Financial Services Corp. (Banks)		10		259
Franklin Street Properties Corp. (Equity Real Estate Investment Trusts)		261		1,328
Frank's International N.V.* (Energy Equipment & Services)		390		870
Frequency Therapeutics, Inc.* (Biotechnology)		71		1,651
Fresh Del Monte Produce, Inc. (Food Products)		78		1,920
Freshpet, Inc.* (Food Products)		97		8,116

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Small-Cap :: 215

Common Stocks, continued

	Shares		Value
Front Yard Residential Corp. (Equity Real Estate Investment Trusts)		126	$	1,096
Frontline, Ltd. (Oil, Gas & Consumable Fuels)		297		2,073
FRP Holdings, Inc.* (Real Estate Management & Development)		17		690
FS BanCorp, Inc. (Thrifts & Mortgage Finance)		10		386
Fuelcell Energy, Inc.*(a) (Electrical Equipment)		535		1,209
Fulcrum Therapeutics, Inc.* (Pharmaceuticals)		31		567
Fulgent Genetics, Inc.* (Health Care Providers & Services)		24		384
Fulton Financial Corp. (Banks)		404		4,254
Funko, Inc.* (Distributors)		60		348
FutureFuel Corp. (Chemicals)		65		777
FVCBankcorp, Inc.* (Banks)		30		323
G1 Therapeutics, Inc.* (Biotechnology)		86		2,086
Gaia, Inc.* (Internet & Direct Marketing Retail)		30		251
GAIN Capital Holdings, Inc. (Capital Markets)		50		301
Galectin Therapeutics, Inc.* (Biotechnology)		94		288
Galera Therapeutics, Inc.* (Biotechnology)		22		157
GAMCO Investors, Inc.—Class A (Capital Markets)		14		186
GameStop Corp.*(a)—Class A (Specialty Retail)		144		625
GAN, Ltd.* (Hotels, Restaurants & Leisure)		19		484
Gannett Co., Inc.* (Media)		331		457
GATX Corp. (Trading Companies & Distributors)		88		5,366
GCP Applied Technologies, Inc.* (Chemicals)		123		2,285
Genasys, Inc.* (Communications Equipment)		83		403
Genco Shipping & Trading, Ltd. (Marine)		43		270
Gencor Industries, Inc.* (Machinery)		23		291
General Finance Corp.* (Trading Companies & Distributors)		26		174
Genesco, Inc.* (Specialty Retail)		36		780
Genie Energy, Ltd.—Class B (Electric Utilities)		33		243
GenMark Diagnostics, Inc.* (Health Care Equipment & Supplies)		170		2,501
Genprex, Inc.* (Biotechnology)		72		226
Gentherm, Inc.* (Auto Components)		82		3,190
Genworth Financial, Inc.*—Class A (Insurance)		1,269		2,931
German American BanCorp, Inc. (Banks)		62		1,928
Geron Corp.* (Biotechnology)		466		1,016
Getty Realty Corp. (Equity Real Estate Investment Trusts)		85		2,523
Gibraltar Industries, Inc.* (Building Products)		82		3,937
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods)		111		1,475
Glacier BanCorp, Inc. (Banks)		241		8,505
Gladstone Commercial Corp. (Equity Real Estate Investment Trusts)		85		1,594
Gladstone Land Corp. (Equity Real Estate Investment Trusts)		48		761
Glaukos Corp.* (Health Care Equipment & Supplies)		106		4,073
Global Indemnity, Ltd. (Insurance)		20		479
Global Medical REIT, Inc. (Equity Real Estate Investment Trusts)		103		1,167
Global Net Lease, Inc. (Equity Real Estate Investment Trusts)		227		3,798
Global Water Resources, Inc. (Water Utilities)		32		337
GlobalSCAPE, Inc. (Software)		36		351
Glu Mobile, Inc.* (Entertainment)		326		3,022
GlycoMimetics, Inc.* (Biotechnology)		85		320
GMS, Inc.* (Trading Companies & Distributors)		105		2,582
Gogo, Inc.* (Wireless Telecommunication Services)		144		455
Golar LNG, Ltd. (Oil, Gas & Consumable Fuels)		229		1,658
Gold Resource Corp. (Metals & Mining)		164		674
Golden Entertainment, Inc.* (Hotels, Restaurants & Leisure)		42		375
Goodrich Petroleum Corp.* (Oil, Gas & Consumable Fuels)		23		166
Goosehead Insurance, Inc.*(a) (Insurance)		32		2,405
GoPro, Inc.*—Class A (Household Durables)		325		1,547
Gorman-Rupp Co. (Machinery)		44		1,368
Gossamer Bio, Inc.* (Biotechnology)		125		1,625
GP Strategies Corp.* (Professional Services)		33		283
Graham Corp. (Machinery)		24		306
Granite Construction, Inc. (Construction & Engineering)		118		2,259
Granite Point Mortgage Trust (Mortgage Real Estate Investment Trusts)		137		984
Gray Television, Inc.* (Media)		225		3,138
Great Ajax Corp. (Mortgage Real Estate Investment Trusts)		52		478
Great Lakes Dredge & Dock Corp.* (Construction & Engineering)		160		1,482
Great Southern BanCorp, Inc. (Banks)		28		1,130
Great Western Bancorp, Inc. (Banks)		139		1,913
Green Brick Partners, Inc.* (Household Durables)		60		711
Green Dot Corp.*—Class A (Consumer Finance)		128		6,282
Green Plains, Inc.* (Oil, Gas & Consumable Fuels)		86		878
Greene County BanCorp, Inc. (Thrifts & Mortgage Finance)		8		178
Greenhill & Co., Inc. (Capital Markets)		36		360
Greenlane Holdings, Inc.*—Class A (Distributors)		26		103
Greenlight Capital Re, Ltd.*—Class A (Insurance)		73		476
GreenSky, Inc.*—Class A (IT Services)		156		764
Greif, Inc.—Class A (Containers & Packaging)		65		2,237
Greif, Inc.—Class B (Containers & Packaging)		15		627
Grid Dynamics Holdings, Inc.* (IT Services)		55		380
Griffin Industrial Realty, Inc. (Real Estate Management & Development)		7		379
Griffon Corp. (Building Products)		93		1,722
Gritstone Oncology, Inc.* (Biotechnology)		75		498
Group 1 Automotive, Inc. (Specialty Retail)		44		2,903
Groupon, Inc.* (Internet & Direct Marketing Retail)		58		1,051
GrowGeneration Corp.* (Specialty Retail)		72		492
GSI Technology, Inc.* (Semiconductors & Semiconductor Equipment)		41		294
GTT Communications, Inc.* (IT Services)		80		653
GTY Technology Holdings, Inc.* (Software)		111		462
Guaranty Bancshares, Inc. (Banks)		18		466
Guess?, Inc. (Specialty Retail)		110		1,064
Gulfport Energy Corp.* (Oil, Gas & Consumable Fuels)		404		440
GWG Holdings, Inc.* (Diversified Financial Services)		8		61
H&E Equipment Services, Inc. (Trading Companies & Distributors)		81		1,497
H.B. Fuller Co. (Chemicals)		129		5,753
Halozyme Therapeutics, Inc.* (Biotechnology)		342		9,169

See accompanying notes to financial statements.

216 :: ProFund VP Small-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
Hamilton Beach Brands Holding Co.—Class A (Household Durables)		17	$	202
Hamilton Lane, Inc. (Capital Markets)		55		3,705
Hancock Whitney Corp. (Banks)		217		4,600
Hanger, Inc.* (Health Care Providers & Services)		93		1,540
Hanmi Financial Corp. (Banks)		77		748
Hannon Armstrong Sustainable, Inc.—Class I (Mortgage Real Estate Investment Trusts)		178		5,066
Harborone BanCorp, Inc.* (Banks)		133		1,136
Harmonic, Inc.* (Communications Equipment)		239		1,135
Harpoon Therapeutics, Inc.* (Biotechnology)		27		448
Harrow Health, Inc.* (Pharmaceuticals)		56		292
Harsco Corp.* (Machinery)		197		2,661
Harvard Bioscience, Inc.* (Life Sciences Tools & Services)		95		295
Haverty Furniture Cos., Inc. (Specialty Retail)		42		672
Hawaiian Holdings, Inc. (Airlines)		114		1,601
Hawkins, Inc. (Chemicals)		24		1,022
Hawthorn Bancshares, Inc. (Banks)		15		295
Haynes International, Inc. (Metals & Mining)		31		724
HBT Financial, Inc. (Banks)		25		333
HC2 Holdings, Inc.* (Construction & Engineering)		110		367
HCI Group, Inc. (Insurance)		15		693
Health Catalyst, Inc.* (Health Care Technology)		81		2,363
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts)		340		9,959
Healthcare Services Group, Inc. (Commercial Services & Supplies)		188		4,598
HealthEquity, Inc.* (Health Care Providers & Services)		176		10,326
HealthStream, Inc.* (Health Care Technology)		65		1,438
Heartland Express, Inc. (Road & Rail)		114		2,373
Heartland Financial USA, Inc. (Banks)		87		2,909
Hecla Mining Co. (Metals & Mining)		1,312		4,290
Heidrick & Struggles International, Inc. (Professional Services)		48		1,038
Helen of Troy, Ltd.* (Household Durables)		64		12,067
Helios Technologies, Inc. (Machinery)		74		2,757
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services)		359		1,246
Hemisphere Media Group, Inc.* (Media)		41		403
Herc Holdings, Inc.* (Trading Companies & Distributors)		61		1,875
Heritage Commerce Corp. (Banks)		146		1,096
Heritage Financial Corp. (Banks)		91		1,820
Heritage Insurance Holdings, Inc. (Insurance)		63		825
Heritage-Crystal Clean, Inc.* (Commercial Services & Supplies)		38		663
Herman Miller, Inc. (Commercial Services & Supplies)		148		3,494
Heron Therapeutics, Inc.* (Biotechnology)		220		3,236
Hersha Hospitality Trust (Equity Real Estate Investment Trusts)		86		495
Hertz Global Holdings, Inc.* (Road & Rail)		219		309
Heska Corp.* (Health Care Equipment & Supplies)		18		1,677
HF Foods Group, Inc.* (Food & Staples Retailing)		89		805
Hibbett Sports, Inc.* (Specialty Retail)		41		859
Hillenbrand, Inc. (Machinery)		186		5,035
Hilltop Holdings, Inc. (Banks)		181		3,339
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure)		214		4,184
Hingham Institution For Savings The (Thrifts & Mortgage Finance)		4		671
HMS Holdings Corp.* (Health Care Technology)		222		7,192
HNI Corp. (Commercial Services & Supplies)		107		3,271
Home BanCorp, Inc. (Thrifts & Mortgage Finance)		19		508
Home BancShares, Inc. (Banks)		385		5,921
HomeStreet, Inc. (Thrifts & Mortgage Finance)		58		1,427
HomeTrust Bancshares, Inc. (Banks)		39		624
Homology Medicines, Inc.* (Biotechnology)		85		1,291
Hooker Furniture Corp. (Household Durables)		29		564
Hookipa Pharma, Inc.* (Biotechnology)		31		360
Hope Bancorp, Inc. (Banks)		295		2,720
Horace Mann Educators Corp. (Insurance)		104		3,820
Horizon BanCorp, Inc. (Banks)		108		1,155
Hostess Brands, Inc.* (Food Products)		308		3,764
Houghton Mifflin Harcourt Co.* (Diversified Consumer Services)		265		480
Houlihan Lokey, Inc. (Capital Markets)		111		6,176
Howard BanCorp, Inc.* (Banks)		33		350
Hub Group, Inc.*—Class A (Air Freight & Logistics)		82		3,925
Hudson, Ltd.*—Class A (Specialty Retail)		100		487
Hurco Cos., Inc. (Machinery)		16		448
Huron Consulting Group, Inc.* (Professional Services)		57		2,522
Hyster-Yale Materials Handling, Inc. (Machinery)		25		967
I3 Verticals, Inc.*—Class A (IT Services)		37		1,119
IBERIABANK Corp. (Banks)		131		5,966
iBio, Inc.* (Biotechnology)		121		269
iCAD, Inc.* (Health Care Technology)		51		509
ICF International, Inc. (Professional Services)		46		2,982
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment)		56		1,488
Ideaya Biosciences, Inc.* (Biotechnology)		30		426
IDT Corp.*—Class B (Diversified Telecommunication Services)		38		248
IES Holdings, Inc.* (Construction & Engineering)		20		463
IGM Biosciences, Inc.* (Biotechnology)		18		1,314
iHeartMedia, Inc.*—Class A (Media)		151		1,261
II-VI, Inc.* (Electronic Equipment, Instruments & Components)		227		10,720
IMARA, Inc.* (Pharmaceuticals)		12		332
IMAX Corp.* (Entertainment)		124		1,390
Immersion Corp.* (Technology Hardware, Storage & Peripherals)		45		280
Immunic, Inc.* (Biotechnology)		9		109
ImmunoGen, Inc.* (Biotechnology)		432		1,987
Immunovant, Inc.* (Biotechnology)		48		1,169
Impinj, Inc.* (Semiconductors & Semiconductor Equipment)		42		1,154
Independence Holding Co. (Insurance)		12		367
Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts)		238		2,735
Independent Bank Corp. (Banks)		53		787
Independent Bank Corp. (Banks)		83		5,568
Independent Bank Group, Inc. (Banks)		93		3,768
Industrial Logistics Properties Trust (Equity Real Estate Investment Trusts)		163		3,350

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Small-Cap :: 217

Common Stocks, continued

	Shares		Value
Infinera Corp.* (Communications Equipment)		391	$	2,315
Information Services Group, Inc.* (IT Services)		88		182
Infusystem Holdings, Inc.* (Health Care Providers & Services)		36		415
Ingevity Corp.* (Chemicals)		104		5,467
Ingles Markets, Inc. (Food & Staples Retailing)		36		1,551
Innospec, Inc. (Chemicals)		62		4,790
Innovative Industrial Properties, Inc. (Equity Real Estate Investment Trusts)		42		3,697
Innoviva, Inc.* (Pharmaceuticals)		160		2,237
Inogen, Inc.* (Health Care Equipment & Supplies)		46		1,634
Inovalon Holdings, Inc.* (Health Care Technology)		185		3,563
Inovio Pharmaceuticals, Inc.*(a) (Biotechnology)		362		9,756
Inseego Corp.* (Communications Equipment)		171		1,984
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components)		87		4,280
Insmed, Inc.* (Biotechnology)		255		7,023
Insperity, Inc. (Professional Services)		91		5,890
Inspire Medical Systems, Inc.* (Health Care Technology)		66		5,744
Installed Building Products, Inc.* (Household Durables)		57		3,920
Insteel Industries, Inc. (Building Products)		47		896
Integer Holdings Corp.* (Health Care Equipment & Supplies)		82		5,990
Intellia Therapeutics, Inc.* (Biotechnology)		110		2,312
Intellicheck, Inc.* (Electronic Equipment, Instruments & Components)		40		302
Intelligent Systems Corp.* (Software)		18		613
Inter Parfums, Inc. (Personal Products)		45		2,167
Intercept Pharmaceuticals, Inc.* (Biotechnology)		65		3,114
InterDigital, Inc. (Communications Equipment)		77		4,361
Interface, Inc. (Commercial Services & Supplies)		147		1,197
International Bancshares Corp. (Banks)		134		4,291
International Game Technology PLC (Hotels, Restaurants & Leisure)		250		2,225
International Money Express, Inc.* (IT Services)		33		411
International Seaways, Inc. (Oil, Gas & Consumable Fuels)		62		1,013
Intersect ENT, Inc.* (Pharmaceuticals)		82		1,110
Intevac, Inc.* (Technology Hardware, Storage & Peripherals)		58		317
INTL. FCStone, Inc.* (Capital Markets)		41		2,255
Intra-Cellular Therapies, Inc.* (Pharmaceuticals)		138		3,542
Intrepid Potash, Inc.* (Chemicals)		239		237
IntriCon Corp.* (Health Care Equipment & Supplies)		21		284
Invacare Corp. (Health Care Equipment & Supplies)		85		541
Invesco Mortgage Capital, Inc.(a) (Mortgage Real Estate Investment Trusts)		418		1,563
Investar Holding Corp. (Banks)		26		377
Investors Bancorp, Inc. (Banks)		580		4,930
Investors Real Estate Trust (Equity Real Estate Investment Trusts)		31		2,185
Investors Title Co. (Insurance)		3		364
Invitae Corp.* (Biotechnology)		290		8,784
Iradimed Corp.* (Health Care Equipment & Supplies)		15		348
Irhythm Technologies, Inc.* (Health Care Equipment & Supplies)		68		7,880
Iridium Communications, Inc.* (Diversified Telecommunication Services)		296		7,530
iRobot Corp.* (Household Durables)		69		5,789
Ironwood Pharmaceuticals, Inc.* (Biotechnology)		401		4,138
iStar, Inc. (Equity Real Estate Investment Trusts)		187		2,304
Iteris, Inc.* (Electronic Equipment, Instruments & Components)		101		480
Itron, Inc.* (Electronic Equipment, Instruments & Components)		101		6,691
IVERIC bio, Inc.* (Biotechnology)		113		576
J & J Snack Foods Corp. (Food Products)		38		4,831
j2 Global, Inc.* (Software)		117		7,396
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)		57		4,223
James River Group Holdings, Ltd. (Insurance)		75		3,375
Jeld-Wen Holding, Inc.* (Building Products)		171		2,755
Jernigan Capital, Inc. (Equity Real Estate Investment Trusts)		56		766
John B. Sanfilippo & Son, Inc. (Food Products)		22		1,877
John Bean Technologies Corp. (Machinery)		79		6,796
Johnson Outdoors, Inc.—Class A (Leisure Products)		13		1,183
Jounce Therapeutics, Inc.* (Biotechnology)		43		297
K12, Inc.* (Diversified Consumer Services)		100		2,724
Kadant, Inc. (Machinery)		29		2,890
Kadmon Holdings, Inc.* (Biotechnology)		406		2,079
Kaiser Aluminum Corp. (Metals & Mining)		40		2,945
Kala Pharmaceuticals, Inc.* (Pharmaceuticals)		100		1,051
Kaleido Biosciences, Inc.* (Pharmaceuticals)		25		186
Kalvista Pharmaceuticals, Inc.* (Biotechnology)		34		411
Kaman Corp.—Class A (Trading Companies & Distributors)		69		2,870
KAR Auction Services, Inc. (Commercial Services & Supplies)		325		4,472
Karuna Therapeutics, Inc.* (Biotechnology)		39		4,347
Karyopharm Therapeutics, Inc.* (Biotechnology)		176		3,333
KB Home (Household Durables)		222		6,811
KBR, Inc. (IT Services)		358		8,073
Kearny Financial Corp. (Thrifts & Mortgage Finance)		190		1,554
Kelly Services, Inc.—Class A (Professional Services)		85		1,344
Kennametal, Inc. (Machinery)		209		6,000
Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development)		307		4,673
Keros Therapeutics, Inc.* (Biotechnology)		18		675
Kezar Life Sciences, Inc.* (Biotechnology)		65		337
Kforce, Inc. (Professional Services)		50		1,463
Kimball Electronics, Inc.* (Electronic Equipment, Instruments & Components)		60		812
Kimball International, Inc.—Class B (Commercial Services & Supplies)		91		1,052
Kindred Biosciences, Inc.* (Biotechnology)		94		422
Kiniksa Pharmaceuticals, Ltd.*—Class A (Biotechnology)		48		1,223
Kinsale Capital Group, Inc. (Insurance)		52		8,071
Kite Realty Group Trust (Equity Real Estate Investment Trusts)		209		2,412

See accompanying notes to financial statements.

218 :: ProFund VP Small-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
KKR Real Estate Finance Trust, Inc. (Mortgage Real Estate Investment Trusts)		72	$	1,194
Knoll, Inc. (Commercial Services & Supplies)		126		1,536
Knowles Corp.* (Electronic Equipment, Instruments & Components)		223		3,403
Kodiak Sciences, Inc.* (Biotechnology)		73		3,951
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)		130		2,315
Koppers Holdings, Inc.* (Chemicals)		52		980
Korn Ferry (Professional Services)		138		4,241
Kosmos Energy, Ltd. (Oil, Gas & Consumable Fuels)		1,014		1,683
Kraton Corp.* (Chemicals)		78		1,348
Kratos Defense & Security Solutions, Inc.* (Aerospace & Defense)		266		4,158
Kronos Worldwide, Inc. (Chemicals)		56		583
Krystal Biotech, Inc.* (Biotechnology)		30		1,243
Kura Oncology, Inc.* (Biotechnology)		133		2,168
Kura Sushi USA, Inc.*—Class A (Hotels, Restaurants & Leisure)		8		114
KVH Industries, Inc.* (Communications Equipment)		41		366
L B Foster Co.*—Class A (Machinery)		25		319
La Jolla Pharmaceutical Co.* (Biotechnology)		45		192
Ladder Capital Corp. (Mortgage Real Estate Investment Trusts)		266		2,155
Lakeland Bancorp, Inc. (Banks)		123		1,406
Lakeland Financial Corp. (Banks)		61		2,842
Lakeland Industries, Inc.* (Textiles, Apparel & Luxury Goods)		19		426
Lancaster Colony Corp. (Food Products)		48		7,440
Landec Corp.* (Food Products)		65		517
Landmark BanCorp, Inc. (Banks)		9		222
Lands' End, Inc.* (Internet & Direct Marketing Retail)		29		233
Lannett Co., Inc.* (Pharmaceuticals)		80		581
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies)		167		2,388
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		338		9,596
Laureate Education, Inc.*—Class A (Diversified Consumer Services)		270		2,691
Lawson Products, Inc.* (Trading Companies & Distributors)		11		355
La-Z-Boy, Inc. (Household Durables)		112		3,031
LCI Industries (Auto Components)		62		7,129
LCNB Corp. (Banks)		31		495
Legacy Housing Corp.* (Household Durables)		21		299
Lemaitre Vascular, Inc. (Health Care Equipment & Supplies)		42		1,109
LendingClub Corp.* (Consumer Finance)		173		787
Level One BanCorp, Inc. (Banks)		13		218
Lexicon Pharmaceuticals, Inc.* (Biotechnology)		104		207
Lexington Realty Trust (Equity Real Estate Investment Trusts)		644		6,794
LGI Homes, Inc.* (Household Durables)		56		4,930
LHC Group, Inc.* (Health Care Providers & Services)		76		13,248
Liberty Braves Group*—Class A (Entertainment)		25		502
Liberty Braves Group*—Class C (Entertainment)		91		1,796
Liberty Latin America, Ltd.*—Class A (Media)		116		1,128
Liberty Latin America, Ltd.*—Class C (Media)		283		2,671
Liberty Oilfield Services, Inc. (Energy Equipment & Services)		158		866
Liberty TripAdvisor Holdings, Inc.*—Class A (Interactive Media & Services)		183		390
Lifetime Brands, Inc. (Household Durables)		30		202
Lifevantage Corp.* (Personal Products)		34		460
Ligand Pharmaceuticals, Inc.*—Class B (Biotechnology)		36		4,027
Limelight Networks, Inc.* (IT Services)		292		2,149
Limestone BanCorp, Inc.* (Banks)		13		171
Limoneira Co. (Food Products)		41		594
Lindblad Expeditions Holdings, Inc.* (Hotels, Restaurants & Leisure)		65		502
Lindsay Corp. (Machinery)		27		2,490
Liquidia Technologies, Inc.* (Pharmaceuticals)		51		429
Liquidity Services, Inc.* (Internet & Direct Marketing Retail)		70		417
Lithia Motors, Inc.—Class A (Specialty Retail)		55		8,322
LivaNova PLC* (Health Care Equipment & Supplies)		123		5,920
Live Oak Bancshares, Inc. (Banks)		71		1,030
Livent Corp.* (Chemicals)		369		2,273
LivePerson, Inc.* (Software)		153		6,339
LiveRamp Holdings, Inc.* (IT Services)		165		7,008
LiveXLive Media, Inc.* (Entertainment)		75		272
LogicBio Therapeutics, Inc.* (Biotechnology)		30		254
Loral Space & Communications, Inc. (Media)		32		625
Louisiana-Pacific Corp. (Paper & Forest Products)		284		7,285
LSI Industries, Inc. (Electrical Equipment)		64		414
LTC Properties, Inc. (Equity Real Estate Investment Trusts)		98		3,692
Lumber Liquidators Holdings, Inc.* (Specialty Retail)		72		998
Luminex Corp. (Life Sciences Tools & Services)		107		3,481
Luna Innovations, Inc.* (Electronic Equipment, Instruments & Components)		73		426
Luther Burbank Corp. (Thrifts & Mortgage Finance)		47		470
Luxfer Holdings PLC (Machinery)		72		1,019
Lydall, Inc.* (Machinery)		43		583
Lyra Therapeutics, Inc.* (Pharmaceuticals)		10		113
M.D.C. Holdings, Inc. (Household Durables)		128		4,570
M/A-COM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		118		4,053
M/I Homes, Inc.* (Household Durables)		70		2,411
Macatawa Bank Corp. (Banks)		66		516
Mack-Cali Realty Corp. (Equity Real Estate Investment Trusts)		229		3,501
Mackinac Financial Corp. (Banks)		22		228
MacroGenics, Inc.* (Biotechnology)		121		3,378
Macy's, Inc. (Multiline Retail)		785		5,401
Madrigal Pharmaceuticals, Inc.* (Biotechnology)		22		2,492
Magellan Health, Inc.* (Health Care Providers & Services)		59		4,306
Magenta Therapeutics, Inc.* (Biotechnology)		43		323
Magnite, Inc.* (Software)		259		1,728
Magnolia Oil & Gas Corp.* (Oil, Gas & Consumable Fuels)		315		1,909

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Small-Cap :: 219

Common Stocks, continued

	Shares		Value
Mainstreet Bancshares, Inc.* (Banks)		18	$	238
Majesco* (Software)		19		149
Malibu Boats, Inc.* (Leisure Products)		52		2,701
Mallinckrodt PLC* (Pharmaceuticals)		213		571
MannKind Corp.* (Biotechnology)		535		936
ManTech International Corp.—Class A (IT Services)		68		4,657
Marcus & Millichap, Inc.* (Real Estate Management & Development)		59		1,703
Marine Products Corp. (Leisure Products)		18		249
MarineMax, Inc.* (Specialty Retail)		52		1,164
Marinus Pharmaceuticals, Inc.* (Pharmaceuticals)		213		541
Marker Therapeutics, Inc.* (Biotechnology)		74		153
Marlin Business Services Corp. (Diversified Financial Services)		21		178
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure)		102		8,385
Marrone Bio Innovations, Inc.* (Chemicals)		169		198
Marten Transport, Ltd. (Road & Rail)		99		2,491
Masonite International Corp.* (Building Products)		61		4,745
MasTec, Inc.* (Construction & Engineering)		143		6,416
Mastech Digital, Inc.* (Professional Services)		10		259
MasterCraft Boat Holdings, Inc.* (Leisure Products)		47		895
Matador Resources Co.* (Oil, Gas & Consumable Fuels)		277		2,355
Materion Corp. (Metals & Mining)		51		3,136
Matrix Service Co.* (Energy Equipment & Services)		65		632
Matson, Inc. (Marine)		108		3,143
Matthews International Corp.—Class A (Commercial Services & Supplies)		77		1,471
Maui Land & Pineapple Co., Inc.* (Real Estate Management & Development)		17		189
MAX Holdings, Inc. (Real Estate Management & Development)		45		1,414
Maxar Technologies, Inc. (Aerospace & Defense)		152		2,730
MAXIMUS, Inc. (IT Services)		154		10,849
MaxLinear, Inc.*—Class A (Semiconductors & Semiconductor Equipment)		168		3,605
Mayville Engineering Co., Inc.* (Metals & Mining)		18		142
MBIA, Inc.* (Insurance)		175		1,269
McGrath RentCorp (Commercial Services & Supplies)		61		3,295
MediciNova, Inc.* (Biotechnology)		106		575
Medifast, Inc. (Personal Products)		28		3,886
MEDNAX, Inc.* (Health Care Providers & Services)		209		3,574
Medpace Holdings* (Life Sciences Tools & Services)		69		6,418
MEI Pharma, Inc.* (Biotechnology)		260		1,074
MeiraGTx Holdings PLC* (Biotechnology)		52		651
Menlo Therapeutics, Inc.* (Pharmaceuticals)		268		464
Mercantile Bank Corp. (Banks)		40		904
Merchants BanCorp (Thrifts & Mortgage Finance)		22		407
Meredith Corp. (Media)		100		1,455
Meridian BanCorp, Inc. (Thrifts & Mortgage Finance)		118		1,369
Meridian Bioscience, Inc.* (Health Care Equipment & Supplies)		106		2,469
Meridian Corp.* (Banks)		14		222
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies)		136		6,208
Meritage Homes Corp.* (Household Durables)		94		7,155
Meritor, Inc.* (Machinery)		174		3,445
Mersana Therapeutics, Inc.* (Biotechnology)		115		2,691
Mesa Air Group, Inc.* (Airlines)		74		255
Mesa Laboratories, Inc. (Electronic Equipment, Instruments & Components)		10		2,168
Meta Financial Group, Inc. (Thrifts & Mortgage Finance)		84		1,526
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components)		91		2,845
Metrocity Bankshares, Inc. (Banks)		44		631
Metropolitan Bank Holding Corp.* (Banks)		18		577
MFA Financial, Inc. (Mortgage Real Estate Investment Trusts)		1,141		2,841
MGE Energy, Inc. (Electric Utilities)		88		5,677
MGP Ingredients, Inc. (Beverages)		32		1,175
MicroStrategy, Inc.*—Class A (Software)		20		2,366
Mid Penn BanCorp, Inc. (Banks)		17		313
Middlefield Banc Corp. (Banks)		15		311
Middlesex Water Co. (Water Utilities)		43		2,889
Midland States Bancorp, Inc. (Banks)		55		822
MidwestOne Financial Group, Inc. (Banks)		37		740
Milestone Scientific, Inc.* (Health Care Equipment & Supplies)		88		172
Miller Industries, Inc. (Machinery)		28		834
Mimecast, Ltd.* (Software)		142		5,916
Minerals Technologies, Inc. (Chemicals)		86		4,036
Minerva Neurosciences, Inc.* (Biotechnology)		82		296
Mirati Therapeutics, Inc.* (Biotechnology)		92		10,504
Mirum Pharmaceuticals, Inc.* (Biotechnology)		13		253
Misonix, Inc.* (Health Care Equipment & Supplies)		36		489
Mistras Group, Inc.* (Professional Services)		46		182
Mitek System, Inc.* (Software)		101		971
MMA Capital Holdings, Inc.* (Thrifts & Mortgage Finance)		12		277
MobileIron, Inc.* (Software)		242		1,193
Model N, Inc.* (Software)		86		2,989
Modine Manufacturing Co.* (Auto Components)		125		690
Moelis & Co. (Capital Markets)		133		4,144
Molecular Templates, Inc.* (Biotechnology)		61		841
Momenta Pharmaceuticals, Inc.* (Biotechnology)		296		9,848
Monarch Casino & Resort, Inc.* (Hotels, Restaurants & Leisure)		32		1,091
MoneyGram International, Inc.* (IT Services)		156		501
Monmouth Real Estate Investment Corp.—Class A (Equity Real Estate Investment Trusts)		239		3,463
Monro, Inc. (Specialty Retail)		83		4,560
Montage Resources Corp.* (Oil, Gas & Consumable Fuels)		54		213
Moog, Inc.—Class A (Aerospace & Defense)		78		4,132
Morphic Holding, Inc.* (Biotechnology)		34		920
Motorcar Parts of America, Inc.* (Auto Components)		47		830

See accompanying notes to financial statements.

220 :: ProFund VP Small-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
Movado Group, Inc. (Textiles, Apparel & Luxury Goods)		40	$	434
Mr. Cooper Group, Inc.* (Thrifts & Mortgage Finance)		192		2,388
MRC Global, Inc.* (Trading Companies & Distributors)		198		1,170
MSG Networks, Inc.*—Class A (Media)		100		995
MTS Systems Corp. (Electronic Equipment, Instruments & Components)		49		862
Mueller Industries, Inc. (Machinery)		141		3,748
Mueller Water Products, Inc.—Class A (Machinery)		394		3,715
Murphy USA, Inc.* (Specialty Retail)		69		7,769
Mustang Bio, Inc.* (Biotechnology)		72		229
MVB Financial Corp. (Banks)		25		333
Myers Industries, Inc. (Containers & Packaging)		90		1,310
Myokardia, Inc.* (Pharmaceuticals)		125		12,077
MYR Group, Inc.* (Construction & Engineering)		41		1,308
Myriad Genetics, Inc.* (Biotechnology)		179		2,030
Nabors Industries, Ltd.*(a) (Energy Equipment & Services)		18		666
NACCO Industries, Inc.—Class A (Oil, Gas & Consumable Fuels)		9		210
Nanostring Technologies, Inc.* (Life Sciences Tools & Services)		95		2,788
Nanthealth, Inc.* (Health Care Technology)		68		311
Nantkwest, Inc.* (Biotechnology)		72		884
Napco Security Technologies, Inc.* (Electronic Equipment, Instruments & Components)		29		678
Natera, Inc.* (Biotechnology)		175		8,726
Nathan's Famous, Inc. (Hotels, Restaurants & Leisure)		7		394
National Bank Holdings Corp. (Banks)		74		1,998
National Bankshares, Inc. (Banks)		16		458
National Beverage Corp.*(a) (Beverages)		30		1,831
National CineMedia, Inc. (Media)		157		466
National Energy Services Reunited Corp.* (Energy Equipment & Services)		52		358
National General Holdings Corp. (Insurance)		171		3,695
National Health Investors, Inc. (Equity Real Estate Investment Trusts)		108		6,558
National Healthcare Corp. (Health Care Providers & Services)		32		2,030
National Presto Industries, Inc. (Aerospace & Defense)		13		1,136
National Research Corp. (Health Care Providers & Services)		34		1,979
National Storage Affiliates Trust (Equity Real Estate Investment Trusts)		156		4,471
National Vision Holdings, Inc.* (Specialty Retail)		202		6,165
National Western Life Group, Inc.—Class A (Insurance)		6		1,219
Natural Grocers By Vitamin Cottage, Inc. (Food & Staples Retailing)		23		342
Nature's Sunshine Products, Inc.* (Personal Products)		22		198
Natus Medical, Inc.* (Health Care Equipment & Supplies)		85		1,855
Nautilus, Inc.* (Leisure Products)		75		695
Navient Corp. (Consumer Finance)		481		3,381
Navistar International Corp.* (Machinery)		126		3,553
NBT Bancorp, Inc. (Banks)		107		3,291
Neenah, Inc. (Paper & Forest Products)		42		2,077
Nelnet, Inc.—Class A (Consumer Finance)		45		2,148
Nemaura Medical, Inc.* (Health Care Equipment & Supplies)		17		157
Neogen Corp.* (Health Care Equipment & Supplies)		133		10,320
NeoGenomics, Inc.* (Life Sciences Tools & Services)		261		8,085
Neoleukin Therapeutics, Inc.* (Biotechnology)		75		1,245
NeoPhotonics Corp.* (Semiconductors & Semiconductor Equipment)		121		1,074
Nesco Holdings, Inc.* (Trading Companies & Distributors)		33		133
NETGEAR, Inc.* (Communications Equipment)		73		1,890
NetScout Systems, Inc.* (Communications Equipment)		178		4,549
Neubase Therapeutics, Inc.* (Biotechnology)		43		378
Neurobo Pharmaceuticals, Inc.* (Biotechnology)		11		89
Nevro Corp.* (Health Care Equipment & Supplies)		84		10,034
New Age Beverages Corp.* (Beverages)		221		338
New Jersey Resources Corp. (Gas Utilities)		240		7,836
New Senior Investment Group, Inc. (Equity Real Estate Investment Trusts)		206		746
New York Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts)		953		2,487
Newmark Group, Inc. (Real Estate Management & Development)		359		1,745
Newpark Resources, Inc.* (Energy Equipment & Services)		224		500
Nexpoint Residential Trust, Inc. (Equity Real Estate Investment Trusts)		55		1,944
NextCure, Inc.* (Biotechnology)		41		879
NextDecade Corp.* (Oil, Gas & Consumable Fuels)		53		114
NextGen Healthcare, Inc.* (Health Care Technology)		138		1,515
NexTier Oilfield Solutions, Inc.* (Energy Equipment & Services)		407		997
NGM Biopharmaceuticals, Inc.* (Pharmaceuticals)		59		1,165
NI Holdings, Inc.* (Insurance)		23		340
NIC, Inc. (IT Services)		165		3,788
Nicolet Bankshares, Inc.* (Banks)		23		1,260
NL Industries, Inc. (Commercial Services & Supplies)		21		72
Nlight, Inc.* (Electronic Equipment, Instruments & Components)		87		1,937
NMI Holdings, Inc.*—Class A (Thrifts & Mortgage Finance)		168		2,701
NN, Inc. (Machinery)		106		502
Noodles & Co.* (Hotels, Restaurants & Leisure)		79		478
Nordic American Tankers, Ltd. (Oil, Gas & Consumable Fuels)		363		1,474
Northeast Bank (Banks)		19		333
Northfield Bancorp, Inc. (Thrifts & Mortgage Finance)		111		1,279
Northrim BanCorp, Inc. (Banks)		16		402
Northwest Bancshares, Inc. (Thrifts & Mortgage Finance)		295		3,016

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Small-Cap :: 221

Common Stocks, continued

	Shares		Value
Northwest Natural Holding Co. (Gas Utilities)		77	$	4,296
Northwest Pipe Co.* (Construction & Engineering)		24		602
NorthWestern Corp. (Multi-Utilities)		128		6,979
Norwood Financial Corp. (Banks)		15		372
Novagold Resources, Inc.* (Metals & Mining)		598		5,489
Novanta, Inc.* (Electronic Equipment, Instruments & Components)		86		9,182
Novavax, Inc.* (Biotechnology)		147		12,252
NOW, Inc.* (Trading Companies & Distributors)		275		2,373
NuVasive, Inc.* (Health Care Equipment & Supplies)		129		7,180
NV5 Global, Inc.* (Construction & Engineering)		27		1,372
NVE Corp. (Semiconductors & Semiconductor Equipment)		12		742
Nymox Pharmaceutical Corp.* (Biotechnology)		99		351
Oak Valley BanCorp (Banks)		17		216
Oceaneering International, Inc.* (Energy Equipment & Services)		250		1,598
Oceanfirst Financial Corp. (Thrifts & Mortgage Finance)		146		2,574
Oconee Federal Financial Corp. (Thrifts & Mortgage Finance)		3		77
Ocular Therapeutix, Inc.* (Pharmaceuticals)		129		1,075
Odonate Therapeutics, Inc.* (Pharmaceuticals)		33		1,397
Office Depot, Inc. (Specialty Retail)		1,314		3,088
Office Properties Income Trust (Equity Real Estate Investment Trusts)		120		3,116
OFG Bancorp (Banks)		127		1,698
Ohio Valley Banc Corp. (Banks)		11		248
O-I Glass, Inc. (Containers & Packaging)		394		3,538
Oil States International, Inc.* (Energy Equipment & Services)		151		717
Oil-Dri Corp. of America (Household Products)		13		451
Old National Bancorp (Banks)		412		5,669
Old Second BanCorp, Inc. (Banks)		72		560
Olympic Steel, Inc. (Metals & Mining)		23		270
Omega Flex, Inc. (Machinery)		7		741
Omeros Corp.* (Pharmaceuticals)		132		1,943
Omnicell, Inc.* (Health Care Technology)		107		7,557
Oncocyte Corp.* (Biotechnology)		109		208
ONE Gas, Inc. (Gas Utilities)		132		10,171
One Liberty Properties, Inc. (Equity Real Estate Investment Trusts)		40		705
OneSpan, Inc.* (Software)		84		2,346
OneSpaWorld Holdings, Ltd. (Diversified Consumer Services)		114		544
Onewater Marine, Inc.* (Specialty Retail)		12		291
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment)		119		4,051
Ooma, Inc.* (Diversified Telecommunication Services)		52		857
OP BanCorp (Thrifts & Mortgage Finance)		31		214
OPKO Health, Inc.*(a) (Biotechnology)		1,000		3,410
Oportun Financial Corp.* (Consumer Finance)		49		659
Oppenheimer Holdings, Inc.—Class A (Capital Markets)		24		523
OptimizeRx Corp.* (Health Care Technology)		36		469
Optinose, Inc.* (Pharmaceuticals)		78		580
Option Care Health, Inc.* (Health Care Providers & Services)		85		1,180
OraSure Technologies, Inc.* (Health Care Equipment & Supplies)		157		1,826
ORBCOMM, Inc.* (Diversified Telecommunication Services)		186		716
Orchid Island Capital, Inc. (Mortgage Real Estate Investment Trusts)		167		787
Organogenesis Holdings, Inc.* (Biotechnology)		51		196
Orgenesis, Inc.* (Biotechnology)		45		274
ORIC Pharmaceuticals, Inc.* (Biotechnology)		22		742
Origin Bancorp, Inc. (Banks)		55		1,210
Orion Energy Systems, Inc.* (Electrical Equipment)		67		232
Orion Engineered Carbons SA (Chemicals)		152		1,610
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers)		101		6,413
Orrstown Financial Services, Inc. (Banks)		27		398
Orthofix Medical, Inc.* (Health Care Equipment & Supplies)		47		1,504
Orthopediatrics Corp.* (Health Care Equipment & Supplies)		30		1,313
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components)		43		3,210
Osmotica Pharmaceuticals PLC* (Pharmaceuticals)		30		202
Otter Tail Corp. (Electric Utilities)		101		3,918
Overseas Shipholding Group, Inc.*—Class A (Oil, Gas & Consumable Fuels)		166		309
Overstock.com, Inc.* (Internet & Direct Marketing Retail)		101		2,871
Ovid Therapeutics, Inc.* (Biotechnology)		108		796
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)		658		6,284
Owens & Minor, Inc. (Health Care Providers & Services)		157		1,196
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods)		41		1,804
Oyster Point Pharma, Inc.* (Biotechnology)		13		375
P.H. Glatfelter Co. (Paper & Forest Products)		110		1,766
Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services)		366		1,263
Pacific Premier Bancorp, Inc. (Banks)		212		4,596
Pacira BioSciences, Inc.* (Pharmaceuticals)		104		5,457
PAE, Inc.* (Aerospace & Defense)		149		1,424
Palomar Holdings, Inc.* (Insurance)		49		4,202
PAM Transportation Services, Inc.* (Road & Rail)		5		154
Pangaea Logistics Solutions, Ltd. (Marine)		27		68
Papa John's International, Inc. (Hotels, Restaurants & Leisure)		81		6,432
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels)		101		908
PAR Technology Corp.* (Electronic Equipment, Instruments & Components)		40		1,197
Paratek Pharmaceuticals, Inc.* (Pharmaceuticals)		103		538
Park Aerospace Corp. (Aerospace & Defense)		47		524
Park City Group, Inc.* (Software)		31		131
Park National Corp. (Banks)		36		2,534
Parke BanCorp, Inc. (Banks)		27		366
Park-Ohio Holdings Corp. (Machinery)		22		365
Parsons Corp.* (Aerospace & Defense)		57		2,066
Passage Bio, Inc.* (Biotechnology)		34		929
Patrick Industries, Inc. (Building Products)		56		3,430

See accompanying notes to financial statements.

222 :: ProFund VP Small-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
Patterson Cos., Inc. (Health Care Providers & Services)		213	$	4,686
Patterson-UTI Energy, Inc. (Energy Equipment & Services)		461		1,600
PAVmed, Inc.* (Health Care Equipment & Supplies)		90		190
Paysign, Inc.* (IT Services)		77		748
PBF Energy, Inc.–Class A (Oil, Gas & Consumable Fuels)		243		2,488
PC Connection, Inc. (Electronic Equipment, Instruments & Components)		28		1,298
PCB BanCorp (Banks)		31		319
PCSB Financial Corp. (Thrifts & Mortgage Finance)		37		469
PCTEL, Inc. (Communications Equipment)		44		294
PDC Energy, Inc.* (Oil, Gas & Consumable Fuels)		251		3,122
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment)		73		1,428
PDL BioPharma, Inc.* (Biotechnology)		286		832
PDL Community BanCorp* (Thrifts & Mortgage Finance)		19		193
Peabody Energy Corp. (Oil, Gas & Consumable Fuels)		158		455
Peapack Gladstone Financial Corp. (Banks)		46		862
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts)		327		4,467
Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure)		337		10,292
Penn Virginia Corp.* (Oil, Gas & Consumable Fuels)		34		324
Penns Woods BanCorp, Inc. (Banks)		17		386
Pennymac Financial Services, Inc. (Thrifts & Mortgage Finance)		117		4,889
PennyMac Mortgage Investment Trust (Mortgage Real Estate Investment Trusts)		249		4,365
Peoples BanCorp of North Carolina, Inc. (Banks)		11		194
Peoples Bancorp, Inc. (Banks)		46		979
Peoples Financial Services Corp. (Banks)		18		687
People's Utah Bancorp (Banks)		40		899
Perdoceo Education Corp.* (Diversified Consumer Services)		174		2,772
Perficient, Inc.* (IT Services)		82		2,934
Performance Food Group Co.* (Food & Staples Retailing)		329		9,587
Personalis, Inc.* (Life Sciences Tools & Services)		49		636
Perspecta, Inc. (IT Services)		350		8,131
Petiq, Inc.* (Health Care Providers & Services)		52		1,812
PetMed Express, Inc. (Internet & Direct Marketing Retail)		49		1,746
Pfenex, Inc.* (Biotechnology)		87		726
PFSweb, Inc.* (IT Services)		35		234
PGT Innovations, Inc.* (Building Products)		146		2,289
PhaseBio Pharmaceuticals, Inc.* (Biotechnology)		38		175
Phathom Pharmaceuticals, Inc.* (Pharmaceuticals)		27		889
Phibro Animal Health Corp.–Class A (Pharmaceuticals)		51		1,340
Photronics, Inc.* (Semiconductors & Semiconductor Equipment)		159		1,770
Phreesia, Inc.* (Health Care Technology)		72		2,036
Physicians Realty Trust (Equity Real Estate Investment Trusts)		511		8,953
PICO Holdings, Inc.* (Commercial Services & Supplies)		43		362
Piedmont Office Realty Trust, Inc.–Class A (Equity Real Estate Investment Trusts)		317		5,265
Pieris Pharmaceuticals, Inc.* (Biotechnology)		125		388
Ping Identity Holding Corp.* (Software)		40		1,284
Pioneer BanCorp, Inc.* (Thrifts & Mortgage Finance)		29		265
Piper Sandler Cos. (Capital Markets)		44		2,603
Pitney Bowes, Inc. (Commercial Services & Supplies)		436		1,134
Pixelworks, Inc.* (Semiconductors & Semiconductor Equipment)		95		307
PJT Partners, Inc.–Class A (Capital Markets)		59		3,029
Plantronics, Inc. (Communications Equipment)		84		1,233
Playags, Inc.* (Hotels, Restaurants & Leisure)		67		226
Plexus Corp.* (Electronic Equipment, Instruments & Components)		72		5,080
Plug Power, Inc.* (Electrical Equipment)		815		6,691
Plumas BanCorp (Banks)		12		265
Plymouth Industrial REIT, Inc. (Equity Real Estate Investment Trusts)		37		474
PNM Resources, Inc. (Electric Utilities)		200		7,688
PolyOne Corp. (Chemicals)		230		6,033
Portland General Electric Co. (Electric Utilities)		226		9,449
Portola Pharmaceuticals, Inc.* (Biotechnology)		197		3,544
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts)		165		6,275
Powell Industries, Inc. (Electrical Equipment)		23		630
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		74		8,742
Powerfleet, Inc.* (Electronic Equipment, Instruments & Components)		69		319
PQ Group Holdings, Inc.* (Chemicals)		97		1,284
PRA Group, Inc.* (Consumer Finance)		113		4,369
Precigen, Inc.*(a) (Biotechnology)		167		833
Precision BioSciences, Inc.* (Biotechnology)		115		958
Preferred Apartment Communities, Inc.–Class A (Equity Real Estate Investment Trusts)		120		912
Preferred Bank (Banks)		35		1,500
Preformed Line Products Co. (Electrical Equipment)		8		400
Premier Financial BanCorp, Inc. (Banks)		33		423
Premier Financial Corp. (Thrifts & Mortgage Finance)		93		1,643
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals)		127		4,770
Prevail Therapeutics, Inc.* (Biotechnology)		36		536
PriceSmart, Inc. (Food & Staples Retailing)		57		3,439
PrimeEnergy Resources Corp.* (Oil, Gas & Consumable Fuels)		1		71
Primo Water Corp. (Beverages)		393		5,404
Primoris Services Corp. (Construction & Engineering)		121		2,149
Principia BioPharma, Inc.* (Biotechnology)		74		4,424
Priority Technology Holdings, Inc.* (IT Services)		19		49
ProAssurance Corp. (Insurance)		135		1,953
Professional Holding Corp.*–Class A (Banks)		12		167
Progress Software Corp. (Software)		113		4,379

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Small-Cap :: 223

Common Stocks, continued

	Shares		Value
Progyny, Inc.* (Health Care Providers & Services)		66	$	1,703
ProPetro Holding Corp.* (Energy Equipment & Services)		202		1,038
PROS Holdings, Inc.* (Software)		99		4,399
ProSight Global, Inc.* (Insurance)		23		205
Protagonist Therapeutics, Inc.* (Biotechnology)		57		1,007
Protara Therapeutics, Inc.* (Biotechnology)		5		147
Protective Insurance Corp.–Class B (Insurance)		23		347
Prothena Corp. PLC* (Biotechnology)		77		805
Proto Labs, Inc.* (Machinery)		67		7,535
Provention Bio, Inc.* (Pharmaceuticals)		107		1,510
Provident BanCorp, Inc. (Thrifts & Mortgage Finance)		22		173
Provident Financial Holdings, Inc. (Thrifts & Mortgage Finance)		15		201
Provident Financial Services, Inc. (Thrifts & Mortgage Finance)		153		2,211
Prudential BanCorp, Inc. (Thrifts & Mortgage Finance)		22		265
PS Business Parks, Inc. (Equity Real Estate Investment Trusts)		51		6,752
PTC Therapeutics, Inc.* (Biotechnology)		155		7,865
Pulse Biosciences, Inc.* (Health Care Equipment & Supplies)		34		356
Puma Biotechnology, Inc.* (Biotechnology)		77		803
Pure Cycle Corp.* (Water Utilities)		49		450
Purple Innovation, Inc.* (Household Durables)		36		648
Pzena Investment Management, Inc.–Class A (Capital Markets)		43		234
Q2 Holdings, Inc.* (Software)		125		10,723
QAD, Inc. (Software)		29		1,197
QCR Holdings, Inc. (Banks)		37		1,154
QTS Realty Trust, Inc.–Class A (Equity Real Estate Investment Trusts)		151		9,678
Quad/Graphics, Inc. (Commercial Services & Supplies)		84		273
Quaker Chemical Corp. (Chemicals)		33		6,126
Qualys, Inc.* (Software)		86		8,945
Quanex Building Products Corp. (Building Products)		83		1,152
Quanterix Corp.* (Life Sciences Tools & Services)		48		1,315
Quantum Corp.* (Technology Hardware, Storage & Peripherals)		74		286
QuinStreet, Inc.* (Interactive Media & Services)		119		1,245
Quotient Technology, Inc.* (Internet & Direct Marketing Retail)		216		1,581
Quotient, Ltd.* (Health Care Equipment & Supplies)		152		1,125
R1 RCM, Inc.* (Health Care Providers & Services)		269		2,999
Radian Group, Inc. (Thrifts & Mortgage Finance)		481		7,461
Radiant Logistics, Inc.* (Air Freight & Logistics)		98		385
Radius Health, Inc.* (Biotechnology)		114		1,554
RadNet, Inc.* (Health Care Providers & Services)		108		1,714
Rafael Holdings, Inc.*–Class B (Real Estate Management & Development)		23		331
Rambus, Inc.* (Semiconductors & Semiconductor Equipment)		285		4,332
Range Resources Corp. (Oil, Gas & Consumable Fuels)		539		3,035
Ranpak Holdings Corp.* (Containers & Packaging)		73		543
Rapid7, Inc.* (Software)		127		6,480
RAPT Therapeutics, Inc.* (Biotechnology)		28		813
Raven Industries, Inc. (Industrial Conglomerates)		90		1,936
Rayonier Advanced Materials, Inc.* (Chemicals)		156		438
RBB BanCorp (Banks)		42		573
RBC Bearings, Inc.* (Machinery)		62		8,309
RCI Hospitality Holdings, Inc. (Hotels, Restaurants & Leisure)		22		305
Ready Capital Corp. (Mortgage Real Estate Investment Trusts)		92		799
Realogy Holdings Corp. (Real Estate Management & Development)		288		2,134
Recro Pharma, Inc. (Biotechnology)		49		223
Red River Bancshares, Inc. (Banks)		12		527
Red Robin Gourmet Burgers, Inc.* (Hotels, Restaurants & Leisure)		32		326
Red Rock Resorts, Inc.–Class A (Hotels, Restaurants & Leisure)		166		1,811
Red Violet, Inc.* (Professional Services)		16		282
Redfin Corp.* (Real Estate Management & Development)		241		10,099
Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts)		289		2,023
Regenxbio, Inc.* (Biotechnology)		86		3,167
Regional Management Corp.* (Consumer Finance)		21		372
Regis Corp.* (Diversified Consumer Services)		59		483
Reliant BanCorp, Inc. (Banks)		39		635
Relmada Therapeutics, Inc.* (Pharmaceuticals)		35		1,566
Renasant Corp. (Banks)		137		3,411
Renewable Energy Group, Inc.* (Oil, Gas & Consumable Fuels)		96		2,379
Rent-A-Center, Inc. (Specialty Retail)		122		3,394
Repay Holdings Corp.* (IT Services)		92		2,266
Replimune Group, Inc.* (Biotechnology)		43		1,069
Repro-Med Systems, Inc.* (Health Care Equipment & Supplies)		61		548
Republic Bancorp, Inc.–Class A (Banks)		24		785
Republic First BanCorp, Inc.* (Banks)		114		278
Research Frontiers, Inc.* (Electronic Equipment, Instruments & Components)		67		272
Resideo Technologies, Inc.* (Building Products)		312		3,657
Resonant, Inc.* (Communications Equipment)		125		291
Resources Connection, Inc. (Professional Services)		77		922
Retail Opportunity Investments Corp. (Equity Real Estate Investment Trusts)		287		3,252
Retail Properties of America, Inc. (Equity Real Estate Investment Trusts)		539		3,945
Retail Value, Inc. (Equity Real Estate Investment Trusts)		41		507
Retractable Technologies, Inc.* (Health Care Equipment & Supplies)		33		232
Retrophin, Inc.* (Biotechnology)		104		2,123
REV Group, Inc. (Machinery)		69		421
Revance Therapeutics, Inc.* (Pharmaceuticals)		143		3,492
Revlon, Inc.*–Class A (Personal Products)		17		168
REVOLUTION Medicines, Inc.* (Biotechnology)		37		1,168

See accompanying notes to financial statements.

224 :: ProFund VP Small-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
REX American Resources Corp.* (Oil, Gas & Consumable Fuels)		14	$	971
Rexnord Corp. (Machinery)		268		7,811
RGC Resources, Inc. (Gas Utilities)		19		459
RH* (Specialty Retail)		42		10,453
Rhythm Pharmaceuticals, Inc.* (Biotechnology)		85		1,896
Ribbon Communications, Inc.* (Communications Equipment)		171		672
Richmond Mutual BanCorp, Inc. (Banks)		31		348
Rigel Pharmaceuticals, Inc.* (Biotechnology)		427		781
Rimini Street, Inc.* (Software)		52		268
Rite Aid Corp.*(a) (Food & Staples Retailing)		138		2,354
Riverview BanCorp, Inc. (Thrifts & Mortgage Finance)		54		305
RLI Corp. (Insurance)		100		8,210
RLJ Lodging Trust (Equity Real Estate Investment Trusts)		413		3,899
Rocket Pharmaceuticals, Inc.* (Biotechnology)		86		1,800
Rockwell Medical, Inc.* (Health Care Equipment & Supplies)		172		335
Rocky Brands, Inc. (Textiles, Apparel & Luxury Goods)		17		350
Rogers Corp.* (Electronic Equipment, Instruments & Components)		47		5,856
Rosetta Stone, Inc.* (Entertainment)		59		995
RPC, Inc.* (Energy Equipment & Services)		145		447
RPT Realty (Equity Real Estate Investment Trusts)		203		1,413
RTI Surgical, Inc.* (Health Care Equipment & Supplies)		143		455
Rubius Therapeutics, Inc.* (Biotechnology)		90		538
Rush Enterprises, Inc.–Class A (Trading Companies & Distributors)		68		2,819
Rush Enterprises, Inc.–Class B (Trading Companies & Distributors)		11		392
Ruth's Hospitality Group, Inc. (Hotels, Restaurants & Leisure)		67		547
Ryerson Holding Corp.* (Metals & Mining)		40		225
Ryman Hospitality Properties, Inc.–Class I (Equity Real Estate Investment Trusts)		127		4,394
S&T Bancorp, Inc. (Banks)		97		2,275
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts)		517		7,460
Safe Bulkers, Inc.* (Marine)		130		159
Safeguard Scientifics, Inc. (Capital Markets)		49		343
Safehold, Inc. (Equity Real Estate Investment Trusts)		43		2,472
Safety Insurance Group, Inc. (Insurance)		37		2,822
Saga Communications, Inc.–Class A (Media)		10		256
Saia, Inc.* (Road & Rail)		66		7,338
SailPoint Technologies Holding, Inc.* (Software)		221		5,850
Salisbury BanCorp, Inc. (Banks)		6		246
Sally Beauty Holdings, Inc.* (Specialty Retail)		284		3,559
Sanderson Farms, Inc. (Food Products)		51		5,910
Sandy Spring Bancorp, Inc. (Banks)		116		2,874
Sangamo Therapeutics, Inc.* (Biotechnology)		290		2,598
Sanmina Corp.* (Electronic Equipment, Instruments & Components)		169		4,232
Sapiens International Corp. N.V. (Software)		64		1,791
Satsuma Pharmaceuticals, Inc.* (Pharmaceuticals)		23		661
Saul Centers, Inc. (Equity Real Estate Investment Trusts)		30		968
Savara, Inc.* (Biotechnology)		117		291
SB Financial Group, Inc. (Banks)		18		299
SB One BanCorp (Banks)		20		394
ScanSource, Inc.* (Electronic Equipment, Instruments & Components)		64		1,542
Schnitzer Steel Industries, Inc.–Class A (Metals & Mining)		65		1,147
Scholar Rock Holding Corp.* (Biotechnology)		57		1,038
Scholastic Corp. (Media)		73		2,186
Schrodinger, Inc.* (Health Care Technology)		35		3,205
Schweitzer-Mauduit International, Inc. (Paper & Forest Products)		78		2,606
Scientific Games Corp.*–Class A (Hotels, Restaurants & Leisure)		144		2,226
Scorpio Bulkers, Inc. (Marine)		14		214
Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels)		129		1,652
scPharmaceuticals, Inc.* (Pharmaceuticals)		14		103
Sculptor Capital Management, Inc. (Capital Markets)		46		595
SeaChange International, Inc.* (Software)		76		115
Seacoast Banking Corp.* (Banks)		130		2,652
SEACOR Holdings, Inc.* (Energy Equipment & Services)		48		1,359
SeaSpine Holdings Corp.* (Health Care Equipment & Supplies)		66		691
SeaWorld Entertainment, Inc.* (Hotels, Restaurants & Leisure)		128		1,896
SecureWorks Corp.*–Class A (Software)		22		251
Security National Financial Corp.*–Class A (Thrifts & Mortgage Finance)		23		155
Select BanCorp, Inc.* (Banks)		40		326
Select Energy Services, Inc.* (Energy Equipment & Services)		148		725
Select Medical Holdings Corp.* (Health Care Providers & Services)		273		4,021
Selecta Biosciences, Inc.* (Biotechnology)		171		486
Selective Insurance Group, Inc. (Insurance)		149		7,858
Semtech Corp.* (Semiconductors & Semiconductor Equipment)		162		8,460
Seneca Foods Corp.*–Class A (Food Products)		16		541
Sensient Technologies Corp. (Chemicals)		107		5,581
Seres Therapeutics, Inc.* (Biotechnology)		110		524
Seritage Growth Properties*–Class A (Equity Real Estate Investment Trusts)		86		980
Service Properties Trust (Equity Real Estate Investment Trusts)		412		2,921
ServiceSource International, Inc.* (IT Services)		218		344
ServisFirst Bancshares, Inc. (Banks)		122		4,363
SFL Corp., Ltd. (Oil, Gas & Consumable Fuels)		235		2,183
Shake Shack, Inc.*–Class A (Hotels, Restaurants & Leisure)		88		4,662
Sharps Compliance Corp.* (Health Care Providers & Services)		36		253
Shenandoah Telecommunications Co. (Wireless Telecommunication Services)		121		5,965
Shockwave Medical, Inc.* (Health Care Equipment & Supplies)		67		3,174
Shoe Carnival, Inc. (Specialty Retail)		23		673

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Small-Cap :: 225

Common Stocks, continued

	Shares		Value
Shore Bancshares, Inc. (Banks)		31	$	344
Shotspotter, Inc.* (Software)		20		504
Shutterstock, Inc. (Internet & Direct Marketing Retail)		49		1,714
SI-BONE, Inc.* (Health Care Equipment & Supplies)		64		1,020
Siebert Financial Corp.* (Capital Markets)		26		132
Sientra, Inc.* (Health Care Equipment & Supplies)		117		453
Sierra BanCorp (Banks)		35		661
SIGA Technologies, Inc.* (Pharmaceuticals)		136		804
Signet Jewelers, Ltd. (Specialty Retail)		131		1,345
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		109		10,930
Silk Road Medical, Inc.* (Health Care Equipment & Supplies)		80		3,351
Silvercrest Asset Management Group, Inc.–Class A (Capital Markets)		24		305
Silvergate Capital Corp.*–Class A (Banks)		39		546
Simmons First National Corp.–Class A (Banks)		272		4,654
Simply Good Foods Co.* (Food Products)		214		3,976
Simpson Manufacturing Co., Inc. (Building Products)		110		9,279
Simulations Plus, Inc. (Health Care Technology)		32		1,914
Sinclair Broadcast Group, Inc.–Class A (Media)		131		2,418
SITE Centers Corp. (Equity Real Estate Investment Trusts)		385		3,119
Siteone Landscape Supply, Inc.* (Trading Companies & Distributors)		105		11,966
SiTime Corp.* (Semiconductors & Semiconductor Equipment)		13		616
SJW Corp. (Water Utilities)		66		4,099
Skyline Corp.* (Household Durables)		137		3,335
SkyWest, Inc. (Airlines)		124		4,044
Sleep Number Corp.* (Specialty Retail)		68		2,832
SM Energy Co. (Oil, Gas & Consumable Fuels)		283		1,061
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		36		978
SmartFinancial, Inc. (Banks)		35		566
Smith & Wesson Brands, Inc.* (Leisure Products)		137		2,948
Smith Micro Software, Inc.* (Software)		84		375
Solaris Oilfield Infrastructure, Inc. (Energy Equipment & Services)		72		534
Soleno Therapeutics, Inc.* (Biotechnology)		84		186
Solid Biosciences, Inc.* (Biotechnology)		62		182
Soliton, Inc.* (Health Care Equipment & Supplies)		14		109
Sonic Automotive, Inc.–Class A (Specialty Retail)		60		1,915
Sonos, Inc.* (Household Durables)		200		2,926
Sorrento Therapeutics, Inc.* (Biotechnology)		441		2,769
South Jersey Industries, Inc. (Gas Utilities)		233		5,823
South Plains Financial, Inc. (Banks)		27		384
South State Corp. (Banks)		176		8,388
Southern First Bancshares, Inc.* (Banks)		18		499
Southern Missouri BanCorp, Inc. (Thrifts & Mortgage Finance)		19		462
Southern National BanCorp of Virginia, Inc. (Banks)		50		485
Southside Bancshares, Inc. (Banks)		80		2,218
Southwest Gas Holdings, Inc. (Gas Utilities)		139		9,598
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels)		1,367		3,500
SP Plus Corp.* (Commercial Services & Supplies)		58		1,201
Spark Energy, Inc.–Class A (Electric Utilities)		30		212
SpartanNash Co. (Food & Staples Retailing)		89		1,891
Spectrum Pharmaceuticals, Inc.* (Biotechnology)		290		980
Spero Therapeutics, Inc.* (Biotechnology)		36		487
Spire, Inc. (Gas Utilities)		126		8,279
Spirit Airlines, Inc.*(a) (Airlines)		217		3,863
Spirit of Texas Bancshares, Inc.* (Banks)		34		419
Spok Holdings, Inc. (Wireless Telecommunication Services)		44		411
Sportsman's Warehouse Holdings, Inc.* (Specialty Retail)		108		1,539
Springworks Therapeutics, Inc.* (Biotechnology)		53		2,226
Sprout Social, Inc.*–Class A (Software)		20		540
SPS Commerce, Inc.* (Software)		88		6,611
SPX Corp.* (Machinery)		108		4,444
SPX FLOW, Inc.* (Machinery)		107		4,006
STAAR Surgical Co.* (Health Care Equipment & Supplies)		113		6,954
STAG Industrial, Inc. (Equity Real Estate Investment Trusts)		377		11,053
Stamps.com, Inc.* (Internet & Direct Marketing Retail)		42		7,716
Standard AVB Financial Corp. (Thrifts & Mortgage Finance)		10		232
Standard Motor Products, Inc. (Auto Components)		53		2,184
Standex International Corp. (Machinery)		31		1,784
Startek, Inc.* (IT Services)		42		213
State Auto Financial Corp. (Insurance)		44		785
Steelcase, Inc.–Class A (Commercial Services & Supplies)		217		2,617
Stepan Co. (Chemicals)		54		5,243
Stereotaxis, Inc.* (Health Care Equipment & Supplies)		111		495
Sterling BanCorp, Inc. (Thrifts & Mortgage Finance)		41		147
Sterling Construction Co., Inc.* (Construction & Engineering)		70		733
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods)		207		5,111
Stewart Information Services Corp. (Insurance)		59		1,918
Stifel Financial Corp. (Capital Markets)		168		7,967
Stitch Fix, Inc.*(a) (Internet & Direct Marketing Retail)		141		3,518
Stock Yards Bancorp, Inc. (Banks)		51		2,050
Stoke Therapeutics, Inc.* (Biotechnology)		31		739
Stoneridge, Inc.* (Auto Components)		65		1,343
Strategic Education, Inc. (Diversified Consumer Services)		55		8,450
Stratus Properties, Inc.* (Real Estate Management & Development)		15		297
Strongbridge BioPharma PLC* (Pharmaceuticals)		89		336
Sturm, Ruger & Co., Inc. (Leisure Products)		42		3,192
Summit Financial Group, Inc. (Banks)		28		461

See accompanying notes to financial statements.

226 :: ProFund VP Small-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
Summit Hotel Properties, Inc. (Equity Real Estate Investment Trusts)		260	$	1,542
Summit Materials, Inc.*–Class A (Construction Materials)		296		4,760
SunCoke Energy, Inc. (Metals & Mining)		209		619
Sunnova Energy International, Inc.* (Independent Power and Renewable Electricity Producers)		81		1,383
SunPower Corp.* (Semiconductors & Semiconductor Equipment)		192		1,471
Sunrun, Inc.* (Electrical Equipment)		292		5,758
Sunstone Hotel Investors, Inc. (Equity Real Estate Investment Trusts)		541		4,409
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals)		112		3,179
Superior Group of Cos., Inc. (Textiles, Apparel & Luxury Goods)		27		362
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals)		123		2,921
Surgery Partners, Inc.* (Health Care Providers & Services)		57		659
Surmodics, Inc.* (Health Care Equipment & Supplies)		33		1,427
Sutro BioPharma, Inc.* (Biotechnology)		42		326
SVMK, Inc.* (Software)		300		7,062
SWK Holdings Corp.* (Diversified Financial Services)		9		108
Sykes Enterprises, Inc.* (IT Services)		98		2,711
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment)		86		5,170
Synchronoss Technologies, Inc.* (Software)		100		353
Syndax Pharmaceuticals, Inc.* (Biotechnology)		68		1,008
Syros Pharmaceuticals, Inc.* (Biotechnology)		104		1,109
Systemax, Inc. (Trading Companies & Distributors)		31		637
Tabula Rasa Healthcare, Inc.* (Health Care Technology)		51		2,791
Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies)		46		1,906
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels)		28		258
Tanger Factory Outlet Centers, Inc.(a) (Equity Real Estate Investment Trusts)		228		1,626
Target Hospitality Corp.* (Hotels, Restaurants & Leisure)		75		127
Taylor Morrison Home Corp.* (Household Durables)		317		6,115
TCR2 Therapeutics, Inc.* (Biotechnology)		41		630
Team, Inc.* (Commercial Services & Supplies)		75		418
TechTarget, Inc.* (Media)		59		1,772
TEGNA, Inc. (Media)		552		6,148
Tejon Ranch Co.* (Real Estate Management & Development)		53		763
Tela Bio, Inc.* (Health Care Equipment & Supplies)		14		181
Telenav, Inc.* (Software)		83		456
Tellurian, Inc.*(a) (Oil, Gas & Consumable Fuels)		367		422
Tenable Holdings, Inc.* (Software)		153		4,561
Tenet Healthcare Corp.* (Health Care Providers & Services)		263		4,763
Tennant Co. (Machinery)		46		2,990
Tenneco, Inc.* (Auto Components)		128		968
Terex Corp. (Machinery)		169		3,172
Terraform Power, Inc.–Class A (Independent Power and Renewable Electricity Producers)		221		4,075
Terreno Realty Corp. (Equity Real Estate Investment Trusts)		168		8,844
Territorial BanCorp, Inc. (Thrifts & Mortgage Finance)		20		476
Tetra Tech, Inc. (Commercial Services & Supplies)		136		10,759
Texas Capital Bancshares, Inc.* (Banks)		127		3,920
Texas Roadhouse, Inc.–Class A (Hotels, Restaurants & Leisure)		165		8,674
Textainer Group Holdings, Ltd.* (Trading Companies & Distributors)		134		1,096
TG Therapeutics, Inc.* (Biotechnology)		243		4,734
The Andersons, Inc. (Food & Staples Retailing)		78		1,073
The Bancorp, Inc.* (Banks)		130		1,274
The Bank of Nt Butterfield & Son, Ltd. (Banks)		131		3,195
The Bank of Princeton (Banks)		14		281
The Brink's Co. (Commercial Services & Supplies)		126		5,734
The Buckle, Inc. (Specialty Retail)		73		1,145
The Cato Corp.–Class A (Specialty Retail)		53		434
The Cheesecake Factory, Inc.(a) (Hotels, Restaurants & Leisure)		107		2,452
The Children's Place, Inc. (Specialty Retail)		36		1,347
The Community Financial Corp. (Banks)		13		317
The Container Store Group, Inc.* (Specialty Retail)		40		130
The E.W. Scripps Co.–Class A (Media)		141		1,234
The Eastern Co. (Machinery)		14		250
The Ensign Group, Inc. (Health Care Providers & Services)		129		5,399
The Exone Co.* (Machinery)		28		239
The First BanCorp (Banks)		25		543
The GEO Group, Inc. (Equity Real Estate Investment Trusts)		296		3,502
The Goodyear Tire & Rubber Co. (Auto Components)		581		5,197
The Greenbrier Cos., Inc. (Machinery)		81		1,843
The Hackett Group, Inc. (IT Services)		63		853
The Joint Corp.* (Health Care Providers & Services)		33		504
The Lovesac Co.* (Household Durables)		22		577
The Macerich Co. (Equity Real Estate Investment Trusts)		357		3,202
The Manitowoc Co., Inc.* (Machinery)		85		925
The Marcus Corp. (Entertainment)		56		743
The Meet Group, Inc.* (Interactive Media & Services)		173		1,080
The Michaels Cos., Inc.* (Specialty Retail)		187		1,322
The Pennant Group, Inc.* (Health Care Providers & Services)		65		1,469
The Providence Service Corp.* (Health Care Providers & Services)		30		2,367
The RealReal, Inc.* (Internet & Direct Marketing Retail)		157		2,008
The RMR Group, Inc.–Class A (Real Estate Management & Development)		38		1,120
The Shyft Group, Inc. (Machinery)		86		1,448

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Small-Cap :: 227

Common Stocks, continued

	Shares		Value
The St Joe Co.* (Real Estate Management & Development)		83	$	1,612
TherapeuticsMD, Inc.*(a) (Pharmaceuticals)		594		743
Theravance Biopharma, Inc.* (Pharmaceuticals)		116		2,435
Thermon Group Holdings, Inc.* (Electrical Equipment)		82		1,195
Third Point Reinsurance, Ltd.* (Insurance)		203		1,525
Tidewater, Inc.* (Energy Equipment & Services)		102		570
Tilly's, Inc.–Class A (Specialty Retail)		56		318
Timberland BanCorp, Inc. (Thrifts & Mortgage Finance)		19		346
TimkenSteel Corp.* (Metals & Mining)		113		440
Tiptree, Inc.–Class A (Insurance)		63		406
Titan Machinery, Inc.* (Trading Companies & Distributors)		48		521
Tivity Health, Inc.* (Health Care Providers & Services)		109		1,235
Tompkins Financial Corp. (Banks)		36		2,332
Tootsie Roll Industries, Inc.(a) (Food Products)		40		1,371
TopBuild Corp.* (Household Durables)		83		9,443
TowneBank (Banks)		168		3,165
TPG RE Finance Trust, Inc.–Class T (Mortgage Real Estate Investment Trusts)		151		1,299
TPI Composites, Inc.* (Electrical Equipment)		76		1,776
Transcat, Inc.* (Trading Companies & Distributors)		17		440
Transcontinental Realty Investors, Inc.* (Real Estate Management & Development)		3		90
Translate Bio, Inc.* (Biotechnology)		127		2,276
TransMedics Group, Inc.* (Health Care Equipment & Supplies)		50		896
Transocean, Ltd.* (Energy Equipment & Services)		1,471		2,691
Trecora Resources* (Chemicals)		61		382
Tredegar Corp. (Chemicals)		66		1,016
TRI Pointe Group, Inc.* (Household Durables)		326		4,789
Tribune Publishing Co. (Media)		39		390
Tricida, Inc.* (Pharmaceuticals)		71		1,951
TriCo Bancshares (Banks)		66		2,010
TriMas Corp.* (Machinery)		109		2,611
TriNet Group, Inc.* (Professional Services)		104		6,338
Trinseo SA (Chemicals)		96		2,127
Triple-S Management Corp.* (Health Care Providers & Services)		58		1,103
Tristate Capital Holdings, Inc.* (Banks)		69		1,084
Triton International, Ltd. (Trading Companies & Distributors)		128		3,871
Triumph Bancorp, Inc.* (Banks)		55		1,335
Triumph Group, Inc. (Aerospace & Defense)		130		1,171
Tronox Holdings PLC–Class A (Chemicals)		225		1,625
TrueBlue, Inc.* (Professional Services)		90		1,374
TrueCar, Inc.* (Interactive Media & Services)		266		686
Trupanion, Inc.* (Insurance)		75		3,202
TrustCo Bank Corp. (Thrifts & Mortgage Finance)		238		1,507
Trustmark Corp. (Banks)		158		3,874
TTEC Holdings, Inc. (IT Services)		46		2,142
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components)		251		2,977
Tucows, Inc.* (IT Services)		24		1,376
Tupperware Brands Corp.(a) (Household Durables)		123		584
Turning Point Brands, Inc. (Tobacco)		22		548
Turning Point Therapeutics, Inc.* (Biotechnology)		70		4,521
Turtle Beach Corp.* (Household Durables)		34		500
Tutor Perini Corp.* (Construction & Engineering)		103		1,255
Twin River Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)		46		1,025
Twist Bioscience Corp.* (Biotechnology)		75		3,398
Two Harbors Investment Corp. (Mortgage Real Estate Investment Trusts)		689		3,473
Tyme Technologies, Inc.* (Biotechnology)		165		219
U.S. Concrete, Inc.* (Construction Materials)		40		992
U.S. Ecology, Inc. (Commercial Services & Supplies)		78		2,643
U.S. Lime & Minerals, Inc. (Construction Materials)		5		422
U.S. Physical Therapy, Inc. (Health Care Providers & Services)		32		2,593
U.S. Silica Holdings, Inc. (Energy Equipment & Services)		185		668
UFP Industries, Inc. (Building Products)		150		7,426
UFP Technologies, Inc.* (Containers & Packaging)		17		749
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		100	��	2,263
Ultragenyx Pharmaceutical, Inc.* (Biotechnology)		143		11,185
Ultralife Corp.* (Electrical Equipment)		23		161
UMB Financial Corp. (Banks)		110		5,671
UMH Properties, Inc. (Equity Real Estate Investment Trusts)		92		1,190
Unifi, Inc.* (Textiles, Apparel & Luxury Goods)		35		451
UniFirst Corp. (Commercial Services & Supplies)		38		6,800
Unisys Corp.* (IT Services)		156		1,702
United Bankshares, Inc. (Banks)		311		8,601
United Community Banks, Inc. (Banks)		196		3,944
United Fire Group, Inc. (Insurance)		53		1,469
United Insurance Holdings Corp. (Insurance)		51		399
United Natural Foods, Inc.* (Food & Staples Retailing)		134		2,440
United Security Bancshares/Fresno CA (Banks)		34		227
United States Steel Corp.(a) (Metals & Mining)		551		3,978
Uniti Group, Inc. (Equity Real Estate Investment Trusts)		486		4,544
Unitil Corp. (Multi-Utilities)		37		1,658
Unity BanCorp, Inc. (Banks)		20		286
UNITY Biotechnology, Inc.* (Biotechnology)		83		720
Universal Corp. (Tobacco)		61		2,593
Universal Electronics, Inc.* (Household Durables)		34		1,592
Universal Health Realty Income Trust (Equity Real Estate Investment Trusts)		32		2,544
Universal Insurance Holdings, Inc. (Insurance)		71		1,260
Universal Logistics Holdings, Inc. (Road & Rail)		19		330
Universal Technical Institute, Inc.* (Diversified Consumer Services)		73		507
Univest Financial Corp. (Banks)		72		1,162
Upland Software, Inc.* (Software)		57		1,981
Upwork, Inc.* (Professional Services)		233		3,365
Uranium Energy Corp.* (Oil, Gas & Consumable Fuels)		457		401

See accompanying notes to financial statements.

228 :: ProFund VP Small-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
Urban Edge Properties (Equity Real Estate Investment Trusts)		292	$	3,466
Urban Outfitters, Inc.* (Specialty Retail)		173		2,633
Urogen Pharma, Ltd.* (Biotechnology)		49		1,280
Urstadt Biddle Properties, Inc.–Class A (Equity Real Estate Investment Trusts)		75		891
US Auto Parts Network, Inc.* (Internet & Direct Marketing Retail)		53		459
US Xpress Enterprises, Inc.*–Class A (Road & Rail)		56		336
USANA Health Sciences, Inc.* (Personal Products)		29		2,129
Utah Medical Products, Inc. (Health Care Equipment & Supplies)		9		798
Valley National Bancorp (Banks)		1,002		7,836
Value Line, Inc. (Capital Markets)		3		81
Vanda Pharmaceuticals, Inc.* (Biotechnology)		135		1,544
Vapotherm, Inc.* (Health Care Equipment & Supplies)		48		1,968
Varex Imaging Corp.* (Health Care Equipment & Supplies)		94		1,424
Varonis Systems, Inc.* (Software)		78		6,901
Vaxart, Inc.* (Biotechnology)		112		991
VBI Vaccines, Inc.* (Biotechnology)		432		1,339
Vector Group, Ltd. (Tobacco)		339		3,410
Vectrus, Inc.* (Aerospace & Defense)		29		1,425
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment)		122		1,646
Venus Concept, Inc.* (Health Care Equipment & Supplies)		46		161
Vera Bradley, Inc.* (Textiles, Apparel & Luxury Goods)		52		231
Veracyte, Inc.* (Biotechnology)		126		3,263
Verastem, Inc.* (Biotechnology)		411		707
Vericel Corp.* (Biotechnology)		113		1,562
Vericity, Inc. (Insurance)		5		53
Verint Systems, Inc.* (Software)		161		7,274
Veritex Holdings, Inc. (Banks)		121		2,142
Veritiv Corp.* (Trading Companies & Distributors)		32		543
Veritone, Inc.*(a) (Software)		58		862
Verra Mobility Corp.*–Class C (IT Services)		336		3,454
Verrica Pharmaceuticals, Inc.* (Pharmaceuticals)		31		341
Verso Corp.–Class A (Paper & Forest Products)		88		1,052
Veru, Inc.* (Personal Products)		125		418
Viad Corp. (Commercial Services & Supplies)		51		970
Viavi Solutions, Inc.* (Communications Equipment)		575		7,325
Vicor Corp.* (Electrical Equipment)		45		3,238
Viela Bio, Inc.* (Biotechnology)		50		2,166
Viemed Healthcare, Inc.* (Health Care Providers & Services)		86		826
ViewRay, Inc.* (Health Care Equipment & Supplies)		280		627
Viking Therapeutics, Inc.* (Biotechnology)		165		1,190
Village Super Market, Inc.–Class A (Food & Staples Retailing)		21		582
Vir Biotechnology, Inc.* (Biotechnology)		116		4,753
VirnetX Holding Corp. (Software)		159		1,034
Virtus Investment Partners, Inc. (Capital Markets)		19		2,210
Virtusa Corp.* (IT Services)		72		2,338
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components)		334		5,100
Vishay Precision Group, Inc.* (Electronic Equipment, Instruments & Components)		31		762
Vista Outdoor, Inc.* (Leisure Products)		147		2,124
Visteon Corp.* (Auto Components)		70		4,795
Vivint Smart Home, Inc.* (Diversified Consumer Services)		175		3,033
Vivint Solar, Inc.* (Electrical Equipment)		124		1,228
Vocera Communications, Inc.* (Health Care Technology)		80		1,696
VolitionRX, Ltd.* (Health Care Equipment & Supplies)		59		230
Vonage Holdings Corp.* (Diversified Telecommunication Services)		582		5,855
VOXX International Corp.* (Auto Components)		50		289
Voyager Therapeutics, Inc.* (Biotechnology)		65		820
VSE Corp. (Commercial Services & Supplies)		22		691
vTv Therapeutics, Inc.*–Class A (Biotechnology)		24		54
W&T Offshore, Inc.* (Oil, Gas & Consumable Fuels)		237		540
Wabash National Corp. (Machinery)		133		1,412
Waddell & Reed Financial, Inc.–Class A (Capital Markets)		162		2,513
Waitr Holdings, Inc.* (Internet & Direct Marketing Retail)		191		502
Walker & Dunlop, Inc. (Thrifts & Mortgage Finance)		71		3,608
Warrior Met Coal, Inc. (Metals & Mining)		129		1,985
Washington Federal, Inc. (Thrifts & Mortgage Finance)		190		5,100
Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts)		207		4,595
Washington Trust Bancorp, Inc. (Banks)		43		1,408
Waterstone Financial, Inc. (Thrifts & Mortgage Finance)		57		845
Watford Holdings, Ltd.* (Insurance)		43		718
Watts Water Technologies, Inc.–Class A (Machinery)		69		5,589
WaVe Life Sciences, Ltd.* (Pharmaceuticals)		52		541
WD-40 Co. (Household Products)		34		6,742
Weis Markets, Inc. (Food & Staples Retailing)		24		1,203
Welbilt, Inc.* (Machinery)		328		1,998
Werner Enterprises, Inc. (Road & Rail)		153		6,660
WesBanco, Inc. (Banks)		164		3,331
WESCO International, Inc.* (Trading Companies & Distributors)		124		4,353
West BanCorp, Inc. (Banks)		40		700
Westamerica Bancorp (Banks)		66		3,790
Western Asset Mortgage Capital Corp. (Mortgage Real Estate Investment Trusts)		131		359
Western New England BanCorp, Inc. (Thrifts & Mortgage Finance)		57		330
Westwood Holdings Group, Inc. (Capital Markets)		20		315
Weyco Group, Inc. (Distributors)		15		324
Whitestone REIT (Equity Real Estate Investment Trusts)		100		727
Whiting Petroleum Corp.* (Oil, Gas & Consumable Fuels)		226		255
WideOpenWest, Inc.* (Media)		132		696

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Small-Cap :: 229

Common Stocks, continued

	Shares		Value
Willdan Group, Inc.* (Professional Services)		26	$	650
Willis Lease Finance Corp.* (Trading Companies & Distributors)		7		170
Willscot Corp.* (Construction & Engineering)		403		4,953
Wingstop, Inc. (Hotels, Restaurants & Leisure)		75		10,423
Winmark Corp. (Specialty Retail)		7		1,199
Winnebago Industries, Inc. (Automobiles)		78		5,196
WisdomTree Investments, Inc. (Capital Markets)		365		1,267
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods)		201		4,786
Workhorse Group, Inc.*(a) (Auto Components)		159		2,765
Workiva, Inc.* (Software)		97		5,189
World Acceptance Corp.*(a) (Consumer Finance)		12		786
World Fuel Services Corp. (Oil, Gas & Consumable Fuels)		157		4,044
Worthington Industries, Inc. (Metals & Mining)		93		3,469
Wrap Technologies, Inc.* (Electronic Equipment, Instruments & Components)		29		304
Wright Medical Group N.V.* (Health Care Equipment & Supplies)		324		9,628
WSFS Financial Corp. (Thrifts & Mortgage Finance)		126		3,616
WW International, Inc.* (Diversified Consumer Services)		119		3,020
X4 Pharmaceuticals, Inc.* (Biotechnology)		40		373
Xbiotech, Inc.* (Biotechnology)		36		494
Xencor, Inc.* (Biotechnology)		139		4,502
Xenia Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts)		285		2,659
Xeris Pharmaceuticals, Inc.* (Pharmaceuticals)		94		250
XOMA Corp.* (Biotechnology)		15		296
XPEL, Inc.* (Auto Components)		42		657
Xperi Holding Corp. (Software)		270		3,985
Yelp, Inc.* (Interactive Media & Services)		176		4,071
YETI Holdings, Inc.* (Leisure Products)		187		7,992
Yext, Inc.* (Software)		254		4,219
Y-mAbs Therapeutics, Inc.* (Biotechnology)		75		3,240
York Water Co. (Water Utilities)		33		1,583
Zentalis Pharmaceuticals, Inc.* (Biotechnology)		26		1,249
ZIOPHARM Oncology, Inc.* (Biotechnology)		536		1,758
ZixCorp.* (Software)		137		945
Zogenix, Inc.* (Pharmaceuticals)		140		3,781
Zumiez, Inc.* (Specialty Retail)		53		1,451
Zuora, Inc.*–Class A (Software)		246		3,137
Zynex, Inc.* (Health Care Equipment & Supplies)		42		1,045
TOTAL COMMON STOCKS (Cost $3,903,931)				4,448,403

Preferred Stock^(NM)

WESCO International, Inc.–Series A (Trading Companies & Distributors)	1	18
TOTAL PREFERRED STOCK (Cost $18)		18

Trust (0.0%)

	Interest Units		Value
Ferroglobe Representation and Warranty Insurance*+ (Metals & Mining)		250	$	–
TOTAL TRUST (Cost $–)				–

Repurchase Agreements^(b)(c) (46.8%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $3,997,003	$	3,997,000	$	3,997,000
TOTAL REPURCHASE AGREEMENTS (Cost $3,997,000)				3,997,000

Collateral for Securities Loaned (0.8%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio–Institutional Shares, 0.18%(d)		10,388	$	10,388
Fidelity Investments Money Market Government Portfolio–Class I, 0.41%(d)		114		114
JPMorgan U.S. Government Money Market Fund–Capital Shares, 0.19%(d)		56,988		56,988
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $67,490)				67,490
TOTAL INVESTMENT SECURITIES (Cost $7,968,439)–99.8%				8,512,911
Net other assets (liabilities)–0.2%				20,576
NET ASSETS–100.0%			$	8,533,487

*	Non-income producing security.
+	This security was fair valued based on procedures approved by the Board of Trustees. As of June 30, 2020, this security represented less than 0.005% of the net assets of the Fund.
(a)	All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $64,183.
(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, 2020, the aggregate amount held in a segregated account was $657,000.
(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.
(d)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

See accompanying notes to financial statements.

230 :: 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		6	9/21/20	$	430,890	$	(7,869	)

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Russell 2000 Index	Goldman Sachs International	7/27/20		1.22	%	$	2,357,213	$	32,849
Russell 2000 Index	UBS AG	7/27/20		0.97	%		1,292,050		18,125
						$	3,649,263	$	50,974

⁽¹⁾   Reflects the floating financing rate, as of June 30, 2020, 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, 2020:

	Value		% of Net Assets
Aerospace & Defense	$	37,484		0.4	%
Air Freight & Logistics		15,317		0.2	%
Airlines		13,367		0.2	%
Auto Components		56,823		0.7	%
Automobiles		5,196		0.1	%
Banks		373,087		4.3	%
Beverages		12,956		0.2	%
Biotechnology		482,165		5.7	%
Building Products		68,078		0.8	%
Capital Markets		66,920		0.8	%
Chemicals		75,541		0.8	%
Commercial Services & Supplies		95,244		1.1	%
Communications Equipment		41,974		0.5	%
Construction & Engineering		58,659		0.7	%
Construction Materials		6,710		0.1	%
Consumer Finance		30,713		0.4	%
Containers & Packaging		9,004		0.1	%
Distributors		3,570		NM
Diversified Consumer Services		32,857		0.4	%
Diversified Financial Services		10,978		0.1	%
Diversified Telecommunication Services		36,290		0.4	%
Electric Utilities		41,242		0.5	%
Electrical Equipment		41,207		0.5	%
Electronic Equipment, Instruments & Components		104,917		1.2	%
Energy Equipment & Services		30,781		0.4	%
Entertainment		12,970		0.2	%
Equity Real Estate Investment Trusts		277,415		3.3	%
Food & Staples Retailing		38,931		0.5	%
Food Products		61,632		0.6	%
Gas Utilities		53,640		0.6	%
Health Care Equipment & Supplies		160,256		1.9	%
Health Care Providers & Services		102,989		1.2	%
Health Care Technology		47,140		0.6	%
Hotels, Restaurants & Leisure		121,019		1.4	%
Household Durables		92,810		1.1	%
Household Products		11,402		0.1	%
Independent Power and Renewable Electricity Producers		18,807		0.2	%
Industrial Conglomerates		1,936		NM
Insurance		103,511		1.2	%
Interactive Media & Services		17,614		0.2	%
Internet & Direct Marketing Retail		25,534		0.3	%
IT Services		92,392		1.1	%
Leisure Products		30,132		0.4	%
Life Sciences Tools & Services		28,588		0.3	%
Machinery		164,023		1.9	%
Marine		4,792		0.1	%
Media		38,017		0.4	%
Metals & Mining		64,708		0.8	%
Mortgage Real Estate Investment Trusts		60,165		0.7	%
Multiline Retail		10,049		0.1	%
Multi-Utilities		23,739		0.3	%
Oil, Gas & Consumable Fuels		69,202		0.8	%
Paper & Forest Products		22,830		0.3	%
Personal Products		16,947		0.2	%
Pharmaceuticals		94,578		1.1	%
Professional Services		59,452		0.7	%
Real Estate Management & Development		36,450		0.4	%
Road & Rail		25,596		0.3	%
Semiconductors & Semiconductor Equipment		125,834		1.5	%
Software		247,498		2.9	%
Specialty Retail		106,043		1.2	%
Technology Hardware, Storage & Peripherals		7,830		0.1	%
Textiles, Apparel & Luxury Goods		38,217		0.4	%
Thrifts & Mortgage Finance		81,490		1.0	%
Tobacco		6,551		0.1	%
Trading Companies & Distributors		62,025		0.7	%
Water Utilities		24,291		0.3	%
Wireless Telecommunication Services		8,296		0.1	%
Other**		4,085,066		47.8	%
Total	$	8,533,487		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 :: 231

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	7,968,439
Securities, at value(a)		4,515,911
Repurchase agreements, at value		3,997,000
Total Investment Securities, at value		8,512,911
Segregated cash balances for futures contracts with brokers		42,240
Segregated cash balances for swap agreements with custodian		938
Dividends and interest receivable		4,215
Unrealized appreciation on swap agreements		50,974
Receivable for capital shares issued		7,691
Receivable for investments sold		4,422
Variation margin on futures contracts		3,930
Prepaid expenses		161
TOTAL ASSETS		8,627,482
LIABILITIES:
Payable for investments purchased		3,566
Payable for capital shares redeemed		202
Cash overdraft		15
Payable for collateral for securities loaned		67,490
Advisory fees payable		3,702
Management services fees payable		493
Administration fees payable		659
Administrative services fees payable		4,226
Distribution fees payable		4,688
Transfer agency fees payable		537
Fund accounting fees payable		667
Compliance services fees payable		62
Other accrued expenses		7,688
TOTAL LIABILITIES		93,995
NET ASSETS	$	8,533,487
NET ASSETS CONSIST OF:
Capital	$	8,582,443
Total distributable earnings (loss)		(48,956	)
NET ASSETS	$	8,533,487
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		281,049
Net Asset Value (offering and redemption price per share)	$	30.36
(a) Includes securities on loan valued at:	$	64,183

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	32,661
Interest		20,227
Foreign tax withholding		(23	)
Income from securities lending		649
TOTAL INVESTMENT INCOME		53,514
EXPENSES:
Advisory fees		34,628
Management services fees		4,617
Administration fees		4,083
Transfer agency fees		3,247
Administrative services fees		10,313
Distribution fees		11,543
Custody fees		642
Fund accounting fees		3,974
Trustee fees		140
Compliance services fees		62
Licensing fees		5,280
Other fees		4,924
Total Gross Expenses before reductions		83,453
Expenses reduced and reimbursed by the Advisor		(5,885	)
TOTAL NET EXPENSES		77,568
NET INVESTMENT INCOME (LOSS)		(24,054	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		247,265
Net realized gains (losses) on futures contracts		(18,721	)
Net realized gains (losses) on swap agreements		(1,200,636	)
Change in net unrealized appreciation/depreciation on investment securities		(1,013,228	)
Change in net unrealized appreciation/depreciation on futures contracts		(15,278	)
Change in net unrealized appreciation/depreciation on swap agreements		50,795
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(1,949,803	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,973,857	)

See accompanying notes to financial statements.

232 :: ProFund VP Small-Cap :: Financial Statements

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(24,054	)	$	3,983
Net realized gains (losses) on investments		(972,092	)		1,315,694
Change in net unrealized appreciation/depreciation on investments		(977,711	)		988,613
Change in net assets resulting from operations		(1,973,857	)		2,308,290
CAPITAL TRANSACTIONS:
Proceeds from shares issued		7,709,750			18,202,042
Value of shares redeemed		(13,277,388	)		(14,737,883	)
Change in net assets resulting from capital transactions		(5,567,638	)		3,464,159
Change in net assets		(7,541,495	)		5,772,449
NET ASSETS:
Beginning of period		16,074,982			10,302,533
End of period	$	8,533,487		$	16,074,982
SHARE TRANSACTIONS:
Issued		277,321			546,273
Redeemed		(450,358	)		(451,947	)
Change in shares		(173,037	)		94,326

See accompanying notes to financial statements.

Financial Highlights :: ProFund VP Small-Cap :: 233

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	35.40		$	28.64		$	35.03		$	35.32		$	29.58		$	32.16
Investment Activities:
Net investment income (loss)(a)		(0.08	)		0.01			(0.04	)		(0.29	)		(0.29	)		(0.39	)
Net realized and unrealized gains (losses) on investments		(4.96	)		6.75			(3.99	)		4.63			6.03			(1.50	)
Total income (loss) from investment activities		(5.04	)		6.76			(4.03	)		4.34			5.74			(1.89	)
Distributions to Shareholders From:
Net realized gains on investments		–			–			(2.36	)		(4.63	)		–			(0.69	)
Net Asset Value, End of Period	$	30.36		$	35.40		$	28.64		$	35.03		$	35.32		$	29.58
Total Return(b)		(14.24	)%		23.60	%		(12.89	)%		12.43	%		19.44	%		(6.02	)%
Ratios to Average Net Assets:
Gross expenses(c)		1.81	%		1.74	%		1.76	%		1.72	%		1.76	%		1.79	%
Net expenses(c)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(c)		(0.52	)%		0.03	%		(0.10	)%		(0.81	)%		(0.94	)%		(1.22	)%
Supplemental Data:
Net assets, end of period (000's)	$	8,533		$	16,075		$	10,303		$	14,191		$	21,225		$	12,666
Portfolio turnover rate(b)(d)		20	%		22	%		18	%		12	%		14	%		57	%

(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.

234 :: ProFund VP Small-Cap Growth :: Financial Statements

Investment Objective: The ProFund VP Small-Cap Growth seeks investment results that, before fees and expenses, correspond to the performance of the S&P SmallCap 600^® Growth Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

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 investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Exponent, Inc.		1.2	%
Wingstop, Inc.		1.2	%
Agree Realty Corp.		1.0	%
Power Integrations, Inc.		1.0	%
NeoGenomics, Inc.		1.0	%

S&P SmallCap 600^® Growth

Index – Composition

	% of Index
Information Technology		21	%
Industrials		20	%
Consumer Discretionary		15	%
Health Care		14	%
Financials		10	%
Real Estate		7	%
Materials		4	%
Consumer Staples		3	%
Communication Services		3	%
Utilities		2	%
Energy		1	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (99.7%)

	Shares		Value
3D Systems Corp.* (Technology Hardware, Storage & Peripherals)		5,651	$	39,501
8x8, Inc.* (Software)		4,927		78,832
AAON, Inc. (Building Products)		1,930		104,780
Acadia Realty Trust (Equity Real Estate Investment Trusts)		2,251		29,218
Addus Homecare Corp.* (Health Care Providers & Services)		644		59,609
Advanced Energy Industries, Inc.* (Semiconductors & Semiconductor Equipment)		1,820		123,378
Aerojet Rocketdyne Holdings, Inc.* (Aerospace & Defense)		3,434		136,123
AeroVironment, Inc.* (Aerospace & Defense)		606		48,256
Agilysys, Inc.* (Software)		957		17,169
Agree Realty Corp. (Equity Real Estate Investment Trusts)		2,561		168,283
Alamo Group, Inc. (Machinery)		462		47,420
Alarm.com Holdings, Inc.* (Software)		2,016		130,657
Albany International Corp.—Class A (Machinery)		1,460		85,717
Alexander & Baldwin, Inc. (Equity Real Estate Investment Trusts)		1,389		16,932
Allegiant Travel Co. (Airlines)		623		68,038
American Assets Trust, Inc. (Equity Real Estate Investment Trusts)		1,370		38,141
American States Water Co. (Water Utilities)		1,754		137,917
American Vanguard Corp. (Chemicals)		669		9,205
American Woodmark Corp.* (Building Products)		740		55,981
America's Car-Mart, Inc.*(a) (Specialty Retail)		213		18,716
Ameris Bancorp (Banks)		1,397		32,955
AMERISAFE, Inc. (Insurance)		441		26,972
AMN Healthcare Services, Inc.* (Health Care Providers & Services)		1,206		54,559
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals)		818		18,372
ANI Pharmaceuticals, Inc.* (Pharmaceuticals)		451		14,585
Anika Therapeutics, Inc.* (Health Care Equipment & Supplies)		675		25,468
Apogee Enterprises, Inc. (Building Products)		625		14,400
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)		1,049		65,447
Arconic Corp.* (Metals & Mining)		2,280		31,760
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components)		1,890		4,876
Armada Hoffler Properties, Inc. (Equity Real Estate Investment Trusts)		1,181		11,751
ARMOUR Residential REIT, Inc. (Mortgage Real Estate Investment Trusts)		1,166		10,949
Asbury Automotive Group, Inc.* (Specialty Retail)		467		36,113
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		813		22,642
Axos Financial, Inc.*—Class I (Thrifts & Mortgage Finance)		1,629		35,968
Badger Meter, Inc. (Electronic Equipment, Instruments & Components)		872		54,866
Balchem Corp. (Chemicals)		1,537		145,800
Barnes Group, Inc. (Machinery)		1,398		55,305
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components)		883		19,073
BioTelemetry, Inc.* (Health Care Providers & Services)		1,623		73,344
Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure)		2,827		30,136
Blucora, Inc.* (Capital Markets)		1,274		14,549
Boot Barn Holdings, Inc.* (Specialty Retail)		1,369		29,516
Bottomline Technologies, Inc.* (Software)		1,046		53,105

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Small-Cap Growth :: 235

Common Stocks, continued

	Shares		Value
Brady Corp.—Class A (Commercial Services & Supplies)		1,565	$	73,273
Brandywine Realty Trust (Equity Real Estate Investment Trusts)		3,101		33,770
Brightsphere Investment Group, Inc. (Capital Markets)		1,807		22,515
Brookline Bancorp, Inc. (Banks)		1,651		16,642
Brooks Automation, Inc. (Semiconductors & Semiconductor Equipment)		3,506		155,105
Calavo Growers, Inc. (Food Products)		437		27,492
California Water Service Group (Water Utilities)		1,552		74,030
Callaway Golf Co. (Leisure Products)		4,474		78,340
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels)		10,004		11,505
Cardiovascular Systems, Inc.* (Health Care Equipment & Supplies)		1,677		52,909
Cardtronics PLC*—Class A (IT Services)		1,130		27,097
CareTrust REIT, Inc. (Equity Real Estate Investment Trusts)		2,230		38,267
Cavco Industries, Inc.* (Household Durables)		410		79,069
Central Pacific Financial Corp. (Banks)		708		11,349
Century Communities, Inc.* (Household Durables)		654		20,052
CEVA, Inc.* (Semiconductors & Semiconductor Equipment)		565		21,142
Chart Industries, Inc.* (Machinery)		987		47,860
Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure)		791		11,770
CIRCOR International, Inc.* (Machinery)		950		24,206
City Holding Co. (Banks)		460		29,978
Cleveland-Cliffs, Inc.(a) (Metals & Mining)		10,611		58,573
Coca-Cola Consolidated, Inc. (Beverages)		221		50,651
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services)		1,995		154,333
Coherus Biosciences, Inc.* (Biotechnology)		2,087		37,274
Cohu, Inc. (Semiconductors & Semiconductor Equipment)		892		15,467
Comfort Systems USA, Inc. (Construction & Engineering)		1,196		48,737
Community Bank System, Inc. (Banks)		1,412		80,513
Community Health Systems, Inc.* (Health Care Providers & Services)		5,688		17,121
Community Healthcare Trust, Inc. (Equity Real Estate Investment Trusts)		979		40,041
Comtech Telecommunications Corp. (Communications Equipment)		1,176		19,863
CONMED Corp. (Health Care Equipment & Supplies)		1,356		97,618
Corcept Therapeutics, Inc.* (Pharmaceuticals)		4,904		82,486
Core Laboratories N.V. (Energy Equipment & Services)		824		16,744
CorVel Corp.* (Health Care Providers & Services)		419		29,703
Crocs, Inc.* (Textiles, Apparel & Luxury Goods)		3,203		117,934
CryoLife, Inc.* (Health Care Equipment & Supplies)		987		18,921
CSG Systems International, Inc. (IT Services)		1,572		65,065
CTS Corp. (Electronic Equipment, Instruments & Components)		828		16,593
Cubic Corp. (Aerospace & Defense)		759		36,455
Cutera, Inc.* (Health Care Equipment & Supplies)		830		10,101
CVB Financial Corp. (Banks)		2,937		55,039
Cytokinetics, Inc.* (Biotechnology)		1,555		36,651
Dave & Buster's Entertainment, Inc.(a) (Hotels, Restaurants & Leisure)		1,284		17,116
Diebold Nixdorf, Inc.* (Technology Hardware, Storage & Peripherals)		3,684		22,325
Digi International, Inc.* (Communications Equipment)		1,376		16,030
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure)		781		32,880
Diodes, Inc.* (Semiconductors & Semiconductor Equipment)		1,983		100,538
DMC Global, Inc.(a) (Machinery)		701		19,348
Dorian LPG, Ltd.* (Oil, Gas & Consumable Fuels)		345		2,670
Dorman Products, Inc.* (Auto Components)		741		49,699
DSP Group, Inc.* (Semiconductors & Semiconductor Equipment)		519		8,242
Eagle Pharmaceuticals, Inc.* (Biotechnology)		481		23,078
Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts)		2,000		46,240
Ebix, Inc. (Software)		720		16,099
eHealth, Inc.* (Insurance)		1,217		119,558
El Paso Electric Co. (Electric Utilities)		1,123		75,241
El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure)		495		7,306
Emergent BioSolutions, Inc.* (Biotechnology)		1,292		102,171
Enanta Pharmaceuticals, Inc.* (Biotechnology)		770		38,662
Encore Wire Corp. (Electrical Equipment)		577		28,169
Enerpac Tool Group Corp.(a) (Machinery)		1,162		20,451
Enova International, Inc.* (Consumer Finance)		1,428		21,234
ePlus, Inc.* (Electronic Equipment, Instruments & Components)		295		20,851
ESCO Technologies, Inc. (Machinery)		1,238		104,647
Essential Properties Realty Trust, Inc. (Real Estate Management & Development)		4,374		64,911
EVERTEC, Inc. (IT Services)		2,836		79,692
ExlService Holdings, Inc.* (IT Services)		1,631		103,405
Exponent, Inc. (Professional Services)		2,451		198,360
Extreme Networks, Inc.* (Communications Equipment)		5,715		24,803
Fabrinet* (Electronic Equipment, Instruments & Components)		1,746		108,985
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components)		430		23,048
Federal Signal Corp. (Machinery)		2,864		85,147
First BanCorp (Banks)		4,874		27,246
First Commonwealth Financial Corp. (Banks)		2,612		21,627
Flagstar Bancorp, Inc. (Thrifts & Mortgage Finance)		954		28,076
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment)		3,621		106,204
Forrester Research, Inc.* (Professional Services)		285		9,131
Forward Air Corp. (Air Freight & Logistics)		1,330		66,261
Foundation Building Materials, Inc.* (Trading Companies & Distributors)		438		6,837
Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts)		1,973		48,141
Fox Factory Holding Corp.* (Auto Components)		1,948		160,924
Franklin Electric Co., Inc. (Machinery)		1,822		95,691
Gentherm, Inc.* (Auto Components)		744		28,942

See accompanying notes to financial statements.

236 :: ProFund VP Small-Cap Growth :: Financial Statements

Common Stocks, continued

	Shares		Value
Geospace Technologies Corp.* (Energy Equipment & Services)		649	$	4,880
Getty Realty Corp. (Equity Real Estate Investment Trusts)		866		25,703
Gibraltar Industries, Inc.* (Building Products)		1,094		52,523
Glaukos Corp.* (Health Care Equipment & Supplies)		1,893		72,729
Glu Mobile, Inc.* (Entertainment)		6,256		57,993
GMS, Inc.* (Trading Companies & Distributors)		1,107		27,221
Granite Point Mortgage Trust (Mortgage Real Estate Investment Trusts)		2,620		18,812
Greenhill & Co., Inc. (Capital Markets)		312		3,117
Griffon Corp. (Building Products)		2,051		37,985
H.B. Fuller Co. (Chemicals)		1,393		62,128
Hanger, Inc.* (Health Care Providers & Services)		1,797		29,758
Harmonic, Inc.* (Communications Equipment)		4,591		21,807
Harsco Corp.* (Machinery)		1,800		24,318
Haynes International, Inc. (Metals & Mining)		275		6,424
HealthStream, Inc.* (Health Care Technology)		793		17,549
Heartland Express, Inc. (Road & Rail)		1,036		21,570
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services)		6,774		23,506
Heska Corp.* (Health Care Equipment & Supplies)		205		19,100
Hibbett Sports, Inc.*(a) (Specialty Retail)		417		8,732
HMS Holdings Corp.* (Health Care Technology)		2,312		74,886
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment)		1,085		28,839
Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts)		2,566		29,483
Independent Bank Corp. (Banks)		1,018		68,298
Independent Bank Group, Inc. (Banks)		487		19,733
Innospec, Inc. (Chemicals)		1,168		90,228
Innovative Industrial Properties, Inc. (Equity Real Estate Investment Trusts)		885		77,898
Innoviva, Inc.* (Pharmaceuticals)		3,178		44,428
Inogen, Inc.* (Health Care Equipment & Supplies)		539		19,145
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components)		856		42,115
Installed Building Products, Inc.* (Household Durables)		1,006		69,193
Inter Parfums, Inc. (Personal Products)		839		40,398
Interface, Inc. (Commercial Services & Supplies)		1,806		14,701
Investors Real Estate Trust (Equity Real Estate Investment Trusts)		451		31,791
Iridium Communications, Inc.* (Diversified Telecommunication Services)		2,233		56,808
iRobot Corp.* (Household Durables)		583		48,914
Itron, Inc.* (Electronic Equipment, Instruments & Components)		1,699		112,560
J & J Snack Foods Corp. (Food Products)		710		90,262
James River Group Holdings, Ltd. (Insurance)		943		42,435
John B. Sanfilippo & Son, Inc. (Food Products)		425		36,265
John Bean Technologies Corp. (Machinery)		1,505		129,459
Kaiser Aluminum Corp. (Metals & Mining)		473		34,822
Kinsale Capital Group, Inc. (Insurance)		984		152,727
Knowles Corp.* (Electronic Equipment, Instruments & Components)		2,944		44,925
Koppers Holdings, Inc.* (Chemicals)		997		18,783
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment)		1,484		30,912
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies)		1,727		24,696
La-Z-Boy, Inc. (Household Durables)		1,050		28,413
LCI Industries (Auto Components)		1,195		137,401
Lemaitre Vascular, Inc. (Health Care Equipment & Supplies)		787		20,777
Lexington Realty Trust (Equity Real Estate Investment Trusts)		6,435		67,889
LGI Homes, Inc.* (Household Durables)		1,037		91,286
Lindsay Corp. (Machinery)		232		21,393
Liquidity Services, Inc.* (Internet & Direct Marketing Retail)		646		3,850
Lithia Motors, Inc.—Class A (Specialty Retail)		1,053		159,350
LivePerson, Inc.* (Software)		2,926		121,224
LTC Properties, Inc. (Equity Real Estate Investment Trusts)		988		37,218
M.D.C. Holdings, Inc. (Household Durables)		2,398		85,609
M/I Homes, Inc.* (Household Durables)		719		24,762
ManTech International Corp.—Class A (IT Services)		1,287		88,147
Marcus & Millichap, Inc.* (Real Estate Management & Development)		572		16,508
Marten Transport, Ltd. (Road & Rail)		1,074		27,022
Matador Resources Co.* (Oil, Gas & Consumable Fuels)		5,208		44,268
Materion Corp. (Metals & Mining)		540		33,205
MAX Holdings, Inc. (Real Estate Management & Development)		612		19,235
MaxLinear, Inc.*—Class A (Semiconductors & Semiconductor Equipment)		1,409		30,237
Medifast, Inc. (Personal Products)		561		77,850
Medpace Holdings* (Life Sciences Tools & Services)		1,278		118,880
Mercer International, Inc. (Paper & Forest Products)		1,011		8,250
Meritage Homes Corp.* (Household Durables)		958		72,923
Meritor, Inc.* (Machinery)		1,855		36,729
Mesa Laboratories, Inc. (Electronic Equipment, Instruments & Components)		118		25,582
Meta Financial Group, Inc. (Thrifts & Mortgage Finance)		1,513		27,491
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components)		1,216		38,012
MGP Ingredients, Inc. (Beverages)		276		10,131
MicroStrategy, Inc.*—Class A (Software)		206		24,368
Momenta Pharmaceuticals, Inc.* (Biotechnology)		3,414		113,585
Monarch Casino & Resort, Inc.* (Hotels, Restaurants & Leisure)		348		11,860
Monro, Inc. (Specialty Retail)		886		48,677
Moog, Inc.—Class A (Aerospace & Defense)		699		37,033
Mueller Industries, Inc. (Machinery)		1,781		47,339
MYR Group, Inc.* (Construction & Engineering)		373		11,902
National Bank Holdings Corp. (Banks)		1,046		28,242
National Beverage Corp.*(a) (Beverages)		266		16,231
National Storage Affiliates Trust (Equity Real Estate Investment Trusts)		1,681		48,177

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Small-Cap Growth :: 237

Common Stocks, continued

	Shares		Value
Natus Medical, Inc.* (Health Care Equipment & Supplies)		851	$	18,569
NBT Bancorp, Inc. (Banks)		1,057		32,513
Neenah, Inc. (Paper & Forest Products)		367		18,152
Neogen Corp.* (Health Care Equipment & Supplies)		1,610		124,937
NeoGenomics, Inc.* (Life Sciences Tools & Services)		5,220		161,715
Newpark Resources, Inc.* (Energy Equipment & Services)		2,178		4,857
Nexpoint Residential Trust, Inc. (Equity Real Estate Investment Trusts)		780		27,573
NextGen Healthcare, Inc.* (Health Care Technology)		1,255		13,780
NIC, Inc. (IT Services)		3,184		73,105
NMI Holdings, Inc.*—Class A (Thrifts & Mortgage Finance)		4,029		64,787
Northfield Bancorp, Inc. (Thrifts & Mortgage Finance)		968		11,151
Northwest Natural Holding Co. (Gas Utilities)		726		40,504
Omnicell, Inc.* (Health Care Technology)		1,276		90,111
OneSpan, Inc.* (Software)		1,553		43,375
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment)		1,244		42,346
Orthofix Medical, Inc.* (Health Care Equipment & Supplies)		401		12,832
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components)		797		59,488
Pacira BioSciences, Inc.* (Pharmaceuticals)		1,361		71,412
Palomar Holdings, Inc.* (Insurance)		841		72,124
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels)		1,843		16,569
Patrick Industries, Inc. (Building Products)		1,050		64,313
PC Connection, Inc. (Electronic Equipment, Instruments & Components)		219		10,153
PDC Energy, Inc.* (Oil, Gas & Consumable Fuels)		2,317		28,823
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment)		844		16,509
Penn Virginia Corp.* (Oil, Gas & Consumable Fuels)		641		6,109
PennyMac Mortgage Investment Trust (Mortgage Real Estate Investment Trusts)		4,747		83,214
Perdoceo Education Corp.* (Diversified Consumer Services)		1,444		23,003
Perficient, Inc.* (IT Services)		1,573		56,282
PetMed Express, Inc. (Internet & Direct Marketing Retail)		499		17,784
Piper Sandler Cos. (Capital Markets)		324		19,168
Plexus Corp.* (Electronic Equipment, Instruments & Components)		1,388		97,937
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		1,419		167,626
PRA Group, Inc.* (Consumer Finance)		1,018		39,356
Preferred Bank (Banks)		646		27,681
PriceSmart, Inc. (Food & Staples Retailing)		467		28,174
Progress Software Corp. (Software)		2,130		82,538
Proto Labs, Inc.* (Machinery)		810		91,101
QEP Resources, Inc. (Oil, Gas & Consumable Fuels)		5,412		6,981
QuinStreet, Inc.* (Interactive Media & Services)		2,222		23,242
R. R. Donnelley & Sons Co. (Commercial Services & Supplies)		3,389		4,033
RadNet, Inc.* (Health Care Providers & Services)		1,989		31,565
Rambus, Inc.* (Semiconductors & Semiconductor Equipment)		2,854		43,381
Raven Industries, Inc. (Industrial Conglomerates)		1,704		36,653
Regenxbio, Inc.* (Biotechnology)		1,505		55,429
Rent-A-Center, Inc. (Specialty Retail)		2,301		64,014
Retail Opportunity Investments Corp. (Equity Real Estate Investment Trusts)		3,042		34,466
Retail Properties of America, Inc. (Equity Real Estate Investment Trusts)		3,792		27,757
REX American Resources Corp.* (Oil, Gas & Consumable Fuels)		126		8,741
Ring Energy, Inc.* (Oil, Gas & Consumable Fuels)		2,843		3,298
Rogers Corp.* (Electronic Equipment, Instruments & Components)		887		110,521
Ruth's Hospitality Group, Inc. (Hotels, Restaurants & Leisure)		971		7,923
Safehold, Inc.(a) (Equity Real Estate Investment Trusts)		630		36,219
Safety Insurance Group, Inc. (Insurance)		331		25,242
Saia, Inc.* (Road & Rail)		1,240		137,863
Saul Centers, Inc. (Equity Real Estate Investment Trusts)		320		10,326
Schweitzer-Mauduit International, Inc. (Paper & Forest Products)		1,483		49,547
Seacoast Banking Corp.* (Banks)		1,428		29,131
SEACOR Holdings, Inc.* (Energy Equipment & Services)		454		12,857
Select Medical Holdings Corp.* (Health Care Providers & Services)		2,656		39,123
ServisFirst Bancshares, Inc. (Banks)		2,202		78,745
Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure)		1,670		88,477
Shenandoah Telecommunications Co. (Wireless Telecommunication Services)		1,248		61,514
Shutterstock, Inc. (Internet & Direct Marketing Retail)		914		31,963
Simpson Manufacturing Co., Inc. (Building Products)		1,880		158,596
Simulations Plus, Inc. (Health Care Technology)		583		34,875
SITE Centers Corp. (Equity Real Estate Investment Trusts)		1,840		14,904
Sleep Number Corp.* (Specialty Retail)		1,314		54,715
South Jersey Industries, Inc. (Gas Utilities)		2,901		72,496
Spectrum Pharmaceuticals, Inc.* (Biotechnology)		2,291		7,744
SPS Commerce, Inc.* (Software)		1,660		124,699
SPX Corp.* (Machinery)		2,119		87,197
SPX FLOW, Inc.* (Machinery)		2,027		75,891
Stamps.com, Inc.* (Internet & Direct Marketing Retail)		432		79,354
Stepan Co. (Chemicals)		523		50,783
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods)		3,637		89,798
Sunrun, Inc.* (Electrical Equipment)		2,416		47,644
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals)		1,399		33,226

See accompanying notes to financial statements.

238 :: ProFund VP Small-Cap Growth :: Financial Statements

Common Stocks, continued

	Shares		Value
Surmodics, Inc.* (Health Care Equipment & Supplies)		356	$	15,393
Sykes Enterprises, Inc.* (IT Services)		949		26,249
Tabula Rasa Healthcare, Inc.* (Health Care Technology)		380		20,797
Tactile Systems Technology, Inc.*(a) (Health Care Equipment & Supplies)		494		20,466
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels)		962		8,850
TechTarget, Inc.* (Media)		1,087		32,642
Tennant Co. (Machinery)		877		57,014
The Buckle, Inc. (Specialty Retail)		858		13,453
The E.W. Scripps Co.—Class A (Media)		1,226		10,728
The Ensign Group, Inc. (Health Care Providers & Services)		1,463		61,227
The Pennant Group, Inc.* (Health Care Providers & Services)		1,247		28,182
The St Joe Co.* (Real Estate Management & Development)		1,484		28,819
Tompkins Financial Corp. (Banks)		325		21,050
Tredegar Corp. (Chemicals)		684		10,534
Triumph Bancorp, Inc.* (Banks)		738		17,911
Triumph Group, Inc. (Aerospace & Defense)		2,464		22,201
TrustCo Bank Corp. (Thrifts & Mortgage Finance)		2,383		15,084
TTEC Holdings, Inc. (IT Services)		841		39,157
U.S. Ecology, Inc. (Commercial Services & Supplies)		582		19,718
U.S. Physical Therapy, Inc. (Health Care Providers & Services)		610		49,422
UFP Industries, Inc. (Building Products)		2,905		143,826
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		1,897		42,929
UniFirst Corp. (Commercial Services & Supplies)		725		129,739
United Community Banks, Inc. (Banks)		2,605		52,413
Universal Electronics, Inc.* (Household Durables)		662		30,995
Universal Health Realty Income Trust (Equity Real Estate Investment Trusts)		602		47,853
Urstadt Biddle Properties, Inc.—Class A (Equity Real Estate Investment Trusts)		898		10,668
Vanda Pharmaceuticals, Inc.* (Biotechnology)		1,469		16,805
Varex Imaging Corp.* (Health Care Equipment & Supplies)		1,115		16,892
Vector Group, Ltd. (Tobacco)		3,632		36,538
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment)		2,349		31,688
Veritex Holdings, Inc. (Banks)		1,089		19,275
Viad Corp. (Commercial Services & Supplies)		582		11,070
Viavi Solutions, Inc.* (Communications Equipment)		10,838		138,077
Vicor Corp.* (Electrical Equipment)		880		63,316
Virtus Investment Partners, Inc. (Capital Markets)		345		40,120
Virtusa Corp.* (IT Services)		1,432		46,497
Vonage Holdings Corp.* (Diversified Telecommunication Services)		4,934		49,636
Walker & Dunlop, Inc. (Thrifts & Mortgage Finance)		1,374		69,814
Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts)		1,878		41,692
Watts Water Technologies, Inc.—Class A (Machinery)		1,307		105,866
WD-40 Co.(a) (Household Products)		650		128,895
Westamerica Bancorp (Banks)		691		39,677
Wingstop, Inc. (Hotels, Restaurants & Leisure)		1,406		195,392
Winnebago Industries, Inc. (Automobiles)		1,602		106,725
Xencor, Inc.* (Biotechnology)		1,344		43,532
Xperi Holding Corp. (Software)		5,467		80,693
YETI Holdings, Inc.* (Leisure Products)		3,183		136,009
Zumiez, Inc.* (Specialty Retail)		955		26,148
Zynex, Inc.* (Health Care Equipment & Supplies)		726		18,056
TOTAL COMMON STOCKS (Cost $12,754,561)				16,600,576

Repurchase Agreements^(b) (0.3%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $50,000	$	50,000	$	50,000
TOTAL REPURCHASE AGREEMENTS (Cost $50,000)				50,000

Collateral for Securities Loaned (1.2%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(c)		31,568	$	31,568
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(c)		346		346
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(c)		173,176		173,176
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $205,090)				205,090
TOTAL INVESTMENT SECURITIES (Cost $13,009,651)—101.2%				16,855,666
Net other assets (liabilities)—(1.2)%				(206,867	)
NET ASSETS—100.0%			$	16,648,799

* Non-income producing security.

^(a) All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $200,694.

^(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) Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Small-Cap Growth :: 239

ProFund VP Small-Cap Growth invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Aerospace & Defense	$	280,068		1.7	%
Air Freight & Logistics		66,261		0.4	%
Airlines		68,038		0.4	%
Auto Components		376,966		2.3	%
Automobiles		106,725		0.6	%
Banks		710,018		4.3	%
Beverages		77,013		0.5	%
Biotechnology		474,931		2.9	%
Building Products		632,404		3.8	%
Capital Markets		99,469		0.6	%
Chemicals		387,461		2.3	%
Commercial Services & Supplies		252,534		1.5	%
Communications Equipment		220,580		1.3	%
Construction & Engineering		60,639		0.4	%
Consumer Finance		60,590		0.4	%
Diversified Consumer Services		23,003		0.1	%
Diversified Telecommunication Services		260,777		1.6	%
Electric Utilities		75,241		0.5	%
Electrical Equipment		139,129		0.8	%
Electronic Equipment, Instruments & Components		789,585		4.7	%
Energy Equipment & Services		62,844		0.4	%
Entertainment		57,993		0.3	%
Equity Real Estate Investment Trusts		1,040,401		6.2	%
Food & Staples Retailing		28,174		0.2	%
Food Products		154,019		0.9	%
Gas Utilities		113,000		0.7	%
Health Care Equipment & Supplies		588,609		3.5	%
Health Care Providers & Services		473,613		2.8	%
Health Care Technology		251,998		1.5	%
Hotels, Restaurants & Leisure		402,860		2.4	%
Household Durables		551,216		3.4	%
Household Products		128,895		0.8	%
Industrial Conglomerates		36,653		0.2	%
Insurance		439,058		2.6	%
Interactive Media & Services		23,242		0.1	%
Internet & Direct Marketing Retail		132,951		0.8	%
IT Services		604,696		3.6	%
Leisure Products		214,349		1.3	%
Life Sciences Tools & Services		280,595		1.7	%
Machinery		1,262,099		7.7	%
Media		43,370		0.3	%
Metals & Mining		164,784		1.0	%
Mortgage Real Estate Investment Trusts		112,975		0.7	%
Oil, Gas & Consumable Fuels		137,814		0.8	%
Paper & Forest Products		75,949		0.5	%
Personal Products		118,248		0.7	%
Pharmaceuticals		264,509		1.6	%
Professional Services		207,491		1.2	%
Real Estate Management & Development		129,473		0.8	%
Road & Rail		186,455		1.1	%
Semiconductors & Semiconductor Equipment		987,185		5.9	%
Software		772,759		4.6	%
Specialty Retail		459,434		2.8	%
Technology Hardware, Storage & Peripherals		61,826		0.4	%
Textiles, Apparel & Luxury Goods		207,732		1.2	%
Thrifts & Mortgage Finance		252,371		1.5	%
Tobacco		36,538		0.2	%
Trading Companies & Distributors		99,505		0.6	%
Water Utilities		211,947		1.2	%
Wireless Telecommunication Services		61,514		0.4	%
Other**		48,223		0.3	%
Total	$	16,648,799		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.

240 :: ProFund VP Small-Cap Growth :: Financial Statements

Statement of Assets and Liabilities (unaudited)

June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	13,009,651
Securities, at value(a)		16,805,666
Repurchase agreements, at value		50,000
Total Investment Securities, at value		16,855,666
Cash		28,950
Dividends and interest receivable		12,997
Receivable for capital shares issued		1,326
Receivable for investments sold		32,357
Prepaid expenses		942
TOTAL ASSETS		16,932,238
LIABILITIES:
Payable for investments purchased		42,928
Payable for capital shares redeemed		536
Payable for collateral for securities loaned		205,090
Advisory fees payable		9,730
Management services fees payable		1,297
Administration fees payable		1,368
Administrative services fees payable		4,635
Distribution fees payable		5,336
Trustee fees payable		6
Transfer agency fees payable		1,116
Fund accounting fees payable		842
Compliance services fees payable		114
Other accrued expenses		10,441
TOTAL LIABILITIES		283,439
NET ASSETS	$	16,648,799
NET ASSETS CONSIST OF:
Capital	$	11,594,281
Total distributable earnings (loss)		5,054,518
NET ASSETS	$	16,648,799
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		529,651
Net Asset Value (offering and redemption price per share)	$	31.43
(a)  Includes securities on loan valued at:	$	200,694

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	83,415
Interest		91
Foreign tax withholding		(1	)
Income from securities lending		1,299
TOTAL INVESTMENT INCOME		84,804
EXPENSES:
Advisory fees		57,345
Management services fees		7,646
Administration fees		7,083
Transfer agency fees		5,686
Administrative services fees		21,547
Distribution fees		19,115
Custody fees		1,484
Fund accounting fees		4,398
Trustee fees		226
Compliance services fees		114
Other fees		9,218
Total Gross Expenses before reductions		133,862
Expenses reduced and reimbursed by the Advisor		(5,409	)
TOTAL NET EXPENSES		128,453
NET INVESTMENT INCOME (LOSS)		(43,649	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		(535,540	)
Change in net unrealized appreciation/depreciation on investment securities		(1,289,527	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(1,825,067	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,868,716	)

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Small-Cap Growth :: 241

Statements of Changes in Net Assets  

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(43,649	)	$	(97,507	)
Net realized gains (losses) on investments		(535,540	)		2,756,016
Change in net unrealized appreciation/depreciation on investments		(1,289,527	)		397,217
Change in net assets resulting from operations		(1,868,716	)		3,055,726
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(2,319,685	)
Change in net assets resulting from distributions		—			(2,319,685	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		9,758,973			12,943,350
Distributions reinvested		—			2,319,685
Value of shares redeemed		(9,311,587	)		(17,113,775	)
Change in net assets resulting from capital transactions		447,386			(1,850,740	)
Change in net assets		(1,421,330	)		(1,114,699	)
NET ASSETS:
Beginning of period		18,070,129			19,184,828
End of period	$	16,648,799		$	18,070,129
SHARE TRANSACTIONS:
Issued		345,166			352,891
Reinvested		—			70,357
Redeemed		(319,614	)		(474,445	)
Change in shares		25,552			(51,197	)

See accompanying notes to financial statements.

242 :: ProFund VP Small-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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	35.85		$	34.55		$	39.34		$	37.88		$	33.35		$	37.45
Investment Activities:
Net investment income (loss)(a)		(0.09	)		(0.19	)		(0.32	)		(0.22	)		(0.15	)		(0.17	)
Net realized and unrealized gains (losses) on investments		(4.33	)		6.37			(1.42	)		5.07			6.74			0.69
Total income (loss) from investment activities		(4.42	)		6.18			(1.74	)		4.85			6.59			0.52
Distributions to Shareholders From:
Net realized gains on investments		—			(4.88	)		(3.05	)		(3.39	)		(2.06	)		(4.62	)
Net Asset Value, End of Period	$	31.43		$	35.85		$	34.55		$	39.34		$	37.88		$	33.35
Total Return(b)		(12.33	)%		19.12	%		(5.75	)%		12.97	%		20.23	%		1.17	%
Ratios to Average Net Assets:
Gross expenses(c)		1.75	%		1.73	%		1.69	%		1.68	%		1.68	%		1.70	%
Net expenses(c)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(c)		(0.57	)%		(0.51	)%		(0.78	)%		(0.56	)%		(0.45	)%		(0.48	)%
Supplemental Data:
Net assets, end of period (000's)	$	16,649		$	18,070		$	19,185		$	25,788		$	30,053		$	27,617
Portfolio turnover rate(b)(d)		58	%		108	%		155	%		134	%		220	%		201	%

^(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 Small-Cap Value :: 243

Investment Objective: The ProFund VP Small-Cap Value seeks investment results that, before fees and expenses, correspond to the performance of the S&P SmallCap 600^® Value Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

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 investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Merit Medical Systems, Inc.		0.9	%
Avista Corp.		0.8	%
ABM Industries, Inc.		0.8	%
Quaker Chemical Corp.		0.8	%
Integer Holdings Corp.		0.8	%

S&P SmallCap 600^® Value Index – Composition

	% of Index
Financials		22	%
Industrials		16	%
Consumer Discretionary		14	%
Health Care		12	%
Real Estate		10	%
Information Technology		6	%
Materials		6	%
Energy		5	%
Consumer Staples		4	%
Communication Services		3	%
Utilities		2	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (100.2%)

	Shares		Value
AAR Corp. (Aerospace & Defense)		1,357	$	28,049
Abercrombie & Fitch Co.—Class A (Specialty Retail)		2,534		26,962
ABM Industries, Inc. (Commercial Services & Supplies)		2,740		99,461
Acadia Realty Trust (Equity Real Estate Investment Trusts)		1,593		20,677
ADTRAN, Inc. (Communications Equipment)		1,973		21,565
AdvanSix, Inc.* (Chemicals)		1,152		13,524
Aegion Corp.* (Construction & Engineering)		1,262		20,028
AeroVironment, Inc.* (Aerospace & Defense)		365		29,065
Alexander & Baldwin, Inc. (Equity Real Estate Investment Trusts)		1,593		19,419
Allegiance Bancshares, Inc. (Banks)		773		19,626
Allscripts Healthcare Solutions, Inc.* (Health Care Technology)		6,686		45,264
AMAG Pharmaceuticals, Inc.*(a) (Biotechnology)		1,409		10,779
Ambac Financial Group, Inc.* (Insurance)		1,882		26,950
American Assets Trust, Inc. (Equity Real Estate Investment Trusts)		790		21,994
American Axle & Manufacturing Holdings, Inc.* (Auto Components)		4,651		35,348
American Equity Investment Life Holding Co. (Insurance)		3,765		93,033
American Public Education, Inc.* (Diversified Consumer Services)		607		17,967
American Vanguard Corp. (Chemicals)		513		7,059
America's Car-Mart, Inc.*(a) (Specialty Retail)		72		6,327
Ameris Bancorp (Banks)		1,476		34,819
AMERISAFE, Inc. (Insurance)		413		25,259
AMN Healthcare Services, Inc.* (Health Care Providers & Services)		889		40,218
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals)		680		15,273
AngioDynamics, Inc.* (Health Care Equipment & Supplies)		1,551		15,774
Apogee Enterprises, Inc. (Building Products)		542		12,488
Apollo Commercial Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts)		5,884		57,722
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)		684		42,675
Applied Optoelectronics, Inc.*(a) (Communications Equipment)		794		8,631
ArcBest Corp. (Road & Rail)		1,040		27,570
Archrock, Inc. (Energy Equipment & Services)		5,283		34,287
Arconic Corp.* (Metals & Mining)		1,974		27,498
Arcosa, Inc. (Construction & Engineering)		1,983		83,683
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components)		1,572		4,056
Armada Hoffler Properties, Inc. (Equity Real Estate Investment Trusts)		1,301		12,945
ARMOUR Residential REIT, Inc. (Mortgage Real Estate Investment Trusts)		1,647		15,465
Asbury Automotive Group, Inc.* (Specialty Retail)		389		30,081
Astec Industries, Inc. (Machinery)		929		43,022
Atlas Air Worldwide Holdings, Inc.* (Air Freight & Logistics)		1,074		46,214
ATN International, Inc. (Diversified Telecommunication Services)		447		27,075
Avista Corp. (Multi-Utilities)		2,768		100,728
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		650		18,103
Axos Financial, Inc.*—Class I (Thrifts & Mortgage Finance)		725		16,008

See accompanying notes to financial statements.

244 :: ProFund VP Small-Cap Value :: Financial Statements

Common Stocks, continued

	Shares		Value
AZZ, Inc. (Electrical Equipment)		1,076	$	36,928
B&G Foods, Inc.(a)—Class A (Food Products)		2,637		64,291
Badger Meter, Inc. (Electronic Equipment, Instruments & Components)		443		27,874
Banc of California, Inc. (Banks)		1,818		19,689
Banner Corp. (Banks)		1,446		54,948
Barnes & Noble Education, Inc.* (Specialty Retail)		1,587		2,539
Barnes Group, Inc. (Machinery)		741		29,314
Bed Bath & Beyond, Inc. (Specialty Retail)		5,206		55,183
Bel Fuse, Inc.—Class B (Electronic Equipment, Instruments & Components)		416		4,464
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components)		733		15,833
Berkshire Hills Bancorp, Inc. (Banks)		1,775		19,561
Big Lots, Inc. (Multiline Retail)		1,613		67,746
BJ's Restaurants, Inc. (Hotels, Restaurants & Leisure)		915		19,160
Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure)		1,152		12,280
Blucora, Inc.* (Capital Markets)		866		9,890
Boise Cascade Co. (Paper & Forest Products)		1,612		60,627
Bonanza Creek Energy, Inc.* (Oil, Gas & Consumable Fuels)		769		11,397
Boston Private Financial Holdings, Inc. (Banks)		3,364		23,144
Bottomline Technologies, Inc.* (Software)		656		33,305
Brady Corp.—Class A (Commercial Services & Supplies)		637		29,824
Brandywine Realty Trust (Equity Real Estate Investment Trusts)		4,316		47,001
Brightsphere Investment Group, Inc. (Capital Markets)		1,000		12,460
Brinker International, Inc. (Hotels, Restaurants & Leisure)		1,842		44,209
Bristow Group, Inc.* (Energy Equipment & Services)		274		3,817
Brookline Bancorp, Inc. (Banks)		1,817		18,315
Cadence Bancorp (Banks)		5,180		45,895
CalAmp Corp.* (Communications Equipment)		1,412		11,310
Calavo Growers, Inc. (Food Products)		297		18,684
Caleres, Inc. (Specialty Retail)		1,655		13,803
California Water Service Group (Water Utilities)		662		31,577
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels)		7,673		8,824
Cal-Maine Foods, Inc.* (Food Products)		1,246		55,422
Capri Holdings, Ltd.* (Textiles, Apparel & Luxury Goods)		6,143		96,015
Capstead Mortgage Corp. (Mortgage Real Estate Investment Trusts)		3,964		21,762
Cardtronics PLC*—Class A (IT Services)		503		12,062
CareTrust REIT, Inc. (Equity Real Estate Investment Trusts)		2,007		34,440
Cedar Realty Trust, Inc. (Equity Real Estate Investment Trusts)		3,550		3,515
Central Garden & Pet Co.* (Household Products)		395		14,216
Central Garden & Pet Co.*—Class A (Household Products)		1,612		54,470
Central Pacific Financial Corp. (Banks)		544		8,720
Century Aluminum Co.* (Metals & Mining)		2,060		14,688
Century Communities, Inc.* (Household Durables)		613		18,795
CEVA, Inc.* (Semiconductors & Semiconductor Equipment)		416		15,567
Chart Industries, Inc.* (Machinery)		594		28,803
Chatham Lodging Trust (Equity Real Estate Investment Trusts)		1,931		11,818
Chefs' Warehouse, Inc.*(a) (Food & Staples Retailing)		1,272		17,274
Chico's FAS, Inc. (Specialty Retail)		4,949		6,830
Cincinnati Bell, Inc.* (Diversified Telecommunication Services)		2,080		30,888
City Holding Co. (Banks)		266		17,335
Clearwater Paper Corp.* (Paper & Forest Products)		681		24,605
Cleveland-Cliffs, Inc.(a) (Metals & Mining)		7,213		39,816
Coherus Biosciences, Inc.* (Biotechnology)		702		12,538
Cohu, Inc. (Semiconductors & Semiconductor Equipment)		944		16,369
Columbia Banking System, Inc. (Banks)		2,944		83,448
Comfort Systems USA, Inc. (Construction & Engineering)		465		18,949
Community Bank System, Inc. (Banks)		921		52,515
Computer Programs & Systems, Inc. (Health Care Technology)		519		11,828
Conn's, Inc.* (Specialty Retail)		787		7,941
CONSOL Energy, Inc.* (Oil, Gas & Consumable Fuels)		1,070		5,425
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services)		3,003		20,330
Cooper Tire & Rubber Co. (Auto Components)		2,068		57,097
Cooper-Standard Holding, Inc.* (Auto Components)		694		9,196
Core Laboratories N.V. (Energy Equipment & Services)		1,115		22,657
Core-Mark Holding Co., Inc. (Distributors)		1,855		46,292
Covetrus, Inc.* (Health Care Providers & Services)		4,007		71,685
Cross Country Healthcare, Inc.* (Health Care Providers & Services)		1,541		9,493
CryoLife, Inc.* (Health Care Equipment & Supplies)		699		13,400
CTS Corp. (Electronic Equipment, Instruments & Components)		610		12,224
Cubic Corp. (Aerospace & Defense)		630		30,259
Customers Bancorp, Inc.* (Banks)		1,190		14,304
CVB Financial Corp. (Banks)		2,753		51,591
Cytokinetics, Inc.* (Biotechnology)		1,101		25,951
Daktronics, Inc. (Electronic Equipment, Instruments & Components)		1,537		6,686
Dave & Buster's Entertainment, Inc.(a) (Hotels, Restaurants & Leisure)		838		11,171
Denbury Resources, Inc.* (Oil, Gas & Consumable Fuels)		20,829		5,751
Designer Brands, Inc. (Specialty Retail)		2,234		15,124
DiamondRock Hospitality Co. (Equity Real Estate Investment Trusts)		8,194		45,313
Dime Community Bancshares, Inc. (Thrifts & Mortgage Finance)		1,179		16,188

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Small-Cap Value :: 245

Common Stocks, continued

	Shares		Value
Diversified Healthcare Trust (Equity Real Estate Investment Trusts)		9,783	$	43,290
Donnelley Financial Solutions, Inc.* (Capital Markets)		1,263		10,609
Dorian LPG, Ltd.* (Oil, Gas & Consumable Fuels)		809		6,262
Dorman Products, Inc.* (Auto Components)		547		36,687
Dril-Quip, Inc.* (Energy Equipment & Services)		1,442		42,956
DSP Group, Inc.* (Semiconductors & Semiconductor Equipment)		506		8,035
DXP Enterprises, Inc.* (Trading Companies & Distributors)		663		13,200
Eagle Bancorp, Inc. (Banks)		1,324		43,361
Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts)		1,359		31,420
Ebix, Inc. (Software)		293		6,551
Echo Global Logistics, Inc.* (Air Freight & Logistics)		1,095		23,674
El Paso Electric Co. (Electric Utilities)		704		47,168
El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure)		380		5,609
Emergent BioSolutions, Inc.* (Biotechnology)		715		56,542
Employers Holdings, Inc. (Insurance)		1,249		37,657
Encore Capital Group, Inc.* (Consumer Finance)		1,144		39,102
Encore Wire Corp. (Electrical Equipment)		347		16,941
Endo International PLC* (Pharmaceuticals)		8,407		28,836
Enerpac Tool Group Corp. (Machinery)		1,182		20,803
EnPro Industries, Inc. (Machinery)		844		41,601
ePlus, Inc.* (Electronic Equipment, Instruments & Components)		300		21,204
Ethan Allen Interiors, Inc. (Household Durables)		949		11,227
Express, Inc.* (Specialty Retail)		2,649		4,079
Exterran Corp.* (Energy Equipment & Services)		1,145		6,172
EZCORP, Inc.*—Class A (Consumer Finance)		2,142		13,495
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components)		358		19,189
Ferro Corp.* (Chemicals)		3,382		40,381
Fiesta Restaurant Group, Inc.* (Hotels, Restaurants & Leisure)		832		5,308
First BanCorp (Banks)		4,755		26,580
First Commonwealth Financial Corp. (Banks)		1,776		14,705
First Financial Bancorp (Banks)		4,029		55,963
First Midwest Bancorp, Inc. (Banks)		4,698		62,718
Flagstar Bancorp, Inc. (Thrifts & Mortgage Finance)		598		17,599
Forrester Research, Inc.* (Professional Services)		194		6,216
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods)		1,912		8,891
Foundation Building Materials, Inc.* (Trading Companies & Distributors)		350		5,464
Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts)		1,185		28,914
Franklin Financial Network, Inc. (Banks)		558		14,369
Franklin Street Properties Corp. (Equity Real Estate Investment Trusts)		4,412		22,457
Fresh Del Monte Produce, Inc. (Food Products)		1,237		30,455
FutureFuel Corp. (Chemicals)		1,062		12,691
GameStop Corp.*(a)—Class A (Specialty Retail)		2,663		11,557
Gannett Co., Inc.* (Media)		5,431		7,495
Garrett Motion, Inc.* (Auto Components)		3,107		17,213
GCP Applied Technologies, Inc.* (Chemicals)		2,220		41,248
Genesco, Inc.* (Specialty Retail)		574		12,433
Gentherm, Inc.* (Auto Components)		697		27,113
Getty Realty Corp. (Equity Real Estate Investment Trusts)		664		19,708
Gibraltar Industries, Inc.* (Building Products)		386		18,532
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods)		1,779		23,643
Global Net Lease, Inc. (Equity Real Estate Investment Trusts)		3,679		61,549
GMS, Inc.* (Trading Companies & Distributors)		783		19,254
Granite Construction, Inc. (Construction & Engineering)		1,923		36,806
Great Western Bancorp, Inc. (Banks)		2,263		31,139
Green Dot Corp.*—Class A (Consumer Finance)		2,004		98,357
Green Plains, Inc.* (Oil, Gas & Consumable Fuels)		1,372		14,015
Greenhill & Co., Inc. (Capital Markets)		331		3,307
Group 1 Automotive, Inc. (Specialty Retail)		703		46,377
Guess?, Inc. (Specialty Retail)		1,808		17,483
Gulfport Energy Corp.* (Oil, Gas & Consumable Fuels)		5,982		6,520
H.B. Fuller Co. (Chemicals)		909		40,541
Hanmi Financial Corp. (Banks)		1,259		12,225
Harsco Corp.* (Machinery)		1,687		22,791
Haverty Furniture Cos., Inc. (Specialty Retail)		710		11,360
Hawaiian Holdings, Inc. (Airlines)		1,890		26,536
Hawkins, Inc. (Chemicals)		388		16,521
Haynes International, Inc. (Metals & Mining)		279		6,517
HCI Group, Inc. (Insurance)		260		12,007
HealthStream, Inc.* (Health Care Technology)		354		7,834
Heartland Express, Inc. (Road & Rail)		1,010		21,028
Heidrick & Struggles International, Inc. (Professional Services)		792		17,123
Helmerich & Payne, Inc. (Energy Equipment & Services)		4,418		86,194
Heritage Financial Corp. (Banks)		1,476		29,520
Hersha Hospitality Trust (Equity Real Estate Investment Trusts)		1,481		8,531
Heska Corp.* (Health Care Equipment & Supplies)		171		15,932
Hibbett Sports, Inc.*(a) (Specialty Retail)		319		6,680
Hillenbrand, Inc. (Machinery)		3,073		83,187
HMS Holdings Corp.* (Health Care Technology)		1,637		53,023
HomeStreet, Inc. (Thrifts & Mortgage Finance)		962		23,675
Hope Bancorp, Inc. (Banks)		5,067		46,718
Horace Mann Educators Corp. (Insurance)		1,699		62,404
Hub Group, Inc.*—Class A (Air Freight & Logistics)		1,379		65,999
Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts)		1,675		19,246
Independent Bank Corp. (Banks)		475		31,868
Independent Bank Group, Inc. (Banks)		1,083		43,883
Industrial Logistics Properties Trust (Equity Real Estate Investment Trusts)		2,681		55,095

See accompanying notes to financial statements.

246 :: ProFund VP Small-Cap Value :: Financial Statements

Common Stocks, continued

	Shares		Value
Inogen, Inc.* (Health Care Equipment & Supplies)		286	$	10,159
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components)		711		34,981
Insteel Industries, Inc. (Building Products)		753		14,360
Integer Holdings Corp.* (Health Care Equipment & Supplies)		1,351		98,690
Interface, Inc. (Commercial Services & Supplies)		842		6,854
INTL. FCStone, Inc.* (Capital Markets)		672		36,960
Invacare Corp. (Health Care Equipment & Supplies)		1,415		9,014
Invesco Mortgage Capital, Inc.(a) (Mortgage Real Estate Investment Trusts)		6,784		25,372
Investors Real Estate Trust (Equity Real Estate Investment Trusts)		110		7,754
Iridium Communications, Inc.* (Diversified Telecommunication Services)		2,093		53,246
iRobot Corp.* (Household Durables)		643		53,947
iStar, Inc. (Equity Real Estate Investment Trusts)		2,988		36,812
James River Group Holdings, Ltd. (Insurance)		439		19,755
Kaiser Aluminum Corp. (Metals & Mining)		240		17,669
Kaman Corp.—Class A (Trading Companies & Distributors)		1,137		47,299
Kelly Services, Inc.—Class A (Professional Services)		1,370		21,667
Kite Realty Group Trust (Equity Real Estate Investment Trusts)		3,460		39,928
KKR Real Estate Finance Trust, Inc. (Mortgage Real Estate Investment Trusts)		958		15,884
Knowles Corp.* (Electronic Equipment, Instruments & Components)		991		15,123
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)		1,927		34,320
Korn Ferry (Professional Services)		2,264		69,572
Kraton Corp.* (Chemicals)		1,310		22,637
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment)		1,284		26,746
Lannett Co., Inc.* (Pharmaceuticals)		1,377		9,997
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies)		1,222		17,475
Laredo Petroleum, Inc.* (Oil, Gas & Consumable Fuels)		375		5,198
La-Z-Boy, Inc. (Household Durables)		985		26,654
Lexington Realty Trust (Equity Real Estate Investment Trusts)		5,795		61,136
Lindsay Corp. (Machinery)		245		22,591
Liquidity Services, Inc.* (Internet & Direct Marketing Retail)		560		3,338
Livent Corp.* (Chemicals)		6,012		37,034
LTC Properties, Inc. (Equity Real Estate Investment Trusts)		759		28,592
Lumber Liquidators Holdings, Inc.*(a) (Specialty Retail)		1,185		16,424
Luminex Corp. (Life Sciences Tools & Services)		1,752		56,993
Lydall, Inc.* (Machinery)		727		9,858
M/I Homes, Inc.* (Household Durables)		551		18,976
Macy's, Inc.(a) (Multiline Retail)		12,736		87,624
Magellan Health, Inc.* (Health Care Providers & Services)		914		66,704
Marcus & Millichap, Inc.* (Real Estate Management & Development)		475		13,709
MarineMax, Inc.* (Specialty Retail)		884		19,793
Marten Transport, Ltd. (Road & Rail)		673		16,933
Materion Corp. (Metals & Mining)		368		22,628
Matrix Service Co.* (Energy Equipment & Services)		1,075		10,449
Matson, Inc. (Marine)		1,770		51,507
Matthews International Corp.—Class A (Commercial Services & Supplies)		1,286		24,563
MAX Holdings, Inc. (Real Estate Management & Development)		216		6,789
MaxLinear, Inc.*—Class A (Semiconductors & Semiconductor Equipment)		1,489		31,954
Mercer International, Inc. (Paper & Forest Products)		775		6,324
Meredith Corp. (Media)		1,658		24,124
Meridian Bioscience, Inc.* (Health Care Equipment & Supplies)		1,761		41,013
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies)		2,278		103,990
Meritage Homes Corp.* (Household Durables)		625		47,575
Meritor, Inc.* (Machinery)		1,367		27,067
Mesa Laboratories, Inc. (Electronic Equipment, Instruments & Components)		65		14,092
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components)		473		14,786
MGP Ingredients, Inc. (Beverages)		304		11,158
MicroStrategy, Inc.*—Class A (Software)		140		16,561
Momenta Pharmaceuticals, Inc.* (Biotechnology)		1,888		62,813
Monarch Casino & Resort, Inc.* (Hotels, Restaurants & Leisure)		193		6,577
Monro, Inc. (Specialty Retail)		603		33,129
Moog, Inc.—Class A (Aerospace & Defense)		629		33,324
Motorcar Parts of America, Inc.* (Auto Components)		780		13,783
Movado Group, Inc. (Textiles, Apparel & Luxury Goods)		679		7,360
MTS Systems Corp. (Electronic Equipment, Instruments & Components)		735		12,929
Mueller Industries, Inc. (Machinery)		794		21,105
Myers Industries, Inc. (Containers & Packaging)		1,471		21,403
MYR Group, Inc.* (Construction & Engineering)		364		11,615
Myriad Genetics, Inc.* (Biotechnology)		3,067		34,780
Nabors Industries, Ltd.*(a) (Energy Equipment & Services)		279		10,329
National Bank Holdings Corp. (Banks)		352		9,504
National Beverage Corp.*(a) (Beverages)		250		15,255
National Presto Industries, Inc. (Aerospace & Defense)		207		18,090
National Storage Affiliates Trust (Equity Real Estate Investment Trusts)		1,097		31,440
Natus Medical, Inc.* (Health Care Equipment & Supplies)		654		14,270
NBT Bancorp, Inc. (Banks)		879		27,038
Neenah, Inc. (Paper & Forest Products)		374		18,498
Neogen Corp.* (Health Care Equipment & Supplies)		783		60,760

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Small-Cap Value :: 247

Common Stocks, continued

	Shares		Value
NETGEAR, Inc.* (Communications Equipment)		1,215	$	31,456
New York Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts)		15,524		40,518
Newpark Resources, Inc.* (Energy Equipment & Services)		1,810		4,036
Nexpoint Residential Trust, Inc. (Equity Real Estate Investment Trusts)		224		7,918
NextGen Healthcare, Inc.* (Health Care Technology)		925		10,157
Northfield Bancorp, Inc. (Thrifts & Mortgage Finance)		946		10,898
Northwest Bancshares, Inc. (Thrifts & Mortgage Finance)		4,880		49,898
Northwest Natural Holding Co. (Gas Utilities)		627		34,980
NOW, Inc.* (Trading Companies & Distributors)		4,496		38,800
Oasis Petroleum, Inc.* (Oil, Gas & Consumable Fuels)		11,993		8,995
Oceaneering International, Inc.* (Energy Equipment & Services)		4,082		26,084
Office Depot, Inc. (Specialty Retail)		21,647		50,869
Office Properties Income Trust (Equity Real Estate Investment Trusts)		1,983		51,499
OFG Bancorp (Banks)		2,111		28,224
Oil States International, Inc.* (Energy Equipment & Services)		2,506		11,904
Old National Bancorp (Banks)		6,776		93,238
Olympic Steel, Inc. (Metals & Mining)		375		4,406
Omnicell, Inc.* (Health Care Technology)		649		45,832
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment)		881		29,989
OraSure Technologies, Inc.* (Health Care Equipment & Supplies)		2,930		34,076
Orthofix Medical, Inc.* (Health Care Equipment & Supplies)		441		14,112
Owens & Minor, Inc. (Health Care Providers & Services)		2,591		19,743
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods)		690		30,367
P.H. Glatfelter Co. (Paper & Forest Products)		1,823		29,259
Pacific Premier Bancorp, Inc. (Banks)		3,324		72,064
Pacira BioSciences, Inc.* (Pharmaceuticals)		554		29,068
Park Aerospace Corp. (Aerospace & Defense)		802		8,934
Patterson-UTI Energy, Inc. (Energy Equipment & Services)		7,670		26,615
PC Connection, Inc. (Electronic Equipment, Instruments & Components)		261		12,100
PDC Energy, Inc.* (Oil, Gas & Consumable Fuels)		1,927		23,972
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment)		429		8,391
Pennsylvania Real Estate Investment Trust(a) (Equity Real Estate Investment Trusts)		2,496		3,395
Perdoceo Education Corp.* (Diversified Consumer Services)		1,590		25,329
PetMed Express, Inc. (Internet & Direct Marketing Retail)		398		14,185
PGT Innovations, Inc.* (Building Products)		2,424		38,008
Phibro Animal Health Corp.—Class A (Pharmaceuticals)		834		21,909
Photronics, Inc.* (Semiconductors & Semiconductor Equipment)		2,679		29,817
Piper Sandler Cos. (Capital Markets)		316		18,695
Pitney Bowes, Inc. (Commercial Services & Supplies)		7,098		18,455
Plantronics, Inc. (Communications Equipment)		1,372		20,141
Powell Industries, Inc. (Electrical Equipment)		364		9,970
PRA Group, Inc.* (Consumer Finance)		993		38,389
PriceSmart, Inc. (Food & Staples Retailing)		514		31,010
ProAssurance Corp. (Insurance)		2,216		32,066
ProPetro Holding Corp.* (Energy Equipment & Services)		3,385		17,399
Proto Labs, Inc.* (Machinery)		394		44,313
Provident Financial Services, Inc. (Thrifts & Mortgage Finance)		2,467		35,648
QEP Resources, Inc. (Oil, Gas & Consumable Fuels)		5,277		6,807
Quaker Chemical Corp. (Chemicals)		533		98,951
Quanex Building Products Corp. (Building Products)		1,350		18,738
Rambus, Inc.* (Semiconductors & Semiconductor Equipment)		2,189		33,273
Range Resources Corp. (Oil, Gas & Consumable Fuels)		8,731		49,155
Rayonier Advanced Materials, Inc.* (Chemicals)		2,053		5,769
Ready Capital Corp. (Mortgage Real Estate Investment Trusts)		1,556		13,522
Realogy Holdings Corp. (Real Estate Management & Development)		4,744		35,152
Red Robin Gourmet Burgers, Inc.* (Hotels, Restaurants & Leisure)		531		5,416
Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts)		4,723		33,061
Regis Corp.* (Diversified Consumer Services)		995		8,139
Renewable Energy Group, Inc.* (Oil, Gas & Consumable Fuels)		1,606		39,797
Resideo Technologies, Inc.* (Building Products)		5,066		59,373
Resources Connection, Inc. (Professional Services)		1,243		14,879
Retail Opportunity Investments Corp. (Equity Real Estate Investment Trusts)		2,154		24,405
Retail Properties of America, Inc. (Equity Real Estate Investment Trusts)		5,508		40,319
REX American Resources Corp.* (Oil, Gas & Consumable Fuels)		118		8,186
RPC, Inc.* (Energy Equipment & Services)		2,123		6,539
RPT Realty (Equity Real Estate Investment Trusts)		3,314		23,065
Ruth's Hospitality Group, Inc. (Hotels, Restaurants & Leisure)		453		3,696
S&T Bancorp, Inc. (Banks)		1,566		36,723
Safety Insurance Group, Inc. (Insurance)		311		23,717
Sanmina Corp.* (Electronic Equipment, Instruments & Components)		2,806		70,261
Saul Centers, Inc. (Equity Real Estate Investment Trusts)		209		6,744
ScanSource, Inc.* (Electronic Equipment, Instruments & Components)		1,043		25,126
Scholastic Corp. (Media)		1,248		37,365
Seacoast Banking Corp.* (Banks)		932		19,013

See accompanying notes to financial statements.

248 :: ProFund VP Small-Cap Value :: Financial Statements

Common Stocks, continued

	Shares		Value
SEACOR Holdings, Inc.* (Energy Equipment & Services)		334	$	9,459
Select Medical Holdings Corp.* (Health Care Providers & Services)		2,122		31,257
Seneca Foods Corp.*—Class A (Food Products)		278		9,399
Shenandoah Telecommunications Co. (Wireless Telecommunication Services)		848		41,798
Shoe Carnival, Inc. (Specialty Retail)		366		10,713
Signet Jewelers, Ltd. (Specialty Retail)		2,153		22,111
Simmons First National Corp.—Class A (Banks)		4,482		76,687
SITE Centers Corp. (Equity Real Estate Investment Trusts)		4,523		36,636
SkyWest, Inc. (Airlines)		2,062		67,262
SM Energy Co. (Oil, Gas & Consumable Fuels)		4,367		16,376
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		563		15,302
Sonic Automotive, Inc.—Class A (Specialty Retail)		991		31,623
South Jersey Industries, Inc. (Gas Utilities)		1,293		32,312
Southside Bancshares, Inc. (Banks)		1,277		35,398
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels)		22,279		57,033
SpartanNash Co. (Food & Staples Retailing)		1,468		31,195
Spectrum Pharmaceuticals, Inc.* (Biotechnology)		2,737		9,251
Spok Holdings, Inc. (Wireless Telecommunication Services)		726		6,788
Stamps.com, Inc.* (Internet & Direct Marketing Retail)		294		54,004
Standard Motor Products, Inc. (Auto Components)		826		34,031
Standex International Corp. (Machinery)		510		29,351
Stepan Co. (Chemicals)		371		36,024
Stewart Information Services Corp. (Insurance)		974		31,665
Sturm, Ruger & Co., Inc. (Leisure Products)		683		51,908
Summit Hotel Properties, Inc. (Equity Real Estate Investment Trusts)		4,343		25,754
SunCoke Energy, Inc. (Metals & Mining)		3,403		10,073
Sunrun, Inc.* (Electrical Equipment)		1,176		23,191
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals)		952		22,610
Surmodics, Inc.* (Health Care Equipment & Supplies)		253		10,940
Sykes Enterprises, Inc.* (IT Services)		727		20,109
Tabula Rasa Healthcare, Inc.* (Health Care Technology)		514		28,131
Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies)		365		15,122
Tanger Factory Outlet Centers, Inc.(a) (Equity Real Estate Investment Trusts)		3,844		27,408
Team, Inc.* (Commercial Services & Supplies)		1,259		7,013
The Andersons, Inc. (Food & Staples Retailing)		1,354		18,631
The Buckle, Inc. (Specialty Retail)		435		6,821
The Cato Corp.—Class A (Specialty Retail)		870		7,117
The Cheesecake Factory, Inc.(a) (Hotels, Restaurants & Leisure)		1,720		39,422
The Children's Place, Inc.(a) (Specialty Retail)		598		22,377
The E.W. Scripps Co.—Class A (Media)		1,196		10,465
The Ensign Group, Inc. (Health Care Providers & Services)		809		33,857
The Greenbrier Cos., Inc. (Machinery)		1,344		30,576
The Marcus Corp. (Entertainment)		952		12,633
The Michaels Cos., Inc.* (Specialty Retail)		3,151		22,278
The Providence Service Corp.* (Health Care Providers & Services)		471		37,167
Third Point Reinsurance, Ltd.* (Insurance)		3,317		24,911
TimkenSteel Corp.* (Metals & Mining)		1,644		6,395
Titan International, Inc. (Machinery)		2,067		3,018
Tivity Health, Inc.* (Health Care Providers & Services)		1,795		20,337
Tompkins Financial Corp. (Banks)		221		14,314
Tredegar Corp. (Chemicals)		428		6,591
Trinseo SA (Chemicals)		1,573		34,858
Triumph Bancorp, Inc.* (Banks)		274		6,650
TrueBlue, Inc.* (Professional Services)		1,486		22,691
TrustCo Bank Corp. (Thrifts & Mortgage Finance)		1,904		12,052
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components)		4,063		48,187
Tupperware Brands Corp.(a) (Household Durables)		2,014		9,567
U.S. Concrete, Inc.* (Construction Materials)		652		16,170
U.S. Ecology, Inc. (Commercial Services & Supplies)		547		18,532
U.S. Silica Holdings, Inc. (Energy Equipment & Services)		3,034		10,953
Unifi, Inc.* (Textiles, Apparel & Luxury Goods)		600		7,728
Unisys Corp.* (IT Services)		2,150		23,456
United Community Banks, Inc. (Banks)		966		19,436
United Fire Group, Inc. (Insurance)		875		24,246
United Insurance Holdings Corp. (Insurance)		849		6,639
United Natural Foods, Inc.* (Food & Staples Retailing)		2,205		40,152
Uniti Group, Inc. (Equity Real Estate Investment Trusts)		7,983		74,640
Universal Corp. (Tobacco)		1,005		42,723
Universal Insurance Holdings, Inc. (Insurance)		1,226		21,762
Urstadt Biddle Properties, Inc.—Class A (Equity Real Estate Investment Trusts)		457		5,429
USANA Health Sciences, Inc.* (Personal Products)		501		36,788
Valaris PLC*(a) (Energy Equipment & Services)		8,161		5,320
Vanda Pharmaceuticals, Inc.* (Biotechnology)		959		10,971
Varex Imaging Corp.* (Health Care Equipment & Supplies)		644		9,757
Vector Group, Ltd. (Tobacco)		1,768		17,786
Vera Bradley, Inc.* (Textiles, Apparel & Luxury Goods)		944		4,191
Veritex Holdings, Inc. (Banks)		944		16,709
Veritiv Corp.* (Trading Companies & Distributors)		515		8,734
Viad Corp. (Commercial Services & Supplies)		335		6,372
Vista Outdoor, Inc.* (Leisure Products)		2,386		34,478
Vonage Holdings Corp.* (Diversified Telecommunication Services)		5,217		52,483
Wabash National Corp. (Machinery)		2,173		23,077
Waddell & Reed Financial, Inc.—Class A (Capital Markets)		2,698		41,846
Warrior Met Coal, Inc. (Metals & Mining)		2,105		32,396

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Small-Cap Value :: 249

Common Stocks, continued

	Shares		Value
Washington Prime Group, Inc.(a) (Equity Real Estate Investment Trusts)		7,704	$	6,478
Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts)		1,760		39,072
WESCO International, Inc.* (Trading Companies & Distributors)		1		21
Westamerica Bancorp (Banks)		509		29,227
Whitestone REIT (Equity Real Estate Investment Trusts)		1,734		12,606
WisdomTree Investments, Inc. (Capital Markets)		4,888		16,961
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods)		3,339		79,502
World Acceptance Corp.*(a) (Consumer Finance)		216		14,152
Xencor, Inc.* (Biotechnology)		877		28,406
Xenia Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts)		4,666		43,534
TOTAL COMMON STOCKS (Cost $11,402,593)				12,198,181

Preferred Stock^(NM)

WESCO International, Inc.—Series A (Trading Companies & Distributors)	—	(b)	1
TOTAL PREFERRED STOCK (Cost $1)			1

Collateral for Securities Loaned (3.4%)

BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(c)	62,793		62,793
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(c)	688		688
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(c)	344,466		344,466
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $407,947)			407,947
TOTAL INVESTMENT SECURITIES (Cost $11,810,541)—103.6%			12,606,129
Net other assets (liabilities)—(3.6)%			(439,683	)
NET ASSETS—100.0%		$	12,166,446

*	Non-income producing security.
(a)	All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $391,019.
(b)	Number of shares is less than 0.50.
(c)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.
NM	Not meaningful, amount is less than 0.05%.

ProFund VP Small-Cap Value invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Aerospace & Defense	$	147,721		1.2	%
Air Freight & Logistics		135,887		1.1	%
Airlines		93,798		0.8	%
Auto Components		230,468		1.9	%
Banks		1,361,184		11.2	%
Beverages		26,413		0.2	%
Biotechnology		252,031		2.1	%
Building Products		161,499		1.3	%
Capital Markets		150,728		1.2	%
Chemicals		413,829		3.5	%
Commercial Services & Supplies		211,074		1.8	%
Communications Equipment		93,103		0.8	%
Construction & Engineering		171,081		1.4	%
Construction Materials		16,170		0.1	%
Consumer Finance		203,495		1.7	%
Containers & Packaging		21,403		0.2	%
Distributors		46,292		0.4	%
Diversified Consumer Services		51,435		0.4	%
Diversified Telecommunication Services		184,022		1.5	%
Electric Utilities		47,168		0.4	%
Electrical Equipment		87,030		0.7	%
Electronic Equipment, Instruments & Components		359,115		2.9	%
Energy Equipment & Services		335,170		2.8	%
Entertainment		12,633		0.1	%
Equity Real Estate Investment Trusts		1,141,896		9.3	%
Food & Staples Retailing		138,262		1.1	%
Food Products		178,251		1.5	%
Gas Utilities		67,292		0.6	%
Health Care Equipment & Supplies		484,484		3.9	%
Health Care Providers & Services		330,461		2.7	%
Health Care Technology		202,069		1.7	%
Hotels, Restaurants & Leisure		152,848		1.3	%
Household Durables		186,741		1.5	%
Household Products		68,686		0.6	%
Insurance		442,071		3.6	%
Internet & Direct Marketing Retail		71,527		0.6	%
IT Services		55,627		0.5	%
Leisure Products		86,386		0.7	%
Life Sciences Tools & Services		56,993		0.5	%
Machinery		480,477		4.0	%
Marine		51,507		0.4	%
Media		79,449		0.7	%
Metals & Mining		182,086		1.5	%
Mortgage Real Estate Investment Trusts		223,306		1.8	%
Multiline Retail		155,370		1.3	%
Multi-Utilities		100,728		0.7	%
Oil, Gas & Consumable Fuels		273,713		2.2	%
Paper & Forest Products		139,313		1.1	%
Personal Products		36,788		0.3	%
Pharmaceuticals		127,693		1.0	%
Professional Services		152,148		1.3	%
Real Estate Management & Development		55,650		0.5	%
Road & Rail		65,531		0.5	%
Semiconductors & Semiconductor Equipment		233,546		1.9	%
Software		56,417		0.5	%
Specialty Retail		518,014		4.2	%
Textiles, Apparel & Luxury Goods		292,017		2.4	%
Thrifts & Mortgage Finance		181,966		1.5	%

See accompanying notes to financial statements.

250 :: ProFund VP Small-Cap Value :: Financial Statements

	Value			% of Net Assets
Tobacco	$	60,509			0.5	%
Trading Companies & Distributors		175,448			1.4	%
Water Utilities		31,577			0.3	%
Wireless Telecommunication Services		48,586			0.4	%
Other**		(31,736	)		(0.2	)%
Total	$	12,166,446			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 Small-Cap Value :: 251

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	11,810,541
Securities, at value(a)		12,606,129
Total Investment Securities, at value		12,606,129
Dividends receivable		15,993
Receivable for capital shares issued		77,009
Receivable for investments sold		35,894
Prepaid expenses		732
TOTAL ASSETS		12,735,757
LIABILITIES:
Payable for investments purchased		77,019
Payable for capital shares redeemed		8,436
Cash overdraft		39,956
Payable for collateral for securities loaned		407,947
Advisory fees payable		6,318
Management services fees payable		842
Administration fees payable		990
Administrative services fees payable		4,653
Distribution fees payable		4,513
Transfer agency fees payable		807
Fund accounting fees payable		665
Compliance services fees payable		93
Other accrued expenses		17,072
TOTAL LIABILITIES		569,311
NET ASSETS	$	12,166,446
NET ASSETS CONSIST OF:
Capital	$	14,702,121
Total distributable earnings (loss)		(2,535,675	)
NET ASSETS	$	12,166,446
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		332,711
Net Asset Value (offering and redemption price per share)	$	36.57
(a)  Includes securities on loan valued at:	$	391,019

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	147,474
Interest		39
Foreign tax withholding		(94	)
Income from securities lending		5,246
TOTAL INVESTMENT INCOME		152,665
EXPENSES:
Advisory fees		50,765
Management services fees		6,769
Administration fees		6,375
Transfer agency fees		5,032
Administrative services fees		18,705
Distribution fees		16,922
Custody fees		1,254
Fund accounting fees		4,212
Trustee fees		209
Compliance services fees		93
Other fees		10,546
Total Gross Expenses before reductions		120,882
Expenses reduced and reimbursed by the Advisor		(7,167	)
TOTAL NET EXPENSES		113,715
NET INVESTMENT INCOME (LOSS)		38,950
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		(2,408,153	)
Change in net unrealized appreciation/depreciation on investment securities		(2,286,758	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(4,694,911	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,655,961	)

See accompanying notes to financial statements.

252 :: ProFund VP Small-Cap Value :: Financial Statements

Statements of Changes in Net Assets  

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	38,950		$	13,201
Net realized gains (losses) on investments		(2,408,153	)		1,511,395
Change in net unrealized appreciation/depreciation on investments		(2,286,758	)		1,783,129
Change in net assets resulting from operations		(4,655,961	)		3,307,725
CAPITAL TRANSACTIONS:
Proceeds from shares issued		8,763,374			22,767,185
Value of shares redeemed		(13,229,294	)		(21,132,154	)
Change in net assets resulting from capital transactions		(4,465,920	)		1,635,031
Change in net assets		(9,121,881	)		4,942,756
NET ASSETS:
Beginning of period		21,288,327			16,345,571
End of period	$	12,166,446		$	21,288,327
SHARE TRANSACTIONS:
Issued		240,039			503,696
Redeemed		(344,709	)		(477,889	)
Change in shares		(104,670	)		25,807

See accompanying notes to financial statements.

Financial Highlights :: ProFund VP Small-Cap Value :: 253

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	48.67		$	39.71		$	50.27		$	46.23		$	35.90		$	42.32
Investment Activities:
Net investment income (loss)(a)		0.11			0.03			(0.01	)		(0.15	)		0.01			(0.03	)
Net realized and unrealized gains (losses) on investments		(12.21	)		8.93			(6.21	)		4.63			10.32			(3.24	)
Total income (loss) from investment activities		(12.10	)		8.96			(6.22	)		4.48			10.33			(3.27	)
Distributions to Shareholders From:
Net investment income		—			—			—			(0.01	)		—			—
Net realized gains on investments		—			—			(4.34	)		(0.43	)		—			(3.15	)
Total distributions		—			—			(4.34	)		(0.44	)		—			(3.15	)
Net Asset Value, End of Period	$	36.57		$	48.67		$	39.71		$	50.27		$	46.23		$	35.90
Total Return(b)		(24.86	)%		22.56	%		(14.21	)%		9.71	%		28.77	%		(8.28	)%
Ratios to Average Net Assets:
Gross expenses(c)		1.79	%		1.75	%		1.75	%		1.73	%		1.73	%		1.74	%
Net expenses(c)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(c)		0.58	%		0.07	%		(0.01	)%		(0.32	)%		0.02	%		(0.07	)%
Supplemental Data:
Net assets, end of period (000's)	$	12,166		$	21,288		$	16,346		$	24,856		$	46,346		$	20,097
Portfolio turnover rate(b)(d)		62	%		147	%		141	%		91	%		191	%		203	%

^(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.

254 :: ProFund VP Technology :: Financial Statements

Investment Objective: The ProFund VP Technology seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Technology^SM Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Equity Securities		91	%
Swap Agreements		8	%
Total Exposure		99	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Microsoft Corp.		17.7	%
Apple, Inc.		17.0	%
Alphabet, Inc.		9.6	%
Facebook, Inc.		6.3	%
Intel Corp.		2.9	%

Dow Jones U.S. Technology^SM Index – Composition

	% of Index
Software & Services		39	%
Technology Hardware & Equipment		24	%
Media & Entertainment		18	%
Semiconductors & Semiconductor Equipment		17	%
Retailing		1	%
Health Care Equipment & Services		1	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (91.3%)

	Shares		Value
ACI Worldwide, Inc.* (Software)		523	$	14,116
Adobe, Inc.* (Software)		2,173		945,929
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		5,282		277,886
Akamai Technologies, Inc.* (IT Services)		731		78,283
Alphabet, Inc.*—Class A (Interactive Media & Services)		1,353		1,918,622
Alphabet, Inc.*—Class C (Interactive Media & Services)		1,320		1,865,965
Alteryx, Inc.* (Software)		225		36,963
Amdocs, Ltd. (IT Services)		602		36,650
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		1,661		203,705
Anaplan, Inc.* (Software)		401		18,169
Angi Homeservices, Inc.*(a)(Interactive Media & Services)		285		3,463
ANSYS, Inc.* (Software)		387		112,900
Apple, Inc. (Technology Hardware, Storage & Peripherals)		18,375		6,703,199
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		4,133		249,840
Arista Networks, Inc.* (Communications Equipment)		243		51,037
Aspen Technology, Inc.* (Software)		305		31,601
Autodesk, Inc.* (Software)		989		236,559
Avalara, Inc.* (Software)		308		40,992
Bill.com Holdings, Inc.* (Software)		45		4,059
Blackbaud, Inc. (Software)		223		12,729
Booz Allen Hamilton Holding Corp. (IT Services)		622		48,385
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		1,803		569,045
CACI International, Inc.*—Class A (IT Services)		114		24,724
Cadence Design Systems, Inc.* (Software)		1,259		120,814
Cargurus, Inc.* (Interactive Media & Services)		325		8,239
CDK Global, Inc. (Software)		548		22,698
CDW Corp. (Electronic Equipment, Instruments & Components)		642		74,588
CenturyLink, Inc. (Diversified Telecommunication Services)		4,454		44,674
Cerence, Inc.* (Software)		165		6,739
Ceridian HCM Holding, Inc.* (Software)		457		36,226
Cerner Corp. (Health Care Technology)		1,372		94,051
Chewy, Inc.*—Class A (Internet & Direct Marketing Retail)		243		10,860
Ciena Corp.* (Communications Equipment)		692		37,479
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment)		263		16,248
Cisco Systems, Inc. (Communications Equipment)		19,126		892,036
Citrix Systems, Inc. (Software)		524		77,505
Cloudflare, Inc.*—Class A (Software)		186		6,687
Cognizant Technology Solutions Corp.—Class A (IT Services)		2,438		138,527
CommScope Holding Co., Inc.* (Communications Equipment)		884		7,364
CommVault Systems, Inc.* (Software)		191		7,392
Coupa Software, Inc.* (Software)		301		83,389
Cree, Inc.* (Semiconductors & Semiconductor Equipment)		488		28,885
Crowdstrike Holdings, Inc.*—Class A (Software)		93		9,327
Datadog, Inc.*—Class A (Software)		127		11,043
Dell Technologies, Inc.*—Class C (Technology Hardware, Storage & Peripherals)		698		38,348
DocuSign, Inc.* (Software)		587		101,087
Dropbox, Inc.* (Software)		1,008		21,944
DXC Technology Co. (IT Services)		1,146		18,909
Dynatrace, Inc.* (Software)		708		28,745
eBay, Inc. (Internet & Direct Marketing Retail)		2,978		156,196
EchoStar Corp.*—Class A (Communications Equipment)		207		5,788
Elastic NV* (Software)		150		13,832
Entegris, Inc. (Semiconductors & Semiconductor Equipment)		607		35,843
EPAM Systems, Inc.* (IT Services)		252		63,507
Etsy, Inc.* (Internet & Direct Marketing Retail)		536		56,939

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Technology :: 255

Common Stocks, continued

	Shares		Value
F5 Networks, Inc.* (Communications Equipment)		275	$	38,357
Facebook, Inc.*—Class A (Interactive Media & Services)		10,845		2,462,573
Fair Isaac Corp.* (Software)		132		55,181
FireEye, Inc.* (Software)		1,005		12,236
Fortinet, Inc.* (Software)		605		83,048
Garmin, Ltd. (Household Durables)		654		63,765
Gartner, Inc.* (IT Services)		402		48,775
GCI Liberty, Inc.* (Media)		429		30,510
GoDaddy, Inc.*—Class A (IT Services)		746		54,704
GrubHub, Inc.* (Internet & Direct Marketing Retail)		416		29,245
Guidewire Software, Inc.* (Software)		373		41,347
Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals)		5,795		56,385
HP, Inc. (Technology Hardware, Storage & Peripherals)		6,449		112,406
Hubspot, Inc.* (Software)		186		41,729
IAC/InterActiveCorp* (Interactive Media & Services)		328		106,075
Intel Corp. (Semiconductors & Semiconductor Equipment)		19,096		1,142,515
InterDigital, Inc. (Communications Equipment)		139		7,872
International Business Machines Corp. (IT Services)		4,005		483,684
Intuit, Inc. (Software)		1,176		348,319
j2 Global, Inc.* (Software)		204		12,895
Juniper Networks, Inc. (Communications Equipment)		1,495		34,176
KBR, Inc. (IT Services)		642		14,477
KLA Corp. (Semiconductors & Semiconductor Equipment)		700		136,136
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		654		211,543
Leidos Holdings, Inc. (IT Services)		602		56,389
Liberty Global PLC*—Class A (Media)		739		16,155
Liberty Global PLC*—Class C (Media)		1,745		37,535
Liberty Latin America, Ltd.*—Class A (Media)		205		1,993
Liberty Latin America, Ltd.*—Class C (Media)		516		4,871
LogMeIn, Inc. (Software)		219		18,565
Lumentum Holdings, Inc.* (Communications Equipment)		338		27,523
Manhattan Associates, Inc.* (Software)		286		26,941
Marvell Technology Group, Ltd. (Semiconductors & Semiconductor Equipment)		2,990		104,829
Match Group, Inc.*(a) (Interactive Media & Services)		257		27,512
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment)		1,203		72,914
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		1,106		116,473
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment)		5,016		258,424
Microsoft Corp. (Software)		34,202		6,960,449
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment)		247		27,970
Mongodb, Inc.* (IT Services)		164		37,120
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)		188		44,556
Motorola Solutions, Inc. (Communications Equipment)		767		107,480
NCR Corp.* (Technology Hardware, Storage & Peripherals)		577		9,994
NetApp, Inc. (Technology Hardware, Storage & Peripherals)		997		44,237
NetScout Systems, Inc.* (Communications Equipment)		287		7,336
New Relic, Inc.* (Software)		230		15,847
NortonLifelock, Inc. (Software)		2,445		48,484
Nuance Communications, Inc.* (Software)		1,269		32,112
Nutanix, Inc.* (Software)		680		16,119
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		2,775		1,054,250
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		1,258		143,462
Okta, Inc.* (IT Services)		524		104,921
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		1,849		36,647
Oracle Corp. (Software)		9,387		518,819
Palo Alto Networks, Inc.* (Communications Equipment)		434		99,677
Paycom Software, Inc.* (Software)		218		67,521
Paylocity Holding Corp.* (Software)		163		23,780
Pegasystems, Inc. (Software)		173		17,502
Perspecta, Inc. (IT Services)		615		14,286
Pluralsight, Inc.*—Class A (Software)		385		6,949
Proofpoint, Inc.* (Software)		258		28,669
PTC, Inc.* (Software)		470		36,561
Pure Storage, Inc.*—Class A (Technology Hardware, Storage & Peripherals)		1,047		18,145
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment)		518		57,255
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment)		5,073		462,708
RealPage, Inc.* (Software)		392		25,484
RingCentral, Inc.*—Class A (Software)		347		98,898
Salesforce.com, Inc.* (Software)		4,063		761,122
Science Applications International Corp. (IT Services)		222		17,245
Seagate Technology PLC (Technology Hardware, Storage & Peripherals)		1,018		49,281
Semtech Corp.* (Semiconductors & Semiconductor Equipment)		294		15,353
ServiceNow, Inc.* (Software)		859		347,947
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		197		19,753
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		753		96,279
Slack Technologies, Inc.*—Class A (Software)		288		8,954
Smartsheet, Inc.* (Software)		414		21,081
Snap, Inc.* (Interactive Media & Services)		3,699		86,890
SolarWinds Corp.* (Software)		297		5,248
Splunk, Inc.* (Software)		715		142,071
SS&C Technologies Holdings, Inc. (Software)		1,007		56,875
SYNNEX Corp. (Electronic Equipment, Instruments & Components)		186		22,277
Synopsys, Inc.* (Software)		680		132,600

See accompanying notes to financial statements.

256 :: ProFund VP Technology :: Financial Statements

Common Stocks, continued

	Shares		Value
Teradata Corp.* (IT Services)		489	$	10,171
Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		748		63,213
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		4,140		525,656
Trade Desk, Inc. (The)* (Software)		185		75,203
Twilio, Inc.* (IT Services)		580		127,264
Twitter, Inc.* (Interactive Media & Services)		3,538		105,397
Tyler Technologies, Inc.* (Software)		180		62,438
Ubiquiti, Inc. (Communications Equipment)		54		9,426
Universal Display Corp. (Semiconductors & Semiconductor Equipment)		192		28,727
Veeva Systems, Inc.*—Class A (Health Care Technology)		608		142,527
Verint Systems, Inc.* (Software)		288		13,012
VeriSign, Inc.* (IT Services)		458		94,728
ViaSat, Inc.* (Communications Equipment)		263		10,091
Viavi Solutions, Inc.* (Communications Equipment)		1,029		13,109
VMware, Inc.*—Class A (Software)		360		55,750
Western Digital Corp. (Technology Hardware, Storage & Peripherals)		1,351		59,647
Workday, Inc.*—Class A (Software)		737		138,084
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals)		826		12,630
Xilinx, Inc. (Semiconductors & Semiconductor Equipment)		1,096		107,835
Zendesk, Inc.* (Software)		516		45,681
Zillow Group, Inc.*—Class A (Interactive Media & Services)		159		9,139
Zillow Group, Inc.*—Class C (Interactive Media & Services)		627		36,121
Zoom Video Communications, Inc.*(a)—Class A (Software)		128		32,453
Zscaler, Inc.* (Software)		298		32,631
TOTAL COMMON STOCKS (Cost $8,789,541)				35,919,954

Repurchase Agreements^(b) (2.5%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $975,001	$	975,000	$	975,000
TOTAL REPURCHASE AGREEMENTS (Cost $975,000)				975,000

Collateral for Securities Loaned (0.1%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(c)		8,168	$	8,168
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(c)		90		90
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(c)		44,809		44,809
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $53,067)				53,067
TOTAL INVESTMENT SECURITIES (Cost $9,817,608)—93.9%				36,948,021
Net other assets (liabilities)—6.1%				2,382,399
NET ASSETS—100.0%			$	39,330,420

* Non-income producing security.

^(a) All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $52,763.

^(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) Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Technology Index	Goldman Sachs International	7/23/20		1.47	%	$	3,206,191	$	(1,848	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 Technology :: 257

ProFund VP Technology invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Communications Equipment	$	1,348,751		3.4	%
Diversified Telecommunication Services		44,674		0.1	%
Electronic Equipment, Instruments & Components		96,865		0.2	%
Health Care Technology		236,578		0.6	%
Household Durables		63,765		0.2	%
Interactive Media & Services		6,629,996		16.9	%
Internet & Direct Marketing Retail		253,240		0.6	%
IT Services		1,472,749		3.7	%
Media		91,064		0.2	%
Semiconductors & Semiconductor Equipment		6,107,950		15.5	%
Software		12,470,050		31.8	%
Technology Hardware, Storage & Peripherals		7,104,272		18.1	%
Other**		3,410,466		8.7	%
Total	$	39,330,420		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.

258 :: ProFund VP Technology :: Financial Statements

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	9,817,608
Securities, at value(a)		35,973,021
Repurchase agreements, at value		975,000
Total Investment Securities, at value		36,948,021
Cash		103
Segregated cash balances for swap agreements with custodian		190,000
Dividends and interest receivable		4,888
Receivable for capital shares issued		1,720,765
Receivable for investments sold		633,713
Prepaid expenses		580
TOTAL ASSETS		39,498,070
LIABILITIES:
Payable for capital shares redeemed		19,236
Payable for collateral for securities loaned		53,067
Unrealized depreciation on swap agreements		1,848
Advisory fees payable		22,204
Management services fees payable		2,961
Administration fees payable		2,839
Administrative services fees payable		9,928
Distribution fees payable		15,984
Trustee fees payable		13
Transfer agency fees payable		2,315
Fund accounting fees payable		1,602
Compliance services fees payable		255
Other accrued expenses		35,398
TOTAL LIABILITIES		167,650
NET ASSETS	$	39,330,420
NET ASSETS CONSIST OF:
Capital	$	7,951,701
Total distributable earnings (loss)		31,378,719
NET ASSETS	$	39,330,420
Shares of Beneficial Interest Outstanding(unlimited number of shares authorized, no par value)		599,461
Net Asset Value (offering and redemption price per share)	$	65.61
(a)  Includes securities on loan valued at	$	52,763

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	202,655
Interest		2,387
Income from securities lending		452
TOTAL INVESTMENT INCOME		205,494
EXPENSES:
Advisory fees		122,272
Management services fees		16,303
Administration fees		18,003
Transfer agency fees		14,672
Administrative services fees		30,925
Distribution fees		40,757
Custody fees		2,518
Fund accounting fees		10,328
Trustee fees		573
Compliance services fees		255
Audit fees		14,551
Other fees		11,047
TOTAL NET EXPENSES		282,204
NET INVESTMENT INCOME (LOSS)		(76,710	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		1,951,536
Net realized gains (losses) on swap agreements		9,536
Change in net unrealized appreciation/depreciation on investment securities		2,590,596
Change in net unrealized appreciation/depreciation on swap agreements		(4,999	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		4,546,669
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,469,959

See accompanying notes to financial statements.

Financial Statements :: ProFund VP Technology :: 259

Statements of Changes in Net Assets  

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(76,710	)	$	(122,113	)
Net realized gains (losses) on investments		1,961,072			4,456,859
Change in net unrealized appreciation/depreciation on investments		2,585,597			6,407,777
Change in net assets resulting from operations		4,469,959			10,742,523
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(686,328	)
Change in net assets resulting from distributions		—			(686,328	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		40,670,881			29,754,749
Distributions reinvested		—			686,328
Value of shares redeemed		(39,760,938	)		(32,826,046	)
Change in net assets resulting from capital transactions		909,943			(2,384,969	)
Change in net assets		5,379,902			7,671,226
NET ASSETS:
Beginning of period		33,950,518			26,279,292
End of period	$	39,330,420		$	33,950,518
SHARE TRANSACTIONS:
Issued		704,527			591,122
Reinvested		—			14,224
Redeemed		(702,044	)		(663,707	)
Change in shares		2,483			(58,361	)

See accompanying notes to financial statements.

260 :: ProFund VP Technology :: 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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	56.87		$	40.10		$	42.06		$	31.12		$	27.71		$	27.06
Investment Activities:
Net investment income (loss)(a)		(0.14	)		(0.20	)		(0.12	)		(0.09	)		0.03			(0.03	)
Net realized and unrealized gains (losses) on investments		8.88			18.09			(0.66	)		11.05			3.38			0.68
Total income (loss) from investment activities		8.74			17.89			(0.78	)		10.96			3.41			0.65
Distributions to Shareholders From:
Net investment income		—			—			—			(0.02	)		—			—
Net realized gains on investments		—			(1.12	)		(1.18	)		—			—			—
Total distributions		—			(1.12	)		(1.18	)		(0.02	)		—			—
Net Asset Value, End of Period	$	65.61		$	56.87		$	40.10		$	42.06		$	31.12		$	27.71
Total Return(b)		15.37	%		45.11	%		(2.25	)%		35.18	%		12.34	%		2.40	%
Ratios to Average Net Assets:
Gross expenses(c)		1.73	%		1.62	%		1.58	%		1.56	%		1.62	%		1.68	%
Net expenses(c)		1.73	%(d)		1.62	%		1.58	%		1.56	%		1.62	%		1.68	%
Net investment income (loss)(c)		(0.47	)%		(0.41	)%		(0.27	)%		(0.25	)%		0.09	%		(0.12	)%
Supplemental Data:
Net assets, end of period (000's)	$	39,330		$	33,951		$	26,279		$	33,731		$	19,320		$	23,662
Portfolio turnover rate(b)(e)		104	%		75	%		58	%		86	%		93	%		119	%

^(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 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) 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 Telecommunications :: 261

Investment Objective: The ProFund VP Telecommunications seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Select Telecommunications^SM Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

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 investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Verizon Communications, Inc.		21.3	%
AT&T, Inc.		21.1	%
T-Mobile U.S., Inc.		6.4	%
Garmin, Ltd.		4.5	%
Cisco Systems, Inc.		4.4	%

Dow Jones U.S. Select
Telecommunications^SM Index – Composition

	% of Index
Diversified Telecommunication Services		57	%
Communications Equipment		30	%
Wireless Telecommunication Services		8	%
Household Durables		5	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (96.9%)

	Shares		Value
Acacia Communications, Inc.* (Communications Equipment)		792	$	53,214
ADTRAN, Inc. (Communications Equipment)		999		10,919
Anterix, Inc.* (Diversified Telecommunication Services)		243		11,018
Applied Optoelectronics, Inc.*(a) (Communications Equipment)		402		4,370
Arista Networks, Inc.* (Communications Equipment)		1,119		235,024
AT&T, Inc. (Diversified Telecommunication Services)		42,403		1,281,843
ATN International, Inc. (Diversified Telecommunication Services)		226		13,689
CalAmp Corp.* (Communications Equipment)		715		5,727
CenturyLink, Inc. (Diversified Telecommunication Services)		20,567		206,287
Ciena Corp.* (Communications Equipment)		3,199		173,258
Cincinnati Bell, Inc.* (Diversified Telecommunication Services)		1,053		15,637
Cisco Systems, Inc. (Communications Equipment)		5,748		268,086
CommScope Holding Co., Inc.* (Communications Equipment)		4,079		33,978
Comtech Telecommunications Corp. (Communications Equipment)		515		8,698
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services)		1,521		10,297
EchoStar Corp.*—Class A (Communications Equipment)		961		26,870
Extreme Networks, Inc.* (Communications Equipment)		2,503		10,863
F5 Networks, Inc.* (Communications Equipment)		1,268		176,861
Garmin, Ltd. (Household Durables)		2,812		274,170
GCI Liberty, Inc.* (Media)		1,983		141,031
Globalstar, Inc.* (Diversified Telecommunication Services)		12,856		4,199
Harmonic, Inc.* (Communications Equipment)		2,011		9,552
Iridium Communications, Inc.* (Diversified Telecommunication Services)		2,037		51,821
Juniper Networks, Inc. (Communications Equipment)		6,899		157,711
Liberty Global PLC*—Class A (Media)		3,415		74,652
Liberty Global PLC*—Class C (Media)		8,055		173,263
Liberty Latin America, Ltd.*—Class C (Media)		2,377		22,439
Lumentum Holdings, Inc.* (Communications Equipment)		1,560		127,031
Motorola Solutions, Inc. (Communications Equipment)		1,839		257,699
NETGEAR, Inc.* (Communications Equipment)		615		15,922
NetScout Systems, Inc.* (Communications Equipment)		1,323		33,816
ORBCOMM, Inc.* (Diversified Telecommunication Services)		1,637		6,302
Plantronics, Inc. (Communications Equipment)		695		10,203
Shenandoah Telecommunications Co. (Wireless Telecommunication Services)		976		48,107
Spok Holdings, Inc. (Wireless Telecommunication Services)		368		3,441
Telephone & Data Systems, Inc. (Wireless Telecommunication Services)		2,033		40,416
T-Mobile U.S., Inc.* (Wireless Telecommunication Services)		3,743		389,833
U.S. Cellular Corp.* (Wireless Telecommunication Services)		316		9,755
Ubiquiti, Inc. (Communications Equipment)		252		43,989
Verizon Communications, Inc. (Diversified Telecommunication Services)		23,477		1,294,287
ViaSat, Inc.* (Communications Equipment)		1,216		46,658
Viavi Solutions, Inc.* (Communications Equipment)		4,747		60,477
Vonage Holdings Corp.* (Diversified Telecommunication Services)		4,803		48,318
TOTAL COMMON STOCKS (Cost $4,836,521)				5,891,731

See accompanying notes to financial statements.

262  :: ProFund VP Telecommunications :: Financial Statements

Repurchase Agreements^(b) (0.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $56,000	$	56,000	$	56,000
TOTAL REPURCHASE AGREEMENTS (Cost $56,000)				56,000

Collateral for Securities Loaned^(NM)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(c)		90	$	90
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(c)		1		1
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(c)		494		494
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $585)				585
TOTAL INVESTMENT SECURITIES (Cost $4,893,106)—97.8%				5,948,316
Net other assets (liabilities)—2.2%				133,461
NET ASSETS—100.0%			$	6,081,777

* Non-income producing security.

^(a) All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $652.

^(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) Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

^NM Not meaningful, amount is less than 0.05%.

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Select Telecommunications Index	Goldman Sachs International	7/23/20		1.47	%	$	169,818	$	(1,516	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 Telecommunications invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Communications Equipment	$	1,770,926		29.1	%
Diversified Telecommunication Services		2,943,698		48.4	%
Household Durables		274,170		4.5	%
Media		411,385		6.8	%
Wireless Telecommunication Services		491,552		8.1	%
Other**		190,046		3.1	%
Total	$	6,081,777		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 Telecommunications :: 263

Statement of Assets and Liabilities (unaudited)

June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	4,893,106
Securities, at value(a)		5,892,316
Repurchase agreements, at value		56,000
Total Investment Securities, at value		5,948,316
Cash		849
Dividends and interest receivable		1,068
Receivable for capital shares issued		147,780
Prepaid expenses		106
TOTAL ASSETS		6,098,119
LIABILITIES:
Payable for capital shares redeemed		385
Payable for collateral for securities loaned		585
Unrealized depreciation on swap agreements		1,516
Advisory fees payable		3,250
Management services fees payable		433
Administration fees payable		478
Administrative services fees payable		2,507
Distribution fees payable		2,390
Transfer agency fees payable		390
Fund accounting fees payable		273
Compliance services fees payable		43
Other accrued expenses		4,092
TOTAL LIABILITIES		16,342
NET ASSETS	$	6,081,777
NET ASSETS CONSIST OF:
Capital	$	6,866,740
Total distributable earnings (loss)		(784,963	)
NET ASSETS	$	6,081,777
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		206,540
Net Asset Value (offering and redemption price per share)	$	29.45
(a) Includes securities on loan valued at:	$	652

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	82,097
Interest		238
Income from securities lending		11
TOTAL INVESTMENT INCOME		82,346
EXPENSES:
Advisory fees		21,015
Management services fees		2,802
Administration fees		2,610
Transfer agency fees		2,113
Administrative services fees		8,225
Distribution fees		7,005
Custody fees		486
Fund accounting fees		1,511
Trustee fees		82
Compliance services fees		43
Other fees		3,606
Total Gross Expenses before reductions		49,498
Expenses reduced and reimbursed by the Advisor		(2,425	)
TOTAL NET EXPENSES		47,073
NET INVESTMENT INCOME (LOSS)		35,273
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		(207,898	)
Net realized gains (losses) on swap agreements		(5,552	)
Change in net unrealized appreciation/depreciation on investment securities		(280,833	)
Change in net unrealized appreciation/depreciation on swap agreements		(1,546	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(495,829	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(460,556	)

See accompanying notes to financial statements.

264  :: ProFund VP Telecommunications :: Financial Statements

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	35,273		$	60,620
Net realized gains (losses) on investments		(213,450	)		(190,539	)
Change in net unrealized appreciation/depreciation on investments		(282,379	)		894,520
Change in net assets resulting from operations		(460,556	)		764,601
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(199,221	)
Change in net assets resulting from distributions		—			(199,221	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		5,145,690			10,994,877
Distributions reinvested		—			199,221
Value of shares redeemed		(4,770,447	)		(10,863,899	)
Change in net assets resulting from capital transactions		375,243			330,199
Change in net assets		(85,313	)		895,579
NET ASSETS:
Beginning of period		6,167,090			5,271,511
End of period	$	6,081,777		$	6,167,090
SHARE TRANSACTIONS:
Issued		178,431			349,266
Reinvested		—			6,627
Redeemed		(167,479	)		(345,808	)
Change in shares		10,952			10,085

See accompanying notes to financial statements.

Financial Highlights :: ProFund VP Telecommunications :: 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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016(a)			Year Ended Dec. 31, 2015(a)
Net Asset Value, Beginning of Period	$	31.53		$	28.42		$	35.52		$	40.78		$	34.04		$	34.09
Investment Activities:
Net investment income (loss)(b)		0.19			0.28			0.94			1.29			0.99			1.08
Net realized and unrealized gains (losses) on investments		(2.27	)		3.87			(6.22	)		(2.27	)		6.37			(0.53	)
Total income (loss) from investment activities		(2.08	)		4.15			(5.28	)		(0.98	)		7.36			0.55
Distributions to Shareholders From:
Net investment income		—			(1.04	)		(1.82	)		(1.92	)		(0.62	)		(0.60	)
Net realized gains on investments		—			—			—			(2.36	)		—			—
Total distributions		—			(1.04	)		(1.82	)		(4.28	)		(0.62	)		(0.60	)
Net Asset Value, End of Period	$	29.45		$	31.53		$	28.42		$	35.52		$	40.78		$	34.04
Total Return(c)		(6.60	)%		14.77	%		(15.10	)%		(2.12	)%		21.65	%		1.52	%
Ratios to Average Net Assets:
Gross expenses(d)		1.77	%		1.76	%		1.76	%		1.72	%		1.72	%		1.76	%
Net expenses(d)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(d)		1.26	%		0.89	%		2.96	%		3.43	%		2.55	%		3.12	%
Supplemental Data:
Net assets, end of period (000's)	$	6,082		$	6,167		$	5,272		$	9,372		$	15,962		$	8,240
Portfolio turnover rate(c)(e)		71	%		165	%		328	%		388	%		428	%		418	%

^(a) As described in Note 8, 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) 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 UltraBull :: Financial Statements

Investment Objective: The ProFund VP UltraBull seeks daily investment results that, before fees and expenses, correspond to two times (2x) the daily performance of the S&P 500^® for a single day, not for any other period.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Equity Securities		71	%
Futures Contracts		8	%
Swap Agreements		121	%
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Microsoft Corp.		4.3	%
Apple, Inc.		4.1	%
Amazon.com, Inc.		3.2	%
Alphabet, Inc.		2.3	%
Facebook, Inc.		1.5	%

S&P 500^® Index – Composition

	% of Index
Information Technology		26	%
Health Care		15	%
Consumer Discretionary		11	%
Communication Services		11	%
Financials		10	%
Industrials		8	%
Consumer Staples		7	%
Utilities		3	%
Real Estate		3	%
Energy		3	%
Materials		3	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (71.2%)

	Shares		Value
3M Co. (Industrial Conglomerates)		175	$	27,298
A.O. Smith Corp. (Building Products)		41		1,932
Abbott Laboratories (Health Care Equipment & Supplies)		540		49,371
AbbVie, Inc. (Biotechnology)		538		52,821
ABIOMED, Inc.* (Health Care Equipment & Supplies)		14		3,382
Accenture PLC—Class A (IT Services)		194		41,656
Activision Blizzard, Inc. (Entertainment)		235		17,837
Adobe, Inc.* (Software)		147		63,990
Advance Auto Parts, Inc. (Specialty Retail)		21		2,991
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		357		18,782
Aflac, Inc. (Insurance)		219		7,891
Agilent Technologies, Inc. (Life Sciences Tools & Services)		94		8,307
Air Products & Chemicals, Inc. (Chemicals)		67		16,178
Akamai Technologies, Inc.* (IT Services)		50		5,355
Alaska Air Group, Inc. (Airlines)		37		1,342
Albemarle Corp. (Chemicals)		32		2,471
Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts)		39		6,328
Alexion Pharmaceuticals, Inc.* (Biotechnology)		67		7,520
Align Technology, Inc.* (Health Care Equipment & Supplies)		22		6,038
Allegion PLC (Building Products)		28		2,862
Alliant Energy Corp. (Electric Utilities)		76		3,636
Alphabet, Inc.*—Class A (Interactive Media & Services)		92		130,461
Alphabet, Inc.*—Class C (Interactive Media & Services)		89		125,811
Altria Group, Inc. (Tobacco)		567		22,255
Amazon.com, Inc.* (Internet & Direct Marketing Retail)		128		353,128
Amcor PLC (Containers & Packaging)		480		4,901
Ameren Corp. (Multi-Utilities)		75		5,277
American Airlines Group, Inc.(a) (Airlines)		115		1,503
American Electric Power Co., Inc. (Electric Utilities)		151		12,026
American Express Co. (Consumer Finance)		201		19,136
American International Group, Inc. (Insurance)		263		8,200
American Tower Corp. (Equity Real Estate Investment Trusts)		135		34,904
American Water Works Co., Inc. (Water Utilities)		55		7,076
Ameriprise Financial, Inc. (Capital Markets)		37		5,551
AmerisourceBergen Corp. (Health Care Providers & Services)		45		4,535
AMETEK, Inc. (Electrical Equipment)		70		6,256
Amgen, Inc. (Biotechnology)		179		42,219
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components)		90		8,623
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		112		13,736
ANSYS, Inc.* (Software)		26		7,585
Anthem, Inc. (Health Care Providers & Services)		77		20,249
Aon PLC (Insurance)		71		13,675
Apache Corp. (Oil, Gas & Consumable Fuels)		115		1,553
Apartment Investment & Management Co. (Equity Real Estate Investment Trusts)		45		1,694
Apple, Inc. (Technology Hardware, Storage & Peripherals)		1,243		453,447
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		280		16,926
Aptiv PLC (Auto Components)		78		6,078
Archer-Daniels-Midland Co. (Food Products)		169		6,743
Arista Networks, Inc.* (Communications Equipment)		16		3,360
Arthur J. Gallagher & Co. (Insurance)		58		5,654
Assurant, Inc. (Insurance)		18		1,859

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraBull :: 267

Common Stocks, continued

	Shares		Value
AT&T, Inc. (Diversified Telecommunication Services)		2,174	$	65,720
Atmos Energy Corp. (Gas Utilities)		37		3,684
Autodesk, Inc.* (Software)		67		16,026
Automatic Data Processing, Inc. (IT Services)		131		19,505
AutoZone, Inc.* (Specialty Retail)		7		7,897
AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts)		43		6,650
Avery Dennison Corp. (Containers & Packaging)		25		2,852
Baker Hughes Co.—Class A (Energy Equipment & Services)		200		3,078
Ball Corp. (Containers & Packaging)		99		6,879
Bank of America Corp. (Banks)		2,382		56,573
Baxter International, Inc. (Health Care Equipment & Supplies)		155		13,346
Becton, Dickinson & Co. (Health Care Equipment & Supplies)		90		21,534
Berkshire Hathaway, Inc.*—Class B (Diversified Financial Services)		593		105,856
Best Buy Co., Inc. (Specialty Retail)		69		6,022
Biogen, Inc.* (Biotechnology)		50		13,378
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services)		7		3,160
BlackRock, Inc.—Class A (Capital Markets)		47		25,573
Booking Holdings, Inc.* (Internet & Direct Marketing Retail)		12		19,108
BorgWarner, Inc. (Auto Components)		63		2,224
Boston Properties, Inc. (Equity Real Estate Investment Trusts)		44		3,977
Boston Scientific Corp.* (Health Care Equipment & Supplies)		436		15,308
Bristol-Myers Squibb Co. (Pharmaceuticals)		690		40,572
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		122		38,504
Broadridge Financial Solutions, Inc. (IT Services)		35		4,417
Brown-Forman Corp.—Class B (Beverages)		56		3,565
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		41		3,241
Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels)		122		2,096
Cadence Design Systems, Inc.* (Software)		85		8,157
Campbell Soup Co. (Food Products)		52		2,581
Capital One Financial Corp. (Consumer Finance)		139		8,700
Cardinal Health, Inc. (Health Care Providers & Services)		89		4,645
CarMax, Inc.* (Specialty Retail)		50		4,478
Carnival Corp.(a)—Class A (Hotels, Restaurants & Leisure)		145		2,381
Carrier Global Corp. (Building Products)		248		5,511
Caterpillar, Inc. (Machinery)		165		20,872
CBOE Global Markets, Inc. (Capital Markets)		33		3,078
CBRE Group, Inc.*—Class A (Real Estate Management & Development)		102		4,612
CDW Corp. (Electronic Equipment, Instruments & Components)		43		4,996
Celanese Corp.—Series A (Chemicals)		36		3,108
Centene Corp.* (Health Care Providers & Services)		177		11,248
CenterPoint Energy, Inc. (Multi-Utilities)		166		3,099
CenturyLink, Inc. (Diversified Telecommunication Services)		301		3,019
Cerner Corp. (Health Care Technology)		93		6,375
CF Industries Holdings, Inc. (Chemicals)		65		1,829
Charter Communications, Inc.*—Class A (Media)		46		23,462
Chevron Corp. (Oil, Gas & Consumable Fuels)		570		50,860
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure)		8		8,419
Chubb, Ltd. (Insurance)		138		17,474
Church & Dwight Co., Inc. (Household Products)		75		5,798
Cigna Corp. (Health Care Providers & Services)		113		21,204
Cincinnati Financial Corp. (Insurance)		46		2,945
Cintas Corp. (Commercial Services & Supplies)		26		6,925
Cisco Systems, Inc. (Communications Equipment)		1,294		60,352
Citigroup, Inc. (Banks)		635		32,449
Citizens Financial Group, Inc. (Banks)		130		3,281
Citrix Systems, Inc. (Software)		35		5,177
CME Group, Inc. (Capital Markets)		109		17,717
CMS Energy Corp. (Multi-Utilities)		87		5,083
Cognizant Technology Solutions Corp.— Class A (IT Services)		165		9,375
Colgate-Palmolive Co. (Household Products)		261		19,121
Comcast Corp.—Class A (Media)		1,390		54,183
Comerica, Inc. (Banks)		42		1,600
Conagra Brands, Inc. (Food Products)		149		5,240
Concho Resources, Inc. (Oil, Gas & Consumable Fuels)		60		3,090
ConocoPhillips (Oil, Gas & Consumable Fuels)		327		13,741
Consolidated Edison, Inc. (Multi-Utilities)		102		7,337
Constellation Brands, Inc.—Class A (Beverages)		51		8,922
Copart, Inc.* (Commercial Services & Supplies)		63		5,246
Corning, Inc. (Electronic Equipment, Instruments & Components)		232		6,009
Corteva, Inc. (Chemicals)		228		6,108
Costco Wholesale Corp. (Food & Staples Retailing)		135		40,933
Coty, Inc.—Class A (Personal Products)		91		407
Crown Castle International Corp. (Equity Real Estate Investment Trusts)		127		21,253
CSX Corp. (Road & Rail)		234		16,319
Cummins, Inc. (Machinery)		45		7,797
CVS Health Corp. (Health Care Providers & Services)		399		25,923
D.R. Horton, Inc. (Household Durables)		101		5,600
Danaher Corp. (Health Care Equipment & Supplies)		192		33,951
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		40		3,031
DaVita, Inc.* (Health Care Providers & Services)		26		2,058
Deere & Co. (Machinery)		95		14,929
Delta Air Lines, Inc. (Airlines)		173		4,853
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies)		67		2,952
Devon Energy Corp. (Oil, Gas & Consumable Fuels)		117		1,327
DexCom, Inc.* (Health Care Equipment & Supplies)		28		11,351
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		48		2,007

See accompanying notes to financial statements.

268  :: ProFund VP UltraBull :: Financial Statements

Common Stocks, continued

	Shares			Value
Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts)		82		$	11,653
Discover Financial Services (Consumer Finance)		93			4,658
Discovery, Inc.* (Media)		49			1,034
Discovery, Inc.*—Class C (Media)		97			1,868
Dish Network Corp.*—Class A (Media)		78			2,692
Dollar General Corp. (Multiline Retail)		77			14,669
Dollar Tree, Inc.* (Multiline Retail)		72			6,673
Dominion Energy, Inc. (Multi-Utilities)		256			20,781
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)		12			4,433
Dover Corp. (Machinery)		44			4,249
Dow, Inc. (Chemicals)		226			9,212
DTE Energy Co. (Multi-Utilities)		59			6,343
Duke Energy Corp. (Electric Utilities)		224			17,895
Duke Realty Corp. (Equity Real Estate Investment Trusts)		112			3,964
DuPont de Nemours, Inc. (Chemicals)		224			11,901
DXC Technology Co. (IT Services)		77			1,271
E*TRADE Financial Corp. (Capital Markets)		67			3,332
Eastman Chemical Co. (Chemicals)		41			2,855
Eaton Corp. PLC (Electrical Equipment)		122			10,673
eBay, Inc. (Internet & Direct Marketing Retail)		202			10,595
Ecolab, Inc. (Chemicals)		75			14,921
Edison International (Electric Utilities)		115			6,246
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies)		189			13,062
Electronic Arts, Inc.* (Entertainment)		88			11,620
Eli Lilly & Co. (Pharmaceuticals)		257			42,194
Emerson Electric Co. (Electrical Equipment)		182			11,289
Entergy Corp. (Electric Utilities)		61			5,722
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		178			9,017
Equifax, Inc. (Professional Services)		37			6,360
Equinix, Inc. (Equity Real Estate Investment Trusts)		27			18,962
Equity Residential (Equity Real Estate Investment Trusts)		107			6,294
Essex Property Trust, Inc. (Equity Real Estate Investment Trusts)		20			4,583
Everest Re Group, Ltd. (Insurance)		12			2,474
Evergy, Inc. (Electric Utilities)		69			4,091
Eversource Energy (Electric Utilities)		103			8,577
Exelon Corp. (Electric Utilities)		297			10,778
Expedia Group, Inc. (Internet & Direct Marketing Retail)		41			3,370
Expeditors International of Washington, Inc. (Air Freight & Logistics)		51			3,878
Extra Space Storage, Inc. (Equity Real Estate Investment Trusts)		39			3,602
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		1,290			57,688
F5 Networks, Inc.* (Communications Equipment)		19			2,650
Facebook, Inc.*—Class A (Interactive Media & Services)		734			166,669
Fastenal Co. (Trading Companies & Distributors)		175			7,497
Federal Realty Investment Trust (Equity Real Estate Investment Trusts)		21			1,789
FedEx Corp. (Air Freight & Logistics)		73			10,236
Fidelity National Information Services, Inc. (IT Services)		189			25,343
Fifth Third Bancorp (Banks)		217			4,184
First Horizon National Corp. (Banks)		—	(b)		3
First Republic Bank (Banks)		52			5,511
FirstEnergy Corp. (Electric Utilities)		165			6,399
Fiserv, Inc.* (IT Services)		172			16,791
FleetCor Technologies, Inc.* (IT Services)		26			6,540
FLIR Systems, Inc. (Electronic Equipment, Instruments & Components)		40			1,623
Flowserve Corp. (Machinery)		40			1,141
FMC Corp. (Chemicals)		39			3,885
Ford Motor Co. (Automobiles)		1,192			7,247
Fortinet, Inc.* (Software)		41			5,628
Fortive Corp. (Machinery)		90			6,089
Fortune Brands Home & Security, Inc. (Building Products)		43			2,749
Fox Corp.—Class A (Media)		105			2,816
Fox Corp.—Class B (Media)		49			1,315
Franklin Resources, Inc. (Capital Markets)		85			1,782
Freeport-McMoRan, Inc. (Metals & Mining)		443			5,126
Garmin, Ltd. (Household Durables)		44			4,290
Gartner, Inc.* (IT Services)		27			3,276
General Dynamics Corp. (Aerospace & Defense)		71			10,612
General Electric Co. (Industrial Conglomerates)		2,669			18,229
General Mills, Inc. (Food Products)		185			11,405
General Motors Co. (Automobiles)		384			9,716
Genuine Parts Co. (Distributors)		44			3,826
Gilead Sciences, Inc. (Biotechnology)		383			29,468
Global Payments, Inc. (IT Services)		91			15,435
Globe Life, Inc. (Insurance)		30			2,227
H&R Block, Inc. (Diversified Consumer Services)		59			843
Halliburton Co. (Energy Equipment & Services)		268			3,479
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)		106			1,197
Hartford Financial Services Group, Inc. (Insurance)		109			4,202
Hasbro, Inc. (Leisure Products)		39			2,923
HCA Healthcare, Inc. (Health Care Providers & Services)		80			7,765
Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts)		164			4,520
Henry Schein, Inc.* (Health Care Providers & Services)		44			2,569
Hess Corp. (Oil, Gas & Consumable Fuels)		80			4,145
Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals)		392			3,814
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)		85			6,243
HollyFrontier Corp. (Oil, Gas & Consumable Fuels)		45			1,314
Hologic, Inc.* (Health Care Equipment & Supplies)		79			4,503
Honeywell International, Inc. (Industrial Conglomerates)		214			30,943
Hormel Foods Corp. (Food Products)		86			4,151
Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts)		215			2,320
Howmet Aerospace, Inc.* (Aerospace & Defense)		117			1,854

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraBull :: 269

Common Stocks, continued

	Shares		Value
HP, Inc. (Technology Hardware, Storage & Peripherals)		436	$	7,599
Humana, Inc. (Health Care Providers & Services)		40		15,510
Huntington Bancshares, Inc. (Banks)		309		2,792
Huntington Ingalls Industries, Inc. (Aerospace & Defense)		12		2,094
IDEX Corp. (Machinery)		23		3,635
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		26		8,584
IHS Markit, Ltd. (Professional Services)		122		9,210
Illinois Tool Works, Inc. (Machinery)		88		15,386
Illumina, Inc.* (Life Sciences Tools & Services)		45		16,666
Incyte Corp.* (Biotechnology)		55		5,718
Ingersoll Rand, Inc.* (Machinery)		105		2,953
Intel Corp. (Semiconductors & Semiconductor Equipment)		1,292		77,300
Intercontinental Exchange, Inc. (Capital Markets)		167		15,297
International Business Machines Corp. (IT Services)		271		32,729
International Flavors & Fragrances, Inc. (Chemicals)		33		4,041
International Paper Co. (Containers & Packaging)		120		4,225
Intuit, Inc. (Software)		80		23,695
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		36		20,514
Invesco, Ltd. (Capital Markets)		115		1,237
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components)		11		1,764
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		54		7,662
Iron Mountain, Inc. (Equity Real Estate Investment Trusts)		88		2,297
J.B. Hunt Transport Services, Inc. (Road & Rail)		26		3,129
Jack Henry & Associates, Inc. (IT Services)		23		4,233
Jacobs Engineering Group, Inc. (Construction & Engineering)		40		3,392
Johnson & Johnson (Pharmaceuticals)		804		113,066
Johnson Controls International PLC (Building Products)		227		7,749
JPMorgan Chase & Co. (Banks)		930		87,475
Juniper Networks, Inc. (Communications Equipment)		101		2,309
Kansas City Southern Industries, Inc. (Road & Rail)		29		4,329
Kellogg Co. (Food Products)		76		5,021
KeyCorp (Banks)		298		3,630
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components)		57		5,744
Kimberly-Clark Corp. (Household Products)		104		14,700
Kimco Realty Corp. (Equity Real Estate Investment Trusts)		132		1,695
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		593		8,996
KLA Corp. (Semiconductors & Semiconductor Equipment)		47		9,141
Kohl's Corp. (Multiline Retail)		48		997
L Brands, Inc. (Specialty Retail)		71		1,063
L3Harris Technologies, Inc. (Aerospace & Defense)		66		11,198
Laboratory Corp. of America Holdings* (Health Care Providers & Services)		30		4,983
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		44		14,232
Lamb Weston Holding, Inc. (Food Products)		45		2,877
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)		103		4,691
Leggett & Platt, Inc. (Household Durables)		40		1,406
Leidos Holdings, Inc. (IT Services)		41		3,840
Lennar Corp.—Class A (Household Durables)		84		5,176
Lincoln National Corp. (Insurance)		59		2,171
Linde PLC (Chemicals)		160		33,939
Live Nation Entertainment, Inc.* (Entertainment)		43		1,906
LKQ Corp.* (Distributors)		93		2,437
Lockheed Martin Corp. (Aerospace & Defense)		75		27,369
Loews Corp. (Insurance)		74		2,537
Lowe's Cos., Inc. (Specialty Retail)		230		31,078
LyondellBasell Industries N.V.—Class A (Chemicals)		78		5,126
M&T Bank Corp. (Banks)		39		4,055
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		241		1,475
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		198		7,401
MarketAxess Holdings, Inc. (Capital Markets)		12		6,011
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure)		82		7,052
Marsh & McLennan Cos., Inc. (Insurance)		156		16,750
Martin Marietta Materials, Inc. (Construction Materials)		19		3,925
Masco Corp. (Building Products)		80		4,017
MasterCard, Inc.—Class A (IT Services)		270		79,838
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment)		81		4,909
McCormick & Co., Inc. (Food Products)		38		6,818
McDonald's Corp. (Hotels, Restaurants & Leisure)		227		41,874
McKesson Corp. (Health Care Providers & Services)		49		7,518
Medtronic PLC (Health Care Equipment & Supplies)		409		37,505
Merck & Co., Inc. (Pharmaceuticals)		770		59,544
MetLife, Inc. (Insurance)		235		8,582
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)		7		5,639
MGM Resorts International (Hotels, Restaurants & Leisure)		150		2,520
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		75		7,898
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment)		339		17,465
Microsoft Corp. (Software)		2,314		470,921
Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts)		35		4,013
Mohawk Industries, Inc.* (Household Durables)		18		1,832

See accompanying notes to financial statements.

270  :: ProFund VP UltraBull :: Financial Statements

Common Stocks, continued

	Shares		Value
Molson Coors Beverage Co.—Class B (Beverages)		57	$	1,959
Mondelez International, Inc.—Class A (Food Products)		436		22,293
Monster Beverage Corp.* (Beverages)		114		7,902
Moody's Corp. (Capital Markets)		49		13,462
Morgan Stanley (Capital Markets)		365		17,630
Motorola Solutions, Inc. (Communications Equipment)		52		7,287
MSCI, Inc.—Class A (Capital Markets)		26		8,679
Mylan N.V.* (Pharmaceuticals)		158		2,541
Nasdaq, Inc. (Capital Markets)		35		4,181
National Oilwell Varco, Inc. (Energy Equipment & Services)		118		1,446
NetApp, Inc. (Technology Hardware, Storage & Peripherals)		67		2,973
Netflix, Inc.* (Entertainment)		134		60,975
Newell Brands, Inc. (Household Durables)		116		1,842
Newmont Corp. (Metals & Mining)		245		15,126
News Corp.—Class A (Media)		119		1,411
News Corp.—Class B (Media)		37		442
NextEra Energy, Inc. (Electric Utilities)		149		35,786
Nielsen Holdings PLC (Professional Services)		109		1,620
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods)		378		37,063
NiSource, Inc. (Multi-Utilities)		117		2,661
Noble Energy, Inc. (Oil, Gas & Consumable Fuels)		146		1,308
Norfolk Southern Corp. (Road & Rail)		78		13,694
Northern Trust Corp. (Capital Markets)		63		4,998
Northrop Grumman Corp. (Aerospace & Defense)		47		14,450
NortonLifelock, Inc. (Software)		165		3,272
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure)		78		1,282
NRG Energy, Inc. (Independent Power and Renewable Electricity Producers)		74		2,409
Nucor Corp. (Metals & Mining)		92		3,810
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		188		71,423
NVR, Inc.* (Household Durables)		1		3,259
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		275		5,033
Old Dominion Freight Line, Inc. (Road & Rail)		29		4,918
Omnicom Group, Inc. (Media)		65		3,549
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		126		4,186
Oracle Corp. (Software)		635		35,096
O'Reilly Automotive, Inc.* (Specialty Retail)		23		9,698
Otis Worldwide Corp. (Machinery)		124		7,051
PACCAR, Inc. (Machinery)		105		7,859
Packaging Corp. of America (Containers & Packaging)		29		2,894
Parker-Hannifin Corp. (Machinery)		39		7,148
Paychex, Inc. (IT Services)		97		7,348
Paycom Software, Inc.* (Software)		15		4,646
PayPal Holdings, Inc.* (IT Services)		358		62,373
Pentair PLC (Machinery)		51		1,937
People's United Financial, Inc. (Banks)		130		1,504
PepsiCo, Inc. (Beverages)		423		55,946
PerkinElmer, Inc. (Life Sciences Tools & Services)		34		3,335
Perrigo Co. PLC (Pharmaceuticals)		42		2,321
Pfizer, Inc. (Pharmaceuticals)		1,695		55,427
Philip Morris International, Inc. (Tobacco)		475		33,278
Phillips 66 (Oil, Gas & Consumable Fuels)		133		9,563
Pinnacle West Capital Corp. (Electric Utilities)		34		2,492
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		50		4,885
PPG Industries, Inc. (Chemicals)		72		7,636
PPL Corp. (Electric Utilities)		235		6,072
Principal Financial Group, Inc. (Insurance)		78		3,240
Prologis, Inc. (Equity Real Estate Investment Trusts)		225		20,999
Prudential Financial, Inc. (Insurance)		121		7,369
Public Service Enterprise Group, Inc. (Multi-Utilities)		154		7,571
Public Storage (Equity Real Estate Investment Trusts)		46		8,827
PulteGroup, Inc. (Household Durables)		77		2,620
PVH Corp. (Textiles, Apparel & Luxury Goods)		22		1,057
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment)		35		3,869
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment)		343		31,285
Quanta Services, Inc. (Construction & Engineering)		42		1,648
Quest Diagnostics, Inc. (Health Care Providers & Services)		41		4,672
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)		15		1,088
Raymond James Financial, Inc. (Capital Markets)		37		2,547
Raytheon Technologies Corp. (Aerospace & Defense)		449		27,667
Realty Income Corp. (Equity Real Estate Investment Trusts)		105		6,248
Regency Centers Corp. (Equity Real Estate Investment Trusts)		52		2,386
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		31		19,333
Regions Financial Corp. (Banks)		292		3,247
Republic Services, Inc.—Class A (Commercial Services & Supplies)		64		5,251
ResMed, Inc. (Health Care Equipment & Supplies)		44		8,448
Robert Half International, Inc. (Professional Services)		35		1,849
Rockwell Automation, Inc. (Electrical Equipment)		35		7,455
Rollins, Inc. (Commercial Services & Supplies)		43		1,823
Roper Technologies, Inc. (Industrial Conglomerates)		32		12,424
Ross Stores, Inc. (Specialty Retail)		108		9,206
Royal Caribbean Cruises, Ltd. (Hotels, Restaurants & Leisure)		52		2,616
S&P Global, Inc. (Capital Markets)		73		24,053
Salesforce.com, Inc.* (Software)		275		51,516
SBA Communications Corp. (Equity Real Estate Investment Trusts)		34		10,129
Schlumberger, Ltd. (Energy Equipment & Services)		423		7,778

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraBull :: 271

Common Stocks, continued

	Shares		Value
Seagate Technology PLC (Technology Hardware, Storage & Peripherals)		69	$	3,340
Sealed Air Corp. (Containers & Packaging)		47		1,544
Sempra Energy (Multi-Utilities)		89		10,433
ServiceNow, Inc.* (Software)		58		23,493
Simon Property Group, Inc. (Equity Real Estate Investment Trusts)		93		6,359
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		51		6,521
SL Green Realty Corp. (Equity Real Estate Investment Trusts)		23		1,134
Snap-on, Inc. (Machinery)		17		2,355
Southwest Airlines Co. (Airlines)		164		5,605
Stanley Black & Decker, Inc. (Machinery)		47		6,551
Starbucks Corp. (Hotels, Restaurants & Leisure)		356		26,197
State Street Corp. (Capital Markets)		107		6,800
STERIS PLC (Health Care Equipment & Supplies)		26		3,989
Stryker Corp. (Health Care Equipment & Supplies)		98		17,659
SVB Financial Group* (Banks)		16		3,448
Synchrony Financial (Consumer Finance)		164		3,634
Synopsys, Inc.* (Software)		46		8,970
Sysco Corp. (Food & Staples Retailing)		155		8,472
T. Rowe Price Group, Inc. (Capital Markets)		69		8,522
Take-Two Interactive Software, Inc.* (Entertainment)		35		4,885
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)		84		1,116
Target Corp. (Multiline Retail)		153		18,349
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components)		101		8,237
TechnipFMC PLC (Energy Equipment & Services)		128		876
Teledyne Technologies, Inc.* (Aerospace & Defense)		11		3,420
Teleflex, Inc. (Health Care Equipment & Supplies)		14		5,096
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		280		35,552
Textron, Inc. (Aerospace & Defense)		69		2,271
The AES Corp. (Independent Power and Renewable Electricity Producers)		203		2,942
The Allstate Corp. (Insurance)		96		9,311
The Bank of New York Mellon Corp. (Capital Markets)		246		9,508
The Boeing Co. (Aerospace & Defense)		164		30,062
The Charles Schwab Corp. (Capital Markets)		350		11,809
The Clorox Co. (Household Products)		38		8,336
The Coca-Cola Co. (Beverages)		1,179		52,678
The Cooper Cos., Inc. (Health Care Equipment & Supplies)		15		4,255
The Estee Lauder Co., Inc. (Personal Products)		69		13,019
The Gap, Inc. (Specialty Retail)		65		820
The Goldman Sachs Group, Inc. (Capital Markets)		94		18,576
The Hershey Co. (Food Products)		45		5,833
The Home Depot, Inc. (Specialty Retail)		328		82,167
The Interpublic Group of Cos., Inc. (Media)		119		2,042
The JM Smucker Co.—Class A (Food Products)		35		3,703
The Kraft Heinz Co. (Food Products)		190		6,059
The Kroger Co. (Food & Staples Retailing)		240		8,124
The Mosaic Co. (Chemicals)		106		1,326
The PNC Financial Services Group, Inc (Banks)		129		13,572
The Procter & Gamble Co. (Household Products)		755		90,275
The Progressive Corp. (Insurance)		179		14,340
The Sherwin-Williams Co. (Chemicals)		25		14,446
The Southern Co. (Electric Utilities)		322		16,696
The TJX Cos., Inc. (Specialty Retail)		365		18,454
The Travelers Cos., Inc. (Insurance)		77		8,782
The Walt Disney Co. (Entertainment)		551		61,442
The Western Union Co. (IT Services)		125		2,703
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)		370		7,037
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		120		43,480
Tiffany & Co. (Specialty Retail)		33		4,024
T-Mobile U.S., Inc.* (Wireless Telecommunication Services)		174		18,122
Tractor Supply Co. (Specialty Retail)		35		4,613
Trane Technologies PLC (Building Products)		73		6,496
TransDigm Group, Inc. (Aerospace & Defense)		15		6,631
Truist Financial Corp. (Banks)		411		15,433
Twitter, Inc.* (Interactive Media & Services)		239		7,120
Tyler Technologies, Inc.* (Software)		12		4,163
Tyson Foods, Inc.—Class A (Food Products)		90		5,374
U.S. Bancorp (Banks)		418		15,391
UDR, Inc. (Equity Real Estate Investment Trusts)		90		3,364
Ulta Beauty, Inc.* (Specialty Retail)		17		3,458
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods)		57		555
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods)		60		530
Union Pacific Corp. (Road & Rail)		207		34,998
United Airlines Holdings , Inc.* (Airlines)		77		2,665
United Parcel Service, Inc.—Class B (Air Freight & Logistics)		215		23,904
United Rentals, Inc.* (Trading Companies & Distributors)		22		3,279
UnitedHealth Group, Inc. (Health Care Providers & Services)		289		85,242
Universal Health Services, Inc.—Class B (Health Care Providers & Services)		24		2,229
Unum Group (Insurance)		62		1,029
Valero Energy Corp. (Oil, Gas & Consumable Fuels)		124		7,294
Varian Medical Systems, Inc.* (Health Care Equipment & Supplies)		28		3,431
Ventas, Inc. (Equity Real Estate Investment Trusts)		114		4,175
VeriSign, Inc.* (IT Services)		31		6,412
Verisk Analytics, Inc.—Class A (Professional Services)		50		8,510
Verizon Communications, Inc. (Diversified Telecommunication Services)		1,262		69,574
Vertex Pharmaceuticals, Inc.* (Biotechnology)		79		22,934
VF Corp. (Textiles, Apparel & Luxury Goods)		97		5,911
ViacomCBS, Inc.—Class B (Media)		165		3,848
Visa, Inc.—Class A (IT Services)		515		99,482
Vornado Realty Trust (Equity Real Estate Investment Trusts)		48		1,834

See accompanying notes to financial statements.

272  :: ProFund VP UltraBull :: Financial Statements

Common Stocks, continued

	Shares		Value
Vulcan Materials Co. (Construction Materials)		40	$	4,634
W.R. Berkley Corp. (Insurance)		43		2,463
W.W. Grainger, Inc. (Trading Companies & Distributors)		13		4,084
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)		225		9,538
Walmart, Inc. (Food & Staples Retailing)		432		51,745
Waste Management, Inc. (Commercial Services & Supplies)		118		12,498
Waters Corp.* (Life Sciences Tools & Services)		19		3,428
WEC Energy Group, Inc. (Multi-Utilities)		96		8,414
Wells Fargo & Co. (Banks)		1,138		29,133
Welltower, Inc. (Equity Real Estate Investment Trusts)		127		6,572
West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies)		22		4,998
Western Digital Corp. (Technology Hardware, Storage & Peripherals)		91		4,018
Westinghouse Air Brake Technologies Corp. (Machinery)		55		3,166
WestRock Co. (Containers & Packaging)		79		2,233
Weyerhaeuser Co. (Equity Real Estate Investment Trusts)		228		5,121
Whirlpool Corp. (Household Durables)		19		2,461
Willis Towers Watson PLC (Insurance)		39		7,681
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure)		30		2,235
Xcel Energy, Inc. (Electric Utilities)		160		10,000
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals)		56		856
Xilinx, Inc. (Semiconductors & Semiconductor Equipment)		74		7,281
Xylem, Inc. (Machinery)		55		3,573
YUM! Brands, Inc. (Hotels, Restaurants & Leisure)		92		7,996
Zebra Technologies Corp.*—Class A (Electronic Equipment, Instruments & Components)		16		4,095
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies)		63		7,520
Zions Bancorp (Banks)		50		1,700
Zoetis, Inc. (Pharmaceuticals)		145		19,871
TOTAL COMMON STOCKS (Cost $2,585,972)				7,819,082

Repurchase Agreements^(c)(d) (36.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $4,040,003	$	4,040,000	$	4,040,000
TOTAL REPURCHASE AGREEMENTS (Cost $4,040,000)				4,040,000

Collateral for Securities Loaned^(NM)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(e)		539	$	539
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(e)		6		6
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(e)		2,959		2,959
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $3,504)				3,504
TOTAL INVESTMENT SECURITIES (Cost $6,629,476)—107.9%				11,862,586
Net other assets (liabilities)—(7.9)%				(865,539	)
NET ASSETS—100.0%			$	10,997,047

* Non-income producing security.

^(a) All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $3,333.

^(b) Number of shares is less than 0.50

^(c) 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, 2020, the aggregate amount held in a segregated account was $2,311,000.

^(d) 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.

^(e) Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P 500 Futures Contracts		6	9/21/20	$	925,275	$	(27,250	)

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraBull :: 273

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500	Goldman Sachs International	7/27/20		1.52	%	$	3,550,095	$	61,837
SPDR S&P 500 ETF	Goldman Sachs International	7/27/20		1.42	%		3,920,059		49,525
						$	7,470,154	$	111,362
S&P 500	UBS AG	7/27/20		1.47	%	$	5,604,400	$	92,021
SPDR S&P 500 ETF	UBS AG	7/27/20		1.07	%		185,038		21,065
						$	5,789,438	$	113,086
						$	13,259,592	$	224,448

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 UltraBull invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Aerospace & Defense	$	137,628		1.3	%
Air Freight & Logistics		41,259		0.4	%
Airlines		15,968		0.1	%
Auto Components		8,302		0.1	%
Automobiles		16,963		0.2	%
Banks		284,981		2.6	%
Beverages		130,972		1.2	%
Biotechnology		193,391		1.8	%
Building Products		31,316		0.3	%
Capital Markets		210,343		1.9	%
Chemicals		138,982		1.3	%
Commercial Services & Supplies		31,743		0.3	%
Communications Equipment		75,958		0.7	%
Construction & Engineering		5,040		NM
Construction Materials		8,559		0.1	%
Consumer Finance		36,128		0.3	%
Containers & Packaging		25,528		0.2	%
Distributors		6,263		0.1	%
Diversified Consumer Services		843		NM
Diversified Financial Services		105,856		1.0	%
Diversified Telecommunication Services		138,313		1.3	%
Electric Utilities		146,416		1.4	%
Electrical Equipment		35,673		0.3	%
Electronic Equipment, Instruments & Components		41,091		0.4	%
Energy Equipment & Services		16,657		0.2	%
Entertainment		158,665		1.4	%
Equity Real Estate Investment Trusts		217,646		2.0	%
Food & Staples Retailing		118,812		1.1	%
Food Products		88,098		0.8	%
Gas Utilities		3,684		NM
Health Care Equipment & Supplies		296,797		2.7	%
Health Care Providers & Services		220,350		2.0	%
Health Care Technology		6,375		0.1	%
Hotels, Restaurants & Leisure		120,970		1.1	%
Household Durables		28,486		0.3	%
Household Products		138,230		1.3	%
Independent Power and Renewable Electricity Producers		5,351		NM
Industrial Conglomerates		88,894		0.8	%
Insurance		150,856		1.4	%
Interactive Media & Services		430,061		3.9	%
Internet & Direct Marketing Retail		386,201		3.4	%
IT Services		447,922		4.1	%
Leisure Products		2,923		NM
Life Sciences Tools & Services		91,677		0.8	%
Machinery		116,691		1.1	%
Media		98,662		0.9	%
Metals & Mining		24,062		0.2	%
Multiline Retail		40,688		0.4	%
Multi-Utilities		76,999		0.7	%
Oil, Gas & Consumable Fuels		204,016		1.8	%
Personal Products		13,426		0.1	%
Pharmaceuticals		335,536		3.0	%
Professional Services		27,549		0.3	%
Real Estate Management & Development		4,612		NM
Road & Rail		77,387		0.7	%
Semiconductors & Semiconductor Equipment		374,824		3.4	%
Software		732,335		6.6	%
Specialty Retail		185,969		1.7	%
Technology Hardware, Storage & Peripherals		476,047		4.3	%
Textiles, Apparel & Luxury Goods		48,517		0.4	%
Tobacco		55,533		0.5	%
Trading Companies & Distributors		14,860		0.1	%
Water Utilities		7,076		0.1	%
Wireless Telecommunication Services		18,122		0.2	%
Other**		3,177,965		28.8	%
Total	$	10,997,047		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.

274  :: ProFund VP UltraBull :: Financial Statements

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	6,629,476
Securities, at value(a)		7,822,586
Repurchase agreements, at value		4,040,000
Total Investment Securities, at value		11,862,586
Cash		975
Segregated cash balances for futures contracts with brokers		79,200
Dividends and interest receivable		6,166
Unrealized appreciation on swap agreements		224,448
Receivable for capital shares issued		19,525
Variation margin on futures contracts		10,965
Prepaid expenses		939
TOTAL ASSETS		12,204,804
LIABILITIES:
Payable for capital shares redeemed		1,155,437
Payable for collateral for securities loaned		3,504
Advisory fees payable		7,759
Management services fees payable		1,034
Administration fees payable		960
Administrative services fees payable		3,708
Distribution fees payable		4,616
Transfer agency fees payable		783
Fund accounting fees payable		664
Compliance services fees payable		124
Other accrued expenses		29,168
TOTAL LIABILITIES		1,207,757
NET ASSETS	$	10,997,047
NET ASSETS CONSIST OF:
Capital	$	16,904,613
Total distributable earnings (loss)		(5,907,566	)
NET ASSETS	$	10,997,047
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		824,876
Net Asset Value (offering and redemption price per share)	$	13.33
(a) Includes securities on loan valued at:	$	3,333

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	150,077
Interest		29,100
Income from securities lending		110
TOTAL INVESTMENT INCOME		179,287
EXPENSES:
Advisory fees		74,218
Management services fees		9,896
Administration fees		11,406
Transfer agency fees		9,200
Administrative services fees		16,521
Distribution fees		24,740
Custody fees		2,515
Fund accounting fees		7,639
Trustee fees		339
Compliance services fees		124
Audit fees		9,597
Other fees		7,535
TOTAL NET EXPENSES		173,730
NET INVESTMENT INCOME (LOSS)		5,557
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		(4,376,362	)
Net realized gains (losses) on futures contracts		(810,031	)
Net realized gains (losses) on swap agreements		(7,319,980	)
Change in net unrealized appreciation/depreciation on investment securities		(294,189	)
Change in net unrealized appreciation/depreciation on futures contracts		(27,250	)
Change in net unrealized appreciation/depreciation on swap agreements		308,295
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(12,519,517	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(12,513,960	)

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraBull :: 275

Statements of Changes in Net Assets  

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	5,557		$	109,996
Net realized gains (losses) on investments		(12,506,373	)		10,965,173
Change in net unrealized appreciation/depreciation on investments		(13,144	)		1,919,926
Change in net assets resulting from operations		(12,513,960	)		12,995,095
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(111,007	)
Change in net assets resulting from distributions		—			(111,007	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		308,034,570			1,022,129,393
Distributions reinvested		—			39,713
Value of shares redeemed		(314,810,427	)		(1,028,231,682	)
Change in net assets resulting from capital transactions		(6,775,857	)		(6,062,576	)
Change in net assets		(19,289,817	)		6,821,512
NET ASSETS:
Beginning of period		30,286,864			23,465,352
End of period	$	10,997,047		$	30,286,864
SHARE TRANSACTIONS:
Issued		20,313,446			75,986,925
Reinvested		—			3,043
Redeemed		(21,357,088	)		(76,433,280	)
Change in shares		(1,043,642	)		(443,312	)

See accompanying notes to financial statements.

276  :: ProFund VP UltraBull :: 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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	16.21		$	10.15		$	14.77		$	13.48		$	13.96		$	16.50
Investment Activities:
Net investment income (loss)(a)		—	(b)		0.05			0.05			(0.02	)		(0.03	)		(0.05	)
Net realized and unrealized gains (losses) on investments		(2.88	)		6.05			(1.77	)		5.18			2.49			(0.27	)
Total income (loss) from investment activities		(2.88	)		6.10			(1.72	)		5.16			2.46			(0.32	)
Distributions to Shareholders From:
Net investment income		—			(0.04	)		—			—			—			—
Net realized gains on investments		—			—			(2.90	)		(3.87	)		(2.94	)		(2.22	)
Total distributions		—			(0.04	)		(2.90	)		(3.87	)		(2.94	)		(2.22	)
Net Asset Value, End of Period	$	13.33		$	16.21		$	10.15		$	14.77		$	13.48		$	13.96
Total Return(c)		(17.77	)%		60.17	%		(15.50	)%		41.02	%		18.60	%		(2.88	)%
Ratios to Average Net Assets:
Gross expenses(d)		1.76	%		1.62	%		1.53	%		1.60	%		1.68	%		1.68	%
Net expenses(d)		1.76	%(e)		1.62	%		1.53	%		1.60	%		1.68	%		1.68	%
Net investment income (loss)(d)		0.06	%		0.41	%		0.37	%		(0.12	)%		(0.20	)%		(0.35	)%
Supplemental Data:
Net assets, end of period (000's)	$	10,997		$	30,287		$	23,465		$	34,995		$	53,752		$	28,680
Portfolio turnover rate(c)(f)		1,247	%		2,393	%		3,297	%		2,993	%		2,888	%		2,578	%

^(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) 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.

^(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 UltraMid-Cap :: 277

Investment Objective: The ProFund VP UltraMid-Cap seeks daily investment results that, before fees and expenses, correspond to two times (2x) the daily performance of the S&P MidCap 400^® for a single day, not for any other period.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Equity Securities		64	%
Futures Contracts		13	%
Swap Agreements		123	%
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Teradyne, Inc.		0.6	%
Etsy, Inc.		0.5	%
FactSet Research Systems, Inc.		0.5	%
Fair Isaac Corp.		0.5	%
Catalent, Inc.		0.5	%

S&P MidCap 400^® Index – Composition

	% of Index
Information Technology		17	%
Industrials		16	%
Financials		15	%
Consumer Discretionary		14	%
Health Care		11	%
Real Estate		10	%
Materials		6	%
Utilities		4	%
Consumer Staples		4	%
Communication Services		2	%
Energy		1	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (63.9%)

	Shares		Value
Aaron's, Inc. (Specialty Retail)		228	$	10,351
Acadia Healthcare Co., Inc.* (Health Care Providers & Services)		300		7,536
ACI Worldwide, Inc.* (Software)		391		10,553
Acuity Brands, Inc. (Electrical Equipment)		134		12,829
Adient PLC* (Auto Components)		294		4,827
Adtalem Global Education, Inc.* (Diversified Consumer Services)		175		5,451
AECOM* (Construction & Engineering)		539		20,255
Affiliated Managers Group, Inc. (Capital Markets)		159		11,855
AGCO Corp. (Machinery)		209		11,591
Alleghany Corp. (Insurance)		48		23,479
Allegheny Technologies, Inc.* (Metals & Mining)		427		4,351
ALLETE, Inc. (Electric Utilities)		174		9,502
Alliance Data Systems Corp. (IT Services)		143		6,452
AMC Networks, Inc.*—Class A (Media)		137		3,204
Amedisys, Inc.* (Health Care Providers & Services)		109		21,641
American Campus Communities, Inc. (Equity Real Estate Investment Trusts)		464		16,221
American Eagle Outfitters, Inc. (Specialty Retail)		524		5,712
American Financial Group, Inc. (Insurance)		251		15,928
Antero Midstream Corp. (Oil, Gas & Consumable Fuels)		947		4,830
AptarGroup, Inc. (Containers & Packaging)		216		24,188
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components)		265		18,203
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)		343		14,814
ASGN, Inc.* (Professional Services)		177		11,802
Ashland Global Holdings, Inc. (Chemicals)		204		14,096
Associated Banc-Corp. (Banks)		518		7,086
AutoNation, Inc.* (Specialty Retail)		194		7,291
Avanos Medical, Inc.*—Class I (Health Care Equipment & Supplies)		161		4,732
Avis Budget Group, Inc.* (Road & Rail)		180		4,120
Avnet, Inc. (Electronic Equipment, Instruments & Components)		333		9,286
Axon Enterprise, Inc.* (Aerospace & Defense)		211		20,706
BancorpSouth Bank (Banks)		327		7,436
Bank of Hawaii Corp. (Banks)		135		8,290
Bank OZK (Banks)		407		9,552
Belden, Inc. (Electronic Equipment, Instruments & Components)		129		4,199
Bio-Techne Corp. (Life Sciences Tools & Services)		129		34,065
BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing)		416		15,504
Black Hills Corp. (Multi-Utilities)		211		11,955
Blackbaud, Inc. (Software)		167		9,532
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)		270		5,643
Brighthouse Financial, Inc.* (Insurance)		316		8,791
Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts)		999		12,807
Brown & Brown, Inc. (Insurance)		792		32,281
Brunswick Corp. (Leisure Products)		267		17,091
Cable One, Inc. (Media)		18		31,947
Cabot Corp. (Chemicals)		190		7,040
Cabot Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		98		13,675
CACI International, Inc.*—Class A (IT Services)		85		18,435
Caesars Entertainment Corp.* (Hotels, Restaurants & Leisure)		1,890		22,925
Camden Property Trust (Equity Real Estate Investment Trusts)		328		29,919

See accompanying notes to financial statements.

278  :: ProFund VP UltraMid-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
Cantel Medical Corp. (Health Care Equipment & Supplies)		125	$	5,529
Carlisle Cos., Inc. (Industrial Conglomerates)		185		22,139
Carpenter Technology Corp. (Metals & Mining)		161		3,909
Carter's, Inc. (Textiles, Apparel & Luxury Goods)		147		11,863
Casey's General Stores, Inc. (Food & Staples Retailing)		124		18,541
Catalent, Inc.* (Pharmaceuticals)		547		40,095
Cathay General Bancorp (Banks)		255		6,707
CDK Global, Inc. (Software)		409		16,941
Ceridian HCM Holding, Inc.* (Software)		342		27,110
Championx Corp.* (Energy Equipment & Services)		626		6,110
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services)		167		29,116
Chemed Corp. (Health Care Providers & Services)		53		23,907
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure)		106		8,363
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)		118		15,712
Ciena Corp.* (Communications Equipment)		518		28,054
Cimarex Energy Co. (Oil, Gas & Consumable Fuels)		344		9,457
Cinemark Holdings, Inc. (Entertainment)		360		4,158
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment)		197		12,171
CIT Group, Inc. (Banks)		331		6,862
Clean Harbors, Inc.* (Commercial Services & Supplies)		172		10,317
CNO Financial Group, Inc. (Insurance)		484		7,536
CNX Resources Corp.* (Oil, Gas & Consumable Fuels)		630		5,450
Cognex Corp. (Electronic Equipment, Instruments & Components)		578		34,518
Coherent, Inc.* (Electronic Equipment, Instruments & Components)		82		10,740
Colfax Corp.* (Machinery)		283		7,896
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods)		96		7,736
Commerce Bancshares, Inc. (Banks)		338		20,102
Commercial Metals Co. (Metals & Mining)		401		8,180
CommVault Systems, Inc.* (Software)		143		5,534
Compass Minerals International, Inc. (Metals & Mining)		114		5,558
Corecivic, Inc. (Equity Real Estate Investment Trusts)		403		3,772
CoreLogic, Inc. (IT Services)		268		18,015
CoreSite Realty Corp. (Equity Real Estate Investment Trusts)		136		16,464
Corporate Office Properties Trust (Equity Real Estate Investment Trusts)		378		9,579
Cousins Properties, Inc. (Equity Real Estate Investment Trusts)		500		14,915
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure)		80		8,873
Crane Co. (Machinery)		166		9,870
Cree, Inc.* (Semiconductors & Semiconductor Equipment)		364		21,545
Cullen/Frost Bankers, Inc. (Banks)		192		14,344
Curtiss-Wright Corp. (Aerospace & Defense)		140		12,499
CyrusOne, Inc. (Equity Real Estate Investment Trusts)		388		28,227
Dana, Inc. (Auto Components)		487		5,937
Darling Ingredients, Inc.* (Food Products)		553		13,615
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods)		94		18,461
Delphi Technologies PLC* (Auto Components)		291		4,135
Deluxe Corp. (Commercial Services & Supplies)		141		3,319
Dick's Sporting Goods, Inc. (Specialty Retail)		219		9,036
Domtar Corp. (Paper & Forest Products)		186		3,926
Donaldson Co., Inc. (Machinery)		425		19,771
Douglas Emmett, Inc. (Equity Real Estate Investment Trusts)		555		17,016
Dunkin' Brands Group, Inc. (Hotels, Restaurants & Leisure)		277		18,068
Dycom Industries, Inc.* (Construction & Engineering)		107		4,375
Eagle Materials, Inc. (Construction Materials)		140		9,831
East West Bancorp, Inc. (Banks)		477		17,286
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts)		132		15,657
Eaton Vance Corp. (Capital Markets)		384		14,822
Edgewell Personal Care Co.* (Personal Products)		183		5,702
Eldorado Resorts, Inc.*(a) (Hotels, Restaurants & Leisure)		281		11,257
EMCOR Group, Inc. (Construction & Engineering)		185		12,236
Encompass Health Corp. (Health Care Providers & Services)		335		20,747
Energizer Holdings, Inc. (Household Products)		214		10,163
EnerSys (Electrical Equipment)		143		9,206
Enphase Energy, Inc.* (Electrical Equipment)		274		13,034
EPR Properties (Equity Real Estate Investment Trusts)		261		8,647
EQT Corp. (Oil, Gas & Consumable Fuels)		861		10,245
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		1,369		11,375
Essent Group, Ltd. (Thrifts & Mortgage Finance)		373		13,529
Essential Utilities, Inc. (Water Utilities)		751		31,722
Etsy, Inc.* (Internet & Direct Marketing Retail)		400		42,492
Evercore Partners, Inc.—Class A (Capital Markets)		137		8,072
Exelixis, Inc.* (Biotechnology)		1,033		24,523
F.N.B. Corp. (Banks)		1,088		8,160
FactSet Research Systems, Inc. (Capital Markets)		128		42,044
Fair Isaac Corp.* (Software)		98		40,969
Federated Hermes, Inc.—Class B (Capital Markets)		323		7,655
First American Financial Corp. (Insurance)		375		18,008
First Financial Bankshares, Inc. (Banks)		479		13,838
First Horizon National Corp. (Banks)		1,051		10,468
First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts)		429		16,491
First Solar, Inc.* (Semiconductors & Semiconductor Equipment)		257		12,722
FirstCash, Inc. (Consumer Finance)		140		9,447
Five Below, Inc.* (Specialty Retail)		188		20,099
Flowers Foods, Inc. (Food Products)		649		14,512
Fluor Corp. (Construction & Engineering)		472		5,702

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraMid-Cap :: 279

Common Stocks, continued

	Shares		Value
Foot Locker, Inc. (Specialty Retail)		351	$	10,235
FTI Consulting, Inc.* (Professional Services)		125		14,319
Fulton Financial Corp. (Banks)		545		5,739
GATX Corp. (Trading Companies & Distributors)		118		7,196
Generac Holdings, Inc.* (Electrical Equipment)		211		25,728
Gentex Corp. (Auto Components)		825		21,260
Genworth Financial, Inc.*—Class A (Insurance)		1,696		3,918
Glacier BanCorp, Inc. (Banks)		299		10,552
Globus Medical, Inc.*—Class A (Health Care Equipment & Supplies)		255		12,166
Graco, Inc. (Machinery)		561		26,922
Graham Holdings Co.—Class B (Diversified Consumer Services)		14		4,797
Grand Canyon Education, Inc.* (Diversified Consumer Services)		159		14,394
Greif, Inc.—Class A (Containers & Packaging)		89		3,062
Grocery Outlet Holding Corp.* (Food & Staples Retailing)		214		8,731
GrubHub, Inc.* (Internet & Direct Marketing Retail)		310		21,793
Haemonetics Corp.* (Health Care Equipment & Supplies)		170		15,225
Hancock Whitney Corp. (Banks)		291		6,169
Harley-Davidson, Inc. (Automobiles)		516		12,265
Hawaiian Electric Industries, Inc. (Electric Utilities)		368		13,270
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts)		455		13,327
Healthcare Services Group, Inc. (Commercial Services & Supplies)		251		6,139
HealthEquity, Inc.* (Health Care Providers & Services)		241		14,139
Helen of Troy, Ltd.* (Household Durables)		85		16,027
Herman Miller, Inc. (Commercial Services & Supplies)		198		4,675
Hexcel Corp. (Aerospace & Defense)		281		12,707
Highwoods Properties, Inc. (Equity Real Estate Investment Trusts)		350		13,066
Hill-Rom Holdings, Inc. (Health Care Equipment & Supplies)		224		24,591
HNI Corp. (Commercial Services & Supplies)		144		4,402
Home BancShares, Inc. (Banks)		517		7,951
Hubbell, Inc. (Electrical Equipment)		183		22,941
Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts)		516		12,983
ICU Medical, Inc.* (Health Care Equipment & Supplies)		65		11,980
IDACORP, Inc. (Electric Utilities)		170		14,853
II-VI, Inc.* (Electronic Equipment, Instruments & Components)		295		13,930
Ingevity Corp.* (Chemicals)		139		7,307
Ingredion, Inc. (Food Products)		226		18,758
Insperity, Inc. (Professional Services)		123		7,962
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies)		237		11,137
Interactive Brokers Group, Inc.—Class A (Capital Markets)		259		10,818
InterDigital, Inc. (Communications Equipment)		104		5,890
International Bancshares Corp. (Banks)		188		6,020
ITT, Inc. (Machinery)		291		17,093
j2 Global, Inc.* (Software)		153		9,671
Jabil, Inc. (Electronic Equipment, Instruments & Components)		462		14,821
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)		76		5,631
Janus Henderson Group PLC (Capital Markets)		517		10,940
JBG Smith Properties (Equity Real Estate Investment Trusts)		396		11,710
Jefferies Financial Group, Inc. (Diversified Financial Services)		761		11,834
JetBlue Airways Corp.* (Airlines)		909		9,908
John Wiley & Sons, Inc.—Class A (Media)		147		5,733
Jones Lang LaSalle, Inc. (Real Estate Management & Development)		174		18,002
KAR Auction Services, Inc. (Commercial Services & Supplies)		435		5,986
KB Home (Household Durables)		293		8,989
KBR, Inc. (IT Services)		479		10,801
Kemper Corp. (Insurance)		207		15,012
Kennametal, Inc. (Machinery)		279		8,010
Kilroy Realty Corp. (Equity Real Estate Investment Trusts)		357		20,956
Kirby Corp.* (Marine)		202		10,819
Knight-Swift Transportation Holdings, Inc.(Road & Rail)		412		17,185
Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts)		291		19,427
Lancaster Colony Corp. (Food Products)		67		10,384
Landstar System, Inc. (Road & Rail)		129		14,488
Lear Corp. (Auto Components)		184		20,060
Legg Mason, Inc. (Capital Markets)		282		14,030
LendingTree, Inc.* (Thrifts & Mortgage Finance)		26		7,528
Lennox International, Inc. (Building Products)		117		27,259
LHC Group, Inc.* (Health Care Providers & Services)		100		17,432
Life Storage, Inc. (Equity Real Estate Investment Trusts)		158		15,002
Ligand Pharmaceuticals, Inc.*—Class B (Biotechnology)		54		6,040
Lincoln Electric Holdings, Inc. (Machinery)		200		16,848
Littelfuse, Inc. (Electronic Equipment, Instruments & Components)		82		13,992
LivaNova PLC* (Health Care Equipment & Supplies)		164		7,893
LiveRamp Holdings, Inc.* (IT Services)		220		9,343
LogMeIn, Inc. (Software)		164		13,902
Louisiana-Pacific Corp. (Paper & Forest Products)		378		9,696
Lumentum Holdings, Inc.* (Communications Equipment)		252		20,520
Mack-Cali Realty Corp. (Equity Real Estate Investment Trusts)		305		4,663
Manhattan Associates, Inc.* (Software)		214		20,159
ManpowerGroup, Inc. (Professional Services)		196		13,475
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure)		123		10,112
Masimo Corp.* (Health Care Equipment & Supplies)		168		38,303
MasTec, Inc.* (Construction & Engineering)		196		8,795
Mattel, Inc.* (Leisure Products)		1,169		11,304
MAXIMUS, Inc. (IT Services)		207		14,583
MDU Resources Group, Inc. (Multi-Utilities)		676		14,994

See accompanying notes to financial statements.

280  :: ProFund VP UltraMid-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts)		1,780	$	33,463
MEDNAX, Inc.* (Health Care Providers & Services)		288		4,925
Mercury General Corp. (Insurance)		91		3,708
Mercury Systems, Inc.* (Aerospace & Defense)		187		14,709
Minerals Technologies, Inc. (Chemicals)		115		5,397
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment)		185		20,949
Molina Healthcare, Inc.* (Health Care Providers & Services)		199		35,417
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)		140		33,179
MSA Safety, Inc. (Commercial Services & Supplies)		120		13,733
MSC Industrial Direct Co., Inc.—Class A (Trading Companies & Distributors)		153		11,140
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)		492		6,790
Murphy USA, Inc.* (Specialty Retail)		92		10,358
National Fuel Gas Co. (Gas Utilities)		304		12,747
National Instruments Corp. (Electronic Equipment, Instruments & Components)		396		15,329
National Retail Properties, Inc. (Equity Real Estate Investment Trusts)		579		20,543
Navient Corp. (Consumer Finance)		575		4,042
NCR Corp.* (Technology Hardware, Storage & Peripherals)		431		7,465
Nektar Therapeutics* (Pharmaceuticals)		600		13,896
NetScout Systems, Inc.* (Communications Equipment)		214		5,470
New Jersey Resources Corp. (Gas Utilities)		323		10,546
New York Community Bancorp, Inc. (Thrifts & Mortgage Finance)		1,563		15,942
NewMarket Corp. (Chemicals)		24		9,612
Nordson Corp. (Machinery)		173		32,820
Nordstrom, Inc. (Multiline Retail)		365		5,654
NorthWestern Corp. (Multi-Utilities)		170		9,268
Nu Skin Enterprises, Inc.—Class A (Personal Products)		175		6,691
NuVasive, Inc.* (Health Care Equipment & Supplies)		173		9,629
nVent Electric PLC (Electrical Equipment)		526		9,852
OGE Energy Corp. (Electric Utilities)		674		20,463
O-I Glass, Inc. (Containers & Packaging)		527		4,732
Old Republic International Corp. (Insurance)		963		15,707
Olin Corp. (Chemicals)		532		6,113
Ollie's Bargain Outlet Holdings, Inc.* (Multiline Retail)		190		18,553
Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts)		764		22,714
ONE Gas, Inc. (Gas Utilities)		178		13,715
Oshkosh Corp. (Machinery)		229		16,401
Owens Corning (Building Products)		363		20,241
PacWest Bancorp (Banks)		392		7,726
Papa John's International, Inc. (Hotels, Restaurants & Leisure)		75		5,956
Park Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts)		794		7,853
Patterson Cos., Inc. (Health Care Providers & Services)		290		6,380
Paylocity Holding Corp.* (Software)		121		17,653
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels)		344		3,523
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts)		440		6,010
Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure)		435		13,285
Penumbra, Inc.* (Health Care Equipment & Supplies)		111		19,849
Perspecta, Inc. (IT Services)		460		10,686
Physicians Realty Trust (Equity Real Estate Investment Trusts)		682		11,949
Pilgrim's Pride Corp.* (Food Products)		175		2,956
Pinnacle Financial Partners, Inc. (Banks)		240		10,078
PNM Resources, Inc. (Electric Utilities)		268		10,302
Polaris, Inc. (Leisure Products)		194		17,955
PolyOne Corp. (Chemicals)		308		8,079
Pool Corp. (Distributors)		135		36,702
Post Holdings, Inc.* (Food Products)		216		18,925
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts)		226		8,595
PRA Health Sciences, Inc.* (Life Sciences Tools & Services)		214		20,820
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals)		169		6,348
Primerica, Inc. (Insurance)		137		15,974
Prosperity Bancshares, Inc. (Banks)		312		18,527
PS Business Parks, Inc. (Equity Real Estate Investment Trusts)		68		9,003
PTC, Inc.* (Software)		351		27,304
Qualys, Inc.* (Software)		113		11,754
Quidel Corp.* (Health Care Equipment & Supplies)		129		28,862
Rayonier, Inc. (Equity Real Estate Investment Trusts)		466		11,552
Regal Beloit Corp. (Electrical Equipment)		137		11,963
Reinsurance Group of America, Inc. (Insurance)		228		17,884
Reliance Steel & Aluminum Co. (Metals & Mining)		214		20,315
RenaissanceRe Holdings, Ltd. (Insurance)		169		28,904
Repligen Corp.* (Biotechnology)		159		19,654
RH* (Specialty Retail)		56		13,938
RLI Corp. (Insurance)		135		11,084
Royal Gold, Inc. (Metals & Mining)		221		27,475
RPM International, Inc. (Chemicals)		436		32,725
Ryder System, Inc. (Road & Rail)		181		6,789
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts)		692		9,986
Sabre Corp. (IT Services)		928		7,480
Sally Beauty Holdings, Inc.* (Specialty Retail)		380		4,761
Sanderson Farms, Inc. (Food Products)		67		7,765
Science Applications International Corp. (IT Services)		166		12,895
Scientific Games Corp.*—Class A (Hotels, Restaurants & Leisure)		185		2,860
SEI Investments Co. (Capital Markets)		419		23,037
Selective Insurance Group, Inc. (Insurance)		201		10,601

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraMid-Cap :: 281

Common Stocks, continued

	Shares		Value
Semtech Corp.* (Semiconductors & Semiconductor Equipment)		219	$	11,436
Sensient Technologies Corp. (Chemicals)		143		7,459
Service Corp. International (Diversified Consumer Services)		600		23,334
Service Properties Trust (Equity Real Estate Investment Trusts)		554		3,928
Signature Bank (Banks)		180		19,246
Silgan Holdings, Inc. (Containers & Packaging)		261		8,454
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		147		14,740
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure)		265		5,091
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods)		459		14,403
SLM Corp. (Consumer Finance)		1,264		8,886
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		167		23,176
Sonoco Products Co. (Containers & Packaging)		338		17,674
Southwest Gas Holdings, Inc. (Gas Utilities)		186		12,843
Spire, Inc. (Gas Utilities)		173		11,368
Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts)		347		12,096
Sprouts Farmers Market, Inc.* (Food & Staples Retailing)		397		10,159
Steel Dynamics, Inc. (Metals & Mining)		709		18,498
Stericycle, Inc.* (Commercial Services & Supplies)		308		17,241
Sterling Bancorp (Banks)		655		7,677
Stifel Financial Corp. (Capital Markets)		231		10,956
STORE Capital Corp. (Equity Real Estate Investment Trusts)		750		17,858
Strategic Education, Inc. (Diversified Consumer Services)		75		11,524
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment)		115		6,914
Syneos Health, Inc.* (Life Sciences Tools & Services)		211		12,291
SYNNEX Corp. (Electronic Equipment, Instruments & Components)		139		16,648
Synovus Financial Corp. (Banks)		496		10,183
Taubman Centers, Inc. (Equity Real Estate Investment Trusts)		208		7,854
Taylor Morrison Home Corp.* (Household Durables)		437		8,430
TCF Financial Corp. (Banks)		512		15,063
TEGNA, Inc. (Media)		736		8,199
Telephone & Data Systems, Inc. (Wireless Telecommunication Services)		329		6,541
Tempur Sealy International, Inc.* (Household Durables)		146		10,505
Tenet Healthcare Corp.* (Health Care Providers & Services)		353		6,393
Teradata Corp.* (IT Services)		366		7,613
Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		558		47,156
Terex Corp. (Machinery)		215		4,036
Tetra Tech, Inc. (Commercial Services & Supplies)		182		14,400
Texas Capital Bancshares, Inc.* (Banks)		170		5,248
Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure)		219		11,513
The Boston Beer Co., Inc.*(a)—Class A (Beverages)		33		17,709
The Brink's Co. (Commercial Services & Supplies)		170		7,737
The Chemours Co. (Chemicals)		553		8,489
The GEO Group, Inc. (Equity Real Estate Investment Trusts)		409		4,838
The Goodyear Tire & Rubber Co. (Auto Components)		784		7,013
The Hain Celestial Group, Inc.* (Food Products)		264		8,319
The Hanover Insurance Group, Inc. (Insurance)		128		12,970
The Macerich Co.(a) (Equity Real Estate Investment Trusts)		392		3,516
The Middleby Corp.* (Machinery)		187		14,762
The New York Times Co.—Class A (Media)		486		20,427
The Scotts Miracle-Gro Co.—Class A (Chemicals)		133		17,884
The Timken Co. (Machinery)		228		10,372
The Toro Co. (Machinery)		361		23,949
The Wendy's Co. (Hotels, Restaurants & Leisure)		600		13,068
Thor Industries, Inc. (Automobiles)		186		19,815
Toll Brothers, Inc. (Household Durables)		389		12,678
Tootsie Roll Industries, Inc.(a) (Food Products)		58		1,988
TopBuild Corp.* (Household Durables)		112		12,742
Transocean, Ltd.*(a) (Energy Equipment & Services)		1,946		3,561
TreeHouse Foods, Inc.* (Food Products)		190		8,322
Trex Co., Inc.* (Building Products)		195		25,364
TRI Pointe Group, Inc.* (Household Durables)		439		6,449
Trimble, Inc.* (Electronic Equipment, Instruments & Components)		841		36,322
Trinity Industries, Inc. (Machinery)		318		6,770
TripAdvisor, Inc. (Interactive Media & Services)		339		6,444
Trustmark Corp. (Banks)		214		5,247
UGI Corp. (Gas Utilities)		702		22,324
UMB Financial Corp. (Banks)		143		7,372
Umpqua Holdings Corp. (Banks)		742		7,895
United Bankshares, Inc. (Banks)		428		11,838
United States Steel Corp.(a) (Metals & Mining)		741		5,350
United Therapeutics Corp.* (Biotechnology)		148		17,908
Univar Solutions, Inc.* (Trading Companies & Distributors)		467		7,874
Universal Display Corp. (Semiconductors & Semiconductor Equipment)		143		21,396
Urban Edge Properties (Equity Real Estate Investment Trusts)		373		4,428
Urban Outfitters, Inc.* (Specialty Retail)		237		3,607
Valley National Bancorp (Banks)		1,320		10,322
Valmont Industries, Inc. (Construction & Engineering)		72		8,181
Valvoline, Inc. (Chemicals)		623		12,043
ViaSat, Inc.* (Communications Equipment)		197		7,559
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components)		447		6,826
Visteon Corp.* (Auto Components)		94		6,439

See accompanying notes to financial statements.

282  :: ProFund VP UltraMid-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
Washington Federal, Inc. (Thrifts & Mortgage Finance)		255	$	6,844
Watsco, Inc. (Trading Companies & Distributors)		110		19,546
Webster Financial Corp. (Banks)		304		8,697
Weingarten Realty Investors (Equity Real Estate Investment Trusts)		406		7,686
Werner Enterprises, Inc. (Road & Rail)		193		8,401
WEX, Inc.* (IT Services)		147		24,257
Williams-Sonoma, Inc. (Specialty Retail)		262		21,487
Wintrust Financial Corp. (Banks)		194		8,462
Woodward, Inc. (Machinery)		191		14,812
World Fuel Services Corp. (Oil, Gas & Consumable Fuels)		213		5,487
World Wrestling Entertainment, Inc.—Class A (Entertainment)		156		6,778
Worthington Industries, Inc. (Metals & Mining)		124		4,625
WPX Energy, Inc.* (Oil, Gas & Consumable Fuels)		1,376		8,779
WW International, Inc.* (Diversified Consumer Services)		157		3,985
Wyndham Destinations, Inc. (Hotels, Restaurants & Leisure)		287		8,088
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)		314		13,383
XPO Logistics, Inc.* (Air Freight & Logistics)		307		23,716
Yelp, Inc.* (Interactive Media & Services)		220		5,089
TOTAL COMMON STOCKS (Cost $3,459,890)				5,275,298

Repurchase Agreements^(b)(c) (33.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $2,804,002	$	2,804,000	$	2,804,000
TOTAL REPURCHASE AGREEMENTS (Cost $2,804,000)				2,804,000

Collateral for Securities Loaned (0.4%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(d)		5,623	$	5,623
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(d)		62		62
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(d)		30,847		30,847
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $36,532)				36,532
TOTAL INVESTMENT SECURITIES (Cost $6,300,422)—98.2%				8,115,830
Net other assets (liabilities)—1.8%				152,627
NET ASSETS—100.0%			$	8,268,457

* Non-income producing security.

^(a) All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $35,362.

^(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, 2020, the aggregate amount held in a segregated account was $1,901,000.

^(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.

^(d) Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P MidCap400 Futures Contracts		6	9/21/20	$	1,066,800	$	(42,730	)

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraMid-Cap :: 283

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P MidCap 400	Goldman Sachs International	7/27/20		1.42	%	$	4,020,050	$	52,475
SPDR S&P MidCap 400 ETF	Goldman Sachs International	7/27/20		1.17	%		1,187,963		14,594
						$	5,208,013	$	67,069
S&P MidCap 400	UBS AG	7/27/20		1.32	%	$	2,918,472	$	36,102
SPDR S&P MidCap 400 ETF	UBS AG	7/27/20		1.27	%		2,070,214		25,426
						$	4,988,686	$	61,528
						$	10,196,699	$	128,597

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 UltraMid-Cap invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Aerospace & Defense	$	60,621		0.7	%
Air Freight & Logistics		23,716		0.3	%
Airlines		9,908		0.1	%
Auto Components		69,671		0.8	%
Automobiles		32,080		0.4	%
Banks		320,143		3.9	%
Beverages		17,709		0.2	%
Biotechnology		82,939		1.0	%
Building Products		72,864		0.9	%
Capital Markets		154,229		1.9	%
Chemicals		136,244		1.6	%
Commercial Services & Supplies		87,949		1.1	%
Communications Equipment		67,493		0.8	%
Construction & Engineering		59,544		0.7	%
Construction Materials		9,831		0.1	%
Consumer Finance		22,375		0.3	%
Containers & Packaging		58,110		0.7	%
Distributors		36,702		0.4	%
Diversified Consumer Services		63,485		0.8	%
Diversified Financial Services		11,834		0.1	%
Electric Utilities		68,390		0.8	%
Electrical Equipment		105,553		1.3	%
Electronic Equipment, Instruments & Components		194,814		2.4	%
Energy Equipment & Services		9,671		0.1	%
Entertainment		10,936		0.1	%
Equity Real Estate Investment Trusts		504,721		6.1	%
Food & Staples Retailing		52,935		0.6	%
Food Products		105,544		1.4	%
Gas Utilities		83,543		1.1	%
Health Care Equipment & Supplies		189,896		2.3	%
Health Care Providers & Services		158,517		1.9	%
Hotels, Restaurants & Leisure		179,828		2.2	%
Household Durables		75,820		0.9	%
Household Products		10,163		0.1	%
Industrial Conglomerates		22,139		0.3	%
Insurance		241,785		2.9	%
Interactive Media & Services		11,533		0.1	%
Internet & Direct Marketing Retail		64,285		0.8	%
IT Services		140,560		1.7	%
Leisure Products		46,350		0.6	%
Life Sciences Tools & Services		96,292		1.2	%
Machinery		241,923		2.9	%
Marine		10,819		0.1	%
Media		69,510		0.9	%
Metals & Mining		98,261		1.2	%
Multiline Retail		24,207		0.3	%
Multi-Utilities		36,217		0.4	%
Oil, Gas & Consumable Fuels		65,936		0.8	%
Paper & Forest Products		13,622		0.2	%
Personal Products		12,393		0.1	%
Pharmaceuticals		60,339		0.7	%
Professional Services		47,558		0.6	%
Real Estate Management & Development		18,002		0.2	%
Road & Rail		50,983		0.6	%
Semiconductors & Semiconductor Equipment		239,059		2.9	%
Software		211,082		2.6	%
Specialty Retail		116,875		1.4	%
Technology Hardware, Storage & Peripherals		7,465		0.1	%
Textiles, Apparel & Luxury Goods		52,463		0.6	%
Thrifts & Mortgage Finance		43,843		0.5	%
Trading Companies & Distributors		45,756		0.6	%
Water Utilities		31,722		0.4	%
Wireless Telecommunication Services		6,541		0.1	%
Other**		2,993,159		36.1	%
Total	$	8,268,457		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.

284  :: ProFund VP UltraMid-Cap :: Financial Statements

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	6,300,422
Securities, at value(a)		5,311,830
Repurchase agreements, at value		2,804,000
Total Investment Securities, at value		8,115,830
Cash		18,025
Segregated cash balances for futures contracts with brokers		99,000
Dividends and interest receivable		5,491
Unrealized appreciation on swap agreements		128,597
Receivable for capital shares issued		3,469
Variation margin on futures contracts		13,260
Prepaid expenses		525
TOTAL ASSETS		8,384,197
LIABILITIES:
Payable for capital shares redeemed		54,440
Payable for collateral for securities loaned		36,532
Advisory fees payable		4,685
Management services fees payable		625
Administration fees payable		704
Administrative services fees payable		2,792
Distribution fees payable		1,861
Transfer agency fees payable		574
Fund accounting fees payable		494
Compliance services fees payable		67
Other accrued expenses		12,966
TOTAL LIABILITIES		115,740
NET ASSETS	$	8,268,457
NET ASSETS CONSIST OF:
Capital	$	7,823,386
Total distributable earnings (loss)		445,071
NET ASSETS	$	8,268,457
Shares of Beneficial Interest Outstanding(unlimited number of shares authorized, no par value)		210,340
Net Asset Value (offering and redemption price per share)	$	39.31
(a) Includes securities on loan valued at:	$	35,362

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	64,511
Interest		14,582
Foreign tax withholding		(9	)
Income from securities lending		212
TOTAL INVESTMENT INCOME		79,296
EXPENSES:
Advisory fees		39,803
Management services fees		5,307
Administration fees		5,265
Transfer agency fees		4,088
Administrative services fees		14,346
Distribution fees		13,267
Custody fees		799
Fund accounting fees		3,560
Trustee fees		169
Compliance services fees		67
Other fees		8,442
Total Gross Expenses before reductions		95,113
Expenses reduced and reimbursed by the Advisor		(5,954	)
TOTAL NET EXPENSES		89,159
NET INVESTMENT INCOME (LOSS)		(9,863	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		725,743
Net realized gains (losses) on futures contracts		40,773
Net realized gains (losses) on swap agreements		(4,410,660	)
Change in net unrealized appreciation/depreciation on investment securities		(2,804,524	)
Change in net unrealized appreciation/depreciation on futures contracts		(49,790	)
Change in net unrealized appreciation/depreciation on swap agreements		124,608
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(6,373,850	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,383,713	)

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraMid-Cap :: 285

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(9,863	)	$	20,991
Net realized gains (losses) on investments		(3,644,144	)		6,289,635
Change in net unrealized appreciation/depreciation on investments		(2,729,706	)		1,197,705
Change in net assets resulting from operations		(6,383,713	)		7,508,331
CAPITAL TRANSACTIONS:
Proceeds from shares issued		64,664,778			292,907,167
Value of shares redeemed		(64,888,055	)		(300,215,784	)
Change in net assets resulting from capital transactions		(223,277	)		(7,308,617	)
Change in net assets		(6,606,990	)		199,714
NET ASSETS:
Beginning of period		14,875,447			14,675,733
End of period	$	8,268,457		$	14,875,447
SHARE TRANSACTIONS:
Issued		1,153,604			5,451,741
Redeemed		(1,185,111	)		(5,562,515	)
Change in shares		(31,507	)		(110,774	)

See accompanying notes to financial statements.

286  :: ProFund VP UltraMid-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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	61.51		$	41.62		$	79.70		$	68.60		$	49.75		$	61.87
Investment Activities:
Net investment income (loss)(a)		(0.04	)		0.06			(0.06	)		(0.32	)		(0.28	)		(0.44	)
Net realized and unrealized gains (losses) on investments		(22.16	)		19.83			(13.41	)		19.39			19.13			(4.14	)
Total income (loss) from investment activities		(22.20	)		19.89			(13.47	)		19.07			18.85			(4.58	)
Distributions to Shareholders From:
Net realized gains on investments		—			—			(24.61	)		(7.97	)		—			(7.54	)
Net Asset Value, End of Period	$	39.31		$	61.51		$	41.62		$	79.70		$	68.60		$	49.75
Total Return(b)		(36.09	)%		47.79	%		(26.77	)%		28.86	%		37.91	%		(9.15	)%
Ratios to Average Net Assets:
Gross expenses(c)		1.79	%		1.71	%		1.68	%		1.68	%		1.68	%		1.68	%
Net expenses(c)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(c)		(0.19	)%		0.11	%		(0.10	)%		(0.43	)%		(0.50	)%		(0.75	)%
Supplemental Data:
Net assets, end of period (000's)	$	8,268		$	14,875		$	14,676		$	25,815		$	37,569		$	27,041
Portfolio turnover rate(b)(d)		453	%		603	%		617	%		594	%		547	%		463	%

^(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 UltraNasdaq-100 :: 287

Investment Objective: The ProFund VP UltraNasdaq-100 seeks daily investment results that, before fees and expenses, correspond to two times (2x) the daily performance of the Nasdaq-100^® Index for a single day, not for any other period.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Equity Securities		60	%
Futures Contracts		6	%
Swap Agreements		134	%
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Apple, Inc.		7.2	%
Microsoft Corp.		7.0	%
Amazon.com, Inc.		6.3	%
Alphabet, Inc.		4.4	%
Facebook, Inc.		2.5	%

Nasdaq-100® Index – Composition

	% of Index
Information Technology		48	%
Communication Services		20	%
Consumer Discretionary		17	%
Health Care		7	%
Consumer Staples		5	%
Industrials		2	%
Utilities		1	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (59.7%)

	Shares		Value
Activision Blizzard, Inc. (Entertainment)		5,166	$	392,099
Adobe, Inc.* (Software)		3,230		1,406,051
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		7,852		413,094
Alexion Pharmaceuticals, Inc.* (Biotechnology)		1,481		166,227
Align Technology, Inc.* (Health Care Equipment & Supplies)		528		144,904
Alphabet, Inc.*—Class A (Interactive Media & Services)		1,809		2,565,252
Alphabet, Inc.*—Class C (Interactive Media & Services)		1,767		2,497,849
Amazon.com, Inc.* (Internet & Direct Marketing Retail)		2,622		7,233,627
Amgen, Inc. (Biotechnology)		3,944		930,233
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		2,470		302,921
ANSYS, Inc.* (Software)		574		167,453
Apple, Inc. (Technology Hardware, Storage & Peripherals)		22,781		8,310,509
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		6,145		371,465
ASML Holding N.V.NYS (Semiconductors & Semiconductor Equipment)		515		189,535
Autodesk, Inc.* (Software)		1,470		351,609
Automatic Data Processing, Inc. (IT Services)		2,881		428,952
Baidu, Inc.*ADR (Interactive Media & Services)		1,844		221,077
Biogen, Inc.* (Biotechnology)		1,094		292,700
BioMarin Pharmaceutical, Inc.* (Biotechnology)		1,212		149,488
Booking Holdings, Inc.* (Internet & Direct Marketing Retail)		274		436,301
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		2,680		845,835
Cadence Design Systems, Inc.* (Software)		1,872		179,637
CDW Corp. (Electronic Equipment, Instruments & Components)		954		110,836
Cerner Corp. (Health Care Technology)		2,041		139,911
Charter Communications, Inc.*—Class A (Media)		1,384		705,895
Check Point Software Technologies, Ltd.* (Software)		959		103,025
Cintas Corp. (Commercial Services & Supplies)		698		185,919
Cisco Systems, Inc. (Communications Equipment)		28,308		1,320,285
Citrix Systems, Inc. (Software)		828		122,469
Cognizant Technology Solutions Corp.—Class A (IT Services)		3,624		205,916
Comcast Corp.—Class A (Media)		30,537		1,190,332
Copart, Inc.* (Commercial Services & Supplies)		1,574		131,067
CoStar Group, Inc.* (Professional Services)		262		186,195
Costco Wholesale Corp. (Food & Staples Retailing)		2,961		897,804
CSX Corp. (Road & Rail)		5,132		357,906
DexCom, Inc.* (Health Care Equipment & Supplies)		619		250,943
DocuSign, Inc.* (Software)		1,228		211,474
Dollar Tree, Inc.* (Multiline Retail)		1,591		147,454
eBay, Inc. (Internet & Direct Marketing Retail)		4,711		247,092
Electronic Arts, Inc.* (Entertainment)		1,936		255,649
Exelon Corp. (Electric Utilities)		6,533		237,082
Expedia Group, Inc. (Internet & Direct Marketing Retail)		908		74,638

See accompanying notes to financial statements.

288  :: ProFund VP UltraNasdaq-100 :: Financial Statements

Common Stocks, continued

	Shares		Value
Facebook, Inc.*—Class A (Interactive Media & Services)		12,638	$	2,869,711
Fastenal Co. (Trading Companies & Distributors)		3,840		164,506
Fiserv, Inc.* (IT Services)		4,489		438,216
Fox Corp.—Class A (Media)		2,297		61,606
Fox Corp.—Class B (Media)		1,750		46,970
Gilead Sciences, Inc. (Biotechnology)		8,410		647,065
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		569		187,861
Illumina, Inc.* (Life Sciences Tools & Services)		986		365,165
Incyte Corp.* (Biotechnology)		1,457		151,484
Intel Corp. (Semiconductors & Semiconductor Equipment)		28,387		1,698,393
Intuit, Inc. (Software)		1,748		517,740
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		782		445,607
JD.com, Inc.*ADR (Internet & Direct Marketing Retail)		6,224		374,560
KLA Corp. (Semiconductors & Semiconductor Equipment)		1,040		202,259
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		973		314,727
Liberty Global PLC*—Class A (Media)		1,222		26,713
Liberty Global PLC*—Class C (Media)		2,759		59,346
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods)		833		259,904
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure)		2,174		186,377
Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment)		1,788		108,371
Mercadolibre, Inc.* (Internet & Direct Marketing Retail)		333		328,261
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		1,645		173,235
Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment)		7,457		384,185
Microsoft Corp. (Software)		39,858		8,111,502
Mondelez International, Inc.—Class A (Food Products)		9,570		489,314
Monster Beverage Corp.* (Beverages)		3,530		244,700
NetApp, Inc. (Technology Hardware, Storage & Peripherals)		1,483		65,801
NetEase, Inc.ADR (Entertainment)		497		213,402
Netflix, Inc.* (Entertainment)		2,949		1,341,914
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		4,123		1,566,369
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		1,871		213,369
O'Reilly Automotive, Inc.* (Specialty Retail)		498		209,991
PACCAR, Inc. (Machinery)		2,318		173,502
Paychex, Inc. (IT Services)		2,405		182,179
PayPal Holdings, Inc.* (IT Services)		7,872		1,371,539
PepsiCo, Inc. (Beverages)		9,302		1,230,283
Qualcomm, Inc. (Semiconductors & Semiconductor Equipment)		7,542		687,906
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		676		421,587
Ross Stores, Inc. (Specialty Retail)		2,383		203,127
Seattle Genetics, Inc.* (Biotechnology)		1,161		197,277
Sirius XM Holdings, Inc. (Media)		29,360		172,343
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		1,119		143,075
Splunk, Inc.* (Software)		1,065		211,616
Starbucks Corp. (Hotels, Restaurants & Leisure)		7,833		576,430
Synopsys, Inc.* (Software)		1,011		197,145
Take-Two Interactive Software, Inc.* (Entertainment)		764		106,631
Tesla, Inc.* (Automobiles)		1,243		1,342,204
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		6,153		781,246
The Kraft Heinz Co. (Food Products)		8,192		261,243
T-Mobile U.S., Inc.* (Wireless Telecommunication Services)		8,285		862,883
Trip.com Group, Ltd.*ADR (Internet & Direct Marketing Retail)		3,506		90,876
Ulta Beauty, Inc.* (Specialty Retail)		378		76,893
VeriSign, Inc.* (IT Services)		775		160,293
Verisk Analytics, Inc.—Class A (Professional Services)		1,088		185,178
Vertex Pharmaceuticals, Inc.* (Biotechnology)		1,738		504,559
Walgreens Boots Alliance, Inc. (Food & Staples Retailing)		5,881		249,296
Western Digital Corp. (Technology Hardware, Storage & Peripherals)		2,009		88,697
Workday, Inc.*—Class A (Software)		1,167		218,649
Xcel Energy, Inc. (Electric Utilities)		3,521		220,063
Xilinx, Inc. (Semiconductors & Semiconductor Equipment)		1,630		160,376
Zoom Video Communications, Inc.*(a)—Class A (Software)		1,123		284,725
TOTAL COMMON STOCKS (Cost $21,913,099)				68,909,155

Repurchase Agreements^(b)(c) (37.8%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $43,631,033	$	43,631,000	$	43,631,000
TOTAL REPURCHASE AGREEMENTS (Cost $43,631,000)				43,631,000

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraNasdaq-100 :: 289

Collateral for Securities Loaned (0.2%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(d)		39,254	$	39,254
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(d)		430		430
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(d)		215,335		215,335
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $255,019)				255,019
TOTAL INVESTMENT SECURITIES (Cost $65,799,118)—97.7%				112,795,174
Net other assets (liabilities)—2.3%				2,631,120
NET ASSETS—100.0%			$	115,426,294

* Non-income producing security.

^(a) All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $254,808.

^(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, 2020, the aggregate amount held in a segregated account was $22,093,000.

^(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.

^(d) Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

^ADR American Depositary Receipt

^NYS New York Shares

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini Nasdaq-100 Futures Contracts		36	9/21/20	$	7,296,120	$	133,030

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Invesco QQQ Trust, Series 1 ETF	Goldman Sachs International	7/27/20		1.32	%	$	27,083,890	$	520,386
Nasdaq-100 Index	Goldman Sachs International	7/27/20		1.52	%		50,015,903		924,423
						$	77,099,793	$	1,444,809
Invesco QQQ Trust, Series 1 ETF	UBS AG	7/27/20		1.37	%	$	24,975,880	$	479,849
Nasdaq-100 Index	UBS AG	7/27/20		1.77	%		52,878,210		1,022,878
						$	77,854,090	$	1,502,727
						$	154,953,883	$	2,947,536

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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.

290  :: ProFund VP UltraNasdaq-100 :: Financial Statements

ProFund VP UltraNasdaq-100 invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Automobiles	$	1,342,204		1.2	%
Beverages		1,474,983		1.2	%
Biotechnology		3,460,620		3.0	%
Commercial Services & Supplies		316,986		0.3	%
Communications Equipment		1,320,285		1.1	%
Electric Utilities		457,145		0.4	%
Electronic Equipment, Instruments & Components		110,836		0.1	%
Entertainment		2,309,695		2.0	%
Food & Staples Retailing		1,147,100		1.0	%
Food Products		750,557		0.7	%
Health Care Equipment & Supplies		1,029,315		0.9	%
Health Care Technology		139,911		0.1	%
Hotels, Restaurants & Leisure		762,807		0.7	%
Interactive Media & Services		8,153,889		7.1	%
Internet & Direct Marketing Retail		8,785,355		7.6	%
IT Services		2,787,095		2.4	%
Life Sciences Tools & Services		365,165		0.3	%
Machinery		173,502		0.2	%
Media		2,263,205		2.0	%
Multiline Retail		147,454		0.1	%
Professional Services		371,373		0.3	%
Road & Rail		357,906		0.3	%
Semiconductors & Semiconductor Equipment		8,556,361		7.4	%
Software		12,083,095		10.6	%
Specialty Retail		490,011		0.4	%
Technology Hardware, Storage & Peripherals		8,465,007		7.3	%
Textiles, Apparel & Luxury Goods		259,904		0.2	%
Trading Companies & Distributors		164,506		0.1	%
Wireless Telecommunication Services		862,883		0.7	%
Other**		46,517,139		40.3	%
Total	$	115,426,294		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 :: 291

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	65,799,118
Securities, at value(a)		69,164,174
Repurchase agreements, at value		43,631,000
Total Investment Securities, at value		112,795,174
Cash		650
Segregated cash balances for futures contracts with brokers		594,000
Segregated cash balances for swap agreements with custodian		905
Dividends and interest receivable		16,149
Unrealized appreciation on swap agreements		2,947,536
Receivable for capital shares issued		309,543
Variation margin on futures contracts		115,020
Prepaid expenses		1,819
TOTAL ASSETS		116,780,796
LIABILITIES:
Payable for capital shares redeemed		837,610
Payable for collateral for securities loaned		255,019
Advisory fees payable		68,683
Management services fees payable		9,158
Administration fees payable		9,309
Administrative services fees payable		48,070
Distribution fees payable		46,891
Trustee fees payable		41
Transfer agency fees payable		7,591
Fund accounting fees payable		5,144
Compliance services fees payable		809
Other accrued expenses		66,177
TOTAL LIABILITIES		1,354,502
NET ASSETS	$	115,426,294
NET ASSETS CONSIST OF:
Capital	$	29,013,658
Total distributable earnings (loss)		86,412,636
NET ASSETS	$	115,426,294
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		783,919
Net Asset Value (offering and redemption price per share)	$	147.24
(a) Includes securities on loan valued at:	$	254,808

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	325,980
Interest		143,150
Foreign tax withholding		(244	)
Income from securities lending		225
TOTAL INVESTMENT INCOME		469,111
EXPENSES:
Advisory fees		402,490
Management services fees		53,665
Administration fees		45,207
Transfer agency fees		36,643
Administrative services fees		143,054
Distribution fees		134,163
Custody fees		7,355
Fund accounting fees		25,309
Trustee fees		1,435
Compliance services fees		809
Other fees		71,485
Total Gross Expenses before reductions		921,615
Expenses reduced and reimbursed by the Advisor		(20,038	)
TOTAL NET EXPENSES		901,577
NET INVESTMENT INCOME (LOSS)		(432,466	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		2,099,545
Net realized gains (losses) on futures contracts		(2,263,757	)
Net realized gains (losses) on swap agreements		5,962,267
Change in net unrealized appreciation/depreciation on investment securities		(713,294	)
Change in net unrealized appreciation/depreciation on futures contracts		(595,996	)
Change in net unrealized appreciation/depreciation on swap agreements		3,453,127
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		7,941,892
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,509,426

See accompanying notes to financial statements.

292  :: ProFund VP UltraNasdaq-100 :: Financial Statements

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(432,466	)	$	(273,786	)
Net realized gains (losses) on investments		5,798,055			42,415,963
Change in net unrealized appreciation/depreciation on investments		2,143,837			16,631,601
Change in net assets resulting from operations		7,509,426			58,773,778
CAPITAL TRANSACTIONS:
Proceeds from shares issued		446,451,394			925,862,831
Value of shares redeemed		(458,055,598	)		(947,569,321	)
Change in net assets resulting from capital transactions		(11,604,204	)		(21,706,490	)
Change in net assets		(4,094,778	)		37,067,288
NET ASSETS:
Beginning of period		119,521,072			82,453,784
End of period	$	115,426,294		$	119,521,072
SHARE TRANSACTIONS:
Issued		3,647,963			9,618,356
Redeemed		(3,842,182	)		(9,852,621	)
Change in shares		(194,219	)		(234,265	)

See accompanying notes to financial statements.

Financial Highlights :: ProFund VP UltraNasdaq-100 :: 293

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	122.19		$	68.01		$	113.53		$	69.00		$	69.69		$	69.97
Investment Activities:
Net investment income (loss)(a)		(0.49	)		(0.24	)		(0.41	)		(0.65	)		(0.49	)		(0.55	)
Net realized and unrealized gains (losses) on investments		25.54			54.42			2.23			47.48			6.47			9.55
Total income (loss) from investment activities		25.05			54.18			1.82			46.83			5.98			9.00
Distributions to Shareholders From:
Net realized gains on investments		—			—			(47.34	)		(2.30	)		(6.67	)		(9.28	)
Net Asset Value, End of Period	$	147.24		$	122.19		$	68.01		$	113.53		$	69.00		$	69.69
Total Return(b)		20.50	%		79.66	%		(9.63	)%		68.33	%		8.62	%		13.60	%
Ratios to Average Net Assets:
Gross expenses(c)		1.72	%		1.76	%		1.74	%		1.69	%		1.71	%		1.71	%
Net expenses(c)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(c)		(0.81	)%		(0.25	)%		(0.40	)%		(0.68	)%		(0.75	)%		(0.79	)%
Supplemental Data:
Net assets, end of period (000's)	$	115,426		$	119,521		$	82,454		$	131,438		$	93,226		$	76,684
Portfolio turnover rate(b)(d)		47	%		44	%		29	%		4	%		33	%		58	%

^(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.

294 :: ProFund VP UltraShort Dow 30 :: Financial Statements

Investment Objective: The ProFund VP UltraShort Dow 30 seeks daily investment results that, before fees and expenses, correspond to two times the inverse (-2x) of the daily performance of the Dow Jones Industrial Average^® for a single day, not for any other period.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

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 investments 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^®
Index – Composition

	% of Index
Information Technology		27	%
Health Care		14	%
Consumer Discretionary		14	%
Industrials		14	%
Financials		13	%
Consumer Staples		9	%
Communication Services		4	%
Energy		4	%
Materials		1	%

Schedule of Portfolio Investments (unaudited)

Repurchase Agreement^(a) (72.5%)

	Principal Amount		Value
Repurchase Agreement with various counterparties, rates 0.02%–0.02%, dated 6/30/20, due 7/1/20, total to be received $2,000	$	2,000	$	2,000
TOTAL REPURCHASE AGREEMENTS (Cost $2,000)				2,000
TOTAL INVESTMENT SECURITIES (Cost $2,000)—72.5%				2,000
Net other assets (liabilities)—27.5%				760
NET ASSETS—100.0%			$	2,760

^(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 Schedules of Portfolio Investments 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 – Short

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Dow Jones Industrial Average	Goldman Sachs International	7/27/20		(1.17	)%	$	(1,166	)	$	(11	)
Dow Jones Industrial Average	UBS AG	7/27/20		(1.17	)%		(4,352	)		(37	)
						$	(5,518	)	$	(48	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 :: 295

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	2,000
Repurchase agreements, at value		2,000
Total Investment Securities, at value		2,000
Cash		822
Prepaid expenses		—	(a)
TOTAL ASSETS		2,822
LIABILITIES:
Unrealized depreciation on swap agreements		48
Advisory fees payable		2
Management services fees payable		—	(a)
Administration fees payable		—	(a)
Administrative services fees payable		1
Distribution fees payable		2
Trustee fees payable		—	(a)
Transfer agency fees payable		—	(a)
Fund accounting fees payable		—	(a)
Compliance services fees payable		—	(a)
Other accrued expenses		9
TOTAL LIABILITIES		62
NET ASSETS	$	2,760
NET ASSETS CONSIST OF:
Capital	$	892,159
Total distributable earnings (loss)		(889,399	)
NET ASSETS	$	2,760
Shares of Beneficial Interest Outstanding(unlimited number of shares authorized, no par value)		113
Net Asset Value (offering and redemption price per share)	$	24.42

^(a) Amount is less than $0.50.

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Interest	$	30
EXPENSES:
Advisory fees		40
Management services fees		5
Administration fees		5
Transfer agency fees		4
Administrative services fees		3
Distribution fees		13
Custody fees		3
Fund accounting fees		3
Trustee fees		—	(a)
Compliance services fees		—	(a)
Other fees		7
TOTAL NET EXPENSES		83
NET INVESTMENT INCOME (LOSS)		(53	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on swap agreements		67,280
Change in net unrealized appreciation/depreciation on swap agreements		(74	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		67,206
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	67,153

^(a) Amount is less than $0.50.

See accompanying notes to financial statements.

296 :: ProFund VP UltraShort Dow 30 :: Financial Statements

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(53	)	$	185
Net realized gains (losses) on investments		67,280			(10,669	)
Change in net unrealized appreciation/depreciation on investments		(74	)		104
Change in net assets resulting from operations		67,153			(10,380	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(323	)
Change in net assets resulting from distributions		—			(323	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		1,006,236			2,202,171
Distributions reinvested		—			323
Value of shares redeemed		(1,074,024	)		(2,194,081	)
Change in net assets resulting from capital transactions		(67,788	)		8,413
Change in net assets		(635	)		(2,290	)
NET ASSETS:
Beginning of period		3,395			5,685
End of period	$	2,760		$	3,395
SHARE TRANSACTIONS:
Issued		32,215			55,734	(a)
Reinvested		—			9	(a)
Redeemed		(32,217	)		(55,739	)(a)
Change in shares		(2	)		4

^(a) As described in Note 8, share amounts have been adjusted for 1:8 reverse share split that occurred on November 18, 2019.

See accompanying notes to financial statements.

Financial Highlights :: ProFund VP UltraShort Dow 30 :: 297

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, 2020 (unaudited)			Year Ended Dec. 31, 2019(a)			Year Ended Dec. 31, 2018(a)			Year Ended Dec. 31, 2017(a)			Year Ended Dec. 31, 2016(a)			Year Ended Dec. 31, 2015(a)
Net Asset Value, Beginning of Period	$	29.52		$	51.27		$	50.01		$	83.17		$	121.96		$	134.31
Investment Activities:
Net investment income (loss)(b)		(0.15	)		0.32			0.24			(0.72	)		(1.52	)		(2.08	)
Net realized and unrealized gains (losses) on investments		(4.95	)(c)		(19.11	)		1.02			(32.44	)		(37.27	)		(10.27	)
Total income (loss) from investment activities		(5.10	)		(18.79	)		1.26			(33.16	)		(38.79	)		(12.35	)
Distributions to Shareholders From:
Net investment income		—			(1.26	)		—			—			—			—
Net realized gains on investments		—			(1.70	)		—			—			—			—
Total distributions		—			(2.96	)		—			—			—			—
Net Asset Value, End of Period	$	24.42		$	29.52		$	51.27		$	50.01		$	83.17		$	121.96
Total Return(d)		(16.62	)%		(37.95	)%		2.56	%		(39.90	)%		(31.76	)%		(9.23	)%
Ratios to Average Net Assets:
Gross expenses(e)		1.51	%		1.48	%		1.61	%		1.68	%		1.68	%		2.27	%
Net expenses(e)		1.51	%		1.45	%		1.26	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(e)		(0.97	)%		0.83	%		0.59	%		(0.99	)%		(1.43	)%		(1.63	)%
Supplemental Data:
Net assets, end of period (000's)	$	3		$	3		$	6		$	8		$	18		$	28
Portfolio turnover rate(f)		—			—			—			—			—			—

^(a) As described in Note 8, share amounts have been adjusted for 1:8 reverse share split that occurred on November 18, 2019.

^(b) Per share net investment income (loss) has been calculated using the average daily shares method.

^(c) 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.

^(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.

298 :: ProFund VP UltraShort Nasdaq-100 :: Financial Statements

Investment Objective: The ProFund VP UltraShort Nasdaq-100 seeks daily investment results that, before fees and expenses, correspond to two times the inverse (-2x) of the daily performance of the Nasdaq-100^® Index for a single day, not for any other period.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(197	)%
Total Exposure		(197	)%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments 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		48	%
Communication Services		20	%
Consumer Discretionary		17	%
Health Care		7	%
Consumer Staples		5	%
Industrials		2	%
Utilities		1	%

Schedule of Portfolio Investments (unaudited)

Repurchase Agreements^(a)(b) (129.6%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $11,410,009	$	11,410,000	$	11,410,000
TOTAL REPURCHASE AGREEMENTS (Cost $11,410,000)				11,410,000
TOTAL INVESTMENT SECURITIES (Cost $11,410,000)—129.6%				11,410,000
Net other assets (liabilities)—(29.6)%				(2,609,137	)
NET ASSETS—100.0%			$	8,800,863

^(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, 2020, the aggregate amount held in a segregated account was $1,980,000.

^(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 – Short

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Nasdaq-100 Index	Goldman Sachs International	7/27/20		(1.27	)%	$	(17,083,241	)	$	(348,661	)
Nasdaq-100 Index	UBS AG	7/27/20		(1.12	)%		(293,216	)		(5,677	)
						$	(17,376,457	)	$	(354,338	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 :: 299

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	11,410,000
Repurchase agreements, at value		11,410,000
Total Investment Securities, at value		11,410,000
Interest receivable		9
Receivable for capital shares issued		115,838
Prepaid expenses		67
TOTAL ASSETS		11,525,914
LIABILITIES:
Cash overdraft		2,364,137
Unrealized depreciation on swap agreements		354,338
Advisory fees payable		1,474
Management services fees payable		196
Administration fees payable		192
Administrative services fees payable		1,295
Distribution fees payable		1,622
Transfer agency fees payable		157
Fund accounting fees payable		106
Compliance services fees payable		23
Other accrued expenses		1,511
TOTAL LIABILITIES		2,725,051
NET ASSETS	$	8,800,863
NET ASSETS CONSIST OF:
Capital	$	14,124,840
Total distributable earnings (loss)		(5,323,977	)
NET ASSETS	$	8,800,863
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		894,749
Net Asset Value (offering and redemption price per share)	$	9.84

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Interest	$	3,396
EXPENSES:
Advisory fees		7,704
Management services fees		1,027
Administration fees		997
Transfer agency fees		856
Administrative services fees		2,031
Distribution fees		2,568
Custody fees		430
Fund accounting fees		587
Trustee fees		29
Compliance services fees		23
Other fees		1,715
Total Gross Expenses before reductions		17,967
Expenses reduced and reimbursed by the Advisor		(709	)
TOTAL NET EXPENSES		17,258
NET INVESTMENT INCOME (LOSS)		(13,862	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on futures contracts		9,006
Net realized gains (losses) on swap agreements		810,138
Change in net unrealized appreciation/depreciation on swap agreements		(363,559	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		455,585
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	441,723

See accompanying notes to financial statements.

300 :: ProFund VP UltraShort Nasdaq-100 :: Financial Statements

Statements of Changes in Net Assets  

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(13,862	)	$	6,414
Net realized gains (losses) on investments		819,144			273,198
Change in net unrealized appreciation/depreciation on investments		(363,559	)		17,706
Change in net assets resulting from operations		441,723			297,318
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(2,753	)
Change in net assets resulting from distributions		—			(2,753	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		146,684,410			121,272,277
Distributions reinvested		—			2,753
Value of shares redeemed		(139,351,447	)		(121,209,822	)
Change in net assets resulting from capital transactions		7,332,963			65,208
Change in net assets		7,774,686			359,773
NET ASSETS:
Beginning of period		1,026,177			666,404
End of period	$	8,800,863		$	1,026,177
SHARE TRANSACTIONS:
Issued		10,559,851			4,574,312
Reinvested		—			106
Redeemed		(9,719,062	)		(4,537,654	)
Change in shares		840,789			36,764

See accompanying notes to financial statements.

Financial Highlights :: ProFund VP UltraShort Nasdaq-100 :: 301

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017(a)			Year Ended Dec. 31, 2016(a)			Year Ended Dec. 31, 2015(a)
Net Asset Value, Beginning of Period	$	19.02		$	38.75		$	43.83		$	79.59		$	99.69		$	135.27
Investment Activities:
Net investment income (loss)(b)		(0.10	)		0.13			0.13			(0.49	)		(1.36	)		(1.84	)
Net realized and unrealized gains (losses) on investments		(9.08	)(c)		(19.64	)(c)		(5.21	)		(35.27	)		(18.74	)		(33.74	)
Total income (loss) from investment activities		(9.18	)		(19.51	)		(5.08	)		(35.76	)		(20.10	)		(35.58	)
Distributions to Shareholders From:
Net investment income		—			(0.22	)		—			—			—			—
Net Asset Value, End of Period	$	9.84		$	19.02		$	38.75		$	43.83		$	79.59		$	99.69
Total Return(d)		(48.27	)%		(50.50	)%		(11.59	)%		(44.94	)%		(20.21	)%		(26.26	)%
Ratios to Average Net Assets:
Gross expenses(e)		1.75	%		1.68	%		1.66	%		1.68	%		1.68	%		1.71	%
Net expenses(e)		1.68	%		1.67	%		1.66	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(e)		(1.35	)%		0.50	%		0.40	%		(0.88	)%		(1.42	)%		(1.64	)%
Supplemental Data:
Net assets, end of period (000's)	$	8,801		$	1,026		$	666		$	324		$	909		$	615
Portfolio turnover rate(f)		—			—			—			—			—			—

^(a) As described in Note 8, share amounts have been adjusted for 1:8 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) 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.

^(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.

302 :: ProFund VP UltraSmall-Cap :: Financial Statements

Investment Objective: The ProFund VP UltraSmall-Cap seeks daily investment results that, before fees and expenses, correspond to two times (2x) the daily performance of the Russell 2000^® Index for a single day, not for any other period.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
Equity Securities		45	%
Futures Contracts		2	%
Swap Agreements		153	%
Total Exposure		200	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management or collateral for securities loaned.

Largest Equity Holdings

Company	% of Net Assets
Deckers Outdoor Corp.		0.1	%
LHC Group, Inc.		0.1	%
Churchill Downs, Inc.		0.1	%
BJ's Wholesale Club Holdings, Inc.		0.1	%
Novavax, Inc.		0.1	%

Russell 2000^® Index – Composition

	% of Index
Health Care		20	%
Financials		16	%
Industrials		15	%
Information Technology		14	%
Consumer Discretionary		12	%
Real Estate		7	%
Materials		4	%
Utilities		4	%
Consumer Staples		3	%
Communication Services		3	%
Energy		2	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (44.9%)

	Shares		Value
1-800-Flowers.com, Inc.*—Class A (Internet & Direct Marketing Retail)		74	$	1,481
1Life Healthcare, Inc.* (Health Care Providers & Services)		63		2,288
1st Constitution BanCorp (Banks)		27		335
1st Source Corp. (Banks)		49		1,743
3D Systems Corp.* (Technology Hardware, Storage & Peripherals)		343		2,398
89Bio, Inc.* (Biotechnology)		9		179
8x8, Inc.* (Software)		301		4,816
A10 Networks, Inc.* (Software)		183		1,246
AAON, Inc. (Building Products)		122		6,623
AAR Corp. (Aerospace & Defense)		99		2,046
Aaron's, Inc. (Specialty Retail)		200		9,080
Abeona Therapeutics, Inc.* (Biotechnology)		177		516
Abercrombie & Fitch Co.—Class A (Specialty Retail)		182		1,936
ABM Industries, Inc. (Commercial Services & Supplies)		199		7,224
Acacia Communications, Inc.* (Communications Equipment)		115		7,727
Acacia Research Corp.* (Professional Services)		141		577
Acadia Realty Trust (Equity Real Estate Investment Trusts)		252		3,271
Accel Entertainment, Inc.* (Hotels, Restaurants & Leisure)		125		1,204
Accelerate Diagnostics, Inc.* (Life Sciences Tools & Services)		90		1,364
ACCO Brands Corp. (Commercial Services & Supplies)		274		1,945
Accuray, Inc.* (Health Care Equipment & Supplies)		265		538
AcelRx Pharmaceuticals, Inc.* (Pharmaceuticals)		237		287
ACI Worldwide, Inc.* (Software)		340		9,176
ACNB Corp. (Banks)		25		655
Acushnet Holdings Corp. (Leisure Products)		102		3,549
Adams Resources & Energy, Inc. (Oil, Gas &Consumable Fuels)		7		187
AdaptHealth Corp.* (Health Care Providers & Services)		23		370
Addus Homecare Corp.* (Health Care Providers & Services)		41		3,795
Adient PLC* (Auto Components)		261		4,286
ADMA Biologics, Inc.* (Biotechnology)		178		522
Adtalem Global Education, Inc.* (Diversified Consumer Services)		154		4,797
ADTRAN, Inc. (Communications Equipment)		142		1,552
Aduro Biotech, Inc.* (Biotechnology)		197		455
Advanced Disposal Services, Inc.* (Commercial Services & Supplies)		219		6,607
Advanced Drainage Systems, Inc. (Building Products)		147		7,262
Advanced Emissions Solutions, Inc. (Chemicals)		47		228
Advanced Energy Industries, Inc.* (Semiconductors & Semiconductor Equipment)		113		7,660
AdvanSix, Inc.* (Chemicals)		81		951
Adverum Biotechnologies, Inc.* (Biotechnology)		217		4,531
Aegion Corp.* (Construction & Engineering)		90		1,428
Aeglea BioTherapeutics, Inc.* (Biotechnology)		125		1,156
Aerie Pharmaceuticals, Inc.* (Pharmaceuticals)		109		1,609
Aerojet Rocketdyne Holdings, Inc.* (Aerospace & Defense)		218		8,641
AeroVironment, Inc.* (Aerospace & Defense)		64		5,096
Affimed NV* (Biotechnology)		218		1,006
Agenus, Inc.* (Biotechnology)		410		1,611

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraSmall-Cap :: 303

Common Stocks, continued

	Shares		Value
Agile Therapeutics, Inc.* (Pharmaceuticals)		201	$	559
Agilysys, Inc.* (Software)		54		969
Agree Realty Corp. (Equity Real Estate Investment Trusts)		158		10,382
AgroFresh Solutions, Inc.* (Chemicals)		88		267
Aimmune Therapeutics, Inc.* (Biotechnology)		138		2,306
Air Transport Services Group, Inc.* (Air Freight & Logistics)		174		3,875
Akcea Therapeutics, Inc.* (Pharmaceuticals)		49		671
Akebia Therapeutics, Inc.* (Biotechnology)		386		5,242
Akerna Corp.* (Professional Services)		27		238
Akero Therapeutics, Inc.* (Biotechnology)		33		822
Akoustis Technologies, Inc.* (Electronic Equipment, Instruments & Components)		92		763
Alamo Group, Inc. (Machinery)		29		2,977
Alarm.com Holdings, Inc.* (Software)		134		8,684
Alaska Communications Systems Group, Inc. (Diversified Telecommunication Services)		154		430
Albany International Corp.—Class A (Machinery)		91		5,343
Albireo Pharma, Inc.* (Biotechnology)		39		1,033
Alcoa Corp.* (Metals & Mining)		555		6,238
Alector, Inc.* (Biotechnology)		137		3,348
Alerus Financial Corp. (Diversified Financial Services)		44		869
Alexander & Baldwin, Inc. (Equity Real Estate Investment Trusts)		215		2,621
Alexander's, Inc. (Equity Real Estate Investment Trusts)		6		1,445
Alico, Inc. (Food Products)		15		467
Allakos, Inc.* (Biotechnology)		72		5,174
Allegheny Technologies, Inc.* (Metals & Mining)		376		3,831
Allegiance Bancshares, Inc. (Banks)		56		1,422
Allegiant Travel Co. (Airlines)		39		4,259
ALLETE, Inc. (Electric Utilities)		155		8,465
Allied Motion Technologies, Inc. (Electrical Equipment)		22		777
Allogene Therapeutics, Inc.* (Biotechnology)		144		6,166
Allscripts Healthcare Solutions, Inc.* (Health Care Technology)		480		3,250
Alpha & Omega Semiconductor, Ltd.* (Semiconductors & Semiconductor Equipment)		60		653
Alpha Pro Tech, Ltd.* (Building Products)		36		637
Alphatec Holdings, Inc.* (Health Care Equipment & Supplies)		132		620
Alpine Income Property Trust, Inc. (Equity Real Estate Investment Trusts)		20		325
Alta Equipment Group, Inc.* (Trading Companies & Distributors)		51		396
Altair Engineering, Inc.*—Class A (Software)		124		4,929
Altisource Portfolio Solutions S.A.* (Real Estate Management & Development)		14		206
Altra Industrial Motion Corp. (Machinery)		191		6,085
AMAG Pharmaceuticals, Inc.* (Biotechnology)		92		704
Amalgamated Bank—Class A (Banks)		39		493
A-Mark Precious Metals, Inc.* (Diversified Financial Services)		15		286
Ambac Financial Group, Inc.* (Insurance)		134		1,919
Ambarella, Inc.* (Semiconductors & Semiconductor Equipment)		98		4,488
AMC Entertainment Holdings, Inc.—Class A (Entertainment)		154		661
AMC Networks, Inc.*—Class A (Media)		115		2,690
Amerant BanCorp, Inc.* (Banks)		67		1,008
Ameresco, Inc.*—Class A (Construction & Engineering)		72		2,000
American Assets Trust, Inc. (Equity Real Estate Investment Trusts)		149		4,148
American Axle & Manufacturing Holdings, Inc.* (Auto Components)		333		2,531
American Eagle Outfitters, Inc. (Specialty Retail)		447		4,872
American Equity Investment Life Holding Co. (Insurance)		269		6,647
American Finance Trust, Inc. (Equity Real Estate Investment Trusts)		324		2,571
American National Bankshares, Inc. (Banks)		32		801
American Public Education, Inc.* (Diversified Consumer Services)		43		1,273
American Realty Investors, Inc.* (Real Estate Management & Development)		3		27
American Renal Associates Holdings, Inc.* (Health Care Providers & Services)		41		267
American Software, Inc.—Class A (Software)		89		1,403
American States Water Co. (Water Utilities)		109		8,571
American Superconductor Corp.* (Electrical Equipment)		65		528
American Vanguard Corp. (Chemicals)		86		1,183
American Woodmark Corp.* (Building Products)		50		3,783
America's Car-Mart, Inc.*(a) (Specialty Retail)		18		1,582
Ameris Bancorp (Banks)		197		4,647
AMERISAFE, Inc. (Insurance)		57		3,486
Ames National Corp. (Banks)		26		513
Amicus Therapeutics, Inc.* (Biotechnology)		754		11,369
Amkor Technology, Inc.* (Semiconductors & Semiconductor Equipment)		296		3,644
AMN Healthcare Services, Inc.* (Health Care Providers & Services)		138		6,243
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals)		294		1,399
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals)		105		2,358
Amyris, Inc.* (Oil, Gas & Consumable Fuels)		208		888
AnaptysBio, Inc.* (Biotechnology)		63		1,407
Anavex Life Sciences Corp.* (Biotechnology)		152		748
AngioDynamics, Inc.* (Health Care Equipment & Supplies)		109		1,109
ANI Pharmaceuticals, Inc.* (Pharmaceuticals)		28		906
Anika Therapeutics, Inc.* (Health Care Equipment & Supplies)		41		1,547
Antares Pharma, Inc.* (Health Care Equipment & Supplies)		487		1,339
Anterix, Inc.* (Diversified Telecommunication Services)		40		1,814
Antero Resources Corp.* (Oil, Gas & Consumable Fuels)		720		1,829
Anworth Mortgage Asset Corp. (Mortgage Real Estate Investment Trusts)		291		495
Apellis Pharmaceuticals, Inc.* (Biotechnology)		178		5,813
API Group Corp.* (Construction & Engineering)		415		5,042

See accompanying notes to financial statements.

304 :: ProFund VP UltraSmall-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
Apogee Enterprises, Inc. (Building Products)		76	$	1,751
Apollo Commercial Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts)		458		4,493
Apollo Medical Holdings, Inc.* (Health Care Providers & Services)		30		495
Appfolio, Inc.* (Software)		47		7,647
Appian Corp.* (Software)		97		4,971
Applied Genetic Technologies Corp.* (Biotechnology)		69		382
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)		115		7,175
Applied Optoelectronics, Inc.* (Communications Equipment)		57		620
Applied Therapeutics, Inc.* (Biotechnology)		40		1,446
Aprea Therapeutics, Inc.* (Biotechnology)		21		814
Aptinyx, Inc.* (Biotechnology)		73		304
Apyx Medical Corp.* (Health Care Equipment & Supplies)		99		549
Aquestive Therapeutics, Inc.* (Pharmaceuticals)		59		287
Aravive, Inc.* (Biotechnology)		36		419
Arbor Realty Trust, Inc. (Mortgage Real Estate Investment Trusts)		306		2,827
ArcBest Corp. (Road & Rail)		75		1,988
Arch Resources, Inc.* (Oil, Gas & Consumable Fuels)		45		1,278
Archrock, Inc. (Energy Equipment & Services)		385		2,499
Arconic Corp.* (Metals & Mining)		295		4,109
Arcosa, Inc. (Construction & Engineering)		144		6,077
Arcturus Therapeutics Holdings, Inc.* (Biotechnology)		39		1,823
Arcus Biosciences, Inc.* (Biotechnology)		98		2,425
Arcutis Biotherapeutics, Inc.* (Biotechnology)		28		847
Ardelyx, Inc.* (Biotechnology)		217		1,502
Ardmore Shipping Corp. (Oil, Gas & Consumable Fuels)		99		430
Arena Pharmaceuticals, Inc.* (Biotechnology)		167		10,512
Ares Commercial Real Estate Corp. (Mortgage Real Estate Investment Trusts)		91		830
Argan, Inc. (Construction & Engineering)		44		2,085
Argo Group International Holdings, Ltd. (Insurance)		96		3,344
Arlington Asset Investment Corp.—Class A (Capital Markets)		108		321
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components)		230		593
Armada Hoffler Properties, Inc. (Equity Real Estate Investment Trusts)		166		1,652
ARMOUR Residential REIT, Inc. (Mortgage Real Estate Investment Trusts)		190		1,784
Arrow Financial Corp. (Banks)		38		1,130
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)		298		12,870
Artesian Resources Corp.—Class A (Water Utilities)		24		871
Artisan Partners Asset Management, Inc. (Capital Markets)		161		5,233
Arvinas, Inc.* (Pharmaceuticals)		87		2,918
Asbury Automotive Group, Inc.* (Specialty Retail)		57		4,408
ASGN, Inc.* (Professional Services)		151		10,069
Aspen Aerogels, Inc.* (Energy Equipment & Services)		61		401
Aspen Group, Inc.* (Diversified Consumer Services)		55		498
Aspira Women's Health, Inc.* (Health Care Equipment & Supplies)		140		538
Assembly Biosciences, Inc.* (Pharmaceuticals)		91		2,122
Assetmark Financial Holdings, Inc.* (Capital Markets)		49		1,337
Associated Capital Group, Inc.—Class A (Capital Markets)		5		183
Astec Industries, Inc. (Machinery)		67		3,103
Astronics Corp.* (Aerospace & Defense)		68		718
Asure Software, Inc.* (Software)		40		257
AT Home Group, Inc.* (Specialty Retail)		142		922
Atara Biotherapeutics, Inc.* (Biotechnology)		170		2,477
Athenex, Inc.* (Biotechnology)		218		3,000
Athersys, Inc.* (Biotechnology)		514		1,419
Atkore International Group, Inc.* (Electrical Equipment)		140		3,829
Atlantic Capital Bancshares, Inc.* (Banks)		62		754
Atlantic Power Corp.* (Independent Power and Renewable Electricity Producers)		269		538
Atlantic Union Bankshares (Banks)		231		5,350
Atlanticus Holdings Corp.* (Consumer Finance)		15		155
Atlas Air Worldwide Holdings, Inc.* (Air Freight & Logistics)		76		3,270
ATN International, Inc. (Diversified Telecommunication Services)		33		1,999
Atomera, Inc.* (Semiconductors & Semiconductor Equipment)		43		387
Atreca, Inc.*—Class A (Biotechnology)		63		1,341
AtriCure, Inc.* (Health Care Equipment & Supplies)		116		5,214
Atrion Corp. (Health Care Equipment & Supplies)		4		2,548
Auburn National BanCorp, Inc. (Banks)		7		400
Avalon GloboCare Corp.* (Health Care Providers & Services)		57		108
Avanos Medical, Inc.*—Class I (Health Care Equipment & Supplies)		141		4,144
Avaya Holdings Corp.*—Class C (Software)		275		3,399
Avenue Therapeutics, Inc.* (Pharmaceuticals)		20		215
AVEO Pharmaceuticals, Inc.* (Biotechnology)		40		206
Avid Bioservices, Inc.* (Biotechnology)		167		1,096
Avid Technology, Inc.* (Technology Hardware, Storage & Peripherals)		93		676
Avis Budget Group, Inc.* (Road & Rail)		156		3,571
Avista Corp. (Multi-Utilities)		200		7,278
Avrobio, Inc.* (Biotechnology)		92		1,605
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		97		2,701
Axcella Health, Inc.* (Biotechnology)		28		155
AxoGen, Inc.* (Health Care Equipment & Supplies)		108		998
Axonics Modulation Technologies, Inc.* (Health Care Equipment & Supplies)		90		3,160
Axos Financial, Inc.*—Class I (Thrifts & Mortgage Finance)		171		3,776
Axsome Therapeutics, Inc.* (Pharmaceuticals)		82		6,746

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraSmall-Cap :: 305

Common Stocks, continued

	Shares		Value
AXT, Inc.* (Semiconductors & Semiconductor Equipment)		116	$	552
Aytu BioScience, Inc.* (Pharmaceuticals)		68		97
AZZ, Inc. (Electrical Equipment)		77		2,643
B Riley Financial, Inc. (Capital Markets)		57		1,240
B&G Foods, Inc.(a)—Class A (Food Products)		189		4,608
Badger Meter, Inc. (Electronic Equipment, Instruments & Components)		86		5,411
Balchem Corp. (Chemicals)		95		9,013
Banc of California, Inc. (Banks)		132		1,430
Bancfirst Corp. (Banks)		56		2,272
Banco Latinoamericano de Comercio Exterior S.A.—Class E (Diversified Financial Services)		92		1,058
BancorpSouth Bank (Banks)		294		6,686
Bandwidth, Inc.* (Diversified Telecommunication Services)		57		7,239
Bank First Corp. (Banks)		19		1,218
Bank of Commerce Holdings (Banks)		47		356
Bank of Marin Bancorp (Banks)		39		1,300
Bank7 Corp. (Thrifts & Mortgage Finance)		8		87
BankFinancial Corp. (Thrifts & Mortgage Finance)		40		336
BankUnited, Inc. (Banks)		272		5,508
Bankwell Financial Group, Inc. (Banks)		20		318
Banner Corp. (Banks)		103		3,914
Bar Harbor Bankshares (Banks)		46		1,030
Barnes Group, Inc. (Machinery)		139		5,499
Barrett Business Services, Inc. (Professional Services)		22		1,169
Baycom Corp.* (Banks)		35		452
BBX Capital Corp. (Hotels, Restaurants & Leisure)		185		470
BCB BanCorp, Inc. (Banks)		43		399
Beacon Roofing Supply, Inc.* (Trading Companies & Distributors)		162		4,272
Beam Therapeutics, Inc.* (Biotechnology)		37		1,036
Beazer Homes USA, Inc.* (Household Durables)		85		856
Bed Bath & Beyond, Inc.(a) (Specialty Retail)		376		3,986
Bel Fuse, Inc.—Class B (Electronic Equipment, Instruments & Components)		29		311
Belden, Inc. (Electronic Equipment, Instruments & Components)		131		4,264
Bellerophon Therapeutics, Inc.* (Health Care Equipment & Supplies)		10		126
Bellring Brands, Inc.*—Class A (Personal Products)		118		2,353
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components)		108		2,333
Benefitfocus, Inc.* (Software)		86		925
Benefytt Technologies, Inc.* (Insurance)		31		634
Berkshire Hills Bancorp, Inc. (Banks)		133		1,466
Berry Corp. (Oil, Gas & Consumable Fuels)		201		971
Beyond Air, Inc.* (Health Care Equipment & Supplies)		39		283
Beyondspring, Inc.* (Biotechnology)		40		603
BG Staffing, Inc. (Professional Services)		27		306
BGC Partners, Inc.—Class A (Capital Markets)		904		2,477
Big Lots, Inc. (Multiline Retail)		116		4,872
Biglari Holdings, Inc.*—Class B (Hotels, Restaurants & Leisure)		3		207
BioCryst Pharmaceuticals, Inc.* (Biotechnology)		457		2,178
BioDelivery Sciences International, Inc.* (Pharmaceuticals)		263		1,147
Biohaven Pharmaceutical Holding Co., Ltd.* (Biotechnology)		140		10,235
Biolife Solutions, Inc.* (Health Care Equipment & Supplies)		22		360
BioSig Technologies, Inc.* (Health Care Equipment & Supplies)		63		454
BioSpecifics Technologies Corp.* (Biotechnology)		19		1,164
BioTelemetry, Inc.* (Health Care Providers & Services)		100		4,519
Bioxcel Therapeutics, Inc.* (Biotechnology)		31		1,643
BJ's Restaurants, Inc. (Hotels, Restaurants & Leisure)		55		1,152
BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing)		406		15,133
Black Diamond Therapeutics, Inc.* (Biotechnology)		36		1,518
Black Hills Corp. (Multi-Utilities)		187		10,595
Blackbaud, Inc. (Software)		147		8,391
Blackline, Inc.* (Software)		149		12,353
Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts)		408		9,828
Bloom Energy Corp.* (Electrical Equipment)		252		2,742
Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure)		260		2,772
Blucora, Inc.* (Capital Markets)		143		1,633
Blue Bird Corp.* (Machinery)		46		690
Bluegreen Vacations Corp. (Hotels, Restaurants & Leisure)		15		81
Blueprint Medicines Corp.* (Biotechnology)		161		12,557
Bluerock Residential Growth REIT, Inc. (Equity Real Estate Investment Trusts)		69		558
BMC Stock Holdings, Inc.* (Trading Companies & Distributors)		199		5,003
Bogota Financial Corp.* (Thrifts & Mortgage Finance)		17		149
Boingo Wireless, Inc.* (Wireless Telecommunication Services)		130		1,732
Boise Cascade Co. (Paper & Forest Products)		116		4,363
Bonanza Creek Energy, Inc.* (Oil, Gas & Consumable Fuels)		56		830
Boot Barn Holdings, Inc.* (Specialty Retail)		85		1,833
Boston Omaha Corp.*—Class A (Media)		33		528
Boston Private Financial Holdings, Inc. (Banks)		243		1,672
Bottomline Technologies, Inc.* (Software)		128		6,499
Box, Inc.*—Class A (Software)		437		9,071
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)		241		5,037
Brady Corp.—Class A (Commercial Services & Supplies)		144		6,742
BrainStorm Cell Therapeutics, Inc.* (Biotechnology)		79		886
Bridge Bancorp, Inc. (Banks)		49		1,119
Bridgebio Pharma, Inc.* (Biotechnology)		216		7,044
Bridgewater Bancshares, Inc.* (Thrifts & Mortgage Finance)		65		666
Bridgford Foods Corp.* (Food Products)		5		83

See accompanying notes to financial statements.

306 :: ProFund VP UltraSmall-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
Brigham Minerals, Inc. (Oil, Gas & Consumable Fuels)		90	$	1,112
Brightcove, Inc.* (IT Services)		116		914
Brightsphere Investment Group, Inc. (Capital Markets)		184		2,293
Brightview Holdings, Inc.* (Commercial Services & Supplies)		93		1,042
Brinker International, Inc. (Hotels, Restaurants & Leisure)		130		3,120
Bristow Group, Inc.* (Energy Equipment & Services)		20		279
Broadmark Realty Capital, Inc. (Mortgage Real Estate Investment Trusts)		382		3,618
Brookdale Senior Living, Inc.* (Health Care Providers & Services)		545		1,608
Brookfield Infrastructure Corp.—Class A (Gas Utilities)		96		4,372
Brookline Bancorp, Inc. (Banks)		230		2,318
Brooks Automation, Inc. (Semiconductors & Semiconductor Equipment)		215		9,512
BRP Group, Inc.*—Class A (Insurance)		59		1,019
BRT Apartments Corp. (Equity Real Estate Investment Trusts)		29		314
Bryn Mawr Bank Corp. (Banks)		58		1,604
Builders FirstSource, Inc.* (Building Products)		343		7,100
Business First Bancshares, Inc. (Banks)		36		553
Byline Bancorp, Inc. (Banks)		72		943
C&F Financial Corp. (Banks)		10		333
Cabaletta Bio, Inc.* (Biotechnology)		38		423
Cabot Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		86		12,000
Cactus, Inc.—Class A (Energy Equipment & Services)		141		2,909
Cadence Bancorp (Banks)		372		3,296
Cadiz, Inc.* (Water Utilities)		59		599
Caesarstone, Ltd. (Building Products)		66		782
CAI International, Inc.* (Trading Companies & Distributors)		49		816
CalAmp Corp.* (Communications Equipment)		99		793
Calavo Growers, Inc. (Food Products)		49		3,083
Caledonia Mining Corp. PLC (Metals & Mining)		33		572
Caleres, Inc. (Specialty Retail)		114		951
California BanCorp, Inc.* (Banks)		22		328
California Resources Corp.* (Oil, Gas & Consumable Fuels)		144		176
California Water Service Group (Water Utilities)		145		6,917
Calithera Biosciences, Inc.* (Biotechnology)		195		1,030
Calix, Inc.* (Communications Equipment)		144		2,146
Callaway Golf Co. (Leisure Products)		277		4,850
Cal-Maine Foods, Inc.* (Food Products)		94		4,181
Calyxt, Inc.* (Biotechnology)		31		153
Cambium Networks Corp.* (Communications Equipment)		17		125
Cambridge BanCorp (Banks)		19		1,126
Camden National Corp. (Banks)		44		1,520
Camping World Holdings, Inc.—Class A (Specialty Retail)		97		2,635
Cannae Holdings, Inc.* (Diversified Financial Services)		251		10,316
Cantel Medical Corp. (Health Care Equipment & Supplies)		112		4,954
Capital BanCorp, Inc.* (Banks)		24		257
Capital City Bank Group, Inc. (Banks)		40		838
Capitol Federal Financial, Inc. (Thrifts & Mortgage Finance)		393		4,327
Capstar Financial Holdings, Inc. (Banks)		47		564
Capstead Mortgage Corp. (Mortgage Real Estate Investment Trusts)		283		1,554
Cara Therapeutics, Inc.* (Biotechnology)		122		2,086
Cardiovascular Systems, Inc.* (Health Care Equipment & Supplies)		102		3,218
Cardlytics, Inc.* (Media)		77		5,387
Cardtronics PLC*—Class A (IT Services)		107		2,566
CareDx, Inc.* (Biotechnology)		127		4,500
CareTrust REIT, Inc. (Equity Real Estate Investment Trusts)		283		4,856
Cargurus, Inc.* (Interactive Media & Services)		256		6,490
Carpenter Technology Corp. (Metals & Mining)		141		3,423
Carriage Services, Inc. (Diversified Consumer Services)		49		888
Carrols Restaurant Group, Inc.* (Hotels, Restaurants & Leisure)		105		508
Cars.com, Inc.* (Interactive Media & Services)		200		1,152
Carter Bank & Trust (Banks)		67		541
Casa Systems, Inc.* (Communications Equipment)		94		391
Casella Waste Systems, Inc.*—Class A (Commercial Services & Supplies)		137		7,140
CASI Pharmaceuticals, Inc.* (Biotechnology)		160		400
Casper Sleep, Inc.* (Household Durables)		25		224
Cass Information Systems, Inc. (IT Services)		42		1,639
Cassava Sciences, Inc.* (Pharmaceuticals)		69		213
Castle Biosciences, Inc.* (Biotechnology)		30		1,131
Catabasis Pharmaceuticals, Inc.* (Biotechnology)		53		341
Catalyst Biosciences, Inc.* (Biotechnology)		52		305
Catalyst Pharmaceuticals, Inc.* (Biotechnology)		288		1,331
Catasys, Inc.* (Health Care Providers & Services)		23		569
CatchMark Timber Trust, Inc.—Class A (Equity Real Estate Investment Trusts)		145		1,283
Cathay General Bancorp (Banks)		225		5,918
Cavco Industries, Inc.* (Household Durables)		26		5,014
CB Financial Services, Inc. (Banks)		15		327
CBIZ, Inc.* (Professional Services)		151		3,619
CBTX, Inc. (Banks)		52		1,092
CECO Environmental Corp.* (Commercial Services & Supplies)		92		606
Cellular Biomedicine Group, Inc.* (Biotechnology)		37		554
CEL-SCI Corp.* (Biotechnology)		97		1,447
Celsius Holdings, Inc.* (Beverages)		102		1,201
Centogene NV* (Biotechnology)		12		275
Central European Media Enterprises, Ltd.*—Class A (Media)		264		935
Central Garden & Pet Co.* (Household Products)		29		1,044
Central Garden & Pet Co.*—Class A (Household Products)		117		3,953
Central Pacific Financial Corp. (Banks)		81		1,298

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraSmall-Cap :: 307

Common Stocks, continued

	Shares		Value
Central Valley Community BanCorp (Banks)		31	$	477
Century Aluminum Co.* (Metals & Mining)		150		1,070
Century BanCorp, Inc.—Class A (Banks)		8		622
Century Casinos, Inc.* (Hotels, Restaurants & Leisure)		80		332
Century Communities, Inc.* (Household Durables)		87		2,667
Cerecor, Inc.* (Pharmaceuticals)		86		224
Cerence, Inc.* (Software)		109		4,452
Cerus Corp.* (Health Care Equipment & Supplies)		480		3,168
CEVA, Inc.* (Semiconductors & Semiconductor Equipment)		64		2,395
Champions Oncology, Inc.* (Life Sciences Tools & Services)		21		201
Championx Corp.* (Energy Equipment & Services)		551		5,377
ChannelAdvisor Corp.* (Software)		81		1,283
Chart Industries, Inc.* (Machinery)		107		5,188
Chase Corp. (Chemicals)		22		2,255
Chatham Lodging Trust (Equity Real Estate Investment Trusts)		137		838
Checkpoint Therapeutics, Inc.* (Biotechnology)		121		240
Chefs' Warehouse, Inc.*(a) (Food & Staples Retailing)		74		1,005
Chembio Diagnostics, Inc.* (Health Care Equipment & Supplies)		58		189
ChemoCentryx, Inc.* (Biotechnology)		132		7,595
Chemung Financial Corp. (Banks)		11		300
Cherry Hill Mortgage Investment Corp. (Mortgage Real Estate Investment Trusts)		45		406
Chesapeake Utilities Corp. (Gas Utilities)		48		4,032
Chiasma, Inc.* (Pharmaceuticals)		109		586
Chico's FAS, Inc. (Specialty Retail)		352		486
Chimera Investment Corp. (Mortgage Real Estate Investment Trusts)		569		5,468
Chimerix, Inc.* (Biotechnology)		143		443
ChoiceOne Financial Services, Inc. (Banks)		20		591
ChromaDex Corp.* (Life Sciences Tools & Services)		121		555
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)		113		15,045
Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure)		49		729
Cidara Therapeutics, Inc.* (Biotechnology)		99		365
CIM Commercial Trust Corp. (Equity Real Estate Investment Trusts)		33		356
Cimpress PLC* (Commercial Services & Supplies)		53		4,046
Cincinnati Bell, Inc.* (Diversified Telecommunication Services)		149		2,213
Cinemark Holdings, Inc. (Entertainment)		317		3,661
CIRCOR International, Inc.* (Machinery)		59		1,503
CIT Group, Inc. (Banks)		293		6,074
Citi Trends, Inc. (Specialty Retail)		32		647
Citizens & Northern Corp. (Banks)		40		826
Citizens Holding Co. (Banks)		14		350
Citizens, Inc.* (Insurance)		147		881
City Holding Co. (Banks)		47		3,063
City Office REIT, Inc. (Equity Real Estate Investment Trusts)		139		1,398
Civista Bancshares, Inc. (Banks)		47		724
Clarus Corp. (Leisure Products)		69		799
Clean Energy Fuels Corp.* (Oil, Gas & Consumable Fuels)		390		866
Clearfield, Inc.* (Communications Equipment)		33		461
Clearwater Paper Corp.* (Paper & Forest Products)		48		1,734
Clearway Energy, Inc.—Class A (Independent Power and Renewable Electricity Producers)		103		2,160
Clearway Energy, Inc.—Class C (Independent Power and Renewable Electricity Producers)		236		5,442
Cleveland-Cliffs, Inc.(a) (Metals & Mining)		1,171		6,465
Clipper Realty, Inc. (Equity Real Estate Investment Trusts)		44		356
Cloudera, Inc.* (Software)		607		7,721
Clovis Oncology, Inc.*(a) (Biotechnology)		214		1,445
CNB Financial Corp. (Banks)		44		789
CNO Financial Group, Inc. (Insurance)		425		6,617
CNX Resources Corp.* (Oil, Gas & Consumable Fuels)		550		4,757
Co.-Diagnostics, Inc.* (Health Care Equipment & Supplies)		77		1,490
Coastal Financial Corp.* (Banks)		27		392
Coca-Cola Consolidated, Inc. (Beverages)		14		3,209
Codexis, Inc.* (Life Sciences Tools & Services)		159		1,813
Codorus Valley BanCorp, Inc. (Banks)		28		387
Coeur Mining, Inc.* (Metals & Mining)		718		3,647
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services)		126		9,746
Cohbar, Inc.* (Biotechnology)		73		113
Cohen & Steers, Inc. (Capital Markets)		72		4,900
Coherus Biosciences, Inc.* (Biotechnology)		172		3,072
Cohu, Inc. (Semiconductors & Semiconductor Equipment)		122		2,115
Collectors Universe, Inc. (Diversified Consumer Services)		27		926
Collegium Pharmaceutical, Inc.* (Pharmaceuticals)		102		1,785
Colony Bankcorp, Inc. (Banks)		23		271
Colony Capital, Inc. (Equity Real Estate Investment Trusts)		1,440		3,456
Colony Credit Real Estate, Inc. (Mortgage Real Estate Investment Trusts)		249		1,748
Columbia Banking System, Inc. (Banks)		213		6,037
Columbia Financial, Inc.* (Thrifts & Mortgage Finance)		146		2,037
Columbia Property Trust, Inc. (Equity Real Estate Investment Trusts)		340		4,468
Columbus McKinnon Corp. (Machinery)		69		2,308
Comfort Systems USA, Inc. (Construction & Engineering)		107		4,360
Commercial Metals Co. (Metals & Mining)		353		7,202
Community Bank System, Inc. (Banks)		152		8,666
Community Bankers Trust Corp. (Banks)		65		358
Community Health Systems, Inc.* (Health Care Providers & Services)		253		762
Community Healthcare Trust, Inc. (Equity Real Estate Investment Trusts)		62		2,536
Community Trust Bancorp, Inc. (Banks)		46		1,507
CommVault Systems, Inc.* (Software)		124		4,799

See accompanying notes to financial statements.

308 :: ProFund VP UltraSmall-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
Compass Minerals International, Inc. (Metals & Mining)		101	$	4,924
Computer Programs & Systems, Inc. (Health Care Technology)		38		866
CompX International, Inc. (Commercial Services & Supplies)		5		69
comScore, Inc.* (Media)		173		536
Comstock Resources, Inc.* (Oil, Gas & Consumable Fuels)		59		258
Comtech Telecommunications Corp. (Communications Equipment)		72		1,216
Concert Pharmaceuticals, Inc.* (Biotechnology)		85		846
Concrete Pumping Holdings, Inc.* (Construction & Engineering)		79		275
Conduent, Inc.* (IT Services)		489		1,169
CONMED Corp. (Health Care Equipment & Supplies)		81		5,831
ConnectOne Bancorp, Inc. (Banks)		110		1,773
Conn's, Inc.* (Specialty Retail)		52		525
CONSOL Energy, Inc.* (Oil, Gas & Consumable Fuels)		77		390
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services)		216		1,462
Consolidated Water Co., Ltd. (Water Utilities)		43		620
Constellation Pharmaceuticals, Inc.* (Biotechnology)		80		2,404
Construction Partners, Inc.*—Class A (Construction & Engineering)		56		995
Contango Oil & Gas Co.* (Oil, Gas & Consumable Fuels)		266		609
ContraFect Corp.* (Biotechnology)		40		256
Cooper Tire & Rubber Co. (Auto Components)		149		4,114
Cooper-Standard Holding, Inc.* (Auto Components)		50		663
Corbus Pharmaceuticals Holdings, Inc.* (Biotechnology)		196		1,644
Corcept Therapeutics, Inc.* (Pharmaceuticals)		285		4,794
Corecivic, Inc. (Equity Real Estate Investment Trusts)		355		3,323
Core-Mark Holding Co., Inc. (Distributors)		132		3,294
CorEnergy Infrastructure Trust, Inc. (Equity Real Estate Investment Trusts)		41		375
CorePoint Lodging, Inc. (Equity Real Estate Investment Trusts)		116		488
Cormedix, Inc.* (Pharmaceuticals)		77		485
Cornerstone Building Brands* (Building Products)		130		788
Cornerstone OnDemand, Inc.* (Software)		180		6,941
Cortexyme, Inc.* (Biotechnology)		47		2,176
CorVel Corp.* (Health Care Providers & Services)		26		1,843
Costamare, Inc. (Marine)		147		817
County BanCorp, Inc. (Banks)		15		314
Covanta Holding Corp. (Commercial Services & Supplies)		352		3,376
Covenant Transportation Group, Inc.*—Class A (Road & Rail)		38		548
Covetrus, Inc.* (Health Care Providers & Services)		291		5,206
Cowen, Inc.—Class A (Capital Markets)		79		1,281
CRA International, Inc. (Professional Services)		22		869
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure)		71		7,875
Craft Brew Alliance, Inc.* (Beverages)		34		523
Crawford & Co.—Class A (Insurance)		48		379
Crinetics Pharmaceuticals, Inc.* (Biotechnology)		80		1,402
Crocs, Inc.* (Textiles, Apparel & Luxury Goods)		198		7,291
Cross Country Healthcare, Inc.* (Health Care Providers & Services)		106		653
CrossFirst Bankshares, Inc.* (Banks)		142		1,389
CryoLife, Inc.* (Health Care Equipment & Supplies)		109		2,090
CryoPort, Inc.* (Health Care Equipment & Supplies)		99		2,995
CSG Systems International, Inc. (IT Services)		97		4,015
CSW Industrials, Inc. (Building Products)		42		2,903
CTO Realty Growth, Inc. (Real Estate Management & Development)		14		553
CTS Corp. (Electronic Equipment, Instruments & Components)		94		1,884
Cubic Corp. (Aerospace & Defense)		93		4,467
Cue BioPharma, Inc.* (Biotechnology)		82		2,010
Curo Group Holdings Corp. (Consumer Finance)		54		441
Cushman & Wakefield PLC* (Real Estate Management & Development)		328		4,087
Customers Bancorp, Inc.* (Banks)		85		1,022
Cutera, Inc.* (Health Care Equipment & Supplies)		50		609
CVB Financial Corp. (Banks)		383		7,177
CVR Energy, Inc. (Oil, Gas & Consumable Fuels)		88		1,770
CyberOptics Corp.* (Semiconductors & Semiconductor Equipment)		21		676
Cyclerion Therapeutics, Inc.* (Biotechnology)		66		390
Cymabay Therapeutics, Inc.* (Pharmaceuticals)		205		715
Cytokinetics, Inc.* (Biotechnology)		166		3,913
Cytomx Therapeutics, Inc.* (Biotechnology)		134		1,116
CytoSorbents Corp.* (Health Care Equipment & Supplies)		102		1,010
Daily Journal Corp.* (Media)		3		810
Daktronics, Inc. (Electronic Equipment, Instruments & Components)		110		479
Dana, Inc. (Auto Components)		429		5,230
Darling Ingredients, Inc.* (Food Products)		477		11,743
DASAN Zhone Solutions, Inc.* (Communications Equipment)		36		321
Daseke, Inc.* (Road & Rail)		135		531
Dave & Buster's Entertainment, Inc.(a) (Hotels, Restaurants & Leisure)		138		1,840
Deciphera Pharmaceuticals, Inc.* (Biotechnology)		111		6,629
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods)		83		16,301
Del Taco Restaurants, Inc.* (Hotels, Restaurants & Leisure)		88		522
Delek US Holdings, Inc. (Oil, Gas & Consumable Fuels)		185		3,221
Delmar BanCorp (Banks)		29		191
Deluxe Corp. (Commercial Services & Supplies)		124		2,919

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraSmall-Cap :: 309

Common Stocks, continued

	Shares		Value
Denali Therapeutics, Inc.* (Biotechnology)		186	$	4,497
Denny's Corp.* (Hotels, Restaurants & Leisure)		161		1,626
DermTech, Inc.* (Biotechnology)		24		318
Designer Brands, Inc. (Specialty Retail)		183		1,239
DHI Group, Inc.* (Interactive Media & Services)		144		302
DHT Holdings, Inc. (Oil, Gas & Consumable Fuels)		331		1,698
Diamond Hill Investment Group, Inc. (Capital Markets)		9		1,023
Diamond S Shipping, Inc.* (Oil, Gas & Consumable Fuels)		81		647
DiamondRock Hospitality Co. (Equity Real Estate Investment Trusts)		592		3,274
Dicerna Pharmaceuticals, Inc.* (Biotechnology)		193		4,902
Diebold Nixdorf, Inc.* (Technology Hardware, Storage & Peripherals)		208		1,260
Digi International, Inc.* (Communications Equipment)		85		990
Digimarc Corp.* (Software)		35		560
Digital Turbine, Inc.* (Software)		244		3,067
Dillard's, Inc.(a)—Class A (Multiline Retail)		22		567
Dime Community Bancshares, Inc. (Thrifts & Mortgage Finance)		85		1,167
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure)		46		1,937
Diodes, Inc.* (Semiconductors & Semiconductor Equipment)		126		6,388
Diversified Healthcare Trust (Equity Real Estate Investment Trusts)		703		3,111
DMC Global, Inc.(a) (Machinery)		43		1,187
Domo, Inc.* (Software)		76		2,445
Domtar Corp. (Paper & Forest Products)		163		3,441
Donegal Group, Inc.—Class A (Insurance)		32		455
Donnelley Financial Solutions, Inc.* (Capital Markets)		89		748
Dorian LPG, Ltd.* (Oil, Gas & Consumable Fuels)		103		797
Dorman Products, Inc.* (Auto Components)		79		5,299
Douglas Dynamics, Inc. (Machinery)		67		2,353
Dril-Quip, Inc.* (Energy Equipment & Services)		104		3,098
DSP Group, Inc.* (Semiconductors & Semiconductor Equipment)		65		1,032
Ducommun, Inc.* (Aerospace & Defense)		32		1,116
Duluth Holdings, Inc.*—Class B (Internet & Direct Marketing Retail)		33		243
Durect Corp.* (Pharmaceuticals)		586		1,360
DXP Enterprises, Inc.* (Trading Companies & Distributors)		49		976
Dyadic International, Inc.* (Biotechnology)		57		494
Dycom Industries, Inc.* (Construction & Engineering)		91		3,721
Dynavax Technologies Corp.* (Biotechnology)		265		2,351
Dynex Capital, Inc. (Mortgage Real Estate Investment Trusts)		66		944
Eagle BanCorp Montana, Inc. (Banks)		19		330
Eagle Bancorp, Inc. (Banks)		95		3,111
Eagle Bulk Shipping, Inc.* (Marine)		131		287
Eagle Pharmaceuticals, Inc.* (Biotechnology)		32		1,535
Earthstone Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels)		69		196
Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts)		224		5,179
EastGroup Properties, Inc. (Equity Real Estate Investment Trusts)		115		13,641
Eastman Kodak Co.* (Technology Hardware, Storage & Peripherals)		46		103
Ebix, Inc. (Software)		78		1,744
Echo Global Logistics, Inc.* (Air Freight & Logistics)		78		1,686
Edgewell Personal Care Co.* (Personal Products)		162		5,049
Editas Medicine, Inc.* (Biotechnology)		164		4,851
eGain Corp.* (Software)		62		689
eHealth, Inc.* (Insurance)		76		7,466
Eidos Therapeutics, Inc.* (Biotechnology)		32		1,525
Eiger Biopharmaceuticals, Inc.* (Biotechnology)		70		672
El Paso Electric Co. (Electric Utilities)		121		8,107
El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure)		53		782
Eldorado Resorts, Inc.*(a) (Hotels, Restaurants & Leisure)		251		10,055
Electromed, Inc.* (Health Care Equipment & Supplies)		21		323
elf Beauty, Inc.* (Personal Products)		78		1,487
Ellington Financial, Inc. (Mortgage Real Estate Investment Trusts)		122		1,437
Ellington Residential Mortgage REIT (Mortgage Real Estate Investment Trusts)		27		278
Eloxx Pharmaceuticals, Inc.* (Pharmaceuticals)		79		239
EMCOR Group, Inc. (Construction & Engineering)		161		10,648
Emerald Holding, Inc. (Media)		72		222
Emergent BioSolutions, Inc.* (Biotechnology)		132		10,439
Employers Holdings, Inc. (Insurance)		89		2,683
Enanta Pharmaceuticals, Inc.* (Biotechnology)		56		2,812
Encore Capital Group, Inc.* (Consumer Finance)		93		3,179
Encore Wire Corp. (Electrical Equipment)		60		2,929
Endo International PLC* (Pharmaceuticals)		672		2,305
Endurance International Group Holdings, Inc.* (IT Services)		196		790
Energy Fuels, Inc.* (Oil, Gas & Consumable Fuels)		346		522
Energy Recovery, Inc.* (Machinery)		112		851
Enerpac Tool Group Corp. (Machinery)		161		2,834
EnerSys (Electrical Equipment)		126		8,113
Ennis, Inc. (Commercial Services & Supplies)		76		1,379
Enochian Biosciences, Inc.* (Biotechnology)		41		173
Enova International, Inc.* (Consumer Finance)		87		1,294
EnPro Industries, Inc. (Machinery)		61		3,007
Enstar Group, Ltd.* (Insurance)		36		5,500
Entercom Communications Corp.—Class A (Media)		348		480
Enterprise BanCorp, Inc. (Banks)		27		643
Enterprise Financial Services Corp. (Banks)		71		2,210
Entravision Communications Corp.—Class A (Media)		174		249
Envela Corp.* (Specialty Retail)		23		140
Envestnet, Inc.*(a) (Software)		157		11,545
Enzo Biochem, Inc.* (Life Sciences Tools & Services)		132		296

See accompanying notes to financial statements.

310 :: ProFund VP UltraSmall-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
Epizyme, Inc.* (Biotechnology)		264	$	4,240
ePlus, Inc.* (Electronic Equipment, Instruments & Components)		39		2,757
Equity Bancshares, Inc.*—Class A (Banks)		43		750
Eros International PLC* (Entertainment)		217		686
Escalade, Inc. (Leisure Products)		31		433
ESCO Technologies, Inc. (Machinery)		76		6,424
Esperion Therapeutics, Inc.*(a) (Biotechnology)		77		3,951
Esquire Financial Holdings, Inc.* (Banks)		20		338
ESSA BanCorp, Inc. (Thrifts & Mortgage Finance)		28		390
Essent Group, Ltd. (Thrifts & Mortgage Finance)		322		11,679
Essential Properties Realty Trust, Inc. (Real Estate Management & Development)		271		4,022
Ethan Allen Interiors, Inc. (Household Durables)		69		816
Eton Pharmaceuticals, Inc.* (Pharmaceuticals)		44		240
Evans BanCorp, Inc. (Banks)		14		326
Evelo Biosciences, Inc.* (Biotechnology)		42		206
Eventbrite, Inc.* (Interactive Media & Services)		188		1,611
Everi Holdings, Inc.* (IT Services)		241		1,244
EverQuote, Inc.*—Class A (Interactive Media & Services)		42		2,443
EVERTEC, Inc. (IT Services)		179		5,030
EVI Industries, Inc.* (Trading Companies & Distributors)		14		304
Evo Payments, Inc.* (IT Services)		121		2,762
Evofem Biosciences, Inc.* (Pharmaceuticals)		139		393
Evolent Health, Inc.* (Health Care Technology)		224		1,595
Evolus, Inc.* (Pharmaceuticals)		65		345
Evolution Petroleum Corp. (Oil, Gas & Consumable Fuels)		84		235
Evoqua Water Technologies Corp.* (Machinery)		254		4,724
Exagen, Inc.* (Health Care Providers & Services)		14		174
Exicure, Inc.* (Biotechnology)		176		429
ExlService Holdings, Inc.* (IT Services)		100		6,340
eXp World Holdings, Inc.* (Real Estate Management & Development)		71		1,211
Exponent, Inc. (Professional Services)		152		12,300
Express, Inc.* (Specialty Retail)		189		291
Exterran Corp.* (Energy Equipment & Services)		77		415
Extreme Networks, Inc.* (Communications Equipment)		346		1,502
EZCORP, Inc.*—Class A (Consumer Finance)		143		901
Fabrinet* (Electronic Equipment, Instruments & Components)		109		6,804
Falcon Minerals Corp. (Oil, Gas & Consumable Fuels)		114		365
Farmer Bros Co.* (Food Products)		48		352
Farmers & Merchants BanCorp, Inc./Archbold Ohio (Banks)		30		637
Farmers National BanCorp (Banks)		77		913
Farmland Partners, Inc. (Equity Real Estate Investment Trusts)		77		527
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components)		53		2,841
Fate Therapeutics, Inc.* (Biotechnology)		186		6,382
FB Financial Corp. (Banks)		53		1,313
FBL Financial Group, Inc.—Class A (Insurance)		29		1,041
Federal Agricultural Mortgage Corp. (Thrifts & Mortgage Finance)		27		1,728
Federal Signal Corp. (Machinery)		177		5,262
Federated Hermes, Inc.—Class B (Capital Markets)		286		6,778
Fednat Holding Co. (Insurance)		37		410
Fennec Pharmaceuticals, Inc.* (Biotechnology)		64		534
Ferro Corp.* (Chemicals)		243		2,901
FibroGen, Inc.* (Biotechnology)		246		9,970
Fidelity D&D BanCorp, Inc. (Banks)		12		577
Fiesta Restaurant Group, Inc.* (Hotels, Restaurants & Leisure)		53		338
Financial Institutions, Inc. (Banks)		47		875
First Bancorp (Banks)		85		2,132
First BanCorp (Banks)		638		3,566
First Bancshares, Inc. (Banks)		61		1,373
First Bank (Banks)		49		319
First Busey Corp. (Banks)		149		2,779
First Business Financial Services, Inc. (Banks)		24		395
First Capital, Inc. (Thrifts & Mortgage Finance)		10		695
First Choice BanCorp (Banks)		31		508
First Commonwealth Financial Corp. (Banks)		289		2,393
First Community Bancshares, Inc. (Banks)		51		1,145
First Community Corp. (Banks)		21		318
First Financial Bancorp (Banks)		288		4,000
First Financial Bankshares, Inc. (Banks)		383		11,064
First Financial Corp. (Banks)		40		1,474
First Foundation, Inc. (Banks)		117		1,912
First Guaranty Bancshares, Inc. (Banks)		11		135
First Internet BanCorp (Banks)		28		465
First Interstate BancSystem—Class A (Banks)		126		3,901
First Merchants Corp. (Banks)		160		4,411
First Mid Bancshares, Inc. (Banks)		43		1,128
First Midwest Bancorp, Inc. (Banks)		338		4,512
First Northwest BanCorp (Banks)		27		335
First of Long Island Corp. (Banks)		68		1,111
First Savings Financial Group, Inc. (Banks)		6		260
First United Corp. (Banks)		20		267
First Western Financial, Inc.* (Banks)		19		271
FirstCash, Inc. (Consumer Finance)		121		8,165
Fitbit, Inc.*—Class A (Electronic Equipment, Instruments & Components)		708		4,574
Five Prime Therapeutics, Inc.* (Biotechnology)		79		482
Five Star Senior Living* (Health Care Providers & Services)		56		218
Flagstar Bancorp, Inc. (Thrifts & Mortgage Finance)		106		3,120
Flexion Therapeutics, Inc.* (Biotechnology)		102		1,341
Fluent, Inc.* (Media)		124		221
Fluidigm Corp.* (Life Sciences Tools & Services)		209		838
Fluor Corp. (Construction & Engineering)		418		5,049
Flushing Financial Corp. (Banks)		80		922
FNCB BanCorp, Inc. (Banks)		51		293
Focus Financial Partners, Inc.* (Capital Markets)		93		3,074
FONAR Corp.* (Health Care Equipment & Supplies)		19		406
ForeScout Technologies, Inc.* (Software)		142		3,010
Forestar Group, Inc.* (Real Estate Management & Development)		49		739

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraSmall-Cap :: 311

Common Stocks, continued

	Shares		Value
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment)		226	$	6,629
Forrester Research, Inc.* (Professional Services)		32		1,025
Forterra, Inc.* (Construction Materials)		56		625
Fortress Biotech, Inc.* (Biotechnology)		172		461
Forward Air Corp. (Air Freight & Logistics)		82		4,085
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods)		137		637
Foundation Building Materials, Inc.* (Trading Companies & Distributors)		60		937
Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts)		209		5,100
Fox Factory Holding Corp.* (Auto Components)		114		9,417
Franchise Group, Inc. (Diversified Consumer Services)		57		1,247
Franklin Covey Co.* (Professional Services)		37		792
Franklin Electric Co., Inc. (Machinery)		137		7,195
Franklin Financial Network, Inc. (Banks)		41		1,056
Franklin Financial Services Corp. (Banks)		12		311
Franklin Street Properties Corp. (Equity Real Estate Investment Trusts)		308		1,568
Frank's International N.V.* (Energy Equipment & Services)		459		1,024
Frequency Therapeutics, Inc.* (Biotechnology)		84		1,953
Fresh Del Monte Produce, Inc. (Food Products)		92		2,265
Freshpet, Inc.* (Food Products)		115		9,620
Front Yard Residential Corp. (Equity Real Estate Investment Trusts)		149		1,296
Frontline, Ltd. (Oil, Gas & Consumable Fuels)		350		2,443
FRP Holdings, Inc.* (Real Estate Management & Development)		20		812
FS BanCorp, Inc. (Thrifts & Mortgage Finance)		11		424
Fuelcell Energy, Inc.*(a) (Electrical Equipment)		631		1,426
Fulcrum Therapeutics, Inc.* (Pharmaceuticals)		37		677
Fulgent Genetics, Inc.* (Health Care Providers & Services)		29		464
Fulton Financial Corp. (Banks)		476		5,012
Funko, Inc.* (Distributors)		71		412
FutureFuel Corp. (Chemicals)		77		920
FVCBankcorp, Inc.* (Banks)		35		377
G1 Therapeutics, Inc.* (Biotechnology)		101		2,450
Gaia, Inc.* (Internet & Direct Marketing Retail)		35		293
GAIN Capital Holdings, Inc. (Capital Markets)		59		355
Galectin Therapeutics, Inc.* (Biotechnology)		110		337
Galera Therapeutics, Inc.* (Biotechnology)		26		186
GAMCO Investors, Inc.—Class A (Capital Markets)		16		213
GameStop Corp.*(a)—Class A (Specialty Retail)		170		738
GAN, Ltd.* (Hotels, Restaurants & Leisure)		22		560
Gannett Co., Inc.* (Media)		390		538
GATX Corp. (Trading Companies & Distributors)		103		6,281
GCP Applied Technologies, Inc.* (Chemicals)		145		2,694
Genasys, Inc.* (Communications Equipment)		98		476
Genco Shipping & Trading, Ltd. (Marine)		51		320
Gencor Industries, Inc.* (Machinery)		27		341
General Finance Corp.* (Trading Companies & Distributors)		31		208
Genesco, Inc.* (Specialty Retail)		42		910
Genie Energy, Ltd.—Class B (Electric Utilities)		39		287
GenMark Diagnostics, Inc.* (Health Care Equipment & Supplies)		201		2,957
Genprex, Inc.* (Biotechnology)		85		267
Gentherm, Inc.* (Auto Components)		97		3,773
Genworth Financial, Inc.*—Class A (Insurance)		1,496		3,456
German American BanCorp, Inc. (Banks)		73		2,270
Geron Corp.* (Biotechnology)		550		1,199
Getty Realty Corp. (Equity Real Estate Investment Trusts)		100		2,968
Gibraltar Industries, Inc.* (Building Products)		97		4,657
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods)		130		1,728
Glacier BanCorp, Inc. (Banks)		284		10,021
Gladstone Commercial Corp. (Equity Real Estate Investment Trusts)		100		1,875
Gladstone Land Corp. (Equity Real Estate Investment Trusts)		56		888
Glaukos Corp.* (Health Care Equipment & Supplies)		125		4,803
Global Indemnity, Ltd. (Insurance)		24		575
Global Medical REIT, Inc. (Equity Real Estate Investment Trusts)		122		1,382
Global Net Lease, Inc. (Equity Real Estate Investment Trusts)		267		4,467
Global Water Resources, Inc. (Water Utilities)		38		401
GlobalSCAPE, Inc. (Software)		42		410
Glu Mobile, Inc.* (Entertainment)		384		3,560
GlycoMimetics, Inc.* (Biotechnology)		100		376
GMS, Inc.* (Trading Companies & Distributors)		123		3,025
Gogo, Inc.* (Wireless Telecommunication Services)		170		537
Golar LNG, Ltd. (Oil, Gas & Consumable Fuels)		270		1,955
Gold Resource Corp. (Metals & Mining)		194		797
Golden Entertainment, Inc.* (Hotels, Restaurants & Leisure)		50		446
Goodrich Petroleum Corp.* (Oil, Gas & Consumable Fuels)		27		194
Goosehead Insurance, Inc.*(a) (Insurance)		38		2,856
GoPro, Inc.*—Class A (Household Durables)		383		1,823
Gorman-Rupp Co. (Machinery)		52		1,616
Gossamer Bio, Inc.* (Biotechnology)		147		1,911
GP Strategies Corp.* (Professional Services)		39		335
Graham Corp. (Machinery)		29		369
Granite Construction, Inc. (Construction & Engineering)		139		2,660
Granite Point Mortgage Trust (Mortgage Real Estate Investment Trusts)		162		1,163
Gray Television, Inc.* (Media)		265		3,697
Great Ajax Corp. (Mortgage Real Estate Investment Trusts)		61		561
Great Lakes Dredge & Dock Corp.* (Construction & Engineering)		188		1,741
Great Southern BanCorp, Inc. (Banks)		33		1,332
Great Western Bancorp, Inc. (Banks)		164		2,257
Green Brick Partners, Inc.* (Household Durables)		70		830
Green Dot Corp.*—Class A (Consumer Finance)		151		7,411
Green Plains, Inc.* (Oil, Gas & Consumable Fuels)		101		1,032

See accompanying notes to financial statements.

312 :: ProFund VP UltraSmall-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
Greene County BanCorp, Inc. (Thrifts & Mortgage Finance)		9	$	201
Greenhill & Co., Inc. (Capital Markets)		42		420
Greenlane Holdings, Inc.*—Class A (Distributors)		30		119
Greenlight Capital Re, Ltd.*—Class A (Insurance)		86		561
GreenSky, Inc.*—Class A (IT Services)		184		902
Greif, Inc.—Class A (Containers & Packaging)		76		2,615
Greif, Inc.—Class B (Containers & Packaging)		18		753
Grid Dynamics Holdings, Inc.* (IT Services)		64		442
Griffin Industrial Realty, Inc. (Real Estate Management & Development)		8		433
Griffon Corp. (Building Products)		109		2,019
Gritstone Oncology, Inc.* (Biotechnology)		88		584
Group 1 Automotive, Inc. (Specialty Retail)		52		3,430
Groupon, Inc.* (Internet & Direct Marketing Retail)		68		1,232
GrowGeneration Corp.* (Specialty Retail)		85		581
GSI Technology, Inc.* (Semiconductors & Semiconductor Equipment)		48		345
GTT Communications, Inc.* (IT Services)		94		767
GTY Technology Holdings, Inc.* (Software)		131		546
Guaranty Bancshares, Inc. (Banks)		21		543
Guess?, Inc. (Specialty Retail)		130		1,257
Gulfport Energy Corp.* (Oil, Gas & Consumable Fuels)		477		520
GWG Holdings, Inc.* (Diversified Financial Services)		9		69
H&E Equipment Services, Inc. (Trading Companies & Distributors)		95		1,756
H.B. Fuller Co. (Chemicals)		153		6,824
Halozyme Therapeutics, Inc.* (Biotechnology)		403		10,803
Hamilton Beach Brands Holding Co.—Class A (Household Durables)		20		238
Hamilton Lane, Inc. (Capital Markets)		65		4,379
Hancock Whitney Corp. (Banks)		256		5,427
Hanger, Inc.* (Health Care Providers & Services)		110		1,822
Hanmi Financial Corp. (Banks)		91		884
Hannon Armstrong Sustainable, Inc.—Class I (Mortgage Real Estate Investment Trusts)		210		5,976
Harborone BanCorp, Inc.* (Banks)		157		1,341
Harmonic, Inc.* (Communications Equipment)		281		1,335
Harpoon Therapeutics, Inc.* (Biotechnology)		31		515
Harrow Health, Inc.* (Pharmaceuticals)		66		344
Harsco Corp.* (Machinery)		232		3,134
Harvard Bioscience, Inc.* (Life Sciences Tools & Services)		112		347
Haverty Furniture Cos., Inc. (Specialty Retail)		50		800
Hawaiian Holdings, Inc. (Airlines)		135		1,895
Hawkins, Inc. (Chemicals)		29		1,235
Hawthorn Bancshares, Inc. (Banks)		17		335
Haynes International, Inc. (Metals & Mining)		37		864
HBT Financial, Inc. (Banks)		29		387
HC2 Holdings, Inc.* (Construction & Engineering)		130		434
HCI Group, Inc. (Insurance)		18		831
Health Catalyst, Inc.* (Health Care Technology)		96		2,800
Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts)		401		11,745
Healthcare Services Group, Inc. (Commercial Services & Supplies)		221		5,406
HealthEquity, Inc.* (Health Care Providers & Services)		207		12,145
HealthStream, Inc.* (Health Care Technology)		76		1,682
Heartland Express, Inc. (Road & Rail)		135		2,811
Heartland Financial USA, Inc. (Banks)		103		3,444
Hecla Mining Co. (Metals & Mining)		1,548		5,062
Heidrick & Struggles International, Inc. (Professional Services)		57		1,232
Helen of Troy, Ltd.* (Household Durables)		75		14,141
Helios Technologies, Inc. (Machinery)		87		3,241
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services)		423		1,468
Hemisphere Media Group, Inc.* (Media)		49		482
Herc Holdings, Inc.* (Trading Companies & Distributors)		72		2,213
Heritage Commerce Corp. (Banks)		172		1,291
Heritage Financial Corp. (Banks)		107		2,140
Heritage Insurance Holdings, Inc. (Insurance)		74		969
Heritage-Crystal Clean, Inc.* (Commercial Services & Supplies)		45		786
Herman Miller, Inc. (Commercial Services & Supplies)		175		4,132
Heron Therapeutics, Inc.* (Biotechnology)		260		3,825
Hersha Hospitality Trust (Equity Real Estate Investment Trusts)		101		582
Hertz Global Holdings, Inc.* (Road & Rail)		258		364
Heska Corp.* (Health Care Equipment & Supplies)		21		1,957
HF Foods Group, Inc.* (Food & Staples Retailing)		105		950
Hibbett Sports, Inc.* (Specialty Retail)		49		1,026
Hillenbrand, Inc. (Machinery)		220		5,955
Hilltop Holdings, Inc. (Banks)		214		3,948
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure)		253		4,946
Hingham Institution For Savings The (Thrifts & Mortgage Finance)		4		671
HMS Holdings Corp.* (Health Care Technology)		261		8,454
HNI Corp. (Commercial Services & Supplies)		126		3,852
Home BanCorp, Inc. (Thrifts & Mortgage Finance)		23		615
Home BancShares, Inc. (Banks)		454		6,983
HomeStreet, Inc. (Thrifts & Mortgage Finance)		68		1,673
HomeTrust Bancshares, Inc. (Banks)		46		736
Homology Medicines, Inc.* (Biotechnology)		101		1,534
Hooker Furniture Corp. (Household Durables)		35		681
Hookipa Pharma, Inc.* (Biotechnology)		37		430
Hope Bancorp, Inc. (Banks)		348		3,209
Horace Mann Educators Corp. (Insurance)		123		4,518
Horizon BanCorp, Inc. (Banks)		127		1,358
Hostess Brands, Inc.* (Food Products)		363		4,436
Houghton Mifflin Harcourt Co.* (Diversified Consumer Services)		313		567
Houlihan Lokey, Inc. (Capital Markets)		131		7,289
Howard BanCorp, Inc.* (Banks)		39		414
Hub Group, Inc.*—Class A (Air Freight & Logistics)		97		4,643
Hudson, Ltd.*—Class A (Specialty Retail)		117		570

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraSmall-Cap :: 313

Common Stocks, continued

	Shares		Value
Hurco Cos., Inc. (Machinery)		19	$	531
Huron Consulting Group, Inc.* (Professional Services)		67		2,965
Hyster-Yale Materials Handling, Inc. (Machinery)		29		1,121
I3 Verticals, Inc.*—Class A (IT Services)		44		1,331
IBERIABANK Corp. (Banks)		155		7,059
iBio, Inc.* (Biotechnology)		142		315
iCAD, Inc.* (Health Care Technology)		60		599
ICF International, Inc. (Professional Services)		54		3,501
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment)		66		1,754
Ideaya Biosciences, Inc.* (Biotechnology)		36		512
IDT Corp.*—Class B (Diversified Telecommunication Services)		45		294
IES Holdings, Inc.* (Construction & Engineering)		24		556
IGM Biosciences, Inc.* (Biotechnology)		21		1,533
iHeartMedia, Inc.*—Class A (Media)		177		1,478
II-VI, Inc.* (Electronic Equipment, Instruments & Components)		267		12,607
IMARA, Inc.* (Pharmaceuticals)		15		414
IMAX Corp.* (Entertainment)		147		1,648
Immersion Corp.* (Technology Hardware, Storage & Peripherals)		53		330
Immunic, Inc.* (Biotechnology)		10		121
ImmunoGen, Inc.* (Biotechnology)		509		2,341
Immunovant, Inc.* (Biotechnology)		57		1,388
Impinj, Inc.* (Semiconductors & Semiconductor Equipment)		50		1,374
Independence Holding Co. (Insurance)		14		428
Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts)		281		3,229
Independent Bank Corp. (Banks)		97		6,508
Independent Bank Corp. (Banks)		63		936
Independent Bank Group, Inc. (Banks)		110		4,457
Industrial Logistics Properties Trust (Equity Real Estate Investment Trusts)		193		3,966
Infinera Corp.* (Communications Equipment)		462		2,735
Information Services Group, Inc.* (IT Services)		104		215
Infusystem Holdings, Inc.* (Health Care Providers & Services)		43		496
Ingevity Corp.* (Chemicals)		123		6,466
Ingles Markets, Inc. (Food & Staples Retailing)		42		1,809
Innospec, Inc. (Chemicals)		73		5,639
Innovative Industrial Properties, Inc. (Equity Real Estate Investment Trusts)		49		4,313
Innoviva, Inc.* (Pharmaceuticals)		188		2,628
Inogen, Inc.* (Health Care Equipment & Supplies)		55		1,954
Inovalon Holdings, Inc.* (Health Care Technology)		219		4,218
Inovio Pharmaceuticals, Inc.*(a) (Biotechnology)		427		11,507
Inseego Corp.* (Communications Equipment)		202		2,343
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components)		103		5,068
Insmed, Inc.* (Biotechnology)		300		8,262
Insperity, Inc. (Professional Services)		108		6,991
Inspire Medical Systems, Inc.* (Health Care Technology)		78		6,788
Installed Building Products, Inc.* (Household Durables)		68		4,677
Insteel Industries, Inc. (Building Products)		55		1,049
Integer Holdings Corp.* (Health Care Equipment & Supplies)		97		7,086
Intellia Therapeutics, Inc.* (Biotechnology)		130		2,733
Intellicheck, Inc.* (Electronic Equipment, Instruments & Components)		47		355
Intelligent Systems Corp.* (Software)		21		716
Inter Parfums, Inc. (Personal Products)		53		2,552
Intercept Pharmaceuticals, Inc.* (Biotechnology)		77		3,689
InterDigital, Inc. (Communications Equipment)		91		5,153
Interface, Inc. (Commercial Services & Supplies)		173		1,408
International Bancshares Corp. (Banks)		158		5,059
International Game Technology PLC (Hotels, Restaurants & Leisure)		295		2,626
International Money Express, Inc.* (IT Services)		39		486
International Seaways, Inc. (Oil, Gas & Consumable Fuels)		73		1,193
Intersect ENT, Inc.* (Pharmaceuticals)		96		1,300
Intevac, Inc.* (Technology Hardware, Storage & Peripherals)		69		377
INTL. FCStone, Inc.* (Capital Markets)		48		2,640
Intra-Cellular Therapies, Inc.* (Pharmaceuticals)		163		4,184
Intrepid Potash, Inc.* (Chemicals)		282		279
IntriCon Corp.* (Health Care Equipment & Supplies)		25		338
Invacare Corp. (Health Care Equipment & Supplies)		100		637
Invesco Mortgage Capital, Inc.(a) (Mortgage Real Estate Investment Trusts)		493		1,844
Investar Holding Corp. (Banks)		30		435
Investors Bancorp, Inc. (Banks)		684		5,814
Investors Real Estate Trust (Equity Real Estate Investment Trusts)		36		2,538
Investors Title Co. (Insurance)		4		485
Invitae Corp.* (Biotechnology)		342		10,359
Iradimed Corp.* (Health Care Equipment & Supplies)		17		395
Irhythm Technologies, Inc.* (Health Care Equipment & Supplies)		80		9,270
Iridium Communications, Inc.* (Diversified Telecommunication Services)		349		8,879
iRobot Corp.* (Household Durables)		82		6,880
Ironwood Pharmaceuticals, Inc.* (Biotechnology)		473		4,881
iStar, Inc. (Equity Real Estate Investment Trusts)		220		2,710
Iteris, Inc.* (Electronic Equipment, Instruments & Components)		120		571
Itron, Inc.* (Electronic Equipment, Instruments & Components)		119		7,883
IVERIC bio, Inc.* (Biotechnology)		134		683
J & J Snack Foods Corp. (Food Products)		44		5,594
j2 Global, Inc.* (Software)		137		8,660
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)		67		4,964
James River Group Holdings, Ltd. (Insurance)		89		4,005

See accompanying notes to financial statements.

314 :: ProFund VP UltraSmall-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
Jeld-Wen Holding, Inc.* (Building Products)		201	$	3,238
Jernigan Capital, Inc. (Equity Real Estate Investment Trusts)		66		903
John B. Sanfilippo & Son, Inc. (Food Products)		26		2,219
John Bean Technologies Corp. (Machinery)		93		8,000
Johnson Outdoors, Inc.—Class A (Leisure Products)		15		1,365
Jounce Therapeutics, Inc.* (Biotechnology)		51		352
K12, Inc.* (Diversified Consumer Services)		118		3,214
Kadant, Inc. (Machinery)		34		3,388
Kadmon Holdings, Inc.* (Biotechnology)		478		2,447
Kaiser Aluminum Corp. (Metals & Mining)		47		3,460
Kala Pharmaceuticals, Inc.* (Pharmaceuticals)		117		1,230
Kaleido Biosciences, Inc.* (Pharmaceuticals)		29		215
Kalvista Pharmaceuticals, Inc.* (Biotechnology)		40		484
Kaman Corp.—Class A (Trading Companies & Distributors)		82		3,411
KAR Auction Services, Inc. (Commercial Services & Supplies)		383		5,270
Karuna Therapeutics, Inc.* (Biotechnology)		46		5,127
Karyopharm Therapeutics, Inc.* (Biotechnology)		208		3,940
KB Home (Household Durables)		262		8,038
KBR, Inc. (IT Services)		422		9,515
Kearny Financial Corp. (Thrifts & Mortgage Finance)		224		1,832
Kelly Services, Inc.—Class A (Professional Services)		100		1,582
Kennametal, Inc. (Machinery)		246		7,063
Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development)		363		5,525
Keros Therapeutics, Inc.* (Biotechnology)		21		788
Kezar Life Sciences, Inc.* (Biotechnology)		77		399
Kforce, Inc. (Professional Services)		59		1,726
Kimball Electronics, Inc.* (Electronic Equipment, Instruments & Components)		71		961
Kimball International, Inc.—Class B (Commercial Services & Supplies)		107		1,237
Kindred Biosciences, Inc.* (Biotechnology)		110		494
Kiniksa Pharmaceuticals, Ltd.*—Class A (Biotechnology)		56		1,427
Kinsale Capital Group, Inc. (Insurance)		62		9,622
Kite Realty Group Trust (Equity Real Estate Investment Trusts)		246		2,839
KKR Real Estate Finance Trust, Inc. (Mortgage Real Estate Investment Trusts)		85		1,409
Knoll, Inc. (Commercial Services & Supplies)		149		1,816
Knowles Corp.* (Electronic Equipment, Instruments & Components)		263		4,013
Kodiak Sciences, Inc.* (Biotechnology)		86		4,654
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)		153		2,725
Koppers Holdings, Inc.* (Chemicals)		61		1,149
Korn Ferry (Professional Services)		163		5,009
Kosmos Energy, Ltd. (Oil, Gas & Consumable Fuels)		1,195		1,984
Kraton Corp.* (Chemicals)		93		1,607
Kratos Defense & Security Solutions, Inc.* (Aerospace & Defense)		314		4,908
Kronos Worldwide, Inc. (Chemicals)		66		687
Krystal Biotech, Inc.* (Biotechnology)		35		1,450
Kura Oncology, Inc.* (Biotechnology)		157		2,559
Kura Sushi USA, Inc.*—Class A (Hotels, Restaurants & Leisure)		10		143
KVH Industries, Inc.* (Communications Equipment)		48		429
L B Foster Co.*—Class A (Machinery)		30		383
La Jolla Pharmaceutical Co.* (Biotechnology)		53		226
Ladder Capital Corp. (Mortgage Real Estate Investment Trusts)		313		2,535
Lakeland Bancorp, Inc. (Banks)		145		1,657
Lakeland Financial Corp. (Banks)		72		3,354
Lakeland Industries, Inc.* (Textiles, Apparel & Luxury Goods)		23		516
Lancaster Colony Corp. (Food Products)		56		8,679
Landec Corp.* (Food Products)		77		613
Landmark BanCorp, Inc. (Banks)		11		272
Lands' End, Inc.* (Internet & Direct Marketing Retail)		34		273
Lannett Co., Inc.* (Pharmaceuticals)		94		682
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies)		197		2,817
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		399		11,328
Laureate Education, Inc.*—Class A (Diversified Consumer Services)		319		3,179
Lawson Products, Inc.* (Trading Companies & Distributors)		13		419
La-Z-Boy, Inc. (Household Durables)		132		3,572
LCI Industries (Auto Components)		73		8,393
LCNB Corp. (Banks)		36		575
Legacy Housing Corp.* (Household Durables)		25		356
Lemaitre Vascular, Inc. (Health Care Equipment & Supplies)		49		1,294
LendingClub Corp.* (Consumer Finance)		204		928
Level One BanCorp, Inc. (Banks)		15		251
Lexicon Pharmaceuticals, Inc.* (Biotechnology)		122		243
Lexington Realty Trust (Equity Real Estate Investment Trusts)		759		8,007
LGI Homes, Inc.* (Household Durables)		66		5,810
LHC Group, Inc.* (Health Care Providers & Services)		90		15,690
Liberty Braves Group*—Class A (Entertainment)		30		602
Liberty Braves Group*—Class C (Entertainment)		108		2,132
Liberty Latin America, Ltd.*—Class A (Media)		137		1,332
Liberty Latin America, Ltd.*—Class C (Media)		333		3,144
Liberty Oilfield Services, Inc. (Energy Equipment & Services)		187		1,025
Liberty TripAdvisor Holdings, Inc.*—Class A (Interactive Media & Services)		216		460
Lifetime Brands, Inc. (Household Durables)		35		235
Lifevantage Corp.* (Personal Products)		41		554
Ligand Pharmaceuticals, Inc.*—Class B (Biotechnology)		43		4,810
Limelight Networks, Inc.* (IT Services)		344		2,532
Limestone BanCorp, Inc.* (Banks)		15		197
Limoneira Co. (Food Products)		48		696

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraSmall-Cap :: 315

Common Stocks, continued

	Shares		Value
Lindblad Expeditions Holdings, Inc.* (Hotels, Restaurants & Leisure)		76	$	587
Lindsay Corp. (Machinery)		32		2,951
Liquidia Technologies, Inc.* (Pharmaceuticals)		60		505
Liquidity Services, Inc.* (Internet & Direct Marketing Retail)		82		489
Lithia Motors, Inc.—Class A (Specialty Retail)		65		9,836
LivaNova PLC* (Health Care Equipment & Supplies)		145		6,979
Live Oak Bancshares, Inc. (Banks)		83		1,204
Livent Corp.* (Chemicals)		435		2,680
LivePerson, Inc.* (Software)		181		7,499
LiveRamp Holdings, Inc.* (IT Services)		194		8,238
LiveXLive Media, Inc.* (Entertainment)		89		322
LogicBio Therapeutics, Inc.* (Biotechnology)		36		305
Loral Space & Communications, Inc. (Media)		38		742
Louisiana-Pacific Corp. (Paper & Forest Products)		334		8,566
LSI Industries, Inc. (Electrical Equipment)		76		492
LTC Properties, Inc. (Equity Real Estate Investment Trusts)		115		4,332
Lumber Liquidators Holdings, Inc.* (Specialty Retail)		85		1,178
Luminex Corp. (Life Sciences Tools & Services)		126		4,099
Luna Innovations, Inc.* (Electronic Equipment, Instruments & Components)		86		502
Luther Burbank Corp. (Thrifts & Mortgage Finance)		55		550
Luxfer Holdings PLC (Machinery)		85		1,203
Lydall, Inc.* (Machinery)		51		692
Lyra Therapeutics, Inc.* (Pharmaceuticals)		12		136
M.D.C. Holdings, Inc. (Household Durables)		151		5,391
M/A-COM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		139		4,775
M/I Homes, Inc.* (Household Durables)		83		2,859
Macatawa Bank Corp. (Banks)		78		610
Mack-Cali Realty Corp. (Equity Real Estate Investment Trusts)		270		4,128
Mackinac Financial Corp. (Banks)		27		280
MacroGenics, Inc.* (Biotechnology)		142		3,965
Macy's, Inc.(a) (Multiline Retail)		926		6,371
Madrigal Pharmaceuticals, Inc.* (Biotechnology)		26		2,945
Magellan Health, Inc.* (Health Care Providers & Services)		69		5,036
Magenta Therapeutics, Inc.* (Biotechnology)		50		376
Magnite, Inc.* (Software)		306		2,041
Magnolia Oil & Gas Corp.* (Oil, Gas & Consumable Fuels)		372		2,254
Mainstreet Bancshares, Inc.* (Banks)		21		277
Majesco* (Software)		22		173
Malibu Boats, Inc.* (Leisure Products)		61		3,169
Mallinckrodt PLC* (Pharmaceuticals)		251		673
MannKind Corp.* (Biotechnology)		631		1,104
ManTech International Corp.—Class A (IT Services)		81		5,548
Marcus & Millichap, Inc.* (Real Estate Management & Development)		69		1,991
Marine Products Corp. (Leisure Products)		21		291
MarineMax, Inc.* (Specialty Retail)		61		1,366
Marinus Pharmaceuticals, Inc.* (Pharmaceuticals)		251		638
Marker Therapeutics, Inc.* (Biotechnology)		87		180
Marlin Business Services Corp. (Diversified Financial Services)		25		212
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure)		120		9,865
Marrone Bio Innovations, Inc.* (Chemicals)		200		234
Marten Transport, Ltd. (Road & Rail)		117		2,944
Masonite International Corp.* (Building Products)		72		5,600
MasTec, Inc.* (Construction & Engineering)		168		7,538
Mastech Digital, Inc.* (Professional Services)		12		311
MasterCraft Boat Holdings, Inc.* (Leisure Products)		55		1,048
Matador Resources Co.* (Oil, Gas & Consumable Fuels)		327		2,780
Materion Corp. (Metals & Mining)		60		3,689
Matrix Service Co.* (Energy Equipment & Services)		77		748
Matson, Inc. (Marine)		127		3,696
Matthews International Corp.—Class A (Commercial Services & Supplies)		90		1,719
Maui Land & Pineapple Co., Inc.* (Real Estate Management & Development)		20		222
MAX Holdings, Inc. (Real Estate Management & Development)		53		1,666
Maxar Technologies, Inc. (Aerospace & Defense)		179		3,215
MAXIMUS, Inc. (IT Services)		181		12,750
MaxLinear, Inc.*—Class A (Semiconductors & Semiconductor Equipment)		198		4,249
Mayville Engineering Co., Inc.* (Metals & Mining)		22		174
MBIA, Inc.* (Insurance)		206		1,494
McGrath RentCorp (Commercial Services & Supplies)		72		3,889
MediciNova, Inc.* (Biotechnology)		125		678
Medifast, Inc. (Personal Products)		33		4,579
MEDNAX, Inc.* (Health Care Providers & Services)		246		4,207
Medpace Holdings* (Life Sciences Tools & Services)		81		7,535
MEI Pharma, Inc.* (Biotechnology)		306		1,264
MeiraGTx Holdings PLC* (Biotechnology)		61		764
Menlo Therapeutics, Inc.* (Pharmaceuticals)		316		547
Mercantile Bank Corp. (Banks)		47		1,062
Merchants BanCorp (Thrifts & Mortgage Finance)		26		481
Meredith Corp. (Media)		118		1,717
Meridian BanCorp, Inc. (Thrifts & Mortgage Finance)		139		1,612
Meridian Bioscience, Inc.* (Health Care Equipment & Supplies)		126		2,935
Meridian Corp.* (Banks)		16		254
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies)		161		7,349
Meritage Homes Corp.* (Household Durables)		110		8,373
Meritor, Inc.* (Machinery)		206		4,079
Mersana Therapeutics, Inc.* (Biotechnology)		136		3,182
Mesa Air Group, Inc.* (Airlines)		87		299

See accompanying notes to financial statements.

316 :: ProFund VP UltraSmall-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
Mesa Laboratories, Inc. (Electronic Equipment, Instruments & Components)		12	$	2,602
Meta Financial Group, Inc. (Thrifts & Mortgage Finance)		99		1,799
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components)		108		3,376
Metrocity Bankshares, Inc. (Banks)		51		731
Metropolitan Bank Holding Corp.* (Banks)		21		674
MFA Financial, Inc. (Mortgage Real Estate Investment Trusts)		1,346		3,352
MGE Energy, Inc. (Electric Utilities)		104		6,709
MGP Ingredients, Inc. (Beverages)		38		1,395
MicroStrategy, Inc.*—Class A (Software)		23		2,721
Mid Penn BanCorp, Inc. (Banks)		21		387
Middlefield Banc Corp. (Banks)		18		374
Middlesex Water Co. (Water Utilities)		51		3,426
Midland States Bancorp, Inc. (Banks)		65		972
MidwestOne Financial Group, Inc. (Banks)		44		880
Milestone Scientific, Inc.* (Health Care Equipment & Supplies)		104		203
Miller Industries, Inc. (Machinery)		33		982
Mimecast, Ltd.* (Software)		167		6,957
Minerals Technologies, Inc. (Chemicals)		101		4,740
Minerva Neurosciences, Inc.* (Biotechnology)		97		350
Mirati Therapeutics, Inc.* (Biotechnology)		109		12,444
Mirum Pharmaceuticals, Inc.* (Biotechnology)		15		292
Misonix, Inc.* (Health Care Equipment & Supplies)		43		584
Mistras Group, Inc.* (Professional Services)		54		213
Mitek System, Inc.* (Software)		119		1,144
MMA Capital Holdings, Inc.* (Thrifts & Mortgage Finance)		14		324
MobileIron, Inc.* (Software)		285		1,405
Model N, Inc.* (Software)		101		3,511
Modine Manufacturing Co.* (Auto Components)		147		811
Moelis & Co. (Capital Markets)		157		4,892
Molecular Templates, Inc.* (Biotechnology)		72		993
Momenta Pharmaceuticals, Inc.* (Biotechnology)		350		11,644
Monarch Casino & Resort, Inc.* (Hotels, Restaurants & Leisure)		37		1,261
MoneyGram International, Inc.* (IT Services)		184		591
Monmouth Real Estate Investment Corp.—Class A (Equity Real Estate Investment Trusts)		282		4,086
Monro, Inc. (Specialty Retail)		98		5,384
Montage Resources Corp.* (Oil, Gas & Consumable Fuels)		64		253
Moog, Inc.—Class A (Aerospace & Defense)		92		4,874
Morphic Holding, Inc.* (Biotechnology)		41		1,109
Motorcar Parts of America, Inc.* (Auto Components)		56		990
Movado Group, Inc. (Textiles, Apparel & Luxury Goods)		47		509
Mr. Cooper Group, Inc.* (Thrifts & Mortgage Finance)		227		2,824
MRC Global, Inc.* (Trading Companies & Distributors)		233		1,377
MSG Networks, Inc.*—Class A (Media)		118		1,174
MTS Systems Corp. (Electronic Equipment, Instruments & Components)		57		1,003
Mueller Industries, Inc. (Machinery)		166		4,412
Mueller Water Products, Inc.—Class A (Machinery)		465		4,385
Murphy USA, Inc.* (Specialty Retail)		82		9,232
Mustang Bio, Inc.* (Biotechnology)		85		270
MVB Financial Corp. (Banks)		29		386
Myers Industries, Inc. (Containers & Packaging)		106		1,542
Myokardia, Inc.* (Pharmaceuticals)		147		14,202
MYR Group, Inc.* (Construction & Engineering)		48		1,532
Myriad Genetics, Inc.* (Biotechnology)		211		2,393
Nabors Industries, Ltd.*(a) (Energy Equipment & Services)		21		777
NACCO Industries, Inc.—Class A (Oil, Gas & Consumable Fuels)		11		256
Nanostring Technologies, Inc.* (Life Sciences Tools & Services)		112		3,287
Nanthealth, Inc.* (Health Care Technology)		80		366
Nantkwest, Inc.* (Biotechnology)		85		1,044
Napco Security Technologies, Inc.* (Electronic Equipment, Instruments & Components)		35		819
Natera, Inc.* (Biotechnology)		207		10,321
Nathan's Famous, Inc. (Hotels, Restaurants & Leisure)		9		506
National Bank Holdings Corp. (Banks)		87		2,349
National Bankshares, Inc. (Banks)		19		543
National Beverage Corp.*(a) (Beverages)		35		2,136
National CineMedia, Inc. (Media)		185		549
National Energy Services Reunited Corp.* (Energy Equipment & Services)		61		420
National General Holdings Corp. (Insurance)		202		4,365
National Health Investors, Inc. (Equity Real Estate Investment Trusts)		128		7,772
National Healthcare Corp. (Health Care Providers & Services)		37		2,347
National Presto Industries, Inc. (Aerospace & Defense)		15		1,311
National Research Corp. (Health Care Providers & Services)		40		2,328
National Storage Affiliates Trust (Equity Real Estate Investment Trusts)		184		5,273
National Vision Holdings, Inc.* (Specialty Retail)		239		7,294
National Western Life Group, Inc.—Class A (Insurance)		8		1,626
Natural Grocers By Vitamin Cottage, Inc. (Food & Staples Retailing)		27		402
Nature's Sunshine Products, Inc.* (Personal Products)		26		234
Natus Medical, Inc.* (Health Care Equipment & Supplies)		100		2,182
Nautilus, Inc.* (Leisure Products)		88		816
Navient Corp. (Consumer Finance)		568		3,993
Navistar International Corp.* (Machinery)		148		4,174
NBT Bancorp, Inc. (Banks)		126		3,876
Neenah, Inc. (Paper & Forest Products)		50		2,473
Nelnet, Inc.—Class A (Consumer Finance)		52		2,482

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraSmall-Cap :: 317

Common Stocks, continued

	Shares		Value
Nemaura Medical, Inc.* (Health Care Equipment & Supplies)		20	$	185
Neogen Corp.* (Health Care Equipment & Supplies)		156		12,105
NeoGenomics, Inc.* (Life Sciences Tools & Services)		307		9,511
Neoleukin Therapeutics, Inc.* (Biotechnology)		88		1,461
NeoPhotonics Corp.* (Semiconductors & Semiconductor Equipment)		143		1,270
Nesco Holdings, Inc.* (Trading Companies & Distributors)		39		157
NETGEAR, Inc.* (Communications Equipment)		86		2,227
NetScout Systems, Inc.* (Communications Equipment)		210		5,368
Neubase Therapeutics, Inc.* (Biotechnology)		51		448
Neurobo Pharmaceuticals, Inc.* (Biotechnology)		13		105
Nevro Corp.* (Health Care Equipment & Supplies)		100		11,946
New Age Beverages Corp.* (Beverages)		261		399
New Jersey Resources Corp. (Gas Utilities)		283		9,240
New Senior Investment Group, Inc. (Equity Real Estate Investment Trusts)		243		880
New York Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts)		1,123		2,931
Newmark Group, Inc. (Real Estate Management & Development)		424		2,061
Newpark Resources, Inc.* (Energy Equipment & Services)		264		589
Nexpoint Residential Trust, Inc. (Equity Real Estate Investment Trusts)		64		2,262
NextCure, Inc.* (Biotechnology)		49		1,051
NextDecade Corp.* (Oil, Gas & Consumable Fuels)		62		134
NextGen Healthcare, Inc.* (Health Care Technology)		163		1,790
NexTier Oilfield Solutions, Inc.* (Energy Equipment & Services)		480		1,176
NGM Biopharmaceuticals, Inc.* (Pharmaceuticals)		70		1,382
NI Holdings, Inc.* (Insurance)		27		399
NIC, Inc. (IT Services)		195		4,477
Nicolet Bankshares, Inc.* (Banks)		28		1,534
NL Industries, Inc. (Commercial Services & Supplies)		25		85
Nlight, Inc.* (Electronic Equipment, Instruments & Components)		102		2,271
NMI Holdings, Inc.*—Class A (Thrifts & Mortgage Finance)		198		3,184
NN, Inc. (Machinery)		124		588
Noodles & Co.* (Hotels, Restaurants & Leisure)		93		563
Nordic American Tankers, Ltd. (Oil, Gas & Consumable Fuels)		428		1,738
Northeast Bank (Banks)		23		404
Northfield Bancorp, Inc. (Thrifts & Mortgage Finance)		131		1,509
Northrim BanCorp, Inc. (Banks)		19		478
Northwest Bancshares, Inc. (Thrifts & Mortgage Finance)		348		3,558
Northwest Natural Holding Co. (Gas Utilities)		90		5,021
Northwest Pipe Co.* (Construction & Engineering)		29		727
NorthWestern Corp. (Multi-Utilities)		151		8,233
Norwood Financial Corp. (Banks)		17		421
Novagold Resources, Inc.* (Metals & Mining)		705		6,473
Novanta, Inc.* (Electronic Equipment, Instruments & Components)		101		10,783
Novavax, Inc.* (Biotechnology)		173		14,419
NOW, Inc.* (Trading Companies & Distributors)		325		2,805
NuVasive, Inc.* (Health Care Equipment & Supplies)		152		8,459
NV5 Global, Inc.* (Construction & Engineering)		31		1,576
NVE Corp. (Semiconductors & Semiconductor Equipment)		14		866
Nymox Pharmaceutical Corp.* (Biotechnology)		117		415
Oak Valley BanCorp (Banks)		20		254
Oceaneering International, Inc.* (Energy Equipment & Services)		294		1,879
Oceanfirst Financial Corp. (Thrifts & Mortgage Finance)		172		3,032
Oconee Federal Financial Corp. (Thrifts & Mortgage Finance)		3		77
Ocular Therapeutix, Inc.* (Pharmaceuticals)		152		1,266
Odonate Therapeutics, Inc.* (Pharmaceuticals)		39		1,651
Office Depot, Inc. (Specialty Retail)		1,549		3,640
Office Properties Income Trust (Equity Real Estate Investment Trusts)		142		3,688
OFG Bancorp (Banks)		150		2,006
Ohio Valley Banc Corp. (Banks)		13		293
O-I Glass, Inc. (Containers & Packaging)		465		4,176
Oil States International, Inc.* (Energy Equipment & Services)		179		850
Oil-Dri Corp. of America (Household Products)		15		521
Old National Bancorp (Banks)		486		6,687
Old Second BanCorp, Inc. (Banks)		85		661
Olympic Steel, Inc. (Metals & Mining)		27		317
Omega Flex, Inc. (Machinery)		9		952
Omeros Corp.* (Pharmaceuticals)		156		2,296
Omnicell, Inc.* (Health Care Technology)		126		8,898
Oncocyte Corp.* (Biotechnology)		128		244
ONE Gas, Inc. (Gas Utilities)		155		11,942
One Liberty Properties, Inc. (Equity Real Estate Investment Trusts)		47		828
OneSpan, Inc.* (Software)		99		2,765
OneSpaWorld Holdings, Ltd. (Diversified Consumer Services)		134		639
Onewater Marine, Inc.* (Specialty Retail)		14		340
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment)		141		4,800
Ooma, Inc.* (Diversified Telecommunication Services)		62		1,022
OP BanCorp (Thrifts & Mortgage Finance)		36		248
OPKO Health, Inc.*(a) (Biotechnology)		1,179		4,020
Oportun Financial Corp.* (Consumer Finance)		58		780
Oppenheimer Holdings, Inc.—Class A (Capital Markets)		28		610
OptimizeRx Corp.* (Health Care Technology)		43		560
Optinose, Inc.* (Pharmaceuticals)		91		677
Option Care Health, Inc.* (Health Care Providers & Services)		101		1,402

See accompanying notes to financial statements.

318 :: ProFund VP UltraSmall-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
OraSure Technologies, Inc.* (Health Care Equipment & Supplies)		185	$	2,152
ORBCOMM, Inc.* (Diversified Telecommunication Services)		219		843
Orchid Island Capital, Inc. (Mortgage Real Estate Investment Trusts)		197		928
Organogenesis Holdings, Inc.* (Biotechnology)		60		230
Orgenesis, Inc.* (Biotechnology)		54		328
ORIC Pharmaceuticals, Inc.* (Biotechnology)		26		877
Origin Bancorp, Inc. (Banks)		65		1,430
Orion Energy Systems, Inc.* (Electrical Equipment)		79		273
Orion Engineered Carbons SA (Chemicals)		179		1,896
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers)		119		7,556
Orrstown Financial Services, Inc. (Banks)		32		472
Orthofix Medical, Inc.* (Health Care Equipment & Supplies)		55		1,760
Orthopediatrics Corp.* (Health Care Equipment & Supplies)		35		1,532
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components)		50		3,732
Osmotica Pharmaceuticals PLC* (Pharmaceuticals)		35		236
Otter Tail Corp. (Electric Utilities)		119		4,616
Overseas Shipholding Group, Inc.*—Class A (Oil, Gas & Consumable Fuels)		196		365
Overstock.com, Inc.* (Internet & Direct Marketing Retail)		119		3,383
Ovid Therapeutics, Inc.* (Biotechnology)		127		936
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)		776		7,410
Owens & Minor, Inc. (Health Care Providers & Services)		185		1,410
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods)		49		2,156
Oyster Point Pharma, Inc.* (Biotechnology)		15		433
P.H. Glatfelter Co. (Paper & Forest Products)		130		2,087
Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services)		431		1,487
Pacific Premier Bancorp, Inc. (Banks)		250		5,420
Pacira BioSciences, Inc.* (Pharmaceuticals)		123		6,453
PAE, Inc.* (Aerospace & Defense)		175		1,673
Palomar Holdings, Inc.* (Insurance)		57		4,888
PAM Transportation Services, Inc.* (Road & Rail)		5		154
Pangaea Logistics Solutions, Ltd. (Marine)		31		78
Papa John's International, Inc. (Hotels, Restaurants & Leisure)		96		7,623
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels)		119		1,070
PAR Technology Corp.* (Electronic Equipment, Instruments & Components)		48		1,437
Paratek Pharmaceuticals, Inc.* (Pharmaceuticals)		121		632
Park Aerospace Corp. (Aerospace & Defense)		56		624
Park City Group, Inc.* (Software)		37		157
Park National Corp. (Banks)		43		3,026
Parke BanCorp, Inc. (Banks)		31		420
Park-Ohio Holdings Corp. (Machinery)		26		431
Parsons Corp.* (Aerospace & Defense)		67		2,428
Passage Bio, Inc.* (Biotechnology)		40		1,093
Patrick Industries, Inc. (Building Products)		66		4,043
Patterson Cos., Inc. (Health Care Providers & Services)		252		5,544
Patterson-UTI Energy, Inc. (Energy Equipment & Services)		543		1,884
PAVmed, Inc.* (Health Care Equipment & Supplies)		106		224
Paysign, Inc.* (IT Services)		91		884
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels)		286		2,929
PC Connection, Inc. (Electronic Equipment, Instruments & Components)		33		1,530
PCB BanCorp (Banks)		37		381
PCSB Financial Corp. (Thrifts & Mortgage Finance)		44		558
PCTEL, Inc. (Communications Equipment)		52		347
PDC Energy, Inc.* (Oil, Gas & Consumable Fuels)		296		3,682
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment)		86		1,682
PDL BioPharma, Inc.* (Biotechnology)		337		981
PDL Community BanCorp* (Thrifts & Mortgage Finance)		22		224
Peabody Energy Corp. (Oil, Gas & Consumable Fuels)		186		536
Peapack Gladstone Financial Corp. (Banks)		54		1,011
Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts)		386		5,273
Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure)		397		12,124
Penn Virginia Corp.* (Oil, Gas & Consumable Fuels)		40		381
Penns Woods BanCorp, Inc. (Banks)		20		454
Pennymac Financial Services, Inc. (Thrifts & Mortgage Finance)		138		5,767
PennyMac Mortgage Investment Trust (Mortgage Real Estate Investment Trusts)		294		5,154
Peoples BanCorp of North Carolina, Inc. (Banks)		13		230
Peoples Bancorp, Inc. (Banks)		55		1,170
Peoples Financial Services Corp. (Banks)		21		802
People's Utah Bancorp (Banks)		47		1,056
Perdoceo Education Corp.* (Diversified Consumer Services)		205		3,266
Perficient, Inc.* (IT Services)		97		3,471
Performance Food Group Co.* (Food & Staples Retailing)		389		11,335
Personalis, Inc.* (Life Sciences Tools & Services)		58		752
Perspecta, Inc. (IT Services)		413		9,593
Petiq, Inc.* (Health Care Providers & Services)		61		2,125
PetMed Express, Inc. (Internet & Direct Marketing Retail)		58		2,067
Pfenex, Inc.* (Biotechnology)		102		852
PFSweb, Inc.* (IT Services)		41		274
PGT Innovations, Inc.* (Building Products)		172		2,697
PhaseBio Pharmaceuticals, Inc.* (Biotechnology)		44		202
Phathom Pharmaceuticals, Inc.* (Pharmaceuticals)		32		1,053

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraSmall-Cap :: 319

Common Stocks, continued

	Shares		Value
Phibro Animal Health Corp.—Class A (Pharmaceuticals)		60	$	1,576
Photronics, Inc.* (Semiconductors & Semiconductor Equipment)		187		2,081
Phreesia, Inc.* (Health Care Technology)		85		2,404
Physicians Realty Trust (Equity Real Estate Investment Trusts)		602		10,547
PICO Holdings, Inc.* (Commercial Services & Supplies)		51		430
Piedmont Office Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts)		374		6,212
Pieris Pharmaceuticals, Inc.* (Biotechnology)		147		456
Ping Identity Holding Corp.* (Software)		47		1,508
Pioneer BanCorp, Inc.* (Thrifts & Mortgage Finance)		34		311
Piper Sandler Cos. (Capital Markets)		52		3,076
Pitney Bowes, Inc. (Commercial Services & Supplies)		514		1,336
Pixelworks, Inc.* (Semiconductors & Semiconductor Equipment)		112		362
PJT Partners, Inc.—Class A (Capital Markets)		70		3,594
Plantronics, Inc. (Communications Equipment)		99		1,453
Playags, Inc.* (Hotels, Restaurants & Leisure)		79		267
Plexus Corp.* (Electronic Equipment, Instruments & Components)		85		5,998
Plug Power, Inc.* (Electrical Equipment)		961		7,890
Plumas BanCorp (Banks)		14		310
Plymouth Industrial REIT, Inc. (Equity Real Estate Investment Trusts)		44		563
PNM Resources, Inc. (Electric Utilities)		236		9,072
PolyOne Corp. (Chemicals)		271		7,109
Portland General Electric Co. (Electric Utilities)		267		11,163
Portola Pharmaceuticals, Inc.* (Biotechnology)		233		4,192
PotlatchDeltic Corp. (Equity Real Estate Investment Trusts)		194		7,378
Powell Industries, Inc. (Electrical Equipment)		27		740
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		87		10,277
Powerfleet, Inc.* (Electronic Equipment, Instruments & Components)		81		374
PQ Group Holdings, Inc.* (Chemicals)		114		1,509
PRA Group, Inc.* (Consumer Finance)		134		5,180
Precigen, Inc.*(a) (Biotechnology)		196		978
Precision BioSciences, Inc.* (Biotechnology)		135		1,125
Preferred Apartment Communities, Inc.—Class A (Equity Real Estate Investment Trusts)		141		1,072
Preferred Bank (Banks)		41		1,757
Preformed Line Products Co. (Electrical Equipment)		9		450
Premier Financial BanCorp, Inc. (Banks)		39		500
Premier Financial Corp. (Thrifts & Mortgage Finance)		110		1,944
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals)		149		5,596
Prevail Therapeutics, Inc.* (Biotechnology)		42		626
PriceSmart, Inc. (Food & Staples Retailing)		67		4,042
PrimeEnergy Resources Corp.* (Oil, Gas & Consumable Fuels)		2		142
Primo Water Corp. (Beverages)		463		6,366
Primoris Services Corp. (Construction & Engineering)		142		2,522
Principia BioPharma, Inc.* (Biotechnology)		87		5,202
Priority Technology Holdings, Inc.* (IT Services)		23		60
ProAssurance Corp. (Insurance)		159		2,301
Professional Holding Corp.*—Class A (Banks)		14		194
Progress Software Corp. (Software)		133		5,154
Progyny, Inc.* (Health Care Providers & Services)		78		2,013
ProPetro Holding Corp.* (Energy Equipment & Services)		238		1,223
PROS Holdings, Inc.* (Software)		116		5,154
ProSight Global, Inc.* (Insurance)		28		249
Protagonist Therapeutics, Inc.* (Biotechnology)		67		1,183
Protara Therapeutics, Inc.* (Biotechnology)		6		176
Protective Insurance Corp.—Class B (Insurance)		27		407
Prothena Corp. PLC* (Biotechnology)		91		952
Proto Labs, Inc.* (Machinery)		79		8,885
Provention Bio, Inc.* (Pharmaceuticals)		126		1,778
Provident BanCorp, Inc. (Thrifts & Mortgage Finance)		26		204
Provident Financial Holdings, Inc. (Thrifts & Mortgage Finance)		18		241
Provident Financial Services, Inc. (Thrifts & Mortgage Finance)		180		2,601
Prudential BanCorp, Inc. (Thrifts & Mortgage Finance)		25		301
PS Business Parks, Inc. (Equity Real Estate Investment Trusts)		60		7,944
PTC Therapeutics, Inc.* (Biotechnology)		183		9,285
Pulse Biosciences, Inc.* (Health Care Equipment & Supplies)		41		429
Puma Biotechnology, Inc.* (Biotechnology)		91		949
Pure Cycle Corp.* (Water Utilities)		58		533
Purple Innovation, Inc.* (Household Durables)		42		756
Pzena Investment Management, Inc.—Class A (Capital Markets)		51		277
Q2 Holdings, Inc.* (Software)		147		12,610
QAD, Inc. (Software)		34		1,404
QCR Holdings, Inc. (Banks)		44		1,372
QTS Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts)		178		11,408
Quad/Graphics, Inc. (Commercial Services & Supplies)		99		322
Quaker Chemical Corp. (Chemicals)		39		7,241
Qualys, Inc.* (Software)		101		10,505
Quanex Building Products Corp. (Building Products)		97		1,346
Quanterix Corp.* (Life Sciences Tools & Services)		56		1,534
Quantum Corp.* (Technology Hardware, Storage & Peripherals)		87		336
QuinStreet, Inc.* (Interactive Media & Services)		140		1,464
Quotient Technology, Inc.* (Internet & Direct Marketing Retail)		255		1,867
Quotient, Ltd.* (Health Care Equipment & Supplies)		179		1,325
R1 RCM, Inc.* (Health Care Providers & Services)		317		3,535

See accompanying notes to financial statements.

320 :: ProFund VP UltraSmall-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
Radian Group, Inc. (Thrifts & Mortgage Finance)		568	$	8,810
Radiant Logistics, Inc.* (Air Freight & Logistics)		116		456
Radius Health, Inc.* (Biotechnology)		135		1,840
RadNet, Inc.* (Health Care Providers & Services)		127		2,015
Rafael Holdings, Inc.*—Class B (Real Estate Management & Development)		27		388
Rambus, Inc.* (Semiconductors & Semiconductor Equipment)		336		5,107
Range Resources Corp. (Oil, Gas & Consumable Fuels)		635		3,575
Ranpak Holdings Corp.* (Containers & Packaging)		86		640
Rapid7, Inc.* (Software)		149		7,602
RAPT Therapeutics, Inc.* (Biotechnology)		33		958
Raven Industries, Inc. (Industrial Conglomerates)		106		2,280
Rayonier Advanced Materials, Inc.* (Chemicals)		184		517
RBB BanCorp (Banks)		49		669
RBC Bearings, Inc.* (Machinery)		73		9,786
RCI Hospitality Holdings, Inc. (Hotels, Restaurants & Leisure)		26		360
Ready Capital Corp. (Mortgage Real Estate Investment Trusts)		108		939
Realogy Holdings Corp. (Real Estate Management & Development)		340		2,519
Recro Pharma, Inc. (Biotechnology)		57		259
Red River Bancshares, Inc. (Banks)		15		658
Red Robin Gourmet Burgers, Inc.* (Hotels, Restaurants & Leisure)		38		388
Red Rock Resorts, Inc.—Class A (Hotels, Restaurants & Leisure)		195		2,127
Red Violet, Inc.* (Professional Services)		19		335
Redfin Corp.* (Real Estate Management & Development)		285		11,943
Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts)		341		2,387
Regenxbio, Inc.* (Biotechnology)		101		3,720
Regional Management Corp.* (Consumer Finance)		25		443
Regis Corp.* (Diversified Consumer Services)		70		573
Reliant BanCorp, Inc. (Banks)		46		749
Relmada Therapeutics, Inc.* (Pharmaceuticals)		42		1,880
Renasant Corp. (Banks)		161		4,009
Renewable Energy Group, Inc.* (Oil, Gas & Consumable Fuels)		113		2,800
Rent-A-Center, Inc. (Specialty Retail)		144		4,006
Repay Holdings Corp.* (IT Services)		109		2,685
Replimune Group, Inc.* (Biotechnology)		51		1,267
Repro-Med Systems, Inc.* (Health Care Equipment & Supplies)		72		647
Republic Bancorp, Inc.—Class A (Banks)		29		949
Republic First BanCorp, Inc.* (Banks)		135		329
Research Frontiers, Inc.* (Electronic Equipment, Instruments & Components)		79		321
Resideo Technologies, Inc.* (Building Products)		367		4,301
Resonant, Inc.* (Communications Equipment)		147		343
Resources Connection, Inc. (Professional Services)		90		1,077
Retail Opportunity Investments Corp. (Equity Real Estate Investment Trusts)		339		3,841
Retail Properties of America, Inc. (Equity Real Estate Investment Trusts)		636		4,656
Retail Value, Inc. (Equity Real Estate Investment Trusts)		49		606
Retractable Technologies, Inc.* (Health Care Equipment & Supplies)		39		274
Retrophin, Inc.* (Biotechnology)		123		2,510
REV Group, Inc. (Machinery)		81		494
Revance Therapeutics, Inc.* (Pharmaceuticals)		168		4,103
Revlon, Inc.*—Class A (Personal Products)		20		198
REVOLUTION Medicines, Inc.* (Biotechnology)		43		1,358
REX American Resources Corp.* (Oil, Gas & Consumable Fuels)		17		1,179
Rexnord Corp. (Machinery)		316		9,211
RGC Resources, Inc. (Gas Utilities)		23		556
RH* (Specialty Retail)		50		12,444
Rhythm Pharmaceuticals, Inc.* (Biotechnology)		100		2,230
Ribbon Communications, Inc.* (Communications Equipment)		202		794
Richmond Mutual BanCorp, Inc. (Banks)		36		405
Rigel Pharmaceuticals, Inc.* (Biotechnology)		504		922
Rimini Street, Inc.* (Software)		61		314
Rite Aid Corp.*(a) (Food & Staples Retailing)		162		2,764
Riverview BanCorp, Inc. (Thrifts & Mortgage Finance)		64		362
RLI Corp. (Insurance)		117		9,605
RLJ Lodging Trust (Equity Real Estate Investment Trusts)		487		4,597
Rocket Pharmaceuticals, Inc.* (Biotechnology)		101		2,114
Rockwell Medical, Inc.* (Health Care Equipment & Supplies)		203		396
Rocky Brands, Inc. (Textiles, Apparel & Luxury Goods)		20		411
Rogers Corp.* (Electronic Equipment, Instruments & Components)		55		6,852
Rosetta Stone, Inc.* (Entertainment)		69		1,163
RPC, Inc.* (Energy Equipment & Services)		170		524
RPT Realty (Equity Real Estate Investment Trusts)		239		1,663
RTI Surgical, Inc.* (Health Care Equipment & Supplies)		168		534
Rubius Therapeutics, Inc.* (Biotechnology)		106		634
Rush Enterprises, Inc.—Class A (Trading Companies & Distributors)		80		3,317
Rush Enterprises, Inc.—Class B (Trading Companies & Distributors)		13		464
Ruth's Hospitality Group, Inc. (Hotels, Restaurants & Leisure)		79		645
Ryerson Holding Corp.* (Metals & Mining)		47		265
Ryman Hospitality Properties, Inc.—Class I (Equity Real Estate Investment Trusts)		150		5,190
S&T Bancorp, Inc. (Banks)		115		2,697
Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts)		609		8,788
Safe Bulkers, Inc.* (Marine)		154		188

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraSmall-Cap :: 321

Common Stocks, continued

	Shares		Value
Safeguard Scientifics, Inc. (Capital Markets)		58	$	406
Safehold, Inc. (Equity Real Estate Investment Trusts)		51		2,932
Safety Insurance Group, Inc. (Insurance)		44		3,355
Saga Communications, Inc.—Class A (Media)		11		282
Saia, Inc.* (Road & Rail)		78		8,671
SailPoint Technologies Holding, Inc.* (Software)		261		6,909
Salisbury BanCorp, Inc. (Banks)		8		328
Sally Beauty Holdings, Inc.* (Specialty Retail)		335		4,198
Sanderson Farms, Inc. (Food Products)		60		6,953
Sandy Spring Bancorp, Inc. (Banks)		137		3,395
Sangamo Therapeutics, Inc.* (Biotechnology)		341		3,055
Sanmina Corp.* (Electronic Equipment, Instruments & Components)		199		4,983
Sapiens International Corp. N.V. (Software)		76		2,126
Satsuma Pharmaceuticals, Inc.* (Pharmaceuticals)		27		777
Saul Centers, Inc. (Equity Real Estate Investment Trusts)		35		1,129
Savara, Inc.* (Biotechnology)		138		344
SB Financial Group, Inc. (Banks)		21		349
SB One BanCorp (Banks)		24		473
ScanSource, Inc.* (Electronic Equipment, Instruments & Components)		75		1,807
Schnitzer Steel Industries, Inc.—Class A (Metals & Mining)		77		1,358
Scholar Rock Holding Corp.* (Biotechnology)		67		1,220
Scholastic Corp. (Media)		86		2,575
Schrodinger, Inc.* (Health Care Technology)		41		3,754
Schweitzer-Mauduit International, Inc. (Paper & Forest Products)		92		3,074
Scientific Games Corp.*—Class A (Hotels, Restaurants & Leisure)		169		2,613
Scorpio Bulkers, Inc. (Marine)		16		245
Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels)		152		1,947
scPharmaceuticals, Inc.* (Pharmaceuticals)		16		118
Sculptor Capital Management, Inc. (Capital Markets)		54		698
SeaChange International, Inc.* (Software)		89		134
Seacoast Banking Corp.* (Banks)		153		3,121
SEACOR Holdings, Inc.* (Energy Equipment & Services)		57		1,614
SeaSpine Holdings Corp.* (Health Care Equipment & Supplies)		78		817
SeaWorld Entertainment, Inc.* (Hotels, Restaurants & Leisure)		151		2,236
SecureWorks Corp.*—Class A (Software)		26		297
Security National Financial Corp.*—Class A (Thrifts & Mortgage Finance)		28		189
Select BanCorp, Inc.* (Banks)		47		383
Select Energy Services, Inc.* (Energy Equipment & Services)		175		858
Select Medical Holdings Corp.* (Health Care Providers & Services)		322		4,743
Selecta Biosciences, Inc.* (Biotechnology)		201		571
Selective Insurance Group, Inc. (Insurance)		175		9,230
Semtech Corp.* (Semiconductors & Semiconductor Equipment)		191		9,974
Seneca Foods Corp.*—Class A (Food Products)		19		642
Sensient Technologies Corp. (Chemicals)		126		6,572
Seres Therapeutics, Inc.* (Biotechnology)		130		619
Seritage Growth Properties*—Class A (Equity Real Estate Investment Trusts)		101		1,151
Service Properties Trust (Equity Real Estate Investment Trusts)		486		3,446
ServiceSource International, Inc.* (IT Services)		258		408
ServisFirst Bancshares, Inc. (Banks)		144		5,149
SFL Corp., Ltd. (Oil, Gas & Consumable Fuels)		277		2,573
Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure)		104		5,510
Sharps Compliance Corp.* (Health Care Providers & Services)		42		295
Shenandoah Telecommunications Co. (Wireless Telecommunication Services)		143		7,048
Shockwave Medical, Inc.* (Health Care Equipment & Supplies)		79		3,742
Shoe Carnival, Inc. (Specialty Retail)		28		820
Shore Bancshares, Inc. (Banks)		37		410
Shotspotter, Inc.* (Software)		24		605
Shutterstock, Inc. (Internet & Direct Marketing Retail)		58		2,028
SI-BONE, Inc.* (Health Care Equipment & Supplies)		75		1,196
Siebert Financial Corp.* (Capital Markets)		30		152
Sientra, Inc.* (Health Care Equipment & Supplies)		138		534
Sierra BanCorp (Banks)		41		774
SIGA Technologies, Inc.* (Pharmaceuticals)		160		946
Signet Jewelers, Ltd. (Specialty Retail)		155		1,592
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		129		12,934
Silk Road Medical, Inc.* (Health Care Equipment & Supplies)		94		3,938
Silvercrest Asset Management Group, Inc.—Class A (Capital Markets)		28		356
Silvergate Capital Corp.*—Class A (Banks)		46		644
Simmons First National Corp.—Class A (Banks)		321		5,492
Simply Good Foods Co.* (Food Products)		253		4,701
Simpson Manufacturing Co., Inc. (Building Products)		129		10,882
Simulations Plus, Inc. (Health Care Technology)		37		2,213
Sinclair Broadcast Group, Inc.—Class A (Media)		154		2,843
SITE Centers Corp. (Equity Real Estate Investment Trusts)		454		3,677
Siteone Landscape Supply, Inc.* (Trading Companies & Distributors)		124		14,131
SiTime Corp.* (Semiconductors & Semiconductor Equipment)		15		711
SJW Corp. (Water Utilities)		78		4,845
Skyline Corp.* (Household Durables)		161		3,919
SkyWest, Inc. (Airlines)		146		4,763
Sleep Number Corp.* (Specialty Retail)		80		3,331
SM Energy Co. (Oil, Gas & Consumable Fuels)		334		1,253
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		42		1,142
SmartFinancial, Inc. (Banks)		42		680

See accompanying notes to financial statements.

322 :: ProFund VP UltraSmall-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
Smith & Wesson Brands, Inc.* (Leisure Products)		162	$	3,486
Smith Micro Software, Inc.* (Software)		99		442
Solaris Oilfield Infrastructure, Inc. (Energy Equipment & Services)		85		631
Soleno Therapeutics, Inc.* (Biotechnology)		99		220
Solid Biosciences, Inc.* (Biotechnology)		73		214
Soliton, Inc.* (Health Care Equipment & Supplies)		16		124
Sonic Automotive, Inc.—Class A (Specialty Retail)		71		2,266
Sonos, Inc.* (Household Durables)		235		3,438
Sorrento Therapeutics, Inc.*(a) (Biotechnology)		520		3,266
South Jersey Industries, Inc. (Gas Utilities)		275		6,872
South Plains Financial, Inc. (Banks)		31		441
South State Corp. (Banks)		208		9,912
Southern First Bancshares, Inc.* (Banks)		22		610
Southern Missouri BanCorp, Inc. (Thrifts & Mortgage Finance)		23		559
Southern National BanCorp of Virginia, Inc. (Banks)		59		572
Southside Bancshares, Inc. (Banks)		94		2,606
Southwest Gas Holdings, Inc. (Gas Utilities)		164		11,324
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels)		1,612		4,127
SP Plus Corp.* (Commercial Services & Supplies)		68		1,408
Spark Energy, Inc.—Class A (Electric Utilities)		35		247
SpartanNash Co. (Food & Staples Retailing)		105		2,231
Spectrum Pharmaceuticals, Inc.* (Biotechnology)		342		1,156
Spero Therapeutics, Inc.* (Biotechnology)		43		582
Spire, Inc. (Gas Utilities)		149		9,791
Spirit Airlines, Inc.*(a) (Airlines)		256		4,557
Spirit of Texas Bancshares, Inc.* (Banks)		40		492
Spok Holdings, Inc. (Wireless Telecommunication Services)		52		486
Sportsman's Warehouse Holdings, Inc.* (Specialty Retail)		127		1,810
Springworks Therapeutics, Inc.* (Biotechnology)		63		2,646
Sprout Social, Inc.*—Class A (Software)		24		648
SPS Commerce, Inc.* (Software)		104		7,812
SPX Corp.* (Machinery)		127		5,226
SPX FLOW, Inc.* (Machinery)		126		4,717
STAAR Surgical Co.* (Health Care Equipment & Supplies)		134		8,245
STAG Industrial, Inc. (Equity Real Estate Investment Trusts)		444		13,018
Stamps.com, Inc.* (Internet & Direct Marketing Retail)		49		9,002
Standard AVB Financial Corp. (Thrifts & Mortgage Finance)		11		255
Standard Motor Products, Inc. (Auto Components)		63		2,596
Standex International Corp. (Machinery)		36		2,072
Startek, Inc.* (IT Services)		49		249
State Auto Financial Corp. (Insurance)		52		928
Steelcase, Inc.—Class A (Commercial Services & Supplies)		256		3,087
Stepan Co. (Chemicals)		64		6,214
Stereotaxis, Inc.* (Health Care Equipment & Supplies)		131		584
Sterling BanCorp, Inc. (Thrifts & Mortgage Finance)		49		175
Sterling Construction Co., Inc.* (Construction & Engineering)		82		859
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods)		244		6,024
Stewart Information Services Corp. (Insurance)		69		2,243
Stifel Financial Corp. (Capital Markets)		198		9,391
Stitch Fix, Inc.*(a) (Internet & Direct Marketing Retail)		167		4,165
Stock Yards Bancorp, Inc. (Banks)		61		2,452
Stoke Therapeutics, Inc.* (Biotechnology)		36		858
Stoneridge, Inc.* (Auto Components)		77		1,591
Strategic Education, Inc. (Diversified Consumer Services)		65		9,986
Stratus Properties, Inc.* (Real Estate Management & Development)		17		337
Strongbridge BioPharma PLC* (Pharmaceuticals)		105		397
Sturm, Ruger & Co., Inc. (Leisure Products)		50		3,800
Summit Financial Group, Inc. (Banks)		33		544
Summit Hotel Properties, Inc. (Equity Real Estate Investment Trusts)		307		1,821
Summit Materials, Inc.*—Class A (Construction Materials)		349		5,611
SunCoke Energy, Inc. (Metals & Mining)		246		728
Sunnova Energy International, Inc.* (Independent Power and Renewable Electricity Producers)		96		1,639
SunPower Corp.* (Semiconductors & Semiconductor Equipment)		227		1,739
Sunrun, Inc.* (Electrical Equipment)		345		6,803
Sunstone Hotel Investors, Inc. (Equity Real Estate Investment Trusts)		637		5,192
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals)		132		3,747
Superior Group of Cos., Inc. (Textiles, Apparel & Luxury Goods)		32		429
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals)		145		3,444
Surgery Partners, Inc.* (Health Care Providers & Services)		67		775
Surmodics, Inc.* (Health Care Equipment & Supplies)		39		1,686
Sutro BioPharma, Inc.* (Biotechnology)		50		388
SVMK, Inc.* (Software)		354		8,333
SWK Holdings Corp.* (Diversified Financial Services)		11		132
Sykes Enterprises, Inc.* (IT Services)		116		3,209
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment)		101		6,072
Synchronoss Technologies, Inc.* (Software)		118		417
Syndax Pharmaceuticals, Inc.* (Biotechnology)		80		1,186
Syros Pharmaceuticals, Inc.* (Biotechnology)		123		1,311
Systemax, Inc. (Trading Companies & Distributors)		37		760
Tabula Rasa Healthcare, Inc.* (Health Care Technology)		61		3,339

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraSmall-Cap :: 323

Common Stocks, continued

	Shares		Value
Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies)		54	$	2,237
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels)		33		304
Tanger Factory Outlet Centers, Inc.(a) (Equity Real Estate Investment Trusts)		269		1,918
Target Hospitality Corp.* (Hotels, Restaurants & Leisure)		88		149
Taylor Morrison Home Corp.* (Household Durables)		374		7,214
TCR2 Therapeutics, Inc.* (Biotechnology)		48		737
Team, Inc.* (Commercial Services & Supplies)		89		496
TechTarget, Inc.* (Media)		69		2,072
TEGNA, Inc. (Media)	��	650		7,240
Tejon Ranch Co.* (Real Estate Management & Development)		62		893
Tela Bio, Inc.* (Health Care Equipment & Supplies)		16		207
Telenav, Inc.* (Software)		98		538
Tellurian, Inc.*(a) (Oil, Gas & Consumable Fuels)		433		498
Tenable Holdings, Inc.* (Software)		181		5,396
Tenet Healthcare Corp.* (Health Care Providers & Services)		310		5,614
Tennant Co. (Machinery)		54		3,511
Tenneco, Inc.* (Auto Components)		151		1,142
Terex Corp. (Machinery)		200		3,754
Terraform Power, Inc.—Class A (Independent Power and Renewable Electricity Producers)		260		4,794
Terreno Realty Corp. (Equity Real Estate Investment Trusts)		198		10,423
Territorial BanCorp, Inc. (Thrifts & Mortgage Finance)		23		547
Tetra Tech, Inc. (Commercial Services & Supplies)		160		12,659
Texas Capital Bancshares, Inc.* (Banks)		150		4,631
Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure)		195		10,251
Textainer Group Holdings, Ltd.* (Trading Companies & Distributors)		158		1,292
TG Therapeutics, Inc.* (Biotechnology)		286		5,571
The Andersons, Inc. (Food & Staples Retailing)		92		1,266
The Bancorp, Inc.* (Banks)		153		1,499
The Bank of Nt Butterfield & Son, Ltd. (Banks)		154		3,756
The Bank of Princeton (Banks)		17		341
The Brink's Co. (Commercial Services & Supplies)		149		6,781
The Buckle, Inc. (Specialty Retail)		86		1,348
The Cato Corp.—Class A (Specialty Retail)		62		507
The Cheesecake Factory, Inc.(a) (Hotels, Restaurants & Leisure)		126		2,888
The Children's Place, Inc.(a) (Specialty Retail)		42		1,572
The Community Financial Corp. (Banks)		15		366
The Container Store Group, Inc.* (Specialty Retail)		47		152
The E.W. Scripps Co.—Class A (Media)		166		1,453
The Eastern Co. (Machinery)		16		286
The Ensign Group, Inc. (Health Care Providers & Services)		152		6,361
The Exone Co.* (Machinery)		33		282
The First BanCorp (Banks)		30		651
The GEO Group, Inc. (Equity Real Estate Investment Trusts)		349		4,129
The Goodyear Tire & Rubber Co. (Auto Components)		686		6,135
The Greenbrier Cos., Inc. (Machinery)		96		2,184
The Hackett Group, Inc. (IT Services)		74		1,002
The Joint Corp.* (Health Care Providers & Services)		39		596
The Lovesac Co.* (Household Durables)		26		682
The Macerich Co. (Equity Real Estate Investment Trusts)		421		3,776
The Manitowoc Co., Inc.* (Machinery)		101		1,099
The Marcus Corp. (Entertainment)		67		889
The Meet Group, Inc.* (Interactive Media & Services)		204		1,273
The Michaels Cos., Inc.* (Specialty Retail)		221		1,562
The Pennant Group, Inc.* (Health Care Providers & Services)		77		1,740
The Providence Service Corp.* (Health Care Providers & Services)		36		2,841
The RealReal, Inc.* (Internet & Direct Marketing Retail)		185		2,366
The RMR Group, Inc.—Class A (Real Estate Management & Development)		45		1,326
The Shyft Group, Inc. (Machinery)		101		1,701
The St Joe Co.* (Real Estate Management & Development)		97		1,884
TherapeuticsMD, Inc.*(a) (Pharmaceuticals)		700		875
Theravance Biopharma, Inc.* (Pharmaceuticals)		136		2,855
Thermon Group Holdings, Inc.* (Electrical Equipment)		97		1,413
Third Point Reinsurance, Ltd.* (Insurance)		239		1,795
Tidewater, Inc.* (Energy Equipment & Services)		120		671
Tilly's, Inc.—Class A (Specialty Retail)		66		374
Timberland BanCorp, Inc. (Thrifts & Mortgage Finance)		22		401
TimkenSteel Corp.* (Metals & Mining)		133		517
Tiptree, Inc.—Class A (Insurance)		74		477
Titan Machinery, Inc.* (Trading Companies & Distributors)		56		608
Tivity Health, Inc.* (Health Care Providers & Services)		128		1,450
Tompkins Financial Corp. (Banks)		42		2,720
Tootsie Roll Industries, Inc.(a) (Food Products)		48		1,645
TopBuild Corp.* (Household Durables)		98		11,149
TowneBank (Banks)		199		3,749
TPG RE Finance Trust, Inc.—Class T (Mortgage Real Estate Investment Trusts)		178		1,531
TPI Composites, Inc.* (Electrical Equipment)		90		2,103
Transcat, Inc.* (Trading Companies & Distributors)		21		543
Transcontinental Realty Investors, Inc.* (Real Estate Management & Development)		4		120
Translate Bio, Inc.* (Biotechnology)		150		2,688
TransMedics Group, Inc.* (Health Care Equipment & Supplies)		59		1,057
Transocean, Ltd.* (Energy Equipment & Services)		1,734		3,172
Trecora Resources* (Chemicals)		72		451
Tredegar Corp. (Chemicals)		78		1,201

See accompanying notes to financial statements.

324 :: ProFund VP UltraSmall-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
TRI Pointe Group, Inc.* (Household Durables)		384	$	5,641
Tribune Publishing Co. (Media)		46		460
Tricida, Inc.* (Pharmaceuticals)		84		2,308
TriCo Bancshares (Banks)		78		2,375
TriMas Corp.* (Machinery)		128		3,066
TriNet Group, Inc.* (Professional Services)		122		7,435
Trinseo SA (Chemicals)		113		2,504
Triple-S Management Corp.* (Health Care Providers & Services)		68		1,293
Tristate Capital Holdings, Inc.* (Banks)		82		1,288
Triton International, Ltd. (Trading Companies & Distributors)		151		4,566
Triumph Bancorp, Inc.* (Banks)		65		1,578
Triumph Group, Inc. (Aerospace & Defense)		153		1,379
Tronox Holdings PLC—Class A (Chemicals)		265		1,913
TrueBlue, Inc.* (Professional Services)		106		1,619
TrueCar, Inc.* (Interactive Media & Services)		314		810
Trupanion, Inc.* (Insurance)		88		3,757
TrustCo Bank Corp. (Thrifts & Mortgage Finance)		281		1,779
Trustmark Corp. (Banks)		187		4,585
TTEC Holdings, Inc. (IT Services)		54		2,514
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components)		296		3,511
Tucows, Inc.* (IT Services)		28		1,605
Tupperware Brands Corp.(a) (Household Durables)		145		689
Turning Point Brands, Inc. (Tobacco)		25		623
Turning Point Therapeutics, Inc.* (Biotechnology)		83		5,361
Turtle Beach Corp.* (Household Durables)		40		589
Tutor Perini Corp.* (Construction & Engineering)		121		1,474
Twin River Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)		54		1,204
Twist Bioscience Corp.* (Biotechnology)		89		4,032
Two Harbors Investment Corp. (Mortgage Real Estate Investment Trusts)		812		4,092
Tyme Technologies, Inc.* (Biotechnology)		194		258
U.S. Concrete, Inc.* (Construction Materials)		47		1,166
U.S. Ecology, Inc. (Commercial Services & Supplies)		92		3,117
U.S. Lime & Minerals, Inc. (Construction Materials)		6		507
U.S. Physical Therapy, Inc. (Health Care Providers & Services)		38		3,079
U.S. Silica Holdings, Inc. (Energy Equipment & Services)		219		791
UFP Industries, Inc. (Building Products)		177		8,763
UFP Technologies, Inc.* (Containers & Packaging)		20		881
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		117		2,648
Ultragenyx Pharmaceutical, Inc.* (Biotechnology)		168		13,140
Ultralife Corp.* (Electrical Equipment)		27		189
UMB Financial Corp. (Banks)		129		6,650
UMH Properties, Inc. (Equity Real Estate Investment Trusts)		109		1,409
Unifi, Inc.* (Textiles, Apparel & Luxury Goods)		41		528
UniFirst Corp. (Commercial Services & Supplies)		45		8,053
Unisys Corp.* (IT Services)		183		1,997
United Bankshares, Inc. (Banks)		367		10,150
United Community Banks, Inc. (Banks)		232		4,668
United Fire Group, Inc. (Insurance)		62		1,718
United Insurance Holdings Corp. (Insurance)		60		469
United Natural Foods, Inc.* (Food & Staples Retailing)		159		2,895
United Security Bancshares/Fresno CA (Banks)		40		268
United States Steel Corp.(a) (Metals & Mining)		650		4,693
Uniti Group, Inc. (Equity Real Estate Investment Trusts)		573		5,358
Unitil Corp. (Multi-Utilities)		44		1,972
Unity BanCorp, Inc. (Banks)		23		329
UNITY Biotechnology, Inc.* (Biotechnology)		98		851
Universal Corp. (Tobacco)		72		3,061
Universal Electronics, Inc.* (Household Durables)		40		1,873
Universal Health Realty Income Trust (Equity Real Estate Investment Trusts)		38		3,021
Universal Insurance Holdings, Inc. (Insurance)		83		1,473
Universal Logistics Holdings, Inc. (Road & Rail)		23		400
Universal Technical Institute, Inc.* (Diversified Consumer Services)		86		598
Univest Financial Corp. (Banks)		85		1,372
Upland Software, Inc.* (Software)		68		2,364
Upwork, Inc.* (Professional Services)		275		3,971
Uranium Energy Corp.* (Oil, Gas & Consumable Fuels)		539		473
Urban Edge Properties (Equity Real Estate Investment Trusts)		344		4,083
Urban Outfitters, Inc.* (Specialty Retail)		205		3,120
Urogen Pharma, Ltd.* (Biotechnology)		57		1,489
Urstadt Biddle Properties, Inc.—Class A (Equity Real Estate Investment Trusts)		88		1,045
US Auto Parts Network, Inc.* (Internet & Direct Marketing Retail)		63		546
US Xpress Enterprises, Inc.*—Class A (Road & Rail)		66		396
USANA Health Sciences, Inc.* (Personal Products)		34		2,497
Utah Medical Products, Inc. (Health Care Equipment & Supplies)		10		886
Valley National Bancorp (Banks)		1,182		9,242
Value Line, Inc. (Capital Markets)		3		81
Vanda Pharmaceuticals, Inc.* (Biotechnology)		159		1,819
Vapotherm, Inc.* (Health Care Equipment & Supplies)		57		2,336
Varex Imaging Corp.* (Health Care Equipment & Supplies)		111		1,682
Varonis Systems, Inc.* (Software)		92		8,140
Vaxart, Inc.* (Biotechnology)		132		1,168
VBI Vaccines, Inc.* (Biotechnology)		509		1,578
Vector Group, Ltd. (Tobacco)		400		4,023
Vectrus, Inc.* (Aerospace & Defense)		34		1,670
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment)		144		1,943
Venus Concept, Inc.* (Health Care Equipment & Supplies)		55		192

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraSmall-Cap :: 325

Common Stocks, continued

	Shares		Value
Vera Bradley, Inc.* (Textiles, Apparel & Luxury Goods)		61	$	271
Veracyte, Inc.* (Biotechnology)		148		3,833
Verastem, Inc.* (Biotechnology)		485		834
Vericel Corp.* (Biotechnology)		133		1,838
Vericity, Inc. (Insurance)		6		64
Verint Systems, Inc.* (Software)		190		8,584
Veritex Holdings, Inc. (Banks)		143		2,531
Veritiv Corp.* (Trading Companies & Distributors)		38		644
Veritone, Inc.*(a) (Software)		68		1,010
Verra Mobility Corp.*—Class C (IT Services)		397		4,081
Verrica Pharmaceuticals, Inc.* (Pharmaceuticals)		37		407
Verso Corp.—Class A (Paper & Forest Products)		104		1,244
Veru, Inc.* (Personal Products)		147		491
Viad Corp. (Commercial Services & Supplies)		60		1,141
Viavi Solutions, Inc.* (Communications Equipment)		678		8,637
Vicor Corp.* (Electrical Equipment)		53		3,813
Viela Bio, Inc.* (Biotechnology)		59		2,556
Viemed Healthcare, Inc.* (Health Care Providers & Services)		102		979
ViewRay, Inc.* (Health Care Equipment & Supplies)		330		739
Viking Therapeutics, Inc.* (Biotechnology)		194		1,399
Village Super Market, Inc.—Class A (Food & Staples Retailing)		25		693
Vir Biotechnology, Inc.* (Biotechnology)		137		5,613
VirnetX Holding Corp. (Software)		188		1,222
Virtus Investment Partners, Inc. (Capital Markets)		22		2,558
Virtusa Corp.* (IT Services)		85		2,760
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components)		394		6,016
Vishay Precision Group, Inc.* (Electronic Equipment, Instruments & Components)		37		909
Vista Outdoor, Inc.* (Leisure Products)		173		2,500
Visteon Corp.* (Auto Components)		82		5,617
Vivint Smart Home, Inc.* (Diversified Consumer Services)		207		3,587
Vivint Solar, Inc.* (Electrical Equipment)		146		1,445
Vocera Communications, Inc.* (Health Care Technology)		94		1,993
VolitionRX, Ltd.* (Health Care Equipment & Supplies)		70		272
Vonage Holdings Corp.* (Diversified Telecommunication Services)		687		6,911
VOXX International Corp.* (Auto Components)		59		341
Voyager Therapeutics, Inc.* (Biotechnology)		77		972
VSE Corp. (Commercial Services & Supplies)		26		816
vTv Therapeutics, Inc.*—Class A (Biotechnology)		29		65
W&T Offshore, Inc.* (Oil, Gas & Consumable Fuels)		280		638
Wabash National Corp. (Machinery)		157		1,667
Waddell & Reed Financial, Inc.—Class A (Capital Markets)		191		2,962
Waitr Holdings, Inc.* (Internet & Direct Marketing Retail)		225		592
Walker & Dunlop, Inc. (Thrifts & Mortgage Finance)		84		4,268
Warrior Met Coal, Inc. (Metals & Mining)		152		2,339
Washington Federal, Inc. (Thrifts & Mortgage Finance)		224		6,012
Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts)		245		5,439
Washington Trust Bancorp, Inc. (Banks)		51		1,670
Waterstone Financial, Inc. (Thrifts & Mortgage Finance)		67		994
Watford Holdings, Ltd.* (Insurance)		51		851
Watts Water Technologies, Inc.—Class A (Machinery)		81		6,561
WaVe Life Sciences, Ltd.* (Pharmaceuticals)		61		635
WD-40 Co. (Household Products)		40		7,932
Weis Markets, Inc. (Food & Staples Retailing)		28		1,403
Welbilt, Inc.* (Machinery)		387		2,357
Werner Enterprises, Inc. (Road & Rail)		181		7,879
WesBanco, Inc. (Banks)		193		3,920
WESCO International, Inc.* (Trading Companies & Distributors)		146		5,138
West BanCorp, Inc. (Banks)		48		840
Westamerica Bancorp (Banks)		77		4,421
Western Asset Mortgage Capital Corp. (Mortgage Real Estate Investment Trusts)		155		425
Western New England BanCorp, Inc. (Thrifts & Mortgage Finance)		68		394
Westwood Holdings Group, Inc. (Capital Markets)		23		362
Weyco Group, Inc. (Distributors)		18		389
Whitestone REIT (Equity Real Estate Investment Trusts)		118		858
Whiting Petroleum Corp.* (Oil, Gas & Consumable Fuels)		267		302
WideOpenWest, Inc.* (Media)		155		817
Willdan Group, Inc.* (Professional Services)		31		775
Willis Lease Finance Corp.* (Trading Companies & Distributors)		9		219
Willscot Corp.* (Construction & Engineering)		476		5,850
Wingstop, Inc. (Hotels, Restaurants & Leisure)		88		12,228
Winmark Corp. (Specialty Retail)		9		1,541
Winnebago Industries, Inc. (Automobiles)		92		6,129
WisdomTree Investments, Inc. (Capital Markets)		431		1,496
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods)		237		5,643
Workhorse Group, Inc.*(a) (Auto Components)		188		3,269
Workiva, Inc.* (Software)		114		6,098
World Acceptance Corp.*(a) (Consumer Finance)		15		983
World Fuel Services Corp. (Oil, Gas & Consumable Fuels)		185		4,765
Worthington Industries, Inc. (Metals & Mining)		110		4,103
Wrap Technologies, Inc.* (Electronic Equipment, Instruments & Components)		34		356
Wright Medical Group N.V.* (Health Care Equipment & Supplies)		382		11,352
WSFS Financial Corp. (Thrifts & Mortgage Finance)		149		4,276
WW International, Inc.* (Diversified Consumer Services)		140		3,553

See accompanying notes to financial statements.

326 :: ProFund VP UltraSmall-Cap :: Financial Statements

Common Stocks, continued

	Shares		Value
X4 Pharmaceuticals, Inc.* (Biotechnology)		48	$	447
Xbiotech, Inc.* (Biotechnology)		42		576
Xencor, Inc.* (Biotechnology)		164		5,312
Xenia Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts)		336		3,135
Xeris Pharmaceuticals, Inc.* (Pharmaceuticals)		111		295
XOMA Corp.* (Biotechnology)		18		356
XPEL, Inc.* (Auto Components)		49		766
Xperi Holding Corp. (Software)		318		4,694
Yelp, Inc.* (Interactive Media & Services)		208		4,811
YETI Holdings, Inc.* (Leisure Products)		220		9,400
Yext, Inc.* (Software)		300		4,983
Y-mAbs Therapeutics, Inc.* (Biotechnology)		89		3,845
York Water Co. (Water Utilities)		39		1,870
Zentalis Pharmaceuticals, Inc.* (Biotechnology)		31		1,489
ZIOPHARM Oncology, Inc.* (Biotechnology)		632		2,073
ZixCorp.* (Software)		162		1,118
Zogenix, Inc.* (Pharmaceuticals)		165		4,457
Zumiez, Inc.* (Specialty Retail)		62		1,698
Zuora, Inc.*—Class A (Software)		290		3,698
Zynex, Inc.* (Health Care Equipment & Supplies)		49		1,219
TOTAL COMMON STOCKS (Cost $4,077,246)				5,245,104

Preferred Stock^(NM)

WESCO International, Inc.—Series A (Trading Companies & Distributors)	1	15
TOTAL PREFERRED STOCK (Cost $15)		15

Trust (0.0%)

	Interest Units		Value
Ferroglobe Representation and Warranty Insurance*+ (Metals & Mining)		510	$	—
TOTAL TRUST (Cost $—)				—

Repurchase Agreements^(b)(c) (56.5%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $6,587,005	$	6,587,000	$	6,587,000
TOTAL REPURCHASE AGREEMENTS (Cost $6,587,000)				6,587,000

Collateral for Securities Loaned (0.9%)

	Shares		Value
BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.18%(d)		15,448	$	15,448
Fidelity Investments Money Market Government Portfolio—Class I, 0.41%(d)		169		169
JPMorgan U.S. Government Money Market Fund—Capital Shares, 0.19%(d)		84,744		84,744
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $100,361)				100,361
TOTAL INVESTMENT SECURITIES (Cost $10,764,622)—102.3%				11,932,480
Net other assets (liabilities)—(2.3)%				(266,549	)
NET ASSETS—100.0%			$	11,665,931

* Non-income producing security.

⁺ This security was fair valued based on procedures approved by the Board of Trustees. As of June 30, 2020, this security represented less than 0.005% of the net assets of the Fund.

^(a) All or part of this security was on loan as of June 30, 2020. The total value of securities on loan as of June 30, 2020 was $96,068.

^(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, 2020, the aggregate amount held in a segregated account was $3,628,000.

^(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.

^(d) Rate periodically changes. Rate disclosed is the daily yield on June 30, 2020.

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index Futures Contracts		4	9/21/20	$	287,260	$	4,685

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraSmall-Cap :: 327

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
iShares Russell 2000 ETF	Goldman Sachs International	7/27/20		1.02	%	$	5,795,260	$	82,542
Russell 2000 Index	Goldman Sachs International	7/27/20		1.22	%		5,656,906		86,876
						$	11,452,166	$	169,418
iShares Russell 2000 ETF	UBS AG	7/27/20		0.77	%	$	1,458,095	$	20,778
Russell 2000 Index	UBS AG	7/27/20		0.97	%		4,896,653		68,691
						$	6,354,748	$	89,469
						$	17,806,914	$	258,887

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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, 2020:

	Value		% of Net Assets
Aerospace & Defense	$	44,166		0.4	%
Air Freight & Logistics		18,015		0.2	%
Airlines		15,773		0.1	%
Auto Components		66,964		0.6	%
Automobiles		6,129		0.1	%
Banks		440,103		3.9	%
Beverages		15,229		0.1	%
Biotechnology		568,499		4.8	%
Building Products		80,224		0.7	%
Capital Markets		78,728		0.7	%
Chemicals		89,079		0.7	%
Commercial Services & Supplies		112,341		1.0	%
Communications Equipment		49,484		0.4	%
Construction & Engineering		69,149		0.6	%
Construction Materials		7,909		0.1	%
Consumer Finance		36,335		0.3	%
Containers & Packaging		10,607		0.1	%
Distributors		4,214		NM
Diversified Consumer Services		38,791		0.3	%
Diversified Financial Services		12,942		0.1	%
Diversified Telecommunication Services		42,852		0.4	%
Electric Utilities		48,666		0.4	%
Electrical Equipment		48,598		0.4	%
Electronic Equipment, Instruments & Components		123,654		1.1	%
Energy Equipment & Services		36,302		0.3	%
Entertainment		15,324		0.1	%
Equity Real Estate Investment Trusts		327,075		2.8	%
Food & Staples Retailing		45,928		0.4	%
Food Products		72,580		0.6	%
Gas Utilities		63,150		0.6	%
Health Care Equipment & Supplies		188,563		1.6	%
Health Care Providers & Services		121,463		1.0	%
Health Care Technology		55,569		0.5	%
Hotels, Restaurants & Leisure		142,712		1.2	%
Household Durables		109,431		0.9	%
Household Products		13,450		0.1	%
Independent Power and Renewable Electricity Producers		22,129		0.2	%
Industrial Conglomerates		2,280		NM
Insurance		122,481		1.0	%
Interactive Media & Services		20,816		0.2	%
Internet & Direct Marketing Retail		30,027		0.3	%
IT Services		109,055		0.9	%
Leisure Products		35,506		0.3	%
Life Sciences Tools & Services		33,619		0.3	%
Machinery		193,383		1.6	%
Marine		5,631		NM
Media		44,653		0.3	%
Metals & Mining		76,320		0.7	%
Mortgage Real Estate Investment Trusts		70,937		0.6	%
Multiline Retail		11,810		0.1	%
Multi-Utilities		28,078		0.2	%
Oil, Gas & Consumable Fuels		81,717		0.7	%
Paper & Forest Products		26,982		0.2	%
Personal Products		19,994		0.2	%
Pharmaceuticals		111,473		1.0	%
Professional Services		70,041		0.6	%
Real Estate Management & Development		42,965		0.4	%
Road & Rail		30,257		0.3	%
Semiconductors & Semiconductor Equipment		148,265		1.3	%
Software		291,516		2.5	%
Specialty Retail		125,456		1.1	%
Technology Hardware, Storage & Peripherals		9,227		0.1	%
Textiles, Apparel & Luxury Goods		45,169		0.4	%
Thrifts & Mortgage Finance		95,943		0.8	%
Tobacco		7,707		0.1	%
Trading Companies & Distributors		73,228		0.6	%
Water Utilities		28,653		0.2	%
Wireless Telecommunication Services		9,803		0.1	%
Other**		6,420,812		55.1	%
Total	$	11,665,931		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.

328 :: ProFund VP UltraSmall-Cap :: Financial Statements

Statement of Assets and Liabilities (unaudited)
June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	10,764,622
Securities, at value(a)		5,345,480
Repurchase agreements, at value		6,587,000
Total Investment Securities, at value		11,932,480
Cash		598
Segregated cash balances for futures contracts with brokers		28,160
Segregated cash balances for swap agreements with custodian		740
Dividends and interest receivable		5,059
Unrealized appreciation on swap agreements		258,887
Receivable for capital shares issued		119,786
Receivable for investments sold		4,006
Variation margin on futures contracts		2,620
Prepaid expenses		249
TOTAL ASSETS		12,352,585
LIABILITIES:
Payable for investments purchased		4,216
Payable for capital shares redeemed		553,599
Payable for collateral for securities loaned		100,361
Advisory fees payable		4,840
Management services fees payable		645
Administration fees payable		922
Administrative services fees payable		5,491
Distribution fees payable		5,238
Transfer agency fees payable		752
Fund accounting fees payable		812
Compliance services fees payable		87
Other accrued expenses		9,691
TOTAL LIABILITIES		686,654
NET ASSETS	$	11,665,931
NET ASSETS CONSIST OF:
Capital	$	14,134,639
Total distributable earnings (loss)		(2,468,708	)
NET ASSETS	$	11,665,931
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		775,552
Net Asset Value (offering and redemption price per share)	$	15.04
(a)  Includes securities on loan valued at:	$	96,068

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	50,009
Interest		25,827
Foreign tax withholding		(40	)
Income from securities lending		1,318
TOTAL INVESTMENT INCOME		77,114
EXPENSES:
Advisory fees		51,087
Management services fees		6,811
Administration fees		5,760
Transfer agency fees		4,523
Administrative services fees		17,879
Distribution fees		17,029
Custody fees		1,334
Fund accounting fees		4,829
Trustee fees		187
Compliance services fees		87
Licensing fees		7,648
Other fees		6,365
Total Gross Expenses before reductions		123,539
Expenses reduced and reimbursed by the Advisor		(9,104	)
TOTAL NET EXPENSES		114,435
NET INVESTMENT INCOME (LOSS)		(37,321	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		(288,287	)
Net realized gains (losses) on futures contracts		(833,296	)
Net realized gains (losses) on swap agreements		(4,616,826	)
Change in net unrealized appreciation/depreciation on investment securities		(2,062,631	)
Change in net unrealized appreciation/depreciation on futures contracts		(12,347	)
Change in net unrealized appreciation/depreciation on swap agreements		273,587
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(7,539,800	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,577,121	)

See accompanying notes to financial statements.

Financial Statements :: ProFund VP UltraSmall-Cap :: 329

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(37,321	)	$	15,428
Net realized gains (losses) on investments		(5,738,409	)		7,235,210
Change in net unrealized appreciation/depreciation on investments		(1,801,391	)		1,761,595
Change in net assets resulting from operations		(7,577,121	)		9,012,233
CAPITAL TRANSACTIONS:
Proceeds from shares issued		48,833,147			294,926,860
Value of shares redeemed		(49,699,566	)		(300,565,877	)
Change in net assets resulting from capital transactions		(866,419	)		(5,639,017	)
Change in net assets		(8,443,540	)		3,373,216
NET ASSETS:
Beginning of period		20,109,471			16,736,255
End of period	$	11,665,931		$	20,109,471
SHARE TRANSACTIONS:
Issued		2,887,092			14,324,843
Redeemed		(2,959,242	)		(14,516,368	)
Change in shares		(72,150	)		(191,525	)

See accompanying notes to financial statements.

330 :: 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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	23.72		$	16.10		$	28.59		$	25.21		$	18.07		$	21.36
Investment Activities:
Net investment income (loss)(a)		(0.04	)		0.01			(0.02	)		(0.20	)		(0.15	)		(0.19	)
Net realized and unrealized gains (losses) on investments		(8.64	)		7.61			(4.67	)		6.48			7.29			(2.48	)
Total income (loss) from investment activities		(8.68	)		7.62			(4.69	)		6.28			7.14			(2.67	)
Distributions to Shareholders From:
Net realized gains on investments		—			—			(7.80	)		(2.90	)		—			(0.62	)
Net Asset Value, End of Period	$	15.04		$	23.72		$	16.10		$	28.59		$	25.21		$	18.07
Total Return(b)		(36.59	)%		47.33	%		(26.95	)%		25.20	%		39.51	%		(12.93	)%
Ratios to Average Net Assets:
Gross expenses(c)		1.81	%		1.76	%		1.74	%		1.72	%		1.78	%		1.79	%
Net expenses(c)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(c)		(0.55	)%		0.07	%		(0.09	)%		(0.74	)%		(0.79	)%		(0.89	)%
Supplemental Data:
Net assets, end of period (000's)	$	11,666		$	20,109		$	16,736		$	31,873		$	26,775		$	19,372
Portfolio turnover rate(b)(d)		15	%		66	%		18	%		27	%		32	%		45	%

^(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 U.S. Government Plus :: 331

Investment Objective: The ProFund VP U.S. Government Plus seeks daily investment results that, before fees and expenses, correspond to one and one-quarter times (1.25x) the daily movement of the most recently issued 30-year U.S. Treasury Bond for a single day, not for any other period.

Allocation of Portfolio Holdings (unaudited) :: June 30, 2020

Market Exposure

Investment Type	% of Net Assets
U.S. Treasury Obligation		27	%
Swap Agreements		98	%
Total Exposure		125	%

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments 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 (27.0%)

	Principal Amount		Value
U.S. Treasury Bonds, 1.25%, 5/15/50	$	8,840,000	$	8,487,781
TOTAL U.S. TREASURY OBLIGATION (Cost $8,738,121)				8,487,781
Repurchase Agreements(a)(b) (77.7%)
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $24,407,018		24,407,000		24,407,000
TOTAL REPURCHASE AGREEMENTS (Cost $24,407,000)				24,407,000
TOTAL INVESTMENT SECURITIES (Cost $33,145,121)—104.7%				32,894,781
Net other assets (liabilities)—(4.7)%				(1,482,344	)
NET ASSETS—100.0%			$	31,412,437

^(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, 2020, the aggregate amount held in a segregated account was $415,000.

^(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 – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
30-Year U.S. Treasury Bond, 1.25% due on 5/15/50	Citibank North America	7/15/20		0.15	%	$	22,851,719	$	145,001
30-Year U.S. Treasury Bond, 1.25% due on 5/15/50	Societe' Generale	7/15/20		0.23	%		7,873,281		84,642
						$	30,725,000	$	229,643

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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.

332 :: ProFund VP U.S. Government Plus :: Financial Statements

Statement of Assets and Liabilities (unaudited)
June 30, 2020  

ASSETS:
Total Investment Securities, at cost	$	33,145,121
Securities, at value		8,487,781
Repurchase agreements, at value		24,407,000
Total Investment Securities, at value		32,894,781
Cash		434
Interest receivable		14,131
Unrealized appreciation on swap agreements		229,643
Receivable for capital shares issued		11,161
Prepaid expenses		572
TOTAL ASSETS		33,150,722
LIABILITIES:
Payable for capital shares redeemed		1,676,953
Advisory fees payable		8,093
Management services fees payable		1,618
Administration fees payable		2,267
Administrative services fees payable		12,262
Distribution fees payable		13,003
Trustee fees payable		10
Transfer agency fees payable		1,849
Fund accounting fees payable		1,246
Compliance services fees payable		232
Other accrued expenses		20,752
TOTAL LIABILITIES		1,738,285
NET ASSETS	$	31,412,437
NET ASSETS CONSIST OF:
Capital	$	24,691,014
Total distributable earnings (loss)		6,721,423
NET ASSETS	$	31,412,437
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		892,500
Net Asset Value (offering and redemption price per share)	$	35.20

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Interest	$	114,451
EXPENSES:
Advisory fees		72,601
Management services fees		14,520
Administration fees		13,270
Transfer agency fees		11,011
Administrative services fees		38,955
Distribution fees		36,301
Custody fees		2,250
Fund accounting fees		7,564
Trustee fees		408
Compliance services fees		232
Other fees		16,891
Total Gross Expenses before reductions		214,003
Expenses reduced and reimbursed by the Advisor		(13,623	)
TOTAL NET EXPENSES		200,380
NET INVESTMENT INCOME (LOSS)		(85,929	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		1,780,174
Net realized gains (losses) on futures contracts		(54,877	)
Net realized gains (losses) on swap agreements		3,233,762
Change in net unrealized appreciation/depreciation on investment securities		(150,169	)
Change in net unrealized appreciation/depreciation on futures contracts		11
Change in net unrealized appreciation/depreciation on swap agreements		504,527
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		5,313,428
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,227,499

See accompanying notes to financial statements.

Financial Statements :: ProFund VP U.S. Government Plus :: 333

Statements of Changes in Net Assets  

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(85,929	)	$	175,989
Net realized gains (losses) on investments		4,959,059			3,861,629
Change in net unrealized appreciation/depreciation on investments		354,369			(926,058	)
Change in net assets resulting from operations		5,227,499			3,111,560
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		(10,608	)		(175,989	)
Change in net assets resulting from distributions		(10,608	)		(175,989	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		93,545,962			168,736,250
Distributions reinvested		10,608			175,989
Value of shares redeemed		(86,757,029	)		(168,304,461	)
Change in net assets resulting from capital transactions		6,799,541			607,778
Change in net assets		12,016,432			3,543,349
NET ASSETS:
Beginning of period		19,396,005			15,852,656
End of period	$	31,412,437		$	19,396,005
SHARE TRANSACTIONS:
Issued		2,735,555			6,529,272
Reinvested		338			6,867
Redeemed		(2,557,811	)		(6,506,242	)
Change in shares		178,082			29,897

See accompanying notes to financial statements.

334 :: 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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	27.15		$	23.16		$	24.73		$	22.68		$	22.75		$	24.11
Investment Activities:
Net investment income (loss)(a)		(0.10	)		0.22			0.21			0.10			(0.11	)		(0.03	)
Net realized and unrealized gains (losses) on investments		8.16			3.99			(1.57	)		2.06			0.04			(1.33	)
Total income (loss) from investment activities		8.06			4.21			(1.36	)		2.16			(0.07	)		(1.36	)
Distributions to Shareholders From:
Net investment income		(0.01	)		(0.22	)		(0.21	)		(0.11	)		—			—
Net Asset Value, End of Period	$	35.20		$	27.15		$	23.16		$	24.73		$	22.68		$	22.75
Total Return(b)		29.71	%		18.22	%		(5.42	)%		9.49	%		(0.31	)%		(5.64	)%
Ratios to Average Net Assets:
Gross expenses(c)		1.47	%		1.44	%		1.45	%		1.43	%		1.42	%		1.42	%
Net expenses(c)		1.38	%		1.38	%		1.38	%		1.38	%		1.38	%		1.38	%
Net investment income (loss)(c)		(0.59	)%		0.84	%		0.92	%		0.43	%		(0.42	)%		(0.12	)%
Supplemental Data:
Net assets, end of period (000's)	$	31,412		$	19,396		$	15,853		$	19,008		$	26,162		$	30,903
Portfolio turnover rate(b)(d)		200	%		402	%		437	%		397	%		400	%		573	%

^(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 Utilities :: 335

Investment Objective: The ProFund VP Utilities seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. Utilities^SM Index.

Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2020

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 investments used for cash management.

Largest Equity Holdings

Company	% of Net Assets
NextEra Energy, Inc.		13.9	%
Duke Energy Corp.		6.9	%
Dominion Energy, Inc.		4.8	%
American Electric Power Co., Inc.		4.6	%
The Southern Co.		4.6	%

Dow Jones U.S. Utilities^SM Index – Composition

	% of Index
Electric Utilities		58	%
Multi-Utilities		31	%
Gas Utilities		5	%
Water Utilities		4	%
Independent Power and Renewable Electricity Producers		2	%

Schedule of Portfolio Investments (unaudited)

Common Stocks (97.0%)

	Shares		Value
ALLETE, Inc. (Electric Utilities)		1,908	$	104,196
Alliant Energy Corp. (Electric Utilities)		9,193		439,793
Ameren Corp. (Multi-Utilities)		9,096		639,995
American Electric Power Co., Inc. (Electric Utilities)		18,259		1,454,147
American Water Works Co., Inc. (Water Utilities)		6,669		858,033
Atmos Energy Corp. (Gas Utilities)		4,506		448,708
Avangrid, Inc. (Electric Utilities)		2,049		86,017
Avista Corp. (Multi-Utilities)		2,479		90,211
Black Hills Corp. (Multi-Utilities)		2,312		130,998
CenterPoint Energy, Inc. (Multi-Utilities)		20,068		374,670
CMS Energy Corp. (Multi-Utilities)		10,545		616,039
Consolidated Edison, Inc. (Multi-Utilities)		12,309		885,386
Dominion Energy, Inc. (Multi-Utilities)		18,419		1,495,254
DTE Energy Co. (Multi-Utilities)		7,096		762,820
Duke Energy Corp. (Electric Utilities)		27,204		2,173,328
Edison International (Electric Utilities)		13,925		756,267
El Paso Electric Co. (Electric Utilities)		1,501		100,567
Entergy Corp. (Electric Utilities)		7,375		691,849
Essential Utilities, Inc. (Water Utilities)		8,216		347,044
Evergy, Inc. (Electric Utilities)		8,354		495,309
Eversource Energy (Electric Utilities)		12,396		1,032,215
Exelon Corp. (Electric Utilities)		35,900		1,302,811
FirstEnergy Corp. (Electric Utilities)		19,960		774,049
Hawaiian Electric Industries, Inc. (Electric Utilities)		4,021		144,997
IDACORP, Inc. (Electric Utilities)		1,859		162,421
MDU Resources Group, Inc. (Multi-Utilities)		7,388		163,866
National Fuel Gas Co. (Gas Utilities)		3,329		139,585
New Jersey Resources Corp. (Gas Utilities)		3,528		115,189
NextEra Energy, Inc. (Electric Utilities)		18,119		4,351,640
NiSource, Inc. (Multi-Utilities)		14,104		320,725
NorthWestern Corp. (Multi-Utilities)		1,860		101,407
NRG Energy, Inc. (Independent Power and Renewable Electricity Producers)		8,993		292,812
ONE Gas, Inc. (Gas Utilities)		1,948		150,093
Pinnacle West Capital Corp. (Electric Utilities)		4,145		303,787
PNM Resources, Inc. (Electric Utilities)		2,935		112,821
Portland General Electric Co. (Electric Utilities)		3,297		137,848
PPL Corp. (Electric Utilities)		28,324		731,892
Public Service Enterprise Group, Inc. (Multi-Utilities)		18,629		915,802
Sempra Energy (Multi-Utilities)		10,778		1,263,505
South Jersey Industries, Inc. (Gas Utilities)		3,407		85,141
Southwest Gas Holdings, Inc. (Gas Utilities)		2,031		140,241
Spire, Inc. (Gas Utilities)		1,888		124,060
The AES Corp. (Independent Power and Renewable Electricity Producers)		24,497		354,961
The Southern Co. (Electric Utilities)		27,957		1,449,570
UGI Corp. (Gas Utilities)		7,673		244,001
Vistra Energy Corp. (Independent Power and Renewable Electricity Producers)		16,561		308,366
WEC Energy Group, Inc. (Multi-Utilities)		11,622		1,018,668
Xcel Energy, Inc. (Electric Utilities)		19,344		1,209,000
TOTAL COMMON STOCKS (Cost $17,030,056)				30,402,104

Repurchase Agreements^(a) (1.2%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 0.02%–0.04%, dated 6/30/20, due 7/1/20, total to be received $378,000	$	378,000	$	378,000
TOTAL REPURCHASE AGREEMENTS (Cost $378,000)				378,000
TOTAL INVESTMENT SECURITIES (Cost $17,408,056)—98.2%				30,780,104
Net other assets (liabilities)—1.8%				575,242
NET ASSETS—100.0%			$	31,355,346

^(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.

336 :: ProFund VP Utilities :: Financial Statements

Total Return Swap Agreements – Long

Underlying Instrument	Counterparty	Termination Date	Rate Paid (Received)(1)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Utilities Index	Goldman Sachs International	7/23/20		1.47	%	$	1,002,426	$	(4,334	)

⁽¹⁾ Reflects the floating financing rate, as of June 30, 2020, 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 Utilities invested in the following industries as of June 30, 2020:

	Value		% of Net Assets
Electric Utilities	$	18,014,524		57.6	%
Gas Utilities		1,447,018		4.6	%
Independent Power and Renewable Electricity Producers		956,139		3.0	%
Multi-Utilities		8,779,346		28.0	%
Water Utilities		1,205,077		3.8	%
Other**		953,242		3.0	%
Total	$	31,355,346		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 Utilities :: 337

Statement of Assets and Liabilities (unaudited)

June 30, 2020

ASSETS:
Total Investment Securities, at cost	$	17,408,056
Securities, at value		30,402,104
Repurchase agreements, at value		378,000
Total Investment Securities, at value		30,780,104
Cash		425
Segregated cash balances for swap agreements with custodian		560,000
Dividends and interest receivable		50,730
Receivable for capital shares issued		57,354
Prepaid expenses		760
TOTAL ASSETS		31,449,373
LIABILITIES:
Payable for capital shares redeemed		9,343
Unrealized depreciation on swap agreements		4,334
Advisory fees payable		17,296
Management services fees payable		2,306
Administration fees payable		2,548
Administrative services fees payable		14,059
Distribution fees payable		13,513
Trustee fees payable		11
Transfer agency fees payable		2,078
Fund accounting fees payable		1,413
Compliance services fees payable		278
Other accrued expenses		26,848
TOTAL LIABILITIES		94,027
NET ASSETS	$	31,355,346
NET ASSETS CONSIST OF:
Capital	$	13,332,861
Total distributable earnings (loss)		18,022,485
NET ASSETS	$	31,355,346
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		714,491
Net Asset Value (offering and redemption price per share)	$	43.88

Statement of Operations (unaudited)

For the Six Months Ended June 30, 2020

INVESTMENT INCOME:
Dividends	$	594,916
Interest		4,768
TOTAL INVESTMENT INCOME		599,684
EXPENSES:
Advisory fees		138,965
Management services fees		18,528
Administration fees		17,299
Transfer agency fees		13,978
Administrative services fees		53,220
Distribution fees		46,322
Custody fees		2,530
Fund accounting fees		9,724
Trustee fees		536
Compliance services fees		278
Other fees		23,401
Total Gross Expenses before reductions		324,781
Expenses reduced and reimbursed by the Advisor		(13,499	)
TOTAL NET EXPENSES		311,282
NET INVESTMENT INCOME (LOSS)		288,402
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		(1,162,343	)
Net realized gains (losses) on swap agreements		(254,852	)
Change in net unrealized appreciation/depreciation on investment securities		(5,103,803	)
Change in net unrealized appreciation/depreciation on swap agreements		(20,426	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(6,541,424	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,253,022	)

See accompanying notes to financial statements.

338 :: ProFund VP Utilities :: Financial Statements

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	288,402		$	564,783
Net realized gains (losses) on investments		(1,417,195	)		7,959,576
Change in net unrealized appreciation/depreciation on investments		(5,124,229	)		(535,319	)
Change in net assets resulting from operations		(6,253,022	)		7,989,040
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions		—			(2,834,874	)
Change in net assets resulting from distributions		—			(2,834,874	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		16,823,269			41,363,727
Distributions reinvested		—			2,834,874
Value of shares redeemed		(23,490,852	)		(46,028,628	)
Change in net assets resulting from capital transactions		(6,667,583	)		(1,830,027	)
Change in net assets		(12,920,605	)		3,324,139
NET ASSETS:
Beginning of period		44,275,951			40,951,812
End of period	$	31,355,346		$	44,275,951
SHARE TRANSACTIONS:
Issued		344,317			845,893
Reinvested		—			60,613
Redeemed		(507,583	)		(952,580	)
Change in shares		(163,266	)		(46,074	)

See accompanying notes to financial statements.

Financial Highlights :: ProFund VP Utilities :: 339

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, 2020 (unaudited)			Year Ended Dec. 31, 2019			Year Ended Dec. 31, 2018			Year Ended Dec. 31, 2017			Year Ended Dec. 31, 2016			Year Ended Dec. 31, 2015
Net Asset Value, Beginning of Period	$	50.44		$	44.33		$	45.65		$	43.68		$	39.63		$	43.44
Investment Activities:
Net investment income (loss)(a)		0.37			0.67			0.79			0.76			0.74			0.77
Net realized and unrealized gains (losses) on investments		(6.93	)		9.18			0.39			3.89			5.26			(3.55	)
Total income (loss) from investment activities		(6.56	)		9.85			1.18			4.65			6.00			(2.78	)
Distributions to Shareholders From:
Net investment income		—			(0.79	)		(1.00	)		(1.02	)		(0.68	)		(0.84	)
Net realized gains on investments		—			(2.95	)		(1.50	)		(1.66	)		(1.27	)		(0.19	)
Total distributions		—			(3.74	)		(2.50	)		(2.68	)		(1.95	)		(1.03	)
Net Asset Value, End of Period	$	43.88		$	50.44		$	44.33		$	45.65		$	43.68		$	39.63
Total Return(b)		(13.01	)%		22.88	%		2.89	%		10.64	%		15.07	%		(6.40	)%
Ratios to Average Net Assets:
Gross expenses(c)		1.75	%		1.74	%		1.79	%		1.72	%		1.71	%		1.73	%
Net expenses(c)		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%		1.68	%
Net investment income (loss)(c)		1.56	%		1.38	%		1.78	%		1.62	%		1.68	%		1.91	%
Supplemental Data:
Net assets, end of period (000's)	$	31,355		$	44,276		$	40,952		$	38,464		$	40,197		$	30,117
Portfolio turnover rate(b)(d)		29	%		209	%		108	%		60	%		97	%		59	%

^(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.

This Page Intentionally Left Blank

Notes to Financial Statements

342 :: Notes to Financial Statements :: June 30, 2020 (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 Bull

ProFund VP Dow 30

ProFund VP Emerging Markets

ProFund VP Europe 30

ProFund VP International

ProFund VP Japan

ProFund VP Large-Cap Growth

ProFund VP Large-Cap Value

ProFund VP Mid-Cap

ProFund VP Mid-Cap Growth

ProFund VP Mid-Cap Value

ProFund VP Nasdaq-100

ProFund VP Small-Cap

ProFund VP Small-Cap Growth

ProFund VP Small-Cap Value

Ultra ProFunds VP:

ProFund VP UltraBull

ProFund VP UltraMid-Cap

ProFund VP UltraNasdaq-100

ProFund VP UltraSmall-Cap

Inverse ProFunds VP:

ProFund VP Bear

ProFund VP Short Dow 30

ProFund VP Short Emerging Markets

ProFund VP Short International

ProFund VP Short Mid-Cap

ProFund VP Short Nasdaq-100

ProFund VP Short Small-Cap

ProFund VP UltraShort Dow 30

ProFund VP UltraShort Nasdaq-100

Sector ProFunds VP:

ProFund VP Banks

ProFund VP Basic Materials

ProFund VP Biotechnology

ProFund VP Consumer Goods

ProFund VP Consumer Services

ProFund VP Financials

ProFund VP Health Care

ProFund VP Industrials

ProFund VP Internet

ProFund VP Oil & Gas

ProFund VP Pharmaceuticals

ProFund VP Precious Metals

ProFund VP Real Estate

ProFund VP Semiconductor

ProFund VP Technology

ProFund VP Telecommunications

ProFund VP Utilities

Non-Equity ProFunds VP:

ProFund VP Falling U.S. Dollar

ProFund VP Rising Rates Opportunity

ProFund VP U.S. Government Plus

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, 2020 (unaudited) :: Notes to Financial Statements :: 343

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 business day. 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 will always 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. Repurchase agreements usually are for short periods, such as one week or less, but may be longer. It is the current policy of the ProFunds VP not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the ProFund VP, amounts to more than 15% of the ProFund VP's total net assets. The investments of each of the ProFunds VP in repurchase agreements at times may be substantial when, in the view of the Advisor, liquidity, investment, regulatory, or other considerations so warrant. 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, 2020, 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	Canadian Imperial Bank of Canada, 0.02% dated 6/30/20, due 7/1/20(1)		HSBC Securities (USA), Inc., 0.02% dated 6/30/20, due 7/1/20(2)		RBC Capital Markets, LLC, 0.03% dated 6/30/20, due 7/1/20(3)		Societe' Generale, 0.04% dated 6/30/20, due 7/1/20(4)		UMB Bank N.A., 0.02% dated 6/30/20, due 7/1/20(5)
ProFund VP Banks	$	5,000	$	8,000	$	28,000	$	16,000	$	4,000
ProFund VP Basic Materials		3,000		5,000		16,000		9,000		2,000
ProFund VP Bear		408,000		614,000		1,965,000		1,125,000		126,000
ProFund VP Biotechnology		166,000		249,000		799,000		458,000		51,000
ProFund VP Bull		2,040,000		3,060,000		9,793,000		5,610,000		609,000
ProFund VP Consumer Goods		26,000		40,000		128,000		73,000		9,000
ProFund VP Consumer Services		39,000		58,000		187,000		107,000		14,000
ProFund VP Dow 30		40,000		62,000		204,000		116,000		21,000
ProFund VP Emerging Markets		37,000		55,000		181,000		103,000		17,000
ProFund VP Falling U.S. Dollar		36,000		55,000		179,000		102,000		18,000

344 :: Notes to Financial Statements :: June 30, 2020 (unaudited)

Fund Name	Canadian Imperial Bank of Canada, 0.02% dated 6/30/20, due 7/1/20(1)		HSBC Securities (USA), Inc., 0.02% dated 6/30/20, due 7/1/20(2)			RBC Capital Markets, LLC, 0.03% dated 6/30/20, due 7/1/20(3)		Societe' Generale, 0.04% dated 6/30/20, due 7/1/20(4)		UMB Bank N.A., 0.02% dated 6/30/20, due 7/1/20(5)
ProFund VP Financials	$	31,000	$	46,000		$	148,000	$	85,000	$	11,000
ProFund VP Government Money Market		1,159,000		1,739,000			5,567,000		3,189,000		345,000
ProFund VP Health Care		28,000		43,000			139,000		79,000		11,000
ProFund VP Industrials		4,000		6,000			21,000		12,000		4,000
ProFund VP International		555,000		834,000			2,670,000		1,528,000		170,000
ProFund VP Internet		86,000		129,000			415,000		237,000		28,000
ProFund VP Japan		629,000		944,000			3,023,000		1,732,000		188,000
ProFund VP Large-Cap Growth		2,000		3,000			11,000		6,000		3,000
ProFund VP Mid-Cap		723,000		1,085,000			3,475,000		1,989,000		220,000
ProFund VP Mid-Cap Growth		1,000		2,000			7,000		4,000		2,000
ProFund VP Mid-Cap Value		5,000		8,000			26,000		15,000		4,000
ProFund VP Nasdaq-100		4,279,000		6,419,000			20,545,000		11,770,000		1,270,000
ProFund VP Oil & Gas		32,000		49,000			157,000		90,000		11,000
ProFund VP Precious Metals		3,742,000		5,613,000			17,965,000		10,292,000		1,111,000
ProFund VP Real Estate		1,000		2,000			7,000		4,000		2,000
ProFund VP Rising Rates Opportunity		433,000		651,000	��		2,085,000		1,194,000		133,000
ProFund VP Semiconductor		4,000		6,000			19,000		11,000		2,000
ProFund VP Short Dow 30		39,000		60,000			195,000		110,000		19,000
ProFund VP Short Emerging Markets		134,000		202,000			649,000		371,000		46,000
ProFund VP Short International		76,000		115,000			371,000		211,000		30,000
ProFund VP Short Mid-Cap		17,000		27,000			88,000		50,000		12,000
ProFund VP Short Nasdaq-100		1,424,000		2,136,000			6,842,000		3,919,000		428,000
ProFund VP Short Small-Cap		179,000		270,000			870,000		498,000		60,000
ProFund VP Small-Cap		385,000		578,000			1,852,000		1,060,000		122,000
ProFund VP Small-Cap Growth		4,000		7,000			23,000		13,000		3,000
ProFund VP Technology		94,000		141,000			452,000		259,000		29,000
ProFund VP Telecommunications		5,000		8,000			25,000		14,000		4,000
ProFund VP UltraBull		390,000		584,000			1,874,000		1,072,000		120,000
ProFund VP UltraMid-Cap		270,000		404,000			1,299,000		745,000		86,000
ProFund VP UltraNasdaq-100		4,215,000		6,324,000			20,242,000		11,596,000		1,254,000
ProFund VP UltraShort Dow 30		—		—			—		—		2,000
ProFund VP UltraShort Nasdaq-100		1,102,000		1,654,000			5,293,000		3,032,000		329,000
ProFund VP UltraSmall-Cap		635,000		954,000			3,054,000		1,750,000		194,000
ProFund VP U.S. Government Plus		2,358,000		3,537,000			11,323,000		6,487,000		702,000
ProFund VP Utilities		36,000		54,000			175,000		100,000		13,000
	$	25,877,000	$	38,840,000		$	124,387,000	$	71,243,000	$	7,839,000

Each repurchase agreement was fully collateralized by U.S. government and/or agency securities as of June 30, 2020 as follows:

⁽¹⁾ U.S. Treasury Notes, 2.25%, due 11/15/27, total value $26,400,432.

⁽²⁾ U.S. Treasury Separate Trading of Registered Interest and Principal of Securities (STRIPS), effective yield or interest rate in effect at June 30, 2020, 1.085%, due 8/15/39, total value $39,654,270.

⁽³⁾ U.S. Treasury Notes, 2.75%, due 2/15/24, total value $126,879,566.

⁽⁴⁾ U.S. Treasury Notes, 2.25%, due 11/15/27, total value $72,673,898.

⁽⁵⁾ Federal Home Loan Bank, 3.375%, due 12/8/23, Federal Farm Credit Banks, 2.61%, due 2/27/24, which had an aggregate value of $8,058,055.

Depositary Receipts

Each ProFund VP, other than the ProFund VP Government Money Market, 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.

The ProFunds VP may invest in both sponsored and unsponsored depositary receipts. Certain depositary receipts, typically those designated as "unsponsored", require the holders thereof to bear most of the costs of such facilities, while issuers of "sponsored" facilities normally pay more of the cost thereof. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited securities or to pass through the voting rights to facility holders with respect to the deposited securities, whereas the depository of a sponsored facility typically distributes shareholder communications and passes through the voting rights.

June 30, 2020 (unaudited) :: Notes to Financial Statements :: 345

Real Estate Investment Trusts

Each ProFund VP (other than the Non-Equity ProFunds VP and the ProFund VP Government Money Market) may invest in real estate investment trusts ("REITs") which report information on the source of their distributions annually. Equity REITs invest primarily in real property while mortgage REITs invest in constructions, development and long-term mortgage loans. Their value may be affected by changes in the value of the underlying property of the REITs, the creditworthiness of the issuer, property taxes, interest rates, and tax regulatory requirements, such as those relating to the environment. 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. Certain ProFunds VP may obtain investment exposure through 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, 2020, 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, 2020. 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 year 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 and ProFund VP Semiconductor was 10% and 9%, respectively, based on average monthly notional amounts in comparison to net assets during the period ended June 30, 2020.

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.

346 :: Notes to Financial Statements :: June 30, 2020 (unaudited)

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.

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 respective 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, 2020, 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

June 30, 2020 (unaudited) :: Notes to Financial Statements :: 347

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 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. 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 respective ProFund VP. 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, 2020, the collateral posted by counterparties consisted of U.S. Treasury securities.

The use of swaps is a highly specialized activity which involves investment techniques and risks in addition to and in some cases

348 :: Notes to Financial Statements :: June 30, 2020 (unaudited)

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.

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, 2020.

	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	$	—	$	—	$	—	$	—	$	6,898	$	—
ProFund VP Basic Materials		—		—		—		—		7,066		—
ProFund VP Bear		22,692		—		—		—		54,656		—
ProFund VP Biotechnology		—		—		—		—		4,093		—
ProFund VP Bull		—		210,942		—		240,709		—		—
ProFund VP Consumer Goods		—		—		—		—		11,780		—
ProFund VP Consumer Services		—		—		—		—		20,532		—
ProFund VP Dow 30		—		3,731		—		—		—		—
ProFund VP Emerging Markets		—		438		—		—		—		—
ProFund VP Financials		—		—		—		—		7,303		—
ProFund VP Health Care		—		—		—		—		4,517		—
ProFund VP Industrials		—		—		—		—		132		—
ProFund VP International		—		—		—		—		12,520		—
ProFund VP Internet		—		—		—		—		5,720		—
ProFund VP Japan		—		—		—		263,828		167		—
ProFund VP Mid-Cap		—		90,328		—		28,487		—		—
ProFund VP Nasdaq-100		114,553		757,540		—		—		—		—
ProFund VP Oil & Gas		—		—		—		—		26,985		—
ProFund VP Pharmaceuticals		—		—		—		—		4,267		—
ProFund VP Precious Metals		—		1,565,171		—		—		—		—
ProFund VP Real Estate		—		—		—		—		8,293		—
ProFund VP Semiconductor		—		—		—		—		1,367		—
ProFund VP Short Dow 30		—		—		—		—		3,567		—
ProFund VP Short Emerging Markets		—		—		—		—		1,551		—
ProFund VP Short International		—		1,727		—		—		—		—
ProFund VP Short Mid-Cap		—		—		—		—		2,566		—
ProFund VP Short Nasdaq-100		—		—		—		1,176		285,241		—
ProFund VP Short Small-Cap		2,617		—		—		—		24,743		—
ProFund VP Small-Cap		—		50,974		—		7,869		—		—
ProFund VP Technology		—		—		—		—		1,848		—
ProFund VP Telecommunications		—		—		—		—		1,516		—
ProFund VP UltraBull		—		224,448		—		27,250		—		—
ProFund VP UltraMid-Cap		—		128,597		—		42,730		—		—
ProFund VP UltraNasdaq-100		133,030		2,947,536		—		—		—		—
ProFund VP UltraShort Dow 30		—		—		—		—		48		—
ProFund VP UltraShort Nasdaq-100		—		—		—		—		354,338		—
ProFund VP UltraSmall-Cap		4,685		258,887		—		—		—		—
ProFund VP Utilities		—		—		—		—		4,334		—

June 30, 2020 (unaudited) :: Notes to Financial Statements :: 349

	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
Foreign Exchange Rate Risk Exposure:
ProFund VP Falling U.S. Dollar	$	—	$	—	$	817	$	—	$	—	$	1,559
Interest Rate Risk Exposure:
ProFund VP Rising Rates Opportunity		—		—		—		—		84,918		—
ProFund VP U.S. Government Plus		—		229,643		—		—		—		—

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedules of Portfolio 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, 2020.

	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	$	—		$	(97,372	)	$	—	$	—		$	(8,186	)	$	—
ProFund VP Basic Materials		—			(91,985	)		—		—			(9,030	)		—
ProFund VP Bear		(6,910	)		(934,746	)		—		37,425			(61,706	)		—
ProFund VP Biotechnology		—			(21,413	)		—		—			16,399			—
ProFund VP Bull		72,105			(1,528,658	)		—		(396,311	)		248,650			—
ProFund VP Consumer Goods		—			12,923			—		—			(12,001	)		—
ProFund VP Consumer Services		—			(61,543	)		—		—			(26,137	)		—
ProFund VP Dow 30		—			(12,672	)		—		—			4,983			—
ProFund VP Emerging Markets		—			(154,853	)		—		—			18,930			—
ProFund VP Financials		—			(71,282	)		—		—			(10,027	)		—
ProFund VP Health Care		—			(1,879	)		—		—			2,651			—
ProFund VP Industrials		—			(109,550	)		—		—			2,317			—
ProFund VP International		—			(652,173	)		—		—			7,529			—
ProFund VP Internet		—			21,178			—		—			(4,969	)		—
ProFund VP Japan		(259,193	)		5,889			—		(277,426	)		(167	)		—
ProFund VP Mid-Cap		(510,736	)		(932,694	)		—		(54,374	)		88,090			—
ProFund VP Nasdaq-100		1,575,127			1,844,498			—		(296,166	)		863,031			—
ProFund VP Oil & Gas		—			(179,112	)		—		—			(25,436	)		—
ProFund VP Pharmaceuticals		—			(15,576	)		—		—			(234	)		—
ProFund VP Precious Metals		—			2,332,339			—		—			99,378			—
ProFund VP Real Estate		—			(79,743	)		—		—			(12,053	)		—
ProFund VP Semiconductor		—			(41,587	)		—		—			(61	)		—
ProFund VP Short Dow 30		—			(43,068	)		—		—			(3,612	)		—
ProFund VP Short Emerging Markets		—			(222,804	)		—		—			(8,169	)		—
ProFund VP Short International		—			(162,433	)		—		—			(230	)		—
ProFund VP Short Mid-Cap		—			139,689			—		—			(2,492	)		—
ProFund VP Short Nasdaq-100		(145,848	)		(408,200	)		—		3,962			(317,352	)		—
ProFund VP Short Small-Cap		24,502			160,660			—		7,924			(24,577	)		—
ProFund VP Small-Cap		(18,721	)		(1,200,636	)		—		(15,278	)		50,795			—
ProFund VP Technology		—			9,536			—		—			(4,999	)		—
ProFund VP Telecommunications		—			(5,552	)		—		—			(1,546	)		—
ProFund VP UltraBull		(810,031	)		(7,319,980	)		—		(27,250	)		308,295			—
ProFund VP UltraMid-Cap		40,773			(4,410,660	)		—		(49,790	)		124,608			—
ProFund VP UltraNasdaq-100		(2,263,757	)		5,962,267			—		(595,996	)		3,453,127			—
ProFund VP UltraShort Dow 30		—			67,280			—		—			(74	)		—
ProFund VP UltraShort Nasdaq-100		9,006			810,138			—		—			(363,559	)		—
ProFund VP UltraSmall-Cap		(833,296	)		(4,616,826	)		—		(12,347	)		273,587			—
ProFund VP Utilities		—			(254,852	)		—		—			(20,426	)		—

350 :: Notes to Financial Statements :: June 30, 2020 (unaudited)

	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
Foreign Exchange Rate Risk Exposure:
ProFund VP Falling U.S. Dollar	$	—		$	—		$	(14,514	)	$	—	$	—		$	(4,504	)
Interest Rate Risk Exposure:
ProFund VP Rising Rates Opportunity		(7,912	)		(1,538,650	)		—			—		(194,462	)		—
ProFund VP U.S. Government Plus		(54,877	)		3,233,762			—			11		504,527			—

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the ProFunds VP for swap agreements and forward currency contracts as of June 30, 2020. 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*
	Gross 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	$	(6,898	)	$	—	$	6,898	$	—
ProFund VP Basic Materials
Swap Agreements — Goldman Sachs International		(7,066	)		—		7,066		—
ProFund VP Bear
Swap Agreements — Goldman Sachs International		(42,062	)		42,062		—		—
Swap Agreements — UBS AG		(12,594	)		12,594		—		—
ProFund VP Biotechnology
Swap Agreements — Goldman Sachs International		(4,093	)		—		4,093		—
ProFund VP Bull
Swap Agreements — Goldman Sachs International		101,451			—		—		101,451
Swap Agreements — UBS AG		109,491			—		—		109,491
ProFund VP Consumer Goods
Swap Agreements — Goldman Sachs International		(11,780	)		—		—		(11,780	)
ProFund VP Consumer Services
Swap Agreements — Goldman Sachs International		(20,532	)		—		20,532		—
ProFund VP Dow 30
Swap Agreements — Goldman Sachs International		2,478			—		—		2,478
Swap Agreements — UBS AG		1,253			—		—		1,253
ProFund VP Emerging Markets
Swap Agreements — Goldman Sachs International		102			—		—		102
Swap Agreements — UBS AG		336			—		—		336
ProFund VP Falling U.S. Dollar
Forward Currency Contracts — Goldman Sachs International
Appreciation		119
(Depreciation)		(220	)
Net (Depreciation)		(101	)		101		—		—
Forward Currency Contracts — UBS AG
Appreciation		698
(Depreciation)		(1,339	)
Net (Depreciation)		(641	)		641		—		—
ProFund VP Financials
Swap Agreements — Goldman Sachs International		(7,303	)		—		—		(7,303	)

June 30, 2020 (unaudited) :: Notes to Financial Statements :: 351

	Gross Amounts Not Offset in the Statement of Assets and Liabilities*
	Gross Asset (Liability) as presented in the Statement of Assets and Liabilities			Financial Instruments (Received) Pledged**			Cash Collateral (Received) Pledged		Net Amount
ProFund VP Health Care
Swap Agreements — Goldman Sachs International	$	(4,517	)	$	—		$	4,517	$	—
ProFund VP Industrials
Swap Agreements — Goldman Sachs International		(132	)		—			—		(132	)
ProFund VP International
Swap Agreements — Goldman Sachs International		(6,572	)		6,572			—		—
Swap Agreements — UBS AG		(5,948	)		5,948			—		—
ProFund VP Internet
Swap Agreements — Goldman Sachs International		(5,720	)		—			—		(5,720	)
ProFund VP Japan
Swap Agreements — Goldman Sachs International		(167	)		—			—		(167	)
ProFund VP Mid-Cap
Swap Agreements — Goldman Sachs International		20,061			—			—		20,061
Swap Agreements — UBS AG		70,267			—			—		70,267
ProFund VP Nasdaq-100
Swap Agreements — Goldman Sachs International		285,040			(285,040	)		—		—
Swap Agreements — UBS AG		472,500			(472,500	)		—		—
ProFund VP Oil & Gas
Swap Agreements — Goldman Sachs International		(26,985	)		—			26,985		—
ProFund VP Pharmaceuticals
Swap Agreements — Goldman Sachs International		(4,267	)		—			4,267		—
ProFund VP Precious Metals
Swap Agreements — Goldman Sachs International		888,586			(186,748	)		—		701,838
Swap Agreements — UBS AG		676,585			—			—		676,585
ProFund VP Real Estate
Swap Agreements — Goldman Sachs International		(8,293	)		—			—		(8,293	)
ProFund VP Rising Rates Opportunity
Swap Agreements — Citibank North America		(67,074	)		67,074			—		—
Swap Agreements — Societe' Generale		(17,844	)		—			—		(17,844	)
ProFund VP Semiconductor
Swap Agreements — Goldman Sachs International		(1,367	)		—			1,367		—
ProFund VP Short Dow 30
Swap Agreements — Goldman Sachs International		(3,369	)		3,369			—		—
Swap Agreements — UBS AG		(198	)		198			—		—
ProFund VP Short Emerging Markets
Swap Agreements — Goldman Sachs International		(520	)		520			—		—
Swap Agreements — UBS AG		(1,031	)		1,031			—		—
ProFund VP Short International
Swap Agreements — Goldman Sachs International		931			—			—		931
Swap Agreements — UBS AG		796			—			—		796
ProFund VP Short Mid-Cap
Swap Agreements — Goldman Sachs International		(1,673	)		1,673			—		—
Swap Agreements — UBS AG		(893	)		893			—		—
ProFund VP Short Nasdaq-100
Swap Agreements — Goldman Sachs International		(266,769	)		266,769			—		—
Swap Agreements — UBS AG		(18,472	)		18,472			—		—
ProFund VP Short Small-Cap
Swap Agreements — Goldman Sachs International		(3,808	)		3,808			—		—
Swap Agreements — UBS AG		(20,935	)		20,935			—		—
ProFund VP Small-Cap
Swap Agreements — Goldman Sachs International		32,849			—			—		32,849
Swap Agreements — UBS AG		18,125			—			—		18,125
ProFund VP Technology
Swap Agreements — Goldman Sachs International		(1,848	)		—			1,848		—
ProFund VP Telecommunications
Swap Agreements — Goldman Sachs International		(1,516	)		—			—		(1,516	)
ProFund VP UltraBull
Swap Agreements — Goldman Sachs International		111,362			(111,362	)		—		—
Swap Agreements — UBS AG		113,086			—			—		113,086

352 :: Notes to Financial Statements :: June 30, 2020 (unaudited)

	Gross Amounts Not Offset in the Statement of Assets and Liabilities*
	Gross 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	$	67,069		$	—		$	—	$	67,069
Swap Agreements — UBS AG		61,528			—			—		61,528
ProFund VP UltraNasdaq-100
Swap Agreements — Goldman Sachs International		1,444,809			(1,444,809	)		—		—
Swap Agreements — UBS AG		1,502,727			—			—		1,502,727
ProFund VP UltraShort Dow 30
Swap Agreements — Goldman Sachs International		(11	)		—			—		(11	)
Swap Agreements — UBS AG		(37	)		37			—		—
ProFund VP UltraShort Nasdaq-100
Swap Agreements — Goldman Sachs International		(348,661	)		348,661			—		—
Swap Agreements — UBS AG		(5,677	)		—			—		(5,677	)
ProFund VP UltraSmall-Cap
Swap Agreements — Goldman Sachs International		169,418			—			—		169,418
Swap Agreements — UBS AG		89,469			—			—		89,469
ProFund VP U.S. Government Plus
Swap Agreements — Citibank North America		145,001			—			—		145,001
Swap Agreements — Societe' Generale		84,642			(84,642	)		—		—
ProFund VP Utilities
Swap Agreements — Goldman Sachs International		(4,334	)		—			4,334		—

* 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 received are not disclosed on the Statement of Assets and Liabilities because the Fund does not have effective control of the collateral.

Securities Lending:

Each ProFund VP may lend securities to brokers, dealers and financial organizations in exchange for initial collateral in the amount of at least 102% of the value of U.S. dollar-denominated securities loaned or at least 105% of the value of non-U.S. dollar-denominated securities loaned, marked to market daily. Each security loaned will be secured continuously by collateral in the form of cash, money market instruments or U.S. Government securities with a market value of at least 100% of the market value of the loaned securities. When a ProFund VP lends its securities, it continues to receive payments equal to the dividends and interest paid on the securities loaned and simultaneously may earn interest on the reinvestment of the cash collateral. Any cash collateral received by the ProFund VP in connection with these loans may be reinvested in a variety of short-term investments. Any non-cash collateral received by the ProFund VP in connection with these loans may not be sold or pledged by the ProFund VP and, accordingly, is not reflected in the ProFund VP's assets and liabilities. The ProFunds VP may incur fees and expenses in connection with the reinvestment of cash collateral. For security loans collateralized by cash, borrowers may be entitled to receive a fee based on the amount of collateral. The ProFunds VP are typically compensated by the difference between the amount earned on the reinvestment of cash collateral and any fees paid to the borrower. Although voting and other rights attendant to securities loaned pass to the borrower, such loans may be recalled so that the securities may be voted by the ProFund VP if a material event affecting the ProFund VP's investment in the securities on loan is to occur. Security loans are subject to termination by the ProFund VP or the borrower at any time. No securities loan shall be made on behalf of a ProFund VP if, as a result, the aggregate value of all securities loaned by the particular ProFund VP exceeds one-third of the value of such ProFund VP's total assets (including the value of the collateral received).

Securities lending involves exposure to certain risks, including "gap" risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and any fees a ProFund VP has agreed to pay a borrower), operational risk (i.e., the risk of losses resulting from problems in the settlement and the accounting process), legal, counterparty and credit risk. If a securities lending counterparty were to default, a ProFund VP would be subject to the risk of a possible delay in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a borrower does not return a ProFund VP's securities as agreed, the ProFund VP may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. This event could trigger adverse tax consequences for a ProFund VP. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market. A ProFund VP could lose money if its short-term reinvestment of the collateral declines in value over the period of the loan. The market value of the loaned securities is determined at the close of each business day of the ProFund VP and any additional required collateral is delivered to the ProFund VP, or excess collateral returned by the ProFund VP, on the next business day. 

June 30, 2020 (unaudited) :: Notes to Financial Statements :: 353

The following table is a summary of the ProFunds VP' securities lending transactions as of June 30, 2020:

	Value of Securities on Loan		Value of Cash Collateral Received*
ProFund VP Asia 30	$	99,888	$	113,925
ProFund VP Basic Materials		17,350		18,023
ProFund VP Biotechnology		260,034		261,739
ProFund VP Bull		197,728		200,603
ProFund VP Consumer Goods		24,456		25,423
ProFund VP Consumer Services		104,162		108,827
ProFund VP Emerging Markets		117,080		120,398
ProFund VP Europe 30		1,063,436		1,098,124
ProFund VP Financials		9,779		10,099
ProFund VP Health Care		92,974		93,686
ProFund VP Internet		280,922		281,154
ProFund VP Large-Cap Growth		2,845		2,845
ProFund VP Large-Cap Value		12,848		13,506
ProFund VP Mid-Cap Growth		134,136		138,068
ProFund VP Mid-Cap Value		64,024		66,613
ProFund VP Nasdaq-100		290,810		291,051
ProFund VP Oil & Gas		48,390		49,020
ProFund VP Pharmaceuticals		27,143		28,285
ProFund VP Real Estate		12,334		12,787
ProFund VP Small-Cap		64,183		67,490
ProFund VP Small-Cap Growth		200,694		205,090
ProFund VP Small-Cap Value		391,019		407,947
ProFund VP Technology		52,763		53,067
ProFund VP Telecommunications		652		585
ProFund VP UltraBull		3,333		3,504
ProFund VP UltraMid-Cap		35,362		36,532
ProFund VP UltraNasdaq-100		254,808		255,019
ProFund VP UltraSmall-Cap		96,068		100,361

* Collateral received in the form of cash was reinvested in securities shown in the Collateral for Securities Loaned section of the Schedule of Portfolio Investments.

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. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash, if any, are recorded at the fair value of the securities received. 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.

354 :: Notes to Financial Statements :: June 30, 2020 (unaudited)

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.

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."

Expense Reimbursement from a Third Party

During 2018, certain ProFunds VP received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. The corresponding impacts to the respective ProFund VP's Total Return and Ratios to Average Net Assets in the Financial Highlights are disclosed in a footnote to that ProFund VP's Financial Highlights.

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.

Security prices are generally valued at their fair 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 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 fair 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 be valued by other methods that the Board of Trustees believes accurately reflects fair value. The use of

June 30, 2020 (unaudited) :: Notes to Financial Statements :: 355

such a fair valuation method may be appropriate if, for example: (i) market quotations do not accurately reflect fair value of an investment; (ii) an investment's value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded; (iii) a trading halt closes an exchange or market early; or (iv) other events result in an exchange or market delaying its normal close. Any such fair valuations will be conducted pursuant to Board-approved fair valuation procedures. 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 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, 2020, 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, 2020, 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	$	21,464,894	$	—		$	—	$	—		$	21,464,894	$	—
Collateral for Securities Loaned		113,925		—			—		—			113,925		—
Total	$	21,578,819	$	—		$	—	$	—		$	21,578,819	$	—
ProFund VP Banks
Common Stocks	$	3,102,290	$	—		$	—	$	—		$	3,102,290	$	—
Repurchase Agreements		—		—			61,000		—			61,000		—
Swap Agreements		—		—			—		(6,898	)		—		(6,898	)
Total	$	3,102,290	$	—		$	61,000	$	(6,898	)	$	3,163,290	$	(6,898	)
ProFund VP Basic Materials
Common Stocks	$	8,812,761	$	—		$	—	$	—		$	8,812,761	$	—
Repurchase Agreements		—		—			35,000		—			35,000		—
Collateral for Securities Loaned		18,023		—			—		—			18,023		—
Swap Agreements		—		—			—		(7,066	)		—		(7,066	)
Total	$	8,830,784	$	—		$	35,000	$	(7,066	)	$	8,865,784	$	(7,066	)
ProFund VP Bear
Repurchase Agreements	$	—	$	—		$	4,238,000	$	—		$	4,238,000	$	—
Futures Contracts		—		22,692			—		—			—		22,692
Swap Agreements		—		—			—		(54,656	)		—		(54,656	)
Total	$	—	$	22,692		$	4,238,000	$	(54,656	)	$	4,238,000	$	(31,964	)
ProFund VP Biotechnology
Common Stocks	$	56,317,409	$	—		$	—	$	—		$	56,317,409	$	—
Repurchase Agreements		—		—			1,723,000		—			1,723,000		—
Collateral for Securities Loaned		261,739		—			—		—			261,739		—
Swap Agreements		—		—			—		(4,093	)		—		(4,093	)
Total	$	56,579,148	$	—		$	1,723,000	$	(4,093	)	$	58,302,148	$	(4,093	)
ProFund VP Bull
Common Stocks	$	34,157,483	$	—		$	—	$	—		$	34,157,483	$	—
Repurchase Agreements		—		—			21,112,000		—			21,112,000		—
Collateral for Securities Loaned		200,603		—			—		—			200,603		—
Futures Contracts		—		(240,709	)		—		—			—		(240,709	)
Swap Agreements		—		—			—		210,942			—		210,942
Total	$	34,358,086	$	(240,709	)	$	21,112,000	$	210,942		$	55,470,086	$	(29,767	)

356 :: Notes to Financial Statements :: June 30, 2020 (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 Consumer Goods
Common Stocks	$	12,022,499	$	—	$	—	$	—		$	12,022,499	$	—
Repurchase Agreements		—		—		276,000		—			276,000		—
Collateral for Securities Loaned		25,423		—		—		—			25,423		—
Swap Agreements		—		—		—		(11,780	)		—		(11,780	)
Total	$	12,047,922	$	—	$	276,000	$	(11,780	)	$	12,323,922	$	(11,780	)
ProFund VP Consumer Services
Common Stocks	$	23,785,130	$	—	$	—	$	—		$	23,785,130	$	—
Repurchase Agreements		—		—		405,000		—			405,000		—
Collateral for Securities Loaned		108,827		—		—		—			108,827		—
Swap Agreements		—		—		—		(20,532	)		—		(20,532	)
Total	$	23,893,957	$	—	$	405,000	$	(20,532	)	$	24,298,957	$	(20,532	)
ProFund VP Dow 30
Repurchase Agreements	$	—	$	—	$	443,000	$	—		$	443,000	$	—
Swap Agreements		—		—		—		3,731			—		3,731
Total	$	—	$	—	$	443,000	$	3,731		$	443,000	$	3,731
ProFund VP Emerging Markets
Common Stocks	$	14,708,353	$	—	$	—	$	—		$	14,708,353	$	—
Preferred Stocks		225,200		—		—		—			225,200		—
Repurchase Agreements		—		—		393,000		—			393,000		—
Collateral for Securities Loaned		120,398		—		—		—			120,398		—
Swap Agreements		—		—		—		438			—		438
Total	$	15,053,951	$	—	$	393,000	$	438		$	15,446,951	$	438
ProFund VP Europe 30
Common Stocks	$	14,478,181	$	—	$	—	$	—		$	14,478,181	$	—
Collateral for Securities Loaned		1,098,124		—		—		—			1,098,124		—
Total	$	15,576,305	$	—	$	—	$	—		$	15,576,305	$	—
ProFund VP Falling U.S. Dollar
Repurchase Agreements	$	—	$	—	$	390,000	$	—		$	390,000	$	—
Forward Currency Contracts		—		—		—		(742	)		—		(742	)
Total	$	—	$	—	$	390,000	$	(742	)	$	390,000	$	(742	)
ProFund VP Financials
Common Stocks	$	24,005,277	$	—	$	—	$	—		$	24,005,277	$	—
Repurchase Agreements		—		—		321,000		—			321,000		—
Collateral for Securities Loaned		10,099		—		—		—			10,099		—
Swap Agreements		—		—		—		(7,303	)		—		(7,303	)
Total	$	24,015,376	$	—	$	321,000	$	(7,303	)	$	24,336,376	$	(7,303	)
ProFund VP Government Money Market
U.S. Treasury Obligations	$	—	$	—	$	39,985,045	$	—		$	39,985,045	$	—
Repurchase Agreements		—		—		11,999,000		—			11,999,000		—
Total	$	—	$	—	$	51,984,045	$	—		$	51,984,045	$	—
ProFund VP Health Care
Common Stocks	$	46,838,041	$	—	$	—	$	—		$	46,838,041	$	—
Repurchase Agreements		—		—		300,000		—			300,000		—
Collateral for Securities Loaned		93,686		—		—		—			93,686		—
Swap Agreements		—		—		—		(4,517	)		—		(4,517	)
Total	$	46,931,727	$	—	$	300,000	$	(4,517	)	$	47,231,727	$	(4,517	)

June 30, 2020 (unaudited) :: Notes to Financial Statements :: 357

	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 Industrials
Common Stocks	$	11,431,953	$	—		$	—	$	—		$	11,431,953	$	—
Preferred Stock		5		—			—		—			5		—
Repurchase Agreements		—		—			47,000		—			47,000		—
Swap Agreements		—		—			—		(132	)		—		(132	)
Total	$	11,431,958	$	—		$	47,000	$	(132	)	$	11,478,958	$	(132	)
ProFund VP International
Repurchase Agreements	$	—	$	—		$	5,757,000	$	—		$	5,757,000	$	—
Swap Agreements		—		—			—		(12,520	)		—		(12,520	)
Total	$	—	$	—		$	5,757,000	$	(12,520	)	$	5,757,000	$	(12,520	)
ProFund VP Internet
Common Stocks	$	21,314,471	$	—		$	—	$	—		$	21,314,471	$	—
Repurchase Agreements		—		—			895,000		—			895,000		—
Collateral for Securities Loaned		281,154		—			—		—			281,154		—
Swap Agreements		—		—			—		(5,720	)		—		(5,720	)
Total	$	21,595,625	$	—		$	895,000	$	(5,720	)	$	22,490,625	$	(5,720	)
ProFund VP Japan
Repurchase Agreements	$	—	$	—		$	6,516,000	$	—		$	6,516,000	$	—
Futures Contracts		—		(263,828	)		—		—			—		(263,828	)
Swap Agreements		—		—			—		(167	)		—		(167	)
Total	$	—	$	(263,828	)	$	6,516,000	$	(167	)	$	6,516,000	$	(263,995	)
ProFund VP Large-Cap Growth
Common Stocks	$	27,785,427	$	—		$	—	$	—		$	27,785,427	$	—
Repurchase Agreements		—		—			25,000		—			25,000		—
Collateral for Securities Loaned		2,845		—			—		—			2,845		—
Total	$	27,788,272	$	—		$	25,000	$	—		$	27,813,272	$	—
ProFund VP Large-Cap Value
Common Stocks	$	11,831,138	$	—		$	—	$	—		$	11,831,138	$	—
Collateral for Securities Loaned		13,506		—			—		—			13,506		—
Total	$	11,844,644	$	—		$	—	$	—		$	11,844,644	$	—
ProFund VP Mid-Cap
Repurchase Agreements	$	—	$	—		$	7,492,000	$	—		$	7,492,000	$	—
Futures Contracts		—		(28,487	)		—		—			—		(28,487	)
Swap Agreements		—		—			—		90,328			—		90,328
Total	$	—	$	(28,487	)	$	7,492,000	$	90,328		$	7,492,000	$	61,841
ProFund VP Mid-Cap Growth
Common Stocks	$	15,361,797	$	—		$	—	$	—		$	15,361,797	$	—
Repurchase Agreements		—		—			16,000		—			16,000		—
Collateral for Securities Loaned		138,068		—			—		—			138,068		—
Total	$	15,499,865	$	—		$	16,000	$	—		$	15,515,865	$	—
ProFund VP Mid-Cap Value
Common Stocks	$	9,207,005	$	—		$	—	$	—		$	9,207,005	$	—
Repurchase Agreements		—		—			58,000		—			58,000		—
Collateral for Securities Loaned		66,613		—			—		—			66,613		—
Total	$	9,273,618	$	—		$	58,000	$	—		$	9,331,618	$	—

358 :: Notes to Financial Statements :: June 30, 2020 (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 Nasdaq-100
Common Stocks	$	78,486,591	$	—	$	—	$	—		$	78,486,591	$	—
Repurchase Agreements		—		—		44,283,000		—			44,283,000		—
Collateral for Securities Loaned		291,051		—		—		—			291,051		—
Futures Contracts		—		114,553		—		—			—		114,553
Swap Agreements		—		—		—		757,540			—		757,540
Total	$	78,777,642	$	114,553	$	44,283,000	$	757,540		$	123,060,642	$	872,093
ProFund VP Oil & Gas
Common Stocks	$	16,676,621	$	—	$	—	$	—		$	16,676,621	$	—
Repurchase Agreements		—		—		339,000		—			339,000		—
Collateral for Securities Loaned		49,020		—		—		—			49,020		—
Swap Agreements		—		—		—		(26,985	)		—		(26,985	)
Total	$	16,725,641	$	—	$	339,000	$	(26,985	)	$	17,064,641	$	(26,985	)
ProFund VP Pharmaceuticals
Common Stocks	$	12,975,377	$	—	$	—	$	—		$	12,975,377	$	—
Collateral for Securities Loaned		28,285		—		—		—			28,285		—
Swap Agreements		—		—		—		(4,267	)		—		(4,267	)
Total	$	13,003,662	$	—	$	—	$	(4,267	)	$	13,003,662	$	(4,267	)
ProFund VP Precious Metals
Repurchase Agreements	$	—	$	—	$	38,723,000	$	—		$	38,723,000	$	—
Swap Agreements		—		—		—		1,565,171			—		1,565,171
Total	$	—	$	—	$	38,723,000	$	1,565,171		$	38,723,000	$	1,565,171
ProFund VP Real Estate
Common Stocks	$	8,953,415	$	—	$	—	$	—		$	8,953,415	$	—
Repurchase Agreements		—		—		16,000		—			16,000		—
Collateral for Securities Loaned		12,787		—		—		—			12,787		—
Swap Agreements		—		—		—		(8,293	)		—		(8,293	)
Total	$	8,966,202	$	—	$	16,000	$	(8,293	)	$	8,982,202	$	(8,293	)
ProFund VP Rising Rates Opportunity
Repurchase Agreements	$	—	$	—	$	4,496,000	$	—		$	4,496,000	$	—
Swap Agreements		—		—		—		(84,918	)		—		(84,918	)
Total	$	—	$	—	$	4,496,000	$	(84,918	)	$	4,496,000	$	(84,918	)
ProFund VP Semiconductor
Common Stocks	$	7,213,449	$	—	$	—	$	—		$	7,213,449	$	—
Repurchase Agreements		—		—		42,000		—			42,000		—
Swap Agreements		—		—		—		(1,367	)		—		(1,367	)
Total	$	7,213,449	$	—	$	42,000	$	(1,367	)	$	7,255,449	$	(1,367	)
ProFund VP Short Dow 30
Repurchase Agreements	$	—	$	—	$	423,000	$	—		$	423,000	$	—
Swap Agreements		—		—		—		(3,567	)		—		(3,567	)
Total	$	—	$	—	$	423,000	$	(3,567	)	$	423,000	$	(3,567	)
ProFund VP Short Emerging Markets
Repurchase Agreements	$	—	$	—	$	1,402,000	$	—		$	1,402,000	$	—
Swap Agreements		—		—		—		(1,551	)		—		(1,551	)
Total	$	—	$	—	$	1,402,000	$	(1,551	)	$	1,402,000	$	(1,551	)
ProFund VP Short International
Repurchase Agreements	$	—	$	—	$	803,000	$	—		$	803,000	$	—
Swap Agreements		—		—		—		1,727			—		1,727
Total	$	—	$	—	$	803,000	$	1,727		$	803,000	$	1,727

June 30, 2020 (unaudited) :: Notes to Financial Statements :: 359

	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 Mid-Cap
Repurchase Agreements	$	—	$	—		$	194,000	$	—		$	194,000	$	—
Swap Agreements		—		—			—		(2,566	)		—		(2,566	)
Total	$	—	$	—		$	194,000	$	(2,566	)	$	194,000	$	(2,566	)
ProFund VP Short Nasdaq-100
Repurchase Agreements	$	—	$	—		$	14,749,000	$	—		$	14,749,000	$	—
Futures Contracts		—		(1,176	)		—		—			—		(1,176	)
Swap Agreements		—		—			—		(285,241	)		—		(285,241	)
Total	$	—	$	(1,176	)	$	14,749,000	$	(285,241	)	$	14,749,000	$	(286,417	)
ProFund VP Short Small-Cap
Repurchase Agreements	$	—	$	—		$	1,877,000	$	—		$	1,877,000	$	—
Futures Contracts		—		2,617			—		—			—		2,617
Swap Agreements		—		—			—		(24,743	)		—		(24,743	)
Total	$	—	$	2,617		$	1,877,000	$	(24,743	)	$	1,877,000	$	(22,126	)
ProFund VP Small-Cap
Common Stocks	$	4,448,403	$	—		$	—	$	—		$	4,448,403	$	—
Preferred Stock		18		—			—		—			18		—
Trust*		—		—			—		—			—		—
Repurchase Agreements		—		—	��		3,997,000		—			3,997,000		—
Collateral for Securities Loaned		67,490		—			—		—			67,490		—
Futures Contracts		—		(7,869	)		—		—			—		(7,869	)
Swap Agreements		—		—			—		50,974			—		50,974
Total	$	4,515,911	$	(7,869	)	$	3,997,000	$	50,974		$	8,512,911	$	43,105
ProFund VP Small-Cap Growth
Common Stocks	$	16,600,576	$	—		$	—	$	—		$	16,600,576	$	—
Repurchase Agreements		—		—			50,000		—			50,000		—
Collateral for Securities Loaned		205,090		—			—		—			205,090		—
Total	$	16,805,666	$	—		$	50,000	$	—		$	16,855,666	$	—
ProFund VP Small-Cap Value
Common Stocks	$	12,198,181	$	—		$	—	$	—		$	12,198,181	$	—
Preferred Stock		1		—			—		—			1		—
Collateral for Securities Loaned		407,947		—			—		—			407,947		—
Total	$	12,606,129	$	—		$	—	$	—		$	12,606,129	$	—
ProFund VP Technology
Common Stocks	$	35,919,954	$	—		$	—	$	—		$	35,919,954	$	—
Repurchase Agreements		—		—			975,000		—			975,000		—
Collateral for Securities Loaned		53,067		—			—		—			53,067		—
Swap Agreements		—		—			—		(1,848	)		—		(1,848	)
Total	$	35,973,021	$	—		$	975,000	$	(1,848	)	$	36,948,021	$	(1,848	)
ProFund VP Telecommunications
Common Stocks	$	5,891,731	$	—		$	—	$	—		$	5,891,731	$	—
Repurchase Agreements		—		—			56,000		—			56,000		—
Collateral for Securities Loaned		585		—			—		—			585		—
Swap Agreements		—		—			—		(1,516	)		—		(1,516	)
Total	$	5,892,316	$	—		$	56,000	$	(1,516	)	$	5,948,316	$	(1,516	)
ProFund VP UltraBull
Common Stocks	$	7,819,082	$	—		$	—	$	—		$	7,819,082	$	—
Repurchase Agreements		—		—			4,040,000		—			4,040,000		—
Collateral for Securities Loaned		3,504		—			—		—			3,504		—
Futures Contracts		—		(27,250	)		—		—			—		(27,250	)
Swap Agreements		—		—			—		224,448			—		224,448
Total	$	7,822,586	$	(27,250	)	$	4,040,000	$	224,448		$	11,862,586	$	197,198

360 :: Notes to Financial Statements :: June 30, 2020 (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 UltraMid-Cap
Common Stocks	$	5,275,298	$	—		$	—	$	—		$	5,275,298	$	—
Repurchase Agreements		—		—			2,804,000		—			2,804,000		—
Collateral for Securities Loaned		36,532		—			—		—			36,532		—
Futures Contracts		—		(42,730	)		—		—			—		(42,730	)
Swap Agreements		—		—			—		128,597			—		128,597
Total	$	5,311,830	$	(42,730	)	$	2,804,000	$	128,597		$	8,115,830	$	85,867
ProFund VP UltraNasdaq-100
Common Stocks	$	68,909,155	$	—		$	—	$	—		$	68,909,155	$	—
Repurchase Agreements		—		—			43,631,000		—			43,631,000		—
Collateral for Securities Loaned		255,019		—			—		—			255,019		—
Futures Contracts		—		133,030			—		—			—		133,030
Swap Agreements		—		—			—		2,947,536			—		2,947,536
Total	$	69,164,174	$	133,030		$	43,631,000	$	2,947,536		$	112,795,174	$	3,080,566
ProFund VP UltraShort Dow 30
Repurchase Agreements	$	—	$	—		$	2,000	$	—		$	2,000	$	—
Swap Agreements		—		—			—		(48	)		—		(48	)
Total	$	—	$	—		$	2,000	$	(48	)	$	2,000	$	(48	)
ProFund VP UltraShort Nasdaq-100
Repurchase Agreements	$	—	$	—		$	11,410,000	$	—		$	11,410,000	$	—
Swap Agreements		—		—			—		(354,338	)		—		(354,338	)
Total	$	—	$	—		$	11,410,000	$	(354,338	)	$	11,410,000	$	(354,338	)
ProFund VP UltraSmall-Cap
Common Stocks	$	5,245,104	$	—		$	—	$	—		$	5,245,104	$	—
Preferred Stock		15		—			—		—			15		—
Trust*		—		—			—		—			—		—
Repurchase Agreements		—		—			6,587,000		—			6,587,000		—
Collateral for Securities Loaned		100,361		—			—		—			100,361		—
Futures Contracts		—		4,685			—		—			—		4,685
Swap Agreements		—		—			—		258,887			—		258,887
Total	$	5,345,480	$	4,685		$	6,587,000	$	258,887		$	11,932,480	$	263,572
ProFund VP U.S. Government Plus
U.S. Treasury Obligation	$	—	$	—		$	8,487,781	$	—		$	8,487,781	$	—
Repurchase Agreements		—		—			24,407,000		—			24,407,000		—
Swap Agreements		—		—			—		229,643			—		229,643
Total	$	—	$	—		$	32,894,781	$	229,643		$	32,894,781	$	229,643
ProFund VP Utilities
Common Stocks	$	30,402,104	$	—		$	—	$	—		$	30,402,104	$	—
Repurchase Agreements		—		—			378,000		—			378,000		—
Swap Agreements		—		—			—		(4,334	)		—		(4,334	)
Total	$	30,402,104	$	—		$	378,000	$	(4,334	)	$	30,780,104	$	(4,334	)

^ Other financial instruments include any derivative instruments not reflected in the Schedule of Portfolio Investments as Investment Securities, such as futures contracts, forward currency contracts and swap agreements. These instruments are generally recorded in the financial statements at the unrealized appreciation/(depreciation) on the investment.

* Ferroglobe Representation and Warranty Insurance trust was valued at $0 and categorized as Level 2 within the fair value hierarchy.

June 30, 2020 (unaudited) :: Notes to Financial Statements :: 361

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, another investment company advised by the Advisor, 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, 2020, 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, 2020 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 $195,656 for the period ended June 30, 2020. 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, a monthly/quarterly fee equal on an annual basis 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, 2020, 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 $45,236 for the period ended June 30, 2020. 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 meeting, and $3,000 for attending each telephonic meeting. During the period ended June 30, 2020, actual Trustee compensation was $346,500 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) 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, 2021.

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 contractual period; however, such recoupment will be limited to the lesser of any expense limitation in place at the time of recoupment or the expense limitation in place at the time of waiver or reimbursement. Any amounts recouped by the Advisor during the period are reflected on the Statement of Operations as

362 :: Notes to Financial Statements :: June 30, 2020 (unaudited)

"Recoupment of prior expenses reduced by the Advisor." As of June 30, 2020, the recoupments that may potentially be made by the ProFunds VP are as follows:

	Expires 4/30/21		Expires 4/30/22		Expires 4/30/23		Expires 4/30/24		Total
ProFund VP Asia 30	$	—	$	—	$	18,510	$	2,010	$	20,520
ProFund VP Banks		—		4,733		1,693		871		7,297
ProFund VP Basic Materials		—		—		3,103		1,666		4,769
ProFund VP Bear		—		—		3,486		1,609		5,095
ProFund VP Bull		—		—		—		7,664		7,664
ProFund VP Consumer Goods		—		8,850		4,224		2,572		15,646
ProFund VP Consumer Services		—		—		7,673		4,262		11,935
ProFund VP Emerging Markets		—		—		15,518		3,285		18,803
ProFund VP Europe 30		—		—		16,387		3,715		20,102
ProFund VP Falling U.S. Dollar		12,218		19,462		18,517		1,345		51,542
ProFund VP Financials		—		—		3,681		4,297		7,978
ProFund VP Health Care		—		9,809		15,276		5,235		30,320
ProFund VP Industrials		—		4,776		3,818		2,403		10,997
ProFund VP International		—		—		—		287		287
ProFund VP Internet		—		—		1,924		2,062		3,986
ProFund VP Japan		—		—		1,507		1,717		3,224
ProFund VP Large-Cap Growth		—		9,112		12,749		4,450		26,311
ProFund VP Large-Cap Value		—		5,713		11,285		3,509		20,507
ProFund VP Mid-Cap Growth		266		12,517		10,197		3,740		26,720
ProFund VP Mid-Cap Value		7,624		4,250		12,202		2,771		26,847
ProFund VP Nasdaq-100		—		—		28,125		11,473		39,598
ProFund VP Oil & Gas		—		—		2,652		4,149		6,801
ProFund VP Pharmaceuticals		—		—		2,852		1,898		4,750
ProFund VP Precious Metals		—		—		6,776		4,636		11,412
ProFund VP Real Estate		—		2,890		5,955		2,225		11,070
ProFund VP Rising Rates Opportunity		—		—		3,649		—		3,649
ProFund VP Semiconductor		—		—		—		722		722
ProFund VP Short Dow 30		122		—		—		—		122
ProFund VP Short Emerging Markets		—		—		—		281		281
ProFund VP Short International		—		—		353		—		353
ProFund VP Short Mid-Cap		—		—		—		43		43
ProFund VP Short Nasdaq-100		—		—		4,821		—		4,821
ProFund VP Short Small-Cap		—		—		917		1,260		2,177
ProFund VP Small-Cap		—		—		4,240		3,294		7,534
ProFund VP Small-Cap Growth		—		4,569		9,699		2,509		16,777
ProFund VP Small-Cap Value		—		—		5,909		3,559		9,468
ProFund VP Telecommunications		—		—		2,261		1,266		3,527
ProFund VP UltraMid-Cap		—		2,156		8,112		1,827		12,095
ProFund VP UltraNasdaq-100		—		14,643		85,731		6,312		106,686
ProFund VP UltraShort Nasdaq-100		—		—		626		209		835
ProFund VP UltraSmall-Cap		—		—		7,809		5,216		13,025
ProFund VP U.S. Government Plus		—		—		8,716		9,256		17,972
ProFund VP Utilities		—		—		13,574		7,242		20,816

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, 2021 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 recoupments shall be made monthly, but only to the extent that such recoupments would not cause the ProFund VP Government Money Market's net yield to fall below the highest previously determined minimum yield, and such recoupment will be limited to the lesser of any expense limitation in place at the time of recoupment or the expense limitation in place at the time of waiver or reimbursement. 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, 2020, the recoupments that may potentially be made by ProFund VP Government Money Market are as follows:

	Expires 4/30/23		Expires 4/30/24		Total
ProFund VP Government Money Market	$	201,617	$	213,222	$	414,839

June 30, 2020 (unaudited) :: Notes to Financial Statements :: 363

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, 2020 were as follows:

	Purchases		Sales
ProFund VP Asia 30	$	7,111,552	$	14,122,912
ProFund VP Banks		7,275,872		8,695,962
ProFund VP Basic Materials		3,711,752		4,687,205
ProFund VP Biotechnology		24,743,147		24,342,299
ProFund VP Bull		469,030		10,559,037
ProFund VP Consumer Goods		10,849,265		9,862,216
ProFund VP Consumer Services		10,400,796		12,565,007
ProFund VP Emerging Markets		11,111,551		16,647,170
ProFund VP Europe 30		2,683,514		4,317,400
ProFund VP Financials		17,409,566		22,862,328
ProFund VP Health Care		19,032,646		19,017,746
ProFund VP Industrials		5,242,522		9,121,076
ProFund VP Internet		11,994,425		10,382,504
ProFund VP Large-Cap Growth		20,025,978		22,780,940
ProFund VP Large-Cap Value		7,500,327		13,729,957
ProFund VP Mid-Cap Growth		14,991,890		19,486,571
ProFund VP Mid-Cap Value		7,114,039		12,449,971
ProFund VP Nasdaq-100		1,347,939		4,174,284
ProFund VP Oil & Gas		10,059,592		10,776,506
ProFund VP Pharmaceuticals		5,682,540		5,103,118
ProFund VP Real Estate		10,602,092		14,548,578
ProFund VP Semiconductor		20,065,987		20,960,056
ProFund VP Small-Cap		889,992		967,799
ProFund VP Small-Cap Growth		9,536,284		9,090,381
ProFund VP Small-Cap Value		8,437,472		12,791,001
ProFund VP Technology		32,662,292		32,621,429
ProFund VP Telecommunications		4,250,511		3,950,917
ProFund VP UltraBull		169,110,861		177,091,496
ProFund VP UltraMid-Cap		32,471,736		35,008,067
ProFund VP UltraNasdaq-100		31,093,855		36,290,369
ProFund VP UltraSmall-Cap		1,060,359		4,138,973
ProFund VP Utilities		10,204,914		16,427,572

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, 2020 were as follows:

	Purchases		Sales
ProFund VP U.S. Government Plus	$	16,183,600	$	16,162,613

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. The risks are presented in an order intended to facilitate readability, and their order does not imply that the realization of one risk is likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk.

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

364 :: Notes to Financial Statements :: June 30, 2020 (unaudited)

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 the ProFund VP has an investment objective to match a multiple, the inverse, or an inverse multiple of the performance of a benchmark on a single day, not for any other period. A "single day" is measured from the time a ProFund VP calculates its net asset value ("NAV") to the time of the ProFund VP's next NAV calculation. 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 a 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

Certain non-money market ProFunds VP may be subject to 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 NAV each day may differ, perhaps 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.

In order to achieve a high degree of correlation with the Index, a ProFund VP seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to the Index may prevent the ProFund VP from achieving a high degree of correlation with the Index. Market disruptions or closure, regulatory restrictions, market volatility and other factors will adversely affect the ProFund VP's ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the Index's movements. Because of this, it is unlikely that the ProFund VP will have perfect leveraged exposure at the end of each day and the likelihood of being materially under- or overexposed is higher on days when the Index level is volatile at or near the close of the trading day.

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

June 30, 2020 (unaudited) :: Notes to Financial Statements :: 365

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 that will invest in financial instruments involving third parties (i.e., counterparties) is subject to counterparty risk. 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.

Natural Disaster/Epidemic Risk

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus (COVID-19), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such as natural disaster and health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Fund and its investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under these circumstances, the Fund may have difficulty achieving its investment objective which may adversely impact performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Fund's Sponsor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. These factors can cause substantial market volatility, exchange trading suspensions and closures and can impact the ability of the Fund to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on the Fund's performance, resulting in losses to your investment.

Risk that Current Assumptions and Expectations Could Become Outdated As a Result of Global Economic Shocks

The onset of the novel coronavirus (COVID-19) has caused significant shocks to global financial markets and economies, with many governments taking extreme actions to slow and contain the spread of COVID-19. These actions have had, and likely will continue to have, a severe economic impact on global economies as economic activity in some instances has essentially ceased. Financial markets across the globe are experiencing severe distress at least equal to what was experienced during the global financial crisis in 2008. In March 2020, U.S. equity markets entered a bear market in the fastest such move in the history of U.S. financial markets. Contemporaneous with the onset of the COVID-19 pandemic in the US, oil experienced shocks to supply and demand, impacting the price and volatility of oil. The global economic

366 :: Notes to Financial Statements :: June 30, 2020 (unaudited)

shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of the Fund to become outdated quickly or inaccurate, resulting in significant losses.

Debt Instruments Risk

The ProFunds VP may invest in, or seek exposure to, debt instruments. Debt instruments are subject to adverse issuer, political, regulatory, market and economic developments, as well as developments that affect specific economic sectors, industries or segments of the fixed income market. Additionally, the credit quality of the issuer of a debt instrument (including the risk of a potential default) can also affect the price of a debt instrument. The perceived or actual inability of issuers, guarantors, or liquidity providers of debt instruments to make scheduled interest payments can negatively impact the performance of the ProFund VP. Debt instruments may have varying levels of sensitivity to changes in interest rates.

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. 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 linked to an index will be subject to index performance risk. There is no guarantee or assurance that the methodology used by the third-party provider to create the Index will result in the ProFund VP achieving high, or even positive, returns. Further, there can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error. It is also possible that the value of the Index may be subject to intentional manipulation by third-party market participants. The Index may underperform, and the ProFund VP could lose value, while other indices or measures of market performance increase in value.

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 fair 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 tax years ended, as noted below, were as follows:

	Year Ended December 31, 2019								Year Ended December 31, 2018
	Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Capital Gains		Tax Return of Capital		Total Distributions Paid		Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Capital Gains		Tax Return of Capital		Total Distributions Paid
ProFund VP Asia 30	$	54,139	$	—	$	—	$	54,139	$	129,308	$	—	$	—	$	129,308
ProFund VP Banks		67,297		—		—		67,297		45,033		—		—		45,033
ProFund VP Basic Materials		39,914		348,798		—		388,712		67,046		—		—		67,046
ProFund VP Bear		3,463		—		—		3,463		—		—		—		—
ProFund VP Biotechnology		107,521		108,138		—		215,659		—		—		—		—
ProFund VP Bull		160,881		1,044,941		—		1,205,822		4,355,560		2,967,059		—		7,322,619
ProFund VP Consumer Goods		159,669		1,689,044		—		1,848,713		161,182		1,953,694		—		2,114,876
ProFund VP Consumer Services		—		1,296,563		—		1,296,563		—		1,368,209		—		1,368,209
ProFund VP Dow 30		837		—		—		837		175,647		—		—		175,647
ProFund VP Emerging Markets		84,945		—		—		84,945		60,833		—		—		60,833
ProFund VP Europe 30		507,890		—		—		507,890		694,945		—		—		694,945
ProFund VP Falling U.S. Dollar		214		—		—		214		17,779		38,602		—		56,381
ProFund VP Financials		177,294		1,665,605		—		1,842,899		157,288		—		—		157,288
ProFund VP Government Money Market		1,278,580		—		—		1,278,580		747,003		—		—		747,003
ProFund VP Health Care		—		5,775,400		—		5,775,400		78,636		2,906,954		—		2,985,590
ProFund VP Industrials		—		2,486,434		—		2,486,434		21,880		—		—		21,880

June 30, 2020 (unaudited) :: Notes to Financial Statements :: 367

	Year Ended December 31, 2019									Year Ended December 31, 2018
	Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Capital Gains			Tax Return of Capital		Total Distributions Paid		Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Capital Gains		Tax Return of Capital		Total Distributions Paid
ProFund VP International	$	16,547	$	—		$	—	$	16,547	$	1,305,170	$	—	$	—	$	1,305,170
ProFund VP Internet		—		491,896			—		491,896		9,602		1,158,396		—		1,167,998
ProFund VP Japan		9,941		—			—		9,941		—		—		—		—
ProFund VP Large-Cap Growth		—		6,298,722			—		6,298,722		509,020		928,978		—		1,437,998
ProFund VP Large-Cap Value		148,635		1,537,460			—		1,686,095		160,481		—		—		160,481
ProFund VP Mid-Cap		15,907		—			—		15,907		2,406,149		472,015		—		2,878,164
ProFund VP Mid-Cap Growth		—		1,641,985			—		1,641,985		41,380		2,359,638		—		2,401,018
ProFund VP Mid-Cap Value		25,745		426,732			—		452,477		763,339		1,329,521		—		2,092,860
ProFund VP Nasdaq-100		—		709,177			—		709,177		4,899,518		2,121,775		—		7,021,293
ProFund VP Oil & Gas		348,572		826,398			—		1,174,970		641,763		—		—		641,763
ProFund VP Pharmaceuticals		105,596		1,538,932	��		—		1,644,528		168,708		369,772		—		538,480
ProFund VP Precious Metals		8,874		—			—		8,874		—		—		—		—
ProFund VP Real Estate		277,060		774,042			—		1,051,102		221,681		1,139,462		—		1,361,143
ProFund VP Rising Rates Opportunity		336,149		—			—		336,149		—		—		—		—
ProFund VP Semiconductor		21,450		624,936			—		646,386		671,774		41,909		—		713,683
ProFund VP Short Dow 30		5		—			—		5		—		—		—		—
ProFund VP Short Emerging Markets		96,628		—			—		96,628		—		—		—		—
ProFund VP Short International		22,231		—			—		22,231		—		—		—		—
ProFund VP Short Mid-Cap		411		—			—		411		14,712		—		—		14,712
ProFund VP Short Nasdaq-100		2,407		—			—		2,407		—		—		—		—
ProFund VP Short Small-Cap		165,393		13,490			—		178,883		—		—		—		—
ProFund VP Small-Cap		—		—			—		—		628,387		326,801		—		955,188
ProFund VP Small-Cap Growth		—		2,319,685			—		2,319,685		—		2,167,456		—		2,167,456
ProFund VP Small-Cap Value		—		—			—		—		231,934		1,748,835		—		1,980,769
ProFund VP Technology		—		686,328			—		686,328		471,706		355,107		—		826,813
ProFund VP Telecommunications		199,221		—			—		199,221		376,240		—		—		376,240
ProFund VP UltraBull		111,007		—			—		111,007		10,650,856		427,143		—		11,077,999
ProFund VP UltraMid-Cap		—		—			—		—		4,615,273		1,114,122		—		5,729,395
ProFund VP UltraNasdaq-100		—		—			—		—		33,034,761		2,441,110		—		35,475,871
ProFund VP UltraShort Dow 30		323		—			—		323		—		—		—		—
ProFund VP UltraShort Nasdaq-100		2,753		—			—		2,753		—		—		—		—
ProFund VP UltraSmall-Cap		—		—			—		—		4,941,888		2,208,740		—		7,150,628
ProFund VP U.S. Government Plus		175,989		—			—		175,989		165,159		—		—		165,159
ProFund VP Utilities		596,222		2,238,652			—		2,834,874		660,338		995,404		—		1,655,742

As of the latest tax year ended December 31, 2019, 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)
ProFund VP Asia 30	$	627,243	$	1,892,592	$	—	$	—		$	9,521,110		$	12,040,945
ProFund VP Banks		92,909		—		—		(2,432,358	)		1,831,969			(507,480	)
ProFund VP Basic Materials		176,220		773,179		—		—			4,237,126			5,186,525
ProFund VP Bear		18,941		—		—		(20,333,523	)		7,050			(20,307,532	)
ProFund VP Biotechnology		666,520		3,430,329		—		—			25,255,680			29,352,529
ProFund VP Bull		1,256,420		1,896,687		—		—			25,588,886			28,741,993
ProFund VP Consumer Goods		255,722		2,086		—		—			7,295,186			7,552,994
ProFund VP Consumer Services		13,651		9,125,605		—		—			8,126,613			17,265,869
ProFund VP Dow 30		111,280		—		—		(1,640,431	)		(1,252	)		(1,530,403	)
ProFund VP Emerging Markets		117,347		—		—		(5,952,136	)		6,836,630			1,001,841
ProFund VP Europe 30		395,173		—		—		(781,082	)		1,911,470			1,525,561
ProFund VP Falling U.S. Dollar		1,948		—		—		(294,554	)		—			(292,606	)
ProFund VP Financials		446,392		1,686,717		—		—			16,474,745			18,607,854
ProFund VP Government Money Market		—		—		—		(59,992	)		—			(59,992	)
ProFund VP Health Care		—		6,154,240		—		—			29,892,152			36,046,392
ProFund VP Industrials		225,998		48,387		—		—			9,067,639			9,342,024
ProFund VP International		26,164		—		—		(1,825,704	)		(20,049	)		(1,819,589	)

368 :: Notes to Financial Statements :: June 30, 2020 (unaudited)

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Distributions Payable		Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Deficit)
ProFund VP Internet	$	—	$	2,716,437	$	—	$	—		$	8,596,706		$	11,313,143
ProFund VP Japan		18,886		—		—		(280,092	)		—			(261,206	)
ProFund VP Large-Cap Growth		479,816		2,242,711		—		—			12,897,637			15,620,164
ProFund VP Large-Cap Value		1,709,255		161,629		—		—			3,257,910			5,128,794
ProFund VP Mid-Cap		2,072,210		183,573		—		(627,910	)		2,238			1,630,111
ProFund VP Mid-Cap Growth		101,224		1,721,817		—		—			4,139,376			5,962,417
ProFund VP Mid-Cap Value		705,072		220,425		—		—			1,283,082			2,208,579
ProFund VP Nasdaq-100		5,808,860		3,687,763		—		—			45,696,950			55,193,573
ProFund VP Oil & Gas		423,975		186,175		—		—			8,990,055			9,600,205
ProFund VP Pharmaceuticals		15,200		—		—		(122,293	)		2,428,073			2,320,980
ProFund VP Precious Metals		89,778		—		—		(62,482,811	)		1,465,793			(60,927,240	)
ProFund VP Real Estate		326,196		—		—		—			6,129,174			6,455,370
ProFund VP Rising Rates Opportunity		37,790		—		—		(27,026,300	)		109,544			(26,878,966	)
ProFund VP Semiconductor		649,891		46,276		—		—			4,277,415			4,973,582
ProFund VP Short Dow 30		44		—		—		(54,781	)		45			(54,692	)
ProFund VP Short Emerging Markets		5,130		—		—		(2,036,729	)		6,618			(2,024,981	)
ProFund VP Short International		3,789		—		—		(1,936,978	)		1,957			(1,931,232	)
ProFund VP Short Mid-Cap		1,287		—		—		(2,486,136	)		(74	)		(2,484,923	)
ProFund VP Short Nasdaq-100		11,486		—		—		(12,642,739	)		32,111			(12,599,142	)
ProFund VP Short Small-Cap		9,165		—		—		(5,429,671	)		(166	)		(5,420,672	)
ProFund VP Small-Cap		292,374		87,478		—		—			1,545,049			1,924,901
ProFund VP Small-Cap Growth		326,507		2,094,615		—		—			4,502,112			6,923,234
ProFund VP Small-Cap Value		1,215,341		601,675		—		—			303,270			2,120,286
ProFund VP Technology		359,646		3,832,336		—		—			22,716,778			26,908,760
ProFund VP Telecommunications		61,265		—		—		(1,114,745	)		729,073			(324,407	)
ProFund VP UltraBull		9,178,073		741,664		—		(7,635,936	)		4,322,593			6,606,394
ProFund VP UltraMid-Cap		2,446,479		1,063,245		—		—			3,319,060			6,828,784
ProFund VP UltraNasdaq-100		30,350,128		3,147,134		—		—			45,405,948			78,903,210
ProFund VP UltraShort Dow 30		185		—		—		(956,763	)		26			(956,552	)
ProFund VP UltraShort Nasdaq-100		6,414		—		—		(5,781,335	)		9,221			(5,765,700	)
ProFund VP UltraSmall-Cap		2,146,206		—		—		—			2,962,207			5,108,413
ProFund VP U.S. Government Plus		1,879,587		—		—		—			(375,055	)		1,504,532
ProFund VP Utilities		1,762,096		6,251,978		—		—			16,261,433			24,275,507

As of the latest tax year ended December 31, 2019, the following ProFunds VP have net capital loss carryforwards ("CLCFs") as summarized in the tables below.

Fund	No Expiration Date
ProFund VP Banks	$	2,432,358
ProFund VP Bear		20,333,523	*
ProFund VP Dow 30		1,640,431	*
ProFund VP Emerging Markets		5,952,136	*
ProFund VP Europe 30		781,082
ProFund VP Falling U.S. Dollar		294,554	*
ProFund VP Government Money Market		59,992	*
ProFund VP International		1,825,704	*
ProFund VP Japan		280,092
ProFund VP Mid-Cap		627,910	*
ProFund VP Pharmaceuticals		122,293
ProFund VP Precious Metals		62,482,811
ProFund VP Rising Rates Opportunity		27,026,300	*
ProFund VP Short Dow 30		54,781	*
ProFund VP Short Emerging Markets		2,036,729	*
ProFund VP Short International		1,936,978	*
ProFund VP Short Mid-Cap		2,486,136	*
ProFund VP Short Nasdaq-100		12,642,739	*
ProFund VP Short Small-Cap		5,429,671	*
ProFund VP Telecommunications		1,114,745
ProFund VP UltraBull		7,635,936	*
ProFund VP UltraShort Dow 30		956,763	*
ProFund VP UltraShort Nasdaq-100		5,781,335	*

* All or a portion are limited as a result of changes in the ProFund VP ownership during the year and in prior years.

June 30, 2020 (unaudited) :: Notes to Financial Statements :: 369

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 December 31, 2019, the cost, gross unrealized appreciation and gross unrealized depreciation on investment securities, for federal income tax purposes, were as follows:

	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
ProFund VP Asia 30	$	20,898,085	$	10,961,617	$	(1,440,507	)	$	9,521,110
ProFund VP Banks		5,588,414		4,432,807		(2,600,838	)		1,831,969
ProFund VP Basic Materials		7,266,686		6,434,484		(2,197,358	)		4,237,126
ProFund VP Bear		3,462,267		7,050		—			7,050
ProFund VP Biotechnology		25,033,106		30,468,642		(5,212,962	)		25,255,680
ProFund VP Bull		39,702,180		29,711,586		(4,122,700	)		25,588,886
ProFund VP Consumer Goods		4,855,742		8,199,637		(904,451	)		7,295,186
ProFund VP Consumer Services		18,670,498		8,864,911		(738,298	)		8,126,613
ProFund VP Dow 30		318,000		—		(1,252	)		(1,252	)
ProFund VP Emerging Markets		19,484,000		8,377,247		(1,540,617	)		6,836,630
ProFund VP Europe		30 18,508,260		6,678,255		(4,766,785	)		1,911,470
ProFund VP Falling U.S. Dollar		507,762		—		—			—
ProFund VP Financials		20,318,102		25,147,059		(8,672,314	)		16,474,745
ProFund VP Government Money Market		185,166,389		—		—			—
ProFund VP Health Care		19,661,742		33,047,361		(3,155,209	)		29,892,152
ProFund VP Industrials		8,967,664		10,334,617		(1,266,978	)		9,067,639
ProFund VP International		5,960,000		—		(20,049	)		(20,049	)
ProFund VP Internet		8,023,307		10,071,571		(1,474,865	)		8,596,706
ProFund VP Japan		8,918,598		—		—			—
ProFund VP Large-Cap Growth		16,143,178		13,706,194		(808,557	)		12,897,637
ProFund VP Large-Cap Value		18,986,122		5,619,399		(2,361,489	)		3,257,910
ProFund VP Mid-Cap		8,551,887		2,238		—			2,238
ProFund VP Mid-Cap Growth		16,751,152		5,013,050		(873,674	)		4,139,376
ProFund VP Mid-Cap Value		16,649,638		2,871,676		(1,588,594	)		1,283,082
ProFund VP Nasdaq-100		60,073,503		48,072,051		(2,375,101	)		45,696,950
ProFund VP Oil & Gas		17,385,372		13,852,704		(4,862,649	)		8,990,055
ProFund VP Pharmaceuticals		11,151,761		4,373,538		(1,945,465	)		2,428,073
ProFund VP Precious Metals		28,403,000		1,465,793		—			1,465,793
ProFund VP Real Estate		9,751,766		7,732,089		(1,602,915	)		6,129,174
ProFund VP Rising Rates Opportunity		5,802,000		109,544		—			109,544
ProFund VP Semiconductor		3,705,191		4,769,479		(492,064	)		4,277,415
ProFund VP Short Dow 30		11,000		45		—			45
ProFund VP Short Emerging Markets		851,000		6,618		—			6,618
ProFund VP Short International		595,000		1,957		—			1,957
ProFund VP Short Mid-Cap		143,000		—		(74	)		(74	)
ProFund VP Short Nasdaq-100		7,350,862		32,111		—			32,111
ProFund VP Short Small-Cap		1,840,693		—		(166	)		(166	)
ProFund VP Small-Cap		14,394,577		1,911,719		(366,670	)		1,545,049
ProFund VP Small-Cap Growth		13,756,228		5,238,029		(735,917	)		4,502,112
ProFund VP Small-Cap Value		21,337,285		3,291,410		(2,988,140	)		303,270
ProFund VP Technology		9,619,415		24,566,101		(1,849,323	)		22,716,778
ProFund VP Telecommunications		5,451,883		1,425,809		(696,736	)		729,073
ProFund VP UltraBull		21,453,536		5,527,337		(1,204,744	)		4,322,593
ProFund VP UltraMid-Cap		12,291,954		4,628,250		(1,309,190	)		3,319,060
ProFund VP UltraNasdaq-100		53,568,139		47,874,466		(2,468,518	)		45,405,948
ProFund VP UltraShort Dow 30		3,000		26		—			26
ProFund VP UltraShort Nasdaq-100		1,052,000		9,221		—			9,221
ProFund VP UltraSmall-Cap		18,087,340		3,551,010		(588,803	)		2,962,207
ProFund VP U.S. Government Plus		19,234,954		—		(375,055	)		(375,055	)
ProFund VP Utilities		28,202,568		18,491,943		(2,230,510	)		16,261,433

370 :: Notes to Financial Statements :: June 30, 2020 (unaudited)

8. Reverse Share Splits

Effective November 18, 2019, the ProFund VP Internet underwent a 3-for-1 share split, the ProFund VP Short Dow 30, the ProFund VP Short International, and the ProFund VP Short Nasdaq-100 each underwent a 1-for-4 reverse share split, and the ProFund VP UltraShort Dow 30 underwent a 1-for-8 reverse share split.

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 1-for-4 reverse share split, the ProFund VP Bear underwent a 1-for-5 reverse share split, the ProFund VP Short Mid-Cap underwent a 1-for-8 reverse share split, and the ProFund VP Rising Rates Opportunity underwent a 1-for-10 reverse share split.

The effect of the share split transactions was to multiply the number of outstanding shares of the ProFund VP by the respective split factor, with a corresponding decrease in net asset value per share; and 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 share splits and reverse share splits.

9. Shareholder Concentration

Ownership of more than 25% of the voting securities for a fund creates presumptions of control of the fund, under Section 2(a)(9) of the 1940 Act. As of June 30, 2020, the Advisor was deemed a significant shareholder of each of ProFund VP Dow 30 and ProFund VP UltraShort Dow 30, as the Advisor's ownership of total shares outstanding of each ProFund VP was 27% and 46%, respectively.

10. Subsequent Events

The ProFunds VP have evaluated the need for additional disclosures or adjustments resulting from subsequent events through the date these financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have a material impact on the ProFunds VP' financial statements.

June 30, 2020 (unaudited) :: Board Approval of Liquidity Risk Management Program :: 371

Liquidity Risk Management Program

ProFunds (the "Trust") has implemented a liquidity risk management program ("Liquidity Program") to identify illiquid investments pursuant to Rule 22e-4 of the Investment Company Act of 1940, as amended. The Board of Trustees of the Trust ("the Board") has approved the designation of ProFund Advisors LLC (the "Program Administrator") to administer the Trust's Liquidity Program, subject to the oversight of the Board.

On March 12, 2020, during a meeting of the Board, the Chief Compliance Officer of the Trust provided to the Board the annual report on the Trust's Liquidity Program (the "Annual Liquidity Report"). The Annual Liquidity Report, which covered the period from June 1, 2019 through December 31, 2019, addressed the operation of the Trust's Liquidity Program and assessed the adequacy and effectiveness of the Liquidity Program's implementation. The Annual Liquidity Report affirmed that the Program Administrator believes that: (1) the Liquidity Program continues to be reasonably designed to effectively assess and manage each Fund's liquidity risk; (2) each Fund's liquidity risk continues to be appropriate in light of the Fund's investment objective and strategies and each Fund's investment strategies continue to be appropriate for an open-end management investment company; and (3) the Liquidity Program has been adequately and effectively implemented with respect to each Fund during the reporting period. The Annual Liquidity Report also affirmed that there have been no material changes to the Liquidity Program since its initial approval and that no material changes were being recommended at that time.

This Page Intentionally Left Blank

Expense Examples

374 :: 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 invest 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 throughout the entire period ended June 30, 2020.

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 Purpose

The hypothetical expense examples are based on an investment of $1,000 invested at the beginning of a six-month period and held throughout the entire period ended June 30, 2020.

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 1/1/20		Ending Account Value 6/30/20		Expenses Paid During Period(1)		Ending Account Value 6/30/20		Expenses Paid During Period(1)
ProFund VP Asia 30		1.68	%	$	1,000.00	$	999.70	$	8.35	$	1,016.51	$	8.42
ProFund VP Banks		1.68	%		1,000.00		649.30		6.89		1,016.51		8.42
ProFund VP Basic Materials		1.68	%		1,000.00		914.50		8.00		1,016.51		8.42
ProFund VP Bear		1.68	%		1,000.00		935.00		8.08		1,016.51		8.42
ProFund VP Biotechnology		1.73	%		1,000.00		1,122.90		9.13		1,016.26		8.67
ProFund VP Bull		1.71	%		1,000.00		958.60		8.33		1,016.36		8.57
ProFund VP Consumer Goods		1.68	%		1,000.00		962.00		8.20		1,016.51		8.42
ProFund VP Consumer Services		1.68	%		1,000.00		1,020.80		8.44		1,016.51		8.42
ProFund VP Dow 30		1.68	%		1,000.00		905.20		7.96		1,016.51		8.42
ProFund VP Emerging Markets		1.68	%		1,000.00		889.60		7.89		1,016.51		8.42
ProFund VP Europe 30		1.68	%		1,000.00		819.60		7.60		1,016.51		8.42
ProFund VP Falling U.S. Dollar		1.68	%		1,000.00		980.10		8.27		1,016.51		8.42
ProFund VP Financials		1.68	%		1,000.00		806.60		7.55		1,016.51		8.42
ProFund VP Government Money Market		0.66	%		1,000.00		1,000.30		3.28		1,021.58		3.32
ProFund VP Health Care		1.68	%		1,000.00		1,002.30		8.36		1,016.51		8.42
ProFund VP Industrials		1.68	%		1,000.00		905.90		7.96		1,016.51		8.42
ProFund VP International		1.70	%		1,000.00		878.90		7.94		1,016.41		8.52
ProFund VP Internet		1.68	%		1,000.00		1,217.90		9.26		1,016.51		8.42
ProFund VP Japan		1.68	%		1,000.00		945.30		8.13		1,016.51		8.42
ProFund VP Large-Cap Growth		1.68	%		1,000.00		1,070.10		8.65		1,016.51		8.42
ProFund VP Large-Cap Value		1.68	%		1,000.00		840.30		7.69		1,016.51		8.42
ProFund VP Mid-Cap		1.78	%		1,000.00		860.20		8.23		1,016.01		8.92
ProFund VP Mid-Cap Growth		1.68	%		1,000.00		941.10		8.11		1,016.51		8.42
ProFund VP Mid-Cap Value		1.68	%		1,000.00		785.80		7.46		1,016.51		8.42
ProFund VP Nasdaq-100		1.68	%		1,000.00		1,155.40		9.00		1,016.51		8.42
ProFund VP Oil & Gas		1.68	%		1,000.00		635.60		6.83		1,016.51		8.42
ProFund VP Pharmaceuticals		1.68	%		1,000.00		962.40		8.20		1,016.51		8.42
ProFund VP Precious Metals		1.68	%		1,000.00		1,264.20		9.46		1,016.51		8.42
ProFund VP Real Estate		1.68	%		1,000.00		856.50		7.75		1,016.51		8.42
ProFund VP Rising Rates Opportunity		1.68	%		1,000.00		707.70		7.13		1,016.51		8.42

Expense Examples (unaudited) :: 375

						Actual				Hypothetical (5% return before expenses)
	Annualized Expense Ratio During Period			Beginning Account Value 1/1/20		Ending Account Value 6/30/20		Expenses Paid During Period(1)		Ending Account Value 6/30/20		Expenses Paid During Period(1)
ProFund VP Semiconductor		1.73	%	$	1,000.00	$	1,090.70	$	8.99	$	1,016.26	$	8.67
ProFund VP Short Dow 30		1.68	%		1,000.00		963.40		8.20		1,016.51		8.42
ProFund VP Short Emerging Markets		1.69	%		1,000.00		1,018.30		8.48		1,016.46		8.47
ProFund VP Short International		1.68	%		1,000.00		1,027.90		8.47		1,016.51		8.42
ProFund VP Short Mid-Cap		1.69	%		1,000.00		984.90		8.34		1,016.46		8.47
ProFund VP Short Nasdaq-100		1.68	%		1,000.00		759.90		7.35		1,016.51		8.42
ProFund VP Short Small-Cap		1.68	%		1,000.00		972.50		8.24		1,016.51		8.42
ProFund VP Small-Cap		1.68	%		1,000.00		857.60		7.76		1,016.51		8.42
ProFund VP Small-Cap Growth		1.68	%		1,000.00		876.70		7.84		1,016.51		8.42
ProFund VP Small-Cap Value		1.68	%		1,000.00		751.40		7.32		1,016.51		8.42
ProFund VP Technology		1.73	%		1,000.00		1,153.70		9.26		1,016.26		8.67
ProFund VP Telecommunications		1.68	%		1,000.00		934.00		8.08		1,016.51		8.42
ProFund VP UltraBull		1.76	%		1,000.00		822.30		7.97		1,016.11		8.82
ProFund VP UltraMid-Cap		1.68	%		1,000.00		639.10		6.85		1,016.51		8.42
ProFund VP UltraNasdaq-100		1.68	%		1,000.00		1,205.00		9.21		1,016.51		8.42
ProFund VP UltraShort Dow 30		1.51	%		1,000.00		833.80		6.88		1,017.35		7.57
ProFund VP UltraShort Nasdaq-100		1.68	%		1,000.00		517.30		6.34		1,016.51		8.42
ProFund VP UltraSmall-Cap		1.68	%		1,000.00		634.10		6.83		1,016.51		8.42
ProFund VP U.S. Government Plus		1.38	%		1,000.00		1,297.10		7.88		1,018.00		6.92
ProFund VP Utilities		1.68	%		1,000.00		869.90		7.81		1,016.51		8.42

⁽¹⁾ Expenses are equal to the average account value, multiplied by the ProFund VP's annualized expense ratio multiplied by 182/366 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

 

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 (except the ProFund VP Government Money Market) files complete lists of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT (and successor Forms). The ProFund VP Government Money Market files a complete list of portfolio holdings with the Commission on Form N-MFP, within five business days after the end of each month. Schedules of Portfolio Holdings 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.

(6/2020)

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.

(Registrant) ProFunds

By (Signature and Title)*	/s/ Christopher E. Sabato
	Christopher E. Sabato, Treasurer and Principal Financial Officer

Date August 25, 2020

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

Date August 31, 2020

By (Signature and Title)*	/s/ Christopher E. Sabato
	Christopher E. Sabato, Treasurer and Principal Financial Officer

Date August 25, 2020

* Print the name and title of each signing officer under his or her signature.